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 ...

Core Viewpoint - The report from CITIC Securities indicates that the synergy between self-controllable technology and AI will drive significant performance in related sectors by 2025, with expectations for further strengthening in 2026. The focus will be on domestic computing power and semiconductor equipment, alongside a potential turnaround opportunity in consumer electronics by Q2 2026 [1]. Investment Theme 1: Domestic Computing Power and Semiconductor Equipment - Domestic computing power is expected to transition from point breakthroughs to systematic reconstruction by 2026, driven by increased local demand and intensified overseas restrictions. The market share of domestic manufacturers is projected to rise from 30-40% currently to 60-70% by 2030, with the total addressable market (TAM) for domestic computing power anticipated to grow from over $13 billion in 2025 to over $180 billion by 2030 [1]. - The expansion of domestic wafer fabs is being driven by the dual forces of increased production capacity and accelerated localization. The domestic equipment procurement rate is estimated to rise from 18% in 2022 to 25% in 2023, and further to over 30% by 2025, with expectations of reaching 40% by 2026 [4][5]. Investment Theme 2: High Growth in AI-Driven PCB and Storage Sectors - The PCB sector is expected to benefit from the demand for AI computing power, with significant growth anticipated in 2026-2027. The need for high-speed transmission and interconnectivity in AI chips will drive the upgrade of PCB technology, enhancing its value [16]. - The storage sector is entering a super cycle driven by AI demand, with prices for mainstream storage products expected to rise significantly. The visibility of shortages is high, and prices for DRAM and NAND are projected to continue increasing through the first half of 2026 [23]. Investment Theme 3: Consumer Electronics and Edge AI Opportunities - The consumer electronics sector is currently facing challenges due to storage price increases and shortages, but a potential turnaround is anticipated in Q2 2026. Innovations in AI smartphones, AI/AR glasses, and other AIoT products are expected to drive growth [30].

钛媒体App 1月15日消息，中信证券研报表示，从货币政策三大目标来看当下宽货币的逻辑：最终目标 层面，实体经济三部门资产负债表修复矛盾的传递和循环需要逆周期工具介入；中介目标层面，金融中 介降效等问题难以自发修复；操作目标层面，银行体系资产结构变化与资负降息错位。总体来看，2026 年宽货币环境仍有延续的必要，央行和商业银行体系继续扩表的必要性较高，降息、降准均有灵活运用 可能性。（广角观察） ...

Core Viewpoint - Despite recent regulatory measures to cool down the market and prevent overheating risks, the overall trading activity in the equity market remains at historically high levels, with key indicators such as average daily trading volume and margin financing balances exceeding long-term averages, indicating that securities firms are likely to continue benefiting from high profitability elasticity through 2025 [1] Group 1 - The capital market's functional recovery is gradually improving, with expectations of optimized equity financing pace, increased M&A activity, expanded derivative tools, and deepened wealth management transformation [1] - The business boundaries of securities firms are expected to continue broadening, leading to more diversified and stable revenue streams, with potential for improvement in operational quality and valuation levels [1] Group 2 - As of January 14, 2026, the Securities III (CITIC) index PB (LF) valuation is approximately 1.5x, positioned at the 43rd percentile since 2016, while the Chinese securities firms (H) index PB (LF) valuation is about 0.9x, situated at the 70th percentile since 2016, suggesting a recommendation for active allocation [1]

Market Performance - On January 14, 2026, the A-share market showed mixed results with the Shanghai Composite Index closing at 4126.09 points, down 0.31%, while the Shenzhen Component Index rose 0.56% to 14248.6 points, and the ChiNext Index increased by 0.82% to 3349.14 points. Over 2700 stocks rose, with total trading volume reaching 3.94 trillion yuan, an increase of 290 billion yuan from the previous trading day [1] - The Hong Kong stock market saw a late rally, with the Hang Seng Index rising 0.56% to 26999.81 points and a total trading volume of 340.39 billion HKD. The Hang Seng China Enterprises Index increased by 0.32%, while the Hang Seng Tech Index rose by 0.66% [1] - In the U.S. stock market, all three major indices closed lower, with the Dow Jones Industrial Average down 42.36 points (0.09%) at 49149.63 points, the Nasdaq down 238.12 points (1.00%) at 23471.75 points, and the S&P 500 down 36.75 points (0.53%) at 6926.99 points [1] New Stock Listings - A new stock, Zhixin Co., Ltd. (stock code 603352), was listed today with an issue price of 21.88 yuan per share and a price-to-earnings ratio of 26.85. The company specializes in the development, processing, production, and sales of automotive welding parts and related molds, serving major clients such as Changan Automobile, Geely, Ford, NIO, Li Auto, BYD, Great Wall Motors, and others [3] Regulatory News - The Shanghai Stock Exchange announced that some investors engaged in abnormal trading behavior during the trading of Guosheng Technology, leading to self-regulatory measures such as account trading suspensions. The exchange reiterated the importance of cautious investment and compliance with trading regulations [4] - A joint meeting was held by the Ministry of Industry and Information Technology, the National Development and Reform Commission, and the State Administration for Market Regulation to address the need for orderly competition in the new energy vehicle industry. The meeting emphasized the rejection of chaotic "price wars" and the importance of maintaining a fair market environment, with strict actions against non-compliant companies [6] Housing Policy - The Ministry of Finance, the State Taxation Administration, and the Ministry of Housing and Urban-Rural Development announced the continuation of personal income tax policies supporting residents' housing exchanges. From January 1, 2026, to December 31, 2027, taxpayers selling their own homes and purchasing new ones within one year will receive tax refunds based on the sale price of the old home [5]