GUOTAI HAITONG SECURITIES·2026-01-22 10:50Market Trends - AI hardware penetration is increasing, leading to a rise in the semiconductor industry, with PCB and memory prices continuing to rise[4] - Lithium carbonate prices have surged by 12.7% due to supply constraints and improving downstream demand[6] - The pork price has improved by 2.4% month-on-month, supported by consumption policies and seasonal demand[5] Consumer Insights - In the real estate sector, the transaction area of commercial housing in 30 major cities has decreased by 30.5% year-on-year, with first-tier cities down by 35.4%[5] - Retail sales of passenger cars have dropped significantly, with a 32% year-on-year decline in daily sales, particularly in the new energy vehicle segment, which saw a 38% drop[5] Industry Developments - The domestic company Tiangong International is focusing on powder metallurgy technology for nuclear fusion materials, with a target of 25% revenue growth over the next three years[8] - The cement production in Uganda has increased from 370,000 tons in 2000 to 5.1 million tons in 2023, driven by rapid urbanization and economic growth[12] Company Performance - Hikvision's net profit for 2025 is projected to be 141.88 billion yuan, reflecting an 18.46% year-on-year increase, driven by high-quality growth strategies[40] - Netflix's revenue for FY26 is expected to reach $511 billion, with a net profit of $135 billion, indicating a 22.5% year-on-year growth[48]