Core Insights - The ABS market in 2025 showed a robust issuance trend, with a total of 2,435 new projects and an issuance scale of 23,250 billion yuan, representing a 14% increase compared to the previous year (20,417 billion yuan) [1][6]. Segment Summaries Credit ABS - A total of 238 new projects were issued, with a total amount of 2,915 billion yuan, marking an 8% year-on-year increase. The largest asset class was personal auto loans, with 32 issuances totaling 1,185 billion yuan, followed by non-performing loans with 178 issuances totaling 821 billion yuan [2][9]. Corporate ABS - The corporate ABS segment saw 1,560 issuances, totaling 14,133 billion yuan, which is a 20% increase year-on-year. The largest issuance was in financing lease receivables, with 295 projects totaling 2,891 billion yuan, followed by corporate receivables with 246 projects totaling 2,308 billion yuan [2][12]. Asset-Backed Notes (ABN) - The ABN market had 612 issuances, with a total amount of 5,731 billion yuan, reflecting a 9% year-on-year increase. The main types of issuances were bank/internet consumer loans (191 projects, 1,685 billion yuan) and general small loan receivables (141 projects, 1,295 billion yuan) [2][15]. Market Size and Composition - As of 2025, the cumulative market size reached approximately 35,832 billion yuan, with credit ABS at 4,339 billion yuan, corporate ABS at 22,808 billion yuan, ABN at 6,535 billion yuan, and public REITs at 2,150 billion yuan [4]. Underwriting Performance - In the underwriting rankings for 2025, CITIC Securities led with 527 projects and a total underwriting amount of 2,809 billion yuan, followed by Guotai Junan with 464 projects totaling 2,329.1 billion yuan, and Ping An Securities with 287 projects totaling 1,749.6 billion yuan [17][19]. Detailed Underwriting Rankings - For credit ABS, CITIC Securities topped the list with 109 projects and 538.5 billion yuan, followed by China Merchants Securities with 120 projects and 445.4 billion yuan [23][25]. - In the corporate ABS segment, CITIC Securities also ranked first with 308 projects and 1,853.5 billion yuan, while Ping An Securities followed with 257 projects totaling 1,693.3 billion yuan [28][30]. Asset Class Rankings - The top three asset classes by issuance volume in 2025 were financing lease receivables, bank/internet consumer loans, and corporate receivables [33]. - In the financing lease category, Ping An Securities led with 614 billion yuan, followed closely by Guotai Junan and CITIC Securities [34]. - For bank/internet consumer loans, China Merchants Securities topped the rankings with 502.6 billion yuan, followed by Huatai Securities and CICC [39]. Public REITs - In the public REITs market, the original rights holders' rankings showed Runze Technology Development at the top with 45 billion yuan, followed by Beijing Shou Nong Information Industry and Suning Commercial Group [55][56]. - The plan managers' rankings for public REITs were led by CITIC Securities with 127.9 billion yuan, followed by Southern Capital Management and CICC [58][59].

(本文来自第一财经) 中信证券指出，展望2026年，我们认为AI依然是板块估值上行的核心催化，核心关注：1）模型迭代、 应用落地以及业绩兑现带来的叙事强化；2）模型公司上市后带来的估值对标，有望进一步驱动互联网 公司AI业务价值重估。对于短期AI相关性较低的公司，业绩能见度和估值性价比将是选股核心要素， 建议关注竞争格局相对稳定、业绩韧性较强的垂类龙头、以供给创新带动的高景气赛道以及低估值下的 绝对收益标的。 ...

Core Viewpoint - The profitability of chemical companies is expected to gradually bottom out and recover, driven by a backdrop of weakening industry capital expenditure and the domestic push against "involution" [1] Group 1: Investment Opportunities - Focus on high-energy-consuming products such as calcium carbide, caustic soda, and yellow phosphorus, which may become effective tools against "involution" [1] - Attention to segments where self-discipline is steadily advancing and initial results of the "involution" countermeasures are visible [1] - Certain products have fallen below or are close to the industry cash cost line, with leading companies having significant cost advantages [1] - Chemical products with strong demand or new demand drivers that have the potential for sustained price increases [1] - Chemical products related to new materials and new applications [1]

中信证券研报称，1月3日特朗普政府突袭委内瑞拉首都，绑架其总统马杜罗。该举措正是在贯彻2025年 美国《国家安全战略》中的"门罗主义特朗普推论"，对南美各国加强控制力。我们认为该类行动正在透 支美国国家信用，加速破坏基于规则的国际秩序。但同时，由于美国的军事投送能力下降，这类"绑架 行动"或"斩首行动"已经很难在非南美洲国家实施。而21世纪以来，全球央行的购金主力是非南美洲的 南方国家央行。因此我们认为，委内瑞拉事件后，特朗普任期内，黄金价格上行将会因此加速。 ...

中信证券研报称，展望2026年，预计美股科技板块指数层面20%收益仍是合理的可预期目标，EPS增长 为主要贡献因子，但实现过程料将充满曲折。AI叙事演绎、市场风格平衡、特朗普政府政策不确定性 为市场核心交易主线，市场上半年确定性料将显著优于下半年，边走边看、逆向思维仍是最佳参与策 略。 ...

中信证券研报称，元旦假期民航客运量同比增速大于航班量增速，印证存量冗余运力基本消化，低增量 供给背景下，建议重视航司盈利拐点。汇率升值有望助力2025Q4航司亏损大幅收窄，2026年航司或持 续受益需求边际增量与汇率升值共振。继续推荐航空板块。 ...

中信证券研报称，我们认为2026年最大的预期差来自外需与内需的平衡，对外"征税"、补贴内需应是大 势所趋，人心思涨环境下开年后市场震荡向上的概率更高。中期维度，我们更青睐热度和持仓集中度相 对较低，但关注度开始提升、催化开始增多且长期ROE有提升空间的板块，如化工、工程机械、电力设 备及新能源等；一些新的产业题材（如商业航天）可能还会反复演绎；我们高度关注人民币持续升值引 发的政策逻辑变化，券商、保险是站在这个视角下可攻可守的配置选择。 ...

Core Insights - The overall performance of brokerage asset management products in 2025 shows an average return of approximately 6.27%, with a median return of 3.13% for products that have been established for over a year [2] - The majority of these products are bond-type, accounting for over 70% of the total, with an average return of 3.33% in 2025 [2] - Equity-type products, although fewer in number, have demonstrated strong performance with an average return of 23.36% in 2025, largely due to a robust A-share market [3] Brokerage Asset Management Product Performance Equity Products - There are 29 equity-type products, with the top three performers being: 1. Huabao Huahong No. 1 2. CITIC Securities Zhisheng 500 Index Enhanced No. 1 3. Caida Growth No. 6 [3][4] - The performance threshold for the top 10 equity products is notably high, indicating strong competition among them [3] Mixed Products - Mixed-type products can allocate assets across various categories, with 377 products showing performance in 2025. The top five performers are: 1. Founder Intelligent Automobile No. 2 2. CITIC Securities Asset Management Xinghe No. 48 3. First Venture Fuxianrong No. 1 4. Caida Jingming No. 1 5. Dongfanghong Mingfeng No. 3 [6][7] FOF Products - FOF (Fund of Funds) products, which invest in other funds, have 360 products with the top five being: 1. Zheshang Wealth Xinhui Zhongzheng 1000 and Small Cap Enhanced FOF No. 1 2. Great Wall Selected Evolution FOF No. 1 3. CITIC Securities Wealth Selected Index Enhanced No. 1 FOF 4. Guojin Xinxing Citaoling No. 9 FOF 5. GF Asset Management Volume Increase No. 4 FOF [10][11] Bond Products - Bond-type products are the most numerous, with 2,198 products reported. The top five performers are: 1. First Venture Convertible Bond Flexible Allocation No. 1 2. Galaxy Stable Profit No. 20 3. Guotai Junan Junxiang Glory Jinbao 4. Huashan Securities Hengying No. 23 5. Huashan Securities Hengying No. 36M001 [13][15]

Group 1 - The core viewpoint of the article is that economic conditions are expected to improve gradually in the first quarter of 2026 due to proactive fiscal policies and the low base effect in the second half of 2025 [1] - Risk assets, particularly equities with relatively low volatility, are considered to have better cost-effectiveness in the current market environment [1] - Overall asset allocation faces challenges such as increased volatility and narrowing expected returns for certain assets, leading to recommendations for diversified risk management strategies [1] Group 2 - For low-risk preference investors, a diversified asset allocation is suggested to mitigate risks [1] - Mid to high-risk preference investors are advised to slightly overweight their stock allocations [1]

Group 1 - The core viewpoint of the article indicates that the PPI in December 2025 slightly exceeded market expectations, with a month-on-month increase of 0.2%, marking the highest value since the beginning of 2024, driven primarily by surging prices in non-ferrous metals such as copper, aluminum, and silver [1] - The downstream industries are generally showing a trend of "continuing month-on-month decline with narrowing year-on-year declines," with the PPI for lithium-ion battery manufacturing and photovoltaic equipment and components manufacturing narrowing for four and nine consecutive months, respectively [1] - There is a noted phenomenon of poor price transmission from upstream to downstream industries due to weak demand, which may pressure profit margins in certain downstream sectors as some upstream raw material prices surge [1] Group 2 - The CPI has shown a year-on-year increase for four consecutive months, reaching 0.8%, while the core CPI remains high at 1.2%, aligning with market expectations, with the expansion of food prices being the main driver for the recent CPI increase [1] - Since June 2025, the core CPI has entered a rapid upward trend, significantly influenced by a quick drop in the base figure, along with unexpected increases in gold jewelry prices, notable rises in certain service prices (especially medical and educational services), and improvements in durable consumer goods prices benefiting from national subsidies [1] - The overall price performance in 2025 shows that both PPI and CPI year-on-year figures were slightly weaker than in 2024, but the year exhibited a significant "front low, back high" characteristic, with a notable improvement in the price environment since the second half of 2025, suggesting a potential "mild re-inflation" in China in 2026 [1]