中信建投研报指出，当前汽车板块处于淡季弱势表现，但结构性看反内卷及出海预期改善，自动驾驶政 策催化落地，人形机器人特斯拉V3样机展示惊艳。我们维持前期观点，26年汽车以旧换新政策支撑内 需，商用车或更为受益；结构性看多端侧AI（无人驾驶及机器人）商业化0-1突破带来估值弹性，关注 反内卷下经销商环节周期底部困境反转。 ...

Core Viewpoint - CITIC Securities maintains a "Buy" rating for TSMC (TSM.US) with a target price of $385.27, highlighting strong revenue and gross margin expectations for Q4 2025, driven by a 55% contribution from HPC and continuous growth in advanced process revenue [1] Group 1 - TSMC's revenue growth guidance for 2026 is nearly 30%, indicating robust future performance [1] - Capital expenditures (CapEx) are set to reach a historical high, reflecting the company's confidence in expansion [1] - AI is identified as a key driver for long-term growth, leading to an upward revision in profit forecasts [1] Group 2 - The projected price-to-earnings (PE) ratio for 2026 is only 28 times, suggesting a reasonable valuation [1]

中信建投维持台积电买入评级，目标价385.27美元。 ...

1月20日，禾望电气跌5.01%，截至发稿，报32.22元/股，成交10.51亿元，换手率7.01%，总市值147.53 亿元。 资料显示，深圳市禾望电气股份有限公司位于广东省深圳市南山区西丽官龙村第二工业区11栋，成立日 期2007年4月20日，上市日期2017年7月28日，公司主营业务涉及专注于电能变换领域,帮助客户实现高 效、可靠、高品质的发电、用电和电能传输。主营业务收入构成为：新能源电控业务83.88%，工程传 动业务11.45%，其他4.67%。 从基金十大重仓股角度 数据显示，中信建投基金旗下1只基金重仓禾望电气。中信建投低碳成长混合A（013851）三季度减持 9.26万股，持有股数68万股，占基金净值比例为4.49%，位居第八大重仓股。根据测算，今日浮亏损失 约115.6万元。 中信建投低碳成长混合A（013851）成立日期2021年12月13日，最新规模2.17亿。今年以来收益 13.33%，同类排名514/8848；近一年收益18.09%，同类排名5514/8093；成立以来亏损39.55%。 中信建投低碳成长混合A（013851）基金经理为周紫光。 截至发稿，周紫光累计任职时间8年24 ...

Group 1 - The core point of the news is that Sinar Navigation's stock has experienced a decline of 5.02% on January 20, with a cumulative drop of 9.95% over three consecutive days, leading to a market capitalization of 3.701 billion yuan [1] - Sinar Navigation, established on February 28, 2012, specializes in high-precision satellite navigation chips and RTK technology, providing centimeter and millimeter-level real-time positioning solutions based on the BeiDou and other GNSS systems [1] - The company's revenue composition includes data acquisition equipment (42.84%), high-precision GNSS boards/modules (20.70%), data application and system solutions (20.32%), agricultural machinery automatic driving systems (12.13%), and others (4.00%) [1] Group 2 - From the perspective of major fund holdings, Sinar Navigation is the top holding of the CITIC Jiantou Zhixiang Life A fund, which increased its holdings by 21,000 shares in the third quarter, now holding 91,000 shares, accounting for 7.45% of the fund's net value [2] - The fund has incurred a floating loss of approximately 221,100 yuan today, with a total floating loss of 486,900 yuan during the three-day decline [2] - CITIC Jiantou Zhixiang Life A fund, established on November 4, 2020, has a latest scale of 33.9388 million yuan, with a year-to-date return of 6.35% and a one-year loss of 8.93% [2]

Group 1 - The core point of the news is that Jeya Co., Ltd. experienced a stock price increase of 5.04%, reaching 37.30 CNY per share, with a total market capitalization of 4.198 billion CNY [1] - Jeya Co., Ltd. is primarily engaged in the research, production, and sales of wet wipes, with wet wipes accounting for 84.62% of its main business revenue, followed by facial masks at 11.95%, and personal care products at 1.86% [1] - The company is located in the Lion Mountain Economic Development Zone, Tongling City, Anhui Province, and was established on August 31, 1999, with its listing date on December 3, 2021 [1] Group 2 - Citic Securities Fund has a significant stake in Jeya Co., Ltd., with the Citic Securities Value Growth Mixed A Fund (025231) entering the top ten circulating shareholders, holding 1.1926 million shares, which is 1.85% of the circulating shares [2] - The Citic Securities Value Growth Mixed A Fund has a total scale of 734 million CNY and has achieved a return of 7.06% this year, ranking 2816 out of 8846 in its category [2] - The fund manager, Leng Wenpeng, has been in position for 9 years and 224 days, with the fund's total asset scale at 1.331 billion CNY and a best return of 239.86% during his tenure [3] Group 3 - The Citic Securities Value Growth Mixed A Fund holds Jeya Co., Ltd. as its fourth-largest heavy stock, with 1.1926 million shares, representing 4.59% of the fund's net value [4] - The estimated floating profit from this investment is approximately 2.1348 million CNY [4]

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 铜：国内政策预期提振，铜价震荡整理 周一晚沪铜主力企稳回升至10168元，伦铜反弹至1.3万美金下沿。 宏观中性。海外特朗普就格陵兰岛强硬态度，欧美关系僵持带来避险情绪，不过国内中国2025年经济数据维持温和增速，叠加国新办会议带来政策预期，市 场情绪有所改善。 基本面中性。昨日LME铜延续累库3850吨至14.7万吨，上期所铜仓单减少7762吨至15.26万吨。原料供应紧张延续，Mantoverde目前虽然维持正常运营，但铜 产量仅能维持常规的75%，关注罢工调节进展。2025年中国变压器出口总值达到创纪录的646亿元人民币，同比增长约36%，表明全球电网基础设施设备需 求增长。 总体来看，宏观情绪反复叠加铜偏强的基本面支撑，预计短期铜价震荡整理为主。今日沪铜主力运行区间参考10.05-10.3万元/吨。策略上，短线区间为主， 中长线逢低布局远月多单。 重要声明 本报告中的信息均来源于公开可获得资料，中信建投期货力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构 成个人投资建议，也没有考虑到个别客户特殊的投 ...

Economic Overview - In 2025, China's GDP is projected to grow by 5.0%, reaching 140.19 trillion yuan, with industrial added value increasing by 5.9% year-on-year [4][14] - The total retail sales of consumer goods are expected to grow by 3.7%, while fixed asset investment is forecasted to decline by 3.8%, particularly in real estate development, which is expected to drop by 17.2% [4][14] - By the end of 2025, China's population is estimated to be 1.40489 billion, with a net decrease of 3.39 million people due to 7.92 million births and 11.31 million deaths [4][14] Steel Production and Trade - In 2025, China's crude steel production is expected to be 96.081 million tons, a decrease of 4.4% year-on-year, while pig iron production is projected at 83.604 million tons, down 3.0% [4][14] - Steel production is anticipated to reach 144.612 million tons, reflecting a year-on-year increase of 3.1% [4][14] - China's foreign trade in 2025 is expected to reach 45.47 trillion yuan, a growth of 3.8%, with steel exports hitting a record high of 11.9019 million tons, up 7.5% [4][14] Market Activity - On January 19, the national main port iron ore transactions reached 1.194 million tons, an increase of 7.3% month-on-month, while the transaction volume of construction steel by 237 mainstream traders decreased by 10.4% [5][15] - The capacity utilization rate of iron-making furnaces in 247 steel mills was 85.48%, down 0.56 percentage points from the previous week, while the profitability rate of steel mills increased by 2.17 percentage points to 39.83% [5][15] - The total supply of five major steel products was 8.1921 million tons, with a slight increase of 0.1% week-on-week, while total inventory decreased by 0.6% to 12.4701 million tons [5][15] Specific Steel Products Analysis - Rebar production decreased by 0.74 million tons to 1.903 million tons, with total inventory slightly down by 0.04 million tons to 438.07 thousand tons, while demand showed a recovery of 15.28 thousand tons [6][16] - Hot-rolled steel production increased by 2.85 million tons to 3.0836 million tons, with inventory decreasing by 5.8 million tons to 362.33 thousand tons, indicating a cautious market outlook among traders [6][16] Price Strategy - The short-term price range for rebar (contract 2605) is expected to be between 3100-3200 yuan/ton, while hot-rolled steel (contract 2605) is projected to range from 3250-3350 yuan/ton [7][17]

Core Viewpoint - The report from CITIC Securities expresses optimism for the 2026 Spring Festival box office, highlighting the scheduled releases of two high-grossing IP sequels, "Fast and Furious 3" and "Boonie Bears 12" [1] Group 1: Upcoming Releases - Two major sequels, "Fast and Furious 3" and "Boonie Bears 12," are confirmed for the 2026 Spring Festival [1] - Other significant releases from major platforms like Damai, Maoyan, Wanda Film, and China Film are anticipated to be announced soon [1] Group 2: Market Outlook - The company maintains a positive outlook for the overall performance of imported films in 2026 [1] - Anticipated imports include sequels from top IPs such as "Avengers," "Spider-Man," "Toy Story," and "Minions," which are expected to be introduced to the domestic market [1] - The successful import of films in 2025 and a rich reserve of Hollywood films for 2026 contribute to the optimistic forecast for domestic box office performance [1]

Core Viewpoint - CITIC Securities forecasts a strong performance for the 2026 Chinese film market, particularly during the Spring Festival, with several high-grossing IP sequels and strong cast films expected to be released [1][6][7] Group 1: 2025 Film Market Performance - The domestic film market in 2025 showed robust growth, with total box office revenue reaching 51.83 billion yuan, a year-on-year increase of 21.9%, and total audience attendance at 1.237 billion, up 22.6% [2] - The average ticket price was 41.9 yuan, a slight decrease of 0.5% compared to the previous year [2] - Box office and attendance figures recovered to 80.8% and 71.6% of the historical highs seen in 2019, respectively [2] Group 2: Key Trends in the Film Market - Series animated films performed exceptionally well, with four out of the top ten films in 2025 being animated, including record-breaking titles like "Nezha: Birth of the Demon Child" and "Zootopia 2" [3] - The highest-grossing animated film, "Nezha: Birth of the Demon Child," achieved a box office of 15.454 billion yuan, surpassing the previous record held by "The Battle at Lake Changjin" [3] - The film "Zootopia 2" set a new record for imported films with a box office of 4.331 billion yuan as of January 13, 2026 [3] Group 3: IP Development and Derivative Business - Film companies are increasingly focusing on IP cultivation, with many high-grossing films being sequels, and plans for further film installments and derivative products such as games and theme parks [4] - The film "Nezha: Birth of the Demon Child" established partnerships with 23 brands, generating over 10 million yuan in sales within eight days of launching related merchandise [4] - "Wang Wang Mountain Little Monster," another animated film, saw significant sales increases for its merchandise, with over 800 derivative SKUs developed in collaboration with more than 40 companies [5] Group 4: 2026 Film Market Outlook - The Spring Festival of 2026 is expected to feature multiple high-profile IP sequels and strong cast films, with "Flying Life 3" already scheduled for release on the first day of the Lunar New Year [6][7] - The film market is anticipated to benefit from an extended holiday period and a concentration of major films during the Spring Festival, which has historically led to record box office performances [7] - The film "Flying Life 2" previously achieved a box office of 3.361 billion yuan, setting a precedent for the upcoming sequel [8] Group 5: Import Film Supply - The supply of imported films in 2025 was robust, with significant box office performances from several Hollywood films, including "Zootopia 2," which became the highest-grossing imported film in China [5][9] - The total box office for imported films reached 10.885 billion yuan in 2025, marking a 9.4% increase and the first time since 2020 that it exceeded 10 billion yuan [5] - The outlook for 2026 remains positive, with a rich pipeline of Hollywood films expected to be released, including sequels to major franchises [9]