证券代码：601066 证券简称：中信建投 公告编号：临 2026-003 号 中信建投证券股份有限公司 关于间接全资附属公司根据中期票据计划进行发行 并由全资子公司提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | 被担保人名称 | | 本次担保 | 实际为其提供的担保 | | 是否在前期 | 本次担保是 | | --- | --- | --- | --- | --- | --- | --- | | | | 金额1 | 余额（不含本次 担保金额） | | 预计额度内 | 否有反担保 | | CSCIF | Hong | 亿 1.22 | 人民币 亿元 | 122.91 | 不适用 | 否 | | Kong | Limited | 美元 | | | | | 累计担保情况 | 对外担保逾期的累计金额（人民币亿元） | - | | --- | --- | | 截至本公告日上市公司及其控股子公司 对外担保金额（人民币亿元） | 466.64 | | 对外担保金额占上市公司最近一期经 ...

MACD金叉信号形成，这些股涨势不错！ 格隆汇1月28日｜中信建投证券策略资深分析师夏凡捷做客时报会客厅表示，从行情节奏上看，A股正 进入景气验证关键期。该阶段指数依然震荡上行但涨幅放缓，经济基本面改善或新兴产业、赛道业绩释 放消化偏高的估值水平；这一阶段可能出现风格切换行情，估值高企但增速预期下调板块可能出现阶段 性调整，基本面预期改善的品种领涨市场，景气投资风格占优。从市场主线上来说，结构性景气驱动结 构性行情，在地产周期下行和消费持续不振的背景下，市场中大量资金只能在有限的方向中寻找业绩弹 性，建议重点把握：AI、新能源、关键资源等方向。 ...

zhangyang-yjs@ccnew.com 021-50586627 券商板块 2025 年 12 月回顾及 2026 年 1 月前瞻 ——券商板块月报 证券Ⅱ 分析师：张洋 登记编码：S0730516040002 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 证券研究报告-行业月报 同步大市(维持) 证券Ⅱ相对沪深 300 指数表现 资料来源：聚源、中原证券研究所 -10% -5% 0% 6% 11% 16% 21% 26% 2025.02 2025.06 2025.09 2026.01 证券Ⅱ 沪深300 相关报告 第1页 / 共13页 发布日期：2026 年 01 月 28 日 《证券Ⅱ行业月报：券商板块 2025 年 11 月 回顾及 12 月前瞻》 2025-12-26 《证券Ⅱ行业月报：券商板块 2025 年 10 月 回顾及 11 月前瞻》 2025-11-25 《证券Ⅱ行业年度策略：投融资协调发展，行 业景气度延续》 2025-11-24 联系人：李智 风险提示：1.权益及固收市场环境转弱导致上市券商业绩出现下滑；2. 股价短期波动风险；3.资本市 ...

人工智能（AI）应用的加速发展推动智算算力建设进入快车道，带动数据中心内部及核心节点间高速 互联对新型光纤的需求显著上升。中信建投证券认为，2025年第三季度以来，中国市场光纤价格持续上 涨，反应需求向好、整体供应偏紧。海外需求旺盛，出口表现强劲，反映了全球光纤光缆市场的旺盛需 求。光纤光缆行业经历了2019年供需失衡，价格暴跌，此次厂商扩产会相对理性，另外光棒等环节扩产 周期较长。此轮需求回暖叠加价格上涨，行业内的龙头公司可能盈利与估值双提升。 ...

证券Ⅱ 分析师：张洋 登记编码：S0730516040002 zhangyang-yjs@ccnew.com 021-50586627 券商板块 2025 年 12 月回顾及 2026 年 1 月前瞻 ——券商板块月报 证券研究报告-行业月报 同步大市(维持) 证券Ⅱ相对沪深 300 指数表现 资料来源：聚源、中原证券研究所 -10% -5% 0% 6% 11% 16% 21% 26% 2025.02 2025.06 2025.09 2026.01 证券Ⅱ 沪深300 相关报告 《证券Ⅱ行业月报：券商板块 2025 年 11 月 回顾及 12 月前瞻》 2025-12-26 《证券Ⅱ行业月报：券商板块 2025 年 10 月 回顾及 11 月前瞻》 2025-11-25 《证券Ⅱ行业年度策略：投融资协调发展，行 业景气度延续》 2025-11-24 联系人：李智 风险提示：1.权益及固收市场环境转弱导致上市券商业绩出现下滑；2. 股价短期波动风险；3.资本市场改革的政策效果不及预期 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共13页 发布日期：2026 ...

Market Performance - The A-share market showed mixed performance on the 28th, with the Shanghai Composite Index rising by 0.27% to 4151.24 points, and the Shenzhen Component Index increasing by 0.09% to 14342.89 points, while the ChiNext Index fell by 0.57% to 3323.56 points [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 29,923 billion yuan, an increase of 708 billion yuan from the previous day, with nearly 3,700 stocks declining [1] Sector Highlights - Resource stocks experienced a significant surge, with China Gold achieving four consecutive trading limits, and Hunan Gold achieving three consecutive trading limits [1] - The storage chip concept saw active performance, with Zhongwei Semiconductor hitting a 20% limit up and Qipai Technology also reaching a 20% limit up [1] - The coal sector rebounded in the afternoon, driven by improving supply-demand dynamics, with Shanxi Coking Coal hitting the limit up and other companies like Lu'an Environmental Energy and Jinkong Coal also rising [1] Price Trends - The average price of thermal coal is projected to reach 824.9 yuan/ton in Q4 2025, reflecting a month-on-month increase of 8%, while coking coal is expected to average 1,725.7 yuan/ton, up 10% month-on-month [1] Livestock Sector - The livestock sector showed localized movements in the afternoon, with Xiaoming Co. rising over 10%, and other companies like Dabeinong and Luoniushan also seeing gains [2] - The average price of piglets in the fourth week of January was reported at 25.96 yuan/kg, up 4.5% from the previous week, while the average price of eggs was 9.03 yuan/kg, up 2.7% [2] ETF Trading Activity - There was a significant increase in ETF trading volume, reaching a record high of 7,525 billion yuan, with notable contributions from the CSI 300 ETFs [2] Investment Strategies - The market is expected to enter a period of heightened activity in February, particularly in the AI application sector, with a focus on small-cap, growth, and thematic stocks [6] - Investment opportunities in the AIDC power supply sector are identified, including power supply units, energy storage, and third-generation semiconductors [6] Currency Impact - The RMB is projected to appreciate over 4% against the USD by 2025, with potential continued appreciation into 2026, which historically correlates with better performance of AH equities [7]

Core Viewpoint - The Hong Kong Stock Connect Dividend ETF (520900) has shown significant performance, with a notable increase in both share volume and profits, indicating strong investor interest in high-dividend assets amid a favorable economic environment [1][2][6]. Financial Performance - In Q4 2025, the Hong Kong Stock Connect Dividend ETF (520900) reported a profit of 48.31 million yuan, contributing to an annual profit of 228 million yuan for the year [2][4]. - The fund's share volume increased from 1.592 billion to 1.875 billion, marking a growth rate of 17.78% [2][4]. Market Trends - The demand for high-dividend assets is bolstered by the stable and continuous dividend policies of state-owned enterprises (SOEs), which are now key performance indicators for state-owned enterprises [6][13]. - The index tracking the ETF focuses on SOEs with stable dividend levels and high dividend yields, primarily in sectors like energy and telecommunications [7][9]. Sector Analysis - The top five sectors in the index include Oil & Petrochemicals (28.63%), Telecommunications (21.75%), Coal (11.80%), Transportation (10.47%), and Public Utilities (7.94%) [7]. - The top ten constituent stocks account for 66.88% of the index, featuring major players in the energy and telecommunications sectors [9][10]. Historical Performance - Since its inception, the index has achieved a cumulative return of 120.79%, outperforming the Hang Seng Index and the CSI Dividend Index [11][12]. - The dividend yield has increased significantly from 3%-4% in 2015 to 5%-9% in 2023-2025, reflecting the enhanced dividend capacity of SOEs [12]. Investment Outlook - Analysts suggest that the current market conditions may present a favorable window for investing in high-dividend assets, particularly through the Hong Kong Stock Connect Dividend ETF [13][14]. - The ETF provides a convenient entry point for investors looking to capitalize on stable returns and long-term value in the Hong Kong market [14].

Core Viewpoint - CloudWalk Technology (688327.SH) has announced a projected net loss for the year 2025, estimating a net profit attributable to shareholders of the parent company to be between -590 million and -490 million yuan [1] Financial Performance Summary - For the years 2019 to 2021, CloudWalk Technology reported the following revenues and net profits: - 2019: Revenue of 807.35 million yuan, net profit of -692.10 million yuan [1] - 2020: Revenue of 754.77 million yuan, net profit of -843.93 million yuan [1] - 2021: Revenue of 1.08 billion yuan, net profit of -664.11 million yuan [1] - In 2022 and 2023, the company reported revenues of 526 million yuan and 628 million yuan, with net profits of -869 million yuan and -643 million yuan respectively [2] - For 2024, the company achieved a revenue of 398 million yuan, a year-on-year decrease of 36.69%, with a net profit of -696 million yuan [2] IPO and Fundraising Details - CloudWalk Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on May 27, 2022, issuing 112 million shares at a price of 15.37 yuan per share [2] - The total amount raised from the IPO was 1.73 billion yuan, with a net amount of 1.63 billion yuan after deducting issuance costs, which was 2.12 billion yuan less than the planned amount of 3.75 billion yuan [2] - The funds were intended for projects including human-machine collaborative operating system upgrades and AI solution service ecosystems [2] Share Capital Changes - The total issuance costs for the IPO amounted to 101 million yuan, with the lead underwriter, CITIC Securities, receiving 72.12 million yuan in underwriting fees [3] - On June 7, 2023, the company announced a capital increase plan, distributing 0.4 shares for every share held, resulting in an increase of 296.27 million shares, bringing the total share capital to approximately 1.04 billion shares [3]

Core Viewpoint - The stock of Wolong Materials (002130) experienced a sudden drop of 10.01%, leading to a market capitalization decrease to 36.94 billion yuan and a trading volume exceeding 5.8 billion yuan, raising concerns among investors about the reasons behind the decline [1]. Group 1 - On January 27, Wolong Materials announced the publication of materials related to its overseas listing of foreign shares (H-shares), indicating that the Hong Kong Stock Exchange's listing committee had held a hearing to review the company's application for overseas issuance [4]. - The company plans to list on the Hong Kong main board, with CITIC Securities International and China Merchants Securities International as joint sponsors [4]. - Market rumors suggested that the H-share issuance price might be significantly discounted compared to the A-share price, which has raised investor concerns [4]. Group 2 - Following the stock's decline, many investors took to social media to express confusion and seek explanations for the sudden drop, with some speculating about potential impacts from the company's H-share listing [2]. - The company reportedly expressed surprise at the stock's performance and inquired about the movements of its competitors [2]. - There were also mentions of potential disturbances related to copper cable, which could affect the stock's performance [4].

Core Viewpoint - Bilibili's stock has increased by over 4%, reaching 282.8 HKD, with a trading volume of 1.049 billion HKD, driven by the announcement of five new domestic game releases on its platform [1] Group 1: Game Business Development - Bilibili announced that five new domestic single-player games will premiere on its platform from January 27 to 31 [1] - The titles include "City of Ants," "Pillow Blade Song," "A Lantern's Autumn Sound: Jin Yi Wei," "Ancient God: Wind Li Xi," and "Escape from Duckkov" [1] - CITIC Securities noted that Bilibili's gaming business is undergoing systematic improvement, with revenue growth expected next year due to the multi-platform strategy of "Escape from Duckkov" and the upcoming launch of "Three Kingdoms: Hundred Generals Card" in Q1 [1] Group 2: Advertising and AI Integration - AI applications have become a core driver of advertising growth for Bilibili, with Tongyi Qianwen (Qianwen APP) serving as the exclusive title sponsor for a recent program [1] - Major AI model companies such as Kimi, ByteDance (Doubao), Zhipu AI, and Baidu's Wenxin Yiyan are actively advertising on Bilibili, leveraging its high user engagement [1] - Bilibili users spend an average of over 100 minutes daily on the platform, providing a conducive environment for effective advertising through collaborations with content creators and targeted ads [1]