｜2025年11月13日 星期四｜ NO.1 券商密集召开2026年度策略会 近期，中信证券、中信建投、国泰海通等头部券商，以及东吴证券、开源证券等特色中小券商相继召开 2026年度策略会。综合来看，券商正围绕全球市场机遇、实体经济服务路径、行业转型方向等核心议题 展开深度研讨。在策略会上，各家券商"掌舵人"的发言所透露的战略洞察与市场判断，备受市场关注。 中信证券总经理邹迎光表示，"十五五"时期，中国资本市场面临的全球背景、科技趋势、制度环境将呈 现新的特征，全球产业与金融格局深刻重构，有望带来外部破局的新契机。国泰海通总裁李俊杰认 为："新一轮资本市场改革聚焦提升制度包容性、适应性和吸引力、竞争力，有望进一步带来中国资产 广泛价值重估机遇。" 点评：头部券商年度策略会密集召开，聚焦全球机遇与转型方向，释放出对资本市场改革的积极预期。 中信证券等机构强调"十五五"期间全球产业重构带来的新契机，而国泰海通则点明制度优化或引发中国 资产价值重估。此类信号将强化市场对政策红利的信心，券商板块战略布局或获资金青睐，同时提振科 技、高端制造等受益于产业升级的领域。整体来看，券商的深度研判有望引导市场情绪向理性乐观方向 ...

Core Viewpoint - The investment strategy outlook for 2026 by CITIC Securities emphasizes the profound impact of the AI industry revolution, likening it to the Industrial Revolution, and suggests a long-term perspective is necessary for analysis [1] Group 1: AI and Computing Demand - CITIC Securities expresses optimism regarding the demand for computing power driven by AI, highlighting sectors such as optical modules, optical devices, optical chips, switches, liquid cooling, IDC, and edge AI [1] Group 2: Traditional Communication Industry - The traditional communication industry is facing challenges due to decreased capital expenditure from telecom operators, leading to low market expectations [1] - Despite the current challenges, the development of key technologies for 6G has commenced, and the increased focus on AI by operators is noteworthy [1] Group 3: Quantum Technology - Both China and the United States are placing significant emphasis on quantum technology, with related companies in the U.S. stock market experiencing substantial gains [1] - It is recommended to pay close attention to segments such as dilution refrigeration machines and low-temperature coaxial cables [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ ● 刘英杰 谭丁豪 日前，中信建投证券在北京成功举办了2026年资本市场峰会暨中国-沙特投资合作论坛。本次会议以"革 故鼎新、质赢未来"为主题，吸引了来自沙特资本市场管理局、交易所及全球多个国家和地区的企业 家、投资者参与。 在会上，中信建投证券研究团队发表了对2026年的展望。与会分析师普遍认为，2026年作为"十五五"规 划的开局之年，中国经济将在深化改革和扩大开放中实现质的提升，A股市场有望在政策支持和基本面 改善的双重驱动下延续慢牛格局，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。 肩负建设金融强国重要使命 刘成表示，面向"十五五"新征程，中信建投证券将构建以"价值投行"为方向、"新质投行"为路径、"数 智投行"为引擎的高质量发展战略新体系，与国内外伙伴携手，共同谱写资本市场高质量发展新篇章， 为中国式现代化建设和全球繁荣发展贡献力量。 五大变革引领2026年新发展 中信建投证券首席经济学家黄文涛在分享2026年宏观经济与投资展望时表示，"十五五"期间是中国发展 历史上非常重要的阶段，2026年将是夯实基础 ...

AI Applications - The core viewpoint is that AI applications are accelerating commercialization, with significant growth expected in 2025 and 2026, particularly in integrating AI with existing products like WeChat and Douyin, which are anticipated to become key traffic entry points in the AI era [1][2] - OpenAI and Anthropic are leading the charge in AI commercialization, with OpenAI projected to increase its annual recurring revenue (ARR) from $10 billion to $20 billion by 2025, while Anthropic's ARR is expected to grow from $1 billion to $5 billion in the same timeframe [2][4] - Domestic companies are also seeing rapid growth in AI revenue, with Meitu's paid penetration rate increasing from 2.9% in the first half of 2023 to 5.5% in the first half of 2025 [2] Gaming Industry - The gaming industry is expected to maintain high profitability and growth, with a significant increase in game licenses issued, which supports future revenue streams [5][6] - Major companies like Tencent, NetEase, and miHoYo are set to release a series of new games, while mid-sized firms are also innovating, indicating a robust pipeline of new content [5][6] - The overall revenue of core gaming companies in A-shares is projected to double by 2025 compared to 2020, with net profit growth rates reaching new highs [6] Content Consumption - The content consumption sector is witnessing a shift towards quality integration, particularly in the IP toy market and ACG content, with expectations for consolidation among leading players [8] - Music platforms are benefiting from increased volume and pricing, while live performances continue to see high demand, supported by recent regulatory relaxations in the Korean entertainment industry [9] - The film and television sector is experiencing innovation driven by AI and supportive policies, with a focus on new content formats and a recovery in supply expected to drive market growth [10]

Core Viewpoint - The 2026 Capital Market Summit and China-Saudi Investment Cooperation Forum hosted by CITIC Securities highlighted the optimistic outlook for China's economy and A-share market in 2026, driven by policy support and fundamental improvements, with significant structural investment opportunities in new productivity, technological innovation, and strategic resources [1][2]. Group 1: Economic Outlook - The "14th Five-Year Plan" period is seen as a crucial phase for China's development, with 2026 expected to be a year of solid foundation and comprehensive efforts [4]. - Key transformations anticipated include a shift from traditional factor-driven growth to innovation-driven growth, accelerated modernization of the industrial system, and a new balance between investment in people and material [4]. - The external environment in 2026 is expected to be characterized by strategic counterattacks and changes in the global landscape, with domestic consumption becoming a significant focus [4][5]. Group 2: A-share Market Predictions - The A-share market is projected to maintain a slow upward trend in 2026, supported by favorable conditions such as inflows of capital, technological innovation, institutional reforms, and consumption upgrades [5]. - The long-term trend for government bond yields is expected to decline, with the RMB exchange rate remaining stable and gold retaining long-term investment value [5]. Group 3: Investment Strategies - The A-share market is entering a critical phase of verifying economic prosperity, with expectations of a fluctuating upward index but potentially slower growth rates [6]. - Technology growth is anticipated to remain a market focus, while resource sectors may emerge as a new mainline investment direction due to global monetary easing and supply-demand gaps [6]. - Investment opportunities are suggested in future industries such as AI, new energy, biotechnology, and strategic resources like rare earths and aerospace equipment, particularly in the context of global competition [6].

● 刘英杰 谭丁豪 日前，中信建投证券在北京成功举办了2026年资本市场峰会暨中国-沙特投资合作论坛。本次会议以"革 故鼎新、质赢未来"为主题，吸引了来自沙特资本市场管理局、交易所及全球多个国家和地区的企业 家、投资者参与。 在会上，中信建投证券研究团队发表了对2026年的展望。与会分析师普遍认为，2026年作为"十五五"规 划的开局之年，中国经济将在深化改革和扩大开放中实现质的提升，A股市场有望在政策支持和基本面 改善的双重驱动下延续慢牛格局，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。 肩负建设金融强国重要使命 五大变革引领2026年新发展 中信建投证券首席经济学家黄文涛在分享2026年宏观经济与投资展望时表示，"十五五"期间是中国发展 历史上非常重要的阶段，2026年将是夯实基础、全面发力的高起步之年。 黄文涛认为，未来五年中国将经历五个方面的革故鼎新：一是经济增长动力从传统要素驱动向创新驱动 转变；二是产业升级过程中传统产业逐步转型，现代化产业体系建设加速；三是投资于人与投资于物之 间寻求新平衡，投资于人越来越重要；四是供给与需求关系优化，内需成为更大看点；五是全球化进程 中中国 ...

● 刘英杰谭丁豪 "十五五"时期将是基本实现社会主义现代化夯实基础、全面发力的关键时期。在刘成看来，证券机构作 为金融体系的重要组成部分，将坚决落实中央金融工作会议精神，培育一流投资银行和投资机构。作为 资本市场上的"国家队"，中信建投证券将以建设金融强国为使命，着力在加快打造"价值投行""新质投 行""数智投行"三个方面发力。 在加快打造"价值投行"方面，刘成表示，中信建投证券将致力于走向国际市场竞争前列。公司将坚守根 本遵循，统一功能性、盈利性与各方价值创造，致力于让客户更优秀，为股东提供可持续回报，为员工 打造成长平台，并深度融入社会价值。他特别提及公司国际化进程，例如中信建投国际今年在香港市场 成功参与保荐包括全球新能源龙头宁德时代（300750）在内的3家港股IPO，股权融资规模达429.26亿港 元，展现了跨境服务能力。 在加快打造"新质投行"方面，刘成认为，创新是证券机构发展的关键。公司将强化功能性定位，服务国 家战略，赋能新质生产力发展；通过自我革新，从传统服务模式向陪伴式、主动赋能的行业合伙人转 变，并依托"研究+投资+投行"模式，打造全生命周期、全产业链服务平台。 在加快打造"数智投行"方 ...

本报记者 周尚伃 近期，中信证券、中信建投、国泰海通等头部券商，以及东吴证券、开源证券等特色中小券商相继召开 2026年度策略会。综合来看，券商正围绕全球市场机遇、实体经济服务路径、行业转型方向等核心议题 展开深度研讨。在策略会上，各家券商"掌舵人"的发言所透露的战略洞察与市场判断，备受市场关注。 资本市场肩负重要使命 券商"掌舵人"普遍认为，2026年资本市场将迎来多重积极因素交织孕育的新机遇，这些机遇既源于全球 产业与金融格局的重构，也来自国内科技突破与制度完善的双重驱动，共同构成中国资本市场迈向高质 量发展的底层逻辑。 从全球视野来看，中信证券总经理邹迎光表示，"十五五"时期，中国资本市场面临的全球背景、科技趋 势、制度环境将呈现新的特征，全球产业与金融格局深刻重构，有望带来外部破局的新契机。 科技突破与制度完善构成了机遇的核心内核。邹迎光认为，从科技趋势看，更多中国产业迎来关键突 破，中国经济新旧动能转换成效显著，有望带来资本市场的新机遇。从制度环境看，中国资本市场制度 包容性和适应性的提升，以及投资和融资功能的协调，有望带来市场生态的新气象。 国泰海通总裁李俊杰认为："新一轮资本市场改革聚焦提升制度 ...

Core Viewpoint - The new rise of A-shares and Hong Kong stocks is driven by the "New Four Bulls" logic, which includes capital inflow, technological innovation, institutional reform, and consumption upgrade [1][2]. Group 1: New Four Bulls Logic - Capital inflow is a significant factor driving the market [2]. - Technological innovation is expected to play a crucial role in market dynamics [2]. - Institutional reform is anticipated to enhance market efficiency and attractiveness [2]. - Consumption upgrade reflects the changing consumer behavior and spending patterns [2]. Group 2: Market Outlook - The "New Four Bulls" market trend is expected to gradually unfold along an upward trajectory, with the market center gradually rising, maintaining a "slow bull" pattern through 2026 [2]. - Key investment themes will revolve around technological self-reliance, industrial upgrades, and resource security, with opportunities identified in AI, semiconductors, computers, primary products, precious metals, new energy, high-end manufacturing, humanoid robots, and low-altitude economy [2]. Group 3: Monetary Policy and Economic Environment - The U.S. is projected to be in a rate-cutting cycle over the next two to three years, while China is expected to implement a dual easing of fiscal and monetary policies, creating a favorable external environment [3]. - By 2026, China's monetary policy is anticipated to remain accommodative, with a potential 50 basis point reduction in the reserve requirement ratio and continued interest rate cuts [3]. - The easing monetary policy is expected to positively impact macroeconomic stability and capital markets, supporting growth, employment, and expectations [3]. Group 4: Saudi-China Investment Cooperation - The Saudi stock exchange is focused on deepening capital cooperation opportunities between Saudi Arabia and China, enhancing connectivity [3]. - China's direct investment in Saudi Arabia is rapidly increasing, indicating a growing partnership in both scale and strategic depth [3]. - The Saudi stock exchange has signed memorandums of understanding with Shanghai and Shenzhen exchanges to promote bilateral capital flow [5].

Core Points - Tianyi New Materials (688033.SH) experienced a stock price decline of 3.95%, closing at 6.33 yuan, indicating it is currently in a state of share price drop since its IPO [1] - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on July 22, 2019, with an initial issuance of 47,880,000 shares at a price of 20.37 yuan per share [1] - The highest stock price recorded since the IPO was 64.80 yuan on August 6, 2019, after which the stock has been on a downward trend [1] - The total amount raised from the initial public offering (IPO) was 975.32 million yuan, with a net amount of 867.81 million yuan after deducting issuance costs, exceeding the planned amount by 222.21 million yuan [1] - The funds raised were intended for projects including the production of brake pads for rail transit vehicles and the development of high-speed train brake pads [1] - In a subsequent issuance on October 28, 2022, the company raised approximately 2.32 billion yuan by issuing 111,438,808 shares at a price of 20.81 yuan per share [2] - The net amount raised from the second issuance, after deducting costs, was approximately 2.30 billion yuan, with funds allocated for projects related to high-performance carbon-ceramic brake discs and automation in carbon material production [2] - The total amount raised from both fundraising rounds is approximately 3.29 billion yuan [3]