Core Viewpoint - The report from CITIC Securities highlights a resilient industrial production alongside rapid export growth, while domestic demand indicators such as consumption and investment remain weak, indicating a year-long trend of "strong production versus weak demand, and better external demand than internal demand" [1] Economic Environment - The monetary policy remains accommodative, with the central bank governor indicating room for further reserve requirement ratio cuts and interest rate reductions this year [1] - The current macroeconomic environment shares similarities with the investment peak period of 2020-2021, as interbank rates have dropped to nearly the lowest levels since 2020 [1] Investment Opportunities - The combination of weak macro demand and loose liquidity favors structural investment opportunities in thriving sectors [1] - Key sectors include AI semiconductors and renewable energy, which are currently at the core of economic vitality [1] - Emerging hotspots are continuously catalyzing growth, with strong policy support for AI applications and accelerated commercialization [1] Sector Performance - The global capacity planning for space photovoltaics exceeds expectations, and technological breakthroughs are opening up trillion-dollar markets [1] - The resource sector, particularly non-ferrous metals, shows a high forecast for 2025 earnings, indicating a positive outlook [1] - As monetary easing continues, funds are expected to shift from the financial system to the real economy, benefiting sectors such as non-ferrous metals, chemicals, machinery, and consumer goods [1] Market Trends - Since December, the South China Metal Index has risen by 12.5%, while the energy and industrial product indices have only increased by around 7%, suggesting better investment value in the current market [1]

豆粕：中性 1．美国寒潮天气引发冬小麦产量受损与加工企业停工担忧、南美天气给出阶段性风险溢价，隔夜CBOT大豆反弹。预报显示未来一周巴西大部降雨形势良 好，有利于大豆生长，但需关注持续性降水可能对收割工作造成延误；阿根廷大部产区仍然仅有零星降水，关注干旱发展的可能性； 2．美盘反弹从成本端给粕价带来边际利好，同时对未来国内大豆供应可能阶段性偏紧的担忧以及储备投放节奏的不确定性亦提供一定支撑。但另一方面， 当前巴西远月船期对盘压榨利润相对可观，暗示若南美到港压力兑现，仍可能通过粕价下跌挤出榨利。 观点总结：短期关注南美降水预期变化给美盘带来的扰动，05合约预计日内运行区间2700-2850元/吨。 鸡蛋：中性偏空 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 玉米：中性 1．本周国内期现价格双双突破2300，但在基本面无明显单边偏紧的情况下，考虑备货刚需下的时间性阶段错配和地区间调动带来的空间错配，所引发的价 格上行压力。不过相应的，价格见顶明显，随着中储粮拍卖热度不减，节前备货刚需仍存，玉米主力短暂上行整理后将重回横盘区间。 2．本周玉米到港密集，广东预计周内将有53.4万吨到港量；23日 ...

Core Viewpoint - The report from CITIC Securities indicates that while industrial production remains resilient and exports are growing rapidly, domestic demand indicators such as consumption and investment are still weak, highlighting a characteristic of "strong production versus weak demand" throughout the previous year [1] Economic Environment - The current macroeconomic environment shows similarities to the investment peak period of 2020-2021, with interbank interest rates at their lowest levels since 2020 [1] - The combination of weak macro demand and loose liquidity is expected to favor structural investment opportunities in certain sectors [1] Sector Insights - In the technology sector, AI semiconductors and new energy are identified as the core areas of current prosperity, with strong policy support for AI applications and accelerated commercialization [1] - The global capacity planning for space photovoltaics has exceeded expectations, and technological breakthroughs are opening up trillion-dollar markets [1] - The innovative drug sector is seeing value realization driven by business development transactions, clinical breakthroughs, and new drug approvals [1] Resource Sector - The non-ferrous metals industry has the highest forecasted performance improvement rate for 2025, with attention on the subsequent transmission of prosperity to the energy and machinery sectors [1] - As monetary easing continues, funds are expected to gradually shift from the financial system to the real economy, benefiting sectors such as non-ferrous metals, chemicals, machinery, and consumer goods [1] - Since December 2025, the South China Metal Index has risen by 12.5%, while the energy and industrial product indices have only increased by around 7%, suggesting better investment value in the current market [1]

Group 1: Copper Market - The main copper futures in Shanghai rose over 2% to 102,830 yuan, while London copper increased to approximately 13,134 USD [4][17] - The macroeconomic environment is neutral, with the US threatening to cut dollar supplies to Iraq, leading to a decline in the dollar to 97, which boosted copper prices [4][17] - Global copper inventories increased to 1.015 million tons, with domestic copper stocks rising by about 14,400 tons to 330,000 tons [4][17] - Short-term copper prices are expected to remain high due to tight supply expectations, but high inventory levels may limit price increases [4][17] Group 2: Nickel and Stainless Steel - The nickel and stainless steel market is experiencing short-term high-level fluctuations, influenced by tight policy expectations from Indonesia [18][19] - The supply of nickel from the Philippines is hindered by weather conditions, while Indonesian wet method nickel is relatively abundant [18][19] - Short-term nickel and stainless steel prices are expected to remain high until Indonesian policies are relaxed [18][19] Group 3: Aluminum Market - The aluminum market is seeing weak fluctuations in spot prices, with futures prices rebounding slightly after a decline [20][21] - The supply side is affected by high-cost producers adjusting production, while the production capacity of alumina remains high at 96.55 million tons [20][21] - The expected operational range for alumina futures is between 2,500 and 2,800 yuan per ton, with a bearish outlook on price rebounds [20][21] Group 4: Zinc Market - Zinc prices showed strong fluctuations, supported by improved macroeconomic sentiment and easing trade tensions between the US and Europe [23][24] - The overall supply remains limited despite some production plans being maintained, while demand from the black metal sector is weak [23][24] - The operational range for zinc futures is expected to be between 24,000 and 25,000 yuan per ton [23][24] Group 5: Lead Market - Lead prices are experiencing strong fluctuations, with supply-demand imbalances persisting due to limited domestic ore and insufficient imports [24][25] - The operational range for lead futures is expected to be between 16,800 and 17,800 yuan per ton [24][25] Group 6: Precious Metals - Precious metals are steadily rising, driven by geopolitical tensions and increased demand for safe-haven assets [27][28] - The operational ranges for gold, silver, platinum, and palladium futures are set at 1,120-1,170 yuan per gram, 25,500-27,500 yuan per kilogram, 690-750 yuan per gram, and 510-550 yuan per gram, respectively [27][28]

人民财讯1月26日电，中信建投（601066）研报称，谷歌、快手等头部模型重点解决了角色一致性与物 理逻辑难题，快手可灵月活破千万并实现订阅收入增长，标志着多模态工具从娱乐走向生产力。应用 侧，AI漫剧接棒短剧成为新增长极，字节跳动等平台通过高额激励推动内容精品化，AI加速IP影视化进 程，有望催生新的市场机遇，重塑广告与游戏资产生产逻辑。展望未来，原生多模态与世界模型技术共 同演进，有望重塑营销、影视、游戏等下游产业格局。 ...

Core Insights - The report from CITIC Securities highlights the advancements in multimodal technology by leading companies like Google and Kuaishou, addressing challenges in character consistency and physical logic, marking a shift from entertainment to productivity [1][2] - AI-generated content, particularly AI comic dramas, is emerging as a new growth area, with platforms like ByteDance incentivizing high-quality content creation, potentially reshaping advertising and gaming asset production [1][7] Group 1: Company Developments - Google has established strong barriers in long-context understanding and native audio-video integration with models like Veo, Gemini, and Nanobanana [2] - Kuaishou's Keling model integrates multiple creative tasks into a unified engine, achieving a victory ratio of 247% in image reference tasks and 230% in instruction transformation tasks [3] - Alibaba's Tongyi Wanshang 2.6 model introduces commercial role-playing capabilities, ensuring character consistency across different shots and supporting high-definition video generation [4] - Zhizhu's GLM-Image model, developed in collaboration with Huawei, is the first to complete full-process training on a domestic computing platform, addressing industry challenges like Chinese character rendering [5] Group 2: Market Trends and Opportunities - Kuaishou's Keling AI has seen a significant increase in active users, surpassing 12 million, with a 350% growth in paid users, indicating a shift of multimodal AI tools from entertainment to essential productivity tools in industries like film and advertising [6] - The AI comic drama sector is rapidly expanding, with ByteDance implementing aggressive incentive policies to promote high-quality content, reflecting a potential market size growth for short dramas and comic dramas [7][8] - The evolution of multimodal technology is expected to reshape business logic across various industries, including search and marketing, entertainment, and gaming, with advancements in generative AI leading to new commercial opportunities [8]

Group 1 - The core viewpoint of the report indicates that the liquor industry, particularly brands like Shui Jing Fang and Yanghe, is expected to experience significant performance declines in 2025 due to deep industry adjustments and proactive inventory control by companies [1] - The report suggests that the long-term performance improvement potential remains clear, supported by brand strength and channel barriers, despite short-term challenges [1][5] - The upcoming Q1 is anticipated to show a recovery in the liquor sector post-Spring Festival, with inventory adjustments and stable pricing beginning to manifest [2][5] Group 2 - Three main investment themes for Q1 are highlighted: the leading performance of consumer staples like snacks and dairy, the potential for profit surprises from leading brands in the consumer sector, and the positive impact of pre-Spring Festival inventory buildup [2][3] - The report emphasizes that the liquor sector is currently in a "bottoming out" phase, with expectations for a valuation recovery following the Spring Festival as consumer demand is expected to rebound [2][3] - The report notes that some liquor companies are maintaining stable profitability despite slowing revenue growth, with certain regional brands expected to outperform due to market penetration and improved sales dynamics [3][5] Group 3 - The report identifies multiple catalysts in late January that could lead to better-than-expected Q1 results, including the peak sales season for liquor companies and improved data from consumer staples due to pre-holiday stocking [4] - The liquor industry is undergoing a structural recovery cycle, with expectations for inventory reduction and price stabilization in the high-end and mass-market segments by 2026 [5][6] - Companies are advised to seize current low valuation opportunities, as leading liquor brands are expected to benefit from the recovery in business and gift consumption, providing stable returns [5][6] Group 4 - The beer industry is experiencing a continued inventory reduction, with production figures showing a decline in output, indicating a need for strategic planning for the upcoming year [7] - The dairy sector is seeing a slight increase in milk prices, with major dairy groups seeking mergers to enhance market share as they prepare for a cyclical recovery [8] - The condiment and frozen food sectors are expected to see a stabilization in pricing as the restaurant chain enters a peak season, with potential cost elasticity from raw material price reductions [9]

Core Viewpoint - In 2025, China's infrastructure investment is projected to reach 24.5 trillion yuan, representing a 1.5% decrease compared to the previous year, with a slowdown of 1.6 percentage points compared to the cumulative growth rate from January to November [1] Infrastructure Investment Summary - The narrow infrastructure growth rate for 2025 is recorded at -2.2%, which is a decline of 1.1 percentage points compared to the cumulative growth rate from January to November [1] - Key sectors such as pipeline transportation, warehousing, and internet services are maintaining a relatively fast growth rate in infrastructure investment, while sectors like ecological protection, water conservancy, road transport, and public facilities are experiencing significant declines [1] Policy Impact Summary - A series of investment-promoting policies have been implemented since the second half of 2025, but there is a lag in the realization of infrastructure investment from funding to project completion [1] - With the support of new policy financial tools, ultra-long-term special bonds, and newly issued special bonds, infrastructure investment in key projects and sectors is expected to accelerate in the first half of 2026 [1]

Core Viewpoint - The A-share market is characterized by "structural differentiation and simultaneous repair," with various institutions noting that despite ongoing redemption pressure on broad-based ETFs, sectors such as consumer chains, real estate chains, and resource products are entering a repair window [1][2]. Group 1: Market Trends - The broad-based ETF redemption pressure continues to grow, with significant differences in the承接力 (support capacity) among different industries and stocks [2]. - The consumer chain is expected to see an increase in allocation leading up to the Two Sessions, with the real estate chain also likely to experience noticeable recovery during this period [2]. - The spring market is supported by ample liquidity and policy backing, which may sustain the ongoing spring rally, although caution is advised regarding the marginal contraction of profit effects at high levels [1][3]. Group 2: Investment Focus - The consensus among institutions is to focus on technology (AI, semiconductors) and resource products (non-ferrous metals, chemicals) as key investment directions [1][7]. - There is growing attention on cyclical sectors showing signs of bottom reversal, such as power grid equipment and lithium batteries, as well as non-bank sectors [1][3]. - The current market environment is conducive to exploring basic combinations centered around chemicals, non-ferrous metals, new energy, and power equipment, while also considering low allocation in non-bank sectors like securities and insurance [2][4]. Group 3: Performance and Earnings - As the annual report forecast disclosure period peaks, the impact of earnings on market structure is expected to become more pronounced, with a focus on sectors with earnings highlights [4][11]. - The performance of sectors such as AI hardware, batteries, pharmaceuticals, steel, and non-bank financials is anticipated to improve, given their relatively low price increases [4][12]. - The market is likely to experience a rotation among sectors, with a focus on high-growth areas and those benefiting from price increases [12][14]. Group 4: Future Outlook - The market is expected to continue its slow bull trend, with the potential for a correction after reaching a phase high between 4200 and 4300 points [6][10]. - The spring market is seen as an extension of the structural bull market, with a likelihood of a consolidation phase following the current rally [3][5]. - The focus for 2026 includes a clearer dual mainline of asset allocation towards physical assets and Chinese assets, with thematic investments becoming essential [9][10].

当日关注点 截至2026年1月23日收盘，中信建投(601066)报收于24.71元，上涨0.0%，换手率0.32%，成交量20.75万 手，成交额5.13亿元。 中信建投证券股份有限公司全资子公司中信建投（国际）金融控股有限公司的间接全资附属公司CSCIF Hong Kong Limited在境外中期票据计划下发行本金2.00亿美元的票据，期限364天。中信建投国际为该 票据提供2.08亿美元的无条件及不可撤销连带责任保证担保，无反担保。本次担保用于补充境外业务营 运资金，被担保人资产负债率超过70%，但担保风险可控。截至公告日，公司及控股子公司对外担保总 额为人民币451.92亿元，占最近一期经审计净资产的42.45%，无逾期担保。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 来自【交易信息汇总】：1月23日主力资金净流入4071.37万元，占总成交额7.94%，呈现明显资金 吸筹迹象。 来自【公司公告汇总】：CSCIF Hong Kong Limited发行2.00亿美元中期票据，由中信建投国际提 供2.08亿美元担保，用 ...