证券研究报告 | 2026年01月04日 2026年01月03日 港股市场速览 优于大市 开年整体上涨，风格概念分化 股价表现：整体开年上涨，风格概念分化 本周，恒生指数+2.0%，恒生综指+1.7%。风格方面，大盘（恒生大型股+2.0%） ＞中盘（恒生中型股+0.8%）＞小盘（恒生小型股-0.3%）。 主要概念指数表现分化。上涨的主要有恒生汽车（+4.8%）；下跌的主要有 恒生生物科技（-1.4%）。 国信海外选股策略多数上涨。上涨的主要有自由现金流 30（+2.7%）；下跌 的主要有 ROE 策略进攻型（-2.1%）。 22 个行业上涨，7 个行业下跌，1 个基本持平。上涨的主要有：国防军工 （+8.9%）、石油石化（+5.6%）、电子（+4.4%）、汽车（+4.2%）、传媒（+4.1%）； 下跌的主要有：基础化工（-2.1%）、食品饮料（-2.0%）、农林牧渔（-1.9%）、 医药（-1.3%）、电力及公用事业（-1.1%）。 估值水平：行业分化较大，科技与汽车拉升 本周，恒生指数估值（动态预期 12 个月正数市盈率，后同）+1.4%至 11.7x； 恒生综指估值+2.2%至 11.7x。 主要概念指数 ...

证券研究报告 | 2026年01月03日 港股投资周报 年度收官，港股精选组合本年度上涨 53.23% 港股精选组合绩效回顾 本周，港股精选组合绝对收益-2.49%，相对恒生指数超额收益-1.76%。 本年，港股精选组合绝对收益 53.23%，相对恒生指数超额收益 25.46%。 港股市场创新高热点板块跟踪 我们根据分析师关注度、股价相对强弱、股价路径平稳性、创新高连续性等 角度在过去 20 个交易日创出过 250 日新高的股票池中筛选出平稳创新高股 票。 近期，现代牧业等股票平稳创出新高。 按照板块来看，创新高股票数量最多的是周期板块，其次为消费、大金融、 制造和科技板块，具体个股信息可参照正文。 港股市场一周回顾 宽基指数方面，本周恒生科技指数收益最高，累计收益 0.30%；恒生小型股 指数收益最低，累计收益-1.56%。 行业指数方面，本周能源业行业收益最高，累计收益 2.21%；医疗保健业行 业收益最低，累计收益-3.24%。 概念板块方面，本周卫星导航概念板块收益最高，累计收益 11.42%；富士 康概念板块收益最低，累计收益-6.29%。 南向资金监控 南向资金整体方面，本周港股通累计净流出 38 ...

主动量化策略周报 年度收官，四大主动量化组合本年均战胜主动股基中位数 证券研究报告 | 2026年01月03日 核心观点 金融工程周报 国信金工主动量化策略表现跟踪： 本周，优秀基金业绩增强组合绝对收益-0.14%，相对偏股混合型基金指数超 额收益 0.50%。本年，优秀基金业绩增强组合绝对收益 31.88%，相对偏股 混合型基金指数超额收益-1.31%。今年以来，优秀基金业绩增强组合在主动 股基中排名 47.33%分位点（1642/3469）。 本周，超预期精选组合绝对收益-1.52%，相对偏股混合型基金指数超额收益 -0.89%。本年，超预期精选组合绝对收益 42.21%，相对偏股混合型基金指 数超额收益 9.02%。今年以来，超预期精选组合在主动股基中排名 30.33% 分位点（1052/3469）。 本周，券商金股业绩增强组合绝对收益-0.67%，相对偏股混合型基金指数超 额收益-0.04%。本年，券商金股业绩增强组合绝对收益 40.66%，相对偏股 混合型基金指数超额收益 7.47%。今年以来，券商金股业绩增强组合在主动 股基中排名 32.60%分位点（1131/3469）。 本周，成长稳健组合绝对 ...

证券研究报告 | 2026年01月03日 多因子选股周报 年度收官，沪深 300 增强组合年内超额 20.90% 核心观点 金融工程周报 国信金工指数增强组合表现跟踪 因子表现监控 以沪深 300 指数为选股空间。最近一周，标准化预期外盈利、DELTAROA、 DELTAROE 等因子表现较好，而单季营收同比增速、三个月机构覆盖、 EPTTM 一年分位点等因子表现较差。 以中证 500 指数为选股空间。最近一周，SPTTM、单季 SP、单季营收同比 增速等因子表现较好，而 DELTAROA、单季超预期幅度、三个月反转等因 子表现较差。 以中证 1000 指数为选股空间。最近一周，非流动性冲击、三个月机构覆盖、 三个月反转等因子表现较好，而预期净利润环比、DELTAROA、标准化预 期外盈利等因子表现较差。 以中证 A500 指数为选股空间。最近一周，特异度、SPTTM、标准化预期外 盈利等因子表现较好，而单季营收同比增速、高管薪酬、EPTTM 一年分位 点等因子表现较差。 以公募重仓指数为选股空间。最近一周，一年动量、单季 EP、股息率等因 子表现较好，而单季营收同比增速、高管薪酬、单季 ROE 等因子表现较 ...

证券研究报告 | 2026年01月03日 港股投资周报 年度收官，港股精选组合本年度上涨 53.23% 港股精选组合绩效回顾 本周，港股精选组合绝对收益-2.49%，相对恒生指数超额收益-1.76%。 本年，港股精选组合绝对收益 53.23%，相对恒生指数超额收益 25.46%。 港股市场创新高热点板块跟踪 行业指数方面，本周能源业行业收益最高，累计收益 2.21%；医疗保健业行 业收益最低，累计收益-3.24%。 概念板块方面，本周卫星导航概念板块收益最高，累计收益 11.42%；富士 康概念板块收益最低，累计收益-6.29%。 南向资金监控 南向资金整体方面，本周港股通累计净流出 38 亿港元，近一个月以来港股 通累计净流入 229 亿港元，今年以来港股通累计净流入 14048 亿港元，总 体来看近期南向资金呈现出整体流入的走势。 本周港股通资金中，中芯国际、招商银行和香港交易所流入金额最多，中国 移动、腾讯控股和中国联通流出金额最多。 我们根据分析师关注度、股价相对强弱、股价路径平稳性、创新高连续性等 角度在过去 20 个交易日创出过 250 日新高的股票池中筛选出平稳创新高股 票。 近期，现代牧业等股 ...

1. Report's Investment Rating for the Industry - No information provided regarding the industry's investment rating. 2. Core Views of the Report - Bullish on the equity market during the "Spring Rally". With the expected strengthening of underlying stocks and seasonal effects, there is a slight room for convertible bond valuations to increase. When selecting bonds, focus on the performance elasticity of the underlying stocks. For near - maturity convertible bonds, consider participating in the underlying stocks [27]. - In the stock market, in December 2025, the risk appetite was high. Looking ahead, the RMB appreciation expectation is strengthening, and with the end of the year - end ranking assessment of financial institutions, the "Spring Rally" is expected to gradually kick off. In January, if the market adjusts during the intensive performance forecast period, investors can buy on dips and focus on resources, AI computing power, batteries, polyester industry chain, AI edge devices, and securities [27]. - In the convertible bond market, in December 2025, the CSI Convertible Bond Index reached a new high since July 2015. Although the share of convertible bond ETFs continued to decline, the market premium rate increased. In the future, due to seasonal effects, some institutional investors may gradually increase their positions in January, and convertible bond valuations have a slight room for improvement [27]. 3. Summary of Each Section 3.1 2025 December Convertible Bond Market Review - **Stock and Bond Market Review**: In December, the equity market fluctuated upwards, and the bond market generally fluctuated. The Shanghai Composite Index rose for nearly 10 consecutive trading days in the middle and late - December, closing at 3963.68 on December 26, with a monthly increase of 1.27%. The 10 - year Treasury bond yield closed at 1.838% on December 26, up 0.10bp from the beginning of the month, and the 30 - year Treasury bond yield closed at 2.223%, up 3.32bp from the beginning of the month [4][8]. - **Convertible Bond Market Review**: The convertible bond market generally rose following the equity market. The premium rates of convertible bonds in all parity ranges increased, but convertible bond ETFs continued to face outflow pressure. Five convertible bonds announced downward revisions, one more than the previous month, and 10 convertible bonds announced forced redemptions, two less than the previous month. The CSI Convertible Bond Index closed at 493.2 on December 26, up 2.31% [5][8]. - **Industry Performance**: In the Shenwan industry classification, sectors such as national defense and military industry (+12.25%), communication (+10.55%), and non - bank finance (+8.27%) performed well, while sectors such as media (-4.77%), banks (-3.68%), and coal (-3.62%) declined [8]. 3.2 2026 January Convertible Bond Allocation Strategy - **Stock Market Outlook**: The RMB appreciation expectation is strengthening, and the "Spring Rally" is expected to start. In January, if the market adjusts during the performance forecast period, investors can buy on dips. Focus on resources, AI computing power, batteries, polyester industry chain, AI edge devices, and securities [27]. - **Convertible Bond Outlook**: Due to seasonal effects, some institutions may increase their positions in January. Convertible bond valuations have a slight room for improvement. When selecting bonds, relative - return funds should focus on high - probability sectors with a high - beta underlying stocks, and absolute - return funds should focus on high - odds sectors [27][28]. - **Bond Selection Suggestions**: For relative - return funds, focus on sectors such as lithium - battery materials, semiconductor equipment and materials, power semiconductors, high - quality auto parts, anti - involution industries, and securities. For absolute - return funds, focus on industry leaders with low valuations, sectors such as pig farming, power, and water supply, and convertible bond debt - to - equity conversion [28]. 3.3 2026 January "Top Ten Convertible Bonds" Portfolio | Convertible Bond Code | Convertible Bond Name | Underlying Stock Name | Industry | Balance (Billion Yuan) | Convertible Bond Price (Yuan) | Convertible Bond Parity (Yuan) | Conversion Premium Rate (%) | Rating | Recommendation Reason | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 113043.SH | Caitong Convertible Bond | Caitong Securities | Securities II | 37.99 | 133.52 | 109.71 | 21.70 | AAA | The securities sector will see a double - hit of valuation and profit in a bull market [30]. | | 123254.SZ | EVE Convertible Bond | EVE Energy | Battery | 49.98 | 167.64 | 134.65 | 24.51 | AA+ | The demand for energy storage is strong, and the shipment volume in the third quarter increased significantly year - on - year and quarter - on - quarter [30]. | | 113695.SH | Huachen Convertible Bond | Jiangsu Huachen | Power Grid Equipment | 4.60 | 160.16 | 122.10 | 31.17 | A+ | The company's new production capacity is put into operation just as the demand for energy storage is growing rapidly [30]. | | 113634.SH | Proya Convertible Bond | Proya | Cosmetics | 7.51 | 125.13 | 70.36 | 77.83 | AA | As a domestic beauty leader, its brand and product strength are outstanding, and its valuation at a historical low is expected to be restored [30]. | | 113616.SH | Will Semiconductor Convertible Bond | Will Semiconductor | Semiconductor | 24.32 | 124.07 | 78.35 | 58.36 | AA+ | The company is accelerating its introduction into intelligent driving and emerging markets and has launched new mobile phone products with strong competitiveness [30]. | | 118040.SH | Hongwei Convertible Bond | Hongwei Technology | Semiconductor | 4.30 | 149.72 | 116.17 | 28.88 | A | Power semiconductors benefit from the growth of power supply and energy storage demand [30]. | | 113674.SH | Huashe Convertible Bond | Huashe Group | Engineering Consulting Service II | 4.00 | 129.29 | 89.47 | 44.51 | AA | As a leader in infrastructure design, its main business is stabilizing, and intelligent design and low - altitude economy provide growth points [30]. | | 123222.SZ | Bojun Convertible Bond | Bojun Technology | Auto Parts | 2.44 | 224.63 | 194.72 | 15.36 | A+ | The growth of customer sales and the increase in ASP per vehicle drive up revenue and profit [30]. | | 113666.SH | Aima Convertible Bond | Aima Technology | Motorcycle and Others | 19.99 | 125.11 | 79.63 | 57.12 | AA | The new national standard may promote the market share of the two - wheeled vehicle leader [30]. | | 123247.SZ | Wankai Convertible Bond | Wankai New Materials | Plastics | 19.64 | 172.30 | 150.18 | 14.73 | AA | Under the "anti - involution" of bottle chips, the processing fee is expected to stabilize, and the company is entering the rPET blue - ocean market [30]. |

Investment Rating - The report maintains an "Outperform" rating for the automotive intelligence industry [5][6]. Core Insights - The Ministry of Industry and Information Technology has approved two L3 autonomous driving vehicle models, marking a significant step towards commercial application in China [15]. - Tesla's Full Self-Driving (FSD) technology is expected to receive full approval in China by early 2026 [16]. - XPeng Motors has obtained a road testing license for L3 autonomous driving in Guangzhou, indicating progress in the sector [18]. - WeRide's Robotaxi service has successfully launched in over 10 cities globally, showcasing the commercial viability of autonomous driving technology [20]. - Xidi Intelligent Driving has officially listed on the Hong Kong Stock Exchange, becoming the first public company focused on commercial vehicle intelligent driving [22]. Summary by Sections Industry News - The report highlights significant developments in the L3 autonomous driving sector, including approvals and testing licenses for various companies [15][18][19]. - The report notes the increasing penetration of high-resolution cameras and advanced chips in passenger vehicles, with 800 million pixel cameras reaching a penetration rate of 49.7% by October 2025, up 31% year-on-year [2]. - The market for lidar technology is also expanding, with a penetration rate of 14.3% for passenger vehicles by October 2025, reflecting a 7.9% increase year-on-year [2]. Intelligent Driving - The penetration rate of passenger vehicles equipped with L2 and above functions reached 33% by October 2025, a 19% increase year-on-year [3]. - The report emphasizes the growth in sensor technology, with front-view cameras and radar systems seeing significant adoption [3]. Investment Recommendations - The report recommends investing in companies such as XPeng Motors, Leap Motor, and Geely for complete vehicles, while suggesting L4 companies like Pony.ai and WeRide for autonomous driving technology [3]. - For components, it recommends companies like SUTENG, Hesai Technology, and Horizon Robotics for data acquisition, transmission, processing, and application [3].

- The report does not contain any quantitative models or factors for analysis[1][2][3]

Group 1 - The report highlights the historical trend of "stronger getting stronger" in the U.S. stock market, emphasizing that leading technology companies represent the capital mapping of the era's productivity [1][13][22] - The current market is experiencing unprecedented "oligopolization," with the top 1% of U.S. companies accounting for 47.5% of total market capitalization, indicating a significant concentration of value among leading firms [2][21] - The report identifies that while technology bubbles are difficult to avoid, they often lay the groundwork for future innovations, with the current AI wave in a critical commercialization validation phase [3][25][28] Group 2 - The ChiNext 50 Index is presented as an optimal tool for investing in core technology assets in the A-share market, characterized by high elasticity, concentration, and growth potential [4][30] - The report indicates that the ChiNext 50 Index has shown strong return elasticity, outperforming other indices during growth phases, and has a high concentration in strategic emerging industries [4][31][39] - The underlying companies within the ChiNext 50 Index are noted for their high R&D investment and excellent profitability, providing solid support for long-term growth [4][32][38]

Investment Rating - The report maintains an "Outperform" rating for the automotive intelligence industry [5][6]. Core Insights - The automotive intelligence sector is witnessing significant advancements, particularly in L3 autonomous driving technology, with multiple companies receiving regulatory approvals for their products [15][19]. - The penetration rates for advanced driver-assistance systems (ADAS) and various sensor technologies are on the rise, indicating a growing market for intelligent vehicles [3][2]. - Key companies in the sector, such as Xpeng Motors, Horizon Robotics, and WeRide, are highlighted for their potential growth and investment opportunities [5][3]. Summary by Sections Industry News - The Ministry of Industry and Information Technology has approved two L3 autonomous driving vehicle models, marking a significant step towards commercialization [15]. - Xpeng Motors has obtained a road testing license for L3 autonomous driving in Guangzhou, while BYD has completed extensive road validation for L3 technology [18][17]. - WeRide's Robotaxi service has expanded to over 10 cities globally, showcasing the commercial viability of autonomous driving technology [20]. High-Frequency Core Data Updates - By October 2025, the penetration rate of 800 million pixel cameras in passenger vehicles is expected to reach 49.7%, a year-on-year increase of 31% [2]. - The market share of lidar technology in passenger vehicles is projected to rise to 14.3%, with significant contributions from companies like Huawei and Hesai Technology [2]. - The penetration rate of L2 and above intelligent driving functions in passenger vehicles has increased to 33%, reflecting a 19% year-on-year growth [3]. Investment Recommendations - Recommended companies for investment include Xpeng Motors, Leap Motor, and Geely for complete vehicles, while WeRide and Horizon Robotics are suggested for L4 technology [3]. - For components, companies like SUTENG and Hesai Technology are recommended for data acquisition, while Horizon Robotics and Black Sesame Intelligence are highlighted for data processing [3].