Group 1 - The short-term market enthusiasm is expected to continue, but there is a possibility of gradual cooling after mid-January leading up to the Spring Festival [1] - Policies are likely to continue to exert influence, with economic growth expected to remain within a reasonable range, further solidifying the foundation for the capital market's prosperous development [1] - The release of policy dividends is anticipated to boost market confidence and attract various types of capital inflows [1] Group 2 - Attention is drawn to sectors such as electronics, electrical equipment, and non-ferrous metals [1]

Group 1 - The short-term market heat is expected to continue, but there is a possibility of gradual cooling after mid-January until the Spring Festival [1][4] - Policy support is likely to persist, and economic growth is expected to remain within a reasonable range, further solidifying the foundation for the capital market's prosperous development [1][4] - The release of policy dividends is expected to boost market confidence and attract various types of capital inflows [1][4] Group 2 - The A-share market continued to rise this week, driven by an increase in market risk appetite, with major indices generally showing upward trends [2] - The Sci-Tech Innovation 50 index performed the best with a gain of 9.8%, while the CSI 300 index had the lowest performance with a gain of 2.8% [2] - Among industries, the comprehensive, defense, and media sectors performed relatively well, with gains of 14.5%, 13.6%, and 13.1% respectively [2] Group 3 - Key events this week included a meeting between President Xi Jinping and South Korean President Yoon Suk-yeol, and the issuance of the "Artificial Intelligence + Manufacturing" implementation opinions [3] - Economic data showed that the Consumer Price Index (CPI) rose by 0.2% month-on-month and 0.8% year-on-year in December, while the Producer Price Index (PPI) rose by 0.2% month-on-month but fell by 1.9% year-on-year [3] - The 2026 Consumer Electronics Show was held, and the market regulator held discussions with the photovoltaic industry association and several leading companies [3] Group 4 - The focus remains on industries such as electronics, power equipment, and non-ferrous metals, with a potential shift in market style influencing sector performance [4] - The commercial aerospace sector has shown significant gains since being recommended for attention, with high short-term cumulative increases in related indices [4] - Despite potential profit-taking pressures in the commercial aerospace sector, the solid support from frequent policy benefits and active capital suggests it remains a good opportunity for investors to enter on dips [4]

以下文章来源于债券人 ，作者光大证券固收研究 本周（2026年1月5日至2026年1月9日，共5个交易日）中证转债指数涨跌幅为+4.45%（上周涨跌幅 为-0.27%），中证全指变动为+5.04%（上周涨跌幅为-0.32%）。2026年以来中证转债涨跌幅为+4.45%， 中证全指涨跌幅为+5.04%。 分评级来看，债项评级高评级券（评级为AAA）、中高评级券（评级为AA+）、中评级券（评级为 AA）、中低评级券（评级为AA-）和低评级券（评级为AA-及以下）本周涨跌幅分别为+1.37%、+2.50% 、+5.16%、+4.83%、+4.10%，中评级券涨幅最高。 债券人 . 唯有进行扎实的基本面研究，方能行稳致远。 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 1、市场 ...

Group 1: Bond Custody Total and Structure - The total bond custody increased month-on-month, reaching 178.25 trillion yuan by the end of November 2025, with a net increase of 1.48 trillion yuan compared to the previous month [4] - By type, the custody of interest rate bonds, credit bonds, and financial bonds increased, while interbank certificates of deposit saw a decrease [4] - The custody of interest rate bonds was 123.94 trillion yuan, with a net increase of 1.46 trillion yuan; credit bonds reached 19.13 trillion yuan, increasing by 0.27 trillion yuan; and financial bonds totaled 12.80 trillion yuan, up by 0.10 trillion yuan [4] Group 2: Bond Holder Structure and Changes - Among major institutions in the bond market, only securities companies and foreign institutions saw a decrease in bond custody, while other institutions showed an increase [5] - Policy banks, commercial banks, and non-legal entity products increased their holdings in interest rate bonds and credit bonds, while reducing interbank certificates of deposit [5] - Credit cooperatives and insurance institutions increased their holdings across interest rate bonds, interbank certificates of deposit, and credit bonds [5] Group 3: Bond Market Leverage Rate Observation - The balance of repurchase agreements decreased month-on-month, leading to a decline in the leverage rate of the bond market [6] - As of the end of November 2025, the estimated balance of repurchase agreements was 11.05 trillion yuan, down by 360.125 billion yuan, with a leverage rate of 106.61%, a decrease of 0.29 percentage points month-on-month [6]

光大证券股份有限公司关于撤销山东分公司的公告 二、公司将妥善做好山东分公司撤销的各项衔接工作,有序推进工商注销等相关手续,并向中国证监会青 岛监管局备案。 特此公告。 光大证券股份有限公司 2026年1月10日 为进一步优化网点布局,加强资源整合,推动分支机构高质量发展,光大证券股份有限公司(以下简称"公 司")决定撤销山东分公司。根据《中华人民共和国证券法》(2019年修订)和《关于取消或调整证券公司 部分行政审批项目等事项的公告》(证监会公告〔2020〕18号)相关要求,现就相关事宜公告如下: 一、山东分公司无客户,原山东分公司辖区内各营业部的正常经营不受影响,客户原有证券账户、资金账 户及相关业务资格保持不变,各项交易委托、资金存取、业务办理等服务均正常开展。 ...

Core Viewpoint - PEEK is a high-performance material with extensive applications in various industries, including electronics, aerospace, automotive, energy, and healthcare, and is expected to benefit from the ongoing development of high-end manufacturing in China [1][2]. Group 1: PEEK Material Characteristics - PEEK is the most significant type of polyaryletherketone, known for its excellent physical and chemical properties, with a melting point of 343°C and a glass transition temperature (Tg) of 143°C, along with a tensile strength of 100 MPa [2]. - PEEK exhibits outstanding performance characteristics such as heat resistance, wear resistance, fatigue resistance, radiation resistance, and chemical resistance, making it suitable for high-end manufacturing applications [2]. Group 2: PEEK in Healthcare - PEEK has been used in medical applications since 1999, recognized for its biocompatibility and mechanical properties, leading to increased demand for orthopedic medical consumables due to an aging population and rising income levels [3][4]. - By 2027, the demand for cranial repair surgeries in China is projected to reach 96,700 cases, with PEEK products expected to penetrate 70% of this market, resulting in a demand of approximately 47.89 tons of PEEK for cranial repair and fixation products, corresponding to a market size of about 208 million yuan [4]. Group 3: PEEK in Aerospace - PEEK and its carbon fiber-reinforced composites (CF/PEEK) play a crucial role in aerospace applications, significantly reducing aircraft weight when used to replace metal components [6][7]. - The estimated annual demand for CF/PEEK in the Chinese market from 2022 to 2041 is approximately 6,309.68 tons, with a corresponding market size of about 12.619 billion yuan [7]. Group 4: PEEK in Humanoid Robotics - The global humanoid robotics market is expected to grow significantly, with PEEK materials providing the necessary lightweight and high-strength properties for various robotic components, making them ideal for this sector [8]. Group 5: PEEK in New Energy Vehicles - PEEK is increasingly used in the production of winding wires for 800V electric motors in new energy vehicles, with a projected demand of 2,630.12 tons by 2027, corresponding to a market size of approximately 88.6 million yuan [9].

智通财经APP获悉，光大证券发布研报称，中国石化集团(00386)与中国航油集团实施重组，本次合并有 助于中国石化集团打通航煤生产、销售、加注全产业链，提升成品油业务竞争力，下属上市公司有望受 益于中国石化集团的一体化全产业链优势。 事件 2026年1月8日，经报国务院批准，中国石油化工集团有限公司与中国航空油料集团有限公司实施重组。 中国石化集团是世界级炼化巨头，业务覆盖油气、炼化全产业链 中国石油化工集团有限公司是中国最大的成品油和石化产品供应商，世界第一大炼油公司、第二大化工 公司，加油站总数位居世界第二。公司主要包括四大业务板块，分别为油气和新能源板块、炼油和销售 板块、化工和新材料板块以及资本和金融板块。旗下直接拥有上市公司包括中国石化股份有限公司、中 石化炼化工程、石化油服和石化机械，其中中国石化股份有限公司现有全资子公司、控股和参股子公 司、分公司等共100余家，包括油气勘探开发、炼油、化工、产品销售以及科研、外贸等企业和单位。 2024年以来，全球经济复苏承压，地缘政治风险上升，国际油价震荡下行，市场供需矛盾突出，公司克 服生产经营不利局面，实现了各业务的高质量发展。2024年，中国石化集团实 ...

特此公告。 光大证券股份有限公司 为进一步优化网点布局，加强资源整合，推动分支机构高质量发展，光大证券股份有限公司（以下简 称"公司"）决定撤销山东分公司。根据《中华人民共和国证券法》（2019年修订）和《关于取消或调整 证券公司部分行政审批项目等事项的公告》（证监会公告〔2020〕18号）相关要求，现就相关事宜公告 如下： 一、山东分公司无客户，原山东分公司辖区内各营业部的正常经营不受影响，客户原有证券账户、资金 账户及相关业务资格保持不变，各项交易委托、资金存取、业务办理等服务均正常开展。 二、公司将妥善做好山东分公司撤销的各项衔接工作，有序推进工商注销等相关手续，并向中国证监会 青岛监管局备案。 2026年1月9日 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 光大证券股份有限公司 为进一步优化网点布局，加强资源整合，推动分支机构高质量发展，光大证券股份有限公司（以下简 称"公司"）决定撤销山东分公司。根据《中华人民共和国证券法》（2019年修订）和《关于取消或调整 证券公司部分行政审批项目等事项的公告》（证监会公告〔2020〕18号）相关要求，现就相关事宜公告 如下： 一、山东分公司无客户，原山东分公司辖区内各营业部的正常经营不受影响，客户原有证券账户、资金 账户及相关业务资格保持不变，各项交易委托、资金存取、业务办理等服务均正常开展。 二、公司将妥善做好山东分公司撤销的各项衔接工作，有序推进工商注销等相关手续，并向中国证监会 青岛监管局备案。 特此公告。 2026年1月9日 ...

Group 1 - The A50 ETF by Huabao, the CSI A100 ETF, and the A500 ETF are part of the "A series" of broad-based ETFs launched to provide investors with diverse options for investing in China [2][6] - The A50 ETF tracks the CSI A50 Index, focusing on 50 leading companies, while the CSI A100 ETF encompasses the top 100 industry leaders, and the A500 ETF covers a broader range of 500 companies [2][6] - The market experienced a decline with the Shanghai Composite Index down by 0.07% and the ChiNext Index down by 0.51%, with a total market turnover of 2.8 trillion yuan [1][6] Group 2 - Institutional viewpoint from Everbright Securities indicates that the market has seen a strong performance with the Shanghai Composite Index achieving a 14-day winning streak, but warns of potential profit-taking pressure and increased market volatility [2][6] - The upcoming Alibaba Cloud Tongyi Intelligent Hardware Exhibition from January 8-11 in Shenzhen is expected to showcase over 1,000 AI hardware products, which may stimulate interest in AI-related concepts [2][6]