财信证券晨会纪要-20260105

Market Strategy - The report suggests that a slow bull market will continue, with opportunities to allocate resources towards technology growth [5][7][9]. Economic Insights - During the New Year holiday, domestic travel reached 142 million trips, with total spending of 84.789 billion yuan [16][17]. - The manufacturing PMI for December was reported at 50.1%, indicating a slight expansion in economic activity [18][19]. - The average price of new residential properties in 100 cities increased by 2.58% year-on-year in December, with a monthly increase of 0.28% [22][23]. - The interest rates for existing "public housing fund + commercial loans" have been lowered, with specific rates for first and second homes [24][25]. Industry Dynamics - The nylon 66 industry is facing challenges such as overcapacity and increased competition, despite long-term growth potential in new energy vehicles and green fibers [26][27][28]. - iQIYI announced a new revenue-sharing model for film collaborations starting January 15, 2026, shifting from a "duration price" model to a "revenue-sharing" model [29][30]. - The food industry is transitioning towards safety, nutrition, functionality, convenience, personalization, and refinement, as highlighted in the 2025 China Food Industry Development Report [31][32]. - The home appliance replacement policy for 2026 will focus on six categories, including refrigerators and air conditioners, with a subsidy of 15% for energy-efficient products [34]. Company Updates - Weili Medical's subsidiary has been re-certified as a high-tech enterprise, allowing it to enjoy a 15% corporate income tax rate from 2025 to 2027 [37][38]. - David Medical's subsidiary received two medical device registration certificates, enhancing its product offerings [39][40]. - Bluefan Medical plans to transfer 100% equity of its subsidiary to Mingde Biological, aiming to focus on core business and improve cash reserves [41][42]. - Jeya Biotechnology announced the establishment of a wholly-owned subsidiary in Singapore to enhance international business development [44][45]. - Kweichow Moutai held a national distributor conference, emphasizing a consumer-centric strategy and market-oriented approach for 2026 [46][47]. - Hunan Development plans to acquire hydroelectric assets worth 1.512 billion yuan, enhancing its focus on clean energy [48][49].