（文章来源：第一财经） 中信证券指出，展望2026年，政府债节奏主导社融表现或将延续，社融将呈现"前高后稳、结构优化"的 全年节奏。信贷方面，12月制造业PMI重返荣枯线以上，出口增速亦超预期，高频数据综合反映企业年 末产需与经营活跃度回升，叠加银行年末考核因素，对公端各项贷款全面放量。1月15日央行宣布下调 各类结构性货币政策工具利率25bps，进一步降低银行通过"先贷后借"机制投放重点领域贷款的资金成 本，往后看，利率下降有望激励相关贷款加速投放。 ...

中信证券研报称，2025年港股IPO市场火热，项目质量较高。在此基础上，市场赚钱效应显著，投资人 打新热情高涨。面向2026年，我们认为IPO项目储备丰富、项目质量相对有所保障，港股IPO有望维持 火热，建议锚定投资者及基石投资者仍应根据自身禀赋及风险偏好做项目精选。 ...

（文章来源：第一财经） 中信证券研报表示，国家电网宣布"十五五"期间4万亿固定资产投资计划，同比增长40%。同时，明确 聚焦绿色转型，初步建成主配微协同的新型电网平台。我们认为，国网的投资计划夯实总量基本盘，进 一步明确特高压、柔性直流、数字化微网等重点领域。我们建议围绕受益于国内投资景气度、重大规划 的内需头部企业以及兼顾国内重大投资和出海景气的两个方向布局行业内头部企业。 ...

人民财讯1月16日电，中信证券指出，央行下调各类再贷款工具利率25bps，但该举措并非传统意义上的 逆回购利率或LPR降息，而是通过结构性工具定向发力。中信证券认为，此举有利于提升银行投放积极 性、促进信贷平稳增长，并在一定程度上缓解银行息差压力。与此同时，央行同步推进再贷款工具扩容 与机制创新，通过"量的扩张+向的引导"双重作用，持续强化对重点领域的定向支持，有助于推动信贷 结构向科技、绿色、普惠、养老和数字等方向优化。在总量政策层面，央行表示今年降准降息仍有一定 空间，但在出口景气延续、短期经济动能尚可的背景下，预计短期政策加码将保持克制，全年逆回购利 率降息幅度或为10bps。 ...

人民财讯1月16日电，中信证券研报称，近期电子行业多个细分板块相关公司发布涨价通知，涉及存 储、CCL、BT载板、晶圆代工、封测等多细分领域，其背景是2025年以来因上游金属成本大幅提升， 叠加AI高景气对整体需求的拉动。考虑到本轮涨价周期的背景是AI超高景气，消费电子、汽车电子等 需求阶段性承压，建议关注存储、CCL、BT载板、晶圆代工、封装等在涨价趋势中受益确定性最高的 环节。 ...

（文章来源：第一财经） 中信证券研报表示，具身智能大模型层面迎密集更新，UMI数据采集的"低成本+高效"特性获广泛采 纳，第一人称视频数据的规模化使用得到头部厂商阶段性认证，丰富且多元的视频学习有望充分哺育以 视频生成模型为根基的世界模型。2026年是具身智能机器人产业的量产元年，具身模型的水平仍弱于硬 件基础，因此其迭代进化将更为关键。与此同时，随着Skild AI、Physical Intelligence、银河通用等玩家 资本化进程持续推进，具身模型企业的定价逻辑有望更为清晰一致。 ...

（文章来源：第一财经） 中信证券研报表示，央行下调各类再贷款工具利率25bps，但该举措并非传统意义上的逆回购利率或 LPR降息，而是通过结构性工具定向发力。我们认为，此举有利于提升银行投放积极性、促进信贷平稳 增长，并在一定程度上缓解银行息差压力。与此同时，央行同步推进再贷款工具扩容与机制创新，通 过"量的扩张+向的引导"双重作用，持续强化对重点领域的定向支持，有助于推动信贷结构向科技、绿 色、普惠、养老和数字等方向优化。在总量政策层面，央行表示今年降准降息仍有一定空间，但在出口 景气延续、短期经济动能尚可的背景下，我们预计短期政策加码将保持克制，全年逆回购利率降息幅度 或为10bps。汇率方面，央行延续"在合理均衡水平上保持基本稳定"的政策主基调，我们认为短期内政 策重心仍在防范汇率超调、完善预期管理和提升企业汇率避险能力，而非通过汇率调整获取贸易竞争优 势。 ...

■ 注：本理财产品原定到期日为2026年4月15日，因触发敲出条件于近日提前赎回。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 本次赎回产品名称：中信证券股份有限公司信智安盈系列2023期收益凭证 ● 本次产品赎回金额：人民币4,000万元 海程邦达供应链管理股份有限公司（以下简称"公司"）于2025年4月17日召开第三届董事会第六次会 议、第三届监事会第五次会议，审议通过《关于使用部分闲置募集资金进行现金管理的议案》，同意自 董事会审议通过之日起12个月内，在不影响募投项目资金使用进度安排及保证募集资金安全的前提下， 公司及子公司使用不超过22,000万元（含）部分闲置募集资金进行现金管理，在上述额度范围内，资金 可循环滚动使用。公司监事会、保荐机构已对此分别发表了同意意见。具体内容详见公司于2025年4月 18日在上海证券交易所（www.sse.com.cn）上发布的《关于使用部分闲置募集资金进行现金管理的公 告》（公告编号：2025-024）。 一、闲置募集资金现金管理到期赎回情况 2025年11 ...

Group 1: Market Overview - The market showed mixed performance with major indices fluctuating; the Shanghai Composite Index fell by 0.33% to 4112.60, while the Shenzhen Component rose by 0.41% to 14306.73 [4][7] - The total market turnover decreased significantly, exceeding 1 trillion yuan, indicating reduced trading activity [7][10] - The semiconductor industry chain showed strength, driven by TSMC's announcement of a capital expenditure forecast of $52 billion to $56 billion for 2026 [8][29] Group 2: Economic Insights - In 2025, the new social financing reached 3.56 trillion yuan, with new loans amounting to 1.627 trillion yuan [16][19] - The People's Bank of China lowered the interest rates on various structural monetary policy tools by 0.25 percentage points to support economic transformation [20][21] - The foreign exchange market in China recorded a trading volume of $42.6 trillion in 2025, with a net inflow of $30.21 billion [25][26] Group 3: Industry Dynamics - TSMC's capital expenditure for 2025 was approximately $40.9 billion, with expectations for continued strong demand for advanced process technologies [30][31] - The State Grid Corporation of China plans to invest 4 trillion yuan during the 14th Five-Year Plan period to enhance the new energy system [32][33] - The global revenue from non-gaming applications grew by 33.9% in 2025, indicating a shift in the mobile application economy [38][39] Group 4: Company Updates - Angel Yeast (600298.SH) is expanding its overseas operations and focusing on yeast protein business as a key growth driver [42] - Zhongjing Food (300908.SZ) maintains a solid core business but faces challenges with its Shanghai scallion oil product due to increased competition [44] - Shengnong Development (002299.SZ) expects a significant increase in net profit for 2025, projecting a growth of 89% to 97% [46] - CITIC Securities (600030.SH) reported a 38.46% increase in net profit for 2025, driven by a bullish domestic capital market [50][51]

Core Viewpoint - The company aims to play a pivotal role in the realization of China's financial power strategy by enhancing its investment banking capabilities and supporting the real economy through innovative financial services and resource allocation. Group 1: Service to the Real Economy - The company is committed to supporting technological innovation by integrating into the national innovation-driven development strategy, enhancing capital flow to tech sectors, and providing tailored services for high-quality development of tech enterprises [1][2]. - In 2025, the company led equity underwriting in the STAR Market, Growth Enterprise Market, and Beijing Stock Exchange with a total of 55.1 billion yuan, maintaining industry leadership [2]. - The company has actively facilitated mergers and acquisitions in the tech sector, exemplified by its support for significant asset restructuring and financing for companies like AVIC Chengfei [3]. Group 2: Green and Low-Carbon Transition - The company has implemented the "dual carbon" strategy, establishing a green service ecosystem and supporting energy structure transformation with a green bond underwriting scale of 77.6 billion yuan in 2025, leading the industry [4]. - It assisted in the issuance of the first offshore green bond by a central enterprise, raising 6 billion yuan for sustainable financing [4]. - The company has supported significant transactions in the renewable energy sector, including the privatization of environmental companies and the IPO of leading photovoltaic manufacturers [4]. Group 3: Inclusive Finance and Pension Finance - The company has innovated inclusive finance services to support rural revitalization and the pension industry, with a total underwriting scale of 19.3 billion yuan for rural revitalization bonds in 2025 [5]. - It facilitated the issuance of the first pension-themed corporate bond in China, raising funds for various elder care projects [5]. Group 4: Direct Financing Services - The company has strengthened its domestic and offshore equity financing services, achieving an A-share underwriting scale of 272.1 billion yuan in 2025, with a market share of 24.5% [6]. - In the Hong Kong market, it sponsored 33 IPOs, accounting for 28.4% of the market, including significant IPOs for major companies [7]. Group 5: Bond Market Leadership - The company achieved a record bond underwriting scale of 2.2 trillion yuan in the domestic market in 2025, with a market share of 6.9% [8]. - It led offshore bond underwriting with a scale of 5.3 billion USD, supporting major companies in their international financing efforts [8]. Group 6: Capital Market Oversight - The company has maintained high standards in risk management and compliance, achieving an A-class rating in all major business evaluations for four consecutive years [9]. Group 7: Innovation in Financial Services - The company has actively participated in capital market reforms and product innovations, supporting the listing of several tech companies under new regulatory frameworks [10]. - It has been a leader in the REITs market, participating in 29 public REITs with a total issuance scale of 68.9 billion yuan [11]. Group 8: Internationalization Efforts - The company has enhanced its international service capabilities, supporting Chinese enterprises in their global expansion and participating in significant IPOs across various countries [14][15]. - It has facilitated the issuance of offshore RMB bonds, contributing to the internationalization of the RMB [18].