Group 1 - The report highlights a strong start for the North Exchange in 2026, with the North Exchange 50 index rising by 5.82% and daily trading volume increasing by 34.58% [9][14][25] - Key sectors showing significant growth include aerospace, TMT (Technology, Media, and Telecommunications), and pharmaceuticals, with notable performances from companies in the rocket and satellite industry and the space photovoltaic sector [9][10] - The report emphasizes the importance of thematic investments, particularly in the spring season, focusing on the "15th Five-Year Plan" and future industries within the North Exchange [9][10] Group 2 - The North Exchange saw 261 stocks rise and 26 fall, resulting in a rise-to-fall ratio of 10.04, with top performers including BeiYikang and ZhongCheng Technology [34] - The average PE (TTM) for the North Exchange is reported at 86.55 times, with a median of 42.05 times, indicating a favorable valuation compared to other exchanges [22][24] - The report notes that the North Exchange's financing balance increased to 8.383 billion yuan, reflecting a positive trend in market liquidity [26][14] Group 3 - The report outlines upcoming IPOs and approvals, including the subscription of Kema Materials and the upcoming subscription of Aisheren, along with three companies scheduled for review [27][31] - The new three-board market saw five new listings and five delistings, with planned financing of 221 million yuan and completed financing of 83 million yuan [47][49] - The report identifies key companies to watch in the space photovoltaic and AI application sectors, including Liancheng CNC and Optech, as well as others involved in humanoid robotics and advanced packaging [10][10]

- The report introduces a **market timing system** based on the distance between the short-term moving average (20-day) and the long-term moving average (120-day) of the WIND All A Index. The system identifies market trends by observing whether the short-term moving average is above the long-term moving average and the absolute difference exceeds 3%. The latest data shows the 20-day moving average at 6394 and the 120-day moving average at 6142, with a difference of 4.10%, indicating an upward trend[6][11]. - The **profitability effect** is used as a core indicator to assess market conditions. The current profitability effect is 5.28%, which is significantly positive, suggesting that the market is likely to continue its upward trend[6][11]. - The **industry trend allocation model** highlights sectors with strong upward trends, including AI applications, commercial aerospace, computing power, industrial metals, and energy storage. Additionally, the **mid-term reversal expectation model** signals opportunities in media and innovative healthcare sectors[6][11]. - The **TWO BETA model** recommends focusing on technology sectors, particularly AI applications and commercial aerospace[6][11]. - The **valuation metrics** for the WIND All A Index show that the PE ratio is near the 90th percentile, indicating a relatively high valuation, while the PB ratio is at the 50th percentile, reflecting a moderate valuation level. Based on these metrics and the market trend, the allocation model suggests an 80% equity position for absolute return products[7][11]. - Backtesting results for the market timing system show that the WIND All A Index increased by 5.11% over the past week, with small-cap stocks (CSI 1000) rising by 7.03%, mid-cap stocks (CSI 500) by 7.92%, and large-cap indices (HS300 and SSE50) by 2.79% and 3.4%, respectively. Sector-wise, defense and media performed strongly, with defense rising by 14.56%, while banking and transportation lagged, with banking declining by 1.88%[2][5][6].

Market Overview - On January 9, the Hong Kong stock market saw the Hang Seng Index and the Hang Seng Tech Index rise by 0.32% and 0.15% respectively, with the internet sector leading the gains [1] - The Hong Kong Internet ETF (513770) experienced a price increase of over 2% during the day, closing up 1.69% [1][9] - Notable performers in the AI application sector included Kuaishou-W and Bilibili-W, both rising over 3%, while Alibaba-W increased by 2.73% [1][9] Fund Inflows - The Hong Kong Internet ETF (513770) showed continuous premium throughout the day, indicating strong buying interest, with a net inflow of 566 million yuan over four consecutive days [2][9] AI Sector Insights - MiniMax, an AI model company, saw its stock price surge by 109% on its debut, igniting investor enthusiasm for AI applications [10] - Analysts from Huaxin Securities predict that 2026 will be a "golden year" for AI applications, driven by technological maturity, supportive policies, and market demand [11] - According to Founder Securities, the investment cycle in the tech industry follows a pattern of "hard three years, soft three years, and three years of business model development," with major internet companies competing to create entry-level AI applications [11] Performance of Key Stocks - The top-performing stocks in the internet sector included: - Huoliang Technology (1860) with a rise of 13.21% - Yimaitong (2192) up by 10.33% - Fourth Paradigm (6682) increasing by 7.44% - Meitu (1357) up by 6.87% [2][9] ETF Composition - The Hong Kong Internet ETF tracks the CSI Hong Kong Internet Index, with major holdings including Alibaba-W, Tencent Holdings, Xiaomi Group-W, Kuaishou-W, and Bilibili-W, which collectively account for over 78% of the fund [5][12]

Group 1 - Jia Mei Packaging announced that its stock will resume trading on January 12, 2026, after a price increase of 230.48% from December 17, 2025, to January 6, 2026 [2][16] - Guosheng Technology also stated that its stock will resume trading on January 12, 2026, with a cumulative price increase of 370.20% from October 31, 2025, to January 6, 2026 [2][17] - Tianpu Co. announced its stock will resume trading on January 12, 2026, after a significant price increase of 718.39% from August 22, 2025, to December 30, 2025 [2][18] Group 2 - The Ministry of Commerce held a national business work conference on January 10-11, 2026, focusing on optimizing the consumption upgrade policy for 2026 [4] - The conference emphasized eight key areas of work, including boosting consumption, enhancing the modern market system, and promoting trade innovation [4] - The conference aims to align actions with the central government's economic strategies and enhance international trade cooperation [4] Group 3 - The U.S. Supreme Court announced on January 9, 2026, that it would not make a ruling on the tariff case initiated by the Trump administration [5] - The tariffs were implemented without congressional approval under the International Emergency Economic Powers Act [5] Group 4 - The U.S. Labor Department reported a non-farm employment increase of 50,000 in December 2025, below the expected 73,000, while the unemployment rate fell to 4.4% [6] - The report suggests that the Federal Reserve is likely to maintain interest rates unchanged in January [6] Group 5 - The China Securities Regulatory Commission (CSRC) and the Ministry of Finance announced new regulations increasing the whistleblower reward for securities and futures violations to a maximum of 1 million yuan [8] - The reward structure has been significantly enhanced, with the maximum for major violations raised from 100,000 yuan to 500,000 yuan [8] Group 6 - The State-owned Assets Supervision and Administration Commission (SASAC) reported that central enterprises achieved over 11 trillion yuan in revenue in strategic emerging industries by November 2025 [11] - The SASAC also noted that 116 strategic reorganizations involving 229 first-level enterprises have been initiated [11] Group 7 - Shanghai's government released a three-year action plan (2026-2028) to support the transformation and upgrading of advanced manufacturing [13] - The plan includes initiatives for low-altitude economy, commercial aerospace, and humanoid robots, aiming to overcome development bottlenecks in these sectors [13] Group 8 - The Baotou Rare Earth Products Exchange launched a rare earth price index to provide timely and accurate price references for the industry [14] - The index is based on trading data and aims to reflect the overall price trends of rare earth products [14] Group 9 - The Ministry of Finance and the State Taxation Administration announced the cancellation of VAT export rebates for photovoltaic products starting April 1, 2026 [15] - The VAT export rebate rate for battery products will be reduced from 9% to 6% during 2026, with a complete cancellation planned for 2027 [15]

Macro and Financial - CPI continues to rise, with a year-on-year increase of 0.8% in December 2025, driven mainly by food prices, which rose by 1.1% [5][6] - The Ministry of Finance announced adjustments to export tax rebates for photovoltaic products, effective from April 1, 2026, aiming to reduce trade friction and improve fiscal resource allocation [7] - The Ministry of Industry and Information Technology (MIIT) is promoting the construction of a national integrated computing network to enhance industrial smart computing capabilities [8] - A guideline for the construction of industrial green microgrids has been issued, aiming to promote the use of green electricity in key industrial sectors [9][10] Capital Market - The China Securities Regulatory Commission (CSRC) has introduced new regulations to enhance whistleblower rewards for securities and futures violations, increasing the reward percentage from 1% to 3% of penalties [14][15] - The Shanghai Composite Index has reached a new high, closing at 4120.43 points after a 16-day consecutive rise, with significant trading volume exceeding 3.1 trillion yuan [19] - Goldman Sachs has expressed a positive outlook on the Chinese stock market, predicting a 20% increase in the MSCI China Index and a 12% increase in the CSI 300 Index for the year [17] Business and Industry - The MIIT has warned against irrational competition in the lithium battery industry, emphasizing the need for market regulation and quality supervision [27] - The State Council's Anti-Monopoly Committee is investigating the competitive landscape of the food delivery platform industry due to issues of excessive subsidies and price competition [28] - The Ministry of Commerce has stated that any foreign acquisitions must comply with Chinese laws and regulations, particularly regarding Meta's acquisition of Manus [29] - The sixth batch of national high-value medical consumables procurement has been initiated, focusing on drug-coated balloons and urological intervention consumables [33]

中银国际证券股份有限公司 具备证券投资咨询业务资格 策略研究 证券分析师：王君 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号：S1300519060003 证券分析师：徐沛东 (8621)20328702 peidong.xu@bocichina.com 证券投资咨询业务证书编号：S1300518020001 证券分析师：郭晓希 (8610)66229019 xiaoxi.guo@bocichina.com 证券投资咨询业务证书编号：S1300521110001 证券分析师：徐亚 （8621）20328506 ya.xu@bocichina.com 证券投资咨询业务证书编号：S1300521070003 证券分析师：高天然 | 观点回顾 4 | | --- | | 大势与风格 5 | | 中观行业与景气 7 | | 一周市场总览、组合表现及热点追踪 9 | | 风险提示 10 | tianran.gao@bocichina.com 证券投资咨询业务证书编号：S1300522100001 策略研究 | 证券研究报告 — 总量周报 2026 年 1 月 11 ...

Group 1 - The three major stock indices collectively rose during the week of January 5 to January 9, with the Shanghai Composite Index increasing by 3.82% to close at 4120.43 points, marking a 10-year high [1] - The Shenzhen Component Index rose by 4.40%, and the ChiNext Index increased by 3.89%, with over 86% of individual stocks rising during the week [1] - Zhite New Materials (300986) became the first stock to double in value this year, achieving a closing price of 27.82 yuan and a total market capitalization of 11.5 billion yuan, with a cumulative increase of 148.84% over the week [1] Group 2 - Zhite New Materials issued announcements on January 6 and January 8 regarding abnormal stock trading fluctuations, indicating that the stock price had significantly deviated from the market index and posed a risk of rapid decline [3] - The company has maintained its core business in the research, production, and sales of aluminum molds, protective platforms, and prefabricated components since its listing, with no changes reported [4] - Zhite New Materials operates within the aluminum industry and is associated with AI applications and quantum computing concepts, focusing on the development, design, production, rental, and technical services of formwork and prefabricated construction products [4]

Group 1 - The A-share market experienced significant growth, with the Shanghai Composite Index rising 3.82% to 4120.43 points, marking a 10-year high, and over 86% of stocks increased in value during the week [1] - Zhite New Materials became the first stock to double in value this year, achieving a closing price of 27.82 yuan and a total market capitalization of 11.5 billion yuan, with a cumulative increase of 148.84% over the week [2] - The company issued announcements regarding abnormal stock price fluctuations, indicating that the recent price surge significantly deviated from the market index and posed a risk of rapid price correction [4] Group 2 - Zhite New Materials specializes in the research, production, and sales of aluminum molds, protective platforms, and prefabricated components, with no changes in its main business since its listing [5] - The company is positioned within the aluminum industry and is associated with AI applications and quantum computing concepts, with its main products including aluminum molds and prefabricated construction products [5] - Recent positive developments in the AI application industry, such as Meta's acquisition of an AI company and the issuance of a special action plan by multiple government departments, have contributed to the favorable market sentiment [5]

Core Viewpoint - The company, Oriental Pearl, is addressing the repayment status of loans provided to Nanjing Fuyi Real Estate Co., Ltd., with a focus on the remaining unpaid principal and the company's efforts to secure repayment guarantees [1][2][3]. Group 1: Loan Repayment Status - As of January 9, 2026, the company received a repayment of RMB 20,524,584, leaving an outstanding principal of RMB 142.7 million, which accounts for 0.48% of the company's latest audited net assets [1]. - Following a debt offset agreement, the remaining loan principal was reduced to RMB 163.2 million, with the repayment deadline extended to December 31, 2025 [2]. - The company is in discussions with Fuyi Real Estate regarding the repayment plan and is seeking collateral guarantees for the remaining debt [2]. Group 2: Financial Performance of Fuyi Real Estate - Fuyi Real Estate reported revenue of RMB 592 million and a net loss of RMB 173 million for the period ending November 30, 2025 [3]. - The company anticipates a potential impairment provision of approximately 10% of the outstanding loan principal due to Fuyi's short-term financial difficulties [3]. Group 3: Company Financials - For the first three quarters of 2025, the company achieved total revenue of RMB 5.096 billion, a year-on-year decrease of 1.76%, with a net profit of RMB 542 million, down 24.64% [5]. - The third quarter saw revenue of RMB 1.72 billion, a decline of 8.59%, and a net profit of RMB 197 million, down 33.22%, primarily due to reduced profits from the cultural real estate business and investment income [5]. Group 4: Stock Performance - The company's stock price experienced a significant increase, closing at RMB 13.32 per share on January 9, 2024, with a total market capitalization of RMB 44.781 billion [6][7]. - The stock had a trading volume of 1.755 million hands and a price-to-earnings ratio (TTM) of 91.09 [7]. Group 5: Business Operations and AI Involvement - The company is involved in smart broadcasting, cultural tourism, and retail businesses, with ongoing exploration of AI applications to enhance service scenarios and customer experiences [9]. - The company holds a 1.3182% indirect stake in Chaoguyuan Digital Technology Co., Ltd., which is in the process of going public, although the timeline remains uncertain [9].

Market Performance - The three major stock indices collectively rose in the past week (January 5 - January 9), with the Shanghai Composite Index increasing by 3.82% to close at 4120.43, marking a 10-year high [1] - The Shenzhen Component Index rose by 4.40% to 14120.15, while the ChiNext Index increased by 3.89% to 3327.81 [1] - Over 86% of stocks experienced gains during the week, with 488 stocks rising over 15%, and only 7 stocks declining more than 15% [1] Top Performing Stocks - Zhite New Materials (300986.SZ) topped the weekly gainers with a 148.84% increase, followed by Shaoyang Hydraulic (301079.SZ) with an 84.91% rise [2] - Other notable stocks with gains exceeding 61% include Bibet-U (688759.SH), Kuaiji Elevator (002774.SZ), and Fenglong Co. (002931.SZ) [2] - The AI application sector saw significant growth, with Zhite New Materials achieving a 20CM five consecutive limit-up, bringing its market value to 11.5 billion [2] Industry Developments - The AI application sector received positive news, including Meta's acquisition of AI company Manus for potentially billions of dollars, marking its third-largest acquisition [4] - The Ministry of Industry and Information Technology and other departments issued a plan to promote the integration of AI and manufacturing, aiming to develop 3-5 general large models for deep application in the industry [4] - Various sectors, including smart hardware, finance, education, logistics, and agriculture, are increasingly adopting AI applications [4] Company Updates - Zhite New Materials is currently developing fireproof and heat-insulating materials, which are still in the experimental stage and have not yet reached mass production [5] - The company has formed a strategic partnership with a national key laboratory to explore AI and materials science collaboration, aiming to create an innovation platform [6] - Rongke Technology (300290.SZ) led the decline with a 26.59% drop, clarifying that it has no plans for a merger with Chaoguyuan Company [8][10][13]