Investment Rating - The industry investment rating is "Positive (Maintain)" [1] Core Insights - The report highlights the strong performance of new game launches and operational activities of existing games, with significant user engagement and revenue growth expected during the upcoming holiday season [3] - The report emphasizes the importance of AI applications in driving content prosperity and the ongoing commercialization of AI technologies, particularly in the gaming sector [3] - The report suggests a focus on companies that are well-positioned to benefit from the upcoming trends in gaming and AI applications, recommending specific companies for investment [3] Industry Data Overview - "New Three Kingdoms: The Deer" ranked first in the iOS free game chart in mainland China, while "Honor of Kings" topped the iOS revenue chart [9][13] - The film "Zootopia 2" achieved the highest box office revenue for the week, grossing 3.12 billion [20] Industry News Summary - Meta's acquisition of Manus for $2 billion highlights the growing capabilities of domestic C-end applications, while WeChat has enhanced its support policies for mini-games [26] - The report notes that WeChat mini-game developers can now receive up to 80% revenue share, significantly increasing incentives for new game launches [30] - The report discusses the IPO plans of major AI companies, including Zhihui and Minimax, which are expected to strengthen their financial capabilities and accelerate AI model iterations [27][28] Company Recommendations - The report recommends continued focus on new game launches and operational activities, particularly during the holiday season, with specific companies highlighted for investment opportunities [3] - Key recommended companies include Giant Network, Xindong Company, and Tencent Holdings, among others, which are expected to benefit from the favorable market conditions [3]

Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - Neuralink plans to initiate large-scale production of brain-machine interface devices in 2026, with a focus on automated surgical procedures, which is expected to accelerate the commercialization process [4][14] - The brain-machine interface industry is currently experiencing a high growth phase driven by technological breakthroughs, policy support, and expectations of ecological collaboration with robotics [7][72] - The global brain-machine interface market is projected to grow from approximately $2.94 billion in 2025 to about $12.4 billion by 2034, with a CAGR of 17.35% from 2025 to 2034 [68][72] Summary by Sections Section 1: Neuralink's Large-Scale Production and Technological Advancements - Neuralink is set to start large-scale production in 2026, utilizing a new automated surgical approach that avoids traditional invasive methods [14][15] - The company aims to upgrade its products rapidly over the next three years, with plans to demonstrate the potential for human-AI integration by 2028 [16][20] Section 2: Neuralink as a Leading Company in the Brain-Machine Interface Sector - Neuralink is a unicorn company in the brain-machine interface space, with a valuation of approximately $9 billion and a focus on invasive brain-machine technology [6][34] - The company has completed several human implant surgeries and is expanding its clinical trial applications [34][36] Section 3: Understanding Brain-Machine Interfaces - Brain-machine interfaces (BMIs) allow direct communication between the brain and external devices, functioning as a special communication system [53][54] - The technology is categorized into invasive, semi-invasive, and non-invasive types, each with its own advantages and risks [58][59] Section 4: Investment Logic and Beneficiary Stocks - The brain-machine interface industry is at a critical juncture, transitioning from laboratory research to commercialization, with significant market expansion potential [72] - Beneficiary stocks include companies like Sanbo Brain Science, Meihua Medical, and Innovation Medical, which are positioned to gain from the growth of the brain-machine interface sector [72][73]

Core Insights - The report highlights a potential decline in the scale of consumer goods trade-in programs, projecting a reduction to approximately 250 billion yuan in 2026, down from previous levels due to policy adjustments and a focus on quality and precision in implementation [6][7] - The manufacturing sector shows signs of recovery, with the PMI for December 2025 rising to 50.1%, indicating a return to growth, driven by increased working days and effective policy measures [34][35] - The automotive industry is expected to benefit from the continuation of trade-in subsidies, with BYD surpassing Tesla to become the global leader in electric vehicle sales in 2025 [66] Macro Economic Analysis - The report discusses the marginal decline in the leverage effect of trade-in programs on retail sales, with the multiplier effect decreasing from 2.3 to approximately 1.9 [7] - It notes that the overall economic growth target for 2025 is around 5.0%, supported by early implementation of demand expansion policies [10][11] Industry Performance - The report identifies the top-performing sectors, including defense and military, media, real estate, non-ferrous metals, and social services, with respective gains of 2.129%, 1.535%, 1.131%, 1.086%, and 1.042% [3][4] - Conversely, sectors such as telecommunications, agriculture, electronics, and comprehensive services experienced declines, with telecommunications down by 1.345% [4] Investment Strategies - The report suggests a focus on technology and cyclical sectors, emphasizing the importance of structural opportunities in the market, particularly in commercial aerospace, robotics, and petrochemicals [13][14] - It recommends a diversified investment approach, highlighting sectors like military, chemicals, non-bank financials, and steel as favorable for investment [45][47] Company-Specific Insights - Neuralink is set to begin large-scale production of brain-machine interface devices in 2026, which could revolutionize human-robot collaboration [59][60] - BYD's dominance in the electric vehicle market is underscored by its sales figures, with 4.6 million units sold in 2025, marking a significant achievement in the automotive sector [66]

Investment Rating - The investment rating for the social services industry is "Positive" (maintained) [1] Core Insights - The report highlights the robust growth in domestic tourism during the New Year holiday, with 142 million domestic trips taken, representing a 5.2% increase compared to 2024. Total spending reached 84.789 billion yuan, up 6.3% year-on-year [14] - Suplay Inc. has submitted its listing application to the Hong Kong Stock Exchange, focusing on high-end collectible non-combat IP cards, with a significant revenue increase of 40% year-on-year [21][22] - Meitu is transitioning to an AI Agent model, with plans to establish a venture capital fund of 10 million yuan to encourage employee entrepreneurship, aiming to enhance product innovation efficiency [40][46] - The sports fashion sector is experiencing rapid growth in China, with Lululemon's revenue in the mainland increasing by 46% year-on-year, reflecting a shift in consumer attitudes towards health and lifestyle [47][50] - Retail giants Hema and Sam's Club are entering an accelerated expansion phase, with Hema's revenue expected to grow by over 40% in 2025, and Sam's Club projected to exceed 140 billion yuan in sales, also showing strong online performance [61][63] Summary by Sections Domestic Tourism - During the New Year holiday, domestic travel reached 142 million trips, a 5.2% increase from 2024, with total spending of 84.789 billion yuan, up 6.3% year-on-year. Hainan's tourism market is thriving post-border closure, with significant increases in airport passenger traffic [14][19] Collectible IP Cards - Suplay Inc. focuses on high-end collectible non-combat IP cards, with a revenue of 283 million yuan in the first three quarters of 2025, a 40% increase year-on-year. The company leads the domestic market in collectible cards [21][22][38] AI Transformation - Meitu is shifting towards an AI Agent model, planning to set up a venture fund to foster innovation. The company aims to enhance its product offerings and operational efficiency through this transformation [40][46] Sports Fashion - Lululemon's revenue in China surged by 46% year-on-year, indicating a growing trend where clothing reflects lifestyle choices. The brand has expanded its presence with 175 stores in the region [47][50] Retail Expansion - Hema is set to open nearly 100 new stores in 2026, with a revenue growth of over 40% expected. Sam's Club is also expanding, with sales projected to surpass 140 billion yuan, driven by strong same-store sales and online growth [61][63]

Group 1 - The report indicates that the "spring market excitement" has begun early, characterized by a clear "structural lead and opportunity rotation" feature, with technology remaining dominant [2][3][16] - The current market adjustment was primarily driven by three factors: overseas liquidity disturbances, concerns over AI bubble risks during the US earnings window, and relatively mild economic data, all of which are now diminishing [14][15][16] - The A-share market is entering a pre-heating and layout window for the "spring market excitement" of 2026, with structural opportunities emerging in sectors such as commercial aerospace, robotics, petrochemicals, and non-ferrous metals [3][16] Group 2 - The report highlights that the rise in non-ferrous metals is driven by multiple factors, including macroeconomic conditions, industry fundamentals, capital allocation, and geopolitical issues, rather than a single cause [4][29] - The report notes that the current Chinese consumer market shows a clear characteristic of "total pressure but structural recovery," with structural highlights in both traditional and emerging consumption sectors [5][31][32] - The investment strategy suggests a dual focus on technology and cyclical sectors, emphasizing the importance of PPI improvements and the benefits of "anti-involution" policies in sectors like non-ferrous metals, photovoltaics, chemicals, steel, and machinery [6][34][35]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The automotive sector is expected to experience a bottom recovery due to the implementation of the vehicle trade-in policy in 2026, with BYD surpassing Tesla to become the global sales champion for pure electric vehicles [5][16] - The domestic automotive market saw significant sales growth in 2025, with BYD leading with 4.6 million units sold, a 8% increase year-on-year [5][16] - The report highlights the competitive landscape, with new energy vehicle sales driving market growth, particularly for companies like BYD and NIO [5][16] Industry News - In 2025, BYD sold 4,602,436 vehicles, maintaining its position as the top seller, while new entrants like Leap Motor and Xiaomi also showed strong sales growth [5][13] - Tesla's 2025 delivery data revealed nearly 1.64 million vehicles delivered, with a 8.6% decrease compared to the previous year [14][16] - NIO has expanded its battery swap network, aiming to build 1,000 new battery swap stations by 2026 [15] - The lithium battery industry is experiencing price increases, with demand for energy storage batteries remaining high [18] - The 2026 vehicle trade-in policy will adjust subsidies based on vehicle price, with a maximum subsidy of 20,000 yuan [19] Market Performance - The automotive sector outperformed the market with a 1.49% increase, ranking fifth among A-share industries [6][28] - The passenger vehicle index saw a decline of 1.20%, while the automotive parts index increased by 3.63% [6][28] - The report indicates a decrease in PE ratios for passenger and commercial vehicle sectors, while the automotive parts sector saw a 12% increase in PE ratios [10][12] Investment Recommendations - For passenger vehicles, the report recommends companies like JAC Motors and Seres, with beneficiaries including Geely [7] - In the automotive parts sector, companies such as Desay SV and Zhejiang Xiantong are recommended, with beneficiaries including Weichai Power and Huayu Automotive [7]

北交所策略专题报告 2026 年 01 月 04 日 掘金北交所科技产业：从 2025 年度复盘看两大主线——汽车智能化与硬科技稀缺龙头 ——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 2025 收官：科技新产业总市值近 5000 亿，汽车分类实现市值持续提升 北交所科技新产业截至 2025 年 12 月 31 日共有标的 158 家，总市值达到 4,815.74 亿元。智能制造分类 2025/12/31 总市值收于 1,612.81 亿元，PE TTM 中值收于 39.97X。智能制造分类 2025 涨跌幅排名前十均在年内实现超 100%涨幅。分类重 点标的包含万通液压等。信息技术分类 2025/12/31 总市值收于 865.77 亿元，PE TTM 中值收于 85.42X 出现回升。星图测控在 2025 年内实现 237.52%涨幅，共 有 8 只标的实现 50%以上年内涨幅。关注星图测控、并行科技等高稀缺性优质 信息技术标的。汽车分类总市值在 2025 年内持续上涨，2025 年 12 月 31 日收于 768.9 ...

Investment Rating - The industry maintains a "Positive" rating for REITs [3][5][7] Core Insights - The REITs market is experiencing downward pressure, with the CSI REITs index closing at 778.6, down 4.99% year-on-year and 0.67% month-on-month. The CSI REITs total return index is at 1009.84, up 2.24% year-on-year but down 0.49% month-on-month. The trading volume for the week reached 286 million shares, a decrease of 62.32% year-on-year, with a transaction value of 1.269 billion yuan, down 58.22% year-on-year. The sector is expected to benefit from lower bond market interest rates and increased policy support, enhancing the attractiveness of REITs as a high-dividend, low-risk asset [3][5][19]. Summary by Sections Market Development - The China Securities Regulatory Commission emphasizes the importance of strict regulatory compliance and risk management in the commercial real estate REITs market. The Shanghai Stock Exchange has temporarily waived certain fees to promote the development of real estate funds [4][12]. Market Review - The CSI REITs index has seen a year-to-date increase of 2.93%, while the CSI 300 index has increased by 34.94%, resulting in an excess return of -32.01%. The total return index has increased by 17.18% year-to-date, with an excess return of -17.76% compared to the CSI 300 index [14][19]. Weekly Tracking - The trading volume for the REITs market reached 286 million shares, down 62.32% year-on-year, with a transaction value of 1.269 billion yuan, down 58.22% year-on-year. The turnover rate for the week was 1.03%, a decrease of 3.48 percentage points year-on-year [26][30]. Sector Performance - In the week, various REIT sectors experienced declines: affordable housing REITs fell by 0.72%, environmental REITs by 0.67%, highway REITs by 0.13%, industrial park REITs by 0.06%, warehousing and logistics REITs by 0.86%, energy REITs by 0.67%, and consumer REITs by 0.07%. Monthly performance showed similar trends with declines across all sectors [36][38]. Primary Tracking - There are currently 17 REITs waiting for listing, indicating an active issuance market. Recent applications include the China International Capital Corporation Xiamen Torch Industrial Park REIT and others [6][52].

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Views - The semiconductor equipment, storage, and PCB markets are active, with a notable rebound in Hong Kong stocks on January 2, 2026 [4] - The storage and chip price increase trend is expected to continue, with a wave of domestic GPU listings ongoing [5] - Samsung will not expand DDR4 production, leading to a significant increase in DDR4 spot prices, while the IPO of Changxin Technology has been accepted [6] Summary by Sections Market Review - The electronic industry index fell by 0.19% during the week of December 29, 2025, to January 2, 2026, with semiconductor and consumer electronics down by 0.20% and 0.14% respectively, while optical and optoelectronic sectors rose by 1.60% [4] - Notable stock performances include a 5.70% increase for SMIC and a 13.79% increase for Hua Hong Semiconductor on January 2, 2026 [4] Industry Updates - The CES 2026 is approaching, with the first national subsidy for smart glasses set at 15% of the product sales price [5] - Domestic GPU companies are actively listing in Hong Kong, with Kunlun Chip announcing its listing application on January 1, 2026 [5] - The price of DDR4 is expected to rise as Samsung will not increase production, while Changxin Technology's IPO aims to raise 29.5 billion [6] Investment Recommendations - Beneficiaries of the price increase chain and computing power side include SMIC, Hua Hong, Beijing Junzheng, Northern Huachuang, Zhongwei, Demingli, Shannon Chip, and Zhaoyi Innovation [7]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The food and beverage index experienced a decline of 2.3% from December 29 to January 2, ranking 27th among primary sub-industries, underperforming the CSI 300 by approximately 1.7 percentage points. The sub-industries of soft drinks (+0.5%), other foods (+0.0%), and other alcoholic beverages (-0.2%) performed relatively better [3][11] - The report expresses a cautious optimism for 2026, despite the poor performance of the food and beverage sector in 2025, which was impacted by factors such as the alcohol ban, declining prices of Moutai, and a weak consumption environment. The recent market adjustments by leading liquor companies indicate that the industry is nearing a bottom [4][11] - The report suggests focusing on three stock selection strategies for consumer goods in 2026: identifying cyclical recovery opportunities, seeking growth stocks driven by channel innovation and product upgrades, and looking for companies in turnaround situations due to internal business cycles [4][12] Summary by Sections Weekly Viewpoints - The food and beverage sector is in a phase of adjustment, with a focus on the liquor market's recovery and the strategic layout of consumer goods [11] Market Performance - The food and beverage index underperformed the market, with a 9.7% decline in 2025, ranking last among all sectors. The report highlights the need for strategic adjustments in response to market conditions [11][13] Upstream Data - Some upstream raw material prices are declining, with the price of whole milk powder down 18.7% year-on-year as of December 16, 2025, and fresh milk prices down 2.6% year-on-year as of December 26, 2025 [17][19] Liquor Industry Data - The report notes that leading liquor companies are implementing market-oriented reforms to adapt to changing demand, with Moutai's recent sales strategy indicating a shift towards a more sustainable business model [4][41] Recommended Portfolio - The recommended stocks include Moutai, Shanxi Fenjiu, Ximai Food, Weilong, and Ganyuan Food, with each company showing potential for growth or stability in the upcoming year [5][12]