Group 1 - The market is expected to maintain structural opportunities driven by liquidity easing, policy expectations, and a strengthening yuan, with consensus on sectors like technology manufacturing, resource products, and beneficiaries of yuan appreciation [1][4][5] - A total of 39 out of 360 industry/theme ETFs reached new highs in December, with established sectors like telecommunications and non-ferrous metals leading, alongside emerging sectors like commercial aerospace [2][3] - The focus remains on sectors with low heat and high long-term ROE potential, such as chemicals, engineering machinery, and new industries like commercial aerospace, while also tracking the trend of yuan appreciation [3][4] Group 2 - The spring market conditions remain favorable, supported by liquidity and investor expectations, with a potential for volatility in early 2026 due to upcoming events like the Spring Festival and the Two Sessions [4][10] - The yuan's appreciation is expected to enhance domestic purchasing power and attract foreign capital back to Chinese assets, creating significant potential for asset revaluation [5][6] - Key sectors to watch include AI investments, global manufacturing recovery, and consumer sectors benefiting from increased domestic demand, such as aviation, hotels, and food and beverage [9][11][12] Group 3 - The current market is characterized by a lack of clear bull market signals, but the foundation remains solid with improving fundamentals and capital inflows [7][12] - The market is likely to experience a structural and rapid rotation of sectors, with a focus on technology themes and non-bank financial sectors [16][15] - The upcoming spring market is anticipated to show upward momentum, with opportunities for low-positioning strategies and sector switching rather than aggressive trend-following [16][14]

Group 1 - The Chinese government is focusing on boosting consumption as a key driver for economic growth, with plans to implement special actions and increase funding for consumer goods replacement programs [1][2] - In the first 11 months of the year, China's retail sales of consumer goods grew by 4% year-on-year, indicating a stronger performance compared to the same period last year [1] - The government plans to allocate 300 billion yuan for consumer goods replacement programs, an increase of 150 billion yuan from the previous year, and 200 billion yuan for equipment upgrades, an increase of 50 billion yuan [1] Group 2 - The "Special Action Plan for Boosting Consumption" aims to utilize long-term special government bonds to support local initiatives for consumer goods replacement, particularly in durable goods like automobiles and home appliances [2] - The consumer goods replacement program has generated over 2.5 trillion yuan in sales, benefiting more than 360 million people [2] - The retail sales of home appliances, audio-visual equipment, and communication devices have seen significant year-on-year growth of 14.8%, 18.2%, and 20.9% respectively [2] Group 3 - The global spending on generative AI is projected to grow from $225 billion in 2023 to $699 billion by 2030, with a compound annual growth rate (CAGR) of 21% [3] - AI dialogue platforms are expected to be the fastest-growing segment, with monthly active users projected to exceed 5 billion by 2030 [3] - Domestic consumption is anticipated to continue its moderate recovery, with structural opportunities in domestic brands, AI integration in consumption, and high-dividend blue-chip stocks [3] Group 4 - The Chinese consumption market is entering a new phase characterized by a focus on value for money in mass products while consumers are willing to pay a premium for innovative products that provide emotional value [4] - The collectibles market is rapidly expanding, and the jewelry industry is shifting from channel-driven to product and design-driven strategies [4] - Domestic cosmetics are gaining traction due to advantages in research and marketing, presenting growth opportunities for leading companies [4] Group 5 - China Duty Free Group (601888) is positioned to benefit from potential policy changes that could enhance duty-free shopping for inbound travelers [5] - Xiaomi (01810) is leveraging its AI ecosystem to enhance its product offerings across multiple scenarios, which may drive future growth [6] - Midea Group (000333) is expected to achieve a sales growth of approximately 10% in 2025, maintaining its status as a preferred stock in the Chinese consumer sector [6] - BYD (002594) is projected to have a compound annual growth rate of 30% in profits from 2025 to 2028, with increasing contributions from overseas markets [6] - Pop Mart (09992) is experiencing significant revenue growth, with a projected net profit increase, supported by its diverse IP matrix and product offerings [7]

Group 1 - The Chinese government is focusing on boosting consumption as a key driver of economic growth, with plans to implement special actions and increase funding for consumer goods replacement programs [1][2] - In the first 11 months of the year, China's retail sales of consumer goods grew by 4% year-on-year, indicating a stronger performance compared to the previous year [1] - The government plans to allocate 300 billion yuan for consumer goods replacement programs, an increase of 150 billion yuan from the previous year, and 200 billion yuan for equipment upgrades, an increase of 500 billion yuan [1] Group 2 - The "Consumption Upgrade" phase is characterized by consumers seeking value for money while being willing to pay a premium for innovative products that provide emotional value [4] - The market for home appliances has seen significant growth, with over 128 million units replaced under the old-for-new program, generating sales exceeding 2.5 trillion yuan [2] - The AI consumer spending is projected to grow from $225 billion in 2023 to $699 billion by 2030, with a compound annual growth rate (CAGR) of 21% [3] Group 3 - Companies like Xiaomi are leveraging AI technology to enhance their product offerings across various sectors, including IoT and automotive [6] - Midea Group is expected to achieve a sales growth of approximately 10% year-on-year by 2025, maintaining its position as a preferred stock in the Chinese consumer sector [6] - BYD is projected to have a compound annual growth rate of 30% in profits from 2025 to 2028, with increasing contributions from overseas markets [7]

早 报 精 选 1、财政部：明年继续安排资金支持消费品以旧换新。 2、商业航天企业IPO细则落地。 3、央行：显著提高各类中长期资金实际投资A股的规模和比例。 4、近期，湖南裕能、万润新能、德方纳米、安达科技等多家磷酸铁锂厂商宣布停产检修。 5、臻镭科技：涉嫌信息披露违法违规被中国证监会立案。 宏 观 新 闻 1、 十四届全国人大常委会第十九次会议12月27日上午表决通过了关于召开十四届全国人大四次会议的决定。根据决定，十四届全 国人大四次会议于2026年3月5日在北京召开。政协第十四届全国委员会日前召开第四十五次主席会议，审议通过了关于召开政协第 十四届全国委员会第四次会议的决定（草案），建议全国政协十四届四次会议于2026年3月4日在北京召开。 2、全国财政工作会议12月27日至28日在北京召开。会议指出，2026年继续实施更加积极的财政政策。财政部部长蓝佛安表示，明 年财政将大力提振消费。深入实施提振消费专项行动，继续安排资金支持消费品以旧换新，调整优化补贴范围和标准。 3、央行发布《中国金融稳定报告（2025）》。报告提出，金融系统将实施更加积极有为的宏观政策，防范化解重点领域风险。报告 还提出，着力 ...

Group 1 - The core viewpoint is that the A-share market is experiencing a cross-year rally, driven by liquidity and positive policy expectations, with a focus on sectors like AI, commercial aerospace, and materials [9][10][11] - 39 out of 360 industry/theme ETFs reached new highs in December, with established sectors like telecommunications and non-ferrous metals leading, while new sectors like commercial aerospace are gaining traction [1] - The market consensus is shifting towards sectors representing competition in next-generation infrastructure between China and the US, with a focus on manufacturing and pricing power in the global market [1][2] Group 2 - The strategy emphasizes structural opportunities in a volatile market, with a preference for sectors with low concentration but rising attention and long-term ROE potential, such as chemicals and engineering machinery [2] - The outlook for the RMB is positive, with expectations of appreciation driven by improved domestic conditions and external factors, which could lead to significant capital inflows and asset revaluation [4][5] - The spring market is expected to benefit from favorable conditions, including liquidity support and upcoming policy events, with a focus on technology and cyclical sectors [3][10][12] Group 3 - The investment focus is on sectors that benefit from RMB appreciation, such as those with high import material dependency and those that can leverage increased domestic purchasing power [5] - The market is characterized by a structural rotation, with a focus on technology themes and sectors like commercial aerospace, nuclear power, and robotics [12][14] - The overall sentiment is optimistic, with expectations of a continued upward trend in the market leading up to the Spring Festival, supported by strong institutional buying and favorable policy expectations [11][13][14]

Group 1 - The article highlights that among 360 industry/theme ETFs, 39 reached new highs in December, with established sectors like telecommunications and non-ferrous metals reflecting North American AI infrastructure and resource logic, while new sectors like commercial aerospace are gaining attention during market fluctuations [2] - The focus is on structural opportunities in a volatile market, with sectors like chemicals, engineering machinery, and new energy being prioritized due to their long-term ROE potential, alongside emerging themes like commercial aerospace [3] - The article emphasizes the importance of the RMB appreciation trend and its implications for investment strategies, particularly in brokerage and insurance sectors [3] Group 2 - The article discusses favorable conditions for the spring market rally, driven by liquidity and investor expectations, with a focus on the A500 ETF and potential market fluctuations at year-end and early next year [4] - It notes that the RMB's recent strength, driven by corporate settlement demand and a favorable external environment, could lead to a capital market rally, benefiting sectors reliant on imported materials and those with significant foreign currency liabilities [6] - The article identifies new investment themes emerging in the commodity market and manufacturing sectors, particularly in AI and global manufacturing recovery, recommending investments in industrial resources and equipment exports [8] Group 3 - The article indicates that the A-share market has entered a cross-year rally phase, supported by optimistic institutional investor sentiment and favorable policy expectations [9] - It suggests that the spring market is likely to exhibit structural characteristics with rapid sector rotation, encouraging investors to adopt a low-buying strategy [13][14] - The article highlights the potential for a continued upward trend in the market leading up to the Spring Festival, with a focus on technology themes and non-bank financial sectors [15]

Core Viewpoint - China Duty Free Group, a wholly-owned subsidiary of China National Duty Free Group, has won the bid for the duty-free project at Beijing Capital International Airport, which is expected to enhance the company's market position and operational performance in the airport duty-free sector [1] Group 1 - The company received a bid notification confirming its status as the winning bidder for the duty-free project at Beijing Capital International Airport [1] - The bid amount includes a guaranteed operating fee of RMB 480 million for the first year and a sales commission rate of 5% for the first year [1] - The operating period for the contract is set from the agreed start date until February 10, 2034, lasting no more than 8 years [1] Group 2 - The successful signing of this project will enhance the company's channel advantages at key domestic airports [1] - The project aims to meet the diverse shopping needs of inbound and outbound travelers, thereby improving the multi-faceted duty-free shopping experience [1] - The implementation of this project is expected to positively impact the company's future operational performance [1]

中标金额：首年保底经营费人民币4.8亿元，首年销售额提成比例5%。经营期限：自合同约定的起始日 起至2034年2月10日止(不超过8年)。 上述项目签约后，公司于国内核心机场的渠道优势将进一步提升，有利于满足出入境旅客多层次、多样 化的购物需求，提升多元化免税购物体验，进而推动机场免税业务高质量发展。如上述项目顺利实施， 将对公司未来经营业绩发展产生积极影响。 格隆汇12月28日丨中国中免(01880.HK)公布，2025年12月26日，公司收到中招国际招标有限公司发来的 《中标通知书》，确认公司全资子公司中国免税品(集团)有限责任公司为北京首都国际机场免税项目01 标段的中标人。 ...

Core Viewpoint - The new investment theme for 2026 is emerging in the commodity market, real industry chain, and foreign exchange market, characterized by a scenario where investment exceeds consumption, leading to increased physical consumption across manufacturing sectors and extended trading ranges for bulk commodities, with China's manufacturing advantages becoming more evident and reflected in the foreign exchange market [1] Group 1: Investment Opportunities - Focus on AI investments and industrial resource products that resonate with the global manufacturing recovery, including copper, aluminum, tin, lithium, crude oil, and oil transportation [1] - Attention to China's equipment export chain, which has global comparative advantages and is confirmed at the cycle bottom, including power grid equipment, energy storage, lithium batteries, photovoltaics, engineering machinery, and commercial vehicles, as well as domestic manufacturing sectors showing signs of bottom reversal, such as chemicals (dyeing, coal chemicals, pesticides, polyurethane, titanium dioxide) and wafer manufacturing [1] - Capture the recovery in inbound tourism and the increase in residents' income, leading to a rebound in consumption in sectors like aviation, hotels, duty-free shops, and food and beverages [1] - Benefit from the expansion of the capital market and the bottoming out of long-term asset returns in non-bank sectors, including insurance and brokerage firms [1]

中国银河证券表示，A股市场在临近年末关口震荡上行，呈现出"小躁动"行情，截至周五，上证指数录 得八连阳。同时，行情呈现出流动性驱动特征，市场量能明显放大，周五全A成交额突破2万亿元。短 期来看，市场结构特征有望延续，量能或是行情的关键信号。热点板块个股分歧有所加大，重点关注核 心标的。美元指数趋弱与年末结汇需求推动下，人民币汇率在周内升破7.0关口。人民币资产吸引力提 升，积极因素正在进一步积累。展望后市，关注政策预期与产业趋势的催化机会，春季躁动行情值得期 待。2026年来看，A股市场有望呈现出向上动能。 A股后市怎么走？看看机构怎么说。 沪指本周累计涨1.88%，深证成指涨3.53%，创业板指涨3.9%。A股后市怎么走？看看机构怎么说： ①中国银河证券：A股或迎接跨年"小躁动"行情 关注：1、AI投资与全球制造业复苏共振的工业资源品——铜、铝、锡、锂、原油及油运；2、具备全 球比较优势且周期底部确认的中国设备出口链——电网设备、储能、锂电、光伏、工程机械、商用车， 以及国内制造业底部反转品种——化工（印染、煤化工、农药、聚氨酯、钛白粉）、晶圆制造等；3、 抓住入境修复与居民增收叠加的消费回升通道——航空、 ...