中信证券指出，美东时间1月3日凌晨，美国突袭委内瑞拉首都加拉加斯，拘押总统马杜罗及其夫人，引 发该国政局剧烈动荡。作为全球已探明石油储量第一的国家，委内瑞拉原油出口目前已基本暂停，短期 内对全球市场构成供给扰动；叠加陆上储罐与海上浮仓库存持续累积，油田减产节奏或进一步加快。中 信证券认为，地缘政治风险或推动油价短期走高，但考虑到当前全球原油市场仍处于供给宽松格局，预 计油价仍将在60~70美元/桶扰动。考虑到委内瑞拉石油短期供给缺口或在100万桶/天左右，预计短期油 价将上行；建议关注油气生产企业，建议关注沥青、硫磺、石油焦的生产企业。 ...

Core Viewpoint - The PCB functional wet chemical industry is entering a phase of "structural upturn driven by AI" and "accelerated domestic substitution" from 2025 to 2026, marking a period of simultaneous quantity and quality improvement [1] Group 1: Industry Dynamics - Functional wet chemicals are critical for high-end PCB manufacturing, with low domestic substitution rates in key processes like hole metallization and electroplating [2] - Hole metallization and electroplating contribute approximately 60% of the value in PCB manufacturing, making them core value segments [2] - The cost share of functional wet chemicals in high-end PCBs has risen to 5-10% as the industry moves towards high-frequency, high-speed boards and advanced packaging [2] Group 2: AI and Technology Impact - AI is driving the upgrade of PCB processes, significantly increasing the demand for high-end functional wet chemicals [2] - The transition to finer line widths (from 40μm to 15μm) under mSAP/SAP processes is expected to increase the demand for horizontal copper plating solutions by about 30% and nearly double the need for electroplating additives [2] Group 3: Market Growth Projections - The global market for PCB functional wet chemicals is projected to grow from $3.54 billion in 2025 to $4.46 billion by 2029, with core growth driven by hole metallization and electroplating [3] - The market for horizontal copper plating and electroplating specialty chemicals is expected to reach $700 million and $930 million respectively by 2029, with a CAGR of 7.0% from 2025 to 2029 [3] Group 4: Domestic Manufacturer Opportunities - Domestic manufacturers are accelerating breakthroughs in high-end segments and have achieved domestic substitution in certain niche markets [3]

人民财讯1月6日电，中信证券指出，2025年12月31日，国家发改委、国家能源局发布《关于促进电网高 质量发展的指导意见》，旨在解决新能源高比例接入带来的系统稳定性挑战，优化资源配置效率。文件 对电网投资总量、主配微网协同、新技术应用等领域提出明确指引。预计在用电量持续增长背景 下，"十五五"时期电网基本建设投资或达3.8万亿元。建议关注特高压、电网数智化、互联互济等环 节。 ...

中信证券认为，2025—2026年PCB功能性湿电子化学品行业处于"AI拉动的结构性上行"与"国产替代加 速"双轮驱动的景气上半场，正式进入"量质齐升"的快车道。一是AI爆发与高端PCB工艺升级带来的价 值密度提升；二是国产替代在高壁垒环节（如水平沉铜、电镀、载板药水）的突破，为本土厂商带来量 价与估值的双重弹性。首次覆盖PCB功能性湿电子化学品行业并给予"强于大市"评级。建议优先布局已 在高端客户放量、业绩高增的龙头企业。 ...

人民财讯1月6日电，中信证券指出，亚太新兴经济体在2025年展现出超预期的韧性，但部分驱动因素在 2026年或将减弱，在此过程中出口导向型经济体或将承受更大压力，而内需驱动型市场或更具韧性。结 合CLSA分析，预计在高基数的背景下，亚太新兴经济体经济增长或将温和降温，低通胀下部分经济体 的货币政策仍有宽松空间。具体国家来看，印度、印尼、泰国、菲律宾和越南或将延续宽松周期，但马 来西亚和新加坡或将维持稳健的货币政策。 转自：证券时报 ...

中信证券研报称，高端PCB功能性湿电子化学品是AI驱动下工艺升级与国产替代的交汇点。在占据价值 核心的孔金属化与电镀环节，国产化率仍低，进口替代空间明确。AI服务器、先进封装等需求将推动 行业迈入"量质齐升"新阶段。 ...

中信证券研报称，随着食用菌产能去化兑现到供给端，叠加蔬菜季节性涨价拉动，食用菌主要品类价格 均显著上升，我们预计主要食用菌品类景气度有望延续。此外，未来行业潜力品种如双孢菇、鹿茸菇、 冬虫夏草等规模和盈利趋势预计稳中向好。建议关注两条投资主线：1）在传统品类金针菇等领域产能 布局领先，有望充分受益周期上行的龙头企业；2）新品类开拓成效显著，拥有先发优势，未来有望成 为重要增长曲线的企业。 ...

拨康视云公告，于2026年1月1日，公司已收到基石投资者之一富策控股有限公司出具的自愿承诺函件， 据此，富策控股已自愿向公司承诺，就其根据相关基石投资协议认购的发售股份(包括任何可转换、可 兑换或可行使为或代表有权收取任何上述证券的任何证券)延长禁售承诺，延长期限自原禁售期届满之 翌日(即2026年1月3日)(包括当日)起至上述日期起6个月届满之日止(即2026年7月2日)，或公司与富策控 股另行协定的较早日期止。 智通财经APP获悉，香港联交所最新资料显示，1月5日，拨康视云-B(02592)股东将股票存入中信证券经 纪香港，存仓市值2.66亿港元，占比6.93%。 ...

香港联交所最新资料显示，1月5日，拨康视云-B(02592)股东将股票存入中信证券经纪香港，存仓市值 2.66亿港元，占比6.93%。 拨康视云公告，于2026年1月1日，公司已收到基石投资者之一富策控股有限公司出具的自愿承诺函件， 据此，富策控股已自愿向公司承诺，就其根据相关基石投资协议认购的发售股份(包括任何可转换、可 兑换或可行使为或代表有权收取任何上述证券的任何证券)延长禁售承诺，延长期限自原禁售期届满之 翌日(即2026年1月3日)(包括当日)起至上述日期起6个月届满之日止(即2026年7月2日)，或公司与富策控 股另行协定的较早日期止。 ...

Summary of Key Points Core Viewpoint - In 2025, a total of 116 new companies are expected to be listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, raising a total of 131.77 billion yuan in funds [1][2]. Group 1: New Listings - 38 companies will be listed on the main board, 33 on the ChiNext board, 19 on the Sci-Tech Innovation board, and 26 on the Beijing Stock Exchange [1]. - The top fundraising company is Huadian New Energy, raising 18.17 billion yuan, followed by Moore Threads and Xi'an Yicai, which raised 8 billion yuan and 4.64 billion yuan respectively [1]. Group 2: Underwriting and Sponsorship - A total of 36 securities firms participated in the underwriting and sponsorship of the new listings, earning a combined fee of 6.645 billion yuan [2]. - CITIC Securities ranked first in underwriting fees, earning 1.123 billion yuan by sponsoring 11 companies, including Xi'an Yicai and Moore Threads [3]. - CITIC Jiantou and Guotai Junan ranked second and third in underwriting fees, earning 947.50 million yuan and 845.15 million yuan respectively [3][4]. Group 3: Detailed Underwriting Contributions - Guotai Junan sponsored 13 companies, including Changjiang Energy Technology and Zhejiang Huaye, and participated in joint underwriting for Huadian New Energy [4]. - Huatai United and CICC ranked fourth and fifth in underwriting fees, earning 691.25 million yuan and 466.83 million yuan respectively [4][5]. - Other notable firms include China Merchants Securities, which sponsored 9 companies, and ranked sixth with 359.28 million yuan in fees [5].