Core Viewpoint - The report from CITIC Securities suggests that the high-end liquor industry is approaching a fundamental turning point, indicating a potential bottoming opportunity for investment as the market enters a cyclical low phase after a decade [1] Group 1: Historical Analysis - The period from 2012 to 2015 saw a significant decline in high-end liquor demand due to the "Three Public Consumption" ban, leading to a price competition that shaped the high-end brand landscape [2] - From 2016 to 2021, the rise of mass consumption and accelerated consumption upgrades resulted in both volume and price increases for high-end liquor, driven by favorable economic conditions and changing consumer preferences [2] - The period from 2022 to 2025 indicates a transition from growth to a contraction phase in the liquor industry, with leading companies managing to grow revenues despite pressures on pricing due to declining macroeconomic indicators [2] Group 2: Investment Recommendations - The liquor industry is expected to reach a turning point as policy restrictions on consumption are gradually relaxed, and the most pessimistic sales conditions are believed to be over, with expectations for improved sales by mid-year [3] - The adjustment of product strategies by leading brands like Moutai is anticipated to stabilize industry pricing, with expectations that the production volume will drop below 4 million kiloliters by 2025, marking a potential bottom for the industry [3] - The liquor sector is characterized by low expectations, low valuations, and low public fund holdings, making it a high-value investment opportunity as the market approaches a cyclical low [4] Group 3: Market Dynamics - The capital market's expectations for the liquor industry have been declining, with negative annualized returns since 2021, and the valuation levels and public fund holdings are at low points [4] - Leading liquor companies are focusing on shareholder returns through increased dividends and share buybacks, which is expected to stabilize market expectations and support stock prices [4] - High-end liquor is viewed as a key indicator of industry cycles, with leading companies likely to recover before the broader industry, suggesting a stronger performance for high-end liquor stocks [4]

1月8日，沪指窄幅震荡，创业板指盘中跌超1%。从板块来看，商业航天概念集体爆发，和顺电气、邵 阳液压、乾照光电、海兰信、航天宏图、谱尼测试、泰胜风能等7只个股20CM涨停。臻镭科技、信维 通信、新劲刚等个股涨超10%。 消息面上，1月7日上午，箭元科技中大型液体运载火箭总装总测及回收复用基地项目开工仪式在杭州市 钱塘区举行，箭元科技、玻色量子、地卫二、二维超材，四家企业共同签署战略合作协议。这是国内首 个海上回收复用火箭产能基地，也是首个不锈钢火箭超级工厂。 中信建投证券最新研报认为，当前商业航天产业在国家政策支持和产业技术突破共同助力下，有望进入 新纪元。商业航天产业涉及信息化的主要环节包括（1）遥感及其应用；（2）卫星测运控系统；（3） CAE仿真/卫星测试；（4）星际传输处理模块、通信模组、数据处理平台等；新场景扩展层面关注太空 算力。此外，中信建投证券认为当前商业航天发展是国企与民营企业共振周期。 （文章来源：21世纪经济报道） ...

21世纪经济报道记者从中信建投处了解到，其近日迎来关键人事调整。 年仅39岁的武超则，出任机构业务委员会主任，全面统筹机构业务与国际业务两大条线。她此前已是中信建投最年轻的执行委员，这次职责再扩大，分管机 构业务部、研究发展部、托管部、国际业务部、中信建投（国际）金融控股有限公司，并兼任中信建投国际董事长。 中信建投首席经济学家、研究发展部联席负责人黄文涛，代行研究发展部行政负责人职责。他或接替武超则成为中信建投研究业务负责人，带领研究团队， 围绕"智库功能、研究赋能、提升投研质量、建设数智化平台"四大方向发力，为机构业务与国际化提供深度研究支持。 21世纪经济报道 记者 崔文静 ...

Group 1 - The core viewpoint of the news is that Sinar Navigation has experienced a significant stock price increase, with a 6.07% rise on January 8, reaching 47.50 CNY per share, and a total market capitalization of 3.822 billion CNY [1] - Sinar Navigation has seen a cumulative increase of 9.38% over the past four days, indicating strong market interest and potential investor confidence [1] - The company specializes in high-precision satellite navigation technology, focusing on research and development of GNSS-based products, including centimeter and millimeter-level real-time positioning solutions [1] Group 2 - Citic Securities Fund has a significant holding in Sinar Navigation, with its fund, Citic Securities Smart Life A, increasing its stake by 21,000 shares, bringing the total to 91,000 shares, which constitutes 7.45% of the fund's net value [2] - The fund has realized a floating profit of approximately 247,500 CNY today and 349,400 CNY during the four-day price increase [2] - Citic Securities Smart Life A has a total asset size of 33.9388 million CNY and has reported a year-to-date return of 2.65%, ranking 5,074 out of 8,825 in its category [2]

Core Insights - In 2025, the A-share IPO market saw a significant recovery, with 112 companies successfully issuing shares, an increase of 10 from 2024, representing a year-on-year growth of 9.8% [1] - The total funds raised through these IPOs reached 130.835 billion yuan, nearly doubling from 66.280 billion yuan in 2024, marking a year-on-year increase of 97% [1] - Leading brokerage firms played a crucial role in this IPO financing process, with Guotai Junan Securities leading the way by underwriting 19 projects [1][2] Brokerage Distribution - The top five underwriters in terms of the number of IPOs were Guotai Junan (19), CITIC Securities (17), CITIC Jianzhong (12), China Merchants Securities (10), and Huatai United (9) [2] - The ranking of underwriters based on the amount raised shows CITIC Securities at the top with 24.654 billion yuan from 17 IPOs, followed by Guotai Junan with 19.535 billion yuan from 19 IPOs [3] Notable Performances - China Merchants Securities made a notable leap in its ranking, underwriting 10 IPOs and achieving a significant increase in underwriting amounts, now ranking sixth in the industry [4] - An example of a successful IPO is Nanguang Digital, which raised 2.714 billion yuan and achieved the fastest listing record since the implementation of the registration system, taking only 144 days from acceptance to listing [4] - The rapid IPO process is attributed to supportive government policies aimed at accelerating the digital transformation of the energy sector, reflecting the commitment of brokerage firms like China Merchants Securities to enhance their financial services [4][5]

21世纪经济报道 记者 崔文静 2026年伊始，中信建投迎来一项关键人事调整。21世纪经济报道记者从中信建投处 了解到，其党委委 员、执行委员会委员武超则出任机构业务委员会主任，全面负责中信建投机构业务线与国际业务线的战 略统筹与发展。与此同时，中信建投首席经济学家、研究发展部联席负责人黄文涛代行研究发展部行政 负责人职责。 此次武超则升任执行委员会委员，距离其升任执委仅7个月。职务调整后，年仅39岁的武超则，作为中 信建投最年轻的高管成员，其职责范围从之前主管的研究与国际业务，拓展至分管机构业务部、研究发 展部、托管部、国际业务部、中信建投（国际）金融控股有限公司，并兼任中信建投国际董事长。 机构业务委员会作为中信建投核心业务条线之一，其主任需具备跨部门协调资源、制定并推动整体业务 战略的能力。武超则需要将她对科技创新产业的深刻洞察、对国际资本市场的理解，应用于更广泛的机 构客户服务、资产托管、跨境金融等多元化业务场景中，实现研究价值向全业务链的深度转化。 武超则在负责研究所业务时期，一个重要标签是带领团队重返实现公募基金佣金分仓排名跃居行业前 列。 在2025年初接受21世纪经济报道专访时，她系统阐释了以 ...

Group 1 - CITIC Securities has undergone significant personnel changes, with Wu Chaoze appointed as the head of the Institutional Business Committee, overseeing various departments including Institutional Business, Research Development, Custody, and International Business [2] - Wu Chaoze has a notable career trajectory, having been promoted multiple times since 2025, enhancing his influence within CITIC Securities [2] - Wu Chaoze is recognized as the youngest senior executive at CITIC Securities, with a strong background in technology research, particularly in 5G, cloud computing, and the Internet of Things, earning multiple accolades as a top analyst in the telecommunications sector [2] Group 2 - Huang Wentao, who has been with CITIC Securities since 2010, is now acting as the head of the Research Development Department following Wu Chaoze's promotion [2] - Huang Wentao has proposed ten major global macro investment opportunities for 2026, emphasizing the concept of "New Four Bulls" in the A-share and Hong Kong stock markets, which include "Capital Inflow Bull," "Technology Innovation Bull," "Institutional Reform Bull," and "Consumption Upgrade Bull" [3] - Huang Wentao predicts that precious metals, particularly gold, will maintain a strong market position in 2026, despite potential price fluctuations, with an overall trend of accumulation and price increase until a new global trade and international monetary system stabilizes [3]

南都·湾财社：四中全会审议通过的"十五五"规划建议，将"全国统一大市场建设纵深推进，超大规模市场优势持 续显现"作为经济社会发展的主要目标之一。您如何理解统一大市场与消费之间的联系？ 黄文涛：纵深推进统一大市场建设，将充分发挥我国超大规模市场优势，加快我国消费需求释放和升级，我国居 民的新科技产品、体育、旅游、养老、育儿、文化和个性等众多的、差异化的新消费，都将呈现增量提质格局。 按"十五五"时期战略部署，将加快推进"五统一、一开放"改革，统一市场基础制度，统一市场基础设施，统一政 府行为尺度，统一市场监管执法，统一要素资源市场，持续扩大对内对外开放；同时，将着力稳就业、稳企业、 稳市场、稳预期，把投资于人和投资于物更紧密结合，提升居民收入合理增长，改善国内供强需弱的阶段性结构 矛盾。 随着经济结构转型提质的效果逐渐显现，随着居民的工资性收入、财产性收入和转移性收入的增速逐步企稳回 升，我国14亿人口消费向新升级的巨大潜力释放，将是下一阶段经济增长的必然阶段。在政策促进方面，12月28 日全国财政工作会议在北京召开，会议提出，2026年财政工作排序第一的重点任务，就是要抓好坚持内需主导， 支持建设强大国内市场 ...

履历显示，武超则是新财富白金分析师，2013年至2020年连续八届新财富最佳分析师通信行业第一 名;2014年至2020年连续七届水晶球最佳分析师通信行业第一名，2022、2023、2024年水晶球最佳领 队。武超则专注于人工智能、5G、云计算、半导体等科技领域研究她同时为中证协投资顾问与首席经 济学家委员会委员。 2025年6月，武超则升任执行委员会委员，成为中信建投最年轻的高管。此次调整，使其管理职责从之 前分管的具体部门，拓宽至机构业务与国际业务两大板块。 伴随全球宏观经济、资本市场、券商功能性定位等变化，卖方研究商业模式正在迎来新的变化。其 中，"研究出海"已成为头部券商研究所突破发展瓶颈、拓展增长空间的重要探索方向。在此背景下，中 信建投此番人事布局，不仅是内部管理架构的优化完善，更清晰传递出加码研究业务国际化、强化跨境 服务协同的战略意图。在全球金融竞争日趋激烈的当下，这场人事调整或将成为中信建投深耕全球金融 版图、提升国际核心竞争力的关键落子。 智通财经APP获悉，中信建投证券(06066)迎来重要人事调整。1月7日，中信建投证券党委委员、执行委 员会委员武超则出任机构业务委员会主任，分管机构业 ...

智通财经获悉，近日，中信建投证券党委委员、执行委员会委员武超则出任机构业务委员会主任，分管 机构业务部、研究发展部、托管部、国际业务部、中信建投（国际）金融控股有限公司，负责中信建投 证券机构业务和公司国际业务，兼任中信建投国际董事长。 根据公开资料，武超则出生于1986年，2011年7月加入中信建投证券，2025年6月被聘任为公司执行委员 会委员。彼时，武超则成为中信建投证券最年轻的高级管理人员。 ...