Group 1 - The core viewpoint emphasizes a shift from narrative-driven trends to performance-based evaluations as the market enters the earnings forecast period, with a focus on sectors like chemicals, non-ferrous metals, and power equipment [2][5] - The adjustment of financing margins is seen as a part of counter-cyclical regulation, which does not affect the overall upward market trend but influences market structure [2][6] - The article suggests that a good investment combination should be based on "resources + traditional manufacturing pricing weight estimation," with recommendations to increase allocations in non-bank sectors and high-growth areas like semiconductors [2][6] Group 2 - The article discusses the acceleration of thematic rotation in the market, particularly focusing on domestic semiconductor and power sectors, driven by regulatory actions and increased demand for domestic computing power [3][4] - It highlights the importance of monitoring investor sentiment and market stability, suggesting that the current market may enter a period of volatility with potential for structural differentiation in investments [4][8] - The focus on performance-driven investment strategies is expected to intensify as companies begin to disclose earnings, with a recommendation to prioritize sectors that are likely to benefit from cyclical recovery and technological advancements [5][11] Group 3 - The article notes that the recent increase in financing margins reflects a policy signal aimed at guiding rational investment and maintaining market stability, which is crucial for the long-term bullish outlook [7][10] - It emphasizes that while the market may face short-term pressures, the underlying fundamentals and supportive policies are expected to sustain a gradual upward trend in the market [8][9] - The discussion includes the potential for new growth drivers post-holiday, with a focus on sectors like electronics, power equipment, and non-ferrous metals, as well as the ongoing interest in commercial aerospace [9][12] Group 4 - The article indicates that the AI industry chain is becoming a focal point for investment, with a notable shift in capital towards sectors related to AI applications and computing power [12] - It suggests that despite some funds exiting high-flying sectors, liquidity remains strong, allowing for continued investment in less leveraged sectors like chemicals and home appliances [12] - The overall sentiment is that the market is transitioning from rapid growth to a more stable and sustainable pace, with a focus on sectors that can provide solid returns amidst changing market dynamics [10][11]

Group 1 - The report emphasizes the importance of focusing on coupon rates and suggests taking advantage of the 3-5 year credit bond allocation opportunities during the concentrated opening period of amortized cost method bond funds [6][7] - The credit bond market is characterized by strong buying power despite a short-term contraction in liquidity, with a notable shift in demand from short-term to medium and long-term bonds [6][9] - The report indicates that the market will benefit from multiple supportive factors, including accelerated credit issuance by banks and the upcoming concentrated opening period for amortized cost method bond funds, which is expected to provide sustained buying support for medium to long-term credit bonds [7][9] Group 2 - In the primary market, net financing decreased to 49.04 billion yuan, with a total issuance of 278.6 billion yuan and maturities of 229.57 billion yuan during the week of January 12-16, 2026 [9][10] - The secondary market saw an increase in trading volume, with total transactions reaching 861.775 billion yuan, up by 65.925 billion yuan from the previous week, and a general decline in medium-term note yields [9][12] - The report highlights that AAA-rated issuers accounted for the largest share of new issuances, with construction sector issuers being the most prominent [9][10]

Meeting Announcement - The meeting for the fund holders of the Guotai ChiNext Pharmaceutical and Health Exchange-Traded Open-Ended Index Securities Investment Fund will be held via communication method, as announced on January 15, 2026 [1][2] - Voting for the meeting will be open from January 15, 2026, to March 2, 2026, until 17:00 [1] - The meeting is organized by Guotai Fund Management Co., Ltd., in collaboration with Guotai Haitong Securities Co., Ltd. [1] Voting Rights and Participation - Holders of the linked fund can participate in the meeting and vote by representing their shares [2] - The record date for the rights of fund holders is January 15, 2026, allowing all registered holders to participate [5] - Each fund share grants one voting right, ensuring equal voting power among holders [12][13] Voting Process - Detailed instructions for filling out and submitting voting ballots are provided, including requirements for individual and institutional investors [7][8] - Voting ballots must be submitted by the deadline of March 2, 2026, at 17:00, through designated delivery methods [8] - The counting of votes will be supervised by authorized personnel and notarized [11] Proposal for Continuous Operation - The main agenda for the meeting is to discuss the proposal for the continuous operation of the fund, which has faced challenges with net asset value falling below 50 million yuan for 60 consecutive working days [19][20] - The proposal includes authorizing the fund manager to handle specific matters related to the continuous operation [20] Important Dates and Contact Information - The fund will be suspended for trading from January 15, 2026, until 10:30 on the same day, and again from March 3, 2026, until 10:30 on the announcement day of the voting results [18] - For inquiries, investors can contact Guotai Fund Management Co., Ltd. at the provided phone numbers [9][10]

国泰海通证券股份有限公司 二○二六年一月十七日 为进一步优化网点布局，国泰海通证券股份有限公司（以下简称"公司"）决定撤销深圳深南大道证券营 业部，根据新修订的《中华人民共和国证券法》和《关于取消或调整证券公司部分行政审批项目等事项 的公告》（证监会公告（2020）018）相关要求，公司将妥善处理深圳深南大道证券营业部客户资产， 结清深圳深南大道证券营业部证券业务并终止营业活动，办理工商注销等相关手续，并向上述营业部所 在地中国证监会派出机构备案。 特此公告。 ...

专题：2026全球与中国资本市场展望论坛 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 1月15日，在2026全球与中国资本市场展望论坛上，国泰海通财富平台部副总经理宋心磊在题为《券商 财富管理"进化论"：AI纪元？战略分野？人心为终？》的圆桌讨论中分享了其对人工智能与金融行业关 系的思考。 宋心磊指出，AI虽为新兴技术，但本质上仍属于工具范畴，并未改变金融及证券行业的运行规律，其 作用更多体现为对现有业务的延伸与赋能。 在谈及AI的具体应用时，他表示，公司主要侧重利用AI提升服务效率。"例如，AI可以学习并总结大量 服务经验和模式，在单一维度上可能超越个别从业者。"他以投资顾问为例说明：AI模型在知识广度与 响应能力方面，可能优于单一个体顾问。 但他同时强调，AI目前尚无法超越由多人构成的整体组织能力。"一个机构服务实体经济的能力，源于 团队协作与系统化运作，这是当前AI难以完全复制的。"宋心磊认为，AI由人类训练产生，目前仍处 于"硅基服从于碳基"的阶段。 责任编辑：江钰涵 专题：2026全球与中国资本市场展望论坛 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力 ...

Core Viewpoint - Caocao Travel (02643) has announced two strategic acquisitions, which are expected to enhance its service offerings and create business growth in the B2B travel sector [5]. Group 1: Company Developments - Caocao Travel's stock price increased by 10.38% to HKD 36.78, with a trading volume of HKD 267 million [5]. - The company plans to fully acquire Weixing Technology (Yaotong Travel) and Geely Business Travel, which will become wholly-owned subsidiaries upon completion of the transactions [5]. - CEO Gong Xin stated that the acquisitions will enable the company to integrate services from daily commuting to business reception and travel management, thereby enhancing its service chain [5]. Group 2: Analyst Insights - Guotai Junan Securities initiated coverage on Caocao Travel with a "Buy" rating, highlighting the company's focus on customized vehicle ecosystems and optimization of total cost of ownership (TCO) for profitability [5]. - The firm believes that the company's valuation has upside potential, particularly due to its reliance on Geely's background for autonomous driving initiatives [5]. - Based on the price-to-sales (PS) valuation method, the estimated market value of the company is RMB 22.455 billion, with a target price of HKD 44.16 per share [5].

Core Viewpoint - Cathay Securities initiates coverage on Cao Cao Mobility (02643) with a "Buy" rating, highlighting its profitability through Total Cost of Ownership (TCO) optimization and potential for valuation increase due to its autonomous driving strategy backed by Geely [1] Group 1: Market Position and Financial Performance - Cao Cao Mobility holds the second-largest market share in China's ride-hailing market, with shares of 8.8% and 8.5% in core first and second-tier cities respectively [1] - The company is projected to achieve revenues of 14.657 billion RMB in 2024, with a year-on-year growth rate exceeding 35% for the past two years [1] - The gross margin has seen a "three-year consecutive jump," with profitability expected to reach 809 million RMB in 2024, and the company is anticipated to enter a phase of synchronized expansion in profitability and business scale by 2026 [1] Group 2: Cost Reduction and Differentiated Growth - The company has established a commercial moat centered around a "customized vehicle strategy," reducing TCO to approximately 0.5 RMB per kilometer [2] - As a part of Geely's ecosystem, the company benefits from stable low-cost production capacity and a high-density battery swap network, while also leveraging vast real-world data to enhance smart driving algorithms [2] - This "manufacturing + platform + data" internal closed-loop model provides significant advantages in operational efficiency, vehicle durability, and compliance risk management compared to traditional light-asset models [2] Group 3: Strategic Upgrades and Future Goals - The company is transitioning from the "N-cube" to the "F-cube" strategy, focusing on fully intelligent customized vehicles, autonomous driving, and automated operational systems [3] - With the technological support from Geely's "Thousand-Mile Smart Driving," the company plans to launch L4-level Robotaxi customized models by 2026 [3] - The company has set a global strategic goal of "Ten Years, Hundred Cities, Thousand Billion," indicating its ambition to reshape the industry's profitability ceiling through Robotaxi [3]

Core Viewpoint - Cathay Securities initiates coverage on Cao Cao Mobility (02643) with a "Buy" rating, highlighting its strong market position and growth potential driven by customized vehicle strategies and cost optimization [1] Group 1: Market Position and Financial Performance - Cao Cao Mobility holds the second-largest market share in China's ride-hailing sector, with shares of 8.8% and 8.5% in core first- and second-tier cities respectively [1] - The company is projected to achieve revenues of 14.657 billion RMB in 2024, with a year-on-year growth rate exceeding 35% for the past two years [1] - The gross margin has improved significantly, achieving a three-year consecutive increase, with profitability expected to reach 809 million RMB in 2024 [1] Group 2: Cost Optimization and Business Model - The company has established a competitive moat centered around a "customized vehicle strategy," reducing total cost of ownership (TCO) to approximately 0.5 RMB per kilometer [2] - As part of the Geely ecosystem, the company benefits from stable low-cost production capacity and a high-density battery swap network, enhancing operational efficiency and risk resilience [2] Group 3: Strategic Upgrades and Future Plans - The company is transitioning from the "N-cube" to the "F-cube" strategy, focusing on fully intelligent customized vehicles, autonomous driving, and automated operations [3] - Plans are in place to launch L4-level Robotaxi customized models by 2026, with a global strategic goal of "100 cities in 10 years, 100 billion" [3]

报告导读： 央行发布八项针对结构性货币政策工具的一揽子优化政策，总体来讲是一次兼 顾内外均衡的结构性降息，既有效呵护了国内经济的韧性，又能够延续人民币升值的趋 势。 1月15日，国务院新闻办公室举行新闻发布会，中国人民银行有关负责人介绍，根据当前经济金融形势需要，人民银行将推出8项政策措施（具体内容见图 1），进一步助力经济结构转型优化。 本轮一揽子政策主要针对央行结构性货币政策工具的优化： 包括全面下调结构性工具利率，合并同类政策工具额度，新增贷款额度向民营企业、中小企业、 科技企业集中，支持工具扩围，以及降低商办地产首付比例、提供汇率避险服务等相关举措。 我们认为本轮政策主要有以下含义或影响： 1）本轮政策是一次结构性宽松而非全面宽松， 核心目标是压降定向资金成本、扩大结构性工具覆盖面、加强对民营、中小、科技、绿色等"五篇大文章"相关 领域的支持力度，对总量流动性影响温和，主要释放出实体领域的定向激励信号。 2）大幅增强了金融机构使用结构性政策工具的激励程度。 使用成本方面， 2025年5月政策性利率（7天逆回购）已降至1.4%，甚至低于结构性政策工具的利率1.5%，此次将各类结构性货币政策工具利率调降2 ...

25Q4主品牌线下/主品牌线上/童装流水同比分别增长10%/高双/10%，与25Q3(同比分别增长 10%/20%/10%)相比，主品牌线上略有放缓，但整体流水增长仍相对稳健和亮眼。 超品店超额完成全年开店目标，ONEWAY运营符合预期、26年有开店计划 国泰海通证券发布研报称，维持361度(01361)"增持"评级，对应目标价为6.83港元，公司聚焦大众专业 运动领域，年初至今流水增速行业领先，同时公司立足科技创新，产品持续迭代升级，渠道结构持续优 化，新业态超品店快速扩张。该行预计2025-27年归母净利润预测为12.7/14.0/15.6亿元，对应PE分别为 8.5X/7.7X/6.9X，给予2025年PE10X。 国泰海通证券主要观点如下： 25Q4流水增长稳健 持续加码心智产品与专业赛事 产品层面，顶碳跑鞋飞燃5和5Future已经上市，篮球鞋约基奇Joker2、阿隆.戈登AG6等已经上市、美国 丹佛主场全球发售反响良好。赛事层面，顺利举办3号赛道10KM竞速决赛，赞助唐山马拉松、福州马 拉松，并首次成为WTCC洲际网球赛事官方供应商，该行预计26Q3将有网球鞋上市。 风险提示 零售环境恶化，行业竞 ...