从基金十大重仓股角度 数据显示，国泰海通资管旗下1只基金重仓三生国健。国泰海通创新医药混合发起A（014157）三季度 持有股数13.1万股，占基金净值比例为5.04%，位居第六大重仓股。根据测算，今日浮盈赚取约39.69万 元。 国泰海通创新医药混合发起A（014157）成立日期2021年12月23日，最新规模1.05亿。今年以来收益 7.94%，同类排名1609/8836；近一年收益25.4%，同类排名5041/8091；成立以来亏损3.53%。 1月13日，三生国健涨5.07%，截至发稿，报62.84元/股，成交2.49亿元，换手率0.66%，总市值387.59亿 元。 国泰海通创新医药混合发起A（014157）基金经理为李子波。 资料显示，三生国健药业(上海)股份有限公司位于中国(上海)自由贸易试验区李冰路399号，成立日期 2002年1月25日，上市日期2020年7月22日，公司主营业务涉及抗体药物的研发、生产及销售业务。主营 业务收入构成为：销售商品75.24%，提供委托加工服务15.37%，授权许可7.94%，租赁服务1.44%。 截至发稿，李子波累计任职时间4年23天，现任基金资产总规模30. ...

1月13日，A股三大股指早盘探底冲高回落后维持窄幅震荡走势，截止午盘，沪指跌0.03%报4163.84 点，深成指跌0.31%报14321.8点，创业板指跌0.83%报3360.23点，科创50指数跌1.77%报1485.01点。沪 深两市半日成交额2.44万亿，全市场超2800只个股下跌。 盘面上热点快速轮动，AI应用概念延续强势，十余只成分股涨停，引力传媒、利欧股份、省广集团涨 停。AI医疗概念反复活跃，美年健康、迪安诊断双双3连板，泓博医药20cm涨停。商业航天股大面积跌 停；可控核聚变概念集体下挫，中洲特材、王子新材大跌，半导体、铜缆高速连接等板块跌幅居前， 新"易中天"继续强势，易点天下、天龙集团走出3连板，中文在线涨超14%。 热门板块 AI应用领涨市场 中泰证券认为，CRO、CDMO行业内外需共振，供给端逐步出清。CRO、CDMO板块自2024Q4海外降 息周期开启带来投融资逐步恢复、2025Q2地缘谈判带来悲观预期改善、2025年以来国内创新药大型BD 落地及重磅政策出炉等多重推动下需求端呈逐步恢复态势，叠加过去三年供给端持续出清，板块有望迎 来盈利与估值同时提升的"戴维斯双击"，建议重点布局 ...

国泰海通发布研报称，啤酒需求变迁孕育品类创新历史机遇，国内精酿空间广阔，头部酒企有望同时享 受红利。新零售引领的渠道变革有望助区域酒企突破弱势市场，打开单品天花板。短期行业景气度承 压，关注品类创新与渠道变革下的增量机会。建议增持大单品驱动下份额提升、业绩弹性充沛的强α区 域酒企标的，以及高端化持续、业绩稳健、股息率可观的行业龙头。 国泰海通主要观点如下： 啤酒或已进入存量竞争新常态，关注品类与渠道变革的结构性机会 2023年至今我国啤酒销量缓步下行，参考海外经验或将跟随人口趋势步入长周期回落阶段。价格方面， 2024年受需求复苏不及预期以及通胀回落影响，头部公司ASP增幅放缓至0.4%。集中度方面，根据该行 测算，2024年销量口径行业CR5同比-3.5pct至75%左右。与此同时，以精酿为代表的品类革新与以即时 零售为代表的渠道变革正如火如荼，或将成为行业下一轮发展的核心线索。 精酿崛起：需求变迁孕育机遇，头部酒企享受红利 消费者代际变迁往往孕育历史级别的品类创新机遇，国内啤酒或面临类似拐点。精酿是行业核心品类趋 势，该行估算当前国内泛精酿啤酒渗透率约3%，与欧/美/澳发达国家5-15%的水平仍有较大差距 ...

贝斯特向香港交易所主板递交上市申请。国泰海通担任独家保荐人。贝斯特是一家专注于电子功能增强 材料的公司，在声学增强材料、电子陶瓷材料、电子胶粘剂及能源增强材料领域具备强劲的市场地位。 公司已构建三大核心技术平台，分别为无机粉体技术平台、高分子材料技术平台及复合材料技术平台。 根据弗若斯特沙利文按2025年上半年收入统计的数据，贝斯特在全球声学增强材料市场排名第一，市场 份额为18.1%。公司在全球LIB隔膜涂覆用氧化铝陶瓷材料市场排名第二，市场份额约为18.1%。 在全球声学胶粘剂市场排名第四，市场份额约为3.5%。在全球高反射釉市场排名第三，市场份额为 5.0%。 ...

Group 1 - The fund contract and prospectus for the Cathay Haitong Low-Carbon Economy Selected Mixed Initiated Securities Investment Fund will be disclosed on January 13, 2026, on the company's website and the China Securities Regulatory Commission's fund electronic disclosure website [1] - The fund manager commits to managing and utilizing fund assets with honesty, diligence, and responsibility, but does not guarantee profits or minimum returns [1] - Investors are advised to fully understand the risk-return characteristics of the fund and make prudent investment decisions [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！ 来源：一观大势 核心观点：全球市场风险偏好持续上行，有利于权益资产表现。我们建议战术性超配A/H股、美股、黄 金，低配美债与原油。 摘要 ▶多重因素支持中国权益表现，建议超配A/H股。经济工作会议临近，2026年是十五五开局之年，预计 广义赤字有望进一步扩张，经济政策有望更加积极。美联储12月如期降息，人民币稳定升值，为2026年 初中国宽松货币提供有利条件。改革提振中国市场风险偏好。中国权益相较于其他主要大类资产的风险 回报比较高。 ▶"金发姑娘"背景渐显有利于美股表现，建议超配美股。美国经济韧性较强，内生性通胀粘性逐渐减 弱，投资者仍重视AI产业趋势的发展，市场风险偏好温和上行，"金发姑娘"背景渐显，企业盈利预期或 仍支撑美股中枢上行。 ▶美联储货币政策指引方向或相对谨慎，建议低配美债。美国劳动力市场持续降温，能源价格走弱与薪 资增速偏缓有利于内生性通胀粘性下降，为美联储调整货币政策拓宽空间。美国经济韧性较强，美联储 货币政策指引方向或相对谨慎。美债利率中枢后续有望温和下行，但其相对于风险资产的风险回报比偏 低。 ▶地缘政治剧变背景 ...

Investment Rating - The report maintains a "Buy" rating for Guotai Junan Securities, with a target valuation indicating a potential upside of 28% from the current levels [4][7]. Core Insights - The merger of Guotai Junan and Haitong Securities is showing initial positive results, with the company positioned to align closely with CITIC Securities, enhancing its market presence and operational efficiency [4][6]. - The report highlights the company's improved valuation metrics and operational capabilities post-merger, suggesting that Guotai Junan is on track to catch up with CITIC Securities in terms of fundamental performance [4][6]. - The report emphasizes the favorable external environment, including a potential decline in overseas financing costs and a shift in resident deposits, which could enhance the company's operational flexibility [4][6]. Financial Data and Profit Forecast - Revenue projections for Guotai Junan are as follows: - 2023: 36,141.29 million - 2024: 43,397.13 million (20.08% YoY growth) - 2025E: 62,138.06 million (43.18% YoY growth) - 2026E: 68,576.14 million (10.36% YoY growth) - 2027E: 72,304.30 million (5.44% YoY growth) [5] - Net profit attributable to the parent company is forecasted as: - 2023: 9,374.15 million - 2024: 13,024.08 million (38.94% YoY growth) - 2025E: 27,657.89 million (112.36% YoY growth) - 2026E: 29,528.10 million (6.76% YoY growth) - 2027E: 31,607.95 million (7.04% YoY growth) [5] - The report anticipates a return on equity (ROE) of 6.02% in 2023, increasing to 9.80% by 2025E, before stabilizing around 7.13% in 2026E and 7.35% in 2027E [5]. Strategic Developments - The merger has led to a significant enhancement in the company's organizational structure, with a focus on functional committees to streamline operations and improve efficiency [6][22]. - Guotai Junan is expected to leverage its expanded asset base and improved capital efficiency to enhance its cross-border derivative and international business capabilities [6][9]. - The company aims to strengthen its wealth management and asset management capabilities, with a focus on expanding its client base and service offerings [33][34]. Market Positioning - Guotai Junan has positioned itself as a leading player in the financial services sector, with a significant increase in its market presence and operational metrics post-merger [6][19]. - The company is now ranked among the top ten global investment banks, reflecting its enhanced capabilities and market positioning [17][19]. Valuation and Market Outlook - The report suggests that Guotai Junan's valuation should align with that of CITIC Securities, with a target price-to-book (P/B) ratio of 1.53x, indicating a substantial upside potential [7][19]. - The anticipated growth in net profit and revenue, coupled with improved operational metrics, positions Guotai Junan favorably for future performance [5][7].

Core Insights - The implementation of the group standard "Technical Requirements for Sodium-ion Batteries for Energy Storage" marks a new phase in the standardization of sodium-ion batteries in China's energy storage sector [1] Group 1: Industry Developments - The group standard for sodium-ion batteries was officially approved and will be implemented on February 1, 2026, covering various aspects such as terminology, testing methods, inspection rules, and storage [1] - Since the second half of 2025, the rising demand has led to an increase in lithium carbonate prices, highlighting the cost advantages of sodium batteries, which can use cheaper sodium carbonate instead of lithium carbonate, resulting in a 30%-40% lower material cost compared to lithium batteries [2][3] Group 2: Market Potential - Sodium batteries are expected to complement lithium batteries due to their favorable cost-performance ratio, good rate performance, low-temperature performance, and stable electrochemical properties, making them suitable for energy storage, two-wheeled vehicles, and A0-class passenger cars [2] - CATL has launched a new sodium-ion battery brand "CATL Sodium New," with an energy density of 175Wh/kg, comparable to lithium iron phosphate batteries, and capable of maintaining 90% usable capacity in extreme cold conditions [3] Group 3: Investment Opportunities - The sodium battery industry is anticipated to accelerate, with companies involved in the sodium-ion battery supply chain expected to benefit first. Recommended stocks include CATL (03750), Rongbai Technology (688005.SH), and Zhongwei Co., Ltd. (300919.SZ), with related stocks being Dingsheng New Materials (603876.SH) and Zhenhua New Materials (688707.SH) [4]

Group 1 - The core reason for the emergence of GEO is the shift in traffic entry points brought about by AI, leading to changes in marketing entry and methods [1] - The essence of GEO is to optimize advertising content for citation by AI search platforms, contrasting with traditional SEO which focuses on ranking [1][2] - The global GEO market is projected to reach $11.2 billion by 2025, with China's GEO market expected to grow to 2.9 billion yuan [3] Group 2 - The GEO market is anticipated to grow alongside the increase in traffic from large models, with more user time and advertising space expected to be captured [4] - In the short to medium term, GEO companies are positioned to benefit from a monetization vacuum as a significant portion of free traffic remains unmonetized [4] - Companies that are early adopters of GEO business and possess both technology and marketing expertise are likely to see rapid growth [4]

Group 1: Rare Earths - The report from Guotai Junan indicates that rare earth prices have rebounded due to a combination of policy support and pre-holiday inventory demand recovery, with significant increases in medium and heavy rare earth prices [1] Group 2: Precious Metals - Geopolitical factors in Venezuela and the Middle East are supporting gold prices, alongside strong U.S. unemployment data. The outlook for 2026 suggests that central bank gold purchases and rising gold ETF holdings will continue to support gold prices [2] - Silver prices are expected to follow gold trends, influenced by a decrease in London silver leasing rates and rising inventories. Platinum prices are also expected to strengthen due to anticipated U.S. tariffs [2] Group 3: Copper - Despite mixed U.S. employment data, the resilience of the U.S. economy and ongoing strikes at the Mantoverde copper mine in Chile are contributing to a strong copper price outlook. The report highlights the need to monitor the impact of Trump's nomination for the next Federal Reserve chair on copper prices [3] - Supply constraints and low inventories in non-U.S. regions, combined with a strategic reserve logic under the "Monroe Doctrine," are expected to amplify upward price elasticity for copper [3] Group 4: Aluminum - Strong macroeconomic expectations, liquidity easing, and a rebound in aluminum prices are noted. Daily production rates are increasing due to new electrolytic aluminum projects in China and Indonesia, while demand is rising as environmental controls in central China are lifted [4] - The operating rate of domestic aluminum processing leading enterprises has slightly increased by 0.2 percentage points to 60.1% [4] Group 5: Tin - Supply bottlenecks persist in the tin market, with delays in the resumption of mining in Myanmar and uncertainties regarding Indonesian approvals. Despite adjustments in the Federal Reserve's interest rate path, tin prices remain supported by liquidity expectations and strong demand from the semiconductor industry [5] Group 6: Energy Metals - Lithium inventory has accumulated, and production has increased, although demand is showing marginal weakness. The reduction in export tax rebates for battery products may lead to front-loaded demand, with lithium production rising by 115 tons last week [6] - The cobalt sector is facing high prices due to tight upstream raw material supplies, while cobalt companies are extending their reach into the electric new energy sector to enhance competitive advantages [6]