中信建投（601066）研报称，近期铜铝代表的有色，年底走势非常强劲，定价关键战略资源安全以及美 国超预期货币宽松。有色行情本质是定价全球新旧秩序更替，所以铜必将接力金银，铜的行情仍未结 束。13000美元并非本轮铜价终点，看好2026年铜价赔率。 NO.3信达证券（601059）：军工行业催化较多 信达证券研报指出，A股行情的基础依然坚实，年度上存在盈利改善和资金流入共振的可能性。战略 上，该机构认为春节前流动性环境大概率较好，市场可能继续偏强，1月可能会有一些波动。未来1年市 场短期的波动可能来自监管政策和供给放量速度。需要关注监管政策变化的情况，同时，如果股权融资 规模放量速度很快，股市供需格局再次转弱，那么市场也存在波动加大的可能。板块方面，科技板块在 春季行情中通常有明显的超额收益，行情可能围绕产业催化出现扩散。周期板块也是春季行情中的弹性 品种，政策和盈利均有预期。有色金属、储能等行业供需格局较好，价格持续上行。军工行业产业催化 较多，业绩空窗期主题活跃的阶段容易表现强。金融板块中，非银的弹性有望逐步增加。 ｜2026年1月12日星期一｜ NO.1华西证券：把握做多窗口牛市行情或将继续推进 华西证 ...

Group 1 - The core viewpoint of the report indicates that the domestic economic investment and demand in China have shown positive signs since the beginning of the year, supported by early issuance of construction project lists and budget plans totaling approximately 295 billion yuan, which is an increase of 95 billion yuan compared to the same period last year [1] - The report highlights that the issuance of special bonds and government bonds has accelerated, with concentrated project commencement and policy support providing strong backing for investment [1] - On the demand side, the price level has rebounded unexpectedly, with the Producer Price Index (PPI) increasing by 0.2% month-on-month and the year-on-year decline narrowing to 1.9% [1] Group 2 - The report mentions that the recent State Council meeting has further deployed a package of fiscal and financial policies to promote domestic demand, focusing on boosting consumption and private investment [1] - It is suggested that investment growth will significantly rebound in the second half of 2025 due to the impact of a series of policy tools, leading to a notable recovery in social demand [1] - The report recommends paying attention to undervalued cyclical sectors such as steel structures and infrastructure, as well as industries with recent positive developments like space photovoltaics, nuclear energy, and storage [1]

Group 1 - The core viewpoint of the article highlights that the domestic economic investment and demand in China have shown positive signs since the beginning of the year, supported by government initiatives and policies [1] - The National Development and Reform Commission has issued an early batch of "two heavy" construction project lists and central budget investment plans totaling approximately 295 billion yuan, which is an increase of 95 billion yuan compared to the same period last year [1] - Local special bonds and government bonds are being issued promptly, with concentrated project commencement and policy support providing strong backing for investments [1] Group 2 - On the demand side, the price level has rebounded more than expected, with the Producer Price Index (PPI) increasing by 0.2% month-on-month and the year-on-year decline narrowing to 1.9% [1] - Recent State Council meetings have further deployed a package of fiscal and financial policies to promote domestic demand, focusing on consumption and private investment [1] - It is anticipated that investment growth will significantly rebound in the second half of 2025 due to the impact of a series of policy tools, leading to a notable recovery in social demand [1] Group 3 - The report suggests paying attention to undervalued cyclical sectors such as steel structures and infrastructure [1] - Recent favorable developments in industries like space photovoltaics, nuclear energy, and storage have been noted, with recommendations to focus on nuclear power construction and cleanroom construction companies [1]

Core Viewpoint - The report from CITIC Construction Investment indicates that the reform of central state-owned enterprises (SOEs) will deepen from late 2025 to early 2026, focusing on professional restructuring, strategic upgrades, and industrial synergy [1] Group 1: Restructuring and Integration - The vertical integration of Sinopec and China Aviation Oil serves as a benchmark, creating a comprehensive "refining-storage-distribution" system [1] - This integration not only aligns with the policy direction of SOE reform but also addresses the industry's pain points regarding insufficient collaboration in aviation fuel [1] Group 2: Competitive Advantage and Supply Security - The restructuring enhances international competitiveness and supply security capabilities [1] - The establishment of a Sustainable Aviation Fuel (SAF) industrial ecosystem supports the low-carbon transition of the aviation industry [1] Group 3: Focus Areas for Future Development - Central SOEs are concentrating on intelligent, green, and integrated transformations, leveraging the "14th Five-Year Plan" to expand into emerging industries [1] - Key focus areas include new energy, 6G technology, and biobreeding [1]

随着"十五五"开局，多家主流券商近期密集发布2026年北交所投资策略。其中，"新质生产 力"与"中小盘成长股"成为共识性的布局焦点。开源证券建议关注春季行情中代表新质生产力的产业链 机会；中信建投证券认为，新质生产力、科技创新与战略资源等领域将孕育丰富的结构性投资机会。作 为服务创新型中小企业的核心阵地，北交所正日益成为资本市场布局前沿科技与产业升级的重要战场。 投资逻辑转变 历经前期的市场发展和估值修复，主流券商普遍认为，北交所的投资逻辑正发生深刻变化，已从板 块普涨转向个股价值深度挖掘。在这一新范式下，具备核心竞争力的企业将脱颖而出。 从市场节奏来看，华源证券认为，2025年有多达34家北交所公司股价翻倍，显示出强大的市场弹 性，2026年北交所的"春季躁动"行情值得投资者积极布局。 业内普遍认为，随着市场生态持续优化，一个"优质企业聚集—流动性改善—制度赋能—业绩兑 现"的正循环已在北交所逐步形成。这个曾经聚焦"小而美"企业的市场，正聚力迈向"强而久"的新发展 阶段。对于投资者而言，2026年的北交所，将更考验其精准识别真成长企业的能力。 聚焦新质生产力 "新质生产力"已成为券商展望2026年北交所时绕 ...

Group 1 - The core viewpoint of the article is that the non-ferrous metals market, particularly copper and aluminum, is experiencing a strong year-end performance driven by strategic resource pricing and unexpected monetary easing in the U.S. [1] - The essence of the non-ferrous market is tied to the pricing of the global transition between old and new orders, indicating that copper will take over from gold and silver in terms of market momentum [1] - The report suggests that the current copper price of $13,000 is not the peak for this cycle, and there is optimism for copper price performance through 2026 [1]

Group 1 - The core viewpoint of the article is that the copper market is expected to continue its strong performance, driven by strategic resource security and unexpected monetary easing in the U.S. [1] - The report from CITIC Securities indicates that the performance of non-ferrous metals, particularly copper and aluminum, has been robust towards the end of the year [1] - The article suggests that the copper price is not at its peak, with a target price of $13,000 not being the end point for this round of copper pricing, and it expresses optimism for copper prices through 2026 [1]

Group 1: Market Overview - Recent focus in the Chinese capital market is on the RMB exchange rate and non-ferrous metal trends [1][22] - The A-share market opened strong, with the Shanghai Composite Index surpassing 4100 points, marking a 10-year high, while the H-share market experienced slight adjustments [8][24] - The strong performance in the equity market is contrasted by a pullback in the bond market, with the 10-year government bond yield reaching 1.9% [10][26] Group 2: Non-Ferrous Metals - The non-ferrous metal market, particularly copper and aluminum, is expected to maintain strong performance, driven by strategic resource pricing and unexpected monetary easing in the U.S. [2][22] - Copper prices are projected to continue rising, with a target of $13,000 not being the peak for this cycle, and a favorable outlook for 2026 [2][22] - The essence of the non-ferrous market is seen as a reflection of the global shift in pricing and order, with copper expected to take over from gold [2][22] Group 3: Currency Outlook - There is a bullish outlook on the appreciation of the RMB, driven by the return of funds to China and a revaluation of RMB assets [2][22] - The short-term stability of the RMB exchange rate is anticipated, with discussions on appreciation likely to coincide with peaks in foreign exchange settlements [2][22] Group 4: Economic Policies and Data - The People's Bank of China is expected to continue implementing a moderately loose monetary policy, focusing on high-quality economic development and reasonable price recovery [18][37] - Recent economic data shows a positive trend, with December CPI and PPI both increasing by 0.2%, indicating improvements in various sectors [19][38] - The government is taking measures to combat "involution" in sectors like photovoltaics, batteries, and food delivery platforms [36][37] Group 5: Commodity Performance - Geopolitical risks have led to a resurgence in gold and oil markets, with gold prices breaking through $4,500 per ounce and copper prices exceeding $13,000 [16][32] - The oil market is experiencing a rebound driven by geopolitical premiums rather than fundamental improvements, with global oversupply limiting long-term price increases [35][32]

Core Viewpoint - The report from CITIC Securities indicates a strong performance in the non-ferrous metals sector, particularly copper and aluminum, driven by strategic resource pricing and unexpected monetary easing in the U.S. [1] Group 1: Market Analysis - CITIC Securities believes that the non-ferrous market reflects the transition between the old and new global order, suggesting that copper will take over from gold and silver in terms of market performance [1] - The report asserts that the copper market is not at its end, with a price target of $13,000 not being the peak for this cycle, and anticipates favorable odds for copper prices by 2026 [1] Group 2: Price Dynamics - Following historical highs, copper prices are currently undergoing a technical correction phase, influenced by profit-taking and weak market realities in the short term [1] - Despite these short-term pressures, structural demand is expected to provide strong support for copper prices moving forward [1]

中信建投研报认为，近期美元指数有所反弹，但人民币汇率仍然坚挺，整体环境对A股仍然较为有利。 通胀水平温和回升，经济复苏的内生动能逐渐修复，利好A股慢牛行情持续性。从市场情绪看，我们认 为跨年行情有望继续演绎，但短期技术性回调风险上升。当前市场行业表现分化，有充分预期的板块横 盘等待兑现验证，与此同时概念主题表现活跃，前期落后板块补涨。整体而言，我们继续看好跨年行 情，行业主要围绕未来产业热点、AI和半导体、资源品涨价链展开。行业重点关注：半导体、AI、有 色金属、化工、机械、传媒、计算机、医药；主题重点关注：脑机接口、商业航天、可控核聚变、人形 机器人、量子科技等。 ...