National Economic Overview - In 2025, China's GDP reached 1401879 billion yuan, growing by 5.0% year-on-year, successfully meeting the growth target[6] - The contribution of the tertiary industry to GDP growth increased, with a structure adjustment to 6.7:35.6:57.7[13] - National fixed asset investment (excluding rural households) decreased by 3.8%, marking the first negative growth in five years[14] - The total retail sales of consumer goods reached 501202 billion yuan, growing by 3.7% year-on-year[24] Provincial Economic Performance (Henan) - Henan's GDP in 2025 was 66632.79 billion yuan, with a year-on-year growth of 5.6%, exceeding the initial target of 5.5%[37] - The province's industrial added value grew by 8.4%, surpassing the national average by 2.5 percentage points[39] - Social retail sales in Henan increased by 5.6%, higher than the national average by 1.9 percentage points[44] - Fixed asset investment in Henan rose by 4.0%, significantly exceeding the national decline[39] Sectoral Insights - The contribution of the service sector to GDP growth reached 61.4%, driven by strong performance in accommodation, catering, and IT services[13] - In Henan, the primary industry added value was 5538.08 billion yuan, growing by 3.6%, while the secondary and tertiary industries grew by 5.5% and 6.0% respectively[39] - High-tech manufacturing in Henan saw a significant increase, with growth rates of 29.3% in optical electronics and 26.7% in aerospace[43] Investment and Trade - Nationally, exports grew by 6.1% to 26990 billion yuan, while imports increased by 0.5%[34] - In Henan, the fixed asset investment growth was primarily driven by manufacturing, which saw a 0.6% increase[29] - The real estate sector in Henan faced challenges, with a 17.2% decline in development investment, although sales showed signs of recovery[33]

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy sector [1] Core Insights - The photovoltaic industry index rebounded strongly in January, influenced by space photovoltaic themes, with an increase of 15.65%, significantly outperforming the CSI 300 index, which had a return of -0.26% during the same period [3][10] - The total newly installed photovoltaic capacity exceeded 300GW in 2025, with a year-on-year growth of 13.67% [4][20] - The cancellation of the export VAT rebate for photovoltaic products is expected to accelerate the exit of high-cost production capacity [7][19] - The rise in silver prices has significantly increased the production costs of photovoltaic cells, leading to price hikes in battery and component prices [7][40] Industry Performance Review - The photovoltaic industry index showed a strong performance in January, with a daily average transaction amount of 89.662 billion yuan, a significant increase compared to previous months [10] - All sub-sectors within the photovoltaic industry experienced growth, with conductive silver paste and photovoltaic equipment leading the gains [13] - Notable stock performances included companies like Aotewi, Dike Co., and Jun Da Co., which saw substantial increases in their stock prices [16][18] Industry and Company Dynamics - The cancellation of the export VAT rebate for photovoltaic products is set to take effect on April 1, 2026, which may lead to accelerated exports before the policy change [7][19] - SpaceX plans to build a significant amount of photovoltaic capacity for space satellites and data centers, aiming for 200GW within three years [19] - The domestic photovoltaic market saw a total of 315.07GW of new installations in 2025, with December alone contributing 40.18GW, marking an 82.47% month-on-month increase [20][22] Key Segment Data - The domestic photovoltaic market is experiencing a supply-side contraction, with a reduction in production capacity for polysilicon and silicon wafers due to seasonal demand fluctuations [33][35] - The average price of polysilicon has slightly increased to 54 yuan per kilogram, while N-type solar cell prices have risen significantly due to increased production costs [39][40] - The price of photovoltaic glass has shown a downward trend, reflecting weak demand and increased inventory levels [43]

分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 AI 流量入口竞争白热，春节档电影供给 丰富 ——传媒行业月报 证券研究报告-行业月报 强于大市(维持) 传媒相对沪深 300 指数表现 相关报告 《传媒行业分析报告：传媒 2025Q4 基金持仓 分析：重仓股配置力度环比下降，个股配置分 化》 2026-01-27 《传媒行业月报：游戏行业稳步增长，动漫电 影引领票房增长》 2025-12-30 《传媒行业分析报告：动画电影：从"边缘品 类"到"半壁江山"》 2025-12-25 联系人：李智 投资要点： ⚫ 行情回顾与估值表现：截至 2026 年 1 月 26 日，1 月传媒指数上涨 16.19%，在 30 个行业组合中排名第二，跑赢同期上证指数 （+4.13%）12.06pct、跑赢同期创业板指（+3.62%）12.57pct、 跑赢同期沪深 300 指数（+1.66%）14.53pct。 ⚫ 投资建议： 建议围绕政策环境改善以及 AI 应用加速落地两条主线带来的估值 和业绩双提升，关注目前处于高景气度的细分行业。 在政策端，传媒行业所处政策 ...

Investment Rating - The report maintains an "Outperform" investment rating for the communication industry [2][9]. Core Insights - The communication industry index outperformed the Shanghai Composite Index in December 2025, with a rise of 12.82% compared to +2.06% for the Shanghai Composite Index [8]. - Key material supply for optical modules remains tight, with major players like Longfei and Hengtong winning bids for China Unicom's hollow-core fiber cable procurement [8]. - The retail sales of communication equipment in China increased by 20.9% year-on-year in December 2025, driven by the demand for smartphones [8]. - The global smartphone shipment is projected to grow by 2% year-on-year in 2025, reaching 1.25 billion units, with AI smartphones expected to penetrate 34% of the market [8]. - The export value of optical modules from China decreased by 15.6% year-on-year in 2025, while Thailand's communication equipment exports surged by 152.1% [8]. - The capital expenditure of major North American cloud providers reached $112.43 billion in Q3 2025, a 76.9% increase year-on-year [8]. Summary by Sections Market Review - The communication industry index rose by 12.82% in December 2025, outperforming major indices [14]. - Various sub-sectors within the communication industry saw significant gains, with cable and network connection sectors increasing by 22.05% and 19.44% respectively [15]. Industry Tracking - The global ICT market is expected to grow from $5.9 trillion in 2025 to $7.6 trillion by 2029, with a CAGR of 7.0% [39]. - The Chinese enterprise ICT market is projected to reach approximately $314.7 billion in 2025, growing at a rate of 14.3% year-on-year [39]. - The telecom business revenue in China reached 1.6096 trillion yuan from January to November 2025, reflecting a 0.9% year-on-year increase [48]. Telecom Industry Insights - As of November 2025, the number of 5G mobile phone users in China reached 1.193 billion, accounting for 65.3% of total mobile users [49]. - The number of fixed broadband users with gigabit access reached 239 million, representing 34.3% of total broadband users [52]. Investment Recommendations - The report suggests focusing on companies involved in optical chips, optical devices, and optical modules, such as SourceJ, Shijia Photon, and Tianfu Communication [9]. - It also highlights the potential of AI smartphones and telecom operators like China Mobile, China Telecom, and China Unicom as key investment opportunities [9].

Investment Rating - The report maintains an "Outperform" rating for the media industry, indicating a positive outlook compared to the market [1]. Core Insights - The media index rose by 16.19% as of January 26, 2026, outperforming major indices such as the Shanghai Composite Index (+4.13%) and the CSI 300 Index (+1.66%) [3][13]. - The report highlights the strong performance of sub-sectors, particularly the internet marketing sector, which surged by 43.70%, followed by publishing (+11.68%), gaming (+10.79%), and film (+8.73%) [3][14]. - The current price-to-earnings (PE) ratio for the media sector stands at 31.71, significantly above the average of 25.90 for 2023, indicating a high valuation relative to historical levels [4][19]. Summary by Sections Investment Recommendations - The report suggests focusing on two main themes: improving policy environment and accelerated AI application, which are expected to enhance both valuation and performance in high-growth sub-sectors [5][11]. - Specific recommendations include: 1. **Gaming Sector**: Anticipated steady growth in the domestic gaming industry, with a focus on companies like Gigabit, Kaixin Network, and Perfect World [12]. 2. **Film Sector**: Attention on the upcoming Spring Festival film releases, which are expected to significantly impact the performance and valuation of the film sector, with companies like Light Media and Wanda Film highlighted [12]. 3. **Defensive Positioning**: State-owned publishing companies are recommended for their low valuations and high dividend yields, with a focus on Zhongyuan Media [12]. Market Review - As of January 26, 2026, the media index's performance ranked second among 30 industry groups, with 134 out of 139 stocks rising [3][16]. - The report notes a significant increase in the number of stocks outperforming the market, with top gainers including BlueFocus and Liwen Technology [16][18]. Industry News - The report discusses regulatory developments, including a nationwide initiative to address "AI-modified" video content, which may impact content creation and distribution practices [20]. - It also highlights the ongoing competition among major internet companies to capture AI traffic, which is expected to drive user growth and expand commercial opportunities in various content areas [11][22]. Monthly Data - The domestic film market saw a box office of 37.13 billion yuan in December 2025, marking a year-on-year increase of 58.00% [24]. - The gaming market achieved a sales revenue of 350.79 billion yuan in 2025, reflecting a growth of 7.68% year-on-year, with user numbers reaching 683 million [42][43].

Investment Rating - The report maintains an "Outperform" investment rating for the communication industry [2][9]. Core Insights - The communication industry index outperformed the Shanghai Composite Index in December 2025, rising by 12.82% compared to +2.06% for the Shanghai Composite Index and +2.28% for the CSI 300 Index [8][14]. - Key material supply for optical modules remains tight, with major players like Longfei and Hengtong winning bids for China Unicom's hollow-core fiber cable procurement [8][9]. - The retail sales of communication equipment in China increased by 20.9% year-on-year in December 2025, driven by the demand for smartphones [8][41]. - The global smartphone shipment is projected to grow by 2% year-on-year in 2025, reaching 1.25 billion units, with AI smartphones expected to penetrate 34% of the market [8][29]. - The export value of optical modules from China decreased by 15.6% year-on-year in 2025, while Thailand's communication equipment exports surged by 152.1% [8][9]. Summary by Sections Market Review - The communication industry index rose by 12.82% in December 2025, outperforming major indices [14]. - Sub-sectors such as cables and network equipment saw significant gains, with increases of 22.05% and 19.44% respectively [15][19]. Industry Tracking - The capital expenditure of major cloud providers in North America reached $112.43 billion in Q3 2025, a 76.9% increase year-on-year [25][28]. - AI applications are driving cloud business growth, with major companies like Amazon, Microsoft, Google, and Meta significantly increasing their capital expenditures [25][29]. - The Chinese ICT market is expected to grow to approximately $889.43 billion by 2029, with a CAGR of 7.0% [39][40]. Domestic Telecom Industry - Telecom business revenue in China reached 1.6096 trillion yuan from January to November 2025, a year-on-year increase of 0.9% [48]. - The number of 5G mobile phone users reached 1.193 billion by November 2025, accounting for 65.3% of total mobile phone users [49]. - The number of fixed broadband users with gigabit access reached 239 million, representing 34.3% of total users [52].

zhangyang-yjs@ccnew.com 021-50586627 券商板块 2025 年 12 月回顾及 2026 年 1 月前瞻 ——券商板块月报 证券Ⅱ 分析师：张洋 登记编码：S0730516040002 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 证券研究报告-行业月报 同步大市(维持) 证券Ⅱ相对沪深 300 指数表现 资料来源：聚源、中原证券研究所 -10% -5% 0% 6% 11% 16% 21% 26% 2025.02 2025.06 2025.09 2026.01 证券Ⅱ 沪深300 相关报告 第1页 / 共13页 发布日期：2026 年 01 月 28 日 《证券Ⅱ行业月报：券商板块 2025 年 11 月 回顾及 12 月前瞻》 2025-12-26 《证券Ⅱ行业月报：券商板块 2025 年 10 月 回顾及 11 月前瞻》 2025-11-25 《证券Ⅱ行业年度策略：投融资协调发展，行 业景气度延续》 2025-11-24 联系人：李智 风险提示：1.权益及固收市场环境转弱导致上市券商业绩出现下滑；2. 股价短期波动风险；3.资本市 ...

证券Ⅱ 分析师：张洋 登记编码：S0730516040002 zhangyang-yjs@ccnew.com 021-50586627 券商板块 2025 年 12 月回顾及 2026 年 1 月前瞻 ——券商板块月报 证券研究报告-行业月报 同步大市(维持) 证券Ⅱ相对沪深 300 指数表现 资料来源：聚源、中原证券研究所 -10% -5% 0% 6% 11% 16% 21% 26% 2025.02 2025.06 2025.09 2026.01 证券Ⅱ 沪深300 相关报告 《证券Ⅱ行业月报：券商板块 2025 年 11 月 回顾及 12 月前瞻》 2025-12-26 《证券Ⅱ行业月报：券商板块 2025 年 10 月 回顾及 11 月前瞻》 2025-11-25 《证券Ⅱ行业年度策略：投融资协调发展，行 业景气度延续》 2025-11-24 联系人：李智 风险提示：1.权益及固收市场环境转弱导致上市券商业绩出现下滑；2. 股价短期波动风险；3.资本市场改革的政策效果不及预期 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共13页 发布日期：2026 ...

Core Insights - The report highlights the overall positive trend in the A-share market, with various sectors such as finance, semiconductors, and aerospace showing strong performance, while some sectors like coal and pharmaceuticals lag behind [5][8][12] - The report emphasizes the importance of macroeconomic data and policy changes in guiding investment strategies, suggesting a balanced approach to portfolio allocation [7][11][33] Domestic Market Performance - The Shanghai Composite Index closed at 4,139.90 with a slight increase of 0.18%, while the Shenzhen Component Index closed at 14,329.91, up by 0.09% [3] - The average price-to-earnings ratio for the Shanghai Composite and ChiNext Index stands at 16.93 and 53.33 respectively, indicating a favorable long-term investment environment [7][12] International Market Performance - Major international indices such as the Dow Jones and S&P 500 experienced declines of 0.67% and 0.45% respectively, while the Nikkei 225 saw a modest increase of 0.62% [4] Industry Analysis - The report discusses the media sector, noting a decrease in fund holdings in Q4 2025, with a significant focus on the gaming sub-sector, which remains highly favored among institutional investors [13][16] - The automotive industry is projected to achieve record production and sales in 2025, driven by policies encouraging vehicle upgrades and a strong demand for electric vehicles [31][33] Investment Recommendations - The report suggests focusing on sectors with strong fundamentals and high dividend yields, such as traditional engineering machinery and shipbuilding, while also highlighting opportunities in emerging technologies like humanoid robots and AI applications [17][18][22] - Specific companies to watch include major players in the gaming sector and those involved in AI applications, as they are expected to benefit from favorable market conditions and technological advancements [16][27]

Investment Rating - The report maintains an "Outperform" rating for the media industry, indicating an expected increase of over 10% relative to the CSI 300 index in the next six months [1][37]. Core Insights - The report highlights a decrease in the allocation of public funds to media sector heavyweights, with a total market value of 40.569 billion yuan at the end of Q4 2025, down 31.70% from Q3 2025 [6][10]. - The gaming sector continues to see increased allocation, with a market value of 30.206 billion yuan, representing 74.46% of the total media sector allocation, marking a 1.14 percentage point increase [11][15]. - The report notes a concentration of investments in top gaming companies, with eight out of the top ten heavyweights being gaming firms, reflecting a strong institutional focus on this segment [20][21]. Summary by Sections Heavyweight Stock Allocation - The allocation of public funds to media heavyweight stocks has decreased, with a total market value of 40.569 billion yuan, down 18.825 billion yuan from Q3 2025, resulting in a 31.70% decline [6][10]. - The allocation ratio for media heavyweights is approximately 1.22%, down 0.56 percentage points from the previous quarter [10][11]. Gaming Sector Performance - The gaming sector's market value stands at 30.206 billion yuan, accounting for 74.46% of the total media sector allocation, with a 40.09% overweight ratio, the highest recorded [11][15]. - The top three sectors by market value are gaming, advertising, and film exhibition, with gaming showing the most significant allocation increase [11][15]. Individual Company Insights - The top ten media heavyweights include companies like Giant Network, Century Huatong, and Kaineng Network, with gaming companies dominating the list [20][23]. - Notable changes in the top ten include Mango Super Media dropping out and Kunlun Wanwei entering the list [20][21]. Hong Kong Stock Preferences - In the Hong Kong market, Tencent Holdings remains the largest heavyweight with a market value of 94.525 billion yuan, despite a decrease of 12.287 billion yuan [33][34]. - Meituan and Damai Entertainment have shown significant increases in both market value and the number of funds holding their stocks [33][34]. Investment Recommendations - The report suggests focusing on high-growth segments such as AI applications and gaming, which are expected to benefit from favorable policies and strong market demand [35][36]. - Recommended companies for investment include 37 Interactive Entertainment, Perfect World, Kaineng Network, and others [35][36].