格隆汇1月30日｜中信证券研报测算显示，中国目前积累的待结汇规模或在6500亿美元左右，假设50% 在2026年结汇，只需要占用约1400亿元存款准备金，绝对金额并不大，无需过度担忧结汇对流动性的消 耗。 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！ ...

Core Insights - The report analyzes the development and investment cycles of the electric vehicle (EV) industry and draws parallels to the humanoid robot industry, suggesting that humanoid robots are currently in a technology validation phase, but their commercialization timeline will be shorter than that of EVs [3][27][28] - The report emphasizes the importance of focusing on high-value, clear-structure, and high-certainty segments within the robot industry, as these segments exhibit the greatest performance elasticity [17][22][41] Industry Comparison - Both the EV and humanoid robot industries are considered global strategic industries, initiated by Tesla, and follow similar patterns of technological validation, capital support, and policy-driven market dynamics [4][28] - The complexity of intelligent robotics is higher than that of EVs, with more fragmented application scenarios, leading to greater uncertainty in industry development [4][28] Investment Strategy - The report recommends actively seeking leading companies in the humanoid robot sector that have high barriers to entry in terms of non-standardization, technology, cost, and production expansion, as these companies are likely to navigate through industry cycles successfully [22][41] - The humanoid robot industry is expected to follow a path from closed to open systems, from standardization to complexity, and from production to everyday life applications [23][30] Technological Development - Current technological challenges in humanoid robots include improving autonomous decision-making capabilities, enhancing motion flexibility and stability, and reducing overall costs [31][34] - The report notes that while the cost structure of humanoid robots is similar to that of EVs, the industry is still in its infancy, and no dominant players have emerged yet, akin to CATL in the battery sector [41] Market Dynamics - The EV industry has experienced four major market cycles driven by macroeconomic factors, policy changes, and technological advancements, which may serve as a reference for the humanoid robot industry as it develops [10][11][39] - The report highlights that the investment landscape for humanoid robots is currently characterized by thematic investments, similar to earlier stages of the EV market [39][41]

Core Viewpoint - The humanoid robot industry is currently in a technology validation phase, but the timeline for commercialization is expected to be shorter than that of the electric vehicle industry. The focus should be on segments with high value, clear structure, and high certainty, as these will have the greatest performance elasticity [1][22]. Industry Comparison - The humanoid robot industry is highly comparable to the electric vehicle industry, both being global strategic industries initiated by Tesla. They follow similar development patterns driven by technology validation, capital support, and policy incentives, although the complexity and fragmentation of robot intelligence present unique challenges [2][3]. Key Segments - High-value and high-barrier segments in the humanoid robot industry include platform companies (integrating hardware and software), high-performance SOC chips (driving the brain side), dexterous hands (integrated hardware and software small robots), actuators, and precision sensors [1][19][22]. Investment Strategy - The investment strategy should focus on identifying leading companies in the humanoid robot sector that have high non-standard, technical, cost, and production expansion barriers, as these companies are likely to navigate through industry cycles successfully [1][22]. Market Dynamics - The humanoid robot industry is expected to experience a more stable performance trajectory compared to the electric vehicle industry, which has faced significant volatility due to cyclical material performance. The industry is still in its early stages, with no dominant players yet emerging like CATL in the lithium battery sector [19][22]. Policy and Capital Support - Policy and capital support are crucial for the development of both the electric vehicle and humanoid robot industries. The approach for robots should follow a "plan first, market later" strategy, similar to the early days of electric vehicles [5][6].

Core Viewpoint - Recent demand for inference and training computing power is strong, leading to price increases from both Amazon Web Services (AWS) and Google Cloud [1][2] Group 1: Demand for Computing Power - The demand for computing resources for inference and training has significantly increased, supporting the need for training computing power [1] - AWS raised prices by approximately 15% for EC2 machine learning capacity blocks on January 23, 2026, followed by Google Cloud announcing price hikes for its cloud network transmission services, with North America seeing a doubling of prices [2] Group 2: Inference Side - The rapid emergence of AI agents, such as MoltBot, is expected to support the demand for inference computing power, as these agents can perform more complex tasks and require more computing resources [3] - Anthropic has raised its revenue expectations for 2026 and 2027 to $18 billion and $55 billion, respectively, indicating a strong upward trend in inference demand [3] Group 3: Training Side - The industrial sector is continuously exploring scaling limits, which supports the demand for training computing power, with new models expected to be released in Q1 2026 [8] - Models like Grok-5 and GPT-6 are anticipated to utilize larger datasets and parameter scales, increasing the demand for training computing power [8] Group 4: Financial Reporting Catalyst - The upcoming earnings reports from major cloud service providers (CSPs) will be critical in confirming the demand for computing power and capital expenditure continuity [9] - Key earnings dates include Microsoft and Meta on January 29, 2026, followed by Google on February 5 and Amazon on February 6, with NVIDIA's report on February 26 expected to further influence market sentiment [9][10]

Core Viewpoint - The revised Implementation Regulations of the Drug Administration Law of the People's Republic of China have been officially released, emphasizing a legal framework for drug activities that prioritizes public welfare and innovation [1] Industry Summary - The new regulations serve as a tool to refine and implement the Drug Administration Law, indicating a shift towards high-quality development in the pharmaceutical industry, driven by innovation and compliance [1] - The pharmaceutical industry is expected to maintain an overweight position, with investment strategies focusing on three main lines for 2026: 1. Innovation-driven and internationalization, highlighting the importance of companies that focus on innovation and international expansion in a domestic policy environment that discourages excessive competition [1] 2. Self-sufficiency, with an emphasis on core components, reagents, and upstream research that can replace imports, especially in light of potential geopolitical risks [1] 3. New policies and new opportunities, benefiting from optimized centralized procurement, three-payment systems in medical insurance, consumption stimulus policies, and state-owned enterprise reforms [1]

中信证券研报表示，目前人形机器人处于技术验证期，但商业化落地时间相比于新能源汽车将缩短；建 议重点关注机器人产业中价值最厚、格局最清、确定性最高环节，因为业绩弹性最大，同时我们认为龙 头在产业趋势投资阶段最为核心，因此我们建议积极寻找机器人细分环节中非标、技术、成本、扩产壁 垒高的龙头企业，因为这类企业能够穿越产业周期。整体上，我们认为机器人公司本身（软硬一体的平 台型企业）、高算力SOC芯片（大脑端侧驱动）、灵巧手（软硬件一体的小机器人）、执行器、精密传 感器（软硬件一体）等环节属于人形机器人产业高价值、高壁垒环节。 ...

中信证券研报表示，修订后的《中华人民共和国药品管理法实施条例》正式发布。《条例》是细化和落 实《药品管理法》的抓手，展现出我国药品活动的法律法规以民生和创新为导向。我们对照了修订后的 《条例》与2002版《条例》，认为医药行业将以创新为核、合规为基，走向高质量发展。延续2026年的 产业投资策略观点：我们认为医药行业将是有望维持超配的行业，从横向维度上，建议2026年围绕以下 几条主线进行布局：1）创新驱动和国际化—在反内卷的国内政策环境下，关注创新驱动和国际化出海 的相关标的；2）自主可控—我们预计未来可能还会陆续面临地缘政治扰动带来的风险，应更多关注自 主可控下核心零部件、试剂、科研上游的进口替代进程加速的相关标的；3）新政新气象—受益于集采 优化、医保三个支付、消费刺激政策和国企改革的相关标的。 （文章来源：第一财经） ...

（文章来源：第一财经） 中信证券研报表示，目前人形机器人处于技术验证期，但商业化落地时间相比于新能源汽车将缩短；建 议重点关注机器人产业中价值最厚、格局最清、确定性最高环节，因为业绩弹性最大，同时我们认为龙 头在产业趋势投资阶段最为核心，因此我们建议积极寻找机器人细分环节中非标、技术、成本、扩产壁 垒高的龙头企业，因为这类企业能够穿越产业周期。整体上，我们认为机器人公司本身（软硬一体的平 台型企业）、高算力SOC芯片（大脑端侧驱动）、灵巧手（软硬件一体的小机器人）、执行器、精密传 感器（软硬件一体）等环节属于人形机器人产业高价值、高壁垒环节。 ...

中国经济网北京1月29日讯 亚虹医药(688176.SH)今日收报13.15元，跌幅7.91%。目前该股股价处于 破发状态。 亚虹医药于2022年1月7日在上交所科创板上市，发行数量为1.1亿股，发行价格为22.98元/股，保荐 机构为中信证券股份有限公司，保荐代表人为杨沁、程杰。 亚虹医药上市首日开盘即破发，当日盘中最高价报20.00元，为上市以来最高价。 (责任编辑：关婧) 亚虹医药首次公开发行股票的费用总额为1.47亿元，其中中信证券获得承销费及保荐费1.30亿元。 亚虹医药的控股股东、实际控制人、董事长兼总经理是PAN KE，美国国籍。 亚虹医药首次公开发行股票募集资金总额为25.28亿元，扣除发行费用后募集资金净额为23.81亿 元。亚虹医药最终募集资金净额比原计划多3.11亿元。亚虹医药于2021年12月31日披露的招股说明书显 示，该公司拟募集资金20.70亿元，拟分别用于药品、医疗器械及配套用乳膏生产项目，新药研发项 目，营销网络建设项目，补充流动资金。 ...

北京时间1月29日，美联储宣布将联邦基金利率目标区间维持在3.5%至3.75%之间不变，暂停了此前连 续三次的降息。中信证券海外宏观联席首席分析师李翀表示，结合本次利率决议，美联储主席鲍威尔在 任期间，美联储或不再实施降息操作。 通胀层面，李翀分析说，若不新增关税，鲍威尔将预计关税通胀见顶的时间从一季度后移至年中，这是 相较于2025年12月会议偏鹰的表态。加之特朗普多次释放关税威胁，新政策落地存疑，预计鲍威尔任内 剩余两次会议将暂停降息。 资产价格方面，美股、美债及美元波动温和。在偏鹰会议背景下，贵金属价格大幅走高，其走势主要受 地缘因素与市场情绪驱动。 美联储此次议息会议声明与前次差异显著，李翀总结四方面调整：一是经济活动表述从"以温和步伐扩 张"改为"以稳健步伐扩张"；二是就业表述更新为"就业增长仍处较低水平，失业率显现稳定迹象"，此 前表述为"就业增长放缓、失业率截至9月略有上升，近期指标与上述一致"；三是通胀表述精简为"通胀 仍偏高"，删除了"较年初有所上行"的表述；四是风险判断删除"近期就业下行风险上升"，仅保留"关注 双重使命两侧风险"。 就业市场方面，李翀认为，美国虽维持"低招聘+低裁员"格局 ...