中信证券研报称，2025年港股IPO市场火热，项目质量较高。在此基础上，市场赚钱效应显著，投资人 打新热情高涨。面向2026年，我们认为IPO项目储备丰富、项目质量相对有所保障，港股IPO有望维持 火热，建议锚定投资者及基石投资者仍应根据自身禀赋及风险偏好做项目精选。 ...

Group 1 - The core viewpoint of the article highlights that the State Grid has announced a fixed asset investment plan of 4 trillion yuan during the "14th Five-Year Plan" period, representing a 40% year-on-year increase [1] - The investment plan focuses on green transformation and aims to establish a new type of grid platform that integrates main and distribution networks [1] - The report suggests that the investment plan solidifies the basic volume and further clarifies key areas such as ultra-high voltage, flexible direct current, and digital microgrids [1] Group 2 - The recommendation is to focus on leading domestic companies that benefit from the domestic investment climate and major planning, as well as those that balance significant domestic investments with overseas opportunities [1]

人民财讯1月16日电，中信证券指出，央行下调各类再贷款工具利率25bps，但该举措并非传统意义上的 逆回购利率或LPR降息，而是通过结构性工具定向发力。中信证券认为，此举有利于提升银行投放积极 性、促进信贷平稳增长，并在一定程度上缓解银行息差压力。与此同时，央行同步推进再贷款工具扩容 与机制创新，通过"量的扩张+向的引导"双重作用，持续强化对重点领域的定向支持，有助于推动信贷 结构向科技、绿色、普惠、养老和数字等方向优化。在总量政策层面，央行表示今年降准降息仍有一定 空间，但在出口景气延续、短期经济动能尚可的背景下，预计短期政策加码将保持克制，全年逆回购利 率降息幅度或为10bps。 ...

人民财讯1月16日电，中信证券研报称，近期电子行业多个细分板块相关公司发布涨价通知，涉及存 储、CCL、BT载板、晶圆代工、封测等多细分领域，其背景是2025年以来因上游金属成本大幅提升， 叠加AI高景气对整体需求的拉动。考虑到本轮涨价周期的背景是AI超高景气，消费电子、汽车电子等 需求阶段性承压，建议关注存储、CCL、BT载板、晶圆代工、封装等在涨价趋势中受益确定性最高的 环节。 ...

Core Insights - The report from CITIC Securities indicates that the embodied intelligence large model sector is experiencing intensive updates, with the "low-cost + high-efficiency" characteristics of UMI data collection being widely adopted [1] - The large-scale use of first-person video data has received phased certification from leading manufacturers, suggesting that diverse and rich video learning is expected to nurture world models based on video generation models [1] - The year 2026 is projected to be the production year for the embodied intelligence robotics industry, with the level of embodied models still lagging behind hardware foundations, making their iterative evolution crucial [1] - As companies like Skild AI, Physical Intelligence, and Galaxy General continue their capitalization processes, the pricing logic for embodied model enterprises is expected to become clearer and more consistent [1]

（文章来源：第一财经） 中信证券研报表示，央行下调各类再贷款工具利率25bps，但该举措并非传统意义上的逆回购利率或 LPR降息，而是通过结构性工具定向发力。我们认为，此举有利于提升银行投放积极性、促进信贷平稳 增长，并在一定程度上缓解银行息差压力。与此同时，央行同步推进再贷款工具扩容与机制创新，通 过"量的扩张+向的引导"双重作用，持续强化对重点领域的定向支持，有助于推动信贷结构向科技、绿 色、普惠、养老和数字等方向优化。在总量政策层面，央行表示今年降准降息仍有一定空间，但在出口 景气延续、短期经济动能尚可的背景下，我们预计短期政策加码将保持克制，全年逆回购利率降息幅度 或为10bps。汇率方面，央行延续"在合理均衡水平上保持基本稳定"的政策主基调，我们认为短期内政 策重心仍在防范汇率超调、完善预期管理和提升企业汇率避险能力，而非通过汇率调整获取贸易竞争优 势。 ...

Key Points - The company has redeemed a financial product named "CITIC Securities Co., Ltd. Xinzhi Anying Series 2023 Income Certificate" for an amount of RMB 40 million [1] - The company approved the use of up to RMB 220 million of idle raised funds for cash management within 12 months, ensuring that it does not affect the progress of investment projects [1] - The company’s wholly-owned subsidiary purchased the financial product on November 12, 2025, and received a total return of RMB 15.60 million upon redemption [1] - The original maturity date of the financial product was April 15, 2026, but it was redeemed early due to the triggering of exit conditions [1]

Group 1: Market Overview - The market showed mixed performance with major indices fluctuating; the Shanghai Composite Index fell by 0.33% to 4112.60, while the Shenzhen Component rose by 0.41% to 14306.73 [4][7] - The total market turnover decreased significantly, exceeding 1 trillion yuan, indicating reduced trading activity [7][10] - The semiconductor industry chain showed strength, driven by TSMC's announcement of a capital expenditure forecast of $52 billion to $56 billion for 2026 [8][29] Group 2: Economic Insights - In 2025, the new social financing reached 3.56 trillion yuan, with new loans amounting to 1.627 trillion yuan [16][19] - The People's Bank of China lowered the interest rates on various structural monetary policy tools by 0.25 percentage points to support economic transformation [20][21] - The foreign exchange market in China recorded a trading volume of $42.6 trillion in 2025, with a net inflow of $30.21 billion [25][26] Group 3: Industry Dynamics - TSMC's capital expenditure for 2025 was approximately $40.9 billion, with expectations for continued strong demand for advanced process technologies [30][31] - The State Grid Corporation of China plans to invest 4 trillion yuan during the 14th Five-Year Plan period to enhance the new energy system [32][33] - The global revenue from non-gaming applications grew by 33.9% in 2025, indicating a shift in the mobile application economy [38][39] Group 4: Company Updates - Angel Yeast (600298.SH) is expanding its overseas operations and focusing on yeast protein business as a key growth driver [42] - Zhongjing Food (300908.SZ) maintains a solid core business but faces challenges with its Shanghai scallion oil product due to increased competition [44] - Shengnong Development (002299.SZ) expects a significant increase in net profit for 2025, projecting a growth of 89% to 97% [46] - CITIC Securities (600030.SH) reported a 38.46% increase in net profit for 2025, driven by a bullish domestic capital market [50][51]

Core Viewpoint - The company aims to play a pivotal role in the realization of China's financial power strategy by enhancing its investment banking capabilities and supporting the real economy through innovative financial services and resource allocation. Group 1: Service to the Real Economy - The company is committed to supporting technological innovation by integrating into the national innovation-driven development strategy, enhancing capital flow to tech sectors, and providing tailored services for high-quality development of tech enterprises [1][2]. - In 2025, the company led equity underwriting in the STAR Market, Growth Enterprise Market, and Beijing Stock Exchange with a total of 55.1 billion yuan, maintaining industry leadership [2]. - The company has actively facilitated mergers and acquisitions in the tech sector, exemplified by its support for significant asset restructuring and financing for companies like AVIC Chengfei [3]. Group 2: Green and Low-Carbon Transition - The company has implemented the "dual carbon" strategy, establishing a green service ecosystem and supporting energy structure transformation with a green bond underwriting scale of 77.6 billion yuan in 2025, leading the industry [4]. - It assisted in the issuance of the first offshore green bond by a central enterprise, raising 6 billion yuan for sustainable financing [4]. - The company has supported significant transactions in the renewable energy sector, including the privatization of environmental companies and the IPO of leading photovoltaic manufacturers [4]. Group 3: Inclusive Finance and Pension Finance - The company has innovated inclusive finance services to support rural revitalization and the pension industry, with a total underwriting scale of 19.3 billion yuan for rural revitalization bonds in 2025 [5]. - It facilitated the issuance of the first pension-themed corporate bond in China, raising funds for various elder care projects [5]. Group 4: Direct Financing Services - The company has strengthened its domestic and offshore equity financing services, achieving an A-share underwriting scale of 272.1 billion yuan in 2025, with a market share of 24.5% [6]. - In the Hong Kong market, it sponsored 33 IPOs, accounting for 28.4% of the market, including significant IPOs for major companies [7]. Group 5: Bond Market Leadership - The company achieved a record bond underwriting scale of 2.2 trillion yuan in the domestic market in 2025, with a market share of 6.9% [8]. - It led offshore bond underwriting with a scale of 5.3 billion USD, supporting major companies in their international financing efforts [8]. Group 6: Capital Market Oversight - The company has maintained high standards in risk management and compliance, achieving an A-class rating in all major business evaluations for four consecutive years [9]. Group 7: Innovation in Financial Services - The company has actively participated in capital market reforms and product innovations, supporting the listing of several tech companies under new regulatory frameworks [10]. - It has been a leader in the REITs market, participating in 29 public REITs with a total issuance scale of 68.9 billion yuan [11]. Group 8: Internationalization Efforts - The company has enhanced its international service capabilities, supporting Chinese enterprises in their global expansion and participating in significant IPOs across various countries [14][15]. - It has facilitated the issuance of offshore RMB bonds, contributing to the internationalization of the RMB [18].

观点网讯：1月15日，华夏中海商业资产封闭式基础设施证券投资基金（以下简称"华夏中海商业 REIT"）发布公告，宣布其不动产项目公司已完成吸收合并相关程序。 华夏中海商业REIT，由华夏基金管理有限公司管理，中信银行股份有限公司托管，于2025年10月31日 上市交易。 截至该基金上市交易公告书披露日，该基金已认购"中信证券—中海商业资产1号资产支持专项计 划"（以 下简称"专项计划"）全部份额，专项计划管理人中信证券股份有限公司代表专项计划已取得佛 山佳映商业管理有限公司（以下简称"SPV 公司"）全部股权， SPV公司已取得佛山海映商业管理有限 公司（以下简称"项目公司"）全部股权， 有关权属变更工商登记手续已完成。 根据该基金招募说明书披露的吸收合并安排，专项计划管理人（代表"专项 计划"）持有SPV公司100% 股权、SPV公司持有项目公司100%股权后，专项计划管理人（代表"专项计划"）和SPV公司分别做出股 东决定，同意由项目公司以吸收合并的方式合并 SPV公司并签署《佛山海映商业管理有限公司与佛山 佳 映商业管理有限公司之吸收合并协议》，合并的具体方式为注销SPV公司的独立法人地位，项目公 司作 ...