Investment Rating - The report maintains a "Positive" investment rating for the media industry [1] Core Insights - The report highlights the rapid commercialization of AI applications, with significant developments in AI shopping functionalities and the integration of AI into various platforms [3][29] - The gaming sector is experiencing a surge in user engagement and revenue, particularly during the holiday season, with several new game launches expected to perform well [4][32] Industry Overview - The gaming industry saw "逆战：未来" topping the iOS free game chart and "王者荣耀" leading the iOS revenue chart as of January 17, 2026 [10][14] - The report notes that the user base for mini-games has surpassed 100 million, with a significant increase in both daily active users (DAU) and monthly active users (MAU) [32] - The report indicates that the overall investment in mini-games has reached 1.44 billion CNY per day, with a notable increase in the number of games launched [32] AI Application Developments - The "千问" app has achieved over 100 million monthly active users within two months of launch, integrating with Alibaba's ecosystem to enhance user experience [29] - Google has partnered with Walmart to introduce AI shopping features, allowing consumers to search and purchase products directly through AI interfaces [29] Gaming Sector Performance - The report emphasizes the strong performance of new games during the holiday season, with several titles expected to exceed revenue expectations [4] - Companies like 心动公司 and 三七互娱 are highlighted for their successful game launches and anticipated performance during peak seasons [4][32]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The central bank announced two policy measures: reducing the interest rates of various structural monetary policy tools by 0.25 percentage points and improving and increasing support for structural tools. There is still room for reserve requirement ratio cuts and interest rate cuts in 2026. The target range for the 10-year Treasury bond is 2 - 3%, with a central value of 2.5% [6]. - The economic recovery falling short of expectations has been disproven. At the beginning of 2026, there may be loose credit and fiscal policies, accelerating the cyclical recovery [6]. - If there are loose monetary policies (such as reserve requirement ratio cuts, interest rate cuts, bond purchases), it will be a chance to reduce allocation, similar to 2025 [6]. - Inflation is rising, and attention should be paid to whether the month-on-month increase in PPI can remain positive [6]. - If the month-on-month inflation continues to rise, there is a possibility of tightened funds, and the yields of short-term bonds will also start to rise [6]. - Real estate is not used as a means to stabilize growth this time. Similar to the situation in the United States after 2008, real estate is a lagging indicator and may bottom out after the recovery of various economic indicators and the rise of the stock market [6]. Summary by Relevant Catalogs 12 - Month Financial Data Focus - **Social Financing**: In December, the new social financing was 2.21 trillion yuan, 64.62 billion yuan less than the same period last year, slightly exceeding the average of the same period from 2021 - 2024. The high base caused by the issuance of 2 trillion replacement government bonds at the end of 2024 and the front - heavy and back - light issuance rhythm of government bonds in 2025 led to a year - on - year decrease of 1.07 trillion yuan in government bond net financing in December, dragging down the year - on - year growth of social financing. However, driven by the implementation of policy - based financial instruments and the recovery of manufacturing prosperity, the net financing of corporate bonds and trust loans continued to increase. In December, entrusted loans, trust loans, and corporate bond net financing increased by 3.28 billion yuan, 5.28 billion yuan, and 17 billion yuan respectively compared with the same period in 2024 [4]. - **New Loans**: In December, new corporate and household loans showed a differentiated trend. Household new loans were 44.16 billion yuan less than the same period last year, with both short - term and medium - to - long - term loans decreasing year - on - year, indicating weak household demand and a more cautious consumption attitude. The decrease in medium - to - long - term loans may be related to the continued slump in the real estate market. Corporate new loans were 58 billion yuan more than the same period last year, with both short - term and medium - to - long - term loans increasing year - on - year. The issuance of new policy - based financial instruments has supported corporate loans. The manufacturing PMI returned to the expansion range in December, with the production index at 51.7% and the new order index above the boom - bust line, reflecting strong production and demand and active business operations, driving the year - on - year increase in corporate loans [5]. - **Money Supply**: In December, M1 increased by 3.8% year - on - year, a decrease of 1.1 percentage points from the previous value; M2 increased by 8.5% year - on - year, an increase of 0.5 percentage points from the previous value. The continuous decline of M1 year - on - year since September is mainly due to the base effect. In December, non - bank deposits decreased by 2.84 trillion yuan less than the same period last year, which may have driven the year - on - year growth of M2 [5]. Policy Measures - On January 15th, at the press conference, the central bank announced two policy measures: (1) reducing the interest rates of various structural monetary policy tools by 0.25 percentage points; (2) improving and increasing support for structural tools, such as increasing the quota of re - loans for scientific and technological innovation and technological transformation and expanding the scope of support, increasing the quota of re - loans for agriculture and small businesses, and setting up a special re - loan for private enterprises in the total quota. It also mentioned that it will flexibly conduct Treasury bond trading operations in the next step and pointed out that there is still room for reserve requirement ratio cuts and interest rate cuts in 2026 [6]. Bond Market Viewpoints - **Fundamentals**: The economic recovery falling short of expectations has been disproven. At the beginning of 2026, there may be loose credit and fiscal policies, accelerating the cyclical recovery [6]. - **Monetary Policy**: If there are loose monetary policies (such as reserve requirement ratio cuts, interest rate cuts, bond purchases), it will be a chance to reduce allocation, similar to 2025 [6]. - **Inflation**: Inflation is rising, and attention should be paid to whether the month - on - month increase in PPI can remain positive [6]. - **Funds Rate**: If the month - on - month inflation continues to rise, there is a possibility of tightened funds, and the yields of short - term bonds will also start to rise [6]. - **Real Estate**: Real estate is not used as a means to stabilize growth this time. Similar to the situation in the United States after 2008, real estate is a lagging indicator and may bottom out after the recovery of various economic indicators and the rise of the stock market [6]. - **Bonds**: The target range for the 10 - year Treasury bond is 2 - 3%, with a central value of 2.5% [6].

Economic Policy - The focus on economic growth includes efforts to clear overdue corporate payments and wages, with special bonds issued to support local responsibilities[10] - The government aims to enhance housing supply to meet diverse consumer needs, emphasizing urban planning and infrastructure improvements[12] Infrastructure and Industry - Recent policies include the "AI + Manufacturing" initiative, targeting significant advancements in AI technology by 2027[11] - The government investment fund will support key strategic industries, including new energy, high-end equipment, and emerging technologies like quantum information and generative AI[11] Monetary Policy - The central bank has lowered the re-lending and rediscount rates by 0.25 percentage points and introduced a new 500 billion yuan re-lending for small and micro enterprises[14] - There is an expectation of 1-2 interest rate cuts in 2026, depending on economic conditions[15] Real Estate Policy - Tax incentives for home purchases have been extended, including a reduction in the minimum down payment for commercial property loans to 30%[17] Consumer Policy - The government is promoting green consumption, with initiatives to support the replacement of old products with new, energy-efficient ones[18] Financial Regulation - The minimum margin requirement for financing securities has been increased from 80% to 100% for new contracts, aimed at reducing leverage and protecting investors[21] Trade Policy - Adjustments to export tax rebates for photovoltaic products will take effect from April 1, 2026, with a reduction in the VAT rebate rate from 9% to 6%[25] Overseas Macro Policy - The U.S. Federal Reserve indicates that interest rates are nearing a neutral level, with future policy adjustments dependent on economic data[27] Risk Warning - There is a risk of divergence in domestic and foreign monetary policies, with potential underperformance in the execution of domestic policies[31]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights the significant advancements in AI applications, particularly through Alibaba's integration of various services into its AI assistant, Qianwen, which is positioned as a super entry point for AI in the market [4] - The report emphasizes the growth of AI health assistant "Ant Aifu," which has over 30 million monthly active users, indicating strong market demand and user engagement [5] - The launch of the multimodal AI assistant "Lingguang" is noted as a key development, enhancing productivity tools with capabilities for generating applications in natural language and various media formats [6] Summary by Sections Industry Overview - The report provides a positive outlook on the computer industry, indicating a potential for the sector to outperform the overall market [1] AI Applications - Alibaba's Qianwen app integrates multiple services, enhancing user experience and positioning itself as a leading AI entry point [4] - The "Ant Aifu" health assistant has seen significant user engagement, with a daily question volume exceeding 10 million, showcasing its utility in everyday health inquiries [5] - The introduction of "Lingguang" as a productivity tool marks a significant innovation in AI capabilities, supporting diverse content generation [6] Investment Recommendations - The report suggests focusing on companies benefiting from AI applications, including Shiji Information, Jinqiao Information, and Boyan Technology, among others [7] - It also recommends monitoring investment opportunities in AI application sectors, listing several companies that are expected to benefit from the ongoing AI trend [7]

行业走势图 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 2025-01-17 2025-02-17 2025-03-17 2025-04-17 2025-05-17 2025-06-17 2025-07-17 2025-08-17 2025-09-17 2025-10-17 2025-11-17 2025-12-17 恒生指数 数据来源：聚源 2026 年 01 月 18 日 相关研究报告 投资评级：看好（维持） 《从 Gemini 到千问，看好大模型支付 闭环下的商业价值提升—港股行业点 评报告》-2026.1.15 《英伟达开源 Alpamayo，禾赛加入"朋 友圈"—行业周报》-2026.1.11 《昆仑芯启动港股 IPO，关注 MiniMax 多模态机会—行业周报》-2026.1.4 | ——行业周报 | | --- | | 初敏（分析师） | 杨哲（分析师） | 荀月（分析师） | | --- | --- | --- | | chumin@kysec.cn | zhangke1@kysec.cn | yangzhe@kysec.cn | | 证书编号：S0790522 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The Chinese heavy truck market's total sales for 2025 reached 1.145 million units, marking a 27% increase from the previous year [5][13] - The China Automobile Association forecasts total automobile sales in 2026 to be 34.75 million units, a 1% year-on-year growth [15] - The demand for high-end luxury passenger cars in China is exceeding expectations, with a favorable competitive landscape [7] Industry News - Tesla will stop selling Full Self-Driving (FSD) after February 14, transitioning to a monthly subscription model [14] - Shanghai aims to achieve large-scale application of high-level autonomous driving scenarios by 2027 [16] - Great Wall Motors launched the world's first native AI all-power platform "Guiyuan," supporting multiple power systems [17] - Canada has reduced tariffs on Chinese electric vehicles to 6.1%, eliminating the previous 100% additional tax [18] Market Performance - The A-share automotive sector outperformed the market with a weekly increase of 0.71%, ranking 8th among A-share primary industries [25] - The passenger vehicle index decreased by 1.87%, while the commercial vehicle index increased by 5.53% [6] - The automotive parts index rose by 1.26%, with notable gains in the electric control systems and lightweight components [6][35] Investment Recommendations - For passenger vehicles, recommended stocks include JAC Motors and Seres, with beneficiaries being Geely Automobile [7] - In the parts sector, recommended stocks include Desay SV Automotive, Zhejiang Xiantong, and Meili Technology, with beneficiaries being Weichai Power and others [7]

Investment Rating - Investment rating: Positive (maintained) [1] Core Viewpoints - The report emphasizes the potential of thermoplastic polyurethane (TPU) materials in humanoid robots, highlighting their excellent performance in safety protection and shock absorption, making them an ideal choice for the latest developments in robotics [5][19][30] - The application of TPU in humanoid robots is expected to drive significant market growth, with a projected increase in TPU consumption from 447,000 tons in 2019 to 720,000 tons in 2024, reflecting a CAGR of 10% [7][41] - The report identifies key companies that are likely to benefit from the growth in humanoid robots, particularly those involved in the manufacturing of TPU structural components [8][45] Summary by Sections TPU Material Advantages - TPU combines high elasticity and mechanical strength, making it suitable for various applications in humanoid robots, including safety protection, structural components, and sensor packaging [6][24] - The material's properties, such as high wear resistance, tear resistance, and fatigue resistance, make it ideal for high-contact and high-friction scenarios [30][31] Market Expansion Potential - The humanoid robot market is expected to create a new growth space for TPU, with an optimistic scenario projecting a market space exceeding 3 billion yuan when production reaches one million units [7][40] - The report suggests that the TPU market will expand significantly as it replaces and penetrates traditional applications in footwear, films, and automotive sectors [41] Beneficiary Companies - Midstream TPU structural component manufacturers are expected to benefit first from the volume production of humanoid robots, with companies like Kaizhong Co. and Mould Technology identified as key players [8][45] - Other beneficiaries include companies involved in flexible protective materials and electronic skin production, such as Riyi Electronics and Henghui Security [8][52] Investment Logic - The report outlines that the production of humanoid robots will lead to an increase in TPU market size and push industry valuation upwards, with a projected single-unit TPU usage of 6-10 kg per robot [40][41] - The existing experience and production lines in the automotive sector can be leveraged for the production of TPU components for humanoid robots, facilitating a quicker adaptation to market demands [45][46]

Investment Rating - The investment rating for the computer industry is "Positive" (maintained) [1] Core Insights - The computer index increased by 3.82% while the CSI 300 index decreased by 0.57% during the week of January 12-16, 2026 [4][16] - The report highlights the potential investment opportunities in the commercial aerospace sector, driven by advancements in technology, policy support, and capital influx [8][15] Summary by Sections Industry Trends - The computer industry is experiencing a positive trend, with significant growth in the index compared to the broader market [4][16] Market Review - The CSI 300 index fell by 0.57%, while the computer index rose by 3.82% during the specified week [4][16] Investment Recommendations - The report suggests that the domestic commercial aerospace sector is expected to benefit from a "triple resonance" of policy, technology, and capital in 2026, making it a sector to watch closely [8][15] - Beneficiary stocks in the rocket industry chain include Aerospace Power, Western Materials, Aerospace Engineering, and others [15] - In the satellite industry chain and space computing, recommended stocks include China Satellite, Aerospace Hongtu, and others [15]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The food and beverage index declined by 2.1% from January 12 to January 16, ranking 22nd among 28 sectors, underperforming the CSI 300 by approximately 1.5 percentage points. Other food (+0.0%), other alcoholic beverages (-0.2%), and health products (-0.7%) performed relatively better [3][11] - Kweichow Moutai has announced a market-oriented operation plan for 2026, establishing a pyramid product structure to meet diverse consumer needs. The plan emphasizes a multi-dimensional operational model that integrates online and offline channels, enhancing consumer engagement and optimizing distribution [3][11] - The core of the reform focuses on optimizing channels and pricing mechanisms, aiming to create a collaborative ecosystem between direct and social channels, ensuring supply rhythm, and establishing a dynamic pricing system based on market demand [3][11] Summary by Sections Market Performance - The food and beverage sector underperformed the market, with a 2.1% decline, ranking 22nd out of 28 sectors. Other food, other alcoholic beverages, and health products showed relatively better performance [11][13] Upstream Data - Some upstream raw material prices have decreased. For instance, the price of whole milk powder fell by 10.4% year-on-year, while fresh milk prices dropped by 3.2% year-on-year [16][19] Alcohol Industry Data - Kweichow Moutai has adjusted the contract prices for several products, including a significant reduction for its premium offerings. The contract price for aged Moutai has been set at 3,409 yuan per bottle, down from 5,399 yuan [39] Company Recommendations - Recommended companies include Kweichow Moutai, Shanxi Fenjiu, Ximai Food, Weilong, and Ganyuan Food, with a focus on their growth potential and market strategies for 2026 [5][44]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights that the performance of leading CXO companies is impressive, with significant growth expected in 2025. Notable companies such as WuXi AppTec, WuXi Biologics, and CRDMO are projected to see substantial revenue increases, with WuXi AppTec's revenue expected to grow by approximately 21.4% year-on-year, and net profit expected to increase by 102.7% [3][12] - The demand side is gradually improving, with the global healthcare industry expected to see a total investment of $63.882 billion in 2025, reflecting a year-on-year growth of 10.13%. The domestic market in China is also showing signs of recovery, with total financing in the healthcare sector expected to reach 73.777 billion yuan, a year-on-year increase of 39.05% [4][18] Summary by Sections Section 1: Performance of Leading CXO Companies - The report indicates that leading CXO companies are expected to continue their strong performance into 2025, with significant revenue and profit growth anticipated. WuXi AppTec is expected to achieve a revenue of approximately 45.456 billion yuan, with a year-on-year growth of 21.4% and a net profit increase of 102.65% [12][13] - WuXi Biologics is projected to benefit from the ADC sector, with revenue growth exceeding 45% and gross profit growth over 70% [3][12] - CRDMO is also expected to see a revenue increase of 13% to 16%, with net profit growth of 36% to 41% [14] Section 2: Demand Side Improvement - The global healthcare investment is expected to reach $63.882 billion in 2025, with a notable recovery in the second half of the year, showing a year-on-year increase of 10.13% [4][18] - In China, the total financing in the healthcare sector is projected to reach 73.777 billion yuan, marking a 39.05% year-on-year increase, with a significant rise in new drug IND applications [18][19] - The report notes that the average R&D investment among the top 30 global pharmaceutical companies is expected to grow steadily, with an average of $4.172 billion in the first three quarters of 2025, reflecting a year-on-year increase of 3.45% [4][20] Section 3: Market Trends - In the second week of January 2026, the pharmaceutical and biotechnology sector saw a decline of 0.68%, underperforming the CSI 300 index by 0.11 percentage points [5][24] - The medical R&D outsourcing sector experienced the highest growth, with an increase of 3.69%, while the vaccine sector faced the largest decline, dropping by 3.43% [5][25] - The report also highlights that the clinical CRO sector is expected to see a significant improvement in performance, with companies like Tigermed and Proprius maintaining steady growth in both revenue and orders [23]