Group 1: Bond Underwriting Market - CITIC Securities leads the bond underwriting market with a scale of 1.28 trillion yuan, holding a market share of 6.28% [1] - China International Capital Corporation ranks second with 1.09 trillion yuan in underwriting scale and a market share of 5.37% [1] - The merger of Guotai Junan and Haitong Securities has resulted in a strong presence in the top three, indicating an increase in industry concentration [1] Group 2: Investment Funds - A new merger and acquisition investment fund has been established with a total contribution of 2 billion yuan, focusing on strategic emerging industries [2] - The fund is backed by Western Securities and local state-owned enterprises, aiming to enhance asset allocation capabilities and support regional economic growth [2] Group 3: Quantitative Private Equity - Leading quantitative private equity firms are aggressively entering niche markets, particularly in the domestic GPU and technology sectors [3] - There is a notable trend of launching products focused on innovation and AI, reflecting a pursuit of excess returns in volatile markets [3] - Some firms are also diversifying into dividend strategies, indicating a shift in risk preferences among quantitative investors [3] Group 4: Dividend Theme Funds - The issuance of dividend theme funds has accelerated in the second half of the year, with the number of new products doubling compared to the first half [4] - A total of 37 new dividend theme funds have been issued, raising a combined scale of 20.44 billion yuan, indicating a strong market interest in stable returns [4] - The trend suggests a potential shift in market focus towards value-oriented investments, particularly benefiting sectors with stable dividends [5]

Core Viewpoint - The automotive industry is expected to continue the vehicle replacement policy until 2026, but Q1 2026 may face a demand overdraft period. Investors are advised to focus on globally competitive Chinese companies and embrace new industry trends [1][10]. Passenger Vehicle Market - The vehicle replacement policy is likely to continue, with Q1 2026 potentially being the worst period for the industry. Long-term investments should prioritize companies with overseas market potential [1][3]. - In the first ten months of 2025, China's wholesale passenger vehicle sales reached 24.17 million units, a year-on-year increase of 12.8%, with new energy vehicle sales at 12.18 million units, up 32% [2]. New Energy Vehicles - The purchase tax policy for new energy vehicles is set to decline in 2026, and while the vehicle replacement policy may continue, there will be changes compared to 2025. A demand overdraft period of approximately 3-4 months is anticipated [3]. - The total sales of new energy passenger vehicles in 2026 are expected to reach 1.811 million units, a year-on-year increase of 14.9% [3]. Autonomous Driving - 2025 is projected to be a year of accelerated penetration for intelligent driving, with high-speed NOA and urban NOA penetration rates reaching 16% and 14%, respectively [4]. - The intelligent driving industry is shifting from "function definition" to "data definition," with several trends emerging, including increased parameter counts in models and the importance of world models and reinforcement learning [4]. Humanoid Robots - Tesla's fourth chapter of its grand vision emphasizes bringing AI into the physical world, with humanoid robots being a core product. The Optimus V3.0 is expected to be released in Q1 2026 [5][6]. - The Chinese robot supply chain is well-established, and domestic companies are expected to play a significant role in the development of humanoid robots due to their manufacturing capabilities [6]. Commercial Vehicles - In the first ten months of 2025, commercial vehicle sales reached 3.472 million units, a year-on-year increase of 9%. The heavy truck segment is expected to benefit from the vehicle replacement policy [7]. - The export of heavy trucks in 2025 is projected to reach 274,000 units, with a year-on-year increase of 12% [7]. Two-Wheel Vehicles - The domestic market is undergoing a supply upgrade, with new national standards promoting industry normalization and leading to the exit of smaller brands. The market is expected to recover in the long term [8]. - Exports of large-displacement motorcycles increased by 59.1% in the first ten months of 2025, indicating strong overseas demand [8].

Core Viewpoint - Marubi Biotechnology has submitted a listing application to the Hong Kong Stock Exchange, with Goldman Sachs and CITIC Securities as joint sponsors. The company ranks third in the Chinese market for recombinant collagen skincare products by retail sales in 2024, focusing on anti-aging skincare through synthetic biology technology [1][2]. Group 1: Company Overview - Marubi operates two main brands: Marubi (丸美) and L'HOTEL (恋火). The Marubi brand specializes in eye and facial anti-aging care, holding the top position in retail sales for eye care brands in China from 2021 to 2024. L'HOTEL focuses on base makeup products, ranking third among domestic base makeup brands and fifth overall in China for retail sales in 2024 [2]. - The company has developed over 80 proprietary ingredients, including recombinant double collagen and SPGβ-glucan, with more than 30 products achieving large-scale production. It operates two production bases in Guangzhou, equipped with high-density fermentation and purification processes for recombinant collagen production [2]. Group 2: Industry Position and Innovations - According to a report by Frost & Sullivan, Marubi ranks third in the recombinant collagen skincare segment in China by retail sales for 2024. The company has successfully developed recombinant double collagen, an engineered product that combines type I and type III collagen using translation pause and C-PRO loop technology [1]. - As of September 30, 2025, Marubi is the first and only company in China approved as a national research center for recombinant functional protein technology, having been recognized as a key drafting unit for the industry standard "Recombinant Soluble Collagen" by the Ministry of Industry and Information Technology [1].

Group 1 - Weak real estate market is dragging down credit and inflation recovery, with continued low consumer willingness to purchase homes and slow inventory clearance [2] - Local government fiscal pressure is increasing due to rising bond issuance rates, necessitating short-term interest rate cuts to support the economy [2] - The recent appreciation of the RMB provides a temporary window for interest rate cuts, supported by a favorable external environment due to the Fed's easing cycle [3] Group 2 - Commercial banks are adjusting their liability structures, alleviating net interest margin pressure by reducing long-term deposit products and costs [4] - The continuation of a loose monetary policy cycle may improve the demand for long-term bonds, with expectations of enhanced performance in the bond market by early 2026 [5]

智通财经APP获悉，中信证券发布研究报告称，预计2026年汽车行业以旧换新政策延续的概率较大，但 Q1行业或仍将面临一段时间的需求透支期。建议投资人聚焦具有全球竞争力的中国企业，全面拥抱产 业新趋势。2026年上半年有望跑赢的投资标的包括：1)出海景气延续、出海盈利弹性大的乘用车和商用 车龙头企业;2)自动驾驶加速渗透带来的头部智驾公司、上游产业链、L4公司的投资机会;3)人形机器人 的产业趋势，将继续为板块提供业绩和估值的双重驱动，建议聚焦特斯拉等人形机器人企业的上游核心 零部件公司。 中信证券主要观点如下： 乘用车总量：以旧换新政策有望延续，2026Q1或是行业最差时间，优先选择出海品种进行长期布局。 根据中汽协数据，2025年1-10月，我国乘用车批发销量为2417万辆，同比+12.8%，新能源乘用车批发销 量为1218万辆，同比+32%，渗透率为50.4%。今年乘用车同比增长超预期，主要受益于以旧换新补贴政 策的延续、海外多个市场出口销量的增长。根据商务部发布的1-11月补贴总量数据，预计2025全年总补 贴申请合计将达1240万份，预计总补贴金额将达1650亿元，对2025年的实际销量增量拉动可能达 ...

人民财讯12月12日电，中信证券发布汽车行业2026年投资策略：预计2026年汽车行业以旧换新政策延续 的概率较大，但一季度行业或仍将面临一段时间的需求透支期。中信证券建议投资人聚焦具有全球竞争 力的中国企业，全面拥抱产业新趋势。认为2026年上半年有望跑赢的投资标的包括：1)出海景气延续、 出海盈利弹性大的乘用车和商用车龙头企业；2)自动驾驶加速渗透带来的头部智驾公司、上游产业链、 L4公司的投资机会；3)人形机器人的产业趋势，将继续为板块提供业绩和估值的双重驱动，建议聚焦特 斯拉等人形机器人企业的上游核心零部件公司。 ...

Core Viewpoint - Green liquid fuels, including green methanol, green ammonia, and SAF, are key drivers for decarbonization in shipping, aviation, and chemical industries, with potential for nearly tenfold growth in the next five years and a long-term market space reaching trillions of yuan [1] Industry Summary - The growth of green liquid fuels is supported by increased carbon tax policies and ongoing cost reductions, positioning the industry for rapid development [1] - Domestic manufacturers are leveraging abundant and inexpensive green electricity resources, comprehensive equipment supply, and downstream support systems to accelerate the development of the green liquid fuel industry and business models [1] Company Focus - It is recommended to pay close attention to integrated production manufacturers of green hydrogen, ammonia, and methanol, as well as core equipment suppliers such as electrolyzers [1]

Core Viewpoint - Green liquid fuels, including green methanol, green ammonia, and SAF, are key drivers for decarbonization in shipping, aviation, and chemical industries, benefiting from increased carbon tax policies and ongoing cost reductions, with potential for nearly tenfold growth in the next five years and a long-term market space reaching trillions [1] Industry Summary - The green liquid fuel sector is entering a rapid development phase, supported by favorable policies and technological advancements [1] - Domestic manufacturers are leveraging abundant and inexpensive green electricity resources, complete equipment supply, and downstream support systems to accelerate the development of the green liquid fuel industry and business models [1] Investment Focus - It is recommended to pay close attention to integrated production manufacturers of green hydrogen and ammonia, as well as core equipment suppliers such as electrolyzers [1]

中信证券研报称，虽然特朗普关税税率名义上对外较高，但实质上部分商品关税存在豁免或税率下调， 并且基于特朗普表态，后续美国有效关税税率还存在进一步下降的可能性。整体而言，在美国经济下行 压力增大、特朗普关税政策实质性下调的背景下，关税对于美国通胀的压力或有限，后续美国通胀压力 或较为可控。 ...

中信证券研报称，我们认为智驾行业还有两个重要事项值得投资人高度关注：1）法规：新版L2智驾强 标拟于2027年1月1日实施，该法规通过难度大，将更加利好安全属性的硬件以及头部的智驾玩家，加速 行业格局集中；2）L4无人自动驾驶正在加速商业化落地，落地过程将遵循先封闭后开放、先载货后载 人的顺序，我们看好Robotaxi、Robovan和矿山无人驾驶在2026年迎来快速商业化。 ...