Group 1: Fund Performance Benchmark Guidelines - The China Securities Regulatory Commission released the "Guidelines for the Performance Benchmark of Publicly Raised Securities Investment Funds," effective from March 1, 2026, with a one-year transition period for existing products [1][7][9] - The guidelines emphasize the selection of benchmarks based on four principles: representativeness, objectivity, constraint, and continuity, and authorize the establishment of a benchmark element library by the fund industry association [7][8] - Strict requirements for benchmark changes are outlined, ensuring that benchmarks remain consistent and can only be changed under specific circumstances [7][8] Group 2: Mijiu Group (2097.HK) Performance and Outlook - Mijiu Group is expanding its main brand into overseas markets, with expectations of exceeding previous forecasts [2][11] - The company has opened three new stores in key U.S. cities, enhancing brand recognition and adapting its menu to local tastes, which is expected to increase customer retention [11][12] - Profit forecasts for 2025-2027 are raised to 6.1 billion, 7 billion, and 8.1 billion yuan respectively, with a current PE ratio of 25, 22, and 19 times [2][13] Group 3: Greenland Island Event and Investment Implications - The U.S. faces legal and public opinion barriers in acquiring Greenland, with four potential outcomes: agreement, long-term strategic lease, free association, or military intervention, with the first two being more likely [3][16][17] - The potential agreement may involve U.S. military bases and critical minerals, benefiting European defense giants and highlighting the importance of mineral resource autonomy in the context of great power competition [3][17] - The U.S. critical mineral supply chain resilience policies may present long-term investment opportunities [3][17] Group 4: Nonferrous Metals Industry Insights - The National Bureau of Statistics reported a 5.9% year-on-year increase in industrial added value for 2025, with a 5.2% increase in December [4][19] - The report indicates a growing preference for precious metals as a hedge amid rising risk aversion [4][19] - Zijin Mining announced the completion of the second phase of the Jilong Copper Mine, which will significantly increase its production capacity and is expected to become the largest copper mine in China [22]

摘要内容 事件：据新华社，美国总统特朗普 21 日在瑞士达沃斯与北约秘书长吕特会 晤后称，暂时不会按原定计划向反对美国得到格陵兰岛的欧洲 8 国加征关税。 点评：特朗普认为格陵兰岛涉及核心国家安全利益，我们认为其诉求包括地 理战略位置和油气稀土资源。 格陵兰岛对北极地缘政治较为重要。美国在格陵兰岛有军事存在，包括太空 基地和军事海峡。跨北极航运短期商业不可行，长远来看格陵兰岛可协助管 理海洋基础设施。 海外政策周报 格陵兰岛事件的可能演进与投资含义 证券研究报告 2026 年 01 月 26 日 核心结论 随着陆地和海冰的融化，格陵兰岛丰富的矿产和油气资源将更容易获取。这 些矿产是能源转型和芯片制造的原材料，吸引了许多国家的关注。尽管如此， 短期内资源开发仍面临较多拓展，包括：当地环境恶劣、地处偏远、基础设 施匮乏、开采成本高昂等。 美国获取格陵兰岛面临法律和民意两层障碍。我们认为后续存在四种可能 性：达成协议、长期战略租赁协议（对格陵兰主权限制小）、自由联合契约 和军事干预。我们认为前两种情况的概率较大。 根据美方人士在达沃斯发表的最新消息，丹麦可能让渡格陵兰岛的部分区 域，供其新建军事基地，这些区域将被视 ...

行业周报 | 有色金属 避险情绪逐步升温，贵金属配置价值进一步凸显 有色金属行业周报（2026.1.19-2026.1.25） 核心结论 本周核心关注一：国家统计局显示，2025 年规模以上工业增加值比上年增 长 5.9% 统计局 1 月 19 日公告，2025 年 12 月份，规模以上工业增加值同比实际增 长 5.2%（增加值增速均为扣除价格因素的实际增长率）。从环比看，12 月 份，规模以上工业增加值比上月增长 0.49%。2025 年，规模以上工业增加值 比上年增长 5.9%。 本周核心关注二：美国 11 月 PCE 通胀基本符合预期，美联储下周料维持利 率不变 当地时间周五，美国商务部经济分析局发布了 11 月份的 PCE 物价指数。作 为美联储最青睐的通胀指标，11 月 PCE 通胀数据小幅上行，进一步偏离央 行设定的目标水平，但整体仍符合市场预期。具体数据显示，美国 11 月整体 PCE 物价指数同比上涨 2.8%，预期为 2.8%；环比上涨 0.2%，预期为 0.2%。 本周核心关注三：美联储褐皮书显示，近期美国经济活动温和扩张，但通胀 压力仍存 美联储周三公布的褐皮书显示，美国大多数地区的经济 ...

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints On January 23, 2026, the China Securities Regulatory Commission issued the “Guidelines for Performance Comparison Benchmarks of Publicly - Offered Securities Investment Funds” (hereinafter referred to as the “Guidelines”), and the Asset Management Association of China released the “Operating Rules for Performance Comparison Benchmarks of Publicly - Offered Securities Investment Funds” (hereinafter referred to as the “Rules”). The implementation of the Guidelines starts on March 1, 2026, and a one - year implementation transition period is given for existing products with non - compliant performance comparison benchmark settings. The Guidelines aim to standardize the selection and use of performance comparison benchmarks for public funds, strengthen their role as an “anchor” for fund investment, and promote the high - quality development of the public fund industry [1][6]. 3. Summary by Directory Background The performance comparison benchmark is a reference standard set by fund managers for funds based on product positioning and investment objectives. It plays important roles such as determining product positioning, clarifying investment strategies, representing investment styles, measuring product performance, and restricting investment behaviors. Currently, there are problems in the performance comparison benchmarks of public funds, such as the lack of systematic regulatory systems, ineffective use and supervision by institutions, and “style drift” of funds. To address these issues, the China Securities Regulatory Commission issued the Guidelines to protect the legitimate rights and interests of investors [7]. Core Content - **Selecting Benchmark Specifications**: The selection of benchmarks should follow the principles of representativeness, objectivity, constraint, and persistence. The Asset Management Association of China is authorized to establish a benchmark element library, and fund managers can select benchmark elements from it [3][8]. - **Strict Benchmark Change Requirements**: Benchmarks should be persistent and cannot be changed casually. Specific situations and procedures for benchmark changes are clearly defined, and sales institutions are required to inform investors of benchmark changes in a timely manner [9][17]. - **Enhanced Benchmark Information Disclosure**: Information about benchmarks should be disclosed in fund legal documents and regular reports, and the fund trustee should strengthen the review and supervision of the disclosed content [9][10]. - **Strengthened Benchmark Constraint**: Fund managers should establish a full - process control mechanism for benchmarks, strengthen style stability management, and trustees should strengthen investment supervision responsibilities [10]. - **Highlighted Benchmark's Role in Measuring Performance**: Performance assessment, performance display, and fund evaluation should all be carried out in combination with the performance comparison benchmark, and different types of equity funds should not be directly ranked [11]. - **Transition Period Settings**: A one - year transition period is given for existing products with non - compliant benchmark settings. To ensure the objectivity and accuracy of related information, the relevant requirements are aligned with the one - year transition period. A six - month transition period is given for trustees to supervise the stability of fund investment styles [11]. Main Impacts - **Fund Managers**: They should establish an internal control and management system covering the entire process of benchmark selection, disclosure, monitoring, evaluation, correction, and accountability. Benchmark selection should follow four principles, and a department independent of the investment department should be established to monitor style stability. Information about benchmarks should be clearly stated in legal documents and regular reports, and the performance comparison benchmark should be displayed when showing past performance [12][14]. - **Fund Trustees**: They should carefully review the fund investment style library, establish a supervision mechanism for the stability of equity fund investment styles, and clarify rights and obligations with fund managers through agreements [14]. - **Fund Evaluation Institutions**: They should establish a fund evaluation system around the performance comparison benchmark, adjust the fund classification in a timely manner when the benchmark changes, and retain different stages of evaluation results [15]. - **Fund Sales Institutions**: When displaying a list of funds containing investment performance, they should distinguish funds of different investment styles based on the performance comparison benchmark and should not directly rank different types of equity funds [15].

Group 1: Shipping Industry - The global shipping market is expected to improve in 2026, with specific attention on container ships, bulk carriers, and tankers [1][5] - The resumption of operations in the Red Sea is crucial for container ships, while the West Simandou iron ore mine is anticipated to reshape global iron ore trade flows, benefiting bulk shipping [1][5] - OPEC+ has begun to increase production, leading to a tight supply-demand balance in the tanker market due to US sanctions on Russia [1][5] Group 2: Weigao Group (1066.HK) - Weigao Group is positioned for a transformation driven by R&D, with expectations of net profits of 2.091 billion, 2.287 billion, and 2.507 billion yuan from 2025 to 2027, reflecting growth rates of 1.18%, 9.37%, and 9.62% respectively [9][10] - The global biopharmaceutical market is projected to grow at a CAGR of 10.4% from 2024 to 2030, with significant demand for filters and consumables [9] - The company has a robust product portfolio with 927 domestic product registrations and 1,084 patents, including 218 invention patents [9] Group 3: AI Animation Industry - The continuous iteration of generative AI models is providing a technological foundation for the cost-effective and high-quality development of AI animation [16][18] - AI animations are gaining market acceptance, with significant growth in production and viewership, exemplified by the rapid increase in the number of AI animations launched on platforms like Douyin [16][17] - The cost advantages of AI animations compared to traditional animation methods are notable, with production costs significantly lower [17][18] Group 4: 3D Printing in Commercial Aerospace - 3D printing technology is effectively reducing costs and increasing efficiency in the commercial aerospace sector, with significant reductions in the number of parts and production time for rocket engines [20][21] - The domestic 3D printing equipment market is experiencing growth, with exports reaching 3.777 million units valued at 8.9 billion yuan in 2024 [21][22] - The technology is also being applied in the production of micro-nano satellite components, showcasing its advantages in mass production [21][22] Group 5: Zijin Mining (601899.SH) - Zijin Mining's Giant Dragon Copper Mine Phase II has commenced production, increasing annual copper output from 190,000 tons to an expected 300,000-350,000 tons in 2026 [28][29] - The mine's production capacity has significantly increased, positioning it as China's largest copper mine and one of the world's highest-altitude, low-grade copper mines [29][30] - The company anticipates further growth with plans for a Phase III project that could increase copper reserves and production capacity [30]

Global and A-share Market Overview - The A-share market showed mixed performance last week, with the CSI 500 index having the highest increase of 4.34% [1] - The Hong Kong stock market experienced a slight decline, with the Hang Seng Index dropping by 0.36% [1] - The top-performing ETFs were primarily linked to the aerospace sector [1] ETF New Issuance Statistics - A total of 17 stock ETFs were reported in the A-share market last week, with 9 new stock ETFs established [2] - In the US market, 8 new equity ETFs were launched, all of which were actively managed [2] Fund Flows in A-share Market - The top 10 ETFs with net inflows were mainly from the TMT sector, while the top 10 with net outflows were predominantly from the CSI 300 index ETFs [2] - The CSI 2000 index ETF saw the highest net inflow among broad-based ETFs, while the CSI 300 index ETF experienced the largest net outflow [2] - In the industry sector, the pharmaceutical and biotechnology ETFs had the highest net inflows, while the financial technology ETF had the highest net outflow among thematic ETFs [2] Fund Flows in US Stock ETF Market - The US market saw significant net inflows in resource management-themed ETFs, while life sciences-themed ETFs experienced net outflows [3] - Among actively managed ETFs, the Avantis Emerging Markets Equity ETF had the highest net inflow, while the JPMorgan Nasdaq Equity Premium Income ETF saw the largest net outflow [3] - The total net inflow for ETFs investing in A-shares and Hong Kong stocks was $0.81 million [3] ETF Strategy Performance - The performance of the diffusion indicator + RRG ETF rotation strategy yielded a return of 5.75%, with excess returns of 3.27% and 6.38% relative to the CSI Equal Weight and CSI 300 indices, respectively [4] - The 50% base + intraday momentum 2.0 strategy had returns of 2.48% and 1.14% for the CSI 500 ETF and CSI 1000 ETF strategies, respectively, with excess returns of -0.06% and -0.48% compared to the corresponding 50% position ETFs [4]

行业深度研究 | 航海装备Ⅱ 船舶：国家队破局高端，民企新秀势头强劲 船舶行业系列报告之一 摘要内容 回顾 2025 年，受多重因素叠加影响，全球新船市场交易节奏放缓：一边是 新船价格持续处于相对高位，另一边是航运运价相对低迷，形成价格错位； 同时，美国加征关税及相关 301 调查带来的贸易限制与不确定性，则进一步 加剧了船东的观望情绪。而转机在于，2025 年 11 月 9 日，美国贸易代表办 公室（USTR）已宣布暂停一年对中国针对海运、物流和造船行业以获取主 导地位的 301 调查行动。 展望 2026 年，全球各主要船型景气度预计向好：1）集装箱船：密切关注红 海复航情况，支线型集装箱船有望成为亮点；2）散货船：2025 年 11 月投 产的西芒杜铁矿预计在未来几年内将重塑全球铁矿石的贸易流向，并为散货 航运市场带来增长；3）油轮：OPEC+已逐步开启增产，美制裁俄导致运力 供需紧张。 重点标的分析： 中国船舶：中国船舶是中国船舶集团有限公司核心军民品主业上市公司，下 属有江南造船、大连船舶、武昌船舶、广船国际、外高桥造船和澄西船舶修 造等 22 家子公司。沪东中华后续亦承诺三年内注入上市公司主体。中 ...

Investment Rating - The report maintains a positive outlook on the coal chemical engineering sector, particularly highlighting China National Chemical Corporation as a representative company [1]. Core Insights - New coal chemical technology is seen as a beneficial supplement to petroleum chemistry, especially in the context of China's high dependence on foreign oil and gas. The importance of coal chemical technology is emphasized due to recent geopolitical events affecting energy security [1]. - China leads globally in coal chemical technology and scale, with potential for high-quality exports to countries along the Belt and Road Initiative. The report cites advancements in methanol-to-olefins technology as a key area of development [1]. - The report suggests that companies like China National Chemical Corporation, Sinopec Engineering, and others are well-positioned to benefit from the growth in the coal chemical sector [2]. Summary by Sections Market Review and Summary - The construction index increased by 1.88% and the building materials index rose by 9.23% during the week of January 19-23, 2026. Year-to-date, the construction index has risen by 7.99%, ranking 13th out of 30 industries, while the building materials index has increased by 12.49%, ranking 6th [9][5]. - The report notes that the chemical engineering sector saw the highest gains, with a 10.95% increase, while other sectors like housing construction and landscaping experienced declines [9]. Special Debt and Funding Status - As of January 23, 2026, local government special bond issuance amounted to 644.20 billion yuan, a week-on-week increase of 183.09%. The report anticipates a further increase in bond issuance in the following week [2][19]. - The funding availability rate for construction sites was reported at 59.21%, with a slight decline observed in both residential and non-residential projects [19]. Cement Industry Weekly Data Tracking - The national average cement price remained stable at 260.8 yuan per ton, with a slight decrease of 0.2% week-on-week and an 18.0% decrease year-on-year. The report predicts limited recovery in demand leading up to the Spring Festival [30][36]. - Cement production for the year 2025 was reported at 1.693 billion tons, reflecting a 6.9% year-on-year decline [46]. Key Company Orders and Valuation - The report highlights the valuation of key companies in the construction and building materials sectors, noting that the overall A-share market P/E ratio is 18.33, while the construction and building materials sectors have P/E ratios of 10.12 and 24.98, respectively [14]. - Companies such as China National Chemical Corporation and Sinopec Engineering are recommended for their favorable valuations and growth potential in the coal chemical sector [2].

Investment Rating - The report recommends investment in various sectors including commercial aerospace, solid-state batteries, and photovoltaic companies, highlighting specific companies for potential investment opportunities [1][2][3]. Core Insights - Elon Musk announced a plan to achieve 200GW of solar power capacity in the U.S. within three years, with a focus on space applications [1][51]. - The commercial aerospace sector remains robust, with recommendations for companies like Foster, Maiwei, and Mingyang Smart Energy [1]. - The solid-state battery sector is gaining traction, with a strategic partnership between Enjie and Enli Power to advance solid-state battery technology [2][54]. - The photovoltaic sector is highlighted with recommended stocks such as Aiko and suggestions to monitor other companies like Dike and Juhua Materials [1][2]. Summary by Sections Photovoltaic Sector - Musk's 200GW solar plan aims to support space AI and is expected to enhance the efficiency of solar power generation in space [1][51]. - Mingyang Smart Energy is acquiring 100% of Zhongshan Dehua, expanding its footprint in the energy sector [1][50]. - Recommended stocks in the photovoltaic sector include Aiko, with additional attention to Dike and Juhua Materials [1][2]. Solid-State Batteries - Enjie and Enli Power have signed a strategic cooperation agreement to promote the industrialization of solid-state batteries [2][54]. - The report emphasizes the importance of collaboration in overcoming key material and process bottlenecks in solid-state battery production [2][54]. Commercial Aerospace - The commercial aerospace sector is highlighted as a growth area, with recommendations for companies such as Foster and Maiwei [1]. - The report suggests monitoring companies like Hualing Cable and Liansheng Technology for potential investment opportunities [1]. Energy Storage - By the end of 2025, China's power storage capacity is projected to reach 213.3GW, with new energy storage installations expected to grow significantly [3]. - Recommended companies in the energy storage sector include Sunshine Power and Yiwei Lithium Energy [3]. Electric Vehicles - The report notes a significant increase in electric vehicle production and sales, with December 2025 seeing a production of 1.5348 million units, a year-on-year increase of 26.1% [9][12]. - Recommended stocks in the electric vehicle sector include CATL and Yiwei Lithium Energy [2]. Market Trends - The report indicates a 5.0% year-on-year growth in total electricity consumption in 2025, reaching 10,368.2 billion kWh [44]. - The electricity market transaction volume is expected to continue growing, with a notable increase in green electricity trading [45]. Pricing Trends - Prices for battery materials, including lithium and nickel, have shown upward trends, with battery-grade lithium carbonate reaching 171,000 CNY/ton, an increase of 8.23% [33][35]. - The report also notes price increases in battery cells and components, reflecting ongoing demand in the electric vehicle and energy storage markets [33][36].

Investment Rating - The report assigns a "Buy" rating to the company [4][15]. Core Insights - The biopharmaceutical industry is rapidly growing, leading to increased demand for consumables such as filters. The global biopharmaceutical upstream market is expected to grow at a compound annual growth rate (CAGR) of 10.4% from 2024 to 2030, reaching a market size of $44.7 billion by 2035 [1][4]. - The company is a leading medical device provider in China, offering comprehensive solutions across various specialized fields. As of June 30, 2025, the company holds 927 product registrations and 1,084 patents domestically, with 905 product registrations and 156 patents overseas [1][4]. - The company is expected to achieve net profits of 2.09 billion, 2.29 billion, and 2.51 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 1.18%, 9.37%, and 9.62% [2][15]. Summary by Sections Company Overview - The company, established in 1988, has become a leader in the medical device and consumables sector in China, focusing on clinical care, orthopedic consumables, drug packaging, and blood technology [20][21]. - The company has a stable shareholding structure, with 46.51% owned by Weigao Group, ensuring experienced management [21][23]. Industry Outlook - The global medical device market is projected to grow from $456.6 billion in 2020 to $623 billion in 2024, with a CAGR of 8.1%. By 2035, the market size is expected to reach $1,157.6 billion [43][44]. - The Chinese medical device market is also expanding, with a projected growth from 729.8 billion yuan in 2020 to 941.7 billion yuan in 2024, at a CAGR of 6.6% [46][48]. Product Lines and Growth Drivers - The company is diversifying its product lines, focusing on high-end consumables and expanding into new markets. The automatic injection pen market is expected to grow significantly, driven by domestic and international demand [11][13]. - The company anticipates revenue growth in various segments, including medical devices, drug packaging, interventional products, orthopedic products, and blood management, with specific growth rates projected for 2025-2027 [11][12][31]. Financial Projections - The company forecasts revenues of 13.42 billion, 14.74 billion, and 16.22 billion yuan for 2025, 2026, and 2027, respectively, with corresponding growth rates of 2.52%, 9.83%, and 10.04% [2][15]. - The earnings per share (EPS) are projected to increase from 0.46 in 2025 to 0.55 in 2027, reflecting the company's growth strategy and market positioning [2][15].