广发期货贵金属日报20251229

Shelley Wang, CFAShelley Wang, CFAShelley Wang, CFAShelley Wang, CFA 2026 Outlook-A Year of2026 Outlook-A Year of2026 Outlook-A Year of2026 Outlook-A Year of campenies noered in Mcrgan Stanlcy Resesrch. As : resul.,ieslnrs snot.ld b: rwere thar the firm imay hase a ccnfliet oiinrcrest het could affes the ctijeclivity of Mnrgan Slanlcycampenies noered in Mcrgan Stanlcy Resesrch. As : resul.,ieslnrs snot.ld b: rwere thar the firm imay hase a ccnfliet oiinrcrest het could affes the ctijeclivity of Mnrgan Slanlcycampenies noered in Mcrgan Stanlcy Resesrch. As : resul.,ieslnrs snot.ld b: rwere thar the firm imay hase a ccnfliet oiinrcrest het could affes the ctijeclivity of Mnrgan Slanlcycampenies noered in Mcrgan Stanlcy Resesrch. As : resul.,ieslnrs snot.ld b: rwere thar the firm imay hase a ccnfliet oiinrcrest het could affes the ctijeclivity of Mnrgan Slanlcy (600104.55) are cur preferrecl stocks in 1H26 far their resilient domestic and(600104.55) are cur preferrecl stocks in 1H26 far their resilient domestic and(600104.55) are cur preferrecl stocks in 1H26 far their resilient domestic and(600104.55) are cur preferrecl stocks in 1H26 far their resilient domestic and growing oversess sales as well as re-rating opportunities from a non-auto 'secondgrowing oversess sales as well as re-rating opportunities from a non-auto 'secondgrowing oversess sales as well as re-rating opportunities from a non-auto 'secondgrowing oversess sales as well as re-rating opportunities from a non-auto 'second act'. We wpuld recommend investors to keep a close watcih on Li AutaFor analyst certification and other important disclosures,rfscisian(LI.O/2015.HK), NIO (NIO.N/9855.HK) and BYD'’s (121LHK/002594.5Z) new Launrhesrefer to the Disclosure Section, located at the end of thisact'. We wpuld recommend investors to keep a close watcih on Li AutaFor analyst certification and other important disclosures,rfscisian(LI.O/2015.HK), NIO (NIO.N/9855.HK) and BYD'’s (121LHK/002594.5Z) new Launrhesrefer to the Disclosure Section, located at the end of thisact'. We wpuld recommend investors to keep a close watcih on Li AutaFor analyst certification and other important disclosures,rfscisian(LI.O/2015.HK), NIO (NIO.N/9855.HK) and BYD'’s (121LHK/002594.5Z) new Launrhesrefer to the Disclosure Section, located at the end of thisact'. We wpuld recommend investors to keep a close watcih on Li AutaFor analyst certification and other important disclosures,rfscisian(LI.O/2015.HK), NIO (NIO.N/9855.HK) and BYD'’s (121LHK/002594.5Z) new Launrhesrefer to the Disclosure Section, located at the end of this in 2Q far potential alpha generation against meaningfully reduced expectatipns. Forin 2Q far potential alpha generation against meaningfully reduced expectatipns. Forin 2Q far potential alpha generation against meaningfully reduced expectatipns. Forin 2Q far potential alpha generation against meaningfully reduced expectatipns. For