Group 1 - The A-share market is currently experiencing a significant divergence, with major indices showing mixed performance. The Wind All A Index increased by 1.81%, while the Shanghai Composite Index rose by 0.84%, and the CSI 300 Index slightly declined by 0.62%. The small-cap index, CSI 2000, outperformed with a rise of 4.04% [2][8] - Market liquidity remains robust despite a 19.22% decrease in average daily trading volume to approximately 2.80 trillion yuan, indicating that funds have not significantly withdrawn from the market [2][8] - The market's profitability effect has notably improved, with an average of 59.84% of stocks rising during the week, a significant increase compared to the previous week [2][8] Group 2 - The divergence in the A-share market has intensified, with small-cap stocks significantly outperforming large-cap stocks, and growth stocks outperforming value stocks. The preference for high-beta and high-elasticity assets is becoming more pronounced [3][9] - The current market dynamics are driven by changes in risk appetite, liquidity conditions, adjustments in funding structures under counter-cyclical regulation, and the timing of earnings disclosures [3][10] - The risk appetite has rebounded, supported by a relatively loose liquidity environment, which has strengthened support for high-elasticity sectors. The recent appreciation of the RMB against the USD has also improved the attractiveness of Chinese assets for cross-border capital [10][13] Group 3 - Short-term market divergence is expected to continue, supported by the ongoing profitability effect in high-elasticity sectors, while the overall liquidity environment remains relatively loose [4][10] - The market is currently in a signal vacuum regarding fundamentals, lacking substantial information shocks, which allows for potential valuation increases in high-growth sectors [4][10] - The geopolitical landscape and resource security issues are also influencing the A-share market, with rising global commodity prices benefiting cyclical sectors [14][10] Group 4 - Investment strategies should adopt a segmented and dynamic approach, focusing on high-elasticity sectors such as robotics in the short term, while shifting attention to the overseas computing power industry chain as earnings expectations improve post-Spring Festival [5][15] - After the Two Sessions, there should be a gradual increase in defensive allocations, particularly in undervalued, high-dividend sectors like banking [5][15] - It is recommended to adjust portfolio structures flexibly according to the core themes of different stages, while increasing the focus on earnings realization and valuation alignment [5][15]

Core Viewpoint - The report from Zhongtai Securities highlights Longxin General's deep involvement in the motorcycle and general machinery sectors, indicating a positive outlook for the company's growth and valuation potential [1] Group 1: Company Overview - Longxin General specializes in motorcycles and general machinery, with motorcycle products including road bikes, large-displacement motorcycles, all-terrain vehicles, and tricycles, while general machinery products encompass non-road engines, home generator sets, and garden machinery [1] - The company has undergone an asset restructuring, with the actual controller changing to Zuo Zongshen, which is expected to create more resource synergy in the motorcycle sector [1] Group 2: Business Strategy and Financial Performance - The company has shifted its strategy to focus on the core businesses of "motorcycles + general machinery," gradually divesting non-core operations and eliminating the profit drag from impairments, leading to a lighter financial burden [1] - In the first half of 2025, motorcycle complete vehicle revenue grew by 23.3% year-on-year, while general machinery revenue increased by 52.8% year-on-year, indicating strong growth in core business areas [1] Group 3: Market Potential and Valuation - The company is expected to accelerate its global business expansion, supported by the high growth of its main businesses [1] - The sales growth of the Wujie brand is rapid, and there is significant overseas growth potential, with all-terrain vehicles and general machinery businesses also showing good growth rates [1] - The company's valuation is considered low compared to peers, suggesting potential for upward adjustment, leading to a "buy" rating for the stock [1]

Group 1 - The National Healthcare Security Administration (NHSA) has released a guideline for pricing surgical and treatment auxiliary operations, which aims to address the commercialization bottleneck of surgical robots by establishing a differentiated pricing mechanism based on clinical value and participation level [1] - The guideline categorizes pricing for robotic-assisted surgeries into three tiers: navigation, participation in execution, and precise execution, with higher fees for robots that demonstrate greater involvement and functionality [1] - The NHSA will guide local authorities in setting reasonable pricing standards to ensure clinical accessibility while enhancing pricing regulation [1] Group 2 - A new pricing item for "remote surgical assistance" has been established to facilitate the application of remote surgery, allowing medical institutions to charge for remote control of surgical instruments [2] - This pricing initiative aims to bridge the gap between clinical exploration and practical application of remote surgery, promoting the expansion of quality medical resources across regions and enhancing accessibility [2] - The introduction of remote surgery is expected to drive technological innovations in related fields, leading to advancements in surgical robots, navigation devices, and monitoring equipment [2] Group 3 - The guideline clarifies the charging policies for reusable and disposable consumables, stating that only one type of charge can be applied at a time [3] - If disposable consumables are used, they will be sold at zero markup, and no auxiliary operation fees will be charged; if reusable consumables are used, the corresponding auxiliary operation fees will be charged [3] - This regulation aims to suppress unreasonable pricing behaviors and promote more transparent clinical charging practices [3] Group 4 - The guideline includes a "data reduction" policy for medical data storage and upload, which will be part of the pricing structure [4] - Medical institutions must store and upload required medical data and device operation records; failure to do so will result in reduced charges [4] - Analyzing extensive and continuous data on device performance and clinical outcomes will help build a scientific evaluation model for efficacy and benefits, facilitating the optimization of technology applications and the development of new surgical techniques [4]

中泰证券（600918）认为，1)电影大盘恢复增长，2025年11—12月高质量引进片集中上映推动全年票房 持续增长。2)单银幕收入探底回调，市场结构从用户、场景、价值链等多维度显现拓展空间。单银幕收 入从2012年以来呈波动下降趋势，疫情中探底，并开始恢复。此外，观影年龄持续提升，30岁以上观众 在2024年首次突破50%，用户整体消费能力增强；三线及以下城市票房占比突破40%，开拓了收入空 间；影院非票经济得到空前重视，IP后链路开发横向延伸，电影商业变现路径持续拓宽。3)电影市场 从"要数量"进入"要口碑"新阶段，中低档内容出清，高质量供给成电影票房核心驱动力。 光大证券认为，展望2026年，电影市场将从"单片支撑"走向"多强共振"与结构性修复，虽然2026年一季 度面临2025年同期《哪吒2》造成的高基数压力，但从全年来看，随着头部国产片类型多元化、进口片 供给恢复，电影市场有望回归常态化修复，呈现温和增长的态势。关注2026年影片定档进展，重点关注 春节档影片表现。 国家电影局1月21日发布信息，据不完全统计，2025年中国电影（600977）全产业链产值达到8172.59亿 元、票房拉动系数约为1 ...

中泰证券股份有限公司 2026年度第一期短期融资券发行结果公告 证券代码：600918 证券简称：中泰证券 公告编号：2026-001 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中泰证券股份有限公司 2026 年度第一期短期融资券已于 2026 年 1 月 20 日 发行完毕，现将发行结果公告如下： | 名称 | | | | 中泰证券股份有限公司 | 2026 | 年度第一期短期融资券 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 简称 | | | | 26 | 中泰证券 CP001 | | | | | | 代码 | | 072610015 | | | 期限 | | 184 | 天 | | | 起息日 | 2026 | 年 1 | 月 | 21 日 | 兑付日 | 2026 年 | 7 | 月 | 24 日 | | 计划发行 总额 | | 30 | 亿元 | | 实际发行总额 | 30 | | 亿元 | | | 发行利率 | ...

中泰证券发布研报称，4Q25人身保险业利率研究专家咨询委员会例会点评：预定利率研究值或已筑底 确认，中期再迎"炒停售"季概率较低。该行重申看好板块投资机会，明确"重返1倍PEV修复途，资产负 债两端开花"的年度机遇判断，该行认为自去年12月以来保险板块先后历经"开门红预期好转——长端利 率回升——指数上攻强化利润弹性"的顺周期逻辑。 中泰证券主要观点如下： 事件 1月20日，中国保险行业协会组织召开人身保险业利率研究专家咨询委员会(原"人身保险业责任准备金 评估利率专家咨询委员会")4Q25例会。会议认为当前普通型人身保险产品预定利率研究值为1.89%(前值 为1.90%，同比下降1bps，该行测算结果为1.87%，基本符合)。 2025年以来长端利率底部企稳，2H25震荡上行趋势逐步确立，预定利率研究值逐季降幅边际收窄 2025年年初金融监管总局下发《关于建立预定利率与市场利率挂钩及动态调整机制有关事项的通知》 (以下简称《通知》)，提出要建立预定利率与市场利率挂钩及动态调整机制，引导公司强化资产负债联 动，科学审慎定价。《通知》中明确提出"参考5年期LPR、5年定期存款基准利率、10年期国债到期收 益率等 ...

Core Viewpoint - The report from Zhongtai Securities indicates that the preset interest rate for personal insurance products has likely bottomed out, with a low probability of a "stop-sale" season in the medium term. The firm remains optimistic about investment opportunities in the sector, predicting a return to a 1x PEV recovery path, supported by a cyclical logic of improving expectations and profit elasticity since December of the previous year. Group 1: Meeting Insights - On January 20, the China Insurance Industry Association held a meeting of the Personal Insurance Industry Interest Rate Research Expert Consultation Committee, which reported the current preset interest rate for ordinary personal insurance products at 1.89%, a slight decrease from the previous value of 1.90% [1] - The long-term interest rates have stabilized since the beginning of 2025, with a gradual upward trend expected in the second half of 2025. The decline in preset interest rates has been narrowing over recent quarters [1] - The Financial Regulatory Bureau issued a notice in early 2025 to establish a mechanism linking preset interest rates to market rates, aiming to enhance the asset-liability connection and promote prudent pricing [1] Group 2: Committee's Positive Outlook - The 4Q25 meeting continued the positive tone from 3Q25, reflecting the committee's recognition of the industry's transformation and a relatively optimistic outlook for future development [2] - The committee emphasized the importance of economic resilience and vitality, as well as the need to reduce costs and increase efficiency within the industry [2] - The committee's discussions included topics such as the impact of new accounting standards, changes in international trade patterns, and insurance asset allocation, aligning with current industry hot topics [2] Group 3: Future Projections - The preset interest rate of 1.89% is only 11 basis points below the maximum preset interest rate for current ordinary personal insurance products (2.0%), which does not meet the regulatory threshold for adjustment [3] - If market interest rates remain stable, the projected preset interest rate for the end of 2026 is estimated to be 2.00%, indicating limited potential for adjustments to new product preset interest rates in the medium term [3] - The likelihood of a "stop-sale" season in 2026 is considered low, following three consecutive years of regulatory guidance to lower preset interest rate ceilings from 2023 to 2025 [3]

格隆汇1月21日｜中泰证券研报指出，宁波银行2025营收同比+8.0%（vs 1~3Q25 同比+8.3%），净利润 同比+8.1%（vs 1~3Q25 同比+8.4%）。4 季度营收和净利润增速均基本稳健，资产端，贷款维持高增。 2025全年贷款新增2572.5亿，同比多增339.05亿；但Q4单季新增164.9亿，同比少增38.68亿，主要由于 2025年信贷投放更为前置，一季度投放量占全年增量达64%。公司2025E、2026E、2027E PB 0.87X/ 0.78X/ 0.69X，市场化机制是其稀缺性和成长性的保障：①宁波银行市场机制灵活、管理层优秀，是具 有稀缺性的优质银行代表，这是宁波银行高成长性持续的关键因素。②宁波银行资产质量优异且历经周 期检验。建议重点关注，维持"增持"评级。 ...

Core Insights - Hainan Free Trade Port has completed its first month of operation, leading to increased investment and financing activities by multiple securities firms to explore business opportunities under the policy benefits [1] Group 1: Securities Firms' Activities - Several securities firms have strategically positioned themselves in the Hainan market, with Galaxy Securities initiating a platform to support enterprises going abroad by integrating local government, businesses, and professional service resources [3] - Zhongtai Securities is hosting a seminar on investment opportunities in Hainan's core industries and is opening a new branch in Sanya, while Southwest Securities is also launching its operations in the same month [3] - Southwest Securities highlights the unique institutional advantages in trade and investment freedom post-closure, which opens new avenues for business expansion [3] Group 2: Industry Empowerment Initiatives - Zhongtai Securities has established a 1 billion yuan Hainan Aerospace Information Fund to facilitate technology transfer and industry implementation in the aerospace sector [4] - The firm plans to provide risk management tools for tropical agriculture and commodity trading through its futures division, while also creating a service system that connects local and global businesses [4] - Southwest Securities aims to tailor investment solutions for key industries in Hainan, including tourism and high-tech sectors, to support local industry upgrades [4] Group 3: Cross-Border Asset Management - Cross-border asset management is emerging as a critical area for securities firms in Hainan, with seven institutions, including Jinyuan Securities and Wanhe Securities, having completed the registration for cross-border asset management pilot business [5] - Jinyuan Securities is establishing a cross-border asset management center in Hainan, focusing on efficient operation of pilot products and building a localized investment research team [5] - Wanhe Securities plans to enhance its channel construction and internal controls to expand its market share in cross-border asset management [5]

Core Viewpoint - The establishment of the Hainan Free Trade Port marks a significant milestone in China's financial opening, presenting substantial opportunities for securities firms to engage in local industry chains, cross-border asset management, and state-owned enterprise reforms [1][2]. Group 1: Opportunities and Developments - Securities firms are actively participating in Hainan's development by launching financing activities and establishing local offices, such as Zhongtai Securities and Southwest Securities [2][3]. - The unique institutional advantages of Hainan post-closure, including trade and investment freedoms, are expected to attract multinational companies and create diverse financial demands [2][3]. - The policy dividends are anticipated to accelerate the gathering and upgrading of key industries like tourism, modern services, high-tech industries, and tropical agriculture, leading to increased demand for corporate restructuring, financing, mergers, and listings [3]. Group 2: Strategic Approaches - Securities firms are focusing on deepening industry engagement and providing tailored financing solutions to support local industry upgrades [4][5]. - Zhongtai Securities is establishing a 1 billion yuan fund for aerospace information and developing risk management tools for local agriculture and commodity trading [4]. - Galaxy Securities is leveraging Hainan's strategic position to connect with ASEAN capital markets and facilitate cross-border financial services [5]. Group 3: Cross-Border Asset Management - Cross-border asset management is emerging as a key area for securities firms in Hainan, with several institutions already registered for pilot programs [6][7]. - The establishment of the "Hainan Cross-Border Asset Management Business Center" by Jinyuan Securities aims to enhance international investment channels and develop localized asset management products [7]. - The asset management sector is expected to benefit from increased foreign capital inflow and the establishment of brand advantages by specialized firms [6]. Group 4: Challenges and Responses - The demand for composite talents who understand both investment banking and local industry policies is critical for providing precise services in Hainan [8][9]. - Compliance and risk management challenges are heightened due to increased cross-border capital flows following the port's closure [8][9]. - Securities firms are focusing on internal capacity building and enhancing collaboration between local branches and headquarters to effectively address these challenges [9].