PING AN OF CHINA(SH:601318) Guoxin Securities·2026-01-09 01:05Group 1: Macro and Strategy - The core conclusion indicates that the incremental capital entering the A-share market in 2025 is characterized by active funds such as leveraged and private equity funds, with a significant inflow from insurance capital, while public equity funds are experiencing net redemptions [7][10] - It is expected that in 2026, the total incremental capital will reach 2 trillion yuan, driven by a recovery in risk appetite among residents, particularly from high-net-worth individuals [10][9] - The market environment in 2025 shows similarities to 2020, but the structure of incremental capital differs, suggesting a gradual increase in resident participation in the market [10][9] Group 2: Agricultural Industry - The agricultural sector is witnessing a potential upward trend in beef prices due to the implementation of import guarantee measures, indicating a reversal in the livestock cycle [15] - As of December 31, 2025, the price of live pigs was 12.67 yuan/kg, reflecting a week-on-week increase of 10.37%, while beef prices reached 60.91 yuan/kg, up 20.61% year-on-year [16][15] - The report highlights the importance of supply-demand dynamics in the agricultural sector, with a focus on the recovery of pork prices and the potential for sustained growth in beef prices [15][16] Group 3: Chemical Industry - The potassium fertilizer market is experiencing a tight supply-demand balance, with domestic production expected to decrease while imports are projected to rise, leading to a historical high in import volumes [24][25] - The price of potassium chloride as of December 31, 2025, was 3,282 yuan/ton, showing a year-on-year increase of 30.45%, driven by the need for food security [24][25] - The report anticipates a long-term price stability for phosphate rock due to increasing demand from new energy materials, with the market price for 30% grade phosphate rock remaining high [25][26] Group 4: Automotive Industry - The general aviation market is poised for steady development, driven by policy support, technological advancements, and market expansion [18][19] - The report emphasizes the potential for growth in low-altitude operations, with a focus on high-value applications such as logistics and maritime transport [20][21] - The global general aviation market is projected to grow, with an expected compound annual growth rate of 4.72% by 2029, indicating significant opportunities for domestic players [19][20] Group 5: Media and Internet Industry - The media sector has shown resilience, with a 2.27% increase in the industry index, outperforming major indices [22] - Upcoming IPOs for companies like Minimax and Zhiyu are anticipated to attract attention, particularly in the AI application sector [22][23] - The report highlights the strong performance of films during the New Year period, indicating a recovery in consumer spending in the entertainment sector [23][24]