Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Steel: The production of the five major steel products increased slightly week - on - week, consumption in the off - season continued to decline, and inventory increased seasonally. After the profit of rebar recovered, production continued to rise and inventory accumulated significantly. Hot - rolled coil production increased slightly, and the total inventory decreased. The spread between hot - rolled coil and rebar may be repaired in the short term. The macro - environment has a neutral impact. As the market enters the winter storage period, there will be an increase in demand. The futures market traded the winter storage logic in advance and rebounded, and the rebound space depends on the intensity of winter storage [4]. - Iron ore: The daily average pig iron output this week was 2.295 million tons, an increase of 20,700 tons from last week and 51,300 tons from last year, increasing for the third consecutive week. It is expected to continue to rise. The iron ore shipment volume in December reached a record high, which will lead to a high arrival volume later, and the supply is expected to increase. After the end of market restocking and the arrival of a large number of shipments, there is still a risk of price correction [4]. - Trading strategy: Short - term operation [4]. 3. Summary by Related Content Steel and Iron Ore Market Performance - This week, steel and iron ore reached new highs and then declined [8]. Steel Products - Supply: The supply of the five major steel products this period was 8.1859 million tons, an increase of 73,800 tons week - on - week. Rebar production and inventory both increased, while hot - rolled coil production increased and inventory decreased. Currently, rebar production is still lower than the same period in previous years, hot - rolled coil is roughly the same as in previous years, and medium - thick plate is still higher than in previous years [14]. - Inventory: The social inventory of rebar this week was 4.6663 million tons, an increase of 113,100 tons week - on - week, a decrease of 558,400 tons month - on - month, an increase of 69,700 tons year - on - year (Gregorian calendar), and an increase of 211,500 tons year - on - year (lunar calendar) [14]. Iron Ore - Pig iron output: The daily average pig iron output of 247 steel mills was 2.295 million tons, an increase of 20,700 tons from last week and 51,300 tons from last year. The blast furnace operating rate was 79.31%, an increase of 0.37 percentage points from last week and 2.13 percentage points from last year; the blast furnace iron - making capacity utilization rate was 86.04%, an increase of 0.78 percentage points from last week and 1.80 percentage points from last year; the steel mill profitability rate was 37.66%, a decrease of 0.44 percentage points from last week and 12.99 percentage points from last year [18]. - Shipment and arrival: From December 29, 2025, to January 4, 2026, the global iron ore shipment volume was 32.137 million tons, a decrease of 4.634 million tons week - on - week. The shipment volume from Australia and Brazil was 27.427 million tons, a decrease of 3.169 million tons week - on - week. The arrival volume at 47 ports in China was 28.247 million tons, an increase of 969,000 tons week - on - week [18]. - Port inventory: The total inventory of imported iron ore at 47 ports in China was 170.4444 million tons, an increase of 3.2265 million tons week - on - week; the daily average port clearance volume was 3.3696 million tons, a decrease of 32,500 tons [18]. Important News - On January 5, the State Council Information Office held a press conference, and the person - in - charge of the Comprehensive Planning Department of the Ministry of Transport said that it would vigorously implement the renewal and digital and intelligent transformation of water transport infrastructure [5]. - According to data released by Clarksons on January 7, in 2025, the global cumulative new ship order volume was 2,036 vessels with 56.43 million compensated gross tons (CGT), a 27% decrease compared to 76.78 million CGT in 2024. Chinese shipyards received 1,421 orders with 35.37 million CGT, a 35% decrease year - on - year, ranking first globally with a market share of 63%; South Korean shipyards received 247 orders with 11.6 million CGT, an 8% increase year - on - year, ranking second with a market share of 21% [5]. - In 2025, mergers and acquisitions in the steel industry were frequent, and many enterprises optimized their layouts through equity acquisitions and asset swaps, and regional integration accelerated [6]. - From December 29, 2025, to January 4, 2026, the total transaction (signing) area of newly - built commercial housing in 10 key cities was 2.3394 million square meters, a 20.3% decrease week - on - week and a 10.9% decrease year - on - year [6]. - The 2026 Work Conference of the People's Bank of China was held from January 5th to 6th. The meeting emphasized continuing to implement a moderately loose monetary policy, giving play to the integrated effect of incremental and stock policies, and increasing counter - cyclical and cross - cyclical adjustment. It will flexibly and efficiently use various monetary policy tools such as reserve requirement ratio cuts and interest rate cuts to maintain sufficient liquidity [6]. - The Ministry of Industry and Information Technology and other departments jointly held a symposium on the power and energy storage battery industry to deploy work on standardizing industrial competition order [7]. - The Ministry of Commerce and other 9 departments promoted green consumption of automobiles and supported consumers to purchase new energy vehicles [7].

Group 1 - The State Administration for Market Regulation has interviewed six leading companies in the photovoltaic industry regarding monopoly risks and has issued clear rectification requirements [1] - The interviewed companies include Tongwei Group, GCL-Poly Energy, Daqo New Energy, Xinte Energy, Asia Silicon, and Dongfang Hope [1] - The companies are prohibited from agreeing on production capacity, sales prices, and other market-related communications [1] Group 2 - The China Petroleum and Chemical Corporation (Sinopec) and China Aviation Oil have been approved for a merger by the State-owned Assets Supervision and Administration Commission [3] - China Aviation Oil is the largest aviation fuel procurement and logistics company in Asia, while Sinopec is the world's largest refining company [3] Group 3 - HSBC Holdings has agreed to pay approximately €300 million to settle a tax case in France related to the "Cum-Cum" dividend tax avoidance scandal [4] - The settlement includes a fine of about €268 million and approximately €30 million in taxes [4] Group 4 - Indonesia plans to approve a coal production quota of around 600 million tons for 2026, which is lower than last year's quota of 790 million tons [5] - The reduction aims to support the prices of Indonesian mineral products, with adjustments also planned for nickel quotas [5] Group 5 - Nestlé has initiated a recall of specific batches of infant formula in Europe, prompting regulatory bodies in China to ensure the recall of affected products sold in China [7] - The Chinese authorities are emphasizing the importance of consumer safety and quality control in the infant formula market [7] Group 6 - GIC and other institutions have reportedly subscribed to shares in MiniMax's Hong Kong IPO, which raised HKD 4.8 billion [8] - The IPO attracted over 70 times the subscription from institutional investors, indicating strong market interest [8] Group 7 - Nanjing Panda has clarified that it currently has no mature products related to its high-speed brain-machine interaction technology project and has not generated sales revenue from it [9] - The company is involved in a sub-project focused on key technology development for brain-machine interface systems [9] Group 8 - Kinglong Permanent Magnet expects a net profit of between RMB 660 million and RMB 760 million for 2025, representing a year-on-year growth of 127% to 161% [10] - The company has achieved record high sales volumes, reinforcing its leading position in the global rare earth permanent magnet industry [10] Group 9 - Mengniu has stated that it is not related to the raw material suppliers involved in the recent Nestlé recall of infant formula [11] - The company emphasizes its adherence to strict quality control standards in its production processes [11] Group 10 - Lingbao Gold has announced an expected revenue of approximately RMB 12.935 billion to RMB 13.172 billion for the year ending December 31, 2025, reflecting a year-on-year increase of about 9% to 11% [12] - The company anticipates a net profit of approximately RMB 1.503 billion to RMB 1.573 billion, representing a year-on-year increase of 115% to 125% [12] Group 11 - Three new stocks in the Hong Kong market have seen significant gains in the dark market, with Jin Xun Resources rising 35%, Ruibo Bio rising over 25%, and MiniMax rising over 15% [13] - These companies have successfully raised substantial capital through their IPOs, indicating strong investor interest [13] Group 12 - China Shipbuilding Defense has indicated that the demand for shipbuilding is expected to accelerate, potentially raising its valuation [14] - The company plans to undertake contracts worth RMB 17.45 billion in 2025, supported by a strong order backlog [14]

Group 1 - The core viewpoint of the article highlights that China Shipbuilding Defense (中船防务) has seen a significant stock price increase of over 4%, reaching HKD 14.59 with a trading volume of HKD 42.76 million [1] - According to Guangfa Securities, the shipbuilding market from 2021 to 2024 is driven primarily by container ships and LNG vessels, with a projected decline in 2025 due to the impact of the U.S. 301 tariffs [1] - The shipbuilding demand market is expected to enter a 2.0 phase starting in 2026, with a potential demand acceleration similar to the engineering machinery market in 2019, which may elevate valuation levels [1] Group 2 - Shenwan Hongyuan previously noted that China Shipbuilding Defense has a substantial backlog of orders, with high-value contracts being delivered, which will release profits [1] - China Shipbuilding announced a commitment in January 2025 to resolve internal competition issues between China Shipbuilding and Huangpu Wenchong, with a five-year plan to address competition between Huangpu Wenchong and the listed company [1] - Huangpu Wenchong is a shipyard controlled by China Shipbuilding Defense, and the progress of resolving internal competition is being closely monitored [1]

MACD金叉信号形成，这些股涨势不错！ 格隆汇1月7日｜欧洲股市开盘表现不一，地缘政治紧张局势升温带动的防务股涨幅被能源股的跌势所抵 消。英国富时100指数开盘较周二的历史高位下跌0.25%，其中石油巨头英国石油下跌2.75%，国民威斯 敏斯特银行微跌2.7%。在其他市场，受防务公司提振，米兰富时MIB指数上涨0.15%，莱昂纳多上涨 2.1%，造船厂芬坎蒂尼大涨1.7%。德国DAX指数在西门子和拜耳等个股上涨的带动下攀升0.5%。西班 牙IBEX35指数因银行和能源股走低而下跌0.2%，而法国CAC40指数微跌0.05%，防务股的涨幅被能源 和奢侈品股的损失抵消。投资者目前正密切关注欧元区12月通胀数据以及关键的美国就业数据。 ...

Group 1: Shipbuilding Industry - Hengli Heavy Industry has set a new global record in the shipbuilding industry by launching six 82,000 deadweight ton bulk carriers from its No. 3 dock on January 6, marking the first time such vessels have been built and launched simultaneously, indicating its world-leading capabilities in modular and large-scale shipbuilding [1] - Ningbo Ocean's 740 standard container electric open-top ship has entered a new construction phase, representing the largest and the first batch of pure electric container ships in the country, contributing to the development of a green fleet [1] Group 2: Aviation Industry - The expansion projects of major aviation hubs are accelerating, with Shanghai Pudong Airport's Phase IV expansion expected to be operational in the first half of 2026, aiming to establish a comprehensive international aviation hub [1] - Hainan Airport is upgrading its facilities in response to the closure of its borders, with the successful completion of the T3 terminal and supporting projects at Sanya Phoenix International Airport, which will enhance its capacity to handle 30 million passengers annually [1] - As part of the expansion of Baiyun Airport, the domestic No. 2 cargo station has officially commenced operations at the end of 2025, with future cargo facilities expected to increase the airport's annual cargo throughput to 3.8 million tons by 2030, with long-term plans to exceed 6 million tons [2]

Group 1: Port Industry - Tianjin Port achieved a cargo throughput growth of 6.4% and a container throughput growth of 3.8% during the New Year period, indicating a strong start for 2026 [3] - Ningbo-Zhoushan Port is set to complete a cargo throughput of over 1.4 billion tons in 2025, aiming to maintain its position as the world's largest port for 17 consecutive years [3] - The Shanghai International Shipping Research Center reported that port enterprises are optimistic about industry development in 2026, with improved liquidity and reduced financing difficulties [3] Group 2: Shipping and Shipbuilding - China Merchants Energy Shipping announced a contract for two dynamic positioning shuttle tankers worth approximately 1.79 billion yuan, with 16 tankers scheduled for delivery between 2026 and 2028 [6] - COSCO Shipping Specialized Carriers plans to build four 40,000-ton multi-purpose heavy-lift vessels, with a total price of 1.492 billion yuan, enhancing fleet suitability for advanced manufacturing [6] - Hengli Heavy Industry set a global record by launching six 82,000-ton bulk carriers simultaneously, showcasing its advanced shipbuilding capabilities [7] Group 3: Aviation Industry - Shanghai Pudong Airport's fourth-phase expansion is underway, with the first phase expected to be operational in the first half of 2026, aiming to establish a comprehensive international aviation hub [8] - Hainan Airport is expanding its capacity, with the Sanya Phoenix International Airport's third-phase expansion project recently passing inspection, expected to handle 30 million passengers annually [8] - The Baiyun Airport's phase three expansion is projected to achieve an annual cargo throughput of 3.8 million tons by 2030, with future plans to increase capacity to over 6 million tons [8]

Group 1 - The core viewpoint of the article highlights that China Shipbuilding Defense (00317) has seen a significant stock price increase, reflecting positive market conditions in the shipbuilding sector for the second half of 2025 [1] - The overall ship market is expected to show a recovery in demand, with a notable increase in global new ship orders, particularly in the container and bulk carrier segments, surpassing the levels seen in the first half of the year [1] - New ship prices remain high but have slightly adjusted from last year's historical peaks, indicating a tight supply-demand relationship supported by raw material and labor costs [1] Group 2 - Shipowners' psychological expectations are shifting positively, which is expected to benefit companies like China Shipbuilding Defense, given its strong order backlog and potential for stable profit realization with high-priced ship deliveries [1] - According to Fengzheng Securities, China Shipbuilding Defense is a major shipbuilding enterprise under China Shipbuilding Group and a core military production company, which positions it well for future growth [1] - According to招商证券, the shipbuilding sector is anticipated to benefit from the aging and increasingly fragile supply of mainstream ship types, along with a gradual recovery in oil and dry bulk shipping volumes, extended shipping distances, and the impact of new IMO environmental regulations [1]

Core Viewpoint - Samsung Heavy Industries has secured two LNG shipbuilding contracts with an Oceania shipowner, totaling 721.1 billion KRW (approximately 500 million USD) and marking the second batch of LNG orders within ten days [2] Group 1: Contract Details - The two new LNG ships are scheduled for delivery by the end of September 2028, with a unit price of 250 million USD each [2] - Samsung Heavy Industries previously signed a contract for two additional LNG ships on December 23, 2022, also at a unit price of 250 million USD, with delivery planned by the end of March 2029 [2] - The total number of new ship orders for Samsung Heavy Industries in 2025 is projected to reach 43 vessels, amounting to 7.9 billion USD (approximately 55.5 billion RMB), surpassing the 2024 order volume of 36 vessels and 7.3 billion USD [2] Group 2: Market Performance - In the commercial ship sector, Samsung Heavy Industries has achieved an order amount of 7.2 billion USD (approximately 50.6 billion RMB), exceeding the annual target of 5.8 billion USD [3] - As of the end of 2025, Samsung Heavy Industries holds orders for 133 vessels valued at 28.6 billion USD (approximately 201 billion RMB) [4] - The company aims for a shipbuilding and offshore business order value of 9.8 billion USD in 2025, which is 33% higher than the actual order amount of 7.3 billion USD in 2024 [4] Group 3: Industry Outlook - The global LNG ship market has seen a significant decline due to a sluggish shipping market and policy uncertainties, with a reported 82.9% year-on-year drop in LNG ship orders in the first half of the previous year [5] - The Korean shipbuilding industry anticipates that LNG ships will become a core area for orders in 2026, driven by increasing transportation demand as LNG projects in the U.S. commence [5] - Clarkson predicts that global LNG ship orders will reach 115 vessels in 2026, representing a 24% increase compared to 2025 [5]

来源：进出口银行 1月4日，进出口银行董事长陈怀宇与恒力集团有限公司（以下简称恒力集团）董事长陈建华在京举行会 谈，共同见证双方签署战略合作协议。进出口银行副行长王康，恒力集团副董事长范红卫参加会谈。 来源：进出口银行 1月4日，进出口银行董事长陈怀宇与恒力集团有限公司（以下简称恒力集团）董事长陈建华在京举行会 谈，共同见证双方签署战略合作协议。进出口银行副行长王康，恒力集团副董事长范红卫参加会谈。 陈怀宇董事长表示，进出口银行与恒力集团互为重要合作伙伴，双方在对外贸易、先进制造、境外投资 等领域合作紧密，取得了务实成果。进出口银行将深入学习贯彻党的二十届四中全会和中央经济工作会 议精神，依托在支持制造业高质量"出海"等方面的专业优势，通过多元化金融服务助力恒力集团以科技 创新驱动转型升级，扩大船舶等高技术含量产品出口，共同为培育新质生产力、扩大高水平对外开放作 出贡献。 陈建华董事长对进出口银行长期以来给予恒力集团的支持表示感谢，并介绍了集团各业务板块特别是造 船领域的经营情况和发展规划。他表示，恒力集团将积极响应国家政策，持续推进产业转型升级，着力 布局绿色高端装备制造项目，稳步拓展国际合作空间。希望双方 ...

Core Insights - The bull market in 2025 has not benefited the company as expected, reflecting a lack of structural opportunities and strategic missteps [1][2][32] - The company acknowledges the need for continuous improvement and adaptation in investment strategies despite the cyclical nature of markets [1][2] Market Review - The global stock market in 2025 saw significant gains, with major indices in developed and emerging markets reaching historical highs, particularly in South Korea with a 76% annual increase [2][32] - The Chinese stock market also performed well, with both A-shares and Hong Kong stocks experiencing double-digit growth, yet the company's relative performance was disappointing [2][32] - The technology sector, especially in computing power, was identified as a missed opportunity, contributing to lower overall portfolio returns [2][33] Historical Context - The company reflects on past market conditions, particularly the extreme differentiation seen in 2013-2015 and 2020-2021, which led to significant investment challenges [3][34][35] - In 2013, the company faced difficulties due to a lack of adjustment in investment logic amidst changing economic conditions, resulting in poor performance [3][34] - The 2020-2021 period saw a focus on high-growth sectors, which, despite being viewed as overvalued, still yielded positive returns due to strategic positioning in certain stocks [3][35] Strategic Insights - The company recognizes the need to prioritize corporate governance in weak-cycle assets, particularly in state-owned enterprises, which may have lower efficiency compared to private firms [6][37] - A strategy to differentiate between strong and weak cycle assets is proposed, emphasizing the importance of governance in investment decisions [6][38] Overseas Investment - The company has made initial strides in overseas investments, particularly in Japan and Southeast Asia, although it acknowledges the need for deeper understanding of these markets [8][39] - Currency fluctuations are highlighted as a significant risk in overseas investments, necessitating careful consideration as investment scales increase [8][39] Future Outlook - The company anticipates a potential systemic revaluation of undervalued stocks in 2026, driven by ongoing liquidity support [10][42] - The AI computing bubble is expected to burst, with a focus on application and edge computing remaining crucial for future investment strategies [14][46][48] - The company emphasizes the importance of distinguishing between short-term market trends and long-term value creation, particularly in the context of consumer spending and economic recovery [19][21][43]