中信证券研报指出，2025年以来A股市场走出持续3年的"哑铃"格局，科创、创业板为代表的硬科技板 块成长性回升是其基本面基础。经过6至10月的系统性估值修复后，10月以来行业间走势分化加剧，而 截止Q3的业绩持续增长是大部分行业10月后表现韧性的基础。目前看，双创与科技板块预期盈利高于 当前实现水平，建议关注2026年的业绩兑现情况；与近似PB的行业相比，国防军工盈利水平仍有提升 空间；食品饮料与家电行业盈利性的差距逐渐缩小，但长期看或存在估值趋近的过程；大盘指数内新旧 经济增长动能切换的态势显著，总体盈利和价格波动的稳定是其配置价值的基础。2026年1月是2025年 年报业绩预告观测时间窗口，建议关注相关行业的业绩兑现情况。 ...

智通财经APP获悉，中信证券发布研报称，光热发电兼具调节电源与长时储能双重功能，在电力系统中 承担调节功能，也具备扮演基荷电源的潜力，是强化新能源消纳保障的可靠资源，近年来在政策支持 下，光热作为新能源基地配套调节电源快速发展；技术进步、国产化、规模化等因素推动光热度电成本 快速下降，虽然目前与主流电源仍有差距，但后续有望受益成本下降&调节价值提升而增强电源竞争 力，助力行业健康发展。 该行表示，电力系统容量&调节资源短缺问题或将持续暴露，推动调峰等辅助服务需求大幅增长。光热 发电调节能力优秀，在电力系统中拥有发挥价值的空间，有望在政策支持、技术进步、规模化发展等因 素推动下持续实现造价下行及获取较高电价，推动行业长期持续成长。深耕光热产业链的制造商有望充 分受益；布局光热领域较早的运营商有望获得技术与经验积累方面的优势。 事件： 近日，国家发改委、国家能源局印发《关于促进光热发电规模化发展的若干意见》(下文简称《意 见》)，明确我国光热发电行业的总体定位、发展目标、机制保障等内容，旨在推动光热发电行业规模 化发展，为新能源消纳增添保障。 由于建设成本较高且技术不成熟，早期我国光热发电装机规模增速较慢，202 ...

人民财讯12月25日电，中信证券研报指出，蚂蚁旗下C端AI医疗应用"AQ"更名"蚂蚁阿福"，完成品牌战 略升级。研报认为，蚂蚁阿福APP具备结构化多模态精准问诊能力，长周期健康数据积累提升用户黏 性，以及阿里系生态互联商业化前景可观三大亮点。看好互联网大厂凭借AI产品力、成熟生态以及投 流资金规模优势，率先抢占市场并完成用户AI家医心智培育，打造AI集医学问诊、健康管理、医疗消 费于一体的国民级AI医疗应用。头部医药电商平台手握海量C端客群，具备在线问诊、买药、预约挂 号、医疗服务的完整商业化场景，有望率先受益。与此同时，政策持续推动AI+医疗行业的发展，增量 资金落地助推B/G端需求同步提升。 ...

每经AI快讯，中信证券研报表示，蚂蚁旗下C端AI医疗应用"AQ"更名"蚂蚁阿福"，完成品牌战略升级。 我们认为，蚂蚁阿福APP具备结构化多模态精准问诊能力，长周期健康数据积累提升用户黏性，以及阿 里系生态互联商业化前景可观三大亮点；看好互联网大厂凭借AI产品力、成熟生态以及投流资金规模 优势，率先抢占市场并完成用户AI家医心智培育，打造AI集医学问诊、健康管理、医疗消费于一体的 国民级AI医疗应用。 ...

中信证券研报指出，近年来，随着光热产业链基本实现全面国产化，叠加需求增长推动产业链技术进步 与规模化发展，光热度电成本正快速下降，CSTA测算当前光热独立运行时度电成本已降至0.53元/kWh 左右。虽然光热成本大幅下降后仍显著高于其他电源，在作为光伏配套调节电源摊薄成本以外的情境 下，经济性仍然较弱，但我们预计在政策支持下光热经济性将持续提升。 ...

人民财讯12月25日电，中信证券研报认为，光热发电兼具调节电源与长时储能双重功能，在电力系统中 承担调节功能，也具备扮演基荷电源的潜力，是强化新能源消纳保障的可靠资源，近年来在政策支持 下，光热作为新能源基地配套调节电源快速发展；技术进步、国产化、规模化等因素推动光热度电成本 快速下降，虽然目前与主流电源仍有差距，但后续有望受益成本下降和调节价值提升而增强电源竞争 力，助力行业健康发展。 ...

Core Viewpoint - The report from CITIC Securities indicates that fluctuations in raw material prices have a limited impact on the gross profit margins of the white goods industry [1] Group 1: Raw Material Price Impact - Since Q4 2025, the prices of copper and aluminum are expected to rise due to tight supply and structural demand increases, but their impact on white goods profitability is deemed limited [1] - The increase in copper and aluminum prices is offset by a decrease in plastic prices, which mitigates overall cost pressures [1] - Leading home appliance companies are likely to hedge against fluctuations in bulk raw material prices [1] Group 2: Future Cost Pressures - If raw material prices remain high and fluctuate upwards, CITIC Securities anticipates that cost pressures may become evident in Q2 and Q3 of 2026 [1]

Core Viewpoint - The China Securities Association has issued a notice to brokerages, acknowledging the positive outcomes of the 2025 industry stress tests while highlighting existing issues such as "form over substance" and insufficient coverage of complex business risks. The notice outlines further guidelines to enhance the effectiveness and accuracy of stress testing in five key areas [1][2]. Regulatory Guidance Upgrade - The regulatory focus is shifting from mere compliance to management empowerment, indicating a higher level of risk management for brokerages. The 2025 stress test results show a significant increase in the importance brokerages place on stress testing, with many establishing regular testing mechanisms and applying results to capital planning [1][2]. Focus on Complex Risks - The notice emphasizes the need for brokerages to optimize stress testing for over-the-counter derivatives and reputation risks, which are becoming critical areas of focus due to the increasing complexity of brokerage business structures. Specific testing for key products like snowball and long-short swaps is required, along with market impact assessments for hedging transactions [2][3]. Reputation Risk Testing - Reputation risk testing is highlighted as a key area for deepening efforts. The 2025 results indicate that some brokerages inadequately assess reputation risk, equating it to risk disposal costs without considering its transmission effects. The industry is still in the exploratory phase regarding reputation risk testing, necessitating further research on risk characteristics and transmission paths [3]. Comprehensive Management of Subsidiaries - The notice calls for enhanced panoramic and penetrating management of subsidiaries, ensuring that stress testing is coordinated across domestic and international entities. This aims to improve the consistency and effectiveness of overall risk management [3]. Evaluation and Optimization of Testing Mechanisms - Brokerages are required to regularly evaluate and optimize their stress testing mechanisms and execution effectiveness. The China Securities Association will conduct checks as needed to ensure compliance and improvement [3].

Core Insights - The brokerage research sector is experiencing a fundamental shift, moving from traditional roles of "report suppliers" to becoming "decision enablers" with industry insights and capital pricing capabilities [1][5] Demand Restructuring - The continuous decline in commission fees is forcing a profound change in the demand side of brokerage research, with total commission fees dropping to 4.474 billion yuan in the first half of 2025, a year-on-year decrease of 33.98% and a 54.05% drop compared to the same period in 2020 [1] - Despite the decline in commissions, the number of analysts is increasing, reaching 6,185 by December 24, 2025, an increase of nearly 470 analysts or over 8% from the end of 2024, and nearly 30% from the end of 2023 [1][2] Capability Upgrade - Research value is shifting from "assisting trading" to "professional empowerment," leading to a revolution in report production from quantity to depth of understanding [3] - Research teams are developing multi-layered, systematic tracking frameworks to enhance insight sustainability, particularly in rapidly evolving sectors like AI [3] - Digital tools are being integrated into the research value chain, improving efficiency and enabling dynamic, interactive, and customized research services [3] Talent Development - The focus of research resources is increasingly directed towards key areas aligned with national strategies and industrial upgrades, with nearly 3,300 A-share companies covered in individual reports, particularly in hard technology and high-end manufacturing sectors [4] - Coverage of companies on the Beijing Stock Exchange is expanding, with over 150 companies covered and a nearly 26% increase in related research reports [4] Role Evolution - Analysts are evolving from "report suppliers" to "strategic partners," integrating into client decision-making processes and providing tailored solutions [5] - This evolution requires analysts to possess diverse competencies, including market pricing perspectives, deep understanding of client needs, and the ability to navigate macro policy directions [5] - Research outputs are shifting from traditional reports to building "trust assets" through long-term professional relationships, emphasizing the importance of foresight and timely tracking [5][6] Service Model Transformation - The new service model relies heavily on top-tier human resources and time investment, with significant resources needed to maintain relationships with key institutional clients or industry think tanks [6] - The future of the analyst workforce will be closely linked to "capability building," with analysts becoming key nodes connecting industry and capital, as well as knowledge and decision-making [6]

Core Viewpoint - The increasing openness of the capital market is driving Chinese securities firms to expand their international operations, with a focus on cross-border investment banking, wealth management, and financial technology to enhance cross-border capital management efficiency [1][2]. Group 1: Overseas Business Expansion - By 2025, at least 11 listed securities firms are expected to announce capital increases or the establishment of international subsidiaries, indicating a significant trend towards internationalization [1][2]. - In December 2025, China Merchants Securities announced a capital increase of up to 9 billion HKD for its subsidiary, aiming to enhance its financing capabilities and promote overseas investment [1]. - Shanxi Securities plans to increase capital by 1 billion HKD for its international subsidiary, which has seen a net profit of 47 million in the first nine months of the year, surpassing last year's total [1]. Group 2: Focus Areas for Capital Increase - The current round of capital increases by securities firms is primarily focused on capital intermediation and investment, with leading firms leveraging mature cross-border platforms to enhance capital returns [2]. - Smaller firms are concentrating on self-operated investments and wealth management, aiming to serve high-net-worth clients through the distribution of overseas products [2]. Group 3: International Business Development - Chinese securities firms are deepening their international business across investment banking, investment, and emerging sectors, playing a crucial role in the Hong Kong IPO market [3]. - As of December 15, 2025, CICC participated in 39 IPO projects, holding a market share of 16.53%, while CITIC Securities (Hong Kong) and Huatai Financial Holdings (Hong Kong) participated in 32 and 17 projects, respectively [3]. - The firms are also making strides in digital finance, with China Merchants Bank's subsidiary becoming the first Chinese bank-affiliated securities firm to obtain a virtual asset trading license in Hong Kong [3]. Group 4: Support for Enterprises Going Global - The China Securities Regulatory Commission is focusing on differentiated regulation to support high-quality institutions, which may enhance the profitability of firms with strong overseas business capabilities [5]. - CICC is supporting enterprises going global by providing cross-border M&A financing, overseas bond issuance, and connecting them with overseas investment institutions [5].