国金证券研报指出，中材科技期权激励方案发布，看好"大满贯"AI业绩环比提高。考虑到25Q1-Q3中材 科技扣非归母净利润已达12.0亿元，认为本次激励目标实现概率较高。定增保障特种玻纤项目资金，公 司是特种玻纤"大满贯"，扩产加速、继续提升市占率，期待定增事项落地。超低损耗低介电布率先完成 行业头部CCL 厂商客户认证，实现市场导入及产业化供应。若扩产推进顺利，公司有望先行渗透核心 终端供应链，以市占提升带动盈利上行。维持"买入"评级。 ...

本报讯 （记者舒娅疆）1月5日，记者从国金证券股份有限公司（以下简称"国金证券"）获悉，国金证 券研究所在2025年年底的多项权威评选中表现亮眼，该研究所在新财富2025年最佳分析师评选中获 得"研究飞跃机构""最具潜力研究机构"殊荣，在2025年第十九届卖方分析师水晶球奖评选中，获得"进 步最快研究机构"，在东方财富"第十三届Choice最佳分析师"评选中获得"最佳研究机构奖""最受欢迎机 构奖"等。 在公募费改深化、行业竞争加剧的背景下，国金证券研究所保持发展定力，坚守"3.0"时代打造定价权 的初心，实现了市占率提升、研究覆盖扩容与业务结构优化。 国金证券研究所所长苏晨表示，未来几年，卖方研究所格局将持续变化，市场将对研究所的研究深度、 研究格局、产业链研究联动、研究前瞻性提出更高要求。国金证券研究所将坚定不移地实行3.0改革， 保持发展定力，完成研究业务的结构升级。 优势协同多元拓展业务 2025年，证券行业在改革深化与生态重塑中走过关键一年。政策引导、人事更迭、市场维稳等多重主线 交织，深刻影响着行业的发展轨迹。 在对内协同方面，国金证券研究所和投行、一级部门以及分公司的合作一直比较密切，且秉承市场 ...

Core Viewpoint - The acceleration of digital RMB implementation and the formal introduction of new fund sales fee regulations are expected to optimize the financial ecosystem and payment system [1][2]. Securities Sector - The People's Bank of China will officially implement a new action plan for digital RMB management and related financial infrastructure by January 1, 2026, which is expected to enhance monetary policy transmission efficiency and support the internationalization of the RMB [2]. - The new fund sales fee regulations, effective December 31, 2025, will allow differentiated redemption fees for bond funds, significantly reducing the pressure from short-term redemptions and encouraging long-term holding by investors [2]. Investment Recommendations for Securities - Focus on undervalued brokers for potential rebound during the spring market, with strong recommendations for quality brokers with significant valuation and performance mismatches, particularly Guotai Junan and Haitong Securities [3]. - Attention should be given to Sichuan Shuangma, which is positioned in the technology sector and is expected to benefit from venture capital opportunities in gene therapy [3]. - Highlighting multi-financial firms with impressive growth rates, such as Yixin Group, Far East Horizon, and Jiufang Zhitu Holdings [3]. Insurance Sector - The tax base switch is expected to have minimal impact on insurance companies' net profits and net assets, with high proportions of tax-exempt income and deferred tax liabilities [4]. - The new tax guidelines for insurance contracts will require companies to follow new standards starting in 2026, but the actual taxable income is projected to remain low due to high tax-exempt income ratios [4]. Investment Recommendations for Insurance - The high growth in liabilities is expected to drive valuation shifts, with the insurance sector benefiting from increased demand for savings and the rising market share of leading companies [5]. - The upcoming insurance market rally is supported by stable or improving conditions in the stock market and interest rates, which will enhance the balance sheets of major insurance companies [5].

Core Insights - The report from Guojin Securities emphasizes the strategic importance of seizing space resources for China, highlighting the current bottleneck in rocket capacity and predicting that 2026 will be the year of reusable commercial rockets, while also focusing on key stocks in the rocket sector and investment opportunities arising from new 3D printing technologies [1] Group 1: Urgency in Satellite Launches - The limited resources in low Earth orbit necessitate urgent satellite launches, as per the International Telecommunication Union's "first come, first served" rule, which pressures China to accelerate its satellite launches [2] - The theoretical capacity of near-Earth orbit is estimated to accommodate only about 60,000 satellites, with SpaceX's Starlink already having launched over 10,000 satellites and aiming for a total of 42,000, thereby occupying a significant portion of low Earth orbit resources [2] - Domestic plans, such as those from Xingwang and "G60," aim to deploy nearly 30,000 satellites, with a requirement to complete 10% of the constellation within nine years to avoid losing resources [2] Group 2: Cost Efficiency in Rocket Launches - High costs currently limit rocket launch efficiency, making reusable rockets a crucial technology for cost reduction, as demonstrated by SpaceX's Falcon 9, which has reduced costs by 60% through first-stage rocket reuse [3] - The cost of satellite launches in China has decreased from 115,000 yuan per kilogram in 2020 to 75,000 yuan per kilogram in 2024, indicating a trend towards lower launch costs [3] - The U.S. leads in rocket launches due to lower costs, with SpaceX's Falcon 9 having a per-kilogram launch cost of 14,000 to 18,000 yuan, and the U.S. is projected to conduct 158 rocket launches in 2024 [3] Group 3: Future of Reusable Rockets - The year 2026 is anticipated to mark the beginning of the era of reusable commercial rockets, with both state-owned and private companies making strides in this technology [3] - Recent attempts to launch reusable rockets, such as Long March 12A and Zhuque 3, indicate progress in this area, with future launches from commercial entities like Tianlong 3 and Lijian 2 also planned for 2026 [3] Group 4: Investment Opportunities in Rocket Components - The core components of rockets, including engines and structural elements, account for over 60% of total costs, making companies involved in these areas attractive investment targets [4] - 3D printing technology is seen as a key trend in the engine sector, with domestic companies actively adopting it to reduce costs and improve efficiency [4] - SpaceX's Raptor engine, which utilizes 3D printing, has achieved a 21% increase in thrust and a 40% reduction in weight, showcasing the potential benefits of this technology [4]

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 中信证券：人心思涨，预计开年市场震荡向上 从机构的赚钱效应来看，2025年在过去10年里能排到第三，过去20年里排到第六。在一个回头来看巨大 的结构性牛市当中，实际上市场既享受了预期差带来的"估值的钱"，也挣到了"业绩的钱"，预期差来自于 对中国自主科技能力的重估以及中美关系，而结构性的超预期业绩来自复杂贸易环境下外需的韧性以及AI 推理需求爆发，这些因素站在2025年初来看并不是那么理所应当会发生。增量流动性只是预期差和业绩 兑现过程中的结果，或者是用于后验的解释牛市形成的理由，投资者过于高估了增量资金对市场的影响。 增量资金入市不会是2026年市场上一个新台阶的主要因素。2026年最大的预期差来自于外需与内需的平 衡，对外"征税"、补贴内需应是大势所趋，今年是个重要的开端。站在开年，考虑到去年末的资金热度并 不算高，人心思涨的环境下开年后市场震荡向上的概率更高。 国泰海通：一年之计在于春 在市场持续反弹之际，中国股市有望跨越与站稳重要关口。海外流动性的宽松，叠加春节前结汇，有望推 动人民币的稳定与升值。以A500E ...

Core Viewpoint - The report from Guojin Securities highlights "space photovoltaics" as one of the strongest new energy themes expected to persist through 2026, driven by solid and urgent investment logic [1] Group 1: Investment Logic - Uniqueness: Photovoltaics are currently the only viable and reliable power supply solution for long-term operation of all spacecraft in orbit, with no alternative technology path available [1] - Urgency: The International Telecommunication Union (ITU) has established a "first come, first served" rule for near-Earth orbit and spectrum resources, making the number of satellite launches and deployment speed critical to national space strategy and commercial initiative, thus driving the urgent demand for high-cost performance and lightweight space solar energy systems [1]

Group 1 - The core viewpoint is that the capital expenditure of the four major cloud service providers in North America (Microsoft, Google, Meta, Amazon) continues to grow, with a positive outlook for future capital spending, indicating sustainability and potential for further increases [1] - Nvidia's AI server cabinet is expected to see significant growth by 2026, with a surge in token numbers and a forecasted explosive growth in ASIC quantities, leading to optimism for AI copper-clad laminates/PCBs and core computing hardware [1][2] - The demand for AI copper-clad laminates/PCBs and core computing hardware is expected to continue increasing in both volume and price, driven by rapid growth in Nvidia GPUs and explosive growth in Google and Amazon ASICs [2] Group 2 - The semiconductor equipment industry is viewed positively due to the expansion cycle of storage and the acceleration of self-sufficiency, with significant opportunities for domestic replacements [3] - The domestic cloud service providers still have room for increased capital expenditure, with Tencent, Alibaba, and Baidu reporting varying year-on-year changes in capital spending, indicating a strong future investment in AI infrastructure [3] - Apple's AI strategy focuses on hardware, prioritizing edge computing and strong privacy protection, with expectations for breakthroughs in AI/AR glasses technology and sales [4]

Group 1 - The core viewpoint is that 2026 will be a crucial year for China's economic work, marking the beginning of the "15th Five-Year Plan" and the transition to a period of solid foundation and comprehensive efforts [1] - Analysts from ten major securities firms provide insights on market trends, industry allocations, and major investment opportunities for 2026, aiming to clarify the investment landscape for investors [1] Group 2 - CITIC Securities predicts that A-share company profit growth will show a trend of low growth initially followed by a recovery [2] - The market is expected to be influenced by the US-China trade agreement and the US midterm elections, with three phases of market performance anticipated [4] - Key investment themes include global pricing power in manufacturing, the expansion of Chinese companies overseas, the continuation of the tech trend with AI, and the potential recovery of domestic demand [4] Group 3 - CICC highlights that the restructuring of international order and China's industrial innovation will support A-share performance, with a market trend of initial growth followed by stabilization [5] - Analysts suggest focusing on growth sectors such as AI applications, industries benefiting from external demand, and cyclical sectors nearing recovery [7] Group 4 - GF Securities indicates that the A-share market is likely to maintain a "slow bull" pattern, with corporate profit structures undergoing significant changes [8][10] - The expected nominal GDP growth for China in 2026 is projected to reach 6.45%, significantly higher than in 2025, supporting the overall improvement in corporate profits [21] Group 5 - Analysts from various firms suggest that the market will shift from valuation-driven to profit-driven dynamics, with traditional and emerging industries contributing to profit recovery [15][17] - The focus on new production capabilities and the impact of policies like "anti-involution" are expected to improve competition in traditional industries and boost domestic demand [17] Group 6 - Analysts predict that more industries will enter a profit recovery phase in 2026, with nominal economic recovery and price increases being the most evident trends [18][20] - UBS forecasts that A-share company profit growth could rise to 8% due to improved nominal GDP growth and the narrowing of PPI declines [32] Group 7 - Analysts recommend focusing on four main investment themes: technological self-reliance, consumer sector recovery, "anti-involution" related sectors, and the global competitiveness of Chinese companies [34] - The market is expected to maintain a balanced style between growth and value, with cyclical sectors likely to outperform defensive sectors as the economy recovers [34]

Core Viewpoint - The analysis highlights the expected trends and investment opportunities in the A-share market for 2026, emphasizing a shift towards profitability-driven growth amid a recovering economy and evolving global dynamics [1][28]. Group 1: Economic Outlook - 2026 marks the beginning of the "15th Five-Year Plan," focusing on solidifying foundations and comprehensive efforts for economic modernization [1][28]. - The A-share market is anticipated to experience a recovery in corporate profitability, with a projected increase in earnings growth to 8% driven by improved nominal GDP growth and narrowing PPI declines [53][52]. Group 2: Market Phases - The market is expected to be segmented into three phases influenced by U.S.-China trade agreements and U.S. midterm elections, with a potential for sustained growth in a stable external environment [3][30]. - Analysts predict a "slow bull" market pattern, with corporate profitability stabilizing and the return of investment interest from insurance and high-net-worth individuals [7][34]. Group 3: Investment Themes - Key investment themes include: - The manufacturing sector's pursuit of global pricing power, particularly in non-ferrous metals, chemicals, and new energy [3][30]. - The globalization of Chinese enterprises, opening up new market opportunities in machinery, innovative pharmaceuticals, and military industries [3][30]. - Continued growth in the AI sector, with a focus on semiconductors, computing power, and AI applications [3][30]. - Recovery opportunities in domestic demand, particularly in sectors with potential for valuation elasticity [3][30]. Group 4: Sector Focus - Analysts suggest focusing on sectors with clear growth trends, such as AI, where capital expenditure is expected to expand, and cyclical industries like chemicals and renewable energy that may benefit from policy support [5][38]. - The technology sector is projected to maintain high profit growth, although the valuation gap with traditional sectors may pose challenges [40][42]. Group 5: Policy and Market Dynamics - The market is expected to transition from valuation-driven to profitability-driven dynamics, supported by fiscal policies aimed at boosting domestic demand and improving competition in traditional industries [38][40]. - Analysts emphasize the importance of capital market reforms to enhance flexibility and attract long-term investments, particularly in emerging industries [45][48].

Core Viewpoint - The article discusses the outlook for the A-share market in 2026, emphasizing the importance of economic work and investment strategies as China enters a critical period of its "14th Five-Year Plan" [1][2]. Group 1: Market Trends and Economic Outlook - A-share company profit growth is expected to show a "low first, high later" trend in 2026, influenced by the US-China trade dynamics and the upcoming US midterm elections [3][5]. - The international order's restructuring and China's industrial innovation are anticipated to support A-share performance, with a market trend of initial growth followed by stabilization [6][8]. - The nominal GDP growth in China is projected to reach 6.45% in 2026, significantly higher than in 2025, indicating a recovery in corporate earnings [21]. Group 2: Investment Opportunities and Sector Focus - Key investment themes include the global pricing power in manufacturing, the expansion of Chinese companies overseas, the continuation of the tech trend with AI, and the potential recovery in domestic demand [5][8][19]. - Analysts suggest focusing on sectors with clear growth trends, such as AI applications, machinery, innovative pharmaceuticals, and energy equipment [5][8][19]. - The A-share market is expected to maintain a "slow bull" pattern, with a focus on industries experiencing supply constraints and clear growth trends, such as AI and energy storage [11][25]. Group 3: Policy and Structural Changes - The article highlights the need for policies that support long-term market stability and the development of new industries, particularly in technology and innovation [6][17][24]. - The "anti-involution" policies are expected to improve competition in traditional industries and stimulate domestic demand, contributing to overall market recovery [15][17]. - The capital market is anticipated to transition from valuation-driven to profit-driven dynamics, with a focus on sectors that can benefit from both traditional and emerging growth drivers [15][19].