Group 1: Industrial Production Trends - The industrial production shows a mixed trend, with a marginal decline in construction activity [1] - The blast furnace operating rate increased by 0.7% week-on-week and rose by 1.3 percentage points year-on-year to 90% [1][4] - Apparent steel consumption rose by 0.9% week-on-week and increased by 4.4 percentage points year-on-year to 2.2% [1] Group 2: Chemical and Consumption Chains - The chemical chain shows overall weak performance, with soda ash operating rate declining by 1.7% week-on-week and down 4.3 percentage points year-on-year to -2.4% [9] - PTA operating rate increased by 0.2% week-on-week but fell by 1.8 percentage points year-on-year to -8.4% [9] - In the downstream consumption chain, polyester filament operating rate increased by 0.3% week-on-week and rose by 0.8 percentage points year-on-year to 1.8% [9] Group 3: Construction Industry Insights - Cement demand shows marginal improvement, with grinding operating rate declining by 3.8% week-on-week and down 3.9 percentage points year-on-year to 4.7% [17] - Cement shipment rate decreased by 1.1% week-on-week but increased by 0.4 percentage points year-on-year to -1.4% [17] - Cement inventory ratio continued to decline, down 1.7% week-on-week and up 0.1 percentage points year-on-year to 0.5% [17] Group 4: Demand Tracking - The average daily transaction area of commercial housing in 30 major cities decreased by 26.1% week-on-week and fell by 0.5 percentage points year-on-year to -26% [34] - First-tier and second-tier cities showed improvement in transactions, with year-on-year increases of 1% and 7.6% respectively [34] - Port cargo throughput increased, with container throughput rising by 2.4% year-on-year to 9% [44] Group 5: Price Trends - Agricultural product prices showed divergence, with egg and vegetable prices declining by 0.8% and 2.8% respectively, while fruit prices increased by 0.8% [79] - The South China industrial product price index rose by 0.6% week-on-week, with the metal price index increasing by 1.9% [90]

Group 1: Industrial Production Trends - The industrial production shows a mixed trend, with an increase in high furnace operation and steel consumption. The high furnace operating rate increased by 0.7% week-on-week and rose by 1.3 percentage points year-on-year to 90% [2] - Steel apparent consumption increased by 0.9% week-on-week and rose by 4.4 percentage points year-on-year to 220 million tons [2] - The social inventory of steel continued to decline, down by 2.5% [2] Group 2: Weakness in Petrochemical and Consumer Chains - In the petrochemical chain, the soda ash operating rate decreased by 1.7% week-on-week and fell by 4.3 percentage points year-on-year to -2.4% [6] - The PTA operating rate saw a slight increase of 0.2% week-on-week but decreased by 1.8 percentage points year-on-year to -8.4% [6] - In the consumer chain, the polyester filament operating rate increased by 0.3% week-on-week and rose by 0.8 percentage points year-on-year to 1.8%, while the operating rate of automotive semi-steel tires decreased by 2.7% week-on-week and fell by 2.1 percentage points year-on-year to -9.2% [6] Group 3: Construction Industry Insights - Cement demand showed marginal improvement, with the national grinding operating rate decreasing by 3.8% week-on-week and falling by 3.9 percentage points year-on-year to 4.7% [11] - The cement shipment rate decreased by 1.1% week-on-week but increased by 0.4 percentage points year-on-year to -1.4% [11] - Cement inventory continued to decline, down by 1.7% week-on-week and up by 0.1 percentage points year-on-year to 0.5% [11] Group 4: Demand Tracking - The average daily transaction area of commercial housing in 30 major cities decreased by 26.1% week-on-week and fell by 0.5 percentage points year-on-year to -26% [20] - First and second-tier cities saw improvements in transactions, with year-on-year increases of 1% and 7.6% respectively, while third-tier cities experienced a year-on-year decline of 21.2% to -50.8% [20] - Port cargo throughput showed a recovery, with a year-on-year increase of 3.7 percentage points to 3.2% [25] Group 5: Price Trends - Agricultural product prices showed divergence, with egg and vegetable prices decreasing by 0.8% and 2.8% respectively, while fruit prices increased by 0.8% [48] - The industrial product price index increased by 0.6% week-on-week, with the energy and chemical price index decreasing by 0.2% and the metal price index increasing by 1.9% [54]

2026年初，当A股市场在结构性行情中迎来新一轮投资者信心修复之际，一只名为"鑫元消费甄选混合型证券投资基金"的产品却悄然滑向清盘边缘。这只 成立于2023年3月24日的公募基金，在不到三年的时间里，净值从1元跌至约0.52元，累计亏损接近一半。更令人关注的是，其2025年全年亏损达19.65%， 成为当年全市场主动权益类基金中表现最差的一只。 在2025年主动权益类基金平均收益率超过30%、超九成产品实现正收益的大背景下，鑫元消费甄选的溃败显得尤为刺眼。截至2025年三季度末，该基金合 并资产规模仅为0.29亿元，距离合同约定的2亿元"保壳线"相差甚远。若无法在2026年3月24日前达标，基金将依法终止运作。这意味着，留给管理人的时 间已不足90天。 命名与投资严重脱节 风格漂移成常态 尽管基金名称明确指向"消费"主题，但回溯其成立以来的持仓变化，实际投资轨迹却与消费主线渐行渐远，反而呈现出明显的风格漂移和热点追逐特征。 这种缺乏战略定力的操作，使其屡屡陷入"买在高点、卖在低点"的被动局面。 2023年二季度，即基金成立仅三个月后，其前十大重仓股中已有7只为医药股；到三季度，这一比例进一步上升至9只。彼时， ...

Group 1: Industrial Production Trends - The industrial production shows a mixed trend, with an increase in blast furnace operation and apparent steel consumption. The blast furnace operating rate increased by 0.7% week-on-week and rose by 1.3 percentage points year-on-year to 90% [2] - The steel apparent consumption increased by 0.9% week-on-week and rose by 4.4 percentage points year-on-year to 220 million tons [2] - The social inventory of steel continued to decline, decreasing by 2.5% week-on-week [2] - The petrochemical and consumer chains are generally weak, with the soda ash operating rate decreasing by 1.7% week-on-week and down 4.3 percentage points year-on-year to -2.4% [6] - The PTA operating rate increased by 0.2% week-on-week but fell by 1.8 percentage points year-on-year to -8.4% [6] Group 2: Construction Industry Insights - In the construction sector, cement demand showed marginal improvement, with the grinding operating rate decreasing by 3.8% week-on-week and down 3.9 percentage points year-on-year to 4.7% [11] - The cement shipment rate decreased by 1.1% week-on-week but increased by 0.4 percentage points year-on-year to -1.4% [11] - Cement inventory continued to decline, with the inventory-to-capacity ratio decreasing by 1.7% week-on-week and increasing by 0.1 percentage points year-on-year to 0.5% [11] Group 3: Demand and Consumption Trends - The national commodity housing transaction remains at a low level, with the average daily transaction area in 30 major cities decreasing by 26.1% week-on-week and down 0.5 percentage points year-on-year to -26% [20] - The transaction in first and second-tier cities improved year-on-year, increasing by 1% and 7.6% respectively, while third-tier cities saw a decline of 21.2% year-on-year to -50.8% [20] - The port cargo throughput showed a rebound, with container throughput increasing by 2.4% year-on-year to 9% [25] - The intensity of human mobility increased, with the national migration scale index rising by 26 percentage points year-on-year to 35.1% [29] Group 4: Price Trends - Agricultural product prices showed differentiation, with egg and vegetable prices decreasing by 0.8% and 2.8% respectively, while fruit prices increased by 0.8% [48] - The industrial product price index increased by 0.6% week-on-week, with the energy and chemical price index decreasing by 0.2% and the metal price index increasing by 1.9% [54]

Core Viewpoint - The "Magnificent Seventy Years, Striding into a New Era" exhibition in Sichuan celebrates the 70th anniversary of the founding of the People's Republic of China, showcasing the province's significant achievements across various sectors over the past seven decades [13]. Economic Development - The exhibition features impressive models such as the Chengdu Tianfu International Airport and the Yaxi Expressway, highlighting Sichuan's rapid infrastructure development [13]. - Sichuan's GDP has dramatically increased from 2 billion to 4 trillion yuan over the past 70 years, indicating substantial economic growth [13]. - The exhibition includes a large model of the high-temperature superconducting maglev train developed by Southwest Jiaotong University, showcasing advancements in transportation technology [13]. Social Progress - The exhibition displays a range of historical items, from black-and-white televisions to modern 5G emergency vehicles, illustrating the evolution of daily life in Sichuan [14][15]. - A model of the poverty alleviation project in Yanyuan County is presented, demonstrating the impact of these initiatives on local communities [15]. - The contrast between photos of Chengdu from 2015 and 2018 highlights the improvements in air quality and urban development [15]. Cultural Prosperity - The exhibition celebrates Sichuan's rich cultural heritage, featuring artifacts from the Sanxingdui civilization and popular contemporary works like "Langya Bang" and "Three Lives Three Worlds, Ten Miles of Peach Blossoms" [16]. - The number of bookstores in Chengdu has reached 3,463, ranking second in the country, reflecting the city's vibrant literary culture [16]. - Sichuan is recognized for its intangible cultural heritage, with 139 items listed as national-level cultural treasures [16]. Exhibition Design - The exhibition spans over 20,000 square meters, with the provincial comprehensive hall alone exceeding 10,000 square meters, designed to accommodate a vast array of exhibits [21]. - The use of red color throughout the exhibition enhances the festive atmosphere in line with the National Day celebrations [22]. - The design incorporates curves and circular elements to create a more engaging visitor experience, symbolizing growth and prosperity in Sichuan [23].

Group 1 - The New Year's Day box office for 2026 reached 740 million yuan, marking a significant year-on-year increase of 61.01% compared to the previous year [1] - The extended holiday period from January 1 to January 3 allowed for a total of 1.417 million screenings, with a notable 4.89% increase in screenings on New Year's Day compared to the previous year [2] - The total audience attendance during the New Year's period was 18.64 million, with a 14.20% year-on-year increase on New Year's Day alone [2] Group 2 - Major IP sequels like "Zootopia 2" and "Avatar 3" demonstrated strong box office performance, contributing significantly to the overall market [3] - "Zootopia 2" led the box office with 220 million yuan, accounting for 29.7% of the total, while "Avatar 3" followed with 183 million yuan, representing 24.8% [3] - The diversity of new releases during the holiday period, including various genres, catered to audience preferences and enhanced box office performance [2]

Market Overview - On the first trading day of 2026, the Shanghai Composite Index rose by 1.38% to 4023.42 points, while the Shenzhen Component Index increased by 2.24% and the ChiNext Index by 2.85%. The total trading volume in the Shanghai and Shenzhen markets reached 2.55 trillion yuan. The leading sectors included media, pharmaceuticals, and electronics, while oil and petrochemicals, banking, and transportation lagged behind [2][7] - The Hong Kong Hang Seng Index saw a slight increase of 0.03%, closing at 26347.24 points, while the U.S. major indices all closed higher, with the Dow Jones Industrial Average rising by 1.23% to a record high of 48977.18 points [2][7] Important News - Premier Li Qiang emphasized the need to enhance innovation and development advantages during his research in Guangdong, advocating for the improvement of industrial ecosystems and the exploration of effective business models for new technologies such as robots and drones [3][8] - A joint announcement from nine departments, including the Ministry of Commerce, implemented actions to promote green consumption, focusing on enhancing the supply of green products and encouraging the purchase of electric vehicles and certified green appliances [3][8] Industry Insights Media Industry - The New Year's Day box office exceeded 740 million yuan, marking a significant increase of 61.01% compared to the previous year. The extended holiday period allowed for a diverse range of films to cater to audience preferences, with major sequels leading the box office [9][10] - The total number of screenings during the New Year's holiday reached 1.417 million, with a notable increase in audience attendance, particularly on January 1, which saw a 14.20% year-on-year increase [10][12] - Major IP sequels like "Zootopia 2" and "Avatar 3" demonstrated strong box office resilience, contributing significantly to the overall market performance [12] Gaming Industry - In December 2025, a total of 147 game titles received approval, with 144 domestic and 3 imported games. The total number of game approvals for the year reached 1771, a 25.07% increase from 2024 [13][14] - The game "Seven Realms Dream" is highlighted for its unique "national style" theme and innovative gameplay mechanics, indicating a competitive landscape in the MMO sector for 2026 [14][15] Tourism Industry - The 2026 New Year's holiday saw 142 million domestic trips and total spending of 847.89 billion yuan, benefiting from the extended holiday period compared to the previous year [16][17] - The tourism market experienced a boost due to various factors, including the popularity of winter sports, the appeal of Hainan's free trade zone, and increased interest in outbound travel [18][19] - The outlook for 2026 remains positive, with expectations for further growth in the tourism sector driven by favorable policies and consumer confidence [19]

Key Insights - The report highlights significant developments in various industries, including advancements in brain-computer interfaces by Neuralink, acquisitions by Meta, and initiatives for promoting green consumption in China [5][8]. - The macroeconomic analysis indicates a positive outlook for the A-share market, driven by strong performance in financial and technology sectors, with expectations of continued monetary easing and a favorable global liquidity environment [9][10][16]. - The gaming industry is experiencing steady growth, with animation films leading box office revenues, indicating a shift in consumer preferences and market dynamics [18][38]. Domestic Market Performance - The Shanghai Composite Index closed at 4,023.42, with a daily increase of 1.38%, while the Shenzhen Component Index rose by 2.24% to 13,828.63 [3]. - The average P/E ratios for the Shanghai Composite and ChiNext are 16.30 and 49.98, respectively, suggesting a favorable environment for medium to long-term investments [9][10]. International Market Performance - Major international indices, including the Dow Jones and S&P 500, experienced slight declines, while the Hang Seng Index saw a notable increase of 2.76% [4]. Industry Analysis - The animation film sector has seen a remarkable increase in box office contributions, with animated films accounting for nearly 50% of total box office revenue in 2025, driven by successful titles like "Nezha 2" and "Zootopia 2" [18][38]. - The semiconductor industry continues to thrive, with global sales reaching $72.71 billion in October 2025, marking a 27.2% year-over-year increase, indicating robust demand and growth potential [22]. - The new materials sector is showing strong performance, with a 7.20% increase in the new materials index, outperforming the broader market [21]. Investment Recommendations - The report suggests focusing on sectors with strong fundamentals and stable earnings, such as traditional engineering machinery and high-dividend yielding companies, while also highlighting opportunities in emerging technologies like humanoid robots and AI applications [25][26]. - In the gaming sector, companies like Gigabit and Perfect World are recommended due to their high growth potential driven by AI integration and market demand [19][20].

Group 1: Consumer Trends - During the New Year's holiday, inter-regional mobility increased by 19.62% year-on-year, with a total domestic travel expenditure of CNY 847.89 billion, up 6.35% from 2024, reflecting a compound annual growth rate of 3.12%[1][12] - The average ticket price for domestic flights reached CNY 684.6, a 9.8% increase compared to 2025, indicating a strong recovery in travel demand[16] - Dining consumption showed robust growth, with key provinces reporting increases of 18% in Zhejiang and 36.5% in Nanjing, while overall dining consumption in Guangxi rose by 5.8%[17] Group 2: Economic Indicators - The manufacturing PMI returned to the expansion zone at 50.1%, reflecting a 0.9 percentage point increase, indicating improved economic conditions[2][18] - The construction sector's PMI rose to 52.8%, a 3.2 percentage point increase, benefiting from favorable weather and ongoing policy support[23] - The service sector's PMI was at 49.7%, showing a slight recovery but still below the expansion threshold, indicating mixed performance across industries[24] Group 3: Policy and Market Outlook - The "Two New" policies are expected to provide support for stable consumption, despite a potential mild contraction in funding scale for 2026[26] - International commodity prices are rising, which may pressure corporate profits and indirectly affect employment, potentially limiting demand recovery[26] - The government has initiated a CNY 295 billion investment plan for key projects, including the Guangzhou New Airport, to stabilize investment growth[26]

华鑫证券研报指出，完美世界2025年主业端游戏与影视双回暖，看2026年产品进展，作为内容与技术践 行者，从游戏到长短剧，本质围绕内容IP做打磨，形成经典与创新双轮驱动，AI时代积极整合AI工具， 提升内容生成与研发效率，电竞业务中引入VR全息观赛、XR实时沙盘技术，影视业务自主研发"弧光 智作系统"，利用AI优化制作流程，并通过IP联动、跨平台内容开发，打通游戏与影视内容的互动闭 环，当前股价对应PE分别为41.0、27.6、19.8倍，首次覆盖，给予"买入"投资评级。 ...