Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [15]. Core Insights - The report emphasizes the importance of exploring supply chain opportunities from the demand side, particularly in the context of the upcoming CES event, which is expected to showcase a variety of new smart glasses products [3][9]. - The report highlights that 2026 is anticipated to be a year of significant growth for smart glasses, driven by supportive policies and supply upgrades, with a focus on enhancing product features and user experience [9]. Industry Overview - The light industry manufacturing sector comprises 164 listed companies with a total market capitalization of approximately 1,094.55 billion and a circulating market value of about 934.63 billion [6]. - The absolute performance of the industry over the past 12 months has been 32.9%, while the relative performance compared to the benchmark has been 5.8% [7]. Key Company Forecasts and Valuations - 康耐特光学 (Kangnait Optical) is projected to have an EPS of 1.18, 1.45, and 1.81 for 2025E, 2026E, and 2027E respectively, with a strong buy rating [4]. - The PE ratios for 康耐特光学 are forecasted to be 41.05, 33.26, and 26.64 for the same years, indicating strong growth potential [4]. Upcoming Events - The 2026 International Consumer Electronics Show (CES) is scheduled from January 6 to 9, showcasing over 50 exhibitors in the AI glasses segment, with significant product launches expected from various companies [9].

Report Industry Investment Rating No relevant content provided. Core Viewpoints On January 6, 2026, the convertible bond market followed the underlying stocks to rise, with increased valuations. The trading sentiment in the convertible bond market heated up, and the median price and weighted average price of convertible bonds both increased. Most industries in the A-share and convertible bond markets rose, with different performance in different sectors [1][2][3]. Summary by Directory 1. Market Main Index Performance - **Index Performance**: The CSI Convertible Bond Index rose 1.35% day - on - day, the Shanghai Composite Index rose 1.50%, the Shenzhen Component Index rose 1.40%, the ChiNext Index rose 0.75%, the SSE 50 Index rose 1.90%, and the CSI 1000 Index rose 1.43%. The Convertible Bond Equal - Weighted Index rose 1.38%, and the Convertible Bond Index rose 1.32%. In terms of style, mid - cap value was relatively dominant, with mid - cap value rising 2.75% [1][7][8]. 2. Market Fund Performance - **Trading Volume**: The trading volume of the convertible bond market was 94.734 billion yuan, a 13.55% increase from the previous day. The total trading volume of the Wind All - A Index was 2.832278 trillion yuan, a 10.32% increase [1][9]. - **Capital Flow**: The net outflow of the main funds in the Shanghai and Shenzhen stock markets was 17.668 billion yuan, and the yield of the 10 - year treasury bond rose 2.45bp to 1.88% [1]. 3. Convertible Bond Valuation - **Valuation Increase**: The 100 - yuan parity fitted conversion premium rate was 35.23%, up 0.42pct from the previous day. The overall weighted parity was 104.28 yuan, up 1.52%. The price median was 136.95 yuan, up 1.59% [2][17][21]. - **Premium Rate by Type**: The premium rate of equity - biased convertible bonds was 17.18%, down 0.55pct; the premium rate of debt - biased convertible bonds was 87.25%, up 0.24pct; the premium rate of balanced convertible bonds was 26.36%, down 0.32pct [2]. 4. Industry Rotation - **A - share Market**: Among the 30 industries, 29 rose. The top three industries in terms of increase were non - ferrous metals (+4.26%), non - banking finance (+3.73%), and basic chemicals (+3.12%), while the only declining industry was communication (-0.77%) [3]. - **Convertible Bond Market**: Among the convertible bond market, 27 industries rose. The top three industries in terms of increase were communication (+4.44%), non - banking finance (+3.62%), and non - ferrous metals (+3.28%), and the only declining industry was environmental protection (-0.28%) [3].

公司研究 证 券 研 究 报 告 海格通信（002465）重大事项点评 推荐（维持） 九天无人机首飞成功，公司于低空＆星网多 领域全面布局 华创证券研究所 事项： 12 月 9 日星网应用院相控阵终端等招标公告中标结果，海格通信子公司长沙 金维等中标。12 月 11 日由公司旗下西安驰达承制的九天无人机完成首飞。12 月 25 日 2025 粤港澳大湾区低空经济高质量发展大会期间，由数科集团旗下 广州低空公司牵头、海格通信具体承研的"广州低空飞行综合管理服务平台" 正式发布。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 4,920 | 4,387 | 5,336 | 6,317 | | 同比增速(%) | -23.7% | -10.8% | 21.6% | 18.4% | | 归母净利润(百万) | 53 | -87 | 362 | 518 | | 同比增速(%) | -92.4% | -264.3% | 514.0% | ...

——2026 年 CFETS 新权重简评 宏观研究 证 券 研 究 报 告 【宏观快评】 五问 CFETS 权重调整 事 项 2025 年 12 月 31 日，中国外汇交易中心公告调整 CFETS 人民币汇率指数货币 篮子的权重。新版指数自 2026 年 1 月 1 日起生效。 主要观点： 一、何为 CFETS 指数？ CFETS 人民币汇率指数是以贸易份额为权重、参考 CFETS 货币篮子，采用几 何平均法，基于人民币对篮子货币中间价编制的名义一篮子货币指数。 二、篮子权重如何调整？以 T-2 年贸易份额为基准 2020 年开始，外汇交易中心每年底调整一次货币权重，新权重适用于下一年。 调整依据是考虑转口贸易因素的两年前的贸易份额变化，即当年货币权重对 应参考 T-2 年贸易份额，如 2026 年新权重参考的是 2024 年度贸易数据。 三、2026 年新权重有何变化？ 1、2026 年新版权重与 2024 年贸易份额基本匹配。详见图 1。考虑到转口贸易 因素，美元权重、欧元权重明显高于美国、欧元区贸易额占比，港元权重则显 著低于中国香港贸易额占比；其余币种权重与贸易额占比偏差的绝对值不超过 0.4 个点。 ...

证 券 研 究 报 告 【资产配置快评】2026 年第 1 期 Riders on the Charts: 每周大类资产配置图 表精粹 投资摘要： Let the future tell the truth, and evaluate each one according to his work and accomplishments. —Nikola Tesla 多资产配置研究 资产配置快评 2026 年 01 月 06 日 华创证券研究所 证券分析师：郭忠良 邮箱：guozhongliang@hcyjs.com 执业编号：S0360520090002 相关研究报告 《开年话躁动——总量"创"辩第 119 期》 2026-01-06 《资产配置快评 2025 年第 57 期：Riders on the Charts：每周大类资产配置图表精粹》 2025-12-29 《资产配置快评 2025 年第 56 期：Riders on the Charts：每周大类资产配置图表精粹》 2025-12-15 《资产配置快评 2025 年第 55 期：美联储继续降 息，同时重启扩表——12 月美联储议息会议点评 2025 ...

Investment Rating - The report maintains a "Strong Buy" rating for BYD, expecting it to outperform the benchmark index by over 20% in the next six months [2][17]. Core Views - BYD's total sales for the year are projected to reach 4.6 million vehicles, with strong performance from the Fangchengbao model and exports [2][7]. - The target price is set at 113.8 CNY for A-shares and 111.2 HKD for H-shares, reflecting a robust growth outlook despite recent challenges [2][7]. Financial Summary - **Revenue Forecast**: Total revenue is expected to grow from 777.1 billion CNY in 2024 to 1,070.5 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 13.5% [3][8]. - **Net Profit**: Projected net profit is anticipated to decline from 40.3 billion CNY in 2024 to 35.2 billion CNY in 2025, before rebounding to 60.0 billion CNY in 2027, indicating a significant recovery [3][8]. - **Earnings Per Share (EPS)**: EPS is forecasted to decrease from 4.42 CNY in 2024 to 3.86 CNY in 2025, then increase to 6.58 CNY by 2027 [3][8]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to range from 22 in 2024 to 15 in 2027, while the price-to-book (P/B) ratio is projected to decline from 4.8 to 2.6 over the same period [3][8]. Sales Performance - **Sales Breakdown**: In December, BYD sold 134,000 vehicles, with a total of 4.6 million vehicles sold for the year, marking an 8% increase year-on-year [7]. - **Export Growth**: Exports reached 133,000 vehicles in December, representing a 133% increase year-on-year, with a total of 1.05 million vehicles exported for the year [7]. - **Brand Performance**: The Dynasty series sold 188,500 vehicles in 2025, while the Ocean series achieved 222,000 vehicles sold [7]. Market Outlook - **Product Cycle**: A new product cycle is expected to begin in March 2026, with the launch of the upgraded Qin L DM-i model, which is anticipated to enhance market share and brand value [7]. - **Sales Projections**: Future sales are projected to reach 5.27 million vehicles in 2026 and 5.85 million in 2027, with corresponding revenue growth [7].

证 券 研 究 报 告 证券行业周报（20251229-20260104） "高质量"回归 行业研究 证券Ⅱ 2026 年 01 月 06 日 华创证券研究所 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 联系人：杜婉桢 邮箱：duwanzhen@hcyjs.com 行业基本数据 投行评价体系迭代升级，引导行业向"功能性"与 推荐（维持） 《证券行业周报（20251124-20251130）：券商系期 货公司或在券业整合中重塑行业格局》 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 53 | 0.01 | | 总市值(亿元) | 41,461.03 | 3.34 | | 流通市值(亿元) | 34,907.12 | 3.50 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 3.4% | 9.6% | 15.3% | | 相对表现 | 0.5% | -8.9% | -9.7% | -9% 3% 14% 2 ...

Strategy - The year 2025 marks a watershed moment for Chinese and American technology stocks, with Chinese tech stocks showing a significant increase compared to their American counterparts, driven by "hard technology" and domestic substitution [12][15][19] - The overall performance of Chinese tech stocks includes a 49.6% increase in the ChiNext Index, a 46.3% increase in the Sci-Tech Innovation Board Index, and a 23.5% increase in the Hang Seng Tech Index, outperforming the Nasdaq's 20.4% increase [12][15] - The market is increasingly cautious about the high concentration of profits among a few tech giants in the US, as evidenced by the performance of the "MAG 7" stocks [19][24] Electronics - The scaling law remains effective, with the introduction of multimodal and agent models expected to accelerate AI computing demand [35] - The PCB industry is anticipated to maintain high growth due to its heavy asset nature, with capacity release and product structure optimization driving non-linear performance improvements [35] - Recommended stocks in this sector include Jingwang Electronics, Shenzhen South Circuit, Dongshan Precision, Huitian Technology, and others [35] Computer - The inference and agent ecosystem is experiencing a comprehensive explosion, with global models gradually entering a commercial closed loop [36] - Significant events include OpenAI's partnership with Disney for the Sora model and the planned IPO of Zhipu AI, which aims to be the first publicly listed company focused on general artificial intelligence [36][37] - The release of OpenAI's GPT-5.2-Codex marks a new benchmark for AI programming capabilities [36] Media - The capitalization progress of the AI industry chain is ongoing, which is expected to boost sentiment in the internet and AI sectors [37] - Notable acquisitions include Meta's purchase of the AI agent application Manus, which has achieved an ARR of over $100 million [37] - The valuation of global AI applications is expanding, with OpenAI's ARR projected to reach $20 billion and a valuation exceeding $500 billion [37] Humanoid Robots - The humanoid robot industry is transitioning from concept validation to commercialization, with companies that have developed product capabilities in key components or specific solutions likely to benefit [38] - The market's aesthetic preferences prioritize incremental components and Tesla-related supply chains, indicating potential investment opportunities [38] - Recommended stocks include Xinjie Electric, Huichuan Technology, and Hengli Hydraulic [38] Automotive - The 2026 automotive subsidy policy is expected to lead to an early rebound in the automotive sector, with retail sales projected to grow by 2% and electric vehicle sales by 11% [39] - The shift from fixed subsidies to percentage-based subsidies is anticipated to favor higher-priced vehicles [39] - Recommended stocks include Geely Automobile and BYD, with a focus on the intelligent driving sector [39]

证 券 研 究 报 告 【资产配置快评】 开年话躁动——总量"创"辩第 119 期 ❖ 宏观 张瑜：宽松过峰，股债继续重估 1、由于总量政策"摆脱超常规"叠加央行"优化供给，做优增量、盘活存量" 的表述，我们预计短期政府债增速和贷款增速或边际回落，这一过程或带来一 季度 M2 同比的持续下行。 2、考虑到近期市场波动率的小幅提升，居民存款加速搬家的概率不高的前提 下，M2 同比的回落会引致宏观流动性最宽松的时刻正在过去，历史经验来看， 这会对资产估值造成冲击。 3、但是本轮宏观流动性最宽松时段过去与历史相比存在三点不同： ①从基本面来看，当下基本面景气最确定的是中游，由于中游需求更依赖海外， 其景气相对独立，因此国内流动性的松紧对其需求影响不大，反而有助于其供 给侧的加速收缩。在这个视角下，国内流动性收缩对中游利润预期冲击不大。 ②从资产配置来看，绝对视角下，国际经验展示当下十债收益率仍低于国际合 理空间，相对视角下，我们的股债比价指标（股债夏普比率差值）仍显示当下 股票更具配置优势。因此如果流动性收缩冲击偏"贵"的资产的话，只要经济 循环仍在边际改善，那么债券反而是当下"偏贵"的资产。 ③如果经济遭遇突发事 ...

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - 2026 Q1 may see an increase in convertible bond calls, but high - parity convertible bond valuations are at historical highs. High valuations do not guarantee post - call valuation maintenance, and the pressure on convertible bond prices before and after the call is relatively large. It is recommended to take profit before the call or stop loss in a timely manner after the call based on market conditions [3][7]. - The overall trend of convertible bond valuations is likely to be high - level oscillations, with a possibility of short - term foaming. In January 2026, institutional demand for configuration will support valuations, and if the equity market performs better than expected, valuations may foam [28]. - In December 2025, the convertible bond market oscillated upward, with both convertible bonds and underlying stocks performing strongly, and valuations oscillated and increased. The trading volume of the convertible bond and equity markets decreased, but margin trading funds showed a strengthening trend [48][56]. - The issuance of new convertible bonds slightly increased in December 2025, and the number of new issuance plans continued to rise. The overall scale of holders in the Shanghai and Shenzhen Stock Exchanges decreased, with obvious reductions by insurance funds [3][62]. 3. Summary According to Relevant Catalogs 3.1 Historical Facts and Changes before and after Convertible Bond Calls - **Before the Call Announcement** - High market valuations do not guarantee post - call valuation maintenance. After the call, the valuation compresses to near 0%, and the compression process is basically completed before the call announcement [3][8]. - The strength of the underlying stock before the call can partially offset the compression of convertible bond valuations, but when valuations are high, the pressure on convertible bond prices before the call is still relatively large [3]. - The decline before the call mainly occurs within T - 10 days, and the day of the highest price is advancing [3][16]. - **After the Call Announcement** - In most months, convertible bond prices continue to decline after the call announcement, but in some months with a strong equity market, prices rebound [3][20]. - There is generally a decline of varying degrees on T - day, and the months with price rebounds mainly show strength from T + 1 to T + 15 days [3][21]. - The stronger the equity market, the more delayed the appearance of the highest price [3][25]. 3.2 Valuation Outlook - The overall trend is high - level oscillations, with a possibility of short - term foaming. In December 2025, valuations oscillated upward. As of December 31, 2025, the 100 - yuan par - value fitted conversion premium rate was 34.04%, up 2.50 pct from the end of November, reaching the highest level since 2019 [28]. 3.3 Key Focused Convertible Bonds - From December 1 to December 31, 2025, the convertible bond portfolio rose 3.84%, outperforming the benchmark index by 1.70 pct. Huayi and Xingqiu had obvious increases [41]. - The "Huachuang Convertible Bond" January key - focused portfolio is adjusted to include Xingqiu, Mingli, Yirui, Huachen, Huayi, Yifeng, Ziyin, Qingnong, Zhongyin, and Xingye [43]. 3.4 Market Review - **Market Performance** - In December 2025, the convertible bond market oscillated upward, with a strong performance in the second half of the month. Most sectors of the convertible bond market rose, and technology - related concepts declined. The science and technology and manufacturing sectors showed significant increases, and the cyclical sector also performed well [48][50]. - **Fund Performance** - The trading volume of the convertible bond and equity markets decreased slightly. From December 1 to December 31, 2025, the average daily trading volume of CSI Convertible Bonds was 63.803 billion yuan, a 1.27% decrease from November, and the average daily trading volume of Wind All - A was 1.880842 trillion yuan, a 1.76% decrease from November [56]. - Margin trading funds oscillated and strengthened. As of December 31, 2025, the balance of margin trading in the Shanghai and Shenzhen Stock Exchanges was approximately 2.53 trillion yuan, an increase of 66.664 billion yuan from the end of November. Most industries received net margin purchases [60]. 3.5 Supply and Demand Situation - **New Bond Issuance and Listing** - In December 2025, 7 convertible bonds were issued, with a total scale of 5.494 billion yuan, and 5 new convertible bonds were listed, with a total scale of 3.005 billion yuan. The online new - bond issuance subscription scale increased, with an average effective subscription amount of 8.85 trillion yuan, a 2.61% increase month - on - month [62]. - **Expected Issuance Scale and New Plans** - The total expected issuance scale is approximately 122.663 billion yuan. As of December 31, 2025, 7 listed companies obtained convertible bond issuance approvals, with a planned issuance scale of 8.583 billion yuan; 6 companies' convertible bond issuances passed the review committee, waiting for approvals, with a total scale of 3.361 billion yuan. In December, 6 new board plans were added, with a total scale of approximately 77.9 billion yuan [65]. - **Holder Scale Changes** - The overall scale of holders in the Shanghai and Shenzhen Stock Exchanges decreased. In December 2025, the total par value of convertible bonds held by the two exchanges was 552.692 billion yuan, a decrease of 6.144 billion yuan from November, a 1.10% decline. The scale of public funds increased, while the scale of enterprise annuities decreased [83][87].