智通财经APP获悉，中信证券发布研报称，春运前20天民航、铁路、公路客运量同比 +5.4%/+4.9%/+5.4%，关注节后初六、十六波峰客流的叠加效应，预计民航春运客流同增5.5%~6.0%。 2026年春运为航空繁荣周期首个"试金石"，关注节后客流叠加，再次强调"重视航司盈利拐点"，2026年 大航或迎利润表显著改善。预计民航春运客流同增5.5%~6.0%。未来两个月预计需求积极因素持续显 现，该行继续强调"2026年大航或迎利润表显著改善"。继续推荐周期弹性显著的航司，业绩确定性较高 的航司。 中信证券主要观点如下： 春运前20天民航、铁路、公路客运量同比+5.4%/+4.9%/+5.4%，关注节后初六、十六波峰叠加效应， 预计民航春运客流同增5.5%~6.0%。未来两个月需求积极因素持续显现，该行继续强调"2026年大航或 迎利润表显著改善"。 截至2月21日(春运前20天，2026年春运起止时间为2月2日(腊月十五)~3月13日(正月廿五))全社会跨区域 累计人员流动同比增长5.2%。分运输方式来看客运量(公路为人员流动量)，民航、铁路、公路分别同比 +5.4% /+4.9%/+5.4%，相对201 ...

Group 1 - The core viewpoint of the report is that NetEase (09999, NTES.US) has demonstrated robust operational performance in Q4 2025, with AI deeply integrated across all scenarios, showcasing sustained growth resilience [1] - The gaming business continues to be driven by a dual strategy of "long-term operation of classic IPs + global breakthroughs in new games," with AI technology enhancing efficiency and player engagement throughout the development, gameplay, and operational processes [1] - Non-gaming business shows differentiation, with Youdao's AI-native strategy yielding significant results [1] Group 2 - Looking ahead, the company has a strong pipeline of quality titles such as "Sea of Oblivion" and "Infinite," with a synergistic advantage formed by globalization, multi-platform, and AI integration, highlighting long-term growth potential [1] - The firm maintains a "Buy" rating for NetEase, assigning a 2026 Non-GAAP PE of 16x, corresponding to a target price of $150 per ADR in the US market and HKD 234 per share in the Hong Kong market [1]

智通财经APP获悉，中信证券发布研究报告称，美国最高法院裁决特朗普基于IEEPA的关税非法，特朗普政府试图"平替"的尝试，可能使全球关税预期重 新陷入阶段性混乱。对中国而言，受"休战期"稳定性和特朗普访华诉求影响，预计美国整体对华关税水平可能有所下降，至少在低税率窗口期内，中国劳 动密集型产品出口可能相对受益。展望后续数月，美国与各经济体的关税谈判可能带来诸多预期扰动，特别需关注特朗普潜在访华前的博弈。 美国最高法院裁决特朗普基于IEEPA的关税非法，特朗普政府试图"平替"的尝试，可能使全球关税预期重新陷入阶段性混乱。 根据路透社报道，2月21日美国最高法院裁决认定《国际紧急经济权力法》(IEEPA)没有授权总统征收大规模关税。裁决认为，国会在授权行政部门行使关 税权力时，通常会作出明确且严格的规定，而IEEPA中并不存在此类授权；美国最高法院首席大法官罗伯茨表示，政府将IEEPA解读为赋予总统单方面征 收无限制关税并可随意调整的权力，超出了法律本身的授权范围；在与戈萨奇和巴雷特大法官共同撰写的意见中，罗伯茨明确指出，特朗普依据IEEPA征 收关税违反了"重大问题原则"。 "重大问题原则"是近年来美国最高法院 ...

中信证券发布研报称，春节期间阿里巴巴在AI领域动作密集，模型升级与应用放量同步推进，进一步 强化全栈AI布局。2月16日除夕夜，公司开源发布Qwen3.5-Plus，采用混合MoE稀疏架构，总参数3970 亿、激活170亿，在显存占用下降约60%的情况下推理吞吐量最高提升19倍，API价格低至0.8元/百万 Token，兼顾性能与成本效率，为后续Agent应用奠定底层能力基础。应用侧，千问推出30亿元"春节请 客计划"，9小时订单突破1000万单，累计完成1.2亿笔AI购物订单，日活达7352万，全面接入核心生 态，实现从对话工具向可履约助手升级。整体来看，本轮动作体现公司在模型、算力、云与应用生态层 面的协同推进。整体来看，该行判断公司将围绕"消费+AI"战略持续投入，驱动公司核心业务持续上 行，该行依旧看好公司作为优质中国全栈AI资产的独特卡位和长期投资价值，维持公司港股及美股"买 入"评级。 ...

智通财经APP获悉，中信证券发布研报称，春节期间阿里巴巴(09988,BABA.US)在AI领域动作密集，模 型升级与应用放量同步推进，进一步强化全栈AI布局。2月16日除夕夜，公司开源发布Qwen3.5-Plus， 采用混合MoE稀疏架构，总参数3970亿、激活170亿，在显存占用下降约60%的情况下推理吞吐量最高 提升19倍，API价格低至0.8元/百万Token，兼顾性能与成本效率，为后续Agent应用奠定底层能力基 础。应用侧，千问推出30亿元"春节请客计划"，9小时订单突破1000万单，累计完成1.2亿笔AI购物订 单，日活达7352万，全面接入核心生态，实现从对话工具向可履约助手升级。整体来看，本轮动作体现 公司在模型、算力、云与应用生态层面的协同推进。整体来看，该行判断公司将围绕"消费+AI"战略持 续投入，驱动公司核心业务持续上行，该行依旧看好公司作为优质中国全栈AI资产的独特卡位和长期 投资价值，维持公司港股及美股"买入"评级。 ...

Core Viewpoint - Citic Securities reports that Alibaba (09988, BABA.US) demonstrated robust operational performance in Q4 2025, with AI deeply integrated across all scenarios, showcasing sustained growth resilience [1] Group 1: Business Performance - The gaming segment continues to drive growth through a dual strategy of "classic IP long-term operation + new game global expansion" [1] - AI technology is embedded throughout the research, gameplay, and operational processes, enhancing efficiency and player engagement [1] Group 2: Non-Gaming Business - The non-gaming business shows differentiation, with Youdao's AI-native strategy yielding significant results [1] Group 3: Future Outlook - The company has a strong pipeline with high-quality titles such as "Forgotten Sea" and "Infinite" [1] - The synergistic advantages of globalization, multi-platform, and AI integration highlight the long-term growth potential [1] Group 4: Investment Rating - Citic Securities maintains a "Buy" rating, projecting a 2026 Non-GAAP PE of 16x, corresponding to a target price of $150 per ADR and HKD 234 per share [1]

Core Viewpoint - CITIC Securities reports that China Tobacco Hong Kong (06055) has announced the latest developments in its exclusive cigarette export business, expecting significant improvements in gross profit margins due to supply chain integration, fully realized by 2027 [1] Group 1: Business Developments - The company has made multiple announcements in recent years to expand its business scope [1] - As the only publicly listed platform under China National Tobacco Corporation, the company is positioned to benefit from the internationalization process of the group [1] Group 2: Financial Outlook - The gross profit margin of the cigarette export business is anticipated to increase significantly [1] - The benefits from supply chain integration are expected to be fully reflected by 2027 [1] Group 3: Investment Rating - CITIC Securities maintains a "Buy" rating for the company [1]

2026年2月15日，智通财经报道春节期间券商电话会议密集召开，中信证券在正月初二（2月18日）至初 九（2月25日）举办新春系列电话会，覆盖电池、通信、计算机大模型等7大行业，反映公司积极把握市 场热度。 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！ 经济观察网 证监会核准中信证券业务范围变更，整合广州证券资产；公司春节期间举办系列电话会议 覆盖多行业；节前A股股价微跌，资金流向显示避险情绪；机构看好节后市场，关注高景气板块。 近期事件 2026年2月16日，证监会正式核准中信证券业务范围变更，调整部分业务区域限制，这是收购广州证券 后整合的关键步骤，有助于解决母子公司同业竞争问题，提升运营效率。 机构观点 2026年2月13日，多家机构发布节后市场展望，中信建投等机构认为春季行情有望延续，重点关注AI应 用、商业航天等高景气板块，中信证券作为行业龙头可能受益于市场交投活跃度提升。 以上内容基于公开资料整理，不构成投资建议。 股票近期走势 截至2026年2月13日（春节前最后一个交易日），中信证券A股收盘价27.62元，当日下跌0.90%，成交 额30.33亿元；同期港股（060 ...

Core Viewpoint - Shanghai Sunmi Technology Co., Ltd. (商米科技) is preparing for an IPO on the Hong Kong Stock Exchange, having received approval from the China Securities Regulatory Commission to issue up to 46 million shares [2][9]. Company Overview - Founded in 2013, Sunmi Technology is a leading provider of Business Internet of Things (BIoT) solutions, integrating smart hardware, software, and data insights to enable digital transformation in various offline business scenarios [2][3]. - The company holds over 10% of the global market share for Android-based BIoT solutions, which is expected to experience explosive growth in the next five years [2]. Business Model - Sunmi Technology's primary revenue sources include sales of smart devices, followed by its PaaS platform and customized services [6]. - The company has served over 70% of the top 50 global food and beverage companies and has a coverage rate exceeding 70% among China's top 100 restaurant enterprises [5]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first nine months of 2025 were RMB 3.404 billion, RMB 3.071 billion, RMB 3.456 billion, and RMB 2.241 billion, respectively [14][15]. - Net profits for the same periods were RMB 159 million, RMB 101 million, RMB 181 million, and RMB 56 million [14]. Market Presence - As of September 30, 2025, Sunmi Technology's solutions have been deployed in over 200 countries and regions, covering more than 90% of the global market, including all G20 countries [8]. - The company has approximately 6.4 million active smart devices and aims to build the largest ecosystem for commercial and merchant application developers [8]. Shareholder Structure - The company has a dual-class share structure, with Class A shares granting 10 votes per share and Class B shares granting 1 vote per share. The controlling shareholder, Mr. Lin Zhe, holds 27.38% of the shares but commands 79.04% of the voting rights [9][10]. Management Team - The board of directors consists of 9 members, including 4 executive directors and 3 independent non-executive directors, with Mr. Lin Zhe serving as the chairman and CEO [12][13].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved changes to the business scope of CITIC Securities, allowing for specific regional limitations on its financing and securities brokerage services [1][2]. Group 1: Business Scope Changes - CITIC Securities' financing and securities brokerage services will now be limited to specific regions, excluding Shenzhen and certain counties in Zhejiang [1][2]. - The approved changes include modifications to the securities brokerage, investment fund sales, and investment consulting services, which will also be restricted to designated areas [2][3]. Group 2: Compliance and Transition - CITIC Securities is required to complete the business registration changes within six months and apply for a new securities business license within 15 days of receiving the new business license [1][3]. - The company must ensure the protection of client rights and the proper arrangement of employees during this transition period [1][3]. Group 3: Strategic Context - The changes are part of CITIC Securities' strategy following its acquisition of Guangzhou Securities, aimed at avoiding competition with its subsidiaries [3][4]. - The restructuring will position CITIC Securities South China as a subsidiary focused on specific regional operations, with a clear delineation of business activities to prevent conflicts of interest [4]. Group 4: Financial Performance - In 2024, CITIC Securities South China reported revenues of 1.113 billion yuan, a growth of 33.95%, and operating profits of 431 million yuan, an increase of 17.76% [4].