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].

Core Viewpoint - The article discusses the strategic vision and operational goals of CITIC Securities in the context of China's financial modernization and the role of investment banks in supporting the real economy and national strategies [1][2]. Group 1: Financial Performance and Achievements - CITIC Securities acted as a joint sponsor for the IPO of CATL, 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][2]. - By November 2025, CITIC International aims to complete three IPO sponsorship projects in Hong Kong, with a total equity financing scale of HKD 429.26 billion [2]. Group 2: Strategic Goals and Vision - The company has set a "two-step" strategy: to consolidate its leading domestic position by 2030 and to achieve international competitiveness by 2035 [4]. - CITIC Securities emphasizes the integration of party leadership and corporate governance to ensure effective decision-making and risk management [4]. Group 3: Talent Development and ESG Integration - The company is focused on cultivating a workforce that is proficient in both finance and technology, ensuring a strong foundation for digital transformation and international development [3]. - CITIC Securities aims to deeply integrate ESG principles into its investment and financing decisions, enhancing social value alongside market value [3][6]. Group 4: Digital Transformation and Innovation - The company is advancing its digital transformation through the "DeepTiming" AI platform, which provides intelligent investment research and personalized strategies for high-net-worth clients [7]. - CITIC Securities is committed to continuous iteration in its digital processes, employing agile development to respond quickly to market and client needs [7]. Group 5: Commitment to Real Economy and Internationalization - The core mission of CITIC Securities is to serve the real economy by accurately channeling capital into key sectors, thereby promoting a virtuous cycle between technology, industry, and finance [6]. - The company follows a strategy of "following clients abroad and facilitating capital inflow," enhancing its role in the Belt and Road Initiative and connecting international clients with quality Chinese assets [6].

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]

格隆汇1月13日｜中信建投证券研报指出，荣昌生物与艾伯维就RC148（PD1/VEGF）实现全球合作，整 体交易的首付款为6.5亿美元，并有资格获得最高达49.5亿美元的开发、监管和商业化里程碑付款，同时 还拥有在大中华地区以外的净销售额的两位数分级特许权使用费，首付款和总金额超出市场预期。具体 来看，RC148此前在1L NSCLC和后线NSCLC中均展现出优异临床数据，药物目前在多个实体瘤中开展 临床研究，未来可期。认为本次合作让公司的国际化得到进一步加强，看好公司未来发展。预计2025- 2027年，公司收入分别为24.55亿元、33.88亿元和45.74亿元，维持"买入"评级。（暂不考虑BD的收入 确认影响） ...

编者按 党的二十届四中全会着眼于中国式现代化全局，对金融强国建设和资本市场高质量发展作出重要部署， 为证券行业在新征程上把握方向、勇担使命提供了根本遵循。中国证监会主席吴清在近期召开的中国证 券业协会第八次会员大会上表示，证券行业要牢牢把握"国家兴衰，金融有责"的历史定位，认真落实党 的二十届四中全会关于金融机构"专注主业、完善治理、错位发展"的部署要求，把握机遇，勇立潮头， 争创一流。 当前，资本市场改革持续深化，证券行业正处在乘势而上、建设一流投资银行和投资机构的关键战略机 遇期，学习、宣传、贯彻党的二十届四中全会精神是当前和今后一个时期的重要政治任务。为此，中国 证券报联合中国证券业协会推出"证券公司学习宣传贯彻党的二十届四中全会精神"系列专题报道，聚焦 证券公司在强化功能发挥、提升专业能力、推进差异化发展、筑牢合规风控底线、厚植行业文化底蕴等 方面的实践探索与丰硕成果，生动展现证券公司作为资本市场重要践行者、改革排头兵、服务主力军的 责任担当与时代作为。本篇为系列报道第三篇。 香江之畔，一声钟响。 半年前，宁德时代（300750）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 ...

Core Viewpoint - The National Energy Administration has released the "Implementation Rules for the Management of Renewable Energy Green Power Certificates (Trial)", which clarifies the issuance of tradable green certificates for various renewable energy projects and certain conventional hydropower units, while other types of electricity will receive non-tradable green certificates [1] Group 1: Policy Impact - The improvement of green certificate market policies is expected to enhance the demand for green certificates [1] - However, due to the conflict between green certificates and mechanism electricity prices, the supply of green certificates may shrink, potentially improving the supply-demand situation [1] Group 2: Green Power ETF - The Green Power ETF (159669) tracks the Green Power Index (399438), which selects listed companies in the clean energy generation sector, including hydropower, wind power, photovoltaic, and nuclear power [1] - The index focuses on power companies with low carbon attributes, high business concentration, and stable cash flows to reflect the overall performance of securities related to green power [1] - Latest data indicates the ETF's alignment with the performance of green energy-related listed companies [1]

Core Insights - The IPO market is experiencing significant changes in underwriting and advisory fee structures due to new regulations and market conditions, with a notable shift from the previously dominant tiered fee model to a mixed fee model that includes fixed rates and minimum or maximum fee clauses [4][5] Fee Structures - The tiered fee model, which was prevalent in 2023 with 38% of cases, has drastically decreased to 6% by 2025, with most remaining cases adopting a decreasing fee percentage [3][4] - The traditional model of "actual fundraising amount × fixed rate" is now used by 33% of IPOs in 2025, with underwriting fees typically ranging from 5% to 9% [4] - A new model combining fixed rates with limit conditions has gained traction, with 49% of IPOs in 2025 utilizing this approach, up from 25% in 2023, primarily due to changing fundraising expectations [5] - The "one-price" fee model has been adopted by 12% of IPOs in 2025, focusing on direct pricing for online offerings [5] Market Trends - The average underwriting fee for the Sci-Tech Innovation Board reached 1.22 billion yuan in 2025, a significant increase from the previous average of 957.98 million yuan [7] - Conversely, the average underwriting fees for the main board and the ChiNext board have decreased, with the main board averaging 65.31 million yuan and the ChiNext board at 46.58 million yuan, reflecting a decline of over 30% for the ChiNext board compared to previous years [7][8] - The Beijing Stock Exchange has seen a notable increase in IPO fees, with an average of 20.80 million yuan in 2025, up 43% from the previous average of 14.56 million yuan [8] Market Concentration - The IPO underwriting market continues to exhibit a "head effect," with a small number of securities firms capturing the majority of market share, as only 13 firms generated over 100 million yuan in IPO revenue in the past year [9] - CITIC Securities leads the market with nearly 1.1 billion yuan in underwriting fees, followed by CITIC Construction Investment and Guotai Junan, indicating a concentration of high-quality projects among top firms [9]

Core Insights - MiniMax has been rated "Buy" by CITIC Securities, highlighting its strategic focus on model intelligence breakthroughs amidst the global generative AI wave [1][5] - The company is one of the first in Shanghai to obtain large model registration, showcasing strong development potential through technological depth and commercial foresight [1][5] Company Strategy - MiniMax discards traditional thinking of "traffic as a barrier" and concentrates resources on model research and development [1][5] - The founder, Yan Junjie, possesses top-tier research capabilities and ToB commercialization experience, having previously led a team to create a leading facial recognition algorithm that generated over 2 billion yuan in smart city business revenue [1][5] - The strategic focus will shift to "technology iteration" in 2025, with plans to streamline inefficient teams and reduce marketing expenses to concentrate on core areas like multimodal interaction [1][5] Technological Advancements - MiniMax is adeptly navigating the second half of the Scaling Law trend, making continuous breakthroughs in architecture innovation and reasoning optimization [1][5] - The company has developed a unique layout in the multimodal field, combining "high-sensory interaction + productivity tools," with products like Talkie and Xingye accumulating vast RLHF data [1][5] Financial Performance - In the first three quarters of 2025, MiniMax achieved total revenue of 53.44 million USD, a year-on-year increase of 175%, with a diversified revenue structure driven by three main business segments [1][5] - The ToB business boasts a gross margin of 69.4%, while C-end products have also achieved a positive gross margin of 4.7%, indicating a significant recovery in profitability [1][5] Future Outlook - CITIC Securities forecasts that from 2025 to 2027, the company's revenue will maintain over 90% high-speed growth, with Non-GAAP gross margin expected to rise to 55% and net loss rate continuing to narrow [2][6] - As the AI industry transitions from tools to "digital employees," MiniMax is positioned to unlock significant opportunities in the trillion-yuan labor market, establishing itself as a leading player in the AI sector [2][6]