1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - In the second week of January, food price declines narrowed, while industrial product spot and futures prices rose. After the holiday, the resumption of work was relatively fast, and production generally improved compared to pre - holiday levels [37]. - For the bond market, January is an important window for the economy to achieve a "good start". Benefiting from the early release of "two new" policies and the expansion of the early batch of "two major" policies, the post - holiday resumption of work was fast, and production improved. The manufacturing PMI in December exceeded expectations in terms of production and orders. With more working days in January this year compared to last year and the impact of pre - Spring Festival stockpiling and rush work, the prosperity in production and exports is expected to continue, and the PMI at the end of the month may still be strong. Macro front - loaded efforts and the promotion of the "anti - involution" concept may boost short - term re - inflation trading expectations. The suppression of the bond market sentiment by the equity and commodity markets may still occur repeatedly, so high - frequency verification is needed, especially the slope and persistence of price index recovery [37]. 3. Summary According to the Directory 3.1 Inflation - related: Food Price Declines Narrowed - Pork price increases expanded, and the food price index showed a mild decline. From January 5th to January 9th, the average wholesale price of pork in the country increased by 1.45% week - on - week, and the decline of vegetable prices narrowed to - 0.9%. The 200 - index of agricultural product wholesale prices and the wholesale price index of basket products decreased by 0.1% and 0.2% respectively week - on - week, with the declines narrowing [10]. 3.2 Import and Export - related: Container Shipping Demand was Stable, and Freight Rate Indices were Divergent - Container shipping demand was basically stable, and route freight rates were divergent. This week, the CCFI index increased by 4.2% week - on - week, while the SCFI decreased by 0.5% week - on - week. The export container shipping market was generally stable. The demand and freight rates of European and North American routes were stable and rising, while the freight rates of routes such as Australia - New Zealand and South America declined significantly, dragging down the SCFI [15]. - In terms of port throughput, from December 29th to January 4th, the container throughput and cargo throughput of ports increased by 6.3% and decreased by 0.7% respectively compared to the pre - holiday week. The post - holiday resumption of work was fast, and there was a month - on - month improvement [15]. - The BDI and CDFI indices continued to weaken. Affected by the Christmas and New Year holidays, the international dry bulk shipping market entered the traditional off - season, with limited market trading activity. The BDI and CDFI decreased by 5.8% and 3.2% respectively, with the declines expanding [15]. 3.3 Industry - related: Industrial Production Rhythm Accelerated after the Festival - There was an expectation of tightened coal supply, and coal prices rose. This week, the price of thermal coal (Q5500) at Qinhuangdao Port increased by 1.8% week - on - week, compared with a 1.4% decline in the previous week. Before the New Year's Day, the heating load did not meet expectations, the demand for household electricity was weak, and the daily consumption of power plants decreased slightly. After the festival, the temperature dropped in the central and eastern regions, and the daily consumption of power plants increased. However, coal inventories were still relatively high compared to the same period. End - users mainly consumed inventories and ensured long - term contract shipments, with limited incremental demand. Before the Spring Festival, some coal mines completed their annual production and sales tasks and successively stopped production for maintenance, resulting in a phased tightening of pit - mouth supply and an obvious reduction in port inventories, which boosted coal prices [19][20]. - The decline of rebar prices expanded. The spot price of rebar (HRB400 20mm) decreased by 0.36% week - on - week, compared with a 0.02% decline in the previous week. Before the festival, the profitability of steel mills stabilized at a low level, and some blast furnaces resumed production after maintenance. After the holiday, more production resumed, the rebar output continued to rise, and the inventories in factories and society ended the destocking trend and turned to inventory accumulation [20]. - The asphalt start - up rate was at a low level compared to the same period at the beginning of the year. This week, the start - up rate of asphalt plants decreased by 6.8 percentage points to 25.4% week - on - week, and was 1.6 percentage points lower year - on - year, still at a seasonal low. The road construction demand in the north basically stagnated, while the demand in South China and Southwest China was okay, but mainly focused on digesting existing inventories, with limited boost to production increments [20]. - Copper prices continued to rise. This week, the average prices of Yangtze River non - ferrous copper and LME copper increased by 2.8% and 4.8% respectively week - on - week, maintaining a strong trend. On the one hand, there was still an expectation of tightened supply. On the other hand, the good performance of China's manufacturing PMI and the early implementation of macro - policies such as the "two new" policies boosted confidence and supported copper prices [24]. - Glass futures turned from decline to rise, and the production and sales improved significantly after the festival. The futures market was mainly driven by the general rise of commodities. In the spot market, the trading was good this week, and the price trend increased. Before the New Year's Day holiday, the trading performance was weak. After the festival, boosted by macro - policies and the re - inflation trading in the futures market, the production and sales performance in many places improved significantly, and the industry's inventory pressure was relieved [24]. 3.4 Investment - related: At the Beginning of the Month, it was the Off - season, and Real Estate Sales Declined Slightly - Cement prices continued to decline. This week, the weekly average of the cement price index decreased by 0.62% week - on - week, and the decline continued to expand. The performance varied by region. In East China, the demand declined slightly due to the holiday and cooling, while in Central and South China and Northwest China, the construction demand of construction sites was released, and the increase in the concrete shipping volume boosted the cement price to maintain a slight increase [26]. - New home sales decreased month - on - month. From January 2nd to January 8th, the transaction area of new homes in 30 cities was 1.032 million square meters, a month - on - month decrease of 67% compared with the previous week (December 26th - January 1st). The decline slope was similar to that in the same period in 2025, and the year - on - year decrease for the single week was 3%. The transactions during the New Year's Day holiday maintained the characteristics of the traditional off - season [30]. - Second - hand home sales continued to decline. From last Friday to this Thursday, the transaction area of second - hand homes decreased by 7.7% month - on - month, and it decreased by 7.3% month - on - month last week (December 26th - January 1st), indicating a continuous cooling of transactions [30]. 3.5 Consumption: Passenger Car Retail Sales in December Decreased by 13% Year - on - year - In December, passenger car retail sales decreased by 13% year - on - year and increased by 3% month - on - month. According to the Passenger Car Association, the total retail sales of the passenger car market in December were 2.296 million vehicles, a year - on - year decrease of 13% and a month - on - month increase of 3%. Among them, the retail sales in the week from December 29th to 31st were 123,000 vehicles, a year - on - year increase of 17% and a month - on - month increase of 2%, highlighting the year - end sprint effect [31]. - The impact of geopolitics escalated, and crude oil prices rose more significantly. As of January 9th, compared with January 2nd, the prices of Brent crude oil and WTI crude oil increased by 4.2% and 3.1% respectively week - on - week, continuing to strengthen. The increasing uncertainty of the Russia - Ukraine geopolitical situation and the US military strike on Venezuela boosted oil prices [31].

Quantitative Models and Construction Methods 1. Model Name: Hong Kong Stock Selection Portfolio - **Model Construction Idea**: The model aims to select stocks with both fundamental support and technical resonance from an analyst-recommended stock pool[14][15] - **Model Construction Process**: - **Step 1**: Construct an analyst-recommended stock pool based on three types of analyst recommendation events: upward earnings forecast revisions, initial analyst coverage, and analyst report titles exceeding expectations[15] - **Step 2**: Perform dual-layer selection on the analyst-recommended stock pool using fundamental and technical dimensions to select stocks with both fundamental support and technical resonance[15] - **Step 3**: The backtest period for the Hong Kong Stock Selection Portfolio is from January 1, 2010, to December 31, 2025. Considering transaction costs in a fully invested state, the portfolio's annualized return is 19.08%, with an excess return of 18.06% relative to the Hang Seng Index[15] - **Model Evaluation**: The model demonstrates a strong performance with significant excess returns over the Hang Seng Index, indicating its effectiveness in stock selection[15] Model Backtest Results - **Hong Kong Stock Selection Portfolio**: - **Annualized Return**: 19.08%[15] - **Excess Return**: 18.06% relative to the Hang Seng Index[15] - **Information Ratio (IR)**: 1.19[20] - **Tracking Error**: 14.60%[20] - **Maximum Drawdown**: 23.73%[20] - **Return-to-Drawdown Ratio**: 0.76[20] Quantitative Factors and Construction Methods 1. Factor Name: Stable New High Stocks - **Factor Construction Idea**: The factor aims to identify stocks that have recently reached new highs and exhibit stable price paths, leveraging the momentum and trend-following strategies that are particularly effective in the Hong Kong market[21] - **Factor Construction Process**: - **Step 1**: Calculate the 250-day new high distance using the formula: $$ 250 \text{ day new high distance} = 1 - \frac{Close_t}{\text{ts\_max(Close, 250)}} $$ where $Close_t$ is the latest closing price, and $\text{ts\_max(Close, 250)}$ is the maximum closing price over the past 250 trading days[23] - **Step 2**: Screen stocks that have reached a 250-day new high in the past 20 trading days based on analyst attention, relative stock strength, price path stability, and new high continuity[23] - **Step 3**: Select stocks with the following criteria: - Analyst attention: At least 5 buy or hold ratings in the past 6 months - Relative stock strength: Top 20% in terms of price change over the past 250 days - Price path stability: Top 50% based on price displacement ratio and 250-day new high distance over the past 120 days - Trend continuity: Top 50 stocks based on the 250-day new high distance over the past 5 days[24] - **Factor Evaluation**: The factor effectively captures stocks with strong momentum and stable price paths, which are likely to continue their upward trends[21][23] Factor Backtest Results - **Stable New High Stocks**: - **Example Stocks**: J&T Express-W, China Eastern Airlines, Youran Dairy, Hansoh Pharmaceutical, China XLX Fertilizer, etc.[23][29] - **Sector Distribution**: Most new high stocks are in the cyclical sector, followed by finance, technology, consumer, manufacturing, and healthcare sectors[23][29]

Core Viewpoint - The Tongbei Demonstration Zone has made significant progress in transportation connectivity, industrial collaboration, and public services over the past two years, transforming from a grand blueprint into a tangible reality [3][4][5] Transportation Connectivity - The demonstration zone has focused on enhancing transportation networks, with the completion of the Hebei section of the Pinggu Line and the construction of the Changtong Road, set to open on September 29, 2024, facilitating integration between Tongzhou District and the northern counties of Langfang [3] - A new rapid commuting bus line from Dachang to the Lucheng subway station in Tongzhou has been launched, improving cross-regional commuting efficiency and achieving "minute-level" travel times [3] Industrial Collaboration - The zone has emphasized the integration of innovation, industry, and supply chains, aiming to create a distinctive industrial development pattern that complements the functions of Beijing's urban sub-center [4] - The region has hosted six project promotion meetings, resulting in 273 signed projects, and is accelerating the construction of the Yanjiao Collaborative Innovation Base to attract technology enterprises [4] Ecological Initiatives - Efforts to combat air pollution have been strengthened, with a joint emergency response mechanism for heavy pollution established between the northern counties and Tongzhou [4][5] - The planning of the Chaobai River National Forest Park and the implementation of the Chaobai River Ecological Green Belt Plan are underway, aiming to create an ecological landscape corridor in the eastern capital region [5] Public Services and Resource Sharing - The integration of public services is advancing, with over 3,600 government service items from Beijing and 453 local services from Langfang included in a regional service platform, enhancing the administrative experience for businesses and residents [5] - Educational and medical resources are being expanded, with strategic partnerships established between local schools and Beijing institutions, and the opening of new healthcare facilities to better serve the community [5]

Group 1 - Representatives and committee members are returning to their work immediately after the city’s two sessions, aiming to translate the spirit of the meetings into practical actions across various sectors such as project construction, technological innovation, urban renewal, and public services [1] - The Wuhan government emphasizes the cultivation and expansion of characteristic advantageous industrial clusters, with a focus on network security as a key guarantee for enterprises' digital transformation [2] - The design industry sees opportunities in urban renewal projects, with representatives actively engaging in discussions to align their work with government directives [3][4] Group 2 - The low-altitude economy is identified as a new industry with many standards still undefined, presenting a significant opportunity for development [4] - Companies are adjusting their research directions based on government reports, aiming to align macro-level strategies with micro-level operations [5] - A focus on high-end equipment industry development is highlighted, with companies increasing R&D investments to capture international market opportunities [6] Group 3 - The tourism sector is being prioritized, with representatives working on strategies to enhance the winter sports economy and create new consumer experiences [7] - The development of smart port technologies is underway, aiming to improve efficiency and safety in port operations [8][9] - Infrastructure projects are being closely monitored to ensure timely completion, which is crucial for enhancing local transportation networks and optimizing the business environment [10]

赋能：轮值制、点单服务激发组织活力 前不久，在内蒙古鄂尔多斯高新技术产业开发区，一场面向青年员工的"理论政策宣讲进企业、进车 间"活动热烈展开。"这下我们发展的信心更足了！"现场的青年技术员在互动环节说。还有不少青年员 工反映，这种"送课上门"的方式既节省时间，又实实在在解答了困惑，让他们感受到组织的贴近与政策 的温度。 这是鄂尔多斯高新区团工委近期组织的系列宣讲之一。据团工委书记兰佳宾介绍，他们带着定制化 的"知识菜单"走进辖区高新技术、装备制造、轻工纺织等4条产业链上的8家重点企业，利用工间休息、 班组会等碎片化时间，在车间休息区、企业文化角开设"车间讲堂"，用年轻人听得懂、用得上的语言开 展宣讲。 这也是内蒙古共青团推进新兴领域团组织建设的生动缩影。目前，内蒙古全区新兴领域企业和社会组织 基本实现团的组织"应建尽建"，一个个属于新兴领域青年的"青春之家"在内蒙古加速构筑。 破题："大数据+铁脚板"摸清"青春底数" "新兴领域青年分布散、流动快，要凝聚他们，首先得知道他们在哪儿。"团内蒙古区委基层组织建设部 负责人坦言，攻坚之初最大的挑战是"底数不清"。 内蒙古探索出"大数据+铁脚板"模式：横向联动市场监 ...

Core Viewpoint - The Tongbei Demonstration Zone has made significant progress in transportation connectivity, industrial collaboration, public welfare sharing, ecological control, and institutional innovation over the past two years, transitioning from a grand blueprint to a tangible reality [1][2][3] Transportation Connectivity - The demonstration zone has focused on building a comprehensive transportation network, enhancing both major arteries and micro-circulation. The construction of the Pinggu Line is progressing, with the main structure of the Hebei section completed and 90% of the interval structure finished. The completion of the Changtong Road is scheduled for September 29, 2024, serving as a model for collaborative development between Tongzhou District and the three northern counties of Langfang [1] - A new rapid commuting bus line from Dachang to the Lucheng subway station in Tongzhou has been launched, significantly improving cross-regional commuting efficiency, with inter-provincial travel now achievable in "minute-level" timeframes [1] Industrial Collaboration - The demonstration zone is deepening collaborative efforts in the industrial sector, focusing on integrating innovation, industry, and supply chains. It aims to create a distinctive industrial development pattern that complements the strengths of the three northern counties of Langfang with the functions of Beijing's urban sub-center [2] - The region is promoting the establishment of collaborative platforms to facilitate project implementation, with the Yanjiao Collaborative Innovation Base accelerating its construction and attracting numerous technology enterprises. A total of 273 projects have been signed at the Beijing-Tongzhou and Hebei Langfang Northern Three Counties project promotion meetings, which have been held six times [2] Ecological Initiatives - The demonstration zone is actively advancing air pollution prevention measures and has established a joint emergency response mechanism for heavy pollution events between the three northern counties and Tongzhou District. Additionally, the planning for the Chaobai River National Forest Park is underway, with a focus on creating an ecological landscape corridor in the eastern region of the capital [2] Institutional Innovation - The demonstration zone is accelerating institutional innovation to address key issues and challenges in integrated high-quality development. By May 2024, the integrated service hall for government affairs in the Beijing urban sub-center will cover the three northern counties, incorporating over 3,600 municipal and district-level services along with 453 local convenience services and 294 frequently used business permits [3] - Educational and medical resources are being extended to the three northern counties, with strategic partnerships established between local schools and 14 Beijing educational institutions. New branches of Beijing schools and hospitals are being developed to better meet the healthcare needs of residents [3]

Group 1: Style Rotation Model - The style rotation model for Q1 2026 indicates a preference for small-cap and growth stocks [1][2] - In Q4 2025, the returns for CSI 300 and CSI 1000 were -0.23% and 0.27% respectively, with small-cap stocks outperforming large-cap stocks by 0.50% [1] - The value-growth rotation model achieved a return of 37.06% for the entire year of 2025, with an excess return of 7.01% compared to an equal-weighted portfolio [1] Group 2: Industry Rotation Model - In January, the recommended long positions for single-factor and composite-factor strategies include non-bank financials, coal, and steel [1][3] - The absolute return for the industry composite factor strategy in 2025 was 38.10%, with an excess return of 11.70% relative to the benchmark [1] - The absolute return for the industry single-factor multi-strategy was 36.00%, with an excess return of 10.37% compared to the benchmark [1] Group 3: January Industry Insights - The single-factor multi-strategy recommends long positions in banking, non-bank financials, coal, and steel [3] - The composite-factor strategy recommends long positions in coal, steel, non-bank financials, non-ferrous metals, and transportation [3] - In December, the composite factor strategy achieved an excess return of 1.18%, while the single-factor multi-strategy achieved an excess return of 0.81% [3]

1月9日，交通运输部召开党组会。会议强调，要加快建设国家综合立体交通网，推进一体化融合、安全 化提升、数智化升级、绿色化转型，推动交通运输实现质的有效提升和量的合理增长，全力维护交通运 输行业安全稳定；要完善短视频生产与供给机制，提升新闻触达率，加强交通强国文化建设和行业文明 创建，推进交通运输和文化旅游深度融合；要抓实抓细春运春节交通运输安全生产重大风险隐患排查整 治工作，确保春运春节交通运输安全生产形势稳定。 （文章来源：第一财经） ...

每经头条（nbdtoutiao）——独家对话特斯拉FSD跨美第一人：4400公里"零接管"，手没碰过方向盘！作 为激光雷达销售员，他为何站队马斯克的"纯视觉"？ （记者 张明双） 每经AI快讯，交运股份1月9日晚间发布公告称，公司第九届第十四次董事会会议于二〇二六年一月九 日在上海市黄浦区汉口路99号7楼718会议室召开。会议审议了《关于筹划重大资产重组暨拟签订框架协 议的议案》等文件。 ...

Core Viewpoint - The Grand Canal serves as a vital cultural carrier of the Chinese nation, and understanding it helps to comprehend Chinese culture, with Huai'an being a key hub city for this cultural journey [1][3]. Group 1: Historical Significance - The Grand Canal has been a crucial transportation route for over 2,500 years, linking the Yangtze and Huaihe river systems, which established Huai'an as an important transportation hub [3][4]. - During the Ming and Qing dynasties, Huai'an was recognized as one of the four major cities along the canal, playing a central role in grain transportation and canal governance [4][5]. - Huai'an has two UNESCO World Heritage sites and five heritage points, accounting for approximately one-seventh of the total area of the Grand Canal's World Heritage sites in China [4][5]. Group 2: Cultural Heritage - Huai'an is home to various intangible cultural heritage items, including Huaihai Opera and Huai Opera, with six projects listed as national-level intangible cultural heritage [5][6]. - The city has been recognized as a "City of Gastronomy" by UNESCO in 2021, highlighting the unique characteristics of Huaiyang cuisine, which embodies a blend of southern and northern culinary traditions [5][6]. Group 3: Modern Development - Huai'an has transformed its transportation network from a single waterway to a multi-modal system, including road, rail, water, and air transport, enhancing its status as a major inland port [8][9]. - The city has established three major industries worth over 100 billion, transitioning from a canal hub to a regional growth pole [9][10]. - Huai'an has implemented ecological initiatives, such as reducing sulfur oxide emissions by 65% after completing green modern shipping projects, showcasing a balance between ecological preservation and economic development [9][10]. Group 4: Cultural Preservation and Innovation - The local government has prioritized the protection of canal cultural heritage, launching specific regulations and plans to ensure its preservation and utilization [22][24]. - Huai'an's cultural heritage is not static but dynamic, actively integrated into the daily lives of its residents, making it a living part of the community [24][25]. - The city has developed a cultural corridor along the canal, enhancing tourism and cultural engagement while preserving historical significance [21][26].