Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The report highlights supply pressures in the poultry industry, particularly due to overseas avian influenza affecting domestic breeding, leading to a temporary halt in the introduction of grandparent stock, which supports white feather broiler prices in the short term [3][13][19] - The demand for yellow feather broilers is under pressure due to seasonal demand decline and reduced restocking, with prices expected to rebound slightly due to pre-festival demand but remain generally weak [4][28] - Egg prices continue to decline, with high inventory levels prompting accelerated culling of hens, which may provide some support for future egg prices [36] Summary by Sections White Feather Broilers - December 2025 national average sales price for white feather broilers was 7.44 yuan/kg, up by 0.31 yuan/kg month-on-month, with a loss of 0.26 yuan per bird, an increase of 0.75 yuan [3][13] - The total stock of white feather grandparent stock at the end of December was 2.3377 million sets, up by 11.3% month-on-month, with parent stock at 36.9395 million sets, up by 0.1% [15][19] Yellow Feather Broilers - December average sales price for medium-speed yellow feather broilers was 11.77 yuan/kg, down by 3.07% month-on-month, with parent stock sales down by 10.43% [4][28] - Total stock of yellow feather grandparent stock at the end of December was 2.7411 million sets, down by 1.03% month-on-month [4][28] Egg Production - December egg price was 2.89 yuan/kg, down by 0.79% month-on-month, with egg-laying hen profit at -26.60 yuan per bird, an increase of 1.80 yuan [36] - The total stock of laying hens at the end of December was 1.295 billion, down by 0.92% month-on-month, but up by 7.11% year-on-year [36] Sales Performance - December sales volume of white feather chick seedlings was 408 million, remaining stable month-on-month, with parent stock sales up by 17.56% [15][38] - December chicken meat sales varied, with Xiantan Co. reporting a sales volume of 51,200 tons, down by 3.08% month-on-month, but revenue increased by 9.56% [51] - December sales volume of yellow feather broilers varied, with Wens Foodstuffs reporting a sales volume of 109 million birds, down by 7.06% month-on-month [56]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The automotive sector is awaiting a turning point in passenger vehicle sales, with RoboX company making steady progress [5][7] - The tools sector is seeing significant developments, including the establishment of the QuanFeng Vietnam park and exciting new products showcased at CES [6][27] Automotive Sector Summary - The Hang Seng Automotive Theme Index increased by 2.2%, outperforming the Hang Seng Index (-0.4%) and the Hang Seng Technology Index (-0.4%) [5][13] - In December 2025, the passenger vehicle market reached a new high with retail sales of 2,374.5 million units, including 1,280.9 million units of new energy vehicles, marking a 17.6% year-on-year growth [14] - January 2026 passenger vehicle sales are expected to see a slight year-on-year increase, with an estimated total market retail of around 1.8 million units [15] - New vehicle launches have been relatively quiet, with the Geely Galaxy V900 being the only notable release [19][20] - RoboX plans to deploy 100,000 fully customized Robotaxis globally by 2030, enhancing commercial operations [22] Tools Sector Summary - The establishment of the QuanFeng (Vietnam) New Energy Intelligent Manufacturing Base marks a significant step in global strategic layout [39] - At CES 2026, several innovative home robot products were showcased, including the G-Rover by Stone Technology, which features a dual-wheel leg architecture [40] - Milwaukee Tools opened a flagship experience center in the UK, enhancing strategic value and user engagement [53]

Group 1: Market Overview - The report indicates a significant structural differentiation in the market, with small and mid-cap stocks performing better than large-cap stocks, suggesting a continued spring rally [4][6] - The net outflow from broad-based ETFs is not a sign of market exit but rather a healthy adjustment, indicating that investors are reallocating towards more flexible non-broad-based ETFs [5][6] - The report highlights that the average daily trading volume is crucial for triggering style switches between small and large caps, with a historical tendency for small caps to outperform during periods of increased trading volume [6] Group 2: Investment Strategies - The report suggests maintaining a bullish outlook on the market, emphasizing a dual focus on technology and cyclical sectors, with specific recommendations for sectors such as AI hardware, military, media, and renewable energy [7] - It emphasizes the importance of monitoring changes in the PPI and the benefits of cyclical sectors in the context of anti-involution trends, recommending investments in sectors like chemicals, power, and machinery [7] Group 3: Industry Insights - SpaceX's second-generation Starlink system is expected to launch in 2027, significantly enhancing internet service capacity and creating investment opportunities in the related supply chain [16][18] - The report notes that the tea beverage sector is experiencing strong growth, with companies like Luckin Coffee expanding rapidly, indicating a robust consumer trend in the food and beverage industry [22][23] - The agricultural sector is facing supply pressures, particularly in pork prices, with current prices at 12.92 yuan/kg, reflecting a slight increase but potential downward pressure post-holiday [28][29] Group 4: Financial Sector Developments - The report highlights a notable increase in the issuance of equity funds, with a 56% year-on-year growth in new fund shares, indicating a positive trend for the financial IT and brokerage sectors [49][50] - It mentions that the public fund performance benchmark guidelines have been established, which will enhance the performance assessment and compensation management systems within the industry [50]

农林牧渔 chenxueli@kysec.cn 证书编号：S0790520030001 周观察：供给压力后置春节前后猪价承压，海外禽流感引发祖代引种暂停 均重维持高位叠加二育回升积累供给压力，春节前后猪价回落风险抬升。据涌 益咨询，截至 2026 年 1 月 23 日，全国生猪均价 12.92 元/公斤，周环比+0.15 元 /公斤，同比-2.40 元/公斤，期间一度冲高至 13.30 元/公斤，体现节前补库带来 的阶段性供需博弈。供给端，出栏均重均重未见回落，供给兑现或将集中于春 节前后，叠加二育栏舍利用率回升至 38%形成"抽水"效应，对价格构成短期支 撑，供给压力后置。需求端，白条价修复至 17.15 元/公斤，毛白价差扩大至 4.09 元/公斤，屠宰端利润改善但量端未起，需求表现偏"价强"而非"量强"。结 构侧肥标差走扩至 0.74 元/公斤，大猪端未见转松；库存端冻品库容率持续下 行，去库验证终端承接改善，当前"价强量缩"更偏供给收缩与结构偏紧驱动。 展望后市，短期看节前备货与白条价格修复叠加冻品持续去库，价格仍有韧 性；但均重未降与二育回升使得供给压力后置，春节前后供给释放风险上升， 猪价存在回落 ...

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The report highlights the strong performance of the tea beverage sector, with leading brands like Luckin Coffee and others expanding rapidly, while the supply in the tea segment is contracting [3][19] - The report notes the expansion of duty-free stores in second and third-tier cities, which is expected to boost high-end consumer spending [18] - The restaurant sector is experiencing a divergence in growth, with strong performance from tea and coffee brands, while traditional Chinese dining brands are also expanding [19][30] Summary by Sections Toy Industry - As of December 2025, the number of offline toy stores in China reached 9,689, with a net increase of 184 stores [12] - The average store efficiency for toy brands increased by 13% year-on-year in December 2025, with leading brands like Pop Mart showing a 47% increase [12][14] Duty-Free Industry - The new policy established 41 new duty-free stores in second and third-tier city airports and waterway ports, aimed at enhancing consumer spending [18] - The policy allows for participation from major operators, which is expected to benefit leading companies in the industry [18] Restaurant Industry - The tea beverage sector is seeing a contraction in supply, while coffee brands are accelerating their growth, with Luckin Coffee adding 7,922 stores in 2025 [19][26] - The average monthly store efficiency for the tea industry was 209,000 yuan, a 2.0% increase year-on-year, while coffee brands achieved an average of 286,000 yuan, up 2.4% [19][20] - The report emphasizes the success of the "community central kitchen" strategy by Guoquan, which has led to popular menu items selling out [3][19] Market Performance - The Hong Kong retail and consumer services sector outperformed the Hang Seng Index, with notable gains in the toy and gold categories [4] - The report recommends several stocks across various sectors, including tourism, education, and consumer services, indicating a positive outlook for these industries [4]

Group 1: New Companies Listed - Six new companies were listed on the New Third Board, with average revenue of 624 million and median revenue of 363 million, and average net profit of 83.84 million with median net profit of 48.64 million [4][16] - Moshang High-Tech (875070.NQ) is a leader in full-age artificial feed factory silkworm breeding technology, achieving a 100% market share in this segment in China, with a projected fresh cocoon output of 29,400 tons in 2024 [4][18] - Tianjiao Bio (875025.NQ) is a major producer of powdered oils, benefiting from the rapid growth of the new tea beverage market, with the pre-packaged coffee market expected to grow at a CAGR of 14.47% from 2021 to 2025 [5][40] Group 2: Market Dynamics - The New Third Board has sent a total of 862 companies to the Shanghai and Shenzhen stock exchanges, indicating its role in supporting small and medium enterprises [3] - The total market value of listed companies on the New Third Board reached 25,181.94 billion by the end of 2025, with a decrease of 35 companies in December 2025 [6][13] - The trading volume for the week of January 19 to January 25, 2026, included 190 block trades, with significant trading amounts for companies like Sanying Precision and Yinggu Laser [6][12] Group 3: Industry Insights - The global powdered oil market is projected to reach USD 4.476 billion by 2025, driven by increasing disposable income and consumption upgrades in developing countries [37] - The financial cloud market in China is rapidly growing, with market sizes of USD 6.56 billion in 2021, USD 8.05 billion in 2022, and USD 8.82 billion in 2023, indicating a strong demand for digital transformation in financial institutions [47][50] - The industrialized silkworm breeding sector is undergoing a transformation from traditional agriculture to modern biological manufacturing, with companies like Moshang High-Tech leading the way [26][24]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report indicates a significant improvement in market trading volume and new fund issuance at the beginning of 2026, which is favorable for the fundamentals of financial IT and brokerage sectors. Brokerage firms are expected to continue rapid growth in their brokerage business, while investment banking, asset management, and overseas expansion are likely to enhance the return on equity (ROE) of leading brokerage firms. The insurance sector has also seen a strong start in both individual and bank-insurance channels, with a continued trend of deposit migration, suggesting a positive outlook for the insurance sector in the spring market [4][6]. Summary by Sections Brokerage Sector - Daily average trading volume for stock funds reached 3.44 trillion, down 16% week-on-week; however, the average trading volume since the beginning of 2026 is 3.64 trillion, a 105% increase compared to Q1 2025 [4] - New stock and mixed fund issuance in January 2026 totaled 44.3 billion, a 56% year-on-year increase [4] - The "Public Fund Performance Benchmark Guidelines" was officially released on January 23, 2026, establishing stricter standards for benchmark selection and changes, enhancing performance evaluation and compensation management systems [4] Insurance Sector - The fourth quarter of 2025 saw a stable research value for ordinary life insurance products at 1.89%, slightly down from 1.90% in the previous quarter, indicating a trend towards stability [6] - The individual insurance channel is under pressure due to various factors, but the strong start in 2026 is expected to improve new policy growth, aided by favorable market conditions [6] - The stabilization of long-term interest rates and a favorable equity market are expected to enhance net assets and profitability for insurance companies, with a potential valuation recovery towards 1x PEV for leading firms [6] Recommended Stocks - Recommended stocks include Guangfa Securities, Guotai Junan, Huatai Securities, and China International Capital Corporation H, as well as China Life, China Pacific Insurance, and Ping An Insurance [7]

计算机 2026 年 01 月 25 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 48% 2025-01 2025-05 2025-09 计算机 沪深300 相关研究报告 《阿里全面发力 Agent，争夺 AI 超级 入口—行业点评报告》-2026.1.18 《周观点：把握商业航天黄金机遇期 —行业周报》-2026.1.18 《行业催化密集，关注 AI 应用投资机 遇—行业点评报告》-2026.1.11 周观点：SpaceX 有望引领太空革命 ——行业周报 刘逍遥（分析师） liuxiaoyao@kysec.cn 证书编号：S0790520090001 市场回顾：本周（2026.1.19-2026.1.23），沪深 300 指数下跌 0.62%，计算机 指数下跌 0.30%。 周观点：SpaceX 有望引领太空革命 （1）SpaceX 计划在 2026 年上市，有望创下史上最大规模 IPO 1 月 22 日消息，马斯克正积极推进麾下太空探索技术公司 SpaceX 的首次公开 募股（IPO）计划，其目标是在 2026 年 7 月之前完成 IPO。SpaceX ...

计算机 2026 年 01 月 25 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 48% 2025-01 2025-05 2025-09 计算机 沪深300 相关研究报告 《阿里全面发力 Agent，争夺 AI 超级 入口—行业点评报告》-2026.1.18 《周观点：把握商业航天黄金机遇期 —行业周报》-2026.1.18 《行业催化密集，关注 AI 应用投资机 遇—行业点评报告》-2026.1.11 周观点：SpaceX 有望引领太空革命 ——行业周报 刘逍遥（分析师） liuxiaoyao@kysec.cn 证书编号：S0790520090001 市场回顾：本周（2026.1.19-2026.1.23），沪深 300 指数下跌 0.62%，计算机 指数下跌 0.30%。 周观点：SpaceX 有望引领太空革命 （1）SpaceX 计划在 2026 年上市，有望创下史上最大规模 IPO 1 月 22 日消息，马斯克正积极推进麾下太空探索技术公司 SpaceX 的首次公开 募股（IPO）计划，其目标是在 2026 年 7 月之前完成 IPO。SpaceX ...

北交所策略专题报告 2026 年 01 月 25 日 北交所主题基金 2025 年成绩单平均 55.53%，把脉 2026 年结构性机会 ——北交所策略专题报告 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 公布 2025Q4 季报，11 家主题基金 2025 年收益率均值达 55.53% 从公募机构在北交所配置家数来看，2024 年末共计 29 家公募机构配置北交所股 票，同比增长 31.82%，2025 年末公募基金重仓北交所企业的数量分别为 41 家， 同比 2024 年末增长 41.38%。从公募机构在北交所重仓配置金额角度来看，2025 年末公募机构在北交所重仓配置金额 90.50 亿元，重仓配置占比达 0.12%。其中 2025 年单季度末公募机构在北交所重仓配置金额分别为 67.43 亿元、98.92 亿元、 103.07 亿元、90.50 亿元，重仓配置占比达 0.11%、0.17%、0.14%、0.12%。从被 动指数基金规模角度来看，2025 年北证 50 指数基金规模高增长。2022-2026 年 北证 50 指数基金规模 ...