中信证券给予阿斯麦(ASML.US)买入评级，目标价1620美元。公司2026年营收与毛利率指引乐观，新签 订单强劲，EUV及存储占比均达56%，显示下游需求旺盛。产能规划可满足未来两年客户需求，非行业 瓶颈。基于可比估值，给予目标价1620美元。 ...

截至2月1日，已有21家上市券商披露了2025年业绩预告或业绩快报。 从券商目前披露的数据来看，上述券商均实现了不同程度的业绩正增长，其中头部券商的市场领先地位 依旧稳固，中信证券预计2025年归母净利润超300亿元，国泰海通预计2025年归母净利润同比增速超 100%。中小券商方面，国联民生预计2025年净利润同比增速超400%。经纪业务、自营业务等成为上述 上市券商2025年业绩增长的核心驱动力。 21家券商净利润均实现增长 资本市场活跃助推券商业绩走高 头部券商的地位依旧稳固。21家券商中，中信证券是唯一一家2025年营业收入超700亿元的上市券商， 达748.30亿元，同比增长28.75%。而中信证券的归母净利润也是唯一一家2025年归母净利润超300亿元 的上市券商，达300.51亿元，同比增长38.46%。 2025年成功实现合并重组的国泰海通在盈利能力上仅次于中信证券，其归母净利润则达275.33亿元到 280.06亿元，同比增长111%到115%。 | | | Can . | of and and and the first and the f | | | --- | --- | --- | ...

截至2月1日，已有21家上市券商披露了2025年业绩预告或业绩快报。 从券商目前披露的数据来看，上述券商均实现了不同程度的业绩正增长，其中头部券商的市场领先地位依旧稳 固，中信证券预计2025年归母净利润超300亿元，国泰海通预计2025年归母净利润同比增速超100%。中小券商方 面，国联民生预计2025年净利润同比增速超400%。经纪业务、自营业务等成为上述上市券商2025年业绩增长的核 心驱动力。 21家券商净利润均实现增长 资本市场活跃助推券商业绩走高 头部券商的地位依旧稳固。21家券商中，中信证券是唯一一家2025年营业收入超700亿元的上市券商，达748.30亿 元，同比增长28.75%。而中信证券的归母净利润也是唯一一家2025年归母净利润超300亿元的上市券商，达300.51 亿元，同比增长38.46%。 2025年成功实现合并重组的国泰海通在盈利能力上仅次于中信证券，其归母净利润则达275.33亿元到280.06亿元， 同比增长111%到115%。 值得注意的是，2025年上半年，国泰海通曾以157.37亿元的归母净利润超过中信证券，位居上市券商榜首。而到 了三季末，中信证券就重新占据优势。据 ...

回顾近日，国际金价、银价出现大幅波动。Wind数据显示，伦敦金现自开年以来快速上涨，并在1月29日触及5598.75美元/盎司的历史高点。仅一个交易日 后，即1月30日迅速回落，下跌9.25%并跌破5000美元关口。截至2月2日11时30分，单日继续下跌4%，价格在4680美元/盎司附近。 北京商报讯（记者 刘宇阳）2月2日，中信证券发布金属行业2026年投资策略。在主要金属2026年价格展望方面，中信证券有色金属团队预计，贵金属将受 益于货币属性和避险情绪共振延续强势，黄金2026年有望涨至6000美元/盎司，现货的极度短缺和交易热度或带来白银较强的价格弹性，银价2026年有望涨 至120美元/盎司。 除金银价格外，中信证券有色金属团队指出，供给约束、需求韧性以及结构性低库存将继续支撑铜铝价格偏强运行，预计2026年铜/铝均价分别为12000美 元/吨，23000元/吨；电池金属中锂价受到储能电池强劲需求拉动，2026年价格区间有望上行至12-20万元/吨，钴受配额削减影响价格区间预计为40—50万元/ 吨，印尼镍配额缩减有望推动镍价反弹，2026年有望涨至2.2万美元/吨。 此外，其他金属中，稀土、钨、锡 ...

观典防务此前公告显示，根据公司2020年2月27日召开的第二届董事会第十七次会议决议，并经中 国证券监督管理委员会"证监许可【2020】1303号"文《关于核准观典防务技术股份有限公司向不特定合 格投资者公开发行股票的批复》的核准，向不特定合格投资者公开发行不超过3,959.00万股新股，发行 价格人民币13.69元/股。截至2020年7月16日，公司实际已发行人民币普通股3,959.00万股，募集资金总 额人民币541,987,100.00元，本次募集资金到位情况已经大信会计师事务所（特殊普通合伙）审验，并 于2020年7月17日出具大信验字【2020】第1-00108号《验资报告》。 观典防务2022年5月25日在上交所科创板转板上市。观典防务原系北交所上市公司，在北交所的证 券代码为832317。观典防务股票在北交所终止上市日期为2022年4月26日。 观典防务转板总股本为23751.0000万股，全部为北交所转板，无老股转让，无新股发行。本次转板 上市后开盘参考价格为21.88元/股。目前该股处于破发状态。 观典防务的保荐机构是中信证券，保荐代表人是赵亮、纪若楠。观典防务转板上市费用为518.87万 ...

1月底，大消费、房地产板块再度异动，不少机构指出：或源于预期抢跑。 数据显示，截至1月30日，A股地产链与纯消费链公司总市值在全A总市值中的占比分别为3.9%和 4.7%，两者加总后也只有8.6%，这显然与"十五五"规划建议中要实现的目标在结构上是不相符的。从 预期交易先行的角度，这些都符合"相对低位、能讲出逻辑"的特征。 中信证券最新策略指出："消费和地产链的躁动修复理应发生在春季，这与制造、科技并不对立。" 中信证券此前提到，市场信心持续恢复的过程中，"人心思涨"是大环境，只要在相对低位、能讲出逻辑 的行业预计都有可能经历一轮预期交易和修复，消费和地产链的修复，最好的时点就是当下到3月会议 前后，而不是等兑现。 摩根大通也指出：三月初"五年规划"中将设定消费占GDP比重目标，对房地产政策支持的预期增强，消 费也将面临春节季节性旺季。若上述部分设想成为现实，我们很可能会看到板块资金轮动进入消费板 块，而不仅仅是"二月交易"。 相关行业主题ETF： 食品饮料ETF，跟踪中证细分食品指数，一二线白酒龙头股权重占比超60%，目前兼具低预期+低仓位 +低估值+高股息优势； 消费ETF华夏，跟踪上证主要消费行业指数， ...

Core Viewpoint - The metal market is expected to enter a premium era in 2026, supported by strong price momentum from supply disruptions, localized high demand, and inventory accumulation, alongside increased trading activity due to loose liquidity and heightened geopolitical tensions [1][7]. Group 1: 2025 Market Performance - In 2025, the non-ferrous metal sector index rose by 98.6%, outperforming the CSI 300 index by 77.4 percentage points [2]. - Key segments leading the gains included tungsten (+144.8%), nickel-cobalt-tin-antimony (+130.7%), and copper (+123.9%) [2]. - Precious metals saw significant price increases, with gold and silver averaging over 70% higher year-on-year [2]. Group 2: Supply and Demand Dynamics - Supply disruptions in the metal industry are becoming more frequent and severe, with cobalt, tin, lithium, copper, and nickel prices significantly impacted [3][11]. - Factors such as resource depletion, insufficient investment, and resource nationalism contribute to a long-term normalization of supply constraints [3][11]. - Despite potential weaknesses in demand from sectors like real estate and home appliances, strong demand is expected from electric grid investments, energy storage batteries, and AI servers [3][11]. Group 3: Trading Activity and Price Elasticity - Increased trading activity is anticipated to amplify price elasticity, with precious metals reaching new highs and benefiting from heightened investor interest [4][12]. - Geopolitical conflicts have intensified, leading to increased risk aversion and price premiums across various metals, including copper, rare earths, tungsten, and natural uranium [4][12]. Group 4: Price Outlook for Major Metals in 2026 - Precious metals are expected to benefit from monetary attributes and risk aversion, with gold projected to reach $6,000 per ounce and silver potentially hitting $120 per ounce [5][12]. - Copper and aluminum prices are forecasted to average $12,000 per ton and 23,000 yuan per ton, respectively, supported by supply constraints and resilient demand [5][12]. - Lithium prices are expected to rise to 120,000-200,000 yuan per ton due to strong demand from energy storage, while cobalt and nickel prices are also projected to increase significantly [5][12].

Core Viewpoint - The report from CITIC Securities indicates that after a significant market surge in 2025, the momentum for the prices of non-ferrous metals and stocks remains strong, supported by supply disruptions, localized high demand, and inventory accumulation, with liquidity easing and geopolitical tensions likely amplifying price elasticity for metals [1] Group 1: Market Performance and Price Trends - In 2025, the CITIC non-ferrous metal sector index increased by 98.6%, outperforming the CSI 300 index by 77.4 percentage points [1] - The leading segments included tungsten (+144.8%), nickel, cobalt, tin, and antimony (+130.7%), and copper (+123.9%) [1] - Precious metals showed the most significant price increases, with average prices for gold and silver in 2025 rising over 70% year-on-year [1] Group 2: Supply and Demand Dynamics - Supply disruptions in the metal industry are expected to become more frequent and severe, with significant price increases for cobalt, tin, lithium, copper, and nickel due to these disturbances [2] - Structural demand resilience remains strong despite potential weaknesses in sectors like real estate and home appliances, with high demand expected in areas such as power grid investment, energy storage batteries, and AI servers [2] - Inventory accumulation driven by trade disputes is expected to amplify demand for copper, lithium, and rare earths, leading to price increases [2] Group 3: Trading Activity and Geopolitical Impact - The report anticipates that global liquidity will remain loose in 2026, with increased trading activity in precious metals likely leading to unexpected price surges for silver, copper, tin, and lithium carbonate [3] - Ongoing geopolitical conflicts are expected to elevate risk aversion, driving up prices for precious metals and extending to other non-ferrous metals like copper, rare earths, tungsten, and natural uranium [3] Group 4: Price Outlook for Major Metals in 2026 - Precious metals are expected to benefit from monetary attributes and sustained risk aversion, with gold projected to reach $6,000 per ounce and silver potentially rising to $120 per ounce due to extreme shortages and trading enthusiasm [4] - Supply constraints and resilient demand are expected to support strong price performance for copper and aluminum, with average prices projected at $12,000 per ton and 23,000 yuan per ton, respectively [4] - Battery metals like lithium are anticipated to rise to a price range of 120,000 to 200,000 yuan per ton, while cobalt prices are expected to be between 400,000 and 500,000 yuan per ton due to quota reductions [4] - Other metals such as rare earths, tungsten, tin, and natural uranium are expected to continue benefiting from supply-demand tightness, with price targets of 600,000 to 800,000 yuan per ton, 450,000 to 550,000 yuan per ton, 450,000 to 500,000 yuan per ton, and $100 per pound, respectively [4]

（记者 张喜威） 每经AI快讯，万兴科技发布公告称，2026年2月1日，万兴科技接受中信证券等投资者调研，公司董事 会秘书、副总经理刘江华等参与接待，并回答了投资者提出的问题。 每经头条（nbdtoutiao）——曾卖劳斯莱斯、保时捷等豪车，汽车销售巨头宝利德如今破产清算：杭州 总部已人去楼空，义乌子公司贴上了封条 ...

Core Viewpoint - The report from CITIC Securities predicts significant price increases for various metals by 2026, driven by factors such as monetary attributes, safe-haven demand, supply constraints, and structural low inventories [1] Group 1: Precious Metals - Precious metals are expected to benefit from the continued resonance of monetary attributes and safe-haven sentiment, with gold projected to reach $6,000 per ounce by 2026 [1] - Silver is anticipated to experience strong price elasticity due to extreme shortages and trading enthusiasm, with a price target of $120 per ounce by 2026 [1] Group 2: Base Metals - Supply constraints, resilient demand, and structural low inventories are expected to support strong price performance for copper and aluminum, with average prices projected at $12,000 per ton for copper and 23,000 yuan per ton for aluminum by 2026 [1] Group 3: Battery Metals - Lithium prices are expected to rise to a range of 120,000 to 200,000 yuan per ton by 2026, driven by strong demand from energy storage batteries [1] - Cobalt prices are projected to be in the range of 400,000 to 500,000 yuan per ton due to quota reductions [1] - Nickel prices are expected to rebound to $22,000 per ton, influenced by quota reductions in Indonesia [1] Group 4: Other Metals - Other metals such as rare earths, tungsten, tin, and natural uranium are expected to continue benefiting from supply-demand tightness and strategic metal premiums, with price targets of 600,000 to 800,000 yuan per ton for rare earths, 450,000 to 550,000 yuan per ton for tungsten, 450,000 to 500,000 yuan per ton for tin, and $100 per pound for natural uranium by 2026 [1]