高盛报告指， 中信证券(06030.HK) 发布其2025年度初步业绩，收入及净利润分别为750亿元及300亿元 人民币，按年增长29%及38%，较高盛预期高出2%及5%。净利润优于预期可能源于成本控制优于预 期。截至2025年第四季，推算年化股东权益回报率为8.7%，而2025年第三季为12.2%。高盛维持对中信 证券A股的"买入"评级，对H股维持"中性"评级，基于2026年预测市盈率18倍及11倍，12个月目标价分 别为36.72元人民币及24.46元港元。 ...

高盛报告指，中信证券(6030.HK) 发布其2025年度初步业绩，收入及净利润分别为750亿元及300亿元人 民币，按年增长29%及38%，较高盛预期高出2%及5%。净利润优于预期可能源于成本控制优于预期。 截至2025年第四季，推算年化股东权益回报率为8.7%，而2025年第三季为12.2%。高盛维持对中信证券 A股的"买入"评级，对H股维持"中性"评级，基于2026年预测市盈率18倍及11倍，12个月目标价分别为 36.72元人民币及24.46元港元。 ...

东吴证券研报指出，越秀资本拟减持中信证券1%股份，实际影响相对有限。预计当前位置越秀资本减 持意愿较低。且越秀资本本次减持所产生净利润不超过2024年归母净利润的50%，预计顶格减持概率较 低。越秀资本同步增持北京控股，预计其减持中信主要出于投资收益考量，并非出于对于中信证券基本 面的考量。2026年以来市场交投情绪火热，结合公司2025年业绩快报情况，维持此前盈利预测，公司龙 头地位稳固，盈利能力远高于行业平均水平，经营稳健且各项业务均排名行业前列，应享有一定估值溢 价。维持"买入"评级。 ...

东吴证券研报指出，越秀资本拟减持中信证券1%股份，实际影响相对有限。预计当前位置越秀资本减 持意愿较低。且越秀资本本次减持所产生净利润不超过2024年归母净利润的50%，预计顶格减持概率较 低。越秀资本同步增持北京控股，预计其减持中信主要出于投资收益考量，并非出于对于中信证券基本 面的考量。2026年以来市场交投情绪火热，结合公司2025年业绩快报情况，维持此前盈利预测，公司龙 头地位稳固，盈利能力远高于行业平均水平，经营稳健且各项业务均排名行业前列，应享有一定估值溢 价。维持"买入"评级。 ...

2）证券：市场风险偏好抬升、交投活跃度维持高位，证券 IT 公司与 券商从估值到业绩均具备β属性，全面受益； 证券研究报告 | 行业周报 gszqdatemark 2026 01 19 年 月 日 非银金融 行业周报|稳字当头，逆周期调节促健康发展 规范衍生品市场，实施逆周期调节促进健康发展。1 月 16 日证监会就 《衍生品交易监督管理办法（试行）（征求意见稿）》公开征求意见。1） 规范衍生品市场发展：明确办法适用范围、各方应当遵守的基本原则、 衍生品合约的开发条件及程序与基本交易规则、明确履约保障制度； 明确交易者适当性标准，并加强衍生品监测监控与跨市场监管；强化 经营机构、市场基础设施监管等。2）明确衍生品市场管理风险、配置 资源、服务实体经济的功能定位：鼓励利用衍生品市场从事套期保值 等风险管理活动，支持开发满足中长期资金风险管理需求的衍生品， 依法限制过度投机行为。3）实施逆周期调节：证监会遵循审慎监管原 则，健全衍生品市场监测监控制度，可以对衍生品交易实施逆周期调 节管理。衍生品行业协会、衍生品交易场所和衍生品结算机构应当采 取措施，保持衍生品市场合理的杠杆水平和市场规模。 证监会定调 2026 ...

Core Viewpoint - The report from Kaiyuan Securities expresses optimism about the brokerage sector, highlighting the sustained growth of brokerage performance and the pressure on the funding side, indicating a significant lag in the brokerage sector [1] Group 1: Regulatory Developments - On January 16, the China Securities Regulatory Commission (CSRC) solicited opinions on the draft of the "Supervision and Management Measures for Derivative Transactions (Trial) (Draft for Comments)" [2] - The policy aims to strengthen the standardized management of the derivatives market, clarifying the CSRC's regulatory scope and emphasizing enhanced monitoring and cross-market regulation [3] - The policy supports the steady development of the derivatives market, encouraging risk management activities and limiting excessive speculation [3] Group 2: Impact on Brokerage Firms - The enhanced transparency in derivatives regulation is expected to benefit the long-term development of brokerage firms' derivatives business, providing a more stable operational framework for brokers and investors [4] - The derivatives business is highly concentrated, with top-tier brokers holding significant advantages; as of November 2023, the market share of the top five firms in swap and OTC options was 66% and 59%, respectively [4] - Top-tier brokers, such as CITIC Securities and Guotai Junan, can directly engage in stock hedging transactions, while secondary brokers are limited in their trading capabilities [4] Group 3: Market Stability and Investment Recommendations - Derivative tools are seen as beneficial for stabilizing market fluctuations, with the potential for relaxed scale restrictions favoring leading brokers [5] - The CSRC's commitment to a robust monitoring system for derivatives trading is expected to facilitate high-quality development in the derivatives business, contributing to market stability [5] - Investment recommendations include top brokers with strong international business and undervalued stocks, such as Huatai Securities and Guotai Junan, as well as firms with significant wealth management advantages like GF Securities [5]

Investment Rating - The report maintains an "Overweight" rating for the securities and banking sectors, while also suggesting a positive outlook for the insurance sector [10][40]. Core Insights - The report highlights a structural monetary policy shift with a focus on "increasing quantity and reducing price," indicating potential for further interest rate cuts and reserve requirement ratio reductions [12][41]. - The A-share market remains active, with an average daily trading volume of 3.47 trillion yuan and a financing balance exceeding 2.7 trillion yuan, marking a new high [12][28]. - The report emphasizes the importance of the recent increase in the minimum margin requirement for financing from 80% to 100%, which aims to stabilize market conditions and reduce leverage [14][18]. Securities Sector Summary - The securities sector is expected to benefit from improved market conditions, with a focus on high-quality brokerage firms such as CITIC Securities and Guotai Junan [3][27]. - The report notes that the recent increase in financing margin requirements is a regulatory measure to control leverage and stabilize market sentiment [14][15]. - CITIC Securities reported a 38% year-on-year increase in net profit for 2025, reflecting strong performance in brokerage and investment banking [27]. Insurance Sector Summary - The insurance sector is advised to focus on high-quality leading companies, as the market has recognized the strong performance of life insurance sales [39]. - The report indicates that the main drivers for insurance stock prices are currently on the asset side rather than the liability side, leading to some price corrections [12][39]. Banking Sector Summary - The banking sector is characterized by a stable performance, with major banks like Shanghai Bank and Nanjing Bank recommended for investment due to their solid fundamentals [3][40]. - The report highlights a decrease in social financing growth, primarily due to high government debt base effects, but notes an increase in corporate loans [42][43]. - The Central Bank's recent policies suggest room for further interest rate cuts, which could enhance the banking sector's profitability [41][40].

证券研究报告 | 行业周报 gszqdatemark 2026 01 19 年 月 日 非银金融 行业周报|稳字当头，逆周期调节促健康发展 规范衍生品市场，实施逆周期调节促进健康发展。1 月 16 日证监会就 《衍生品交易监督管理办法（试行）（征求意见稿）》公开征求意见。1） 规范衍生品市场发展：明确办法适用范围、各方应当遵守的基本原则、 衍生品合约的开发条件及程序与基本交易规则、明确履约保障制度； 明确交易者适当性标准，并加强衍生品监测监控与跨市场监管；强化 经营机构、市场基础设施监管等。2）明确衍生品市场管理风险、配置 资源、服务实体经济的功能定位：鼓励利用衍生品市场从事套期保值 等风险管理活动，支持开发满足中长期资金风险管理需求的衍生品， 依法限制过度投机行为。3）实施逆周期调节：证监会遵循审慎监管原 则，健全衍生品市场监测监控制度，可以对衍生品交易实施逆周期调 节管理。衍生品行业协会、衍生品交易场所和衍生品结算机构应当采 取措施，保持衍生品市场合理的杠杆水平和市场规模。 证监会定调 2026 年：稳字当头防大起大落，长钱入市深化改革。1 月 15 日证监会召开 2026 年系统工作会议，吴清主席总结 ...

Core Insights - The article discusses the performance forecasts and reports of 20 companies that released their earnings reports for the year 2025, highlighting the accuracy of earnings quick reports compared to earnings forecasts [1] Group 1: Revenue Performance - The highest revenue among the companies that released earnings quick reports is from CITIC Bank, achieving a revenue of 212.475 billion yuan, with a year-on-year decrease of 0.55% [1] - Following CITIC Bank, Shanghai Pudong Development Bank and Yangtze Power reported revenues of 173.964 billion yuan and 85.882 billion yuan, respectively [1] - Out of the 20 companies, 14 reported a year-on-year increase in revenue, with the highest growth rate recorded by Siyuan Electric, which achieved a revenue of 21.205 billion yuan, marking a growth of 37.18% [2] - CITIC Securities and Beiding Co. followed with revenue growth rates of 28.75% and 26.04%, respectively [2] Group 2: Profit Performance - All companies that released earnings quick reports reported profits, with five companies achieving net profits exceeding 10 billion yuan [2] - CITIC Bank led in net profit with 70.618 billion yuan, reflecting a year-on-year increase of 2.98% [2] - Shanghai Pudong Development Bank and Yangtze Power reported net profits of 50.017 billion yuan and 34.167 billion yuan, respectively [2] - Among the companies, 13 reported a year-on-year increase in net profit, with the highest growth seen in Quanyuan Spring, which achieved a net profit of 0.015 billion yuan, up by 147.89% [2] - Beiding Co. and Siyuan Electric also showed significant net profit growth rates of 59.05% and 54.35%, respectively [2]

Core Viewpoint - The report from CITIC Securities indicates that multiple policy documents related to tumor gene testing will be issued by China's regulatory bodies, which will facilitate the industry's healthy development and mark a second turning point for tumor gene testing in China [1]. Industry Summary - In 2025, the National Medical Products Administration, the National Healthcare Security Administration, and the National Health Commission will introduce various policies concerning tumor gene testing, covering registration approval, pricing, medical insurance, and clinical applications [1]. - The period from 2026 to 2030 is expected to be a golden development phase for China's tumor gene testing industry, driven by favorable policies, technology advancements, and market conditions [1]. - The industry is anticipated to undergo a new round of consolidation, with smaller companies lacking qualifications, technology, and financial advantages likely to be eliminated [1]. Company Summary - Leading companies are expected to establish a differentiated competitive landscape through a model of "compliant products + in-hospital co-construction + overseas expansion" [1]. - The report actively recommends investments in: 1) companies providing gene sequencing services; 2) leading firms in tumor companion diagnostics [1].