近日，据中国证券监督管理委员会网上办事服务平台信息显示，江苏证监局受理了思必驰科技股份有限公司提交的首次公 开发行股票并上市辅导备案的申请，备案时间为2026年1月22日，辅导机构为东吴证券。 据辅导备案报告披露，东吴证券与思必驰辅导协议签署时间为2026年1月9日。另外，参与辅导工作的证券服务机构还包括 北京市金杜律师事务所及天健会计师事务所（特殊普通合伙）。 | 辅导协议签署时间 2026年1月9日 | | --- | | 辅 导 机 构 东吴证券股份有限公司 | | 律 师 事 务 所 北京市金杜律师事务所 | | 会 计 师 事 务 所 天健会计师事务所（特殊普通合伙） | 实际上，2025年4月25日江苏证监局就受理了思必驰首次公开发行股票并上市辅导备案的申请，当时的辅导机构为中信证 券。 | | 全国一体化在线政务服务平台 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 中国证券监督管理委员会网上办事服务平台(试运行) | | | | | | | 公开发行辅导公示 | | 辅导对象 | 辅导机构 | 备案时间 辅导状态 | 派 ...

Group 1 - The core viewpoint of the article emphasizes the ongoing recovery of market confidence, with potential for sector and stock recovery, particularly in consumer and real estate chains before the Two Sessions [2] - The article highlights the significant outflow of funds from broad-based ETFs, with a notable impact on sectors and stocks that are underweight by institutions [2] - It suggests that sectors with strong fundamentals and logical narratives, particularly those not heavily weighted in broad-based indices, are likely to see recovery [2] Group 2 - The spring market is characterized by a transition towards a more stable phase, with the potential for a perfect spring market driven by increased profitability [3] - The article notes that the overall profitability effect is nearing a high point, indicating that the market may face limitations in time and space for further growth [3] - It anticipates a correction phase following the spring market, where the focus will shift to clearer industrial trends and performance digestion [3] Group 3 - The article discusses the supportive role of abundant liquidity in driving the current spring market, stemming from various factors including insurance capital and foreign fund inflows [4] - It emphasizes the importance of focusing on fundamental performance as companies begin to disclose annual reports, with particular attention to sectors like AI hardware, batteries, and pharmaceuticals [5] Group 4 - The article identifies the current market phase as a structural bull market, transitioning from the second consolidation phase to the third upward phase [6] - It suggests that the market may face a correction after reaching a temporary high between 4200 and 4300 points, with a focus on the support levels and core sectors [6] Group 5 - The article advocates for a dual focus on technology and resource sectors, highlighting the importance of macroeconomic conditions and liquidity in shaping investment strategies [7] - It identifies key sectors such as semiconductors, AI, and new energy as central to current market trends, with a positive outlook for resource industries [7] Group 6 - The article suggests that the market's optimism is necessary, particularly in light of the recent volatility and the need to consider the relationship between market optimism and regulatory cooling [8] - It emphasizes the importance of focusing on physical assets and Chinese assets in investment strategies, with a recommendation for sectors like equipment exports and consumer recovery [9] Group 7 - The article indicates that the current market is entering a phase of high volatility and differentiation, with expectations for policy-driven demand expansion [10] - It highlights the potential for the non-ferrous metals sector to benefit from both industrial trends and financial attributes, particularly in light of geopolitical factors [11] Group 8 - The article notes that the A-share market is returning to a slow bull trend, with an increasing importance of sector rotation and fundamental performance [12] - It emphasizes the need to focus on structural investment opportunities, particularly in technology innovation and manufacturing sectors [12] Group 9 - The article suggests that the current market may be entering the latter half of the spring market, with a focus on sectors with strong performance and clear industrial trends [13] - It highlights the potential for price increases in sectors like basic chemicals and new energy materials, as well as opportunities in export-driven sectors [13] Group 10 - The article maintains that the slow bull trend is likely to continue, with a focus on technology, resource sectors, and industries with high growth potential [14] - It suggests that the current market conditions provide ample opportunities for investment, particularly in sectors with strong earnings forecasts [14]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report indicates a significant improvement in market trading volume and new fund issuance at the beginning of 2026, which is favorable for the fundamentals of financial IT and brokerage sectors. Brokerage firms are expected to continue rapid growth in their brokerage business, while investment banking, asset management, and overseas expansion are likely to enhance the return on equity (ROE) of leading brokerage firms. The insurance sector has also seen a strong start in both individual and bank-insurance channels, with a continued trend of deposit migration, suggesting a positive outlook for the insurance sector in the spring market [4][6]. Summary by Sections Brokerage Sector - Daily average trading volume for stock funds reached 3.44 trillion, down 16% week-on-week; however, the average trading volume since the beginning of 2026 is 3.64 trillion, a 105% increase compared to Q1 2025 [4] - New stock and mixed fund issuance in January 2026 totaled 44.3 billion, a 56% year-on-year increase [4] - The "Public Fund Performance Benchmark Guidelines" was officially released on January 23, 2026, establishing stricter standards for benchmark selection and changes, enhancing performance evaluation and compensation management systems [4] Insurance Sector - The fourth quarter of 2025 saw a stable research value for ordinary life insurance products at 1.89%, slightly down from 1.90% in the previous quarter, indicating a trend towards stability [6] - The individual insurance channel is under pressure due to various factors, but the strong start in 2026 is expected to improve new policy growth, aided by favorable market conditions [6] - The stabilization of long-term interest rates and a favorable equity market are expected to enhance net assets and profitability for insurance companies, with a potential valuation recovery towards 1x PEV for leading firms [6] Recommended Stocks - Recommended stocks include Guangfa Securities, Guotai Junan, Huatai Securities, and China International Capital Corporation H, as well as China Life, China Pacific Insurance, and Ping An Insurance [7]

无 锡 先导智能 装备股份有限公司向港交所提交上市申请书，联席保荐人为 中信证券 和 摩根大通 。 ...

Investment Rating - The report maintains a positive long-term outlook for the insurance sector, indicating a strong continuity in market performance despite recent fluctuations [2][12][16]. Core Insights - The financial sector experienced a mixed performance this week, with the non-bank financial index down by 1.45%, underperforming the CSI 300 index by 0.83 percentage points. The insurance sector saw a decline of 4.02%, while the brokerage sector decreased by 0.61% [1][10]. - The insurance sector's performance is driven by two main factors: policy support leading to economic recovery and liquidity easing combined with a strong stock market. The report suggests a shift from liquidity-driven growth to a focus on macro policy support and economic recovery expectations [2][13][16]. - The brokerage sector is expected to benefit from new regulations that enhance investment management quality, with a recommendation to focus on larger, undervalued firms and those involved in mergers and acquisitions [3][18]. - The banking sector is facing a slight decline, but there are signs of recovery in profitability for leading banks, with recommendations to focus on banks with high dividend yields and those expected to benefit from market conditions [19][21]. Summary by Sections Insurance Sector - The insurance sector's recent decline is attributed to short-term market sentiment and liquidity changes, but the long-term outlook remains positive due to strong support from both the liability and asset sides [2][12][16]. - Key recommendations include focusing on companies like China Pacific Insurance, China Ping An, China Life (H), and China Taiping, with a specific recommendation for New China Life [4][16]. Brokerage Sector - The brokerage sector's performance is slightly better than the overall market, with a focus on the new guidelines from the regulatory body that aim to improve fund management quality [3][17]. - Recommended firms include Guotai Junan, Huatai Securities, and others, particularly those with strong merger and acquisition prospects [4][18]. Banking Sector - The banking sector has shown a decline but is expected to stabilize, with recommendations to focus on banks with high earnings elasticity and strong dividend yields [19][21]. - Specific banks to watch include Hangzhou Bank, Ningbo Bank, and others, with a focus on those that have previously been undervalued [4][21].

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - The report highlights a significant increase in insurance holdings, with public fund holdings in the non-bank financial sector rising from 1.49% in Q3 2025 to 2.48% in Q4 2025, driven by market style rebalancing and marginal support from the sector's fundamentals [24][34] - The report notes that despite the ongoing pursuit of high-elasticity technology sectors, the non-bank financial sector is at a historical low valuation, with strong performance in the insurance sector and increased trading volumes in brokerage firms, indicating fundamental resilience [24][34] - The report suggests that the public fund holdings in the securities sector increased slightly from 0.63% in Q3 2025 to 0.71% in Q4 2025, reflecting improved performance trends and the appeal of low valuations [33] Summary by Sections New Public Fund Issuance - In Q4 2025, the number of newly issued funds remained stable at approximately 477, with a year-on-year increase of 81% compared to 264 in Q4 2024, while the issuance volume decreased by 15.19% year-on-year [12][19] - The share of newly issued equity funds decreased from 41% in the previous quarter to 32%, while mixed fund shares increased from 15% to 19% [12] Non-Bank Financial Fund Holdings - Public fund holdings in the non-bank financial sector increased, with the total market capitalization share rising to 2.48% in Q4 2025 [24] - The report attributes this increase to a shift in funds from crowded technology sectors to undervalued defensive sectors, alongside a recovery in northbound capital allocations [24] Major Non-Bank Companies' Holdings - The report indicates that major non-bank companies saw slight increases in public fund holdings, with China Ping An leading at 1.11% and China Pacific Insurance at 0.35% [41] - The report recommends focusing on key companies such as CITIC Securities, Huatai Securities, and China Ping An for potential investment opportunities [24][41]

Core Viewpoint - The redemption scale of broad-based ETFs continues to expand without signs of slowing down, impacting various industries and individual stocks differently, with a notable effect on sectors and stocks that institutions are underweighting [1][2][3] Group 1: ETF Redemption Dynamics - The redemption of broad-based ETFs has led to a significant change in the ETF market structure, with cumulative net redemptions of 8,458 billion yuan since October 2024, while industry/theme ETFs have seen net subscriptions of 5,864 billion yuan [3] - As of January 23, 2026, the total scale of broad-based ETFs is approximately 20,574 billion yuan, with industry/theme ETFs at 15,115 billion yuan, representing 42% of the total [3] - The redemption behavior of broad-based ETFs is perceived more as a profit-taking strategy rather than a means to cool down the market, indicating strong market sentiment and active trading [4] Group 2: Sector Performance and Opportunities - During the recent redemption period, 86 stocks in the CSI 300 index outperformed the index by over 2%, primarily in the electronics, electric new energy, and chemical sectors, while 121 companies underperformed, mainly in non-bank financials and pharmaceuticals [5] - The consumer chain is expected to see increased allocation from now until the Two Sessions, with travel consumption leading the recovery, and the market is pricing in positive changes in consumer sentiment [7][8] - The real estate chain may also experience significant recovery, with signs of market stabilization in new home transactions and rental yields in major cities [9] Group 3: Investment Strategies - A strategy focusing on "resources + traditional manufacturing pricing power" is recommended, emphasizing sectors like chemicals, non-ferrous metals, new energy, and power equipment, which are expected to provide stable returns amid market fluctuations [10] - Investors are encouraged to increase allocations to non-bank financials and select domestic demand sectors, such as duty-free, aviation, and quality real estate developers, to capture potential policy changes and enhance returns [10]

中信证券发布报告称，市场信心持续恢复过程中，只要在相对低位、能讲出逻辑且不在宽基权重的行业 预计都可能将修复，其中消费链的增配时点就是当下到两会前后，以预期交易为主，地产链亦可能在此 阶段发生明显修复，对国内新开工脱敏的 建材板块实际上已经启动。在"资源+传统制造定价权重估"的 基本思路下，围绕 化工、有色、 新能源、 电力设备构建的基础组合，仍然是在"人心思涨"与监管逆周 期调节矛盾下抗焦虑的配置选择；在此基础上，可逢低增配非银（证券、 保险），同时通过部分内需 品种或高景气品种增强收益。 ...

Core Viewpoint - The report from CITIC Securities indicates that market confidence is gradually recovering, and sectors that are relatively undervalued and can present a logical narrative are likely to see a rebound, particularly in the consumer and real estate chains before and after the Two Sessions [1] Group 1: Market Recovery - The consumer chain is identified as a key area for allocation, with the timing being favorable from now until the Two Sessions [1] - The real estate chain is expected to show significant recovery during this period, particularly in relation to new construction activities [1] Group 2: Investment Strategy - The report emphasizes a basic strategy of "resources + traditional manufacturing pricing power," focusing on sectors such as chemicals, non-ferrous metals, new energy, and power equipment as a resilient investment choice amid market anxieties [1] - There is a recommendation to increase allocation in non-bank sectors (securities, insurance) during market dips, while also enhancing returns through certain domestic demand or high-growth sectors [1]

Investment Rating - The report indicates a positive outlook for the brokerage sector, suggesting that it is currently in a phase of fundamental and valuation mismatch, with expectations for improvement in the first half of the year [2][6]. Core Insights - The brokerage sector has seen a significant increase in allocation by active equity funds, with a quarter-over-quarter increase of 102 basis points, surpassing the three-year average [2]. - The report highlights strong earnings forecasts for 2025, with notable increases in net profits for several brokerages, including a projected 405.3% increase for Guolian Minsheng [2][16]. - The insurance sector is expected to stabilize, with a forecasted recovery in the predetermined interest rate for life insurance products, anticipated to rise to 1.96% in Q1 2026 [2][28]. Summary by Sections Market Review - The Shanghai Composite Index closed at 4,702.50 with a decline of 0.62%, while the non-bank index fell by 1.45% [6]. - The brokerage, insurance, and diversified financial indices reported changes of -0.61%, -4.02%, and +3.10%, respectively [6]. Non-Banking Sector Insights - The report notes that the China Securities Regulatory Commission has introduced new guidelines for performance benchmarks for publicly offered securities investment funds, aiming to enhance transparency and accountability [8][10]. - Key announcements from individual companies include China Pacific Insurance reporting an 8.1% increase in premium income for 2025, and Guolian Minsheng forecasting a significant profit increase due to business integration [12][16]. Investment Analysis Recommendations - For brokerages, the report recommends focusing on firms with strong competitive positions, such as Guotai Junan and Citic Securities, as well as those with high earnings elasticity like Huatai Securities [2]. - In the insurance sector, the report maintains a positive medium-term outlook, recommending companies like China Life and Ping An Insurance [2]. Key Data Tracking - As of January 23, 2026, the average daily trading volume was reported at 30,388.36 billion [32]. - The margin trading balance stood at 27,249.13 billion [38].