Group 1 - The report indicates that the "spring market excitement" has begun early, characterized by a clear "structural lead and opportunity rotation" feature, with technology remaining dominant [2][3][16] - The current market adjustment was primarily driven by three factors: overseas liquidity disturbances, concerns over AI bubble risks during the US earnings window, and relatively mild economic data, all of which are now diminishing [14][15][16] - The A-share market is entering a pre-heating and layout window for the "spring market excitement" of 2026, with structural opportunities emerging in sectors such as commercial aerospace, robotics, petrochemicals, and non-ferrous metals [3][16] Group 2 - The report highlights that the rise in non-ferrous metals is driven by multiple factors, including macroeconomic conditions, industry fundamentals, capital allocation, and geopolitical issues, rather than a single cause [4][29] - The report notes that the current Chinese consumer market shows a clear characteristic of "total pressure but structural recovery," with structural highlights in both traditional and emerging consumption sectors [5][31][32] - The investment strategy suggests a dual focus on technology and cyclical sectors, emphasizing the importance of PPI improvements and the benefits of "anti-involution" policies in sectors like non-ferrous metals, photovoltaics, chemicals, steel, and machinery [6][34][35]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The automotive sector is expected to experience a bottom recovery due to the implementation of the vehicle trade-in policy in 2026, with BYD surpassing Tesla to become the global sales champion for pure electric vehicles [5][16] - The domestic automotive market saw significant sales growth in 2025, with BYD leading with 4.6 million units sold, a 8% increase year-on-year [5][16] - The report highlights the competitive landscape, with new energy vehicle sales driving market growth, particularly for companies like BYD and NIO [5][16] Industry News - In 2025, BYD sold 4,602,436 vehicles, maintaining its position as the top seller, while new entrants like Leap Motor and Xiaomi also showed strong sales growth [5][13] - Tesla's 2025 delivery data revealed nearly 1.64 million vehicles delivered, with a 8.6% decrease compared to the previous year [14][16] - NIO has expanded its battery swap network, aiming to build 1,000 new battery swap stations by 2026 [15] - The lithium battery industry is experiencing price increases, with demand for energy storage batteries remaining high [18] - The 2026 vehicle trade-in policy will adjust subsidies based on vehicle price, with a maximum subsidy of 20,000 yuan [19] Market Performance - The automotive sector outperformed the market with a 1.49% increase, ranking fifth among A-share industries [6][28] - The passenger vehicle index saw a decline of 1.20%, while the automotive parts index increased by 3.63% [6][28] - The report indicates a decrease in PE ratios for passenger and commercial vehicle sectors, while the automotive parts sector saw a 12% increase in PE ratios [10][12] Investment Recommendations - For passenger vehicles, the report recommends companies like JAC Motors and Seres, with beneficiaries including Geely [7] - In the automotive parts sector, companies such as Desay SV and Zhejiang Xiantong are recommended, with beneficiaries including Weichai Power and Huayu Automotive [7]

北交所策略专题报告 2026 年 01 月 04 日 掘金北交所科技产业：从 2025 年度复盘看两大主线——汽车智能化与硬科技稀缺龙头 ——北交所策略专题报告 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025 收官：科技新产业总市值近 5000 亿，汽车分类实现市值持续提升 北交所科技新产业截至 2025 年 12 月 31 日共有标的 158 家，总市值达到 4,815.74 亿元。智能制造分类 2025/12/31 总市值收于 1,612.81 亿元，PE TTM 中值收于 39.97X。智能制造分类 2025 涨跌幅排名前十均在年内实现超 100%涨幅。分类重 点标的包含万通液压等。信息技术分类 2025/12/31 总市值收于 865.77 亿元，PE TTM 中值收于 85.42X 出现回升。星图测控在 2025 年内实现 237.52%涨幅，共 有 8 只标的实现 50%以上年内涨幅。关注星图测控、并行科技等高稀缺性优质 信息技术标的。汽车分类总市值在 2025 年内持续上涨，2025 年 12 月 31 日收于 768.9 ...

Investment Rating - The industry maintains a "Positive" rating for REITs [3][5][7] Core Insights - The REITs market is experiencing downward pressure, with the CSI REITs index closing at 778.6, down 4.99% year-on-year and 0.67% month-on-month. The CSI REITs total return index is at 1009.84, up 2.24% year-on-year but down 0.49% month-on-month. The trading volume for the week reached 286 million shares, a decrease of 62.32% year-on-year, with a transaction value of 1.269 billion yuan, down 58.22% year-on-year. The sector is expected to benefit from lower bond market interest rates and increased policy support, enhancing the attractiveness of REITs as a high-dividend, low-risk asset [3][5][19]. Summary by Sections Market Development - The China Securities Regulatory Commission emphasizes the importance of strict regulatory compliance and risk management in the commercial real estate REITs market. The Shanghai Stock Exchange has temporarily waived certain fees to promote the development of real estate funds [4][12]. Market Review - The CSI REITs index has seen a year-to-date increase of 2.93%, while the CSI 300 index has increased by 34.94%, resulting in an excess return of -32.01%. The total return index has increased by 17.18% year-to-date, with an excess return of -17.76% compared to the CSI 300 index [14][19]. Weekly Tracking - The trading volume for the REITs market reached 286 million shares, down 62.32% year-on-year, with a transaction value of 1.269 billion yuan, down 58.22% year-on-year. The turnover rate for the week was 1.03%, a decrease of 3.48 percentage points year-on-year [26][30]. Sector Performance - In the week, various REIT sectors experienced declines: affordable housing REITs fell by 0.72%, environmental REITs by 0.67%, highway REITs by 0.13%, industrial park REITs by 0.06%, warehousing and logistics REITs by 0.86%, energy REITs by 0.67%, and consumer REITs by 0.07%. Monthly performance showed similar trends with declines across all sectors [36][38]. Primary Tracking - There are currently 17 REITs waiting for listing, indicating an active issuance market. Recent applications include the China International Capital Corporation Xiamen Torch Industrial Park REIT and others [6][52].

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Views - The semiconductor equipment, storage, and PCB markets are active, with a notable rebound in Hong Kong stocks on January 2, 2026 [4] - The storage and chip price increase trend is expected to continue, with a wave of domestic GPU listings ongoing [5] - Samsung will not expand DDR4 production, leading to a significant increase in DDR4 spot prices, while the IPO of Changxin Technology has been accepted [6] Summary by Sections Market Review - The electronic industry index fell by 0.19% during the week of December 29, 2025, to January 2, 2026, with semiconductor and consumer electronics down by 0.20% and 0.14% respectively, while optical and optoelectronic sectors rose by 1.60% [4] - Notable stock performances include a 5.70% increase for SMIC and a 13.79% increase for Hua Hong Semiconductor on January 2, 2026 [4] Industry Updates - The CES 2026 is approaching, with the first national subsidy for smart glasses set at 15% of the product sales price [5] - Domestic GPU companies are actively listing in Hong Kong, with Kunlun Chip announcing its listing application on January 1, 2026 [5] - The price of DDR4 is expected to rise as Samsung will not increase production, while Changxin Technology's IPO aims to raise 29.5 billion [6] Investment Recommendations - Beneficiaries of the price increase chain and computing power side include SMIC, Hua Hong, Beijing Junzheng, Northern Huachuang, Zhongwei, Demingli, Shannon Chip, and Zhaoyi Innovation [7]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The food and beverage index experienced a decline of 2.3% from December 29 to January 2, ranking 27th among primary sub-industries, underperforming the CSI 300 by approximately 1.7 percentage points. The sub-industries of soft drinks (+0.5%), other foods (+0.0%), and other alcoholic beverages (-0.2%) performed relatively better [3][11] - The report expresses a cautious optimism for 2026, despite the poor performance of the food and beverage sector in 2025, which was impacted by factors such as the alcohol ban, declining prices of Moutai, and a weak consumption environment. The recent market adjustments by leading liquor companies indicate that the industry is nearing a bottom [4][11] - The report suggests focusing on three stock selection strategies for consumer goods in 2026: identifying cyclical recovery opportunities, seeking growth stocks driven by channel innovation and product upgrades, and looking for companies in turnaround situations due to internal business cycles [4][12] Summary by Sections Weekly Viewpoints - The food and beverage sector is in a phase of adjustment, with a focus on the liquor market's recovery and the strategic layout of consumer goods [11] Market Performance - The food and beverage index underperformed the market, with a 9.7% decline in 2025, ranking last among all sectors. The report highlights the need for strategic adjustments in response to market conditions [11][13] Upstream Data - Some upstream raw material prices are declining, with the price of whole milk powder down 18.7% year-on-year as of December 16, 2025, and fresh milk prices down 2.6% year-on-year as of December 26, 2025 [17][19] Liquor Industry Data - The report notes that leading liquor companies are implementing market-oriented reforms to adapt to changing demand, with Moutai's recent sales strategy indicating a shift towards a more sustainable business model [4][41] Recommended Portfolio - The recommended stocks include Moutai, Shanxi Fenjiu, Ximai Food, Weilong, and Ganyuan Food, with each company showing potential for growth or stability in the upcoming year [5][12]

北交所策略专题报告 2026 年 01 月 04 日 北交所研究团队 交 所 研 究 北 交 所 策 略 专 题 报 告 相关研究报告 《科马材料（920086.BJ）：干式摩擦片 隐形冠军，国产破局正当时—北交所 新股申购报告》-2026.1.2 《北交所股份协议转让增多，实现"产 业赋能"与"市场减压"双赢—北交 所策略专题报告》-2026.1.1 《新三板隐形冠军涌现：聚焦车联网 等细分行业，关注雅迅智联、一诺生 物 等 — 新 三 板 掘 金 周 报 第 三 期 》 -2025.12.28 布局 2026 春季行情，关注新质生产力和中小盘成长股机会 ——北交所策略专题报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 关注春季行情中北证新质生产力，行情后期中小盘成长主线或有第二波上涨 2024 年以来北交所经历了 2024 年"924"和 2025 年一季度到三季度行情，2025 年北证 50 指数四季度整体稳定。复盘 2013-2015 年创业板行情来看，行情后期 成长主线业绩兑现通常有第二波上涨，关注春季中的北证代表新质生产力的产 业链机会。1）本 ...

《瑞博生物通过港交所 IPO 聆讯，上 市在即—行业周报》-2025.12.28 《推荐 CXO+科研服务板块的估值切 换机会—行业周报》-2025.12.21 《2025 国谈结果公布，关注相关公司 投资机会—行业周报》-2025.12.14 医药生物 医药生物 2026 年 01 月 04 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -10% 0% 10% 19% 29% 38% 2025-01 2025-05 2025-09 医药生物 沪深300 创新驱动下，2025 年医药各细分赛道牛股频出 ——行业周报 相关研究报告 | 余汝意（分析师） | 聂媛媛（联系人） | | --- | --- | | yuruyi@kysec.cn | nieyuanyuan@kysec.cn | | 证书编号：S0790523070002 | 证书编号：S0790124050002 | nieyuanyuan@kysec.cn 证书编号：S0790124050002 创新驱动下，2025 年医药各细分赛道牛股频出 回顾 2025 年医药细分赛道表现情况看，各个板块均涌现了多个翻倍以上的牛股。 其中，整体表现 ...

非银金融 2026 年 01 月 04 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -10% 0% 10% 19% 29% 2025-01 2025-05 2025-09 非银金融 沪深300 相关研究报告 《保险公司资负管理办法发布，明确 监 管 指 标 和 阈 值 — 行 业 周 报 》 -2025.12.21 《美联储降息利好券商海外业务，新 规规范基金销售 — 行 业 周 报 》 -2025.12.14 《券商杠杆上限有望松绑，险企调降 风 险 因 子 释 放 资 金 — 行 业 周 报 》 -2025.12.7 看好券商和保险开门红行情，公募销售费新规落地 ——行业周报 | 高超（分析师） | 卢崑（分析师） | 张恩琦（联系人） | | --- | --- | --- | | gaochao1@kysec.cn | lukun@kysec.cn | zhangenqi@kysec.cn | | 证书编号：S0790520050001 | 证书编号：S0790524040002 | 证书编号：S0790125080012 | 周观点：看好券商和保险开门红行情，公募销售费新规落地 元旦假期 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The retail industry is undergoing an evolution in the "people, goods, and scene" framework, driven by emotional consumption, which presents new opportunities for growth [3][25] - High-end gold and fashion jewelry are gaining traction among consumers, with a focus on product differentiation and cultural significance [3][32] - The cosmetics industry is innovating through the IP of technical ingredients and cultural confidence, enhancing product appeal and market competitiveness [3][37] - Offline retail is shifting from selling "goods" to offering "services and experiences," with companies like Yonghui Supermarket leading the transformation [3][41] Summary by Sections Retail Market Overview - In 2025, the retail sector index closed at 2422.59 points, with an annual increase of 8.21%, underperforming the Shanghai Composite Index, which rose by 18.41% [5][14] - The retail industry ranked 23rd among 31 sectors in terms of performance [15] Industry Dynamics - The emotional value is driving consumer intentions, with a focus on "research-based consumption," "self-satisfaction," and "long-termism" as key decision-making trends [25][28] - High-end gold is becoming a preferred asset for wealth preservation, while fashion gold is appealing to younger consumers through innovative designs and social media engagement [32] - The cosmetics sector is witnessing a shift towards self-developed core ingredients and cultural narratives, enhancing brand value [37] Investment Recommendations - Focus on high-quality companies in the emotional consumption theme, particularly in the gold jewelry sector, with recommendations for brands like Chao Hong Ji and Lao Pu Gold [6][50] - Emphasize offline retail companies adapting to market changes, such as Yonghui Supermarket and Ai Ying Shi [6][48] - Highlight cosmetics brands that innovate in emotional value and safety, including Mao Ge Ping and Po Lai Ya [6][48] - Consider differentiated medical beauty product manufacturers and leading medical beauty institutions, recommending companies like Ai Mei Ke and Ke Di-B [6][48]