Core Insights - The Hang Seng Index will undergo a review on February 13, with adjustments taking effect on March 9, impacting the Hong Kong Stock Connect [1] - An estimated 38 stocks are expected to enter the Hong Kong Stock Connect, with significant weight in sectors such as information technology, healthcare, materials, and consumer discretionary [1] - A specific stock may be included in the Hong Kong Stock Connect before the official adjustment date due to the stability period of AH shares [1] Group 1 - The review results of the Hang Seng Index will be announced on February 13, with changes effective from March 9 [1] - The anticipated inclusion of 38 stocks in the Hong Kong Stock Connect highlights a focus on sectors with higher market capitalization [1] - Investors are advised to consider timing opportunities between the announcement date and the effective date of the Hong Kong Stock Connect [1] Group 2 - Some arbitrage funds may position themselves ahead of the effective date of the Hong Kong Stock Connect, potentially leading to increased trading volumes in less liquid stocks [1] - Passive funds are expected to adjust their holdings on the trading day prior to the effective date, which may also influence market dynamics [1]

Core Insights - The article reviews the performance of the passenger car industry in 2025, highlighting growth driven by the trade-in policy in the domestic market [1] - Traditional domestic brands, particularly Geely, showed the best performance, while five new forces exceeded sales of 400,000 units, with Leap Motor becoming the annual sales champion among new forces [1] - Significant growth was observed for companies like Xiaomi, Xpeng, and Leap Motor, all recording over 100% growth [1] - The importance of traditional domestic brands in overseas markets has become more pronounced, with Chery, BYD, and SAIC each exporting over 1 million vehicles [1] - Looking ahead to 2026, the outlook for overseas markets is optimistic, with leading companies expected to achieve growth in volume and profit through new product introductions, overseas factories, and external collaborations [1] - Despite intense competition in the domestic market, the trend towards high-end domestic brands remains noteworthy [1]

中信证券研报称，预计2026年新增地方债发行规模仍有所扩容，供给整体靠前发力。化债资金方面，预 计置换隐债专项债仍前置发行，特殊新增专项债于二三季度接续发力，呈现错峰接续的特征。此外，地 方债的发行节奏应与地方政府融资成本变化和市场承接能力相匹配，因此在地方债扩张时期，适度宽松 的货币政策基调延续，也可以期待流动性市场维持宽松格局。 ...

Core Viewpoint - The recent policy issued by the All-China Federation of Trade Unions aims to activate the consumption potential of union members, injecting new momentum into the cultural and sports industries [1] Group 1: Policy Impact - The policy is expected to create an annual increase of 500 to 1650 billion yuan in the domestic tourism market by 2026, based on the current scale of approximately 330 million union members [1] - The policy establishes a complete consumption promotion loop through dual guarantees of funding and time, along with innovative supply and consumption scenarios [1] Group 2: Investment Opportunities - Investment focus should be on three main lines: first, scenic spots and destinations that directly benefit from the policy [1] - Second, the hotel industry that accommodates team accommodation needs [1] - Third, OTA platforms that may participate in digital platform construction and team travel products [1] Group 3: Future Expectations - The policy is seen as a good start for stimulating service consumption, with expectations for subsequent supporting measures [1]

Core Viewpoint - The chemical industry is expected to see a gradual recovery in profitability as capital expenditure continues to weaken year-on-year, alongside the domestic push against "involution" [1] Investment Strategy - Focus on high-energy-consuming products such as calcium carbide, caustic soda, and yellow phosphorus, which may become effective tools in the "anti-involution" strategy [1] - Attention to segments where the initial effects of industry self-discipline are evident and steadily progressing [1] - Some products have already fallen below or are close to the industry cash cost line, which may accelerate capacity clearance, particularly for products from leading companies with significant cost advantages [1] - Chemical products with sustained price increase potential driven by new demand or strong downstream demand [1] - Chemical products related to new materials and new applications [1]

责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 香港联交所最新资料显示，1月6日，中信证券-云帆单一资产管理计划增持中广核电力（01816）2888.6 万股，每股作价2.999港元，总金额约为8662.91万港元。增持后最新持股数目约为5.79亿股，最新持股 比例为5.18%。 香港联交所最新资料显示，1月6日，中信证券-云帆单一资产管理计划增持中广核电力（01816）2888.6 万股，每股作价2.999港元，总金额约为8662.91万港元。增持后最新持股数目约为5.79亿股，最新持股 比例为5.18%。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 责任编辑：卢昱君 ...

Core Viewpoint - The article discusses the impact of real estate price declines on different buyer groups, highlighting that those who purchased properties in 2021 suffered the most significant losses, while earlier buyers generally did not experience asset depreciation [1][4][7]. Investment and Financial Performance - In 2021, the total sales area of commercial housing in China was 1.794 billion square meters, an increase of 1.9% year-on-year, with sales revenue reaching 18.19 trillion yuan, up 4.8% year-on-year [5]. - The average housing price in cities exceeded 10,000 yuan in only 77 cities in 2021, indicating that the most significant losses were incurred by buyers of large units in first-tier cities [6][7]. - The company Fuanna invested 120 million yuan in a financial product in 2021, which primarily funded real estate projects, leading to substantial losses when the real estate market collapsed [15][21]. Financial Results - For the first three quarters of 2025, the company reported revenue of 1.627 billion yuan, a year-on-year decline of 13.80%, and a net profit of 160 million yuan, down 45.52% year-on-year [25]. - The decline in performance is attributed to three main factors: inventory clearance efforts leading to reduced gross margins, a significant drop of 43.34% in revenue from franchise channels, and limited improvement in online channel gross margins despite a 2.9 percentage point increase [26]. - The sales expense ratio increased to 35.1%, up 5.2 percentage points year-on-year, primarily due to increased support for franchisees, with a 148% rise in advance payments [26]. Operational Concerns - The company experienced a net decrease of 58 franchise stores, a decline of 3.9%, while the overall inventory turnover days increased by 31 days to 285 days, indicating potential inventory accumulation risks [30]. - Accounts receivable decreased by 8.87% to 242 million yuan, but the turnover days increased by 19 days to 65 days, suggesting declining collection efficiency [29].

Core Viewpoint - Xizi Health has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1] Group 1: Company Overview - Xizi Health is a sports nutrition and functional food company focused on providing high-quality health products and promoting a healthy lifestyle [1] - The company's main product offerings include protein powder, compound whey protein powder, creatine, functional gummies, and coffee [1] - Xizi Health has established a brand matrix that covers professional training, health and wellness, weight management, and daily nutritional needs, featuring four proprietary brands: FoYes, fiboo, GuBen Diary, and HotRule [1]

| 製糖牙裝 | 大短更值到版高行政人員名稱 作出張關的 真人/寶出版#灵蛇版;而發的平均價 | | 转动量线的股份股目 这已發行的 ,有關要在的日期 相聚到置於它 攝像這個交 | | | --- | --- | --- | --- | --- | | CONSULTION OF | | Total Value of | (财争履工程,任制) 试题集团范《白人民人士》 解读 | | | | | | HERE | | | CS20260107E00476 中体证券-云机单一资产管理计 1001(L) | | And And States of School Station of Children 28,886,000(L) | Concession Concession Comparis of Children 578.604.000(L) 5.18(L)06/01/2026 D668 Z CDHH | | | | | | | CANNE | 增持后，中信证券-云帆单一资产管理计划最新持股数目为578,604,000股，持股比例由4.92%上升至 5.18%。 | 股份代號: 01816 | | | --- | ...

Group 1 - CITIC Securities' Yunfan single asset management plan increased its stake in China General Nuclear Power (01816) by 28.886 million shares at a price of HKD 2.999 per share, totaling approximately HKD 86.6291 million [1] - After the increase, the latest number of shares held by CITIC Securities is approximately 579 million, representing a holding ratio of 5.18% [1]