Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The report highlights the ongoing trend of "anti-involution" in the photovoltaic industry, emphasizing the need for high-quality development due to the cancellation of export tax rebates [5][7] - The cancellation of export tax rebates is expected to lead to a shift from low-price competition to competition based on technology, branding, and service upgrades [7] - The report suggests that leading companies with technological advantages and overseas production capacity are well-positioned to benefit from these changes [8] Summary by Sections Industry Overview - The photovoltaic industry is facing challenges due to low-price competition exacerbated by export tax rebates, which have been utilized by some companies to lower prices in overseas markets [5][7] - The cancellation of these rebates aims to rationalize overseas market prices and reduce international trade friction [5] Short-term Impact - A transition period of nearly three months is set before the policy takes effect, likely leading to a surge in exports in Q1 2026 as companies rush to take advantage of the remaining rebate benefits [6] - In the first seven months of 2025, domestic photovoltaic cell and module exports amounted to 111.207 billion, a decrease of 22.64% compared to the same period in 2024, while from August to November 2025, exports increased by 23.81% year-on-year [6] Long-term Outlook - The cancellation of export tax rebates is expected to accelerate the exit of outdated production capacity and promote high-quality competition within the industry [7] - Leading companies are anticipated to leverage their technological advantages and brand influence to maintain pricing power and gain market share [7] Investment Recommendations - The report recommends focusing on leading battery component companies with technological advantages and overseas production capabilities, specifically mentioning Aiko Solar and other notable companies such as Longi Green Energy, JinkoSolar, Trina Solar, JA Solar, Tongwei, Junda, Dongfang Risheng, and Hengdian East Magnetic [8]

Group 1 - The report highlights the issuance of the "Artificial Intelligence + Manufacturing" action plan, which aims for China to achieve a leading position in AI core technologies and industry scale by 2027, with specific tasks outlined for innovation, product breakthroughs, and enterprise cultivation [3][13][14] - The report identifies 40 companies in the AI + industrial information sector, including key players like Hengtong Optic-Electric and Parallel Technology, which are expected to benefit from the action plan [2][3][20] - Hengtong Optic-Electric (920045.BJ) focuses on the R&D and manufacturing of passive optical devices, reporting a revenue increase of 91.38% year-on-year for Q1-Q3 2025 [22][24] Group 2 - The information technology sector experienced an average weekly increase of 7.33%, with notable performance in high-end equipment and chemical new materials sectors [4][36] - The average P/E ratio for the information technology sector rose to 79.7X, with companies like Zhongcheng Technology and Xingtum Measurement Control showing significant stock price increases [4][39] - The report indicates that the total market capitalization of the technology new industry increased from 502.61 billion to 533.32 billion, with a median market cap rise from 2.27 billion to 2.39 billion [5][60] Group 3 - The report notes that 143 out of 159 companies in the technology new industry saw stock price increases, with a median increase of 4.60% [5][54] - Parallel Technology (920493.BJ), a leading provider of supercomputing cloud services, reported a revenue growth of 69.25% year-on-year for Q1-Q3 2025 [23][26] - Xingtum Measurement Control (920116.BJ), a national-level specialized enterprise in aerospace measurement and control, achieved a revenue increase of 15.57% year-on-year for Q1-Q3 2025 [27][32]

Group 1 - The report highlights the initiation of anti-dumping investigations against imported dichlorodihydrosilane from Japan, which is expected to accelerate the domestic production process of electronic specialty gases [1][10][11] - The domestic market for dichlorodihydrosilane is projected to reach 2.58 billion yuan in 2024, with an expected compound annual growth rate of 12.3% from 2025 to 2030, potentially exceeding 5 billion yuan by 2030 [11][12] - The report emphasizes the low domestic production rate of electronic specialty gases, which poses challenges to the supply chain security of high-end industries such as integrated circuits [12][20] Group 2 - The chemical new materials sector on the North Exchange experienced a weekly increase of 6.66%, with all sub-sectors showing positive growth [3][30][31] - Key stocks in the chemical new materials sector saw significant weekly gains, including Tianli Composite (+35.97%), Huitong New Materials (+23.77%), and Jinhua New Materials (+20.25%) [3][37] - The report notes that the North Exchange 50 index closed at 1524.26 points, reflecting a weekly increase of 5.82% [30][33] Group 3 - Jinhua New Materials has successfully delivered cleaning agent products to end-chip customers and has developed electronic-grade hydroxylamine aqueous solution, which has been validated by several chip manufacturers [4][71] - The company has signed a framework procurement agreement for photolithography monomers, with production progressing as planned [4][71] - The report mentions that the production base of Bingyang Technology has gradually resumed operations after a safety incident [4][74] Group 4 - The report outlines the application fields of electronic specialty gases, including semiconductors, display panels, and photovoltaic cells, with semiconductors being the largest market segment [14][18] - The electronic specialty gas market in China is expected to grow steadily, with a projected market size of 24.9 billion yuan in 2023 and 26.25 billion yuan in 2024 [16][23] - Despite improvements in domestic production rates, the industry still faces structural challenges, particularly in high-end gas categories that remain heavily reliant on imports [20][21]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report indicates that the pork price has slightly declined but remains supported by high slaughter volumes and increased breeding activity. The pre-Spring Festival stocking has not yet started, and downstream profits are still in need of recovery. The average price of live pigs as of January 9, 2026, is 12.58 CNY/kg, showing a week-on-week decrease of 0.09 CNY/kg and a year-on-year decrease of 3.36 CNY/kg. The industry gross white price difference is 3.85 CNY/kg, which has decreased by 0.13 CNY/kg week-on-week and 1.46 CNY/kg year-on-year, indicating potential for recovery as stocking begins [5][14]. Summary by Sections Weekly Observation - The report notes that the pre-Spring Festival stocking has not yet started, and downstream profits are still in need of recovery. The average price of live pigs is 12.58 CNY/kg, with a week-on-week decrease of 0.09 CNY/kg and a year-on-year decrease of 3.36 CNY/kg. The industry gross white price difference is 3.85 CNY/kg, indicating potential for recovery as stocking begins [5][14]. Market Performance - From January 5 to January 9, the agricultural sector underperformed the market by 2.84 percentage points. The Shanghai Composite Index rose by 3.82%, while the agricultural index increased by 0.98%. The fishery sector led the gains, with notable increases in stocks such as Dahu Co. (+17.83%), Zhongshui Fishery (+16.07%), and Biological Co. (+15.46%) [7][20][24]. Key News - The Ministry of Agriculture and Rural Affairs reported a 98% compliance rate in the national agricultural product quality safety monitoring for 2025. Additionally, the central reserve of frozen pork will initiate a two-way rotation with an outflow and storage volume of 17,800 tons each [6][26]. Price Tracking - As of January 9, 2026, the average price of live pigs is 12.63 CNY/kg, down 0.13 CNY/kg from the previous week. The average price of piglets is 20.39 CNY/kg, up 0.95 CNY/kg week-on-week. The average price of white strips of meat is 16.85 CNY/kg, showing a slight increase of 0.05 CNY/kg [8][28].

Group 1 - The report highlights that by the end of 2025, the Beijing Stock Exchange (BSE) accelerated its acceptance of new listings, with 40 new companies accepted in the last week of December. The average revenue of companies queued for listing in 2024 reached 796 million yuan, surpassing the average revenue of BSE companies at 675 million yuan. Additionally, 95 companies, accounting for 43.38%, reported revenues exceeding 700 million yuan [2][12][15] - The average net profit attributable to the parent company for queued companies in 2024 was 96.08 million yuan, significantly higher than the average of 39.20 million yuan for BSE companies. Furthermore, 196 companies, representing 89.50%, reported net profits exceeding 50 million yuan [15][19][33] - The report identifies a high concentration of companies in the industrial and materials sectors, with 67 and 50 companies respectively, accounting for 30.59% and 22.83% of the total. The average revenue for these sectors was 661 million yuan and 887 million yuan, with average net profits of 84.03 million yuan and 94.76 million yuan respectively [20][23][26] Group 2 - A comprehensive evaluation system was constructed based on five dimensions: industry prosperity, company competitiveness, financial health, market scarcity, and controllable risk. This system was used to select "high growth, high barrier, and high scarcity" companies from the BSE, resulting in the identification of 30 high-quality companies queued for listing [28][29] - Among the newly accepted 40 companies, 10 are projected to have net profits exceeding 100 million yuan in 2024, including companies like Mosentech, Su Xun New Materials, and Xianlin 3D [39][41] - The report emphasizes the importance of focusing on quality over quantity in new stock strategies, indicating a shift towards pre-selecting high-quality assets as a key strategy for investment [2]

Group 1 - The report emphasizes the strong underlying drivers of the current bull market, including liquidity support, policy backing for capital markets, moderate fundamental recovery, and continuous industry catalysts, despite short-term overseas disturbances [1][9][10] - The report highlights the significant inflow into the A500 ETF, which accounted for 92.2% of the total net inflow of 110.6 billion yuan in December, indicating a strong market sentiment and confidence in the Chinese market [10][14] - The continuous appreciation of the RMB reflects a recovery in international capital confidence towards China, supported by a decline in the US dollar index and a surge in corporate foreign exchange settlements [18][19][21] Group 2 - The report identifies the small-cap index, CSI 2000, as an "invisible champion," outperforming the large-cap index during the recent market rally, supported by a favorable liquidity environment and moderate fundamental recovery [2][25] - The report suggests that the current bull market is characterized by a unique valuation expansion, where small-cap stocks face less resistance compared to large-cap stocks, potentially breaking the historical underperformance of small caps at year-end [2][25] - The report anticipates strong elasticity in small-cap stocks under conditions of risk appetite and liquidity support, indicating a positive outlook for their performance [2][25] Group 3 - The report discusses the dual focus on technology and cyclical sectors, suggesting that both can thrive simultaneously, driven by a global tech cycle and supportive policies [3][28] - It highlights the importance of monitoring the marginal change in profit growth (ΔG) for AI hardware, indicating that as long as ΔG remains stable, the sector is likely to continue benefiting from the ongoing valuation bull market [38] - The report notes that AI applications are transitioning from being a supporting role to becoming the core narrative of the tech sector, driven by policy support, demand release, and a mature industry ecosystem [49][50]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights the successful IPO of Shaanxi Tourism, which leverages its rich tourism resources and strong operational experience to build competitive advantages through a combination of performance-driven tourism, cable car operations, and dining services [22][24][34] - The report emphasizes the resilience of the cultural tourism industry amid ongoing trends to expand domestic demand and promote consumption, suggesting that Shaanxi Tourism's future growth will be supported by new performance projects and cable car capacity upgrades [36] Summary by Sections Retail and Social Services Market Review - The retail and social services indices rose by 4.23% and 4.71% respectively during the week of January 5 to January 9, 2026, with the Shanghai Composite Index increasing by 3.82% [12][14] - Among the sub-sectors, the supermarket segment showed the highest growth, with an increase of 8.18% year-to-date [15][17] Industry Dynamics: Shaanxi Tourism - Shaanxi Tourism, a leading regional tourism company, successfully listed on the Shanghai Stock Exchange on January 6, 2026, becoming the first A-share listed company of the year [22] - The company reported significant revenue contributions from its tourism performance and cable car operations, with a net profit margin and gross profit margin remaining high post-pandemic [24][27] - Revenue breakdown for the first half of 2025 shows that tourism performance accounted for 60.2%, cable car operations for 35.8%, and dining services for 4.0% [24] Investment Recommendations - The report recommends focusing on high-end gold and fashion jewelry brands, highlighting companies like Chow Tai Fook and Chao Hong Ji, which are expected to benefit from market trends [39] - It also suggests monitoring offline retail companies adapting to market changes and AI-enabled cross-border e-commerce leaders, with specific recommendations for Yonghui Supermarket and Aiying Room [39] - In the cosmetics sector, the report emphasizes brands that capture emotional value and innovate with safe ingredients, recommending companies like Mao Ge Ping and Proya [40]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights significant advancements in AI infrastructure, particularly with the launch of NVIDIA's Vera Rubin and AMD's MI455X, which are expected to accelerate demand for liquid cooling, optical modules, and CPO [12][15] - The domestic AIDC sector is showing signs of recovery, which may indicate an uptick in the domestic AI industry's performance [19] - The report emphasizes the importance of three core tracks: AIDC, liquid cooling, and domestic computing power, suggesting a robust investment outlook for these areas [21][22] Summary by Sections Weekly Investment Insights - NVIDIA's launch of the Vera Rubin cabinet and AMD's MI455X cabinet, both utilizing liquid cooling technology, is expected to drive demand in related sectors [12][15] - xAI has completed a $20 billion E-round financing, indicating strong backing from major players like NVIDIA and Cisco, which will support the expansion of AI computing infrastructure [17] - The Ministry of Industry and Information Technology is promoting the integration of AI and manufacturing, which is likely to boost demand for AI computing power [18] Communication Data Tracking - As of November 2025, China has 4.83 million 5G base stations, with a net increase of 579,000 stations from the end of 2024 [32] - The number of 5G mobile phone users reached 1.193 billion, reflecting a year-on-year growth of 19.06% [32] - 5G mobile phone shipments totaled 27.614 million units, accounting for 91.6% of total shipments, with a slight year-on-year increase of 1.08% [32] Operator Performance - In the first half of 2025, China Mobile's cloud revenue reached 56.1 billion yuan, up 11.3% year-on-year, while China Telecom's cloud revenue was 57.3 billion yuan, up 3.8% [51] - The ARPU values for the three major operators remained relatively stable, with slight decreases noted for China Unicom [56][59][62] Investment Recommendations - Recommended stocks in the AIDC sector include companies like Dazhi Technology, Guanghuan New Network, and Aofei Data, while beneficiaries include Century Internet and WanGuo Data [21] - For liquid cooling and power supply, recommended stocks include Yingwei Ke and beneficiaries like Kehua Data and Highlan [21] - In the optical network segment, recommended stocks include Zhongji Xuchuang and New Yi Sheng, with beneficiaries such as Ruijie Networks and Huafeng Technology [21]

Investment Rating - The industry investment rating is "Positive" (首次) [1] Core Insights - The beauty and personal care industry is experiencing a mixed performance, with the beauty care index declining by 1.70% in December 2025, ranking 24th among all primary industries [15] - The medical beauty sector is seeing innovation with the approval of new products, such as the cross-linked recombinant collagen implant by Jiangsu Chuangjian Medical Technology Co., which is expected to inject new momentum into the market [7][34] - Lin Qingxuan, a pioneer in the "oil-based skincare" segment, has successfully listed on the Hong Kong Stock Exchange, marking a significant milestone for domestic high-end skincare brands [8][39] Summary by Sections Market Review - In December, the beauty care index reported a decline of 1.70%, underperforming the broader market, which saw the Shanghai Composite Index increase by 2.06% [15] - For the entire year of 2025, the beauty care index showed a cumulative increase of 0.39%, again lagging behind the Shanghai Composite Index's 18.41% growth [15] Medical Beauty - Jiangsu Chuangjian Medical's cross-linked recombinant collagen implant has been approved, making it the fifth such product in China and the first cross-linked version [34] - The industry is shifting from single product competition to a full-chain layout, with companies like Jinjian Biological and Junzi Biological also making significant advancements in the recombinant collagen space [34][36] Cosmetics - Lin Qingxuan has established itself as a leader in the high-end domestic skincare market, achieving the highest retail sales among domestic brands in 2024 [39] - The company has built a comprehensive supply chain and employs an OMO (Online-Merge-Offline) model to enhance customer engagement and sales [39][49] - Lin Qingxuan's core product, the camellia oil essence, has a high repurchase rate of 33.5%, indicating strong customer loyalty [51] Investment Recommendations - The report recommends focusing on differentiated upstream medical beauty product manufacturers and chain medical beauty institutions, highlighting companies like Meili Tianyuan Medical Health and Aimeike [9][53] - In cosmetics, the report suggests investing in brands that innovate in emotional value and safe ingredients, with a focus on domestic brands like Maogeping and Lin Qingxuan [54]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights the implementation of differentiated pricing for high-energy-consuming industries in Shaanxi Province, which may provide new policy ideas for combating internal competition [4][22] - BOPET prices have shown a strong upward trend, with some companies still expressing intentions to raise prices, although price stability is currently key [5][24] Summary by Sections Industry Trends - The chemical industry index outperformed the CSI 300 index by 2.24% this week, with 82.39% of stocks in the chemical sector rising [16] - The CCPI (China Chemical Product Price Index) increased by 1.25% this week [19] Key Industry Insights - The Shaanxi Province's proposal for differentiated electricity pricing for high-energy-consuming industries aims to phase out backward production capacity, which could benefit leading companies in the sector [4][22][23] - BOPET prices in East China reached 7,500-7,700 RMB/ton, with an average price of 7,556.25 RMB/ton, reflecting a weekly increase of 42.68 RMB/ton (0.57%) [5][24] Recommended and Beneficiary Stocks - Recommended stocks include leading chemical companies such as Wanhua Chemical, Hualu Hengsheng, and Hengli Petrochemical [7] - Beneficiary stocks include Xinjiang Tianye and Zhongtai Chemical in the calcium carbide and chlor-alkali sectors [23][36] Product Tracking - The price of urea increased by 1.46% to an average of 1,735 RMB/ton, while phosphate rock prices remained stable [40][41] - The market for viscose staple fiber is stable, with an average price of 12,800 RMB/ton, while demand remains weak [34]