Government Policies - The State Council's executive meeting on January 9 announced a package of policies to promote domestic demand through financial and fiscal collaboration, including optimizing service industry loans and personal consumption loan interest subsidies [1] - The meeting also discussed the establishment of a special guarantee plan for private investment and a risk-sharing mechanism for bonds issued by private enterprises [1] Macroeconomic Indicators - The National Bureau of Statistics reported that in December 2025, the CPI increased by 0.8% year-on-year and 0.2% month-on-month, with food prices rising by 0.3% [2] - The PPI decreased by 1.9% year-on-year but increased by 0.2% month-on-month [2] - The Ministry of Finance and the State Taxation Administration announced adjustments to export tax rebate policies for photovoltaic products, effective from April 1, 2025 [2] Investment News - The China Securities Regulatory Commission and the Ministry of Finance introduced a reward system for whistleblowers reporting serious violations in the securities and futures markets, with rewards up to 1 million yuan [3] - A-shares saw significant gains, with the Shanghai Composite Index surpassing 4100 points, marking a new high in over 10 years, and a trading volume exceeding 3.1 trillion yuan [3] - The Hang Seng Index rose by 0.32%, with notable gains in sectors such as media and non-ferrous metals [3] Company Developments - Tianpu Co. experienced unusual stock price fluctuations, leading to an investigation by the CSRC for potential omissions in disclosures, with the stock set to resume trading on January 12 [4] - Luzhou Laojiao announced a mid-year profit distribution plan, proposing a dividend of 13.58 yuan per 10 shares, totaling approximately 2 billion yuan [5] - Jiangyun Co. plans to restructure its assets related to passenger car sales and after-sales services, which is expected to constitute a major asset reorganization [6] - Tongfu Microelectronics intends to raise no more than 4.4 billion yuan through a private placement to enhance storage chip testing capacity [6] - Ju Shi Chemical received a notice of administrative penalty for inflating revenue and profits through false trading, with total fines expected to reach 6.7 million yuan [6]

（文章来源：证券时报网） 证券时报·数据宝统计显示，业绩预计翻倍股今年以来平均上涨6.27%，表现强于沪指。个股来看，今年 以来涨幅最大的是南兴股份，累计上涨21.01%；惠而浦、传化智联今年以来分别上涨12.45%、6.71%紧 随其后。 全年业绩预计暴增股名单 | 代码 | 简称 | 业绩预告日 | 预计净利润增幅中值 | 最新收盘价 | 今年以来涨跌幅 | 行业 | | --- | --- | --- | --- | --- | --- | --- | | | | 期 | （%） | （元） | （%） | | | 300435 | 中泰股 | 2026.01.06 | 677.22 | 23.35 | 5.09 | 公用事 | | | 份 | | | | | 业 | | 002010 | 传化智 联 | 2025.12.31 | 308.82 | 6.20 | 6.71 | 交通运 输 | | 688796 | 百奥赛 图 | 2025.12.09 | 303.57 | 54.80 | 4.18 | 医药生 物 | | 002846 | 英联股 份 | 2026.01.06 | 193.27 | 16 ...

Report Industry Investment Rating No information provided in the given content. Core Viewpoints - On December 30, the convertible bond industry showed mixed performance in terms of gains and losses, with valuations rising on a month - on - month basis [1]. - The mid - cap growth style was relatively dominant in the market [1]. - The trading sentiment in the convertible bond market weakened [1]. - The convertible bond price center increased, and the proportion of high - price bonds rose [2]. - The convertible bond valuations increased [2]. - In the A - share market, more than half of the underlying stock industry indices declined, while in the convertible bond market, 14 industries rose [3]. Summary by Related Catalogs Market Overview - **Index Performance**: The CSI Convertible Bond Index rose 0.14% month - on - month, the Shanghai Composite Index remained unchanged, the Shenzhen Component Index rose 0.49%, the ChiNext Index rose 0.63%, the SSE 50 Index rose 0.06%, and the CSI 1000 Index rose 0.04% [1]. - **Market Style**: Mid - cap growth was relatively dominant. Large - cap growth rose 0.57%, large - cap value fell 0.13%, mid - cap growth rose 0.81%, mid - cap value rose 0.66%, small - cap growth rose 0.66%, and small - cap value rose 0.34% [1]. - **Fund Performance**: The trading sentiment in the convertible bond market weakened. The trading volume of the convertible bond market was 75.057 billion yuan, a 2.96% month - on - month decrease; the total trading volume of the Wind All - A was 2.161532 trillion yuan, a 0.18% month - on - month increase; the net outflow of the main funds in the Shanghai and Shenzhen stock markets was 23.828 billion yuan, and the yield of the 10 - year treasury bond decreased by 0.02 bp to 1.86% [1]. Convertible Bond Price - The overall weighted average closing price of convertible bonds was 134.53 yuan, a 0.09% month - on - month increase. Among them, the closing price of equity - biased convertible bonds was 202.44 yuan, a 1.47% increase; the closing price of bond - biased convertible bonds was 118.85 yuan, a 0.18% decrease; the closing price of balanced convertible bonds was 129.71 yuan, a 0.01% increase [2]. - The proportion of bonds with a closing price above 130 yuan was 59.95%, a 1.15 - percentage - point increase. The largest change in proportion occurred in the 120 - 130 (including 130) range, with a proportion of 28.01%, a 1.39 - percentage - point decrease. There were no bonds with a closing price below 100 yuan. The median price was 132.60 yuan, a 0.07% month - on - month decrease [2]. Convertible Bond Valuation - The fitted conversion premium rate of 100 - yuan par value was 33.54%, a 0.45 - percentage - point month - on - month increase; the overall weighted par value was 101.88 yuan, a 0.19% month - on - month decrease [2]. - The premium rate of equity - biased convertible bonds was 18.25%, a 1.38 - percentage - point increase; the premium rate of bond - biased convertible bonds was 86.78%, a 2.11 - percentage - point increase; the premium rate of balanced convertible bonds was 25.17%, a 0.42 - percentage - point increase [2]. Industry Performance - **Underlying Stock Market**: Among the A - share industries, the top three decliners were Commerce and Retail (-1.56%), Real Estate (-1.22%), and Utilities (-1.14%); the top three gainers were Petroleum and Petrochemical (+2.63%), Automobile (+1.35%), and Non - Ferrous Metals (+1.31%) [3]. - **Convertible Bond Market**: Among the convertible bond industries, the top three gainers were Automobile (+2.08%), Petroleum and Petrochemical (+1.25%), and Textile and Apparel (+0.77%); the top three decliners were Environmental Protection (-2.57%), National Defense and Military Industry (-1.23%), and Building Materials (-1.16%) [3]. - **By Category**: - **Closing Price**: The large - cycle category decreased by 0.38%, manufacturing increased by 0.54%, technology decreased by 0.24%, large - consumption increased by 0.10%, and large - finance decreased by 0.05% [3]. - **Conversion Premium Rate**: The large - cycle category decreased by 0.21 percentage points, manufacturing increased by 0.57 percentage points, technology increased by 0.028 percentage points, large - consumption increased by 0.63 percentage points, and large - finance increased by 0.79 percentage points [3]. - **Conversion Value**: The large - cycle category decreased by 0.74%, manufacturing increased by 0.17%, technology decreased by 0.36%, large - consumption decreased by 0.43%, and large - finance decreased by 0.20% [3]. - **Pure Bond Premium Rate**: The large - cycle category decreased by 0.55 percentage points, manufacturing increased by 0.81 percentage points, technology decreased by 0.16 percentage points, large - consumption increased by 0.12 percentage points, and large - finance decreased by 0.065 percentage points [4]. Industry Rotation - Industries such as Petroleum and Petrochemical, Automobile, and Non - Ferrous Metals led the gains. For example, Petroleum and Petrochemical had a daily increase of 2.63% in the underlying stock market and 1.25% in the convertible bond market; Automobile had a 1.35% increase in the underlying stock market and 2.08% in the convertible bond market [54].

（文章来源：证券时报网） Choice统计显示，12月30日，沪深两市可交易A股中，上涨个股有1734只，下跌个股有3306只，平盘个 股有131只。不含当日上市新股，共有66只个股涨停，19只个股跌停。从所属行业来看，涨停个股主要 集中在机械设备、汽车、建筑装饰、电力设备、纺织服饰等行业。 ...

Market Overview - The Shanghai Composite Index increased by 0.11% today, with a trading volume of 1,004.34 million shares and a transaction value of 17,424.85 billion yuan, representing a 0.72% increase compared to the previous trading day [1]. Industry Performance - The top-performing industries included: - Oil and Petrochemicals: Up by 2.43%, with a transaction value of 162.59 billion yuan, led by Tongyi Co., which rose by 10.01% [1]. - Machinery Equipment: Increased by 1.38%, with a transaction value of 1,591.32 billion yuan, led by Buke Co., which surged by 20.00% [1]. - Automotive: Gained 1.35%, with a transaction value of 949.77 billion yuan, led by Tsinghua Technology, which rose by 30.00% [1]. - The worst-performing industries included: - Commercial Retail: Decreased by 1.66%, with a transaction value of 298.04 billion yuan, led by Baida Group, which fell by 10.00% [2]. - Social Services: Down by 1.13%, with a transaction value of 104.28 billion yuan, led by Tian Su Measurement, which dropped by 15.65% [2]. - Real Estate: Fell by 1.02%, with a transaction value of 180.88 billion yuan, led by Suzhou High-tech, which declined by 6.88% [2].

Macro and Strategy Research - The profit growth rate of industrial enterprises in China has marginally declined by 1.8 percentage points to 0.1% year-on-year for the period from January to November 2025, with November showing a significant drop of 13.1% compared to October, which is a decrease of 7.6 percentage points [4] - The industrial added value growth rate for November was 4.8%, a slight decrease of 0.1 percentage points from October, influenced by insufficient domestic demand and a high base effect from the previous year [4] - The revenue profit margin for January to November was 5.29%, down by 2.0% year-on-year, indicating a further expansion of the decline compared to the previous months [4] - Among 41 industrial sectors, 18 sectors achieved positive profit growth during the same period, with notable growth in sectors such as black metal smelting and processing, non-ferrous metal mining, and high-tech manufacturing [5] Fund Research - The market saw a continued inflow of nearly 50 billion yuan into the CSI A500 index, with the ETF market scale reaching a new high of over 6 trillion yuan [7][11] - The average return for equity funds was 2.69%, with 87.08% of funds reporting positive returns, while bond funds and other categories also showed positive performance [10] - The ETF market experienced a net inflow of 914.98 billion yuan, with bond ETFs leading the inflow at 599.48 billion yuan [10] Company Research: WuXi AppTec - WuXi AppTec is positioned as a leading integrated CRDMO provider, offering end-to-end drug development and manufacturing services, with a focus on continuous development through both organic and inorganic growth strategies [15] - The CRO industry is thriving due to the high costs and long timelines associated with drug development, leading to increased demand for specialized services [15] - WuXi Chemistry reported a strong performance in its integrated services, with a significant number of new molecules added to its pipeline, indicating robust growth potential [15] - The company has streamlined its operations by divesting its clinical services research business, allowing it to focus on core competencies and enhance its service offerings [16] Industry Research: Light Industry Manufacturing & Textile Apparel - The Chinese government plans to continue funding support for the "old-for-new" consumption policy in 2026, which has already driven over 2.5 trillion yuan in sales for related products in 2025 [19] - Retail sales of clothing and footwear saw a year-on-year increase of 3.5% in November, reflecting a positive trend in consumer spending [19] - The light industry manufacturing sector underperformed compared to the CSI 300 index, indicating challenges in the current market environment [19]

Investment Rating - The report does not provide a specific investment rating for the company [1]. Core Insights - The company, HLA, is deepening its collaboration with Adidas to build a "Sports+" ecosystem, moving beyond traditional commercial partnerships to enhance brand empowerment and channel synergy [2]. - HLA's main brand is showing steady growth, with a total of 5,723 stores as of mid-2025, and a positive revenue growth trend observed in the first three quarters of 2025 [3]. - The company is expanding its overseas presence, with 111 international stores, and is actively exploring new markets in Central Asia, the Middle East, and Africa [3]. - HLA's partnership with Adidas is expected to strengthen its brand influence and channel competitiveness, creating a dual-driven growth model of a stable core business and emerging growth points [3]. Financial Summary - Total revenue for 2024 is projected at 20,957 million yuan, with a year-on-year growth rate of -2.7%. Revenue is expected to increase to 22,425 million yuan in 2025, reflecting a growth rate of 7.0% [4]. - The net profit attributable to the parent company is forecasted to be 2,334 million yuan in 2025, with a year-on-year growth of 8.1% [4]. - Earnings per share (EPS) is expected to rise from 0.45 yuan in 2024 to 0.49 yuan in 2025 [4]. - The price-to-earnings (P/E) ratio is projected to decrease from 13.73 in 2024 to 12.70 in 2025 [4].

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a positive outlook based on recent developments in the duty-free retail sector and domestic dairy industry [1]. Core Insights - The duty-free retail sales in Hainan have significantly increased following the implementation of the duty-free policy, with sales amounting to 1.1 billion yuan during the first week of operation, reflecting a year-on-year increase of 54.9% [3][15]. - The EU's preliminary anti-subsidy investigation into dairy products has led to the imposition of temporary anti-subsidy tax measures, which are expected to increase the import costs of EU dairy products, thereby benefiting domestic dairy producers [3][15]. - The consumer sector showed mixed performance in the last week of December, with textile and apparel, home appliances, and retail sectors showing positive growth, while food and beverage, social services, and beauty care sectors experienced declines [3][13]. Summary by Sections Market Weekly Review - The consumer sector exhibited varied performance, with textile and apparel (+0.61%), home appliances (+0.54%), and retail (+0.16%) showing gains, while food and beverage (-0.56%), social services (-1.05%), and beauty care (-1.08%) faced declines [3][5]. - Notable stock performances included Anji Food (+29.65%), Feike Electric (+24.57%), and Jujie Microfiber (+35.46%) leading the gains, while Huanle Home (-16.35%) and China High-Tech (-26.02%) were among the biggest losers [3][13]. Industry News and Key Company Announcements - The duty-free shopping in Hainan has shown a robust growth trend, with significant increases in shopping amounts and visitor numbers following the policy implementation [15][16]. - The report highlights the launch of the first Pop Mart store in the Philippines, indicating expansion into international markets [18]. - The report also notes various company announcements, including changes in housing policies in Beijing aimed at easing home purchase conditions for non-local families [18].

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company's retail and wholesale business experienced a high single-digit decline in total sales year-on-year, aligning with previous performance guidance [1] - Retail performance continues to outperform wholesale, with manageable discount and inventory situations reflecting strong retail management capabilities [2] - The company is expected to collaborate closely with its core brand, Nike, to navigate current market challenges, including foot traffic pressure and inventory issues [3] - The company is actively expanding into new business areas, with a focus on niche segments such as running and outdoor categories, which are anticipated to contribute to future growth [3] - The financial guidance for the year is conservative, with a cautious short-term outlook but a long-term optimistic perspective [3] Financial Summary - For FY2025, total revenue is projected at 27,013 million HKD, with a year-on-year decline of 7%. The net profit attributable to the parent company is expected to be 1,286 million HKD, reflecting a 42% decrease year-on-year [6] - The earnings per share (EPS) for FY2025 is estimated at 0.21 HKD, with a price-to-earnings (P/E) ratio of 16.25 [6] - The company forecasts a gradual recovery in net profit, with projections of 1,285 million HKD for FY2026, 1,397 million HKD for FY2027, and 1,528 million HKD for FY2028, corresponding to P/E ratios of 14.52, 13.36, and 12.21 respectively [4][6]

Group 1 - The core point of the news is that the power equipment industry saw a significant net inflow of funds amounting to 77.52 billion yuan, which is notably higher than other sectors [1] - On December 26, the A-share market experienced a slight increase, with the Shanghai Composite Index achieving an eight-day consecutive rise [1] - Among the 25 industries with net outflows, the electronics, communications, and machinery sectors had the highest outflows, each exceeding 4 billion yuan [1] Group 2 - From individual stocks, 49 stocks had net inflows exceeding 2 billion yuan, with five stocks seeing inflows over 10 billion yuan [2] - Yangguang Electric Power led with a net inflow of 23.72 billion yuan, attributed to a surge in the photovoltaic sector following the "2025 China Photovoltaic Industry Annual Conference" [2] - Aerospace Development followed with a net inflow of 20.72 billion yuan, with significant buying from institutional investors [2] Group 3 - At the market close, there was a net outflow of 6.56 billion yuan, but the power equipment and defense industries attracted over 1 billion yuan in net buying [3] - Individual stocks such as Xiechuang Data and Yangguang Electric Power had net inflows exceeding 1 billion yuan at the close [3] - Other stocks like China Satellite Communications and Zhejiang Sebao also saw substantial net inflows, each exceeding 800 million yuan [3] Group 4 - On the outflow side, stocks like Xinwei Communication, Yingweike, and Lixun Precision experienced the highest net outflows at the market close [4]