Group 1 - The report highlights a "spring excitement" market entering a phase of high volatility and structural differentiation, focusing on the dual main lines of metals and technology (AI applications and commercial aerospace) [2][12] - The non-ferrous metals industry is expected to benefit from both industrial trends and financial attributes in 2026, driven by Fed rate cut expectations and geopolitical tensions, particularly in rare earths and strategic metals [12][21] - The report notes a significant decline in the allocation of active equity funds to Hong Kong stocks, dropping to 15.9% in Q4 2025 from an average of 19.3% in the previous three quarters, indicating a weakening of overall pricing power [22][28] Group 2 - The AI application market is not finished but is expected to become more differentiated and focused, particularly on clear business models and rapid implementation in AI marketing, healthcare, and programming [33][34] - Major companies are accelerating their entry into the AI healthcare sector, which shows strong commercial potential due to its essential consumption characteristics and high payment willingness from both consumers and enterprises [36] - The report indicates that the global satellite launch and low-orbit constellation construction are accelerating, leading to an upward expectation for space photovoltaics, with potential for customized development in the materials sector [12][38]

金融工程| 证券研究报告 —周报 2026 年 1 月 25 日 中银量化大类资产跟踪 贵金属与中小微风格权益持续领涨 股票市场概览 ◼ 本周 A 股市场整体上涨，港股市场整体下跌，美股市场普遍下跌，其 他海外权益市场普遍下跌。 A 股风格与拥挤度 成长 vs 红利：相对拥挤度及超额净值近期处于历史较高位置，需注 意成长风格的配置风险。 小盘vs大盘：相对拥挤度及超额净值均未处于历史高位，小盘风格当 前具有较高的配置性价比。 微盘股 vs 中证 800：相对拥挤度及超额净值持续处于历史高位，需注 意微盘股风格的配置风险。 A 股行情跟踪 A 股估值与股债性价比 A 股资金面 利率市场 ◼ 本周中国国债利率下跌，美国国债利率不变，中美利差处于历史高位。 汇率市场 ◼ 本周中国商品市场整体上涨，美国商品市场整体上涨。 风险提示 ◼ 量化模型因市场剧烈变动失效。 中银国际证券股份有限公司 具备证券投资咨询业务资格 金融工程 证券分析师: 郭策 (8610) 66229081 ce.guo@bocichina.com 证券投资咨询业务证书编号：S1300522080002 联系人：宋坤笛 (8610) 8394952 ...

（文章来源：人民日报） 此前在国务院新闻办新闻发布会上，中国人民银行副行长邹澜表示，向前看，中国具有超大规模市场和 完整产业链，科技创新和产业创新加速融合，新动能蓬勃发展，内需潜力不断释放，国内国际双循环更 加畅通，宏观经济基本面长期向好，这对人民币汇率基本稳定形成了支撑。 外部形势依然复杂严峻，主要经济体利率调整幅度和节奏还有不确定性，地缘政治冲击可能持续存在， 对汇率走势会有一定的扰动。邹澜表示，人民币汇率预计将继续双向浮动、保持弹性。 1月23日，中国人民银行授权中国外汇交易中心公布，当日银行间外汇市场人民币汇率中间价为1美元对 人民币6.9929元，相较前一交易日中间价7.0019，调升90个基点，创下2023年5月以来的新高。 当日，离岸、在岸人民币对美元汇率双双升值。2025年末，离岸、在岸人民币对美元汇率相继破"7"， 目前维持在"7"的上方运行。 中国邮政储蓄银行研究员娄飞鹏表示，这反映出人民币汇率在内外因素共振下呈现阶段性走强态势，这 一变化是市场供求、政策引导与外部环境协同作用的结果。"2026年影响人民币汇率涨跌的因素同时存 在。"中银证券全球首席经济学家管涛说。 ...

金融工程 | 证券研究报告 — 周报 2026 年 1 月 23 日 中银量化多策略行业轮动 周报 – 20260122 当前（2026 年 1 月 22 日）中银多策略行业配置系统仓位：基础化工 （22.4%）、非银行金融（11.0%）、建材（10.9%）、煤炭（10.0%）、 轻工制造（7.0%）、电子（4.4%）、计算机（4.4%）、医药（4.1%）、 钢铁（3.8%）、电力设备及新能源（3.7%）、综合（3.7%）、有色金属 （3.1%）、石油石化（3.0%）、建筑（3.0%）、家电（2.8%）、银行 （2.6%）。 S1 行业盈利景气度追踪策略（周度）较基准超额收益为-1.3% S2 隐含情绪动量策略（周度）超额收益为 0.9% S3 宏观风格行业轮动策略（月度）超额收益为 0.4% S4 中长期困境反转策略（月度）超额收益为 2.2% S5 传统多因子打分策略（季度）超额收益为 0.2% 相关研究报告 《中银证券量化行业轮动系列（七）：如何把 握市场"未证伪情绪"构建行业动量策略》 20220917 《中银证券量化行业轮动系列（八）："估值泡 沫保护"的高景气行业轮动策略》20221018 《中银 ...

Core Insights - The bond underwriting market in 2025 shows a clear trend of "the strong getting stronger," with market share concentrated among a few leading institutions [1][4][8] - Competition among underwriters is intensifying, with banks and securities firms leveraging their unique strengths to differentiate themselves [2][6] - Regulatory bodies are taking steps to ensure market order and prevent irrational competition, particularly in pricing and underwriting practices [2][6] Group 1: Market Overview - The total bond issuance in 2025 reached 89.76 trillion yuan, a year-on-year increase of approximately 11% [2] - The issuance of interest rate bonds was 33.80 trillion yuan, up 18%, while credit bonds reached 21.95 trillion yuan, growing by 8% [2] - The market is characterized by a large total volume, diverse categories, and differentiated competition [2] Group 2: Competitive Landscape - In the banking sector, China Bank led with over 16 trillion yuan in underwriting, capturing more than 10% of the market share [4] - The top four state-owned banks collectively hold nearly 40% of the market share, indicating a strong position [4] - In the securities sector, CITIC Securities topped the list with 22,496.07 billion yuan in underwriting and a market share of 14.08% [4][5] Group 3: Sector-Specific Insights - Local government bond issuance reached a record high of approximately 10.29 trillion yuan, reflecting a year-on-year growth of 5.2% [6] - The financial bond market is predominantly led by securities firms, with CITIC Securities holding a market share of 17.56% [6] - The asset-backed securities (ABS) market shows a concentration of resources among leading firms, with CITIC Securities leading at 12.32% market share [7] Group 4: International Market Dynamics - The offshore bond market saw a total issuance of approximately $307.07 billion, a year-on-year increase of about 15.75% [7][8] - The market features a mix of domestic and foreign institutions, with China Bank leading at $14.70 billion in underwriting [8] - The competitive landscape in the offshore market is relatively dispersed, with no single institution dominating [8]

宏观经济 | 证券研究报告 — 宏观策略评论 2026 年 1 月 23 日 "根本特里芬难题"与美元 全球大循环的兴衰 中银国际证券股份有限公司 具备证券投资咨询业务资格 宏观经济 证券分析师：徐高 (8610)66229055 gao.xu@bocichina.com 证券投资咨询业务证书编号：S1300519050002 20 世纪 80 年代以来的全球化过程中，国际经济中形成了"全球失衡"的 局面。其中美国是最主要贸易逆差国，全球总贸易逆差大部分都来自美 国。在全球失衡中，伴随着商品全球流动的，是美元的全球大循环—— 美元经由美国对别国商品的购买而流出美国，又通过别国向美国金融市 场的投资而回流美国。正是 1971 年美元与黄金的脱钩，让世界经济进入 了"牙买加体系"时代，摆脱了"休谟机制"对各国贸易不平衡的自动 修正，才让全球失衡变得可能。因此可以说，美元全球大循环催生了全 球失衡。 美元全球大循环兴盛的图景中，埋藏着大循环走向衰落的种子。当前， 顺差国对美元的需求仍然强劲，但大循环衰落的种子却正在美国发芽。 美元让美国患上了"荷兰病"，带给美国制造业衰退、产业空心化的反 噬，威胁到了美国的长远霸权 ...

中银证券内需增长混合A/C成立于2021年11月09日，截至2026年01月20日，其今年来收益率为4.31%、 4.27%，成立来收益率为-39.71%、-40.72%，累计净值为0.6029元、0.5928元。 | 基金名称 | 中银证券内需增长混合型证券投资基金 | | --- | --- | | 基金简称 | 中银证券内需增长混合 | | 基金主代码 | 013755 | | 基金管理人名称 | 中银国际证券股份有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 | | 基金经理变更类型 | 增聘基金经理、解聘基金经理 | | 新任基金经理姓名 | 罗雨 | | 离任基金经理姓名 | 刘航 | 中国经济网北京1月21日讯 今日，中银国际证券股份有限公司公告，中银证券（601696）内需增长混合 增聘罗雨，刘航离任。 罗雨曾任职于莫尼塔（上海）投资发展有限公司；2013年12月至2015年9月任职于国泰君安证券股份有 限公司，担任研究员；2015年9月加入中银国际证券股份有限公司，现任基金经理。 ...

Group 1 - The core announcement is about the appointment of Liu Can as a new fund manager for the Zhongyin Securities Anche Bond Fund, while Wang Wenhua has stepped down from this position [1][2] - Liu Can has a background in finance, having previously worked at China Export & Credit Insurance Corporation and Mingyi Private Fund Management Co., and has held various roles including trader and investment manager [1] - The Zhongyin Securities Anche Bond Fund was established on August 11, 2023, and as of January 20, 2026, it has reported a year-to-date return of 0.09% and 0.11%, with cumulative returns since inception of 6.40% and 7.06% [1] Group 2 - The fund is managed by Zhongyin International Securities Co., Ltd., and the announcement is made in accordance with the "Measures for the Administration of Information Disclosure of Publicly Raised Securities Investment Funds" [2] - The fund's main code is 018718, and it is classified as a bond-type securities investment fund [2]

中银证券研报指出，中国中免收购DFS大中华区业务，携手LVMH，全面深化国际业务布局。此次增发 股份将公司与LV集团在股权层面实现绑定，也展现出了奢侈品集团对于公司渠道的认可，有望深化两 者的合作，强化公司的供应链和品牌优势，实现互利共赢。中长期来看，封关后离岛免税销售热度持续 高涨，政策端多重利好持续释放，公司在各渠道布局逐步完善，看好公司作为龙头企业在免税行业景气 上行的基础上迎来业绩增长，维持"买入"评级。 ...

Core Viewpoint - The A-share market is experiencing a mixed performance with indices showing slight declines, while certain sectors like precious metals are gaining traction, indicating a potential shift in market dynamics as earnings reports are released [1][2][3] Group 1: Market Performance - On January 21, A-share indices opened lower, with the Shanghai Composite Index down 0.25% and the ChiNext Index down 0.24% [1] - The precious metals sector saw significant gains, with Hunan Silver rising over 6%, while sectors such as electric grid equipment, AI applications, and semiconductors faced declines [1] Group 2: Institutional Insights - Industrial analysts from Industrial Securities suggest that the spring market may reach new highs, emphasizing the importance of fundamental performance as earnings reports are disclosed [1] - Bank of China Securities warns of short-term pressures on the "spring surge" market, indicating that the market may experience fluctuations as it digests previous gains and awaits new catalysts [2] - Dongfang Securities notes that the market is undergoing mild adjustments, which could be beneficial for future upward movement, with active funds seeking more profitable directions [3] Group 3: Sector Focus - Analysts highlight that strong fundamentals in AI applications, particularly in sectors like "AI + entertainment," "AI + office," "AI + gaming," and "AI + marketing," are expected to outperform in the upcoming quarters [2] - The semiconductor sector is anticipated to benefit from strong performance by companies like TSMC, with ongoing demand for memory chips driving growth in the A-share semiconductor industry [2]