Investment Rating - The report maintains a "Buy" rating for the media industry, indicating a positive outlook for the sector [7][11]. Core Insights - The media industry (Shenwan) saw a significant increase of 13.10% from January 5 to January 11, 2026, outperforming the major indices [14][17]. - Key segments within the industry performed well, with advertising and marketing up 19.17%, television broadcasting up 15.15%, and gaming up 13.14% [14][17]. - The report highlights strong individual stock performances, particularly for companies like Inertia Media and BlueFocus, which saw increases of 52.62% and 49.13% respectively [17][18]. Industry Performance Summary Market Performance - The media industry outperformed the major indices, with the Shanghai Composite Index rising 3.82% and the Shenzhen Component Index rising 4.40% during the same period [14][16]. - The advertising and marketing sector led the gains, followed by television broadcasting and gaming [14][16]. Key Data and Updates AI Applications - AI product rankings showed significant growth, with Gemini and DeepSeek increasing by 28% and 30% respectively [19][20]. - OpenRouter's weekly token usage rose by 15%, indicating a growing demand for AI applications [19][20]. Gaming - The top five mobile games on iOS as of January 10, 2026, included "Honor of Kings" and "Peacekeeper Elite" [23][25]. - New game releases are anticipated, including Tencent's "Counter-Strike: Future" on January 13, 2026 [27][26]. Film and Television - Domestic box office revenue reached 362 million yuan during the week of January 5-11, 2026, with "Hidden Kill" leading the charts [29][30]. - Seven new films are set to be released from January 12 to January 18, 2026 [30][31]. Investment Recommendations - The report recommends focusing on themes such as AI applications and cultural exports, with specific attention to gaming, IP, short dramas, marketing, and publishing sectors [5][34]. - Notable companies to watch include Giant Network, Perfect World, and Kuaishou, all rated as "Buy" [5][34].

Investment Rating - The report maintains a "Recommended" investment rating for the industry [7]. Core Insights - The mechanical equipment sector has shown a strong performance, with the Shanghai Mechanical Equipment Index rising by 5.39% from January 4 to January 9, 2026, outperforming the Shanghai Composite Index by 2.60 percentage points [12]. - The low-altitude economy is experiencing significant growth, with Shanghai aiming to establish itself as a global hub for eVTOL (Electric Vertical Takeoff and Landing) by 2028, targeting a core industry scale of approximately 80 billion yuan [3]. - The construction machinery industry is expected to maintain steady growth, with excavator sales reaching 23,095 units in December 2025, a year-on-year increase of 19.2% [4]. Weekly Market Review - From January 4 to January 9, 2026, the Shanghai Composite Index increased by 3.82%, the Shenzhen Component Index by 4.40%, and the ChiNext Index by 3.89% [12]. - The sub-sectors within the mechanical equipment industry, such as general equipment, specialized equipment, and engineering machinery, have also shown positive growth rates of 6.53%, 5.13%, and 3.77% respectively [12][15]. Key Sector Tracking - The low-altitude economy is being propelled by local ambitions and national strategies, with significant policy support for projects like eVTOL manufacturing [3]. - The mechanical equipment sector remains competitive, with domestic leading companies showing strong advantages in both supply and demand [4]. Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, and WanFeng Aowei [5]. - In the mechanical equipment sector, recommended companies include Sany Heavy Industry, XCMG, and Anhui Heli [5].

Investment Rating - The report maintains a "Recommended" investment rating for the humanoid robot industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [6]. Core Insights - The humanoid robot concept index increased by 4.93% from January 4 to January 9, 2026, outperforming the CSI 300 index by 2.15 percentage points [11][15]. - Key developments include Xiaopeng's announcement of mass production of humanoid robots in 2026, which marks a significant transition from technology exploration to practical application [4][22]. - The report highlights various policy initiatives aimed at fostering the integration of artificial intelligence and manufacturing, which are expected to accelerate the development of humanoid robots [3][18]. Summary by Sections Weekly Market Review - The humanoid robot index rose by 4.93% during the week, outperforming the CSI 300 index [11]. - Among A-share humanoid robot stocks, Puni Testing saw the highest weekly increase of 51.77%, while Donggang Co. experienced the largest decline of 12.38% [15] Weekly Hotspots Policy Developments - The Ministry of Industry and Information Technology and seven other departments issued guidelines to accelerate the upgrade of smart terminals and promote humanoid robot production lines [18]. - Guangzhou's government plans to develop a robust manufacturing sector with a target industry scale of 300 billion by 2035 [19]. - Sichuan's government aims to break through key technologies in advanced computing and embodied intelligence [20]. Product and Technology Iteration - Leju Robotics partnered with Alibaba Cloud for full-stack AI collaboration [20]. - Xiaopeng announced the mass production of its humanoid robot, IRON, which features 82 degrees of freedom and advanced AI capabilities [4][22]. Investment and Financing - Zhiyou Wujie completed seed financing, focusing on industrial embodied intelligence [23]. - Zhi Ji Power secured equity financing from multiple investors [24]. - New Sword Transmission, a first-tier supplier in the humanoid robot supply chain, is preparing for an IPO [24]. Key Company Announcements - iFLYTEK's super brain platform achieved multiple technological breakthroughs and formed extensive collaborations with leading robotics companies [25]. - Liwang Co. is collaborating with Tsinghua Shenzhen International Graduate School to develop high-power batteries for humanoid robots [26]. - Guoji Precision is focusing on bearings for commercial aerospace and humanoid robots as part of its new business strategy [26].

Investment Rating - The report maintains a "Recommended" investment rating for the semiconductor and semiconductor production equipment industry [5] Core Insights - The U.S. government has relaxed export controls on NVIDIA H200 chips to China, which is expected to boost the AI chip market in China [3] - Micron plans to build up to four wafer fabs in New York, potentially receiving over $25 billion in federal subsidies, with the first fab expected to be operational by 2030 [3] - The global electric vehicle sales are projected to reach 20.985 million units in 2025, a year-on-year increase of approximately 22%, and are expected to rise to 24.166 million units in 2026, a 15% increase [2][23] - The domestic AI chip index increased by 7.8% this week, with several companies experiencing significant gains [10] Market Indices Summary - The overseas AI chip index fell by 1.5%, while the domestic A-share chip index rose by 7.8% [10] - The storage chip index increased by 12.1%, with notable gains from companies like Purun and Hengsuo [10][16] - The power semiconductor index rose by 5.7%, indicating positive market sentiment in this segment [10][16] - The server ODM index decreased by 3.0%, reflecting challenges in the server market [10][16] Industry Data Summary - Global smart watch shipments are expected to grow by 7% by the end of 2025, recovering from a decline in 2024 [2][25] - The shipment volume of foldable smartphone panels is projected to grow by 46% in 2026, driven by Apple's entry into the foldable smartphone market [2][28]

Investment Rating - The report maintains a "Recommended" investment rating for the automotive and automotive parts industry [6] Core Insights - The overall sales of passenger vehicles met expectations with a year-on-year growth of 9%, while new energy passenger vehicles saw a growth of 25% [1][2] - In December 2025, the retail sales of passenger vehicles were 2.296 million units, a year-on-year decrease of 13%, but a month-on-month increase of 3%. Cumulatively, retail sales for the year reached 23.779 million units, a year-on-year increase of 4% [1][20] - The report highlights the rapid advancements in intelligent driving technologies, with multiple automakers updating their systems and competing in the autonomous driving sector [3][4] Summary by Sections Sales Performance - In December 2025, wholesale sales of passenger vehicles were 2.759 million units, a year-on-year decrease of 10%, with cumulative wholesale sales for the year reaching 29.524 million units, a year-on-year increase of 9% [1][20] - For new energy vehicles, December retail sales were 1.387 million units, a year-on-year increase of 7%, with cumulative retail sales for the year at 12.859 million units, a year-on-year increase of 18% [1][20] Industry Developments - Several automakers, including Zeekr and Geely, are enhancing their intelligent driving systems, indicating a shift towards integrated decision-making models in vehicle technology [3][4][32] - The report emphasizes the importance of continued policy support for the automotive industry and the potential investment opportunities arising from advancements in autonomous driving technology [4] Market Trends - The automotive sector saw a 2.53% increase in the week of January 3-9, 2026, with most related sub-sectors also experiencing growth [12] - The report notes that the intelligent driving technology is becoming a key competitive area among automakers, with significant investments and innovations being made [3][4][39]

Investment Rating - The report maintains a "Recommended" investment rating for the industry [7]. Core Insights - The mechanical industry is experiencing steady growth in exports and is positioned well for future development, particularly in the low-altitude economy sector, which is being supported by government policies and strategic initiatives [3][4]. - The report highlights that domestic leading enterprises in the mechanical sector maintain strong competitive advantages, with a positive outlook for the engineering machinery industry [4]. Weekly Market Review - From December 28, 2025, to January 2, 2026, the Shanghai Composite Index rose by 0.13%, while the Shenzhen Component Index fell by 0.58%, and the ChiNext Index decreased by 1.25%. The Shenwan Mechanical Equipment Index increased by 1.32%, outperforming the CSI 300 Index by 1.91 percentage points, ranking 5th among 31 Shenwan first-level industries [12]. - Within sub-sectors, the Shenwan General Equipment, Specialized Equipment, Engineering Machinery, and Automation Equipment indices rose by 2.86%, 0.02%, 0.40%, and 1.96%, respectively, while the Rail Transit Equipment II index fell by 0.60% [12][15]. Key Sector Tracking - The low-altitude economy sector is being positioned as a new pillar industry, with significant policy support from the Ministry of Industry and Information Technology, which aims to enhance innovation across the entire industry chain [3]. - The report indicates that the rental rate index for lifting work platforms was 653 points in November 2025, slightly down by 2.8% month-on-month but up by 4.7% year-on-year, with most models showing a year-on-year increase [4]. Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, Huasheng Group, and Nairui Radar. In the complete machine sector, focus on companies like Wanfeng Aowei, Yihang Intelligent, and Zongheng Co. [5]. - In the mechanical equipment sector, recommended companies include Juxing Technology, Quanfeng Holdings, and Nine Company for the export chain, and Sany Heavy Industry, XCMG Machinery, and Anhui Heli for the engineering machinery sector [5].

Investment Rating - The report maintains a "Recommended" investment rating for the humanoid robot industry [7]. Core Insights - The humanoid robot concept index increased by 2.56% from December 28, 2025, to January 2, 2026, outperforming the CSI 300 index by 3.15 percentage points. Year-to-date, the humanoid robot index has risen by 77.59%, surpassing the CSI 300 index by 56.40 percentage points [12][17]. - The report highlights significant advancements in humanoid robot technology, including the launch of the world's smallest full-body force-controlled humanoid robot, "Qiyuan Q1," by Zhihui Jun, and the introduction of the industrial-grade wheeled robot SYNDA R1 by Xinshi Da [5][20][23]. - The report emphasizes the importance of policy support for the humanoid robot industry, citing Shenzhen's 15th Five-Year Plan, which aims to promote the large-scale application of embodied intelligence and accelerate the development of new intelligent terminal clusters [20][21]. Weekly Market Review - From December 28, 2025, to January 2, 2026, the humanoid robot concept index rose by 2.56%, outperforming the CSI 300 index by 3.15 percentage points. The humanoid robot index has seen a year-to-date increase of 77.59%, exceeding the CSI 300 index by 56.40 percentage points [12][17]. - Among A-share humanoid robot stocks, Buke Co., Ltd. had the highest weekly increase at +50.42%, while Mingxin Xuteng experienced the largest decline at -10.34% [17][18]. Weekly Hotspots Review Policy Developments - The Shenzhen Municipal Committee's proposal for the 15th Five-Year Plan emphasizes the promotion of large-scale applications of embodied intelligence and the cultivation of new intelligent terminal clusters [20]. - The establishment of the humanoid robot and embodied intelligence standardization technical committee by the Ministry of Industry and Information Technology aims to enhance the quality of standards and promote the application of humanoid robot technologies [22]. Product and Technology Iteration - Zhihui Jun launched the "Qiyuan Q1," the world's smallest full-body force-controlled humanoid robot, which has achieved breakthroughs in joint systems and application scenarios [20][23]. - Xinshi Da introduced the SYNDA R1, a wheeled industrial-grade robot designed for typical industrial tasks, with plans to release a bipedal humanoid robot next year [23]. Investment and Financing - Deeping Ji announced the completion of a 100 million yuan angel round financing, which will focus on R&D and product innovation [24]. - Genisom AI completed multiple rounds of financing totaling several hundred million yuan to accelerate the large-scale application of embodied intelligence [24]. Key Company Announcements - Lingyi Intelligent Manufacturing reported the completion of over 5,000 humanoid robot hardware/assembly services [26]. - Tianzhun Technology announced that its high-performance embodied intelligence controllers have begun small-scale sales [26]. - Midea Group's humanoid robot series "Mei La" has entered the final testing phase, with plans for market entry in 2026 [27]. - Zhaofeng Co., Ltd. plans to invest 1.53 billion yuan in the industrialization of embodied intelligence robots and high-end precision components for automotive intelligent driving [28].

Core Insights - The report highlights that the Chinese automotive industry is entering the mid-to-late stage of the electric and intelligent transformation, characterized by the coexistence of traditional fuel vehicles, electric intelligent vehicles, and future industries represented by autonomous driving. This necessitates a layered and structured investment approach based on the different stages of these industry curves [2][3]. Trend Summaries Trend 1: Scrap Gap Provides Long-term Space, Trade-in Policies Expected to Normalize - The Chinese automotive market has stabilized at an annual sales level of 31 million units, with a substantial vehicle ownership base of 350 million units, laying the groundwork for future updates. The annual scrappage volume is still significantly lower than new car sales, leading to an expanding replacement gap. The "trade-in" policy is expected to evolve from a temporary stimulus to a normalized tool, enhancing the precision of policies to support domestic demand and industrial production [2][13][27]. Trend 2: New Forces Drive China's Automotive Exports to a New Structural Upgrade Stage - China's automotive exports have entered a high-growth phase, achieving several-fold growth over four years. The export structure has undergone profound changes, with a significant increase in the penetration of new energy vehicles. New force car manufacturers are enhancing China's brand premium and technological image in the global market through high-value product exports [2][30][34]. Trend 3: "Mass Market Pure Electric + High-end Range Extender" Trend Continues to Deepen - With the penetration rate of new energy vehicles surpassing 50%, market demand is showing structural differentiation. In the mass market under 200,000 yuan, the 800V high-voltage platform significantly improves charging efficiency, driving pure electric growth to outpace plug-in hybrids and range extenders. In the high-end market above 300,000 yuan, the "large battery long-range range extender" remains the mainstream solution for full-size SUVs/MPVs [2][3]. Trend 4: The "Late Mass Market" Phase Will Continue to Strengthen the Matthew Effect - The industry is transitioning from the "early mass market" to the "late mass market" phase, where consumers prioritize brand endorsement, after-sales support, and residual value certainty. This pragmatic user base favors mature brands and ecosystem capabilities, leading to a concentration of market resources towards leading technology firms [2][3]. Trend 5: Focus on State-owned Enterprises for Opportunities Around "Certainty + Cost-effectiveness" - Regulatory bodies are intensifying the separate assessment and market value management of state-owned enterprises' new energy businesses, driving resources towards electric intelligence. Major automotive groups are restructuring to shorten development cycles, accelerating the integration of intelligent configurations into mainstream price segments [2][3]. Trend 6: Growth of New Energy Heavy and Light Trucks Enters Acceleration Phase - The electrification of commercial vehicles has crossed a critical point, entering a self-driven growth phase. The total cost of ownership (TCO) for heavy trucks has dropped to a recovery period of 1.5-2 years, accelerating the replacement of fuel vehicles. The light truck sector is also maturing, with urban delivery electrification fully established [3][6]. Trend 7: High-perception Intelligent Cockpit Configurations Will Reshape Purchase Decisions - Intelligent cockpits have become a default configuration in new energy vehicles, with the importance of intelligent features in purchase decisions rising to the forefront. Consumers are focusing on visual and perceptible components, making HUDs, large LCD screens, and intelligent seating core differentiation battlegrounds [3][6]. Trend 8: Intelligent Driving Accelerates Along "End-to-End" and "Equal Rights" Paths - The intelligent driving architecture is transitioning to an "end-to-end" model, enhancing efficiency across the perception and decision-making chain. The continued acceleration of L3 policies provides opportunities for leading manufacturers to compete and iterate rapidly in high-level intelligent driving [3][6]. Trend 9: Three Major Autonomous Driving Commercialization Scenarios Approaching Explosive Growth - Robotaxi, mining autonomous driving, and unmanned logistics vehicles are moving from pilot projects to mass production. The cost advantages of unmanned logistics vehicles are becoming increasingly evident, with sales curves showing signs of exponential growth [3][6]. Trend 10: Embodied Intelligence Enters Pre-production Phase, Releasing a Second Growth Curve for the Automotive Manufacturing Industry - Humanoid robots are transitioning from hardware-driven to intelligent dual-core driven, with the automotive supply chain naturally adapting to this field. The synergy between embodied intelligence and the automotive industry is expected to create dual dividends in performance and valuation [3][6].

Stock Recommendations - Kage Precision Machinery (301338.SZ) shows significant performance growth with an EPS forecast of 2.10 for 2026, and a TTM PE of 63.46, indicating strong future potential[4] - Kingsoft Office (688111.SH) has a projected EPS of 4.57 for 2026, with a high TTM PE of 79.74, reflecting robust growth in its WPS personal business and software services[4] - Double Ring Transmission (002472.SZ) is expected to achieve an EPS of 1.85 in 2026, with a TTM PE of 34.01, supported by its leadership in precision gear for new energy vehicles[4] Market Performance - The monthly gold stock portfolio achieved a weighted return of 13.03%, outperforming the Shanghai Composite Index, which rose by 2.06%[12] - The best-performing stocks in December included Zhongtung High-tech with a return of 24.82% and Top Group at 22.49%[12] - The overall market indices showed positive growth, with the Shenzhen Component Index increasing by 4.17% and the ChiNext Index by 4.93%[12] Financial Metrics - Kingsoft Office has the highest market capitalization at 1422.28 billion RMB, while Kage Precision Machinery has a market cap of 93.75 billion RMB[17] - Kage Precision Machinery reported a remarkable net profit growth rate of 175.35%, indicating strong operational efficiency[17] - Giant Network (002558.SZ) reported a net profit of 1.417 billion RMB for the first three quarters, reflecting a year-on-year increase of 32.31%[5] Risk Factors - Economic recovery and policy support may fall short of expectations, posing risks to market performance[6] - Individual companies face operational risks that could impact their financial stability and growth prospects[6]

Group 1: Company Performance and Market Position - 和誉-B has a total market value of 88 million HKD and a recent price of 12.90 HKD, with a year-to-date increase of 199.3% since its inclusion on November 1, 2024[3] - 宜明昂科-B has a market value of 27 million HKD, with a recent price of 6.17 HKD, showing a decline of 10.7% since its inclusion on April 2, 2025[3] - 石药集团 has a market value of 987 million HKD, with a recent price of 8.57 HKD, and is expected to recover quickly post-2025 as key innovative drugs are launched[3] Group 2: Financial Metrics and Projections - 和誉-B's EPS for 2024 is projected at 0.04 HKD, with a PE ratio of 298.65 and a PB ratio of 86.00[3] - 宜明昂科-B's EPS for 2025E is projected at -0.91 HKD, with a PE ratio of -10.28 and a PB ratio of 3.63[3] - 石药集团's EPS for 2024 is projected at 0.40 HKD, with a PE ratio of 21.52 and a PB ratio of 2.83[3] Group 3: Strategic Developments - 和誉-B has signed a licensing agreement with Merck for exclusive commercialization rights in Greater China, with a total agreement value of 605.5 million USD, including a 70 million USD upfront payment[3] - 猎豹移动's AI business revenue has increased by approximately 100% year-on-year, indicating strong market demand and commercialization capabilities[3] - 阿里巴巴 is focusing on high CAPEX investments in AI and cloud services, with a market value of 27,354 million HKD and a recent price of 143.30 HKD, expected to enhance revenue growth[3]