Core Viewpoint - The AI wave is expected to widen the power gap, leading to transformative changes in the IDC (Internet Data Center) power systems, with a positive outlook on the market share of domestic server power brands and investment opportunities arising from capacity shortages and product iterations in new products like supercapacitors and SST (Solid State Transformers) [1] Group 1: AI Impact on Power Demand - The demand for power equipment, particularly in North America, is experiencing steep growth driven by AI electricity consumption [1] - The increase in online electricity prices on the supply side presents investment opportunities in SMR (Small Modular Reactors) [1] Group 2: Evolution of Power Systems - The transition of UPS (Uninterruptible Power Supply) towards a fully DC system is underway, with continuous increases in output voltage levels [1] - The rise in power density of server power supplies is expected to lead to simultaneous increases in both product volume and price, potentially driving demand for supercapacitors [1]

（编辑 丛可心） 证券日报网讯 1月22日，华峰测控发布公告称，根据《上海证券交易所科创板股票做市交易业务实施细 则》相关规定，经中信证券股份有限公司备案申请，自2026年1月23日起，中信证券股份有限公司对科 创板股票华峰测控（股票代码：688200）开展做市交易业务。 ...

（港交所官网披露易） (编辑：杨燕 林辰) 近日，普祺医药向香港联交所主板递交上市申请书，中信证券和民银资本担任联席保荐人。 普祺医药是一家专注于免疫炎症领域的生物科技公司，普美昔替尼凝胶为用于治疗特应性皮炎的JAK抑 制剂凝胶，已完成成人及12至17岁青少年特应性皮炎适应症的III期临床试验，并正拓展至2至11岁儿童 特应性皮炎。普美昔替尼鼻喷雾剂为全球首款用于治疗季节性过敏性鼻炎的临床阶段JAK抑制剂鼻喷雾 剂，正处于针对成年人季节性过敏性鼻炎的III期临床试验阶段，并正拓展至青少年季节性过敏性鼻炎及 成年人常年性过敏性鼻炎。 ...

上证公告（基金）【2026】115号 为促进天弘上证科创板芯片设计主题交易型开放式指数证券投资基金（以下简称科芯TH，基金代 码:589070）的市场流动性和平稳运行，根据《上海证券交易所基金自律监管规则适用指引第2号——上 市基金做市业务》等相关规定，本所同意中信证券股份有限公司自2026年01月23日起为科芯TH提供主 做市服务。 特此公告。 上海证券交易所 2026年01月22日 ...

Core Viewpoint - Current valuation levels of the US stock market have significantly converged compared to the extreme levels expected in 2025, with downward adjustments in valuation centers and continuous upward revisions in earnings expectations [1] Group 1: Market Valuation and Earnings Expectations - Since early January, earnings expectations for US stocks in 2026 have been continuously revised upward, with the S&P 500 and Nasdaq 100 expected earnings growth rates at 13.7% and 12.9% respectively [5] - As of January 17, the P/E ratios for the S&P 500, Nasdaq 100, and Dow Jones Industrial Average are 22.1X, 25.0X, and 21.8X, indicating a narrowing of valuation levels compared to their historical highs [6] - The current return on equity (ROE) for the US stock market remains at 20%, higher than other developed markets, indicating limited alternatives for investment in global developed markets [7] Group 2: Short-term and Long-term Market Trends - Short-term volatility in the US stock market may increase due to profit-taking pressures in the technology sector and downward pressure on the retail sector from escalating trade tensions [8] - In the medium to long term, the combination of fiscal and monetary easing in the US is expected to sustain upward momentum in the stock market, with recommended focus areas including technology, manufacturing, energy infrastructure, military, and internet healthcare diagnostics [8] Group 3: Trade Relations and Economic Impact - The US government's linkage of Greenland's geopolitical claims to trade barriers has raised concerns about trade risks, with a proposed 10% tariff on goods from eight European countries, potentially increasing to 25% [2] - The economic structure of the eight European countries heavily relies on exports, which may lead to significant asymmetric impacts if trade barriers are implemented, potentially forcing some countries to compromise with the US [3] - The Danish pension fund's decision to sell its US Treasury holdings, although limited in scale, reflects growing concerns over credit risks associated with US policies, but is not expected to trigger significant liquidity risks in the US Treasury market [4]

Core Insights - The Douyin Giant Engine held a Manhua Ecological Conference in Hangzhou on January 20, highlighting the growing significance of the manhua market [1] - The peak daily consumption in the manhua sector reached 30 million, indicating strong user engagement and market potential [1] - The overall market size for manhua is projected to reach 22 billion by 2026, reflecting sustained high industry momentum [1] Content Analysis - From a content perspective, AI-generated dramas, high-quality IP adaptations, and innovative themes are showing higher hit rates, demonstrating the competitive advantage of quality content in the market [1] - On the technology front, AI technology has been deeply integrated into the manhua production pipeline, significantly reducing costs and increasing efficiency [1] - Leading AI dramas are enhancing their commercial value through copyright distribution and IAA+IAP co-investment strategies [1] Investment Recommendations - The AI drama industry is expected to maintain its favorable outlook, with a recommendation to focus on companies that possess quality IP and production capacity [1]

（原标题：中信证券：医保新政出台 医疗器械迎来行业性投资机遇） 人民财讯1月22日电，中信证券研报称，国家医保局发布新政，制定手术机器人与外科手术耗材相关服务价格立项指南，手术机器人在国内的推广 和普及速度有望加快。同时国家医保局表示立项指南未来将持续扩容，利好整体创新医疗器械产品。中信证券强烈建议投资者重视医疗产业链投 资机遇，综合梳理两条投资主线：一、重点关注手术机器人行业及上下游产业链（含腔镜机器人、骨科机器人、神经外科机器人）；二、推荐关 注微创外科、骨科、消化内科、心血管科、神经内科等高值耗材行业。 ...

普祺医药向香港联交所主板递交上市申请书，中信证券和民银资本担任联席保荐人。 普祺医药是一家专注于免疫炎症领域的生物科技公司，普美昔替尼凝胶为全球首款用于治疗特应性皮炎 的JAK抑制剂凝胶，已完成成人及12至17岁青少年特应性皮炎适应症的III期临床试验，并正拓展至2至 11岁儿童特应性皮炎。普美昔替尼鼻喷雾剂为全球首款用于治疗季节性过敏性鼻炎的临床阶段JAK抑制 剂鼻喷雾剂，正处于针对成年人季节性过敏性鼻炎的III期临床试验阶段，并正拓展至青少年季节性过敏 性鼻炎及成年人常年性过敏性鼻炎。 PG-033片剂具有同类首创潜力的TRPV3抑制剂，针对瘙痒症，处于I期临床研究阶段，并拓展至奥姆斯 特德综合征相关的顽固性瘙痒与角化过度症。PG-018片剂具有同类首创潜力的JAK1-ROCK双靶点抑制 剂，用于治疗自身免疫性肾病，处于I期临床研究阶段。PG-040滴眼液具有同类首创潜力的ROCK-JAK 双靶点滴眼液，作为青光眼的新治疗方案。 自身免疫性疾病和过敏性疾病药物市场在全球及中国均呈现快速增长态势，特应性皮炎药物市场在中国 预计将从2024年的110亿元人民币增长至2033年的502亿元人民币。 ...

Core Insights - The Douyin Giant Engine held a Manhua Ecological Conference in Hangzhou on January 20, indicating a significant event in the industry [1] - The peak daily consumption in the Manhua sector reached 30 million, showcasing the growing popularity and engagement in this market [1] - The overall market size for the Manhua industry is projected to reach 22 billion by 2026, reflecting a sustained high growth potential [1] Content Analysis - From the content perspective, AI-generated human dramas, high-quality IP adaptations, and innovative themes are showing higher hit rates, indicating a competitive advantage for quality content in the market [1] - On the technology front, AI technology has been deeply integrated into the Manhua production pipeline, significantly reducing costs and increasing efficiency [1] - Leading AI dramas are enhancing their commercial value through copyright distribution and IAA+IAP co-investment strategies [1] Industry Outlook - The AI drama industry is expected to maintain its growth momentum, with a recommendation to focus on companies that possess quality IP and production capacity [1]

Core Viewpoint - The report from CITIC Securities highlights the growth potential of the Douyin (TikTok) giant engine in the comic drama sector, predicting a market size of 22 billion yuan by 2026, indicating sustained high industry vitality [1] Group 1: Market Insights - On January 20, Douyin's giant engine held a comic drama ecological conference in Hangzhou, revealing that the peak daily consumption in the comic drama sector reached 30 million [1] - The overall market scale for comic dramas is expected to reach 22 billion yuan by 2026, reflecting a continuation of high industry vitality [1] Group 2: Content and Technology Trends - High-quality content, including AI-generated dramas, adaptations of popular IPs, and innovative themes, shows a higher success rate in the market, indicating a competitive advantage for quality content [1] - AI technology has been deeply integrated into the comic drama production pipeline, significantly reducing costs and increasing efficiency [1] Group 3: Commercialization Strategies - Leading AI dramas are enhancing their commercial value through copyright distribution and IAA+IAP co-investment strategies [1] - The industry outlook for AI dramas remains positive, with a recommendation to focus on companies that possess quality IP and production capacity [1]