中信证券研报称，预计2026年新增地方债发行规模仍有所扩容，供给整体靠前发力。化债资金方面，预 计置换隐债专项债仍前置发行，特殊新增专项债于二三季度接续发力，呈现错峰接续的特征。此外，地 方债的发行节奏应与地方政府融资成本变化和市场承接能力相匹配，因此在地方债扩张时期，适度宽松 的货币政策基调延续，也可以期待流动性市场维持宽松格局。 ...

Core Viewpoint - The recent policy issued by the All-China Federation of Trade Unions aims to activate the consumption potential of union members, injecting new momentum into the cultural and sports industries [1] Group 1: Policy Impact - The policy is expected to create an annual increase of 500 to 1650 billion yuan in the domestic tourism market by 2026, based on the current scale of approximately 330 million union members [1] - The policy establishes a complete consumption promotion loop through dual guarantees of funding and time, along with innovative supply and consumption scenarios [1] Group 2: Investment Opportunities - Investment focus should be on three main lines: first, scenic spots and destinations that directly benefit from the policy [1] - Second, the hotel industry that accommodates team accommodation needs [1] - Third, OTA platforms that may participate in digital platform construction and team travel products [1] Group 3: Future Expectations - The policy is seen as a good start for stimulating service consumption, with expectations for subsequent supporting measures [1]

Core Viewpoint - The chemical industry is expected to see a gradual recovery in profitability as capital expenditure continues to weaken year-on-year, alongside the domestic push against "involution" [1] Investment Strategy - Focus on high-energy-consuming products such as calcium carbide, caustic soda, and yellow phosphorus, which may become effective tools in the "anti-involution" strategy [1] - Attention to segments where the initial effects of industry self-discipline are evident and steadily progressing [1] - Some products have already fallen below or are close to the industry cash cost line, which may accelerate capacity clearance, particularly for products from leading companies with significant cost advantages [1] - Chemical products with sustained price increase potential driven by new demand or strong downstream demand [1] - Chemical products related to new materials and new applications [1]

责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 香港联交所最新资料显示，1月6日，中信证券-云帆单一资产管理计划增持中广核电力（01816）2888.6 万股，每股作价2.999港元，总金额约为8662.91万港元。增持后最新持股数目约为5.79亿股，最新持股 比例为5.18%。 香港联交所最新资料显示，1月6日，中信证券-云帆单一资产管理计划增持中广核电力（01816）2888.6 万股，每股作价2.999港元，总金额约为8662.91万港元。增持后最新持股数目约为5.79亿股，最新持股 比例为5.18%。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 责任编辑：卢昱君 ...

也就是说，2018年甚至2019年之前买房的，资产都是0损失。而2020年买房的，会有10-30%左右的损失。 真正损失惨重的，是2021年买房的。 据国家统计局，2021年全国商品房销售面积17.94亿平方米，比上年增长1.9%，商品房销售额18.19万亿元，比上年增长4.8%。 有朋友和星空君理论，房价的下跌，掏空了一代人。 对此，星空君用数据进行了回应：事实上，即便是号称房价"腰斩"的现在，依然没有回到2018年的价格。 而这其中，又有相当一部分是小城市的小户型。星空君有几个县城的亲戚在那个时候买房，虽然有损失，县城房价总体不高，虽然一提房价就骂骂咧咧 的，但对生活几乎没什么影响，只要你不是炒房客。 据中国房价行情平台数据，2021年房价均价过万的城市只有77个。 这也意味着，真正影响巨大的，其实是2021年在一线城市买了大户型的。 这部分群体并不多。 当然，星空君不是说他们不够惨，而是从宏观视角来看，对个体的影响没那么大。 很多人不过是比预期房价低了，抱怨抱怨而已。 比如星空君所在的小区比巅峰期房价腰斩了，会吐槽损失了多少多少，然而现在的二手房价距离星空君的购买价还差一个腰斩。 所以，大家在使用"身边 ...

西子健康是一家运动营养及功能性食品公司，致力于为消费者提供高品质的营养健康产品并引领健康的 生活方式。公司的主要产品涵盖蛋白粉、复合乳清蛋白粉、肌酸、功能性软糖、咖啡等。公司创建了覆 盖专业训练、健康悦活、体重管理及日常营养需求的品牌矩阵，品牌矩阵包含四大自有品牌FoYes、 fiboo、谷本日记及HotRule。 西子健康向港交所主板递交上市申请，中信证券为独家保荐人。 ...

| 製糖牙裝 | 大短更值到版高行政人員名稱 作出張關的 真人/寶出版#灵蛇版;而發的平均價 | | 转动量线的股份股目 这已發行的 ,有關要在的日期 相聚到置於它 攝像這個交 | | | --- | --- | --- | --- | --- | | CONSULTION OF | | Total Value of | (财争履工程,任制) 试题集团范《白人民人士》 解读 | | | | | | HERE | | | CS20260107E00476 中体证券-云机单一资产管理计 1001(L) | | And And States of School Station of Children 28,886,000(L) | Concession Concession Comparis of Children 578.604.000(L) 5.18(L)06/01/2026 D668 Z CDHH | | | | | | | CANNE | 增持后，中信证券-云帆单一资产管理计划最新持股数目为578,604,000股，持股比例由4.92%上升至 5.18%。 | 股份代號: 01816 | | | --- | ...

东方财富Choice数据显示，截至2025年末，证券行业从业人员总数跌至32.89万人，较2024年末减少近 7800人。回顾历史，自2017年以来，行业总人数在32万至36万之间波动，2022年曾一度达到35.45万人 的顶峰。 保代一直被视为证券行业含金量最高的"金领"群体。2017年保代人数仅有3489人，此后其规模逐年增 长，并于2024年达到8812人的历史高点，累计增幅近1.5倍。然而，这一持续增长的趋势却在2025年按 下"暂停键"。截至2025年末，全行业保代人数为8519人，较2024年末减少293人，这也是8年来保代人数 首次出现年度规模下滑。 保代人才库的缩水，是市场环境与监管政策共同作用的结果。首先，股权融资节奏的放缓直接导致 了"项目荒"。Wind数据显示，2024年和2025年，A股IPO数量分别仅为100家和116家，增发数量分别为 145家和172家。与前几年每年三四百家的发行家数相比，业务量大幅下降，导致部分保代面临"无项目 可做"的尴尬境地。其次，监管环境日益趋严，"申报即担责"的要求下，部分从业者在严苛的考核与受 限的收入前景下选择离开投行条线。 人才流失的去向也展现出行 ...

Core Viewpoint - The brokerage sector experienced a collective decline, with all 43 listed brokerages falling on January 8, indicating a potential correction after a rapid increase in stock prices [1][4]. Group 1: Market Performance - On January 8, the brokerage index dropped by 2.7%, with notable declines including Huayin Securities hitting the daily limit down, Hu'an Securities and Huatai Securities falling over 5%, and several others like Xinyi Securities and Guotai Haitong dropping over 4% [4][5]. - Huayin Securities closed at 16.92 yuan per share, with a trading volume of 4.28%, and a total market capitalization of 45.684 billion yuan [5]. Group 2: Investor Behavior - The trading data showed that Huayin Securities was heavily traded, with a net sell of 205 million yuan, indicating significant investor activity despite the price drop [5][6]. - Major selling came from Guotai Haitong and Aijian Securities, while buying interest was noted from Dongfang Securities and China Galaxy Securities [5][6]. Group 3: Future Outlook - Analysts suggest that the current pullback in the brokerage sector is a normal phenomenon following rapid price increases, with a long-term upward trend expected in a slow bull market [5]. - The brokerage sector is anticipated to see improved performance due to factors such as enhanced industry structure, balanced internal business growth, and increased return on equity (ROE) [8]. - By 2025, the brokerage sector is projected to achieve significant earnings growth, driven by a booming capital market and increased brokerage and credit business performance [8][9].

Core Insights - The securities industry is undergoing a significant structural transformation in its workforce, with total employment dropping to 328,900 by the end of 2025, a decrease of nearly 7,800 from the previous year [1] - Despite the overall reduction in workforce, key positions such as investment advisors and securities analysts are experiencing growth, indicating a shift in focus from traditional channel and investment banking services to wealth management and research-driven pricing capabilities [1] Group 1: Employment Trends - The total number of employees in the securities industry has fluctuated between 320,000 and 360,000 since 2017, with the current figures suggesting a new round of contraction [1] - Investment advisors have increased to 86,100, while the number of securities analysts has reached a record high of 6,056 [1] - Conversely, the number of sponsor representatives has declined for the first time in eight years, highlighting a shift in business focus [1] Group 2: Performance of Listed Securities Firms - Among 41 listed securities firms, 37 have expanded their investment advisor teams, with a total net increase of 5,815 investment advisors across the industry [1] - Notable increases in investment advisor numbers include Guotai Junan with a net gain of 2,192, Huatai Securities with 431, and CITIC Securities with 388 [2] - The analyst positions also saw growth, with 26 listed firms increasing their analyst headcount, resulting in a total net increase of 479 analysts [3]