Group 1 - The core viewpoint of the article emphasizes the importance of improving the basic systems for the development, financing, and sales of commercial housing as proposed in the 20th Central Committee's Fourth Plenary Session [1] - The upcoming National Housing and Urban-Rural Construction Work Conference at the end of 2025 will reiterate the promotion of the "existing house sales system," aiming to fundamentally prevent delivery risks by ensuring "what you see is what you get" [1] - Currently, existing house sales are primarily based on local pilot programs, with a low percentage of projects in the land transfer phase agreeing to existing house sales [1] Group 2 - It is anticipated that the scope of reform pilot programs will gradually expand, utilizing a "new and old distinction" approach to mitigate negative impacts of the reforms [1] - Supporting measures in financing and fiscal policies are expected to accompany these reforms [1] - Based on experiences from Hainan, implementing existing house sales may lead to more cautious land acquisition by real estate companies and increased pressure on local finances, but it can better balance supply and demand in the real estate market and reduce inventory liquidation pressure [1]

近日，据中国证券监督管理委员会网上办事服务平台信息显示，江苏证监局受理了思必驰科技股份有限公司提交的首次公 开发行股票并上市辅导备案的申请，备案时间为2026年1月22日，辅导机构为东吴证券。 据辅导备案报告披露，东吴证券与思必驰辅导协议签署时间为2026年1月9日。另外，参与辅导工作的证券服务机构还包括 北京市金杜律师事务所及天健会计师事务所（特殊普通合伙）。 | 辅导协议签署时间 2026年1月9日 | | --- | | 辅 导 机 构 东吴证券股份有限公司 | | 律 师 事 务 所 北京市金杜律师事务所 | | 会 计 师 事 务 所 天健会计师事务所（特殊普通合伙） | 实际上，2025年4月25日江苏证监局就受理了思必驰首次公开发行股票并上市辅导备案的申请，当时的辅导机构为中信证 券。 | | 全国一体化在线政务服务平台 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 中国证券监督管理委员会网上办事服务平台(试运行) | | | | | | | 公开发行辅导公示 | | 辅导对象 | 辅导机构 | 备案时间 辅导状态 | 派 ...

Group 1 - The company, Xian Dao Intelligent Equipment Co., Ltd., has submitted a listing application to the Hong Kong Stock Exchange [1] - The joint sponsors for the listing are CITIC Securities and JPMorgan [1]

Core Viewpoint - The redemption scale of broad-based ETFs continues to expand without signs of slowing down, impacting various industries and individual stocks differently, with a notable effect on sectors and stocks that institutions are underweighting [1][2][3] Group 1: ETF Redemption Dynamics - The redemption of broad-based ETFs has led to a significant change in the ETF market structure, with cumulative net redemptions of 8,458 billion yuan since October 2024, while industry/theme ETFs have seen net subscriptions of 5,864 billion yuan [3] - As of January 23, 2026, the total scale of broad-based ETFs is approximately 20,574 billion yuan, with industry/theme ETFs at 15,115 billion yuan, representing 42% of the total [3] - The redemption behavior of broad-based ETFs is perceived more as a profit-taking strategy rather than a means to cool down the market, indicating strong market sentiment and active trading [4] Group 2: Sector Performance and Opportunities - During the recent redemption period, 86 stocks in the CSI 300 index outperformed the index by over 2%, primarily in the electronics, electric new energy, and chemical sectors, while 121 companies underperformed, mainly in non-bank financials and pharmaceuticals [5] - The consumer chain is expected to see increased allocation from now until the Two Sessions, with travel consumption leading the recovery, and the market is pricing in positive changes in consumer sentiment [7][8] - The real estate chain may also experience significant recovery, with signs of market stabilization in new home transactions and rental yields in major cities [9] Group 3: Investment Strategies - A strategy focusing on "resources + traditional manufacturing pricing power" is recommended, emphasizing sectors like chemicals, non-ferrous metals, new energy, and power equipment, which are expected to provide stable returns amid market fluctuations [10] - Investors are encouraged to increase allocations to non-bank financials and select domestic demand sectors, such as duty-free, aviation, and quality real estate developers, to capture potential policy changes and enhance returns [10]

Core Viewpoint - CITIC Securities reports that market confidence is continuously recovering, and sectors that are relatively low and logically sound, but not in broad-weighted industries, are expected to see recovery [1] Group 1: Market Recovery - The consumer chain is identified as a key area for allocation, particularly from now until after the Two Sessions, focusing on expected trading [1] - The real estate chain may also experience significant recovery during this period, with the construction materials sector already showing signs of improvement [1] Group 2: Investment Strategy - A foundational portfolio is constructed around chemicals, non-ferrous metals, new energy, and power equipment, based on the principle of "resources + traditional manufacturing pricing power" [1] - This portfolio serves as an anxiety-reducing allocation choice amid the contradiction between the desire for growth and regulatory counter-cyclical adjustments [1] - There is a recommendation to increase allocation in non-bank sectors (securities, insurance) at low points, while enhancing returns through certain domestic demand varieties or high-prosperity sectors [1]

Core Viewpoint - The report from CITIC Securities indicates that market confidence is gradually recovering, and sectors that are relatively undervalued and can present a logical narrative are likely to see a rebound, particularly in the consumer and real estate chains before and after the Two Sessions [1] Group 1: Market Recovery - The consumer chain is identified as a key area for allocation, with the timing being favorable from now until the Two Sessions [1] - The real estate chain is expected to show significant recovery during this period, particularly in relation to new construction activities [1] Group 2: Investment Strategy - The report emphasizes a basic strategy of "resources + traditional manufacturing pricing power," focusing on sectors such as chemicals, non-ferrous metals, new energy, and power equipment as a resilient investment choice amid market anxieties [1] - There is a recommendation to increase allocation in non-bank sectors (securities, insurance) during market dips, while also enhancing returns through certain domestic demand or high-growth sectors [1]

Core Viewpoint - The report from CITIC Securities anticipates continued growth in the computing power sector driven by sustained capital expenditures (Capex) from major CSPs, increasing demand for tokens, and continuous product capability enhancements [1] Group 1: Performance Outlook - The computing power sector's performance is expected to maintain a favorable growth trajectory through 2025 [1] - AI applications are projected to show structural highlights, particularly in areas such as AI fintech, AI healthcare, and AI data, with general agent applications also demonstrating resilient growth [1] - Overall profitability in the sector is likely to improve significantly [1] Group 2: Future Projections - Looking ahead to 2026, the computing power sector is expected to continue its favorable conditions, with AI applications poised to reach pivotal opportunities [1]

Core Viewpoint - The pre-calculation power sector is expected to experience continuous growth in 2025 due to ongoing Capex from major CSPs, increasing token demand, and enhanced product capabilities, with structural highlights in AI applications such as AI fintech, AI healthcare, and AI data [1][4] Revenue Side - The pre-calculation power sector is projected to maintain high growth in 2025, driven by sustained Capex from major CSPs and the release of token demand, with notable performance in AI applications across various fields [1][4] Profit Side - Profit growth in the pre-calculation power sector is expected to align with revenue growth in 2025, with some AI application companies showing high profit elasticity, and most previously loss-making companies either narrowing losses or turning profitable, indicating a significant improvement in overall profitability [2] 2026 Investment Outlook - The competition in domestic AI is transitioning from single-card performance to system-level capabilities, with super-node systems becoming crucial for future competition; the development of computing power is highly certain due to ongoing Capex investments and token demand [2] - AI applications are anticipated to reach a turning point, with model capability enhancements and new overseas opportunities, as domestic AI companies accelerate their international market presence [2] - Domestic policies are expected to continue supporting technology in sectors like satellites, healthcare, and consumer markets, marking a significant turning point for domestic AI [2]

Core Viewpoint - The report from CITIC Securities indicates that the computing power sector is expected to continue its growth into 2026, driven by sustained capital expenditures from major CSP companies, increasing token demand, and continuous product capability enhancements [1] Group 1: Computing Power Sector Outlook - The computing power sector's performance in 2025 is projected to remain strong due to ongoing capital expenditures from major CSP companies [1] - The demand for tokens is anticipated to keep increasing, contributing to the sector's growth [1] - Overall profitability in the sector is expected to improve significantly [1] Group 2: AI Application Highlights - AI applications are showing structural highlights, particularly in areas such as AI fintech, AI healthcare, and AI data, which are performing exceptionally well [1] - General agent applications are also experiencing resilient growth [1] - The AI application sector is poised to reach a turning point of opportunity [1]

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]