【光大研究每日速递】20260107

Group 1 - In December 2025, 18 new stocks were listed, raising over 30 billion yuan, with a total of 114 new stocks for the year, raising 130.5 billion yuan [5] - The average first-day increase for new stocks in the main board and dual innovation board was 214% and 296% respectively, with initial inquiry allocation targets being 9,094 for the main board and 8,158 for the dual innovation board [5] - The new stock subscription yield for accounts with a scale of 5 billion yuan in December 2025 was approximately 0.91% for Class A and 0.37% for Class B, with annual yields of 2.63% and 1.77% respectively [5] Group 2 - The People's Bank of China announced a net liquidity injection of 50 billion yuan through government bond purchases in December 2025, which is significantly lower compared to the monthly net purchases of 100 to 300 billion yuan from August to December 2024 [6] - The cautious approach to controlling the scale of bond purchases is deemed appropriate in the initial months following the resumption of bond buying [6] Group 3 - The new regulations for commercial real estate REITs have been implemented, marking the beginning of a new chapter for the REITs market [8] - The commercial real estate REITs pilot program is expected to accelerate, and investors are encouraged to pay attention to the first batch of products [8] - The quality of projects remains a fundamental investment basis, with a focus on products that have strong demand for underlying assets [8] Group 4 - Huayou Cobalt Co., Ltd. is expected to achieve a net profit of 5.85 to 6.45 billion yuan for 2025, representing a year-on-year growth of 40.8% to 55.2% [8] - The net profit for Q4 2025 is projected to be between 1.63 to 2.23 billion yuan, with a median of 1.93 billion yuan, indicating a quarter-on-quarter increase of 28% and a year-on-year increase of 70% [8] Group 5 - Hengyi Petrochemical has fully launched the second phase of its Brunei refining project, aiming for completion by the end of 2028 [9] - Salt Lake Industry is expected to achieve a net profit of 8.29 to 8.89 billion yuan for 2025, reflecting a year-on-year growth of 77.78% to 90.65% [9] - The net profit after deducting non-recurring gains and losses is projected to be between 8.23 to 8.83 billion yuan, with a year-on-year growth of 87.02% to 100.66% [9]