Domestically:
1. Huatai Securities: Focus on high-dividend energy giants with the ability to increase production and reduce costs, and those with increasing natural gas business.
2. China Merchants Securities: A "year-end + spring" market rally is expected to continue.
3. CITIC Securities: Rapid development of gallium nitride devices is boosting the robotics industry.
4. CITIC Securities: Limited room for further decline in funding rates.
5. CITIC Securities: The IPO process of leading private commercial rocket companies may accelerate.
6. CITIC Securities: Actual sales of baijiu (Chinese liquor) during the 2026 Spring Festival are expected to remain stable.
7. Galaxy Securities: Short-term economic structural characteristics remain evident; high-end industries and related raw material sectors supported by policies remain key areas of prosperity.
8. CICC: Next year may be a year of reversal for the main photovoltaic industry chain.
