Investment Rating - The report estimates that Alibaba Cloud's revenue CAGR is expected to exceed 30% over the next three years [5]. Core Insights - Alibaba's Tongyi series models lead globally through an open-source strategy and continuous investment in iteration, enhancing its model engineering capabilities [4][15]. - The company has announced a capital expenditure plan of 380 billion RMB over three years to enhance its infrastructure, which is currently distributed across 29 regions and 92 availability zones globally [4][60]. - Alibaba Cloud is building a developer ecosystem through the Bailian platform and the Modao community, creating a unique business model that integrates model open-sourcing, computing power monetization, and ecosystem value addition [4]. Summary by Sections Full-Stack Technology and Infrastructure - Alibaba Cloud's full-stack technology establishes a strong competitive moat in the AI era, with significant investments in infrastructure and self-developed GPU chips [4][15]. - The company aims to enhance its overseas infrastructure layout, leveraging its global data center expansion and AI product internationalization [7]. Revenue Growth and Profitability - The report anticipates a significant increase in profitability, with profit margins expected to exceed 15% due to the rising proportion of AI revenue and high-margin overseas business [6]. - The domestic market is experiencing accelerated intelligent transformation across industries such as internet, finance, and automotive, allowing Alibaba Cloud to continuously increase its market share [7]. Competitive Positioning - Alibaba Cloud maintains a leading position in model iteration, scenario adaptation, and understanding of B2B customers, with a robust global infrastructure that supports its AI development [15]. - The Tongyi series models have established a comprehensive technology matrix, serving over 1 million enterprise customers globally and demonstrating strong commercial viability [23][29]. AI Ecosystem and Applications - The report highlights the importance of open-source strategies in building a robust AI ecosystem, with Alibaba's Tongyi models being the most downloaded globally [26][45]. - Alibaba is advancing its C-end applications and hardware ecosystem, aiming to create a super app that integrates various services and enhances user engagement [47].

Core Viewpoint - The article discusses the concept of "bottomless top" in the context of the A-share market, suggesting that the market is currently in a slow bull phase, which is characterized by gradually rising highs and lows, contrasting with the historical volatility of the A-share market [1][2]. Group 1: Significance of "Bottomless Top" Slow Bull - A "bottomless top" slow bull market supports a healthy capital market, which is crucial for enhancing China's international status, improving economic growth quality, and facilitating industrial upgrades [4]. - Strengthening the RMB as a "functional anchor" is essential for establishing a financial powerhouse, with a sustainable return rate from a slow bull market attracting global capital [4]. - Improving residents' income expectations through capital market returns can create a positive feedback loop for consumption, especially in the context of current asset scarcity [5]. Group 2: Reasons for Past A-share Market's Inability to Form a Slow Bull - The A-share market has historically struggled to establish a slow bull due to its high volatility and frequent bull-bear cycles, with only 51% of months showing gains compared to 66% in the S&P 500 [8][12]. - The market has experienced a high frequency of large monthly gains, indicating a tendency for rapid price increases that can deplete future expectations [8][12]. - Structural characteristics of the Chinese economy, such as reliance on capital formation and real estate, contribute to the "pulse-like" nature of earnings cycles, leading to frequent fluctuations [12][20]. Group 3: Current Conditions Favoring a Slow Bull in A-share Market - The current A-share market is better positioned for a slow bull than ever before, driven by the restructuring of the international monetary order and the resilience of the Chinese economy [30]. - Economic transformation and the emergence of new growth drivers, such as manufacturing and innovation, are expected to enhance the sustainability of profit growth [31][32]. - Recent reforms, including the new "National Nine Articles," aim to address imbalances in investment and financing, improving the overall market environment [39][40]. Group 4: Challenges to Sustaining a Slow Bull - Despite favorable conditions, challenges remain in the form of structural issues in the economy, regulatory frameworks, and the need for a balanced investment environment [61][62]. - The implementation of the new "National Nine Articles" and the need for improved financial hedging tools are critical for stabilizing the market and enhancing investor confidence [62][63]. - Attracting long-term capital from both domestic and international sources is essential for sustaining the slow bull, necessitating further reforms and openness in the market [63].

智通财经APP获悉，中金发布研报称，国际货币秩序重构是本轮A股牛市的核心驱动力。2024年9月以 来，A股在此前一片悲观声音中走出震荡上行的牛市，关于牛市成因市场有诸多讨论。其中"924"的政 策转向是基础，而该行认可的牛市持续驱动力是国际货币秩序重构，既因为美元资产安全性本身出问 题，中国经济强大韧性，以及AI革命之下中国创新叙事反转也至关重要。尤其是2025年中美谈判反映 中国综合国力的提升，进一步动摇美元霸权和强化新秩序，驱动全球资金再配置以及中国资产重估。此 外，低利率环境，居民旺盛的资产配置需求，国家队稳市机制也是有利于市场的环境。考虑到A股估值 从大类资产比较以及全球股市比较维度仍具备吸引力，国际货币秩序重构仍在演绎中，中国创新产业叙 事延续并将带来业绩兑现，该行看好A股牛市继续进行。中金认为值得注意的是，A股面临的基本面、 制度面和资金面环境在过去不断量变的过程中发生较多质变，当前A股可能比历史任何时候更具备慢牛 的条件。 中金主要观点如下： 基本面：推进全国统一大市场建设，产业政策进一步多元化。该行认为宏观层面的产能周期波动，核心 是地方区域之间竞争导致行业过度投资，最终加总供给远超市场需求。 ...

中金公司研报指出，供给端弹性下降且脆弱性上升。一是国内产能触顶，二是欧美受制于电力紧张难以 恢复且脆弱性提升，三是印尼受制于电力供应产能难以快速释放，我们预计2025-2030年全球供应增速 将系统性下滑,供应CAGR为1.4%。需求侧受益于财政货币双宽松且新兴需求方兴未艾。我们认为，一 是传统需求有望在宽松下获得提振，二是储能、IDC叠加新三样正在成为铝需求的新引擎，三是海外新 兴经济体支撑铝需求进入新周期，我们预计2025-2030年需求CAGR为2.3%。成本端，我们认为，一是 氧化铝受反内卷和几内亚政策风险有望驱动价格否极泰来，二是能源绿色转型有望降低电解铝绿电成 本，三是煤炭需求拖累价格维持低位。中国铝产业加速出海布局，具有出海潜力的公司具备更强的成长 性。受制于国内铝土矿短缺和2017年以来电解铝产能天花板限制，中国铝企出海东南亚、非洲、中东等 地的进程正全面加速。率先出海的企业将构建先发优势，卡位资源和能源丰富区域。看涨铝价和吨铝利 润扩张，迎接电解铝板块重估机遇。我们认为，电解铝供需缺口持续扩大，叠加全球积极的财政和货币 政策共振，铝价有望持续创出新高；考虑成本侧有望维持低位，吨铝利润有望随着 ...

Investment Rating - The report does not explicitly state an overall investment rating for the financial industry, but it provides specific recommendations for various sectors and companies within the industry [3][21]. Core Insights - The financial industry experienced a decline this week, with the non-bank financial index down by 2.63%, underperforming the CSI 300 index by 2.06 percentage points. The banking sector saw a decline of 3.03%, also underperforming the CSI 300 index by 2.46 percentage points [1][9]. - The report highlights a structural interest rate cut by the central bank, which is expected to impact various financial sectors, particularly banks and insurance companies. The insurance sector is viewed as being in a critical window for performance and valuation recovery [3][21]. - Regulatory measures have been introduced to stabilize the derivatives market, which is expected to benefit well-capitalized and compliant brokerage firms [2][17]. Summary by Sections 1. Weekly Performance and Sector Insights - The non-bank financial index decreased by 2.63%, with the securities, insurance, and diversified financial indices down by 2.21%, 3.59%, and 1.83% respectively [1][9]. - The banking sector's performance was notably poor, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks experiencing declines of 2.20%, 4.08%, 2.40%, and 2.20% respectively [1][9]. 2. Insurance Sector Insights - The insurance sector's index fell by 3.59%, underperforming the CSI 300 index by 3.02 percentage points. The report indicates that regulatory cooling measures have created short-term pressure on the insurance sector, but the long-term outlook remains positive due to asset growth and interest margin recovery [1][13][15]. - Key companies such as China Pacific Insurance, China Life, and New China Life are recommended for investment due to their strong fundamentals and recovery potential [3][16]. 3. Brokerage Sector Insights - The brokerage sector saw a decline of 2.21%, with the report emphasizing the potential benefits of new regulatory measures aimed at enhancing the derivatives market. The focus is on larger, well-capitalized firms that can navigate the evolving regulatory landscape [2][17]. - Recommendations include major brokerages like Guotai Junan and Huatai Securities, which are expected to benefit from the anticipated recovery in profitability and valuation [2][18]. 4. Banking Sector Insights - The banking sector's index fell by 3.03%, with the central bank's recent interest rate cut expected to support the sector's performance in the long run. The report suggests that banks may see a gradual recovery in net interest income and profitability [3][21][22]. - Specific banks such as Hangzhou Bank and Ningbo Bank are highlighted as potential investment opportunities, particularly those with previously undervalued positions [3][22].

Core Insights - The report highlights that new regulations in derivatives are expected to release positive signals for the non-bank financial sector, with a focus on companies likely to announce performance increases [1][5]. Group 1: Market Performance - As of January 16, 2026, the Shanghai Composite Index closed at 4101.91, down 0.45%, while the Shenzhen Component Index rose by 1.14% to 14281.08 [10]. - The average daily trading volume in the Shanghai and Shenzhen markets reached 3.47 trillion yuan, an increase of 21.50% month-on-month [5]. Group 2: Industry Dynamics and Weekly Commentary Insurance Sector - Listed insurance companies are expected to continue high growth, with improvements in long-term interest rate spreads anticipated [12][16]. - As of January 12, 2026, the total scale of private equity securities investment funds by insurance capital reached 184.5 billion yuan, with 11 funds established [16]. - The report suggests focusing on companies such as China Ping An, China Life, and New China Life for potential investment opportunities [16]. Securities Sector - The China Securities Regulatory Commission (CSRC) emphasized stability and quality improvement in its 2026 work meeting, aiming to prevent market volatility and enhance internal stability [17][18]. - The CSRC's new derivatives regulations aim to standardize the market, encourage risk management, and improve the income structure of brokerage firms [25][26]. - The report indicates that the derivatives market is expected to grow significantly, with the scale of over-the-counter derivatives increasing from 0.32 trillion yuan in 2015 to 2.38 trillion yuan in 2023, reflecting a compound annual growth rate of 29% [26]. Group 3: Key Company Valuations and Financial Analysis - China Ping An (601318.SH) has a current price of 66.33 yuan, with a target value of 85.17 yuan, indicating a buy rating [6]. - New China Life (601336.SH) is rated as a buy with a current price of 82.09 yuan and a target value of 94.21 yuan [6]. - China Life (601628.SH) is also rated as a buy, with a current price of 47.52 yuan and a target value of 55.47 yuan [6].

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - The introduction of the first derivative trading regulations by the China Securities Regulatory Commission (CSRC) is expected to enhance the leverage capacity of brokerage firms, supporting the steady development of the derivatives market and encouraging risk management activities [7][10]. - The derivatives business is projected to optimize revenue structures and enhance the anti-cyclical capabilities of brokerage firms, as it is driven by client needs and capital intermediation rather than relying on directional market returns [7][10]. - The report highlights that the derivatives market in China has significant room for growth compared to overseas markets, with the scale of over-the-counter derivatives increasing from 0.32 trillion CNY in 2015 to 2.38 trillion CNY in 2023, reflecting a compound annual growth rate (CAGR) of 29% [7][10]. Summary by Sections Regulatory Developments - On January 16, 2026, the CSRC released the "Interim Measures for the Supervision and Administration of Derivative Trading (Draft for Comments)," which aims to regulate derivative trading venues and institutions, and implement counter-cyclical management [7][10]. - The regulations encourage the use of derivatives for hedging and resource allocation while limiting excessive speculation [10]. Market Opportunities - The derivatives business is expected to create a "stronger stronger" moat for brokerage firms that can provide high-level services, including trading pricing, hedging, and risk control capabilities [7][10]. - The report suggests that leading institutions have significant room to increase leverage, especially in the context of continuous inflows of new capital and favorable industry policies [7][10]. Investment Recommendations - The report recommends focusing on brokerage firms with strong balance sheets, outstanding trading capabilities, and extensive coverage of domestic and international institutional clients, such as Guotai Junan, Huatai Securities, CICC, and CITIC Securities [7][10].

Core Viewpoint - The article emphasizes the establishment of a digital research platform by CICC, aimed at providing efficient, professional, and accurate research services by integrating insights from over 30 specialized teams and covering more than 1800 individual stocks [1]. Group 1: Research Services - CICC's digital research platform, "CICC Insight," offers a one-stop service that includes research reports, conference activities, fundamental databases, and research frameworks [1]. - The platform utilizes advanced model technology to enhance the research experience for clients [1]. Group 2: Research Content - Daily updates on research focus and timely article selections are provided through the "CICC Morning Report" [4]. - The platform features live broadcasts where senior analysts interpret market hotspots [4]. Group 3: Data and Frameworks - CICC Insight includes over 160 industry research frameworks and more than 40 premium databases, offering comprehensive industry data [10]. - The platform also features an AI search function for efficient information retrieval and analysis [10].

Group 1: IPO Overview - In 2025, a total of 119 companies listed on the Hong Kong Stock Exchange, with 114 through IPOs and 5 through other methods [1] - The IPO intermediaries included 42 brokerage firms, 39 Hong Kong legal advisors, 33 Chinese legal advisors, and 9 accounting firms [1] Group 2: Sponsor Performance Rankings - The top five sponsors for the 114 Hong Kong IPOs were: 1. CICC with 41 deals 2. CITIC Securities (Hong Kong) with 32 deals 3. Huatai International with 22 deals 4. Guotai Junan with 13 deals 5. Morgan Stanley and China Merchants International, both with 12 deals [2][3] Group 3: Hong Kong Legal Advisors Rankings - The leading Hong Kong legal advisors for the IPOs were: 1. Davis Polk and Highbury with 16 deals each 2. K&L Gates with 9 deals 3. Several firms including Farrer & Co, King & Wood Mallesons, and others with 5 deals each [7][8] Group 4: Chinese Legal Advisors Rankings - The top Chinese legal advisors for the IPOs were: 1. Tongshang with 19 deals 2. Jingtian & Gongcheng with 17 deals 3. Zhong Lun with 10 deals [10][11] Group 5: Accounting Firms Rankings - The leading accounting firms for the IPOs were: 1. Ernst & Young with 41 deals 2. KPMG with 25 deals 3. Deloitte with 21 deals 4. PwC with 13 deals [14][15]

Core Viewpoint - The company aims to become a world-class investment bank by focusing on high-quality development, serving the real economy, and promoting wealth preservation and growth for residents, while contributing to the construction of a financial powerhouse and Chinese-style modernization [1][11]. Group 1: Service to the Real Economy - The company emphasizes its core responsibility to serve the real economy, particularly through technology-driven innovation, as a key aspect of its mission as a state-owned financial institution [2]. - The company has facilitated over 3.2 trillion yuan in technology finance-related equity, bond, and merger transactions, including significant IPOs like CATL and Han's Laser [2][4]. - The company aims to be a partner in industrial innovation, providing continuous support from value discovery to resource integration for technology enterprises [2]. Group 2: Wealth Management and Resident Wealth Growth - The company recognizes the importance of the securities industry in facilitating the interaction between resident wealth and capital markets, which is crucial for promoting consumption and expanding domestic demand [5][6]. - The company has seen a significant increase in its wealth management capabilities, with its buy-side advisory assets exceeding 120 billion yuan, positioning it as a leader in the industry [7]. - The company is committed to enhancing its digital capabilities and providing tailored wealth management services to help residents achieve stable wealth growth in a low-interest-rate environment [7]. Group 3: Internationalization and High-Level Opening - The company is focused on becoming a financial institution that understands the Chinese market and connects with international rules, providing cross-border investment and financing services [8][9]. - The company has completed over 80 billion USD in transactions related to the Belt and Road Initiative, showcasing its role in cross-border capital flows [9]. - The company aims to contribute to international rule-making and enhance China's influence in green finance and sustainable investment [10]. Group 4: Future Strategy and Development - The company plans to leverage the spirit of the 20th National Congress to formulate a new strategic plan, aiming for comprehensive upgrades in capabilities and organizational transformation [12]. - The company will focus on mergers and acquisitions, such as the integration with Dongxing Securities and Xinda Securities, to enhance its operational efficiency and service capabilities [12].