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Group 1 - The core viewpoint is that 2026 will be a crucial year for China's economic work, marking the beginning of the "15th Five-Year Plan" and the transition to a period of solid foundation and comprehensive efforts [1] - Analysts from ten major securities firms provide insights on market trends, industry allocations, and major investment opportunities for 2026, aiming to clarify the investment landscape for investors [1] Group 2 - CITIC Securities predicts that A-share company profit growth will show a trend of low growth initially followed by a recovery [2] - The market is expected to be influenced by the US-China trade agreement and the US midterm elections, with three phases of market performance anticipated [4] - Key investment themes include global pricing power in manufacturing, the expansion of Chinese companies overseas, the continuation of the tech trend with AI, and the potential recovery of domestic demand [4] Group 3 - CICC highlights that the restructuring of international order and China's industrial innovation will support A-share performance, with a market trend of initial growth followed by stabilization [5] - Analysts suggest focusing on growth sectors such as AI applications, industries benefiting from external demand, and cyclical sectors nearing recovery [7] Group 4 - GF Securities indicates that the A-share market is likely to maintain a "slow bull" pattern, with corporate profit structures undergoing significant changes [8][10] - The expected nominal GDP growth for China in 2026 is projected to reach 6.45%, significantly higher than in 2025, supporting the overall improvement in corporate profits [21] Group 5 - Analysts from various firms suggest that the market will shift from valuation-driven to profit-driven dynamics, with traditional and emerging industries contributing to profit recovery [15][17] - The focus on new production capabilities and the impact of policies like "anti-involution" are expected to improve competition in traditional industries and boost domestic demand [17] Group 6 - Analysts predict that more industries will enter a profit recovery phase in 2026, with nominal economic recovery and price increases being the most evident trends [18][20] - UBS forecasts that A-share company profit growth could rise to 8% due to improved nominal GDP growth and the narrowing of PPI declines [32] Group 7 - Analysts recommend focusing on four main investment themes: technological self-reliance, consumer sector recovery, "anti-involution" related sectors, and the global competitiveness of Chinese companies [34] - The market is expected to maintain a balanced style between growth and value, with cyclical sectors likely to outperform defensive sectors as the economy recovers [34]

Core Viewpoint - The analysis highlights the expected trends and investment opportunities in the A-share market for 2026, emphasizing a shift towards profitability-driven growth amid a recovering economy and evolving global dynamics [1][28]. Group 1: Economic Outlook - 2026 marks the beginning of the "15th Five-Year Plan," focusing on solidifying foundations and comprehensive efforts for economic modernization [1][28]. - The A-share market is anticipated to experience a recovery in corporate profitability, with a projected increase in earnings growth to 8% driven by improved nominal GDP growth and narrowing PPI declines [53][52]. Group 2: Market Phases - The market is expected to be segmented into three phases influenced by U.S.-China trade agreements and U.S. midterm elections, with a potential for sustained growth in a stable external environment [3][30]. - Analysts predict a "slow bull" market pattern, with corporate profitability stabilizing and the return of investment interest from insurance and high-net-worth individuals [7][34]. Group 3: Investment Themes - Key investment themes include: - The manufacturing sector's pursuit of global pricing power, particularly in non-ferrous metals, chemicals, and new energy [3][30]. - The globalization of Chinese enterprises, opening up new market opportunities in machinery, innovative pharmaceuticals, and military industries [3][30]. - Continued growth in the AI sector, with a focus on semiconductors, computing power, and AI applications [3][30]. - Recovery opportunities in domestic demand, particularly in sectors with potential for valuation elasticity [3][30]. Group 4: Sector Focus - Analysts suggest focusing on sectors with clear growth trends, such as AI, where capital expenditure is expected to expand, and cyclical industries like chemicals and renewable energy that may benefit from policy support [5][38]. - The technology sector is projected to maintain high profit growth, although the valuation gap with traditional sectors may pose challenges [40][42]. Group 5: Policy and Market Dynamics - The market is expected to transition from valuation-driven to profitability-driven dynamics, supported by fiscal policies aimed at boosting domestic demand and improving competition in traditional industries [38][40]. - Analysts emphasize the importance of capital market reforms to enhance flexibility and attract long-term investments, particularly in emerging industries [45][48].

Core Viewpoint - The article discusses the outlook for the A-share market in 2026, emphasizing the importance of economic work and investment strategies as China enters a critical period of its "14th Five-Year Plan" [1][2]. Group 1: Market Trends and Economic Outlook - A-share company profit growth is expected to show a "low first, high later" trend in 2026, influenced by the US-China trade dynamics and the upcoming US midterm elections [3][5]. - The international order's restructuring and China's industrial innovation are anticipated to support A-share performance, with a market trend of initial growth followed by stabilization [6][8]. - The nominal GDP growth in China is projected to reach 6.45% in 2026, significantly higher than in 2025, indicating a recovery in corporate earnings [21]. Group 2: Investment Opportunities and Sector Focus - Key investment themes include the global pricing power in manufacturing, the expansion of Chinese companies overseas, the continuation of the tech trend with AI, and the potential recovery in domestic demand [5][8][19]. - Analysts suggest focusing on sectors with clear growth trends, such as AI applications, machinery, innovative pharmaceuticals, and energy equipment [5][8][19]. - The A-share market is expected to maintain a "slow bull" pattern, with a focus on industries experiencing supply constraints and clear growth trends, such as AI and energy storage [11][25]. Group 3: Policy and Structural Changes - The article highlights the need for policies that support long-term market stability and the development of new industries, particularly in technology and innovation [6][17][24]. - The "anti-involution" policies are expected to improve competition in traditional industries and stimulate domestic demand, contributing to overall market recovery [15][17]. - The capital market is anticipated to transition from valuation-driven to profit-driven dynamics, with a focus on sectors that can benefit from both traditional and emerging growth drivers [15][19].

Core Viewpoint - The A-share market is expected to perform positively in 2025, driven by the enhancement of China's economic strength, technological capabilities, and overall national power [1] Industry Insights - Three key recommendations for industry sector allocation in 2025 include: 1. Focus on industries with high overseas business exposure, such as electronics, home appliances, automobiles, and power equipment, as indicated by the third-quarter reports and industry data showing a correlation with export strength [1] 2. As the economic cycle recovers, cyclical stocks are likely to attract incremental capital in the later stages of a bull market due to inflation being a lagging indicator [1] 3. Monitor industries with potential bottom reversals, including food and beverage, agriculture, social services, and pharmaceuticals, which offer high odds of recovery [1] Thematic Investment Opportunities - Emphasis on breakthroughs in frontier technologies and industrial transformations, such as AIDC (Artificial Intelligence Data Center), embodied intelligence, brain-computer interfaces, controllable nuclear fusion, and quantum computing [1] Policy Recommendations - Suggestions to enhance the capital market functions that coordinate investment and financing include improving flexibility and confidentiality, diversifying listing standards, optimizing investor structure, building a technology finance ecosystem, and deepening integration with Hong Kong and international collaboration [1]

Group 1 - The company held an investor meeting on January 4, 2026, to discuss business progress, performance planning, and technology layout with institutional investors [1] - Key participants included the company's Vice General Manager and Board Secretary, Investment Director, and heads of various departments [1] Group 2 - The joint venture company is focused on developing next-generation edge brain-machine interface algorithm chips and advancing mixed biometric and brain signal analysis [2] - The joint venture is currently in the process of business registration [2] Group 3 - The company has set its 2026 performance targets based on the 2025 restricted stock incentive plan and employee stock ownership plan [3] - To achieve these targets, the company plans to leverage AI technology, enhance brand influence, and expand market space [3] Group 4 - The performance assessment for the stock incentive plan excludes results from acquisitions, focusing instead on the company's organic growth capabilities [4] Group 5 - The company's non-invasive brain-machine business leverages long-term AI cognitive computing expertise, focusing on BioCV TinyML edge model development [5] - This approach aims to optimize brain-machine interaction across various elements by integrating perception, analysis, and decision-making capabilities into edge devices [5] Group 6 - The partnership with ShenNian Technology is based on its 20 years of industry experience, strong data accumulation, and a cross-disciplinary team [6] - ShenNian's business model, which combines chips and algorithm SDKs, has been successfully validated [6] Group 7 - The company has not yet adopted digital RMB for cross-border settlements and is managing exchange rate risks through global supply chain strategies and local operations [7] - The company employs various methods to hedge against currency risks, including forward foreign exchange contracts and attempts at cross-border RMB settlements [7]

Core Viewpoint - Eurotech announced a successful investor meeting with 53 institutions, showcasing strong revenue growth and strategic plans for future expansion in the data center power supply sector [1][2]. Group 1: Financial Performance - For the first three quarters of 2025, Eurotech achieved a revenue of 3.387 billion yuan, representing a year-on-year growth of 27.16% [1]. - The third quarter revenue reached 1.267 billion yuan, showing a year-on-year increase of 19% and a quarter-on-quarter growth of 2.81% [1]. - The net profit attributable to shareholders for the first three quarters was 222 million yuan, up 41.53% year-on-year, with a net profit margin of 6.54%, an increase of 0.66 percentage points [1]. - After excluding the impact of stock incentives and convertible bond expenses, the operating net profit was 257 million yuan, reflecting a year-on-year increase of 57.63% [1]. Group 2: Product and Market Strategy - Eurotech offers a diverse range of products in the data center power supply sector, including power supplies below 800W, between 800-2,000W, and above 2,000W [2]. - The company has launched key products such as the 3,200W titanium M-CRPS server power supply and the 1,300W-3,600W titanium CRPS server power supply, serving major domestic server manufacturers [2]. - Eurotech is actively expanding its overseas business, establishing teams in Taiwan and the United States to engage with various international clients [2]. - The company aims to focus on core competencies through technological innovation, targeting high power, high efficiency, and advanced semiconductor applications [2]. Group 3: Shareholder Information - As of September 30, 2025, Eurotech had 21,551 shareholders, an increase of 4,376 from the previous count, with an average holding value of 1.1266 million yuan per shareholder [3]. - The top shareholder is the investment fund managed by China Merchants Bank, which emphasizes value-driven and long-term investment strategies [3].

证券代码：601162 证券简称：天风证券 公告编号：2026-001号 天风证券股份有限公司（以下简称"公司"）第四届董事会第五十九次会议 于2025年12月26日向全体董事发出书面通知，于2025年12月31日以通讯方式完成 表决并形成会议决议，会议应参与表决董事12名，实际参与表决董事12名。会议 的召集、召开符合《中华人民共和国公司法》等有关法律法规及《公司章程》的 规定。本次会议审议并通过以下议案： 一、审议通过《关于修订<公司制度管理办法>的议案》 本议案提交董事会前已经公司董事会风险与合规管理委员会审议通过。 表决结果：赞成【12】人；反对【0】人；弃权【0】人。 二、审议通过《关于修订<公司及工作人员廉洁从业管理规定>的议案》 本议案提交董事会前已经公司董事会风险与合规管理委员会审议通过。 表决结果：赞成【12】人；反对【0】人；弃权【0】人。 三、审议通过《关于修订<公司全面风险管理基本规定>的议案》 本议案提交董事会前已经公司董事会风险与合规管理委员会审议通过。 表决结果：赞成【12】人；反对【0】人；弃权【0】人。 四、审议通过《关于修订<公司融资融券业务管理规定>的议案》 表决结果：赞 ...

Group 1 - Tianfeng Securities experienced a decline of 1.19% on December 31, with a stock price of 4.16 yuan per share, a trading volume of 472 million yuan, a turnover rate of 1.31%, and a total market capitalization of 41.908 billion yuan [1] - The company, established on March 29, 2000, and listed on October 19, 2018, is based in Wuhan, Hubei Province, and its main business activities include securities brokerage, investment consulting, financial advisory related to securities transactions, fund distribution, underwriting and sponsorship, proprietary trading, asset management, margin financing, and selling financial products [1] - The revenue composition of Tianfeng Securities is as follows: securities brokerage accounts for 55.47%, proprietary trading for 40.06%, investment banking for 34.81%, and asset management for 14.23% [1] Group 2 - One fund under Dongfang Fund holds a significant position in Tianfeng Securities, specifically the Dongfang Regional Development Mixed Fund (001614), which held 1.3709 million shares in the third quarter, representing 4.66% of the fund's net value, making it the tenth largest holding [2] - The Dongfang Regional Development Mixed Fund (001614) was established on September 7, 2016, with a current size of 156 million yuan, and has reported a year-to-date return of 12.93%, ranking 5376 out of 8085 in its category; over the past year, it achieved a return of 7.82%, ranking 6044 out of 8085; since inception, it has returned 41.17% [2]

Group 1 - Guojin Securities indicates that silver possesses higher elasticity in the short term, especially as it relates to AI narratives and its dual role as a precious metal and an asset linked to AI electricity [1] - Huaxi Securities notes that short-term volatility in precious metals is expected to persist, with silver, platinum, and palladium facing significant adjustments due to liquidity and market capacity constraints [2] - Tianfeng Securities highlights that while copper prices have risen significantly since 2025 due to overseas policies and supply-demand mismatches, the transition to alternative materials in the home appliance industry will not happen overnight [3] Group 2 - Guojin Securities suggests that gold has become a valuable insurance asset amid the AI bubble, while silver's narrative may revert to rationality once AI narratives become clearer [1] - Huaxi Securities anticipates that gold and non-ferrous metals will be less affected by emotional resonance, with expected declines being relatively controllable [2] - Tianfeng Securities recommends maintaining observation on the "aluminum replacing copper" trend, which may be catalyzed by policies and cost factors in the long term [3]