Group 1 - The outlook for the A-share market indicates a potential continuation of the bull market into 2026 [1] - The capital market is expected to see the emergence of "new four bulls," focusing on resource optimization and efficiency improvement [1] - The macroeconomic logic driving gold prices in 2025 is anticipated to boost copper prices in 2026 [1] Group 2 - The GDP growth target is projected to be around 5% [1] - The implementation of the "14th Five-Year Plan" is expected to create cyclical stimulus, with a continued expansion of the fiscal deficit ratio [1] - Five major highlights for the Chinese economy are anticipated in 2026 [1] Group 3 - There are four key investment opportunities in computing power to be capitalized on [1] - The year 2026 is expected to mark the beginning of mass production for humanoid robots and embodied intelligence, opening up a trillion-yuan market [1] - The energy storage industry is projected to experience a simultaneous increase in both volume and price in 2026 [1] Group 4 - The pharmaceutical industry is undergoing a value reconstruction, with expectations for significant developments in the future [1]

Core Viewpoint - The core logic of the current bull market remains unchanged, initiated by a policy shift and driven by improved liquidity, technological industry breakthroughs, changes in the US-China geopolitical landscape, and global asset allocation adjustments [1] Group 1: Market Dynamics - The global liquidity easing pattern is expected to deepen further by 2026, contributing to a prolonged weak dollar cycle driven by three key factors [1] - Domestic financial market policy benefits are continuously increasing, enhancing the motivation for individual investors to enter the market [1] Group 2: Investment Outlook - The incremental capital in the A-share market is anticipated to cover a larger base, supporting the continuation and potential strengthening of the core logic behind the bull market [1]

中信建投研报称，随着中国新质生产力的蓬勃发展，高端制造升级的过程中也将伴随着材料体系的升 级，这也势必将带动部分金属元素迎来新的需求周期。而若再结合资源的"自主可控，安全可靠"等战略 属性、资源的供给瓶颈等，相关商品的价格中枢及资本市场权益标的的估值中枢有望共振上移。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 专题：专题：价值重估 行稳致远——年终盘点&2026资本市场展望 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 中信建投：2026年度十大展望 来源：中信建投证券研究 目 录 慢牛新征程：博弈当下，布局未来 牛市持续性：核心逻辑尚未改变本轮牛市以政策转向为起点，以流动性改善为核心，同时受到科技产业 景气突破、中美博弈态势变化和全球资产配置调整等多方面因素共同作用。展望2026年，全球流动性宽 松格局进一步深化，三重因素共同驱动美元弱势周期；与此同时，国内金融市场政策红利持续增厚，个 展望一：2026年A股牛市有望持续 展望二：资本市场"新四牛"，资源优化提质效 展望三：2025年推升金的宏观逻辑，在2026年必将推升铜 展望四：预计GDP增长目标5%左右 展望五："十五五"规划落地形成顺周期刺激，财政赤字率延续扩张态势 展望六：2026年中国经济或有五大亮点 展望七：把握算力四大投资机会 展望八：人形机器人及具身智能，吹响量产元年号角，万亿赛道启航 展望九：2026年储能全行业将量价齐升共振受益 展望十：医药行业，价值重塑，静待花开 ...

Key Points - The total bond market in mainland China reached 196.18 trillion yuan by the end of 2025, an increase of 20.30 trillion yuan from the beginning of the year, with interest rate bonds at 123.61 trillion yuan, credit bonds at 52.88 trillion yuan, and interbank certificates at 19.69 trillion yuan [3] - In 2025, the issuance of various bonds in mainland China totaled 89.0 trillion yuan, a year-on-year increase of 11%, with interest rate bonds reaching 33.0 trillion yuan, up 18% from the previous year [3] - The issuance of government bonds increased by 28% year-on-year, while local government bonds grew by 5%, and policy financial bonds rose by 17% [3] - Credit bonds issuance was 22.2 trillion yuan, an 8% increase year-on-year, and interbank certificates totaled 33.8 trillion yuan, up 7% [3] Bond Issuance Statistics - Interest rate bonds: 3,534 issues, 329,829.6 billion yuan, 18% growth [4] - Government bonds: 206 issues, 160,140.2 billion yuan, 28% growth [4] - Local government bonds: 2,449 issues, 102,901.0 billion yuan, 5% growth [4] - Policy bank bonds: 879 issues, 66,788.4 billion yuan, 17% growth [4] - Credit bonds: 24,003 issues, 222,246.7 billion yuan, 8% growth [4] - Financial bonds: 1,499 issues, 56,780.6 billion yuan, 25% growth [6] Bank Underwriting Rankings - The top three banks in total underwriting amount (including local government bonds) are China Bank (16,765.2 billion yuan), Industrial and Commercial Bank (16,479.0 billion yuan), and Construction Bank (15,020.5 billion yuan) [12] - In the detailed local government bond underwriting, the top three are Industrial and Commercial Bank (22,584.8 billion yuan), China Bank (16,312.8 billion yuan), and Construction Bank (14,568.1 billion yuan) [17] Securities Firm Underwriting Rankings - The top three securities firms (excluding local government bonds) in total underwriting amount are CITIC Securities (16,136.2 billion yuan), Guotai Junan (13,613.4 billion yuan), and CITIC Jianzhong (12,419.6 billion yuan) [21] - In the local government bond underwriting (averaged), the top three are CITIC Securities (22,491.6 billion yuan), CITIC Jianzhong (17,333.3 billion yuan), and Guotai Junan (16,426.2 billion yuan) [26] NAFMII Debt Financing Tool Underwriting Rankings - CITIC Bank leads the NAFMII debt financing tool underwriting with 9,043.4 billion yuan, followed by Industrial Bank with 8,412.7 billion yuan and Construction Bank with 6,077.7 billion yuan [36] Credit Bond Underwriting Rankings - The top three in credit bond underwriting are CITIC Securities (16,136.2 billion yuan), Guotai Junan (13,613.4 billion yuan), and CITIC Jianzhong (12,419.6 billion yuan) [40]

Core Viewpoint - The competition landscape among securities firms in the A-share IPO market has solidified with the successful listings of companies like Hengdongguang and Xinguoyi, marking the end of the 2025 A-share IPO season [1] Group 1: Overall Market Dynamics - Leading securities firms maintain a strong competitive edge, while smaller firms have made breakthroughs in niche segments. The top five firms account for nearly half of the total IPO projects in the market [2] - In 2025, the top five securities firms by IPO underwriting numbers are Guotai Haitong (19), CITIC Securities (17), CITIC Jianou (12), China Merchants Securities (10), and Huatai United (9) [3] Group 2: Differentiated Competition - The dual innovation board is a key platform for financing technology and emerging industries, raising a total of 633.71 billion yuan, which constitutes nearly half of the annual IPO fundraising total. This area is highly competitive among securities firms [4] - CITIC Securities leads the Sci-Tech Innovation Board with an underwriting scale of 168.95 billion yuan, capturing over 44% of the market share. Notable projects like Moore Threads contributed significantly to this figure [4] - The top five firms for the Sci-Tech Innovation Board in terms of underwriting numbers are CITIC Securities (7), CITIC Jianou (3), CICC (3), Huatai United (2), and others [5] - For the Growth Enterprise Market, Guotai Haitong and China Merchants Securities have a notable lead with 6 and 4 projects respectively, and underwriting amounts of 57.61 billion yuan and 45.46 billion yuan [6] Group 3: Regulatory Environment - The China Securities Association released the 2025 evaluation results for securities firms' investment banking business, indicating a focus on quality control and compliance. Twelve firms received an A rating, with five firms maintaining this rating for two consecutive years [9] - The dynamic optimization of the evaluation system reflects the ongoing trend of strict regulation and compliance in the securities industry [9] Group 4: Outlook for 2026 - The IPO market is expected to remain active in 2026, with a structural optimization characterized by stable volume and improved quality. The dual innovation sector is anticipated to see an expansion in financing and quality [10] - Hard technology companies in sectors such as semiconductors, artificial intelligence, quantum computing, commercial aerospace, and biomedicine are expected to increase their presence in the capital market [10] - The competition among securities firms will intensify, focusing on serving technological innovation and industrial upgrades, with a continued evolution in the competitive landscape between leading firms and niche market leaders [10]

在上市公司控制权变更领域，根据Wind全球并购库数据统计，2025年首次披露上市公司控制权变更交易183 单，相较2023年、2024年分别增长357.50%、144.00%。 在此过程中，各证券公司纷纷加大对并购业务的投入，头部效应仍十分明显。 许可类重组审核通过口径，8家券商市占率78%，华泰联合证券排名第一 在沪深北交易所并购重组委审议方面，2025年，上交所共召开23次并购重组审核委员会会议，深交所共召开17 次并购重组审核委员会会议，北交所召开1次并购重组审核委员会会议，合计审议通过40单行政许可类重组交 易，涉及独立财务顾问49家次，担任超过1单交易独立财务顾问身份的券商共有8家。数据显示，重组业务"领 头羊"华泰联合证券、中信建投证券、中信证券领跑市场， 具体如下： | 排名 | 机构名称 | 重组委审议通过 | | --- | --- | --- | | | | 車数 | | 1 | 华泰联合证券 | 8 | | 2 | 中信建投证券 | 7 | | 3 | 中信证券 | | | 4 | 乐方计车 | 4 | | 4 | 国泰海通证券 | 4 | | 4 | 中等公司 | 4 | | 7 | ...

Core Viewpoint - The issuance of the China Construction Commercial Property Holding Real Estate Asset-backed Special Plan by CITIC Construction Investment marks a significant development in the REITs market, particularly as it is the first inter-institutional REITs product for office buildings from China State Construction Group and the first central enterprise inter-institutional REITs product in the Tianjin region [1] Group 1 - The scale of the issued product is 504 million yuan, with a term of 30 years, and the original equity holder is China State Construction (Tianjin) Co., Ltd. [1] - The product is backed by the Zhongjian Center office property owned by China State Construction (Tianjin) Co., Ltd., and it was issued at a premium, reaching the upper limit of the inquiry range [1] - This financing model provides a replicable and promotable innovative path for the issuance of equity attribute products in the construction industry [1] Group 2 - The issuance is expected to continuously deepen the inter-institutional REITs service in alignment with national strategies and empower the core value of industrial transformation [1]

Core Viewpoint - The report highlights the achievements and strategic initiatives of CITIC Securities in 2025, emphasizing its role in supporting the modernization of the industrial system and contributing to high-quality economic development through various financial services [3][81]. Group 1: IPO and Underwriting Achievements - CITIC Securities ranked second in the market for IPO underwriting scale in 2025, successfully sponsoring four of the top ten IPOs in the market [5][83]. - The company sponsored the first A-share natural uranium stock, China Uranium Industry, which filled a gap in the A-share uranium and radioactive mineral resources sector [6][84]. - CITIC Securities successfully sponsored the IPO of Zhongce Rubber, raising 4.066 billion yuan, solidifying its position as a leading player in the Chinese tire market [8][86]. - The company also sponsored Tian You Wei's IPO, raising 3.740 billion yuan, making it the leading domestic supplier of automotive instruments and intelligent cockpits [9][87]. - Strong Yi Co., the first A-share probe card company, was successfully listed on the Sci-Tech Innovation Board, breaking the monopoly of foreign manufacturers [10][88]. Group 2: Major Asset Restructuring - CITIC Securities completed 12 major asset restructuring projects, ranking first in the market with a total transaction amount of 104.8 billion yuan, and second in terms of transaction scale [12][90]. - The company served as an independent financial advisor for China Shipbuilding's acquisition of China Shipbuilding Industry Corporation, which was the largest licensed merger and restructuring project in A-share history [12][90]. - The restructuring of Saily's acquisition of a global benchmark smart electric vehicle digital factory amounted to 8.164 billion yuan, marking the first A-share merger and restructuring project in the new energy vehicle industry after the "Six Merger" policy was released [13][91]. - The restructuring of Yuanda Environmental Protection, with a transaction scale of 27.2 billion yuan, was a significant move in implementing the national energy strategy [15][93]. Group 3: Bond Issuance and Financial Services - CITIC Securities underwrote over 5,000 bonds, with a total underwriting scale exceeding 1.7 trillion yuan, ranking first in the market [17][95]. - The company acted as the lead underwriter for Geely Holding Group's technology innovation corporate bonds, raising funds for strategic transformation and upgrades [18][96]. - The issuance of technology innovation bonds by the Industrial and Commercial Bank of China, totaling 20 billion yuan, was the largest scale of technology innovation bonds since the establishment of the "Technology Board" [106][106]. Group 4: Support for Technological Innovation - CITIC Securities sponsored the IPO of Angrui Micro, a leading domestic RF and analog manufacturer, which achieved large-scale production of its 5G L-PAMiD high-integration module products [20][98]. - The company also sponsored the IPO of Hengkang New Materials, the first A-share company focused on integrated circuit photolithography materials, breaking the foreign monopoly on key materials for 12-inch integrated circuits [22][100]. - The acquisition of Hengsu Huawai by Huahai Chengke, which became the second-largest global supplier of semiconductor epoxy encapsulants, was facilitated by CITIC Securities [23][101]. Group 5: Green Finance Initiatives - CITIC Securities supported the issuance of dual-currency green bonds by China Resources Land, raising 4.3 billion yuan and 300 million USD [39][117]. - The company facilitated the issuance of green bonds by the Hefei Rail Transit Group, which is the first rail asset REIT project in the country [40][119].

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