Group 1 - The year 2026 marks the beginning of the "14th Five-Year Plan," and the market is seeking new directions amidst macroeconomic changes and industry adjustments [1][12] - The focus for investors should be on long-term trends rather than short-term fluctuations, with a series of research and insights being shared across eight fields including macro, fixed income, equity, and technology [1][12][13] Group 2 - In 2025, the keywords for the market were "industry trends" and "risk appetite," with high-growth assets attracting significant capital attention, while dividend strategies appeared to take a backseat [2][14] - The investment rhythm does not depend on temporary shifts in focus, as dividend assets represent a deep value commitment based on companies' cash generation capabilities [2][14] Group 3 - Dividend assets have served as a safe haven in volatile markets, but by 2025, the market's balance shifted towards higher risk appetite, favoring assets with greater expected returns despite increased volatility [3][15] - The selection logic for dividend strategies has become more refined, focusing on stable and improving assets, such as banks and the electrolytic aluminum industry, while reducing exposure to traditional resources in decline [3][15] Group 4 - High dividend yields can be misleading if not sustainable, necessitating a robust evaluation framework to identify genuine dividend-paying companies [4][16] - The evaluation framework consists of three dimensions: industry analysis, company governance, and asset pricing, ensuring that dividends are supported by real cash flow generation [5][17][18] Group 5 - Looking ahead to 2026, the market is expected to be driven by "industry cycles stronger than economic cycles," with artificial intelligence continuing to be a significant growth driver [7][19] - The dual role of dividend assets is highlighted, providing basic returns and defensive attributes for low-risk appetite funds while potentially becoming a stabilizer during market volatility [7][19] Group 6 - Specific industry focuses for 2026 include the banking sector, which may see profit recovery due to improving cost of liabilities, and the electrolytic aluminum industry benefiting from supply-demand balance [8][20] - The thermal power sector is undergoing a transformation, with market reforms enhancing profitability stability, while traditional manufacturing leaders are also being considered for their solid dividend foundations [8][20] Group 7 - The strategy is evolving from a single dividend focus to a "barbell" approach, allowing for flexibility in adapting to market conditions while maintaining a balance between quality, low valuation, and reversal strategies [9][21] - The combination of strategies aims to enhance the risk-return profile of the overall portfolio, ensuring alignment with the complex and changing market environment [9][22]

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Choice统计显示，1月20日，沪深两市可交易A股中，上涨个股有2139只，下跌个股有2918只，平盘个 股有122只。不含当日上市新股，共有62只个股涨停，24只个股跌停。从所属行业来看，涨停个股主要 集中在化工、电力设备、电子、房地产、有色金属等行业。 （文章来源：证券时报网） ...

Group 1: Report's Investment Rating - No information about the industry investment rating is provided in the report. Group 2: Core Viewpoints - In early 2026, the market sentiment has significantly warmed up, and the market has risen strongly. However, the risk - return ratio of chasing the rising market may not be high. Thematic investment remains popular, and funds from previously over - heated themes are expected to shift to other thematic sectors [1][7]. - The technology main line is still the market consensus. Funds are likely to flow into sectors such as semiconductor computing power and robotics within the technology sector, while lithium battery, non - ferrous metals, power grid, chemical, and innovative drugs are important supplementary sectors for the market [2][22]. Group 3: Summary by Directory 1. Which theme ETFs are expected to be the direction of capital return? - **Market situation**: In early 2026, the market has risen strongly, with commercial aerospace, AI applications, and non - ferrous metals becoming the focus. But there are signs of the market correcting irrational behaviors under regulatory guidance, and the risk - return ratio of chasing the rising market may be low. Thematic investment is still very popular. As of January 19, 2026, the cumulative net capital inflow of thematic index ETFs in the past five days exceeded 42.254 billion yuan, while industry index ETFs only had a net inflow of 9.763 billion yuan, and broad - based index ETFs showed a large net outflow [1][7]. - **Analysis from the perspective of rise and valuation**: Technological industries generally have high rises, while traditional cyclical industries such as liquor, coal, and breeding have relatively low rises. New energy sectors like lithium battery, photovoltaic, and new - energy vehicles, as well as the chemical industry, have risen but still have room to reach previous highs. From the valuation dimension, the current valuations of the game, intelligent driving, lithium battery, and breeding sectors are low [8]. - **Analysis using the quadrant chart**: - **First quadrant (high rise and high congestion)**: Mainly includes commercial aerospace, communication, AI, and non - ferrous metals. Non - ferrous metals (such as copper) and AI have relatively moderate congestion, and relevant sectors are still worthy of attention [2][17]. - **Second quadrant (high rise and low congestion)**: There are relatively few relevant industries, mainly semiconductor equipment (including related industrial chains such as storage) and lithium battery. The sector sentiment is not over - heated, and the industrial supply - demand pattern is optimized, so they are still worthy of attention [2][17]. - **Third quadrant (low rise and low congestion)**: Sectors such as innovative drugs, chemicals, and games have both industrial logic and market capacity, with large potential for a supplementary rise. For example, since 2026, the chemical ETF has re - entered the state of net inflow [2][17]. - **Fourth quadrant (low rise and high congestion)**: Includes robotics, power grid equipment, consumer electronics, and software. Power grid equipment has received renewed attention due to the unexpected increase in the 14th Five - Year Plan expenditure, and robotics has also been favored by the market because Tesla's third - generation robot has entered the scheme confirmation stage [2][21]. - **Specific ETF selection**: For ETFs tracking the same index, products with larger scale, relatively lower fees, and smaller tracking errors are selected. Specific ETF lists are provided in the report [22].

Core Viewpoint - The recent market fluctuations are not indicative of a market downturn but rather a transition towards a healthier and more sustainable market phase [1] Market Adjustment - The current market adjustment is a result of regulatory guidance and market self-regulation, aimed at curbing irrational speculation and preventing a "crazy bull" market [3] - The increase in financing margin requirements by regulators is intended to stabilize the market during the earnings forecast disclosure period, leading to a shift from "emotion-driven" to "value and prosperity-driven" market dynamics [3] Market Support - The three main pillars supporting the market in the medium term remain strong: 1. A loose policy environment with targeted interest rate cuts by the central bank [3] 2. Significant potential for incremental capital from various sources, including insurance, household savings, and recovering public fund issuance [3] 3. Clear industrial prosperity lines in sectors like AI computing power, new energy, and non-ferrous metals, which provide a solid foundation for profit growth [3] Investment Strategy - During the current "gear-shifting" period, it is advised to avoid blind chasing of trends and instead focus on "certainty" with balanced investments [3] - Short-term focus should be on performance as earnings forecasts are disclosed, particularly in sectors with positive earnings outlooks and relatively low valuations, such as the insurance sector and certain cyclical industries like non-ferrous metals and chemicals [4] - For medium-term investments, attention should be directed towards high-prosperity industries, specifically: 1. Technology growth, emphasizing AI computing and semiconductors [4] 2. Energy transition, focusing on energy storage and new grid technologies [4] 3. Cyclical growth, including copper and precious metals, benefiting from both emerging industry demand and supply constraints [4] Thematic Opportunities - Thematic opportunities related to significant events, such as the ByteDance industry chain and domestic computing power, as well as sectors benefiting from holidays and policies, should be monitored but not heavily invested in [4] - The market's short-term adjustments are seen as a preparation for smoother long-term performance, emphasizing the importance of focusing on industry trends and company performance rather than short-term index fluctuations [4]

零碳工厂建设是指通过技术创新、结构调整和管理优化等减排措施，实现厂区内二氧化碳排放的持续降 低、逐步趋向于近零的过程。贯彻落实党中央、国务院决策部署，引导工业企业试点建设零碳工厂，带 动行业减碳增效和绿色低碳转型，对于因地制宜培育发展新质生产力，更好统筹高质量发展和高水平保 护，支撑实现碳达峰碳中和目标具有重要意义。 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》明确提出，"建设零碳工厂和园 区"。 《指导意见》详细介绍了零碳工厂的建设路径。包括健全碳排放核算管理体系，实现科学算碳；加快用 能结构绿色低碳转型，实现源头减碳；大幅提升能源利用效率，实现过程脱碳；开展重点产品碳足迹分 析，带动全产业链协同降碳；提升数字化智能化水平，实现智能控碳；开展碳抵销和信息披露，实现零 碳并持续改进。 长江商报奔腾新闻记者 李璟 继零碳园区后，零碳工厂建设迎来政策利好。 1月19日，工业和信息化部等五部门联合发布《关于开展零碳工厂建设工作的指导意见》（简称《指导 意见》），深挖工业和信息化领域节能降碳潜力，带动重点行业领域减碳增效和绿色低碳转型，培育发 展新质生产力。 《指导意见》提出目标，实施分三个阶段梯度培 ...

Investment Rating - The report maintains a "Positive" rating for the steel industry and a "Positive" rating for the non-ferrous metals industry, with "Buy" ratings for specific companies including Luoyang Molybdenum, Zhongjin Gold, Huayou Cobalt, Zijin Mining, and China Aluminum [7][8]. Core Insights - The geopolitical situation continues to create volatility, but gold prices are expected to remain supported due to ongoing tensions [3][52]. - The steel industry is anticipated to see improved profitability due to the implementation of growth policies and an optimistic demand outlook in sectors like shipbuilding and construction [4][5]. - The copper market is expected to tighten due to supply constraints from major mines, while demand is projected to increase in sectors such as electric power grids and new energy vehicles [4][41]. - The aluminum sector faces challenges with oversupply in alumina and potential short-term price corrections, but the demand from the new energy vehicle sector remains a key focus [4][48]. - The rare earth industry is expected to see a revaluation of related companies due to China's export controls and the strategic importance of rare earth resources [7][4]. Summary by Sections Steel Industry - Current steel mill inventory pressure is not significant, and short-term demand decline is limited, with expectations of price support before the Spring Festival [5][19]. - As of January 16, 2026, the total steel inventory was 12.4955 million tons, a decrease of 0.39% from the previous week, but an increase of 7.72% year-on-year [26][27]. - The comprehensive price index for steel on January 16, 2026, was 3,457.46 CNY/ton, reflecting a 0.15% increase from the previous week [39][40]. Copper Industry - The copper market is facing a lack of driving force for price increases, but expectations for 2026 remain positive due to anticipated demand growth [3][41]. - As of January 16, 2026, LME copper prices were 13,000 USD/ton, with SHFE copper prices at 101,900 CNY/ton, showing a slight decrease in LME prices but an increase in SHFE prices [46]. Aluminum Industry - The aluminum processing sector is currently in a contraction phase, with a PMI of 42.4% as of December 2025 [48]. - The average price of alumina on January 16, 2026, was 2,666 CNY/ton, down 1.00% from the previous week [49]. Precious Metals - The geopolitical landscape and mixed economic data from the U.S. are influencing gold prices, which are expected to remain supported [52]. - As of January 16, 2026, COMEX gold prices were 4,601.10 USD/oz, reflecting a 1.83% increase from the previous week [53].

Core Insights - The report highlights the performance of major stock indices, indicating a slight decline in the U.S. markets with the Dow Jones Industrial Average down by 0.17% and the S&P 500 down by 0.06% in the recent trading day [1] - The report also notes the international economic outlook, with the IMF raising China's economic growth forecast for 2025 to 5% and for 2026, reflecting resilience despite global uncertainties [12] - Significant developments in the electric vehicle sector are noted, with Germany reintroducing electric vehicle purchase subsidies ranging from €1,500 to €6,000, applicable to all manufacturers including Chinese brands [13] International News - The European Union is engaged in intensive discussions regarding countermeasures to U.S. tariff threats, with a special summit scheduled to address these issues [11] - The IMF's updated World Economic Outlook indicates a global economic growth rate of 3.3% for 2026, driven by improvements in major economies like the U.S. and China [12] Domestic News - The Chinese government emphasizes high-quality development and reform policy coordination in a recent meeting, aiming to address uncertainties in the development environment [15] - A preliminary report indicates that China's GDP is projected to grow by 5% in 2025, with significant contributions from the service sector and a decline in fixed asset investment [16] Company News - Micron Technology warns of an unprecedented shortage of memory chips due to surging demand from artificial intelligence infrastructure, which is expected to persist beyond 2026 [19] - Tesla is set to restart the development of its Dojo 3 supercomputer project, which is crucial for its autonomous driving and AI capabilities [19] - Cainiao reports a 32% year-on-year increase in order processing volume at its global overseas warehouses, with plans for further expansion in key markets [19] Industry Reports - The low-altitude economy sector is highlighted with Wuhan's release of a standard system construction guide, indicating growth potential in this emerging industry [20] - The computer industry report notes a 3.82% increase in the industry index, outperforming the broader market, with significant developments in AI healthcare applications [20]

Group 1 - The core viewpoint of the news is that Ming Tai Aluminum Industry expects a net profit attributable to shareholders of 1.95 billion to 2 billion yuan in 2025, representing a year-on-year growth of 12% to 14% [1] - The company also anticipates a non-recurring net profit of 1.7 billion to 1.75 billion yuan for 2025, with a year-on-year increase of 18% to 21% [1] - The announcement highlights the company's commitment to developing a low-carbon circular economy, with various products completing SGS carbon footprint assessments, showcasing significant low-carbon advantages in recycled aluminum products [1] Group 2 - According to CITIC Securities, the demand for electrolytic aluminum is expected to maintain growth momentum despite the anticipated decline in aluminum used for photovoltaic applications and the ongoing high demand in the power grid and automotive sectors [1] - The industry supply growth is expected to trend downward, even with new production capacity coming online in Indonesia, indicating potential market stability [1] - The forecast for aluminum prices in 2026 is projected to reach an average of 23,000 yuan per ton, with a positive outlook for profitability and valuation in the aluminum sector [1] Group 3 - As of January 20, 2026, the National Securities Nonferrous Metals Industry Index (399395) rose by 0.26%, with Ming Tai Aluminum Industry increasing by 9.99% [1] - Other notable stocks in the sector include Baiyin Nonferrous, which rose by 9.89%, and Nanshan Aluminum, which increased by 7.17% [1] - The Nonferrous ETF Penghua (159880) also saw a rise of 0.32%, with the latest price reported at 2.21 yuan [1] Group 4 - The Nonferrous ETF Penghua closely tracks the National Securities Nonferrous Metals Industry Index, which selects 50 prominent securities in the nonferrous metals industry based on size and liquidity [2] - As of December 31, 2025, the top ten weighted stocks in the index include Zijin Mining, Luoyang Molybdenum, and Northern Rare Earth, collectively accounting for 51.65% of the index [2]

Group 1: Company Overview - The report highlights that the company Lin Qingxuan has been deeply engaged in the oil-based skincare sector for many years, establishing itself as a pioneer in this field with significant growth potential driven by product expansion and channel development [1][2] - The main brand Lin Qingxuan, founded in 2003, initially focused on natural skincare products and later launched the Camellia Oil Essence in 2014, which has become a leading product in the oil-based skincare category [2][3] - The company has experienced remarkable growth, with revenue and net profit for the first half of 2025 reaching 1.05 billion and 180 million RMB, respectively, representing year-on-year increases of 98% and 110% [2] Group 2: Market Position and Growth Potential - The oil-based skincare market is expected to grow significantly, with a projected market size of 5.3 billion RMB in 2024, reflecting a year-on-year increase of 43% and a compound annual growth rate (CAGR) of 42% from 2019 to 2024 [2][3] - Lin Qingxuan holds a leading market share of 12.4% in the facial oil category, significantly ahead of other brands, thanks to its long-term market education and the popularity of its Camellia Oil Essence [2][3] Group 3: Sales Channels and Performance - The company's star product, the Camellia Oil Essence, has seen rapid sales growth, with revenue from this category increasing by 176% year-on-year in the first half of 2025, accounting for 46% of total revenue [3] - Online sales have surged, with a 137% year-on-year increase in online revenue, which now represents 65% of total sales, driven by the popularity of platforms like Douyin [3] - The company has expanded its offline presence, with over 554 stores as of the first half of 2025, indicating significant potential for further growth in physical retail [3]