Group 1 - The report highlights that by the end of 2025, the Beijing Stock Exchange (BSE) accelerated its acceptance of new listings, with 40 new companies accepted in the last week of December. The average revenue of companies queued for listing in 2024 reached 796 million yuan, surpassing the average revenue of BSE companies at 675 million yuan. Additionally, 95 companies, accounting for 43.38%, reported revenues exceeding 700 million yuan [2][12][15] - The average net profit attributable to the parent company for queued companies in 2024 was 96.08 million yuan, significantly higher than the average of 39.20 million yuan for BSE companies. Furthermore, 196 companies, representing 89.50%, reported net profits exceeding 50 million yuan [15][19][33] - The report identifies a high concentration of companies in the industrial and materials sectors, with 67 and 50 companies respectively, accounting for 30.59% and 22.83% of the total. The average revenue for these sectors was 661 million yuan and 887 million yuan, with average net profits of 84.03 million yuan and 94.76 million yuan respectively [20][23][26] Group 2 - A comprehensive evaluation system was constructed based on five dimensions: industry prosperity, company competitiveness, financial health, market scarcity, and controllable risk. This system was used to select "high growth, high barrier, and high scarcity" companies from the BSE, resulting in the identification of 30 high-quality companies queued for listing [28][29] - Among the newly accepted 40 companies, 10 are projected to have net profits exceeding 100 million yuan in 2024, including companies like Mosentech, Su Xun New Materials, and Xianlin 3D [39][41] - The report emphasizes the importance of focusing on quality over quantity in new stock strategies, indicating a shift towards pre-selecting high-quality assets as a key strategy for investment [2]

Group 1 - The report emphasizes the strong underlying drivers of the current bull market, including liquidity support, policy backing for capital markets, moderate fundamental recovery, and continuous industry catalysts, despite short-term overseas disturbances [1][9][10] - The report highlights the significant inflow into the A500 ETF, which accounted for 92.2% of the total net inflow of 110.6 billion yuan in December, indicating a strong market sentiment and confidence in the Chinese market [10][14] - The continuous appreciation of the RMB reflects a recovery in international capital confidence towards China, supported by a decline in the US dollar index and a surge in corporate foreign exchange settlements [18][19][21] Group 2 - The report identifies the small-cap index, CSI 2000, as an "invisible champion," outperforming the large-cap index during the recent market rally, supported by a favorable liquidity environment and moderate fundamental recovery [2][25] - The report suggests that the current bull market is characterized by a unique valuation expansion, where small-cap stocks face less resistance compared to large-cap stocks, potentially breaking the historical underperformance of small caps at year-end [2][25] - The report anticipates strong elasticity in small-cap stocks under conditions of risk appetite and liquidity support, indicating a positive outlook for their performance [2][25] Group 3 - The report discusses the dual focus on technology and cyclical sectors, suggesting that both can thrive simultaneously, driven by a global tech cycle and supportive policies [3][28] - It highlights the importance of monitoring the marginal change in profit growth (ΔG) for AI hardware, indicating that as long as ΔG remains stable, the sector is likely to continue benefiting from the ongoing valuation bull market [38] - The report notes that AI applications are transitioning from being a supporting role to becoming the core narrative of the tech sector, driven by policy support, demand release, and a mature industry ecosystem [49][50]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights the successful IPO of Shaanxi Tourism, which leverages its rich tourism resources and strong operational experience to build competitive advantages through a combination of performance-driven tourism, cable car operations, and dining services [22][24][34] - The report emphasizes the resilience of the cultural tourism industry amid ongoing trends to expand domestic demand and promote consumption, suggesting that Shaanxi Tourism's future growth will be supported by new performance projects and cable car capacity upgrades [36] Summary by Sections Retail and Social Services Market Review - The retail and social services indices rose by 4.23% and 4.71% respectively during the week of January 5 to January 9, 2026, with the Shanghai Composite Index increasing by 3.82% [12][14] - Among the sub-sectors, the supermarket segment showed the highest growth, with an increase of 8.18% year-to-date [15][17] Industry Dynamics: Shaanxi Tourism - Shaanxi Tourism, a leading regional tourism company, successfully listed on the Shanghai Stock Exchange on January 6, 2026, becoming the first A-share listed company of the year [22] - The company reported significant revenue contributions from its tourism performance and cable car operations, with a net profit margin and gross profit margin remaining high post-pandemic [24][27] - Revenue breakdown for the first half of 2025 shows that tourism performance accounted for 60.2%, cable car operations for 35.8%, and dining services for 4.0% [24] Investment Recommendations - The report recommends focusing on high-end gold and fashion jewelry brands, highlighting companies like Chow Tai Fook and Chao Hong Ji, which are expected to benefit from market trends [39] - It also suggests monitoring offline retail companies adapting to market changes and AI-enabled cross-border e-commerce leaders, with specific recommendations for Yonghui Supermarket and Aiying Room [39] - In the cosmetics sector, the report emphasizes brands that capture emotional value and innovate with safe ingredients, recommending companies like Mao Ge Ping and Proya [40]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights significant advancements in AI infrastructure, particularly with the launch of NVIDIA's Vera Rubin and AMD's MI455X, which are expected to accelerate demand for liquid cooling, optical modules, and CPO [12][15] - The domestic AIDC sector is showing signs of recovery, which may indicate an uptick in the domestic AI industry's performance [19] - The report emphasizes the importance of three core tracks: AIDC, liquid cooling, and domestic computing power, suggesting a robust investment outlook for these areas [21][22] Summary by Sections Weekly Investment Insights - NVIDIA's launch of the Vera Rubin cabinet and AMD's MI455X cabinet, both utilizing liquid cooling technology, is expected to drive demand in related sectors [12][15] - xAI has completed a $20 billion E-round financing, indicating strong backing from major players like NVIDIA and Cisco, which will support the expansion of AI computing infrastructure [17] - The Ministry of Industry and Information Technology is promoting the integration of AI and manufacturing, which is likely to boost demand for AI computing power [18] Communication Data Tracking - As of November 2025, China has 4.83 million 5G base stations, with a net increase of 579,000 stations from the end of 2024 [32] - The number of 5G mobile phone users reached 1.193 billion, reflecting a year-on-year growth of 19.06% [32] - 5G mobile phone shipments totaled 27.614 million units, accounting for 91.6% of total shipments, with a slight year-on-year increase of 1.08% [32] Operator Performance - In the first half of 2025, China Mobile's cloud revenue reached 56.1 billion yuan, up 11.3% year-on-year, while China Telecom's cloud revenue was 57.3 billion yuan, up 3.8% [51] - The ARPU values for the three major operators remained relatively stable, with slight decreases noted for China Unicom [56][59][62] Investment Recommendations - Recommended stocks in the AIDC sector include companies like Dazhi Technology, Guanghuan New Network, and Aofei Data, while beneficiaries include Century Internet and WanGuo Data [21] - For liquid cooling and power supply, recommended stocks include Yingwei Ke and beneficiaries like Kehua Data and Highlan [21] - In the optical network segment, recommended stocks include Zhongji Xuchuang and New Yi Sheng, with beneficiaries such as Ruijie Networks and Huafeng Technology [21]

Investment Rating - The industry investment rating is "Positive" (首次) [1] Core Insights - The beauty and personal care industry is experiencing a mixed performance, with the beauty care index declining by 1.70% in December 2025, ranking 24th among all primary industries [15] - The medical beauty sector is seeing innovation with the approval of new products, such as the cross-linked recombinant collagen implant by Jiangsu Chuangjian Medical Technology Co., which is expected to inject new momentum into the market [7][34] - Lin Qingxuan, a pioneer in the "oil-based skincare" segment, has successfully listed on the Hong Kong Stock Exchange, marking a significant milestone for domestic high-end skincare brands [8][39] Summary by Sections Market Review - In December, the beauty care index reported a decline of 1.70%, underperforming the broader market, which saw the Shanghai Composite Index increase by 2.06% [15] - For the entire year of 2025, the beauty care index showed a cumulative increase of 0.39%, again lagging behind the Shanghai Composite Index's 18.41% growth [15] Medical Beauty - Jiangsu Chuangjian Medical's cross-linked recombinant collagen implant has been approved, making it the fifth such product in China and the first cross-linked version [34] - The industry is shifting from single product competition to a full-chain layout, with companies like Jinjian Biological and Junzi Biological also making significant advancements in the recombinant collagen space [34][36] Cosmetics - Lin Qingxuan has established itself as a leader in the high-end domestic skincare market, achieving the highest retail sales among domestic brands in 2024 [39] - The company has built a comprehensive supply chain and employs an OMO (Online-Merge-Offline) model to enhance customer engagement and sales [39][49] - Lin Qingxuan's core product, the camellia oil essence, has a high repurchase rate of 33.5%, indicating strong customer loyalty [51] Investment Recommendations - The report recommends focusing on differentiated upstream medical beauty product manufacturers and chain medical beauty institutions, highlighting companies like Meili Tianyuan Medical Health and Aimeike [9][53] - In cosmetics, the report suggests investing in brands that innovate in emotional value and safe ingredients, with a focus on domestic brands like Maogeping and Lin Qingxuan [54]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights the implementation of differentiated pricing for high-energy-consuming industries in Shaanxi Province, which may provide new policy ideas for combating internal competition [4][22] - BOPET prices have shown a strong upward trend, with some companies still expressing intentions to raise prices, although price stability is currently key [5][24] Summary by Sections Industry Trends - The chemical industry index outperformed the CSI 300 index by 2.24% this week, with 82.39% of stocks in the chemical sector rising [16] - The CCPI (China Chemical Product Price Index) increased by 1.25% this week [19] Key Industry Insights - The Shaanxi Province's proposal for differentiated electricity pricing for high-energy-consuming industries aims to phase out backward production capacity, which could benefit leading companies in the sector [4][22][23] - BOPET prices in East China reached 7,500-7,700 RMB/ton, with an average price of 7,556.25 RMB/ton, reflecting a weekly increase of 42.68 RMB/ton (0.57%) [5][24] Recommended and Beneficiary Stocks - Recommended stocks include leading chemical companies such as Wanhua Chemical, Hualu Hengsheng, and Hengli Petrochemical [7] - Beneficiary stocks include Xinjiang Tianye and Zhongtai Chemical in the calcium carbide and chlor-alkali sectors [23][36] Product Tracking - The price of urea increased by 1.46% to an average of 1,735 RMB/ton, while phosphate rock prices remained stable [40][41] - The market for viscose staple fiber is stable, with an average price of 12,800 RMB/ton, while demand remains weak [34]

Employment Data - In December 2025, the U.S. added 50,000 non-farm jobs, which was below the market expectation of 65,000 and a decrease from the revised November figure of 64,000[3][15] - The unemployment rate fell to 4.4%, which was lower than market expectations, indicating a marginal improvement in the labor market[5][20] - Average hourly earnings increased by 3.8% year-on-year, surpassing market expectations[3][15] Labor Market Trends - The labor force participation rate remained stable at approximately 62.4%, while the unemployment rate decreased, suggesting a slight recovery in the labor market[5][20] - Permanent unemployment and first-time job seekers increased, while re-employment and temporary job seekers decreased, indicating a preference for hiring experienced workers[24][20] - Job openings in November were 7.146 million, down by approximately 303,000 from October, reflecting a slight easing in labor market tightness[6][38] Federal Reserve Outlook - The Federal Reserve is likely to maintain a wait-and-see approach regarding interest rate cuts, having already reduced rates by 75 basis points in 2025[7][46] - The Fed's decision to lower rates in December was influenced by rising unemployment risks, but the recent decline in unemployment may lead to a period of stable rates[7][46] - The Fed is expected to consider 1-2 additional rate cuts in 2026, primarily in the second half of the year[9][50]

- The Brain-Computer Interface (BCI) index has significantly increased by 84.11% since April 7, 2025, and by 18.28% since the beginning of 2026, attracting substantial market attention[3][14][15] - Public fund holdings in the BCI sector have been continuously declining since 2025, based on real-time estimates derived from public market information such as fund net value, holdings disclosure, and research activities[4][19][20] - ETF fund holdings in the BCI sector have shown a significant upward trend since December 2025, reflecting the growing popularity of index investment products in the A-share market[4][23][25] - The financing balance in the BCI sector has recently surged and then slightly declined, indicating a fluctuating investor sentiment towards the sector[4][24][26] - Companies like Beilu Pharmaceutical, Xiangyu Medical, and Guangdian Co., Ltd. have been the most frequently researched by institutions over the past three months[5][27][28] - Stocks such as Chuangxin Medical, Meihua Medical, and Xiangyu Medical have garnered the highest attention from influential users on the Xueqiu platform since December 20, 2025[5][29][31] - Major funds have flowed most into Chuangxin Medical, Meihua Medical, and Aipeng Medical since December 20, 2025, based on large and super-large order transactions[5][30][32] - Stocks like Saiwei Microelectronics, Hainan Haiyao, and Sainuo Medical have appeared on the Dragon and Tiger List since December 1, 2025, indicating active trading by major market players[5][33][34][35] - Companies such as Sainuo Medical, Chuangxin Medical, and Xiangyu Medical have seen the highest increases in shareholder numbers, suggesting potential future stock price risks[5][36][37]

Report Information - Report Title: 2025 December Price Data Review [2] - Date: January 9, 2026 [1] - Research Team: Fixed Income Research Team [2] - Analysts: Chen Xi, Wang Shuaizhong [3] Report Industry Investment Rating No information provided in the report. Core Viewpoints - The market consensus is to "end deflation" rather than "enter inflation," expecting PPI to reach 0% in H2 2026 and -0.6% for the whole year, but the report predicts prices will enter a "positive growth rate" [4]. - The report believes that factors such as anti - involution, policy lag, overseas fiscal expansion, and "dual - carbon" initiatives will drive prices up, and if PPI环比 can maintain 0.15 - 0.2%, price year - on - year increase to 2% is just a matter of time [5][6][7]. - The upward trend of prices will confirm the start of the economic cycle, and price recovery will form the fundamental basis for the upward movement of bond yields in 2026, with the 10 - year Treasury bond expected to fluctuate between 2 - 3% and the central value around 2.5% [7]. Summary by Related Catalogs Event - In December 2025, the PPI环比 was +0.2% and positive for three consecutive months, the first time since 2022 [3]. Market Expectation vs. Report Prediction - Market expectation: PPI year - on - year negative growth rate will converge in H1 2026, and then rise to around 0% in H2, with an annual PPI year - on - year of -0.6%, essentially expecting prices to level off [4]. - Report prediction: Prices will enter a positive growth rate, with the following logics [4][5][6]: - Anti - involution restricts price decline, and the market starts to raise prices in some categories. - The price inflection point lags behind the policy inflection point. In this weak recovery, the price inflection point lagged by 1 year, and prices started to stop falling and recover in September 2025. - Overseas fiscal expansion leads to currency depreciation and rising prices of physical assets. - "Dual - carbon" initiatives may lead to a new round of "capacity reduction." Impact on the Market - In 2025, the stagnation of "non - technology" sectors was due to the market's expectation of flat prices. As prices rise, the upward movement of the economic cycle may be confirmed [7]. - Price recovery will form the fundamental basis for the upward movement of bond yields in 2026. If PPI环比 can maintain 0.15 - 0.2%, the "potential inflation of 2.0%" will form the lower limit of the 10 - year Treasury bond, with the 10 - year Treasury bond expected to fluctuate between 2 - 3% and the central value around 2.5% [7]. Data Summary - **CPI Data in December 2025**: CPI环比 rose 0.2%, and CPI year - on - year rose 0.8%. Core CPI环比 rose 0.2%, and core CPI year - on - year rose 1.2%. Urban CPI year - on - year rose 0.9%, and rural CPI year - on - year rose 0.6% [9][18][31]. - **PPI Data in December 2025**: PPI环比 rose 0.2%, and PPI year - on - year fell 1.9%. Production materials PPI year - on - year fell 2.1%, and living materials PPI year - on - year fell 1.3% [11][23][31]. - **Industrial Producer Purchase Price Data in December 2025**: The price环比 rose 0.4%, and the price year - on - year fell 2.1% [28][31]. - **Industry Price Data in December 2025**: For example, the price decline of the coal mining and washing industry narrowed by 2.9 pct year - on - year compared with November; the price of the non - ferrous metal mining and dressing industry rose 24.0% year - on - year [33].

Group 1 - The report highlights that in 2025, the public quantitative strategies for the CSI 300, CSI 500, and CSI 1000 indices showed varying levels of excess returns, with the CSI 1000 enhanced products achieving the highest average excess return of 9.3% for the year [3][21] - The public quantitative CSI 300 enhanced products recorded an average excess return of 2.5% for 2025, with a quarterly excess return of 1.6% in Q4 [3][13] - The public quantitative CSI 500 enhanced products had an average excess return of 2.1% for 2025, with a quarterly excess return of 1.0% in Q4 [3][16] Group 2 - The report indicates that public quantitative dividend strategies achieved an average excess return of 4.2% in 2025, with top-performing products including Hai Fu Tong Dividend Preferred A and Guang Fa High Dividend Preferred A [4][29] - Public quantitative fixed income plus products had an average cumulative return of 4.9% in 2025, with leading products such as Fu Guo Xing Li Enhanced A and Fu Guo Feng Li Enhanced A [4][33] Group 3 - Private quantitative strategies for the CSI 300, CSI 500, and CSI 1000 indices outperformed public strategies, with the CSI 1000 enhanced products achieving an excess return of 15.1% for 2025 [5][40] - The private quantitative CSI 300 enhanced products recorded an excess return of 8.6% for the year, significantly higher than the public counterpart [5][37] - The private quantitative CSI 500 enhanced products achieved an excess return of 10.4% for 2025, again outperforming public strategies [5][38]