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 ...

Core Viewpoint - The AI glasses industry is expected to enter a product explosion phase by 2025, with major players like Google and Apple set to launch their products between 2026 and 2027, following Meta's introduction of AI glasses in September 2023 [1][2]. Group 1: Industry Development and Current Status - AI glasses combine AI technology with traditional eyewear, representing a potential optimal hardware platform for AI in the consumer market. Current mainstream products include AI audio glasses, AI camera glasses, and AI+AR glasses with displays [2][3]. - Meta's Ray-Ban Meta is noted as the first AI glasses to exceed one million units in sales, marking a significant milestone in the industry [2]. - The industry is characterized by a diverse range of participants, including XR tech companies, AI glasses startups, internet giants, smartphone manufacturers, and cross-industry players, all intensifying R&D efforts [2]. Group 2: Challenges and Opportunities - The AI glasses face a "trilemma" involving performance, weight, and battery life, leading to compromises in cost and functionality. Different types of AI glasses focus on specific features such as viewing, audio, and photography [3]. - AI audio and camera glasses are relatively mature, while AI+AR glasses with displays are still in development, with optical display systems being a critical component. The waveguide solution is anticipated to become the mainstream direction in the future [3]. - From a consumer perspective, for AI glasses to reach a broader audience, improvements in performance, battery life, weight (under 30g), and price reduction are essential [3]. Group 3: Opportunities for Lens Manufacturers - Lens manufacturers can leverage their retail channels to enhance AI glasses sales by providing experiences and professional support [4]. - There is a growing demand for lightweight prescription lenses for AI glasses, which can increase average transaction values through customization [4]. - Manufacturers can also engage in joint development of integrated lenses for waveguide displays in AI+AR glasses, and deepen their involvement in the supply chain by exploring areas like waveguides, electrochromic materials, and eye-tracking components [4].

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 ...

Economic Overview - In 2025, China's GDP is projected to grow by 5.0%, reaching 140.19 trillion yuan, with industrial added value increasing by 5.9% year-on-year [4][14] - The total retail sales of consumer goods are expected to grow by 3.7%, while fixed asset investment is forecasted to decline by 3.8%, particularly in real estate development, which is expected to drop by 17.2% [4][14] - By the end of 2025, China's population is estimated to be 1.40489 billion, with a net decrease of 3.39 million people due to 7.92 million births and 11.31 million deaths [4][14] Steel Production and Trade - In 2025, China's crude steel production is expected to be 96.081 million tons, a decrease of 4.4% year-on-year, while pig iron production is projected at 83.604 million tons, down 3.0% [4][14] - Steel production is anticipated to reach 144.612 million tons, reflecting a year-on-year increase of 3.1% [4][14] - China's foreign trade in 2025 is expected to reach 45.47 trillion yuan, a growth of 3.8%, with steel exports hitting a record high of 11.9019 million tons, up 7.5% [4][14] Market Activity - On January 19, the national main port iron ore transactions reached 1.194 million tons, an increase of 7.3% month-on-month, while the transaction volume of construction steel by 237 mainstream traders decreased by 10.4% [5][15] - The capacity utilization rate of iron-making furnaces in 247 steel mills was 85.48%, down 0.56 percentage points from the previous week, while the profitability rate of steel mills increased by 2.17 percentage points to 39.83% [5][15] - The total supply of five major steel products was 8.1921 million tons, with a slight increase of 0.1% week-on-week, while total inventory decreased by 0.6% to 12.4701 million tons [5][15] Specific Steel Products Analysis - Rebar production decreased by 0.74 million tons to 1.903 million tons, with total inventory slightly down by 0.04 million tons to 438.07 thousand tons, while demand showed a recovery of 15.28 thousand tons [6][16] - Hot-rolled steel production increased by 2.85 million tons to 3.0836 million tons, with inventory decreasing by 5.8 million tons to 362.33 thousand tons, indicating a cautious market outlook among traders [6][16] Price Strategy - The short-term price range for rebar (contract 2605) is expected to be between 3100-3200 yuan/ton, while hot-rolled steel (contract 2605) is projected to range from 3250-3350 yuan/ton [7][17]