中信建投（601066）研报称，近期铜铝代表的有色，年底走势非常强劲，定价关键战略资源安全以及美 国超预期货币宽松。有色行情本质是定价全球新旧秩序更替，所以铜必将接力金银，铜的行情仍未结 束。13000美元并非本轮铜价终点，看好2026年铜价赔率。 NO.3信达证券（601059）：军工行业催化较多 信达证券研报指出，A股行情的基础依然坚实，年度上存在盈利改善和资金流入共振的可能性。战略 上，该机构认为春节前流动性环境大概率较好，市场可能继续偏强，1月可能会有一些波动。未来1年市 场短期的波动可能来自监管政策和供给放量速度。需要关注监管政策变化的情况，同时，如果股权融资 规模放量速度很快，股市供需格局再次转弱，那么市场也存在波动加大的可能。板块方面，科技板块在 春季行情中通常有明显的超额收益，行情可能围绕产业催化出现扩散。周期板块也是春季行情中的弹性 品种，政策和盈利均有预期。有色金属、储能等行业供需格局较好，价格持续上行。军工行业产业催化 较多，业绩空窗期主题活跃的阶段容易表现强。金融板块中，非银的弹性有望逐步增加。 ｜2026年1月12日星期一｜ NO.1华西证券：把握做多窗口牛市行情或将继续推进 华西证 ...

Core Insights - The article highlights the investment philosophy of Liu Bin, a fund manager at GF Fund, emphasizing a research-driven approach to identify industry trends and investment opportunities [1][2]. Group 1: Investment Philosophy - Liu Bin focuses on significant industry trends rather than short-term market fluctuations, aiming to build a resilient investment portfolio through in-depth research [1][2]. - His investment style is characterized by a blend of growth stocks and some cyclical stocks, with a focus on long-term alpha generation while balancing risks [5][6]. Group 2: Industry Expertise - Liu Bin has extensive experience across various sectors, including non-metallic building materials, pharmaceuticals, and new energy, which has contributed to his deep understanding of industry cycles [2][4]. - His research methodology involves creating comprehensive databases to analyze supply and demand dynamics, allowing for a nuanced understanding of market conditions [2][3]. Group 3: Focus on Emerging Industries - Liu Bin has shown a strong interest in emerging industries such as AI, robotics, and innovative pharmaceuticals, which he believes will drive significant growth in the coming years [6][7]. - He identifies the "engineer dividend" as a key factor for future excess returns in China, leveraging the country's advantages in engineering talent and R&D capabilities [6][7]. Group 4: Performance Metrics - During his tenure at Xinhua Fund, Liu Bin achieved a cumulative return of 144.66% for the Xinhua Industry Cycle A fund, ranking in the top 5% among similar products [3]. - His current fund, GF Rui Xuan, has delivered a cumulative return of 32.80% since June 2023, outperforming major indices [3][5].

期货交易咨询业务资格：证监许可【2011】1285号 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 华联期货铝周报 供需紧平衡，铝价仍具上行潜力 20260111 黄忠夏 从业资格号：F0285615 0769-22119245 交易咨询号：Z0010771 审核：萧勇辉，从业资格号：F03091536,交易咨询号：Z0019917 1 周度观点及策略 2 期现市场 3 供给及库存 4 初加工及终端市场 5 供需平衡表及产业链结构 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 周度观点及策略 周度观点及策略 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 u 宏观：美国对委内瑞拉军事行动引发市场对突发新闻风险的担忧，特朗普重申控制格陵兰岛主张遭跨党派反 ...

Group 1 - The investment rating for the automotive industry is positive, with expectations for steady demand growth driven by the implementation of the "Two New" policy in 2026 [1][12][14] - The core viewpoint emphasizes that the subsidy policy has shifted from fixed amounts to a percentage of the vehicle price, which is expected to benefit high-end vehicles while putting pressure on low-priced cars [1][14] - The report anticipates a marginal recovery in sales growth in Q1 2026, with an upward revision of the annual domestic sales growth forecast to -2% [1][14][16] Group 2 - The report highlights opportunities in themes such as smart technology and overseas expansion, with passenger car exports maintaining a growth rate of over 20% year-on-year [2][17] - Key companies to watch include BYD, Geely, and Li Auto in the automotive sector, and Horizon Robotics and Top Group in the smart technology and robotics sectors [2][22] - The report notes that the export volume of passenger cars is expected to maintain double-digit growth in 2026, driven by recovering demand in markets like Russia and the increasing penetration of fuel and new energy vehicles [2][17] Group 3 - The automotive market saw a wholesale sales volume of 1.457 million units in the last week of December 2025, with a year-on-year increase of 5%, while new energy vehicles accounted for 772,000 units, up 22% year-on-year [4][31] - In December 2025, the total wholesale sales volume was 2.759 million units, down 10% year-on-year, with new energy vehicles at 1.554 million units, showing a 3% increase [4][31] - The retail sales data for December 2025 indicated a total of 2.296 million units sold, down 13% year-on-year, while new energy vehicles saw a 7% increase in retail sales [4][31][46]

【文/观察者网 张菁娟】从制造业流水线到高端设计、情感陪伴领域，AI与机器人的应用范围不断拓 宽，劳动形态正发生根本性变革。 1月11日，汇泉基金首席经济学家陈洪斌在2026中国首席经济学家论坛年会上，围绕这一趋势，剖析其 对就业市场的影响并给出他的建议。 陈洪斌表示，当前人工智能与机器人已在许多领域形成替代。例如制造业流水线工人、物流仓储分拣、 餐饮烹饪与服务、农业耕作与管理、港口作业、矿山开采、建筑施工、电力巡检乃至客服接听等岗位， 均出现大规模无人化趋势。 值得注意的是，这种替代正从体力劳动向情感与创意领域延伸。例如AI情感伴侣已影响部分人的社交 选择，AI歌手则突破了人声的生理极限。据第三方报告，人工智能在绘图、设计、作曲、编程等高端 工作中的替代率亦在快速上升。 "这意味着，未来几年人工智能与机器人预计可替代至少57%的现有工作岗位，而实际比例可能更高。 这可能会引发失业问题，其中青少年就业问题尤为突出。"陈洪斌说。 他同时认为，机器人在语言、思维、情感及外观上的拟人化程度不断提升，可能导致人类的社会属性发 生根本性变化。 在陈洪斌看来，这种效率优势结合我国完整的工业体系、坚实的算力基础与稳定的电力 ...

Core Viewpoint - Koson Technology is facing operational challenges after previously being a star in the capital market due to its solid-state battery concept, with a projected net loss for 2025 attributed to market demand fluctuations, strategic adjustments, and high R&D expenditures [1][2]. Group 1: Financial Performance - Koson Technology announced that it expects a negative net profit for the year 2025, indicating an operational loss [1]. - The company attributes the anticipated loss to three main factors: market demand fluctuations leading to lower-than-expected orders, strategic adjustments resulting in inventory write-offs and asset impairment losses, and sustained high R&D investments impacting current net profit [1]. Group 2: Market Position and Partnerships - A year ago, Koson Technology was a market favorite due to its involvement in both solid-state batteries and foldable screens, experiencing significant stock price increases [2]. - The company's solid-state battery concept is primarily linked to its partnership with Qingtai Energy, a leading player in the domestic solid-state battery sector, where Koson holds shares and co-invested in a joint venture focused on battery integration and assembly [2]. Group 3: Strategic Moves - In August 2025, Koson Technology disclosed that it does not produce robots or AI glasses, despite being associated with these concepts in media reports [3]. - The company generated approximately 600 million yuan from the sale of Koson Medical, which is intended to optimize its business and financial structure amid increasing international competition [3]. - The funds from the asset sale will be used to supplement the company's working capital and support daily operations [3].

Group 1: Market Trends and Opportunities - A-shares continue to show a trend of oscillating upward, with a focus on structural investment opportunities as the market may experience increased short-term volatility [1] - Investors are encouraged to seize opportunities during market fluctuations, particularly before the Spring Festival, and to pay attention to the performance forecasts of listed companies as the reporting window opens in January [1] - Key sectors to watch include AI applications, robotics, controllable nuclear fusion, and quantum technology, along with a clear recovery path in manufacturing and resource sectors, particularly in non-ferrous metals, basic chemicals, and power equipment [1][5] Group 2: Regulatory and Policy Developments - The China Securities Regulatory Commission (CSRC) emphasizes the importance of deepening comprehensive reforms in investment and financing, focusing on risk prevention, strong regulation, and promoting high-quality development [2] - The Ministry of Commerce outlines key work for 2026, prioritizing actions to boost consumption, including the promotion of the "Buy in China" brand and the development of new growth points in service consumption [3] Group 3: Sector-Specific Insights - China Galaxy Securities highlights the potential for structural investment opportunities in AI, embodied intelligence, new energy, controllable nuclear fusion, quantum technology, and aerospace, as well as a clear recovery path in manufacturing and resource sectors [5] - Zhongtai Securities recommends focusing on the robotics sector, which has seen consistent capital inflow and remains a key area of interest [6] - Bank of China Securities notes that AI applications offer a high cost-performance ratio, with the AI industry experiencing various phases of market rotation since 2025 [7] - Yongying Fund anticipates that AI technology will continue to be a market driving force, with a shift in market narrative expected towards fundamental improvements [8] - Huaxia Fund observes an increase in the investment potential of Hong Kong stocks, with improved valuation compared to the U.S. Nasdaq index [9] - Industrial and Commercial Bank of China Fund reports a sustained high level of activity in the engineering machinery sector, with domestic demand and export growth contributing to an upward trend [10]

Group 1: Aerospace Industry - China plans to apply for frequency resources for over 200,000 satellites by December 2025, indicating a strategic national focus on satellite technology [1] - The U.S. FCC has approved SpaceX to deploy an additional 7,500 Starlink satellites, increasing the total to approximately 15,000, enhancing global broadband coverage and competitive edge in satellite communications [1] Group 2: Renewable Energy and Battery Industry - From April 1, 2026, China will cancel VAT export rebates for photovoltaic products and reduce the rebate rate for battery products from 9% to 6%, leading to a potential surge in exports before the policy takes effect [4][5] - The solar energy sector accounts for about 10% of China's aluminum demand, and the upcoming policy changes are expected to positively impact aluminum demand in Q1 [4] Group 3: Market Trends and Investment Strategies - Analysts suggest that the current market sentiment is driven by emotions and liquidity, with expectations of continued upward movement in A-shares, particularly in technology and robotics sectors [12] - The spring market rally is anticipated to continue, with a focus on sectors that show strong performance and potential for growth, despite short-term volatility [12][13] Group 4: Robotics Industry - Hangzhou Xinjian Electromechanical Transmission Co., Ltd. has initiated listing guidance, recognized as a primary supplier for humanoid robots [17] - At CES 2026, AAC Technologies showcased a comprehensive humanoid robot solution, indicating advancements in robotics technology [18] Group 5: AI and Computing - DeepSeek is set to launch a new AI model with enhanced code generation capabilities, reflecting ongoing advancements in AI technology [20] - Tencent's new chief scientist highlighted that the productivity gains from current AI models are just beginning to be realized, with significant commercial opportunities ahead [20] Group 6: Rare Earth Industry - Chinese state-owned enterprises have notified some Japanese companies of the termination of new sales contracts for rare earths, marking a significant shift in trade relations [23] - The price index for rare earths has been launched, with recent data showing a slight increase in prices for praseodymium and neodymium [25]

Group 1 - The new active cycle for new stocks is expected to have commenced after the holiday, although there are signs of overheating in short-term sentiment [1][2][12] - The average increase for new stocks listed since 2025 is approximately 6.8%, with about 89.0% of these stocks achieving positive returns [1][6][12] - The technology sector remains a focal point for long-term investment, particularly in areas such as AI, robotics, and commercial aerospace, which have significant growth potential [3][12] Group 2 - Upcoming new stocks include ZhiXin Co., Ltd. and KeMa Materials, with the former having a projected P/E ratio of 24.3X based on 2024 net profit [4][30][33] - Recent new stock performance indicates a first-day average increase of 64.1%, with a notable decrease in trading enthusiasm compared to previous weeks [5][24][26] - The report suggests monitoring specific new stocks such as Tongyu New Materials and Fengbei Biological for potential investment opportunities due to their valuation and thematic catalysts [8][35]

Investment Rating - The report maintains a positive outlook on the sectors of physical AI, overseas computing power, robotics, and intelligent connected vehicles [4][10]. Core Insights - The report highlights significant advancements in physical AI, including NVIDIA's comprehensive suite for physical AI, which encompasses models, frameworks, and infrastructure, marking a pivotal moment in AI development [4][10]. - The robotics sector is showcased as a competitive arena, with numerous Chinese companies demonstrating their technological capabilities at CES 2026, alongside international competitors like Boston Dynamics [4][10]. - The intelligent connected vehicle industry is undergoing a comprehensive upgrade, with companies like Geely enhancing their AI capabilities and setting ambitious sales targets for 2026 [4][10]. Summary by Sections 1. NVIDIA: Launch of Physical AI Suite and Rubin - NVIDIA introduced a comprehensive suite for physical AI, termed the "Cosmos" model, which integrates various data sources for training and application [10][11]. - The Rubin platform was unveiled, featuring a new memory storage system to address KV Cache expansion issues and doubling bandwidth capabilities [29][30]. 2. AMD: Need to Enhance Scale-up Capabilities - AMD showcased its MI455X Helios rack, which includes new GPU and CPU technologies aimed at competing with NVIDIA's offerings [61][66]. - The report notes that AMD's scale-up network capabilities are still in development, with future enhancements expected from partnerships with ecosystem players [64][66]. 3. Robotics: Global Competition and Technological Showcases - The report emphasizes the rapid development of the Chinese robotics industry, with numerous companies presenting their latest advancements at CES 2026 [67][68]. - Internationally, Boston Dynamics introduced the latest version of its Atlas robot, which is set for mass production and aims to integrate advanced AI capabilities [82][83]. 4. Intelligent Connected Vehicles: Comprehensive Upgrades - Geely is enhancing its AI-driven vehicle capabilities, aiming for significant sales growth and the introduction of advanced driving features by 2026 [91].