Investment Rating - Industry rating: Recommended [5] Core Insights - The report highlights the strong sales performance of Pop Mart's new IP series "Star People" and the popularity of the "PUCKY" plush series, indicating a robust demand for collectible toys [1][2] - The average price of gold jewelry has surpassed 1500 RMB per gram, leading to a resurgence in consumer interest and long queues at traditional gold shops [3] - The report suggests focusing on high-growth sectors and service industries that are expected to benefit from policy and technological support, including duty-free shopping, silver-haired tourism, and childcare consumption [4][65] Summary by Sections Industry & Company Dynamics - Pop Mart continues to attract top IP artists, ensuring a steady flow of design inspiration and maintaining a leading position in product development and IP management [2] - The average gold price in Shanghai increased by 4.5% week-on-week, with many gold shops reporting record high prices [3] - The report notes a significant increase in consumer traffic at traditional gold shops during the Spring Festival shopping season, with long queues observed in major cities [3] Investment Recommendations - The report recommends focusing on sectors with high growth potential and those benefiting from new policies, including duty-free shopping and tourism [4][65] - New consumption trends are expected to maintain demand, with industry leaders currently valued at relatively low levels, indicating potential for growth in sectors like collectible toys and fashion jewelry [7][65] - Retail innovation and international expansion are highlighted as key growth areas, with specific companies identified as beneficiaries [7][65]

Investment Rating - The industry rating is "Recommended" [3] Core Views - Short-term raw material supply tightness is expected to support nickel prices, with LME nickel spot price reaching $18,630 per ton, up 5.70% from January 16 [1] - The cobalt market is anticipated to see continued price increases due to structural supply tightness, with electrolytic cobalt priced at 438,000 yuan per ton, down 3.74% from January 16 [2][5] - Domestic antimony supply remains tight, supporting antimony prices, with average prices for antimony ingots at 160,500 yuan per ton [6] - Lithium carbonate prices are expected to continue rising, with a market average of 171,100 yuan per ton, up 8.36% from January 16 [8][19] - Supply uncertainties in the rare earth market are expected to support prices, with significant legislative changes in Vietnam impacting global supply [20] - Tin prices are supported by uncertainties in overseas supply, with LME tin prices at $54,200 per ton, up 9.66% from January 16 [11][21] - Tungsten market supply-demand imbalance is notable, with white tungsten concentrate prices at 535,500 yuan per ton, up 5.93% from January 16 [13][22] - Uranium supply tightness is expected to persist, with global uranium prices at $63.51 per pound, significantly higher than historical lows [14][15] Summary by Sections Nickel and Cobalt Industry - Nickel prices are supported by supply constraints, with Indonesia's nickel mining production quota expected to be reduced to 250-260 million tons [1][16] - Cobalt supply is projected to remain tight, with Congo's export quotas confirmed to extend into 2026 [2][17] Antimony Industry - Antimony prices are supported by long-term supply tightness, with domestic production facing seasonal disruptions [6][18] Lithium Industry - Lithium carbonate prices are expected to remain strong due to demand support and ongoing supply constraints, with significant price increases noted [8][19] Rare Earth Industry - Legislative changes in Vietnam are tightening global rare earth supply, with China maintaining a dominant position in the market [20] Tin Industry - Tin prices are supported by uncertainties in overseas supply, particularly from Myanmar and Congo [11][21] Tungsten Industry - The tungsten market is experiencing a supply-demand imbalance, with prices expected to rise further due to limited new supply [13][22] Uranium Industry - Uranium prices are supported by ongoing supply tightness and geopolitical factors affecting production [14][15]

Investment Rating - The industry rating is "Recommended" [4] Core Insights & Investment Recommendations - ChatGPT is set to launch advertising slots, which will further drive the revaluation of AI traffic value. OpenAI has notified over ten advertisers about plans to introduce an ad service in early February, requiring initial commitments of less than one million USD from each advertiser. Ads will be presented independently and clearly labeled, potentially displaying relevant food brand ads during recipe queries. The expansion of the affordable subscription plan ChatGPT GO will also include ad testing among free and subscription users. This move is expected to open significant incremental revenue streams for the company and may further enhance the valuation of AI traffic [2][17] - Four films have been officially scheduled for release on the first day of the 2026 Spring Festival, including "Silent Awakening," "Racing Life 3," "The Bounty Hunter: Winds Rise in the Desert," and "Bears: Year of the Bear." The diverse genres include drama, comedy, animation, and martial arts. The report is optimistic about the Spring Festival's impact on box office revenues and related industries, as well as the potential boost from emerging content forms like AI comic dramas and quality short dramas entering mainstream visibility [2][17] Sub-industry Data Film Industry - The top three films by box office this week are "Return to Silent Hill" with 31.52 million CNY (19.40% market share), "The Kill" with 26.96 million CNY (16.60% market share), and "Zootopia 2" with 20.46 million CNY (12.60% market share) [20][21] Gaming Industry - The top three iOS games by revenue are "Honor of Kings," "Peacekeeper Elite," and "Crossfire: Gunfight King." The top three Android games by popularity are "Delta Force," "Tomorrow's End: The Final Land," and "Honor of Kings" [22][23] TV Series Industry - The top three TV series by viewing index are "The Sun is Like Me," "Tea Bone," and "Small Town Big Events," with indices of 79.8, 79.7, and 79.6 respectively [24][25] Variety and Animation - The top variety show is "Wonderful Night Season 2" with a viewing index of 68.5, followed by "Sound of the Future 2025" and "Sound of Life: Chinese Flow Season" [26][27] - The top three animated shows by viewing index are "Immortal Reversal" (240.4), "Happy Hammer" (201.1), and "Devouring the Starry Sky" (194.1) [28]

Group 1 - The equity market experienced a volatile upward trend from January 19 to 23, 2026, with the Wande All A closing at 6893.11, up 1.81% from January 16, and the China Convertible Bond Index rising 2.92 during the same period [1][9] - The market has entered a narrow fluctuation range since January 13, with a net outflow of 265.9 billion yuan from stock ETFs from January 19 to 22, indicating a "slow bull" market sentiment [1][16] - The implied volatility has returned to a low level, suggesting a nurturing environment for a rebound, with the market attempting to break out of the fluctuation state [1][21] Group 2 - The strategy suggests maintaining a "slow bull" mindset, as the market attempts to break out of the narrow fluctuation range and return to an upward trend [2] - Historical analysis of 64 cases of upward breakouts from narrow fluctuation ranges since 2005 shows that such breakouts typically lead to a sustained upward trend [2][42] - The analysis of 48 instances of volume peaks since 2005 indicates that while upward trends continue after volume peaks, the pace of increase slows down, often leading to prolonged periods of fluctuation before resuming upward trends [2][45] Group 3 - In the convertible bond market, the valuation indicators are showing a decline in their timing significance, with the absolute price median and valuation center remaining at historically high levels [3][29] - The valuation center for convertible bonds at various price points remains high, with the 80 yuan parity corresponding to a valuation center of 54.44%, and the 100 yuan parity at 41.12% [3][29] - The market for convertible bonds is seeing renewed inflows, particularly in the context of strong underlying stocks, with a significant reduction in the number of convertible bonds priced below 130 yuan [3][61]

[Table_Title2] 保险Ⅱ 行业评级: 推荐 证券研究报告|行业点评报告 [Table_Date] 2026 年 01 月 25 日 [Table_Title] 2025Q4 非银板块公募持仓点评：非银重仓环 比提升，保险获显著增配 ► 保险板块环比显著增配 在主动基金重仓持股口径下，保险板块持仓比例由三季度末的 0.61%显著提升至四季度末的 1.25%，我们预 计主要系 2026 年开门红和资负匹配均预期向好。个股上，四季度末保险板块持仓市值前五大股票分别为：中国 平安 A 持股数量 3.15 亿股（环比+97.6%）、持仓市值 215.44 亿元（环比+145.2%）；中国太保 A 持股数量 1.78 亿股（环比+66.3%）、持仓市值 74.68 亿元（环比+98.4%）；中国人寿 H 持股 1.48 亿股（环比 +44.2%）、持仓市值 36.61 亿元（环比+76.7%）；中国平安 H 持股数量 0.59 亿股（环比+107%）、持仓市值 34.79 亿元（环比+151.5%）；新华保险 A 持股数量 0.40 亿股（环比+33.5%）、持仓市值 28.05 亿元（环比 +52.2%）。 ...

Investment Rating - Industry Rating: Recommended [5] Core Insights - The humanoid robot industry is accelerating towards mass production, driven by cost reduction demands and domestic suppliers' advantages in key components like precision transmission parts and electronic skin [15][16] - The sodium battery released by CATL showcases cost and performance advantages, with significant price increases in lithium carbonate impacting lithium battery costs, while sodium batteries are expected to achieve scale applications [19][20] - Domestic energy storage installations are experiencing substantial growth, with a diverse revenue structure and economic viability, benefiting leading companies in system integration and inverters [23] - The photovoltaic industry is poised for growth due to dual applications in ground and space, with HJT technology becoming a key direction for overseas expansion, enhancing global market potential [26][31] - China's wind power equipment exports are surging, with significant opportunities for leading companies in both domestic and overseas markets, supported by technological parity and cost advantages [27][40] - The electric equipment sector is entering a super boom cycle, driven by overseas demand and advancements in AI and smart grid technologies, with companies that possess strong channel resources and technical capabilities expected to benefit [42][43] Summary by Sections Humanoid Robots - The humanoid robot industry is seeing rapid industrialization, with major tech companies entering the market and expected mass production of Tesla's Optimus robot by the end of next year [15][16] - Key components suppliers in the T-chain are likely to benefit from the anticipated production ramp-up [16][17] Electric Vehicles - CATL's sodium battery demonstrates significant advantages in cost and performance, with the price of lithium carbonate impacting battery costs, while sodium batteries are expected to see widespread adoption [19][20] Renewable Energy - Domestic energy storage installations are on a growth trajectory, with leading companies in system integration and inverters set to benefit from the expanding market [23] - The photovoltaic sector is expected to grow due to advancements in HJT technology and increased global demand for solar installations [26][31] Wind Power - China's wind power equipment exports are increasing, with leading companies poised to capitalize on both domestic and international opportunities [27][40] Electric Equipment & AIDC - The electric equipment sector is entering a favorable cycle, with companies that have strong technical capabilities and market presence expected to benefit from increased overseas demand [42][43]

Investment Rating - Industry rating: Recommended [5] Core Insights - The report highlights the strong sales performance of Pop Mart's new IP series "Star People" and the popularity of the "PUCKY Knock Knock Series" plush blind boxes, indicating a robust demand in the collectible toy market [1][2] - The average price of gold jewelry has surpassed 1500 RMB per gram, leading to a resurgence in consumer interest and long queues at traditional gold shops, particularly during the Spring Festival shopping season [3] - The report suggests focusing on high-growth sectors and service industries that are expected to benefit from policy and technological support, including duty-free shopping, senior tourism, and parenting consumption [4][7] Summary by Sections Industry & Company Dynamics - Pop Mart continues to attract top IP artists, ensuring a steady flow of design inspiration and maintaining a leading position in product development and IP management [2] - The gold jewelry market is experiencing a significant price increase, with many brands reporting prices exceeding 1500 RMB per gram, leading to increased consumer traffic and sales [3] Investment Recommendations - The report recommends attention to sectors with high growth potential, including service consumption driven by new policies and industry demands, with beneficiaries including China Duty Free, Huazhu Hotels, and Pop Mart [4][7] - New consumption trends are expected to maintain demand, with industry leaders like Pop Mart and others positioned for growth despite current low valuations [7] Macro & Industry Data - The report notes a 4.5% increase in the average price of gold, reflecting strong demand for gold as a safe-haven asset amid economic uncertainties [3][61] - In Q3 2025, national gold consumption was reported at 177.53 tons, a year-on-year decrease of 18.56%, with significant variations across different gold product categories [56]

证券研究报告|行业研究周报 [Table_Date] 2026 年 1 月 25 日 [Table_Title] 地缘扰动叠加央行购金，贵金属价格持续突破历 史新高 [Table_Title2] 有色-基本金属行业周报 [Table_Summary] 报告摘要: ►贵金属：地缘扰动叠加央行购金，贵金属价格持续 突破历史新高 本周 COMEX 黄金上涨 8.30%至 4,983.10 美元/盎司， COMEX 白银上涨 14.80%至 103.26 美元/盎司。SHFE 黄金上 涨 8.07% 至 1,115.64 元 / 克 ，SHFE 白银上涨 11.04% 至 24,965.00 元/千克。 本周金银比下跌 5.66%至 48.26。本周 SPDR 黄金 ETF 持 仓增加 27,574.43 金 衡盎 司 ， SLV 白 银 ETF 持仓增加 544,084.20 盎司。 周三，美国 12 月成屋签约销售指数月率 -9.3%，预期 0.4%，前值 3.30%。美国 10 月营建支出月率 0.5%，预期 0.10%。 周四，美国至 1 月 17 日当周初请失业金人数 20 万人，预 期 21 万人，前值由 ...

Investment Rating - The industry rating is "Recommended" [3] Core Views - Short-term raw material supply tightness is expected to support nickel prices, with LME nickel spot price reaching $18,630 per ton, up 5.70% from January 16 [1] - The cobalt market is anticipated to see continued price increases due to structural supply tightness, with electrolytic cobalt priced at 438,000 yuan per ton, down 3.74% from January 16 [2][5] - Domestic antimony supply remains tight, providing price support, with antimony ingot prices at 160,500 yuan per ton [6] - Lithium carbonate prices are expected to continue rising, with a market average of 171,100 yuan per ton, up 8.36% from January 16 [8][19] - Supply uncertainties in the rare earth market are expected to support prices, with significant global supply concentration in China [10][20] - Tin prices are supported by overseas supply uncertainties, with LME tin prices at $54,200 per ton, up 9.66% from January 16 [11][21] - Tungsten market supply-demand imbalance is notable, with white tungsten concentrate prices at 535,500 yuan per ton, up 5.93% from January 16 [13][22] - Uranium supply tightness is expected to persist, with global uranium prices at $63.51 per pound [14][15] Summary by Sections Nickel and Cobalt Industry Update - Nickel prices are supported by supply constraints, with Indonesia's nickel mining production quota expected to be reduced to 250-260 million tons [1][16] - Cobalt supply is projected to tighten further, with Congo's export quotas confirmed to extend into 2026 [2][17] Antimony Industry Update - Antimony supply remains tight, with domestic prices expected to rise due to export restrictions and seasonal supply issues [6][18] Lithium Industry Update - Lithium carbonate prices are expected to remain strong due to demand support and supply uncertainties, particularly regarding the recovery of key lithium mines [8][19] Rare Earth Industry Update - The rare earth market is facing supply tightening due to export bans and geopolitical factors, with China maintaining a dominant position [10][20] Tin Industry Update - Tin prices are supported by uncertainties in overseas supply, particularly from Myanmar and Congo [11][21] Tungsten Industry Update - The tungsten market is experiencing a supply-demand imbalance, with prices expected to rise due to limited new supply [13][22] Uranium Industry Update - Uranium prices are supported by ongoing supply tightness and geopolitical factors affecting production [14][15]

Market Overview - Global stock indices experienced more declines than gains this week, with Hong Kong, US, and European markets all showing downturns, while the A-share Shanghai Composite Index and Shenzhen Component Index rose slightly by 0.8% and 1.1% respectively[1] - In the A-share market, small-cap stocks outperformed large-cap stocks, with the Micro-cap Index, CSI 500, and CSI 2000 leading gains, while the SSE 50 and CSI 300 lagged behind[1] - In terms of sectors, cyclical and technology growth sectors performed well, with construction materials, oil and petrochemicals, steel, and chemicals leading the gains, while large financials, telecommunications, and food and beverage sectors faced declines[1] Market Outlook - The slow bull market trend is expected to continue, focusing on three main investment lines: technology sector expansion, price increase beneficiaries, and high-growth sectors in annual report forecasts[2] - The current period is marked by a high volume of annual report forecasts, with a pre-announcement success rate of 38% among over 900 listed companies, indicating strong interest in sectors like electronics, machinery, and pharmaceuticals[3] - The A-share market's trading volume remains robust, with a peak of 3.99 trillion yuan on January 14, and a turnover rate of 3.9%, suggesting potential for increased market volatility if the turnover rate continues to rise[3] Risk Factors - Key risks include unexpected global economic fluctuations, ineffective policy measures, overseas liquidity risks, and geopolitical tensions[2] - The current risk premium for the CSI 300 index stands at 5.27%, indicating that there is still ample room for growth compared to historical levels where risk premiums have dropped to around 2.5%[3]