Core Viewpoint - CITIC Securities predicts a marginally loose liquidity environment and moderate economic recovery in 2026, recommending commodities over stocks and bonds [1] Group 1: A-shares - The expected annual increase for the Wind All A index is between 5% and 10% [2] - The net profit growth for listed companies in 2026 is projected at 4.8%, with price pressures on profits expected to ease gradually [2] - Structural opportunities may become the norm, with a "low volatility, slow bull" market anticipated, driven by absolute return funds [2] Group 2: Hong Kong Stocks - A rebound in performance and a second round of valuation recovery are expected for Hong Kong stocks [3] - The Hang Seng Index's dynamic PE is currently at 11.3 times, indicating a valuation gap [3] - Estimated net profit growth for the Hang Seng Index and Hang Seng Tech in 2026 is 6.7% and 24.3%, respectively [3] Group 3: US Stocks - The dual easing of fiscal and monetary policy in the midterm election year is expected to sustain growth momentum [4] - Projected net profit growth for the S&P 500, Nasdaq 100, and MAG 8 is 15.6%, 20.0%, and 24.5%, respectively [4] - The potential for a significant increase in stock buybacks due to lower interest rates and tax cuts is noted [5] Group 4: Bonds - The 10-year Chinese government bond yield is expected to range from 1.5% to 1.8% in 2026, with a downward trend initially [6] - The 10-year US Treasury yield is projected to fluctuate between 3.9% and 4.3% [7] Group 5: Commodities - Brent crude oil prices are expected to fluctuate between $58 and $70 per barrel, transitioning from oversupply to balance [11] - Gold prices may reach $5,000 per ounce, supported by liquidity easing and geopolitical risks [12] - Copper prices are projected to rise to $12,000 per ton due to supply constraints and demand from the power sector [13] Group 6: Currency - The RMB is expected to enter a mild appreciation cycle, with the USD/CNY exchange rate gradually approaching 6.8 [9][10]

Core Viewpoint - The report from CITIC Securities indicates that the new energy sector is expected to see significant improvement in fundamentals by 2026, driven by domestic systematic upgrades and increased overseas demand, with a focus on energy storage, wind power, high-quality development in photovoltaics, and new growth opportunities in green fuels [1] Group 1: New Energy Development - New energy development is transitioning from "quantity accumulation" to "quality leap" during the 14th Five-Year Plan, with wind and solar power becoming the mainstay of energy supply [2] - The 15th Five-Year Plan is crucial for achieving carbon peak by 2030 and building a clean, low-carbon, safe, and efficient new energy system, with structural optimization expected in various aspects [2] Group 2: Energy Storage - Large-scale energy storage is expected to see a compound annual growth rate (CAGR) of around 50% globally from 2025 to 2027, driven by market-driven demand and improved commercial models [3] - The domestic energy storage industry is well-positioned with a complete supply chain, and Chinese manufacturers are likely to benefit from rising standards and profitability [3] Group 3: Wind Power - Domestic wind power is anticipated to grow steadily due to high returns and favorable grid integration, while international support for wind energy is expected to align growth trends [4] - The wind turbine sector is projected to recover prices and profit margins, with opportunities for global market expansion [4] Group 4: Photovoltaics - The photovoltaic sector may face pressure in domestic installations by 2026, with a potential global installation decline of 5%-10% to 520-550 GW, although emerging markets remain vibrant [5] - New technologies such as high-efficiency silicon batteries and perovskite materials are expected to drive long-term growth in the photovoltaic industry [6] Group 5: Green Fuels - The green fuel market, including green alcohol, green ammonia, and sustainable aviation fuel (SAF), is poised for significant growth, potentially reaching a market size of trillions by 2030 [7] - The domestic green fuel industry benefits from abundant renewable energy resources and a complete supply chain, facilitating the transition from demonstration to commercial operation [7]

【中信证券：流动性宽松预期下金价有望延续涨势 2026年或冲击5000美元/盎司】智通财经12月26日 电，中信证券研报指出，2026年金价有望继续受益于美联储降息带来的流动性宽松氛围，全球黄金ETF 流入将作为黄金的重要买盘。潜在的地缘政治风险和贸易冲突引发的避险情绪将继续支撑金价，去美元 化、央行购金等长期趋势构成金价上涨的坚实基础，我们预计2026年金价将再创新高，但考虑到2025年 金价涨幅显著，且上述因素已部分在金价中兑现，我们预计2026年金价涨幅或收窄至10%-15%，全年价 格或冲击5000美元/盎司。 ...

从运行节奏看，利率或呈现"两阶段"特征：年初至上半年，降准降息前置落地有望推动利率下行；年中 以后，随着通胀回升对名义增速形成支撑，以及地方化债逐步收尾、信用扩张条件改善，利率存在阶段 性上行压力。 一方面，中央经济工作会议延续适度宽松的货币政策定调，我们预计政策利率仍有10bps左右的调降空 间。结合央行在2025年三季度货政报告中提出保持合理的利率比价关系，判断2026年10年期国债收益率 中枢下移幅度与政策利率调整幅度大体一致。 另一方面，利率债仍将维持"低利率+高波动"格局，震荡幅度预计与2025年相当。2025年央行国债操作 变化、股债跷跷板效应及监管不确定性显著放大了利率波动，展望2026年，尽管政策基调延续宽松，但 降准降息的落地节奏仍存在分歧，扰动因素尚未完全消退，预计10年期国债收益率仍将保持约30bps的 波动区间。 中信证券指出，相较于2025年中国10年国债收益率1.6%-1.9%的运行区间，我们判断2026年收益率中枢 或下移10bps，同时维持30bps左右的震荡空间。 ...

中信证券指出，2026年金价有望继续受益于美联储降息带来的流动性宽松氛围，全球黄金ETF流入将作 为黄金的重要买盘。潜在的地缘政治风险和贸易冲突引发的避险情绪将继续支撑金价，去美元化、央行 购金等长期趋势构成金价上涨的坚实基础，我们预计2026年金价将再创新高，但考虑到2025年金价涨幅 显著，且上述因素已部分在金价中兑现，我们预计2026年金价涨幅或收窄至10%-15%，全年价格或冲击 5000美元/盎司。 ...

Group 1 - The core viewpoint is that since mid-November, the volatility of ultra-long bond rates has increased, which has suppressed banks' willingness to allocate ultra-long bonds due to factors such as long-term liability gaps and seasonal liquidity assessments [1] - It is anticipated that the fiscal stimulus pace next year will be relatively balanced, leading to a situation where the actual yield of ultra-long bonds on the asset side of commercial banks remains relatively attractive [1] - On the liability side, the pressure is alleviated under the long-term impact of the central bank's monetary policy framework reform, suggesting that ultra-long bonds still possess certain cost-effectiveness for allocation in the long run [1]

人民财讯12月26日电，中信证券研报认为，"十五五"是国内建设清洁低碳安全高效新型能源体系的关键 期，新能源有望继续迈向量质并进，并逐步解决电力难消纳、行业内卷和机制僵化的积弊，完善源网荷 储、零碳闭环的多层次协同发展；同时，在能源转型的背景下，叠加AIDC激增、制造业回流等加剧海 外电力紧张局面，全球有望开启电力建设超级周期，新能源将成为全球能源发展和结构转型的关键一 环。在国内体系化升级、海外需求放量的推动下，受益于供给格局和全球布局优化，预计2026年新能源 板块基本面整体有望迎来显著改善，看好储能、风电行业的高景气增长，光伏转向高质量发展，以及绿 色燃料领域的新成长机遇。 ...

Core Viewpoint - The short-term liquidity in the funding market at year-end shows no significant signs of tightening, indicating a super-seasonally loose market liquidity [1] Group 1: Market Liquidity - Short-term funding rates are generally low, with overnight rates dropping below 1.3%, reflecting an overall loose liquidity environment [1] - The central bank's approach to maintaining ample liquidity remains unchanged, suggesting continued support for market stability [1] Group 2: Central Bank Actions - As the year-end approaches, the central bank may utilize open market operations and government bond purchases to mitigate temporary disturbances and stabilize funding fluctuations [1]

Core Viewpoint - The sustainability and authenticity of the high growth performance of Puan Medical will be crucial for its successful listing on the Beijing Stock Exchange, as regulatory scrutiny has raised concerns about the company's sales authenticity and performance sustainability [2][8]. Group 1: Company Overview - Puan Medical, established in 2013, specializes in the research, production, and sales of medical devices related to diabetes care, general drug infusion, and minimally invasive interventions [4]. - The company has rapidly progressed towards its listing on the Beijing Stock Exchange, completing the entire process from listing guidance to application submission in just one year [3]. Group 2: Financial Performance - Puan Medical's revenue has shown volatility; in 2022, it reported a revenue of 241 million yuan with a net profit of over 50 million yuan, but in 2023, revenue slightly declined by 2% and net profit dropped nearly 20% [6]. - In 2024, the company rebounded with revenue exceeding 300 million yuan and a net profit increase of nearly 60%, reaching 66.93 million yuan [7]. - The company forecasts a revenue of up to 390 million yuan for 2025, representing a year-on-year growth of 22.5%, with net profit expected to be between 80 million and 90 million yuan, indicating a growth of approximately 19.51% to 34.45% [7]. Group 3: Product Dependency and Market Risks - Puan Medical's revenue heavily relies on its diabetes care products, particularly the insulin pen needles, which accounted for 65.8% of its revenue in 2024 [11]. - The average price of the core insulin pen needle product has been declining due to intense market competition, dropping from 16.94 yuan per hundred in 2022 to 12.98 yuan per hundred in 2024 [18]. - Approximately 80% of Puan Medical's revenue comes from overseas markets, exposing it to various uncertainties related to international trade policies and market demand [12]. Group 4: Shareholder Structure and Investment Dynamics - The actual control of Puan Medical lies with Hu Chaoyu and Mao Liuying, who hold 25.52% of the shares but control nearly 34% of the voting rights through investment platforms [13]. - The company has attracted significant external investment, including from institutions like Ningbo Meishan Free Trade Port Area Xinrui Yuanfu Equity Investment Partnership, which invested at a notably low price, raising questions about potential conflicts of interest [22][24]. - The pricing discrepancies in share offerings have led to scrutiny regarding the fairness of valuations and potential benefits to early investors [27].

Group 1 - The company has approved the use of up to RMB 550 million of temporarily idle raised funds for cash management, investing in low-risk financial products with high safety and liquidity [1] - The company purchased a financial product from CITIC Securities on September 22, 2025, with a total investment of RMB 200 million, which was scheduled to mature on December 22, 2025 [2][3] - The financial product was terminated early on December 22, 2025, due to the performance of the underlying assets meeting the predetermined conditions, resulting in a principal recovery of RMB 200 million and an additional income of RMB 1.48 million [2] Group 2 - As of the date of the announcement, the company has a remaining balance of RMB 290 million in temporarily idle raised funds for cash management, with no overdue amounts [2]