中信证券研究 文|李超 俞腾 商业航天在可复用迭代与星座ITU时限共振下，发射与制造进入刚性放量，材料端出现"乘数效应"。我 们看好四类核心材料的产业化加速：高强高导铜合金（液体火箭发动机推力室内壁）、铌合金（二级真 空喷管与高工况推力室）、钽合金（抗辐照与星载）及高温合金（发动机热端部件）。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ ▍发射端的景气度与可复用渗透率是材料需求"乘数效应"的核心来源。 2025年全球火箭发射329次，其中商业航天发射214次，占比约65%；中国发射92次，商业航天占比 50%；美国发射198次，商业航天占比82%，商业属性已成为行业增长的主要驱动力。在星座端，我国 近期新增申报低轨卫星20.3万颗，叠加原有项目，申报总数已突破25.5万颗。在ITU"7-9-12-14年"强制 发射约束下，高密度发射窗口效应将把火箭与卫星制造推入"刚性放量"的轨道。 | 140 285 MIT 2017 | | | | | --- | --- | --- | --- | | 时间 | 政策名称 | 爱布机构 | 横心内容与意义 | | 2014 | 《国务院关于创 ...

Core Insights - The report from CITIC Securities indicates that by the end of 2025, the total market size of bank wealth management is expected to reach 33.29 trillion yuan, with fixed-income products remaining the dominant type [1] - Despite a better performance in the equity market, the overall risk appetite for bank wealth management has not significantly increased due to constraints from liability clientele and net asset value stability [1] - The forecast for the total wealth management scale in 2026 is projected to reach between 35 to 36 trillion yuan [1] Asset Allocation - In terms of asset allocation, deposits have become the most increased asset in bank wealth management since last year, while the increase in equity holdings has been very limited [1] - Multi-asset allocations in the second half of last year were primarily achieved through public fund products [1] Strategy Outlook - The strategy for the fixed-income portion is expected to maintain the current deposit ratio, with a focus on stable credit configurations to cope with bond market fluctuations [1] - For multi-asset investments, overseas bonds, fixed-income plus funds, and commodities are anticipated to be important directions for enhancing returns, although this needs to be observed in conjunction with liability clientele perspectives and market conditions [1] - The overall increase in risk appetite in the wealth management market is expected to be a long-term process [1]

中信证券研报指出，存款是理财过去一年增配最多的资产。趋势上，根据中国理财网统计，银行理财表 内现金及银行存款占比2025年以来逐季增长，截至25H2收于28.20%，较24H2提升4.30ppts，绝对规模则 达到10.06万亿元，其中下半年环比增长1.92万亿元。逻辑上，2025年上半年资金面相对紧缩，非银存款 报价较高，理财子配置存款对比配置债券的性价比更高；而进入下半年后，债市波动较大，为平抑产品 净值波动，机构也选择主动增加存款投资，成为金融数据中推动下半年非银存款增长的核心力量。 ...

中信证券研报指出，根据中国理财网发布的官方年报统计，截至2025年末银行理财市场存续规模33.29 万亿元，全年增长3.34万亿元，同比增速达到11.15%，全年累计新发理财产品3.34万只，募集资金76.33 万亿元。 ...

中信证券研报指出，趋势上，银行理财表内股票资产占比自2023年以来持续回落。截至2025年末，银行 理财表内权益资产持有占比仅为1.90%，对应资产规模6800亿元，两项数据分别较25H1下降0.40ppts和 800亿元。考虑到去年下半年以来，国内权益市场持续修复，股票资产估值价格迎来集体修复，理财对 权益持仓的"逆趋势"实际反映了其本身客群仍定位于居民储户等中低风险偏好人群的"类储蓄"产品特 征。去年以来，理财行业内部也积极推动固收+类产品的发展扩容，但在实操中对风险资产的配置仓位 基本锁定在较小比例内，作为对产品整体收益的增厚补充。往后来看，银行理财资金入市、固收+产品 发展仍将是长期过程。 ...

中信证券研报指出，商业航天在可复用迭代与星座ITU时限共振下，发射与制造进入刚性放量，材料端 出现"乘数效应"。我们看好四类核心材料的产业化加速：高强高导铜合金（液体火箭发动机推力室内 壁）、铌合金（二级真空喷管与高工况推力室）、钽合金（抗辐照与星载）及高温合金（发动机热端部 件）。 ...

中信证券研报指出，独立产生持续现金回流的不动产空间，其价值终究会被发现。历史上购物中心的 cap rate居高不下，确实和金融产品不丰富，运营价值未及充分体现有关。我们认为，商业不动产REITs 的即将推出彻底改变了不动产持有、运营、服务领域的生态，也为持有商业不动产的企业资产全面重估 奠定了基础。 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 担保对象及基本情况 二、被担保人基本情况 ■ ● 累计担保情况 ■ 公司境外全资子公司中信证券国际有限公司（以下简称中信证券国际）的附属公司CSI MTN Limited （以下简称发行人或被担保人）于2022年3月29日设立境外中期票据计划（以下简称中票计划），此中 票计划由中信证券国际提供担保。根据存续票据到期情况，结合公司业务发展实际需要，发行人于2026 年1月26日在中票计划下发行一笔票据，发行金额500万美元。 经公司第八届董事会第二十二次会议预审，经公司2023年度股东大会批准并再次授权公司发行境内外公 司债务融资工具。本次担保在上述授权范围之内。 ■ 三、担保协议的主要内容 根据发行人与中信证券国际、花旗国际有限公司（作为受托人）签署的《信托契据》，中信证券国际作 为担保人就发行人在中票计划下发行的票据，提供无条件及不可撤销的保证担保。2026年1月26日，发 行人在该中票计划下发行一笔票据，发行金额500万美元，由中信证券国际提供担保。 四、 ...

Group 1 - The core viewpoint of the news is the approval of the CITIC Securities - Chengdu Jiaozi Park Commercial Property Holding Real Estate Asset-Backed Special Plan, which aims to issue 450 million yuan [2] - The original rights holder of the plan is Chengdu Jiaozi Park Investment Holding Co., Ltd., which was established in August 2022 in Chengdu High-tech Zone [2] - The plan manager is CITIC Securities Co., Ltd., and the project has been officially accepted as of January 23, 2026 [2] Group 2 - Chengdu Jiaozi Park Investment Holding Co., Ltd. focuses on creating a highland for equity investment funds in Western China, actively implementing strategies to strengthen industrial chains and promote economic growth [3] - The company has established multiple funds in collaboration with well-known institutions such as LVMH, Meituan Longzhu, and others, targeting industries like electronic information, biomedicine, and digital economy [3] - The company promotes the establishment of dual GP funds around specific sectors such as artificial intelligence, satellite communication, and robotics, aiming to create a three-tiered industrial fund system [3]

Investment Rating - The report maintains a "Positive" investment rating for the non-bank financial sector [7] Core Insights - The non-bank sector has shown weak overall performance this week, but some companies have disclosed high profit growth forecasts for 2025. The China Securities Regulatory Commission (CSRC) has issued guidelines to promote the return to fundamentals in the public offering securities investment fund industry, which is expected to drive long-term stable development [2][4] - The market trading volume has decreased, yet remains at historically high levels. The report suggests monitoring the sector's future performance [4] - In the insurance sector, the third-quarter reports have confirmed the logic of deposit migration, increased equity allocation, and improved new policy costs. The certainty of ROE improvement has increased, and valuations are expected to accelerate recovery [4] - The report highlights the increasing cost-effectiveness of overall allocations and ongoing revaluation in the sector [4] Summary by Sections Non-Bank Sector Performance - The non-bank financial index decreased by 1.5% this week, with an underperformance of 0.8% relative to the CSI 300, ranking 29th out of 31 sectors [5] - Year-to-date, the non-bank financial index has decreased by 1.6%, underperforming the CSI 300 by 3.1% [5] Market Overview - The average daily trading volume in the two markets was 27,988.78 billion yuan, down 19.23% week-on-week, with a daily turnover rate of 2.68%, down 68.47 basis points [5] - The leverage capital scale has rebounded, with a margin balance of 2.72 trillion yuan, up 0.23% [5] Insurance Sector Insights - The cumulative insurance premium income for November 2025 reached 57,629 billion yuan, a year-on-year increase of 7.56% [23] - Life insurance income was 41,472 billion yuan, up 9.06% year-on-year, while property insurance income was 16,157 billion yuan, up 3.88% [24] Company Recommendations - The report recommends companies with stable profit growth and dividend rates, including Jiangsu Jinzu, China Ping An, and China Pacific Insurance, due to their strong business models and market positions [4] - Additional recommendations include New China Life, China Life, Hong Kong Exchanges and Clearing, CITIC Securities, Dongfang Caifu, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation levels [4]