Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The transaction area of second-hand houses has increased month-on-month, creating a fair and just market competition environment. The overall real estate market in China is moving towards stabilization, with potential for slight fluctuations in housing prices during this process [6][62]. Summary by Relevant Sections Market Performance - In the second week of 2026, the transaction area of new residential properties in 68 major cities was 1.7 million square meters, a year-on-year decrease of 32% and a month-on-month decrease of 39%. Cumulatively, the transaction area since the beginning of the year reached 4.47 million square meters, with a year-on-year decrease of 29% [18][28]. - The transaction area of second-hand houses in 20 cities was 2.08 million square meters, with a year-on-year growth rate of -6% and a month-on-month growth [35]. Investment Side - In the second week of 2026, the total planned land area launched in 100 major cities was 22.58 million square meters, with a transaction area of 24.89 million square meters, a year-on-year decrease of 19%. The transaction premium rate was 0.5% [41][43]. Financing Side - In the second week of 2026, the issuance of credit bonds was 2.88 billion yuan, a year-on-year decrease of 73%, with an average weighted interest rate of 2.51%, which increased by 30 basis points month-on-month [50][55]. Investment Recommendations - The report maintains a "Positive" rating for the industry, indicating expectations for the real estate market to stabilize further under the influence of various supportive policies [62].

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights the expansion of storage demand driven by NVIDIA's new storage architecture, with continuous price increases in the semiconductor upstream [3] - The introduction of TSMC's 2nm mass production accelerates global resonance, opening up opportunities in fabs and equipment [3] - The AI terminal is initiating a new cycle of industrial chain upgrades in consumer electronics and components [3] Summary by Sections Industry Overview - The electronic industry is projected to outperform the overall market [1] - The report includes various related research reports that provide insights into the semiconductor and AI sectors [3] Technological Innovations - NVIDIA's Rubin platform showcases a collaborative design that significantly reduces training time and inference costs, marking a revolutionary change in architecture [4] - The Rubin NVL72 cabinet-level solution integrates 18 computing trays, achieving a total of 72 GPUs and 36 CPUs, with a CPU-GPU interconnect bandwidth of 1.8TB/s [5] - The system features high bandwidth, cable-free architecture, and deep interconnect capabilities, enhancing AI computing infrastructure [6] Beneficiary Companies - Beneficiary companies identified include: - Assembly: Industrial Fulian - Connectors: Luxshare Precision, Huizhu Technology, and Ruikeda - PCBs: Shenghong Technology, Huitian Technology, and Jingsheng Electronics - Cooling: Invec, Lingyi Zhi Zao, and others - Power Supply: Oulu Tong and Aohai Technology [7]

Investment Rating - The investment rating for the automotive industry is "Positive" (maintained) [1] Core Insights - The automotive sector is experiencing significant growth, with notable performances from companies like Xpeng and Geely, which have reported substantial year-on-year increases in deliveries and sales [5][14] - The market is witnessing a shift towards electric vehicles (EVs), with a strong emphasis on autonomous driving technology and AI integration [13][14] - The overall automotive market in China is projected to continue its upward trajectory, with increasing penetration of new energy vehicles [19] Industry News - Xpeng delivered over 420,000 vehicles in 2025, marking a 126% year-on-year increase, and is focusing on full autonomous driving and physical AI production in 2026 [5][13] - Geely's total sales surpassed 4 million vehicles for the first time in 2025, achieving a 26% increase, with a 56% penetration rate for new energy vehicles [5][14] - GAC Group's sales fell by 14.06% in 2025, with GAC Toyota being the only brand to show growth [5][15] - Xiaomi's SU7 model became a bestseller in the 200,000+ yuan category, with over 360,000 units delivered [5][16] - Tesla's Shanghai Gigafactory produced its 5 millionth electric drive system, highlighting its significant role in global EV production [5][18] Market Performance - The automotive sector's performance in the A-share market showed a 2.73% increase, ranking 20th among primary industries [6][28] - The passenger vehicle index rose by 0.71%, while the commercial vehicle index increased by 3.14% [6] - The automotive parts index saw a 3.87% rise, with specific segments like electric control systems and bearings showing notable gains [6][38] Investment Recommendations - For passenger vehicles, there is a strong demand for high-end domestic luxury cars, with recommendations for companies like JAC Motors and Seres, while Geely is identified as a beneficiary [7] - In the automotive parts sector, profitability is expected to improve, with recommendations for companies such as Desay SV and Zhejiang Xiantong, and beneficiaries including Weichai Power and Fuyao Glass [7]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Views - The insurance and brokerage sectors have shown active performance at the beginning of the year, with insurance policy sales exceeding expectations and a notable rise in the stock market driving the insurance sector's growth. The brokerage sector benefits from increased market activity. The trend of "deposit migration" among residents is providing dual support for the non-bank financial sector, both in terms of liabilities (business growth) and assets (investment appreciation). The non-bank financial sector has been relatively stagnant in 2025, with valuations and institutional holdings still at low levels. Short-term funding disturbances are not a concern, and recent adjustments present good opportunities for positioning. The report remains optimistic about the non-bank sector's performance at the start of the year, with significant profit growth expected for brokerages and insurance companies in 2025, highlighting the importance of January's earnings forecasts and policy events as catalysts [5]. Summary by Sections Brokerage Sector - In the first week of 2026, the average daily trading volume of stock funds reached 3.37 trillion, a 33% increase month-on-month and a 150% increase year-on-year, indicating a significant rise in market activity. As of January 8, 2026, the margin trading balance reached 2.62 trillion, up 44.1% from January 10, 2025. The market's "opening red" has led to the Shanghai Composite Index and the Wind All A Index surpassing new highs for 2025, enhancing profitability for brokerages and securities IT companies. Regulatory policies are entering a "positive" cycle, with growth in investment banking, public funds, and overseas businesses expected to further expand, supporting the profitability of the securities industry in 2026. Current valuations and institutional holdings in the sector remain low, and the report recommends focusing on three main lines: undervalued leading brokerages such as Huatai Securities, Guotai Junan, and CICC; wealth management leaders like GF Securities and Dongfang Securities; and retail leaders benefiting from the Hainan cross-border asset management pilot, such as Guosen Securities. Beneficiary stocks include Tonghuashun [6]. Insurance Sector - The insurance sector's positive outlook is driven by both liabilities and assets. The "opening red" has catalyzed a significant rise in the insurance sector, with the individual insurance channel under pressure in 2025 but showing optimistic growth prospects for new policies in 2026 due to the transformation of dividend insurance and the integration of individual insurance reporting. The trend of deposit migration among residents is expected to sustain high growth in the bancassurance channel, while health insurance is likely to improve under policy guidance. On the asset side, stable long-term interest rates and a favorable equity market are expected to enhance net assets and profitability for insurance companies, with marginal improvements in liability costs. Over the medium to long term, the interest spread for insurance companies is expected to gradually improve, leading to a recovery in valuations. The report recommends China Pacific Insurance, Ping An Insurance, and China Life Insurance H [7]. Recommended and Beneficiary Stocks - The recommended stock portfolio includes Huatai Securities, GF Securities, Guotai Junan, CICC H, China Pacific Insurance, China Life Insurance H, Ping An Insurance, CITIC Securities, Guosen Securities, and Dongfang Securities H. Beneficiary stocks include Tonghuashun and Jiufang Zhitu Holdings [8].

Group 1 - The report highlights the launch of "ChatGPT Health" by OpenAI, which integrates health-related conversations and connects to electronic medical records, indicating a significant potential market for AI in healthcare [9][12] - The "Artificial Intelligence + Manufacturing" initiative aims to achieve reliable supply of core AI technologies and maintain a leading position in the industry by 2027, with specific targets including the application of 3-5 general large models in manufacturing and the creation of 100 high-quality industrial datasets [12][14] - The report identifies key sectors such as AI healthcare, AI pharmaceuticals, and AI biomanufacturing as focal points for development, proposing measures like building intelligent drug discovery platforms and smart supply chain management systems [16][12] Group 2 - The North Exchange's biopharmaceutical sector saw a weekly increase of 5.85%, with medical devices rising by 7.81%, indicating strong market performance [23][26] - Among the biopharmaceutical companies, 90.48% experienced stock price increases, with notable performers including BeiYikang (+45.1%) and XinGanjian (+10.46%) [33][34] - As of January 9, 2026, there are 15 companies in the biopharmaceutical sector awaiting approval on the North Exchange, with an average projected revenue of 424 million yuan for 2024 [34][38] Group 3 - The report emphasizes the importance of AI in enhancing drug development efficiency and supply chain management, aiming to reduce costs and time in pharmaceutical processes [16][12] - The global AI healthcare market is projected to reach approximately $26.65 billion in 2024, with a compound annual growth rate (CAGR) of 38.8% expected until 2033 [18][17] - The Chinese AI healthcare industry is expected to grow from 97.3 billion yuan in 2023 to 159.8 billion yuan by 2028, reflecting significant growth potential in this sector [18][19]

北交所策略专题报告 2026 年 1 月 8 日，凤阳县小岗跃承产业投资合伙企业（有限合伙与朱从利、赵 秀娟、马成贤签订《股份转让协议》；同日，跃承合伙与朱从利、马成贤签订《表 决权放弃协议》。本次变更完成后，跃承合伙将成为拥有公司表决权数量第一 （21.95%）的股东、控股股东，上市公司实际控制人变更为凤阳县财政局。格利 尔整体估值为人民币 16 亿元，对应每股价格为人民币 21.31 元。约定业绩承 诺目标，其中净利润 2026-2028 年较 2025 年增长分别不低于 5%、10%、15%。 截至 2025 年 11 月，全球光伏 20 强企业已有 10 家落户滁州。全市先进光伏和新 型储能产业集群已集聚企业 157 家；凤阳县石英砂覆盖面积达 80 平方公里，远 景储量在 100 亿吨以上，矿石品位、储量和开采价值均居全国首位，已形成光伏 地方产业集群。收购方跃承合伙将结合自身在新型电力系统领域的产业资源、渠 道资源等方面的优势助力上市公司长远发展。光伏磁性器件生产商格利尔与锦浪 科技、ABL、伟创力等知名客户建立了稳定的合作关系。此次凤阳县国资收购光 伏磁性器件生产商格利尔，符合地方产业集群发展， ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The report highlights significant advancements in the automotive and autonomous driving sectors, particularly with NVIDIA's release of the Alpamayo model and its strategic shift towards becoming a full-stack autonomous driving ecosystem leader [5][18] - The semiconductor industry is witnessing consolidation, with Huahong Semiconductor planning to acquire a majority stake in Huali Micro, which is expected to enhance long-term capacity and technology collaboration [6][24] Automotive & Autonomous Driving - NVIDIA has introduced the Alpamayo model, a reasoning-capable end-to-end autonomous driving AI, which utilizes the Cosmos world model for training and simulation, addressing the scarcity of real-world data [14][21] - The company is implementing a global deployment plan with Mercedes-Benz as a key partner, aiming to create an inclusive open business ecosystem [21] - Hesai Technology plans to double its production capacity for lidar sensors from 2 million units in 2025 to 4 million units in 2026, with a new factory in Bangkok expected to start production in early 2027 [21][22] Electronics - Huahong Semiconductor's acquisition of a 97.4988% stake in Huali Micro for a total consideration of 8.27 billion yuan is aimed at expanding production capacity, adding 38,000 wafers per month in 65/55nm and 40nm processes [6][26] - The acquisition is part of a broader strategy to enhance technology and production capabilities in the semiconductor sector [24][27] Weekly Data Update - The Hang Seng Technology Index and the Hang Seng Index experienced slight declines of 0.9% and 0.4% respectively, while the electronics index rose by 4.0% [6][28] - The report notes a significant increase in net buying through the Hong Kong Stock Connect, amounting to 29.32 billion yuan, indicating strong investor interest [28][37] Investment Recommendations - In the automotive and autonomous driving sector, companies such as Pony.ai, Horizon Robotics, and XPeng Motors are recommended as beneficiaries of the advancements in AI and autonomous driving technologies [7][36] - For the electronics sector, the report suggests focusing on companies like Samsung, SK Hynix, and Micron, which are expected to benefit from rising NAND and DRAM prices [7][39]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights that NVIDIA's new storage architecture is significantly driving storage demand, while the semiconductor upstream continues to see price increases [5][6] - The domestic technology stocks have shown a notable upward trend, with significant gains in semiconductor equipment and storage sectors [4] - The report indicates that AI is continuously boosting storage demand, benefiting companies like SMIC, Hua Hong Semiconductor, and others [6] Summary by Sections Market Review - The electronic industry index rose by 3.83%, with semiconductors increasing by 4.80%, semiconductor equipment up by 12.24%, and storage devices up by 10.77% during the week of January 5 to January 11, 2026 [4] - Overseas technology stocks also experienced gains, with the Nasdaq rising by 1.63% and notable increases in companies like SK Hynix and Micron [4] Industry Dispatch - The Ministry of Industry and Information Technology and other departments have issued opinions to accelerate the upgrade of smart terminals, supporting breakthroughs in technologies for AI applications [5] - NVIDIA unveiled its new AI chip architecture, Vera Rubin, which boasts a fivefold increase in inference performance compared to the previous generation [5] Storage Demand - NVIDIA's new storage architecture is expected to significantly increase storage demand, with Samsung and SK Hynix planning to raise server DRAM prices by 60% to 70% in Q1 2026 compared to Q4 2025 [6] - The report notes that both companies are also proposing similar price increases for DRAM used in personal computers and smartphones [6] Investment Recommendations - The report suggests that the strong performance in the technology market, driven by AI, is likely to continue benefiting semiconductor upstream sectors, including fab and testing services [6] - Beneficiary companies identified include SMIC, Hua Hong Semiconductor, and others [6]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The pharmaceutical and biotechnology sector has shown a positive trend, with a 7.81% increase in early January 2026, outperforming the CSI 300 index by 5.03 percentage points [8][34] - Arrowhead's small RNA therapies ARO-INHBE and ARO-ALK7 have demonstrated promising early clinical data for obesity treatment, indicating a potential new era in weight management therapies [6][15][24] Summary by Sections Industry Performance - The pharmaceutical and biotechnology sector has risen by 7.81% in the first week of January 2026, ranking 6th among 31 sub-industries [8][34] - The hospital sector experienced the highest increase at 13.92%, while the traditional Chinese medicine sector had the lowest increase at 2.89% [37] Clinical Data Insights - ARO-INHBE showed a 9.9% average reduction in visceral fat at week 16 in a single-agent treatment for obesity with T2DM, with a 37.8% reduction in liver fat compared to baseline [6][15] - In combination therapy with Tirzepatide, ARO-INHBE achieved nearly double the weight loss effect compared to Tirzepatide alone, with significant reductions in total fat and visceral fat [7][16] - ARO-ALK7 demonstrated an 88% average degradation rate of ALK7 mRNA, with a 13.6% reduction in visceral fat, indicating superior efficacy compared to ARO-INHBE [24][29] Market Positioning - There is an accelerated focus on the INHBE and ALK7 targets by domestic and international companies, with several products entering clinical stages [31][33] - The competitive landscape for ALK7 is relatively favorable, with fewer products in clinical stages compared to INHBE, which has multiple candidates in development [31][33]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The supply-demand structure of raw milk is improving, and the snack food sector continues to show upward momentum. The food and beverage index increased by 2.1% from January 5 to January 9, ranking 24th among 28 sectors, underperforming the CSI 300 by approximately 0.7 percentage points. Sub-sectors such as processed foods (+6.7%), soft drinks (+5.8%), and snacks (+4.5%) performed relatively well [3][10][12]. Summary by Relevant Sections Weekly Insights - The supply-demand dynamics for raw milk are optimizing, and the snack food sector is experiencing sustained growth. The recent policy by the Ministry of Commerce to implement safeguard measures on imported beef is expected to alleviate the impact on domestic industries, leading to a potential increase in beef prices over the next 2-3 years. The domestic dairy sector is facing challenges, with a continuous reduction in dairy cow inventory, which may lead to a widening supply-demand gap post-Spring Festival [10][11]. Market Performance - The food and beverage index rose by 2.1% from January 5 to January 9, ranking 24th out of 28 sectors, and underperformed the CSI 300 by about 0.7 percentage points. Leading individual stocks included Qianwei Yangchun, Anji Food, and Yangyuan Beverage, while stocks like Jiabi You, *ST Chuntian, and Xianle Health saw declines [12][13]. Upstream Data - As of January 6, the GDT auction price for whole milk powder was $3,407 per ton, reflecting a 10.4% year-on-year decrease. The domestic fresh milk price was 3.03 yuan per kilogram, down 2.9% year-on-year. The domestic milk price is expected to remain under pressure in the short to medium term [19][21]. Recommended Stocks - The report recommends focusing on companies that are likely to benefit from the improving raw milk supply-demand balance and the growth in the snack food sector. Notable mentions include: - Yuran Agriculture: Expected to benefit from the recovery in raw milk prices. - Modern Dairy: Anticipated to gain from the overall industry improvement. - Yili Group and Mengniu Dairy: Expected to see positive impacts from the anticipated recovery in milk prices [10][11]. Snack Food Sector - The snack food sector is projected to continue its upward trend, particularly during the Spring Festival season. Companies such as Weilang Delicious, Ganyuan Food, and Yanjin Food are highlighted for their potential growth due to seasonal demand and strategic initiatives [11][12].