｜2026年1月15日 星期四｜ NO.1 史上首次！中信证券去年净利润超300亿元，同比增38% 上市券商首份2025年业绩快报出炉。1月14日晚间，中信证券发布《2025年度业绩快报公告》显示， 2025年，中信证券的营业收入和净利润实现"双增长"，且增幅均接近30%。具体而言，2025年，中信证 券实现营业收入748.30亿元，同比（与前一年同期相较）增加28.75%；归属于母公司股东的净利润 300.51亿元，同比增加38.46%。值得一提的是，这也是中信证券历史首次全年净利润突破300亿元。截 至2025年末，中信证券总资产2.08万亿元，较2024年末1.71万亿元的总资产规模，增加了21.79%。 点评：中信证券2025年净利润突破300亿元，营收与净利双双高增，彰显券商龙头强劲盈利能力。此利 好将提振公司估值表现，确立行业标杆地位，并带动证券板块估值修复。业绩超预期反映了市场活跃度 提升，有望增强投资者对A股整体的信心，推动金融市场稳健运行。 NO.2 跨境ETF规模总量突破万亿元，25只跨境ETF规模超百亿元 随着全球资本市场共振上涨，资金对海外市场的热情也助推跨境ETF规模持续攀新高。据统 ...

智通财经APP获悉，中信证券发布研报称，2025年，自主可控与AI共振带动相关板块取得亮眼表现。展望2026年，这一产业趋势料将得到进一步强 化，"自主可控、AI算力"有望成为电子行业贯穿全年的绝对强主线，自主可控关注国产算力及半导体设备加速放量趋势，AI 算力方向PCB与存储高确定 性景气;此外"消费电子"作为支线或迎重大转折机遇，关注2026Q2景气反转机会。 中信证券主要观点如下： 投资主线1：自主可控关注国产算力与半导体设备进一步放量。 国产算力：算力即国力，看好2026年成为国产算力产业链从单点突破迈向体系化重构的决胜拐点。海外加大封锁力度+本土自主需求迫切，国产算力的突 围迫在眉睫，国产算力有望迎来单卡性能大幅跃升、软件生态加速成熟、联接能力(超节点/万卡集群)全面突围的关键跃迁期。展望2030年，看好本土厂商 份额从当前30~40%提升至60~70%，对应国产算力TAM有望从2025年的130+亿美元增长至2030年的1800+亿美元。格局方面，短期看产能供应，中长期率 先实现系统级能力突破的厂商有望在竞争中保持优势。 半导体设备：晶圆厂扩产大年与国产化加速双轮驱动。1)国内晶圆厂扩产节奏：前期 ...

钛媒体App 1月15日消息，中信证券研报表示，从货币政策三大目标来看当下宽货币的逻辑：最终目标 层面，实体经济三部门资产负债表修复矛盾的传递和循环需要逆周期工具介入；中介目标层面，金融中 介降效等问题难以自发修复；操作目标层面，银行体系资产结构变化与资负降息错位。总体来看，2026 年宽货币环境仍有延续的必要，央行和商业银行体系继续扩表的必要性较高，降息、降准均有灵活运用 可能性。（广角观察） ...

Group 1 - The market experienced a pullback after an initial rise, with the Shanghai Composite Index closing down 0.31% while the Shenzhen Component and ChiNext Index rose by 0.56% and 0.82% respectively [1] - The total trading volume in the Shanghai and Shenzhen markets reached 3.94 trillion, an increase of 290.4 billion compared to the previous trading day, marking the third consecutive day above 3.5 trillion [1] - Key sectors showing growth included AI applications, computing hardware, and semiconductors, while energy metals, insurance, and banking sectors faced declines [1] Group 2 - CITIC Securities predicts that "self-controllable" and AI will be the main themes for 2025, with significant performance expected in related sectors [1] - China Galaxy Securities emphasizes the importance of the "AI leap + century change" narrative in driving the current super copper cycle, suggesting that copper prices have substantial upward potential [2] - Cinda Securities notes that the mid-term "stock-bond seesaw" effect will further support the A-share market, with a focus on the macro liquidity environment and the reallocation of household savings [2]

沪深两市数据显示，1月14日，融资净买入前十的股票分别为： 长江电力（13.83亿元）、 特变电工 （9.81亿元）、 华胜天成（7.83亿元）、 中国平安（6.84亿元）、 中国卫星（5.23亿元）、 招商银行 （5.11亿元）、 海光信息（4.32亿元）、 中信证券（3.96亿元）、 中国铝业（3.40亿元）、 佰维存储 （3.26亿元）。 ...

Core Viewpoint - Despite recent regulatory measures to cool down the market and prevent overheating risks, the overall trading activity in the equity market remains at historically high levels, with key indicators such as average daily trading volume and margin financing balances exceeding long-term averages, indicating that securities firms are likely to continue benefiting from high profitability elasticity through 2025 [1] Group 1 - The capital market's functional recovery is gradually improving, with expectations of optimized equity financing pace, increased M&A activity, expanded derivative tools, and deepened wealth management transformation [1] - The business boundaries of securities firms are expected to continue broadening, leading to more diversified and stable revenue streams, with potential for improvement in operational quality and valuation levels [1] Group 2 - As of January 14, 2026, the Securities III (CITIC) index PB (LF) valuation is approximately 1.5x, positioned at the 43rd percentile since 2016, while the Chinese securities firms (H) index PB (LF) valuation is about 0.9x, situated at the 70th percentile since 2016, suggesting a recommendation for active allocation [1]

Market Performance - On January 14, 2026, the A-share market showed mixed results with the Shanghai Composite Index closing at 4126.09 points, down 0.31%, while the Shenzhen Component Index rose 0.56% to 14248.6 points, and the ChiNext Index increased by 0.82% to 3349.14 points. Over 2700 stocks rose, with total trading volume reaching 3.94 trillion yuan, an increase of 290 billion yuan from the previous trading day [1] - The Hong Kong stock market saw a late rally, with the Hang Seng Index rising 0.56% to 26999.81 points and a total trading volume of 340.39 billion HKD. The Hang Seng China Enterprises Index increased by 0.32%, while the Hang Seng Tech Index rose by 0.66% [1] - In the U.S. stock market, all three major indices closed lower, with the Dow Jones Industrial Average down 42.36 points (0.09%) at 49149.63 points, the Nasdaq down 238.12 points (1.00%) at 23471.75 points, and the S&P 500 down 36.75 points (0.53%) at 6926.99 points [1] New Stock Listings - A new stock, Zhixin Co., Ltd. (stock code 603352), was listed today with an issue price of 21.88 yuan per share and a price-to-earnings ratio of 26.85. The company specializes in the development, processing, production, and sales of automotive welding parts and related molds, serving major clients such as Changan Automobile, Geely, Ford, NIO, Li Auto, BYD, Great Wall Motors, and others [3] Regulatory News - The Shanghai Stock Exchange announced that some investors engaged in abnormal trading behavior during the trading of Guosheng Technology, leading to self-regulatory measures such as account trading suspensions. The exchange reiterated the importance of cautious investment and compliance with trading regulations [4] - A joint meeting was held by the Ministry of Industry and Information Technology, the National Development and Reform Commission, and the State Administration for Market Regulation to address the need for orderly competition in the new energy vehicle industry. The meeting emphasized the rejection of chaotic "price wars" and the importance of maintaining a fair market environment, with strict actions against non-compliant companies [6] Housing Policy - The Ministry of Finance, the State Taxation Administration, and the Ministry of Housing and Urban-Rural Development announced the continuation of personal income tax policies supporting residents' housing exchanges. From January 1, 2026, to December 31, 2027, taxpayers selling their own homes and purchasing new ones within one year will receive tax refunds based on the sale price of the old home [5]

事件：中信证券发布2025 年业绩快报。2025 年公司实现营业收入748.3亿元，同比增长29%；归母净利 润300.5 亿元，同比增长38%；对应EPS1.96 元，ROE 10.58%，同比增加2.49 个百分点。第四季度实现 营业收入190.2 亿元，同比增长18%，环比下滑17%；归母净利润68.9 亿元，同比增长41%，环比下滑 27%。 市场成交额维持高位，叠加财富管理深化转型，助推公司经纪业务收入提振： 2025 年，A 股市场延续 上行，市场活跃度大幅提升，日均股基交易额1.98 万亿元，同比增长67%，2025 年末两融余额2.5 万亿 元，同比增长36%。同时，公司财富管理转型持续深化，截至2025 年9 月末，公司资产管理规模达4.7 万亿元，托管客户资产规模15 万亿元，全球金融产品保有规模突破8000 亿元，买方投顾规模突破1300 亿元，公司财富管理业务持续完善全生命周期服务体系。 公司股权投行业务维持领先优势。股权融资方面，尽管2025 年IPO 市场整体发行较少，但中信证券凭 借丰富的客户资源和项目储备，发行数量和规模均排行业第一，2025 年IPO 17 家，募资247 亿 ...

（文章来源：第一财经） 中信证券研报表示，从货币政策三大目标来看当下宽货币的逻辑：最终目标层面，实体经济三部门资产 负债表修复矛盾的传递和循环需要逆周期工具介入；中介目标层面，金融中介降效等问题难以自发修 复；操作目标层面，银行体系资产结构变化与资负降息错位。总体来看，2026年宽货币环境仍有延续的 必要，央行和商业银行体系继续扩表的必要性较高，降息、降准均有灵活运用可能性。 ...

中信证券研报表示，12月我国出口增速高于预期和前值，主要受非美出口呈现较强韧性带动，产品结构 上半导体产业链、汽车产业链对出口的拉动作用较大，劳动密集型产品对总体出口的拖累小幅增加。进 口方面，12月进口增速高于预期和前值，或与12月制造业景气回升相关，大宗品类中天然气、原油、煤 炭进口数量增速较前值增加，铁矿、铜矿进口数量增速下降。非美出口保持韧性叠加美国经济温和修复 的背景下，我们判断2026年出口基本面也有较强支撑，但需关注部分国家受美国影响调整对华贸易政策 的可能性。出口节奏方面，我们预计1月9日光伏、电池产品出口退税政策的调整或对相关商品2026年一 季度出口增速构成一定支撑。 （文章来源：第一财经） ...