Core Viewpoint - The report from CITIC Securities indicates that after a significant rally in 2025, the momentum for the rise in prices of non-ferrous metals and stocks remains strong, supported by supply disruptions, localized high demand, and inventory accumulation, with expectations of increased price elasticity due to loose liquidity and heightened risk aversion from geopolitical conflicts [1] Group 1: Precious Metals - Precious metals are expected to benefit from the resonance of monetary attributes and sustained risk aversion, with gold projected to reach $6,000 per ounce by 2026 [1] - The extreme shortage of spot silver and high trading activity may lead to strong price elasticity, with silver prices anticipated to reach $120 per ounce by 2026 [1] Group 2: Industrial Metals - Supply constraints, resilient demand, and structurally low inventories are expected to support strong price performance for copper and aluminum, with average prices projected at $12,000 per ton for copper and 23,000 yuan per ton for aluminum by 2026 [1] Group 3: Battery Metals - Lithium prices are expected to rise to a range of 120,000 to 200,000 yuan per ton by 2026, driven by strong demand from energy storage batteries [1] - Cobalt prices are projected to be in the range of 400,000 to 500,000 yuan per ton due to quota reductions [1] - Nickel prices are expected to rebound to $22,000 per ton by 2026, influenced by quota reductions in Indonesia [1] Group 4: Other Metals - Other metals such as rare earths, tungsten, tin, and natural uranium are expected to continue benefiting from supply-demand tightness and strategic metal premiums, with price targets of 600,000 to 800,000 yuan per ton for rare earths, 450,000 to 550,000 yuan per ton for tungsten, 450,000 to 500,000 yuan per ton for tin, and $100 per pound for natural uranium by 2026 [1]

申万宏源发布研报表示，过去4年房地产行业量价持续下行，导致目前部分房企预告业绩下降或亏损。 不过我们认为，房企最困难时期或将逐渐过去。 【导读】中信、申万等头部券商最新发声：房地产市场现积极信号！ 2026年初，A股及AH主流上市房企密集披露2025年业绩预告，引发市场关注。在这个关键时刻，中信 证券、申万宏源等头部机构同步发声，认为房地产行业最差时期已逐步过去，政策托底发力叠加行业基 本面调整到位，优质房企有望率先迎来盈利修复，行业将逐步企稳回升。 中信证券：房地产市场呈现了一些积极信号 从A股地产板块业绩表现来看，中信证券统计显示，78家发布业绩预告或快报的企业中，58家公告预亏 （首亏或续亏），总归母净亏损达2060.4亿—2397.5亿元；5家业绩预减，总归母净利润较2024年下降 75%—78%；6家实现业绩预增，总归母净利润17.6亿—19.4亿元。综合测算，A股地产板块2025年归母 净亏损区间为1455.0亿—1984.2亿元，2024年为归母净亏损1614.0亿元。 中信证券表示，业绩下滑是过去几年市场调整的客观呈现结果，但当前房地产市场也呈现了一些积极信 号。国家统计局数据显示，截至202 ...

券商2025年度执业质量评价结果发布。 近日，北交所、全国股转公司发布了2025年度券商执业质量评价结果。结果显示，在101家参评券商中，招商 证券等20家为一档，兴业证券等40家二档，联储证券等20家三档，麦高证券等21家四档。 券商中国记者注意到，就一档券商名单而言，2025年榜单与2024年变动较大。多家中小券商掉队，而包括中信 证券、华泰证券等在内的头部券商则冲进了一档。头部券商在新三板、北交所业务方面展现出实力。 8家头部券商获一档 北交所和股转公司根据券商年度评价分值，将券商分为一档、二档、三档、四档。一档为排名前20%（含）的 券商；二档为排名前20%—60%（含）的券商；三档为排名前60%—80%（含）的券商；四档为排名80%之后 的券商。 北交所、股转公司年度主办券商执业质量评价体系由专业质量得分、合规质量扣分等两部分组成：基础分为 100分，专业质量得分会加分，合规质量问题则是扣分，以此来得出最终的合计分值，进行排名。 根据2025年度的评价结果，20家一档券商中，有8家头部券商，包括：国泰海通、国信证券、华泰证券、银河 证券、招商证券、中信建投、中信证券、申万宏源。有12家中小券商，包括 ...

格隆汇2月2日丨根据联交所最新权益披露资料显示，2026年1月29日，中广核电力(01816.HK)获中信证券资产管理有限公司在场内以每股均价3.2046港元增 持1150.8万股，涉资约3687.85万港元。 | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | 持有權益的股份數目 佔已發行的 有關事件的日期相關 | | | --- | --- | --- | --- | --- | --- | | | 原因 股份數目 | | | (請參閱上述*註 | 有投票權股(日/月/年) 權益 | | | | | | 居 | 份百分比 | | But of the control of the property of the control of the control of the control of the control of the control of the control of the control of the contribution of the contrib CS20260130E00061 | 中信证券资产管理有限公司 1101(L ...

中信证券：房地产市场呈现了一些积极信号 2026年初，A股及AH主流上市房企密集披露2025年业绩预告，引发市场关注。在这个关键时刻，中信 证券、申万宏源等头部机构同步发声，认为房地产行业最差时期已逐步过去，政策托底发力叠加行业基 本面调整到位，优质房企有望率先迎来盈利修复，行业将逐步企稳回升。 申万宏源发布研报表示，过去4年房地产行业量价持续下行，导致目前部分房企预告业绩下降或亏损。 不过我们认为，房企最困难时期或将逐渐过去。 研报解释，一方面，我们认为我国房地产基本面底部正逐步临近，在行业深度调整4年多后，我国新开 工自2021年高点以来已下降75%，已显著超过美国、日本和德国降幅50%—70%，我国二手房房价自 2021年高点以来已下降40%，也已显著超过1970年至今42国平均跌幅34%；另一方面，申万宏源认为主 流房企存货减值压力逐步得到释放2019-2025H1主流房企累计资产及信用减值损失占比存货均值达8%， 其中部分房企减值占比更高。 中央强调着力稳定房地产，《求是》发文建议政策一次性给足，政策基调更趋积极。2025年12月，中央 经济工作会议指出："积极稳妥化解重点领域风险，着力稳定房地产市 ...

【导读】中信、申万等头部券商最新发声：房地产市场现积极信号！ 申万宏源：房企最困难时期或将逐渐过去 申万宏源发布研报表示，过去4年房地产行业量价持续下行，导致目前部分房企预告业绩下降或亏损。 不过我们认为，房企最困难时期或将逐渐过去。 研报解释，一方面，我们认为我国房地产基本面底部正逐步临近，在行业深度调整4年多后，我国新开 工自2021年高点以来已下降75%，已显著超过美国、日本和德国降幅50%—70%，我国二手房房价自 2021年高点以来已下降40%，也已显著超过1970年至今42国平均跌幅34%；另一方面，申万宏源认为主 流房企存货减值压力逐步得到释放2019-2025H1主流房企累计资产及信用减值损失占比存货均值达8%， 其中部分房企减值占比更高。 中央强调着力稳定房地产，《求是》发文建议政策一次性给足，政策基调更趋积极。2025年12月，中央 经济工作会议指出："积极稳妥化解重点领域风险，着力稳定房地产市场"。此外，2026年1月2日，《求 是》明确房地产金融属性、强调居民资产负债表、重申房地产经济重要地位、并建议政策一次性给足， 对房地产行业政策表态更趋积极，政策进一步重视居民端和需求端发力。1月 ...

证券研究报告·行业跟踪周报·非银金融 非银金融行业跟踪周报 -8% -5% -2% 1% 4% 7% 10% 13% 16% 19% 22% 25% 2025/2/5 2025/6/4 2025/10/1 2026/1/28 非银金融 沪深300 券商股或迎业绩催化；保险估值仍待提升 2026 年 02 月 01 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 罗宇康 执业证书：S0600525090002 luoyk@dwzq.com.cn 行业走势 相关研究 《保险行业 12 月保费：产寿 25Q4 保 费增速均有所放缓，看好寿险 2026 年 新单增长》 2026-01-31 《公募基金业绩基准指引正式发布； "保险+康养"模式持续推进》 2026-01-25 东吴证券研究所 1 / 18 请务必阅读正文之后的免责声明部分 ◼ 非银行金融子行业近期表现：最近 5 个交易日（2026 年 01 月 26 日-2026 年 01 月 30 日）非银金融各子板块中仅保险行 ...

Investment Rating - The report maintains an "Overweight" rating for the securities and banking sectors, while also recommending an "Overweight" for the insurance sector [9]. Core Insights - The report highlights a vibrant performance in the securities industry, with a daily average trading volume of 30.6 billion yuan in A-shares and a financing balance stabilizing at 2.7 trillion yuan, reaching a new high [12][13]. - The China Securities Regulatory Commission (CSRC) plans to expand the types of strategic investors, allowing specific institutional investors to participate as strategic investors, which is expected to enhance long-term capital inflow into the market [12][14]. - The insurance sector shows a recovery trend, with leading companies like China Life Insurance seeing significant stock price increases, indicating potential for further valuation recovery [27]. - The banking sector is experiencing a preemptive credit issuance at the start of the year, with banks like Qingdao Bank and Xiamen Bank reporting strong earnings growth, which is expected to support net interest margins throughout the year [31][32]. Summary by Sections Securities - The report emphasizes the strong performance of leading brokerage firms, with notable earnings forecasts for 2025, including a 40% increase in net profit for CITIC Securities and a 69%-73% increase for Guotai Junan [15][16]. - Recommended stocks include top brokerages such as CITIC Securities, Guotai Junan, and GF Securities, as well as quality regional brokerages like Guoyuan Securities [3][13]. Insurance - The insurance sector is recommended for investment, particularly in leading companies. The report notes that the overall market sentiment remains high, with opportunities for beta trading in the insurance sector [27]. - Investors with higher risk tolerance are encouraged to consider high-elasticity combinations represented by companies like Xinhua Insurance, while conservative investors may focus on stable companies like Ping An Insurance and China Life Insurance [27]. Banking - The banking sector is highlighted for its strong performance, with Qingdao Bank reporting an 8.0% increase in revenue and a 21.7% increase in net profit, indicating improved asset quality [32]. - The report suggests that the preemptive credit issuance by regional banks and the benefits from high-interest deposits maturing will support net interest margins [33]. - Recommended banking stocks include quality regional banks such as Nanjing Bank and Chengdu Bank, as well as larger banks like Shanghai Bank and Industrial and Commercial Bank of China [3][31].

Group 1: Precious Metals and Market Trends - The precious metals sector is showing increasing speculative attributes, warranting caution [2] - The current market is experiencing a style shift from small-cap to large-cap stocks and from themes to quality [2] - The overall trend indicates a potential for profit margin recovery in cyclical sectors, driven by a shift in Chinese policy from expansion to quality improvement [2] Group 2: AI and Technology Opportunities - There is a focus on AI applications and energy storage as key growth areas, with expectations for recovery in lithium battery materials and storage sectors [3] - The AI industry remains a long-term focus, with significant policy support and market optimism surrounding its applications [5] - The technology theme, including AI applications and structural recovery opportunities, is highlighted as a key area for investment [7] Group 3: Spring Market Dynamics - The spring market is expected to continue its upward trend, supported by ample liquidity and positive domestic fundamentals [5] - High elasticity growth themes may still perform well after a phase of profit-taking, with potential for further gains in February [4] - Sector rotation is anticipated to be a dominant theme leading up to the Spring Festival, with a focus on structural opportunities [9] Group 4: Commodity Recommendations - A recommendation has been made to adjust the order of investment focus to include crude oil, copper, aluminum, tin, and lithium, reflecting a shift towards industrial pricing [8] - The emphasis on physical assets is expected to strengthen, with a focus on sectors like chemicals and consumer goods benefiting from domestic recovery [8] Group 5: Market Sentiment and Future Outlook - The market sentiment remains cautious but optimistic, with expectations for continued support from domestic policies and liquidity [5][6] - The potential for structural recovery in manufacturing and resource sectors is noted, with clear paths for profit recovery [9] - The upcoming credit and inflation data in January may provide additional positive signals for the market [4]

21世纪经济报道记者 杨坪 据中信证券统计，2026年1月29日- 30日，8单总计估值321亿元商业不动产REITs发行挂网，预计涉及募集规模总计315亿元，涉及资本化率在 4.3%-7.2%区间内，涉及运营净收益（NOI）总计16.5亿元（2025年数据，部分项目为年化值）。 连日来，2025年业绩预告进入集中披露期。万科A、招商蛇口等多家地产公司也预告了2025年的整体经营表现。 中信证券认为，在商业不动产REITs推出之后，REITs市场发行审批效率明显提升，优质资产证券化速度明显加快。房地产企业资产负债表得 到夯实，债务负担有所减轻，广大投资者也得以配置优质低波权益资产，分享中国经济增长红利。 本报记者注意到，多家券商机构在点评房地产业绩预告时指出，尽管2025年房企利润表现仍承压，但市场已出现积极信号，预计2026年房地产 市场有望逐步止跌回稳。 总结来看，中信证券指出，我国居民部门的现金流量表保持良好，净流入健康向上，这也是未来企业经营性现金流净流入可能持续修复的底 气。政策力推住宅价格止跌，加上商业地产资产增值，相信房地产板块的主体信用风险已经开始退潮。当行业的主要融资性现金流入，从以信 用债 ...