Core Viewpoint - The recent resurgence of tariff conflicts in the U.S. is characterized by a shift from broad economic strategies to targeted geopolitical maneuvers, focusing on critical strategic resources such as advanced chips and key minerals [2][11][36]. Group 1: Tariff Strategies - The U.S. has initiated a 25% tariff on specific advanced computing chips effective January 15, 2026, targeting those that empower artificial intelligence and high-performance computing [3][28]. - A new trade agreement with Taiwan involves a commitment of $500 billion in capital investment in exchange for a reduction in tariffs from 20% to 15% [3][28]. - The U.S. has set a 180-day ultimatum for negotiations regarding the import of processed critical minerals, aiming to establish legally binding agreements and potentially a minimum import price mechanism [5][30]. Group 2: Geopolitical Implications - The U.S. has attempted to exert pressure on eight European countries regarding Greenland, linking territorial acquisition ambitions with punitive tariffs, initially proposing a 10% tariff [7][32]. - A 25% punitive tariff was announced against any country doing business with Iran, effective immediately, although detailed customs enforcement guidelines are still pending [9][34]. - The shift in tariff strategy reflects a broader geopolitical agenda, where tariffs serve as tools for national security and resource control rather than merely economic policy [11][36]. Group 3: Market Dynamics - The focus of U.S. tariffs has transitioned from broad economic measures to precise targeting of strategic resources, indicating a deeper intertwining of tariff policies with major power competition and resource acquisition [11][38]. - The ongoing tariff strategies are seen as a means to achieve political objectives, particularly in the context of upcoming midterm elections, where demonstrating a strong stance on resource control can be politically advantageous [41][42].

Core Insights - The JPM conference highlighted breakthroughs in ADC, IO dual antibodies, and GLP-1 technologies by Chinese pharmaceutical companies, enabling them to expand globally through licensing and collaborative development [1] - Leading companies have successfully organized their international operations, with some biotech firms achieving breakthroughs in niche areas [1] - The CXO sector is experiencing significant growth, with companies leveraging the CRDMO model and global production capacity, resulting in a continuous increase in orders [1] - By 2026, overseas bases are expected to be densely operational, marking the beginning of a commercialization phase for the industry [1] - Overall, the Chinese pharmaceutical industry is at the starting point of a global value reassessment, with 2026 identified as a critical year for validating transformation outcomes [1]

Group 1 - The recent increase in silicon and silver prices has intensified profit pressure on photovoltaic cell and module companies [1] - Since 2019, there has been a persistent supply-demand gap in silver, which is expected to remain in a long-term tight balance due to rigid supply and the growth of new applications requiring silver [1] - To control costs, reducing silver consumption has become a priority for photovoltaic cell and module companies, with copper identified as the most suitable alternative material [1] Group 2 - The industry has experience from PCB, MLCC, and semiconductor sectors to address issues related to copper oxidation and diffusion [1] - Progress in silver-coated copper and electroplated copper solutions in the photovoltaic sector is relatively fast, while pure copper paste remains the ultimate goal with several challenges to overcome [1] - If silver-coated copper and copper paste penetration rates reach 17.7% and 43% respectively by 2026-2027, the corresponding production of these materials will be 813 tons and 2,188 tons, providing significant performance elasticity for material and metal powder companies [1]

深圳商报·读创客户端记者 肖晗 "再也不敢说'破铜烂铁'了。" "不是金银买不起，只是铜更有性价比。" "一顿饭钱，入手不亏，一起发癫。" 伴随铜价突破历史高位，近期投资铜条突然走红。"水贝惊现铜条""部分水贝市场已禁售铜条"等词条， 在短短数日内接连打进各社交媒体热榜。铜条投资真火了吗？这把火能烧多久？ 线下：公开陈列难觅踪迹商户低调接单 社交媒体上， 众多网友晒出标重1000g，纯度为999.9的"投资铜条""财富铜条"，成为网络"围观"焦点。 而线下市场，投资铜条踪迹并不十分易寻。 1月21日下午，记者实地走访深圳水贝金座、水贝银座、水贝兴龙、水贝壹号等交易市场，均未在门店 看到公开陈列的"投资铜条"。 在水贝兴龙，一名商家告诉记者，水贝还是以贵金属和珠宝交易为主，实际销售铜条的商户占比还是比 较低。该商家以金饰销售为主，目前没有跟风卖铜条的计划。但如果记者想要入手，也有卖家推荐。目 前柜台没有实物展示，可以先加微信咨询交易。另一名商家则告诉记者，目前购买投资铜条需排单发 货，最低1公斤起售，下单后大概3－7天发出。 在水贝银座门口，记者遇到商户张先生正在"出货"。小推车上100根铜条，闪耀着玫瑰金的光 ...

每经AI快讯，中信建投1月22日晚间发布公告称，截至本公告披露日，公司及控股子公司实际提供的担 保金额为人民币451.92亿元，占公司最近一期经审计净资产的42.45%，均为公司对控股子公司以及控股 子公司对其控股子公司的担保。其中，公司对控股子公司提供的担保金额为人民币91.25亿元，占公司 最近一期经审计净资产的8.57%。 每经头条（nbdtoutiao）——特朗普强要格陵兰岛，丹麦一养老基金率先清仓美债，美国资产全线下 跌！欧洲手握"金融核按钮"，双方会"鱼死网破"吗？专家解读→ （记者 王晓波） ...

承董事會命 中信建投証券股份有限公司 董事長 劉 成 中國北京 2026年1月22日 於 本 公 告 日 期，本 公 司 執 行 董 事 為 劉 成 先 生 及 金 劍 華 先 生；本 公 司 非 執 行 董 事 為 李 岷 先 生、朱 永 先 生、閆 小 雷 先 生、王 廣 龍 先 生、楊 棟 先 生、華 淑 蕊 女 士、王 華 女 士 及 戴 波 先 生；以 及 本 公 司 獨 立 非 執 行 董 事 為 浦 偉 光 先 生、賴 觀 榮 先 生、張 崢 先 生、吳 溪 先 生 及 鄭 偉 先 生。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6066） 海外監管公告 本 公 告 乃 中 信 建 投 証 券 股 份 有 限 公 司（「本公司」）根 據 香 港 聯 合 交 易 所 有 限公司證券上市規則第13.10B條 而 ...

中信建投公告称，间接全资附属公司CSCIF Hong Kong Limited于2026年1月22日完成中票计划项下2亿 美元票据发行。全资子公司中信建投国际为本次票据偿付义务提供2.08亿美元（折合人民币14.62亿元） 无条件及不可撤销连带责任保证担保，无反担保。截至公告日，公司及控股子公司实际担保金额451.92 亿元，占最近一期经审计净资产的42.45%，无逾期担保情况。 ...

累计担保情况 | 对外担保逾期的累计金额（人民币亿元） | - | | --- | --- | | 截至本公告日上市公司及其控股子公司 | 451.92 | | 对外担保金额（人民币亿元） | | | 对外担保金额占上市公司最近一期经审 | 42.45% | | 计净资产的比例（%） | □担保金额（含本次）超过上市公司最 | | | 近一期经审计净资产 50% □对外担保总额（含本次）超过上市公 | | | 司最近一期经审计净资产 100% | | 特别风险提示（如有请勾选） | □对合并报表外单位担保总额（含本 | | | 次）达到或超过最近一期经审计净资 | | | 产 30% | | | 本次对资产负债率超过 70%的单位 | | | 提供担保 | 证券代码：601066 证券简称：中信建投 公告编号：临 2026-001 号 中信建投证券股份有限公司 关于间接全资附属公司根据中期票据计划进行发行 并由全资子公司提供担保的公告 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。 重要内容提示： 担保对象及基本情况 | 被 ...

上海证券交易所 2026年01月22日 为促进天弘上证科创板芯片设计主题交易型开放式指数证券投资基金（以下简称科芯TH，基金代 码:589070）的市场流动性和平稳运行，根据《上海证券交易所基金自律监管规则适用指引第2号——上 市基金做市业务》等相关规定，本所同意中信建投证券股份有限公司自2026年01月23日起为科芯TH提 供主做市服务。 特此公告。 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！ 上证公告（基金）【2026】116号 ...

Core Insights - The trend of investment bankers transitioning to executive roles in listed companies is increasing due to changes in the brokerage industry's salary structure and the slowdown in IPO activities [2][4][8] - A significant number of these transitions involve former investment bankers taking on the role of Secretary of the Board (董秘), with 66 out of 76 new appointments in this position [4][6] Group 1: Transition Trends - From January 1, 2025, to January 20, 2026, at least 76 listed companies announced new appointments for positions such as Secretary of the Board, CFO, or securities representative, with a notable number coming from investment banking backgrounds [2][4] - The majority of these transitions are from top-tier investment banks, indicating a preference for experienced professionals in executive roles [2][5] Group 2: Financial Context - Investment banking revenues have significantly declined, with the main underwriting income dropping from over 10 billion yuan for nine firms in 2022 to only two firms exceeding this threshold in 2025 [9][10] - Specifically, CITIC Securities, the leading firm, saw its main underwriting income fall from 53.52 billion yuan in 2022 to 15 billion yuan in 2025, reflecting a broader trend of revenue contraction in the industry [10][11] Group 3: Motivations for Transition - The decline in income from investment banking has prompted many professionals to reassess their career prospects, leading to an increased interest in executive positions within listed companies [8][11] - While the fixed salaries in these new roles vary, the potential for stock options and incentives is a significant draw, with some professionals expecting to earn substantial amounts through equity compensation [11]