Group 1 - The capital market has been active recently, with brokers conducting research on 440 A-share companies this year, predominantly in the electronics and machinery sectors, while the power equipment and chemical sectors have seen a surge in interest [1] - According to Founder Securities, brokers are still in a "lagging" phase, but ROE is on an upward trend, indicating that sector performance, although delayed, is expected to improve [1] - The capital market is projected to remain robust in 2025, with an average daily stock trading volume of 20.8 trillion yuan, a year-on-year increase of 70.2%, and an average margin balance of 2.08 trillion yuan, up 32.7% year-on-year [1] Group 2 - The 国证证券龙头指数 (399437) has shown a strong increase of 1.98%, with notable gains in constituent stocks such as 财通证券 (6.50%), 兴业证券 (4.95%), and 华泰证券 (3.52%) [1] - The 证券ETF鹏华 (159993) closely tracks the 国证证券龙头指数 and aims to reflect the market performance of quality listed companies in the securities theme [2] - As of December 31, 2025, the top ten weighted stocks in the 国证证券龙头指数 account for 79.13% of the index, including companies like 东方财富, 中信证券, and 华泰证券 [2]

Investment Rating - The report maintains an "Overweight" rating for the securities and banking sectors, while also recommending the insurance sector [8]. Core Insights - The market remains active with an average daily trading volume of 28 trillion yuan in A-shares, and the financing balance stabilizing at 2.7 trillion yuan. However, the ETF market has experienced significant volatility, with major outflows from core broad-based ETFs [11][16]. - The sentiment for market bullishness is strong, and the spring rally is expected to continue, particularly in the insurance sector where beta trading opportunities are anticipated [2][26]. - The central bank's governor indicated that there is still room for interest rate cuts, with the latest Loan Prime Rate (LPR) remaining unchanged for eight consecutive months [11][32]. Securities Sector Summary - The report highlights a positive outlook for the securities sector, with several brokerages reporting significant profit growth for 2025. The recommendation includes top brokerages such as CITIC Securities, Guotai Junan, and GF Securities [2][12]. - The average daily trading volume in the A-share market is noted at 28 trillion yuan, with a stable financing balance, indicating a recovery opportunity for the brokerage sector [11][12]. Insurance Sector Summary - The report suggests focusing on quality leading companies in the insurance sector, as the market sentiment remains strong and the spring rally is expected to continue [26][27]. - The insurance sector's fund holdings have increased, with major stocks like Ping An and China Life being highlighted for their significant market presence [27][31]. Banking Sector Summary - The banking sector is characterized by stable performance, with several banks reporting positive earnings forecasts for 2025. The report recommends quality individual stocks such as Nanjing Bank and Chengdu Bank [3][40]. - The central bank's comments on potential interest rate cuts and the expansion of wealth management products indicate a favorable environment for banks [32][33]. - The report notes a decline in bond allocations within bank wealth management products, with an increase in deposits and funds [37][34].

Investment Rating - The report maintains an "Overweight" rating for both the banking and securities sectors [6]. Core Insights - The financial sector shows a strategic allocation opportunity, with increased fund positions in banking, securities, and insurance stocks [1][5]. - The banking sector's fund position has slightly increased, indicating a return of risk appetite among investors [2][13]. - The securities sector is experiencing a recovery in fund positions, driven by market activity and performance expectations [3][5]. - The insurance sector has seen a significant increase in fund positions, with major insurance stocks being favored by investors [4][5]. Summary by Sections Banking Sector - As of Q4 2025, the banking sector's fund position increased by 0.04 percentage points to 1.89%, with large banks and joint-stock banks seeing gains, while city commercial banks experienced a decline [2][13]. - The top three heavy-weighted stocks in the banking sector account for 46.0% of the total fund position, indicating a concentration in holdings [13][27]. - The dividend yield for A/H shares in the banking sector is approximately 4.87%/4.88%, making it attractive compared to the 10-year government bond yield of 1.83% [5]. Securities Sector - The securities sector's fund position rose by 0.10 percentage points to 0.72%, although it remains at a historically low level [3][5]. - Major securities firms like CITIC Securities and Guotai Junan have been favored for their performance potential amidst market recovery [5][8]. - The average price-to-book ratio for large and small securities firms is 1.44x and 1.67x, respectively, indicating they are trading at 27% and 42% of their historical averages [5]. Insurance Sector - The insurance sector's fund position increased by 0.94 percentage points to 1.72%, with major stocks like Ping An and China Pacific receiving significant increases in holdings [4][5]. - The insurance index's price-to-book ratio is at 1.53x, which is at the 40th percentile of valuations since 2014, suggesting potential for valuation recovery [4][5]. - Strong sales performance in life insurance is noted, with a focus on high-elasticity stocks as key investment opportunities [4].

华夏基金认为，食品饮料等行业已连续调整五年，符合"低预期、低持仓、低估值"等多重底部特征，悲 观预期已经在股价表现中充分反映。 横向参考其他板块，在连跌3~4年后往往有反转。比如今年涨幅领先的有色金属、化工、电力设备、医 药生物等，此前都曾经连续调整超3年。但何时发动新一轮反弹？或依赖于基本面的反转时点。作为普 通个人投资者，很难准确掌握食品饮料板块的"抄底"信号，可以通过行业主题ETF——食品饮料ETF把 握模糊的正确。 食品饮料为跟踪中证细分食品指数规模最大的ETF，其囊括白酒/乳业/软饮料/调味品/休闲食品等多个细 分领域龙头，成分股包括贵州茅台、泸州老窖、海天味业、伊利股份、东鹏饮料、安琪酵母等，是低门 槛布局板块龙头公司反转机会的好工具。也可以参与场外联接的逢低定投。（联接C类：。 中信证券指出：消费链的增配时点就是当下，到三月重要会议前后，"以预期交易为主"；地产链亦可能 在此阶段发生明显修复，"对国内新开工脱敏的建材板块实际上已经启动"。 ...

其锂电池智能装备产品涵盖电动汽车、储能、消费电子等应用领域，覆盖磷酸铁锂、三元等技术路线及 各类电池形态，并能提供固态电池制造设备。客户包括宁德时代、特斯拉、大众汽车、比亚迪等全球领 先企业。 先导智能通过港交所主板上市聆讯。中信证券、摩根大通为联席保荐人。 先导智能作为智能装备企业，为锂电池、光伏电池、3C制造、智能物流、制氢及燃料电池生产、汽车 制造和激光精密加工等多元应用领域提供智能装备及解决方案。该公司通过深度集成数据驱动算法、数 字孪生仿真等技术，赋能客户实现高自动化生产，降低人工成本，提升生产效率。 根据弗若斯特沙利文的资料，按2024年收入计，先导智能是全球第二大新能源智能装备供应商，市场份 额为2.9%。在锂电池智能装备市场，先导智能按2024年收入计为全球最大的供应商（市场份额 15.5%），同时也是中国最大的供应商（市场份额19.0%）。 在光伏领域，先导智能提供光伏组件和光伏电池制造的整线解决方案及单体装备，并成功交付 TOPCon、HJT、xBC、钙钛矿等新型光伏电池技术的GW级方案，客户包括通威太阳能、隆基绿能等行 业龙头。 （文章来源：证券时报网） ...

智通财经APP获悉，中信证券发布研报称，商务部等九部门发布《关于促进药品零售行业高质量发展的 意见》，提出提升药事服务能力，促进处方流转，优化定点药店门诊统筹，构建商保支付保障体系，提 升健康服务，丰富药品零售业态，支持零售药店兼并重组等要求。中信证券认为门诊统筹落地药店有望 加速，兼并重组利好龙头提升市占率，商保打开新支付空间。更进一步看，恰逢"十五五"开局之年，政 策推动医药零售"四化"加速，利于政策分级诊疗和医药分业等医改进程。 ②《意见》鼓励各地优化营商环境，对于被整合的连锁或单体药店，优化《药品经营许可证》申请核发 流程，允许原医保资质延续和使用。我们认为，连锁药房有望凭借资本市场的融资优势，在行业整合期 快速提升市占率，为行业转型和合规进程提供帮助。 ③《意见》鼓励商业保险和药店对接并开发适配药店场景的保险产品，并提出打造健康驿站，鼓励开展 慢病管理、用药指导、健康咨询等服务，推动公司更好的开拓大健康类业务。我们认为连锁药房将乘上 商保和多层次医疗支付体系发展的东风，承接更高层次的医疗健康需求。 医药零售"四化"加速，利于政策分级诊疗和医药分业。 近期正值各地、各部门"十五五"规划密集发布，我国医 ...

中信证券研报称，2026年家电国补政策调整，将聚焦核心品类与农村市场。政策覆盖大家电6个核心品 类、补贴1级能效，补贴比例为15%。首批625亿元额度提前下达，全国覆盖，重点攻坚农村市场。京东 投入300亿元推行"三免四不限"，预计新增覆盖3000-4000万农村人口，农村市场成2026年主增量场景。 ...

（文章来源：第一财经） 中信证券研报称，2026年家电国补政策调整，将聚焦核心品类与农村市场。政策覆盖大家电6个核心品 类、补贴1级能效，补贴比例为15%。首批625亿元额度提前下达，全国覆盖，重点攻坚农村市场。京东 投入300亿元推行"三免四不限"，预计新增覆盖3000-4000万农村人口，农村市场成2026年主增量场景。 ...

市场普遍关注降准降息的时间窗口将何时打开。中信证券首席经济学家明明表示，根据以往经验，再贷 款利率调降后，总量降息空间也相应打开。随着一季度定存大量到期，银行息差压力缓释，预计政策利 率调降时点在二季度。 ...

【中信证券：印尼镍矿生产配额减少镍价有望持续上涨】智通财经1月26日电，中信证券研报称，2026 年1月印尼政府预计镍矿全年生产配额为2.5亿吨—2.6亿吨，较2025年的生产配额大幅下滑。中信证券预 计若2026年印尼镍矿生产配额真正落地，将导致印尼镍产量下滑至260万吨—270万吨，全球镍行业供应 短缺20万吨，LME镍价有望上涨至2.2万美元/吨。长期来看，印尼对采矿行业的监管态度逐步严厉，镍 矿产量增速有望下降，镍价有望从底部逐步回暖。 转自：智通财经 ...