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].

Core Insights - Recent price increase notifications have been issued by companies in various segments of the electronics industry, including storage, CCL, BT substrates, wafer foundry, and packaging [1] - The background for this price increase cycle is attributed to a significant rise in upstream metal costs since 2025, coupled with strong demand driven by AI [1] - Despite the high demand in AI, the demand for consumer electronics and automotive electronics is experiencing temporary pressure, suggesting a mixed market environment [1] - It is recommended to focus on segments such as storage, CCL, BT substrates, wafer foundry, and packaging, which are expected to benefit most from the ongoing price increase trend [1]

Group 1 - The core viewpoint emphasizes a shift from narrative-driven trends to performance-based evaluations as the market enters the earnings forecast period, with a focus on sectors like chemicals, non-ferrous metals, and power equipment [2][5] - The adjustment of financing margin ratios is seen as a measure to stabilize the market and guide rational investment, indicating a potential shift towards a more balanced market environment [7][10] - The article highlights the acceleration of thematic rotation in the market, particularly focusing on domestic semiconductor and power sectors, driven by regulatory actions and strong demand [3][4] Group 2 - The market is expected to experience short-term fluctuations due to increased financing margin ratios and the cooling of previously hot themes, with a focus on sectors that show strong demand and industrial catalysts [4][8] - There is a recommendation for investors to adopt a cautious approach, focusing on sectors that benefit from structural changes and performance improvements, such as new energy and consumer goods [6][12] - The AI industry chain is identified as a key area for investment, with a consensus forming around its growth potential, despite some volatility in related sectors [13]

人民财讯1月19日电，中信证券研报称，开年以来银行股资金流出显著，上周A股和H股银行表现差异也 隐含A股银行板块受资金流出和风格影响较大，与2025年8月走势存在类似特征；当前银行股性价比大 幅提升，给稳定回报型资金带来配置机会。中信证券认为，2026年银行投资价值来源于：1.银行系统性 风险再评估带来的净资产重估；2.人民币大类资产配置框架下，银行权益的稳定回报特征，带来核心权 益资产价值重估。个股优选稳健品种，即配置策略打底。 ...

人民财讯1月19日电，中信证券研报称，展望2026年，算力发展具备高确定性，超节点技术迎来拐点性 机遇，大厂Capex验证需求逻辑，叠加国产算力厂商竞争力提升，看好国产算力芯片及国产系统级厂商 投资机遇。在模型能力快速提升的背景下，AI应用百花齐放、建议重点关注以办公、Coding、Agent、 多模态为代表的AI应用，同时在出海拓展及内需政策支持下，AI应用有望迎来拐点机遇。 ...

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, including the National Medical Products Administration, the National Healthcare Security Administration, and the National Health Commission, by 2025. This regulatory framework is expected to facilitate the second turning point for the tumor gene testing industry, leading to a healthier development trajectory [1] Industry Summary - The period from 2026 to 2030 is projected to be a golden development phase for China's tumor gene testing industry, driven by favorable policies, technological advancements, and market dynamics [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] - Leading companies are expected to establish a differentiated competitive landscape through a model that includes "compliant products + in-hospital co-construction + overseas expansion" [1] Investment Recommendations - The report actively recommends investment in: 1) Companies involved in gene sequencing [1] 2) Leading firms in tumor companion diagnostics [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 中信证券研究 文|商力 张铭赫 敖翀 拜俊飞 全球稀土资源战略地位持续提升，稀土产业进入高质量发展新时代。供给层面，配额管制叠加管制政 策，刚性逻辑或持续加强；需求层面，新能源汽车、人形机器人和低空经济等新兴领域有望成为需求长 期高速增长的核心驱动，我们预计2026年起全球稀土供需缺口或持续扩大，稀土价格或稳中有进，产业 链盈利能力或持续提升，持续推荐稀土产业链战略配置价值。 ▍稀土产业进入高质量发展新时代。 自2011年国务院首次提出"稀土战略储备"以来，一系列围绕保护稀土资源，加快关键核心技术创新应用 的政策陆续出台。2023年11月，国务院总理李强在国常会提出推动稀土产业高质量发展；2024年10月， 《稀土管理条例》正式实施；2025年8月，《稀土开采和稀土冶炼分离总量调控管理暂行办法》出台， 国家对于稀土产业高质量发展政策在不断完善及细化，稀土资源安全已上升至国家安全体系的核心维 度。通过严格政策管控、科技创新和绿色转型，实现从资源大国向产业强国的转变，中国稀土产业正迈 入高质量发展新时代。 | 稀土行业改氨桩理 | | | ...

中信证券研报称，特朗普表示希望哈塞特留任美国国家经济委员会（NEC）主席。此后，市场认为沃什 当选美联储新主席概率最大，但我们认为在安排"最听话"的哈塞特留任白宫后，选择"最合适"的沃勒或 是更好的选择，我们认为沃勒仍有胜出机会。美国最高法院于1月21日针对Trump VS Cook的口头辩论 结果是影响美联储独立性的关键事件，市场仍在等待这一不确定性的落地。若特朗普的申请被驳回，我 们预计市场将庆祝美联储独立性得到保护，利多美元、利空 黄金、美债曲线平坦化。美国司法部对鲍 威尔的调查遇到的政治阻力超出白宫预期，白宫正试图弱化该调查，我们预计该事件后续对市场不会造 成明显影响。在特朗普选择"非哈塞特"后，我们认为鲍威尔将遵循传统，在主席交接后也一并辞去理事 职务。 ...