GUOTAI HAITONG SECURITIES·2026-01-07 06:35Group 1: Strategy Research - The current overseas computing power valuation is reasonable, and subsequent performance upgrades are key; domestic computing power awaits performance realization and is catalyzed by the decline in risk-free interest rates; AI application valuations are cost-effective, with a focus on internet and media sectors [2][3][6] Group 2: Dairy Industry Research - The ruling on import beef safeguard measures has been implemented, with a nearly 6% reduction in quotas for major supplying countries in 2026, and an additional 55% tariff on beef imported outside the quota, which is expected to boost domestic beef demand and sustain the upward trend in the beef cattle industry [7][8][9] - The price of raw milk is stabilizing and is expected to rise in 2026 due to the reduction in supply-side expansion and decreased replenishment, along with the release of processing capacity on the demand side [7][9] Group 3: Non-Metallic Building Materials Research - China Jushi has announced a restricted stock incentive plan, which reflects the company's confidence in future operations, covering a wide range of employees including executives and core middle management [3][10][11] Group 4: Fixed Income Research - The January 2026 convertible bond portfolio is biased towards aggressive and elastic sectors, supplemented by a balanced combination of relatively low-priced and undervalued industries [2][14][16] - The convertible bond market is expected to experience a "New Year rally" due to policy expectations and seasonal capital inflows, with a focus on technology innovation and expanding domestic demand as key investment themes [29][30][31]