Tebon Securities·2026-01-28 07:25Market Performance - The market showed mixed performance from January 19 to January 23, with the Shanghai Composite Index rising by 0.84% and the Shenzhen Component Index increasing by 1.11%[5] - The average daily trading volume was 2.80 trillion yuan, a decrease compared to the previous week[5] Healthcare Sector - At the JPM 2026 conference, over 20 Chinese innovative pharmaceutical companies showcased their products, with significant business development (BD) transactions announced[16] - In 2025, the value of China's innovative drug patent licensing transactions reached approximately $135.7 billion, a 143% increase year-on-year, with 157 total transactions[20] Consumer Sector - The Qianwen APP integrated with Alibaba's ecosystem, achieving over 100 million monthly active users within two months of launch, marking its entry into the "billion-level club"[25] - This integration allows for a seamless process from search to decision-making and payment, establishing a comprehensive AI application ecosystem[26] Hard Technology Sector - The supply of storage and logic chips remains tight, leading to widespread price increases across the industry[32] - The price of enterprise SSDs continues to rise, with a projected increase of 33-38% for NAND Flash products due to supply constraints[36] High-end Manufacturing - The State Grid announced a total fixed asset investment of 4 trillion yuan for the 14th Five-Year Plan period (2026-2030), a 40% increase from the previous period, averaging 800 billion yuan annually[42] - The goal is to achieve a 30% share of renewable energy in total power generation by 2030, indicating significant growth potential for the solar and wind energy sectors[46]