每经AI快讯，有投资者在投资者互动平台提问：贵公司近期连续的大宗交易是什么情况？ 隆平高科（000998.SZ）12月22日在投资者互动平台表示，上述情况不属实，中信证券不是公司大股 东，且公司前三大股东近期均无减持股票行为。如有重大事项的计划或安排，公司将依据相关规定及时 履行信息披露义务。 （记者 王瀚黎） ...

中信证券研报认为，展望2026年，随着民营商业火箭公司参与到千帆和GW星座组网，以及回收技术成 熟后运力成本的大幅下降，预计卫星产业链将加速兑现。根据《首台（套）重大技术装备推广应用指导 目录(2024年版)》，低轨手机直连通信卫星要求采用全数字相控阵天线，波束不小于16个，中信证券判 断随着卫星迭代升级，星载相控阵、通信载荷等最有望受益，市场快速扩容。 ...

Core Viewpoint - The A-share market is expected to stabilize and recover in risk appetite, with a spring rally anticipated in 2026 as the overseas environment becomes more stable and liquidity expectations are clarified [1][4][7]. Group 1: Market Outlook - Multiple brokerages indicate that a classic "cross-year-spring" rally is brewing, with significant institutional investors increasing their holdings in broad-based ETFs, providing stable incremental capital to the market [1][10][11]. - The spring market is characterized by a favorable liquidity environment, with historical patterns suggesting a high probability of a rebound before the Spring Festival [7][10]. - The market is currently experiencing a narrow range of fluctuations, influenced by external factors such as U.S. Federal Reserve policies and Japanese central bank actions, but is expected to resonate upward with global markets [8]. Group 2: Investment Strategies - Investors are advised to adopt a strategy of finding buying points and waiting for opportunities, rather than chasing prices, as the market adjustment appears to be sufficient [2][12]. - Focus areas for investment include sectors benefiting from domestic demand, such as AI applications, commercial aerospace, and tourism, as well as cyclical recovery sectors [4][11][13]. - The spring rally is seen as an opportunity to invest in high-growth sectors, with recommendations to pay attention to industries like industrial metals, non-bank financials, and tourism-related services [11][14]. Group 3: Currency and Asset Allocation - Investors are encouraged to adapt to a continuously appreciating RMB environment, with certain industries expected to benefit from improved profit margins due to currency appreciation [3]. - Approximately 19% of industries may see profit margin improvements due to the RMB's appreciation, which could attract investor attention [3].

中信证券研报称，结合中央经济工作会议和人民 银行近期表述看，2026年利率总量政策有望温和，预 计政策利率10bps幅度调降或在1~2次。对于银行定价而言，负债端中长期定存集中到期，有助于成本控 制；资产端LPR调整降频叠加终端利率下行放缓，收益率下行可控。我们预计，2026年银行业净息差降 幅收窄至4bps左右，为2022年以来首次年度息差降幅在低个位数水平。受益于此，上市银行全年营业收 入和归母净利润同比增速或分别改善至3.3%/2.8%左右，业绩稳定改善为板块稳定回报奠定扎实基础。 ...

中信证券研报认为，近期长债和超长债波动幅度加大，可能主要源于商业银行负债端压力。压力一方面 与监管考核等季节性因素有关，另一方面在央行延续货币政策框架改革背景下，或被央行扩表工具的投 放逐步对冲。考虑次年财政端压力或相对可控，在资金宽松而降息降准等宽货币工具仍待落地的大环境 下，长远来看超长债仍具一定的配置意义，建议关注短期利率超调后的配置机会。 ...

Core Viewpoint - Recent fluctuations in long-term and ultra-long-term bonds are primarily attributed to the pressure on the liability side of commercial banks, influenced by regulatory assessments and seasonal factors, while the central bank's monetary policy framework reform may gradually offset these pressures [1] Group 1: Market Conditions - The volatility in long-term and ultra-long-term bonds has increased, mainly due to pressures faced by commercial banks [1] - Regulatory assessments and seasonal factors contribute to the current pressures on banks' liabilities [1] Group 2: Monetary Policy Impact - The central bank's ongoing monetary policy framework reform is expected to gradually counterbalance the pressures on the banking sector [1] - The potential implementation of expansionary monetary tools, such as interest rate cuts and reserve requirement ratio reductions, remains to be seen [1] Group 3: Investment Outlook - Considering the manageable fiscal pressures anticipated for the next year, ultra-long-term bonds still hold certain investment significance in the long run [1] - There is a recommendation to pay attention to investment opportunities following short-term interest rate adjustments [1]

每经AI快讯，12月22日，中信证券研报称，美国11月失业率进一步上行，非农就业人数仍处于较低水 平。同时，11月非农就业增长结构也较差。类似地，ADP就业增长也继续在低位水平，较多行业也出现 负增长情况。整体而言，当前美国就业市场继续弱势运行，短期该趋势或将持续，明年美联储全年或降 息50bps左右。 ...

每经AI快讯，12月22日，中信证券研报指出，结合中央经济工作会议和人民银行近期表述看，2026年 利率总量政策有望温和，预计政策利率10bps幅度调降或在1~2次。对于银行定价而言，负债端中长期定 存集中到期，有助于成本控制；资产端LPR调整降频叠加终端利率下行放缓，收益率下行可控。我们预 计，2026年银行业净息差降幅收窄至4bps左右，为2022年以来首次年度息差降幅在低个位数水平。受益 于此，上市银行全年营业收入和归母净利润同比增速或分别改善至3.3%/2.8%左右，业绩稳定改善为板 块稳定回报奠定扎实基础。 ...

中信证券研报称，结合中央经济工作会议和人民银行近期表述看，2026年利率总量政策有望温和，预计 政策利率10bps幅度调降或在1~2次。对于银行定价而言，负债端中长期定存集中到期，有助于成本控 制；资产端LPR调整降频叠加终端利率下行放缓，收益率下行可控。我们预计，2026年银行业净息差降 幅收窄至4bps左右，为2022年以来首次年度息差降幅在低个位数水平。受益于此，上市银行全年营业收 入和归母净利润同比增速或分别改善至3.3%/2.8%左右，业绩稳定改善为板块稳定回报奠定扎实基础。 ...

Core Viewpoint - As of December 2025, SpaceX has successfully launched 3,095 Starlink satellites into orbit, indicating a significant advancement in commercial space endeavors and the potential for breakthroughs in launch capacity and cost reduction [1] Industry Developments - Domestic development of a recoverable medium-sized launch vehicle comparable to Falcon 9 is anticipated, which will help overcome current capacity bottlenecks [1] - The launch cost is expected to decrease significantly, accelerating the realization of markets related to satellites, terminals, and computing power [1] Market Opportunities - The commercial space sector is entering a new era, driven by the mass launch phases of China StarNet and the G60 Qianfan constellation, along with the operationalization of the Hainan commercial launch site and commercial launch vehicles [1] - The trend towards high capacity and low cost is set to unlock a trillion-dollar market, presenting substantial growth opportunities for the related industry chain [1] Investment Focus - Current high-potential investment directions include space computing power and recoverable rockets, while low Earth orbit communication satellite networks are the first segments with fundamental logic and order support [1]