人民财讯1月15日电，中信建投（601066）指出，2026年全球降息周期进入下半场，宏观流动性呈"内外 宽松共振"与"从超常到常态"两大核心特征。汇率端美元承压，人民币升值支撑A股走强。股债再配置 层面，长期低利率重塑股债配置逻辑，中期"股债跷跷板"效应进一步支撑A股走势。除此之外，居 民"存款搬家"再配置的需求或将成为市场的最大边际增量。政策方面，后地产时代资本市场地位升级， 成为经济发展与资源配置的核心枢纽，市场资金生态持续优化，为资本市场高质量发展奠定基础。 ...

中信建投研报指出，去年令市场颇为意外的是中国出口表现，纵使美对华加征关税，新增关税一度超过 30%，但实际出口表现却打破悲观预期。全年出口同比增速高达5.5%，仅略低于2024年的5.8%。12月出 口规模更是创下单月历史新高，环比增速创2016年以来同期新高。极强的出口韧性背后是中国制造业强 大优势。支撑中国出口韧性的核心驱动力并不会改变，我们预计2026年出口有望延续强势，同比增速为 5%，原因有二：其一，2026年外贸环境明显改善，关税落定，且欧美开启新一轮财政扩张红利，全球 需求或有边际抬升。其二，随着中国与非美国家合作深化，中国产品在非美地区进口份额中延续上升趋 势，2026年这一特征有望继续延续。 ...

Core Viewpoint - The report from CITIC Securities indicates that the global interest rate cut cycle will enter its second half in 2026, characterized by "synchronized internal and external easing" and a transition from "extraordinary to normal" macro liquidity conditions [1] Group 1: Macro Environment - The US dollar is under pressure, while the appreciation of the Chinese yuan supports a strong performance in A-shares [1] - The long-term low interest rate environment is reshaping the logic of stock and bond allocation, with the mid-term "stock-bond seesaw" effect further supporting A-share trends [1] Group 2: Market Dynamics - The demand for "deposit migration" among residents may become the largest marginal increment for the market [1] - In the post-real estate era, the capital market's status is upgraded to become a core hub for economic development and resource allocation, continuously optimizing the market funding ecosystem [1] - This foundation is set for the high-quality development of the capital market [1]

证券日报网讯 1月14日，拓尔思发布公告称，中信建投证券更换公司向特定对象发行股票持续督导保荐 代表人，黄亚颖因个人工作调整离任，周岱岳接任，与张苏共同履职至2026年12月31日。 （文章来源：证券日报） ...

作者 | 深水财经社 乌海 2025年A股市场IPO生态持续活跃，券商、会计师事务所与律师事务所作为核心中介机构，在企业上市进程中扮演着关键角色。 近日，深水财经社发布2025年A股上市公司发展报告中介机构篇，对过去一年A股IPO中介机构的项目情况进行了梳理分析。本报告数据均来源于WIND，如 有数据不一致的情况，均已交易所披露信息为准。 2025年，A股共有116家公司完成首发上市，比上年多16家，合计募集资金1317.71亿元，比上年多644.18亿原。截至2025年末两市合计有A股上市公司5469 家。 在券商保荐领域，国泰海通以17家A股上市项目登顶榜首，中信证券以15家紧随其后，中信建投则以11家位列第三。 这一排名延续了近年来头部券商的领先态势，国泰海通凭借在长三角地区的深厚布局和多元化的企业服务能力，在科创板与创业板项目中表现尤为突出。 中信证券则依托全产业链服务优势，在大型央企和科技创新企业上市项目中持续发力。 中信建投和中信证券同属"中信系"券商，在北交所项目中展现出强劲竞争力，成为专精特新企业上市的重要推手。 华泰联合与招商证券以9家并列第四，显示出第二梯队券商正在加速追赶，行业马太效应下 ...

据证券时报网报道，中信建投研报表示，负债端看好分红险持续承接居民稳健投资需求并驱动新单实现 快速增长，资产端权益市场向好有望带来业绩弹性，建议重视保险板块配置机会。中信建投认为当前储 蓄险销售和分红险转型正迎来多种利好因素的共振，一是中长期存单供给收缩和利率波动环境下，储蓄 险产品相对优势更加显著。二是分红险在需求端的市场接受度和供给端的队伍销售能力预计有所提升; 三是"报行合一"带动银保渠道价值率改善后头部险企积极加大银保渠道布局。第四，储蓄险产品作为后 资管新规时代少数可提供长期确定收益的金融产品，在净值化转型、非标转标驱动居民财富配置重构的 过程中有望持续承接居民庞大的稳健投资需求。 ...

Group 1 - The core viewpoint of the news is that Yuanguang Software's stock has seen a significant increase of 5.05%, reaching a price of 6.86 yuan per share, with a trading volume of 431 million yuan and a turnover rate of 3.62%, resulting in a total market capitalization of 13.103 billion yuan [1] - Yuanguang Software, established on December 29, 1998, and listed on August 23, 2006, is primarily engaged in the development and sales of financial and management software for the domestic power industry [1] - The company's main business revenue composition is as follows: Digital Enterprise 82.10%, Smart Energy 9.32%, Artificial Intelligence 5.77%, Data Resource Integration and Services 1.85%, and Others 0.96% [1] Group 2 - From the perspective of fund holdings, one fund under CITIC Jiantou has a significant position in Yuanguang Software, with the CITIC Jiantou CSI 1000 Index Enhanced A (015784) holding 417,300 shares, accounting for 0.71% of the fund's net value, making it the eighth largest holding [2] - The CITIC Jiantou CSI 1000 Index Enhanced A (015784) was established on June 28, 2022, with a current scale of 236 million yuan, and has achieved a year-to-date return of 6.32%, ranking 2012 out of 5520 in its category [2] - The fund has a one-year return of 49.69%, ranking 1548 out of 4203, and a cumulative return since inception of 46.46% [2] Group 3 - The fund manager of CITIC Jiantou CSI 1000 Index Enhanced A (015784) is Wang Peng, who has been in the position for 5 years and 252 days, with the fund's total asset size at 1.747 billion yuan [3] - During Wang Peng's tenure, the best fund return achieved was 94.72%, while the worst return was -6.78% [3]

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 钢材早报：驱动不足，期钢窄幅震荡 市场信息： 1、 工信部召开第十八次制造业企业座谈会，来自钢铁、有色、新材料、汽车、机械、船舶、轻工、医药、电子等重点行业的12家企业负责人参会。会议强 调，积极参与行业规则制定和自律机制建设，自觉抵制"内卷"。 热卷： 上周热卷增产1万吨至305.51万吨，去库2.83万吨至368.13万吨，表需微降2.43万吨至308.34万吨。前期产能与品种转产压力未消，供应仍偏松；需求端淡季 叠加天气制约，终端刚需主导，几无增量。贸易商对后市预期谨慎，普遍采取"低库存、快周转"的操作策略，主动出货回笼资金，但需警惕的是，当前库存 绝对量仍处于高位运行区间。投机性需求释放过后，下游终端采购或趋向谨慎，短期钢价涨势或放缓。 策略上，螺纹2605短期运行区间参考3100-3200元/吨；热卷2605合约运行区间参考3250-3350元/吨。 2、 中指研究院最新数据显示，2025年300城住宅用地成交规划建筑面积为6.2亿平方米，同比下降13.5%，出让金2.3万亿元，同比下降10.6%。 3、 1月13日，76家独立电弧炉 ...

Group 1: Rubber Market - Domestic all-latex rubber price is 15,700 yuan/ton, down 100 yuan/ton from the previous day; Thai No. 20 mixed rubber price is 15,050 yuan/ton, down 80 yuan/ton [4] - As of January 11, 2026, the total inventory of natural rubber in Qingdao is 568,200 tons, an increase of 1,980 tons, or 3.62% from the previous period [4][17] - With the arrival of winter in the Northern Hemisphere, the pricing framework is expected to shift from dynamic pricing based on supply and demand to static pricing based on inventory levels, leading to high volatility in rubber prices [5][18] Group 2: PX Market - The PX industry load in China increased by 0.3 percentage points to 90.9%, while the Asian industry load also increased by 0.3 percentage points to 81.2%, indicating stable supply and demand [6][19] - The demand side is supported by the restart of downstream PTA facilities, which is expected to boost PX demand [19] - The overall supply of PX is expected to remain high in January, with inventory accumulation expected to narrow [19] Group 3: PTA Market - The PTA industry load increased by 0.1 percentage points to 78.2%, remaining at a low level compared to previous years [7][20] - New order sentiment is weak, and the operating rate of terminal factories in Jiangsu and Zhejiang is declining [20] - PTA inventory is expected to face accumulation pressure in January due to seasonal demand weakness [20] Group 4: EG Market - The domestic ethylene glycol (EG) industry load increased by 0.5 percentage points to 74.2%, indicating stable supply and demand [21] - Despite rising shipping costs and potential import reductions, domestic supply remains ample, leading to significant supply pressure [21] - January is expected to see inventory accumulation, with February potentially being the peak period for inventory pressure in the first half of the year [21] Group 5: Soda Ash Market - Soda ash futures experienced a slight decline, with the latest production increasing by 57,000 tons to 754,000 tons, indicating rising supply pressure [24] - Downstream demand has slightly decreased, with the latest inventory at 156,500 tons, down 800 tons from the previous week [24] - The overall market sentiment is weak, with short-term soda ash prices expected to fluctuate [24] Group 6: Glass Market - Glass futures saw a significant decline, while spot prices remained stable [25] - Recent production has decreased, and downstream purchasing activity has improved, leading to a reduction in inventory [25] - The latest glass inventory decreased by 67,000 tons to 2,776,000 tons, indicating a seasonal demand weakness [25]

Group 1: Copper Market - The main copper futures in Shanghai closed at 103,540 yuan, while London copper slightly retreated to 13,142 USD [3][13] - The core CPI in the US for December 2025 was 2.6%, lower than expected, leading to a hawkish stance from the Federal Reserve, which limits expectations for interest rate cuts [4][14] - The Shanghai Futures Exchange saw an increase in copper warehouse receipts by 5,505 tons to 122,100 tons, while LME copper inventories rose by 4,325 tons to 141,500 tons [4][14] - Chile's copper exports to China in December 2025 were approximately 751,000 tons, showing a month-on-month improvement but still relatively low [4][14] - Market sentiment is currently warm, supported by strong fundamentals and pre-holiday stocking, with expectations for copper prices to maintain high-level fluctuations [4][14] Group 2: Nickel and Stainless Steel - Nickel prices continue to operate at high levels due to uncertainties regarding Indonesian policies [4][14] - The Indonesian government is currently calculating the 2026 RKAB quota, aiming to match supply and demand, which has somewhat alleviated market concerns [4][14] - Nickel prices are expected to remain volatile until Indonesian policies are clarified, with the Shanghai nickel reference range set between 130,000 and 160,000 yuan per ton [4][14] Group 3: Silicon and Aluminum - The price of polysilicon remains low due to a decline in market sentiment, with global production expected to drop to around 110,000 tons in January [5][15] - The cancellation of export tax rebates for the photovoltaic downstream may temporarily benefit exports, but the impact on polysilicon demand is expected to be limited [5][15] - Aluminum prices are under pressure, with the 05 contract experiencing a significant drop and overall supply remaining excessive at around 96 million tons [5][15] - The 05 aluminum contract is expected to operate within a range of 2,500 to 2,800 yuan per ton, with a recommendation to hold short positions [5][15] Group 4: Zinc and Lead - Zinc prices showed strong fluctuations, with domestic TC prices stabilizing around 1,100 yuan, while the willingness to accept prices below 1,000 yuan is low [7][17] - The lead market is experiencing a slight recovery in supply due to adjustments in primary smelter maintenance plans, although demand remains weak [8][18] - The lead price is expected to fluctuate within a range of 16,800 to 17,800 yuan per ton, with a recommendation for range trading [8][18] Group 5: Precious Metals - The US December CPI data met expectations, leading to a slowdown in the upward momentum of precious metals, with only silver continuing to perform strongly [9][19] - Geopolitical risks remain, particularly with rising tensions between the US and Iran, and ongoing concerns regarding the independence of the Federal Reserve [9][19] - The market is awaiting further guidance on tariffs and geopolitical developments, with current precious metal prices at high levels and significant volatility expected [9][19]