Group 1: Market Overview - In December 2025, the media sector (Shenwan Media Index) declined by 1.60%, underperforming the CSI 300 Index by 3.88 percentage points, ranking 25th among 31 industries [4][18][23]. - The current TTM-PE for the Shenwan Media Index is 45.8x, which is at the 69.7th percentile over the past five years, indicating a relatively high valuation [4][23][27]. - Notable stock performances in December included gains from Sanrenxing (30%), Baina Qiancheng (25%), and Guangxi Guangdian (19%), while ST Fanli and Zhejiang Wenlian saw declines of 20% and 19% respectively [4][28][29]. Group 2: Gaming Sector - In December 2025, a total of 144 domestic games and 3 imported games were approved, with a cumulative issuance of 1,772 game licenses in 2025, representing a year-on-year increase of 25.1% [4][38]. - The Chinese gaming market is projected to generate revenues of 350.79 billion yuan in 2025, reflecting a growth of 7.7%, with mobile and client games expected to reach 257.1 billion and 78.2 billion yuan respectively, growing by 7.9% and 15.0% [4][39][46]. - The self-developed games' overseas revenue is expected to reach 20.5 billion USD in 2025, with a year-on-year growth of 10.2% [4][49]. Group 3: Film and Television Sector - The total box office in December 2025 reached 3.712 billion yuan, a significant increase of 58.0% year-on-year, primarily driven by the success of "Zootopia 2" [4][59]. - The top five films in December by box office included "Zootopia 2" (2.097 billion yuan), "Avatar 3" (774 million yuan), and "The Amazing Heist 3" (380 million yuan) [4][66]. - In the drama market, "The Big Businessman" led with 754 million views, followed by "Old Uncle" and "Tang Dynasty Mystery" with 667 million and 567 million views respectively [4][75]. Group 4: AI Applications - The global GEO market is expected to reach 24 billion USD by 2026 and 100 billion USD by 2030, with the domestic market projected to reach 11.1 billion yuan by 2026 [6]. - GEO is reshaping the flow of traffic and content service ecosystems, transitioning from "list links" to "direct answers," which compresses intermediary value and amplifies the value of content sources [6][7]. - The application of AI is anticipated to enhance the overall valuation of the sector, with a focus on gaming and publishing industries benefiting from strong new product cycles [7].

Investment Rating - The report maintains an "Outperform" rating for the industry [5][12]. Core Insights - The report highlights significant developments in the commercial aerospace and AI infrastructure sectors, indicating strong long-term investment opportunities [2][3]. - The Chinese government has prioritized satellite frequency resource applications, with over 200,000 satellite applications submitted to the International Telecommunication Union (ITU) [2][19]. - Meta has signed multiple nuclear power supply agreements to meet the energy demands of AI data centers, totaling 6 GW [3][20]. Summary by Relevant Sections Commercial Aerospace - China applied for over 200,000 satellite frequency resources, with more than 190,000 from the newly established Radio Innovation Institute, emphasizing the strategic importance of satellite frequency resources [2][19]. - The report suggests focusing on core suppliers in the commercial aerospace sector, including companies like Guangdian Measurement, Yingliu Co., Shanghai Huguang, and others [2]. AI Infrastructure - Meta's collaboration with companies like Vistra, Oklo, and TerraPower for nuclear power supply indicates a robust demand for AI infrastructure, which will continue to drive energy needs [3][20]. - The report recommends focusing on the gas turbine and liquid cooling sectors, highlighting the importance of gas turbines as primary and backup power sources for data centers [3]. - Key companies in the gas turbine supply chain include Yingliu Co., Wanzhe Co., and others, while liquid cooling solutions are gaining traction as a trend in data centers [3]. Key Company Earnings Forecast and Investment Ratings - The report provides earnings forecasts and investment ratings for several companies, all rated as "Outperform," including: - Yingliu Co. (44.76 CNY, market cap 30.4 billion CNY, EPS 0.42 for 2024A) [12][28]. - Hengli Hydraulic (115.20 CNY, market cap 154.5 billion CNY, EPS 1.87 for 2024A) [12][28]. - Longxi Co. (26.98 CNY, market cap 10.8 billion CNY, EPS 0.31 for 2024A) [12][28].

Market Review - In December, the A-share textile and apparel sector underperformed the broader market, with textile manufacturing outperforming branded apparel. Since January, the sector has shown stronger performance, with textile manufacturing up by 5.1% and branded apparel up by 4.5% [1][15] - Key companies that have led in stock price increases since January include Under Armour (12.5%), New Australia (11.9%), and Geely (11.0%) [1] Brand Apparel Insights - Retail sales of clothing in November grew by 3.5% year-on-year, but the growth rate slowed down, decreasing by 2.8 percentage points compared to the previous month [2] - E-commerce growth in December declined, indicating weak overall apparel consumption demand, primarily due to early release of consumer demand during the "Double 11" shopping festival, rising temperatures, and the delayed Spring Festival peak season [2] - Outdoor apparel categories showed strong growth, with sportswear and outdoor apparel growing by 6% and 10% respectively, while home textiles and personal care categories saw declines [2] - Notable brands with strong growth in the sportswear category include Lululemon (10%) and Descente (6%) [2] Textile Manufacturing Insights - In December, Vietnam's textile exports increased by 8.4% year-on-year, while footwear exports rose by 4.3%, marking a positive turnaround in growth rates [3] - The prices of cotton showed slight increases and decreases, with domestic cotton prices rising by 4.2% and international prices falling by 1.0% in December [3] - Wool prices continued to rise, with a month-on-month increase of 4.4% and a year-on-year increase of 39.9% [3] - Companies in Taiwan showed significant revenue differentiation in December, with overall strong performance driven by World Cup demand, leading to increased order visibility and production capacity expansion [3] Investment Recommendations - Focus on brands with favorable market conditions and recovering upstream orders. The report is optimistic about the recovery of high-end consumption and the growth of the light luxury sports and outdoor segments [5][8] - Recommended brands include Anta Sports, Li Ning, and Xtep International, which are expected to benefit from the ongoing trends in high-end and outdoor apparel [5][8] - In textile manufacturing, companies like Shenzhou International and Weixing Co. are highlighted for their potential benefits from tariff reductions and Nike's recovery [9]

证券研究报告 | 2026年01月14日 美国 12 月 CPI 点评 通胀扰动缓和，降息窗口待启 经济研究·宏观快评 | 证券分析师： | 邵兴宇 | 010-88005483 | shaoxingyu@guosen.com.cn | 执证编码：S0980523070001 | | --- | --- | --- | --- | --- | | 证券分析师： | 田地 | 0755-81982035 | tiandi2@guosen.com.cn | 执证编码：S0980524090003 | | 证券分析师： | 董德志 | 021-60933158 | dongdz@guosen.com.cn | 执证编码：S0980513100001 | 事项： 美东时间 1 月 13 日，美国劳工统计局公布 2025 年 12 月 CPI 通胀数据：同比来看，整体 CPI 录得 2.7%， 核心 CPI 录得 2.6%，均与上月持平。环比来看，整体 CPI 增速为 0.3%，核心 CPI 增速为 0.2%。 评论： 图1：12 月 CPI 通胀数据总览 | 行业类别 | | 12月CPI分项同比 | | | | 1 ...

Investment Rating - The report maintains an "Outperform" rating for the media and internet industry [1][4][5]. Core Insights - The media industry experienced a significant increase of 13.55% during the week of January 5-9, outperforming both the CSI 300 index (2.79%) and the ChiNext index (3.89%) [1][12]. - Key performers included companies like Inertia Media, Oriental Pearl, and Liansheng Technology, while companies such as ST Dazheng and ST Huawen faced declines [1][12]. - The report highlights the strong performance of AI marketing and the potential of AI short dramas as areas of continued interest [4][42]. Summary by Sections Industry Performance - The media sector ranked second in terms of weekly performance among all sectors, with a notable increase of 13.55% [1][12][14]. - The top gainers included Inertia Media (53%), Oriental Pearl (35%), and Liansheng Technology (35%) [13]. Key Company Developments - Minimax and Zhizhu both saw significant stock price increases upon their market debut, with Minimax closing up over 109% and Zhizhu rising 13.17% on its first day [2][19]. - OpenAI's acquisition of the core team from the AI platform Convogo and the launch of GPTHealth are notable developments in the AI sector [2][18]. Box Office and Content Performance - The box office for the week totaled 338 million yuan, with the top three films being "Killing the Hidden" (75 million yuan), "Avatar 3" (67 million yuan), and "The Legend of Qin" (61 million yuan) [3][21]. - Popular variety shows included "Voice of Life: Chinese Flow Season," "Goodbye Lover Season 5," and "Let's Go Now Season 3" [28]. Investment Recommendations - The report suggests capitalizing on the gaming sector's recovery and the ongoing opportunities in AI marketing and content creation [4][42]. - Specific companies recommended for investment include Giant Network, Kying Network, and Jibite, with a focus on the potential of AI applications in various sectors [4][42].

证券研究报告 | 2026年01月14日 美国 12 月 CPI 点评 通胀扰动缓和，降息窗口待启 经济研究·宏观快评 | 证券分析师： | 邵兴宇 | 010-88005483 | shaoxingyu@guosen.com.cn | 执证编码：S0980523070001 | | --- | --- | --- | --- | --- | | 证券分析师： | 田地 | 0755-81982035 | tiandi2@guosen.com.cn | 执证编码：S0980524090003 | | 证券分析师： | 董德志 | 021-60933158 | dongdz@guosen.com.cn | 执证编码：S0980513100001 | 事项： 美东时间 1 月 13 日，美国劳工统计局公布 2025 年 12 月 CPI 通胀数据：同比来看，整体 CPI 录得 2.7%， 核心 CPI 录得 2.6%，均与上月持平。环比来看，整体 CPI 增速为 0.3%，核心 CPI 增速为 0.2%。 评论： 图1：12 月 CPI 通胀数据总览 | 行业类别 | | 12月CPI分项同比 | | | | 1 ...

Investment Rating - The report maintains an "Outperform" rating for the media and internet industry [1][4][5]. Core Insights - The media industry experienced a significant increase of 13.55% during the week of January 5-9, outperforming both the CSI 300 index (2.79%) and the ChiNext index (3.89%) [1][12]. - Key performers included companies like Ingravity Media and Oriental Pearl, while companies like ST Dazheng and ST Huawen faced declines [1][12]. - The report highlights the strong performance of AI marketing and the potential of AI short dramas as areas of investment focus [4][42]. Summary by Sections Industry Performance - The media sector's performance ranked second among all sectors for the week, with notable gains from companies such as Ingravity Media (53%), Oriental Pearl (35%), and Liansheng Technology (35%) [1][12][14]. - The report notes that the overall market sentiment is improving, with a potential upward trend expected in the near future [4][42]. Key Company Developments - Minimax and Zhizhu both saw substantial stock price increases upon their market debut, with Minimax closing up over 109% and Zhizhu rising by 13.17% [2][19]. - OpenAI's acquisition of the core team from the AI platform Convogo and the launch of GPTHealth are significant developments in the AI sector, indicating a rapid commercialization process [2][18]. Box Office and Content Performance - The box office for the week totaled 338 million yuan, with the top three films being "The Hidden Kill" (75 million yuan), "Avatar 3" (67 million yuan), and "The Legend of Qin" (61 million yuan) [3][21]. - In the gaming sector, the top-grossing mobile games in December 2025 included "Whiteout Survival" and "Gossip Harbor: Merge & Story" [30][31]. Investment Recommendations - The report suggests capitalizing on the gaming sector's recovery and the ongoing AI application opportunities, particularly in AI short dramas and marketing [4][42]. - Recommended stocks include Giant Network, Kying Network, and Jibite, with a focus on companies that are well-positioned to benefit from the evolving content policies and AI applications [4][42].

证券研究报告 | 2026年01月14日 海底捞（06862.HK） 创始人重新出任 CEO，2026 年经营蓄势待发 公司研究·公司快评 社会服务·酒店餐饮 投资评级：优于大市（维持） 证券分析师： 曾光 0755-82150809 zengguang@guosen.com.cn 执证编码：S0980511040003 证券分析师： 张鲁 010-88005377 zhanglu5@guosen.com.cn 执证编码：S0980521120002 事项： 2026 年 1 月 13 日晚，海底捞发布公告，苟轶群已辞任公司执行董事及首席执行官，宋青和高洁辞任执行 董事。李娜娜、朱银花、焦德凤及朱轩宜获委任为执行董事，公司董事会主席及执行董事张勇获委任为首 席执行官。公告同时称，上述辞任董事将继续在集团担任重要管理职能。其中，苟轶群将在集团统筹推动 管理流程的智能化与自动化规划，推动运营模式升级和智能中台建设，提升组织管理效率与决策性能；宋 青将继续担任集团产品委员会主任一职。 国信社服观点： 1）从啄木鸟计划到红石榴计划，创始人张勇时隔 4 年重新出任 CEO。2018 年-2022 年 3 月（张勇任 C ...

Investment Rating - The investment rating for the pesticide industry is "Outperform the Market" (maintained) [1][5] Core Views - The cancellation of export tax rebates for certain pesticides, including glyphosate, is expected to accelerate the elimination of outdated production capacity in the industry. This will initially squeeze profit margins for glyphosate producers but may lead to price increases due to heightened export demand and domestic spring planting preparations. In the medium to long term, if price increases do not match the loss of export tax rebates, companies will face higher costs, prompting further capacity reductions and encouraging a shift towards higher-value products [3][4] - The price of glyphosate has significantly decreased from a historical high of 370,000 yuan/ton to 43,900 yuan/ton, a drop of 88.14%, enhancing its cost-effectiveness and driving rapid market demand growth. China's glyphosate production is projected to increase from 18,300 tons in 2020 to 120,400 tons by 2025, representing a compound annual growth rate of 45.78% [8][9] - The export value of pesticide formulations is expected to continue rising, with the export amount for pesticide formulations in 2024 reaching 61.36 billion yuan, surpassing the export amount of raw materials for the first time, accounting for 54.12% of total pesticide exports [12] Summary by Sections Industry Overview - The cancellation of export tax rebates is a significant change for pesticide companies, which have relied on these rebates as a crucial source of funding for normal operations. The current competitive landscape is challenging, with many companies facing profitability pressures [4] Market Dynamics - Glyphosate's price drop has led to a notable increase in demand, with production capacity expected to grow significantly. The industry has maintained high operating rates, with glyphosate production facilities operating at over 80% capacity for eight consecutive months, indicating strong downstream demand [9] Export Trends - The cancellation of export tax rebates for certain raw pesticides does not affect pesticide formulations, which continue to enjoy a 9% export tax rebate. This is expected to further boost the export volume and share of pesticide formulations in the market [12] Investment Recommendations - Key companies recommended for investment include Lier Chemical, a leader in chlorinated pyridine herbicides and glyphosate, and Limin Co., which is seeing price increases in multiple main pesticide products [16]

Group 1: Company Overview - The report highlights the strong growth of Laopu Gold (06181.HK), with a revenue of 12.354 billion yuan in the first half of 2025, representing a year-on-year increase of 251%, and a net profit of 2.268 billion yuan, up 286% [7][9] - Laopu Gold focuses on high-end gold jewelry retail, utilizing traditional craftsmanship, and has a high gross margin of 41.2% in 2024 and 38.1% in the first half of 2025 [7][9] - The company operates 41 stores across 16 cities, including one in Singapore, with a significant increase in single-store revenue, which reached an average of 207 million yuan in 2024, up 120.28% year-on-year [7][9] Group 2: Market Trends and Demand - The demand for gold jewelry is expected to grow due to the rising trend of self-consumption and the integration of fashion and value in gold products, driven by innovative design and craftsmanship [8] - The report notes that the high-end consumer market remains resilient, providing a favorable environment for brands like Laopu Gold [8] - The anticipated long-term increase in gold prices is expected to further boost demand for gold jewelry, benefiting companies with strong gross margins [8] Group 3: Financial Projections and Investment Recommendations - Laopu Gold is projected to achieve net profits of 4.84 billion yuan, 6.545 billion yuan, and 8.107 billion yuan from 2025 to 2027, with corresponding price-to-earnings ratios of 22.4, 16.6, and 13.4 [9] - The report recommends a target stock price range of 788.38 to 855.93 HKD per share for Laopu Gold, maintaining an "outperform" rating [9] - The company is expected to continue expanding its product offerings and membership base, as well as its international presence, to drive future growth [9] Group 4: Industry Insights - The public utility and environmental protection sectors are experiencing a decline in photovoltaic and wind power generation utilization rates, emphasizing the importance of "environmental + resource" investment logic [10][12] - The report discusses the increasing demand for metals due to geopolitical tensions and supply chain security concerns, which have driven up prices for industrial metals [11][12] - The report suggests that the environmental sector is entering a mature phase, with significant cash flow improvements and a focus on investment opportunities in the "quasi-public utility" space [12]