GUOTAI HAITONG SECURITIES·2026-01-18 12:13Group 1 - The report highlights that the trading heat of hot themes has reached historical highs, with advanced packaging and equipment themes in the semiconductor sector gaining strength, while the commercial aerospace theme has cooled down. The average daily trading volume of hot themes reached 1.436 billion yuan, with an average turnover rate of 5.9%, marking a historical peak [7][9][12] - The report emphasizes the acceleration of theme rotation, focusing on sectors with strong demand support and concentrated industrial catalysts, particularly in low-tech areas such as domestic computing power, new power grids, robotics, and domestic consumption [4][6][20] Group 2 - In the domestic computing power theme, TSMC's capital expenditure is expected to exceed expectations, boosting demand in the semiconductor advanced manufacturing sector. TSMC's net profit for Q4 2025 is projected to grow by 35% year-on-year, with capital expenditure potentially reaching a historical high of 56 billion USD in 2026, a 37% increase from 2025 [20][25][29] - The new power grid theme sees the State Grid announcing a fixed asset investment of 4 trillion yuan during the 14th Five-Year Plan, a 40% increase from the previous plan, aimed at constructing a new power system. The proportion of non-fossil energy consumption in China is expected to reach 20% by 2025 and 25% by 2030 [21][35][40] - The robotics theme is highlighted by the participation of Chinese robotics companies at CES 2026, showcasing advancements in various application scenarios. The industry is entering a phase of large-scale development, with significant growth in repetitive and dangerous industrial tasks as well as personalized consumer scenarios [22][39][41] - The domestic consumption theme is driven by government initiatives to cultivate new growth points in service consumption, with a focus on enhancing the domestic market. The report notes the emergence of new consumption scenarios in sports events, ice and snow tourism, and cultural performances, with significant economic impacts [23][43][44]