Group 1 - The National Healthcare Security Administration and the Ministry of Human Resources and Social Security have issued new drug directories for basic medical insurance and commercial health insurance, adding 114 new drugs, including 50 innovative drugs [1] - The China Securities Regulatory Commission has set clear requirements for market value management, cash dividends, and share buybacks to enhance the investment value of listed companies and increase investor returns [1] - The Financial Regulatory Administration has adjusted the risk factors for insurance companies' stock investments, aiming to cultivate and expand patient capital [1] Group 2 - The A-share market has shown a recovery, with major indices closing in the green, and the Shanghai Composite Index surpassing 3900 points [2] - Recent financial regulatory policies are expected to provide significant short-term support to the market, including differentiated supervision for quality institutions and the relaxation of capital and leverage restrictions [2] - Historical data indicates that the period from mid-December to mid-January is typically a key observation window for year-end market trends, coinciding with the release of annual policies and seasonal liquidity easing [2] Group 3 - In terms of sector allocation, the brokerage sector may benefit from regulatory policy optimization, while high-dividend stocks in banking, electricity, and home appliances remain attractive [3] - Growth sectors such as AI applications, robotics, and innovative pharmaceuticals are expected to have recovery potential if the spring market rally starts early [3] Group 4 - Upcoming IPOs include companies like Nabai Chuan, Yuxun Co., and Yuanchuang Co., with a focus on sectors such as new energy vehicle thermal management and optical communication [9]

今日，沐曦股份（688802）公告，回拨机制启动后，网下最终发行数量为2282.9081万股，占扣除最终战略配售部分后本次发行数量的70.26%，网上最终 发行数量为966.55万股，占扣除最终战略配售部分后本次发行数量的29.74%。回拨机制启动后，网上发行最终中签率为0.03348913%。 沐曦股份网上发行最终中签率出炉。 资料显示，沐曦股份是国内高性能通用GPU产品的主要领军企业，成功上市后，公司将成为继摩尔线程之后第二家登陆A股市场的国产GPU公司。 招股书显示，沐曦股份致力于自主研发全栈高性能GPU芯片及计算平台，公司主营业务是研发、设计和销售应用于人工智能训练和推理、通用计算与图形 渲染领域的全栈GPU产品，并围绕GPU芯片提供配套的软件栈与计算平台。自公司成立以来，始终专注于GPU产品的技术创新和迭代升级，形成了独具优 势的GPU产品体系和自主开放的软件生态，持续为云端计算提供高能效、高通用性的算力支撑，推动人工智能赋能千行百业，重点布局了教科研、金融、 交通、能源、医疗健康、大文娱等行业应用场景，已成为推动我国智能算力基础设施自主可控的重要力量。 公司主要产品全面覆盖人工智能计算、通用计算和 ...

Quantitative Models and Construction Methods 1. Model Name: Industry Mainline Model (Relative Strength Index, RSI) - **Model Construction Idea**: The model aims to identify leading industries by calculating their relative strength index (RSI) over different time frames[1][9] - **Model Construction Process**: 1. Use primary industry indices as configuration targets, totaling 31 primary industries 2. Calculate the price changes over the past 20, 40, and 60 trading days for all industries, obtaining the cross-sectional rankings of these changes, then normalize all rankings to get RS_20, RS_40, and RS_60 3. Calculate the average of these three rankings to get the final industry relative strength index: $$ RS = \frac{RS_{20} + RS_{40} + RS_{60}}{3} $$ 4. If an industry shows an RS signal greater than 90% before the end of April, it is likely to be a leading industry for the year[9] - **Model Evaluation**: The model effectively identified leading industries in 2024, such as coal, power and utilities, home appliances, banks, oil and petrochemicals, communications, non-ferrous metals, agriculture, forestry, animal husbandry, and fishery, and automobiles[1][9] 2. Model Name: Industry Rotation Model (Prosperity-Trend-Crowding Framework) - **Model Construction Idea**: The model uses a three-dimensional framework of prosperity, trend, and crowding to recommend industry allocations[1][2][6] - **Model Construction Process**: 1. Define two industry rotation schemes: "strong trend-low crowding" and "high prosperity-strong trend" 2. Allocate industry weights based on the framework: Media 16%, Agriculture, Forestry, Animal Husbandry, and Fishery 15%, Non-bank Financials 12%, Computers 12%, Home Appliances 9%, Coal 9%, Building Materials 7%, Banks 7%, Light Industry Manufacturing 7%, Retail 6% 3. Recommend ETFs tracking indices such as CSI Steel, CSI Agriculture, Securities Companies, Communication Equipment, CSI Media, Sub-segment Chemicals, CS Artificial Intelligence, Animation Games, Sub-segment Machinery, All Information, Building Materials, etc.[2][6][15] - **Model Evaluation**: The model performed well in 2025, with an excess return of 16.4% relative to the CSI 800 index and 4.2% relative to the Wind All A index[2][6][18] 3. Model Name: Left-Side Inventory Reversal Model - **Model Construction Idea**: The model aims to capture the reversal of industries in distress by analyzing sectors with low inventory pressure and long-term analyst optimism[24] - **Model Construction Process**: 1. Identify sectors currently or previously in distress with potential for inventory replenishment 2. Analyze sectors with low inventory pressure and long-term analyst optimism 3. Recommend sub-sectors such as cloud services, other light industries, oil service engineering, components, agricultural chemicals, animal husbandry, consumer electronics, special materials, and biomedicine[24][25] - **Model Evaluation**: The model achieved an absolute return of 25.4% in 2025, with an excess return of 5.4% relative to the industry equal weight index[24][27] Model Backtest Results 1. Industry Mainline Model (RSI) - **Absolute Return**: Various industries showed significant returns after the RSI signal appeared, such as banks (32.1%), communications (24.0%), home appliances (25.8%), and automobiles (12.8%)[10][12] 2. Industry Rotation Model (Prosperity-Trend-Crowding Framework) - **Annualized Return**: 21.7% - **Excess Annualized Return**: 13.8% - **Information Ratio (IR)**: 1.5 - **Maximum Drawdown**: -8.0% - **Monthly Win Rate**: 67% - **Excess Return in 2023**: 7.3% - **Excess Return in 2024**: 5.7% - **Excess Return in 2025**: 4.2%[13][14] 3. Left-Side Inventory Reversal Model - **Absolute Return in 2023**: 13.4% - **Excess Return in 2023**: 17.0% - **Absolute Return in 2024**: 26.5% - **Excess Return in 2024**: 15.4% - **Absolute Return in 2025**: 25.4% - **Excess Return in 2025**: 5.4%[24][27]

- The report does not contain any quantitative models or factors for analysis[1][2][3]

Core Viewpoint - The market is transitioning towards a "spring rally" with potential catalysts emerging, particularly as the year-end approaches and new policies are anticipated [2][13]. Group 1: Market Trends and Strategies - The strategy for 2026 emphasizes embracing "Galloping Assets" which are global competitive leaders, indicating a shift towards value reassessment [1][12]. - The A-share market has shown a recovery with the Shanghai Composite Index rising over 10% to above 3800 points [1][12]. - The current market phase is characterized by a period of observation and consolidation, with the potential for a spring rally to begin as early as December [2][13]. Group 2: Spring Rally Insights - The "spring rally" is expected to occur around the Lunar New Year, typically 1-2 weeks prior, with historical data suggesting a strong upward trend during this period [3][5]. - The likelihood of a spring rally varies based on market conditions: high during bottom-stimulus periods, moderate during continuation phases, and limited during downturns [4][6]. - Key indicators for the timing of the rally include significant new positive or negative developments, with potential early triggers in December [6][10]. Group 3: Sector and Style Preferences - The market favors smaller-cap indices like CSI 1000 and CSI 2000, which have shown a nearly 90% success rate with an average excess return of over 4% [6][19]. - Growth and technology sectors are highlighted as having an 80% success rate, also with an average excess return of over 4% [7][19]. - The top-performing industries are expected to be in the first tier: computer, communication, and electronics, with a second tier including machinery, chemicals, and military industries, all showing excess returns of over 3% [8][19]. Group 4: Long-term Investment Directions - The focus for long-term investments includes quality cyclical stocks benefiting from policy expectations in sectors like real estate, consumer goods, and resources [10][20]. - The strategy for the upcoming year includes a focus on "Galloping Assets" that align with China's economic transformation and global competition, particularly in technology, high-end manufacturing, consumption, and resource sectors [10][20].

Market Overview - The three major indices rebounded this week, with the Shanghai Composite Index rising by 0.37%, the Shenzhen Component Index increasing by 1.26%, and the ChiNext Index up by 1.86% [1][18]. Sector Performance - Active sectors this week included commercial aerospace and food stocks, which showed significant movement [1][18]. Top Gainers - The top-performing stocks included: - Jiarong Technology, which surged by 67.18% and reached new highs during the week [20][21]. - Other notable gainers included Zhaobiao Co. (up 58.43%), Haiwang Biological (up 55.59%), Aerospace Development (up 52.26%), and Anji Food (up 50.23%) [20][21]. Top Losers - On the downside, 93 stocks fell by more than 10%, with *ST Lifang leading the decline at -48.21% [4][20]. - Other significant losers included Binhai Energy (down 25.82%), Langchao Software (down 20.91%), and Yunzhu Technology (down 20.19%) [4][20]. Trading Activity - A total of 64 stocks had a turnover rate exceeding 100%, with Beilong Precision leading at 228.83% [6][22]. - The sectors with high turnover rates included defense, machinery, and computers [6][22]. Capital Flow - The metals, building materials, and coal sectors attracted significant capital inflows, with the non-ferrous metals sector seeing a net inflow of 5.94 billion yuan [8][24]. - C China Uranium received the highest net inflow at 36.54 billion yuan, followed by Tianfu Communication (26.74 billion yuan) and BOE Technology (18.05 billion yuan) [8][24]. Institutional Research - Jiarong Technology was the most researched stock this week, with 187 institutions participating in its survey [12][28]. - Other companies receiving attention included Tianhua New Energy and Sanxia Tourism, each with over 50 institutions involved [12][28]. New Institutional Interests - Institutions showed first-time interest in 45 stocks this week, with 10 stocks receiving target prices [30][31]. - Notable mentions include Rongqi Technology, rated "Buy" with a target price of 96.11 yuan, and Danah Biotechnology, also rated "Buy" with a target price of 102 yuan [31][32].

Market Performance - The three major indices rebounded this week, with the Shanghai Composite Index rising by 0.37%, the Shenzhen Component Index increasing by 1.26%, and the ChiNext Index gaining 1.86% [1][3]. Stock Highlights - 14 stocks saw a price increase of over 30% this week, with the highest being environmental stock Jiarong Technology, which surged by 67.18% [4][5]. - Other notable gainers include Zhaobiao Co. (58.43%), Haiwang Bio (55.59%), Aerospace Development (52.26%), and Anji Food (50.23%) [5]. - On the downside, 93 stocks experienced a decline of over 10%, with *ST Lifang leading with a drop of 48.21% [4][5]. Trading Activity - 64 stocks had a turnover rate exceeding 100%, with Beilong Precision leading at 228.83% [6][7]. - The sectors with high turnover rates included defense, machinery, and computer industries, with Zhaobiao Co., Aerospace Development, and Haixin Food showing significant price increases [6]. Capital Flow - The non-ferrous metals, building materials, and coal industries attracted significant capital inflow, with the non-ferrous metals sector receiving a net inflow of 5.94 billion yuan [8]. - Individual stocks with the highest net inflows included C China Uranium (3.654 billion yuan), Tianfu Communication (2.674 billion yuan), and BOE A (1.805 billion yuan) [9]. Institutional Research - 292 listed companies were surveyed by institutions this week, with Jierui Co. receiving the most attention from 187 institutions [12][13]. - Other companies like Tianhua New Energy and Sanxia Tourism also garnered interest from over 50 institutions [12]. New Institutional Interests - 45 stocks were newly favored by institutions this week, with 10 stocks receiving target prices [15][16]. - Notable mentions include Rongqi Technology, which received a "Buy" rating from Northeast Securities with a target price of 96.11 yuan [16][17].

Core Insights - During the past week, 64 stocks had a turnover rate exceeding 100%, indicating high trading activity in the market [1] - Among these, Beilong Precision topped the list with a weekly turnover rate of 228.83%, while Jingchuang Electric also surpassed 200% [1] - The sectors with stocks having turnover rates over 100% predominantly include defense, machinery, and computer industries [1] - In terms of weekly price performance, stocks such as Zhaobiao Co., Aerospace Development, and Haixin Food saw significant gains, each exceeding 30% [1]

个股方面，本周C中国铀（001280）、天孚通信（300394）、京东方A获主力净流入居前，分别为36.54 亿元、26.74亿元、18.05亿元；净流出方面，香农芯创（300475）、蓝色光标（300058）、中兴通讯遭 主力净流出居前，分别为32.11亿元、26.93亿元、24.21亿元。 每经AI快讯，按申万一级行业来看，本周有色金属、建筑材料、煤炭三大行业获得主力资金青睐，其 中，有色金属行业获主力净流入5.94亿元；在净流出方面，电子设备、计算机、电子行业均遭抛售超百 亿元。 ...

Core Insights - The South Korean government forecasts that the country's export value will exceed $700 billion for the first time in 2025, setting a new historical record, although exports excluding semiconductors are expected to decline year-on-year [1][3][4]. Export Performance - From January to November, South Korea's total export value reached $640.2 billion, marking a year-on-year increase of 2.9%, the highest level for the same period, surpassing the previous record of $628.7 billion in 2022 [1][3]. - Exports excluding semiconductors amounted to $487.6 billion during the same period, reflecting a year-on-year decrease of 1.5% [5]. Sector-Specific Trends - The automotive, shipbuilding, biopharmaceutical, and computer sectors saw export growth of 2%, 28.6%, 7%, and 0.4%, respectively, while all other sectors experienced declines [5]. - Notable declines were observed in machinery exports (down 8.9%), petroleum products (down 11.1%), petrochemicals (down 11.7%), and steel exports (down 8.8%). Additionally, exports of automotive parts, displays, home appliances, and secondary batteries fell by 6.3%, 10.3%, 9.4%, and 11.8%, respectively [5]. Semiconductor Dependency - In November, semiconductors accounted for 28.3% of South Korea's total export value, the highest proportion recorded this year, raising concerns about the country's over-reliance on the semiconductor industry [5]. - Historically, from 2002 to 2010, semiconductors represented about 10% of South Korea's total exports [5].