Investment Rating - The report maintains a "stronger than the market" rating for the defense and military industry [8] Core Viewpoints - The core investment logic for commercial aerospace is to grasp the core line of rockets and explore the elastic space of satellites [45][46] - The aerospace sector is expected to perform well, driven by the strong performance of its constituent stocks [19][25] Summary by Sections Market Review - The Shenwan Military Industry Index (801740) rose by 3.05% from December 29 to December 31, while the CSI 300 Index fell by 0.59%, resulting in an excess return of 3.64 percentage points [19][20] - Since 2025, the Shenwan Military Industry Index has increased by 34.3%, outperforming the CSI 300 Index, which rose by 17.66% [20] - The aerospace sector showed strong performance, primarily due to the good performance of Aerospace Electronics [25] Rocket Sector - Both capacity and computing power are strategic high points that major countries are competing for, with China's 14th Five-Year Plan emphasizing the importance of becoming a "space power" [46] - In 2025, China is expected to conduct 92 rocket launches, while SpaceX is projected to conduct 167 launches [46] - The capital closed-loop logic indicates that domestic private rocket companies are expected to go public, enhancing their manufacturing capabilities and supporting a robust global supply chain [47] Satellite Sector - Large-scale rocket launches will accelerate the deployment of a significant number of networked satellites, with plans to launch over 38,000 satellites by major Chinese constellations [48] - The competition for space computing power between China and the U.S. is expected to expand the overall commercial aerospace market [48][50] - The trend of integrating "communication and computing" will lead to larger satellite sizes to support greater data transmission [50] Financial and Valuation Aspects - As of December 31, the TTM price-to-earnings ratio for the Shenwan Military Industry Index is 75.92, indicating a high configuration significance given the strong recovery expectations for the industry in 2026 [51] - Passive funds experienced a net outflow of 2.592 billion yuan during the week, but the expectation of strong demand recovery in the military industry is likely to lead to a return of net inflows [31][36] Recommended Companies - Rocket Sector: Western Materials, Feiwo Technology, Aerospace Power, Aerospace Intelligence [52] - Satellite Sector: Aerospace Electronics, Lens Technology, West Measurement Testing, Guangwei Composite, Tongyu Communication, Zhenyou Technology, Aerospace Hanyu [52] - Fusion Energy: Guoguang Electric, Lianchuang Optoelectronics, Hezhuan Intelligent, Wangzi New Materials, Xuguang Electronics, Aike Saibo, Yongding Co., Ltd., Hangyang Co., Ltd., Jingye Intelligent, Weiteng Electric, New Wind Light, Parker New Materials, Hongwei Technology [52]

Investment Rating - The industry rating is "Outperform the Market" [7] Core Insights - The smart glasses have been included in the national subsidy scope for the first time, with a subsidy standard of 15% of the selling price, capped at 500 yuan [2] - The smart glasses market is heating up, with global AI camera glasses sales expected to reach 14.5 million units by 2025, with a compound annual growth rate (CAGR) exceeding 50% from 2025 to 2029, potentially reaching 60 million units by 2029 [3] - Major players like Apple, Samsung, and Xiaomi are actively entering the smart glasses market, with significant sales growth reported for products like the Ray-Ban Meta series, which saw a year-on-year sales increase of over 200% [4] Summary by Sections National Subsidy Policy - The 2026 consumer goods national subsidy policy expands the subsidy range to include smart glasses for the first time, maintaining the same subsidy standard as 2025 [2] Market Growth Projections - The smart glasses market is projected to grow significantly, with sales expected to reach 14.5 million units globally by 2025 and 60 million units by 2029, indicating a robust growth trajectory [3] Competitive Landscape - The entry of major tech companies into the smart glasses sector is intensifying competition, with notable collaborations and product launches enhancing market dynamics [4] Investment Opportunities - Suggested companies to watch include those involved in foldable screens, smart glasses, silicon-based OLED screens, automation assembly and testing equipment, thermal management, and 3D printing applications [5]

Group 1 - The report highlights that the Chinese economy is showing signs of improvement, with the three major PMI indices rising into the expansion zone. In December 2025, the manufacturing PMI, non-manufacturing business activity index, and composite PMI output index were 50.1%, 50.2%, and 50.7%, respectively, marking increases of 0.9, 0.7, and 1 percentage points from the previous month [8]. - The manufacturing PMI has returned to expansion, with significant improvements in both production and demand. The production index was at 51.7% (+1.7), and the new orders index was at 50.8% (+1.6), both surpassing the critical point [8]. - The report indicates that policy coordination is expected to strengthen economic recovery, with a focus on fiscal preemptive measures and continued liquidity easing. This is anticipated to enhance market confidence in the ongoing economic recovery [8]. Group 2 - The report notes that the Hong Kong stock market experienced a decline in December 2025, with the Hang Seng Index falling by 0.88%, the Hang Seng China Enterprises Index down by 2.37%, and the Hang Seng Technology Index decreasing by 1.48% [15]. - Despite the overall decline, the military industry sector, commercial aerospace, and rare earth permanent magnets showed strong performance, leading the market [16]. - The report emphasizes that the advanced manufacturing sector, cyclical industries, and technology sectors saw significant gains, while the pharmaceutical and medical sectors experienced deeper declines [22][31]. Group 3 - The report highlights that foreign capital index futures positions weakened, with net short positions in IC, IF, and IM expanding, while IH net positions remained at zero [42]. - The report also mentions that the onshore and offshore RMB swap rates have declined, with the domestic bond plus swap yield lower than the US Treasury yield [45]. Group 4 - Upcoming key events include the US non-farm payroll and ISM PMI data, which are expected to be closely monitored in the coming week [47].

行 电力设备 2026 年 01 月 04 日 业 研 究 行 业 电力设备 产业周跟踪：首个固态电池国标征求意见稿出台， 重视商业航天能源系统投资机遇 投资要点： 锂电板块核心观点：2026 年有望成为钠电产业化元年，汽车以旧换新 补贴如期落地。1）宁德时代表态推进钠电产业化；2）固态电池走向规范 化、标准化；3）汽车以旧换新补贴细则如期落地，中高端车补贴力度延续。 定 期 报 告 光伏板块核心观点：知识产权新政落地，强化"反内卷"法治底座。 近日，12 月 31 日，国家知识产权局与工信部联合发布《关于进一步加强 光伏产业知识产权保护工作的意见》，首次将专利布局、侵权裁决、海外维 权等全链环节纳入政策框架，明确到 2027 年形成一批高价值专利组合。政 策把"尊重知识产权"列为破解"内卷式"竞争的核心抓手，标志行业自 律正式升级为"法治化+市场化"双轨护航，有望加速低端产能出清、提升 龙头技术溢价，为 2026 年供需再平衡提供制度基石。 风电板块核心观点：3 个海上风电项目共 1.85GW 实现全容量并网， 金风科技 3GW 风光制氢一体化项目取得预审批复。1）江苏、浙江 3 个海 上风电项目共 1.8 ...

行 业 研 华福证券 电力设备 2026 年 01 月 04 日 电力设备 究 行 业 动 态 我国首份固态电池标准进入征求意见阶段，看好 2026 年固态电池投资机遇 投资要点： 事件： 全国标准信息公共服务平台显示，国家标准计划《电动汽车用固态电池 第 1 部分：术语和分类》已经从起草进入到了征求意见阶段，为我国车用固 态电池标准体系的首个国家标准草案。 不仅是国内首个也是全球首个固态电池标准，将护航固态电池产业化 提速 跟 踪 根据同步披露的《编制说明》，截止目前暂未识别到国际、国外已发布的固 态电池标准，这也意味着，该征求意见稿是全球首个固态电池国家标准草 案。开展的车用固态电池标准化研究，有利于统一评价手段、规范产品质 量、支撑政府管理，基于强制性国家标准的逐步完善，车用固态电池产品 才能获取更清晰更真实的符合全固态电池的 3C 认证证书，将为市场端导入 铺平道路。 明确了固态电池统一定义，取消了"半固态电池"表述 首次在国家层面将电池划分为液态电池、混合固液电池和固态电池，这就 意味着"半固态电池"可作为"混合固液电池"的许用术语，全固态电池可 作为"固态电池"许用术语。我们认为这一规范，将极大减 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Insights - The pharmaceutical sector experienced a significant rebound in 2025, driven by innovation, and is expected to reach new highs in 2026 [4][17] - The A-share market saw a 12.9% increase year-to-date, while the H-share market surged by 57% [18] - The report emphasizes the importance of tracking macroeconomic conditions and the potential for valuation recovery in the consumer healthcare sector [4][24] Market Review - The CITIC Pharmaceutical Index fell by 2.0% in the week of December 29, 2025, to January 2, 2026, underperforming the CSI 300 Index by 1.4 percentage points [3][32] - Year-to-date, the CITIC Pharmaceutical Index has risen by 12.9%, lagging behind the CSI 300 Index by 4.8 percentage points [32] - The top-performing stocks for the week included Duorui Pharmaceutical (+15.9%) and Mailland (+10.3%) [47] Sector Performance - The report highlights significant sector differentiation, with the medical services sector (including CXO and innovative supply chains) showing the highest growth, exceeding 50% [24] - The quarterly performance showed a strong start in Q1, followed by fluctuations in Q2 and Q4 due to various market catalysts [27] Investment Strategy - The report suggests focusing on innovative drugs, particularly those with revenue and performance exceeding expectations, as well as companies benefiting from technological advancements [5][4] - Specific stocks recommended for January include Kangfang Biotech, WuXi AppTec, and Aidi Pharmaceutical [5][4]

Group 1 - The report indicates that the liquidity in the money market remains loose, with a net injection of 11,710 billion yuan this week, despite some fluctuations in funding prices due to year-end factors [2][17]. - The average DR001 rate dropped to 1.28% in December, marking a new low for the year, while the DR007 rate slightly increased but remains low compared to previous years [3][39]. - The report highlights that the overall funding environment is expected to remain loose, with limited room for further declines in funding rates before any potential interest rate cuts by the central bank [3][39]. Group 2 - The report forecasts that the net financing scale for government bonds in January, February, and March 2026 will be approximately 1.18 trillion yuan, 0.81 trillion yuan, and 1.12 trillion yuan respectively, totaling around 3.1 trillion yuan for the first quarter [5][62]. - It is anticipated that local government bond issuance in January will be around 1 trillion yuan, with net financing expected to be approximately 890 billion yuan [5][59]. - The report notes that several regions have announced their local bond issuance plans for the first quarter of 2026, with a total planned issuance of 19,658 billion yuan, closely aligning with the actual issuance from the previous year [4][52]. Group 3 - The report discusses the trends in interbank certificates of deposit, noting that the issuance of 1-year AAA-rated certificates has decreased slightly to 1.63% [10][73]. - The Shibor rates for various maturities have shown minor fluctuations, with the 1-year rate remaining stable at 1.65% [68][73]. - The report indicates that the overall sentiment in the bond market is weak, with a notable decrease in the willingness of major banks to increase their bond holdings [11].

Group 1 - The core viewpoint of the report emphasizes the implementation of the 2026 national subsidy policy for large-scale equipment updates and the trade-in of consumer goods, which is expected to stabilize the domestic consumption market and stimulate demand, particularly in offline channels and rural areas [2][3][5][14]. - The 2026 subsidy policy introduces changes compared to 2025, including a more concentrated subsidy range, with the number of household appliance categories reduced from 12 to 6, retaining only core categories such as refrigerators, washing machines, televisions, air conditioners, computers, and water heaters [4][15]. - The subsidy standards have been optimized, with a 15% subsidy on the sales price for energy-efficient or water-efficient products, and a maximum subsidy of 1,500 yuan per item for household appliances [4][15]. Group 2 - The report indicates that the 2026 policy aims to enhance the efficiency of fund utilization by focusing on core categories and avoiding imbalances in funding distribution, which is expected to positively impact leading companies in the household appliance sector such as Midea Group, Haier Smart Home, Hisense, and TCL Electronics [5][14]. - The report highlights the recent performance of the home appliance sector, noting a weekly increase of 0.7%, while specific segments like white goods and small appliances experienced declines [6][17]. - The report provides insights into raw material prices, indicating a week-on-week increase in LME copper and aluminum prices by 2.05% and 1.23%, respectively, which may impact the cost structure of household appliance manufacturers [6][17].

Investment Rating - The industry maintains a "stronger than the market" rating [6] Core Views - Precious metals prices have retreated due to increased margin requirements and a stronger US dollar, which has suppressed speculative demand [2][14] - Industrial metals, particularly copper, are expected to see price increases supported by government subsidies for old-for-new exchanges, despite current high prices [3][15] - Lithium carbonate prices are expected to remain volatile at high levels due to slowed inventory depletion and moderate demand recovery [4][21] - Rare earth prices are generally strong, while tungsten prices have decreased by 1.1% [4][23] Summary by Sections Precious Metals - Gold prices are limited by a stronger dollar and rising US Treasury yields, with margin requirements for futures contracts being raised to cool speculative activity [2][14] - Key stocks to watch include Zijin Mining, Zhongjin Lingnan, and others in both A-shares and H-shares [2][14] Industrial Metals - The continuation of old-for-new subsidies is expected to stimulate demand for copper and aluminum, with copper prices anticipated to rise despite current high levels [3][15] - Key stocks include Jiangxi Copper, Luoyang Molybdenum, and others [3][15] New Energy Metals - Lithium carbonate prices are expected to remain high due to supply uncertainties and moderate demand recovery, with strategic investment opportunities in lithium stocks [4][21] - Key stocks include Ganfeng Lithium, Tianhua, and others [4][22] Other Minor Metals - Rare earth prices are generally strong, with specific increases in praseodymium and neodymium prices, while tungsten has seen a slight decline [4][23] - Key stocks to monitor include Hunan Gold, China Rare Earth, and others [4][26] Weekly Market Review - The non-ferrous index increased by 0.4%, outperforming the Shanghai and Shenzhen 300 index, with lithium battery materials showing the largest gains [27][28] - Top gainers include Jiangxi Copper and Yinbang [37]

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next six months [10][15]. Core Insights - The commercial aerospace sector is experiencing a favorable policy environment and a potential acceleration in capitalization processes, which is expected to drive technological iterations and capacity expansion in the industry [5][6]. - The satellite launch market is anticipated to enter a phase of increased volume, with significant planned launches for both domestic and international satellite constellations [6]. - The space photovoltaic industry is projected to accelerate its development, particularly with advancements in solar wing technology, which is crucial for converting solar energy into electrical energy in spacecraft [6]. Summary by Sections Industry Dynamics - As of December 31, 2025, the IPO application of Blue Arrow Aerospace has been officially accepted, and the Shanghai Stock Exchange has introduced supportive listing standards for quality commercial rocket enterprises [3][5]. - The National Space Administration's action plan for promoting high-quality and safe development in commercial aerospace from 2025 to 2027 has led to a series of favorable developments in the sector [5]. Satellite Launches - In 2025, China completed 19 satellite constellation networking missions, while the U.S. completed 129 missions, indicating a robust growth trajectory for satellite launches [6]. Solar Wing Technology - Solar wings, which convert solar energy into electrical energy, are categorized into rigid, semi-rigid, and flexible types, with flexible solar wings expected to be the future choice [6]. - Current battery technology routes include gallium arsenide, silicon-based materials, and perovskite, with perovskite showing significant potential due to its efficiency, lightweight, and low cost [6]. Investment Recommendations - Recommended companies include JunDa Co., Oriental Sunrise, Shanghai Port, and GCL-Poly for photovoltaic cell manufacturing; Maiwei Co., Jiejia Weichuang, and Jing Shan Light Machine for perovskite/crystalline silicon equipment manufacturing; and Shuangliang Energy for efficient heat exchanger supply [7].