晨会纪要 证券研究报告 2026 年 01 月 09 日 核心结论 分析师 【汽车】奇瑞汽车（09973.HK）首次覆盖报告：五大品牌各有亮点，先发 优势助力出海领先 预计 2025-2027 年公司营业收入分别为 3077 亿元、3570 亿元、3944 亿元， 分别同比增长 14%/16%/10%；归母净利润分别为 181 亿元、214 亿元、248 亿元，同比 28%/18%/16%，当前股价对应 PE 估值为 8.7/7.4/6.4 倍。首次 覆盖，给予"买入"评级。 【计算机】从 Gemini 电视到豆包上车，巨头不断深化 AI 终端布局 从 Gemini 电视到豆包上车，巨头不断深化 AI 终端布局 【计算机】数字人民币开启 2.0 时代：从 M0 向 M1 升维，生态繁荣可期 数字人民币开启 2.0 时代：从 M0 向 M1 升维，生态繁荣可期 【石油石化】石油石化行业点评：石化行业拐点或已出现，26 年长丝供需 格局改善盈利有望增长 1、全球炼化宏观条件逐步改善，石化行业拐点或已出现。2、25 年长丝链 条景气度上行，预计 26 年供需格局将进一步改善。3、反内卷有望带动行业 盈利增长，对应公 ...

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook on the sector's fundamentals and performance relative to the CSI 300 index [1]. Core Insights - The recent policy release titled "AI + Manufacturing" aims to drive the demand for industrial software by establishing a framework for the development of intelligent industrial entities and overcoming bottlenecks in industrial software and algorithm tools [5]. - By 2027, the report anticipates that China will achieve a secure and reliable supply of key AI technologies, with the industry scale and empowerment level remaining among the world's leaders [5]. - The report highlights that AI is expected to penetrate 60% of the industrial sector within the next three years, significantly enhancing operational efficiency and reducing costs across various manufacturing processes [6][7]. Summary by Sections Recent Trends - The computer sector has shown a performance increase of 35.7% over the past 12 months, outperforming the CSI 300 index, which increased by 25.0% [3]. Market Potential - The market size for AI applications in China's manufacturing sector is projected to grow from approximately 5.6 billion yuan in 2023 to 14.1 billion yuan by 2025, maintaining a growth rate above 40% [8]. - The industrial software market is expected to exceed 500 billion yuan by 2029, driven by the implementation of national policies and the expansion of application scope [8]. Industry Development - The report emphasizes the importance of building a robust industrial ecosystem, including the cultivation of solution providers and industry clusters, while also enhancing standards, safety, and talent support systems [5]. - The industrial internet sector is projected to contribute significantly to China's GDP, with an expected core industry value added of 1.53 trillion yuan in 2024, reflecting a growth of 10.65% from 2023 [8]. Investment Strategy - The report suggests that leading domestic companies are likely to accelerate their development of industrial models and intelligent entities, which will drive innovation in industrial software and promote new industrialization [8]. - Key stocks to watch include companies involved in AI + manufacturing, AI + design, and AI + management, such as Baoxin Software, Dingjie Zhizhi, and Yonyou Software [8].

Investment Rating - The industry investment rating is "Overweight" [4][8] Core Insights - Google introduced its Gemini AI to Google TV in November 2025, enhancing its functionality with features like natural language content discovery, educational deep learning, and multimedia content integration [1] - The Gemini AI's "Deep Dives" feature allows for interactive thematic overviews with narration, making it suitable for family learning across various subjects [1] - The AI can manage personal content through natural language commands, enabling users to search for specific photos and apply AI-driven enhancements to images [1] - The "voice optimization settings" significantly improve user experience by allowing voice commands to adjust screen brightness and audio without navigating complex menus [1] - The "Doubao" large model is being rapidly integrated into vehicles, with partnerships including major automakers like Mercedes-Benz and BYD, covering a wide price range and vehicle types [2] - Collaborations with automakers focus on enhancing smart cockpit features and AI-driven user interactions, aiming to create a more intuitive human-machine interface [2] Summary by Sections - **Google's Gemini AI Enhancements**: The introduction of Gemini AI to Google TV includes features that enhance user interaction and content management, making the experience more immersive and user-friendly [1] - **Doubao Large Model Integration**: The Doubao model is being adopted by various car manufacturers, enhancing smart driving and user experience through advanced AI capabilities [2] - **Investment Opportunities**: Recommended companies to watch include Dongyangguang, Runze Technology, and others in the automotive intelligence sector, indicating potential growth areas within the industry [3]

Group 1 - The core viewpoint of the news highlights the significant net inflow of funds into the defense and computer industries, each exceeding 1.1 billion yuan, amidst a mixed performance of A-share indices on January 8 [1] - The A-share market saw a total net outflow of 37.435 billion yuan, with 12 industries experiencing net inflows, including defense, computer, banking, building materials, and automotive sectors [1] - The electronic industry faced the largest net outflow, amounting to 14.155 billion yuan, followed by communication, non-ferrous metals, and power equipment sectors, each exceeding 3 billion yuan in outflows [1] Group 2 - Individual stocks showed that 61 had net inflows exceeding 200 million yuan, with 10 stocks receiving over 500 million yuan in net inflows [2] - Notable individual stock inflows included Aerospace Science and Technology, Hailanxin, Hand Information, and Qian Zhao Optoelectronics, with net inflows of 910 million yuan, 887 million yuan, 847 million yuan, and 730 million yuan respectively [3] - Hailanxin's stock reached a "20cm" limit up, focusing on marine electronic technology products and systems [3] Group 3 - Hand Information submitted an application for overseas listing (H-shares) to the Hong Kong Stock Exchange on December 29, 2025 [4] - A total of 90 stocks experienced net outflows exceeding 200 million yuan, with significant outflows from stocks like Zhongji Xuchuang, Luxshare Precision, and Aerospace Development, each exceeding 1 billion yuan [4] Group 4 - At the market close, the total net outflow was 658 million yuan, with the power equipment sector seeing a net inflow exceeding 1 billion yuan [5] - Individual stocks such as Goldwind Technology and Qian Zhao Optoelectronics had substantial net inflows exceeding 400 million yuan at the close [5] - Stocks like Zhongji Xuchuang, New Yisheng, and Huhua Electric experienced net outflows exceeding 200 million yuan at the close [6]

Market Overview - The Shanghai Composite Index closed at 4082.98 points, down 0.07%, with a trading volume of 11,832 billion yuan. The Shenzhen Component Index closed at 13,959.48 points, down 0.51%, with a trading volume of 16,171.96 billion yuan. The ChiNext Index closed at 3,302.31 points, down 0.82%, with a trading volume of 7,556.51 billion yuan. The STAR Market 50 Index closed at 1,455.17 points, up 0.82%, with a trading volume of 992 billion yuan. The total trading volume of both markets was 28,003.96 billion yuan, a decrease of 538.01 billion yuan compared to the previous trading day [1]. Sector Performance - Various industry sectors showed mixed performance, with notable gains in defense, media, construction decoration, real estate, building materials, computer, education, and light manufacturing sectors. Active concepts included satellite internet, commercial aerospace, aircraft carriers, helium, space stations, nuclear pollution prevention, brain engineering, controllable nuclear fusion, and interactive short dramas. Conversely, sectors such as securities, insurance, non-ferrous metals, banking, and telecommunications experienced declines [3]. Stock Performance - A total of 3,533 stocks rose, while 1,514 stocks fell, with 126 stocks remaining flat and 10 stocks suspended. Excluding newly listed stocks, there were 112 stocks that hit the daily limit up, and 7 stocks that hit the limit down [3]. Fund Flow - The net outflow of main funds in the Shanghai and Shenzhen markets was 374.35 billion yuan, with the ChiNext experiencing a net outflow of 144.73 billion yuan. The CSI 300 index saw a net outflow of 191.54 billion yuan, and the STAR Market had a net outflow of 10.45 billion yuan. Among 31 primary industries, 12 sectors saw net inflows, with the defense industry leading at 12.58 billion yuan. Other sectors with significant inflows included computer, banking, and building materials [5]. Individual Stock Highlights - A total of 2,227 stocks experienced net inflows, with 126 stocks receiving over 1 billion yuan in net inflows. Aerospace Science and Technology had the highest net inflow at 910 million yuan, followed by Hailanxin, Hand Information, Qianzhao Optoelectronics, and Shunhao Shares [10][11]. - Conversely, 2,946 stocks faced net outflows, with 171 stocks seeing over 1 billion yuan in net outflows. The stock with the highest net outflow was Zhongji Xuchuang, with a net outflow of 3.227 billion yuan, followed by Lixun Precision, Aerospace Development, and Dongfang Fortune [14][15]. Institutional Activity - Institutional trading data indicated a net sell of approximately 327 million yuan, with 13 stocks seeing net purchases and 13 stocks experiencing net sales. The stock with the highest net purchase was Aerospace Electric, with a net inflow of about 276 million yuan, while the stock with the highest net sell was Goldwind Technology, with a net outflow of about 669 million yuan [18][19].

Group 1 - The core point of the news is that the A-share market experienced mixed performance on January 8, with significant net inflows in the defense and computer sectors, while overall market saw a net outflow of 374.35 billion yuan [1] - The defense and computer industries each saw net inflows exceeding 1.1 billion yuan, while banking, building materials, and automotive sectors had inflows over 600 million yuan [1] - The electronics sector faced the largest net outflow, totaling 14.155 billion yuan, with other sectors like telecommunications, non-ferrous metals, and power equipment also experiencing significant outflows [1] Group 2 - Ten stocks saw net inflows exceeding 500 million yuan, with Aerospace Science and Technology, Hailanxin, Hand Information, and Qian Zhao Guangdian leading with inflows of 910 million yuan, 887 million yuan, 847 million yuan, and 730 million yuan respectively [2][3] - Hailanxin's stock price surged by 20% following the release of a government initiative aimed at advancing AI in manufacturing by 2027 [2] - Hand Information submitted an application for H-shares listing on the Hong Kong Stock Exchange, indicating potential growth opportunities [2] Group 3 - The top stocks with net inflows on January 8 included Aerospace Science and Technology (9.1 billion yuan), Hailanxin (8.87 billion yuan), and Hand Information (8.47 billion yuan) [3] - Conversely, the stocks with the highest net outflows included Zhongji Xuchuang (3.90% decline, 3.227 billion yuan), Luxshare Precision (4.15% decline, 2.195 billion yuan), and Aerospace Development (0.35% increase, 1.652 billion yuan) [4] Group 4 - At the end of the trading day, the overall market saw a net outflow of 658 million yuan, with the power equipment sector experiencing net inflows exceeding 1 billion yuan [5] - Individual stocks like Jinfeng Technology and Qian Zhao Guangdian had significant net inflows exceeding 400 million yuan at the close [5][6] - The stocks with the largest net outflows at the end of the day included Zhongji Xuchuang (751.48 million yuan), New Yisheng (321.63 million yuan), and Luxshare Precision (219.82 million yuan) [7]

Market Overview - A-shares showed mixed performance on the 8th, with the Shanghai Composite Index experiencing narrow fluctuations and closing down 0.07% at 4082.98 points, while the ChiNext Index fell 0.82% [1] - The STAR Market Index rose strongly, gaining 0.82%, and the total trading volume in the Shanghai and Shenzhen markets was approximately 2.83 trillion yuan, a decrease of about 550 billion yuan from the previous day [1] Commercial Aerospace Sector - The commercial aerospace concept saw a significant surge, with over 3700 stocks in the A-share market closing in the green and more than 110 stocks hitting the daily limit [3] - Notable stocks included Qian Zhao Guang Dian and Pu Ni Test, which quickly reached their daily limit, while Jin Feng Technology achieved a three-day limit increase [5] - The launch of a large liquid carrier rocket assembly and recovery reuse base project in Hangzhou marked a significant development in China's commercial aerospace sector [6] Controlled Nuclear Fusion Sector - The controlled nuclear fusion concept was active, with stocks like Ha Han Hua Tong and Tian Li Composite seeing gains of over 12% and 10% respectively, with several stocks hitting their daily limit [9] - Recent breakthroughs in controlled nuclear fusion technology were reported, including the confirmation of the existence of a density-free zone in the Tokamak, which is crucial for high-density operation [10] - The upcoming 2026 Nuclear Fusion Energy Technology and Industry Conference aims to promote collaboration and innovation within the nuclear fusion industry [11] Industrial Software Sector - The industrial software concept gained traction, with stocks such as Han De Information and Bao Xin Software seeing significant increases, with Han De Information rising over 13% [13] - The Ministry of Industry and Information Technology and other departments issued a joint opinion to enhance the integration of artificial intelligence and manufacturing, which is expected to drive growth in the industrial software sector [15] - The government is expected to support the industrial software industry through policies and funding, indicating a potential rapid development phase for the sector [15]

一、【早盘盘面回顾】 板块上，商业航天概念再度走强，十余只成分股涨停，鲁信创投10天8板，银河电子4连板，通宇通讯、 邵阳液压、航天科技、华菱线缆、天箭科技等个股涨停。 智通财经1月8日讯，三大指数涨跌不一，沪指翻红，深成指跌幅收窄。沪深两市半日成交额1.77万亿， 较上个交易日缩量701亿。盘面上热点快速轮动，全市场超3700只个股上涨，其中有80只个股涨停。从 板块来看，商业航天概念反复活跃，十余只成分股涨停，鲁信创投10天8板，银河电子4连板，通宇通讯 2连板。AI应用概念爆发，久其软件、宝信软件等多股涨停。脑机接口概念走强，创新医疗、普利特、 南京熊猫4连板。可控核聚变概念表现活跃，中国一重、国机重装、中国核建2连板。下跌方面，证券板 块走弱，华林证券触及跌停。截至收盘，沪指涨0.09%，深成指跌0.2%，创业板指跌0.52%。 | 商业航天 +2.82% + 自选 | | | 0 6 | | --- | --- | --- | --- | | 产业链 股票池 | | | 2 只看最正宗 □ | | 现价_ 涨跌幅↓ 领涨次数 | 简称 | | 流通市值, | | 邵阳液压 49.60 +20.01% ...

Market Overview - A-shares showed mixed performance on the 8th, with the Shanghai Composite Index experiencing narrow fluctuations, while the ChiNext Index declined, and the Sci-Tech 50 Index surged [2] - The Shanghai Composite Index closed down 0.07% at 4082.98 points, the Shenzhen Component Index fell 0.51%, and the ChiNext Index dropped 0.82%, whereas the Sci-Tech 50 Index rose 0.82% [2] - Total trading volume in the Shanghai, Shenzhen, and Hong Kong markets was approximately 2.83 trillion yuan, a decrease of about 550 billion yuan from the previous day [2] Commercial Aerospace Sector - The commercial aerospace concept saw a significant surge, with over 3700 stocks in the A-share market closing in the green and more than 110 stocks hitting the daily limit [4] - Notable stocks included Qian Zhao Guang Dian and Pu Ni Test, which quickly reached the daily limit, and Jin Feng Technology achieved three consecutive limit-ups [4] - The sector's growth was attributed to the opening of a large-scale liquid rocket assembly and recovery reuse base project in Hangzhou, marking a significant milestone in China's commercial aerospace industry [6] Controlled Nuclear Fusion Sector - The controlled nuclear fusion concept was notably active, with stocks like Ha Han Hua Tong and Tian Li Composite seeing significant gains, with some stocks hitting the daily limit [8] - Recent breakthroughs in controlled nuclear fusion technology were reported, including the confirmation of the existence of a density-free zone in the Tokamak, which is crucial for high-density operation [10] - The upcoming 2026 Nuclear Fusion Energy Technology and Industry Conference aims to promote collaboration and innovation within the nuclear fusion industry [10] Industrial Software Sector - The industrial software concept experienced a strong rally, with stocks like Han De Information and Bao Xin Software reaching their daily limits [12] - The Ministry of Industry and Information Technology, along with other departments, issued a directive to enhance the development of artificial intelligence in manufacturing, which is expected to boost the industrial software sector [14][15] - The government's focus on industrial software development is anticipated to lead to rapid growth in the sector, with significant investment opportunities emerging [15]

Market Overview - A-shares exhibited mixed performance on the 8th, with the Shanghai Composite Index experiencing narrow fluctuations, while the ChiNext Index declined, and the Sci-Tech 50 Index surged [1] - The Shanghai Composite Index closed down 0.07% at 4082.98 points, the Shenzhen Component Index fell 0.51%, the ChiNext Index dropped 0.82%, and the Sci-Tech 50 Index rose 0.82% [1] - Total trading volume in the Shanghai and Shenzhen markets was approximately 2.83 trillion yuan, a decrease of about 55 billion yuan from the previous day [1] Commercial Aerospace Sector - The commercial aerospace concept saw a significant surge, with over 20 stocks hitting the daily limit, including Qian Zhao Guang Dian and Pu Ni Ce Shi, which both reached the limit [3] - Notable performers included Jin Feng Ke Ji, which achieved a three-day limit increase, and Zhen Lei Ke Ji, which rose over 15% to reach a historical high [3] Controlled Nuclear Fusion Sector - The controlled nuclear fusion concept showed strong performance, with Ha Han Hua Tong rising over 12% and several other stocks, including China Nuclear Engineering and Aerospace Morning Light, hitting the daily limit [6] - Recent breakthroughs in controlled nuclear fusion technology were reported, with the EAST device confirming the existence of a density-free zone, providing important physical evidence for high-density operation [6][8] Industrial Software Sector - The industrial software concept gained traction, with Han De Information rising over 13% and Baoxin Software hitting the daily limit [9] - The Ministry of Industry and Information Technology, along with other departments, issued a directive to strengthen the development of industrial software, indicating a supportive policy environment for the sector [11]