格隆汇2月2日丨根据联交所最新权益披露资料显示，2026年1月29日，中广核电力(01816.HK)获中信证券资产管理有限公司在场内以每股均价3.2046港元增 持1150.8万股，涉资约3687.85万港元。 | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | 持有權益的股份數目 佔已發行的 有關事件的日期相關 | | | --- | --- | --- | --- | --- | --- | | | 原因 股份數目 | | | (請參閱上述*註 | 有投票權股(日/月/年) 權益 | | | | | | 居 | 份百分比 | | But of the control of the property of the control of the control of the control of the control of the control of the control of the control of the contribution of the contrib CS20260130E00061 | 中信证券资产管理有限公司 1101(L ...

中信证券：房地产市场呈现了一些积极信号 2026年初，A股及AH主流上市房企密集披露2025年业绩预告，引发市场关注。在这个关键时刻，中信 证券、申万宏源等头部机构同步发声，认为房地产行业最差时期已逐步过去，政策托底发力叠加行业基 本面调整到位，优质房企有望率先迎来盈利修复，行业将逐步企稳回升。 申万宏源发布研报表示，过去4年房地产行业量价持续下行，导致目前部分房企预告业绩下降或亏损。 不过我们认为，房企最困难时期或将逐渐过去。 研报解释，一方面，我们认为我国房地产基本面底部正逐步临近，在行业深度调整4年多后，我国新开 工自2021年高点以来已下降75%，已显著超过美国、日本和德国降幅50%—70%，我国二手房房价自 2021年高点以来已下降40%，也已显著超过1970年至今42国平均跌幅34%；另一方面，申万宏源认为主 流房企存货减值压力逐步得到释放2019-2025H1主流房企累计资产及信用减值损失占比存货均值达8%， 其中部分房企减值占比更高。 中央强调着力稳定房地产，《求是》发文建议政策一次性给足，政策基调更趋积极。2025年12月，中央 经济工作会议指出："积极稳妥化解重点领域风险，着力稳定房地产市 ...

【导读】中信、申万等头部券商最新发声：房地产市场现积极信号！ 申万宏源：房企最困难时期或将逐渐过去 申万宏源发布研报表示，过去4年房地产行业量价持续下行，导致目前部分房企预告业绩下降或亏损。 不过我们认为，房企最困难时期或将逐渐过去。 研报解释，一方面，我们认为我国房地产基本面底部正逐步临近，在行业深度调整4年多后，我国新开 工自2021年高点以来已下降75%，已显著超过美国、日本和德国降幅50%—70%，我国二手房房价自 2021年高点以来已下降40%，也已显著超过1970年至今42国平均跌幅34%；另一方面，申万宏源认为主 流房企存货减值压力逐步得到释放2019-2025H1主流房企累计资产及信用减值损失占比存货均值达8%， 其中部分房企减值占比更高。 中央强调着力稳定房地产，《求是》发文建议政策一次性给足，政策基调更趋积极。2025年12月，中央 经济工作会议指出："积极稳妥化解重点领域风险，着力稳定房地产市场"。此外，2026年1月2日，《求 是》明确房地产金融属性、强调居民资产负债表、重申房地产经济重要地位、并建议政策一次性给足， 对房地产行业政策表态更趋积极，政策进一步重视居民端和需求端发力。1月 ...

证券研究报告·行业跟踪周报·非银金融 非银金融行业跟踪周报 -8% -5% -2% 1% 4% 7% 10% 13% 16% 19% 22% 25% 2025/2/5 2025/6/4 2025/10/1 2026/1/28 非银金融 沪深300 券商股或迎业绩催化；保险估值仍待提升 2026 年 02 月 01 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 罗宇康 执业证书：S0600525090002 luoyk@dwzq.com.cn 行业走势 相关研究 《保险行业 12 月保费：产寿 25Q4 保 费增速均有所放缓，看好寿险 2026 年 新单增长》 2026-01-31 《公募基金业绩基准指引正式发布； "保险+康养"模式持续推进》 2026-01-25 东吴证券研究所 1 / 18 请务必阅读正文之后的免责声明部分 ◼ 非银行金融子行业近期表现：最近 5 个交易日（2026 年 01 月 26 日-2026 年 01 月 30 日）非银金融各子板块中仅保险行 ...

Investment Rating - The report maintains an "Overweight" rating for the securities and banking sectors, while also recommending an "Overweight" for the insurance sector [9]. Core Insights - The report highlights a vibrant performance in the securities industry, with a daily average trading volume of 30.6 billion yuan in A-shares and a financing balance stabilizing at 2.7 trillion yuan, reaching a new high [12][13]. - The China Securities Regulatory Commission (CSRC) plans to expand the types of strategic investors, allowing specific institutional investors to participate as strategic investors, which is expected to enhance long-term capital inflow into the market [12][14]. - The insurance sector shows a recovery trend, with leading companies like China Life Insurance seeing significant stock price increases, indicating potential for further valuation recovery [27]. - The banking sector is experiencing a preemptive credit issuance at the start of the year, with banks like Qingdao Bank and Xiamen Bank reporting strong earnings growth, which is expected to support net interest margins throughout the year [31][32]. Summary by Sections Securities - The report emphasizes the strong performance of leading brokerage firms, with notable earnings forecasts for 2025, including a 40% increase in net profit for CITIC Securities and a 69%-73% increase for Guotai Junan [15][16]. - Recommended stocks include top brokerages such as CITIC Securities, Guotai Junan, and GF Securities, as well as quality regional brokerages like Guoyuan Securities [3][13]. Insurance - The insurance sector is recommended for investment, particularly in leading companies. The report notes that the overall market sentiment remains high, with opportunities for beta trading in the insurance sector [27]. - Investors with higher risk tolerance are encouraged to consider high-elasticity combinations represented by companies like Xinhua Insurance, while conservative investors may focus on stable companies like Ping An Insurance and China Life Insurance [27]. Banking - The banking sector is highlighted for its strong performance, with Qingdao Bank reporting an 8.0% increase in revenue and a 21.7% increase in net profit, indicating improved asset quality [32]. - The report suggests that the preemptive credit issuance by regional banks and the benefits from high-interest deposits maturing will support net interest margins [33]. - Recommended banking stocks include quality regional banks such as Nanjing Bank and Chengdu Bank, as well as larger banks like Shanghai Bank and Industrial and Commercial Bank of China [3][31].

Group 1: Precious Metals and Market Trends - The precious metals sector is showing increasing speculative attributes, warranting caution [2] - The current market is experiencing a style shift from small-cap to large-cap stocks and from themes to quality [2] - The overall trend indicates a potential for profit margin recovery in cyclical sectors, driven by a shift in Chinese policy from expansion to quality improvement [2] Group 2: AI and Technology Opportunities - There is a focus on AI applications and energy storage as key growth areas, with expectations for recovery in lithium battery materials and storage sectors [3] - The AI industry remains a long-term focus, with significant policy support and market optimism surrounding its applications [5] - The technology theme, including AI applications and structural recovery opportunities, is highlighted as a key area for investment [7] Group 3: Spring Market Dynamics - The spring market is expected to continue its upward trend, supported by ample liquidity and positive domestic fundamentals [5] - High elasticity growth themes may still perform well after a phase of profit-taking, with potential for further gains in February [4] - Sector rotation is anticipated to be a dominant theme leading up to the Spring Festival, with a focus on structural opportunities [9] Group 4: Commodity Recommendations - A recommendation has been made to adjust the order of investment focus to include crude oil, copper, aluminum, tin, and lithium, reflecting a shift towards industrial pricing [8] - The emphasis on physical assets is expected to strengthen, with a focus on sectors like chemicals and consumer goods benefiting from domestic recovery [8] Group 5: Market Sentiment and Future Outlook - The market sentiment remains cautious but optimistic, with expectations for continued support from domestic policies and liquidity [5][6] - The potential for structural recovery in manufacturing and resource sectors is noted, with clear paths for profit recovery [9] - The upcoming credit and inflation data in January may provide additional positive signals for the market [4]

21世纪经济报道记者 杨坪 据中信证券统计，2026年1月29日- 30日，8单总计估值321亿元商业不动产REITs发行挂网，预计涉及募集规模总计315亿元，涉及资本化率在 4.3%-7.2%区间内，涉及运营净收益（NOI）总计16.5亿元（2025年数据，部分项目为年化值）。 连日来，2025年业绩预告进入集中披露期。万科A、招商蛇口等多家地产公司也预告了2025年的整体经营表现。 中信证券认为，在商业不动产REITs推出之后，REITs市场发行审批效率明显提升，优质资产证券化速度明显加快。房地产企业资产负债表得 到夯实，债务负担有所减轻，广大投资者也得以配置优质低波权益资产，分享中国经济增长红利。 本报记者注意到，多家券商机构在点评房地产业绩预告时指出，尽管2025年房企利润表现仍承压，但市场已出现积极信号，预计2026年房地产 市场有望逐步止跌回稳。 总结来看，中信证券指出，我国居民部门的现金流量表保持良好，净流入健康向上，这也是未来企业经营性现金流净流入可能持续修复的底 气。政策力推住宅价格止跌，加上商业地产资产增值，相信房地产板块的主体信用风险已经开始退潮。当行业的主要融资性现金流入，从以信 用债 ...

本文来自格隆汇专栏：中信证券研究 作者：敖翀 拜俊飞 涂耀廷 商品市场轮动交易行情下，铜迅速接力贵金属，LME铜价单日上涨超10%并突破14500美元/吨。供给侧 的矿山减产、需求侧的终端稳健叠加库存囤积延续仍是看好2026年铜价行情的基础，但中信证券同时建 议充分重视在国内传统旺季与海外需求回暖作用下，2026Q1铜价及板块的弹性机遇。建议重视板块回 调窗口期的全面配置机遇。 ▍传统旺季与海外回暖的需求顺风值得把握。 展望2026Q1，中信证券认为不宜低估备货需求及传统旺季带来的价格向上弹性，应理性看待价格上涨 对于需求的抑制，同时应重视海外需求回暖的潜在利好。中信证券预计2026Q1 LME铜价中枢将达到 13000美元/吨以上，同时考虑到全年供需和宏观因素节奏，中信证券建议充分重视2026Q1铜价及板块的 弹性机遇。 ▍LME铜价突破14500美元/吨。 2026年1月29日，LME铜价突破14000美元/吨，盘中一度创下14527美元/吨的历史新高，日涨幅一度超 过10%；国内铜价突破11万元/吨，盘中一度创下11.42万元/吨的历史新高。随后，铜价有所冲高回落， 短期波动加大。实际上，LME铜价在2 ...

本次可转债的初始转股价格不低于募集说明书公告日前二十个交易日公司股票交易均价和前一个交易日公司 股票交易均价。具体初始转股价格由公司股东大会授权董事会（或董事会授权人士）在发行前根据市场状况与保 荐机构（主承销商）协商确定。 本次向不特定对象发行可转换公司债券拟募集资金总额不超过人民币150,000.00万元（含本数），募集资金 总额扣除发行费用后用于车规级SiCMOSFET模块制造项目、IPM模块制造项目、车规级GaN模块产业化项目、补 充流动资金项目。 中国经济网北京2月1日讯 上海证券交易所上市审核委员会2026年第3次审议会议于2026年1月30日召开，审 议结果显示，斯达半导体股份有限公司（以下简称斯达半导，603290.SH）再融资符合发行条件、上市条件和信 息披露要求。 上市委会议现场问询的主要问题： 请发行人代表结合公司募投项目市场空间、竞争格局及对手产能扩充、市场占有率、产品定点及在手订单等 情况，说明公司本次募投项目新增产能的合理性及相应的产能消化措施，相关风险揭示是否充分。请保荐代表人 发表明确意见。 斯达半导10月30日披露向不特定对象发行可转换公司债券证券募集说明书(申报稿)，本次发 ...

Core Viewpoint - SIRIO PHARMA CO., LTD. (referred to as "Xianle Health") submitted its IPO application to the Hong Kong Stock Exchange on January 29, 2026, aiming for a listing on the main board, with CITIC Securities as the sole sponsor. The company, which went public on the A-share market in September 2019, has a total market capitalization of approximately 7.199 billion RMB as of January 29, 2026. Xianle Health is a leading provider of nutritional health food solutions, holding the third-largest market share globally and the largest in China in this sector based on 2024 revenue [1][1]. Financial Performance - For the fiscal years ending December 31, 2024, and the first nine months of 2025, the company's revenues were approximately 4.211 billion RMB and 3.291 billion RMB, respectively. The net profit for the same periods was 2.82 billion RMB and 0.56 billion RMB, showing a significant decline of 73.89% year-on-year for the first nine months of 2025. The gross profit margins were 30.61% and 31.47% for these periods [7][9][11]. Market Position - Xianle Health is recognized as the third-largest player in the global nutritional health food solutions market and the largest in China, based on revenue projections for 2024. The company is also the second-largest provider of gummy and soft capsule nutritional health food solutions worldwide [1][1]. Product Offerings - The company has developed a comprehensive range of solutions catering to various customer needs across different demographics, including pregnant women, infants, children, adolescents, and the elderly. Its product categories address core health needs such as basic vitamins and minerals, gut health, metabolic health, and immune support, among others. Additionally, Xianle Health has established a presence in the pet nutrition sector [3][3]. Global Operations - Xianle Health has a global business footprint that spans markets in China, the Americas, Europe, and the Asia-Pacific region. The company operates six production bases (with one under construction) and five global R&D centers, reaching customers in over 50 countries and regions. Notably, overseas market revenue accounted for 61.2% of total revenue during the first nine months of 2025 [5][9]. Revenue Sources - The primary revenue for Xianle Health comes from the sales of nutritional health food products, with soft capsules and gummies being the largest contributors. In 2024, these two product types accounted for a significant portion of the company's revenue, while other forms such as drinks, tablets, powders, and hard capsules contributed less [9][9].