中信建投证券研报指出，新城控股2025全年实现商业运营总收入140.9亿元，同比增长10.0%，其中四季 度单季实现商业运营总收入35.8亿元，同比增长7.7%，全年顺利完成140亿元收入目标。截至2025年年 底，公司持有物业整体出租率为97.82%，较三季度末上升0.11 个百分点，出租率维持高位。2025年11 月公司以上海青浦吾悦广场为底层资产，成功发行6.16亿元持有型不动产ABS，标志着公司向资产运营 深化转型取得了实质性突破。公司商业运营持续向好、财务状况稳定，维持"买入"评级和21.82元的目 标价不变。 ...

Group 1 - Wan Feng Aowei's stock price increased by 3.09% to 16.99 CNY per share, with a trading volume of 1.579 billion CNY and a turnover rate of 4.41%, resulting in a total market capitalization of 36.075 billion CNY [1] - The company has experienced a continuous stock price increase for three days, with a cumulative increase of 5.33% during this period [1] - Zhejiang Wan Feng Aowei Automotive Wheel Co., Ltd. specializes in lightweight automotive metal components and general aviation aircraft manufacturing, with 80.82% of its revenue from automotive lightweight parts and 19.18% from aviation manufacturing [1] Group 2 - Citic Securities Fund holds a significant position in Wan Feng Aowei, with the Citic Securities Zhixiang Life A fund increasing its holdings by 17,600 shares to a total of 226,200 shares, representing 6.89% of the fund's net value [2] - The fund has generated a floating profit of approximately 115,400 CNY today and a total of 194,500 CNY during the three-day stock price increase [2] - The Citic Securities Zhixiang Life A fund was established on November 4, 2020, with a current scale of 33.9388 million CNY and a year-to-date return of 6.3% [2]

Group 1: Robotics Industry - The CES exhibition showcased significant advancements in humanoid robots, indicating that the industry is poised to benefit deeply from AI development. Robots are becoming crucial applications for AI, with notable confidence expressed by Elon Musk regarding the capabilities of the Optimus robot [2] - Key upcoming events include the release of Tesla's Gen3 and the IPO progress of domestic robot manufacturers, which are expected to catalyze market interest [2] Group 2: Construction Machinery - In December, excavator sales experienced double-digit growth, exceeding expectations, with a total of 23,095 units sold, marking a 19.2% year-on-year increase. Domestic sales accounted for 10,331 units (+10.9%), while exports reached 12,764 units (+26.9%) [3] - The construction machinery market is anticipated to grow by over 10% domestically and over 15% in exports in 2026, driven by strong internal and external demand [3] Group 3: Semiconductor Equipment - The IPO application of Changxin Technology has been accepted, signaling the start of a major cycle in the storage sector, with equipment orders expected to maintain high growth rates. Capital expenditures for fabs are projected to increase in 2026, particularly in the storage segment [4] Group 4: Lithium Battery Equipment - The solid-state battery sector is nearing mass production, with the introduction of the world's first all-solid-state battery by DonutLab at CES 2026. The establishment of national standards for solid-state batteries is expected to enhance industry clarity and reduce terminology confusion [5] - As mid-term evaluations for solid-state batteries proceed, the technology is expected to solidify, leading to new rounds of order tenders from leading battery and vehicle manufacturers [5] Group 5: PCB Equipment - The PCB industry is returning to an upward trend, characterized by product high-endization and factory establishment in Southeast Asia, which is expected to drive demand for PCB equipment upgrades [6] - Key segments of PCB equipment, such as drilling and plating, are critical for determining circuit board performance and reliability, with AI driving advancements in processing requirements [6] Group 6: Forklifts and Mobile Robots - Forklift sales have shown consistent growth, with domestic sales increasing by 4% and exports by 11% in November. The market for smart logistics and unmanned forklifts is expected to expand rapidly [8] Group 7: Recommended Companies in Machinery Sector - Key companies recommended for investment include Hengli Hydraulic, Obit Light, LiuGong, XCMG, and others, indicating a strong outlook for the machinery sector [9]

Group 1 - The International Telecommunication Union (ITU) reported that by December 2025, China has submitted plans for over 200,000 large-scale satellite constellations, setting a new record for satellite constellation applications in the country [1][2] - The applications include contributions from various entities such as China Satellite Network Group, Shanghai Yuanxin, and traditional telecom operators like China Mobile and China Telecom, indicating a rapid integration of satellite internet into the national information infrastructure [1][2] - According to ITU regulations, satellite frequency and orbital resources follow a "first-come, first-served" principle, requiring the first satellite to be launched within seven years of application and full deployment within nine years, which means China must launch its first satellite by the end of 2032 and complete all deployments by the end of 2039, averaging 14,300 launches per year [2] Group 2 - CITIC Securities predicts that by 2026, China will see a surge in test flights of reusable rockets, which will help reduce launch costs and increase frequency to meet the growing demand for satellite launches [3] - In 2025, China successfully completed the maiden flights of the Zhuque-3 and Long March 12A reusable rockets, although further technical iterations are needed for first-stage recovery [3] - The construction and utilization of domestic commercial rocket launch sites are expected to shorten the test flight cycle, with the total number of launches in 2026 projected to exceed 100, up from 92 in 2025, laying a solid foundation for regular reusable rocket launches [3] Group 3 - A detailed table outlines various rocket models planned for 2026, including the Long March 12A, Long March 12B, and Zhuque-3, with specific launch timelines and key information about their development status [4] - The Long March 12A has successfully completed its first flight but is currently undergoing optimization for recovery, while the Long March 12B is expected to have its maiden flight in 2026 [4] - Other models like the Long March 10 series and Zhuque-3 are also scheduled for launches in 2026, indicating a robust pipeline for China's space launch capabilities [4]

Core Viewpoint - CITIC Securities predicts that China's reusable rockets will undergo intensive test flights by 2026, which will help reduce launch costs and increase launch frequency to better meet the surging demand for satellite launches [1] Group 1: Reusable Rocket Development - By 2025, China successfully completed the maiden flights of two reusable rockets, Zhuque-3 and Long March 12A, with both launches achieving success [1] - Further technological iterations and validations are needed for the recovery of the first stage of these rockets [1] - It is expected that around 10 models of reusable rockets will be ready for their maiden or recovery flights by 2026, with some models anticipated to achieve successful recovery [1] Group 2: Launch Frequency and Infrastructure - The gradual construction and utilization of domestic commercial rocket launch sites, along with the improvement of related support systems, are expected to shorten the rocket test flight cycle [1] - The total number of launches in 2026 is projected to exceed 100, up from 92 launches in 2025, laying a solid foundation for the normalization of reusable rocket launches and enhancing satellite transportation capacity [1]

中信证券：主题、小票轮动格局还会延续 目前的市场仍处于一个配置型和量化资金富裕，存量交易型资金活跃，个股定价型资金匮乏的环境，市 场要走出基本面驱动的单边趋势行情，还有待超预期的内需变化发生。从资金节奏看，今年春节后仅两 周便临近两会，对于在当前躁动主线中踏空的资金而言，"暂缓入市、等待更清晰的基本面线索"是更理 性的选择——无论是提振内需的具体政策、城乡居民增收计划，还是行业"反内卷"的方向，都可待两会 期间线索明朗后再布局。当前市场的一致预期是 "政策难有强变化"，这一判断在静态视角下成立。但 动态来看，今年外部贸易环境的复杂度远超去年，任何不利变动都可能进一步加大仅靠外需实现5%左 右GDP 增速的难度，内需的关键性会愈发凸显，政策调整也可能随形势变化随时落地，不能固守固有 政策叙事做线性外推。对配置型资金而言，当下的市场躁动并非调仓追热点的时机，今年3月下旬至4月 才是关键的结构调整决策窗口。从过去20年的历史来看，当年1月涨幅前三的行业与全年涨幅前三的行 业重合的概率为29%，慢牛路还长，踏空的投资者也无需过度焦虑。 上周五市场震荡拉升，沪指高开高走突破4100点，深成指涨超1%。沪深两市成交额3. ...

Group 1 - The core viewpoint of the report indicates that the domestic economic investment and demand in China have shown positive signs since the beginning of the year, supported by early issuance of construction project lists and budget plans totaling approximately 295 billion yuan, which is an increase of 95 billion yuan compared to the same period last year [1] - The report highlights that the issuance of special bonds and government bonds has accelerated, with concentrated project commencement and policy support providing strong backing for investment [1] - On the demand side, the price level has rebounded unexpectedly, with the Producer Price Index (PPI) increasing by 0.2% month-on-month and the year-on-year decline narrowing to 1.9% [1] Group 2 - The report mentions that the recent State Council meeting has further deployed a package of fiscal and financial policies to promote domestic demand, focusing on boosting consumption and private investment [1] - It is suggested that investment growth will significantly rebound in the second half of 2025 due to the impact of a series of policy tools, leading to a notable recovery in social demand [1] - The report recommends paying attention to undervalued cyclical sectors such as steel structures and infrastructure, as well as industries with recent positive developments like space photovoltaics, nuclear energy, and storage [1]

Group 1 - The core viewpoint of the article highlights that the domestic economic investment and demand in China have shown positive signs since the beginning of the year, supported by government initiatives and policies [1] - The National Development and Reform Commission has issued an early batch of "two heavy" construction project lists and central budget investment plans totaling approximately 295 billion yuan, which is an increase of 95 billion yuan compared to the same period last year [1] - Local special bonds and government bonds are being issued promptly, with concentrated project commencement and policy support providing strong backing for investments [1] Group 2 - On the demand side, the price level has rebounded more than expected, with the Producer Price Index (PPI) increasing by 0.2% month-on-month and the year-on-year decline narrowing to 1.9% [1] - Recent State Council meetings have further deployed a package of fiscal and financial policies to promote domestic demand, focusing on consumption and private investment [1] - It is anticipated that investment growth will significantly rebound in the second half of 2025 due to the impact of a series of policy tools, leading to a notable recovery in social demand [1] Group 3 - The report suggests paying attention to undervalued cyclical sectors such as steel structures and infrastructure [1] - Recent favorable developments in industries like space photovoltaics, nuclear energy, and storage have been noted, with recommendations to focus on nuclear power construction and cleanroom construction companies [1]

Core Viewpoint - The report from CITIC Construction Investment indicates that the reform of central state-owned enterprises (SOEs) will deepen from late 2025 to early 2026, focusing on professional restructuring, strategic upgrades, and industrial synergy [1] Group 1: Restructuring and Integration - The vertical integration of Sinopec and China Aviation Oil serves as a benchmark, creating a comprehensive "refining-storage-distribution" system [1] - This integration not only aligns with the policy direction of SOE reform but also addresses the industry's pain points regarding insufficient collaboration in aviation fuel [1] Group 2: Competitive Advantage and Supply Security - The restructuring enhances international competitiveness and supply security capabilities [1] - The establishment of a Sustainable Aviation Fuel (SAF) industrial ecosystem supports the low-carbon transition of the aviation industry [1] Group 3: Focus Areas for Future Development - Central SOEs are concentrating on intelligent, green, and integrated transformations, leveraging the "14th Five-Year Plan" to expand into emerging industries [1] - Key focus areas include new energy, 6G technology, and biobreeding [1]

随着"十五五"开局，多家主流券商近期密集发布2026年北交所投资策略。其中，"新质生产 力"与"中小盘成长股"成为共识性的布局焦点。开源证券建议关注春季行情中代表新质生产力的产业链 机会；中信建投证券认为，新质生产力、科技创新与战略资源等领域将孕育丰富的结构性投资机会。作 为服务创新型中小企业的核心阵地，北交所正日益成为资本市场布局前沿科技与产业升级的重要战场。 投资逻辑转变 历经前期的市场发展和估值修复，主流券商普遍认为，北交所的投资逻辑正发生深刻变化，已从板 块普涨转向个股价值深度挖掘。在这一新范式下，具备核心竞争力的企业将脱颖而出。 从市场节奏来看，华源证券认为，2025年有多达34家北交所公司股价翻倍，显示出强大的市场弹 性，2026年北交所的"春季躁动"行情值得投资者积极布局。 业内普遍认为，随着市场生态持续优化，一个"优质企业聚集—流动性改善—制度赋能—业绩兑 现"的正循环已在北交所逐步形成。这个曾经聚焦"小而美"企业的市场，正聚力迈向"强而久"的新发展 阶段。对于投资者而言，2026年的北交所，将更考验其精准识别真成长企业的能力。 聚焦新质生产力 "新质生产力"已成为券商展望2026年北交所时绕 ...