迎接繁荣的起点，1 月如何布局？20251231 西部证券策略团队对 2026 年的 A 股市场有哪些预期？ 摘要 美联储降息及潜在 QE 将推动跨境资本回流中国，修复实体部门现金流 量表和资产负债表，为中国经济带来繁荣机遇。关注有色金属、新消费 和高端制造等受益行业。 西部证券策略团队预计 2026 年 A 股市场将创新高，波动性放大，有色 金属、新消费、高端制造等顺周期板块将表现突出，紫金矿业、华峰铝 业等公司具备投资机会。 坚定看好未来两到三年铜和铝市场，供给端紧张，需求稳定即可推动价 格上涨。工业金属是首选，其中铜和铝最被看好。 紫金矿业作为全球第三大铜矿公司，受益于铜价上涨和产量增长，预计 2026 年营收可达 800 亿，市值有望达到 1.6 万亿。 华峰铝业质地优良，产能扩张谨慎，具备 20%-25%的 ROE 及 15%以 上复合增速，目前估值较低，是穿越周期、具备绝对收益潜力的投资标 的。 华友钴业主要利润来源是镍，预计三年内利润翻倍，若镍价上涨，则可 能两年内实现。镍市场供给集中，受青山公司主导，印尼政策变化将推 动镍价上涨。 国泰海通整合效应将在 2026 年全面释放，客户数量行业领先， ...

Group 1 - The core point of the news is that Visionox plans to issue A-shares to Hefei Jianshu, which will increase Hefei Jianshu's stake to 31.89%, making it the controlling shareholder of Visionox, with the local government becoming the actual controller [2][3] - Hefei Jianshu's total subscription amount will not exceed RMB 29.37 billion, and the number of shares to be subscribed will not exceed 419 million, accounting for no more than 30% of the total share capital before the issuance [2] - The net proceeds from the fundraising will be used entirely to supplement working capital and repay company debts, addressing the company's financial needs amid ongoing losses [3] Group 2 - Visionox has reported continuous losses from 2021 to 2024, with net losses of RMB 15.20 billion, 20.66 billion, 37.26 billion, and 25.05 billion respectively, totaling over RMB 114 billion in cumulative losses over the past five years [3] - The company specializes in the research, production, and sales of OLED and Micro-LED display devices, with applications in smartphones, wearables, tablets, laptops, and automotive displays [3] - According to CINNOResearch, Visionox holds an 11.2% market share in the global smartphone AMOLED panel market, ranking third globally and second domestically, while leading the smart wearable AMOLED panel market with a 27% shipment share [4]

Group 1 - The core viewpoint of the article indicates that the panel industry is experiencing limited recovery in its business environment due to multiple factors such as international trade conditions and changes in policy marginal effects [1] - In the first half of 2025, the company reported operating revenue of 296.10 million yuan, which represents a decrease of 8.40% compared to the same period in 2024 [1] - The net profit attributable to shareholders of the listed company for the same period was 15.17 million yuan, showing a slight increase of 0.71% year-on-year [1]

Core Viewpoint - The China Export-Import Bank's Guangdong Branch is actively supporting the panel industry by providing liquidity loans to a leading foreign enterprise, enhancing the stability of the domestic panel industry chain [1] Group 1: Financial Support and Impact - The Guangdong branch of the China Export-Import Bank has issued liquidity loans to a foreign enterprise that is a leader in the panel industry, specifically targeting high-end panel products for automotive and IT sectors [1] - This foreign enterprise has been investing in China's panel industry since 2002 and has established production bases and sales networks in cities like Guangzhou, Shanghai, and Nanjing, significantly contributing to the local panel industry ecosystem [1] - Since 2019, the bank has collaborated with this foreign enterprise, providing financing support amounting to several billion yuan to its subsidiaries in Guangzhou and Nanjing [1] Group 2: Policy Alignment and Future Plans - The loan issuance aligns with the "2025 Action Plan for Stabilizing Foreign Investment" jointly released by the Ministry of Commerce and the National Development and Reform Commission, which aims to support foreign enterprises in expanding their investment and operations in China [1] - The Guangdong branch plans to continue its policy-driven financial mission, enhancing its roles as a foreign trade bank, international cooperation bank, and advanced manufacturing bank to support foreign enterprises in their investment and business expansion in China [2]