Feng Huang Wang Cai Jing·2025-12-26 01:36Group 1 - The A-share market shows mixed performance with the Shanghai Composite Index down by 0.05%, the Shenzhen Component Index up by 0.06%, and the ChiNext Index down by 0.21% [1] - Sectors such as lithium mining and precious metals are leading in gains, while sectors like CPO and cross-border payments are experiencing declines [1] Group 2 - Huatai Securities is optimistic about the trend of mining service and equipment companies transitioning towards mining development, driven by high metal prices [2] - The transition models include equity participation, control, and EPC+O models, which are expected to become significant forces in mining development due to the funding and technical constraints faced by small to medium-sized mine owners [2] - Guojin Securities highlights that the investment strategy for the medical device sector in 2026 will focus on overseas expansion and innovation, targeting companies with strong product development capabilities and reduced domestic market price pressures [2] - Key areas of focus include leading digestive endoscope consumables companies, home medical device leaders with strong brand power, and differentiated innovation in cardiovascular intervention products [2] Group 3 - CICC indicates that the photovoltaic sector is expected to see marginal improvements in supply-demand relationships by 2026, with leading companies likely to turn losses into profits, presenting investment opportunities for recovery [3] - The challenges in photovoltaic consumption are prompting the development of a market-oriented domestic electricity market and the growth of adjustable power sources, with energy storage benefiting from both domestic and international market conditions [3]