Investment Rating - The report maintains a "Recommendation" rating for the computer industry, expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [4][19]. Core Insights - The supply-demand dynamics in the CPU market are improving, with leading domestic companies potentially facing a revaluation opportunity due to significant demand from large-scale cloud service providers [2][8]. - The number of active agents is projected to surge from approximately 28.6 million in 2025 to 2.216 billion by 2030, representing a compound annual growth rate of 139%, driving massive demand for computing power [8]. - The construction expenditure for data centers in the U.S. is expected to double year-on-year, reaching $43.8 billion by October 2025, indicating a robust expansion in AI data center capacity [8]. - The report highlights that the CPU supply may enter a tight balance due to constraints in advanced process resources and packaging bottlenecks, with manufacturers adopting conservative strategies to reduce production and inventory levels [8]. Summary by Sections Industry Overview - The computer industry consists of 337 listed companies with a total market capitalization of approximately 640.98 billion yuan [4]. - The absolute performance of the industry has shown significant growth, with a 41.3% increase over the past 12 months [5]. Demand Side - The demand for CPUs is expected to escalate due to the explosion of agent applications, which require CPUs to support multi-threading and dynamic load adjustments [8]. - The report emphasizes the dual driving forces of structural demand from agent applications and large-scale data center construction, which are anticipated to propel a new growth cycle in the CPU industry [8]. Supply Side - Advanced process resources are being prioritized for high-margin products like GPUs, leading to reduced wafer allocations for consumer and enterprise processors [8]. - The report notes that the packaging technology bottleneck is causing significant delays in CPU shipment cycles, extending from the normal 8-10 weeks to over 24 weeks [8]. - The report identifies a shortage of critical materials, such as low-CTE glass, which is essential for the industry's transition to glass substrates [8]. Investment Opportunities - The report suggests focusing on CPU opportunities amid industry changes, highlighting companies like Haiguang Information, Loongson Technology, and China Great Wall as key players poised for growth [8].

多资产配置研究 证 券 研 究 报 告 【资产配置快评】2026 年第 5 期 美联储重回"观望"模式 ——1 月美联储议息会议点评 2026 年第 1 期 投资摘要： The way to become rich is to put all your eggs in one basket and then watch that basket. —Andrew Carnegie 1. 美联储 1 月份议息会议宣布，将联邦基金利率维持在 3.5%-3.75%区间不 变，删除就业市场下行风险的表述。 2. 美联储主席鲍威尔，比较罕见的提及货币政策立场的"正常化"，这意味着 其剩余任期的降息门槛可能较高。 3. 暂停降息得到了广泛支持，即使鲍威尔卸任，打破这个暂停降息的共识也 是阻力重重。 4. 2026 年投资者可能转向美国科技风险和经济回暖风险的定价，相应海外 股市表现从估值差异驱动，回到盈利前景差异驱动。 风险提示： 中东爆发地缘政治冲突，欧债危机再度爆发，新兴市场债务危机 华创证券研究所 《资产配置快评 2026 年第 4 期：Riders on the Charts：每周大类资产配置图表精粹》 2026- ...

Report Industry Investment Rating No information about the report industry investment rating is provided in the content. Core Viewpoints of the Report - The new regulations on performance comparison benchmarks drive the transformation of bond funds from "reference indicators" to "rigid constraints", leading to a standardized transformation of bond funds [7]. - The core orientation of benchmark adjustment is to "precisely match the underlying assets" rather than lower the return requirements. Since May 2025, the adjustment of bond fund benchmarks has shown the characteristics of "index refinement and element diversification", which essentially strengthens the representativeness of the benchmark [7]. - There is a significant differentiation in the ability of fund managers to achieve excess returns. Bond funds need to be vigilant against the risk of strategy - benchmark mismatch. In the past three years, 37% of bond funds have not outperformed the benchmark. Under the constraints of the new regulations, past mismatched strategies will be gradually rectified to avoid significant negative deviations during the bond market adjustment period [7]. - With the buffer of the transition period, the market impact is "gradual and structural". The regulatory authorities have set a one - year transition period, and funds will orderly promote benchmark revision and strategy adjustment, which will not cause systematic portfolio adjustment shocks. Attention should be focused on structural opportunities [7]. Summary According to the Directory 1. Performance Comparison Benchmark Formal Draft vs. Solicitation Draft (1) Performance Comparison Benchmark Guidelines - The "Guidelines" define regulatory red lines and core principles, including clarifying the selection criteria for benchmarks, strictly regulating benchmark changes, strengthening information disclosure of benchmarks, enhancing the binding effect of benchmarks, and highlighting the role of benchmarks in measuring performance [2][10]. - Compared with the solicitation draft, the formal draft focuses more on the "representativeness" of the performance comparison benchmark in terms of investment goals and styles, and further clarifies the content of "major adjustments" for benchmark changes. It also adds requirements for fund performance disclosure by fund evaluation institutions and expands the scope of responsible entities [10][11]. (2) Performance Comparison Benchmark Operation Rules - The "Operation Rules" are supporting practical documents for the "Guidelines", with three key points regarding the performance comparison benchmarks of bond funds: benchmark matching, benchmark information disclosure, and benchmark tracking. If there is a deviation between the fund performance and the benchmark, the fund manager needs to explain the difference, establish a risk - control model, and a sound internal accountability mechanism [3][14][15]. 2. Overview of Bond Fund Performance Comparison Benchmarks (1) Main Types of Bond Fund Performance Comparison Benchmarks - The performance comparison benchmarks of bond funds can be roughly classified into six categories: single bond index, bond index + benchmark interest rate, bond index + equity index, convertible bond index + bond/stock index, segmented target index, and composite benchmark index [3][18]. (2) Adjustment of Bond Fund Performance Comparison Benchmarks since May 2025 - Since the release of the "Action Plan" in May 2025, 23 bond - type funds have adjusted their performance comparison benchmarks. The adjustments mainly include more refined benchmark indexes to match the underlying asset allocation and the introduction of diversified factors such as current or fixed - deposit interest rates. The core purpose of the adjustment is to correct the previous benchmark indexes and make them more in line with the investment style and positioning of the products [4][22]. (3) Ability of Various Funds to Outperform the Benchmark Performance from a Historical Perspective - In the past three years, the proportion of funds that failed to outperform the benchmark index from high to low is: hybrid funds (56%) > bond funds (37%) > stock funds (23%). Most bond funds' excess returns are concentrated within ±5 percentage points. Passive index bond funds can usually effectively control tracking errors, and short - term bond funds are relatively more stable [4][26]. 3. Impact of the New Performance Comparison Benchmark Regulations on Bond Investment - Although the new regulations on performance comparison benchmarks are relatively mild in the details regarding bond funds, they may still impose constraints on bond investment. Fund managers are expected to make targeted adjustments in terms of benchmark setting and investment strategies. They will optimize benchmark indexes according to product styles and underlying assets and adjust the previous aggressive operations during the bond bull market. Considering the one - year transition period set by the regulatory authorities, the impact on the market will be gradual and structural [4][44].

Investment Rating - The report maintains a "Recommend" rating for the transportation sector, emphasizing the value of transportation assets [1]. Core Insights - The port container sector shows relatively good market conditions, with only the port segment outperforming the CSI 300 and transportation indices [4][10]. - The overall performance of transportation assets is average, with highway and railway sectors underperforming [10][11]. - The report highlights a low interest rate environment, which is conducive to capital operations and market activity [20][21]. Monthly Market Performance - In January 2026, the performance of transportation assets was generally average, with only the port sector showing positive growth [4][8]. - The cumulative performance from January 1 to January 27, 2026, showed highways down by 1.50%, railways down by 3.14%, and ports up by 2.96% [10][11]. - The average daily transaction volume for ports increased significantly, while highway transaction volumes decreased [22]. Industry Data - Highway passenger traffic in November 2025 was 961 million, down 2.4% year-on-year, while freight traffic increased by 3.6% [33]. - Railway passenger volume in December 2025 was 323 million, up 8.5% year-on-year, while freight volume decreased by 2.6% [51]. - Port cargo throughput for the four weeks from December 29, 2025, to January 25, 2026, was 1.036 billion tons, up 4.3% year-on-year [60]. Investment Recommendations - The report identifies high-dividend quality stocks in the transportation sector, recommending companies like Sichuan Chengyu and Daqin Railway for their stable growth and high dividend yields [4][19]. - It emphasizes the importance of capital operations and strategic investments in the highway and port sectors to enhance overall performance [29][30].

Investment Rating - The report maintains a "Strong Buy" rating for the company [1] Core Views - The company is a key supplier of stainless steel armor for fusion magnets, with potential demand in emerging industries possibly underestimated [7] - The company has a competitive advantage in the superconducting magnet segment, particularly with its stainless steel armor products, which are essential components of superconducting magnet systems [6][8] - The report highlights the expected capital expenditure expansion cycle in the controlled nuclear fusion industry, which may lead to increased orders across the supply chain [34] Financial Summary - Projected total revenue (in million) for 2024A is 10,918, with a year-on-year growth of 27.4%. For 2025E, it is expected to be 11,795, with a growth of 8.0%. However, a decline of 8.7% is anticipated for 2026E, followed by a slight increase of 2.2% in 2027E [2] - The projected net profit attributable to shareholders (in million) for 2024A is 1,490, with a minimal growth of 0.1%. For 2025E, it is expected to be 1,540, with a growth of 3.3%. A decline of 12.7% is expected for 2026E, followed by a recovery of 16.3% in 2027E [2] - The target price range for the company is set between 40.0 and 48.0 yuan, indicating a potential upside of 13% to 35% from the current price of 35.43 yuan [2][9] Industry Analysis Controlled Nuclear Fusion Sector - The company’s stainless steel armor products are crucial for superconducting magnet systems, which are essential for the Tokamak devices, the leading technology in nuclear fusion [13][21] - The company has secured a significant project with the Chinese Academy of Sciences for stainless steel armor, valued at 58.168 million yuan, showcasing its strong supply capabilities [30] Nuclear Power Industry - The nuclear power sector in China is expected to see substantial growth, with projections indicating the need for 10 GW of new nuclear power installations annually from 2025 to 2030 [56] - The company is a key supplier of U-shaped pipes for third-generation nuclear power plants and is strategically positioned in the fourth-generation nuclear technology space [56][60] Aerospace Sector - The company has launched a production line for aerospace-grade pipes, establishing a first-mover advantage in the supply chain [8] Traditional Downstream Sector - The oil and gas industry shows long-term demand potential, with the company possessing advanced technology for nickel-based alloy oil well pipes [8]

Report Summary 1. Report Industry Investment Rating The document does not mention the industry investment rating. 2. Core Viewpoints - Most industries rose today, with valuations increasing month - on - month. The convertible bond market showed mixed trends in different aspects, such as price, valuation, and industry performance [1]. - The convertible bond price center increased, and the proportion of high - price bonds rose. Valuations also went up, with changes in different types of convertible bonds and price ranges [2]. - In the industry performance, more than half of the underlying stock industry indices declined, and there were differences in the rise and fall rankings between the A - share market and the convertible bond market [3]. 3. Summary by Relevant Catalogs Market Main Index Performance - The CSI Convertible Bond Index rose 0.85% month - on - month, the Shanghai Composite Index rose 0.27%, the Shenzhen Component Index rose 0.09%, the ChiNext Index fell 0.57%, the SSE 50 Index rose 0.27%, and the CSI 1000 Index rose 0.21% [1]. - In terms of market style, mid - cap value stocks were relatively dominant. Mid - cap growth rose 1.80%, mid - cap value rose 2.56%, while large - cap value fell 0.01% [1]. Market Fund Performance - The trading sentiment in the convertible bond market weakened. The trading volume of the convertible bond market was 81.463 billion yuan, a 4.34% month - on - month decrease. The total trading volume of the Wind All - A Index was 2.992289 trillion yuan, a 2.42% month - on - month increase [1]. - The net outflow of the main funds in the Shanghai and Shenzhen stock markets was 27.487 billion yuan, and the yield of the 10 - year treasury bond decreased by 1.47bp to 1.82% [1]. Convertible Bond Valuation - The weighted average closing price of convertible bonds was 143.85 yuan, a 0.55% increase from the previous day. The closing price of equity - biased convertible bonds was 211.16 yuan, a 2.87% increase; that of bond - biased convertible bonds was 123.26 yuan, an 0.85% increase; and that of balanced convertible bonds was 135.08 yuan, a 1.16% increase [2]. - The proportion of high - price bonds above 130 yuan was 78.46%, a 2.19pct month - on - month increase. The proportion of bonds in the 120 - 130 yuan range decreased by 2.44pct [2]. - The 100 - yuan parity fitted conversion premium rate was 38.14%, a 0.38pct increase from the previous day. The overall weighted parity was 106.15 yuan, a 0.57% decrease [2]. Industry Performance - In the A - share market, the top three declining industries were Media (- 1.77%), National Defense and Military Industry (- 1.68%), and Beauty and Personal Care (- 1.65%); the top three rising industries were Non - Ferrous Metals (+ 5.92%), Petroleum and Petrochemical (+ 3.54%), and Coal (+ 3.42%) [3]. - In the convertible bond market, 24 industries rose. The top three rising industries were Coal (+ 3.32%), Petroleum and Petrochemical (+ 2.69%), and Non - Ferrous Metals (+ 2.50%); the top three declining industries were Household Appliances (- 2.63%), Machinery and Equipment (- 0.97%), and National Defense and Military Industry (- 0.92%) [3]. - In terms of closing price, large - cycle rose 1.34%, manufacturing rose 0.51%, technology rose 0.33%, large - consumption rose 0.25%, and large - finance rose 0.81% [3]. - The conversion premium rate of large - cycle rose 0.95pct, manufacturing rose 1.9pct, technology rose 1.9pct, large - consumption rose 3.1pct, and large - finance rose 1.1pct [3]. - The conversion value of large - cycle rose 0.59%, manufacturing fell 0.49%, technology fell 1.02%, large - consumption fell 1.11%, and large - finance rose 0.65% [3]. - The pure bond premium rate of large - cycle rose 2.0pct, manufacturing rose 0.62pct, technology rose 0.54pct, large - consumption rose 0.32pct, and large - finance rose 0.96pct [4]. Industry Rotation - Non - Ferrous Metals, Petroleum and Petrochemical, and Coal led the rise. Non - Ferrous Metals had a daily increase of 5.92% in the underlying stock and 2.50% in the convertible bond; Petroleum and Petrochemical had a 3.54% increase in the underlying stock and 2.69% in the convertible bond; Coal had a 3.42% increase in the underlying stock and 3.32% in the convertible bond [53].

Investment Rating - The report maintains a "Recommendation" rating for the transportation sector, emphasizing the value of transportation assets [1]. Core Insights - The port container sector shows relatively good market conditions, with only the port segment outperforming the CSI 300 and transportation indices [4][10]. - The overall performance of transportation assets is average, with highway and railway segments underperforming [10][11]. - The report highlights a low interest rate environment, which is conducive to capital operations and market activity [20][21]. Monthly Market Performance - In January 2026, the performance of transportation assets was generally average, with only the port sector showing positive growth [4][8]. - The cumulative performance from January 1 to January 27, 2026, showed declines of -1.50% for highways, -3.14% for railways, and an increase of +2.96% for ports [10][11]. - The average daily transaction volume for ports increased significantly, while highway transaction volumes decreased [22]. Industry Data - Highway passenger traffic in November 2025 was 961 million, down 2.4% year-on-year, while freight traffic increased by 3.6% [33]. - Railway passenger volume in December 2025 was 323 million, up 8.5% year-on-year, while freight volume decreased by 2.6% [51]. - Port cargo throughput for the first four weeks of 2026 was 1.036 billion tons, a year-on-year increase of 4.3% [60]. Investment Recommendations - The report identifies high-dividend quality stocks in the transportation sector, recommending companies such as Sichuan Chengyu and Daqin Railway for their stable growth and high dividend yields [4][19]. - It emphasizes the potential for growth in highway operations, particularly in light of favorable policy changes and local state-owned enterprise actions [4][19]. - The report suggests focusing on companies with strong dividend yields and stable performance, such as Jiangsu Ninhuhighway and Qingdao Port [4][19].

Investment Rating - The report maintains a "Strong Buy" rating for 康耐特光学 (02276.HK) [1] Core Views - The company plans to raise approximately HKD 14.04 billion through the placement of 27 million shares at HKD 52.00 per share, which will enhance its XR business layout and demonstrate its growth ambitions [1] - The funds raised will be allocated to the construction of XR production lines (40%), expansion of XR production capacity in Thailand (20%), enhancement of R&D capabilities and establishment of a precision optical center (20%), and replenishment of working capital (20%) [7] - The report highlights the anticipated launch of ByteDance's AI glasses around the Chinese New Year, which may create unique advantages if integrated with its content ecosystem [7] Financial Summary - Total revenue is projected to grow from HKD 2,061 million in 2024 to HKD 3,380 million in 2027, with a CAGR of 17.1% [3] - Net profit attributable to shareholders is expected to increase from HKD 428 million in 2024 to HKD 869 million in 2027, reflecting a CAGR of 31.0% [3] - Earnings per share (EPS) is forecasted to rise from HKD 0.89 in 2024 to HKD 1.81 in 2027 [3] - The price-to-earnings (P/E) ratio is projected to decrease from 54x in 2024 to 30x in 2027 [3] - The target price is set at HKD 69.36, with the current price at HKD 60.95 [3]

Group 1: December Industrial Profit Data - In December, profits of industrial enterprises increased by 5.3%, recovering from a 13.1% decline in November, marking an 18.4 percentage point rebound[1] - By December 2025, inventory increased by 3.9% year-on-year, down from 4.6% previously[1] - State-owned enterprises saw a profit decline of 51.5%, while private enterprises grew by 0.56%, and foreign and Hong Kong, Macau, and Taiwan enterprises increased by 41.4%[1] Group 2: Annual Profit Structure Review - In 2025, the profit margin for midstream manufacturing rose to 5.2%, up from 5.1% in 2024, with profit growth reaching 7.7%[2] - Midstream manufacturing accounted for 39.8% of total industrial profits, an increase of 2.6 percentage points from the previous year[2] - Downstream consumer goods faced profit pressure, with a profit growth rate of -5.9% and a profit margin dropping to 6.6%[3] - Upstream materials saw a profit growth rate of -15%, with profit margin declining to 3.7%, below 2015 levels[4] - Commodity-related industries experienced a profit growth of 5.8%, with profit margin slightly decreasing to 7.1%[5]

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by over 5% compared to the benchmark index in the next 3-6 months [19]. Core Insights - The launch of Clawdbot, an AI assistant capable of taking over devices and performing tasks autonomously, has generated significant market interest, achieving over 50,000 stars on GitHub within days of its release [2][4]. - The report highlights the importance of low-latency and secure infrastructure support for AI agents like Clawdbot, which is expected to benefit companies involved in cloud computing, AI data centers, computing power services, and content delivery networks [8]. Industry Overview - The computer industry consists of 337 listed companies with a total market capitalization of 64,957.50 billion and a circulating market capitalization of 58,620.09 billion [5]. - The absolute performance of the industry over the past 1 month, 6 months, and 12 months has been 13.7%, 22.6%, and 42.4% respectively, while the relative performance has been 10.3%, 7.0%, and 19.2% [6]. Key Companies to Watch - The report suggests focusing on companies that provide secure and low-latency infrastructure, including: 1. Cloud computing: Alibaba, NET, Deepin Technology, Kingsoft Cloud, New Idea Network Group, Yuke Data 2. AI Data Centers: Runze Technology, Baoxin Software, Data Port, Guanghuan New Network, Aofei Data, Yunsai Zhili 3. Computing Power Services: Kexin Data, Hongjing Technology, Dawi Technology, Youfang Technology, Litong Electronics, Zhiwei Intelligent 4. CDN: Wangsu Technology 5. Chips: Haiguang Information, Cambricon, Muxi Co., Tian Shuzhixin, Moer Thread, Longxin Zhongke 6. Large Models: Minimax, Zhipu, iFlytek [8].