Investment Rating - The industry investment rating is upgraded to "Overweight" [1] Core Views - The report expresses a long-term positive outlook on the electrolytic aluminum sector, driven by significant price increases and structural supply constraints [3][4] - The demand for electrolytic aluminum is expected to grow due to both traditional and emerging applications, with a notable increase in demand from sectors like new energy vehicles and data centers [5][6] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown strong performance with relative returns of 83.5% and absolute returns of 107.28% [2] Supply Side Analysis - Global electrolytic aluminum production capacity is constrained, with China's capacity at 45 million tons per year, accounting for 55% of global capacity. The overall operating rate remains above 98%, with minimal growth expected [4] - The global supply growth rate is projected at a compound annual growth rate (CAGR) of only 1.4% from 2025 to 2030, significantly lower than the expected demand growth rate of 2.3% [4] Demand Side Analysis - Traditional applications are stabilizing, while new applications are experiencing rapid growth. For instance, the demand from new energy vehicles is expected to add 330,000 tons of electrolytic aluminum in 2026 [6] - The shift towards aluminum replacing copper in various applications is accelerating, with a projected replacement scale exceeding 700,000 tons by 2025 [6] Cost Analysis - The use of green electricity is improving production economics, with the cost of producing aluminum decreasing by approximately 15% compared to traditional coal power methods [7][8] - The current production cost of electrolytic aluminum in China is about 2,000 yuan lower than the global average, enhancing competitive advantages [7][8] Investment Recommendations - The report recommends focusing on investment opportunities within the aluminum sector, highlighting companies such as Nanshan Aluminum, China Aluminum, Yun Aluminum, and Zhongfu Industrial as key players to watch [8]

Investment Rating - The industry investment rating is upgraded to "Overweight" [1] Core Insights - The tungsten powder price has surged to a historical high of 1.2 million yuan per ton, reflecting extreme supply-demand tension and strong market expectations for long-term shortages [3][4] - The demand for tungsten is experiencing a significant expansion, particularly driven by the photovoltaic and new energy vehicle sectors, which are expected to create a structural demand explosion [5][6] - The supply side is tightening, with China's high-grade tungsten ore reserves expected to dwindle to 300,000 tons by 2025, leading to increased mining costs and a prolonged price increase cycle [6] - The industry chain is seeing profits concentrate upstream, with leading companies like Xiamen Tungsten and China Tungsten High-Tech benefiting from resource and technology advantages [7] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown strong relative performance with a 1-month return of 18.45%, a 3-month return of 24.21%, and a 12-month return of 82.53% compared to the CSI 300 index [2] Demand Drivers - The photovoltaic sector is witnessing a rapid adoption of tungsten wire, with a market penetration rate exceeding 60% in silicon wafer cutting by 2025, significantly increasing tungsten consumption [5] - The new energy vehicle sector is also contributing to demand, with an expected increase of approximately 10,500 tons of tungsten due to the rising use of tungsten-containing alloys in electric motors and high-precision tools in battery manufacturing [5] Supply Constraints - Global tungsten supply is under pressure, with significant reductions in China's high-grade ore and limited contributions from overseas sources, leading to a potential crisis in tungsten availability [6] Industry Structure - The profit distribution within the tungsten industry is shifting towards upstream players, with companies holding quality tungsten resources poised to capture the benefits of rising prices [7]

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - The report highlights the upcoming IPO of "Ming Ming Hen Mang," a leading company in the snack retail industry, which is set to launch globally on January 20, 2026, with plans to list on the Hong Kong Stock Exchange on January 28, 2026 [5][7] - The snack retail sector is characterized by high-quality price ratios, diverse product structures, and a selection of products that meet consumer demands, positioning it as a mainstream channel in China's snack industry [7] - The company "Ming Ming Hen Mang" has experienced rapid expansion, with nearly 20,000 stores nationwide as of Q3 2025, primarily through a franchise model [7] - The revenue growth of "Ming Ming Hen Mang" is driven by store openings, with a GMV of 66.06 billion yuan in the first three quarters of 2025, reflecting a year-on-year increase of 74.5% [7] - The report suggests that the snack retail channel will continue to thrive due to its low-priced, high-quality products and favorable in-store experiences for consumers [7] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -30.07% compared to the CSI 300 index, with absolute returns of -5.41% [2] Company Insights - "Ming Ming Hen Mang" has a gross margin of less than 10%, relying on high turnover for profitability, with a diluted ROE of 21.58% for the first three quarters of 2025 [7] - The company plans to issue approximately 14.1 million shares in its IPO, aiming to raise between 3.237 to 3.336 billion HKD [7]

Investment Rating - The industry investment rating is upgraded to "Overweight" [1] Core Views - The short-term decline in tin prices highlights the medium to long-term investment value [4] - The macro environment is tightening, leading to a decrease in risk appetite [5] - Supply and demand dynamics are weakening, with insufficient fundamental support [7] - The industry chain is experiencing transmission difficulties, causing accelerated capital withdrawal [8] - Despite short-term pressures, tin remains a strategic metal with increasing importance in high-growth sectors [8] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown strong relative performance with returns of 82.53% compared to the CSI 300 index [2] Supply and Demand - Supply side: Significant accumulation of visible inventory indicates a loosening of market supply, with production and export activities in major raw material regions recovering [7] - Demand side: Facing seasonal and structural challenges, traditional sectors lack large-scale replenishment motivation, while emerging sectors have not provided sufficient incremental demand [7] Market Sentiment - The tightening macro environment has suppressed market sentiment, with a strong dollar negatively impacting commodity prices like tin [5] - Regulatory measures aimed at curbing speculation have led to a significant reduction in market risk appetite [5] Investment Recommendations - The significant pullback in tin prices poses short-term pressure on related listed companies, with potential compression of profit growth [8] - Long-term investment opportunities in the tin sector are still worth monitoring, particularly in companies like Xingye Yinxin, Xiyu Shares, and Huaxi Nonferrous [8]

- The report provides a snapshot of the performance of broad-based indices in the A-share market, highlighting the daily, weekly, monthly, quarterly, and yearly changes in index returns. For example, the CSI 2000 index showed the highest daily increase of 1.14%, while the CSI 500 index had the highest yearly increase of 11.02% [11][12][15] - The comparison of indices with their moving averages and 250-day highs and lows reveals that indices like CSI 500 broke their 250-day high, while indices such as the ChiNext index fell below their 5-day and 10-day moving averages [15] - Turnover rates and trading volume proportions are analyzed, showing that the CSI 2000 index had the highest turnover rate at 4.56%, while the CSI 500 index had a turnover rate of 2.34%. The CSI 300 index accounted for the largest proportion of trading volume at 24.45% [17] - The distribution of daily returns is examined, with metrics such as kurtosis and skewness used to describe the shape of the return distribution. The ChiNext index exhibited the largest negative kurtosis deviation, while the CSI 300 index had the smallest negative kurtosis deviation [23][24] - Risk premium analysis is conducted using the yield of 10-year government bonds as the risk-free rate. The CSI 2000 index showed the highest current risk premium at 1.13%, while the ChiNext index had the lowest at -0.70%. Historical comparisons indicate that the CSI 2000 index's risk premium is at the 79.52% percentile over the past five years [26][30][33] - PE-TTM ratios are analyzed as valuation metrics, with the CSI 500 index showing the highest current PE-TTM value at 37.72 and a 100% historical percentile over the past five years. The ChiNext index had a lower PE-TTM value at 43.34 and a 63.64% historical percentile [41][42] - Dividend yield analysis highlights that the CSI 500 index had a relatively low dividend yield of 1.26%, while the ChiNext index had a higher dividend yield at 0.93%. Historical comparisons show that the ChiNext index's dividend yield is at the 57.93% percentile over the past five years [50][52][54] - The report also examines the proportion of stocks trading below their book value (PB ratio < 1). The CSI 500 index had a current break-net rate of 10.2%, while the CSI 2000 index had the lowest break-net rate at 2.75% [56]

Investment Rating - The report maintains a positive outlook on the Heilongjiang capital market, indicating a bullish trend for 2026, supported by favorable economic conditions and policy implementations [5][20][22]. Core Insights - The report highlights a significant increase in inbound tourism to Heilongjiang, with a 43.8% year-on-year growth in visitor numbers from January 1 to 9, 2026, attributed to visa facilitation measures and the region's unique winter tourism resources [10]. - Heilongjiang's power grid reached a historical peak load of 18.728 million kilowatts on January 14, 2026, reflecting a steady increase in winter electricity demand, with a year-on-year growth of 25.1 thousand kilowatts [11]. - The Heilongjiang index has shown a 3.14% increase since January 2026, maintaining an upward trend despite a slight decline of 1.18% from January 12 to 16 due to market adjustments [20][22]. - The report notes that 11 companies in Heilongjiang have achieved over 5% gains since January, with four companies exceeding 10% growth, including China First Heavy Industries (+34.09%) and Weidi Co., Ltd. (+17.69%) [22][23]. Summary by Sections Inbound Tourism - The report emphasizes the impact of visa policies and winter tourism on the influx of foreign visitors, with specific statistics showing a substantial increase in cross-border traffic at various ports [10]. Power Demand - The report details the record electricity demand in Heilongjiang, outlining measures taken by the State Grid to ensure stable operations during peak loads, including resource allocation and emergency preparedness [11]. Market Performance - The Heilongjiang index's performance is analyzed, indicating a positive trajectory for the year ahead, driven by economic stability and structural upgrades, alongside the effects of favorable policies [20][22]. Company Performance - The report provides insights into the performance of listed companies in Heilongjiang, highlighting strong performers and noting the overall positive sentiment in the market despite some companies experiencing losses [22][23].

- The report primarily focuses on the performance of the convertible bond market, highlighting weekly changes in indices such as the Shanghai Convertible Bond Index, Shenzhen Convertible Bond Index, and CSI Convertible Bond Index, with weekly returns of 1.124%, 0.872%, and 1.075%, respectively[7] - The convertible bond market's trading volume and value for the week were 268,485.48 million units and 52,260,646.36 million yuan, showing week-over-week increases of 7.33% and 10.32%, respectively[7] - The median conversion premium rate of the convertible bond market was approximately 33.06%, with an arithmetic average of 45.21%, reflecting slight fluctuations compared to the previous week[12] - The report provides a detailed breakdown of convertible bond prices, categorizing them into ranges such as below 100, 100-110, 110-120, and so on, with the majority (47.12%) priced above 140[32] - The top five performing convertible bonds for the week were Jin 05 Convertible Bond, Aohong Convertible Bond, Shuangle Convertible Bond, Huiche Convertible Bond, and Huayi Convertible Bond, with weekly returns of 98.89%, 57.30%, 57.30%, 35.34%, and 24.20%, respectively[18][19] - The bottom five performing convertible bonds for the week were Zai 22 Convertible Bond, Tianjian Convertible Bond, Guanglian Convertible Bond, Huggong Convertible Bond, and Shentong Convertible Bond, with weekly returns of -25.23%, -19.41%, -16.67%, -12.10%, and -11.45%, respectively[18][19] - The report tracks convertible bond clauses, noting that 110 bonds triggered downward revision clauses, and six bonds were at risk of triggering conditional redemption clauses, including Tianjian Convertible Bond, Sailong Convertible Bond, Shentong Convertible Bond, Zhubang Convertible Bond, Beigang Convertible Bond, and Huazheng Convertible Bond[39]

- The report primarily focuses on tracking and analyzing the performance of broad-based indices in the A-share market, including metrics such as daily returns, moving averages, turnover rates, risk premiums, PE-TTM, dividend yields, and net asset ratios[1][3][4] - The turnover rate of indices is calculated using the formula: $ \text{Turnover Rate} = \frac{\Sigma(\text{Circulating Shares of Constituent Stocks} \times \text{Turnover Rate of Constituent Stocks})}{\Sigma(\text{Circulating Shares of Constituent Stocks})} $ This metric reflects the liquidity and trading activity of the indices[18] - Risk premium is measured relative to the 10-year government bond yield, serving as a benchmark for risk-free rates. The report highlights the mean-reversion behavior of risk premiums across indices, with notable volatility observed in indices like CSI 1000 and CSI 2000[27][28] - The PE-TTM (Price-to-Earnings Trailing Twelve Months) ratio is used as a valuation metric. The report notes that indices such as CSI 500 and CSI 1000 have high PE-TTM percentile rankings (99.92%), indicating elevated valuations compared to historical levels[42][43] - Dividend yield is analyzed as a measure of cash return to investors. The report observes that indices like the CSI 500 (6.78%) and CSI 2000 (2.64%) have relatively low 5-year historical percentile rankings, while indices like the ChiNext Index (57.36%) and CSI 300 (37.77%) rank higher[51][53][55] - The net asset ratio (or "break net ratio") is tracked to assess the proportion of stocks trading below their book value. The report highlights that indices such as the CSI 500 (11.0%) and CSI 2000 (2.85%) have relatively low break net ratios, suggesting market optimism for these indices[57]

Investment Rating - The industry investment rating is maintained at "Overweight" [6] Core Insights - The National Development and Reform Commission and the Ministry of Finance announced a large-scale equipment update and old-for-new consumption policy for 2026, with an initial allocation of 62.5 billion yuan in special long-term bonds to support this initiative [6] - Consumers purchasing major home appliances such as refrigerators, washing machines, televisions, air conditioners, computers, and water heaters that meet first-level energy efficiency or water efficiency standards can receive a subsidy of 15% of the sales price, with a cap of 1,500 yuan per item [6] - In 2025, the old-for-new program generated over 2.6 trillion yuan in sales, benefiting more than 360 million consumers, with over 129 million home appliances replaced [6] - Midea announced a price adjustment for air conditioning products starting January 3, 2026, reflecting the tightening of subsidy boundaries and upgraded standards in the new policy [6] - The price of copper, a key raw material for air conditioning manufacturing, surged over 40% in 2025, creating significant cost pressure for air conditioning production [6] - The air conditioning industry is expected to face ongoing cost pressures from upstream raw materials in 2026, with predictions of copper prices reaching 12,750 USD per ton in the first half of the year [6] - The 2026 subsidy policy focuses on six high-frequency essential home appliances, eliminating subsidies for second-level energy efficiency products, which may lead to a faster industry reshuffle [6] - Companies with strong technological reserves and supply chain control are expected to break through profit bottlenecks, while brands relying on low-price competition will face severe survival challenges [6] Summary by Sections Industry Performance - The industry has shown relative returns of -2.32% over the past month, 1.57% over the past three months, and -12.35% over the past year compared to the CSI 300 index [3] Investment Recommendations - The report suggests focusing on listed companies in the white goods sector such as Midea Group, Gree Electric Appliances, and Hisense Home Appliances, as well as black goods exporters like TCL Electronics and Hisense Visual [6]

Investment Rating - The industry investment rating is "Overweight" (first time) [6] Core Insights - In January 2026, TV panel prices are expected to see a slight increase across the board due to the upcoming World Cup in June and the continuation of national subsidy policies [6] - In Q3 2025, global OLED display shipments increased by 65% year-on-year, with a total of approximately 644,000 units shipped [6] - Major panel manufacturers are maintaining full production capacity, while brand manufacturers are strategically increasing inventory ahead of demand [6] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -4.82% compared to the CSI 300 index, with an absolute return of 20.21% [3] Market Trends - The demand for TV panels is expected to rise due to the World Cup and subsidy policies, leading to a potential price increase in January [6] - The supply side has seen tight conditions for certain production lines, which may lead to price adjustments for specific panel types [6] Company Insights - ASUS, Samsung, and MSI are the top three companies in OLED display shipments, with market shares of 21.9%, 18.0%, and 14.4% respectively [6] - Samsung is set to launch new Micro RGB TVs in 2026, featuring advanced LED technology [6] Investment Recommendations - Companies to watch include TCL Technology, JD.com A, OLED, Lite-On Technology, and Kangguang Technology due to the expected rise in TV panel prices and OLED shipment growth [6]