1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - 2026 Q1 may see an increase in convertible bond calls, but high - parity convertible bond valuations are at historical highs. High valuations do not guarantee post - call valuation maintenance, and the pressure on convertible bond prices before and after the call is relatively large. It is recommended to take profit before the call or stop loss in a timely manner after the call based on market conditions [3][7]. - The overall trend of convertible bond valuations is likely to be high - level oscillations, with a possibility of short - term foaming. In January 2026, institutional demand for configuration will support valuations, and if the equity market performs better than expected, valuations may foam [28]. - In December 2025, the convertible bond market oscillated upward, with both convertible bonds and underlying stocks performing strongly, and valuations oscillated and increased. The trading volume of the convertible bond and equity markets decreased, but margin trading funds showed a strengthening trend [48][56]. - The issuance of new convertible bonds slightly increased in December 2025, and the number of new issuance plans continued to rise. The overall scale of holders in the Shanghai and Shenzhen Stock Exchanges decreased, with obvious reductions by insurance funds [3][62]. 3. Summary According to Relevant Catalogs 3.1 Historical Facts and Changes before and after Convertible Bond Calls - **Before the Call Announcement** - High market valuations do not guarantee post - call valuation maintenance. After the call, the valuation compresses to near 0%, and the compression process is basically completed before the call announcement [3][8]. - The strength of the underlying stock before the call can partially offset the compression of convertible bond valuations, but when valuations are high, the pressure on convertible bond prices before the call is still relatively large [3]. - The decline before the call mainly occurs within T - 10 days, and the day of the highest price is advancing [3][16]. - **After the Call Announcement** - In most months, convertible bond prices continue to decline after the call announcement, but in some months with a strong equity market, prices rebound [3][20]. - There is generally a decline of varying degrees on T - day, and the months with price rebounds mainly show strength from T + 1 to T + 15 days [3][21]. - The stronger the equity market, the more delayed the appearance of the highest price [3][25]. 3.2 Valuation Outlook - The overall trend is high - level oscillations, with a possibility of short - term foaming. In December 2025, valuations oscillated upward. As of December 31, 2025, the 100 - yuan par - value fitted conversion premium rate was 34.04%, up 2.50 pct from the end of November, reaching the highest level since 2019 [28]. 3.3 Key Focused Convertible Bonds - From December 1 to December 31, 2025, the convertible bond portfolio rose 3.84%, outperforming the benchmark index by 1.70 pct. Huayi and Xingqiu had obvious increases [41]. - The "Huachuang Convertible Bond" January key - focused portfolio is adjusted to include Xingqiu, Mingli, Yirui, Huachen, Huayi, Yifeng, Ziyin, Qingnong, Zhongyin, and Xingye [43]. 3.4 Market Review - **Market Performance** - In December 2025, the convertible bond market oscillated upward, with a strong performance in the second half of the month. Most sectors of the convertible bond market rose, and technology - related concepts declined. The science and technology and manufacturing sectors showed significant increases, and the cyclical sector also performed well [48][50]. - **Fund Performance** - The trading volume of the convertible bond and equity markets decreased slightly. From December 1 to December 31, 2025, the average daily trading volume of CSI Convertible Bonds was 63.803 billion yuan, a 1.27% decrease from November, and the average daily trading volume of Wind All - A was 1.880842 trillion yuan, a 1.76% decrease from November [56]. - Margin trading funds oscillated and strengthened. As of December 31, 2025, the balance of margin trading in the Shanghai and Shenzhen Stock Exchanges was approximately 2.53 trillion yuan, an increase of 66.664 billion yuan from the end of November. Most industries received net margin purchases [60]. 3.5 Supply and Demand Situation - **New Bond Issuance and Listing** - In December 2025, 7 convertible bonds were issued, with a total scale of 5.494 billion yuan, and 5 new convertible bonds were listed, with a total scale of 3.005 billion yuan. The online new - bond issuance subscription scale increased, with an average effective subscription amount of 8.85 trillion yuan, a 2.61% increase month - on - month [62]. - **Expected Issuance Scale and New Plans** - The total expected issuance scale is approximately 122.663 billion yuan. As of December 31, 2025, 7 listed companies obtained convertible bond issuance approvals, with a planned issuance scale of 8.583 billion yuan; 6 companies' convertible bond issuances passed the review committee, waiting for approvals, with a total scale of 3.361 billion yuan. In December, 6 new board plans were added, with a total scale of approximately 77.9 billion yuan [65]. - **Holder Scale Changes** - The overall scale of holders in the Shanghai and Shenzhen Stock Exchanges decreased. In December 2025, the total par value of convertible bonds held by the two exchanges was 552.692 billion yuan, a decrease of 6.144 billion yuan from November, a 1.10% decline. The scale of public funds increased, while the scale of enterprise annuities decreased [83][87].

Group 1 - In 2025, public funds conducted a total of 76,300 research visits to A-share listed companies, covering over 2,430 companies, indicating a proactive approach by institutional investors to uncover value and make forward-looking investments [1] - A total of 165 public institutions participated in the research of listed companies across all 31 Shenwan primary industries, with a significant concentration on leading stocks [2] - The top individual stock receiving attention was Huichuan Technology, with 497 research visits, followed by Luxshare Precision with 422 visits, highlighting the ongoing appeal of high-end manufacturing [2] Group 2 - The electronics industry was the most favored by public institutions, receiving over 14,000 research visits and covering 286 stocks, driven by trends in AI hardware upgrades and consumer electronics innovation [3] - The pharmaceutical and mechanical equipment industries followed, with over 9,900 and 9,400 research visits respectively, indicating a strong interest in these sectors [3] - A total of 88 public institutions conducted at least 400 research visits, with 14 leading institutions exceeding 1,000 visits, showcasing broad participation in market research [4] Group 3 - The active research engagement of institutions reflects their investment research strength, with Bosera Fund leading with approximately 1,800 visits, focusing on electronics, mechanical equipment, and pharmaceuticals [4] - The commercial aerospace sector is expected to enter a large-scale networking and application phase starting in 2026, driven by improved policy frameworks and technological maturity [4]

Investment Rating - The report maintains a positive outlook on the North Exchange, suggesting a "overweight" rating for the industry, indicating an expected increase in performance exceeding the market benchmark by more than 10% over the next 6-12 months [31]. Core Insights - The North Exchange market is experiencing a short-term consolidation, but the expectation of favorable policies continues to strengthen. Key policies in sectors such as automotive digital transformation and commercial aerospace are anticipated to provide opportunities for high-end manufacturing companies listed on the North Exchange [3][25]. - The technology sector is highlighted as a leading driver of structural opportunities, with companies focusing on new productivity areas such as AI, commercial aerospace, and robotics showing significant growth potential [26]. - The North Exchange's valuation remains lower than that of the Sci-Tech Innovation Board, presenting a favorable cost-performance ratio for investors [27]. Summary by Sections Market Overview - The average daily trading volume of all A-shares on the North Exchange reached 19.42 billion yuan, a decrease of 2.8% week-on-week. The North Exchange 50 index fell by 1.55%, with an average turnover rate of 2.7% [7][15]. - The top five gainers for the week included Hengdongguang (878.2%), Tianming Technology (65.8%), and Lifan Holdings (29.9%), while the top five losers included *ST Guandao (-61.3%) and Hongyu Packaging (-32.0%) [15][17]. Key News and Policies - The Ministry of Finance emphasizes the need to enhance the effectiveness and precision of fiscal macro-control to support domestic demand expansion [2][22]. - The automotive industry is set for a digital transformation, with a goal to improve the maturity level of intelligent manufacturing capabilities by 2027 [20]. Core Driving Factors - The report identifies a strong expectation of policy dividends and the potential for incremental capital inflow into the market, particularly with the introduction of the North Exchange 50 ETF and other key policies [25]. - The technology sector is expected to lead the market, with companies like Tianli Composite and Tianming Technology showing significant stock price increases due to their focus on advanced technologies [26]. Investment Recommendations and Strategies - Institutional investors are advised to adopt a "steady layout, dual-line advancement" strategy, focusing on policy-driven technology growth sectors and selecting companies with high R&D investment and strong technological barriers [28]. - The report highlights the value of new share offerings, noting an average first-day increase of 368% for new stocks in 2025, with an expected increase in supply in 2026 [28].

Core Insights - Public fund research enthusiasm is high as firms prepare for 2026, with 155 public institutions participating in A-share research in December 2025, totaling 3,472 research instances across 451 stocks in 29 industries [1][2]. Group 1: Company Focus - Changan Automobile is the most researched stock with 88 instances, focusing on automotive manufacturing and transitioning towards smart low-carbon travel technology [1][2]. - Other notable companies include Haiguang Information and Zhongke Shuguang, each with 79 research instances, indicating strong interest in the electronics and computer sectors [2][3]. - In the mechanical equipment sector, Jerry Holdings and Boying Welding received 72 and 48 research instances, respectively, highlighting their prominence in the industry [1][3]. Group 2: Industry Insights - The electronics industry received the highest attention with 654 research instances across 64 stocks, led by Haiguang Information, Lingyi Technology, and Canxin Semiconductor [3]. - The mechanical equipment sector followed closely with 505 research instances, covering 72 stocks, with Jerry Holdings and Boying Welding being the most researched [3]. - Other industries such as electric power equipment, pharmaceuticals, automotive, computers, and basic chemicals also saw significant research activity, each exceeding 200 instances [3]. Group 3: Institutional Activity - A total of 71 public institutions were active in research, with 3 firms leading: Huaxia Fund with 100 instances, followed by Bosera Fund with 90, and Southern Fund with 77, primarily focusing on the electronics and mechanical equipment sectors [3].

Core Viewpoint - In December 2025, over 600 A-share listed companies underwent institutional research, indicating a strong interest in investment opportunities in the A-share market as the new year approaches [1][4]. Group 1: Institutional Research Activities - More than 100 companies that experienced a doubling in stock price in 2025 were part of the institutional research [2][10]. - The research activities maintained high intensity, with institutions such as public funds, private funds, brokerages, and insurance companies participating in various forms including on-site visits and online research [4]. - Notable companies like Boying Special Welding and Jereh Holdings received significant attention, with Boying Special Welding being researched over 10 times in December 2025 [4][6]. Group 2: Company Insights - Boying Special Welding plans to launch two HRSG production lines in 2026 to meet non-North American market demands, leveraging its experience and production qualifications to maintain a competitive edge [4][5]. - Jereh Holdings emphasized its global supply chain resilience and strategic partnerships with major turbine manufacturers to ensure timely delivery of products, while also expanding its production capacity in North America [6]. - Okoyi's insights on tungsten prices suggest a stable high price range, benefiting the tool industry and allowing leading companies to consolidate their market positions through technological advantages [7]. Group 3: Market Trends and Performance - In December 2025, Jereh Holdings' stock rose over 20%, reflecting strong market performance [7]. - The A-share market saw the emergence of over 500 doubling stocks in 2025, with more than 100 of these companies participating in institutional research in December [10]. - Companies like Shenghong Technology, which saw a stock increase of over 500%, actively engaged with institutional investors to discuss expansion plans and production capabilities [10].

Group 1 - As of December 31, 2025, the A-share market's margin balance reached 25,406.82 billion yuan, a 36.26% increase compared to the same period in 2024, accounting for 2.58% of the A-share circulating market value [6] - The financing balance was 25,241.56 billion yuan, up 36.14% year-on-year, while the securities lending balance was 165.26 billion yuan, reflecting a 58.33% increase from 2024 [6] - In 2025, 27 out of 31 industries in the Shenwan first-level classification received net financing inflows, with 13 industries exceeding 10 billion yuan in cumulative net financing [6] Group 2 - The electronics industry led with a cumulative net financing inflow of 1,631.69 billion yuan, followed by power equipment, communication, machinery, non-ferrous metals, computers, automobiles, biomedicine, national defense, and chemical industries, all exceeding 300 billion yuan in cumulative net financing [6] - In 2025, 130 individual stocks had cumulative net financing inflows exceeding 1 billion yuan, with Xinyi Sheng (300502) being the most favored, attracting 177.36 billion yuan [7] - The top 10 stocks with the highest margin buying in 2025 all experienced price increases, with Shenghong Technology achieving the highest annual growth rate of 586.02% [7]

Group 1: Market Sentiment Model Insights - Market sentiment is gradually recovering, with the sentiment indicator reaching 1.35 as of December 31, up from 1.1 the previous week, indicating a bullish outlook [8][11] - The price-volume consistency indicator has shown a rapid increase this week, suggesting improved market price-volume matching and a rebound in trading activity [11][12] - The total trading volume for the entire A-share market increased by 8.30% week-on-week, with an average daily trading volume of 21,283.35 billion yuan, indicating heightened market activity [15] Group 2: Sector Performance Insights - As of December 31, 2025, sectors such as machinery, media, computers, beauty care, and automobiles have shown a strong upward trend in short-term scores, with defense and non-ferrous metals leading at a score of 88.14 [40][41] - The industry trading volatility has continued to decline, indicating a slowdown in capital switching between sectors, with a decrease in cross-industry rotation willingness [22][24] - The financing balance ratio has been on the rise, reaching a new high, reflecting an increase in leveraged capital sentiment and a recovery in risk appetite [28][30] Group 3: Investment Style Insights - The current model indicates a preference for small-cap and growth styles, with the 5-day RSI relative to the 20-day RSI continuing to rise, suggesting potential strengthening of these signals [49][50] - The model maintains a bullish signal for growth style, although the rapid increase in the 5-day RSI relative to the 20-day RSI may indicate a potential weakening of this signal [49][50]

Market Performance - The ChiNext Index rose by 2.85%, closing at 3294.55 points, with a total trading volume of 702.06 billion yuan, an increase of 152.93 billion yuan compared to the previous trading day [1] - Among the tradable ChiNext stocks, 1136 stocks closed higher, with 50 stocks rising over 10%, including *ST Tianlong, Zhi Te New Materials, and Dao Shi Technology, which hit the daily limit [1][2] - The average turnover rate for the ChiNext today was 5.01%, with 49 stocks having a turnover rate exceeding 20% [1] High Turnover Stocks - C Xin Guang Yi, a newly listed stock, had the highest turnover rate at 58.57%, closing down by 3.00% with a trading volume of 1.23 billion yuan [1][4] - Other notable high turnover stocks included Na Bai Chuan (44.81% turnover rate, down 8.31%) and Jiang Long Shipbuilding (42.17% turnover rate, up 14.07%) [1][4] Institutional Activity - Eight stocks on the high turnover list saw institutional participation, with Blue Ocean Light receiving a net buy of 186 million yuan from two institutional seats [3] - The top net buying stocks by institutions included Zhi Te New Materials, Xi Ce Testing, and Dao Shi Technology, with net buying amounts of 1.29 billion yuan, 491.87 million yuan, and 464.19 million yuan respectively [3] Capital Flow - Among high turnover stocks, 28 experienced net inflows from main funds, with significant inflows into Tom Cat, Dao Shi Technology, and Han Wei Technology, amounting to 584 million yuan, 432 million yuan, and 363 million yuan respectively [4] - Conversely, Blue Ocean Light, Qian Zhao Guang Dian, and Hao Zhi Ji Dian saw the largest net outflows, totaling 729 million yuan, 471 million yuan, and 339 million yuan respectively [4] Earnings Forecasts - Three high turnover stocks provided earnings forecasts for 2025, all indicating profit growth, with Tian Su Ji Liang expected to have a net profit increase of 10.31% [4]

Market Overview - On January 5, the Shanghai Composite Index rose by 1.38%, the Shenzhen Component Index increased by 2.24%, the ChiNext Index climbed by 2.85%, and the CSI 300 Index gained 1.90% [1] - Among the tradable A-shares, 4,185 stocks rose, accounting for 76.69%, while 1,168 stocks declined [1] Capital Flow - The net inflow of main funds was 8.334 billion yuan for the day [1] - The ChiNext saw a net inflow of 2.165 billion yuan, while the STAR Market had a net inflow of 2.446 billion yuan, and the CSI 300 constituent stocks experienced a net inflow of 13.525 billion yuan [1] Industry Performance - Out of the 26 first-level industries classified by Shenwan, the top-performing sectors were Media and Pharmaceutical & Biological, with increases of 4.12% and 3.85% respectively [1] - The sectors with the largest declines were Oil & Petrochemicals and Banking, with decreases of 1.29% and 0.34% respectively [1] Industry Capital Inflows - The Electronics industry had the highest net inflow of main funds, totaling 9.481 billion yuan, with a daily increase of 3.69% [1] - The Pharmaceutical & Biological sector also performed well, with a net inflow of 4.379 billion yuan and a daily increase of 3.85% [1] Industry Capital Outflows - The Mechanical Equipment industry saw the largest net outflow of main funds, amounting to 3.694 billion yuan, despite a daily increase of 1.48% [1] - The Defense & Military industry had a net outflow of 3.411 billion yuan, with a daily increase of 2.60% [1] Individual Stock Performance - A total of 2,394 stocks experienced net inflows, with 996 stocks having inflows exceeding 10 million yuan, and 171 stocks with inflows over 100 million yuan [2] - The stock with the highest net inflow was Zhaoyi Innovation, which rose by 10.00% with a net inflow of 2.046 billion yuan [2] - Other notable stocks included Shenghong Technology and Kweichow Moutai, with net inflows of 1.995 billion yuan and 1.222 billion yuan respectively [2] - Conversely, 113 stocks experienced net outflows exceeding 100 million yuan, with Aerospace Electronics, China Satellite, and Aerospace Development leading in outflows of 2.424 billion yuan, 1.810 billion yuan, and 1.527 billion yuan respectively [2]

科创综指成新质生产力定价新锚，指数中电子、医药、计算机机械设备等前四大行业是硬科技的核心载 体，那么，2026年四大行业的增长驱动因素有何差异？申万宏源首席电子分析师杨海晏表示，2026年投 资核心趋势聚焦AI行业从资本开支与模型训练驱动，转向商业化变现能力的关键转变，这一转变关乎 AI行业长远发展及商业模式闭环形成，将带动软件、硬件、电子科技、通信、计算机等多领域受益。 ...