1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - Overseas, influenced by geopolitical factors, the long - term monetary policy misalignment will reshape the purchasing power of private and public sectors. However, in the context of the public and market's understanding of the need for increased public sector spending, the overall monetary policy is expected to remain relatively loose, which is beneficial for gold. Japan's situation is unique, as long - term ultra - loose policies have helped it out of the "deflation trap", but the recovery is uneven, and the potential for political polarization in 2026 is a "gray rhino" risk [1] - Domestically, the equity market continued to fluctuate this week, with significant volatility in the ChiNext and STAR Market. Looking towards 2026, the uncertainty on the policy side is decreasing, and the sustainability of the computing power mainline on the industrial side will be continuously questioned by the market. Pan - mainline stocks may tend to rise in the fluctuations, and small - cap stocks will benefit more from the spread market [1] - In terms of convertible bond strategies, three pan - mainline value depression directions are recommended: AI end - side, especially in the consumer electronics field; upstream targets such as key substrates for chip manufacturing and packaging and testing; and the power transmission and distribution equipment sector [1][34] - The top ten high - rated, medium - low - priced convertible bonds with the greatest potential for parity premium rate repair next week are Hope Convertible Bond, Liuyao Convertible Bond, etc. [1][35] 3. Summary According to the Directory 3.1. Weekly Market Review 3.1.1. Overall Decline in the Equity Market - From December 15th to December 19th, the overall equity market showed a mixed trend. The Shanghai Composite Index rose 0.03% to close at 3890.45 points, the Shenzhen Component Index fell 0.89% to close at 13140.21 points, the ChiNext Index fell 2.26% to close at 3122.24 points, and the CSI 300 fell 0.28% to close at 4568.18 points. The average daily trading volume of the two markets was about 17409.78 billion yuan, a decrease of about 1949.17 billion yuan from last week, with a week - on - week decline of 10.07% [1][6] - Among the 31 Shenwan primary industries, 19 industries closed up, with 8 industries rising more than 2%. The top - performing industries included commercial retail, non - bank finance, beauty care, social services, and basic chemicals, while the bottom - performing industries were electronics, power equipment, machinery, communications, and computers [11] 3.1.2. Overall Rise in the Convertible Bond Market - From December 15th to December 19th, the CSI Convertible Bond Index rose 0.48% to close at 485.28 points. Among the 29 Shenwan primary industries, 20 industries closed up, with 3 industries rising more than 2%. The top - performing industries were light industry, commercial retail, transportation, beauty care, and petroleum and petrochemicals, while the bottom - performing industries were non - bank finance, communications, electronics, machinery, and household appliances [6][12] - The average daily trading volume of the convertible bond market was 636.11 billion yuan, a significant increase of 29.75 billion yuan, with a week - on - week change of 4.91%. The top ten convertible bonds in terms of trading volume were Zai 22 Convertible Bond, Dazhong Convertible Bond, etc. About 63.48% of the individual convertible bonds rose, with about 32.75% rising between 0 - 1% and 15.37% rising more than 2% [12] - The overall conversion premium rate of the market increased this week, with an average daily conversion premium rate of 42.55%, an increase of 0.21 pcts from last week. Different price, parity, rating, and scale intervals showed different trends in the conversion premium rate. In terms of industry, 23 industries' conversion premium rates widened, and 10 industries' conversion parities increased [17][23][26] 3.1.3. Comparison of Stock and Bond Market Sentiments - From December 15th to December 19th, the weekly weighted average and median of the convertible bond and underlying stock markets were negative, and the underlying stocks had a larger decline. The trading volume of the convertible bond market increased by 4.91% week - on - week, at the 54.50% quantile level since 2022, while the trading volume of the underlying stock market decreased by 6.01% week - on - week, at the 70.20% quantile level since 2022. About 75.29% of the convertible bonds closed up, and about 60.76% of the underlying stocks closed up. Overall, the trading sentiment in the convertible bond market was better this week [28] - Analyzing each trading day, different markets had better trading sentiment on different days. For example, the underlying stock market had better trading sentiment on Monday, Tuesday, and Friday, while the convertible bond market had better trading sentiment on Wednesday and Thursday [30] 3.2. Outlook and Investment Strategy - Overseas, the long - term monetary policy misalignment will reshape the purchasing power of private and public sectors. The overall monetary policy is expected to remain relatively loose, which is beneficial for gold. Japan's situation is special, and the potential for political polarization in 2026 is a "gray rhino" risk [1][32] - Domestically, looking towards 2026, the uncertainty on the policy side is decreasing, and the sustainability of the computing power mainline on the industrial side will be continuously questioned by the market. Pan - mainline stocks may tend to rise in the fluctuations, and small - cap stocks will benefit more from the spread market [1][34] - In terms of convertible bond strategies, three pan - mainline value depression directions are recommended: AI end - side, especially in the consumer electronics field; upstream targets such as key substrates for chip manufacturing and packaging and testing; and the power transmission and distribution equipment sector. Specific stocks are recommended for both existing and upcoming targets [1][34] - The top ten high - rated, medium - low - priced convertible bonds with the greatest potential for parity premium rate repair next week are Hope Convertible Bond, Liuyao Convertible Bond, etc. [1][35]

推动人民币升值的因素逐渐增多，市场关注度也开始升温，投资者要逐步适应在一个人民币持续升值的 环境下去做资产配置。从过去20年间7轮人民币升值周期来看，汇率并不是主导行业配置的决定性因 素。然而，部分行业在持续升值预期形成的初期确实会有更好表现，市场可能会复制这样的肌肉记忆， 同时从成本收入分析来看，约19%的行业会因为升值带来利润率提升，这些行业也会逐步被投资者重视 起来。此外，为抑制过快单边升值趋势而做出的政策应对，反而是影响行业配置的更重要因素。行业配 置上，在人民币持续升值的背景下，可以关注短期肌肉记忆驱动、利润率变化驱动以及政策变化驱动三 条线索，我们在本期聚焦详细梳理了潜在受益行业。 推动人民币持续升值的因素逐渐增多，市场关注度也开始升温 我们认为投资者要逐步开始适应在一个人民币持续升值的环境下去做资产配置。今年前11个月中国的累 计贸易顺差达到1.076万亿美元，同比增长21.7%，创历史新高。更重要的是出口企业的结汇意愿开始不 断上升，今年10月顺差转化为顺收的比例已经超过100%，这是与过去几年最大的差异。2022年以来， 我们估算出口商积累的待结汇规模为1万亿美元左右，一旦人民币升值预期形成 ...

亚马逊与 OpenAI 联系加深，美光预计 HBM 市场加速增长 亚马逊洽谈投资 OpenAI 超 100 亿美元，协议含使用 AWS 芯片 据华尔街见闻 12 月 17 日报道，据知情人士向 The Information 透 露，亚马逊正在洽谈向 OpenAI 投资至少 100 亿美元，该交易将使这 家人工智能初创公司的估值超过 5000 亿美元。作为双方拟议协议的 关键部分，OpenAI 计划采用亚马逊自主研发的 Trainium 人工智能芯 片，此举标志着这家初创公司在减少对英伟达依赖方面迈出了重要一 步。这项潜在的投资旨在帮助 OpenAI 承担其庞大的算力基础设施支 出。OpenAI 上个月宣布，将在未来七年内斥资 380 亿美元租用亚马 逊 Web Services（AWS）的服务器。如果交易达成，亚马逊将加入包 括英伟达在内的科技巨头行列，成为 OpenAI 潜在的新一轮巨额投资 者。然而，由于微软持有 OpenAI 约 27%的股份并享有独家代理权， 亚马逊将无法向其云客户直接转售 OpenAI 的模型。随着微软投资亚 马逊的竞争对手 Anthropic，亚马逊正通过加深与 OpenAI 的 ...

Core Viewpoint - Transsion Holdings, known as the "King of African Mobile Phones," has submitted its prospectus to the Hong Kong Stock Exchange for a listing, aiming to advance its "A+H" dual capital platform strategy. However, the company faces significant challenges, including declining growth in its core mobile phone business and increased competition in the market [1][3]. Financial Performance - Transsion Holdings reported a revenue increase from 46.596 billion RMB in 2022 to 62.295 billion RMB in 2023, marking a growth of 33.69%. The revenue is projected to further rise to 68.715 billion RMB in 2024, reflecting a 10.31% increase [2]. - Net profit surged from 2.467 billion RMB in 2022 to 5.587 billion RMB in 2023, a growth of 126.47%, but is expected to only slightly increase to 5.597 billion RMB in 2024 [2]. Business Segmentation - The company's revenue from mobile phones, which includes both smart and feature phones, accounted for 91.3% of total revenue in 2022, slightly decreasing to 89.8% in the first half of 2025. The revenue from mobile phones was 42.518 billion RMB in 2022, 57.348 billion RMB in 2023, and 26.093 billion RMB in the first half of 2025 [4][5]. - The mobile internet services segment, despite having a higher gross margin, contributed only 1.6% to total revenue in 2022, indicating a lack of effective monetization [8]. Market Challenges - The company experienced a significant decline in revenue in the first half of 2025, with a 15.86% drop to 29.077 billion RMB and a net profit decrease of 56.63% to 1.242 billion RMB, attributed to reduced income from both smart and feature phones [3][5]. - In the African market, which has historically been the largest revenue contributor, revenue fell by 4.45% in the first half of 2025, marking a shift from previous growth trends [11]. Competitive Landscape - Transsion's market dominance in Africa is being challenged by competitors like Xiaomi and Honor, which have increased their market shares significantly. For instance, Xiaomi's market share rose to 13.99% in the first half of 2025, while Honor's surged to 3.89% [13]. - The company is also facing declining revenues across other regions, including the emerging Asia-Pacific and Middle Eastern markets, with declines ranging from 20% to 27% [13]. Strategic Initiatives - To mitigate its reliance on mobile phone sales, Transsion is diversifying into new business areas, including portable computers, smart audio devices, and electric vehicles. However, these new ventures have not yet significantly impacted overall revenue [9]. - The company is increasing its investment in AI technology, with R&D spending rising by 15.13% to 1.362 billion RMB in the first half of 2025, aiming to leverage AI for competitive differentiation [14]. However, the commercial viability of AI features remains uncertain in emerging markets [15].

Group 1 - Apple is set to launch its first foldable smartphone, iPhone Fold, in September 2024, aiming for a "visual no crease" design, with ongoing development of ultra-thin flexible glass technology [2] - Brazilian company Eve Air Mobility successfully completed the first flight test of its electric flying car prototype, with plans to manufacture six regulatory-compliant prototypes for further testing and certification [2] - A Starlink satellite experienced an anomaly in space, generating a small amount of debris and losing communication with the ground at an altitude of 418 kilometers, with expectations of re-entering the Earth's atmosphere in a few weeks [2] Group 2 - The performance of humanoid robots from Chinese company Yush Robot at a concert has garnered international attention, with notable figures like Elon Musk expressing admiration for their capabilities [2]

Core Viewpoint - The global capital landscape has dramatically shifted due to the actions of the Japanese central bank, which has raised interest rates, impacting the dynamics of the U.S. dollar and leading to significant capital flows into China [3][10]. Group 1: U.S. Federal Reserve Actions - The U.S. Federal Reserve has been perceived as engaging in "hawkish easing," suggesting potential interest rate cuts while maintaining a tight monetary policy, which has confused market expectations [7][8]. - Despite market anticipation of multiple rate cuts, the Fed's projections indicate only one potential cut by 2026, leading to a misalignment between market sentiment and actual policy [7][8]. Group 2: Japanese Central Bank's Impact - The Japanese central bank's decision to raise interest rates by 25 basis points to 0.75% marks the end of the negative interest rate era, significantly affecting global capital flows [9][10]. - This shift has caused turmoil among international traders who had borrowed in yen to invest in U.S. assets, leading to a potential sell-off of dollar-denominated assets [10]. Group 3: Capital Flows to China - In November 2025, global equity funds saw a net inflow of $40.5 billion into emerging markets, with approximately $18 billion (44.7%) flowing into the Chinese market, indicating a strong interest from foreign investors [10]. - Foreign capital has been net buying A-shares for four consecutive months, with a single-month net purchase reaching 86 billion yuan, suggesting a growing confidence in the Chinese market [10]. Group 4: Investment Strategies - Foreign investors are employing a "barbell strategy," focusing on high-dividend sectors such as utilities and banks for stability, while also investing in high-growth sectors like semiconductors and renewable energy for potential gains [10]. - The strategy reflects a cautious approach, balancing defensive investments with opportunities in growth sectors that could benefit from future interest rate cuts [10]. Group 5: Market Outlook - The outlook for 2026 suggests that the U.S. may maintain a tight monetary policy while Japan could continue to raise rates, leading to a stable yuan exchange rate between 6.9 and 7.2, which could provide a conducive environment for Chinese markets [11]. - The current market dynamics indicate a "structural battle" where investors must be strategic in their asset choices to avoid losses despite rising indices [11].

Core Viewpoint - The official launch of the Hainan Free Trade Port's full island closure on December 18 has led to a significant increase in consumer activity, particularly in duty-free shopping, with notable sales in electronics and gold jewelry [1][2][3]. Group 1: Duty-Free Sales Performance - On the first day of the closure, Sanya's total duty-free sales reached 118 million yuan, with a customer footfall of over 36,000, marking a year-on-year increase of over 60% in visitors and an 85% increase in sales [1]. - The Apple store in Sanya offered the iPhone 17 Pro Max at a price of 9,299 yuan, which is 700 yuan cheaper than the official online store, while the iPhone 17 Pro was priced at 8,219 yuan, 780 yuan lower than the official price [2]. - Huawei's Mate X6 was available for 10,899 yuan, significantly lower than the 11,999 yuan price on e-commerce platforms, with potential savings of up to 1,700 yuan when using government consumption vouchers [2]. Group 2: Gold Jewelry Sales - Duty-free gold jewelry has seen a surge in demand, with the price set at 1,187 yuan per gram, compared to the market price of 1,353 yuan, resulting in a difference of 166 yuan per gram [3]. - A consumer purchasing a 30-gram piece of ancient-style gold jewelry could save approximately 9,116 yuan compared to similar market products, after applying discounts and government vouchers [3]. Group 3: Fresh Fruit Sales - The first batch of 1.5 tons of Malaysian durians sold out within an hour at a local supermarket, indicating strong consumer interest in imported fresh fruits following the closure [4]. Group 4: Air Travel Demand - Data shows that domestic flight bookings to Hainan for the upcoming New Year holiday exceeded 720,000, reflecting a year-on-year increase of about 10% [5]. - Flight bookings to Haikou and Sanya saw increases of 19% and 51% respectively, with popular departure cities including Beijing, Chengdu, and Shanghai [7]. - International flight bookings to Haikou increased by over 40% during the New Year holiday, with significant growth noted for the upcoming Spring Festival period [7].

Core Viewpoint - The official launch of the Hainan Free Trade Port's full island closure on December 18 has led to a significant increase in consumer activity, particularly in duty-free shopping, with notable sales in electronics and gold products [1][8]. Duty-Free Sales Performance - On the first day of the closure, Sanya's total duty-free sales reached 118 million yuan, with a 60% increase in foot traffic to Sanya International Duty-Free City and an 85% increase in sales year-on-year [1]. - Apple and Huawei stores experienced long queues, with the iPhone 17 Pro Max priced at 9,299 yuan, 700 yuan cheaper than on Taobao, and the iPhone 17 Pro at 8,219 yuan, 780 yuan lower than the official website [3][4]. - Huawei's Mate X6 was priced at 10,899 yuan, over 1,000 yuan cheaper than Taobao, with potential savings of around 1,700 yuan when using government consumption vouchers [4]. Gold Products Popularity - Duty-free gold products are also seeing high demand, with the price at 1,187 yuan per gram, compared to the market price of 1,353 yuan, resulting in a difference of 166 yuan per gram [6]. - A consumer purchasing a 30-gram gold item could save approximately 9,116 yuan compared to market prices, after applying discounts and government vouchers [7]. Fresh Fruit Sales - The first batch of Malaysian durians sold out within an hour at a supermarket in Haikou, showcasing the strong consumer interest in imported goods following the closure [8]. Air Travel Trends - There has been a notable increase in flight bookings to Hainan for the upcoming New Year holiday, with over 720,000 tickets sold, a 10% year-on-year increase [9]. - Flight bookings to Haikou and Sanya have increased by 19% and 51% respectively, indicating a strong demand for travel to the region [11].

Group 1 - The core point of the article is that Hason Co., Ltd. has disclosed a correction regarding the change of its accounting firm, revealing inaccuracies in the integrity records of its project members [1][2] - Hason Co. announced the appointment of Zhongshunzhong Accounting Firm as its auditing service provider for the fiscal year 2025, replacing the previous firm, Zhongxinghua Accounting Firm, to ensure independence and objectivity in auditing [2][3] - The project partner, Xiao Wentao, was found to have received an administrative regulatory measure from the China Securities Regulatory Commission in January 2025, which was not disclosed in the initial announcement [1][2] Group 2 - Hason Co. has faced significant operational pressure, with its net profit attributable to shareholders recording losses for five consecutive years. In the first three quarters of this year, the company achieved a revenue of 1.058 billion yuan, a year-on-year increase of 86.36%, but still reported a net loss of 18.47 million yuan [3][4] - The company is diversifying into consumer electronics and new energy sectors through acquisitions and the establishment of new subsidiaries. Recently, it announced a change in its acquisition plan, reducing the purchase of 100% equity in Suzhou Chenling Optical Co., Ltd. to 45% equity in Suzhou Langkes Precision Hardware Co., Ltd. [4][5] - As of December 19, Hason Co.'s stock price fell by 3.36%, closing at 12.95 yuan per share, with a total market capitalization of 2.841 billion yuan [6]

Group 1 - Investors remain interested in European brands despite a slowdown in the global luxury fashion industry, with ongoing large-scale mergers and acquisitions in the consumer sector [1] - Sequoia China has announced the acquisition of a controlling stake in the global fashion brand Golden Goose Group, with Temasek and its wholly-owned asset management company participating as minority shareholders [1] - Golden Goose has seen its revenue grow from €266 million in 2020 to €655 million in the fiscal year 2024, demonstrating strong and steady growth [2] Group 2 - Golden Goose has a history of close ties with the venture capital community, with several private equity firms having managed it over the years; the original shareholders will retain a minority stake post-transaction [4] - CEO Silvio Campara will continue to lead the company alongside the existing management team, while Marco Bizzarri, with extensive experience in luxury brands, will serve as non-executive chairman [4] - The Chinese market is crucial for the internationalization of consumer brands, with Golden Goose having opened its flagship store in Beijing in 2016, selling out its initial limited edition sneakers [5] Group 3 - The global consumer sector is experiencing a resurgence in mergers and acquisitions, with notable transactions including Sequoia China's acquisition of Marshall Group for €1.1 billion [5] - Temasek has doubled its stake in Italian fashion brand Ermenegildo Zegna, and other significant acquisitions include the purchase of Japanese jewelry brand Tasaki and high-end department store SKP [5] - The consumer sector is viewed as a good investment opportunity due to relatively low asset prices and strong cash flows, with many industry experts believing it has resilient, anti-cyclical characteristics [6]