人民财讯12月10日电，中信建投（601066）研报称，近期，江西省等地发布脑机接口产业政策，从科技 创新、成果转化、产业集群发展、产业生态培育等多角度出发，加大力度支持脑机接口产业发展。预计 国家及各地政府对脑机接口产业的支持政策还将持续推出，多重政策强力支持下，产业落地有望提速， 投资机会将逐步增多。 ...

中信建投研报表示，船舶电动化推动锂电应用迈入新场景，看好锂电设备跨年行情。近年来，锂电池应 用场景从陆地行驶的汽车逐步拓展到在空中飞行的eVTOL飞行器，再到水中航行的船舶。这种跨场景 的渗透并非偶然，而是其高能量密度、长循环寿命、快速充放电能力等核心优势与各领域发展需求精准 匹配的必然结果，正悄然改写着交通、能源乃至工业领域的发展格局。随着电动化在空中飞行、水面航 行和新能源储能等新兴场景渗透率逐步提升，我们持续看好锂电池需求的进一步放量。此外，固态电 池、钠离子电池等新技术的突破也会进一步加速各场景电动化率的提升。随着固态电池中期验收有望于 年底前完成，技术方案将进一步收敛，确定性逐步增强，头部电池厂及整车厂有望于年底前开启新一轮 订单招标，看好锂电设备跨年行情。 ...

全球关注的美联储12月货币政策例会于当地时间12月9日和10日举行，会议结果即将公布。 而据12月9日CME"美联储观察"，美联储12月降息25个基点的概率为89.4%。 据12月8日CME"美联储观察"，美联储12月降息25个基点的概率为86.2%。 据最新一期CME"美联储观察"，美联储12月降息25个基点的概率为87.6%。 12月9日，工业硅、多晶硅期货价格走势出现明显分化，其中，工业硅期货价格震荡走弱，主力SI2601 合约报收8340元/吨，下跌3.47%，跌破前期支撑位，而多晶硅期货价格则大幅走强，主力PS2601合约报 收55610元/吨，上涨3.45%，多个远月合约涨幅更是超过5%。 据12月5日CME"美联储观察"，美联储12月降息25个基点的概率为87%。 据12月3日CME"美联储观察"，美联储12月降息25个基点的概率为89.2%。 据统计，美联储今年12位票委中有5人在演讲或公开采访中表示，他们认为没有充分理由降息。而在全 部19名FOMC成员中，表达类似观点的高达10人。 被誉为"美联储传声筒"的尼克.蒂米劳斯周二表示，尽管存在不寻常的分歧，负责拍板的鲍威尔似乎仍 有望推动降息。 ...

中信建投研报认为，受美联储降息预期推动，全球权益市场整体风险偏好提升，A股震荡重返3900点。 关注降息落地及点阵图对2026年降息路径的指引，若释放鸽派信号，或进一步提振科技股；若强调通胀 风险，可能引发短期波动。随着美联储降息为流动性改善提供确认信号，以及中央经济工作会议为"十 五五"开局定调，继续布局跨年行情。 ...

Core Insights - The 2025 Wind "Gold Analyst" awards were announced on December 10, recognizing outstanding research teams based on the number of report reads from buy-side institutions [1]. Group 1: Award Winners - The awards included 33 individual research field awards and 4 institutional awards, with participation from over 600 teams from 38 research institutions [1]. - Notable winners in various categories include: - Strategy Research: - First: Galaxy Securities - Second: Guosen Securities - Third: Zheshang Securities [3] - Fixed Income: - First: Zheshang Securities - Second: Huachuang Securities - Third: Dongwu Securities [3] - ESG Research: - First: Guosen Securities - Second: Galaxy Securities - Third: Zheshang Securities [5] - Restaurant and Tourism: - First: Guosen Securities - Second: Kaiyuan Securities - Third: Dantan Haidao [6] - Media: - First: Dongwu Securities - Second: Guohai Securities - Third: Kaiyuan Securities [7] Group 2: Sector-Specific Insights - In the Electric Power and Utilities sector: - First: Dongwu Securities - Second: Guosen Securities - Third: Tianfeng Securities [8] - In the Real Estate sector: - First: Kaiyuan Securities - Second: Everbright Securities - Third: Zhongxin Jian Investment [11] - In the Automotive sector: - First: Dongwu Securities - Second: Minsheng Securities - Third: Guosen Securities [31] - In the Non-Bank Financial sector: - First: Zhongxin Jian Investment - Second: Kaiyuan Securities - Third: Dongwu Securities [21] Group 3: Overall Trends - The awards reflect a competitive landscape among research institutions, with a significant number of teams participating and a diverse range of sectors represented [1][3]. - The methodology for the awards was based on objective metrics, specifically the reading counts of research reports by buy-side institutions, ensuring a transparent evaluation process [1].

Simon：大家好呀，又到了我們的港股回顧時間。首先，我們還是先來看一下恆指數的走勢。 1、恆指：投資者表示壓低指數入牛證，過幾日準備拉升，收回價25500的牛證；也有看跌投資者認為日線穿頭破，26100企不穩都要繼續跌。 Simon：相信今天（8日）恆指的表現會讓不少投資者感到些許失望，因為今天恆指確實跌得比較多。上周五的時候，恆指曾經回升到保利加通道中線的位 置，但今天最終出現了較大幅度的下跌，又回落了下來。其實觀察近期走勢就能發現，恆指好幾次都嘗試衝擊保利加通道中線，但每次觸及中線後，都會出 現調整回落的情況，今天的走勢也是如此。上周五恆指的高位已經接近保利加通道中線，今天盤中高位同樣挨近甚至觸及了中線位置，但收盤時卻收在了 25765點，沒能站穩中線，稍微觸碰後就又跌了下來。 對於後續走勢，有投資者表示依然會繼續看好，會選擇買入牛證；也有投資者認為可能還會再跌一點，打算等後續再買入牛證，因為他們覺得市場或許還存 在一些調整空間；當然，也有投資者持看跌態度，這很正常，市場上總有看漲和看跌的分歧。看跌的投資者認為，如果當前的下跌走勢持續下去，後續市場 大概率還是以看跌為主。 賣出信號 信號總結 中立信號 ...

深圳商报·读创客户端记者 詹钰叶 《基金管理公司绩效考核管理指引（征求意见稿）》（下称《指引》）日前下发，部分业绩长期跑输基准的基金经理或面临降薪。中信建投基金研究部行政 负责人周紫光旗下在管产品最近三年业绩均大幅跑输基准收益，符合《指引》中至少降薪三成的范畴。 根据《指引》提到的建立阶梯化的绩效薪酬调整机制，过去三年主动权益类产品业绩低于业绩比较基准超过十个百分点且基金利润率为负的，其绩效薪酬应 当较上一年明显下降，降幅不得少于30%；低于业绩比较基准超过十个百分点但基金利润率为正的，其绩效薪酬应当下降。 周紫光在2022年押中新能源后一战成名，中信建投低碳成长A当年收益率在偏股混合型基金中跻身前十；但后因市场风格切换遭遇"滑铁卢"。从最近三年收 益看，中信建投低碳成长混合A、中信建投智信物联网A、中信建投智享生活A净值跌幅在50%左右，分别跑输同期基准约70、66与55个百分点，业绩排名长 期靠后。以上3只基金均由周紫光独立管理，2025年中报显示，这3只产品的基金加权平均净值利润率均为负。 另外，周紫光于今年10月中旬卸任中信建投科技主题6个月持有混合，任职近3年的回报（A份额）为44.31%。接管这只 ...

Core Viewpoint - Recently, Huatai Medical's intracardiac ultrasound catheter has been approved for market launch, providing more three-dimensional and accurate imaging guidance for cardiac interventional surgeries compared to traditional two-dimensional ultrasound technology, thereby enhancing surgical safety and consolidating the company's competitive advantage in the electrophysiology field [1] Group 1: Company Performance - In Q4, driven by the rapid growth of PFA products, the company's revenue is expected to continue the growth trend seen in the first three quarters, with net profit anticipated to grow at a rate higher than revenue due to last year's low base [1] - Looking ahead to next year, the company is expected to achieve significant growth in both revenue and net profit, with stable growth anticipated in coronary and peripheral businesses [1] Group 2: Product and Market Outlook - In the electrophysiology business, the domestic surgical volume for PFA (pulmonary vein ablation) products is expected to exceed 5,000 cases this year, with accelerated growth anticipated next year [1] - High-density mapping catheters, pressure ablation catheters, and intracardiac ultrasound catheters are expected to see accelerated hospital admissions through subsequent centralized procurement renewals [1] Group 3: Investment Rating - The company maintains a "Buy" rating based on the positive outlook for its products and market performance [1]

Group 1: Robotics Industry - The U.S. government is focusing on the development of robotics, indicating that robotics technology is becoming a key frontier in U.S.-China competition, with potential for continued resonance between the two countries' industries [1] - The Trump administration's actions suggest a strategic elevation of the U.S. robotics industry, with domestic policies expected to follow suit [1] - U.S. companies are actively investing in the robotics sector, creating a closed loop of "model-simulation-hardware," while China's supply chain is accelerating the implementation of robotics in various scenarios [1] Group 2: Construction Machinery - In November, domestic excavator sales exceeded expectations, and exports maintained high growth rates despite a high base, indicating a strong overall fundamental outlook for the sector [2] - The upward trend in both domestic and international sales of construction machinery has been validated, with a focus on overseas markets where profits from exports account for about 70% of many companies [2] - The performance of companies in the construction machinery sector remains strong, with non-excavator domestic sales also showing significant growth [2] Group 3: Lithium Battery Equipment - The electrification of ships is expanding the application of lithium batteries into new scenarios, with a positive outlook for lithium battery equipment in the upcoming year [3] - The demand for lithium batteries is expected to increase as new technologies like solid-state and sodium-ion batteries emerge, enhancing the electrification rate across various sectors [3] - The mid-term acceptance of solid-state batteries is anticipated to be completed by the end of the year, leading to a new round of order tenders from leading battery manufacturers and vehicle manufacturers [3] Group 4: PCB Equipment - The PCB industry is experiencing a resurgence, characterized by high-end product development and factory establishment in Southeast Asia, which is driving the demand for PCB equipment upgrades [4] - Key segments of PCB equipment, such as drilling and plating, hold significant value and are critical for circuit board performance [4] - The industry is evolving towards higher layer counts and more precise wiring due to AI-driven advancements, necessitating improvements in processing technology [4] Group 5: Forklifts & Mobile Robots - Sales of large forklifts are maintaining growth, with domestic sales increasing by 5% to 16% and exports growing by 8% to 23% from July to October [5] - The industry is optimistic about the upward trend in demand for smart logistics and unmanned forklifts, with major companies launching intelligent logistics products in Q4 [5] Group 6: Recommended Companies in Machinery Sector - Key companies recommended include Hengli Hydraulic, Aibin Technology, LiuGong, XCMG, Jereh, Naipu Mining, SANY Heavy Industry, Zoomlion, Anhui Heli, Hangcha Group, Huace Testing, Shoucheng Holdings, Xian Dao Intelligent, Bozhong Precision, Haitai International, Yizhiming, Puyuan Precision Electronics, Zhongji United, and Maiwei Shares [6]

中信建投财富管理公众号发文，从基本面、政策面、资金面、估值面、技术面五个角度分析当前A股的 状态，并表示十分期待跨年行情。 1. 基本面：还未明显好转。 2. 政策面：逆周期政策仍在持续发力。 中共中央政治局12月8日会议指出，明年经济工作要坚持稳中求进、提质增效，继续实施更加积极的财 政政策和适度宽松的货币政策，发挥存量政策和增量政策集成效应，加大逆周期和跨周期调节力度，切 实提升宏观经济治理效能。 3. 资金面：增量资金正在陆续进场。除了险资和量化私募之外，A股目前已 呈现出增量资金多点开花的局面，比如个人投资者、国资、北向资金等等。 4. 估值面：市场向上或仍 有空间。截至2025年12月8日，万得全A的风险溢价为54.01%，仍处于机会值之上。当前阶段A股的整 体估值仍处于可以接受的阶段。 5. 技术面：在两波上升浪的推动下， 上证指数已突破2007年和2015年 的高点的连线。按照技术分析的理解，此压力线或将成为本轮行情有效的支撑线。 落实到投资策略， 该机构提出三个tips：(1)弹性维度：成长优于红利；(2)行业维度：科技(海外 算力、 消费电子、端侧、 机器人、 游戏、国内算力)+锂电( 固态 ...