Core Insights - The Douyin Giant Engine held a Manhua Ecological Conference in Hangzhou on January 20, highlighting the growing significance of the manhua market [1] - The peak daily consumption in the manhua sector reached 30 million, indicating strong user engagement and market potential [1] - The overall market size for manhua is projected to reach 22 billion by 2026, reflecting sustained high industry momentum [1] Content Analysis - From a content perspective, AI-generated dramas, high-quality IP adaptations, and innovative themes are showing higher hit rates, demonstrating the competitive advantage of quality content in the market [1] - On the technology front, AI technology has been deeply integrated into the manhua production pipeline, significantly reducing costs and increasing efficiency [1] - Leading AI dramas are enhancing their commercial value through copyright distribution and IAA+IAP co-investment strategies [1] Investment Recommendations - The AI drama industry is expected to maintain its favorable outlook, with a recommendation to focus on companies that possess quality IP and production capacity [1]

（原标题：中信证券：医保新政出台 医疗器械迎来行业性投资机遇） 人民财讯1月22日电，中信证券研报称，国家医保局发布新政，制定手术机器人与外科手术耗材相关服务价格立项指南，手术机器人在国内的推广 和普及速度有望加快。同时国家医保局表示立项指南未来将持续扩容，利好整体创新医疗器械产品。中信证券强烈建议投资者重视医疗产业链投 资机遇，综合梳理两条投资主线：一、重点关注手术机器人行业及上下游产业链（含腔镜机器人、骨科机器人、神经外科机器人）；二、推荐关 注微创外科、骨科、消化内科、心血管科、神经内科等高值耗材行业。 ...

普祺医药向香港联交所主板递交上市申请书，中信证券和民银资本担任联席保荐人。 普祺医药是一家专注于免疫炎症领域的生物科技公司，普美昔替尼凝胶为全球首款用于治疗特应性皮炎 的JAK抑制剂凝胶，已完成成人及12至17岁青少年特应性皮炎适应症的III期临床试验，并正拓展至2至 11岁儿童特应性皮炎。普美昔替尼鼻喷雾剂为全球首款用于治疗季节性过敏性鼻炎的临床阶段JAK抑制 剂鼻喷雾剂，正处于针对成年人季节性过敏性鼻炎的III期临床试验阶段，并正拓展至青少年季节性过敏 性鼻炎及成年人常年性过敏性鼻炎。 PG-033片剂具有同类首创潜力的TRPV3抑制剂，针对瘙痒症，处于I期临床研究阶段，并拓展至奥姆斯 特德综合征相关的顽固性瘙痒与角化过度症。PG-018片剂具有同类首创潜力的JAK1-ROCK双靶点抑制 剂，用于治疗自身免疫性肾病，处于I期临床研究阶段。PG-040滴眼液具有同类首创潜力的ROCK-JAK 双靶点滴眼液，作为青光眼的新治疗方案。 自身免疫性疾病和过敏性疾病药物市场在全球及中国均呈现快速增长态势，特应性皮炎药物市场在中国 预计将从2024年的110亿元人民币增长至2033年的502亿元人民币。 ...

Core Insights - The Douyin Giant Engine held a Manhua Ecological Conference in Hangzhou on January 20, indicating a significant event in the industry [1] - The peak daily consumption in the Manhua sector reached 30 million, showcasing the growing popularity and engagement in this market [1] - The overall market size for the Manhua industry is projected to reach 22 billion by 2026, reflecting a sustained high growth potential [1] Content Analysis - From the content perspective, AI-generated human dramas, high-quality IP adaptations, and innovative themes are showing higher hit rates, indicating a competitive advantage for quality content in the market [1] - On the technology front, AI technology has been deeply integrated into the Manhua production pipeline, significantly reducing costs and increasing efficiency [1] - Leading AI dramas are enhancing their commercial value through copyright distribution and IAA+IAP co-investment strategies [1] Industry Outlook - The AI drama industry is expected to maintain its growth momentum, with a recommendation to focus on companies that possess quality IP and production capacity [1]

Core Viewpoint - The report from CITIC Securities highlights the growth potential of the Douyin (TikTok) giant engine in the comic drama sector, predicting a market size of 22 billion yuan by 2026, indicating sustained high industry vitality [1] Group 1: Market Insights - On January 20, Douyin's giant engine held a comic drama ecological conference in Hangzhou, revealing that the peak daily consumption in the comic drama sector reached 30 million [1] - The overall market scale for comic dramas is expected to reach 22 billion yuan by 2026, reflecting a continuation of high industry vitality [1] Group 2: Content and Technology Trends - High-quality content, including AI-generated dramas, adaptations of popular IPs, and innovative themes, shows a higher success rate in the market, indicating a competitive advantage for quality content [1] - AI technology has been deeply integrated into the comic drama production pipeline, significantly reducing costs and increasing efficiency [1] Group 3: Commercialization Strategies - Leading AI dramas are enhancing their commercial value through copyright distribution and IAA+IAP co-investment strategies [1] - The industry outlook for AI dramas remains positive, with a recommendation to focus on companies that possess quality IP and production capacity [1]

Core Insights - The Douyin Giant Engine held a Comic Drama Ecological Conference in Hangzhou on January 20, indicating a significant event in the industry [1] - The daily peak consumption in the ByteDance comic drama sector reached 30 million, showcasing strong user engagement [1] - The overall market size for comic dramas is projected to reach 22 billion by 2026, reflecting sustained high industry vitality [1] Content Analysis - From the content perspective, AI-generated human dramas, high-quality IP adaptations, and innovative themes are showing higher hit rates, indicating a competitive advantage for quality content in the market [1] - On the technology front, AI technology has been deeply integrated into the comic drama pipeline, significantly reducing costs and increasing efficiency [1] - Leading AI dramas are continuously enhancing their commercial value through copyright distribution and IAA+IAP co-investment strategies [1] Investment Recommendations - The AI drama industry is expected to maintain its vitality, and companies with high-quality IP and production capacity should be closely monitored for investment opportunities [1]

中信证券研报表示，国家医保局发布新政，制定手术机器人与外科手术耗材相关服务价格立项指南，手 术机器人在国内的推广和普及速度有望加快。同时国家医保局表示立项指南未来将持续扩容，利好整体 创新医疗器械产品。我们强烈建议投资者重视医疗产业链投资机遇，综合梳理两条投资主线：一、重点 关注手术机器人行业及上下游产业链（含腔镜机器人、骨科机器人、神经外科机器人）；二、推荐关注 微创外科、骨科、消化内科、心血管科、神经内科等高值耗材行业。 ...

中信证券研报指出，美国政府将格陵兰岛地缘政治诉求与对欧洲国家贸易壁垒强行挂钩，若未来美国对 欧洲八国的关税威胁实质性落地，鉴于欧洲八国经济结构对出口存在显著依赖，不排除部分国家因经济 基本面压力而最终向美国妥协让步的可能性。此外，丹麦退休基金表示将抛售其持有的美国国债，但整 体规模仅约1亿美元，且在欧洲持仓美债占比较大的国家及全球其他地区未出现系统性跟风抛售的情形 下，预计不足以诱发美债市场的流动性风险。当前，美股估值水平相较于2025年的极值阶段已显著收 敛，估值中枢下行叠加盈利预期持续上修；结合ROE等多维度估值数据来看，非美发达市场权益资产难 以提供超越美股的配置性价比。展望后市，美股市场短期波动率或将提升，存在获利回吐压力的科技板 块以及受贸易摩擦升级影响的零售板块面临下行压力；但从中长期视角而言，在中期选举年美国财政与 货币双宽松的预期下，我们判断美股上行动力仍将延续，建议关注科技、制造业、资源品、能源基建 （核电）、军工、互联网医疗诊断、金融（银行）等板块。 ...

证券日报网讯 1月21日，中信证券发布公告称，截至公告披露日，公司境外全资子公司中信证券国际有 限公司（简称"中信证券国际"）的附属公司CSIMTNLimited（简称"发行人"或"被担保人"）于2022年3 月29日设立境外中期票据计划（简称"中票计划"），此中票计划由中信证券国际提供担保。根据存续票 据到期情况，结合公司业务发展实际需要，发行人于2026年1月20日、21日在中票计划下发行两笔票 据，发行金额合计6.70亿美元。 （文章来源：证券日报） ...

电子行业主力资金净流入金额居首。 A股主要指数今日（1月21日 ）集体收涨，行业板块涨多跌少，贵金属、能源金属、采掘行业、电机、 半导体、小金属、电子元件等板块涨幅居前，煤炭、酿酒、商业百货、电网设备等板块跌幅居前。 从今日主力资金情况来看，沪深两市全天主力资金净流入56.08亿元。17个行业主力资金净流入，电 子、有色金属、银行、机械设备行业主力资金净流入金额分别为52.2亿元、43.76亿元、21.59亿元、 11.36亿元；非银金融、通信、计算机、交通运输等行业主力资金净流入金额均超5亿元。 14个主力资金净流出行业中，电力设备、国防军工、传媒行业主力资金净流出金额居前，分别为44.51 亿元、28.47亿元、11.42亿元； 农林牧渔、食品饮料、家用电器、商贸零售行业主力资金净流出金额均 超6亿元。 10股获主力资金净流入均超5亿元 从个股看，56股主力资金净流入均超2亿元，10股获主力资金净流入均超5亿元。 中国长城主力资金净流入14.27亿元，居首。公司近日发布业绩预告，2025年度归母净利润亏损收窄至 3500万元至7000万元，同比减亏95.27%至97.63%，显著改善；扣非净利润亏损6.3 ...