Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Views - Aluminum prices have reached new highs, and the profitability of electrolytic aluminum continues to expand [3] - Copper prices are expected to experience high-level fluctuations due to inventory accumulation and supply disruptions [5] - Lithium demand remains strong, with a reversal in supply and demand dynamics leading to an upward trend in lithium prices [76] - Cobalt prices are expected to continue rising due to tight raw material supply [88] Summary by Sections 1. Industry Overview - The U.S. December ISM Manufacturing PMI was reported at 47.9, below expectations [9] - The U.S. December non-farm employment figure was 50,000, also below expectations [9] 2. Market Performance - The non-ferrous metals sector outperformed the Shanghai Composite Index, with an 8.56% increase compared to a 3.82% increase in the index [11] - The sector ranked fourth among all sectors in terms of performance [11] 3. Valuation Changes - The TTM PE for the non-ferrous metals sector is 30.92, with a change of 1.69 [21] - The PB for the sector is 3.81, with a change of 0.20 [21] 4. Industrial Metals - Copper prices increased by 3.84% for London copper and 3.23% for Shanghai copper [26] - Aluminum prices rose by 5.02% for London aluminum and 5.47% for Shanghai aluminum, with aluminum enterprise profits increasing by 23.33% to 8,463 CNY/ton [36] - Lead and zinc prices also saw increases, with lead prices up by 1.57% and zinc prices up by 0.38% [47] 5. Energy Metals - Lithium prices saw significant increases, with lithium carbonate rising by 18.14% to 140,000 CNY/ton [76] - Cobalt prices increased by 2.61% to 25.53 USD/pound, while domestic cobalt prices fell by 6.53% to 458,000 CNY/ton [88]

Group 1: Public Utilities and Environmental Protection - The commercial aerospace sector is experiencing robust growth driven by policy support, indicating a critical turning point in the industry cycle [7][8] - Solar photovoltaic (PV) technology is identified as the primary energy source for satellites, with significant market potential projected at 80-120 billion yuan globally, assuming 4,000-6,000 satellites are launched annually [8] - The transition from traditional multi-junction gallium arsenide to P-type HJT and perovskite/silicon tandem technologies is expected to enhance the efficiency and cost-effectiveness of solar panels in space applications [9] - Key recommendations include companies like Maiwei Co., Ltd., Goldwind Technology, and CIMC Anrui Technology, with a focus on related equipment and battery component firms [9] Group 2: North Exchange Market - In 2025, the North Exchange is set to accept 176 companies, accounting for over 64% of the total IPOs in the A-share market, indicating a significant influx of quality enterprises [11][12] - The average net profit for new companies in 2024 is projected at 9.523 million yuan, with 47% of these companies expected to exceed 8 million yuan in net profit [12] - The North Exchange market has shown strong recovery, with the North Index rising by 5.82%, suggesting a stable upward trend in the market [13] Group 3: New Consumption - Recent policies encourage cultural and tourism consumption, including the issuance of vouchers for travel and cinema, aimed at enhancing collective activities among workers [16] - The strategic partnership between Mao Geping and L Catterton Asia Advisors aims to expand global market reach and optimize capital structure, indicating growth potential for high-end cosmetic brands [17] - The report highlights the importance of understanding new consumer narratives, particularly among younger generations, to identify growth opportunities in emerging consumer brands [18] Group 4: CIMC Anrui Technology - CIMC Anrui Technology has achieved record-high orders, with a focus on clean energy, chemical environment, and liquid food sectors, indicating a diversified growth strategy [20][21] - The clean energy segment is expected to benefit from rising LNG demand and the low-carbon transition in the shipping industry, with new orders reaching 169.9 billion yuan in 2025 [22][23] - The company is positioned to leverage its capabilities in commercial aerospace, with anticipated revenues and orders nearing 100 million yuan by 2025 [24]

Policy Insights - The Ministry of Culture and Tourism of the People's Republic of China issued a joint opinion on January 6, 2026, to promote high-quality development in cultural and sports activities, aiming to release consumption potential and meet the growing cultural needs of workers[6] - The "ticket root economy" is defined as economic activities formed through the collection, trading, and secondary development of tickets from various events, which can stimulate secondary consumption and extend the consumption chain[3] Market Performance - From January 5 to January 9, 2026, 90% of companies in the North Exchange's consumer service sector saw stock price increases, with a median market value change of +2.99%[28] - The total market value of consumer service companies rose from 109.71 billion yuan to 112.86 billion yuan, with a median market value increase from 1.87 billion yuan to 1.93 billion yuan[34] Industry Trends - The median price-to-earnings (P/E) ratio for the broad consumer sector increased by 2.56% to 50.5X, indicating a positive valuation trend[40] - The sports industry in China is projected to exceed 5 trillion yuan by 2025 and reach 7 trillion yuan by 2030, reflecting rapid growth from a niche to a pillar industry[18] Company Highlights - Notable stock performers include Greer (+29.99%), Guangzi International (+12.22%), and Zhu Laoliu (+10.67%) during the reporting period[36] - The median P/E ratio for Greer increased significantly, indicating strong market confidence in its future performance[39] Risk Factors - Potential risks include changes in the macroeconomic environment, market competition, and statistical data inaccuracies, which could impact the overall performance of the consumer service sector[3]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The commercial aerospace sector is experiencing robust growth driven by policy support, indicating a critical turning point in commercialization. Satellite frequency and orbital resources are scarce strategic assets globally, with developed countries like the US leveraging early investments and SpaceX's advantages to secure significant frequency resources. China has recognized commercial aerospace as a vital strategic area, intensifying policy support to accelerate satellite network deployment [3][8] - Solar photovoltaic (PV) technology is the primary long-term energy source for satellites, with current applications focused on communication satellites. The global solar PV market is projected to reach between 80 billion to 120 billion yuan, assuming the price of gallium arsenide batteries is approximately 200,000 yuan per square meter and an annual launch of 4,000 to 6,000 satellites, each with solar wings of 100 square meters. Elon Musk's plan to deploy 100GW of computing power annually by 2030 could transition space PV from "satellite auxiliary power" to "large-scale energy infrastructure," potentially expanding the market from a hundred billion to a trillion yuan scale [4][8][9] Summary by Sections Section 1: Electric New Energy - The solar PV market is set to expand significantly, driven by the unique energy demands of satellites and large-scale space data centers. The technology is evolving from multi-junction gallium arsenide to P-type HJT and perovskite/silicon tandem cells, which are better suited for the harsh conditions of space. P-type HJT batteries offer advantages such as radiation resistance, lightweight, high efficiency, and cost-effectiveness, making them ideal for space applications [9] - The market for HJT technology is expected to grow as it moves away from competitive pressures in the terrestrial PV market, positioning it as a mainstream technology globally [9][10] Section 2: Investment Recommendations - Key companies recommended for investment include Maiwei Co., Jin Feng Technology (H), and Zhongji Anruike. Companies related to equipment such as Jiejia Weichuang and Aotewei are suggested for attention, along with battery and module companies like Dongfang Risheng, Junda Co., Jinko Solar, Trina Solar, and Mingyang Smart Energy. Other companies in the commercial aerospace supply chain include Jin Feng Technology (A), Jiufeng Energy, Xinle Energy, Guoci Materials, Jing Shan Light Machine, Saiwu Technology, Jinjing Technology, and Taisheng Wind Energy [10]

Investment Rating - The investment rating for the company is "Buy" (首次) [5] Core Views - The company is expected to experience new growth drivers from its clean energy, LNG, and aerospace equipment sectors, with a record high backlog of orders [5][10] - The company operates under the CIMC Group, focusing on clean energy, chemical environment, and liquid food sectors, providing key equipment, engineering services, and system solutions [6] - The company anticipates revenue of 171.8 billion, 31.2 billion, and 44.5 billion from its three main business segments in 2024, with respective operating profits of 9.6 billion, 3.5 billion, and 3.5 billion [6] Summary by Relevant Sections Market Performance - The clean energy sector has seen a significant increase in new orders, with a total of 169.9 billion in new orders for the first three quarters of 2025, representing a year-on-year increase of 5.14% [7] - The backlog of orders in the clean energy sector is approximately 200 billion, with production scheduled until 2028 [7] - The company is positioned to benefit from the rising domestic natural gas consumption and the global shipping industry's transition to low-carbon alternatives [7] Clean Energy Projects - Key projects include the coke oven gas hydrogen co-production LNG project and biomass-based green methanol projects, which are expected to contribute significantly to revenue [8] - The company has ongoing projects with capacities of 100,000 tons of LNG and 15,000 tons of hydrogen, with expected production dates in 2024 and 2025 [8] Financial Forecasts - The company forecasts net profits of 12.2 billion, 14.6 billion, and 17.4 billion for 2025-2027, with respective growth rates of 11.5%, 19.6%, and 19.2% [10] - The current stock price corresponds to a price-to-earnings ratio of 15.3, 12.8, and 10.8 for the years 2025-2027 [10]

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Viewpoints - The report highlights the encouragement from four departments to conduct up to four spring and autumn tours annually, supporting the issuance of cultural and tourism consumption vouchers and movie vouchers. This initiative aims to enhance cultural consumption among workers and stimulate the tourism and hospitality sectors [3][6]. - The strategic partnership between Mao Geping and L Catterton Asia Advisors is expected to facilitate global market expansion and optimize capital structure, indicating a strong growth potential for high-end retail channels [3][6]. - The report emphasizes the importance of understanding new consumer narratives shaped by younger generations, suggesting that companies with strong brand value and innovative capabilities, such as Mao Geping and others, are likely to experience significant growth [21]. Summary by Relevant Sections Industry Performance - The new consumption sector showed positive performance with the beauty care index increasing by 2.55%, the retail index by 4.23%, and the social services index by 4.71% during the week of January 5 to January 9, 2026 [9]. Key Industry Data - In November, retail sales for clothing and textiles increased by 3.5% year-on-year, cosmetics by 6.1%, gold and silver jewelry by 8.5%, and beverages by 2.9% [12][16]. Investment Analysis Opinions - The report recommends focusing on high-quality domestic brands in beauty care, such as Mao Geping and Shangmei, head brands in traditional gold jewelry like Laopu Gold and Chaohongji, companies with successful IP operations like Pop Mart in the trendy toy sector, and strong tea brands like Mixue Group and Guming in the ready-to-drink tea market [21].

Core Insights - The report maintains a positive outlook on the securities industry, highlighting a phase of profit growth, structural evolution, and valuation recovery for 2026 [1] Industry Performance Overview - The overall industry performance is expected to see significant growth in 2025, with a mismatch between valuation and performance [4] - From January to November 2025, the Securities II (Shenwan) index increased by 5.6%, underperforming the CSI 300, while the Hong Kong Chinese securities index rose by 42.7%, outperforming the Hang Seng index by 10.9 percentage points [6] - In the first three quarters of 2025, 42 listed securities firms reported a combined revenue and net profit increase of 43% and 62% year-on-year, respectively, with an annualized ROE increase of 2.5 percentage points to 7.3% [6] Business Review and Outlook - **Brokerage Business**: The brokerage business is expected to benefit from increased trading volumes, with significant revenue growth anticipated in 2025. However, a decline in commission rates may limit profitability in traditional channel businesses [8] - **Proprietary Trading**: The contribution of proprietary trading to industry performance has significantly increased, with differentiation among firms based on investment capabilities and equity positions. Leading firms are expected to see stable returns, while smaller firms may experience higher volatility [9] - **Asset Management**: The asset management sector is entering a recovery phase driven by public fund transformation, with expected revenue growth of 33% year-on-year in 2026 [10] - **Investment Banking**: The investment banking sector is anticipated to enter a recovery cycle in 2026, supported by improved market conditions and policy incentives [10] Investment Themes for 2026 - The securities sector is positioned as a cost-effective investment opportunity due to its low valuation and performance recovery phase. Key factors include a clear trend of asset allocation towards equities, a recovery in multiple business lines, and supportive policies [12] - Recommended focus on leading securities firms with stable ROE, such as CITIC Securities, Huatai Securities, and GF Securities, which are expected to achieve ROE of 10.1%, 9.4%, and 9.4% in 2026, respectively [12] - Attention should also be given to firms with distinctive asset management and investment banking capabilities, such as Industrial Securities and China International Capital Corporation, which are well-positioned to benefit from ongoing market trends [12] Policy Environment - The report outlines a clear policy direction for the securities industry, emphasizing a shift from scale expansion to functional positioning and high-quality development. This includes a focus on value competition and the optimization of risk control indicators for leading firms [30][32] - The regulatory framework is evolving to support differentiated capabilities and strategic positioning among firms, with an emphasis on enhancing professional services and internationalization [32][34]

行业评级：看好（维持） 证券研究报告|行业专题报告 电力设备 2026年1月9日 独储迎来商业化关键节点 规模化发展β或已现 --储能2026年投资策略 证券分析师 姓名：查浩 资格编号：S1350524060004 邮箱：zhahao@huayuanstock.com 姓名：刘晓宁 资格编号：S1350523120003 邮箱：liuxiaoning@huayuanstock.com 姓名：戴映炘 资格编号：S1350524080002 邮箱：daiyingxin@huayuanstock.com 联系人 姓名：豆鹏超 邮箱：doupengchao@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 主要内容 | 1. | 需求：新能源渗透率走高 | 调节资源重要性持续提升 | | --- | --- | --- | | 2. | 国内：现货+容量机制加速完善 | 价值驱动时代或已来 | | 3. | 海外：市场机制愈发完善 | 增量景气市场或继续增加 | | 4. | 产业链：优选格局较优环节 | 重视企业技术升级与转型α机遇 | | 5. | 风险提示 | | 1.1 双碳目标 ...

Automotive Industry - The year 2026 is expected to witness the operational launch of Tesla's Robotaxi without safety drivers and the rollout of the FSD unsupervised version, with accelerated commercialization in regions like Europe and Southeast Asia [2][6] - A key focus for Tesla's Robotaxi is the expansion of its fleet size; achieving a rapid increase to over 1,000 vehicles could indicate a feasible path from L2 to L4 autonomy [2][6] - The importance of the foundational model in the VLA framework is anticipated to continue rising, with stronger computing power supporting larger parameter models and higher frame rates [2][6][8] - The integration of line-controlled chassis is expected to reduce execution control latency, with "computing power expansion + chassis line control" becoming a hardware foundation for advancements in autonomous driving capabilities [2][6] M&A Activity in North Exchange - In 2025, the North Exchange saw a total of 58 equity transactions, with a total transaction value of 2.7 billion yuan, indicating a trend of "reduced quantity but improved quality" in equity trading [11][12] - The majority of transactions were concentrated in the technology manufacturing sectors, particularly in machinery and electronics, while the number of mergers in the new energy sector decreased significantly [11][12] - Notable large-scale acquisitions included a 890 million yuan private placement acquisition by Chuangyuan Xinke, marking a record for the year [11][12] New Consumption Sector - The company Mao Ge Ping (01318.HK) announced a voluntary share reduction plan, with major shareholders planning to reduce their holdings by up to 3.51% of the total issued shares within six months [14][15] - The proceeds from the share reduction will be used for investments in the beauty industry and personal improvements, with the company's major shareholders expressing confidence in its development [14][15] - A strategic cooperation framework agreement was signed with L Catterton Asia Advisors to establish a private equity fund focused on the global high-end beauty sector [14][15] Chemical Industry - Jinhua New Material - Jinhua New Material (920015.BJ) focuses on the ketoxime series of fine chemicals and has established a unique "oxime-oxime silane-hydroxylamine salt" industrial chain [18][19] - The company has achieved a compound annual growth rate of 28% in revenue from 2018 to 2024, with projected revenue of approximately 1.24 billion yuan in 2024 [18][19] - Hydroxylamine solution is a key product for entering the semiconductor chemicals market, with significant potential for domestic substitution [20][21]

Investment Rating - The investment rating for the automotive industry is "Positive" (maintained) [1] Core Insights - The year 2026 is anticipated to be significant for Tesla's Robotaxi and FSD (Full Self-Driving) with the potential for unmanned commercial operations and the rollout of the unsupervised version of FSD [3][9] - Key focus areas include the expansion of the Robotaxi fleet, the performance of Cybercab, and the evolution of FSD software versions [5][32] Summary by Sections Robotaxi Operations - Tesla's Robotaxi operations in Austin and California have a larger operational area compared to Waymo, with plans to expand to more states in 2026 [11][14] - The average fare for Tesla Robotaxi is approximately $1.4 per mile, significantly lower than Waymo's $2.5, indicating a pricing advantage [18] - As of January 3, 2026, Tesla's Robotaxi fleet consists of 40 vehicles in Austin and 132 in California, with a notable increase in registered vehicles and drivers since the service launch [21][25] FSD Software Development - The FSD V14 version shows significant improvements in safety and performance, with a focus on cautious driving behavior, especially around vulnerable road users (VRUs) [36][44] - The mileage for safe, no-intervention driving (MPI) has increased to over 1000 miles for V14, compared to 230 miles for V13, indicating substantial progress in FSD capabilities [49] - Future hardware upgrades, including AI5 and AI6, are expected to enhance computational power and reduce control latency, further improving the FSD system [58][59] Investment Opportunities - Investors are encouraged to focus on Robotaxi service providers, leading autonomous driving companies with data accumulation similar to Tesla, high-performance autonomous driving chip suppliers, and key suppliers of control systems and sensors [5][32]