Group 1 - The core point of the news is that Yuexiu Capital is reducing its stake in CITIC Securities while simultaneously increasing its investment in Beijing Enterprises Holdings, indicating a strategic shift in asset allocation [1][2][4]. - Yuexiu Capital plans to sell up to 1% of CITIC Securities' total shares, which corresponds to a market value of approximately 4.16 billion yuan, potentially realizing an investment gain of about 1.9 billion yuan [1][2]. - As of January 16, 2026, Yuexiu Capital holds 12.66 billion shares of CITIC Securities, accounting for 8.54% of the total shares, and after the reduction, it will still hold over 5% [2][3]. Group 2 - The recent announcement from Yuexiu Capital indicates that the transaction is expected to optimize the company's asset structure and promote high-quality development [2][4]. - The company has also disclosed plans to invest up to 1 billion yuan in Beijing Enterprises Holdings through the Hong Kong Stock Connect, reflecting a positive outlook on its long-term development [4][5]. - The management of Yuexiu Capital has undergone a significant change, with a new chairman and other key positions being filled, which may influence the company's strategic direction [6].

Core Viewpoint MGS Eco-Home Limited, also known as Moganshan Home, is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage its position as a leading provider of green home products in China, with a focus on artificial boards and customized home solutions. Business Overview - Moganshan Home was established in 1995 and specializes in providing green artificial boards and customized home products and services [2]. - According to Zhaoshang Consulting, it ranks as the third-largest green artificial board service provider and among the top fifteen customized home product providers in China as of 2024 [2]. - The company has received multiple national honors, including being recognized as a national intellectual property demonstration enterprise and a national green factory [2]. - It operates three manufacturing bases in Zhejiang and Shandong provinces, utilizing smart facilities that comply with Industry 4.0 standards for digital management throughout the production process [2]. - As of September 30, 2025, Moganshan Home has 875 distributors covering all provinces in China and 45 overseas countries and regions, making it one of the brands with the largest offline distribution network in the industry [2]. Financial Performance - For the fiscal year ending December 31, 2023, the company reported revenues of RMB 3.394 billion and a net profit of RMB 320 million [9]. - The projected revenues for 2024 are RMB 3.456 billion, with a net profit of RMB 321 million [9]. - For the first nine months of 2025, revenues are expected to be RMB 2.519 billion, with a net profit of RMB 280 million [9]. Shareholding Structure - The controlling shareholder, Ascendia Emerald, is held by Mr. Xia Shilin and Ms. Xia Yiping, who together own approximately 53.87% of the company [4]. - Other shareholders include various BVI holding platforms, with the largest being Yufeng Onyx at 16.55% [5]. Board of Directors - The board consists of 8 members, including 4 executive directors: Mr. Zhou Xinlin (Chairman), Mr. Zhao Jianzhong (General Manager), Mr. Tang Yuanming (Deputy General Manager), and Mr. Chen Jian (CFO and Joint Company Secretary) [7]. - There is 1 non-executive director and 3 independent non-executive directors, bringing diverse expertise to the board [8]. IPO Advisory Team - The IPO is being sponsored by CITIC Securities as the sole sponsor, with KPMG serving as the auditor and various law firms providing legal counsel [11].

证券研究报告·公司点评报告·证券Ⅱ 中信证券（600030） 越秀资本拟减持中信证券 1%股份，实际影 响相对有限 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 60,068 | 63,789 | 74,811 | 77,788 | 80,400 | | 同比（%） | -7.74% | 6.20% | 17.28% | 3.98% | 3.36% | | 归母净利润（百万元） | 19,721 | 21,704 | 30,055 | 31,764 | 33,442 | | 同比（%） | -7.49% | 10.06% | 38.48% | 5.69% | 5.28% | | EPS-最新摊薄（元/股） | 1.30 | 1.41 | 2.03 | 2.14 | 2.26 | | P/E（现价&最新摊薄） | 21.60 | 19.91 | 13.85 | 13.10 | 12.44 | [Table_Tag ...

Group 1 - Yuexiu Capital announced the approval of a proposal to sell up to 1% of its shares in CITIC Securities, which is approximately 4 billion yuan based on CITIC Securities' market capitalization of about 400 billion yuan [1] - After the sale, Yuexiu Capital will still hold over 5% of CITIC Securities, maintaining shareholder rights and continuing to account for the remaining shares using the equity method [2] - CITIC Securities reported a revenue of 74.83 billion yuan for 2025, a 28.75% increase from 2024, and a net profit of 30.05 billion yuan, up 38.46% from the previous year [2] Group 2 - Yuexiu Capital plans to invest up to 1 billion yuan to increase its stake in Beijing Enterprises Holdings through the Hong Kong Stock Connect [4] - As of September 30, 2025, Guangzhou Asset Management, a subsidiary of Yuexiu Capital, had acquired 52.07 million shares of Beijing Enterprises, representing 4.14% of its total share capital [5] - The investment in Beijing Enterprises will be classified as a long-term equity investment, and the company expects this move to enhance asset value and generate good investment returns [5]

Core Viewpoint - TSMC is expected to significantly increase its capital expenditure to $52-56 billion in 2026, exceeding market expectations, which indicates an early start to the 2nm process mass production cycle [1][3]. Group 1: Financial Performance - In 2025, TSMC is projected to achieve record revenue of $122 billion, a year-on-year increase of 35.9%, driven by strong demand in AI and HPC, with a gross margin nearing 60% [2]. - The revenue contribution from advanced processes (7nm and below) is expected to reach 77%, with 3nm and 5nm processes contributing 63% of wafer sales [2]. - TSMC's net profit attributable to the parent company is forecasted to reach NT$1.72 trillion, representing over a 30% year-on-year growth, marking a historical high [2]. Group 2: Capital Expenditure - TSMC's capital expenditure for 2025 is set at $40.9 billion, with a more aggressive guidance for 2026 at $52-56 billion, significantly above the previous market expectation of $45-48 billion [1][3]. - Approximately 70%-80% of the 2026 capital expenditure will be allocated to advanced processes, while 10%-20% will be directed towards advanced packaging, testing, and mask manufacturing [3]. Group 3: Market Demand and Supply - The global semiconductor market is projected to grow from $680 billion in 2025 to $1.741 trillion by 2035, with a CAGR of 9.9%, driven by demand from servers, data centers, and storage [4]. - Advanced logic capacity (7nm and below) is expected to grow at a CAGR of approximately 15% from 2025 to 2035, fueled by AI demand [5]. - The domestic semiconductor demand in China accounts for about 35% of the global market, while its production capacity for advanced logic processes is currently less than 5% [6]. Group 4: Domestic Market Dynamics - The domestic semiconductor industry is experiencing a dual drive of "high growth in AI computing power" and "domestic substitution of advanced processes," with a significant capacity gap of over 1 million wafers per month [6]. - The domestic semiconductor equipment localization rate is currently around 30%, with expectations to increase to 60%-70% in the future, indicating substantial growth potential [7]. Group 5: Investment Recommendations - The ongoing large-scale investments in China to fill the advanced capacity gap are expected to create a long-term growth period for domestic equipment manufacturers, independent of global semiconductor cycles [8]. - Focus is recommended on leading companies that have achieved technological breakthroughs in core equipment areas such as etching, thin film deposition, cleaning, and CMP, and have validated their capabilities with major clients [8].

Core Viewpoint - TSMC is expected to significantly increase its capital expenditure to $52-56 billion in 2026, exceeding market expectations, which indicates an early start to the 2nm process mass production cycle [1][3]. Group 1: Financial Performance - In 2025, TSMC is projected to achieve record revenue of $122 billion, a year-on-year increase of 35.9%, driven by strong demand in AI and HPC, with a gross margin nearing 60% [2]. - The revenue contribution from advanced processes (7nm and below) is expected to reach 77%, with 3nm and 5nm processes contributing 63% of wafer sales [2]. - The net profit attributable to the parent company is forecasted to reach NT$1.72 trillion, marking a growth of over 30% year-on-year, setting a historical high [2]. Group 2: Capital Expenditure Insights - TSMC's capital expenditure for 2025 is set at $40.9 billion, with a more aggressive guidance for 2026 at $52-56 billion, with 70%-80% allocated to advanced processes and 10%-20% for advanced packaging, testing, and mask manufacturing [3]. - This increased investment reflects TSMC's strategic commitment to expanding production capacity in response to the growing demand for AI computing chips [3]. Group 3: Semiconductor Market Trends - The global semiconductor market is projected to grow from $680 billion in 2025 to $1.741 trillion by 2035, with a CAGR of 9.9%, driven by demand from servers, data centers, and storage [4]. - Advanced logic capacity (7nm and below) is expected to grow at a CAGR of approximately 15% from 2025 to 2035, fueled by AI demand [5]. Group 4: Domestic Market Dynamics - China's semiconductor demand accounts for about 35% of the global market, while its production capacity for 7nm and below is less than 5%, indicating a significant potential for capacity expansion [6]. - The domestic semiconductor industry is expected to fill the capacity gap, leading to a market for equipment investments worth hundreds of billions of dollars [6]. Group 5: Equipment Supply Chain and Localization - Domestic wafer fabs are actively building a "non-US" equipment supply chain, providing a growth window for local equipment manufacturers [7]. - The localization rate of semiconductor equipment is expected to increase from 30% to 60%-70% in the coming years, driven by the domestic production of DRAM and 3D NAND [7]. Group 6: Investment Recommendations - The dual drivers of AI demand and domestic substitution are expected to lead to sustained large-scale investments in advanced capacity in China [8]. - Focus is recommended on leading companies that have achieved technological breakthroughs in core equipment areas such as etching, deposition, cleaning, and CMP, which have validated their capabilities with major clients [8].

Core Viewpoint - Yuexiu Capital has approved a plan to sell up to 1% of its shares in CITIC Securities, which is expected to generate approximately 4 billion yuan in investment returns and optimize the company's asset structure for high-quality development [1][2]. Group 1: Shareholding and Transactions - Yuexiu Capital and its subsidiaries completed the acquisition of 100% of Guangzhou Securities (now CITIC Securities South China) on January 10, 2020, receiving 810 million A-shares, which represented 6.26% of CITIC Securities' total share capital at that time [2]. - As of January 16, 2026, Yuexiu Capital holds a total of 1.266 billion shares in CITIC Securities, accounting for 8.54% of the total share capital, with 903 million A-shares (6.09%) and 363 million H-shares (2.45%) [2][3]. - After the sale of shares, Yuexiu Capital will still be a shareholder with over 5% ownership in CITIC Securities, maintaining shareholder rights and accounting for remaining shares using the equity method [3]. Group 2: Financial Performance - CITIC Securities reported a revenue of 74.83 billion yuan for 2025, a 28.75% increase from the adjusted 58.12 billion yuan in 2024, and a net profit of 30.05 billion yuan, up 38.46% from 21.70 billion yuan in 2024 [3]. - Yuexiu Capital's total assets were 212.24 billion yuan, with a net asset value of 31.90 billion yuan as of June 30, 2025, and reported a revenue of 5.54 billion yuan and a net profit of 1.56 billion yuan for the first half of 2025 [3]. Group 3: Investment in Beijing Enterprises - Concurrently, Yuexiu Capital has approved a plan to increase its stake in Beijing Enterprises by using up to 1 billion yuan to purchase shares in the secondary market [4]. - As of January 16, 2026, Yuexiu Capital holds 55.91 million shares of Beijing Enterprises, representing 4.44% of its total share capital, and has transitioned its investment from trading financial assets to long-term equity investments [5]. - The company aims to enhance its asset allocation structure and increase the long-term value of its assets through this investment, expecting good returns from the increased stake in Beijing Enterprises [5].

文｜达摩财经 首份2025年券商年度业绩快报出炉。 1月14日，中信证券（600030.SH）发布业绩快报显示，公司2025年实现营业收入748.3亿元，较2024年 调整后的581.19亿元增长28.75%；实现归母净利润300.51亿元，同比增长38.46%。 超过300亿元的年度净利润，这在国内券商历史上还是头一次出现。 中信证券这张出色的成绩单离不开国内资本市场整体上行的推动。自2024年"924"行情后，上证指数从 2700点一路升至4000点，2025年全年，上证指数上涨18.41%，成交额超过170万亿元，创下历史新高。 在此前的震荡周期中，中信证券的业绩表现也跟着受到一定的影响。2022年和2023年，公司营业收入分 别下滑14.92%和7.74%，净利润同步分别下滑7.72%和7.49%。 中信证券亦在本次业绩快报中表示，市场交投活跃度显著提升，投资者信心增强，A股主要指数均实现 上涨。公司积极把握市场机遇，稳步做大客户市场规模，经纪、投资银行、自营业务等收入均实现较快 增长；同时，公司坚定推进国际化布局，深化跨境服务能力，叠加香港市场的良好表现，公司境外收入 实现较快增长。 事实上，中信证 ...

Core Viewpoint - TSMC's 2025 performance is expected to set a record, with a significant increase in capital expenditure for 2026, indicating ongoing benefits from AI computing power and advanced processes. The domestic wafer fabs are entering an expansion phase to address a million-unit capacity gap, creating a multi-billion dollar opportunity for the equipment market, with a potential doubling of domestic equipment localization rates [1][2][3]. Group 1: TSMC's Performance and Capital Expenditure - TSMC is projected to achieve a revenue of $122 billion in 2025, a year-on-year increase of 35.9%, with a gross margin nearing 60% [2][10]. - The company's capital expenditure for 2025 is set at $40.9 billion, with an aggressive forecast for 2026, estimating capital expenditure to rise to $52-56 billion, exceeding market expectations of $45-48 billion [2][10]. - 70-80% of the 2026 capital expenditure will be directed towards advanced processes, while 10-20% will be allocated for advanced packaging, testing, and mask manufacturing [2][10]. Group 2: Global Semiconductor Market Outlook - The global semiconductor sales are expected to grow from $68 billion in 2025 to $174.1 billion by 2035, with a CAGR of 9.9% [3][11]. - Demand for semiconductors in servers, data centers, and storage is projected to increase from $15.6 billion in 2025 to $82.6 billion by 2035, with a CAGR of 18.6% [3][11]. - Global semiconductor manufacturing capacity is anticipated to rise from 11.2 million wafers per month in 2025 to 19 million wafers per month by 2035, with a CAGR of 5.4% [3][11]. Group 3: Domestic Semiconductor Industry Dynamics - The domestic semiconductor industry is experiencing a dual drive of "high growth in AI computing power" and "advanced process localization," with a capacity gap exceeding one million wafers [4][12]. - Currently, domestic production of advanced logic processes (7nm and below) accounts for less than 5% of global capacity, while China's semiconductor demand represents about 35% of the global market [4][12]. - The localization rate of semiconductor equipment is currently around 30%, with expectations to double in the future, driven by increased domestic production and technological advancements [5][13]. Group 4: Investment Strategy - The ongoing AI wave and the push for localization are expected to lead to sustained, large-scale investments in China to fill the advanced capacity gap of over one million wafers [7][16]. - Focus is recommended on leading companies that have achieved technological breakthroughs in core equipment areas such as etching, thin film deposition, cleaning, and CMP, as well as those with flexible localization rates [7][16]. - Companies that can leverage this historical industry opportunity are likely to emerge as internationally competitive domestic manufacturers in the global semiconductor equipment market [7][16].

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！ 来源：中信证券研究 文|明明 王楠茜 美国12月CPI同比增速降至2.7%，与市场预期一致，核心CPI同比增速为2.6%，略低于市场预期2.7%， 核心CPI环比增速为0.2%，低于市场预期0.3%。整体而言，虽然美国食品与能源项通胀短期仍存在扰 动，但在当前美国就业偏弱运行、关税影响或逐步下降的背景下，预计未来美国通胀进一步上行的压力 可控。 ▍美国12月CPI同比增速降至2.7%，与预期一致，核心CPI同比增速为2.6%，略低于预期。 12月美国未经季节调整的CPI同比增速与11月前值持平为2.7%，符合市场预期。未经季节调整的核心 CPI同比增速为2.6%，与11月前值2.6%一致，低于预期2.7%。CPI环比增长0.3%，与9月前值和市场预期 一致，核心CPI环比增速为0.2%，与9月前值一致（10月、11月CPI环比数据因政府停摆空缺），低于市 场预期0.3%。 ▍12月美国食品项通胀环比增速为0.7%，关税、农产品供给短缺等因素推动美国食品价格上涨。 12月家庭食品环比增速从9月的0.3%上升至0.7%，非家用食品环比增速从 ...