人民财讯1月21日电，中信建投研报称，铜价受供应扰动、需求增长及贸易流向变化推动大涨，后续走 势存不确定性。供应端，去年印尼、智利矿山事故致供应中断，智利铜矿罢工加剧短缺，南美铜矿产量 占比下滑、新项目审批滞后，加工费低迷使冶炼厂削减产能。需求端，新能源转型、AI基建带动铜消 费，电动汽车、数据中心对铜需求高于传统领域。贸易端，美国拟加征铜关税的预期，促使交易商向美 出口铜，推高其他地区供应紧张程度。后续美国关税政策、库存流向的实际变化节奏不明，"铝代铜"短 期难替代，再生铜供应增长的影响待观察，这些变量使走势存在不确定性。 转自：证券时报 ...

人民财讯1月21日电，中信建投研报称，一季度催化不断，继续旗帜鲜明看好固态电池板块春季行情。 节能与新能源汽车产业发展部际联席会议2026年度工作会议在京召开，提出加快突破全固态电池、高级 别自动驾驶等技术，这是固态电池技术在重要会议上被再次提及，进一步体现其重要性。与此同时，首 个国家级固态电池标准《电动汽车用固态电池 第1部分：术语和分类》已进入征求意见阶段，为固态电 池设置更为严格标准，且以"混合固液电池"作为标准术语，有望极大减少行业名词混用的乱象。随着固 态电池中期验收如期进行，各企业中试线样品受到严苛检验，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开启新一轮订单招标，看好春季行情下固态电池板块的配置价值。 转自：证券时报 ...

智通财经APP获悉，中信建投发布研报称，2023年9月Meta开启AI眼镜时代，2025年行业进入产品爆发 期，预计谷歌等公司AI眼镜产品也将在26-27年陆续推出。政策层面，2026年AI眼镜纳入国补，有望带 动消费需求进一步提升。当前AI眼镜面临"不可能三角"，在成本、重量、性能、续航多方面有所取舍， 目前AI音频眼镜和AI拍摄眼镜已经较为成熟，带显示屏的AI+AR眼镜尚在发展阶段，光学显示系统是 关键环节之一，预计光波导方案为未来主流方向，待技术成熟时，有望替代智能手机，成为个人综合终 端。镜片厂商目前主要在销售渠道、定制镜片领域卡位，带动客单价提升，展望未来，或可依托自身在 树脂材料、光学领域的积累，深入产业链更多环节，如光波导、电致变色、眼球追踪等光电元件，分享 更多产业链价值。 中信建投主要观点如下： 复盘AI眼镜行业发展及近况：AI眼镜将AI技术与传统眼镜形态结合，或为未来AI在C端最佳落地硬件载 体之一，目前主流产品包括AI音频眼镜、AI拍摄眼镜、带显示屏的AI+AR眼镜。2023年9月Meta开启AI 眼镜时代，其发布的Ray-Ban Meta为行业首款出货量超百万台的AI眼镜。2025年A ...

中信建投研报指出，当前汽车板块处于淡季弱势表现，但结构性看反内卷及出海预期改善，自动驾驶政 策催化落地，人形机器人特斯拉V3样机展示惊艳。我们维持前期观点，26年汽车以旧换新政策支撑内 需，商用车或更为受益；结构性看多端侧AI（无人驾驶及机器人）商业化0-1突破带来估值弹性，关注 反内卷下经销商环节周期底部困境反转。 ...

Core Viewpoint - CITIC Securities maintains a "Buy" rating for TSMC (TSM.US) with a target price of $385.27, highlighting strong revenue and gross margin expectations for Q4 2025, driven by a 55% contribution from HPC and continuous growth in advanced process revenue [1] Group 1 - TSMC's revenue growth guidance for 2026 is nearly 30%, indicating robust future performance [1] - Capital expenditures (CapEx) are set to reach a historical high, reflecting the company's confidence in expansion [1] - AI is identified as a key driver for long-term growth, leading to an upward revision in profit forecasts [1] Group 2 - The projected price-to-earnings (PE) ratio for 2026 is only 28 times, suggesting a reasonable valuation [1]

中信建投维持台积电买入评级，目标价385.27美元。 ...

1月20日，禾望电气跌5.01%，截至发稿，报32.22元/股，成交10.51亿元，换手率7.01%，总市值147.53 亿元。 资料显示，深圳市禾望电气股份有限公司位于广东省深圳市南山区西丽官龙村第二工业区11栋，成立日 期2007年4月20日，上市日期2017年7月28日，公司主营业务涉及专注于电能变换领域,帮助客户实现高 效、可靠、高品质的发电、用电和电能传输。主营业务收入构成为：新能源电控业务83.88%，工程传 动业务11.45%，其他4.67%。 从基金十大重仓股角度 数据显示，中信建投基金旗下1只基金重仓禾望电气。中信建投低碳成长混合A（013851）三季度减持 9.26万股，持有股数68万股，占基金净值比例为4.49%，位居第八大重仓股。根据测算，今日浮亏损失 约115.6万元。 中信建投低碳成长混合A（013851）成立日期2021年12月13日，最新规模2.17亿。今年以来收益 13.33%，同类排名514/8848；近一年收益18.09%，同类排名5514/8093；成立以来亏损39.55%。 中信建投低碳成长混合A（013851）基金经理为周紫光。 截至发稿，周紫光累计任职时间8年24 ...

Group 1 - The core point of the news is that Sinar Navigation's stock has experienced a decline of 5.02% on January 20, with a cumulative drop of 9.95% over three consecutive days, leading to a market capitalization of 3.701 billion yuan [1] - Sinar Navigation, established on February 28, 2012, specializes in high-precision satellite navigation chips and RTK technology, providing centimeter and millimeter-level real-time positioning solutions based on the BeiDou and other GNSS systems [1] - The company's revenue composition includes data acquisition equipment (42.84%), high-precision GNSS boards/modules (20.70%), data application and system solutions (20.32%), agricultural machinery automatic driving systems (12.13%), and others (4.00%) [1] Group 2 - From the perspective of major fund holdings, Sinar Navigation is the top holding of the CITIC Jiantou Zhixiang Life A fund, which increased its holdings by 21,000 shares in the third quarter, now holding 91,000 shares, accounting for 7.45% of the fund's net value [2] - The fund has incurred a floating loss of approximately 221,100 yuan today, with a total floating loss of 486,900 yuan during the three-day decline [2] - CITIC Jiantou Zhixiang Life A fund, established on November 4, 2020, has a latest scale of 33.9388 million yuan, with a year-to-date return of 6.35% and a one-year loss of 8.93% [2]

Group 1 - The core point of the news is that Jeya Co., Ltd. experienced a stock price increase of 5.04%, reaching 37.30 CNY per share, with a total market capitalization of 4.198 billion CNY [1] - Jeya Co., Ltd. is primarily engaged in the research, production, and sales of wet wipes, with wet wipes accounting for 84.62% of its main business revenue, followed by facial masks at 11.95%, and personal care products at 1.86% [1] - The company is located in the Lion Mountain Economic Development Zone, Tongling City, Anhui Province, and was established on August 31, 1999, with its listing date on December 3, 2021 [1] Group 2 - Citic Securities Fund has a significant stake in Jeya Co., Ltd., with the Citic Securities Value Growth Mixed A Fund (025231) entering the top ten circulating shareholders, holding 1.1926 million shares, which is 1.85% of the circulating shares [2] - The Citic Securities Value Growth Mixed A Fund has a total scale of 734 million CNY and has achieved a return of 7.06% this year, ranking 2816 out of 8846 in its category [2] - The fund manager, Leng Wenpeng, has been in position for 9 years and 224 days, with the fund's total asset scale at 1.331 billion CNY and a best return of 239.86% during his tenure [3] Group 3 - The Citic Securities Value Growth Mixed A Fund holds Jeya Co., Ltd. as its fourth-largest heavy stock, with 1.1926 million shares, representing 4.59% of the fund's net value [4] - The estimated floating profit from this investment is approximately 2.1348 million CNY [4]

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 铜：国内政策预期提振，铜价震荡整理 周一晚沪铜主力企稳回升至10168元，伦铜反弹至1.3万美金下沿。 宏观中性。海外特朗普就格陵兰岛强硬态度，欧美关系僵持带来避险情绪，不过国内中国2025年经济数据维持温和增速，叠加国新办会议带来政策预期，市 场情绪有所改善。 基本面中性。昨日LME铜延续累库3850吨至14.7万吨，上期所铜仓单减少7762吨至15.26万吨。原料供应紧张延续，Mantoverde目前虽然维持正常运营，但铜 产量仅能维持常规的75%，关注罢工调节进展。2025年中国变压器出口总值达到创纪录的646亿元人民币，同比增长约36%，表明全球电网基础设施设备需 求增长。 总体来看，宏观情绪反复叠加铜偏强的基本面支撑，预计短期铜价震荡整理为主。今日沪铜主力运行区间参考10.05-10.3万元/吨。策略上，短线区间为主， 中长线逢低布局远月多单。 重要声明 本报告中的信息均来源于公开可获得资料，中信建投期货力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构 成个人投资建议，也没有考虑到个别客户特殊的投 ...