Investment Rating - The investment rating for the industry is "Positive" and maintained [7] Core Insights - Google has established a comprehensive AI ecosystem, including TPU computing infrastructure, the Gemini multimodal model family, AI Studio, and the Vertex AI developer platform, which continuously empowers its AI layout and strengthens its data moat [2][10] - The acceleration of AI applications is moving towards realization, with a positive outlook on the performance of large model companies like Zhiyu and Minimax post-IPO. Key marginal factors include (1) model capability enhancement and release event catalysts; (2) advancement of business models (C-end traffic entry logic & B-end labor replacement logic). A paradigm shift in models by 2026 is expected to bring excess opportunities, with a long-term positive view on AI industry upgrade opportunities [2][10] Summary by Relevant Sections AI Applications - Google is actively expanding its AI strategy across various segments, focusing on providing infrastructure and open-source models in healthcare. Notable developments include the Vertex AI Search for Healthcare tool optimized for medical scenarios and partnerships like the one with Color Health for breast cancer screening assistance [10] AI for Science - Google has a significant advantage in AI for Science (AI4S) due to its extensive experience and capabilities in the field. The company has developed world-class scientific intelligence models and tools, applying AI across multiple scientific domains such as biology, meteorology, and physics [10] Edge Deployment - Google has a well-established edge deployment strategy, focusing on embodied intelligence, AI glasses, AI phones, Google TV, and Robotaxi services. The latest data shows significant growth in Robotaxi services, with a 80% increase in service volume compared to earlier months [10]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company has recently won a bid for the 2026 2D vision project with a contract amount of RMB 120 million, which is expected to positively impact its operational performance [2][4]. - The company is positioned as a leader in the 3C vision sector and has shown strong competitive advantages, with continuous high growth in its performance throughout 2025 [9]. - The recovery of downstream industries, particularly in the 3C and lithium battery sectors, is anticipated to support the company's revenue growth [9]. - The integration of AI and vision technologies is expected to enhance the company's market competitiveness and customer loyalty [9]. - Future prospects indicate that AI and embodied intelligence will gradually materialize, with the company expanding its product offerings in robotics and related technologies [9]. Summary by Relevant Sections Project Announcement - The company announced its successful bid for the 2026 2D vision project, with a bid amount of RMB 120 million [4]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of RMB 1.012 billion, a year-on-year increase of 38.06%, and a net profit of RMB 183 million, also up by 38.43% [9]. Market Position and Future Outlook - The company is expected to benefit from the recovery in the 3C and lithium battery industries, with a projected increase in market share and new business expansions [9]. - The company has established a product matrix that integrates vision, sensing, motion, and AI, enhancing its competitive edge [9]. - The establishment of a robotics division aims to leverage advanced vision technologies for various robotic applications, indicating a strategic shift towards higher-value sectors [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company is a high-quality international engineering state-owned enterprise, with engineering, equipment, and operation & maintenance forming the "three driving forces" for growth. The company will further focus on three major areas: the building materials chain, mining chain, and green energy & environmental protection chain during the 14th Five-Year Plan, enhancing its long-term growth logic [3][4]. Summary by Relevant Sections - The company has significantly reduced its reliance on domestic cement engineering, with overseas orders accounting for 69% of total orders and domestic engineering orders only 9%. The company’s return on equity (ROE) is 15%, the highest among construction state-owned enterprises, with a debt-to-asset ratio of 61% [10]. - The overseas cement engineering business is driving stable growth in engineering operations. The equipment segment has a gross margin and cash flow significantly higher than other businesses, with new equipment orders of 7.2 billion yuan in the first three quarters of 2025, a year-on-year increase of 45%. The overseas equipment orders grew by 79%, while domestic equipment orders increased by 20% [10]. - The company expects steady growth during the 14th Five-Year Plan, with revenue and performance growth projected at 5-10%. If acquisitions and business transformations are realized, the growth rate could be further revised upwards. The company anticipates significant contributions from its equipment and operation & maintenance businesses in 2026, with an optimistic growth outlook of over 10% [10]. - The company’s high dividend yield provides a safety margin, with a projected dividend payout ratio of approximately 44% and 48% for 2025 and 2026, respectively, leading to a dividend yield of 5.3% in 2026. Even with a 20% increase in stock price, the dividend yield remains above 4.4%, indicating a significant safety margin [10].

Investment Rating - The industry investment rating is "Positive" and is maintained [10] Core Insights - The communication sector rose by 1.50% in the first week of 2026, ranking 28th among primary industries in the Yangtze River region. Year-to-date, the sector has also increased by 1.50% [2][5] - NVIDIA launched the Rubin platform at CES 2026, which integrates computing, storage, and networking, enhancing the demand for high-speed optical interconnects. This is expected to increase optical connection density and bandwidth requirements [6][8] - Chinese enterprises and institutions have applied to the ITU for over 200,000 low-orbit satellites by the end of 2025, accelerating the layout of low-orbit satellite internet and securing scarce frequency resources [7][8] Summary by Sections Market Performance - In the first week of 2026, the communication sector's stock performance included significant gains for companies with market capitalizations over 8 billion yuan, with Nanjing Panda (+49.1%), Tongyu Communication (+42.3%), and Dawi Technology (+35.3%) leading the gains. Conversely, Hengbao Co. (-8.1%), Cambridge Technology (-8.0%), and Dingtong Technology (-7.6%) experienced the largest declines [5] NVIDIA Rubin Platform - The Rubin platform features a modular Superchip and full liquid cooling, significantly increasing computing density. The NVL72 unit integrates 72 Rubin GPUs, providing approximately 200 PFLOPS NVFP4 computing power, with internal bandwidth of 14.4TB/s and external bandwidth of 1.6Tb/s [6] - The platform introduces a POD-level context memory system that alleviates inference KV cache bottlenecks, allowing for low-latency sharing across GPUs and nodes, with a single GPU card capable of approximately 16TB of context storage [6] - The integrated architecture of the Rubin 576 Superpod enhances optical interconnect density, with a total bandwidth of approximately 260TB/s [6] Satellite Projects in China - The report highlights that the large-scale application for low-orbit satellite constellations by Chinese entities is aimed at securing limited space resources, thus accelerating the development of low-orbit satellite internet [7] Investment Recommendations - The report recommends several companies across various segments: - Telecom operators: China Mobile, China Telecom, China Unicom - Optical modules: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication - Liquid cooling: Yingweike - Hollow-core optical fibers: Fenghuo Communication, Hengtong Optic-Electric - Domestic computing: Runze Technology, Guanghuan New Network - AI applications: Bosijie, Heertai, Tuobang Co. - Satellite applications: Huace Navigation, Haige Communication [8]

Group 1: Inflation Overview - In December 2025, the U.S. CPI increased by 2.7% year-on-year, matching the previous value and market expectations[5] - Core CPI rose by 2.6% year-on-year, consistent with the prior value but slightly below market expectations[5] - The overall inflation remains moderate, with specific pressures noted in food and housing sectors[9] Group 2: Sector-Specific Insights - Food inflation has increased to 0.7% month-on-month, contributing 0.10 percentage points to the overall CPI[9] - Energy CPI growth has decreased, contributing only 0.02 percentage points to the overall CPI due to falling energy prices[9] - Core goods inflation is limited, with the automotive sector showing a significant decline, particularly in used car prices which fell by 1.1% month-on-month[9] Group 3: Federal Reserve Implications - The narrative around the potential loss of Federal Reserve independence has intensified, influenced by political pressures[2] - The market is pricing in a more dovish stance from the new Fed chair due to the continued moderate inflation, which may lead to a pause in interest rate cuts[9] - The 10-year U.S. Treasury yield has slightly decreased, indicating market adjustments to the inflation data and Fed independence concerns[9]

Investment Rating - The report maintains a "Positive" investment rating for the 3D printing industry, particularly in its application within the commercial aerospace sector [3]. Core Insights - The report emphasizes that 3D printing technology is a cost-reduction tool that accelerates the industrialization of commercial aerospace, driven by high demand for advanced applications [5][48]. - The growth of the 3D printing market is significantly influenced by the increasing demand for high-end applications, which is expected to lead to continuous market expansion [22][39]. Summary by Sections Section 1: Disruption of Traditional Industrial Systems - Additive manufacturing, also known as 3D printing, revolutionizes traditional manufacturing by allowing for the "free manufacturing" of parts without the need for traditional tools and multiple processing steps, thus reducing processing time and increasing material utilization [9][19]. - Various types of additive manufacturing processes, such as Powder Bed Fusion and Directed Energy Deposition, are highlighted for their efficiency and precision [14][18]. Section 2: High-End Application Demand - The global market for metal additive manufacturing equipment has seen significant growth, with sales increasing from 202 units in 2012 to 3,793 units in 2023, reflecting a CAGR of 25.15% [27]. - The average price of industrial-grade additive manufacturing equipment has risen from $98,100 in 2019 to $316,900 in 2024, indicating a trend towards larger and more expensive systems [28][29]. - The aerospace and defense sectors are identified as key growth areas for 3D printing, with the market expected to reach approximately $3.379 billion in 2024 and grow to $10.48 billion by 2031, at a CAGR of 17.8% [45]. Section 3: 3D Printing as a Cost-Reduction Tool - The report notes that the high costs associated with rocket launches drive the urgent need for cost reduction through 3D printing, which can significantly lower manufacturing costs and weight of components [51][55]. - 3D printing allows for the integration of complex structures, reducing the need for traditional assembly methods, thus enhancing design flexibility and reducing manufacturing time [55][63]. - The application of 3D printing in rocket engines is highlighted, with examples from SpaceX demonstrating substantial cost and weight reductions in engine components [59][72].

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - On January 9, the National Medical Products Administration (NMPA) announced two recommended industry standards for medical devices utilizing brain-computer interface (BCI) technology, focusing on reliability verification methods for invasive devices and design/application specifications for motor function reconstruction [2][4] - The BCI industry is transitioning from "technical exploration" to "standard implementation," with the establishment of systematic terminology and definitions for BCI medical devices, which is expected to promote standardization and large-scale application [4] - Recent developments in pricing standards for BCI services across various provinces indicate a clearer path for reimbursement, which is anticipated to enhance clinical application of this new technology [4] - The report suggests that BCI technology may achieve commercial application in medical settings first, driven by supportive policies that address both supply and demand aspects [4] Summary by Sections Industry Standards - The NMPA has published two new standards for BCI medical devices, which include methods for verifying the reliability of key components and definitions for the motor function reconstruction paradigm [4] Market Dynamics - Multiple regions have established pricing for BCI medical services, with guidelines set to take effect from April 30, 2025, which is expected to facilitate the clinical use of BCI technology [4] Policy Support - The report emphasizes that government policies are actively promoting the adoption of BCI technology in medical applications, addressing critical issues such as affordability and institutional hesitance [4]

Investment Rating - The industry investment rating is "Positive" and is maintained [7] Core Insights - The computer sector experienced a significant increase of 9.12%, ranking 4th among primary industries in the Yangtze River region, with a trading volume accounting for 7.72% of the total market [2][4][15] - The recent listings of Zhiyu and MiniMax are expected to drive investment opportunities in domestic AI applications, with MiniMax's stock surging nearly 110% on its debut, reaching a market capitalization of over HKD 105 billion [6][49] - The report suggests focusing on domestic large model manufacturers, major cloud service providers, vertical scenario agent manufacturers, and the domestic computing power industry chain [6][49] Summary by Sections Market Performance - The computer sector saw a substantial rise, with the Shanghai Composite Index achieving a sixteen-day winning streak, closing at 4120.43 points, reflecting an overall increase of 3.82% [4][15] - AI-related stocks were particularly active, with notable gains in companies such as Starry Technology (+49.74%) and Zhuoyi Information (+43.33%) [17] Key Developments - NVIDIA launched the Alpamayo series of open-source AI models aimed at enhancing autonomous driving capabilities [20][22] - OpenAI introduced ChatGPT Health, a specialized version of ChatGPT designed for health and wellness applications [31][38] - China submitted a proposal to the ITU for multiple satellite constellations, totaling 203,000 satellites, indicating a strategic acceleration in the commercial space sector [41][42] Investment Recommendations - The report emphasizes the importance of the recent IPOs of Zhiyu and MiniMax, which may reshape the industry landscape and capital market pricing logic, shifting the focus from parameter competition to profitability and implementation efficiency [49][60] - Investors are encouraged to monitor developments in the AI application sector, particularly in relation to large model manufacturers and cloud service providers [6][49]

Group 1: Economic and Political Context - The U.S. Department of Justice plans to sue Powell, driven by immense election pressure from the Trump administration to lower interest rates ahead of the midterm elections[2] - High credit card and mortgage rates are limiting U.S. consumer spending, with polls indicating significant election pressure on the Trump administration[8] Group 2: Implications for Monetary Policy - The Trump administration's actions may counteract its goal of lowering medium- and long-term interest rates, as rate cuts could increase inflation risks and steepen the yield curve[2] - The independence of the Federal Reserve is compromised, leading to decreased attractiveness of U.S. assets and downward pressure on the dollar index[2] Group 3: Market Reactions and Predictions - Increased expectations for interest rate cuts could benefit commodities like copper and aluminum, as well as emerging market equities[2] - The current U.S. real interest rate is approaching the natural rate, suggesting potential for significant economic growth if rates are cut, but also posing risks for re-inflation[8]

1. Report Title and Period - The report is titled "Liquidity and Institutional Behavior Weekly Observation: CD Rates May Face Upward Pressure, Pay Attention to Allocation Value after Adjustment" and covers the period from January 5th to January 18th, 2026 [1][2]. 2. Core View - In the short - term, the impact of capital frozen by new share subscriptions on the Beijing Stock Exchange on the capital market should be noted from January 12th to 16th, 2026. In the medium - term, cash withdrawals by residents before the Spring Festival in mid - January will affect market liquidity, and the pressure of "deposit migration" in banks also needs further observation. The CD rates are expected to face upward pressure in the first quarter, and it is recommended to pay attention to the allocation value of CDs after adjustment [7][8]. 3. Summary by Section 3.1 Capital Market - **Central Bank Operations**: From January 5th - 9th, 2026, the central bank's short - term reverse repurchase had a net withdrawal of 122.14 billion yuan, and the 3M repurchase was renewed at the same amount of 110 billion yuan. From January 12th - 16th, 7 - day reverse repurchases worth 13.87 billion yuan and 6M repurchases worth 60 billion yuan will expire [6]. - **Funding Rates**: From January 5th - 9th, 2026, the average values of DR001 and R001 were 1.27% and 1.34% respectively, down 0.4 and 5.3 basis points compared to December 29th - 31st, 2025. The average values of DR007 and R007 were 1.45% and 1.51% respectively, down 30.0 and 54.1 basis points [7]. - **Government Bond Net Financing**: From January 5th - 11th, 2026, the government bond net payment was about 43.27 billion yuan, including about 31.5 billion yuan for national bonds and about 11.77 billion yuan for local government bonds. From January 12th - 18th, the government bond net payment is expected to be - 9.31 billion yuan [7]. 3.2 Negotiable Certificates of Deposit (NCDs) - **Yield**: As of January 9th, 2026, the yields of 1M and 3M NCDs were 1.5325% and 1.5950% respectively, up 3.7 and 5.5 basis points compared to December 31st, 2025. The 1Y NCD yield was 1.6325%, up 0.8 basis points [8]. - **Net Financing**: From January 5th - 11th, 2026, the NCD net financing was about - 15.2 billion yuan. From January 12th - 18th, the NCD maturity repayment is expected to be 80.85 billion yuan, with a significant increase in the renewal scale [8]. 3.3 Institutional Behavior - **Bank - Interbank Bond Market Leverage Ratio**: From January 5th - 9th, 2026, the average leverage ratio of the bank - interbank bond market was 108.11%, up from 107.78% in the period of December 29th - 31st, 2025. On January 9th, 2026, it was about 108.19%, compared to about 107.36% on December 31st, 2025 [9]. - **Duration of Pure Bond Funds**: On January 9th, 2026, the median duration of medium - and long - term interest - rate style pure bond funds (MA5) was 4.89 years, down 0.21 years week - on - week, at the 91.2% quantile since early 2022. The median duration of short - term interest - rate style pure bond funds (MA5) was 1.87 years, up 0.18 years week - on - week, at the 59.8% quantile since early 2022 [9].