Management Fee Adjustment Plan - The fund manager has the right to adjust the management fee based on the operational conditions of the fund, as the estimated net income per ten thousand shares and the seven-day annualized estimated yield may fluctuate due to market volatility [1] Other Important Information - Investors can obtain relevant information through the following channels: 1. Fund Manager: CITIC Construction Investment Fund Management Co., Ltd. with a nationwide service hotline of 4009-108-108 and website www.cfund108.com [3] 2. Sales Institution: CITIC Construction Investment Securities Co., Ltd. with a customer service phone number of 95587 and website www.csc108.com [3]

Core Viewpoint - The futures market plays a unique role in helping China's economy address new challenges, emphasizing the importance of price discovery, risk management, and resource allocation [2] Group 1: Financial and Industrial Collaboration - The futures industry can create a more efficient "super ecosystem" to enhance financial support for the real economy, focusing on sectors like domestic demand, technological innovation, and small and medium enterprises [3] - Futures companies should break traditional service boundaries and enhance their ecological hub functions by deepening collaboration with banks, securities, private equity, government, and exchanges [3] Group 2: Supporting Enterprises Going Global - The increasing volatility of commodity prices has heightened the risk management needs of companies expanding internationally, making it essential for futures companies to assist these enterprises [4] - Futures companies with international capabilities can leverage domestic market advantages to create a "domestic + international" service model, helping businesses manage price risks and secure essential raw materials [4] Group 3: Market Cultivation Innovation - Market cultivation is crucial for enhancing industry clients' understanding of futures, transitioning from theoretical accessibility to practical usability [4] - The establishment of investor education bases, such as the one in Chongqing, has produced over 4,000 original educational materials and reached more than 750,000 participants since its operation began in October 2021 [4] Group 4: Regional Economic Development - The company has integrated its development with the regional development strategy in the Chengdu-Chongqing economic circle, providing comprehensive services to emerging industries like new energy and high-end equipment manufacturing [5] - The company has supported over 1,000 industrial clients in the region, with client equity scale increasing sevenfold during the "14th Five-Year Plan" period [5] Group 5: Green Transformation Empowerment - The futures market is positioned to play a significant role in supporting the green transformation of the economy, with new futures products aiding industries like electric vehicles and solar energy [6] - The company has established research brands focused on green sectors, providing cutting-edge insights and research to clients, and has achieved a leading position in serving upstream enterprises in industrial silicon, lithium carbonate, and polysilicon [6]

Group 1 - A-share market shows mixed performance with the Shanghai Composite Index being relatively stable while the ChiNext Index is weaker due to a pullback in the technology manufacturing sector [1][11] - The consensus is forming around a potential "rally" in the market as liquidity expectations improve following key overseas events and a positive policy environment from the Central Economic Work Conference [12][13] - The market style is expected to shift towards small-cap and technology growth sectors during the "rally" window from late January to early March 2026, following a period of value-driven performance [12][13] Group 2 - The strong market performance on Wednesday may indicate the start of the 2026 cross-year market trend, supported by significant net subscriptions in stock ETFs [14] - Continued policy support and stable economic growth are anticipated to bolster market confidence and attract various types of capital inflows [14] - The trend of high-net-worth individuals moving their deposits into the stock market is likely to continue, driven by lower expected returns from other asset classes [15] Group 3 - Incremental capital is entering the A-share market through broad-based ETFs, signaling positive market sentiment as investors prepare for the "spring rally" [16] - The technology and small-cap sectors are expected to perform actively as investors increase their positions [16] - The easing of "AI bubble" concerns and the resolution of liquidity uncertainties are providing a recovery opportunity for the market [17] Group 4 - Investment strategies should focus on three key areas: dividend value, high-growth sectors during the upcoming "rally," and active themes driven by policy and technology [18] - In a strengthening RMB environment, sectors such as aviation, gas, and paper are expected to benefit from cost advantages, while upstream resources and consumer goods may see profit margin improvements [20][21] - The non-bank financial sector, particularly insurance stocks, is showing increased elasticity and may outperform if policy catalysts emerge [21]

中信建投研报称，GEO是一种广告营销技术服务，核心是让品牌在AI搜索中被主动说出来，随AI搜索 起量而增长。据Gartner，到2026年，搜索引擎访问量将下降25%，搜索营销市场份额将被人工智能聊天 机器人和其他虚拟代理抢走。随之而起的GEO市场规模有望达到百亿美元量级，有望推动广告代理公 司从提供营销服务拓展至提供技术服务，提高盈利水平。海外公司已率先布局，2024年起开始涌现，明 星初创公司Profound在1年内完成3轮融资，估值超1亿美元。 ...

Core Viewpoint - Short-term fluctuations in A-shares are primarily influenced by external factors such as concerns over the AI bubble in the US stock market and interest rate hikes by the Bank of Japan, but A-shares are expected to resonate upward with global markets as US AI core company stock prices stabilize and the impact of the Bank of Japan's rate hike is limited [1] Industry Focus - Key industry focus areas include non-ferrous metals (silver, copper, tin, tungsten), high dividend stocks in Hong Kong, non-bank financials, AI (liquid cooling, optical communication), new energy (energy storage, solid-state batteries), innovative pharmaceuticals, and banking [1] Thematic Focus - Thematic investment areas to pay attention to are Hainan (duty-free), nuclear power, and ice and snow tourism [1]

Core Viewpoint - The year 2026 is projected to be a turning point for China's economy, moving away from low inflation and establishing a "new equilibrium" as per the consensus among major securities firms [1]. Group 1: Macroeconomic Growth and Price Recovery - Major securities firms, including China Merchants, Ping An, and West Securities, agree that the Chinese economy will emerge from the low inflation phase, with expectations of nominal GDP growth recovery driven by price factor improvements [1][5]. - The "anti-involution" policy is expected to limit supply, combined with the pig cycle bottoming out and PPI turning positive, which will be key in improving corporate profitability and nominal GDP [1][5][6]. Group 2: Structural Transition and New Growth Drivers - 2026 is seen as a critical juncture for the transition between old and new growth drivers, with real estate investment entering a bottoming phase while AI, data center energy demand, and high-end manufacturing are expected to become substantial growth engines [1][5][21]. - The consensus is that the economy will experience a "new-old relay" with significant changes in investment structures, particularly in manufacturing and real estate [1][21]. Group 3: Demand-Side Drivers - There is a divergence in views regarding demand-side drivers; some firms like Minsheng and Northeast Securities believe external demand will outperform internal demand, while others like West Securities and Shenwan Hongyuan predict a shift towards internal demand dominance [1][5][21]. Group 4: Asset Allocation and Market Style Predictions - Opinions on asset allocation and market style are highly varied, with Haitong International being the most optimistic, predicting a 40% increase in the Shanghai Composite Index based on "value re-evaluation" logic [2][50]. - China Merchants Securities anticipates a shift from "policy-driven" to "profit-driven" market dynamics, while others suggest a more balanced focus on both growth and cyclical opportunities [2][21]. Group 5: Key Predictions from Securities Firms - China Merchants Securities predicts a recovery in corporate profits and a shift in policy focus towards enhancing development quality, with manufacturing investment expected to grow by 5% and real estate investment's decline narrowing to -8% [5][10]. - Ping An Securities emphasizes the importance of price recovery, forecasting CPI to rise to 0.6% and PPI to narrow its decline significantly [16][18]. - West Securities expects nominal GDP growth to accelerate, driven by inflation recovery and the emergence of new growth forces [21][23]. Group 6: External Environment and Trade Dynamics - The external environment is expected to improve, with strong export performance contributing significantly to GDP growth, projected to be around 40%-50% from actual export growth [11][44]. - The report from Northeast Securities highlights that external demand will recover before internal demand, with exports expected to grow by approximately 7% [44][45].

Core Viewpoint - The A-share market is transitioning from a liquidity and valuation-driven phase to a new stage that emphasizes fundamentals and profit recovery, with a projected double-digit profit growth for the entire A-share market in 2026 [1][2][4]. Group 1: Market Outlook - Most major domestic securities firms believe that the A-share market will remain in a bull market in 2026, with profit recovery being a key variable for market sustainability [1][2]. - The overall profit growth for the A-share market is expected to rise from 8.2% in 2025 to 10.3% in 2026, with the growth rate for non-financial sectors projected at 7.7% [12][64]. - The first half of 2026 is anticipated to maintain market momentum, but a significant transition may occur mid-year, particularly for sectors that have seen substantial gains [1][2][27]. Group 2: Sector Focus - The technology sector remains a consensus direction for 2026, with a shift from infrastructure investment to application and performance realization in AI, focusing on areas like robotics and smart driving [2][21]. - The "anti-involution" policy is expected to drive profit recovery in sectors such as steel, chemicals, and new energy, while resource products may present opportunities as they follow the technology sector [2][27]. - The report highlights four main areas for investment opportunities: AI, new energy, military industry, and innovative pharmaceuticals, with a focus on sectors that are expected to benefit from the "15th Five-Year Plan" [34][40][79]. Group 3: Investment Strategies - The investment strategy should prioritize "manufacturing as a shield and technology as a sword," emphasizing advanced manufacturing and AI as core components [40][44]. - The report suggests a rotation in market style from growth to value, particularly around mid-2026, as the market may shift focus based on liquidity and industry trends [68][69]. - The report emphasizes the importance of identifying high-performance sectors within the "future industries" and suggests a focus on resource security and energy [79][91]. Group 4: Financial Metrics and Predictions - The overall A-share market is expected to see a significant recovery in profitability, with non-financial net profit growth projected to rebound from 6.5% in 2025 to 16.5% in 2026 [33][64]. - The report predicts that the supply-side reforms will lead to a more balanced market, with a focus on sectors that have undergone significant price recovery and demand stimulation [27][92]. - The report indicates that the current market valuation structure remains healthy, with no signs of overheating, suggesting further upward potential [80][89].

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！ 某大券商，3人被判刑超10年 来源：南财社 国资投行保代变"国家工作人员"？最近，中信建投保代因受贿罪被重判十年以上，券商行业炸锅了。 12月5日，中信建投（601066.SH；06066.HK）原投行业务管委会执行总经理、保荐代表人杜鹏飞因受 贿罪，被黑龙江齐齐哈尔市龙沙区人民法院一审判处有期徒刑10年2个月，罚金60万元，没收违法所得 410.64万元。 据媒体报道，杜鹏飞通过代持方式以150万元突击入股振华新材，在上市解禁后减持套现410万元，个人 分得约200万元，被公诉机关认为涉嫌受贿，且数额特别巨大，建议量刑10至11年。 值得注意的是，在此前很多类似案例中，大多都是处以罚款、市场进入等形式处理，追究刑事责任的， 也都是以"非国家工作人员受贿罪"判处。但本次杜鹏飞一案，却被法院认定为"国家工作人员受贿罪"， 并给出十年以上的最高档量刑，更是业内罕见。 这一案件也引起行业内外的热议。而在争议还在持续，杜鹏飞也提出上诉之际，据红星资本局报道，近 期中信建投又有两名保代因受贿罪被判刑，刑期也都在10年以上。 01 上市前突击入股， ...

在品牌营销方面，公司全资子公司华糖食品携手广东电视体育频道，围绕2025年广州全运会开展广氏、 五羊品牌营销活动。线上通过全程赞助赛事直播及报道节目占据传播核心阵地；线下开展产品展示与试 饮，与消费者建立直接沟通，旨在打通"屏幕前"与"在现场"双场景，最大化品牌曝光。同时，公司还组 织员工加入全运会志愿者队伍，并通过新媒体账号和园区氛围布置融入全运会主题宣传，为体育盛会助 力。 2025年12月19日，广州市红棉智汇科创股份有限公司（下称"红棉智汇科创"）在公司会议室接待了中信 建投的特定对象调研。调研活动于当日15:30-17:00举行，中信建投分析师高畅参与，红棉智汇科创方面 由副总经理、董事会秘书兼总法律顾问程默，证券事务代表刘垚，董事会秘书处主管梁嘉茵共同接待。 双方就公司2025年经营情况、收购亚洲食品的战略考量、全运会营销布局、子公司华糖食品销售渠道及 市值管理计划等核心议题展开深入交流。 2025年经营：扣非净利润连续增长 饮料与园区运营板块表现亮眼 谈及2025年经营情况，红棉智汇科创表示，尽管受消费市场波动影响，公司糖产品收入有所下滑导致整 体营业收入略有下降，但通过精准营销与品牌建设，盈利 ...

Core Viewpoint - The establishment of the investor education base in Hangzhou by CITIC Securities Futures is a significant step towards enhancing investor education and supporting the real economy in the Yangtze River Delta region [1][3]. Group 1: Investor Education Initiative - The investor education base in Hangzhou aims to serve as a professional platform for learning and interaction, focusing on professional knowledge and risk management services [3]. - The company has emphasized the importance of investor education as a foundational aspect of the futures industry, with previous successful initiatives in other regions, such as the one in Chongqing [3]. Group 2: Market Outlook and Analysis - Following the establishment ceremony, the Hangzhou branch's lecturer team provided insights into the commodity market outlook for 2026, discussing supply and demand dynamics influenced by growth stabilization and anti-competitive policies [5]. - Specific topics included the current oversupply of oil and coal, as well as an analysis of the fundamentals of copper, silver, and lithium carbonate [5]. Group 3: Future Commitment - The Hangzhou branch of CITIC Securities Futures is committed to serving the Yangtze River Delta region by enhancing its professional capabilities and innovative service models to contribute to high-quality regional economic development [7].