Core Insights - The In Vivo CART sector is experiencing rapid development, with four MNC acquisition cases reported in 2025 [1] Group 1: In Vivo CART Technology - In Vivo CART is divided into two technical routes: LNP and lentivirus, both of which have distinct characteristics [1] - The LNP route shows rapid transfection and excellent targeting capabilities in preclinical studies [1] - The lentivirus route, exemplified by Esobiotec's BCMA In Vivo CART, has demonstrated promising early data in a small population of multiple myeloma (MM) patients [1] Group 2: Market Outlook - The overall development of In Vivo CART is progressing swiftly, indicating that future developments in this area warrant close attention [1]

（文章来源：第一财经） 中信建投研报认为，11月单月全国商品房销售面积同比下降17.3%，降幅较10月收窄1.5个百分点，销售 有较大降幅。房价下行压力持续，9-11月连续三个月份70个大中城市的二手住宅价格均出现环比下跌； 新建住宅价格环比上涨的城市数量偏少。中央经济工作会议提出"着力稳定房地产市场"，延续了前期的 政策定调，稳楼市态度明确；更加积极的财政政策、适度宽松的货币政策，也有望推动经济增长与房地 产市场稳定。11月单月投资及开竣工面临较大的下行压力，后续走势有赖于政策支持下销售的止跌回 稳。 ...

中信建投研报认为，11月单月全国商品房销售面积同比下降17.3%，降幅较10月收窄1.5个百分点，销售 有较大降幅。房价下行压力持续，9-11月连续三个月份70个大中城市的二手住宅价格均出现环比下跌； 新建住宅价格环比上涨的城市数量偏少。中央经济工作会议提出"着力稳定房地产市场"，延续了前期的 政策定调，稳楼市态度明确；更加积极的财政政策、适度宽松的货币政策，也有望推动经济增长与房地 产市场稳定。11月单月投资及开竣工面临较大的下行压力，后续走势有赖于政策支持下销售的止跌回 稳。 ...

Core Insights - The In Vivo CART sector is experiencing rapid development, with four MNC acquisition cases reported in 2025 [1] Group 1: Technology Routes - In Vivo CART is divided into two technical routes: LNP and lentivirus, both of which have distinct characteristics [1] - The LNP route demonstrates rapid transfection and excellent targeting capabilities in preclinical studies [1] - The lentivirus route, exemplified by Esobiotec's BCMA In Vivo CART, has shown promising early data in a small population of multiple myeloma (MM) patients [1] Group 2: Market Outlook - The overall development of In Vivo CART is progressing swiftly, indicating significant future growth potential [1]

◎记者 闫刘梦 中央经济工作会议提出，持续深化资本市场投融资综合改革。近日，中信建投证券党委委员武超则在接 受上海证券报记者采访时表示，下一步，资本市场改革将更加注重投资端、融资端均衡发展。中央连续 把"投融资"并提，核心含义是要把资本市场从融资单轮驱动拉回到融资、投资、配置的闭环，让市场成 为资源配置的基础设施，而不仅是融资管道。 武超则还表示，中央经济工作会议明确提出"完善人工智能治理"，这体现了对技术发展和治理规则的双 重重视。 在她看来，投资端重点在于继续打通社保、保险、理财等中长期资金入市卡点堵点，推动各类专业机构 投资者建立健全三年以上长周期考核机制，稳步降低公募基金行业综合费率等。让市场长期资金进得 来、留得住，能用合适的工具做长期配置，从而成为稳定的市场底盘。 作为连接投融资两端的关键中介，证券公司如何适应并推动这一转变？武超则表示，证券公司需要紧 扣"稳中求进、提质增效"总基调，聚焦核心任务精准发力： 一是投行发力服务实体经济，承销地方债、助力"两重"项目与城市更新融资，联动资管发行基建 REITs；在财富端要激活民间投资，赋能内需扩大。 近两年来，资本市场改革取得显著成效，A股市场迎来健康 ...

Group 1 - The core viewpoint of the article is that domestic assets are expected to perform well in the stock market by 2026, while globally, copper is highlighted as a potential investment opportunity [1] Group 2 - The analysis suggests a positive outlook for the domestic stock market, indicating a favorable environment for equity investments in the coming years [1] - The article emphasizes the importance of monitoring global commodities, particularly copper, as a strategic investment focus [1]

Group 1 - The China A500 index fell by 1.7%, the A100 index by 1.6%, and the A50 index by 1.4% at midday closing [1] - CITIC Securities indicates that the underlying logic of the bull market remains intact, driven by structural market trends and capital market reform policies [1] - The market has largely completed its adjustment phase, and with institutional rankings settling, a new wave of market activity is expected in the upcoming year [1]

Market Overview - The market experienced fluctuations yesterday, with the Shanghai and Shenzhen stock exchanges recording a total trading volume of 1.77 trillion, a decrease of 318.8 billion compared to the previous trading day. The Shanghai Composite Index fell by 0.55%, the Shenzhen Component Index dropped by 1.1%, and the ChiNext Index declined by 1.77% [1] Group 1: Solid-State Battery Equipment - Huatai Securities predicts that solid-state battery equipment is expected to achieve mass production between 2027 and 2030, highlighting its disruptive advantages in safety and energy density due to the complete replacement of liquid electrolytes with solid electrolytes. The focus of industrialization has shifted from "material science" to "production engineering," making equipment a key factor in realizing these advantages [2] - The semi-solid battery equipment is anticipated to achieve mass production by 2026, while full solid-state battery equipment is projected for 2027-2030. The process involves new steps and significant performance improvements in existing steps, indicating a high-growth phase for related equipment manufacturers as the 2027-2030 period approaches [2] Group 2: Insurance Sector Investment Opportunities - CITIC Construction Investment suggests focusing on the insurance sector's performance growth and valuation recovery, presenting a "Davis Double-Click" investment opportunity. The stabilization and recovery of interest rates are expected to drive the insurance sector's market performance [3] - Approximately 75%-80% of insurance funds are allocated to fixed-income assets, leading to pessimistic long-term investment return expectations for listed insurance companies during a period of declining long-term interest rates. However, with the recent stabilization of long-term rates, the 10-year government bond yield has risen above 1.8%, which may support valuation recovery for listed insurance companies [3] - Even with conservative long-term interest rate expectations of 1.5%-1.6%, there remains room for valuation recovery. The insurance sector's performance is also supported by anticipated growth in new business for life insurance in 2026 and rapid profit growth in non-auto insurance driven by "reporting and pricing integration" [3] Group 3: Power Grid and Industrial Control Opportunities - CICC emphasizes the structural opportunities in the power grid and industrial control sectors, predicting steady upward performance by 2025. The domestic power grid investment remains robust, with ultra-high voltage projects entering an accelerated approval and bidding phase [4] - The power grid is viewed as a post-cycle investment for renewable energy, with significant investment gaps still to be filled, indicating continued investment attractiveness. In the industrial control sector, the overall cycle remains unchanged, with expectations for sustained demand growth in the coming year [4] - Investors are advised to pay attention to high-elasticity investment directions such as AIDC (Automated Identification and Data Capture) and overseas expansion [4]

标签： 财经频道 财经资讯 人民财讯12月16日电，中信建投研报称，当前商业航天产业在国家政策支持和产业技术突破共同助 力下，有望进入新纪元。商业航天产业涉及信息化的主要环节包括：1.遥感及其应用；2.卫星测运控系 统；3.CAE仿真/卫星测试；4.星际传输处理模块、通信模组、数据处理平台等；新场景扩展层面关注太 空算力。此外，研报认为当前商业航天发展是国企与民营企业共振周期，建议关注电科、电子系与航天 系标的等国企，以及为蓝箭、银河航天等民营企业做配套的公司。 (资料图片仅供参考) ...

中信建投研报称，人形机器人方面，机器人供应链海外产能规划推进，建议聚焦优质环节。T审厂稳步 推进，机器人供应链海外产能建设持续，量产脚步渐行渐近，Gen3的定点与定型仍然是当前时点的核 心关注，板块有望逐步去伪存真。此外，特朗普政府聚焦机器人领域发展，进一步提高美国机器人产业 发展的战略高度，后续国内相关政策也值得期待，机器人领域中美共振局面有望持续。前期板块回调较 为充分，后续Gen3定点、新品发布、宇树IPO进展等事件催化值得重点关注，底部建议聚焦优质环节， 把握确定性和灵巧手等核心变化。 ...