Investment Rating - The report does not explicitly state an investment rating for the diamond heat dissipation industry, but it highlights significant growth potential and market opportunities [1][23]. Core Insights - The diamond material exhibits superior thermal conductivity, making it a promising candidate for high-performance chip cooling solutions, especially as chip integration and power density increase [4][15]. - The diamond heat sink material has a thermal conductivity of 2000-2500 W/(m·K), which is four times that of copper and eight times that of aluminum, ensuring stability during temperature cycling [15][16]. - The market for diamond heat dissipation is projected to reach 9.7 billion yuan by 2032, indicating a substantial growth opportunity as technology matures [23][24]. Summary by Sections 1. Diamond Materials: Excellent Chip Cooling Materials - High-power chip cooling issues need urgent solutions, with diamond materials expected to be widely applied in aerospace, electronics, and other rapidly developing fields [4][6]. - The MPCVD method is identified as the optimal approach for producing semiconductor diamond materials, offering high purity and quality [21][19]. 2. Related Companies: World, Sifangda, Guojijinggong - **World**: A leading enterprise in superhard tools, with a stable revenue growth of 12.54% in 2024, focusing on diamond materials [26][28]. - **Sifangda**: A leader in composite superhard materials, with a focus on self-developed MPCVD equipment to expand applications in precision tools and chip heat sinks [30][33]. - **Guojijinggong**: A leading enterprise in superhard materials, showing accelerated revenue and net profit growth, with a focus on MPCVD equipment [34].

Investment Rating - The report indicates a strong performance of public actively managed equity funds in 2025, with a notable increase in the allocation to non-ferrous metals and non-bank financials, while reducing exposure to media and electronics sectors [1][3][40]. Core Insights - Public actively managed equity funds showed robust excess returns in 2025, with the mixed equity fund index (885001.WI) rising by 33.19%, outperforming major broad-based indices [1][14]. - The allocation to Hong Kong stocks decreased significantly, while the proportion of investments in the ChiNext board increased [2][30]. - There was a substantial increase in allocations to non-ferrous metals and non-bank financials, while reductions were seen in media and electronics sectors [3][42]. Summary by Sections Fund Performance - As of Q4 2025, the total scale of public actively managed equity funds is approximately 3.90 trillion, reflecting a quarter-on-quarter decrease of 4.10% [1][12]. - The share of public actively managed equity funds decreased by 2.53% in Q4 2025 [18]. Sector Allocation Changes - The allocation to non-ferrous metals increased to 8.03%, up by 2.14 percentage points from the previous quarter, marking a continuous rise over four quarters [42]. - The allocation to the electronics sector decreased to 23.78%, down by 1.85 percentage points [43]. - The proportion of investments in the ChiNext board rose from 23.72% in Q3 to 24.91% in Q4 2025 [2][30]. Top Holdings - The top individual stock in public fund allocations is Zhongji Xuchuang, with a holding ratio of 4.04%, primarily due to its price increase rather than new acquisitions [4][40]. - The most actively increased holdings include China Ping An (+0.43 percentage points) and Dongshan Precision (+0.41 percentage points) [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The titanium dioxide market is expected to rebound, with significant advantages from the company's deep industry layout [2] - In 2025, titanium dioxide prices faced continuous pressure, but a bottoming recovery is anticipated in 2026 due to industry-wide price increases and tightening supply [5][6] Summary by Relevant Sections Market Conditions - In 2025, the market price of Longbai R-996 titanium dioxide decreased from 14,900 CNY/ton to 13,500 CNY/ton, a decline of 9.4%, placing prices at the 1% percentile over the past five years [6] - The price of sulfur, a key raw material, rose significantly, reaching 963 CNY/ton by the end of 2025, up 143.18% from the beginning of the year, which narrowed the price gap for titanium dioxide [6] Mergers and Acquisitions - The company announced an agreement to acquire assets related to titanium dioxide from Venator UK for approximately 69.9 million USD, with a net book value of about 195 million USD [8] - This acquisition will enhance the company's global layout and increase its total titanium dioxide production capacity to 1.66 million tons [8] Upstream Resource Development - The company is actively developing upstream mineral resources to strengthen its integrated industry chain, with projects aimed at increasing titanium concentrate capacity to 2.48 million tons/year and iron concentrate capacity to 7.6 million tons/year [10] Share Buyback and Employee Incentives - The company approved a share buyback plan with a total fund of no less than 500 million CNY and no more than 1 billion CNY, aimed at employee stock ownership plans [11] - As of December 31, 2025, the company had repurchased 1,564,600 shares, demonstrating confidence in its development [12] Financial Projections - The company is projected to achieve net profits of 2.083 billion CNY, 2.567 billion CNY, and 3.165 billion CNY for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 25.17, 20.43, and 16.56 [13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The titanium dioxide market is expected to rebound, with significant advantages from the company's deep industry layout [2] - In 2025, titanium dioxide prices faced continuous pressure, but a bottoming recovery is anticipated in 2026 due to industry-wide price increases and tightening supply [5][6] Financial Summary - The company's total market capitalization is 52.4 billion yuan, with a circulating market value of 43.7 billion yuan [3] - The company has a total share capital of 2,384 million shares, with 1,988 million shares in circulation, representing a circulation ratio of 83.36% [3] - The projected net profit for the company from 2025 to 2027 is 2.083 billion, 2.567 billion, and 3.165 billion yuan, respectively, with corresponding P/E ratios of 25.17, 20.43, and 16.56 [13] Industry Analysis - The titanium dioxide price dropped from 14,900 yuan/ton at the beginning of 2025 to 13,500 yuan/ton, a decline of 9.4%, placing it at the 1% percentile of the last five years [6] - The price of sulfur, a key raw material, increased significantly, reaching 963 yuan/ton by the end of 2025, up 143.18% from the beginning of the year, which narrowed the price gap for titanium dioxide [6] - The company has announced the acquisition of Venator UK's titanium dioxide assets, which will enhance its global layout and increase total titanium dioxide production capacity to 1.66 million tons [8] Strategic Initiatives - The company is actively developing upstream mineral resources to strengthen its integrated industry chain advantages, with projects aimed at increasing titanium concentrate capacity to 2.48 million tons/year and iron concentrate capacity to 760,000 tons/year [10] - A share repurchase plan was approved, with a total amount not less than 500 million yuan and not exceeding 1 billion yuan, aimed at employee stock ownership plans, reflecting confidence in the company's future [11][12]

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The USDA has raised global corn, wheat, and soybean production forecasts for January 2026, indicating an increase in supply and a tightening of the global supply-demand gap for corn [7][36] - The report highlights that the domestic market is currently active due to the traditional peak selling season for corn, with strong price support expected [7] Summary by Relevant Sections Corn - Global corn production for 2025/26 is forecasted at 1.296 billion tons, an increase of 65.15 million tons from 2024/25, with a month-on-month increase of 13.05 million tons [14] - Global corn consumption is projected at 1.3 billion tons, up 48.21 million tons year-on-year, with a month-on-month increase of 2.62 million tons [14] - The ending stock for global corn is estimated at 290.91 million tons, a decrease of 3.79 million tons from 2024/25, but an increase of 11.76 million tons month-on-month [14] - The corn stock-to-use ratio is 19.3%, down 1.16 percentage points from 2024/25 but up 0.75 percentage points month-on-month [14] Wheat - Global wheat production for 2025/26 is forecasted at 842.17 million tons, an increase of 41.36 million tons from 2024/25, with a month-on-month increase of 4.36 million tons [36] - Global wheat consumption is projected at 823.91 million tons, up 13.05 million tons year-on-year, with a month-on-month increase of 0.94 million tons [36] - The ending stock for global wheat is estimated at 278.25 million tons, an increase of 18.25 million tons from 2024/25, with a month-on-month increase of 3.38 million tons [36] - The wheat stock-to-use ratio is 26.7%, up 1.20 percentage points from 2024/25 and up 0.27 percentage points month-on-month [36] Soybeans - Global soybean production for 2025/26 is forecasted at 426 million tons, a decrease of 1.47 million tons from 2024/25, but with a month-on-month increase of 3.14 million tons [6] - Global soybean consumption is projected at 423 million tons, up 9.63 million tons year-on-year, with a month-on-month increase of 1.29 million tons [6] - The ending stock for global soybeans is estimated at 124 million tons, an increase of 1.01 million tons from 2024/25, with a month-on-month increase of 2.04 million tons [6] - The soybean stock-to-use ratio is 20.4%, down 0.26 percentage points from 2024/25 but up 0.30 percentage points month-on-month [6]

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - On January 22, Baidu released its self-developed Wenxin large model 5.0, which has a parameter scale of 2.4 trillion and utilizes a native multimodal unified modeling technology, demonstrating capabilities in understanding and generating across text, images, audio, and video. The model has surpassed international advanced models like Gemini-2.5-Pro and GPT-5-High in over 40 authoritative benchmark evaluations [3][11] - On January 20, Alibaba Cloud launched the AI Data Lake (Lakebase) as part of its PolarDB, which integrates structured, semi-structured, and unstructured data for consistent access and retrieval, enhancing performance for various scenarios [4][12] - The report highlights the deepening of Baidu's ecosystem from chips to cloud, large models, and intelligent applications, catalyzing AI computing power and related applications [4][12] Summary by Sections 1. Computer Industry Insights - Baidu's Wenxin 5.0 model has achieved significant technical breakthroughs, including a large-scale mixture of experts (MoE) structure that enhances inference efficiency while maintaining strong capabilities [11] - The model supports high-quality voice synthesis and real-time interactive digital human technology, showcasing its application potential [11] - The report emphasizes the full-stack self-research technology ecosystem formed by Baidu, covering chips, cloud, models, and applications [11] 2. Market Review - The computer industry index decreased by 0.30%, underperforming the Shanghai Composite Index by 1.14 percentage points but outperforming the ChiNext Index by 0.04 percentage points [14][15] - Year-to-date, the computer industry index has increased by 12.30% [15] 3. Technology Software Industry News - The report discusses the establishment of a high-performance computing platform at Nanjing University of Aeronautics and Astronautics, which aims to support various disciplines and facilitate technology transfer [22] - It also covers the launch of the AS700 manned airship, marking a significant milestone in low-altitude economy development [23] - The report highlights the implementation of policies in Guangdong Province to enhance data supply capabilities in the transportation sector, aiming for high-quality development [28] 4. Company Dynamics - The report includes updates on various companies, such as the stock incentive plans of Zhongke Chuangda and Weihong Co., indicating ongoing corporate governance and employee engagement strategies [31][32]

Investment Rating - The industry investment rating is "Buy" [1] Core Insights - The report highlights that the real estate policy expectations are strengthening, which is likely to restore sentiment in the home furnishing sector [3][6] - In 2025, real estate development investment, construction, new starts, and completion areas all saw year-on-year declines, with total investment around 82,788 billion yuan, down 17.2% [3][21] - The report indicates that the real estate market is showing signs of recovery in first-tier cities, with a narrowing decline in new residential sales prices [4][29] - A recent article in "Qiushi" magazine emphasizes the financial attributes of real estate, indicating a shift in policy logic towards stabilizing financial and asset markets [5][32] Summary by Sections Real Estate Market Overview - In 2025, the total investment in real estate development was approximately 82,788 billion yuan, with residential investment at about 63,514 billion yuan, reflecting declines of 17.2% and 16.3% respectively [3][21] - New housing starts decreased by 20.4% to approximately 58,770 million square meters, while residential new starts fell by 19.8% to about 42,984 million square meters [3][21] - The report notes that the completion area for houses was around 60,348 million square meters, down 18.1% year-on-year [3][21] Market Sentiment and Policy Impact - The report suggests that the strengthening of real estate policies is expected to boost consumer expectations for home improvement and custom home consumption [6][36] - The article from "Qiushi" stresses the need for a focus on repairing residents' balance sheets and emphasizes the importance of demand-side policies [5][32][33] - The report indicates that if policies expand to include housing subsidies and renovation loans, it would directly benefit home furnishing consumption [8][36] Industry Performance - From January 19 to January 23, 2026, the light industry manufacturing index rose by 4.48%, ranking 9th among 31 industry indices [9][38] - The textile and apparel index also increased by 4.48%, ranking 8th [9][38] - The report highlights significant stock performance, with companies like Jiamei Packaging and Pinao showing substantial gains [9][43] Key Data Tracking - In the week of January 11 to January 18, 2026, the transaction area of commercial housing in 30 major cities was 1,293,400 square meters, reflecting a week-on-week increase of 8.5% [10][46] - The report tracks various material prices, noting that TDI and MDI prices were 13,950 yuan/ton and 14,000 yuan/ton respectively, with slight weekly declines [10][13] - Furniture sales in December 2025 totaled 20.73 billion yuan, down 2.2% year-on-year, while building materials and home furnishing sales were 117.96 billion yuan, down 4.4% [10][36]

Investment Rating - The industry investment rating is "Overweight" [2] Core Insights - The chemical industry is experiencing a dual drive of cyclical recovery and growth, with a focus on organic silicon, PTA, polyester filament, caprolactam, spandex, vitamins, sweeteners, refrigerants, and phosphorus chemicals [5][6] - The organic silicon industry is entering a recovery phase, driven by new applications in sectors like new energy vehicles and photovoltaics, with significant improvements in supply-demand dynamics expected [5][6] - The PTA/polyester filament industry is seeing a reduction in capacity expansion, leading to a new cycle of prosperity due to improved domestic and external demand [6] - The refrigerant market is entering a high prosperity cycle due to quota policies and stable demand growth from sectors like heat pumps and cold chain logistics [7] - The synthetic biology sector is poised for explosive growth as fossil-based materials face disruptive challenges, with a focus on energy efficiency and carbon tax costs [8] - OLED technology is rapidly penetrating various markets, supported by government policies aimed at fostering the new display industry [9] - The demand for high-frequency and low-loss electronic resins is increasing due to the rise of AI infrastructure and low-orbit satellite communications [10] - The electronic chemicals sector is benefiting from the expansion of wafer production capacity, with increasing demand for key materials in the semiconductor industry [11] Summary by Sections Industry Performance - The chemical sector ranked 4th in overall performance with a weekly increase of 7.29%, outperforming the Shanghai Composite Index by 6.45 percentage points [20][21] Key Industry Dynamics - The Ministry of Industry and Information Technology has issued guidelines for zero-carbon factory construction, aiming to establish a benchmark by 2027 across various industries [35] - The U.S. government plans to finalize the annual biofuel blending quota, maintaining high growth targets for the biofuel industry [35]

Investment Rating - Industry Rating: Overweight [2] Core Insights - The chemical industry is experiencing a dual drive of cyclical recovery and growth, with a recommendation to focus on sectors such as organic silicon, PTA, polyester filament, caprolactam, spandex, vitamins, sweeteners, refrigerants, and phosphorus chemicals [5][6] - The organic silicon industry is entering a recovery phase, with new applications becoming key growth drivers. From 2019 to 2024, domestic DMC capacity is expected to expand rapidly, leading to a temporary oversupply and price decline. However, by 2025, no new capacity is anticipated, and demand from emerging sectors like new energy vehicles and photovoltaics is expected to maintain high growth [5][6] - The PTA/polyester filament industry is approaching a turning point, with capacity expansion cycles nearing their end. The demand side is expected to continue growing, supported by improved external demand due to easing trade tensions [6] - Refrigerants are entering a high prosperity cycle due to quota policies that will reduce supply while demand remains stable, driven by market expansion in Southeast Asia and the development of heat pumps and cold chain markets [7] - The synthetic biology sector is poised for significant growth as fossil-based materials face disruptive challenges, with a focus on energy-efficient products and the potential for bio-based materials to see explosive demand [8] - OLED technology is rapidly penetrating various markets, with government policies supporting the development of new display industries and accelerating the localization of key materials and equipment [9] - The demand for electronic chemicals is increasing due to the rapid growth of the semiconductor industry, particularly in China, where the market is heavily reliant on imports [11] Summary by Sections Industry Performance - The chemical sector ranked 4th in overall performance for the week of January 19-23, 2026, with a gain of 7.29%, outperforming the Shanghai Composite Index by 6.45 percentage points [5][20] - The top-performing sub-sectors included textile chemical products (13.10%), nitrogen fertilizers (10.58%), and other chemical raw materials (10.09%) [21] Key Company Dynamics - The top three gaining companies for the week were Jianghua Micro (46.41%), Jiuding New Materials (28.47%), and Hongbaoli (26.73%) [26] - The companies in focus for potential investment include KaiSai Biological, Huaheng Biological, and other leading firms in synthetic biology and electronic chemicals [8][11][32] Industry Developments - The Ministry of Industry and Information Technology has issued guidelines for the construction of zero-carbon factories, aiming to establish a benchmark by 2027 across various sectors [35] - The U.S. government plans to finalize the 2026 biofuel blending quotas, maintaining high growth targets while addressing industry concerns [35]

Investment Rating - The report maintains a positive investment rating for the pig farming sector, recommending continued investment in this area due to low valuations and expected profitability [4]. Core Insights - The report highlights a rebound in pig prices to 13 CNY/kg, with self-breeding and self-raising operations achieving profitability for two consecutive weeks [4]. - The white feather breeding stock update for 2025 is projected at 1.5742 million sets, with a year-on-year increase of 4.9% [5]. - The pet food market in urban China is expected to reach 312.6 billion CNY in 2025, growing by 4.1% year-on-year [6]. Summary by Sections Pig Farming - Pig prices have rebounded to 13 CNY/kg, with a week-on-week increase of 0.7%. The average weight of pigs at slaughter has risen to 128.89 kg, with a decrease in the proportion of heavier pigs [4]. - The profitability of self-breeding and self-raising operations has reached 43.35 CNY per head, marking a significant recovery since December 2025 [4]. - The report forecasts a new wave of price declines post-Spring Festival, indicating potential capacity reduction in the pig farming industry [4]. Poultry Farming - The white feather breeding stock update for 2025 is 1.5742 million sets, with 55% from self-breeding and 45% from imports. The price of yellow feather chicken has increased by 2.6% week-on-week [5]. - The average price of chicken products is reported at 9,250 CNY/ton, with a slight year-on-year decrease of 0.5% [5]. Pet Industry - The urban pet market is projected to grow to 312.6 billion CNY in 2025, with dog and cat markets at 160.6 billion CNY and 152.0 billion CNY, respectively [6]. - The number of pet dogs and cats in urban areas is expected to reach 126.32 million, with a year-on-year growth of 1.8% [8]. - Pet food remains the primary consumption category, accounting for 53.7% of the market share, with a projected market size of approximately 167.9 billion CNY in 2025 [8].