Core Viewpoint - The report from CITIC Securities indicates that the cross-year market trend has intensified since the beginning of the year, and after a recent cooling period, adjustments in hotspots have emerged. The purpose of this cooling is to mitigate potential short-term severe consequences of an overheated market, while maintaining a generally positive long-term outlook. The implementation of this policy is noted to be more mature and forward-looking [1] Industry Configuration - From an industry allocation perspective, sectors such as AI computing power, non-ferrous metals, innovative pharmaceuticals, and automotive are showing significant signs of prosperity [1] - Previous market hotspots like commercial aerospace and AI applications may undergo phase adjustments, suggesting a shift in investment focus [1] Emerging Themes - Other thematic investment opportunities to consider include ultra-high voltage, brain-computer interfaces, and controllable nuclear fusion, indicating a diversification in potential growth areas [1]

Core Insights - The report from CITIC Securities analysts indicates that the recent market cooling is a strategic move to mitigate potential short-term consequences of an overheated market, while maintaining a positive long-term outlook [1] - The proactive cooling does not alter the overall trend of the year-end market, but it may alleviate previously overheated conditions and shift the direction of capital trading [1] Industry Analysis - Key sectors showing significant growth potential include AI computing power, non-ferrous metals, innovative pharmaceuticals, and automotive industries, while previous hot sectors like commercial aerospace and AI applications may undergo a phase of adjustment [1] - The ultra-high voltage sector is expected to benefit from clear policy incentives, with total investment during the 14th Five-Year Plan projected to reach 500 to 600 billion yuan, a 40% increase from the previous plan [1] - Breakthroughs in cutting-edge fields such as controllable nuclear fusion technology and accelerated clinical applications of brain-computer interfaces are highlighted, with both sectors having substantial growth potential supported by policy focus [1]

Company Overview - Wenstone Information has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities International as the sole sponsor [1] - The company ranks second globally and first in China in the market for knowledge-focused productivity tools based on retail revenue projections for 2024 [1] Product and Market Position - Wenstone Information aims to empower global knowledge workers through a combination of software and hardware tools, offering a wide range of consumer-grade eye-care reading and writing products [1] - The company leads in global sales in areas such as open systems, color displays, and fast refresh rates [1] User Engagement and Growth - As of September 30, 2025, Wenstone Information has served customers in over 100 countries and regions worldwide, with its BOOX OS having nearly one million monthly active users [1] - Approximately 38.5% of early BOOX OS seed registered users remain active after nearly nine years [1] Market Growth Projections - The global market for knowledge-focused intelligent tools is projected to grow from RMB 27.7 billion in 2020 to RMB 56.9 billion in 2024, and is expected to reach RMB 115.6 billion by 2030 [1] - The market for knowledge-focused productivity tools, including device sales and deeply integrated software and service ecosystems, is expected to increase from RMB 39.7 billion in 2025 to RMB 82.1 billion by 2030 [1]

重点关注板块包括：半导体、AI、有色、汽车、人形机器人、核电、创新药、非银金融、商业航天、特高压等。 一、主动降温对跨年行情的影响 开年以来跨年行情愈演愈烈，资金踊跃进场，商业航天、AI应用等板块持续暴涨引发局部交易过热，上周主动降温后热点出现调整，部分投资者担忧这 会不会逆转跨年行情的格局。但是复盘以往案例，此举的目的是抑制疯牛可能产生的短期严重后果，长期大基调仍然较为积极，并且此次政策的实施更加 具有成熟度和前瞻性。整体来看，本次主动降温不影响跨年行情的整体格局，但是此前局部过热的情况可能会得到缓解，资金交易的方向或将出现一些变 化。 过往牛市中每次出现交易过热都会有降温政策，否则一旦市场形成疯牛后续容易引发更严重的后果。调控的节奏上，往往前期的调控只会引发市场短期下 跌，后续更多政策入场后累积影响越来越大才会引发市场大级别的调整，甚至逆转牛市格局。 中信建投证券发布研究报告称，开年以来A股跨年行情愈演愈烈，在上周主动降温后热点出现调整。复盘以往案例，此举的目的是抑制疯牛可能产生的短 期严重后果，长期大基调仍然较为积极，并且此次政策的实施更加具有成熟度和前瞻性。整体来看，本次主动降温不影响跨年行情的整体格 ...

格隆汇1月19日｜中信建投研报指出，本周贵州茅台披露2026年市场化运营方案，对产品体系、运营模 式、渠道布局和价格机制进行全方位的改革。鸣鸣很忙通过港股聆讯，新店型推动细分领域复苏。伊利 参与优然配售后持股比例由33.93%增加至36.07%，彰显行业底部信心。大众品方面，把握餐饮链复苏 预期（关注新店型、商超定制）、健康化功能化高景气增长、成本周期优化等三大主线。展望Q1，关 注三条主线：一是跨年行情中零食、乳业等大众品领涨，白酒磨底蓄力待春节后修复；二是年报预告期 临近，大众品细分龙头有望利润超预期；三是 1 月下旬春节备货提振数据，叠加估值低位与情绪修复， 放大Q1业绩超预期弹性。 ...

Core Viewpoint - TSMC is expected to see significant revenue growth and improved profit margins by Q1 2026, driven by cost control, capacity increases, and favorable exchange rates, despite potential dilution from overseas expansion and new technology ramp-up [1] Revenue and Profitability - TSMC forecasts revenue between $34.6 billion and $35.8 billion for Q1 2026, with a median year-over-year growth of 37.9% and a quarter-over-quarter growth of 4.3% [1] - The expected gross margin is projected to be between 63% and 65%, with a median year-over-year increase of 5.2 percentage points and a quarter-over-quarter increase of 1.7 percentage points [1] Cost Control and Expansion - The improvement in gross margin is attributed to effective cost control, increased capacity, and better exchange rates, although overseas factory ramp-up is expected to dilute margins by 2%-3% initially and 3%-4% in later stages [1] - The introduction of 2nm technology is anticipated to begin ramping up in the second half of 2026, contributing to a gross margin dilution of 2%-3% for the year [1] Capital Expenditure and Demand Confidence - TSMC's significant upward revision of its capital budget for 2026 reflects management's confidence in the long-term demand for advanced processes and revenue growth [1] - Continuous communication with clients has validated the real application basis for AI-related demand, leading to an increase in revenue growth expectations for AI accelerators [1] AI and Semiconductor Expansion - From 2024 to 2029, TSMC expects a compound annual growth rate (CAGR) of 55%-59% for AI accelerator-related revenue, supported by technological differentiation and a broad customer base [1] - The demand for advanced processes driven by AI computing is initiating a new expansion cycle in semiconductor manufacturing, positively impacting key semiconductor process equipment and related supply chains [1]

Core Viewpoint - The adjustment of the financing margin ratio from 80% to 100% for new contracts is aimed at controlling the leverage in the market and preventing excessive risk accumulation, with the implementation starting from January 19, 2026 [1][5]. Group 1: Regulatory Changes - The China Securities Regulatory Commission has approved the adjustment of the financing margin ratio, which will now require investors to provide 100% margin for new financing contracts starting January 19, 2026 [1]. - Major securities firms, including CITIC Securities and Galaxy Securities, have announced that the new margin requirement will apply only to new contracts opened after the effective date, while existing contracts will remain under the previous 80% margin requirement [2][3]. Group 2: Market Impact - The increase in the financing margin ratio means that investors will need to use more of their own funds for new financing transactions, effectively reducing the leverage ratio from 1.25 to 1 [3][5]. - The adjustment is expected to have limited impact on existing financing demand, as the average maintenance margin ratio in the market is around 288%, indicating that most clients do not fully utilize their leverage [5]. Group 3: Historical Context - The financing margin ratio has undergone several adjustments historically, reflecting a dynamic regulatory approach aimed at balancing market activity and risk control [6]. - This latest adjustment is seen as a step towards the maturity of the margin financing system, emphasizing the importance of risk management in the capital market [6].

Core Insights - The analysis by CITIC Securities on financial data for 2025 indicates that the social financing scale increased by 2.21 trillion RMB in December 2025, which is a decrease of 0.65 trillion RMB compared to the same period last year, aligning with market expectations [1] - The decline is attributed to the early issuance of government bonds and the weakening support from high base effects in previous years [1] - There is a marginal improvement in credit issuance to the corporate sector, driven by banks' pre-arranged project reserves for the "New Year" lending phase in early 2026 [1] - However, retail credit to households remains weak, with expectations for a recovery in credit demand linked to macroeconomic improvements and supportive policies [1] 2026 Outlook - CITIC Securities anticipates that macroeconomic policies will continue to maintain an active fiscal stance and a relatively loose monetary policy [1] - Government bonds are expected to remain a key driver for the growth of social financing [1] - The forecast for the growth rate of RMB credit in 2026 is projected to be between 7% and 8% [1] - A substantial improvement in the banking sector's fundamentals is contingent upon a real recovery in credit demand from the real economy and further enhancements in macroeconomic expectations [1]

Core Viewpoint - Onyx International Inc. (文石信息科技) has submitted its IPO application to the Hong Kong Stock Exchange, aiming to list on the main board, highlighting its position as a global leader in the knowledge-focused productivity tools industry [1][2]. Company Overview - Founded in 2008, Onyx International Inc. is recognized as the second-largest knowledge-focused productivity tool brand globally and the largest in China, based on retail revenue projections for 2024 [2]. - The company specializes in consumer-grade eye-protective reading and writing products, integrating AI and cloud services into its proprietary open operating system, BOOX OS, to enhance user experience [4]. Product Offerings - The product range includes high-speed readers and productivity tablets, with display sizes ranging from 6 inches to 25.3 inches, designed to meet diverse digital reading and writing needs [8]. - The company has developed a software ecosystem, including the StarNote application, allowing users to synchronize notes and annotations across devices [8]. Financial Performance - For the fiscal years ending December 31, 2023, and 2024, and the nine months ending September 30, 2024, the company's revenues were RMB 803.58 million, RMB 1.017519 billion, and RMB 724.741 million, respectively [15][16]. - The net profits for the same periods were RMB 124.055 million, RMB 121.184 million, and RMB 106.950 million [15]. Shareholder Structure - Prior to the IPO, the major shareholders include Ms. Dan Yuting with 27.33% and the employee shareholding platform with 42.05%, totaling approximately 69.38% [11]. - Other significant shareholders include Lenovo Group and several investment firms, collectively holding 15.90% [10][11]. Management Team - The board consists of 8 members, including 5 executive directors led by Ms. Dan Yuting as Chairperson and General Manager, and 3 independent non-executive directors with diverse backgrounds [13][14]. Underwriting and Advisory Team - The IPO is being managed by CITIC Securities as the sole sponsor, with Ernst & Young as the auditor and various law firms providing legal counsel [17].

Group 1 - The core viewpoint of the news is the adjustment of the minimum margin requirement for margin trading in the Shanghai and Shenzhen stock exchanges, increasing it from 80% to 100% for new margin contracts, which reflects a regulatory approach to stabilize the market and manage leverage [2][3] - The adjustment is expected to lead to a slowdown in the growth of margin financing in the short term, but it will create a more stable overall business environment for the securities industry [3] - The securities sector is anticipated to benefit from the migration of household deposits and the reconstruction of the stock market mechanism, which will support the growth of wealth management, investment banking, and institutional business [2][3] Group 2 - The adjustment of the margin requirement is seen as a measure to guide the market towards a healthier and more sustainable medium to long-term trend, similar to adjustments made in 2015 [2] - Companies in the securities industry, particularly those with strong capital and risk management capabilities, are recommended for investment opportunities [3] - The news highlights several Chinese securities firms listed in Hong Kong, including Huatai Securities, GF Securities, and China Galaxy, among others, indicating a broad interest in the sector [4]