Core Viewpoint - The Hong Kong stock market is experiencing a strong performance in AI-related stocks, particularly through the Hong Kong Internet ETF (513770), which has seen a price increase of 5.36% and a net inflow of 572 million yuan over the past five days, indicating investor confidence in the sustainability of the market trend [1][3]. Group 1: Market Performance - The Hong Kong Internet ETF (513770) has shown a significant price increase of 5.36%, with a real-time premium rate exceeding 0.5%, reflecting strong investor confidence [1]. - Major internet companies in Hong Kong, including Kuaishou-W, Meituan-W, and Bilibili-W, have all risen over 6%, while Alibaba-W has increased by more than 5% [3]. - The net inflow of 572 million yuan into the Hong Kong Internet ETF over the last five days highlights the growing interest in AI-related investments [1]. Group 2: Policy and Industry Trends - The implementation of the "Artificial Intelligence + Manufacturing" policy is expected to accelerate the integration of AI applications in the B-end market, enhancing the commercial viability of AI technologies [3]. - Domestic internet giants are rapidly expanding their C-end applications, leveraging their large user bases and advanced AI model technologies to embed intelligent systems into existing products and services [3]. - According to Guojin Securities, the focus of the AI application industry is shifting from foundational model competition to commercial implementation, marking a turning point in the industry [3]. Group 3: ETF Composition and Strategy - The Hong Kong Internet ETF (513770) passively tracks the CSI Hong Kong Internet Index, with major holdings including Alibaba-W, Tencent Holdings, and Xiaomi Group-W, which collectively account for over 78% of the top ten weighted stocks [3]. - The Hong Kong market features a range of technology giants that are scarce in the A-share market, including platform-based internet companies with computational resources and AI ecosystem firms with model or application capabilities [3]. - For investors seeking to reduce volatility while still gaining exposure to technology, the Hong Kong Large Cap 30 ETF (520560) is recommended, as it combines high-growth tech stocks with stable dividend-paying companies [4].

Group 1 - The core concept of GEO (Generative Engine Optimization) has gained significant attention, with nearly 20 stocks in the A-share market hitting the daily limit, including Yidian Tianxia, BlueFocus, and Zhongwen Online, while Hong Kong stocks like Alibaba-W, Kuaishou-W, and Baidu-SW also saw over 5% increases [1] - The Media ETF, which tracks the CSI Cultural Media Index, has a high overlap with GEO concept stocks, including companies involved in video, live streaming, gaming, and digital marketing, indicating a direct correlation with the GEO theme [2] - Analysts from multiple institutions, including China Galaxy Securities, predict that 2026 will be a significant year for AI applications, as the investment logic in the AI industry shifts from "computing power competition" to "application value" [1] Group 2 - The Heng Seng Internet ETF, listed on the Shanghai Stock Exchange, tracks the Heng Seng Internet Technology Index and includes leading internet application companies, suggesting that Hong Kong internet giants will gradually reveal their advantages in AI applications [2] - The shift in AI investment focus from large models and computing power to software applications is expected to accelerate the growth of AI applications, as noted by analysts [1] - The Media ETF has seen a price increase of over 8%, while the Heng Seng Internet ETF rose nearly 3%, reflecting positive market sentiment towards GEO-related investments [1][2]

Core Viewpoint - The market is experiencing a significant surge in the domestic computing power sector, particularly in IDC and AI application areas, as evidenced by the performance of the Huabao Big Data ETF, which saw an increase of 8.28% and is currently up 5.98%, marking a 12-day consecutive rise [1]. Group 1: Market Performance - The Huabao Big Data ETF (516700) is heavily invested in sectors such as data centers, cloud computing, and big data processing, with a focus on leading companies like Zhongke Shuguang, Keda Xunfei, and Inspur [5]. - Several companies in the computing and software development sectors have shown remarkable stock performance, with Tuoer Si and Yidian Tianxia both hitting the 20% limit up, and others like Xin Dian Software and Zhongguo Changcheng also experiencing significant gains [6]. Group 2: Industry Trends - The IDC industry is expected to see improved supply-demand dynamics driven by increased capital expenditure (Capex) from major companies returning to AI investments, alongside a rise in acceptance of domestic computing power and improvements in high-end chip availability [3]. - The demand for data centers is being driven by the high growth of the computing power market, particularly in North America and China, with significant projects still pending in overseas markets [4]. Group 3: Strategic Insights - The concept of Generative Engine Optimization (GEO) is becoming crucial for businesses as it allows them to optimize content models to become preferred citations for AI models, thus capturing user attention more effectively [3]. - The Chinese government is emphasizing the importance of technology independence and self-reliance, which is expected to accelerate the domestic replacement process and enhance the prospects for self-controlled technology [7].

截至上午收盘，上证指数报收4151.14点，上涨0.75%；深证成指收于14305.10点，上涨1.31%；创业板指上涨1.17%；科创50指数上涨2.26%。 不含当日上市新股，今日可交易A股中，上涨个股有3550只，占比68.64%，下跌个股有1472只，平盘个股150只。其中，收盘股价涨停的有140 只，跌停股有3只。 证券时报•数据宝统计显示，涨停个股中，主板有113只，创业板19只，科创板8只。以所属行业来看，上榜个股居前的行业有传媒、计算机、机械 设备行业，上榜个股分别有24只、19只、15只。 涨停股中，*ST万方、*ST亚太等18只股为ST股。连续涨停天数看，锋龙股份已连收12个涨停板，连续涨停板数量最多。从上午收盘涨停板封单量 来看，利欧股份最受资金追捧，上午收盘涨停板封单有34821.66万股，其次是山子高科、杭萧钢构等，涨停板封单分别有28185.67万股、25978.88 万股。以封单金额计算，利欧股份、锋龙股份、山子高科等涨停板封单资金最多，分别有28.59亿元、24.85亿元、14.46亿元。（数据宝） 两市涨停股一览 | 代码 简称 | | 收盘价 | 换手率 | 涨停板封单 封 ...

Core Viewpoint - The market is experiencing a significant surge in the domestic computing power sector, particularly in IDC and AI application areas, as evidenced by the strong performance of the Huabao Big Data ETF, which saw an increase of 8.28% and is currently up 5.98%, marking a 12-day consecutive rise [1][9]. Group 1: Market Performance - The Huabao Big Data ETF (516700) is heavily invested in sectors such as data centers, cloud computing, and big data processing, focusing on leading companies like Zhongke Shuguang, Keda Xunfei, and China Software [5][14]. - Notable stock performances include: - Tuorisi up 20.02% - Yidian Tianxia up 20.00% - Xindian Software up 19.67% - Zhongke Changtu up 15.73% - Runze Technology up 14.00% [2][6][11]. Group 2: Industry Insights - The IDC industry is expected to see improved supply-demand dynamics driven by increased capital expenditure (Capex) returning to AI, rising acceptance of domestic computing power, and improvements in high-end chip availability [3][12]. - The demand for data centers is being fueled by the high growth in the computing power market, particularly in North America and China, with significant projects still pending in overseas markets [4][13]. - The concept of Generative Engine Optimization (GEO) is emerging as a critical strategy for businesses to capture AI traffic and enhance conversion rates by optimizing content models for AI large models [3][12]. Group 3: Strategic Focus - The government is emphasizing "technology as a priority," which is expected to accelerate the development of new productive forces and the process of domestic substitution [7][14]. - The digital China initiative aims to activate digital productivity, further supporting the growth of the domestic computing power sector [7][14]. - The "Xinchuang 2.0" wave is anticipated to accelerate, presenting a broad outlook for technology self-reliance [7][14].

证券研究报告 | 行业点评 | 传媒 传媒 报告日期：2026 年 01 月 12 日 AI 应用一马当先，重点关注 GEO 和漫剧 ——行业点评报告 投资要点 行业评级: 看好(维持) 分析师：冯翠婷 执业证书号：S1230525010001 fengcuiting@stocke.com.cn 相关报告 1 《25 年票房整体复苏，年底 弱档期表现超预期》 2026.01.05 2 《《疯狂动物城 2》票房有望 超预期，叠加春节档定档催化》 2025.12.01 行业点评 股票投资评级说明 3 《"云+AI"继续驱动北美云厂 资本开支高速增长》 2025.11.20 | 股票代码 | 股票简称 | 总市值（亿元） | 1220至今涨幅（%） | 上周涨幅（%） | 上周交易额（亿元） | 周交易额占市值比 | | --- | --- | --- | --- | --- | --- | --- | | 603598.SH | 引力传媒 | 69.90 | 55.74 | 52.62 | 48.75 | 69.75% | | 300058.SZ | 蓝色光标 | 616.80 | 101.17 | 49.13 ...

Core Viewpoint - The market is experiencing a significant rally, driven by a strong performance in technology sectors, particularly the Media and Computer industries, as well as the Defense and Aerospace sectors, indicating a shift in risk appetite towards high-growth narratives and industrial transformation expectations [1][2][3] Group 1: Market Performance - Major indices in the market showed strong gains, with the STAR 50 Index rising by 2.26%, and both the Shenzhen Component Index and the ChiNext Index increasing by over 1% [1] - A notable increase in trading volume was observed, with A-shares reaching a turnover of over 2.3 trillion yuan, indicating a healthy and sustainable market trend [1] - The Hang Seng Technology Index rose by 2.18%, outperforming the Hang Seng Index, reflecting a consensus on the importance of technology investments [1] Group 2: Sector Analysis - The Media and Computer sectors are experiencing a surge due to the onset of the "AI Agent" era, with advancements in AI capabilities leading to new business models and opportunities [2] - The Defense and Aerospace sectors are benefiting from the "low-altitude economy" trend, with significant policy support and project developments creating a large civilian market [2][3] - The growth logic for the Defense sector is supported by a combination of military applications, high-end manufacturing, and new production capabilities [3] Group 3: Policy and Funding Environment - Policy support is evident as regulatory bodies promote long-term capital inflows and deepen reforms in the STAR Market, providing a solid institutional backing for technology growth stocks [3] - Continuous high trading volumes signal that new capital is systematically entering the market, with significant inflows into Hong Kong's technology sector [3] Group 4: Future Outlook - The technology growth sectors are expected to remain the strongest market direction, driven by industry trends, policy support, and new capital inflows [3] - The performance of the STAR 50 and Hang Seng Technology indices will be key indicators for assessing the sustainability of the current market rally [3]

Market Overview - The Shanghai Composite Index increased by 0.22% as of 10:28 AM, with a trading volume of 920.25 million shares and a transaction value of 1713.57 billion yuan, representing a 15.86% increase compared to the previous trading day [1]. Industry Performance - The media sector saw the highest increase at 5.66%, with a transaction value of 979.65 billion yuan, up 102.15% from the previous day, led by Liujin Technology, which rose by 29.92% [1]. - The computer industry followed with a 4.31% increase, achieving a transaction value of 1821.64 billion yuan, up 55.66%, with Zhongcheng Technology leading at 30.00% [1]. - The defense and military industry rose by 3.39%, with a transaction value of 1532.72 billion yuan, up 3.34%, led by Holleywo, which increased by 16.73% [1]. Declining Industries - The oil and petrochemical sector experienced the largest decline at -1.13%, with a transaction value of 89.70 billion yuan, down 29.78%, led by Sinopec, which fell by 3.90% [2]. - The coal industry decreased by 1.02%, with a transaction value of 54.66 billion yuan, down 12.50%, led by Dayou Energy, which dropped by 1.98% [2]. - The real estate sector fell by 0.70%, with a transaction value of 153.66 billion yuan, down 1.88%, led by Sanxiang Impression, which decreased by 4.81% [2].

1. Report Industry Investment Rating - No specific industry investment rating information is provided in the content. 2. Core Viewpoints of the Report - The convertible bond market last week saw an increase in both volume and price. Although the convertible bond valuation is already high, high - priced and over - valued convertible bonds remain strong. The 100 - yuan premium rate has broken through the previous 30% - 34% oscillation range and may experience a slow correction. In an environment with a scarcity of cost - effective convertible bonds, incremental funds can only flow to convertible bonds with strong certainty in the remaining term [5][8]. - From the current absolute price and valuation level, the future upward space for convertible bonds is limited, but incremental demand is expected to provide some support. With individual bond valuations already over - estimated across the board, it is recommended to focus on newly - issued convertible bonds and those whose redemption has been waived, as trading opportunities are greater than trend - following opportunities [5][8]. - Last week, the Shanghai Composite Index achieved 16 consecutive positive days and reached 4,100 points. With the inflow of foreign capital and an increase in the proportion of equity asset allocation by domestic long - term funds, the trading volume exceeded 3 trillion yuan. Sectors such as commercial space, AI computing power, applications, and small metals continued to be strong. There was no market pull - back as previously speculated, and the market continued to break through strongly after the New Year's Day. Historically, in the A - share market, high trading volumes do not necessarily mean a market peak, but caution should be exercised when chasing high - risk themes. The market is expected to move sideways with a slight upward trend, and the two - end market of technology and dividends will shift towards mid - cap blue - chip stocks, including industries such as cyclical, consumer, and manufacturing sectors, and entities such as aerospace satellites, artificial intelligence, service consumption, unmanned driving, nuclear fusion, and semiconductors [5][8]. 3. Summary by Relevant Catalogs 3.1 Convertible Bond Views: Increase in Both Volume and Price of Convertible Bonds, and Re - emergence of Valuation Pressure - The convertible bond market last week was driven up by the underlying stocks, with high - priced and over - valued convertible bonds remaining strong. The 100 - yuan premium rate broke through the previous range and may correct slowly. Incremental funds flow to convertible bonds with strong certainty in the remaining term [8]. - The upward space for convertible bonds is limited, but incremental demand provides support. Attention should be paid to newly - issued convertible bonds and those with waived redemption, as trading opportunities are greater [8]. - The Shanghai Composite Index reached 4,100 points with high trading volume. Sectors like commercial space and AI were strong. The market is expected to move sideways with a slight upward trend, and the market style will shift to mid - cap blue - chips [8]. 3.2 Convertible Bond Review: Leading Rise of High - priced Bonds, and New High in Valuation 3.2.1 Market Overall Performance: Overall Rise of Equity Indexes and Increase in Trading Volume - The equity market last week saw an increase in both volume and price, with all broad - based indexes rising. The Shanghai Composite Index rose 3.82%, the Shenzhen Component Index rose 4.40%, and the ChiNext Index rose 3.89%. The defense and military, media, and non - ferrous metals sectors led the rise, while only the banking sector declined. The average daily trading volume increased significantly from 726.158 billion yuan to 2.84 trillion yuan [12]. - The top ten convertible bonds in terms of gains last week were Seli Convertible Bond, Dingjie Convertible Bond, etc. The more actively traded convertible bonds included Seli Convertible Bond, Zai 22 Convertible Bond, etc. [12] 3.2.2 Significant Increase in Trading Volume, and Better Performance of High - priced, Small - cap, and Low - rated Convertible Bonds - Last week, convertible bonds rose significantly, with the 100 - yuan premium rate breaking through the previous high and the average daily trading volume reaching 93.701 billion yuan. The CSI Convertible Bond Index rose 4.45%, the parity center rose 4.2% to 105.1 yuan, and the median conversion premium rate remained flat at 32.3%. High - priced, small - cap, and low - rated convertible bonds led the rise, while high - rated and dual - low convertible bonds performed weakly [17].

Market Overview - The Shanghai Composite Index increased by 0.75% with a trading volume of 1,269.59 million shares and a transaction value of 23,324.19 billion yuan, representing a 12.11% increase compared to the previous trading day [1] Industry Performance - The media sector saw the highest increase at 6.95%, with a transaction value of 1,270.49 billion yuan, up 70.89% from the previous day, led by Liujin Technology which rose by 29.92% [1] - The computer industry followed with a 6.09% increase, transaction value of 2,547.87 billion yuan, up 47.96%, with Zhongcheng Technology leading at 30.00% [1] - The defense and military industry rose by 5.08%, with a transaction value of 1,978.95 billion yuan, down 6.68%, led by Lihua Navigation at 20.00% [1] - The sectors with the largest declines included oil and petrochemicals at -1.13%, coal at -0.88%, and banking at -0.33% [2] Notable Stocks - Liujin Technology in the media sector increased by 29.92% [1] - Zhongcheng Technology in the computer sector rose by 30.00% [1] - Lihua Navigation in the defense sector increased by 20.00% [1] - China Petroleum & Chemical Corporation in the oil sector decreased by 3.90% [2]