TFME(SZ:002156) First Capital Securities·2026-01-21 03:40Macroeconomic Group - The Ministry of Finance announced a fiscal deficit rate of around 4% for 2025, with new government debt expected to reach 11.86 trillion yuan, an increase of 290 billion yuan from the previous year [4] - In 2026, measures will include the continuation of long-term special bonds for infrastructure and new projects, as well as optimizing personal consumption loan policies to lower credit costs for residents and service industry operators [4] - A national-level merger fund is being considered to address "involution" competition and promote a unified national market [5] Industry Comprehensive Group - Japan's Resonac announced a price increase of over 30% for all series of copper-clad laminates and adhesive films starting March 1, 2026, due to tight supply and rising costs [7] - Domestic companies like Dongwei Technology and Chipbond Microelectronics reported over 10-fold growth in Q4 2025, indicating a sustained high demand in the PCB industry [7] - Tongfu Microelectronics expects a net profit of 1.1 to 1.35 billion yuan for 2025, a year-on-year increase of 62.34% to 99.24%, driven by improved capacity utilization and management [8] Advanced Manufacturing Group - Inverter exports reached 839 million USD in December 2025, a year-on-year increase of 26%, with significant contributions from Europe and Africa [10] - The growth in inverter demand is linked to the need for grid stability and flexibility, particularly in regions with high renewable energy penetration [10] Consumer Group - The Ministry of Finance extended tax benefits for community services such as elderly care and childcare from January 1, 2026, to December 31, 2027, which will lower tax burdens for compliant operators [12] - China Duty Free Group plans to acquire DFS's Greater China business for up to 395 million USD, enhancing its brand resources and procurement power in the luxury goods sector [13]