Group 1 - The core strategy focuses on enhancing pricing power in resource and traditional manufacturing sectors, recommending an increase in non-bank financial assets while considering counter-consensus varieties to reduce portfolio volatility [1][3][18] - The market is expected to maintain a fluctuating upward trend in thematic and small-cap stocks until after the Two Sessions, driven by improved domestic demand expectations [3][20] - The aluminum industry is projected to see a price center of 23,000 yuan/ton by 2026, supported by sustained demand growth in electricity grids and automotive sectors, despite potential supply increases from Indonesia [5][22] - The rare earth industry is entering a high-quality development phase, with a forecasted widening supply-demand gap starting in 2026, leading to stable price increases and improved profitability across the industry chain [6][23] Group 2 - The electronic sector is experiencing price increases across various sub-segments due to rising upstream metal costs and strong demand driven by AI, suggesting a focus on segments like storage and wafer fabrication that are likely to benefit from this trend [7][25] - The non-bank financial sector is expected to see improved operational quality and valuation potential, with current PB ratios indicating a favorable investment environment [8][26] - China's social financing growth has slightly slowed, but export resilience has strengthened, indicating a stable outlook for 2026, supported by robust non-US export performance [9][33][34]

Core Viewpoint - The Hong Kong stock market has shown strong performance at the beginning of 2026, boosting market confidence and providing a favorable environment for listed companies to raise funds through refinancing [1][10]. Group 1: Refinancing Activities - As of January 15, 2026, the scale of equity financing (including placements, rights issues, and consideration issues) by Hong Kong listed companies has reached approximately HKD 248.87 billion, a significant increase of HKD 238.67 billion compared to HKD 10.20 billion in the same period of 2025 [3]. - Placement remains the primary method for refinancing among Hong Kong listed companies, with 68% of the 25 refinancing activities initiated by 24 companies opting for this method [3]. - Notable refinancing activities include SF Holding and Jitu Express, which announced a strategic mutual shareholding with a total refinancing amount of HKD 83 billion, marking the largest deal [3]. Group 2: Specific Company Activities - GF Securities raised over HKD 61 billion through H-share placements and convertible bond issuance, ranking second in the refinancing activities this year [4]. - Kanglong Chemical raised approximately HKD 13.34 billion through a placement of new H-shares, ranking third among this year's refinancing projects [4]. - Other companies such as Ying Tai Medical, Black Sesame Intelligence, and YaJie AnKang also raised over HKD 100 million in refinancing [5]. Group 3: Bond Financing Demand - Alongside the surge in equity financing, there is also a strong demand for bond financing in the Hong Kong market [6][10]. - Kuaishou announced plans to issue USD and RMB senior notes, aiming to raise approximately USD 2 billion, with a focus on AI infrastructure development [7]. - JD.com is reportedly considering issuing dim sum bonds with a potential scale of around RMB 10 billion (approximately USD 1.4 billion) [7]. - In 2025, major internet companies like Tencent, Baidu, and Alibaba initiated a wave of bond issuances, indicating a trend towards debt financing in the tech sector [8]. Group 4: Purpose of Fundraising - The active refinancing activities reflect increased confidence in Hong Kong listed companies and the deep integration of capital and industry [10]. - Funds raised are primarily used for international expansion, enhancing research and development, and increasing cash reserves [11]. - Kuaishou's bond proceeds will support its global expansion strategy, while SF Holding and Jitu Express aim to build a more efficient global logistics network [11]. - Crystal Holdings plans to use its bond proceeds to enhance both domestic and international R&D capabilities and expand its business development [11].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 记者丨崔文静 编辑丨包芳鸣 2026年A股市场迎来首家主动退市的公司。 1月13日晚，德邦股份发布公告，拟主动终止上市并转入退市板块交易，成为今年以来首家、也是2025 年至今第八家选择主动退市的上市公司。 | | 16.98 +1.54 +9.97% | | | | 量邦股份 1 | 立即 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 603056 × | | | SSE CNY 15:00:03 闭市 查看L2全景 | | | | | 通融/△+ | | 菱比 | 100.00% 委差 | 1018160 | Wind ESG评级 | A | | 详情 | | 卖五 | | | रेस | 24.21% 120日 | | 6.73% | | 卖四 | | | 5日 | 22.16% 250日 | | 24.12% | | 英三 | | | 20日 | 22.60% 52周高 | | 22.92 | | 卖二 | | | 60日 | 11.05% 52周低 | ...

2026年A股市场迎来首家主动退市的公司。 1月13日晚，德邦股份发布公告，拟主动终止上市并转入退市板块交易，成为今年以来首家、也是2025 年至今第八家选择主动退市的上市公司。 此次退市并非因经营困难，而是德邦股份与京东物流深化整合、履行同业竞争承诺的重要一步。京东物 流在2022年要约收购德邦后承诺，五年内解决双方同业竞争问题。随着股权融合与业务协同推进，退市 成为实现资源全面统筹的环节之一。 退市同时，德邦股份为投资者提供了现金选择权，行权价定为19.00元/股，覆盖股份不超过19.99%，股 权登记日为2026年2月6日。公司明确表示，后续无重大重组或重新上市计划。 德邦股份的退出，是当前A股退市渠道日益多元化的一个缩影。2025年以来，已有海通证券、中国重工 等多家公司基于合并整合等战略需求主动退市，反映出国企改革、行业整合背景下，资本市场"有进有 出"的良性生态正在形成。 与此同时，强制退市力度也在加大。2025年退市公司超过30家，其中财务类、交易类退市占比较高，重 大违法强制退市案例明显增多。退市新规中"连续三年造假即退市"等硬性条款，配合"退市不免责"的监 管常态，正推动市场加速清退劣质公司 ...

Group 1 - The US dollar index has significantly declined, ending its upward trend since the beginning of the year, primarily driven by uncertainties surrounding the Federal Reserve and upcoming Supreme Court policy decisions [1] - The US Department of Justice has accused Federal Reserve Chairman Jerome Powell of construction cost issues, escalating the controversy and raising concerns about the Fed's independence [1] - The market is focused on the upcoming US CPI data for December, with expectations of a year-on-year growth rate of 2.7% and core CPI rising from 2.6% to 2.7% [4] Group 2 - Non-US currencies have generally rebounded against the weakening dollar, with the euro ending a four-day decline, while the Japanese yen has fallen to a one-year low amid political developments [2] - Precious metals have shown active performance, with gold reaching $4600 before retreating, and silver rising by 6.6% to surpass $85 [2] - Global stock markets have continued their strong performance, with major US and European indices reaching historical highs, particularly in defensive sectors [2] Group 3 - The euro has faced resistance at 1.1695, and if the US CPI data is lower than expected, it may support a short-term rebound for the euro [5] - The Nikkei 225 index has shown signs of overbought correction after reaching historical highs, with key support levels identified [6]

Market Overview - The Shanghai Composite Index experienced narrow fluctuations, while the ChiNext Index fell over 1% during the trading session. The total trading volume in the Shanghai and Shenzhen markets was 2.8 trillion, a decrease of 53.8 billion compared to the previous trading day, marking the fourth consecutive day with trading volumes exceeding 2.5 trillion. Market hotspots rapidly rotated, with significant performances in commercial aerospace, brain-computer interface concepts, and controllable nuclear fusion. AI application concepts rose, while sectors such as large finance, rare earth permanent magnets, and non-ferrous metals saw notable declines. By the end of the session, the Shanghai Composite Index fell by 0.07%, the Shenzhen Component Index by 0.51%, and the ChiNext Index by 0.82% [1]. Chemical Industry Insights - CITIC Securities indicated that the chemical industry's capital expenditure continues to weaken year-on-year, but the profitability of chemical enterprises is expected to gradually bottom out and recover under the backdrop of ongoing anti-involution efforts. The investment value of the chemical sector is anticipated to continue improving by 2026. Investment strategies suggested include focusing on high-energy-consuming products such as calcium carbide, caustic soda, and yellow phosphorus, which may become effective tools for anti-involution. Additionally, attention should be given to segments where self-discipline is steadily advancing, products that have fallen below or are close to cash cost lines, and chemical products driven by new demand or strong downstream demand with price increase potential [2]. Trade and Material Substitution - According to Open Source Securities, the Ministry of Commerce has initiated anti-dumping investigations against Japan, particularly concerning high-end membrane materials. Announcements made on January 6 and 7 included prohibiting the export of dual-use items to Japanese military users and launching anti-dumping investigations on imported dichlorodihydrosilane from Japan. As the global touch module, LCD/OLED display panel, and MLCC ceramic capacitor industries shift to mainland China and domestic manufacturers expand capacity, there is an urgent need for the domestic optoelectronic industry to break Japan's technological monopoly on high-end raw materials and achieve localization of critical raw material supply [3]. Chatbot Commercialization - CICC reported that the current monetization of overseas chatbots primarily relies on subscriptions, while domestic models are mostly free. In the long term, as the cost of unit reasoning decreases, a "free + transaction-oriented effect advertising" model is expected to emerge, which could lower barriers to entry and increase the ceiling in the ToC Agent field. Internet advertising leaders possess advantages in data and infrastructure dimensions [4].

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the potential for a prosperous economic environment in China, driven by the Federal Reserve's interest rate cuts and potential quantitative easing (QE), which will facilitate the return of cross-border capital to China and improve cash flow in the real economy [3][5]. - Key industries highlighted for investment opportunities include non-ferrous metals, new consumption, and high-end manufacturing [4][6]. Company Insights Zijin Mining - Zijin Mining, the world's third-largest copper mining company, is expected to benefit from rising copper prices and increased production, with projected revenues reaching 80 billion by 2026 and a market capitalization of 1.6 trillion [10]. - The company is seen as a top investment choice due to its strong growth prospects and the favorable market conditions for copper [10]. Huafeng Aluminum - Huafeng Aluminum is recognized for its solid quality and cautious capacity expansion, with a return on equity (ROE) of 20%-25% and a compound growth rate of over 15%. The current valuation is considered low, making it a potential investment target [11]. - The company is expected to benefit from new product launches and applications, with a projected doubling of capacity after the completion of its Chongqing expansion [11]. Huayou Cobalt - Huayou Cobalt's primary profit source is nickel, with expectations of profit doubling within three years, potentially within two years if nickel prices rise. The company is positioned well in the market due to concentrated supply dynamics [13][15]. - The nickel market is dominated by a few large players, with significant influence from Indonesian government policies, which are expected to drive prices higher [14]. Dongfang Electric - Dongfang Electric is positioned to benefit from increased global power investments, particularly in North America, where demand for gas turbines is rising due to AI-driven electricity needs. The company has secured overseas orders for its 750 gas turbine [16][17]. Guotai Junan Securities - Guotai Junan is expected to fully realize integration effects by 2026, with a leading customer base and significant cost reduction potential through business integration. The company reported a revenue of 46 billion and a net profit of 22.1 billion in the first three quarters of 2023, showing substantial growth [2][22]. - The current valuation is considered low compared to peers, indicating potential investment value [22]. Market Trends and Predictions - The A-share market is anticipated to reach new highs in 2026, with increased volatility. Non-ferrous metals, new consumption, and high-end manufacturing sectors are expected to perform well due to macroeconomic improvements [6]. - The copper and aluminum markets are projected to see price increases due to tight supply and stable demand over the next two to three years [9]. Additional Insights - The impact of U.S. Federal Reserve policies on the Chinese market is significant, with recent interest rate cuts reversing capital outflows and improving the economic environment [5]. - The agricultural sector is expected to benefit from rising prices in phosphate and potash resources due to supply-demand mismatches, with companies like Dongfang Iron Tower making strategic moves in this area [18]. Conclusion - The conference call highlights a positive outlook for several industries and companies in China, driven by macroeconomic factors and strategic positioning within their respective markets. Investors are encouraged to consider these opportunities as the economic landscape evolves.

【导读】化工板块走高，多股直线拉涨停 中国基金报记者 李智 一起来看下最新的市场情况及资讯。 12月18日早盘，A股三大指数集体低开，之后震荡攀升。截至发稿，上证指数率先飘红。 | W | | | 上证指数(000001) | | | | --- | --- | --- | --- | --- | --- | | | | | 12-18 10:39:42 | | | | 3876.75 | | 昨收 | 3870.28 | | 成交额 3441.99亿 | | +6.47 | +0.17% | 今开 | 3857.26 | 成交量 | 222.39亿 | | 上涨 | 1527 | 平台 | 94 | 下跌 | 716 | | 最高价 | 3880.93 | 市图率 | 16.22 | 近20日 | -1.38% | | 最低价 | 3856.42 | 市净率 | 1.47 | 今年来 | 15.66% | | सेव | 모 | 日K | | 周K | | | 叠加 | | | 均价: -- | | | | 3904.41 | | | | | 0.88% | 从板块来看，化工板块震荡拉升，零售、商业航天、光 ...

2025年12月4日，由中诚信国际主办的"智驭风险·信立新篇——中诚信2026年信用风险展望年会"在上海圆满落幕。中诚信国际的分析师和市场投资机构代表 在会上分享了关于十五五时期经济发展趋势、低利率时代下金融机构的多维洞察、科技创新下的产业信用新生态、AI在金融服务中的实践、国际标准在现 代企业治理中的实践、ESG赋能可持续发展供应链等专业观点。会上发布了中诚信公募REITs 指数·数据库·终端及中诚信·海尔鑫海汇绿色产融数科生态暨绿 E供应链票据通1.0。作为中诚信国际年度的重要研讨会议和市场品牌活动，本次峰会吸引了来自国内外各大工商企业、金融机构、专业研究机构、新闻媒体 的代表和投资人现场参与。会议上午场由中诚信国际执行副总裁邓大为主持。 中诚信国际总裁岳志岗在致辞中表示，当前全球格局深度调整，新一轮科技革命与产业变革为我国带来新机遇，国内经济虽处结构调整关键期、存在有效需 求不足等问题，但经济结构优化、新旧动能转换推进、科技创新驱动增强，为"十五五"高质量发展创造条件。宏观层面，财政政策提质增效、货币政策适度 宽松，我国债券存量超190万亿元，年内公司信用类债券发行15.1 万亿元，有力支持实体经济融资 ...

Group 1 - The core viewpoint of the articles emphasizes the transformation of Sichuan's capital market from a challenging environment to a thriving ecosystem that supports economic and industrial development, aligning with the "14th Five-Year Plan" and aiming for high-quality growth [1][4][10] - Sichuan's capital market has seen significant growth, with the number of listed companies reaching 179 by Q3 2025, a 32% increase since the end of 2020, and a total market capitalization of 3.4 trillion yuan [2][5] - The province has facilitated over 2.1 trillion yuan in direct financing through the capital market, with 46 new companies listed and over 36 billion yuan raised for sectors like advanced manufacturing and green energy [2][5] Group 2 - A series of policies have been implemented to support the development of the capital market, including the establishment of a resource pool for potential listed companies and a comprehensive action plan for promoting listings and mergers [3][4] - The quality and structure of listed companies in Sichuan have improved, with total revenue reaching 823.1 billion yuan and net profit of 82.15 billion yuan in the first three quarters of 2025, indicating a robust economic foundation [5][7] - Mergers and acquisitions have become a key strategy for companies, with 136 transactions totaling 81.3 billion yuan during the "14th Five-Year Plan" period, enhancing resource allocation and market confidence [7][8] Group 3 - Sichuan's capital market is focusing on innovation-driven development, with 79 companies listed on the Sci-Tech Innovation Board, accounting for 44% of total listings, indicating a shift towards high-tech and emerging industries [8][9] - The province has seen a significant increase in private equity funds, with 349 fund managers and over 300 billion yuan in managed assets, targeting early-stage and hard technology investments [8][9] - The establishment of a comprehensive investor protection and risk prevention system is crucial for the healthy development of the capital market, with successful mediation of disputes and effective risk monitoring [9][10] Group 4 - Looking ahead to the "15th Five-Year Plan," Sichuan aims to deepen the integration of the capital market with local economic development, focusing on nurturing core technology enterprises and enhancing the competitiveness of listed companies [11] - The province plans to support diverse equity financing and multi-level bond market tools, while promoting the construction of a Western financial center [11]