Xin Lang Cai Jing·2026-01-09 00:07Core Viewpoint - The report from Huatai Securities indicates that the industry prosperity index shows initial signs of a turning point in December, corroborated by an unexpected rebound in PMI [1] Sector Summaries - Upstream Resources and Public Industries: Significant improvement in the last three months, particularly in sectors such as non-ferrous metals, coal, certain chemical products, paper, and ordinary steel driven by price increases [1] - TMT (Technology, Media, and Telecommunications): Accelerated progress in AI applications, leading to improved conditions in gaming and software, with a positive trend in computing power storage and passive components [1] - Capital Goods and Intermediate Products: Improvement noted in sectors like new energy, automation equipment, and engineering machinery, with export orders potentially being advanced due to the later timing of the 2026 Spring Festival [1] - Consumer Goods: Recovery observed in dairy products, beer, and livestock sectors [1] - Infrastructure Chain: The construction PMI rose above the threshold in December, indicating a recovery in the construction industry [1] - Independent Prosperity Cycle: Notable performance in sectors such as military electronics [1] Investment Recommendations - The report suggests continuing to position for the spring market with a balanced allocation between growth and cyclical sectors, recommending a focus on non-ferrous metals, chemicals, military, storage, gaming, new energy (batteries/wind power), and pharmaceuticals at a monthly level [1] - Additionally, short-term thematic investments are favored, with a focus on humanoid robots, brain-machine interfaces, and domestic computing power, considering trading congestion [1]