（文章来源：第一财经） 中信证券研报表示，2026年前后，商业航天产业将进入由"技术验证"迈向"规模化产业化"的关键拐点。 随着中国星网和G60千帆星座批量化发射、海南商发与商业运载火箭投入使用，大运力、低成本趋势将 引领行业开启新时代，太空算力进一步打开行业天花板。探月、深空探索、太空旅行等领域的进展将持 续拓展产业潜力。投资端，目前锐度较高的方向是可回收火箭、spaceX链、太空算力，而低轨通信卫星 链是最先有基本面逻辑和订单支持的细分领域。投资端应更聚焦核心资产，寻找"通胀环节"及"边际新 增"方向，看好火箭3D打印、卫星射频天线、卫星碳纤维复材、太阳翼、星间激光通信等相关标的。 ...

中信证券研报称，虽然沃什2025年多次提及降息+缩表的政策方向，但考虑到1月美国资金市场流动性 压力才明显有所缓解，当前准备金占GDP比重仍为10%左右，美联储持有资产占GDP比重为20%左右， 已接近疫情前2018年的水平，整体准备金充裕程度有限。若沃什担任下一任美联储主席，且若沃什上台 后快速启动缩表，届时美国资金市场或将再次面临流动性压力问题，因而整体而言，我们认为当前美国 金融市场环境不具备缩表的条件。 ...

Group 1 - The core viewpoint of the article is that the U.S. software sector is currently facing severe selling pressure, and the best response to skepticism about the tech wave is through corporate performance, similar to past tech cycles [1] - Traditional software companies have significant advantages over AI startups in terms of customer resources, delivery services, domain knowledge, and data accumulation, and they are actively responding to potential AI disruptions and opportunities through M&A and adjustments in products and business models [1] - The current "risk-off" sentiment in the U.S. market and the slow improvement in the performance of software companies suggest that the painful state of the software sector may persist for some time [1] Group 2 - In the medium to long term, considering the underlying logic of AI and corporate valuation levels, it is an optimal time to invest in companies with robust balance sheets, platform-based application software, information security firms, and foundational software vendors that benefit from computing infrastructure [1]

中信证券研报表示，从窑炉、织布机、需求拆分、特种布等多维度分析传统电子布的供需情况，认为 2026年7628电子布供需有望维持偏紧，价格上涨有望明显超出市场预期，高点或达到6元/米以上。 （文章来源：第一财经） ...

Core Viewpoint - The company, Andavil Technology Co., Ltd., is actively engaging with institutional investors to discuss its strategic plans, including low-altitude economy development, gross margin improvement, and international market expansion [1]. Group 1: Investor Activity - The investor activity was a roadshow and site visit held on February 4, 2026, organized by CITIC Securities, with participation from 26 institutional investors [2]. - The company’s management team included key executives such as the Chairman, General Manager, and financial leaders, indicating a strong reception for investor inquiries [2]. Group 2: Business Expansion and Operational Improvement - The event featured a site tour where the management presented the company's strategic planning and the details of a planned private placement [3]. - In the low-altitude economy sector, the company has signed multiple research and development contracts or cooperation intentions with eVTOL manufacturers, indicating substantial progress in business expansion [4]. - The company is currently in technical discussions with commercial aerospace firms, although no revenue has been generated from this sector yet [4]. - The SIPDM industrial software is targeted at "specialized and innovative" small and medium enterprises, with a significant demand expected in this market [4]. Group 3: Financial Outlook - The company anticipates revenue growth in 2025, but a decline in gross margin due to product mix differences; however, gross margin is expected to stabilize and improve in 2026 through enhanced cost control and product optimization [4]. - The overall cash flow situation is secure, with good receivables from civil aviation business, and is expected to improve further in 2026 due to project settlements and supportive national policies [4]. Group 4: International Market Development - The company’s application for EASA (European Union Aviation Safety Agency) certification has been accepted, which will facilitate the development of Airbus supplier relationships and support international market entry [4]. - The Tianjin fundraising project is expected to benefit from the local aviation industry cluster and favorable talent policies, enhancing cost efficiency [4].

| 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | | --- | --- | --- | --- | --- | | | 股份數目 | | ( 請參閱上述 * 註 | 有投票權股(日/月/年) 有 | | | | | | 份自分比 | | | | | | 30/0 3 | | CS20260204E00061 | 中信证券-开元单一资产管理计1101(L) | 11,460,000(L) | HKD 3.1835 1,790,129,000(L) | 16.04(L)03/02/2026 | 格隆汇2月4日丨根据联交所最新权益披露资料显示，2026年2月3日，中广核电力(01816.HK)获中信证券-开元单一资产管理计划在场内以每股均价3.1835港元 增持1146万股，涉资约3648.29万港元。 增持后，中信证券-开元单一资产管理计划最新持股数目为1,790,129,000股，持股比例由15.93%上升至16.04%。 | 股份代號: | 01816 | | --- | --- | | 上市法國 ...

"券商一哥"中信证券再发公告。 2月2日晚间，中信证券发布"提质增效重回报"行动方案2025年落实情况报告（简称"落实报告"），其中包含公司2025年业绩快报数据、对于"五篇大文 章"的落实举措、落实"看门人"职责的情况以及分红情况等。 据落实报告，2025年中信证券全年实现营业收入748.30亿元，同比增长28.75%；公司实现归母净利润300.51亿元，同比增长38.46%。对于稳健增长的业 绩，公司派发2025年中期现金分红42.98亿元，让投资者切实收获益处。 截至2025年12月31日，中信证券资产总额为20835.34亿元，较年初增长21.79%；公司归属于母公司股东权益为3199.05亿元，较年初增长 9.14%，经营业绩持续稳健增长。 针对公司业绩水平及分红情况，时代周报记者向中信证券发送了采访提纲，截至发稿公司未作回复。 2025年营收增长近30% 2023年，中信证券业绩水平延续下行状态。全年，中信证券实现营业收入600.68亿元，同比下降7.74%；公司实现归母净利润197.21亿元，同比下降 7.49%。公司上述两项重要指标下降幅度相比2022年有所收窄，但多项主营业务收入均下降。 2 ...

联交所最新资料显示，2月3日，中信证券-开元单一资产管理计划增持中广核电力(01816)1146万股，每 股作价3.1835港元，总金额约为3648.29万港元。增持后最新持股数目约为17.90亿股，最新持股比例为 16.04%。 ...

智通财经APP获悉，联交所最新资料显示，2月3日，中信证券-开元单一资产管理计划增持中广核电力 (01816)1146万股，每股作价3.1835港元，总金额约为3648.29万港元。增持后最新持股数目约为17.90亿 股，最新持股比例为16.04%。 ...

政策端的持续加码则为行业复苏注入强劲动力。餐饮行业凭借高频、日常、单笔消费金额较低且决策链 条短的特征，成为各类消费刺激政策重点关注且受益明确的方向。从政策实践来看，消费券等补贴工具 对餐饮消费的提振效果显著，以上海、北京对比为例，2024 年四季度上海发放餐饮消费券后，当年 10- 11 月住宿餐饮社零收入同比降幅明显收窄，改善幅度显著高于未发放消费券的北京。近年来政策对提 振餐饮消费的重视程度持续强化，且执行效果良好，中信证券认为，后续若有更多消费政策出台，餐饮 行业仍将是高概率受益场景，政策刺激效果有望直接反映在行业短期经营数据改善中。 价格机制的修复则为行业盈利改善打开空间。2025 年四季度以来，居民消费价格指数已呈现改善迹 象，2026 年国家层面明确将 "推动物价合理回升" 作为宏观调控重要目标，餐饮行业价格端有望迎来更 积极的复苏节奏。目前行业内龙头企业已率先通过菜单结构优化、核心单品提价及优惠措施收缩等方式 实现顺价，既验证了终端消费需求的韧性，也体现出龙头企业的定价能力。从历史经验来看，原材料价 格上行对餐饮企业毛利率的影响更多为阶段性扰动，头部企业能够通过价格传导、产品结构调整及供应 链 ...