见微知著：利用创新高个股进行市场监测：截至 2026 年 1 月 16 日，共 1204 只股票在过去 20 个交易日间创出 250 日新高。其中创新高个股数量最多的 是机械、电子、基础化工行业，创新高个股数量占比最高的是国防军工、有 色金属、石油石化行业。按照板块分布来看，本周制造、科技板块创新高股 票数量最多；按照指数分布来看，中证 2000、中证 1000、中证 500、沪深 300、创业板指、科创 50 指数中创新高个股数量占指数成份股个数比例分别 为：22.95%、24.10%、31.60%、24.00%、31.00%、26.00%。 平稳创新高股票跟踪：我们根据分析师关注度、股价相对强弱、趋势延续性、 股价路径平稳性、创新高持续性等角度，本周从全市场创新高股票中筛选出 了包含亚翔集成、源杰科技、中际旭创等 50 只平稳创新高的股票。按照板 块来看，创新高股票数量最多的是周期、科技板块，分别有 21、19 只入选。 其中，周期板块中创新高最多的是有色金属行业；科技板块中创新高最多的 是电子行业。 风险提示：市场环境变动风险，模型失效风险，本报告基于历史客观数据统 计，不构成任何投资建议，历史股价表现 ...

Investment Rating - The report maintains an "Outperform" rating for the media industry [2] Core Insights - AI is reshaping user entry forms and the distribution of internet traffic, leading to a revolution in the underlying distribution of industry chain value [4] - The transition from "productivity" to "monetization" in AI applications is expected to accelerate, with 2026 being a critical turning point [5] - The rise of Generative Engine Optimization (GEO) signifies a shift from traditional SEO to a model that prioritizes data structure and authority, impacting how content is valued and distributed [4][5] Summary by Sections AI Reshaping Entry Forms - AI is transforming user interaction from keyword-based searches to natural language queries, significantly shortening the information retrieval process [4][14] - The traditional search engine era is ending, giving way to a new era characterized by AI-driven search capabilities [4][14] Commercial Monetization Acceleration - By 2026, the GEO market is projected to reach $24 billion globally, with the domestic market expected to hit 11.1 billion yuan, indicating exponential growth [5][52] - Chinese consumers exhibit a high trust level in AI applications at 80%, compared to 35% in the U.S. and 40% in Europe, particularly in personalized shopping recommendations [5][41][42] Content Industry Upgrade - AI-generated content (AIGC) is not only reducing costs but also creating new supply, with AI-driven video production becoming increasingly viable [6][58] - The emergence of AI anime short dramas is expected to open new market opportunities, particularly among younger male audiences [6][70] Investment Recommendations - The report suggests focusing on the GEO direction, particularly in marketing services and high-quality content, while also considering potential rebounds in content sectors like film and gaming [7][52] - Companies that can optimize AI data and content will likely benefit from the shift towards GEO, with a new emphasis on brand authority and content quality [55][56]

Investment Rating - The report maintains an "Outperform" rating for the media industry [2] Core Insights - AI is reshaping user entry points and the distribution of internet traffic, marking a transition from traditional search engines to generative search engine optimization (GEO) [4] - The commercialization of AI in China is accelerating, with a significant trust level of 80% among consumers, which is higher than in the US (35%) and Europe (40%) [5] - The content industry is evolving with AI-generated content (AIGC) not only reducing costs but also creating new supply [6] Summary by Sections AI Reshaping Entry Points - AI is transforming user interaction from keyword-based searches to natural language queries, significantly shortening the information retrieval process [4][11] - The shift to AI-driven search is leading to a "zero-click" trend, where users can satisfy their information needs without navigating away from the AI interface [4] Commercialization Acceleration - By 2026, the global GEO market is projected to reach $24 billion, with the domestic market expected to hit 11.1 billion yuan, indicating exponential growth [5][52] - Marketing service providers are evolving to leverage AI technologies, focusing on optimizing data structures and enhancing brand visibility in AI models [5] Content Industry Upgrade - AI is enabling full-process production in video content, significantly lowering production costs and expanding audience demographics [6] - The gaming industry is also seeing AI applications enhance user engagement through intelligent non-player characters (NPCs) [6] Investment Recommendations - The report suggests focusing on the GEO direction, particularly in marketing services and high-quality content, while also considering potential rebounds in content sectors like film and gaming [7]

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the industry [1]. Core Insights - Major international companies are focusing on AI application deployment, with innovations in vertical scenarios such as healthcare and e-commerce. OpenAI's ChatGPT Health and Anthropic's Claude for Healthcare are examples of AI solutions targeting compliance and professional services in healthcare [2]. - Domestic companies are also advancing AI applications, with Alibaba's "Ant Aifu" upgrading health services and ByteDance's Volcano Engine becoming the exclusive AI cloud partner for the Spring Festival Gala. The stock prices of newly listed AI companies like Zhiyu and Minimax have surged significantly post-IPO [2]. Summary by Sections 01 International Companies' AI Application Deployment - OpenAI launched ChatGPT Health, which has received over 230 million health-related inquiries weekly, focusing on data integration and compliance [9]. - Anthropic introduced Claude for Healthcare, covering clinical services and personal health management while adhering to strict data security standards [14]. 02 Domestic Companies' AI Application Deployment - Alibaba's "Ant Aifu" aims to become the leading health app in China, integrating with major health devices and offering various health services [32]. - ByteDance's Volcano Engine is set to enhance the Spring Festival Gala experience through AI, marking its third collaboration with the event [37]. - Deepseek is expected to release its V4 flagship model, which promises significant advancements in AI capabilities [39]. 03 Industry Chain Overview - The report outlines various application directions and key companies in sectors such as healthcare, e-commerce, and gaming, highlighting potential investment opportunities [49].

证券研究报告 | 2026年01月16日 六福集团（00590.HK） 同店进一步加速增长，海外拓展顺利 |  | 公司研究·公司快评 |  | 商贸零售·专业连锁Ⅱ | 投资评级：优于大市（维持）  | | --- | --- | --- | --- | --- | | 证券分析师： | 张峻豪 | 021-60933168 | zhangjh@guosen.com.cn | 执证编码：S0980517070001 | | 证券分析师： | 柳旭 | 0755-81981311 | liuxu1@guosen.com.cn | 执证编码：S0980522120001 | | 证券分析师： | 孙乔容若 | 021-60375463 | sunqiaorongruo@guosen.com.cn | 执证编码：S0980523090004 | 事项： 公司公告：公司发布 2025 年 10-12 月经营数据，整体零售值同比增长 26%，同店销售增长 15%，均环比上 一季度实现加速。 国信零售观点：1）分区域看，全球市场均表现较好：中国香港同店销售增长 15%，中国澳门增长 22%，海 外增长 11%；中 ...

2026年01月16日 证券研究报告 | 2 户外新消费研究系列： 2025年景气度回顾与产业前沿洞察 行业研究 · 行业专题 纺织服饰 投资评级：优于大市（维持） 证券分析师：丁诗洁 证券分析师：刘佳琪 0755-81981391 010-88005446 dingshijie@guosen.com.cn liujiaqi@guosen.com.cn S0980520040004 S0980523070003 请务必阅读正文之后的免责声明及其项下所有内容 报告摘要： 请务必阅读正文之后的免责声明及其项下所有内容 l ISPO Beijing 2026展会亮点。1）展会品类结构变化：滑雪品牌及相关产品增加，而露营品牌数量减少，与户外展区合并为攀登徒步露营区 域。2）伯希和加码专业产品和营销，鞋类产品增加：伯希和发布会以"从世界之巅到全球赛场"为主题，发布对登山运动员、运动队的赞助 支持，以及与国际体育组织、赛事体系的合作，参展产品集中展示了专业登山、滑雪及冬奥会定制装备，此外鞋子产品有单独货架展出。3） 羊毛参展商和产品增加：羊毛材质在户外服饰中的渗透率提升趋势明显，本次展会羊毛相关面料和产品较之前都有所增加 ...

证券研究报告 | 2026年01月15日 2026年01月16日 李宁（02331.HK） 第四季度流水下滑低单位数，龙店与户外店首店齐开 |  | 公司研究·海外公司快评 | |  | 纺织服饰·服装家纺 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | --- | | 证券分析师： | 丁诗洁 | 0755-81981391 | | dingshijie@guosen.com.cn | 执证编码：S0980520040004 | | 证券分析师： | 刘佳琪 | 010-88005446 | | liujiaqi@guosen.com.cn | 执证编码：S0980523070003 | 事项： 公司公告：1、零售表现：截至 2025 年 12 月 31 日止第四季度，李宁销售点（不包括李宁 YOUNG）于整个 平台之零售流水按年录得低单位数下降。就渠道而言，线下渠道（包括零售及批发）录得中单位数下降， 其中零售（直接经营）渠道录得低单位数下降，批发（特许经销商）渠道录得中单位数下降；电子商务虚 拟店铺业务录得持平。2、销售点数量：截至 2025 ...

| 晨会纪要 | | --- | | 数据日期:2026-01-15 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 4112.60 | 14306.72 | 4751.42 | 15440.35 | 4193.07 | 1493.94 | | 涨跌幅度（%） | -0.32 | 0.40 | 0.20 | 0.12 | -0.39 | -0.46 | | 成交金额（亿元） | 11759.15 | 17295.81 | 6740.58 | 5966.58 | 8412.62 | 958.46 | $$\overline{{{\mathbb{M}}}}\cong\pm\overline{{{\mathbb{M}}}}$$ ($\frac{\pi}{10}$) 宏观与策略 宏观快评:12 月金融数据解读-企业融资超季节性回暖 策略专题:26 年 A 股向上的五大微观动能——2026 年牛市展望系列 2 行业与公司 证券研究报告 | 2026年01月 ...

核心观点 锚定经济结构性矛盾，精准落地结构性货币政策工具。此次结构性货币政策利率调整，既是对中央经济工 作会议精神的快速响应，也是破解我国当前经济结构性矛盾的关键抓手。结构性货币政策多年来持续加码， 以抵押补充贷款（PSL）利率调整为例，自 2022 年以来其利率已累计调降过 3 次，从最初的 2.80%逐步降 至 2025 年 5 月的 2.00%，此次再次调降至 1.75%。这一持续调降的背后，是政策对重点领域支持的连贯性， 以增强市场预期稳定性。这既畅通了货币政策传导机制，缓解了重点领域与薄弱环节的融资压力，又从根 本上防范总量宽松可能带来的风险积累，充分彰显结构性货币政策在平衡稳增长与调结构中的核心作用。 证券研究报告 | 2026年01月15日 银行业点评 精准滴灌，稳定银行息差预期 |  行业研究·行业快评 | | |  银行 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 田维韦 | 021-60875161 | tianweiwei@guosen.com.cn | 执证编码：S0980520030002 | | ...

证券研究报告 | 2026年01月16日 2026年01月15日 继续聚焦风险化解 金融监管总局 2026 年监管工作会议学习体会 |  行业研究·行业快评 | | |  银行 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 陈俊良 | 021-60933163 | chenjunliang@guosen.com.cn | 执证编码：S0980519010001 | | 证券分析师： | 王剑 | 021-60875165 | wangjian@guosen.com.cn | 执证编码：S0980518070002 | 事项： 金融监管总局召开 2026 年监管工作会议，系统总结 2025 年工作，统筹安排 2026 年重点任务。与 2025 年 工作要求相比，今年整体要求变化不大，仍然是推进中小金融机构风险化解、严密防范化解房地产和融资 平台等领域风险、提高行业高质量发展能力、加强和完善金融监管、提升金融服务经济社会质效，其中风 险化解仍然占据首要位置。 评论： 金融监管总局召开 2026 年监管工作会议，工作要求较 2025 ...