Core Viewpoint - The article discusses the strategic vision and operational goals of CITIC Securities as it aims to become a leading investment bank, emphasizing its role in supporting China's modernization and financial development [3][4][15]. Group 1: Financial Achievements - CITIC Securities acted as a joint sponsor for CATL's IPO, which raised HKD 410.06 billion, marking the largest IPO in the global market in three years and the largest in the history of the Hong Kong new energy sector [1][6]. - By November 2025, CITIC International aims to complete three IPO sponsorship projects in the Hong Kong market, with a total equity financing scale of HKD 429.26 billion [6]. Group 2: Strategic Vision - The company has outlined a "two-step" strategy: to solidify its position as a top domestic investment bank by 2030 and to achieve international competitiveness by 2035 [8][14]. - CITIC Securities emphasizes the importance of integrating financial services with national strategies, focusing on serving the real economy and enhancing the quality of capital market development [3][11]. Group 3: Governance and Risk Management - The governance structure of CITIC Securities is designed to ensure effective checks and balances, with a focus on compliance and risk management, achieving over 95% accuracy in monitoring abnormal transactions and credit risks [9]. - The company has established a comprehensive risk management system that includes preemptive measures, real-time controls, and post-event supervision [6][9]. Group 4: Talent Development - CITIC Securities is committed to nurturing a talent pool that combines financial expertise with technological proficiency, aiming to support its digital transformation and international expansion [7]. - The company has implemented an open talent policy and a training mechanism to ensure that employees receive competitive market compensation [7]. Group 5: Digital Transformation - The company is advancing its digital transformation through the "All-in-AI" strategy, focusing on integrating data across all business lines to enhance customer service and operational efficiency [10][13]. - CITIC Securities is developing a unified customer data platform to support agile service delivery and improve decision-making processes [10]. Group 6: Commitment to ESG - CITIC Securities integrates ESG principles into its investment and financing decisions, focusing on technology innovation, green industries, and private enterprises [7][11]. - The company aims to align social value with market value, ensuring that its financial activities contribute positively to society [7][11].

Market Overview - The three major indices collectively adjusted, with the Shenzhen Component Index falling over 1% and the ChiNext Index dropping nearly 2% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 3.65 trillion yuan, an increase of 49.6 billion yuan compared to the previous trading day [1] - Over 3,700 stocks in the market declined, while sectors such as AI applications and AI healthcare saw gains [1] Strategic Metals Investment - CITIC Construction maintains a positive outlook on strategic metals investment opportunities due to rising resource nationalism and geopolitical tensions [2] - The importance of strategic mineral resources has increased, becoming a new battleground for countries amid global supply chain disruptions [2] Inflation and Federal Reserve Outlook - CICC reports that the U.S. December CPI rose by 2.7% year-on-year, aligning with market expectations, while core CPI was at 2.6%, below expectations [3] - The report indicates that moderate inflation data is insufficient for the Federal Reserve to consider a rate cut in January, with the next potential cut possibly in March [3] Market Sentiment and Sector Rotation - CITIC Securities highlights that market liquidity is increasing, with A-share trading volume surpassing 3 trillion yuan, leading to accelerated sector rotation [4] - External factors, such as U.S. non-farm payrolls and unemployment rates, have reduced the likelihood of a rate cut by the Federal Reserve in January [4] - Domestic economic recovery remains fragile, with ongoing adjustments in economic and income structures, while support for technology sectors like AI and commercial aerospace continues [4]

Group 1 - The core viewpoint is that during the "14th Five-Year Plan" period, the Chinese economy will enter a transformation phase dominated by new quality productivity, with a downward shift in the growth center and intensified external geopolitical competition [1] - Industry investment will focus on four main lines: technology self-reliance driven by new quality productivity, green transformation during the carbon peak period, the silver economy driven by population aging, and strategic resource allocation under the coordination of development and security [1] - Non-ferrous metals are expected to maintain strong performance, with gold being a core safe-haven asset under the "de-dollarization" pricing logic, while copper and aluminum will benefit from energy transition and supply constraints [1] Group 2 - The asset allocation strategy suggested is a dual-peak strategy: defensive allocation in high-dividend assets (such as hydropower, telecom operators, and state-owned banks) to secure stable cash flow returns, and offensive allocation in hard technology growth assets (such as semiconductor equipment, industrial software, and humanoid robots) to capture excess returns from domestic substitution and industrial upgrading [1] Group 3 - The AI industry is experiencing continuous catalysis, with significant commercial development potential for AI applications, particularly in generative search (GEO) [2] - In addition to content generation, content interaction is becoming an important breakthrough point, enhancing user engagement significantly, especially in gaming and other content sectors [2] Group 4 - The chemical industry, characterized as a typical cyclical industry, usually follows a five-year cycle consisting of four stages: profit upturn, capacity expansion, profit bottoming, and capacity clearance/improvement in demand expectations [3] - With capital expenditure growth turning negative, anti-involution, overseas interest rate cuts, and domestic demand expansion, the chemical industry is viewed positively at the beginning of the "14th Five-Year Plan" as it enters a "dawn" phase [3] - The ongoing global technological revolution is accelerating, presenting new opportunities for material transformation [3]

（文章来源：第一财经） 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。 ...

Core Viewpoint - The report from CITIC Construction Investment highlights the relationship between the overall society's ROIC (Return on Invested Capital) and long-term interest rates, establishing a 2:1 ratio that is supported by market arbitrage and is globally applicable as a long-term interest rate analysis framework [1] Group 1: ROIC Analysis Framework - The overall society's ROIC is calculated using an "industry-weighted method," which considers the financial data of listed companies to compute the ROIC for each industry [1] - Due to the inconsistency between the industry structure of listed companies and the macroeconomic industry structure in China, the report estimates the capital scale of each industry based on monthly fixed asset investment data published by the National Bureau of Statistics [1] - The final overall society's ROIC is obtained by weighting the ROIC of each industry according to their respective capital scales [1] Group 2: Future Outlook - During the "14th Five-Year Plan" period, it is expected that the capital return level in China will bottom out and rise, which will subsequently pull up the long-term interest rate center [1] - Despite the anticipated decline in actual economic growth rates during the "14th Five-Year Plan" period, the capital return level is projected to rise, driven by the manufacturing and real estate sectors [1]

Group 1 - The core viewpoint is that Japan's low interest rate era has ended, leading to significant shifts in global asset allocation and market dynamics [1][19][20] - The transition in Japan's bond yields is a response to structural inflation driven by factors such as manufacturing hollowing, declining birth rates, and prolonged low interest rates [1][21][28] - The normalization of Japan's monetary policy has been marked by five key events, including adjustments to the Yield Curve Control (YCC) and the end of negative interest rates [2][3][4] Group 2 - The reversal of carry trade in Japan is expected to impact global asset pricing, particularly affecting U.S. equities and other core assets [2][4][5] - The scale of carry trades is estimated to be in the hundreds of billions for narrow definitions and up to $5 trillion for broader definitions, indicating a significant potential impact on global liquidity [5][7] - Japan's transition from a low interest rate environment to a more normalized monetary policy is likely to increase volatility in global markets, particularly for assets previously favored by carry trades [11][12][14] Group 3 - Japan's government faces a dilemma between fiscal contraction and currency depreciation, which could further complicate the economic landscape [2][12] - The normalization process is expected to lead to increased asset volatility, as the previously stable flow of Japanese capital into global markets may reverse [11][14] - The structural changes in Japan's economy, including a shift towards inflation, may challenge the long-held belief in low inflation and low interest rates as a norm [21][27][28]

Core Viewpoint - During the "14th Five-Year Plan" period, China's economy is expected to enter a transformation phase dominated by new quality productivity, with a downward shift in growth center and intensified external geopolitical competition [1] Group 1: Investment Focus Areas - Industrial investment will focus on four main lines: technology self-reliance driven by new quality productivity, green transformation during the carbon peak battle, the silver economy driven by population aging, and strategic resource layout under the coordination of development and security [1] - Non-ferrous metals are expected to maintain strong performance, while gold is viewed as a core safe-haven asset under the "de-dollarization" pricing logic; copper and aluminum will benefit from energy transition and supply constraints [1] Group 2: Asset Allocation Strategy - The asset allocation strategy suggests a dual-peak approach: defensive allocation in high-dividend assets (such as hydropower, telecom operators, and state-owned banks) to secure stable cash flow returns; offensive allocation in hard technology growth assets (such as semiconductor equipment, industrial software, and humanoid robots) to capture excess returns from domestic substitution and industrial upgrading [1]

Core Viewpoint - The article discusses the strategic vision and operational goals of CITIC Securities, emphasizing its commitment to serving China's modernization and becoming a leading investment bank by 2035 [2][13]. Group 1: Financial Achievements - CITIC Securities acted as a joint sponsor for CATL's IPO, raising HKD 410.06 billion, marking the largest IPO in the global market in three years and the largest in the history of the Hong Kong new energy sector [1][5]. - By November 2025, CITIC International aims to complete three IPO sponsorship projects in the Hong Kong market, with a total equity financing scale of HKD 429.26 billion [5]. Group 2: Strategic Goals - The company has set a two-step strategy: to solidify its domestic leadership by 2030 and to achieve international competitiveness by 2035 [8][13]. - CITIC Securities aims to enhance its international revenue share and has established a comprehensive service system since the establishment of CITIC International in 2012 [9]. Group 3: Governance and Risk Management - The company emphasizes the integration of party leadership and corporate governance, ensuring a transparent and effective governance mechanism [8]. - A comprehensive risk management system has been established, achieving over 95% accuracy in monitoring abnormal transactions and credit risks [8]. Group 4: Talent Development - CITIC Securities is implementing an open talent policy and a training mechanism to cultivate professionals with both financial and technological expertise [6]. - The company aims to build a workforce that is adept in both domestic and international markets to support its digital transformation and international development [6]. Group 5: Digital Transformation - The company is advancing its "All-in-AI" strategy, focusing on integrating AI into various operational areas, including intelligent customer service and risk control [9][12]. - A digital platform, "DeepTiming," is being developed to provide personalized investment strategies, ensuring compliance while meeting market demands [10][12]. Group 6: Commitment to ESG - CITIC Securities is embedding ESG principles into its investment and financing decisions, focusing on technology innovation and green industries [6][10]. - The company aims to align social value with market value, enhancing its role in supporting sustainable economic development [6][10].

香江之畔，一声钟响。 半年前，宁德时代在港交所鸣锣上市，募集资金410亿港元，创下近三年来全球IPO融资规模新高，也 成为港股新能源行业最大融资案例。 作为这笔交易的联席保荐人，中信建投证券全程护航。 数字之外，一个话题随之浮现：当中国产业迈向世界舞台中央，金融如何发挥作用？ 党的二十届四中全会锚定中国式现代化发展全局，对加快建设金融强国、推动资本市场高质量发展作出 系统性战略部署。中国证监会主席吴清在中国证券业协会第八次会员大会上明确提出，证券行业应牢牢 把握"国家兴衰，金融有责"的历史定位，奋力打造一流投资银行和投资机构。 战略蓝图既已绘就，关键在于笃行实干。 中信建投证券党委书记、董事长刘成日前在接受中国证券报记者专访时阐述了自己的思考。他表示，作 为资本市场"国家队"的核心成员，中信建投证券始终将服务中国式现代化作为核心职责与价值追求。 ● 本报记者 徐昭 葛瑶 谭丁豪 ■"证券公司学习宣传贯彻党的二十届四中全会精神"系列报道 中信建投证券党委书记、董事长刘成： 践行金融强国使命 谱写一流投行新篇 胸怀"国之大者" 践行金融为民 金融如活水，唯浸润实体经济的土壤，方能滋养产业根基。 中信建投证券笃信， ...

Group 1 - The core viewpoint of the article highlights the positive outlook for the petrochemical industry, with a focus on the ongoing capital inflow into the petrochemical ETF and the anticipated market trends for 2026 [1] - The petrochemical ETF (159731) has seen a net inflow of 57.72 million yuan over the past four days, indicating strong buying interest [1] - CITIC Securities expresses optimism for the cross-year market, emphasizing the importance of focusing on future industry hotspots, AI, and the rising prices of resource products [1] Group 2 - The petrochemical industry is currently at the bottom of its cycle, with expectations for improvement in supply-demand dynamics and profitability due to supply-side structural reforms [1] - The basic chemical industry accounts for 59.2% and the oil and petrochemical industry for 32.6% of the Shenwan primary industry distribution, indicating a significant concentration in these sectors [1] - The article suggests that technology and resource products will be the two core investment themes for A-shares this year, with frequent sector rotation and style switching anticipated [1]