Core Viewpoint - The investment opportunities in 2026 lie in the transitions between "new and old," "real and virtual," and "internal and external" factors, emphasizing the importance of a balanced and research-driven approach to investing [3][6]. Group 1: Technology Innovation - The first main line of investment is the transition of "technology innovation" from soft narratives to hard implementations, focusing on companies with actual products, revenue, and users rather than those relying solely on concepts [3]. - AI will continue to penetrate various industries, shifting from cloud-based solutions to edge computing, highlighting the need to invest in companies that provide core hardware and software platforms [3]. - Emerging technologies like quantum computing and brain-computer interfaces represent future technological peaks, warranting research and tracking despite their current lack of commercialization [3]. Group 2: Consumer Market - The second main line is the resilience and value reassessment within the "consumer market," which is becoming more structurally differentiated [4]. - Investment should focus on leading companies benefiting from consumer trends, such as high-end duty-free, smart home products, and domestic beauty brands, as well as traditional giants with strong brand equity and cash flow that are undergoing positive reforms [4]. Group 3: Globalization of Chinese Enterprises - The third main line involves the "outbound and globalization" of Chinese enterprises, which is becoming a second growth curve as domestic markets face saturation [5]. - Opportunities can be found in companies with strong brand recognition and channel advantages in overseas markets, as well as those in competitive industries like renewable energy and cross-border e-commerce that can secure international orders [5]. Group 4: Safe Assets and High Dividend Strategies - The fourth main line emphasizes the value of "safe assets" and "high dividend" strategies amid uncertainties such as inflation and geopolitical tensions [5]. - Assets like gold and strategic resources (e.g., copper) serve as stabilizers in investment portfolios, while companies with robust cash flow and high dividend payouts will become increasingly attractive in a potentially declining interest rate environment [5]. Group 5: Investment Strategies - The company suggests three core strategies for 2026: embracing balance over speculation, conducting deep research to avoid story-driven investments, and maintaining patience and discipline in long-term investments [6]. - A balanced allocation between aggressive tech growth and stable value defense is crucial to navigate uncertainties effectively [6]. - Long-term investment requires patience and the ability to take breaks during periods of high valuations to manage risks [6].

Group 1 - The Hubei Provincial Science and Technology Innovation Conference was held on January 4, 2026, showcasing 312 scientific achievements and individuals awarded for the 2025 Hubei Provincial Science and Technology Awards [1][3] - The event featured a "red carpet" ceremony honoring scientists, including academicians and university professors, emphasizing the tradition of recognizing scientific contributions in Hubei [1][2] Group 2 - Notable scientists included Yinzhuoping, a new academician from the Chinese Academy of Sciences, who is working on flexible electronic manufacturing technology for robotic skin applications [2] - The conference highlighted advancements in various fields, such as the development of a DNA barcode database for fish species by He Shunping and innovations in distributed optical fiber sensing technology by Li Zhengying [5][8] - Hubei has established 547 new research and development institutions, achieving comprehensive coverage at the city and county levels, and has a strong network of 41.5 million R&D personnel and 11.21 million skilled workers [8]

Core Viewpoint - The Guangdong-Hong Kong-Macao Greater Bay Area is evolving into a leading international technology innovation center, with significant advancements in cross-border scientific research and collaboration, particularly in the biomedical sector [2][3][4]. Group 1: Development of the Greater Bay Area - Since 2019, the Zhuhai University of Macau Technology Research Institute has facilitated over 180 commercial projects with a total value exceeding 120 million yuan, showcasing the area's unique advantages in talent and manufacturing [2]. - The Greater Bay Area has established two national laboratories, 45 key laboratories, and 33 joint laboratories, positioning itself as a significant player in the global innovation landscape [2]. - By 2025, the "Shenzhen-Hong Kong-Guangzhou" technology cluster is expected to rank first globally, while the "Macau-Zhuhai" cluster is projected to improve its ranking from 100th to 98th [3]. Group 2: Innovation Collaboration - The collaboration among Guangdong, Hong Kong, and Macau is transitioning from project-based cooperation to a more integrated development model, enhancing the region's innovation spillover effects [4][9]. - The research focus of the Zhuhai University of Macau Technology Research Institute includes biomedicine and traditional Chinese medicine, with ongoing partnerships with various pharmaceutical companies [5][12]. - New cooperation models are emerging, shifting from traditional manufacturing to high-end research and development, leveraging Hong Kong's international resources [7][9]. Group 3: Infrastructure and Investment - Guangdong has over 10 national large scientific facilities, covering critical fields such as energy and life sciences, which are essential for foundational research [8]. - The Hong Kong government is implementing measures to optimize its industrial structure, including tax incentives and funding to foster emerging industries like advanced manufacturing and AI [8][14]. - By 2024, Guangdong is expected to have over 77,000 high-tech enterprises, contributing significantly to the national high-tech product exports, which are projected to reach 1.828 trillion yuan [14]. Group 4: Challenges and Future Directions - Despite advancements, the Greater Bay Area faces challenges in cross-border flow of technology elements, particularly data, which is crucial for the development of digital economy and AI [18][20]. - The region is exploring solutions to enhance the flow of data and other innovation elements, with initiatives aimed at improving policy coordination and market integration [19][20]. - Future reforms will focus on breaking down barriers to cross-border flows, particularly in talent acquisition and technology market integration, to enhance overall innovation efficiency [20][21].

Core Viewpoint - Confidence is more important than gold, and activating China's massive market through innovation breakthroughs is crucial for high-quality economic growth [2] Group 1: Innovation and Technology Breakthroughs - In 2025, significant advancements in AI models like DeepSeek and breakthroughs in the innovative drug sector showcased China's competitiveness in the AI and biopharmaceutical fields [3] - The rapid iteration of large model technologies and breakthroughs in innovative drugs have created new industries and jobs, sending a strong signal of China's capability in the new technological revolution [3] - The Chinese space industry achieved multiple breakthroughs in 2025, including a record 92 launches, which has further boosted market confidence [3][4] Group 2: Future Expectations and Market Dynamics - The year 2026 is expected to see continued breakthroughs in various fields, including practical applications of AI and advancements in commercial space endeavors [4] - The integration of AI and robotics is anticipated to create new market opportunities in sectors such as elderly care and domestic services, leading to a clear path from technology investment to new consumption [4] - Cross-sector innovations are expected to generate new economic growth points, enhancing consumer confidence and creating significant opportunities for consumption upgrades [5] Group 3: Economic Interaction and Growth - The interaction between innovation and consumption is projected to be a key driver of economic growth in 2026, with technological advancements providing new supply and consumption upgrades creating new demand [5] - The expectation is to witness breakthroughs across various fields, including AI, chips, biotechnology, and renewable energy, contributing to a broader societal confidence boost [5]

Group 1 - China ranks prominently in scientific research achievements, innovation, and urban clusters according to multiple international research platforms, with the UN Deputy Secretary-General describing it as entering an "innovation explosion period" [1] - The Chang'e 7 mission is expected to launch around 2026, focusing on lunar south pole exploration and carrying payloads from several countries [1] - The Tianwen-2 mission, aimed at asteroid exploration and sample return, successfully launched in May 2025, marking China's first mission to explore and return samples from an asteroid [1] Group 2 - The new generation of reusable crewed spacecraft, "Dream Boat," is set for its first flight in 2026, featuring a modular design and intended for near-Earth space station operations and crewed lunar missions [3] - The 2026 crewed spaceflight schedule includes the launch of Shenzhou-23 and Shenzhou-24 crewed spacecraft, as well as the Tianzhou-10 cargo spacecraft, with Shenzhou-23 featuring a crew member for a long-term stay [3] Group 3 - China's deep-sea exploration capabilities have expanded significantly, with the "Fendouzhe" manned submersible completing deep-sea scientific research in the Arctic, marking a shift from "full ocean depth" to "full ocean area" exploration [5][7] - By the end of 2025, China's deep-sea manned submersibles are expected to exceed 2,000 dives, enhancing international scientific cooperation and technological development in deep-sea research [5][7] Group 4 - The "2025 Top Ten Scientific Breakthroughs" list by the Institute of Physics includes a breakthrough in the preparation of the first two-dimensional metal, marking a significant achievement in the field of two-dimensional materials [8] - In the biopharmaceutical sector, 76 innovative drugs were approved in 2025, with total licensing transactions exceeding $130 billion, indicating a historic peak in China's pharmaceutical innovation [8]

Group 1 - The overall performance of major assets shows that the equity, bond, and commodity markets are stabilizing with narrow fluctuations [2][9] - The A-share market is experiencing a high-level narrow fluctuation, with the Shanghai Composite Index maintaining a continuous upward trend, although affected by pre-holiday risk aversion [3][11] - The domestic macroeconomic data continues to improve, with PMI rising and remaining in the expansion zone, while the RMB continues to appreciate against the USD, providing support for the market [3][12] Group 2 - The bond market is expected to remain in a state of fluctuation, with liquidity easing providing a support base while upward movement is capped by the equity market [6][36] - The bond market configuration suggests that it may continue to experience a period of oscillation, with short-term bonds likely to perform better due to their flexibility [6][36] Group 3 - The commodity market is stabilizing after a slight decline, with precious metals like gold and silver experiencing adjustments after significant gains [7][44] - The outlook for precious metals remains positive in the medium to long term, with expectations of upward movement due to ongoing geopolitical conflicts and a declining status of the US dollar [7][44] - The recommendation for commodity allocation suggests maintaining positions in gold [7][47] Group 4 - The report suggests an "barbell strategy" for A-share allocation, focusing on offensive sectors like telecommunications and commercial aviation while retaining cash for potential post-holiday volatility [5][13] - The focus on technology innovation sectors is emphasized as a key driver for market performance in the medium to long term, particularly in the context of national competition and industrial transformation [11][13]

Group 1 - China ranks among the top in research output, quality, and innovative urban clusters, with the UN Deputy Secretary-General describing the country as entering an "innovation explosion period" [2] - A series of new technology projects and plans are expected to be unveiled in 2026, marking the beginning of the "14th Five-Year Plan" [2] Group 2 - The Chang'e 7 mission is scheduled for launch around 2026 to explore the lunar south pole environment and water ice resources, carrying payloads from multiple countries [3] - The Tianwen-2 mission, which aims to conduct the first asteroid exploration and sample return, successfully launched in May 2025 [3] Group 3 - The new generation of reusable crewed spacecraft, "Dream Boat," is set for its first flight in 2026, featuring a modular design for near-Earth space station operations and crewed lunar exploration [4] - The 2026 crewed spaceflight schedule includes the launch of Shenzhou-23 and Shenzhou-24 crewed spacecraft, as well as the Tianzhou-10 cargo spacecraft [4] Group 4 - The "Fendouzhe" manned submersible has expanded China's deep-sea exploration capabilities, completing significant missions including deep dives in the Arctic [5] - By the end of 2025, China's manned submersibles are expected to exceed 1,700 dives, with projections to surpass 2,000 dives in 2026 [5] Group 5 - The "2025 Top Ten Scientific Breakthroughs" list includes a significant achievement from the Chinese Academy of Sciences in producing the first example of two-dimensional metals, marking a notable advancement in material science [8] - In the biopharmaceutical sector, 76 innovative drugs were approved in 2025, with total licensing transactions exceeding $130 billion, setting historical records [8] - Technological innovations are increasingly integrated into various sectors, enhancing quality of life through advancements in robotics, medical applications, and computational technologies [8]

同日，怀柔区发布了第一批"机遇清单"，清单包括45项可转化的科研技术成果、26项多元合作机会、10 处优质产业空间、17个已开放共享的科学设施平台、19只专项基金资源。据介绍，企业可通过"怀柔区 营商环境"小程序实时查阅，并通过线上智慧服务、线下专人对接的方式，便捷享受从技术、空间到资 本的全链条服务。大会还举行了重大项目集中签约仪式，10个项目成功签约，签约项目聚焦科技服务、 医药健康、科学智能、新能源四大前沿领域，涵盖共建医药健康科技项目高标准评审中心、超算互联网 枢纽节点、科研数据语料库、低空云平台、先进低温技术创新平台、国际科技成果转化平台等。 当日举行的揭牌活动中，7个重量级科技创新平台正式落地怀柔科学城，并将陆续投入运行。其中包括 细胞治疗与修复再生、原子制造与真空高端装备、具身智能计算、含碳资源转化、科学数据技术与系统 等五个北京市重点实验室。建设主体涵盖中国科学院大学、中国科学院物理研究所、中国科学院计算机 网络信息中心、北京干细胞与再生医学研究院等科研单位，以及中国医药、中科合成油技术等科技领军 企业。 新京报讯(记者周怀宗)1月4日，记者在北京市怀柔区2026年优化营商环境暨高质量发展推进 ...

Core Insights - The Sci-Tech Innovation Board (STAR Market) has become a central battleground for technological innovation in China, with the STAR Composite Index (Sci-Tech Composite Index) launched in early 2025, showcasing a significant annual increase of 46.3% and a cumulative rise of nearly 115% since the "9·24" market rally, outperforming major indices like the Shanghai Composite Index and CSI 300 [1][2]. Market Performance - The STAR Composite Index has demonstrated strong market performance, ranking among the top of major broad-based indices, with a 46.3% increase in 2025 and a cumulative increase of 114.97% since the "9·24" rally [2]. - The number of products linked to the STAR Composite Index has expanded from 12 to 58, with a total scale exceeding 26.6 billion yuan, reflecting increased investor interest and product diversity [2][3]. Product Performance - Most products linked to the STAR Composite Index have achieved positive returns, with over 60% of products yielding more than 20% cumulative returns. Notably, the Jiashi STAR Composite Enhanced Strategy ETF has a cumulative return of 43.19%, leading the pack [3][4]. Index Differentiation - The STAR Composite Index provides comprehensive coverage of both industry leaders and growth potential companies, filling a gap in the representation of the STAR Market's overall ecosystem, unlike the more focused Sci-Tech 50 and Sci-Tech 100 indices [4][5]. - The STAR Composite Index serves as a core allocation anchor for investors looking to gain exposure to the entire STAR Market, while the Sci-Tech 50 and Sci-Tech 100 indices cater to different investment strategies [5][6]. Institutional Interest - The STAR Composite Index is increasingly viewed as a long-term allocation option for institutional investors, such as insurance and pension funds, due to its strategic alignment, long-term return potential, and risk diversification capabilities [6][7]. - The average daily trading volume of leading STAR Composite Index ETFs has reached a significant scale, enhancing liquidity and reducing concerns for institutional investors [6][8]. Future Directions - The future of the STAR Composite Index may involve product innovation and the introduction of derivatives, which could activate the market and attract diverse investor preferences [7][8]. - Suggestions for future developments include creating cross-market ETFs, thematic ETFs based on technology sectors, and implementing systematic investment plans to lower barriers for ordinary investors [7][8].

Core Insights - Shandong Steel Group has achieved significant breakthroughs in technological innovation and intelligent manufacturing, with its "Hot Rolling High Strength Steel Specification Rapid Transition and Stable Rolling Intelligent Optimization Control Technology" recognized as one of the top ten innovative achievements among provincial state-owned enterprises [1] - The company has developed an AI model named "Shangzhi" that integrates deeply into various production processes, showcasing its role as a leader in the high-end software industry chain [1] Group 1: Technological Innovations - The intelligent optimization control technology developed by Shandong Steel Group has improved specification switching efficiency by 28.6%, with a key quality indicator success rate of up to 97.5% [1] - The technology enables stable mass production of high-strength steel with specifications of 2mm and below, enhancing the quality and production efficiency of high-end steel [1] Group 2: Digital Transformation - The "Shangzhi" AI model has been applied across production, energy, logistics, and supply chain sectors, identifying 371 common industry scenarios and creating a list of 138 AI development projects [1] - The integration of "5G + AI + intelligent hardware" in the unmanned material yard has increased operational efficiency by 50% and improved material yard utilization by over 10% [2] Group 3: Collaborative Innovations - Shandong Steel's Rizhao company has established joint laboratories with universities and industry partners, achieving a product qualification rate of 99.93% for high-purity tinplate and reducing production line energy consumption by 31% [2] - Since the 14th Five-Year Plan, Shandong Steel has participated in 26 major national and provincial scientific projects and has independently implemented over 1,500 R&D projects, including the global debut of products like 500MPa wind power steel plates [2]