年内共受理278家，上会124家，过会107家，撤回99家，终止7家，过会率为95.7%，真实过会率为45.3%（真实过会率=本期开会且已通过家数/ （本期状态更新为通过+未通过+暂缓表决+待表决家数+终止/撤回的家数）） 2025年度圆满收官。回顾今年以来IPO市场，2025年，A股IPO市场交出了一份亮眼的成绩单，今年A股新股延续了"零破发"的态势，赚钱效应明 显，打新收益创三年新高。本系列将从多个角度对2025年A股IPO进行数据盘点。 根据Wind数据统计，年内A股共有116家企业成功上市，同比增长16%，新股受理及发行持续实现常态化；合计募集资金1317.71亿元，同比增长 95.64%；平均募集额11.36亿元，同比增长68.66%。 投行业务方面，年内（按上市日统计）券商IPO保荐承销费用合计64.44亿元，同比增长45.47%。这一增长不仅源于募资规模的扩大，更得益于头 部券商在大型项目中的集中受益，行业马太效应进一步强化。 责任编辑：公司观察 年内共有30家券商（合并母子公司）斩获A股IPO保荐项目。国泰海通以17家的保荐项目数量位列行业第一，同比增长142.86%。中信证券则以 11.66 ...

上述研报还指出，对于AI相关性较低的公司，业绩能见度和估值性价比将是股价的核心影响因素。业 绩角度，竞争格局及宏观敏感度为核心影响要素。一是竞争格局相对稳定的垂类龙头有望保持业绩韧 性。二是以供给创新驱动的情绪消费有望保持高景气。此外，随着2025年4季度起各大即时零售平台开 始注重优化效率，2026年行业竞争强度如若边际趋缓，核心玩家则存股价反转机遇。 编辑：林郑宏 转自：新华财经 新华财经上海12月31日电 中信证券研报分析认为，2025年互联网板块在外部扰动反复的环境下走出震 荡上行行情，上行动量主要为AI驱动的价值重估及流动性改善。展望2026年，预计中概互联网板块的 投资机遇将围绕AI产业化进程、业绩能见度和估值性价比两大主线展开：一是AI产业化加速兑现，模 型迭代、应用渗透以及业绩兑现将成为互联网板块AI叙事下的重要催化；二是综合考虑业绩能见度及 估值性价比。此外，建议关注外卖与即使零售竞争格局边际变化带来的潜在机遇。 ...

12月25日至30日，久立特材（002318）密集接待中信证券、南方基金、易方达基金等合计17家机构调 研。调研过程中，公司就机构重点关注的市场开拓进展、主营业务布局及未来发展战略规划等核心议题 与调研机构展开深度沟通与专业交流。近来久立特材密集接受机构调研，显示资本市场对公司业务发展 潜力及行业赛道景气度的高度关注与认可，也反映出市场对公司长期投资价值的积极预期。 合金材料业务领域，公司控股子公司凭借覆盖冶炼、锻造、热加工至冷加工的全流程生产管控体系，以 及产品在高精度、高强度、耐高温高压及耐腐蚀等方面的卓越性能，成功匹配油气、核电、航空等高端 行业的严苛要求。久立特材将持续支持其产能爬坡，并助力其开拓新市场、巩固客户关系，推动其实现 业务转型升级。 油井管业务方面，久立特材通过积极开发新客户、探索新应用场景，并深化与关键客户的合作及材料认 证工作，有效提升了相关生产线的产能利用率和产品销量。展望未来，公司将继续聚焦国际市场，加大 渠道拓展力度，致力于提升该类产品的全球市场份额。 作为全国工业用不锈钢管领域的标杆企业，久立特材产品矩阵丰富，涵盖DSS/SDSS、CRA-OCTG、 HRB/MLP/WOL、S ...

中信证券研报认为，消费电子方面，整体来看，2026年国补政策在2025年基础上新增智能眼镜产品，边 际上相关供应链公司受益。 ...

中信证券发布研报称，2025年互联网板块在外部扰动反复的环境下走出震荡上行行情，上行动量主要为 AI驱动的价值重估及流动性改善。展望2026年，AI依然是板块估值上行的核心催化，核心关注：1)模型 迭代、应用落地以及业绩兑现带来的叙事强化；2)模型公司上市后带来的估值对标，有望进一步驱动互 联网公司AI业务价值重估。而对于短期AI相关性较低的公司，业绩能见度和估值性价比将是选股核心 要素，建议关注竞争格局相对稳定、业绩韧性较强的垂类龙头、以供给创新带动的高景气赛道以及低估 值下的绝对收益标的。 中信证券主要观点如下： 2025年回顾：AI及流动性宽松带动下的估值抬升。 基础设施：海外算力供给约束缓解及国产算力能力提升后，CAPEX将继续扩张。根据各公司公告以及 彭博一致预期，2025年阿里巴巴/腾讯的资本支出有望达1300/829亿元，占收比分别为12.7%/11.0%(远低 于微软/亚马逊/谷歌/Meta的32.7%/17.5%/25.3%/35.2%)，主要受制于海外高端算力的可得性以及国产芯 片的产能约束。 展望2026年，该行认为互联网公司CAPEX投入将进一步扩张，主要原因系海外算力供给约束的缓解、 ...

Core Viewpoint - The report from CITIC Securities indicates that the home appliance sector is expected to underperform the market in 2025, with fund holdings at historically low levels, but recovery opportunities are emerging [1][2]. Group 1: 2025 Industry Review - The home appliance sector has underperformed the CSI 300 index since 2025, primarily due to domestic demand being affected by the reduction of national subsidies, high base effects, fluctuating tariffs, and weakening emerging markets in Q3 [2]. - The proportion of fund holdings in the home appliance sector has decreased to 1.93% from Q1 to Q3, with reductions in white goods, black goods, and small appliances, while components have seen a slight recovery [2]. - Currently, institutional holdings in the home appliance sector are at historically low levels, suggesting potential for recovery if domestic policies are implemented and external disturbances ease [2]. Group 2: Focus Areas for 2026 - The "old-for-new" policy is likely to continue, stabilizing domestic sales of home appliances. In 2025, the national subsidy program is expected to expand, with over 128 million units of 12 categories of appliances exchanged, utilizing more than 80 billion yuan of funds [3]. - Tariff impacts are gradually diminishing, with Chinese appliance exports to the U.S. recovering as trade relations stabilize. Companies are accelerating overseas production to mitigate future tariff uncertainties, particularly in emerging markets where penetration rates are low [3]. - The Mini LED television market is experiencing accelerated penetration driven by cost reductions and new product launches from leading manufacturers, with Chinese brands holding significant market shares [4]. - The commercial cold chain sector is expected to rebound in 2026, with leading companies seeing stabilization in frozen business and growth in new segments like smart cabinets [5]. - Component manufacturers are transitioning towards liquid cooling technologies, which are becoming essential in high-density data centers, leveraging existing expertise in thermal management and fluid control [5]. Group 3: Material Price Fluctuations - The impact of raw material price fluctuations is relatively limited, with copper and aluminum prices increasing by 17% and 5% respectively since Q4 2025, while prices for ABS, PP, and PS have decreased significantly [6][7]. - The overall cost index for white goods has shown mixed results, with air conditioners seeing a 3% increase in costs, while refrigerators and washing machines have experienced slight declines [7]. Group 4: Investment Strategy - In 2026, focus on companies that will benefit from continued national subsidies, particularly leading white goods manufacturers [9]. - Attention should be given to overseas companies with manufacturing and brand advantages, as they can effectively navigate trade risks and capitalize on emerging market growth [9]. - The Mini LED market is rapidly expanding, with Chinese leaders positioned to benefit from this trend [9]. - Commercial cold chain leaders are expected to see growth in new business segments driven by increased market share among key clients [9]. - Component companies are encouraged to pursue upgrades, particularly in liquid cooling technologies for AI data centers [9].

Core Viewpoint - The report from CITIC Securities indicates that the home appliance sector's stock performance will lag behind the market in 2025, with fund holdings dropping to historical lows, but recovery opportunities are emerging [1] Group 1: Domestic Demand - Domestic demand remains resilient supported by the "trade-in" policy, with expectations that the national subsidy policy will continue to underpin demand in 2026 [1] - The report emphasizes the importance of monitoring the advancement of domestic demand policies [1] Group 2: External Demand - The impact of tariffs is gradually diminishing, allowing companies to accelerate local operations overseas [1] - There is significant growth potential in emerging markets, which remains a focus for companies in the sector [1] Group 3: Investment Recommendations - The report suggests focusing on areas such as the promotion of domestic demand policies, expansion into emerging markets, and the structural upgrade of black appliances [1] - It recommends prioritizing leading home appliance companies that possess scale and technological strength [1]

中信证券研报称，预计2026年政府债总量供给可能温和增长。以2023~2025年国债净融资进度均值作为 参考，我们预测了2026年全年一般国债的净融资情况，预计Q2净供给压力可能较为集中。预计新增一 般债发行维持偏缓进度，新增专项债发行可能在Q2末存在发行高峰。2025年再融资债发行和地方债到 期比例加大，预计2026年这一特征会延续。 ...

Core Viewpoint - The internet sector is expected to experience a fluctuating upward trend by 2025, driven primarily by AI-induced value reassessment and improved liquidity [1] Group 1: AI as a Catalyst - AI will remain the core catalyst for valuation increases in the sector through 2026 [1] - Key focus areas include: 1) model iteration, application implementation, and performance realization that strengthen narratives [1] 2) valuation benchmarks from model companies post-IPO, which may further drive the reassessment of AI business value in internet companies [1] Group 2: Short-term Stock Selection - For companies with lower short-term correlation to AI, performance visibility and valuation attractiveness will be critical factors for stock selection [1] - Recommendations include focusing on relatively stable competitive landscapes, companies with strong performance resilience, high-growth sectors driven by supply innovation, and absolute return targets under low valuations [1]

中信证券研报表示，2025年家电板块股价表现逊于大盘，基金持仓降至历史低位，但后续修复机会已经 显现。内需在"以旧换新"政策支持下保持韧性，我们预计2026年国补政策延续托底需求。外需方面，关 税影响逐步减弱，企业加速推进海外本土化经营，同时新兴市场成长空间仍广阔。建议重点关注内需政 策推进、新兴市场拓展、黑电结构升级等领域，优选具备规模与技术实力的头部家电企业。 ...