Core Viewpoint - The report from CITIC Securities indicates a trend of increasing allocation of insurance funds to stocks, projected to reach approximately 3.6 trillion yuan by Q3 2025, accounting for 10% of total insurance funds. This shift is expected to increasingly influence the style characteristics of the A-share market [1]. Group 1: Insurance Fund Allocation Trends - The scale of insurance funds allocated to stocks is characterized by a "steady then rising, accelerating upward" trend, with the balance reaching about 3.6 trillion yuan and the stock allocation ratio increasing to 10% by Q3 2025 [1]. - The estimated incremental allocation of insurance funds to stock assets in 2025 is 618.1 billion yuan, with a year-on-year growth rate of 25% after considering changes in A-share market capitalization [1]. - Since the second half of 2024, policy guidance has supported stable and continuous entry of insurance funds into the market, with a systematic and combinatorial approach to policy implementation [1]. Group 2: Insurance Asset Management Product Trends - The number of stock-type insurance asset management products has shown a significant upward trend, increasing from 110 in 2019 to over 260 by 2025, with a steady annual rise [2]. - Historical performance of insurance asset management products indicates that the style characteristics of insurance holdings are not constant but shift with market conditions. The correlation with low-volatility dividend strategies has been positive for most periods, significantly enhancing in 2024, indicating a defensive and high-dividend low-volatility focus, while sensitivity to technology growth and aggressive styles has been relatively low or negative. However, a notable change is expected post-2025 towards growth and small-cap stock allocations [2]. Group 3: Timing Strategies Based on Style Correlation Extremes - From a historical cycle perspective, the allocation of insurance funds to A-share styles exhibits extreme reversal characteristics, where the correlation between insurance asset management product returns and market styles reaches extremes, signaling a shift in market index styles [3]. - Backtesting results show that both single styles (dividend or technology) relative to the CSI All Share Index and the excess returns of dividends relative to technology have demonstrated good timing effectiveness. Key timing points were accurately captured, indicating a shift from growth to value in 2021 and from value to growth in January 2024 [3]. - As of December 19, 2025, the growth style is dominant over value, with insurance funds' allocation to low-volatility dividend styles in a declining phase and technology research styles in an ascending phase, suggesting a continuation of the growth style [3].

Group 1 - The core viewpoint of the report indicates that the issuance scale of new stocks on the Shanghai and Shenzhen exchanges is expected to grow by 110% year-on-year in 2025, with an average first-day increase of 213% [1] - For A-class accounts with a scale of 2 to 5 billion, the estimated offline subscription yield for new stocks on the Shanghai and Shenzhen exchanges in 2025 is approximately 2.49% to 3.83% [1] - The total issuance scale of new stocks on the Beijing Stock Exchange is projected to be 7.5 billion in 2025, with a continued decline in online winning rates and an average first-day increase of 284% [1] Group 2 - For accounts with a scale of 10 million, the estimated online subscription yield for new stocks on the Beijing Stock Exchange in 2025 is approximately 2.64% [1] - The report anticipates that offline subscription yields will maintain a stable range, with expected yields for A-class accounts of 200 million around 3% to 4% in the context of improved regulations and stable structures [1]

中信证券指出，展望2026年1月，大类资产配置层面，建议增配股票和能化；股票风格配置层面，看好 小市值风格和成长风格；股票行业配置层面，旅游、汽车、芯片等行业具有较好的配置价值。截至2025 年12月末，高频宏观因子配置组合、大盘/小盘风格配置组合、成长/价值风格配置组合、股票行业配置 组合2025年实现绝对收益分别为8.1%、34.3%、24.6%和20.4%。 ...

Core Viewpoint - CITIC Securities predicts a significant increase in new stock issuance on the Shanghai and Shenzhen exchanges in 2025, with a year-on-year growth of 110% and an average first-day price increase of 213% [1] Group 1: New Stock Issuance - In 2025, the total new stock issuance on the Shanghai and Shenzhen exchanges is expected to grow to a scale of approximately 110% year-on-year [1] - The first-day price increase for newly listed stocks on these exchanges is projected to have an average increase of 213% [1] Group 2: Offline Subscription Returns - For A-class accounts with a scale of 2 to 5 billion, the estimated offline subscription returns for 2025 on the Shanghai and Shenzhen exchanges are approximately 2.49% to 3.83% [1] - The offline subscription returns are expected to remain stable within a range of 3% to 4% for A-class accounts with a scale of 2 billion [1] Group 3: North Exchange Insights - The total new stock issuance on the North Exchange is projected to reach 7.5 billion in 2025, with a continuing downward trend in online winning rates [1] - The average first-day price increase for newly listed stocks on the North Exchange is expected to be 284% [1] - For accounts with a scale of 10 million, the estimated online subscription returns for 2025 on the North Exchange are approximately 2.64% [1]

中信证券指出，2025年第三季度，美国实际GDP第三季度环比折年率达到4.3%，超市场预期。三季度 美国GDP表现较好的核心原因在于居民消费和净出口两项分项表现超预期。虽然第三季度美国实际GDP 增速表现强劲，但也需注意企业投资的韧性出现了走弱迹象。整体考虑到政府停摆对于美国25Q4 GDP 的冲击，以及近期美国整体经济增长动能放缓，我们预计25Q4美国实际GDP增速较25Q3或将有所回 落。 ...

近日，纳芯微被调入港股通标的证券名单，方正证券此前研报指出，纳芯微是国产汽车模拟芯片龙头， 2024年在中国汽车模拟芯片市场中份额为1.8%，位居所有厂商第十、中国厂商第一。SerDes芯片等高价 值量产品正加速放量推动毛利率持续提升，同时收购麦歌恩带来的协同效应逐渐显现，公司业绩增长动 力强劲。 香港联交所最新资料显示，1月7日，纳芯微(02676)股东将股票存入中信证券经纪香港，存仓市值1.30亿 港元，占比5.11%。 ...

近日，纳芯微被调入港股通标的证券名单，方正证券此前研报指出，纳芯微是国产汽车模拟芯片龙头， 2024年在中国汽车模拟芯片市场中份额为1.8%，位居所有厂商第十、中国厂商第一。SerDes芯片等高价 值量产品正加速放量推动毛利率持续提升，同时收购麦歌恩带来的协同效应逐渐显现，公司业绩增长动 力强劲。 智通财经APP获悉，香港联交所最新资料显示，1月7日，纳芯微(02676)股东将股票存入中信证券经纪香 港，存仓市值1.30亿港元，占比5.11%。 ...

Company Overview - Company is a leading domestic general large model enterprise, focusing on advanced general large model development and is the largest independent developer in China, serving over 8,000 clients with more than 45 million downloads in the global developer community [2] - The management team has a strong technical background, including top scientists like Academician Zhang Bo [2] - Revenue for 2024 is projected to be 312 million yuan, a year-on-year increase of 150.9%, with H1 2025 revenue expected to reach 191 million yuan, a year-on-year increase of 325.0% [2] - R&D expenses for H1 2025 are estimated at 1.595 billion yuan, with 1.145 billion yuan allocated to computing power [2] - The gross margin for local deployment business remains above 60%, indicating sustained scale effects driven by model performance [2] Industry Overview - The large language model market is expected to grow 20 times in the next six years, with enterprise-level demand dominating the trillion yuan opportunity [3] - According to Frost & Sullivan, the market size for China's large language models is projected to reach 5.3 billion yuan in 2024 and grow to 101.1 billion yuan by 2030, with a CAGR of 63.7% from 2024 to 2030 [3] - The enterprise-level large language model market is expected to reach 90.4 billion yuan by 2030, accounting for nearly 90% of the market [3] - The company holds a 6.6% market share in the large language model revenue for 2024, making it the largest independent large language model vendor [3] Model Capabilities - The company's models are characterized by high cost-effectiveness and low hallucination rates, covering diverse enterprise needs [4] - The model range includes parameters from edge deployment (9B) to flagship models (355B), catering to various enterprise requirements [4] - The GLM-4-9B model achieved one of the lowest hallucination rates (1.3%) among top models, according to Stanford University's AI Index report [4] - The latest flagship model, GLM-4.7, has shown excellent performance in coding and agent capabilities, narrowing the gap with leading overseas models [4] Business Growth Analysis - Local deployment revenue is expected to exceed 2 million yuan per client in 2024, having doubled over the past two years [5] - In 2024, 50% of the company's revenue is expected to come from the internet and technology sectors, with plans to expand into consumer electronics and IoT in the next six months [5] - The company aims to enter high-barrier industries such as education and healthcare, leveraging enhanced model capabilities to accelerate application deployment [5] - Cloud business is driven by new products like GLM CodingPlan and AutoGLM, with the latest GLM-4.7 ranking first in open-source performance [5] - The number of paid users on the open platform Bigmodel.cn is expected to grow tenfold, with high-cost performance coding tools significantly impacting cloud revenue in 2026 [5]

Company Overview - Zhiyu (02513) is a leading domestic general large model enterprise, focusing on internet and technology sectors, achieving over 100% revenue growth in the past two years [1][2] - The company is the largest independent developer of general large models in China, serving over 8,000 clients with more than 45 million downloads in the global developer community [2] - The management team has a strong technical background, including top scientists like Academician Zhang Bo [2] Financial Performance - The company is projected to generate revenue of 312 million yuan in 2024, representing a year-on-year growth of 150.9%, and 191 million yuan in the first half of 2025, with a year-on-year growth of 325.0% [2] - R&D expenses for the first half of 2025 are expected to be 1.595 billion yuan, with 1.145 billion yuan allocated to computing power [2] - The gross margin for local deployment business is maintained above 60%, indicating strong scalability [2] Industry Overview - The large language model market in China is expected to grow 20 times in the next six years, with enterprise-level demand dominating the market, which is projected to reach 101.1 billion yuan by 2030 [3] - According to Frost & Sullivan, the market size for large language models in China is estimated to reach 5.3 billion yuan in 2024, with a CAGR of 63.7% from 2024 to 2030 [3] - Zhiyu holds a market share of 6.6% in the large language model sector, making it the largest independent player [3] Model Capabilities - The company's models are characterized by high cost-effectiveness and low hallucination rates, covering diverse enterprise needs [4] - The GLM-4-9B model achieved one of the lowest hallucination rates (1.3%) among top models, according to Stanford University's AI Index report [4] - The latest flagship model, GLM-4.7, has shown excellent performance in coding and agent capabilities, narrowing the gap with leading international models [4] Growth Analysis - The proportion of cloud deployment is gradually increasing, with local deployment revenue accounting for 85% and cloud deployment rising from 0% to 15% over the past two years [4] - The company plans to expand into high-barrier industries such as education and healthcare, leveraging its model capabilities to accelerate application deployment [5] - New products like GLM CodingPlan and AutoGLM are expected to significantly enhance cloud revenue, with the number of paid users on the platform Bigmodel.cn increasing tenfold [5]

Company Overview - Company is a leading domestic general large model enterprise, focusing on advanced general large model development and serving over 8,000 clients with a global developer community download exceeding 45 million [2] - The management team has a strong technical background, including top scientists like Academician Zhang Bo [2] - Revenue for 2024 is projected to be 312 million yuan, a year-on-year increase of 150.9%, with H1 2025 revenue expected to reach 191 million yuan, a year-on-year increase of 325.0% [2] - R&D expenses for H1 2025 are estimated at 1.595 billion yuan, with 1.145 billion yuan allocated to computing power [2] - The gross margin for local deployment business remains above 60%, indicating sustained scale effects [2] Industry Overview - The large language model market is expected to grow 20 times in the next six years, with enterprise-level demand dominating the trillion yuan opportunity [3] - According to Frost & Sullivan, the Chinese large language model market is projected to reach 5.3 billion yuan in 2024 and grow to 101.1 billion yuan by 2030, with a CAGR of 63.7% from 2024 to 2030 [3] - The enterprise-level large language model market is expected to reach 90.4 billion yuan by 2030, with the enterprise segment accounting for nearly 90% of the market [3] - Company holds a 6.6% market share in the large language model revenue for 2024, making it the largest independent large language model provider [3] Model Capabilities - The company's models are characterized by high cost-effectiveness and low hallucination rates, covering diverse enterprise needs [4] - The GLM-4-9B model achieved one of the lowest hallucination rates (1.3%) among top models according to Stanford University's AI Index report [4] - The latest flagship model, GLM-4.7, has shown excellent performance in coding and agent capabilities, narrowing the gap with leading overseas models [4] Business Growth Analysis - Local deployment revenue is expected to exceed 2 million yuan per client in 2024, with a doubling growth over the past two years [5] - In 2024, 50% of revenue is expected to come from the internet and technology sectors, with plans to expand into consumer electronics and IoT industries [5] - The company aims to enter high-barrier industries such as education and healthcare, leveraging enhanced model capabilities to accelerate application deployment [5] - Cloud business is expected to grow significantly, with new products like GLM CodingPlan and AutoGLM driving rapid increases in global paid user numbers [5] - The open platform Bigmodel.cn is projected to see a tenfold increase in paid customers throughout the year, with high-cost performance coding tools expected to have a greater impact on cloud revenue in 2026 [5]