Core Viewpoint - The report from CITIC Securities indicates a significant outflow of funds from bank stocks since the beginning of the year, highlighting a disparity in performance between A-shares and H-shares in the banking sector, which suggests that A-share banks are more affected by fund outflows and style influences, resembling trends observed in August 2025 [1] Summary by Categories Market Performance - There has been a notable outflow of funds from bank stocks at the start of the year, with A-shares and H-shares showing differing performances [1] - The current situation indicates that A-share banks are significantly impacted by these fund outflows and market style changes [1] Investment Opportunities - The investment value of banks in 2026 is expected to arise from two main factors: 1. Re-evaluation of net assets due to reassessment of systemic risks in the banking sector 2. The stable return characteristics of bank equities within the framework of RMB asset allocation, leading to a re-evaluation of core equity asset values [1] - The report suggests that the current price-performance ratio of bank stocks has significantly improved, presenting a configuration opportunity for stable return-oriented funds [1] Stock Selection Strategy - The recommendation is to focus on selecting stable individual stocks, indicating a strategy that emphasizes a solid foundation for investment [1]

Core Viewpoint - The report from CITIC Securities indicates a high certainty in the development of computing power by 2026, highlighting a pivotal opportunity for supernode technology and an optimistic outlook for domestic computing chip and system-level manufacturers [1] Group 1: Computing Power Development - The development of computing power is expected to have high certainty by 2026 [1] - Supernode technology is anticipated to reach a turning point, presenting significant opportunities [1] Group 2: Investment Opportunities - There is a positive outlook for investment opportunities in domestic computing chips and system-level manufacturers due to enhanced competitiveness [1] - Major companies' capital expenditure (Capex) is validating the demand logic for these technologies [1] Group 3: AI Applications - The rapid improvement in model capabilities is leading to a proliferation of AI applications [1] - Key AI applications to focus on include office automation, coding, agents, and multimodal applications [1] - The expansion into overseas markets and support from domestic policies are expected to create pivotal opportunities for AI applications [1]

Core Viewpoint - The report from CITIC Securities indicates that multiple policy documents related to tumor gene testing will be issued by China's regulatory bodies, including the National Medical Products Administration, the National Healthcare Security Administration, and the National Health Commission, by 2025. This regulatory framework is expected to facilitate the second turning point for the tumor gene testing industry, leading to a healthier development trajectory [1] Industry Summary - The period from 2026 to 2030 is projected to be a golden development phase for China's tumor gene testing industry, driven by favorable policies, technological advancements, and market dynamics [1] - The industry is anticipated to undergo a new round of consolidation, with smaller companies lacking qualifications, technology, and financial advantages likely to be eliminated [1] - Leading companies are expected to establish a differentiated competitive landscape through a model that includes "compliant products + in-hospital co-construction + overseas expansion" [1] Investment Recommendations - The report actively recommends investment in: 1) Companies involved in gene sequencing [1] 2) Leading firms in tumor companion diagnostics [1]

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！ 中信证券研究 文|商力 张铭赫 敖翀 拜俊飞 全球稀土资源战略地位持续提升，稀土产业进入高质量发展新时代。供给层面，配额管制叠加管制政 策，刚性逻辑或持续加强；需求层面，新能源汽车、人形机器人和低空经济等新兴领域有望成为需求长 期高速增长的核心驱动，我们预计2026年起全球稀土供需缺口或持续扩大，稀土价格或稳中有进，产业 链盈利能力或持续提升，持续推荐稀土产业链战略配置价值。 ▍稀土产业进入高质量发展新时代。 自2011年国务院首次提出"稀土战略储备"以来，一系列围绕保护稀土资源，加快关键核心技术创新应用 的政策陆续出台。2023年11月，国务院总理李强在国常会提出推动稀土产业高质量发展；2024年10月， 《稀土管理条例》正式实施；2025年8月，《稀土开采和稀土冶炼分离总量调控管理暂行办法》出台， 国家对于稀土产业高质量发展政策在不断完善及细化，稀土资源安全已上升至国家安全体系的核心维 度。通过严格政策管控、科技创新和绿色转型，实现从资源大国向产业强国的转变，中国稀土产业正迈 入高质量发展新时代。 | 稀土行业改氨桩理 | | | ...

中信证券研报称，特朗普表示希望哈塞特留任美国国家经济委员会（NEC）主席。此后，市场认为沃什 当选美联储新主席概率最大，但我们认为在安排"最听话"的哈塞特留任白宫后，选择"最合适"的沃勒或 是更好的选择，我们认为沃勒仍有胜出机会。美国最高法院于1月21日针对Trump VS Cook的口头辩论 结果是影响美联储独立性的关键事件，市场仍在等待这一不确定性的落地。若特朗普的申请被驳回，我 们预计市场将庆祝美联储独立性得到保护，利多美元、利空 黄金、美债曲线平坦化。美国司法部对鲍 威尔的调查遇到的政治阻力超出白宫预期，白宫正试图弱化该调查，我们预计该事件后续对市场不会造 成明显影响。在特朗普选择"非哈塞特"后，我们认为鲍威尔将遵循传统，在主席交接后也一并辞去理事 职务。 ...

Core Viewpoint - The Chinese tumor gene testing industry is expected to enter a second turning point due to new regulatory policies from the National Medical Products Administration, National Healthcare Security Administration, and National Health Commission, which will promote healthy industry development from 2026 to 2030, marking a golden development period for the sector [1][2]. Industry Overview - In 2022, China reported 4.82 million new cancer cases and 2.57 million cancer deaths, the highest globally. Tumor gene testing is primarily used for early screening, companion diagnosis, and prognosis monitoring [2][11]. - The upcoming policies will standardize the industry across multiple dimensions, including registration, pricing, insurance, and clinical application, leading to a new round of industry consolidation where smaller companies lacking qualifications, technology, and funding will be eliminated [2][11]. Comparison with Other Markets - The current stage of China's tumor gene testing industry is comparable to the mid-development phase of the U.S. market, particularly between 2010 and 2018. The expectation is for accelerated registration approvals and increased insurance coverage for next-generation sequencing (NGS) products in China [3][12]. - The U.S. market for tumor companion diagnostics is projected to reach $4 billion by 2030, with early screening and recurrence monitoring markets expected to reach $5.8 billion and $4.8 billion, respectively, totaling $14.6 billion. In contrast, China's market for companion diagnostics is expected to reach 5.7 billion yuan, early screening 3.3 billion yuan, and recurrence monitoring 3.6 billion yuan, totaling 12.6 billion yuan by 2030 [4][13]. Domestic and International Landscape - The industry is seeing the emergence of leading companies in specific segments, leading to a more stable market structure [5][14]. - Domestic companies are actively competing and improving their capabilities, with a complete industrial chain in place [6][15]. Investment Strategy - The complete industrial chain of China's tumor gene testing sector presents significant investment opportunities. The current recommendations include focusing on "gene sequencing providers" and "leading companies in tumor companion diagnostics" [8][17].

Group 1 - The real estate market supply and demand have shown improvement, with sufficient adjustments made, indicating a potential stabilization by 2026, marking a critical year for real estate companies to repair their balance sheets [1] - In a low-interest-rate environment, long-term capital continues to allocate towards commercial real estate, suggesting rapid growth in the commercial management industry [1] - Leading companies in the construction and building materials sector have enhanced their market share and optimized sales channels through five years of adjustments, demonstrating the ability to navigate through cycles, with performance inflection points expected for some companies in 2026 [1] Group 2 - In the public utilities and environmental protection sector, water and electricity companies are preferred for their strong anti-cyclical capabilities and attractive dividend yields [1] - Gas companies are expected to gradually recover their performance as gas prices decline and demand rebounds [1] - Waste-to-energy companies are anticipated to successfully expand overseas, breaking through growth constraints [1]

Core Viewpoint - The report from CITIC Securities forecasts a moderate recovery of China's macro economy by 2026, with an expected annual economic growth rate of 4.9% [1] Economic Outlook - The economic growth is anticipated to be characterized by structural differentiation, with resilient exports and a gradual recovery in investments, while commodity consumption faces short-term pressure [1] Asset Class Recommendations - The asset environment in 2026 is expected to feature marginal liquidity easing alongside moderate economic recovery, leading to a recommendation hierarchy of commodities > stocks > bonds [1]

Core Viewpoint - Moganshan Home has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities acting as the sole sponsor, aiming to leverage its established brand and market position in the green home furnishings sector [1] Company Overview - The company has developed "Moganshan" into a nationally recognized brand in China, starting from the artificial board business and expanding into a diversified product system that meets core green home needs, positioning itself as a one-stop comprehensive service provider for green home furnishings [1] - Moganshan Home actively participates in national-level R&D projects since the "Twelfth Five-Year Plan" and has received multiple national honors, including being recognized as a National Intellectual Property Demonstration Enterprise and a National Green Factory [1] - The company has invested in R&D to reduce formaldehyde emissions, with all products upgraded to HENF level standards and has contributed to the drafting of over 75 national and industry standards, including GB 18580-2025 [1] Market Position and Expansion - As of September 30, 2025, the company has established a broad sales and distribution network with 875 dealers, covering all provinces in China and 45 overseas countries and regions, and is actively implementing a comprehensive overseas expansion plan [1] - The market size for green artificial boards in China is expected to grow at a compound annual growth rate (CAGR) of 5.7%, increasing from RMB 310.6 billion in 2024 to RMB 409.0 billion by 2029 [1] - The green custom home market is projected to expand at a CAGR of 9.4%, rising from RMB 322.0 billion in 2024 to RMB 504.1 billion by 2029 [1]

Core Viewpoint - Fuyou Payment has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities and Shenwan Hongyuan Hong Kong as joint sponsors [1] Group 1: Company Overview - Fuyou Payment provides multi-channel payment and digital business solutions, including commercial payments (online and offline acquiring, QR code payments), financial payments (credit card repayments, fund payments), and cross-border digital payment services (B2C, B2B) [1] - The company holds a comprehensive range of payment licenses in China, as well as licenses in Hong Kong and the United States, making it a pilot supplier of multi-channel digital payment and digital business solutions in China [1] - Fuyou Payment is one of the early companies authorized to conduct cross-border foreign exchange payment services [1] Group 2: Performance Metrics - As of October 31, 2025, Fuyou Payment has processed a total payment volume (TPV) of RMB 16.34 trillion, handling over 67.9 billion payment transactions and serving 6.2 million customers [1] - Based on 2024 TPV, the company ranks eighth among comprehensive digital payment service providers in China, with a market share of 0.8% [1] - As an independent comprehensive digital payment service provider, Fuyou Payment ranks fourth in China by 2024 TPV, with a market share of 4.5% [1] - In terms of transaction volume for acquiring services, the company ranks first among independent comprehensive digital payment service providers in China [1]