转自：证券时报 人民财讯12月14日电，中信证券研报称，中信证券判断2026年将是北美主要云计算厂商收入加速增长的 一年，来自大客户的AI训练、推理料将成为主要需求驱动力，传统云业务需求亦稳步复苏，而数据中 心、定制芯片的投产等将会进一步缓解算力供给端的紧缺程度。综合来看，从订单兑现的节奏，以及各 家云厂商的数据中心储备情况来看，预计其2026年云计算收入同比增速相较2025年进一步加速。中信证 券持续看好一线云厂商在2026年的投资机遇。 ...

Core Viewpoint - The focus of the Central Economic Work Conference remains on expanding domestic circulation, similar to last year, with increasing factors supporting domestic demand while external demand faces greater challenges [1] Group 1: Economic Outlook - The difficulty of exceeding expectations for external demand in the coming year is increasing, while factors supporting domestic demand are on the rise [1] - Companies with overseas exposure are expected to have strong performance, but the difficulty in increasing valuations remains [1] Group 2: Investment Strategy - The investment strategy should seek intersections, with overseas exposure as a foundation and potential catalysts from positive changes in domestic demand [1] - The most significant intersection for investment is in resource and traditional manufacturing sectors where China has a competitive advantage globally [1] Group 3: Key Industries - Key industries to focus on include non-ferrous metals, chemicals, and new energy, which have high visibility in niche markets overseas [1] - If there are positive changes in domestic demand, these sectors are expected to have considerable valuation elasticity [1]

Investment Rating - The report maintains a positive outlook on the non-banking financial sector, indicating an "Overweight" rating for the industry, suggesting it is expected to outperform the overall market in the coming months [66]. Core Insights - The report highlights that the central government's economic meetings have emphasized the need for structural reforms in the financial sector, aiming for a more efficient capital market and improved financial supply-side reforms [2][21]. - The insurance sector is expected to undergo a systematic revaluation, driven by the asset side's influence on company valuations, with a focus on sustainable business models and risk management [2][10]. - The brokerage sector is currently experiencing a mismatch between fundamentals and valuations, with potential catalysts including mergers and acquisitions and upcoming performance reports [2][5]. Summary by Sections Market Review - The Shanghai Composite Index closed at 4,580.95 with a slight decline of -0.08%, while the non-banking index rose by 0.81% to 1,991.97. The brokerage, insurance, and diversified financial sectors reported respective changes of +0.31%, +2.36%, and -1.62% [5][6]. Non-Banking Industry Data - As of December 12, 2025, the average daily trading volume in the stock market was 18,247.40 billion yuan, reflecting a decrease of 14.23% from the previous month [15][44]. - The financing balance in the margin trading market reached 25,079.82 billion yuan, an increase of 34.5% compared to the end of 2024 [15][48]. Non-Banking Industry News - The central bank reported that in the first eleven months of 2025, RMB loans increased by 15.36 trillion yuan, and the total social financing scale reached 33.39 trillion yuan, exceeding last year's total [16]. - The China Securities Regulatory Commission is set to introduce new regulations on public fund sales to address long-standing issues in the industry [17]. Individual Stock Highlights - China Life Insurance reported total premiums exceeding 700 billion yuan as of November 30, 2025 [29]. - The brokerage sector saw significant stock performance, with Guotai Junan and CITIC Securities leading in gains [7][12].

中信证券研报指出，从此次中央经济工作会议内容来看，做大内循环仍是重心，定位和去年相似。实际 上，明年外需继续超预期的难度在加大，但内需可期待的因素在增多。从这些角度来看，海外敞口品种 业绩兑现力强，但估值继续提升难度大；内需敞口品种景气度一般，但一旦超预期修复，估值弹性不 小。配置上要寻求交集，即海外敞口为基底、内需积极变化也会产生催化的品种。从配置角度，最大的 交集就是我们此前一直提示的资源与传统制造业领域中国在全球有份额优势的行业对应的龙头企业，讲 出"供应在内反内卷，需求在外出利润"的投资逻辑，不断提升在全球的定价权，重点关注的行业包括有 色、化工和新能源等，虽然能见度高的利基市场在海外，但如果内需有积极变化，这些品种的弹性不 小。 ...

行 业 及 产 业 非银金融 头部非银机构监管红利有望释放 2025 年 12 月 14 日 相关研究 证 券 研 究 报 告 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 罗钻辉 A0230523090004 luozh@swsresearch.com 看好 ——非银金融行业周报（2025/12/8-2025/12/12） 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 研 究 / 行 业 点 评 - ⚫ 券商：本周申万券商 II 指数收涨 0.31%，跑赢沪深 300 指数 0.39pct。1）中央政治局会议： 2025/12/8，中央政治局会议召开，分析研究 2026 年经济工作。会议指出明年经济工作要坚持 "稳中求进、提质增效"（2025 年表述为"稳中求进、以进促稳，守正创新、先立后破，系统集 成、协同配合"）。就证 ...

Core Insights - The report emphasizes that new regulations in fund sales are reshaping the fund ecosystem, creating opportunities for investment as the spring market approaches [1][2] - The insurance sector is expected to see high growth in performance, supported by the introduction of a new commercial health insurance drug directory, which encourages product innovation [2][16] - The report suggests focusing on specific stocks within the insurance sector, including Xinhua Insurance, China Life, Ping An, and others, as they are likely to benefit from these developments [2][16] Weekly Performance - As of December 13, 2025, the Shanghai Composite Index reported a decrease of 0.34%, while the Shenzhen Component Index increased by 0.84% [11] - The average daily trading volume in the Shanghai and Shenzhen markets was 1.95 trillion yuan, reflecting a week-on-week increase of 15.14% [6] Industry Dynamics and Weekly Commentary Insurance Sector - The performance of listed insurance companies is expected to continue high growth, with long-term interest rate spreads showing marginal improvement [13][16] - The 10-year government bond yield was 1.84%, down 1 basis point from the previous week, providing a supportive environment for insurance stock valuations [13][16] Securities Sector - The issuance of the "Publicly Raised Securities Investment Fund Sales Behavior Norms (Draft for Comments)" aims to systematically regulate sales behavior and protect investor rights [17][18] - The new regulations mark a shift from a scale-driven approach to one focused on investor interests, promoting a fundamental transformation in the industry [18][23] Key Company Valuation and Financial Analysis - The report provides detailed valuation metrics for key companies in the insurance and securities sectors, indicating a "Buy" rating for several firms based on their projected earnings and price-to-earnings ratios [7][8] - For instance, Ping An is rated with a target price of 76.65 yuan per share, while Xinhua Insurance has a target price of 94.21 yuan per share, reflecting strong expected performance [7] Regulatory and Policy Environment - The national financial system work conference emphasized the need for risk prevention, strong regulation, and promotion of high-quality development in the financial sector [25][26] - The focus will be on stabilizing the market, enhancing financial governance, and addressing local government debt risks, which will shape the future landscape of the financial industry [25][29]

Group 1: Economic Policies and Initiatives - The National Development and Reform Commission (NDRC) emphasizes multiple measures to stabilize investment and optimize the implementation of the old-for-new consumption policy [2][3] - The Ministry of Finance plans to increase the scale of central budget investment and utilize various government bond funds to support construction and consumption initiatives [4] - The Ministry of Industry and Information Technology highlights the rapid development of the power and energy storage battery industry, while also addressing challenges such as irrational competition and the need for quality supervision [5][9] Group 2: Healthcare and Insurance Developments - The National Healthcare Security Administration aims to support the development of commercial health insurance and enhance the multi-tiered medical security system, including the goal of achieving "no out-of-pocket" expenses for childbirth within policy coverage [6][7] - The healthcare sector is encouraged to innovate in drug coverage and expand investment in innovative drugs, promoting a more robust pharmaceutical industry [7][8] Group 3: Corporate News - Great Wall Motors and Chery Automobile both express commitment to compliance with the Automotive Industry Pricing Behavior Compliance Guidelines, emphasizing long-termism and integrity in their operations [17][18] - Snowman Group announces advancements in controllable nuclear fusion technology and hydrogen fuel cell systems, indicating strong market potential and technological leadership [18] - Yushu Technology launches a humanoid robot "App Store," facilitating a global sharing platform for developers to upload and share models, enhancing user engagement and innovation [19] Group 4: Market Trends and Investment Opportunities - CITIC Securities reports a shift in market sentiment towards short-term trading, with an acceleration in thematic rotation, particularly in sectors like domestic GPU companies, controllable nuclear fusion, AI applications, and commercial aerospace [20]

Core Viewpoint - Yuntian Lifei (688343.SH) reported significant revenue growth for the first three quarters of 2025, with a revenue of 9.51 billion yuan, marking a year-on-year increase of 96.85%. However, the company continues to face net losses, although the losses have decreased compared to the previous year [1][4]. Financial Performance - For the period of January to September 2025, the company achieved an operating revenue of 9.51 billion yuan, which is a 96.85% increase compared to the same period last year [1]. - The net profit attributable to shareholders was -2.98 billion yuan, an improvement from -4.25 billion yuan in the same period last year [1]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -3.41 billion yuan, compared to -5.00 billion yuan in the previous year [1]. - The net cash flow from operating activities was 1.95 billion yuan [1]. Historical Performance - From 2017 to 2024, the net profit attributable to shareholders has shown a trend of increasing losses, with figures of -54.64 million yuan in 2017, -1.95 billion yuan in 2018, and reaching -5.79 billion yuan in 2024 [4]. - The net profit after deducting non-recurring gains and losses has also increased from -64.56 million yuan in 2017 to -6.84 billion yuan in 2024 [4]. Stock Market Activity - Yuntian Lifei was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on April 4, 2023, with an initial public offering of 88.78 million shares at a price of 43.92 yuan per share [3]. - The company raised a total of 389.94 million yuan, with a net amount of 358.35 million yuan after deducting issuance costs, exceeding the original fundraising plan by 58.35 million yuan [3].

Core Viewpoint - The Shanghai Stock Exchange's Listing Review Committee approved the initial public offering (IPO) of Youyan Metal Composite Materials (Beijing) Co., Ltd. (referred to as "Youyan Composite"), marking it as the 90th company to pass the review this year [1]. Group 1: Company Overview - Youyan Composite is a high-tech enterprise primarily engaged in the research, production, and sales of metal composite materials and special non-ferrous metal alloy products. Its business is divided into two segments: metal composite materials and special non-ferrous metal alloy products [3]. - The main products include metal matrix composite materials, bimetallic composite materials, special aluminum alloy products, and special copper alloy products, which are widely used in aerospace, military electronics, smart terminals, and household appliances [3]. Group 2: Shareholding Structure - As of the signing date of the prospectus, China Youyan Technology Group Co., Ltd. holds 50.85% of Youyan Composite's shares directly, and through its subsidiary, Youyan Engineering Technology Research Institute Co., Ltd., it indirectly holds 19.81%. Additionally, through its wholly-owned subsidiary, Youyan Dingsheng Investment Development Co., Ltd., it indirectly holds 1.39%, totaling a control of 72.06% of Youyan Composite's shares [3][4]. - China Youyan is a state-owned enterprise fully funded by the State-owned Assets Supervision and Administration Commission of the State Council, making it the actual controller of Youyan Composite [4]. Group 3: IPO Details - Youyan Composite plans to issue no more than 159,102,201 shares (excluding any shares issued under the over-allotment option), which will account for no less than 10% and no more than 30% of the total share capital after the issuance. The company aims to raise 900 million yuan for the second phase of the advanced metal matrix composite material industrialization project, a research and development center project, and to supplement working capital [4]. - The company is sponsored by CITIC Securities Co., Ltd., with representatives Wu Yulu and Li Qinpei, marking the 11th IPO project successfully sponsored by CITIC Securities this year [2].

Group 1 - The core viewpoint of the article highlights that capital strength has become a key factor influencing the operations and development of securities firms, leading them to actively issue bonds to supplement capital and enhance competitiveness in a favorable market environment [1][2]. Group 2 - Securities firms have significantly increased their bond issuance this year, with a total of 925 bonds issued, amounting to 1.8 trillion yuan, representing a 44.79% increase compared to the same period last year [2]. - The issuance includes 502 corporate bonds totaling 1.08 trillion yuan, 311 short-term financing bonds amounting to 540.87 billion yuan, and 112 subordinated bonds totaling 181.29 billion yuan [2]. - Factors driving this increase include a strong desire for business expansion, a low-interest-rate environment reducing financing costs, and the need to continuously supplement capital in response to increasing industry competition [2][3]. Group 3 - A total of 54 securities firms have successfully issued 70 technology innovation bonds this year, raising 82.44 billion yuan, with Guotai Junan leading at 18 billion yuan [2]. - The issuance of technology innovation bonds reflects the firms' commitment to supporting the real economy and aligning with national strategies [3]. Group 4 - Among the 75 firms that issued bonds, four major firms led the market with issuance exceeding 100 billion yuan, including China Galaxy at 146.9 billion yuan, Guotai Junan at 135.3 billion yuan, Huatai Securities at 125.6 billion yuan, and CITIC Securities at 102.7 billion yuan [3]. - Additionally, seven firms have issued 30 bonds in overseas markets, raising a total of 4.703 billion USD, a 33.12% increase from the previous year [3]. Group 5 - The industry is focusing on improving debt financing mechanisms and enhancing capital efficiency, with firms like Dongwu Securities and CITIC Securities implementing strategic frameworks for financing and capital management [4]. - The overall financing pace in the securities industry is expected to accelerate, with a shift towards high-capital and high-return businesses, potentially enhancing overall profitability and driving high-quality development [4].