CHINA STOCK
ALL Announcement IPOs Research Market Company

Shanxi: AI applications catalyze the overlay of supply and demand trends towards improvement, the media industry's fundamentals are expected to marginally improve.

Shanxi released a research report stating that throughout the year, AI remained a catalyst for the growth of the media sector in 2024. Looking ahead to 2025, the emergence of high-quality AI applications domestically and internationally may continue to enhance the growth and valuation of the media industry. At the same time, the gaming and film industries are expected to benefit from the start of a new gaming cycle, improved supply of quality content, and industry innovation empowered by AI. Key points from Shanxi are as follows: - Performance fluctuated throughout the year, with stable revenue growth in the industry. - In 2024, the media index rose by a cumulative 2.23%, ranking 19th out of 31 primary sub-industries according to the Shenwan index. - In the media sub-sectors, advertising and publishing saw increases of 7.42% and 6.68% respectively, leading the growth. From Q1 to Q3 of 2024, the media industry achieved revenue of 366.21 billion yuan, up 0.82% year-on-year, with net profit attributable to the parent company reaching 23.3 billion yuan, down 32.28% year-on-year. Within the sub-sectors, advertising and gaming sectors showed impressive revenue performance, with growth rates of 8.4% and 5.1% respectively. - Big AI models are in fierce competition, and the application side of AI is expected to accelerate its implementation. - Since the emergence of ChatGPT in 2022, the trend of big models has been growing rapidly. In 2023, the domestic big models experienced explosive growth, rapidly iterating their capabilities and expanding their modes. In 2024, the inference and understanding capabilities of big models made a leap forward, and began exploring applications in specific fields. With the rapid development of generative AI, the gradual improvement of AI infrastructure, and the continuous advancement of deep learning technology, the application scenarios of generative AI are gradually increasing, potentially helping industries achieve digital and intelligent transformation. According to iResearch Consulting, China's generative artificial intelligence industry is expected to surpass the trillion-dollar mark by 2030. Domestic AI application traffic continues to grow, with ByteDance's Douyin performing notably well. - The film industry faced pressure in 2024, with attention on the 2025 Spring Festival and AI+film applications. - In 2024, due to the shortage of quality content supply, domestic film market box office revenue decreased by 22.34% year-on-year. Looking ahead to 2025, with a sufficient number of registered films serving as reserves and a booming number of newly registered films, the content supply side of the film market is expected to improve significantly in 2025. Additionally, the release of high-quality films during the Spring Festival season is expected to boost film box office revenue and restore market confidence. AI-based video technology continues to improve, potentially delivering more precise, efficient, and diverse video content. - The domestic game market continued its growth trend, with the start of a new product cycle driving performance growth. - In 2024, China's game market revenue was 325.783 billion yuan, a year-on-year increase of 7.53%. CMGE's revenue increased by 5.01% year-on-year, while revenue from PC games increased by 2.56% year-on-year. Revenue from the overseas market in 2024 was 18.557 billion US dollars, a year-on-year increase of 13.39%. In the medium to long term, AI empowering the gaming industry will bring about innovation in gameplay and efficiency in production. In 2025, the gaming market is expected to benefit from the steady start of a new gaming product cycle and the continuous improvement in the competitiveness of overseas products, driving steady revenue growth in the gaming industry. - Investment recommendation: Focus on large models, AllinAI to develop new growth opportunities such as Kunlun Tech (300418.SZ), Shanghai Film (601595.SH) which continues to expand its IP business, and Hangzhou Electronic Soul Network Technology (603258.SH) which benefits from the start of the new gaming cycle. - Risk warning: Policy risks, macroeconomic downturn risks, product launches falling short of expectations, intensifying competition, etc.
25 min ago

A-share midday report | The index slightly rebounded in the morning, with the Shanghai Composite Index falling about 0.8%! Copper-related concepts are active against the trend.

On January 22, the three major A-share indexes collectively opened lower. As of 11:17, the Shanghai Composite Index fell by 0.86%, the Shenzhen Component Index fell by 0.85%, and the ChiNext Index fell by 0.7%. On the market, CPO and copper related stocks were active at the opening, with concepts such as electricity and controlled nuclear fusion leading the gains. On the downside, the Little Red Book concept continued to adjust, with industries such as real estate, film and television, and gaming leading the declines. In terms of main funds, funds favored industries such as consumer electronics and precious metals, while funds fled from industries such as passenger cars, semiconductors, and automobile components. Institutional Views Looking ahead, Industrial believes that one should put aside pessimism and prepare for a new upturn around the Chinese New Year. Huaan: The market is in a period of transition, focusing on high dividend stocks, consumption, and communication. Orient: Continue to focus on structural opportunities in technology before the Chinese New Year. Popular Sectors 1. CPO and copper-related concept stocks were active. 2. Little Red Book concept stocks continued to adjust. This article is reproduced from "Tencent Stock Selection." Editor: Liu Jiayin.
29 min ago

Ping An Securities: Implementation of Regulations on Small Loan Company Management, Strict Supervision Trend Continues

Ping An Securities released a research report stating that with the implementation of refined supervision, top institutions may benefit more. The introduction of the "Measures" is conducive to improving the risk control system of small loan companies, guiding the industry to enhance risk management and compliance operating levels, and better serving the development of the real economy with the positioning of "small and dispersed". Looking ahead, top institutions with more sophisticated risk control systems and a more stable customer base may benefit more. Event: Recently, the China Banking and Insurance Regulatory Commission issued the "Interim Measures for the Supervision and Management of Small Loan Companies" (hereinafter referred to as the "Measures"). Key viewpoints of Ping An Securities are as follows: Strict business scope, clear operating and regulatory principles The "Measures" stipulate that the business scope of small loan companies is limited to: (1) issuing small loans; (2) accepting and discounting commercial drafts; (3) other businesses stipulated by laws, regulations, and approved by the China Banking and Insurance Regulatory Commission, while strictly prohibiting illegal "channel" businesses such as renting out licenses. From a regulatory perspective, it is stipulated that the provincial-level local financial management institutions are responsible for supervising and managing local small loan companies and handling risks. The establishment of small loan companies must be approved by the provincial-level local financial management institutions. In terms of operating areas, small loan companies are not allowed to operate across provinces, autonomous regions, or municipalities directly under the central government, and the operating areas of online small loan companies are separately stipulated. Clarifying the single loan limit, emphasizing the characteristics of small and dispersed The "Measures" further clarify the loan limits, with changes compared to the "Interim Measures for the Management of Online Small Loan Business (Draft for Solicitation of Comments)" from 2020. For example, online small loan companies are now required not to exceed RMB 200,000 for loans used for consumption, or not to exceed 1/3 of the borrower's average annual income over the past three years, with the lower amount being the maximum loan amount, changed from the previous RMB 300,000 limit. For loans used for business operations, the limit has changed from RMB 1 million to not exceeding RMB 10 million for the balance of loans to legal entities or other organizations and their affiliates. In terms of loan concentration, the "Measures" require small loan companies not to exceed 10% of the net assets at the end of the previous year for all loans to the same borrower and not to exceed 15% for all loans to the same borrower and its affiliates, emphasizing the characteristics of diversification. For joint loan funding models, the "Measures" require a minimum contribution of 30% for joint loans issued with commercial banks. Refining financing requirements, clarifying loan classification From the perspective of financing requirements, the "Measures" strictly regulate the "1+4" leverage ratio indicator. On one hand, the balance of funds raised by small loan companies through non-standardized forms such as bank loans and shareholder loans must not exceed 1 times their net assets at the end of the previous year. On the other hand, the balance of funds raised by small loan companies through standardized forms such as issuing bonds and asset securitization products must not exceed 4 times their net assets at the end of the previous year. Institutions with ample paid-in capital are expected to maintain competitiveness in the future. From a risk perspective, the "Measures" for the first time divide loans overdue for more than 90 days into non-performing loans. They also stipulate that all lending funds must enter dedicated lending accounts, and all loan disbursements and interest repayments must go through these accounts. Strict loan classification and fund flow management requirements are conducive to the healthy development of the industry. Risk reminders: (1) Policy advancement is below expectations; (2) Macroeconomic downturn exceeds expectations; (3) Increased competition dragging down corporate profits.
49 min ago

Zhao Yiquan Fruit Fund Quarterly Report: Ningbo Deye Technology (605117.SH) newly entered the top ten heavy positions. AI technology revolution leading to new investment opportunities.

On January 22, the Quanguo Fund's director and general manager Zhao Yi, in charge of the Quanguo Xuyuan Three-Year Holding Period Mixed Fund A and Quanguo Xuyuan Three-Year Holding Period Mixed Fund C, released the fourth quarter report for 2024. The quarterly report shows that among the top ten heavily weighted stocks, Ningbo Deye Technology (605117.SH) entered the top ten holdings for the first time, while Anhui Yingliu Electromechanical (603308.SH), Yunnan Energy New Material (002812.SZ), Jiangsu Xinquan Automotive Trim (603179.SH) were added to the portfolio. Furthermore, Contemporary Amperex Technology (300750.SZ), Luxshare Precision Industry (002475.SZ) were reduced, and Flat Glass Group exited the top ten holdings. In addition, Zhao Yi also observed that AI is beginning to change lives gradually. He stated that from biology, chemistry, to military, travel, and daily life, the application of AI is increasingly widespread, which also means that investment opportunities will continue to appear from hardware to application side. Specifically, as of the end of the reporting period, the net asset value of Quanguo Xuyuan Three-Year Holding Period Mixed Fund A was 0.7508 yuan, with a growth rate of -2.76% during the reporting period, compared to a benchmark return rate of -0.85%. As of the end of the reporting period, the net asset value of Quanguo Xuyuan Three-Year Holding Period Mixed Fund C was 0.7442 yuan, with a growth rate of -2.86% during the reporting period, compared to a benchmark return rate of -0.85%. Regarding heavily weighted stocks, as of the fourth quarter, the top ten heavily weighted stocks of Quanguo Xuyuan Three-Year Holding Period Mixed Fund include Contemporary Amperex Technology (300750.SZ), Shenzhen Kedali Industry (002850.SZ), MEITUAN-W (03690), TENCENT (00700), Luxshare Precision Industry (002475.SZ), Yunnan Energy New Material (002812.SZ), Jiangsu Xinquan Automotive Trim (603179.SH), Chengdu (300101.SZ), Anhui Yingliu Electromechanical (603308.SH), Ningbo Deye Technology (605117.SH). Compared to the previous quarter's holdings, among the top ten heavily weighted stocks, Ningbo Deye Technology (605117.SH) entered the top ten holdings for the first time, while Anhui Yingliu Electromechanical (603308.SH), Yunnan Energy New Material (002812.SZ), Jiangsu Xinquan Automotive Trim (603179.SH) were added to the portfolio. Furthermore, Contemporary Amperex Technology (300750.SZ), Luxshare Precision Industry (002475.SZ) were reduced, and Flat Glass Group exited the top ten holdings. In the fourth quarter report, Zhao Yi stated that when high-quality companies undergo rapid adjustments and enter a cost-effective stage, it is an opportunity for him to gradually increase the concentration and aggressiveness of the portfolio. Essentially, he hopes to choose outstanding companies and grow together with them, so he will take a longer-term view of the companies in his holdings. Currently, the portfolio holdings are mainly focused on high-end manufacturing industries such as power equipment, new energy, computers, electronics, machinery, and military, as well as stable growth and high dividend yield companies. Regarding industries, he mentioned that there are signs of recovery in the new energy and military industries. For new energy, there are trends of improvement in supply constraints, product prices, and production scheduling, with prices beginning to rise while production remains active even during off-season periods. For the military industry, from the third-quarter contract liabilities to companies gradually announcing new orders, it indicates that the industry is starting to recover gradually. Overall, he will continue to focus on directions with "incremental" growth, including directions driven by technological advancements, expanding into new energy fields, domestic replacements, filling gaps, especially in high-end manufacturing such as aviation engines and domestic computational power, and directions with new demands like low-altitude economics and AI applications.
57 min ago

Cinda: Siasun Robot & Automation is expected to build a second growth curve. Focus on the consumer electronics enterprise Siasun Robot & Automation "ChatGPT" opportunity.

Cinda released a research report stating that the AI industry is currently undergoing a deep transformation of existing human industries. By 2025, AI cloud and edge computing will converge, with humanoid Siasun Robot & Automation being an important track within the AI edge computing space, offering vast commercialization opportunities. Many companies in the consumer electronics industry have deep technical expertise and rich engineering experience, and have good cooperation relationships with leading Siasun Robot & Automation companies both domestically and internationally. Some high-quality companies are expected to take advantage of this opportunity to build their second development curve. It is recommended to pay attention to high-quality companies in the current electronics industry. Cinda's main points are as follows: The development of humanoid Siasun Robot & Automation is rapid, and commercialization may not be far off. Humanoid Siasun Robot & Automation refers to robots that resemble the shape and size of humans, can mimic human movements, expressions, interactions, and actions, and to some extent possess cognitive and decision-making intelligence. Built on various disciplines, humanoid Siasun Robot & Automation is a symbol of a country's industrial civilization level. From the perspective of the industry chain, the Siasun Robot & Automation industry chain is complex, involving many links and companies. The industry components involved in the Siasun Robot & Automation industry are complex, with upstream raw materials and core components including sensors, motors, reducers, batteries, servo mechanisms, controllers, EMS, CPUs, GPUs, etc.; midstream mainly involves research and development, production, and system integration, including parts assembly, finished product assembly, calibration, testing in the production process of Siasun Robot & Automation, software system development and integration, providing integrated products and services to customers, etc.; downstream applications are used in various industries. Currently, due to the increasing intelligence of global industrial production and the improvement of household consumption levels, the smart Siasun Robot & Automation industry is growing rapidly. According to UBTECH ROBOTICS' prospectus, the CAGR of personal/home smart service Siasun Robot & Automation is expected to reach 14.3% from 2022 to 2028, while professional smart service Siasun Robot & Automation is expected to reach 19.1% from 2022 to 2028, with a comprehensive CAGR of 17.8%. Humanoid Siasun Robot & Automation represents intelligent Siasun Robot & Automation, and the path to commercialization may not be far off. In 2024, UBTECH ROBOTICS officially released the new generation industrial humanoid Siasun Robot & Automation Walker S1, which has entered training at car factories such as BYD Company Limited, becoming the world's first industrial scenario solution where humanoid Siasun Robot & Automation and unmanned logistics vehicles cooperate. In addition, companies such as Tesla, Figure, Ubtech, and Boston Dynamics have made significant progress in industrialization. Leading manufacturers compete, related products iterate rapidly. Figure Siasun Robot & Automation has a clear strategy and development path. According to information on FIGURE's official website, the future opportunity of humanoid Siasun Robot & Automation mainly lies in three areas: physical labor, currently accounting for 50% of the global GDP, consumer home use, with approximately 700 million elderly people requiring home care, and space exploration. The future of humanoid Siasun Robot & Automation is full of imagination, but making robots smarter is necessary. FIGURE is building a data alliance to support humanoid Siasun Robot & Automation, with important partners including OpenAI, Microsoft, Nvidia, and others. UBTECH ROBOTICS was established in March 2012 and is one of the leaders in humanoid Siasun Robot & Automation. UBTECH ROBOTICS was the first to achieve the practical application of humanoid Siasun Robot & Automation and is the only company in the world to have announced collaborations with multiple car manufacturers. The industrial humanoid Siasun Robot & Automation Walker S series is also the most widely used humanoid Siasun Robot & Automation in car factories globally. Ubtech also released a humanoid Siasun Robot & Automation with significant advantages in motion ability and joint freedom. Currently, there are many styles of humanoid Siasun Robot & Automation released globally, each with its own unique characteristics. Ubtech's Unitree H1 is approximately 180cm tall and weighs about 47kg. Equipped with sensors such as 3D laser radar and depth cameras, it also has strong motion capabilities. Unitree H1-2 has 27 degrees of freedom and has good commercial prospects. AI is driving industry development, and the "ChatGPT moment" of Siasun Robot & Automation technology is expected to arrive soon.As one of the global leaders in AI, NVIDIA has also launched related products, including powerful toolsets such as Omniverse and Cosmos. NVIDIA Omniverse is an API, SDK, and service platform that allows developers to integrate OpenUSD, NVIDIA RTX rendering technology, and generative physical AI into existing software tools and simulation workflows for industrial and Siasun Robot&Automation use cases.NVIDIA Omniverse provides powerful support for the research and application of humanoid Siasun Robot&Automation, driving progress in many areas such as synthetic data generation, autonomous vehicle simulation, product configurators, reinforcement learning, virtual facility integration, and more as disclosed on the official website. NVIDIA announced the launch of NVIDIACosmos at CES2025. NVIDIA Cosmos is a platform that includes advanced generative world base models, sophisticated tokenizers, and accelerated data processing and management pipelines for developers of autonomous vehicles (AV) and Siasun Robot&Automation. "The 'ChatGPT moment' for Siasun Robot&Automation technology is coming soon. Like large language models, the world base model is the foundation for advancing Siasun Robot&Automation and AV development, but not all developers have the expertise and resources to train their own, said NVIDIA founder and CEO Huang Renxun. "We created Cosmos to democratize physical AI and make universal Siasun Robot&Automation technology accessible to every developer." Currently, leading Siasun Robot&Automation and automotive companies, including 1X, Agile Robots, Agility, Figure AI, Foretellix, Fourier, Galbot, Hillbot, IntBot, NeuraRobotics, Skild AI, Virtual Incision, Waabi, and XPENG, as well as ridesharing giant Uber, are among the first companies to adopt Cosmos. Risk factors: macroeconomic downturn risk; downstream demand lower than expected risk; escalating US-China trade tensions risk; risks of new technologies and products not progressing as expected.
1 h ago

Soochow Great Wall Fund's Liu Yanchun released the quarterly report! Decreased holdings in Wuliangye Yibin (000858.SZ) and Shanghai M&G Stationery Inc. (603899.SH) back into the top ten.

On January 22, Jing Shun Chang Cheng disclosed the quarterly report of its products through Liu Yanchun. Overall, the quarterly report shows that there have been no significant changes in the top stock holdings, with reductions in holdings of Wuliangye Yibin (000858.SZ), Luzhou Laojiao (000568.SZ), China Tourism Group Duty Free Corporation (601888.SH), etc., and Shanghai M&G Stationery Inc. (603899.SH) returning to the top ten holdings. Taking Jing Shun Chang Cheng Dingyi, represented by Liu Yanchun, as an example, the size of the fund at the end of the fourth quarter of last year was 10.26 billion yuan. During the reporting period, the net asset value growth rates of Jing Shun Chang Cheng Dingyi's A and C class shares were -10.08% and -10.17% respectively, with a benchmark return of -1.49%. Among the top ten stock holdings of this fund in the fourth quarter, Liu Yanchun only reduced holdings of Wuliangye Yibin, Luzhou Laojiao, and China Tourism Group Duty Free Corporation, and did not make any increases or stock substitutions. In terms of top stock holdings, the top ten stock holdings of the fund are Kweichow Moutai (600519.SH), Wuliangye Yibin, Shenzhen Mindray Bio-Medical Electronics (300760.SZ), Shanxi Xinghuacun Fen Wine Factory (600809.SH), Guangdong Haid Group (002311.SZ), Anhui Gujing Distillery (000596.SZ), Midea Group Co., Ltd (000333.SZ), Luzhou Laojiao, Hangzhou Hikvision Digital Technology (002415.SZ), and China Tourism Group Duty Free Corporation. Looking at the Jing Shun Chang Cheng Emerging Growth Mixed Fund, in the fourth quarter of 2024, there were no changes in the top ten stock holdings, with reductions in holdings of Wuliangye Yibin, Luzhou Laojiao, and Shanghai M&G Stationery Inc., and increases in holdings of Midea Group Co., Ltd and China Tourism Group Duty Free Corporation. During the reporting period, the net asset value growth rates of Jing Shun Chang Cheng's Emerging Growth Mixed Fund's A and C class shares were -9.85% and -9.92% respectively, with a benchmark return of -3.79%. Furthermore, the quarterly report shows that Shanghai M&G Stationery Inc. has returned to the top ten stock holdings of Jing Shun Chang Cheng's Excellent Growth Mixed Fund, while China Tourism Group Duty Free Corporation has exited the top ten holdings. Liu Yanchun pointed out in the quarterly report that the current round of economic adjustments has exceeded expectations in terms of time and extent. Developing new quality production forces and promoting the transformation and upgrading of economic structure are long-term directions that we must adhere to, which is not contradictory to short-term demand stimulus policies. Accelerating demand expansion, promoting income growth, and asset appreciation are necessary to alleviate current debt risks, promote a smooth economic transition, and achieve high-quality growth. Liu Yanchun also mentioned that at this stage, policies have placed more emphasis on stable growth and employment. We also look forward to deeper reforms, redesigning the allocation of fiscal and administrative powers between the central and local governments to fully mobilize the enthusiasm of local governments and various enterprises. We believe that the Chinese economy will definitely come out of the trough in 2025, and the road to reevaluating the value of the equity market will also be fully opened.
1 h ago

200 accounts have not been seconds? Honghu private equity's new product is being snapped up, and the sustainability of all-in government bond performance is being questioned.

Recently, Liang Wentao, jokingly referred to by investors as "Brother Ex-Husband," has once again sparked discussion. Industry insiders revealed that Liang Wentao's new fund products are selling like hotcakes, with investors competing to buy them. "The 200 new accounts launched by Honghu Liangbo are all sold out!" the insider said. Financial Association reporters found that Honghu Private Equity achieved impressive results in 2024, with the average return of its products reaching 66.83% last year, and the median return reaching 85.74%. The outstanding performance explains why the new products are in high demand. The insider also pointed out, "Liang Wentao's good performance in 2024 was a result of the right timing and circumstances. It is still uncertain whether he can replicate his success in 2025." Looking at the data for 2025, it seems that Honghu Private Equity's products have hit the brakes, with Private Equity Ranking Network data showing that out of 6 comparable products, the annual returns are around 1-2%. Last year, Honghu Private Equity's average return exceeded 60%, leading to a significant increase in scale. Public information shows that Honghu Private Equity, founded by Liang Wentao in March 2010, focuses on systematic macro strategies. Based on the macro strategy research system and the quantitative timing model provided by Honghu, Honghu determines the investment allocation of various asset classes based on comprehensive research factors such as the macroeconomic cycle, money supply, market valuation levels, macro policy orientation, and market sentiment, in order to obtain returns from asset allocation. It also uses quantitative models to select varieties for timing trades, optimizing investment returns and risk drawdowns. According to the Private Equity Ranking Network data, Honghu Private Equity has 6 comparable products, with an average return of 66.83%. Specifically, the highest performing product last year was Honghu Stable Macro Hedge, with a return of 88.23%, and two other products managed by Liang Wentao, Honghu Stable Macro Strategy 5th and 6th phases, had returns of 85.91% and 85.57% respectively. Another product managed by Liang, Honghu Gaoteng Boyu 2nd phase macro strategy, as well as Honghu Gaoteng Boyu macro strategy managed jointly with Shi Yiwei, had returns of over 25% last year. Honghu Hongfu Positive Allocation 1st phase was established in May last year, and achieved a cumulative return of 40.41%. Such impressive performance not only led to a frenzy of investors rushing to buy the new products but also resulted in rapid growth in the scale of Honghu Private Equity last year. According to Private Equity Ranking Network data, by the end of 2023, the scale of Honghu Private Equity was in the range of 10-20 billion yuan, but by 2024, the scale had grown to 20-50 billion yuan, achieving significant growth. Will the performance be sustainable? Behind the frenzy of new product launches, some investors have raised questions about whether Honghu Private Equity's performance can be sustained. It is worth mentioning that in a letter to investors released at the beginning of the year, Liang Wentao stated, "2024 was a year in which the Honghu systematic macro strategy was tested by the market and a year of our accumulated efforts bearing fruit. In this year, we were lucky to receive the attention and recognition of many investors. Many investor friends, in their interactions with Honghu, began to understand the importance of the 'diversified' investment philosophy in asset allocation. This is not only an iteration of investment philosophy but also a two-way dedication between us and investors." Regarding Liang Wentao's "diversified" approach, some investors have expressed skepticism. Some say he is "all-in government bonds," while others question whether the performance can be sustained by relying on heavy investments in government bond futures. Some have pointed out that last year's main source of income for Honghu was government bond futures, and the high returns are unlikely to be repeated in the short term. From a background analysis perspective, in 2024, China's economy was in a transition period from old to new growth models, with a slowing overall growth rate. To hedge against the systemic risks brought about by the slowdown in economic growth, the central bank increased counter-cyclical adjustments to ensure stable market liquidity. With dual support from fundamentals and monetary policy, the bond market saw an unexpected bull market last year, with the annual return of the continuous 30-year government bond futures reaching 17%. In terms of Honghu Private Equity's performance attribution, bonds also accounted for a significant proportion. In terms of performance, as of 1 January, the Honghu Stable Macro Hedge, which had the highest return last year, had a return of 2.85% and a net value of 7.83. The other two products that achieved over 80% returns last year, Honghu Stable Macro Strategy 5th and 6th phases had returns of 2.78% and 1.82% respectively this year. The return for Honghu Gaoteng Boyu 2nd phase macro strategy was 1.49%. In recent public comments, Liang Wentao emphasized adopting a more balanced allocation in 2025 to cope well with high volatility markets. Looking ahead to 2025, market opportunities may present a more balanced situation, with opportunities in stocks, bonds, and commodities markets, but overall, it is unlikely to see significantly trending markets. From a macro perspective, 2025 will be a year with strong policy drive and maintaining loose monetary policy. However, effective demand in the real economy remains insufficient to generate a one-sided market trend. Therefore, Liang Wentao believes the market is more likely to experience a volatile situation, and a more reasonable strategy would be a combination of defense and counterattack. In terms of research direction, Liang Wentao stated that in 2025, he will focus on commodity markets. He pointed out that, apart from precious metals, most bulk commodities have gradually converged in volatility over the past three years and are currently at historically low volatility levels. Therefore, he believes that 2025 may be an important year for positioning in the commodity sector. Liang Wentao specifically mentioned that the volatility of the commodity sector in 2025 is likely to increase significantly. In terms of varieties, he pointed out that precious metals, which have performed well in the past three years, may enter a high volatility phase in 2025. This article is reproduced from "Financial Association", edited by GMTEight: Liu Xuan.
1 h ago

CICC: Internet AI Layout Starts Catch-up Mode, Focuses on Agent in Key Application Directions.

CICC released a research report stating that the large AI models have already learned enough from existing data, and the remaining new training data may be insufficient, leading to a slowdown in pre-training of AI large models. As training methodologies become more mature, the gap in computational power narrows, and talent mobility increases, leading companies with strong financial resources and capabilities are expected to narrow the gap with leaders and even lead them. Looking ahead to 2025, AI-related companies are expected to focus on Agent as the key application direction. Key points from CICC: Slowdown in pre-training of AI large models Pre-training is the process through which large models learn general features and acquire the basis of intelligence. However, since the second half of 2024, there have been signs of a slowdown in pre-training of large models, mainly because these models have already learned enough from existing data, and the remaining new training data may be insufficient. The highly anticipated release of OpenAI's next-generation flagship model, GPT-5, has been postponed, reportedly due to lower-than-expected training effectiveness, high training costs, and lack of significant capability improvement. Competition in large AI models may gradually favor followers instead of leaders If the development speed of industry leaders slows down, followers may benefit. In the wave of large AI models, companies such as OpenAI, Claude, etc., are considered industry leaders, while Alphabet, Meta, Amazon, etc., are often considered followers. In China, companies like Moon's Dark Side, Minimax, etc., are considered industry leaders, with leaders seen as followers. In the comparison between the development of AI in China and the United States, American AI companies are seen as model leaders, while Chinese companies are seen as followers. Agent leading AI application directions, strong competition among Chinese internet companies Currently, AI application directions include dialogue systems, programming assistants, office efficiency tools, education, entertainment, empowering traditional businesses, etc. Looking ahead to 2025, AI-related companies will focus on Agent as the key application direction, such as Apple's Apple Intelligence assistant, Alphabet's Gemini 2.0 Project Astra, Salesforce's AgentForce for enterprise users, etc. The success of the supply-side dividend depends on whether the product can meet user needs, control costs, and sustain a business model. Compared to being more chasing in terms of models, Chinese internet companies are more competitive in AI application directions compared to their American counterparts. Risks: Risks of AI productization and commercialization falling short of expectations; external environmental risks.
2 h ago

A-share opening express | Three major indexes collectively open lower CPO, copper related stocks open active.

On January 22nd, the three major A-share indexes collectively opened lower. As of 9:40, the Shanghai Composite Index fell by 0.58%, the Shenzhen Component Index fell by 0.81%, and the Growth Enterprise Index fell by 0.6%. In terms of market performance, the CPO and copper-related concept stocks were active at the opening, with concepts such as electricity and controllable nuclear fusion leading the gains. On the downside, the Little Red Book concept continued to adjust, and industries such as real estate, film and television production, and gaming, which performed actively yesterday, led the declines. In terms of main fund flows, funds favored industries such as consumer electronics and precious metals, while funds flowed out of industries like passenger cars, semiconductors, and automotive components. Institutional Views: Looking ahead, Industrial believes that we should cast aside pessimism and prepare for a new round of upward movement around the Chinese New Year. Huaan: The market is at a turning point, focusing on high-dividend stocks, consumer goods, and communications. Industrial: Prepare for a new round of upward movement, focusing on new energy and military industries. Orient: Continue to focus on structural opportunities in the technology sector before the Chinese New Year. Hot Sectors: 1. CPO and copper-related concept stocks were active at the opening. 2. Little Red Book concept stocks continue to adjust. This article is reprinted from "Tencent Self-selected Stocks," edited by Xu Wenqiang.
2 h ago

Sinolink: Explosives industry prosperity is picking up, optimistic about the growth of explosives demand in Xinjiang and Tibet.

Sinolink released a research report stating that the prosperity of the civil explosives industry is picking up, and the decline in raw material prices is supporting the continuous improvement of industry profitability. The high prosperity of the civil explosives market in Xinjiang and Tibet continues. In the future, the pattern of regional demand differentiation in the domestic civil explosives industry will continue. It is recommended to pay attention to targets with integrated service capabilities and explosive production capacity in high-growth areas of civil explosives demand such as Xinjiang and Tibet. Event: On January 20th, China Explosives Association released the operating data of the civil explosives industry in December 2024: in December, production enterprises completed a total production value of 4.159 billion yuan, an increase of 5.13% year-on-year; completed a total sales value of 4.187 billion yuan, an increase of 4.19% year-on-year; achieved a total tax income of 1.167 billion yuan, an increase of 55.74% year-on-year; realized a total profit of 882 million yuan, an increase of 69.36% year-on-year. In December, the industrial explosive production and sales volume of production enterprises were 436,400 tons and 438,000 tons respectively, an increase of 8.11% and 5.65% year-on-year; among them, the on-site mixed explosive production volume was 157,600 tons, an increase of 12.57% year-on-year. The industrial detonator production and sales volume of production enterprises were both 68 million pieces, a decrease of 3.48% and 3.11% year-on-year respectively. Sinolink's main points are as follows: The industry's prosperity is rebounding, and the decline in raw material prices is supporting the continuous improvement of industry profitability From the demand side, the downstream of civil explosives is mainly concentrated in the field of coal, metal, and non-metal mining. According to data from the National Bureau of Statistics, the domestic raw coal output in January-December 2024 was approximately 4.759 billion tons, an increase of 1.3% year-on-year, with the output in December approximately 439 million tons, an increase of 4.2% year-on-year; the fixed asset investment completion amount of non-ferrous metal ore mining and dressing industry accumulated by December increased by 26.70%. Against this background, the industry's operating indicators in December showed a trend of recovery, especially the year-on-year high increase in blasting service revenue. According to data from the China Explosives Association, from January to December, production enterprises completed a total production value of 41.695 billion yuan, a decrease of 4.50% year-on-year, of which the total production value completed in December was 4.159 billion yuan, an increase of 5.13% year-on-year; from January to December, the total blasting service revenue realized was 35.311 billion yuan, an increase of 4.26% year-on-year, of which the blasting service revenue realized in December was 4.812 billion yuan, an increase of 42.04% year-on-year. Ammonium nitrate, the main raw material for industrial explosives, showed a continuous downward trend in prices in 2024. According to data from the China Explosives Association, the average price of ammonium nitrate (powder form) in January 2024 was about 2822 yuan/ton, which decreased to 2384 yuan/ton by December, with a cumulative decrease of approximately 15.52% for the whole year. In this context, although the total production value of the industry's production enterprises came under pressure in 2024, the profitability improved year-on-year. From January to December, production enterprises cumulatively achieved a total profit of 9.639 billion yuan, an increase of 13.04% year-on-year, of which the total profit in December was 882 million yuan, an increase of 69.36% year-on-year. Regional demand differentiation is evident, and the high prosperity of the civil explosives market in Xinjiang and Tibet continues According to data from the China Explosives Association, in 2024, regions with civil explosives production and sales values exceeding 3 billion yuan include Xinjiang, Inner Mongolia, Sichuan, and Shanxi, but only Xinjiang's civil explosives industry maintained a year-on-year growth rate of over 20% in production and sales value. The other three provinces experienced varying degrees of decline. Additionally, according to data from the China Explosives Association, from January to December 2024, the net increase in profits of civil explosives production enterprises was 1.1 billion yuan, with a net increase of 660 million yuan in the Xinjiang region and 450 million yuan in other regions. Furthermore, the demand growth rate of the civil explosives market in Tibet is significant. In 2024, the production and sales value reached 432 million and 434 million yuan respectively, with year-on-year growth rates of 35.96% and 38.37% respectively. Xinjiang: Coal mining supports the continuous growth of civil explosives demand According to data from the National Bureau of Statistics, in 2024, Xinjiang's raw coal output was approximately 541 million tons, an increase of 17.5% year-on-year. Meanwhile, according to data from the Xinjiang Coal Trading Center, the railway transport volume of Xinjiang coal steadily increased in 2024, with an external railway transport volume of 90.6 million tons from January to December, an increase of 50.2% year-on-year. Under the promotion of relevant policies such as the "Fourteenth Five-Year Plan for National Economic and Social Development and the Long-term Goals for 2035 of the Xinjiang Uygur Autonomous Region" and the "Implementation Plan for Accelerating the Construction of Large Coal Supply Guarantee Bases in Xinjiang to Serve National Energy Security", Xinjiang's coal production is expected to maintain growth, thereby driving the demand for civil explosives. Tibet: According to reports from CCTV News in December 2024, the approval of the Yarlung Zangbo River downstream hydropower project has been obtained, and the advancement of large-scale infrastructure projects is expected to drive the upward demand for civil explosives in the Tibet region. Risk warning: downstream demand falls short of expectations; significant fluctuations in raw material prices; risks of changes in industry policies.
2 h ago
loading

©️2013 - 2025 GMT EIGHT Holdings. All Rights Reserved.

Contact: contact@gmteight.com