Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Insights - The National Development and Reform Commission and the Ministry of Finance released the 2026 national subsidy policy details on December 30, 2025, adjusting passenger car subsidies from fixed amounts to a percentage of the vehicle price, optimizing subsidy standards [2][5] - The current automotive sector has shifted from being solely influenced by domestic demand to being driven by overseas markets, high-end products, and smart technologies, with a focus on identifying alpha opportunities centered around AI [2][8] Summary by Sections Subsidy Policy Changes - The subsidy for purchasing new energy passenger vehicles is 12% of the vehicle price (up to 20,000 yuan), and for 2.0-liter and below fuel passenger vehicles, it is 10% (up to 15,000 yuan). For trade-ins, the subsidy is 8% for new energy vehicles (up to 15,000 yuan) and 6% for fuel vehicles (up to 13,000 yuan) [5][6] Inventory and Demand Outlook - Observations indicate that the end of 2025 saw an increase in channel inventory, with manufacturers beginning to clear stock in late November. If retail sales exceed expectations in January, inventory may reach a bottom sooner, alleviating pressure [6] Market Structure and Beneficiaries - The mid-to-high-end passenger vehicle segment is expected to benefit more from the new subsidy structure, which may help ease industry competition and push price bands upward [7] Strategic Focus on Intelligence - The core strategy remains to leverage the smart technology trend, with an emphasis on AI-related sectors such as robotics, liquid cooling, and intelligent driving. The automotive sector is now influenced by a combination of factors rather than just domestic demand [8]

｜2026年1月5日 星期一｜ NO.3浙商证券：关注价格改善的信号 浙商证券研报指出，本期观察到，行业的景气提升主要体现在"涨价"，如有色金属中的黄金、白银、铜 等价格大幅上行，基础化工中的甲醇、沥青、天然橡胶和电力设备中的碳酸锂、氢氧化锂价格边际抬 升；TMT中，半导体销售周期上行，行业景气度不减，多家晶圆代工与存储厂商近期相继向市场释放 涨价信号。该机构认为，除了要关注主题性的投资机会如机器人、自动驾驶外，适当增加对"涨价"品种 的关注度，如基础化工、电力设备（锂电池）、电子半导体等。 免责声明：本内容与数据仅供参考，不构成交易建议，使用前请核实。据此操作，风险自担。 每日经济新闻 NO.1中信建投：继续看好跨年行情 中信建投研报指出，A股跨年行情如期展开，今年元旦市场面临的流动性环境和汇率环境明显好于前两 年。人民币汇率保持强劲，有利的外部环境或将推动A股元旦后迎来"开门红"行情。同时国内流动性环 境整体宽松，也有利于跨年行情的展开。人民币升值、科技板块利好集中释放、宏观经济预期改善及资 金面积极信号等多重利好共同推动港股开年大涨，这些利好也同样有望推动A股跨年行情的继续演绎。 NO.2中泰证券：科技 ...

Group 1 - The A-share market is expected to experience a favorable cross-year trend, supported by a better liquidity and exchange rate environment compared to previous years [1] - The strong performance of the RMB and a generally loose domestic liquidity environment are anticipated to contribute to a "good start" for the A-share market after the New Year [1] - Multiple positive factors, including RMB appreciation, concentrated benefits in the technology sector, improved macroeconomic expectations, and positive signals in the funding environment, are likely to drive the continuation of the cross-year trend in the A-share market [1] Group 2 - The current market risk appetite remains high, providing room for high-elasticity technology themes to continue their upward trajectory [2] - Despite the overall valuation level of the technology sector being relatively high, it has not yet entered a frenzy stage, indicating a significant gap from historical bubble periods [2] - Global liquidity expectations are anticipated to further support high-valuation technology assets, with a focus on sectors such as robotics, sports, and non-bank segments, while caution is advised against overcrowded areas like commercial aerospace [2] Group 3 - The improvement in industry prosperity is primarily reflected in price increases, with significant price rises observed in precious metals like gold and silver, as well as in base metals such as copper [3] - The basic chemical sector has seen marginal price increases in methanol, asphalt, natural rubber, and in power equipment, particularly lithium carbonate and lithium hydroxide [3] - The semiconductor sales cycle is on the rise, maintaining industry prosperity, with several foundries and storage manufacturers recently signaling price increases [3]

在机器人灵巧手方面，其灵巧手已经成为国内人形机器人领域的"第一梯队"产品，合作企业超过200 家。 目前，傲意科技主要生产和销售的产品包括智能仿生手、智能脑电图系统、可穿戴外骨骼设备、机器人 灵巧手等。其中，傲意科技的智能仿生手是中国首款、全球第三款通过FDA和CE认证的高端义肢，销 售覆盖美国、中东、俄罗斯、乌克兰、印度等全球多个国家和地区。 格隆汇1月5日丨雷迪克(300652.SZ)近日在线上交流活动中表示，傲意科技成立于2015年，是国内少有 的同时掌握"脑机接口"+"机器人"两大技术的企业，通过神经接口、机器人核心零部件等底层技术，多 年专注于神经康复医疗、智能辅具、大健康消费电子、机器人零部件和控制系统等业务板块。 ...

在机器人灵巧手方面，其灵巧手已经成为国内人形机器人领域的"第一梯队"产品，合作企业超过200 家。 格隆汇1月5日丨雷迪克(300652.SZ)近日在线上交流活动中表示，傲意科技成立于2015年，是国内少有 的同时掌握"脑机接口"+"机器人"两大技术的企业，通过神经接口、机器人核心零部件等底层技术，多 年专注于神经康复医疗、智能辅具、大健康消费电子、机器人零部件和控制系统等业务板块。目前，傲 意科技主要生产和销售的产品包括智能仿生手、智能脑电图系统、可穿戴外骨骼设备、机器人灵巧手 等。其中，傲意科技的智能仿生手是中国首款、全球第三款通过FDA和CE认证的高端义肢，销售覆盖 美国、中东、俄罗斯、乌克兰、印度等全球多个国家和地区。 ...

2026年首个交易日，A股主要股指高开高走，沪指涨超1%重返4000点上方，创业板指涨近3%，科创50 指数大涨超4%。 盘面上看，保险、半导体、医药、有色等板块走强，券商、地产、石油、酿酒等板块上扬，人脑工程概 念爆发，存储芯片、创新药、AI应用概念等活跃。 中信证券认为，2026年最大的预期差来自于外需与内需的平衡，对外"征税"、补贴内需应是大势所趋， 今年是个重要的开端。站在开年，考虑到去年末的资金热度并不算高，人心思涨的环境下开年后市场震 荡向上的概率更高。前期共识性品种"调整后再上车"大概率是机构资金主要的考虑方向，例如有色、海 外算力、半导体自主可控等，当然有些偏游资风格的品种也属于这一类别，比如商业航天、机器人等。 反共识品种是一些配置型增量资金的考虑，典型的方向就是通过内需消费的小仓位增配去捕捉年内的超 预期政策变化，免税、航空等出行服务相关的行业应该是增量布局重点，优质的地产开发商也是考虑对 象。 （文章来源：证券时报网） 截至收盘，沪指涨1.38%报4023.42点，深证成指涨2.24%，创业板指涨2.85%，科创50指数涨4.4%，沪 深北三市合计成交25674亿元。 ...

双欣环保1月5日在互动平台表示，PVA应用领域广泛，有用于机器人领域的潜力。目前公司产品尚未用 于人型机器人领域。 ...

（文章来源：每日经济新闻） 科创50ETF（588000）追踪科创50指数，指数持仓电子行业66.39%，计算机行业4.73%，合计71.12%， 与当前人工智能、机器人等前沿产业的发展方向高度契合。同时涉及半导体、医疗器械、软件开发、光 伏设备等多个细分领域，硬科技含量高，看好中国硬科技长期发展前景的投资者建议持续关注。 1月5日午后，科创50ETF（588000）涨幅扩大至4.16%，成分股中仅2只个股下跌。盘面上，半导体板块 活跃，中微公司大涨14.03%，澜起科技上涨7.98%，柏楚电子上涨7.93%，佰维存储上涨7.83%，金山办 公、拓荆科技等涨超6%；截至发文，科创50ETF（588000）成交额达50.52亿元。 展望后市，浙商证券认为，2025年半导体设备指数显著跑赢大盘，当前估值处于28%分位点。其中前道 设备营收持续高增长，利润增速结构性放缓；后道设备迎来爆发式增长，净利率显著提升，行业呈现高 景气态势。 ...

新华社贝尔格莱德1月5日电 综述：欧洲金融机构和业内人士看好中国经济增长前景 新华社记者金丹依 多家欧洲金融机构日前发布研究报告认为，在宏观政策支持、完备产业体系以及不断激活经济发展新动 能的共同作用下，中国经济有望在2026年保持稳定增长，在全球主要经济体中展现出较强韧性。 近期，英国渣打银行在其2026年全球经济展望报告中上调了对中国经济增长的预期。报告认为，贸易环 境阶段性缓和与出口市场多元化将继续对中国出口增长形成支撑。2026年中国经济增长主要动力将更多 来自科技驱动的投资、生产率的提升以及力度更大的扩大内需政策。财政和货币政策都将继续支持经济 增长，为中国经济转型提供支撑。 法国兴业银行认为，2026年，宏观政策和结构性改革将成为支撑中国经济增长的重要因素。同时，中国 在绿色技术和先进制造等创新领域的持续投入也将为未来增长注入动力。 荷兰国际集团分析认为，中国经济在2026年有望实现稳定增长。该机构指出，随着中国近年来在人工智 能、机器人等领域取得突破，科技与创新正在成为中国经济增长的关键动能。 一些欧洲金融机构分析师同样看好2026年中国经济增长前景。德意志银行中国区首席经济学家熊奕接受 新华社 ...

Group 1 - The core viewpoint indicates that since Q3 2025, global manufacturing has shown signs of recovery, but the chemical product PPI has weakened year-on-year, with domestic real estate demand at a cyclical bottom [1] - The sales of new energy vehicles continue to grow significantly, and retail sales growth is stable and improving [1] - On the supply side, China has become a global leader in the chemical industry, while the manufacturing and chemical production capacity utilization rates in the EU are declining, with domestic conditions remaining relatively stable [1] Group 2 - In terms of capital expenditure, domestic basic chemical fixed asset investment growth has turned negative, but oversupply continues to exert short-term pressure on prices, with the inventory cycle in a passive replenishment phase [1] - The price spread of bulk chemicals remains at historical lows, while resource-based enterprises maintain relatively high ROE [1] - Market trends show that sectors with improving conditions, such as fluorine chemicals and phosphate and potassium fertilizers, are performing well, alongside price increases in smaller varieties driven by accidents [1] Group 3 - The chemical leader ETF (516220) tracks a sub-index of the chemical sector (000813), which selects listed companies involved in fertilizers, pesticides, and coatings to reflect the overall performance of the chemical industry [1] - The index constituents are representative enterprises in their respective fields, with a style allocation that balances growth and value, aiming to capture diverse investment opportunities in the chemical industry [1]