SINOLINK SECURITIES·2026-01-29 14:16Group 1: Strategy Overview - The report emphasizes the resilience of the A-share market amidst multiple overseas risks and signals of regulatory easing in China, suggesting that the relationship between market performance and regulatory changes warrants further consideration [5][12] - It highlights the significant outperformance of the A-share market compared to other major indices, particularly the CSI 300, which has faced substantial redemption pressure [5][12] - The report suggests that investors should not overly worry about the CSI 300's performance, as it has already aligned with regulatory easing requirements, reducing the necessity for further pressure [5][12] Group 2: Economic Insights - China's exports continued to show strong performance in December, driven by overseas investment during a global easing cycle, positively impacting sectors like electrical and mechanical equipment [6][13] - Domestic consumption is recovering, with a rebound in per capita consumer spending in the fourth quarter, aligning with the report's annual strategy predictions [6][13] - The report notes that recent government policies aimed at boosting domestic demand and stabilizing real estate are expected to support synchronized recovery in both domestic and external demand [6][13] Group 3: Asset Allocation and Investment Recommendations - The report identifies a dual focus for 2026 on physical assets and Chinese assets, with thematic investments being essential [7][16] - Recommended sectors include physical assets such as copper, aluminum, tin, gold, lithium, and oil, alongside Chinese equipment export chains like electrical grid equipment and renewable energy [7][16] - The report also highlights sectors benefiting from capital market expansion and improving long-term asset returns, such as non-bank financials and consumer sectors like aviation and duty-free retail [7][16] Group 4: Company-Specific Insights - Yunnan Aluminum Co. (000807.SZ): The report recommends a long-term investment due to favorable conditions for aluminum exports and a strong balance sheet, with potential for increased dividends [18] - Hua Aluminum (600301.SH): The company is seen as a strong growth candidate due to rising tin and antimony prices and its position as a key beneficiary of metal consolidation in Guangxi [19] - Yingliu Co. (603308.SH): The report anticipates a surge in global gas turbine demand, positioning the company to increase its market share in turbine blades [20] - Shangfeng Cement (000672.SZ): The company is recognized for its strong cash flow from cement operations and potential for significant dividends [21] - Pop Mart (9992.HK): The company is expected to maintain rapid growth in the entertainment market through IP incubation and diverse monetization strategies [22] - China Duty Free Group (601888.SH): The company is projected to strengthen its market position in the duty-free sector, benefiting from increased inbound tourism and overseas expansion [24] - China Southern Airlines (1055.HK): The airline is expected to benefit from improved industry supply-demand dynamics and a large fleet size [25] - Li Auto (2015.HK): The company is focusing on advancements in AI and smart driving technology, with expectations for increased vehicle sales [26] - Lante Optics (688127.SH): The company is positioned to benefit from strong demand in automotive and smart imaging sectors [27] - InnoCare Pharma (9606.HK): The company is advancing in the ADC field with a robust pipeline and partnerships, with several products nearing clinical registration [29]