Jianghai Securities·2026-01-19 07:48Investment Rating - The report maintains a positive outlook on the Heilongjiang capital market, indicating a bullish trend for 2026, supported by favorable economic conditions and policy implementations [5][20][22]. Core Insights - The report highlights a significant increase in inbound tourism to Heilongjiang, with a 43.8% year-on-year growth in visitor numbers from January 1 to 9, 2026, attributed to visa facilitation measures and the region's unique winter tourism resources [10]. - Heilongjiang's power grid reached a historical peak load of 18.728 million kilowatts on January 14, 2026, reflecting a steady increase in winter electricity demand, with a year-on-year growth of 25.1 thousand kilowatts [11]. - The Heilongjiang index has shown a 3.14% increase since January 2026, maintaining an upward trend despite a slight decline of 1.18% from January 12 to 16 due to market adjustments [20][22]. - The report notes that 11 companies in Heilongjiang have achieved over 5% gains since January, with four companies exceeding 10% growth, including China First Heavy Industries (+34.09%) and Weidi Co., Ltd. (+17.69%) [22][23]. Summary by Sections Inbound Tourism - The report emphasizes the impact of visa policies and winter tourism on the influx of foreign visitors, with specific statistics showing a substantial increase in cross-border traffic at various ports [10]. Power Demand - The report details the record electricity demand in Heilongjiang, outlining measures taken by the State Grid to ensure stable operations during peak loads, including resource allocation and emergency preparedness [11]. Market Performance - The Heilongjiang index's performance is analyzed, indicating a positive trajectory for the year ahead, driven by economic stability and structural upgrades, alongside the effects of favorable policies [20][22]. Company Performance - The report provides insights into the performance of listed companies in Heilongjiang, highlighting strong performers and noting the overall positive sentiment in the market despite some companies experiencing losses [22][23].