转自：新华财经 新华财经北京12月30日电 中信证券在最新研报中给出投资建议称，铁锂行业盈利有望迎来周期性的拐 点。需求端，动力领域铁锂渗透率的进一步提升以及储能的高景气度带来需求的快速增长，我们测算 2026年全球磷酸铁锂正极材料出货量有望达到525万吨，同比+36%；供给端，我们预计2026年增长有 限，整体稼动率有望进一步提升，其中高端品仍较为紧缺。当前铁锂盈利能力处于周期底部，伴随供需 结构改善有望迎来修复空间，产品高端化、出海趋势的进一步明确有望为头部企业带来超额利润。重点 推荐铁锂行业内头部企业。 该机构具体表示，当前铁锂盈利能力处于周期底部，截至2025年前三季度企业毛利率水平普遍低于 10%，我们测算截至2025第三季度行业仅2家企业保持盈利状态，单吨盈利在1000元左右，其余企业仍 处于亏损状态。后续看，我们认为铁锂企业单位盈利存在修复空间，主要理由在于： 1）整体供需结构改善：2025第三季度后下游需求持续超预期，头部铁锂玩家产能利用率基本处于满产 甚至超产状态，需求的高景气与较低的盈利水平之间存在较大矛盾，企业对盈利修复的诉求较强； 2）反内卷政策指导：中国化学与物理电源行业协会按照企业 ...

12月30日，中信证券最新研报指出，天然胶原蛋白和重组胶原蛋白的技术、工艺均在持续进步中，应用 场景不断拓展。获批胶原蛋白产品的逐渐增加，将使适应症更为丰富，价格梯队更为完善，求美者扩容 和渗透率提升。当前，天然胶原蛋白和重组胶原蛋白产品注册证数量虽在增加的过程中，但均远未达到 饱和状态，各企业均有分享行业蛋糕扩容的机会，亦可在医美市场中找到生态位。 推荐：1）重组胶原蛋白冻干纤维注册证落地，有望于2026年上半年上市；同时重组胶原蛋白溶液和凝 胶有望于2026年获批，或成为业务第二成长曲线的公司；2）通过并购进入天然胶原蛋白领域，相关医 美三类械研发和临床稳步推进，有望未来获批成为现有医美生物材料矩阵新生力量的企业；3）具备强 药品研发和审评经验，通过代理、自研同时布局天然胶原蛋白和重组胶原蛋白的公司。 ...

Core Viewpoint - Overall, the Sino-U.S. economic and trade relationship is expected to stabilize in the short term, benefiting export expectations for 2026, but long-term structural contradictions still exist, requiring the exploration of alternative markets and enhancement of independent technology [1] Group 1: Economic Outlook - The U.S. federal funds rate is projected to decline to approximately 3.25% by the end of 2026 [1] - The Federal Reserve's interest rate cut cycle is expected to narrow the interest rate differential between China and the U.S., supporting a stable and strong renminbi if the U.S. rate decreases faster than China's [1] Group 2: Currency and Trade Dynamics - Increased willingness of export enterprises to convert foreign exchange is likely to boost the supply of U.S. dollars in the market, which is favorable for the appreciation of the renminbi [1] - China's current account remains in surplus, with a substantial trade surplus expected in 2025, providing fundamental support for the appreciation of the renminbi [1]

Group 1 - The core viewpoint of the article indicates that the recent appreciation of the RMB is favorable for the performance of RMB-denominated equity assets [1] - The central bank is expected to adopt more flexible policy tools in the next phase, with a focus on domestic demand targets [1] - Looking ahead to 2026, stable macro-financial conditions are expected to lead to a stable banking operating environment, with bank interest margins anticipated to bottom out and a reduction in risks for the real sector, resulting in income and profit recovery [1] Group 2 - The absolute return logic for the banking sector is driven by a reassessment of systemic risks, leading to valuation recovery, alongside stable equity return characteristics that attract capital inflows into the sector [1] - It is projected that the sector will continue to experience valuation enhancement in 2026 [1]

中信证券研报称，2026年财政政策定调为"更加积极的财政政策"。财政支出预计继续保持扩张力度，一 方面，继续向"新基建"、科技创新、 绿色低碳等新动能领域倾斜；另一方面，基本民生服务等领域的 支出也将加大，以增进民生福祉和直接刺激消费需求。同时，地方政府存量债务风险受到高度关注。在 控制债务风险的约束下，财政政策在"扩支出"与"防风险"之间求平衡。预计2026年货币政策基调延 续"适度宽松"，并强调灵活运用多种工具以降低社会融资成本。预计2026年中国人民 银行将在总量工 具上保持适度宽松取向，降准降息仍存空间。 ...

Core Viewpoint - The report from CITIC Securities indicates that despite external environmental changes and internal structural adjustments, China's macro economy is expected to maintain a steady recovery in 2026, supported by policy measures. Group 1: Economic Trends - Trend 1: Domestic demand recovery is anticipated to drive overall growth [1] - Trend 2: Investment is expected to shift from total pressure to structural optimization [1] - Trend 3: Sino-US relations are likely to ease, with no significant escalation of major frictions expected in 2026 [1] Group 2: Market Outlook - Trend 4: The acceleration of market diversification is projected, with external demand prospects in 2026 expected to be better than in 2025 [1] - Trend 5: As the first year of the 14th Five-Year Plan, it is expected that counter-cyclical and cross-cyclical adjustments will be strengthened [1]

Core Viewpoint - The technology and processes for natural collagen and recombinant collagen are continuously improving, leading to an expansion of application scenarios and an increase in the number of approved collagen products, which will enrich indications and enhance market penetration [1] Industry Summary - The number of registered certificates for natural collagen and recombinant collagen products is increasing but is still far from saturation, providing opportunities for various companies to share in the industry's growth [1] - The medical beauty market is expected to see an increase in both the number of consumers and market penetration as more collagen products are approved [1] Company Recommendations - The recombinant collagen freeze-dried fiber registration certificate is expected to be approved and launched in the first half of 2026, with recombinant collagen solutions and gels also anticipated to receive approval in 2026, potentially becoming a second growth curve for companies [1] - Companies entering the natural collagen field through acquisitions, with steady progress in the research and clinical development of related medical beauty Class III devices, are expected to gain approval in the future and become new forces in the existing medical beauty biomaterials matrix [1] - Companies with strong drug development and review experience that are simultaneously laying out natural and recombinant collagen through agency and self-research are well-positioned for growth [1]

中信证券研报表示，铁锂行业盈利有望迎来周期性的拐点。需求端，动力领域铁锂渗透率的进一步提升 以及储能的高景气度带来需求的快速增长，我们测算2026年全球磷酸铁锂正极材料出货量有望达到525 万吨，同比+36%；供给端，我们预计2026年增长有限，整体稼动率有望进一步提升，其中高端品仍较 为紧缺。当前铁锂盈利能力处于周期底部，伴随供需结构改善有望迎来修复空间，产品高端化、出海趋 势的进一步明确有望为头部企业带来超额利润。重点推荐铁锂行业内头部企业。 ...

中信证券研报称，近期人民币汇率升值，利好人民币权益资产表现。央行下阶段政策工具使用更加灵 活，重视内需目标。展望2026年，宏观金融条件稳定指向银行经营环境稳定，预计银行息差见底，实体 部门风险缓释中，收入与盈利修复。行业绝对收益逻辑来自于，银行系统性风险再评估带来的估值修 复，同时稳定权益回报特征驱动资金流入板块。预计2026年板块将继续演绎估值提升方向。 ...

中信证券研报称，受益政策、技术和市场三维驱动，商业航天迎来景气高企。在太空算力需求拉动下， 火箭、卫星结构轻量化以及特殊应用环境对于碳纤维材料提出更高要求，石墨纤维凭借耐高温、高强高 模以及低热膨胀系数等优势，渗透率有望进一步提升。我们预计伴随着下游需求放量，在国产化驱动 下，布局石墨纤维的相关企业有望充分受益。 ...