智通财经APP获悉，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%。 ...

非银金融行业今日下跌2.81%，全天主力资金净流出94.45亿元，该行业所属的个股共82只，今日上涨的 有12只，涨停的有2只；下跌的有68只，跌停的有2只。以资金流向数据进行统计，该行业资金净流入的 个股有16只，其中，净流入资金超3000万元的有5只，净流入资金居首的是浙江东方，今日净流入资金 1.50亿元，紧随其后的是广发证券、亚联发展，净流入资金分别为9627.90万元、6258.78万元。非银金 融行业资金净流出个股中，资金净流出超亿元的有18只，净流出资金居前的有中信证券、中国平安、东 方财富，净流出资金分别为18.52亿元、16.62亿元、16.17亿元。 非银金融行业资金流向排名 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600030 | 中信证券 | -3.25 | 2.59 | -185231.47 | | 601318 | 中国平安 | -4.18 | 1.58 | -166199.34 | | 300059 | 东方财富 | -2.16 | 3.00 | -16173 ...

Group 1 - The core viewpoint of the report indicates that the scale of insurance funds allocated to stocks is on a rising trend, expected to reach approximately 3.6 trillion yuan by Q3 2025, accounting for 10% of total insurance funds [1] - The report forecasts an increase of over 600 billion yuan in insurance incremental funds by 2025, supported by policies that encourage stable and continuous market entry [1] - The analysis shows that the number of equity insurance asset management products has increased significantly from 110 in 2019 to over 260 by 2025, indicating a shift towards growth style after 2025 [2] Group 2 - Historical correlation between insurance asset management product returns and market styles suggests that extreme correlation points indicate potential market style switches, with a notable shift from value to growth expected in 2024 [3] - Backtesting results demonstrate effective timing strategies for style switches, accurately capturing the transition points between value and growth styles [3] - As of December 19, 2025, the growth style is expected to continue dominating, with insurance funds decreasing their allocation to low-volatility dividend styles while increasing their allocation to technology and research styles [3]

本报讯 （记者梁傲男）1月7日，中信证券发布研报称，北京智谱华章科技股份有限公司（以下简称"智 谱"，股票代码HK2513）是国内通用大模型领军企业，过去两年以互联网和科技企业为核心市场，收入 实现持续翻倍以上增长，2025年收入超1亿美元。未来6年国内大语言模型市场规模或将实现同比20倍增 长，企业级需求将主导千亿元机会，智谱在相关市场拥有一定身位优势，该行看好应用落地继续推动模 型需求快速增长，智谱依托优异模型能力持续打开企业端市场，带动收入保持高速增长，中信证券预计 智谱2025年、2026年、2027年营业收入分别为7.38亿元、16.04亿元、26.86亿元。 据Frost&Sullivan预测，2024年中国大语言模型市场规模达到53亿元，预计到2030年增至1011亿元， 2024年至2030年的复合年均增长率为63.7%。FrostSullivan预估到2030年中国企业级大语言模型市场规模 将达到904亿元，企业端市场占比接近90%。根据Frost&Sullivan，按2024年大语言模型收入计，智谱市 占率6.6%，是最大的独立大语言模型厂商。 研报认为，智谱的模型能力性价比高、幻觉率低， ...

+ CCS3723 CTCH + 登記股東將自動以港幣收取現金股息，除非選擇以人民幣收取現金股息。如果 閣下希望以港幣收取現金股息，則無需採取任何行動。 If you wish to elect to receive the 2025 Interim Dividend in Renminbi, please complete this form in accordance with the instruction below and return it to Computershare Hong Kong Investor Services Limited at 17M Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong no later than 4:30 p.m. on Friday, 23 January 2026. 如果 閣下希望選擇以人民幣收取二零二五年中期股息，請按照以下指示填寫此表格，並最遲須於二零二六年一月二十三日星期五下午 4 時 30 分將其交回香港中央 證券登記有限公司，地址為香港灣仔皇后大道東 183 號合 ...

Core Viewpoint - The Shanghai Stock Exchange's merger and acquisition review committee approved Nanjing Chemical Fiber Co., Ltd.'s asset purchase transaction, confirming it meets restructuring conditions and information disclosure requirements [1] Group 1: Transaction Structure - The transaction consists of a major asset swap, issuance of shares, and cash payment for asset purchases, all of which are interdependent and must be approved for the restructuring to be valid [2] - The company plans to swap all its assets and liabilities with an equivalent portion of the 52.98% stake in Nanjing Gongyi held by New Industrial Group [2] - The company intends to issue shares to New Industrial Group to purchase the remaining stake in Nanjing Gongyi, along with cash payments to 13 specific investors for their combined 47.02% stake [2] Group 2: Asset Valuation - The proposed valuation for the assets to be swapped is 72,927.12 million yuan, while the valuation for the assets to be acquired is 160,667.57 million yuan, based on assessments as of December 31, 2024 [3] - An extension assessment was conducted with results showing the swapped assets valued at 60,662.99 million yuan and the acquired assets at 163,969.96 million yuan, but these results will not affect the transaction pricing [4] Group 3: Share Issuance - The share issuance price for the asset purchase is set at 4.57 yuan per share, resulting in the issuance of 191,671,909 shares, which will represent 34.35% of the company's total shares post-transaction [4] Group 4: Related Party Transactions - The transaction is classified as a related party transaction, involving New Industrial Group and its affiliates, with related directors and shareholders abstaining from voting during board and shareholder meetings [5] - New Industrial Group is the controlling shareholder of Nanjing Gongyi, holding a total of 69.25% of its shares, with the actual controller being the Nanjing State-owned Assets Supervision and Administration Commission [5]

每经AI快讯，1月8日，港股大金融板块盘初下挫，华泰证券、中信证券、招商证券跌超3%，中国太 平、中国人寿、众安在线跌超2%。 ...

Core Viewpoint - The report from CITIC Securities indicates a trend of increasing allocation of insurance funds to stocks, projected to reach approximately 3.6 trillion yuan by Q3 2025, accounting for 10% of total insurance funds. This shift is expected to increasingly influence the style characteristics of the A-share market [1]. Group 1: Insurance Fund Allocation Trends - The scale of insurance funds allocated to stocks is characterized by a "steady then rising, accelerating upward" trend, with the balance reaching about 3.6 trillion yuan and the stock allocation ratio increasing to 10% by Q3 2025 [1]. - The estimated incremental allocation of insurance funds to stock assets in 2025 is 618.1 billion yuan, with a year-on-year growth rate of 25% after considering changes in A-share market capitalization [1]. - Since the second half of 2024, policy guidance has supported stable and continuous entry of insurance funds into the market, with a systematic and combinatorial approach to policy implementation [1]. Group 2: Insurance Asset Management Product Trends - The number of stock-type insurance asset management products has shown a significant upward trend, increasing from 110 in 2019 to over 260 by 2025, with a steady annual rise [2]. - Historical performance of insurance asset management products indicates that the style characteristics of insurance holdings are not constant but shift with market conditions. The correlation with low-volatility dividend strategies has been positive for most periods, significantly enhancing in 2024, indicating a defensive and high-dividend low-volatility focus, while sensitivity to technology growth and aggressive styles has been relatively low or negative. However, a notable change is expected post-2025 towards growth and small-cap stock allocations [2]. Group 3: Timing Strategies Based on Style Correlation Extremes - From a historical cycle perspective, the allocation of insurance funds to A-share styles exhibits extreme reversal characteristics, where the correlation between insurance asset management product returns and market styles reaches extremes, signaling a shift in market index styles [3]. - Backtesting results show that both single styles (dividend or technology) relative to the CSI All Share Index and the excess returns of dividends relative to technology have demonstrated good timing effectiveness. Key timing points were accurately captured, indicating a shift from growth to value in 2021 and from value to growth in January 2024 [3]. - As of December 19, 2025, the growth style is dominant over value, with insurance funds' allocation to low-volatility dividend styles in a declining phase and technology research styles in an ascending phase, suggesting a continuation of the growth style [3].

Group 1 - The core viewpoint of the report indicates that the issuance scale of new stocks on the Shanghai and Shenzhen exchanges is expected to grow by 110% year-on-year in 2025, with an average first-day increase of 213% [1] - For A-class accounts with a scale of 2 to 5 billion, the estimated offline subscription yield for new stocks on the Shanghai and Shenzhen exchanges in 2025 is approximately 2.49% to 3.83% [1] - The total issuance scale of new stocks on the Beijing Stock Exchange is projected to be 7.5 billion in 2025, with a continued decline in online winning rates and an average first-day increase of 284% [1] Group 2 - For accounts with a scale of 10 million, the estimated online subscription yield for new stocks on the Beijing Stock Exchange in 2025 is approximately 2.64% [1] - The report anticipates that offline subscription yields will maintain a stable range, with expected yields for A-class accounts of 200 million around 3% to 4% in the context of improved regulations and stable structures [1]

中信证券指出，展望2026年1月，大类资产配置层面，建议增配股票和能化；股票风格配置层面，看好 小市值风格和成长风格；股票行业配置层面，旅游、汽车、芯片等行业具有较好的配置价值。截至2025 年12月末，高频宏观因子配置组合、大盘/小盘风格配置组合、成长/价值风格配置组合、股票行业配置 组合2025年实现绝对收益分别为8.1%、34.3%、24.6%和20.4%。 ...