Group 1 - On January 14, CITIC Securities experienced a decline of 1.12% with a trading volume of 9.21 billion yuan, and the net financing purchase was 396 million yuan after a financing buy of 1.58 billion yuan and a repayment of 1.19 billion yuan [1] - As of January 14, the total margin trading balance of CITIC Securities reached 19.42 billion yuan, with the financing balance at 19.39 billion yuan, accounting for 5.64% of the circulating market value, indicating a high level compared to the past year [1] - In terms of securities lending, CITIC Securities had a repayment of 97,700 shares and a sellout of 430,200 shares, with a sellout amounting to approximately 12.14 million yuan, while the securities lending balance was 27.56 million yuan, also at a high level compared to the past year [1] Group 2 - CITIC Securities, established on October 25, 1995, and listed on January 6, 2003, has its main business segments including securities brokerage (28.21%), securities underwriting (6.22%), asset management (18.21%), and proprietary trading (43.88%) [2] - For the period from January to September 2025, CITIC Securities reported a revenue of 55.81 billion yuan, reflecting a year-on-year growth of 20.96%, and a net profit attributable to shareholders of 23.16 billion yuan, with a year-on-year increase of 37.86% [2] - The company has distributed a total of 88.70 billion yuan in dividends since its A-share listing, with 22.01 billion yuan distributed over the past three years [3] Group 3 - As of September 30, 2025, CITIC Securities had 669,400 shareholders, an increase of 1.64% from the previous period, with an average of 18,192 circulating shares per person, a decrease of 1.61% [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 500.1 million shares, a decrease of 83.45 million shares from the previous period, while the Guotai CSI All-Share Securities Company ETF is a new shareholder with 252 million shares [3]

摩根士丹利发表报告指，中信证券2025年第四季净利润为69亿元，按年增长40.5%，基本符合市场预 期；全年ROE较上年上升2.5个百分点至10.6%。中信证券表示，经纪业务、投资银行业务、自营交易以 及香港业务是2025年主要的收入驱动因素。该行予其"与大市同步"评级，目标价为31.4港元。 ...

Core Viewpoint - CITIC Securities has issued a "buy" rating for China Resources Vientiane Life (01209), highlighting the company's ability to seize opportunities and expand its business model and profitability [1] Group 1: Business Growth and Projections - The company is expected to achieve an annualized revenue and performance growth rate (CAGR) of over 20% in its commercial management segment during the 14th Five-Year Plan period (2025-2030) [1] - Overall, the company is projected to realize an approximate 15% annualized performance growth during the 14th Five-Year Plan period, compared to an estimated CAGR of 37% during the 13th Five-Year Plan period (2020-2025) [1] Group 2: Market Position and Competitive Advantage - The company's historical returns on managed assets facilitate its ability to secure high-quality orders with favorable planning conditions [1] - The increase in market share within individual cities is positively correlated with same-store sales growth, creating a virtuous cycle [1] - As the company expands its management scale, it is likely that its same-store sales growth will outpace that of the retail sector [1] Group 3: Industry Environment - The commercial management industry is currently experiencing the most favorable policy environment in its history [1] - The development of a multi-tiered REITs market is expected to attract more potential clients to the industry [1]

中信证券发布研报称，予华润万象生活(01209)"买入"评级，公司把握机会，拓展业态和盈利模式，预 计商管业务分部的收入和业绩在"十五五"期间年化复合增速(2025-2030年CAGR)均超过20%，从而推动 全公司在"十五五"期间实现约15%的年化业绩增速("十四五"期间，即2020-2025年公司业绩CAGR预计 为37%)。 公司所管理资产良好的历史回报，令企业更容易获得好位置、好规划条件的订单。单城市市占率提升， 也和同店销售额增长形成正循环。该行认为，随着公司管理规模扩大，公司同店销售额跑赢社零的幅度 可能扩大，当前阶段公司践行了规模效益同向增长的发展模式。从外部环境来看，商管行业不仅迎来了 政策友善度最高的历史阶段，也随着多层次REITs市场的发展获得更多潜在客户。 ...

新华财经上海1月15日电中信证券发文点评融资保证金比例要求提高一事称，尽管近期监管层适度引导 市场降温，防范短期过热风险，但权益市场当前整体交易投资活跃度仍维持在历史高位水平，日均成交 金额、两融余额等核心指标优于长期均值，证券公司有望持续受益，基本面延续2025年的高盈利弹性。 展望未来，随着股权融资节奏优化、并购重组活跃度回升、衍生品工具扩容以及财富管理转型深化，资 本市场功能性逐步恢复并趋于完善，证券公司业务边界将持续拓宽，营收更加多元稳健，经营质量与估 值中枢具备提升潜力。 （文章来源：新华财经） ...

Core Viewpoint - Suzhou Lianxun Instrument Co., Ltd. has passed the IPO review by the Shanghai Stock Exchange, marking it as the fourth company to be approved for listing in 2026, with a focus on high-end testing instruments and semiconductor testing equipment [1]. Group 1: Company Overview - Lianxun Instrument specializes in the research, development, manufacturing, sales, and service of electronic measurement instruments and semiconductor testing equipment [1]. - The company plans to publicly issue no more than 25,666,667 new shares, accounting for no less than 25% of the total share capital after the issuance [2]. Group 2: Shareholding Structure - The actual controllers of Lianxun Instrument are Hu Haiyang, Huang Jianjun, and Yang Jian, who collectively control 54.79% of the company through direct and indirect shareholdings [2]. - Hu Haiyang directly holds 20.55% of the shares and has significant indirect control through employee stockholding platforms [2]. Group 3: Fundraising and Project Plans - The company aims to raise approximately 1.711 billion yuan (171,144.28 million yuan) for various R&D projects, including next-generation optical communication testing equipment and automotive chip testing equipment [2]. - The fundraising will support the development and industrialization of several testing equipment projects [2]. Group 4: IPO Review Insights - The IPO review committee raised questions regarding the revenue recognition of semiconductor testing equipment, emphasizing the need for clarity on sales contracts and income recognition timing [3]. - The committee also inquired about the sustainability of the company's performance in relation to industry cycles, technological advancements, and the expected benefits of the fundraising projects [3].

1月14日盘后，中信证券发布2025年度业绩快报，全年实现营业收入748.30亿元，同比增加28.75%；归属于母公司股东的净利润300.51亿元，同比增加 38.46%，喜提"双增长"。这也是中信证券历史首次全年净利润突破300亿元。 对于业绩创纪录的原因，中信证券在报告中表示，2025年国内资本市场整体呈上行态势，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。 龙头券商的亮眼业绩，也在一定程度上反映了券商行业2025年业绩强劲复苏的态势。开源证券研报指出，2025年股市上涨明显，交易活跃，投行IPO复苏， 券商经纪、投资收入同比高增驱动净利润增长，预计2025年上市券商扣非归母净利润同比增加61%，2025年四季度单季度同比增加38%。 东莞证券也表示，2025年证券行业多项核心指标创历史新高，彰显行业全面回暖态势。整体来看，行业在交投、融资、投资与资本中介业务均实现强劲增 长，结构优化与政策驱动成为主要动力。 | - - - - - - | | 证券简称 区间涨跌幅 | | | --- | -- ...

Core Viewpoint - The convergence of self-controllability and AI is expected to drive significant performance in related sectors in 2025, with this trend likely to strengthen further in 2026, making "self-controllability and AI computing power" a dominant theme in the electronics industry throughout the year [2][23]. Investment Theme 1: Focus on Domestic Computing Power and Semiconductor Equipment - Domestic computing power is anticipated to transition from point breakthroughs to systematic reconstruction by 2026, driven by increased overseas restrictions and urgent domestic demand, with market share for local manufacturers expected to rise from 30-40% currently to 60-70% by 2030 [4][25]. - The total addressable market (TAM) for domestic computing power is projected to grow from over $13 billion in 2025 to over $180 billion by 2030 [4][25]. - The semiconductor equipment sector is expected to benefit from a dual drive of wafer fab expansion and accelerated localization, with domestic equipment procurement rates estimated to rise from 18% in 2022 to 40% by 2026 [6][27]. Investment Theme 2: High Growth Certainty in AI PCB and Storage Sectors - The PCB sector is viewed as a critical upgrade point for AI chips, with strong demand for computing power expected to drive significant growth in 2026-2027 [9][30]. - AI storage is entering a super cycle driven by AI demand, with mainstream storage prices expected to rise significantly, maintaining a seller's market through at least the end of 2026 [11][32]. Investment Theme 3: Consumer Electronics Reversal and Edge AI Opportunities - The consumer electronics sector is expected to experience a reversal influenced by storage price increases and shortages, with potential stock price turning points anticipated in Q2 2026 [16][37]. - Innovations in AI smartphones, AI/AR glasses, and other AIoT applications are highlighted as key areas of focus [16][37].

Group 1: Important Events - CITIC Securities expects a 38% year-on-year increase in net profit for 2025, with rapid growth in brokerage and investment banking revenues [1] - SF Holding has reached a strategic mutual shareholding agreement with Jitu Express, involving an investment transaction amounting to HKD 8.3 billion, resulting in SF Holding owning 10% of Jitu and Jitu holding 4.29% of SF [1] - Tianli Lithium Energy's subsidiary Sichuan Tianli will undergo maintenance, expected to reduce lithium iron phosphate production by 1,500 to 2,000 tons [1] - Junda Co. plans to acquire a 16.67% stake in Xingyi Xinneng, which aims to take over the assets, personnel, and business of the domestic rare satellite battery manufacturer Shangyi Optoelectronics [1] Group 2: Shareholding Changes - Huibo Pu's actual controller will change to the Tianjin State-owned Assets Supervision and Administration Commission [2] - WISCO Development plans to replace its main assets and liabilities related to its original business with equivalent portions of 100% equity in WISCO Mining and Luzhong Mining [2] Group 3: Performance Forecasts - Jinhaitong anticipates a 104%-168% year-on-year increase in net profit for 2025, driven by sustained demand in the semiconductor packaging sector [2] - Siwei Tuxin expects a profit of approximately CNY 90.09 million to CNY 117 million for 2025, marking a turnaround from losses [2] - Yonghe Co. forecasts a 110.87%-150.66% year-on-year increase in net profit for 2025 [3] - WuXi AppTec expects a year-on-year net profit growth of over 38% for the fiscal year 2025 [3]

｜2026年1月15日 星期四｜ NO.1 史上首次！中信证券去年净利润超300亿元，同比增38% 上市券商首份2025年业绩快报出炉。1月14日晚间，中信证券发布《2025年度业绩快报公告》显示， 2025年，中信证券的营业收入和净利润实现"双增长"，且增幅均接近30%。具体而言，2025年，中信证 券实现营业收入748.30亿元，同比（与前一年同期相较）增加28.75%；归属于母公司股东的净利润 300.51亿元，同比增加38.46%。值得一提的是，这也是中信证券历史首次全年净利润突破300亿元。截 至2025年末，中信证券总资产2.08万亿元，较2024年末1.71万亿元的总资产规模，增加了21.79%。 点评：中信证券2025年净利润突破300亿元，营收与净利双双高增，彰显券商龙头强劲盈利能力。此利 好将提振公司估值表现，确立行业标杆地位，并带动证券板块估值修复。业绩超预期反映了市场活跃度 提升，有望增强投资者对A股整体的信心，推动金融市场稳健运行。 NO.2 跨境ETF规模总量突破万亿元，25只跨境ETF规模超百亿元 随着全球资本市场共振上涨，资金对海外市场的热情也助推跨境ETF规模持续攀新高。据统 ...