中信建投研报指出，近期证券板块虽冲高回落，但短期调整并非意味着行情终结。从估值维度看，板块 当前处于基本面强支撑的底部区间。经定量测算，在慢牛格局下，证券板块存在两条上行路径：一是依 托交易量企稳逻辑，逐步实现估值抬升与补涨；二是借力超预期金融政策催化，突破估值上限打开上涨 空间。两种情形均指向券商行情不会缺席，逢低左侧布局窗口已经渐行渐近。 ...

Core Insights - The Hong Kong stock market has seen active financing since the beginning of the year, with equity financing reaching HKD 39.09 billion, a year-on-year increase of 316.27% [1] - Chinese securities firms are increasingly taking a leading role in the Hong Kong market, with six out of the top ten equity underwriting positions held by Chinese institutions, accounting for a total market share of 56.15% [1][2] Group 1: Market Performance - The Hang Seng Index rose by 27.77% in 2025, and the primary market equity financing reached HKD 612.7 billion, a year-on-year increase of 248.8% [1] - The active investment and financing environment is attributed to the deep involvement of intermediary institutions, providing valuable development opportunities for investment banks [1] Group 2: Underwriting and Advisory Services - In IPO sponsorship, China International Capital Corporation (CICC) led with a sponsorship scale of HKD 51.65 billion, followed by CITIC Securities (Hong Kong) at HKD 46.03 billion [2] - CICC also demonstrated a strong advantage in refinancing underwriting, with a scale of HKD 24.97 billion and 13 transactions [2] Group 3: Strategic Developments - Chinese securities firms are enhancing their presence in Hong Kong to capture growth opportunities, with several firms increasing capital for their subsidiaries and providing guarantees for business development [4] - For instance, Guotai Junan Securities announced plans to secure a bank loan of up to HKD 35 million to support its Hong Kong subsidiary [4] Group 4: Future Outlook - The Hong Kong market is becoming a crucial platform for Chinese securities firms to expand internationally, with expectations of increased opportunities as international investors seek quality Chinese assets [3] - The core opportunity for Chinese securities firms lies in leveraging their client networks and understanding of Chinese enterprises to serve "A+H" listed companies and support the internationalization of domestic industry chains [5]

Core Insights - The article highlights the integration of the "Dragonfly Point Gold" investment app with Huawei's Harmony OS, specifically on the MateBook Fold, enhancing the investment experience for users [1][3]. Group 1: Product Features - The "Dragonfly Point Gold" app has been optimized for the MateBook Fold, allowing users to access real-time market data and make investment decisions more conveniently [1][3]. - The app now supports various Harmony OS features, including voice interaction and real-time information windows, providing a comprehensive investment experience for users [1][3]. Group 2: User Experience Enhancements - The PC version of the app offers split-screen functionality, enabling users to view market trends on one screen while executing trades on another, significantly improving decision-making efficiency [3][5]. - The mobile version incorporates intelligent services, such as voice commands for account opening and business processing, enhancing user convenience [3][5]. - Security measures include the use of advanced encryption algorithms to protect user data and transaction information, ensuring a secure investment environment [5]. Group 3: Market Positioning - The integration of the app with Harmony OS signifies a shift from functional services to scenario-based services, setting a new benchmark for ecosystem integration in the financial services industry [5].

中证报中证网讯（记者 谭丁豪）当市场波动常态化、资产轮动加速，传统投研模式深陷效能瓶颈。在 宏观环境复杂多变与信息指数级增长的背景下，机构投资者的核心诉求已从获取零散研究观点，升级为 对系统性决策能力的迫切需求。在此背景下，中信建投（601066）证券近日推出"智研多资产配置+"平 台，为机构投研范式升级注入关键新动能。 中信建投证券表示，该平台的核心竞争力源于公司"专业研究+科技赋能"双轮驱动。每一项功能背后， 均依托金融工程及基金研究团队多年沉淀的体系化框架，而专属科技团队与信息技术部的支撑，累计40 余项专利与软著，确保了系统先进性与稳定性，成功将依赖个人经验的复杂研究，转化为标准化、可复 用的系统能力。 当前机构理财市场中，数据与模型多以"信息孤岛"形式存在，投研人员需在多数据库、工具与报告间手 工拼接验证，不仅效率低下，更导致宝贵投资洞察在转化中损耗。 此次平台上线，不仅是卖方研究向数字化、产品化、智能化的深度演进，更提供了行业转型的参考样 本。中信建投证券表示，平台完整回应了机构"投什么、怎么投、如何优化"的核心诉求，通过赋能投研 流程系统化、决策效率提升，助力机构在复杂市场中构筑可持续竞争力。这 ...

1月16日，中信证券表示，本公司将于2026年1月19日起，对投资者融资保证金比例做如下调整：对于 2026年1月19日前融资保证金比例低于100%的投资者，其1月19日及以后新开立融资合约适用的融资保 证金比例调整为100%。 经中国证监会批准，沪深北交易所日前发布通知调整融资保证金比例，将投资者融资买入证券时的融资 保证金最低比例从80%提高至100%，相关安排自1月19日起正式施行。 紧随沪深北交易所，这两天，中信证券、中信建投、银河证券等券商也纷纷发布通知：1月19日起，将 两融业务融资保证金比例由80%提升到100%，调整仅限于投资者新开立的合约。 券商集体通知 融资保证金比例从80%提升到100%有何影响？ 此次将融资保证金比例上调至100%，意味着投资者进行融资交易时需要缴纳更多的自有资金作为保证 金。例如，调整前，投资者只需投入80万元保证金，即可融得100万元资金用于证券买入，实际杠杆率 可达1.25倍；调整后，若想融得相同额度的100万元资金，投资者需足额缴纳100万元保证金，杠杆率从 1.25倍回落至1倍。 中国首席经济学家论坛理事陈雳对媒体表示，此次融资保证金比例调整，是监管层基于融资 ...

Core Insights - The monthly active users (MAU) of securities apps reached 175 million in December 2025, marking a 1.75% month-on-month increase and a 2.26% year-on-year increase, achieving a new monthly high for the year [4][3] - Throughout 2025, the MAU of securities apps experienced a recovery after a dip in the middle of the year, with a significant rebound in November leading to a peak at year-end [4][2] - The competition for traffic between third-party platforms and brokerage self-operated apps intensified, with brokerages accelerating the integration of AI technology in advisory and trading scenarios to enhance service models and user experience [4][12] Monthly Active Users Overview - In December 2025, the MAU for securities apps was 175.32 million, with notable monthly changes: November had 172.30 million (up 2.06% month-on-month) and October had 168.82 million (down 3.38% month-on-month) [5][4] - The MAU trend for 2025 showed a starting point of 161.84 million in January, peaking in December after a recovery phase post-May [4][5] Leading Apps and Market Dynamics - The top three securities apps by MAU in December were Tonghuashun (36.70 million), Dongfang Caifu (18.22 million), and Dazhihui (12.97 million) [6][5] - Among brokerage self-operated apps, Huatai's Zhangle Wealth reached over 12 million MAU, followed by Guotai Haitong Junhong with 10.40 million [6][5] - The number of brokerage apps with an average monthly active user count exceeding 6 million increased to 14 in 2025, indicating a growing concentration in the market [8][7] AI Technology Integration - The application of AI technology in the securities industry has accelerated, with multiple brokerages launching intelligent tools across key areas such as intelligent research, trading, and advisory services [12][11] - Notable advancements include the upgrade of trading robots by Galaxy Securities and the introduction of AI advisory platforms by various brokerages, enhancing service efficiency and user experience [13][12] - Despite the current limitations of AI tools in guaranteeing stable investment returns, their functionality is expanding, addressing various investment challenges and improving investors' capabilities in data analysis and strategy formulation [12][13]

智通财经APP获悉，中信建投发布研报称，国内航线预订量升温，票价与时段呈现"双高峰"，2026年民 航春运国内市场热度提前释放，截至1月11日，同程旅行数据显示国内机票预订量较2025年同期上涨 8%，元旦假期后预订曲线持续上扬;国际航线搜索量大涨，目的地与票价冰火两重天，区域分化显著;国 内航司整体增长，航司表现差异显著;千万级机场引领，区域表现分化，预计春运期间客运航班起降量 突破百万架次，其中八成机场同比实现增长。 中信建投主要观点如下： 京东航空自有机队扩容提速 京东航空新添"空中运力"，波音+空客赋能全域物流。波音737窄体机(22.7吨业载)加密长三角-西北等国 内枢纽，配合其6.10小时的行业领先利用率，将"次日达"覆盖从核心城市向三四线及特色产区延伸;空客 A330宽体机(61吨业载)则突破洲际运力瓶颈。京东航空机队扩张使京东物流的"干线-仓储-末端"闭环更 具韧性：南通基地承接上海枢纽溢出效应，联动芜湖、深圳等节点，将空运与海外仓、配送网络深度绑 定。 风险分析 人民币汇率大幅贬值风险;国际航线放开速度不及预期;燃油成本大幅度上涨。 行业综述 从交运各子板块相对沪深300的表现来看，周内(1 ...

Industry Trends - The movie industry has identified three major trends over the past 25 years: 1) Animated films have performed exceptionally well, with 4 out of the top 10 box office films being animated, including two record-breaking titles [1] - 2) The trend of derivative layouts is emerging, maximizing the commercial value of IP through a combination of short-term box office and long-term derivatives [1] - 3) The supply of imported films is abundant, becoming a significant contributor during summer and New Year periods [1] Upcoming Releases - For the 2026 Spring Festival, two high-grossing IP sequels, "Fast Life 3" and "Boonie Bears 12," have been scheduled, with major players like Damai, Maoyan, Wanda Film, and China Film expected to announce more significant releases [1] - The strong cast and past box office success of similar films contribute to a positive outlook for the 2026 Spring Festival [1] Box Office Outlook - The company remains optimistic about the performance of imported films in 2026, with anticipated releases of major IP sequels such as "Avengers," "Spider-Man," "Toy Story," and "Minions" expected to be introduced to the domestic market [1] - The smooth introduction of imported films in 2025 and a rich reserve of Hollywood films for 2026 support a positive forecast for domestic box office performance [1] Company Recommendations - The company recommends investing in Damai Entertainment (01060), which is expected to benefit from strong IP business performance and favorable policy changes in the domestic performance sector, as well as from overseas projects [1] - China Film (600977.SH) is also highlighted as a potential beneficiary of the recovery in box office from imported films [1] - Other companies to watch include ticketing leader Maoyan Entertainment (01896), cinema chain leader Wanda Film (002739.SZ), and Shanghai Film (601595.SH), which is expected to benefit from the combination of IP and AI [1]

智通财经APP获悉，中信建投发布研报称，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。该行维持前期观点，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。 中信建投主要观点如下： 整车板块 景气延续"弱预期、弱现实"，反内卷持续推进，出口预期改善。本周乘联会披露26年1月1-11日国内乘 用车批发及零售销量同比分别-40%、-32%，其中新能源同比分别-30%、-38%，淡季景气承压，但市场 预期或已钝化。1月14日，工信部、发改委、市场监管局三部门召开新能源汽车行业企业座谈会，部署 规范新能源汽车产业竞争秩序相关工作，坚决抵制无序"价格战"，看好后市场经销商新车销售有望盈利 改善。此外，1月12日商务部通报中欧电动汽车案磋商进展，拟向对欧盟出口纯电动汽车的中国出口 商，提供关于价格承诺的通用指导;1月16日正在中国访问的加拿大总理卡尼表示，加拿大将以优惠关税 税率进口4.9万辆中国电动汽车(税率将从100%降至6.1%)。 ...

Core Viewpoint - The recent proactive cooling measures in the market aim to mitigate potential short-term severe consequences of an overheated market while maintaining a positive long-term outlook [1] Industry Analysis - The proactive cooling does not affect the overall pattern of the year-end market, but it may alleviate previously overheated conditions, leading to changes in trading directions [1] - Key sectors showing significant growth catalysts include AI computing power, non-ferrous metals, innovative pharmaceuticals, and the automotive industry [1] - Previous market hotspots such as commercial aerospace and AI applications may undergo phase adjustments, prompting attention to other thematic areas like ultra-high voltage, brain-computer interfaces, and controllable nuclear fusion [1]