Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][50]. Core Insights - The demand for AI infrastructure is expected to continue increasing due to the rapid growth in the size and token consumption of AI models. Major tech companies like NVIDIA are continuously empowering AI model and application development through product iterations, thus benefiting from the AI industry boom [3][48]. - The report highlights the launch of NVIDIA's Rubin platform, which features six new chips designed for AI supercomputers, significantly reducing inference costs and enhancing performance [4][30]. - AMD introduced the Helios rack, aimed at meeting the Yotta-level AI computing demands, showcasing a substantial increase in performance and efficiency [40][41]. Summary by Sections NVIDIA Developments - NVIDIA unveiled the complete Rubin platform at CES 2026, which includes six new chips that work in extreme synergy to lower inference costs significantly. The token cost for inference can be reduced to one-tenth of the previous Blackwell platform [2][4]. - The Rubin platform features innovations such as the NVIDIA Vera CPU and Rubin GPU, which enhance training time and reduce costs for large-scale AI models [4][16]. - NVIDIA also launched the Alpamayo series of open-source AI models for autonomous driving, which includes a model with 10 billion parameters designed for the assisted driving research community [30][31]. AMD Developments - AMD's Helios rack is designed to meet the increasing demand for AI computing, featuring a core computing tray powered by four new AMD hardware components, providing 2.9 exaflops of AI computing power [41][42]. - The MI455X GPU, part of the Helios platform, boasts a performance increase of 10 times compared to its predecessor, with 320 billion transistors and advanced cooling technology [43][44]. - AMD plans to release the next-generation MI500 product in 2027, which is expected to achieve a 1000-fold increase in AI performance over four years [46][47]. Investment Recommendations - The report recommends focusing on AI themes for investment opportunities, highlighting companies in AI algorithms and applications, AI computing, and autonomous driving sectors [3][48]. - Specific strong buy recommendations include companies like 恒生电子, 中科创达, and 盛视科技, while also suggesting to monitor other firms in the AI space [3][48].

电子 2026 年 01 月 13 日 行业动态跟踪报告 AI 动态跟踪系列（十三）端侧 AI：AI 重塑智能硬件 杨钟 投资咨询资格编号 S1060525080001 y angzhong035@pingan.com.cn 徐碧云 投资咨询资格编号 S1060523070002 XUBIYUN372@pingan.com.cn 事项： 近日，国际消费电子展（CES2026）在拉斯维加斯如期举行，各家公司发 布多款智能硬件新产品。 平安观点： 行 业 报 告 行 业 动 态 跟 踪 报 强于大市（维持） 行情走势图 证券分析师 证 券 研 究 报 告 告 智能眼镜轻量化取得突破，扫地机"具身智能"惹人注目。本届 CES2026 聚焦智能终端，核心亮点为 AI 与硬件深度融合，技术潜能转化为现实科 技成果。智能眼镜成焦点，莫界 25g、极米 28.9g 产品突破 30g 轻量化阈 值，通过光学技术与材料升级实现，推动其向日常佩戴跨越；场景化功能 成核心壁垒，聚焦多垂直领域，迈向细分深耕。此外，追觅升级款具身智 能扫地机亮相，以独特结构设计实现全屋清扫、多样家务，集成养老服务 模块，适配多代同堂需求。 AI 驱动 ...

证券研究报告 2025年香港楼市止跌回升，2026年有望延续上行 ——中国香港地产系列研究之三 行业动态跟踪报告 地产行业 强于大市（维持） 证券分析师 杨 侃 投资咨询资格编号：S1060514080002 郑茜文 投资咨询资格编号：S1060520090003 2026年1月13日 请务必阅读正文后免责条款 核心观点 1 回顾2025年：中国香港楼市止跌回升，一二手成交创四年新高：2025年中国香港楼市延续反弹，全年一手、二手住宅成交同比增长 21.5%和16.9%，合计增长18.3%，创2022年以来新高。房价自2025年4月以来香港私人住宅售价环比稳步上行，截止2025年11月末， 香港私人住宅售价较2025年3月低点上涨4.4%。截止2026年1月4日，中原地产香港城市领先指数较2024年末上涨5.8%。 展望2026年：积极因素有望形成共振，26年楼市有望延续上行。展望2026年，预计中国香港楼市有望延续上行：1）2025年中国香港 GDP及可支配收入增速企稳、叠加股市上涨，居民供楼负担大幅减轻，购房能力增强；2）2025年私人住宅租金回报率接近按揭利率 及政府十年期债券收益率，购房相对吸引力增强 ...

公 司 报 告 传媒 2026 年 01 月 12 日 | 行业 | 传媒 | | --- | --- | | 公司网址 | www.popmart.com | | 大股东/持股 | GWF Holding Limited(41.78%) | | 实际控制人 | 王宁 | | 总股本(百万股) | 1342.94 | | 流通 H 股(百万股) | 1342.94 | | 总市值（亿元） | 2380.32 | | 流通 H 股市值(亿元) | 2380.32 | | 每股净资产(元) | 10.56 | | 资产负债率(%) | 32.44 | 行情走势图 证券分析师 王源 投资咨询资格编号 S1060524010001 WANGYUAN468@pingan.com.cn 泡泡玛特(9992.HK) 横向引领，纵向成长 推荐（首次） 股价：197 港元 主要数据 平安观点： 泡泡玛特公司成立于 2010 年，是中国领先的潮流文化娱乐公司。公司发展 十余年来，围绕全球艺术家挖掘、IP 孵化运营、消费者触达、潮玩文化推 广、关联产业投资整合五个领域，构建了覆盖潮流玩具全产业链的综合运 营平台。 | | 2023 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [2] Core Insights - The space photovoltaic sector is gaining attention as leading companies increase investment in perovskite solar cell research and industrialization, which is expected to open new application scenarios for photovoltaics [6][7] - The deep-sea wind power project in Shandong has received approval, marking significant progress in the development of offshore wind energy, with expectations for substantial growth in this sector [6][11] - The energy storage and hydrogen sectors are seeing regulatory efforts to standardize competition, aiming to improve market order and sustainability [7] Summary by Sections Wind Power - The Shandong deep-sea wind power project has been approved, with a total capacity of 3000MW, utilizing 214 wind turbines of 14MW each [11] - The wind power index increased by 10.39%, outperforming the CSI 300 index by 7.60 percentage points, with a current PE_TTM of approximately 27.30 times [12] - The approval of the project indicates a significant advancement in offshore wind energy, supported by technological maturity and favorable policies [11] Photovoltaics - The space photovoltaic concept is gaining traction, with companies focusing on perovskite solar cells due to their lightweight and high-efficiency characteristics, which are suitable for space applications [6] - The photovoltaic equipment index rose by 3.86%, with the solar cell component index increasing by 5.82% [5] - The current PE_TTM for the photovoltaic sector is around 47.28 times, indicating strong market interest [5] Energy Storage & Hydrogen - A meeting held by various government bodies highlighted the rapid development of the energy storage and hydrogen battery industries, emphasizing the need for regulatory measures to curb irrational competition [7] - The energy storage index increased by 5.74%, with a current PE_TTM of 31.06 times, reflecting a healthy market outlook [5] - Recommendations for investment include companies with strong competitive positions in energy storage and distributed energy sectors [7]

证券研究报告 海外策略周报： 关注联储主席提名的催化 证券分析师 陈骁 投资咨询资格编号：S1060516070001、BWH863 校星 投资咨询资格编号：S1060525120003 2026年1月12日 请务必阅读正文后免责条款 1 ※ 核心观点 2 • 海外市场方面，地缘扰动推动商品上涨，美股因科技利好催化、经济担忧缓和而上行。具体看，本周MSCI全球股指上涨1.49%，多数地区 股指上涨，韩国股市领涨。本周美股反弹，标普500、纳指、道指、罗素2000分别上涨1.6%、1.9%、2.3%、4.6%。10年期、2年期美债 收益率分别变动-1bp、7bp至4.18%、3.54%。美元指数上升0.69%至99.14；COMEX黄金、白银，ICE布油分别上涨4.07%、10.41%、 3.65%。港股方面，海外降息预期回落，港股呈震荡格局。恒生指数、恒生科技分别变动-0.4%、-0.9%。结构上，多数行业上涨，医疗保 健业受政策利好领涨，原材料业受益于商品涨价而涨幅靠前。资金面上，南向资金流入规模增加，外资转为流出。 • 海外宏观层面，美国PMI延续分化，劳动力市场未见进一步恶化迹象。1）2025年12月美 ...

Domestic Demand - In December 2025, retail sales of passenger vehicles in China were 2.296 million units, down 13% year-on-year, compared to a 7% decline in November[2] - Retail sales of major home appliances decreased by 28.5% year-on-year as of January 2, 2026, but improved by 8.4 percentage points from the previous value[2] - The volume of postal express deliveries decreased by 0.9% year-on-year as of January 4, 2026, a decline of 2 percentage points from the previous value[2] - Daily box office revenue for movies was 53.55 million yuan, down 26.3% year-on-year as of January 9, 2026[2] Industrial Sector - The Nanhua Industrial Index rose by 2.4% this week, with the black materials index up 2.7% and the non-ferrous metals index up 5.3%[4] - Daily average pig iron production and cement clinker capacity utilization rates increased, while the apparent demand for major steel products declined[4] - New home sales in 30 major cities fell by 38.4% year-on-year as of January 9, 2026, a decrease of 7.4 percentage points from the previous week[4] External Demand - Port cargo throughput increased by 1.1% year-on-year as of January 4, 2026, but this was a decline of 0.9 percentage points from the previous value[4] - Container throughput at ports rose by 7.7% year-on-year, an increase of 0.5 percentage points from the previous value[4] - South Korea's export value increased by 13.4% year-on-year in December, up 5 percentage points from November[4] Price Trends - The price of rebar futures increased by 0.7%, while spot prices rose by 0.6% this week[4] - Coking coal futures prices increased by 7.2%, with Shanxi coking coal spot prices remaining stable[4] - The agricultural product wholesale price index decreased slightly by 0.4% this week[4]

证券研究报告 CES 2026闭幕， 全球AI算力平台能力持续提升 计算机行业 强于大市（维持） 平安证券研究所计算机团队 分析师： 闫磊 S1060517070006（证券投资咨询）YANLEI511@pingan.com.cn 黄韦涵 S1060523070003（证券投资咨询）HUANGWEIHAN235@pingan.com.cn 刘云坤 S1060525120004（证券投资咨询）LIUYUNKUN518@pingan.com.cn 2026年1月12日 请务必阅读正文后免责条款 事件描述：2026年1月9日，全球消费电子领域顶级盛会CES 2026在美国拉斯维加斯收官。 点评：在本届展会期间，英伟达、AMD等全球知名芯片厂商均带来了在AI算力芯片领域的最新进展，英伟达发布NVIDIA Rubin 平台并表示 NVIDIA Rubin现已全面量产，基于 Rubin 的产品将在 2026 年下半年通过合作伙伴提供。AMD公布了"Helios"平台并首次公开完整的 AMD Instinct MI400系列加速器产品组合，同时预览了新一代MI500系列GPU。从本届展会发布的产品看，全球AI算力平台的能力 ...

2026年1月11日 请务必阅读正文后免责条款 证券研究报告 可控核聚变政策陆续颁布， 产业化进程有望加速 电子行业 强于大市（维持） 平安证券研究所 电子团队 分析师：杨钟 S1060525080001（证券投资咨询） 郭冠君 S1060524050003（证券投资咨询） 邮箱： YANGZHONG035@pingan.com.cn GUOGUANJUN625@pingan.com.cn 核心摘要 可控核聚变支持政策陆续颁布，产业落地有望迎来加速。根据ITEA预测数据，聚变发电量有望从2035年的2太瓦时增至 2050年的375太瓦时，2100年将达到近2.5万太瓦时，聚变在全球电力结构中的占比将于2075年达到15%，并于2100年 升至27%。从行业产值来看，Precedence Research预测到2040年全球核聚变产值有望增长至8435亿美元，具备广阔的 市场空间。近几年，我国可控核聚变相关政策陆续发布，其接连被纳入《2030年前碳达峰行动方案》、《"十四五"现代 能源体系规划》以及《关于推动未来产业创新发展的实施意见》等国家级规划。尤其是2025年9月《中华人民共和国原 子能法》的颁布，首次以 ...

Investment Rating - The report maintains a "Strong Outperform" rating for the oil and petrochemical sector [1]. Core Viewpoints - The oil price is supported in the short term by geopolitical risks, particularly due to tensions between the U.S. and Venezuela, as well as instability in the Middle East [6]. - The supply of oil from Venezuela may see a recovery, but significant uncertainties remain regarding the scale of production due to the need for substantial investment [6]. - The fluorochemical sector is expected to maintain high levels of activity due to supply constraints and favorable demand driven by policy support [6]. - The semiconductor materials sector is experiencing a positive cycle with improving fundamentals and domestic substitution trends [7]. Summary by Sections Oil and Petrochemicals - Geopolitical tensions are influencing oil prices, with WTI crude futures rising by 2.72% and Brent crude by 3.70% in early January 2026 [6]. - The U.S. Treasury Secretary indicated potential easing of sanctions on Venezuela, which could lead to increased oil supply, but investment interest from U.S. companies remains cautious [6]. - The macroeconomic outlook includes a projected 150 basis point rate cut by the Federal Reserve in 2026, with stable employment growth signals [6]. Fluorochemicals - The supply quota for HFCs has increased slightly, with a total of 797,845 tons for 2026, which is a year-on-year increase of 5,963 tons [6]. - The demand for refrigerants is expected to grow due to continued government subsidies and favorable policies, particularly in the home appliance and automotive sectors [6]. - The production of household air conditioners is projected to increase by 11% year-on-year in January 2026, indicating strong demand [6]. Semiconductor Materials - The semiconductor materials sector is benefiting from a positive inventory destocking trend and improving end-market fundamentals [7]. - The report suggests that the sector may see further upward movement due to cyclical recovery and domestic substitution [7]. - Companies to watch include Shanghai Xinyang, Lianrui New Materials, and Qiangli New Materials [7].