中证报中证网讯（记者 谭丁豪）当市场波动常态化、资产轮动加速，传统投研模式深陷效能瓶颈。在 宏观环境复杂多变与信息指数级增长的背景下，机构投资者的核心诉求已从获取零散研究观点，升级为 对系统性决策能力的迫切需求。在此背景下，中信建投（601066）证券近日推出"智研多资产配置+"平 台，为机构投研范式升级注入关键新动能。 中信建投证券表示，该平台的核心竞争力源于公司"专业研究+科技赋能"双轮驱动。每一项功能背后， 均依托金融工程及基金研究团队多年沉淀的体系化框架，而专属科技团队与信息技术部的支撑，累计40 余项专利与软著，确保了系统先进性与稳定性，成功将依赖个人经验的复杂研究，转化为标准化、可复 用的系统能力。 当前机构理财市场中，数据与模型多以"信息孤岛"形式存在，投研人员需在多数据库、工具与报告间手 工拼接验证，不仅效率低下，更导致宝贵投资洞察在转化中损耗。 此次平台上线，不仅是卖方研究向数字化、产品化、智能化的深度演进，更提供了行业转型的参考样 本。中信建投证券表示，平台完整回应了机构"投什么、怎么投、如何优化"的核心诉求，通过赋能投研 流程系统化、决策效率提升，助力机构在复杂市场中构筑可持续竞争力。这 ...

Core Viewpoint - The China Securities Regulatory Commission has approved an increase in the margin requirement for margin financing from 80% to 100%, effective January 19, 2026, impacting investor behavior and market dynamics [1][4]. Group 1: Regulatory Changes - The Shanghai and Shenzhen Stock Exchanges have announced the adjustment of the financing margin ratio, raising the minimum margin requirement for investors from 80% to 100% [1]. - Major securities firms, including CITIC Securities and Galaxy Securities, have followed suit, implementing the new margin requirement for newly opened contracts starting January 19, 2026 [1][3]. Group 2: Impact on Investors - The increase in the margin requirement means that investors will need to provide more of their own funds as collateral for margin trading. For instance, to borrow 1 million yuan, investors will now need to deposit 1 million yuan as margin instead of 800,000 yuan, reducing the leverage ratio from 1.25 to 1 [4]. - This adjustment is seen as a regulatory measure to moderate market leverage and mitigate speculative risks, thereby protecting investors' rights [4]. Group 3: Historical Context and Market Implications - The margin financing system is a critical component of China's capital market risk control framework, and changes to the margin ratio directly affect leverage levels and market volatility thresholds [4]. - Historical adjustments to the margin ratio, such as the increase from 50% to 100% in November 2015 and the decrease to 80% in September 2023, illustrate the regulatory body's responsive approach to market conditions [4].

Core Insights - The monthly active users (MAU) of securities apps reached 175 million in December 2025, marking a 1.75% month-on-month increase and a 2.26% year-on-year increase, achieving a new monthly high for the year [4][3] - Throughout 2025, the MAU of securities apps experienced a recovery after a dip in the middle of the year, with a significant rebound in November leading to a peak at year-end [4][2] - The competition for traffic between third-party platforms and brokerage self-operated apps intensified, with brokerages accelerating the integration of AI technology in advisory and trading scenarios to enhance service models and user experience [4][12] Monthly Active Users Overview - In December 2025, the MAU for securities apps was 175.32 million, with notable monthly changes: November had 172.30 million (up 2.06% month-on-month) and October had 168.82 million (down 3.38% month-on-month) [5][4] - The MAU trend for 2025 showed a starting point of 161.84 million in January, peaking in December after a recovery phase post-May [4][5] Leading Apps and Market Dynamics - The top three securities apps by MAU in December were Tonghuashun (36.70 million), Dongfang Caifu (18.22 million), and Dazhihui (12.97 million) [6][5] - Among brokerage self-operated apps, Huatai's Zhangle Wealth reached over 12 million MAU, followed by Guotai Haitong Junhong with 10.40 million [6][5] - The number of brokerage apps with an average monthly active user count exceeding 6 million increased to 14 in 2025, indicating a growing concentration in the market [8][7] AI Technology Integration - The application of AI technology in the securities industry has accelerated, with multiple brokerages launching intelligent tools across key areas such as intelligent research, trading, and advisory services [12][11] - Notable advancements include the upgrade of trading robots by Galaxy Securities and the introduction of AI advisory platforms by various brokerages, enhancing service efficiency and user experience [13][12] - Despite the current limitations of AI tools in guaranteeing stable investment returns, their functionality is expanding, addressing various investment challenges and improving investors' capabilities in data analysis and strategy formulation [12][13]

Industry Overview - Domestic flight bookings are warming up, with ticket prices and time periods showing "double peaks" for the 2026 Spring Festival travel season, indicating an early release of market heat [1][2] - As of January 11, domestic flight bookings have increased by 8% compared to the same period in 2025, with a continuous upward trend in bookings after the New Year holiday [2] - International flight search volumes have surged, with significant regional price differentiation; prices for destinations in Japan, Australia, the Middle East, and the Americas have decreased compared to last year, while Southeast Asia has seen price increases [2] - Overall growth in domestic airlines is noted, with significant performance differences among airlines, particularly leading carriers like Huaxia Airlines, Western Airlines, and Tibet Airlines showing strong capacity growth [2] - Major airports are leading the way, with regional performance disparities; it is expected that the number of passenger flights during the Spring Festival will exceed one million, with 80% of airports experiencing year-on-year growth [2] Market Performance - The transportation sector overall has seen a decline relative to the CSI 300 index during the week of January 12-16, with the airline sector down by 3.50% and the airport sector down by 4.09% [1]

Industry Trends - The movie industry has identified three major trends over the past 25 years: 1) Animated films have performed exceptionally well, with 4 out of the top 10 box office films being animated, including two record-breaking titles [1] - 2) The trend of derivative layouts is emerging, maximizing the commercial value of IP through a combination of short-term box office and long-term derivatives [1] - 3) The supply of imported films is abundant, becoming a significant contributor during summer and New Year periods [1] Upcoming Releases - For the 2026 Spring Festival, two high-grossing IP sequels, "Fast Life 3" and "Boonie Bears 12," have been scheduled, with major players like Damai, Maoyan, Wanda Film, and China Film expected to announce more significant releases [1] - The strong cast and past box office success of similar films contribute to a positive outlook for the 2026 Spring Festival [1] Box Office Outlook - The company remains optimistic about the performance of imported films in 2026, with anticipated releases of major IP sequels such as "Avengers," "Spider-Man," "Toy Story," and "Minions" expected to be introduced to the domestic market [1] - The smooth introduction of imported films in 2025 and a rich reserve of Hollywood films for 2026 support a positive forecast for domestic box office performance [1] Company Recommendations - The company recommends investing in Damai Entertainment (01060), which is expected to benefit from strong IP business performance and favorable policy changes in the domestic performance sector, as well as from overseas projects [1] - China Film (600977.SH) is also highlighted as a potential beneficiary of the recovery in box office from imported films [1] - Other companies to watch include ticketing leader Maoyan Entertainment (01896), cinema chain leader Wanda Film (002739.SZ), and Shanghai Film (601595.SH), which is expected to benefit from the combination of IP and AI [1]

智通财经APP获悉，中信建投发布研报称，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。该行维持前期观点，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。 中信建投主要观点如下： 整车板块 景气延续"弱预期、弱现实"，反内卷持续推进，出口预期改善。本周乘联会披露26年1月1-11日国内乘 用车批发及零售销量同比分别-40%、-32%，其中新能源同比分别-30%、-38%，淡季景气承压，但市场 预期或已钝化。1月14日，工信部、发改委、市场监管局三部门召开新能源汽车行业企业座谈会，部署 规范新能源汽车产业竞争秩序相关工作，坚决抵制无序"价格战"，看好后市场经销商新车销售有望盈利 改善。此外，1月12日商务部通报中欧电动汽车案磋商进展，拟向对欧盟出口纯电动汽车的中国出口 商，提供关于价格承诺的通用指导;1月16日正在中国访问的加拿大总理卡尼表示，加拿大将以优惠关税 税率进口4.9万辆中国电动汽车(税率将从100%降至6.1%)。 ...

Core Viewpoint - The recent proactive cooling measures in the market aim to mitigate potential short-term severe consequences of an overheated market while maintaining a positive long-term outlook [1] Industry Analysis - The proactive cooling does not affect the overall pattern of the year-end market, but it may alleviate previously overheated conditions, leading to changes in trading directions [1] - Key sectors showing significant growth catalysts include AI computing power, non-ferrous metals, innovative pharmaceuticals, and the automotive industry [1] - Previous market hotspots such as commercial aerospace and AI applications may undergo phase adjustments, prompting attention to other thematic areas like ultra-high voltage, brain-computer interfaces, and controllable nuclear fusion [1]

1月19日，金风科技涨5.14%，截至发稿，报28.43元/股，成交137.83亿元，换手率15.99%，总市值 1201.19亿元。 中信建投稳利A（000804）基金经理为杨志武。 截至发稿，杨志武累计任职时间3年48天，现任基金资产总规模4.19亿元，任职期间最佳基金回报 59.22%， 任职期间最差基金回报8.51%。 资料显示，金风科技股份有限公司位于北京市经济技术开发区博兴一路8号,香港铜锣湾礼顿道9-11号合 诚大厦17楼1701室，成立日期2001年3月26日，上市日期2007年12月26日，公司主营业务涉及风力发电 机组开发制造和销售、风电服务、风电场投资与开发、水务业务。主营业务收入构成为：风机及零部件 销售76.58%，风电场开发11.12%，风电服务10.15%，其他2.16%。 从基金十大重仓股角度 数据显示，中信建投基金旗下1只基金重仓金风科技。中信建投稳利A（000804）三季度持有股数1.46万 股，占基金净值比例为0.37%，位居第七大重仓股。根据测算，今日浮盈赚取约2.03万元。 中信建投稳利A（000804）成立日期2014年9月26日，最新规模4846.96万。今年以来 ...

Core Viewpoint - The report from Kaiyuan Securities expresses optimism about the brokerage sector, highlighting the sustained growth of brokerage performance and the pressure on the funding side, indicating a significant lag in the brokerage sector [1] Group 1: Regulatory Developments - On January 16, the China Securities Regulatory Commission (CSRC) solicited opinions on the draft of the "Supervision and Management Measures for Derivative Transactions (Trial) (Draft for Comments)" [2] - The policy aims to strengthen the standardized management of the derivatives market, clarifying the CSRC's regulatory scope and emphasizing enhanced monitoring and cross-market regulation [3] - The policy supports the steady development of the derivatives market, encouraging risk management activities and limiting excessive speculation [3] Group 2: Impact on Brokerage Firms - The enhanced transparency in derivatives regulation is expected to benefit the long-term development of brokerage firms' derivatives business, providing a more stable operational framework for brokers and investors [4] - The derivatives business is highly concentrated, with top-tier brokers holding significant advantages; as of November 2023, the market share of the top five firms in swap and OTC options was 66% and 59%, respectively [4] - Top-tier brokers, such as CITIC Securities and Guotai Junan, can directly engage in stock hedging transactions, while secondary brokers are limited in their trading capabilities [4] Group 3: Market Stability and Investment Recommendations - Derivative tools are seen as beneficial for stabilizing market fluctuations, with the potential for relaxed scale restrictions favoring leading brokers [5] - The CSRC's commitment to a robust monitoring system for derivatives trading is expected to facilitate high-quality development in the derivatives business, contributing to market stability [5] - Investment recommendations include top brokers with strong international business and undervalued stocks, such as Huatai Securities and Guotai Junan, as well as firms with significant wealth management advantages like GF Securities [5]

Group 1: Corn Market - The corn futures for March reached a peak of 2300 yuan/ton, but the overall trend remains weak; the CBOT March corn contract rose by 2.25 cents [4] - On January 12, the China Grain Reserves Corporation's Jilin branch auctioned nearly 30,000 tons of corn, all of which was sold at a premium. However, on January 15, only 20% of the 16,000 tons auctioned was sold. The Jilin branch plans to auction 71,000 tons on January 16, indicating that market sentiment is still waiting to be released [4] - Brazil's National Grain Exporters Association (ANEC) reported that corn exports from Brazil in January are expected to reach 3.27 million tons, an increase from the previous estimate of 2.85 million tons and a 2.7% rise compared to the same period last year [5] Group 2: Soybean Meal Market - The CBOT soybean market benefited from favorable biofuel policies, continuing to rebound, but the outlook for abundant South American production limits upward potential [16] - Forecasts indicate that the upcoming week will see significant rainfall in Brazil's Midwest (over 80 mm), while the southern regions and key areas in Argentina will experience little to no rain, raising concerns about the impact of high temperatures and low rainfall on Argentine soybean growth [16] - The market is currently in a state of "overall looseness but with structural tightness expected," with weakening cost support from the U.S. market and declines in meal prices affecting soybean meal prices [16] Group 3: Egg Market - The spot price of eggs in major production areas continues to rise, with the average price in Hebei's Guantao at approximately 3.40 yuan per jin, an increase of 0.06 yuan from the previous day [17] - The industry inventory is at a historical low, with available days of inventory in production and circulation at around one day, making the market highly sensitive to concentrated demand releases [17] - In the medium to long term, the price of eggs is expected to gradually increase, driven by a clear trend of capacity reduction [17] Group 4: Pig Market - The average price of live pigs in major production areas is approximately 13.25 yuan per kilogram, with prices continuing to rise above 13 yuan per kilogram [19] - There is a growing sentiment for piglet restocking in January, with prices for piglets rising quickly to an average of 330 yuan per head [19] - Short-term focus should be on the near-term market trends, while medium-term strategies can be based on breeding profits [19]