Group 1 - The Hong Kong stock market saw a net inflow of 9.178 billion HKD from northbound trading on January 7, with the Shanghai-Hong Kong Stock Connect contributing 3.49 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing 5.688 billion HKD [1] - The most bought stocks included Tencent (00700), Xiaomi Group-W (01810), and the Tracker Fund of Hong Kong (02800), while the most sold stocks were China Mobile (00941), SMIC (00981), and CNOOC (00883) [1][2] - Alibaba-W (09988) recorded a net inflow of 9.74 billion HKD, while SMIC (00981) experienced a net outflow of 10.38 billion HKD [2] Group 2 - Tencent (00700) received a net inflow of 8.86 billion HKD, while Xiaomi Group-W (01810) saw a net inflow of 8.13 billion HKD [2] - The report from Citigroup highlighted three key themes for the mainland internet industry by 2026: growth in recurring revenue from cloud infrastructure, competition among major internet companies for AI chatbot user traffic, and deployment of proprietary AI agents by vertical companies [4] - Xiaomi Group-W (01810) was notably bought with a net inflow of 16.32 billion HKD, as the CEO announced plans for the new generation of the Xiaomi SU7 to be launched in April [5] Group 3 - The Tracker Fund of Hong Kong (02800) and Hang Seng China Enterprises (02828) received net inflows of 14.65 billion HKD and 9.12 billion HKD, respectively [5] - Goldman Sachs maintained an "overweight" rating on Chinese A-shares and H-shares, citing attractive risk-reward ratios amid low investor positioning [5] - Goldwind Technology (02208) received a net inflow of 2.1 billion HKD, with potential positive catalysts linked to its stake in Blue Arrow Aerospace [6] Group 4 - China Life (02628) saw a net inflow of 4.16 billion HKD, while China Mobile (00941) and SMIC (00981) faced net outflows of 11.26 billion HKD and 10.7 billion HKD, respectively [7]

Market Overview - The Hong Kong stock market experienced a downward trend, with the Hang Seng Index closing down 0.94% at 26,458.95 points and a total turnover of HKD 2,761.34 million [1] - The Hang Seng China Enterprises Index fell by 1.14% to 9,138.75 points, while the Hang Seng Tech Index decreased by 1.49% to 5,738.52 points [1] - Zheshang International noted that the fundamentals of the Hong Kong market remain weak, with a decline in the funding environment, while Goldman Sachs maintains an "overweight" rating on Chinese A-shares and H-shares, citing attractive risk-reward ratios [1] Blue Chip Performance - WuXi Biologics (02269) led blue-chip stocks, rising 5.92% to HKD 36.12, contributing 11.87 points to the Hang Seng Index [2] - Other notable blue-chip performers included Innovent Biologics (01801) up 5.38% and WuXi AppTec (02359) up 4.91%, while Alibaba (09988) fell 3.25%, dragging the index down by 65.17 points [2] Sector Highlights Pharmaceutical Sector - The pharmaceutical sector continued its upward trend, with notable gains from Rongchang Biologics (09995) up 12.93% and Tigermed (03347) up 8.88% [3] - The National Medical Products Administration reported that 76 innovative drugs are expected to be approved by 2025, significantly surpassing the 48 approved in 2024, with a total transaction value exceeding USD 130 billion [4] Nickel Sector - Nickel stocks showed strong performance, with Xinjiang Xinxin Mining (03833) rising 12.28% and Zhongwei New Materials (02579) up 10% [4] - Nickel prices surged over 20% in the past two weeks, driven by supply constraints from Indonesia, which plans to reduce nickel mining quotas by 2026 [4] Paper Sector - Paper stocks saw significant gains, with Nine Dragons Paper (02689) up 8.97% and Lee & Man Paper (02314) up 6.92% [5] - Several paper companies announced price increases, indicating a reduction in production pressure and a more favorable market environment [5] Coal Sector - Coal stocks generally rose, with Shougang Resources (00639) up 5.98% and China Qinfa (00866) up 5.92% [6] - The Dalian Commodity Exchange saw a surge in coal futures, and analysts expect improvements in supply-demand dynamics for the coal industry [6] Optical Communication Sector - Optical communication stocks rebounded, with Yangtze Optical Fibre (06869) rising 6.75% [6] - The sector was buoyed by strong performances in the U.S. market, particularly from Lumentum and Coherent [7] Notable Stocks - Yadea Group (01585) announced a profit increase, leading to a 4.63% rise in its stock price [8] - Jinli Permanent Magnet (300748) was active, rising 3.65% amid news of potential export restrictions on rare earth materials to Japan [9] - Jitu Express (01519) reached a new high, with a 3.39% increase, reporting significant growth in package volume [10] - GF Securities (01776) faced pressure, dropping 4.09% after announcing a share placement and convertible bond issuance to raise funds for international business development [11]

智通财经APP获悉，港股三大指数全天震荡下行，午后跌幅进一步扩大，恒科指数一度跌超2%。截止 收盘，恒生指数跌0.94%或251.5点，报26458.95点，全日成交额为2761.34亿港元；恒生国企指数跌 1.14%，报9138.75点；恒生科技指数跌1.49%，报5738.52点。 浙商国际指出，港股市场基本面仍偏弱，资金面环境有所回落，政策面重点关注新质生产力和扩大内 需，情绪面短期回暖。高盛则维持对中国A股和H股的"超配"评级。该行认为，在当前盈利增长、估值 水平和投资者仓位普遍较低的背景下，中国股票的风险回报比具有吸引力。 蓝筹股表现 药明生物(02269)领涨蓝筹。截至收盘，涨5.92%，报36.12港元，成交额19.54亿港元，贡献恒指11.87 点。中泰证券研报指出，海外逐步进入降息节奏，投融资改善预期有望边际向好，且部分公司订单已然 看到恢复，该行预计外需CRO/CDMO有望迎来盈利与估值双抬升的"戴维斯双击"机会。 其他蓝筹股方面，信达生物(01801)涨5.38%，报89.05港元，贡献恒指11.79点；药明康德(02359)涨 4.91%，报111港元，贡献恒指3.94点；信义玻璃(0 ...

Group 1 - The core point of the news is the launch of a 50 million yuan subsidy program in Jinan for car purchases, aimed at stimulating consumer spending and economic growth [1][2][4] - The subsidy program is open to both individuals and enterprises, with no restrictions on residency or vehicle registration location, allowing out-of-town consumers to benefit [1][2] - The subsidy is structured in five tiers based on the pre-tax price of the vehicle, offering a maximum of 12,000 yuan in combined insurance subsidies and consumption vouchers [1][2] Group 2 - The car purchase subsidy application period is from January 1 to March 31, 2026, with three rounds of application windows [2] - The electronic consumption vouchers issued as part of the subsidy are valid for 90 days and can be used at various local merchants, with a maximum usage limit of 3,000 yuan per merchant [2] - The program aims to link automotive sales with broader consumer spending in retail and dining sectors, enhancing overall economic activity [2] Group 3 - A separate subsidy program for replacing old home appliances and purchasing new digital and smart products was also launched, covering ten categories of products [3] - The subsidy for home appliances is capped at 1,500 yuan per item, while digital products have a limit of 500 yuan per item, calculated as 15% of the final sales price after discounts [3] - The initiative is part of Jinan's broader strategy to enhance domestic demand and support high-quality economic development [4]

Monetary Policy Outlook - In 2026, China will continue to implement a moderately accommodative monetary policy to maintain relatively loose social financing conditions and guide reasonable growth in total financial volume and balanced credit allocation [1] - The People's Bank of China (PBOC) will focus on promoting stable economic growth and reasonable price recovery as key considerations for monetary policy, utilizing various tools such as reserve requirement ratio cuts and interest rate reductions to ensure ample liquidity [1] - The PBOC aims to align the growth of social financing scale and money supply with economic growth and price level expectations [1] Focus Areas for Monetary Policy - The 2026 monetary policy will emphasize enhancing financial services for high-quality development of the real economy, improving the structural monetary policy tool system, and strengthening financial support for key areas such as expanding domestic demand, technological innovation, and small and micro enterprises [1] - The PBOC will utilize structural monetary policy tools to support expanding domestic demand, boosting consumption, activating effective investment, and focusing on key areas such as technology-driven initiatives, private sector support, green transformation, urban-rural integration, and collaborative efforts between mountains and seas [1] Cross-Border Use of Renminbi - In 2026, the PBOC will deepen high-level financial market opening, enhance the role of central bank currency swaps, and facilitate the use of Renminbi in trade and investment [2] - China will optimize mechanisms like "Bond Connect" and "Swap Connect," welcoming more eligible foreign entities to issue Panda bonds, while expanding the interconnectivity of rapid payment systems and promoting QR code interoperability [2] - The PBOC will implement a one-time personal credit repair policy, optimize payment services for the elderly and foreign personnel in China, strengthen virtual currency regulation, and steadily develop digital Renminbi [2]

出自幽谷 迁于乔木 — 2026 年螺纹钢年报 投资咨询业务资格 皖证监函【2017】203 号 投资咨询部 黑色金属小组 研究员: 曹帅 从业资格号：F03088816 投资咨询号：Z0019565 初审：张莎 从业资格号：F03088817 投资咨询号：Z0019577 复审：赵肖肖 从业资格号：F0303938 投资咨询号：Z0022015 摘要： 综上所述，在宏观暖风下，通过强化宏观政策逆周期和跨周期调节，以促进 消费作为扩大内需的重要发力点，提振市场整体信心，2026 年经济将继续保持 温和复苏态势。2025 年钢价下跌主要由于全年房地产需求不及预期及频繁宏观 扰动带来的行业持续负反馈打击，而贯穿全年的低利润低库存或将成为常态，这 将给于钢价一定支撑的动力。如果 2025 年是内外悲观现实因素主导钢价的话， 那么 2026 年转向国内宏观暖市+基本面边际好转共同驱动，从信心回归下需求和 供给释放时间跨度来看，全年大体可能维持供需偏松状态，钢价保持偏强震荡为 主，从波动节奏来看，2025 年全年钢价可能先抑后扬，走出一个 N 字型走势。 在结束 2020 年-2025 年急涨急跌行情后，2026 年预 ...

省委经济工作会议召开后，省发展改革委迅速召开全省发展改革工作会议暨优化系统营商环境会 议，深刻学习领会、全面贯彻落实省委决策部署和省政府工作安排。"我们将着眼振兴大局，锚定年度 目标，纲举目张、精准发力，全力以赴完成好2026年经济社会发展目标任务，以实干实绩确保'十五 五'开好局、起好步。"省发展改革委党组书记、主任周轶赢表示。 作为综合经济部门，省发展改革委在全省经济运行中承担着重要的参谋助手角色。周轶赢表示，将 全面落实省委规划《建议》，制定好实施好我省"十五五"规划纲要和专项规划。围绕2026年经济实现良 好开局，加强经济监测预警分析，做好政策衔接、工作衔接，统筹制定出台有效有感的稳经济政策措 施，加强预期管理，提振社会信心。 聚焦进一步全面深化改革，周轶赢表示，要用改革的理念优化营商环境，推动落实优化营商环境行 动方案。融入和服务全国统一大市场建设，协同推进"准入、场景、要素"一体化改革，持续开展招标投 标领域突出问题系统整治。大力发展民营经济，优化市场准入环境，擦亮"政企面对面 政策零距离"品 牌，构建亲清的政商关系。大力发展通道经济，加快推进东北海路大通道建设。 围绕全面绿色转型，周轶赢介绍，将 ...

Core Viewpoint - The article discusses the potential for a sustainable revaluation of Chinese assets, drawing parallels with Japan's experience in the 1990s, emphasizing the importance of addressing structural issues alongside short-term stimulus measures [1][2]. Group 1: Japan's Structural Issues in the 1990s - Japan faced significant structural issues, including an aging population, which increased the elderly dependency ratio from 17.4% in 1990 to 25.6% in 2000, highlighting the aging problem [10]. - The public pension system was under pressure due to aging, with pension expenditures as a percentage of GDP increasing by 2.1 percentage points during the 1990s, raising concerns about sustainability [12]. - The real estate bubble burst in the early 1990s, leading to a prolonged decline in housing prices, with national residential land prices dropping by 52.8% over two decades [22]. - Employment challenges arose as the labor market faced oversupply, with university graduate employment rates falling from 81.3% in 1991 to 55.1% in 2003 [24]. - The financial system was strained as the real estate bubble's collapse weakened cash flows for real estate companies, increasing non-performing assets for banks [30]. Group 2: Policy Shortcomings in the 1990s - Japan's policies in the 1990s were inadequate, with a misalignment in technology direction and a reliance on short-term infrastructure investments, which did not lead to sustainable long-term growth [4]. - The government overly depended on quick-return infrastructure projects, which constituted nearly 20% of fiscal spending at times, delaying the resolution of structural issues [4]. - Real estate policies were slow and insufficient, with mortgage rate cuts lagging behind, leading to prolonged downward pressure on housing prices and damage to household balance sheets [53]. - The slow pace of debt resolution and a lenient approach to non-performing assets weakened the financial system's resilience, leading to higher costs during external shocks [56]. Group 3: Policy Awakening Post-2000 - After 2000, Japan shifted its policy focus towards social welfare, with social spending as a percentage of total fiscal expenditure rising from 21.4% in 2000 to 32.7% in 2015-2019 [65]. - The government implemented significant reforms to address non-performing assets, with the non-performing loan ratio dropping from 8.4% in 2001 to 2.9% in 2004, restoring bank credit functions [74]. - Technological policies became more aligned with market realities, focusing on key sectors and enhancing direct support for corporate R&D through revised tax incentives [78]. Group 4: Implications for China - China faces similar challenges with old growth drivers still weighing on the economy, particularly as real estate and domestic demand slow down [80]. - The importance of addressing old growth drivers is emphasized, as current policies like consumption subsidies may not suffice until structural issues in real estate and social welfare are resolved [82]. - The article suggests that timely and effective policy responses can mitigate the impact of external shocks and facilitate a smoother adjustment process for the economy [82].

Group 1 - The report maintains an optimistic outlook for the convertible bond market in January 2026, driven by policy expectations and seasonal capital inflows, which are expected to create a "good start" for the market [6][17] - The central economic work conference has identified "technological innovation" and "expanding domestic demand" as key policy focuses, with related industry policy benefits expected to continue, directly boosting market risk appetite [6][17] - The convertible bond market is experiencing a tight supply-demand balance, with the total size of publicly traded convertible bonds at approximately 527.1 billion yuan as of December 31, 2025, down 183.6 billion yuan from the beginning of 2025 [19] Group 2 - The report suggests focusing on growth styles in investment strategies, particularly in technology sectors such as aerospace, AI computing, semiconductor equipment, and innovative pharmaceuticals, which are expected to benefit from industry policy support [6][20] - The top ten convertible bond portfolio for January 2026 emphasizes aggressive and elastic sectors, with a focus on technology growth, cyclical recovery, and financial sectors [6][20] - Specific recommendations include increasing holdings in convertible bonds from companies like Yinbang, Zhenhua, and Yingliu in the technology sector, and focusing on cyclical sectors such as precious metals and chemicals [20][22]

2026年中国人民银行工作会议1月5日-6日召开。会议强调，要提升金融服务实体经济高质量发展质效。 进一步完善金融"五篇大文章"政策框架，实施好考核评价制度，加强金融服务效果评估，提升金融服务 专业化精细化水平。完善结构性货币政策工具体系，优化工具设计和管理，加强对扩大内需、科技创 新、中小微企业等重点领域的金融支持。高质量建设和发展债券市场"科技板"。用好服务消费与养老再 贷款，推动加大服务消费领域信贷投放。优化支农支小再贷款、再贴现管理，提升金融机构中小微企业 金融服务能力。加强重点供应链融资信息服务平台监管。 (本文来自第一财经) ...