预计Q4单季盈利环比下滑，业绩预期加总环比变动约为-11.03%，其中动力煤/焦煤公司环 比-10%/+18%，显示焦煤公司在25Q3低盈利的基数上，煤价上涨对业绩弹性的贡献更大。在此业绩预 期上，该行假设各公司2025年分红比例延续2024年实际分红水平，测算样本公司平均股息率约为 2.4%，仅4家公司股息率有望超过4%。 智通财经APP获悉，中信证券发布研报称，2025年下半年煤炭板块景气已有所回暖，2026年上市公司业 绩或跟随煤价有所改善，红利龙头若维持分红比例不变，股息率也将有小幅提升。因此，该行预计板块 在2026年会有阶段性行情，行业驱动或来自于红利风格的轮动、或来自于阶段性煤价预期差带来的反弹 行情。配置机会或来自于三条主线，一是逢低配置、长期持有动力煤红利龙头；二是关注有产能扩张、 受益于政策，具备Alpha的公司；三是把握煤价预期差驱动的反弹行情，建议届时阶段性关注业绩弹性 大的公司。短期而言，基于2025年业绩预期，该行建议关注2025Q4有望实现较大幅度业绩环比改善的 公司。 中信证券主要观点如下： 2025Q4多数煤种价格环比上涨，全年煤价同比下行。 根据中国煤炭市场网数据，25Q4 ...

Core Viewpoint - Shenzhen Hengyun Chang Vacuum Technology Co., Ltd. has received approval for its initial public offering (IPO) of ordinary shares (A-shares) and listing on the Sci-Tech Innovation Board, with the application reviewed by the Shanghai Stock Exchange Listing Review Committee and registered by the China Securities Regulatory Commission [1] Group 1 - The company plans to publicly issue 16,930,559 shares, representing approximately 25.01% of the total share capital post-issuance [2] - The initial strategic placement quantity is set at 3,386,111 shares, accounting for 20.00% of the total issuance, with any difference from the final strategic placement quantity being allocated to offline issuance [2] - The initial offline issuance quantity is 9,481,448 shares, approximately 70.00% of the issuance after deducting the initial strategic placement, while the initial online issuance quantity is 4,063,000 shares, about 30.00% [2] Group 2 - An online roadshow will be held to inform investors about the company and the issuance arrangements, scheduled for January 15, 2026, from 14:00 to 17:00 [2] - The roadshow will feature key members of the company's management and relevant personnel from the sponsor (lead underwriter) [2] - The full prospectus and related materials for the IPO can be accessed on the Shanghai Stock Exchange website [3]

Group 1 - The company held an investor roadshow in Shanghai, attracting 43 institutional investors to discuss core business layout, technological advancements, and future development plans [1] - The company's subsidiary, Jiangsu Shentong Nuclear Energy Equipment Co., has undertaken the manufacturing of pneumatic ball valves for a project required by the China National Nuclear Corporation [1] - The company emphasizes its technological advantages in valve stability and reliability under harsh conditions in nuclear fusion applications, leading the industry in sealing technology [1] Group 2 - In the semiconductor sector, the subsidiary Shentong Semiconductor Technology (Nantong) focuses on developing vacuum valves and process gas valves for integrated circuits, photovoltaics, and display panels, with some products already validated by customers [1] - The company has established partnerships in the commercial aerospace sector, supplying satellite electric propulsion gas modules and rocket valve components, with small-scale deliveries already initiated [2] - The company aims to increase the value of nuclear valve products supplied to each nuclear power unit to over 100 million yuan, with growth expected from new product development and spare parts market expansion [2]

Core Viewpoint - Multiple listed securities firms are expected to report positive performance for 2025, with significant year-on-year profit growth anticipated across the sector [1][2]. Group 1: Performance Forecasts - Several securities firms, including China Merchants Securities, Shenwan Hongyuan Securities, Dongfang Securities, and Hongta Securities, have released performance forecasts indicating net profit growth of 18.43%, 74.64%-93.83%, 67.8%, and 59.05% respectively for 2025 [1][3]. - Citic Securities, a leading firm, reported a projected revenue of 748.3 billion yuan and a net profit of 300.51 billion yuan for 2025, reflecting year-on-year increases of 28.75% and 38.46% respectively [5][7]. - Dongfang Securities anticipates a revenue of 153.4 billion yuan, up 26.0%, and a net profit of 56.2 billion yuan, up 67.8% [4][7]. Group 2: Market Dynamics - The A-share market is expected to continue its upward trend, with daily trading volume increasing significantly, reaching an average of 19.8 trillion yuan, a 67% year-on-year increase [8]. - The balance of margin financing and securities lending is projected to reach 2.5 trillion yuan by the end of 2025, marking a 36% increase [8]. - Analysts attribute the strong performance of securities firms to three main factors: a stable macroeconomic environment, increased market activity, and strategic upgrades within firms [8][9]. Group 3: Analyst Predictions - Analysts predict that the overall net profit of listed securities firms will grow by over 50% in 2025, driven by robust trading activity and improved brokerage income [9][10]. - Financial Street Securities forecasts a 53.24% year-on-year increase in daily trading volume, with brokerage income expected to rise by over 40% [9]. - According to analysts, the growth in net profit is primarily driven by brokerage and investment business performance [10].

Core Viewpoint - The Ministry of Finance's Debt Management Office released the trading statistics for the 2025 book-entry treasury bonds, highlighting the rankings of underwriting syndicate members and related institutions in the treasury bond spot and OTC trading markets [1] Group 1: Trading Activity - There is a significant differentiation in trading activity among various institutions, with banking institutions dominating the spot market while securities companies also show strong performance [1] - In the total ranking of the 2025 book-entry treasury bond underwriting syndicate's spot trading, Ping An Bank ranked first, followed by CITIC Securities and Orient Securities, indicating strong trading activity from both banks and securities firms [1] Group 2: Category Rankings - Among banking members, the top three in spot trading volume are Ping An Bank, Shanghai Pudong Development Bank, and Bank of Communications [1] - For non-banking members, the leading firms in spot trading volume are CITIC Securities, Orient Securities, and Huatai Securities [1] Group 3: Retail Trading - In the ranking of bank counter treasury bond trading volume aimed at individual and small investors, Agricultural Bank of China ranked first, followed by Shanghai Pudong Development Bank and Bank of China, showcasing the market influence of state-owned banks and certain joint-stock banks in retail treasury bond services [1] Group 4: Market Insights - Industry insiders indicate that the rankings objectively reflect the trading activity levels of various participating institutions in the 2025 treasury bond market, aiding market participants in understanding the industry landscape and promoting the sustainable and healthy development of the treasury bond market [1]

Group 1 - Jiangsu Shentong announced that on January 26, 2026, it will accept investor research from CITIC Securities and other investors, with key executives participating in the reception [1] - The executives involved include the Executive Vice President Wu Yucheng, Vice President and General Manager of Shentong Nuclear Energy Chen Lin, Vice President and Board Secretary Zhang Qiqiang, and Investor Relations Manager Zhang Jian [1] Group 2 - International gold prices have surpassed $5,000, marking a 280% increase over the past seven years, raising questions about when the peak will be reached [1] - Experts suggest that the key factors influencing gold prices include the US dollar, the international monetary system, interest rate cuts, and technological revolutions [1]

中信证券投资有限公司（参与跟投的保荐机构相关公司）获配股票数量为49.60万股，占本次发行总股 数的2.00%，跟投金额为1.04亿元。 (责任编辑：马欣) 康希诺首次公开发行股票募集资金总额为52.01亿元，扣除发行费用后，募集资金净额为49.79亿元。康 希诺最终募集资金净额较原计划多39.79亿元。康希诺于2020年8月6日发布的招股说明书显示，该公司 计划募集资金10亿元，分别用于"生产基地二期建设""在研疫苗开发""疫苗追溯、冷链物流体系及信息 系统建设""补充流动资金"。 康希诺首次公开发行股票的发行费用为2.21亿元，其中保荐及承销费用2.05亿元。 中国经济网北京1月27日讯 康希诺(688185.SH)今日股价下跌，截至收盘，该股报74.33元，跌幅3.73%。 该股目前处于破发状态。 康希诺于2020年8月13日在上交所科创板上市，发行数量为2480万股，发行价格209.71元/股，保荐机构 （主承销商）为中信证券，保荐代表人为焦延延、马可；联席主承销商为中金公司，副主承销商为渤海 证券。 ...

Group 1 - The company, Huayi Technology (688071.SH), has disclosed its performance forecast for 2025, expecting a net profit attributable to shareholders of the parent company to be between -53.5 million and -64 million yuan [1] - The projected net profit, excluding non-recurring gains and losses, is estimated to be between -56.31 million and -66.81 million yuan for 2025 [1] - The net profits for the years 2023, 2024, and the first half of 2025 are reported as -16 million, -47 million, and -5 million yuan respectively, with corresponding figures for net profit excluding non-recurring items being -22 million, -51 million, and -7 million yuan [1] Group 2 - Huayi Technology raised a total of 250.04 million yuan from its initial public offering, with a net amount of 193.90 million yuan after expenses [2] - The company planned to raise 391.69 million yuan for projects including smart testing equipment upgrades, testing center construction, R&D center construction, repayment of bank loans, and working capital [2] - The total issuance expenses for the initial public offering amounted to 5.61 million yuan, with underwriting and sponsorship fees being 35 million yuan [2]

【环球网财经综合报道】随着春节假期的临近，市场对资金面的关注度持续升温。中国人民银行近期通 过一系列精准操作，有效对冲了季节性资金压力，维护了流动性合理充裕。1月26日，央行开展1505亿 元7天期逆回购操作，操作利率持平于1.40%。尽管当日公开市场实现净回笼2078亿元，但此前的一系 列"提前量"操作已显著平抑了市场波动。 在总量投放之外，央行的政策着力点正向结构优化延伸。近期，央行实施了一系列结构性货币政策工具 优化，下调了支农支小再贷款、科技创新再贷款等利率。中国人民银行副行长邹澜近日明确表示，将引 导隔夜利率在政策利率水平附近运行，市场分析认为这标志着DR001在货币政策操作中的重要性显著提 升。 对于未来的货币政策空间，中国人民银行行长潘功胜日前明确表示，"今年降准降息还有一定的空间"。 市场机构普遍认为，在1月MLF大额净投放后，春节前降准的紧迫性已有所下降，但全年宽松大门依然 敞开。招联首席研究员董希淼指出，短期内降准可能性降低，但降准仍是2026年的重要储备工具。东方 金诚预计2026年央行可能实施1至2次降准，并有望降息2次。中信证券明明则进一步指出，随着一季度 定存大量到期，银行息差压力 ...

智通财经APP获悉，中信证券发布研报称，展望2026年医药投资趋势，无论是中国医药企业在创新领域 的集中兑现，还是政策端出台支持创新药械、优化集采、推动商保等一系列产业支持政策，医疗健康产 业的内外因催化因素都有望延续，医疗健康产业开始逐步重新回归到临床价值和需求导向的市场价格定 价体系，带来稳定且持续的国内医药市场环境和长坡厚雪的发展主基调，上市公司也有望迎来持续且稳 定的业绩增长趋势，带来行业成长高确定性的贝塔。 因此该行认为医药行业将是有望继续维持超配的行业，从横向维度上，建议2026年围绕以下几条主线进 行布局：1)创新驱动和国际化——在反内卷的国内政策环境下，关注创新驱动和国际化出海的相关标 的;2)自主可控——该行预计在未来可能还会陆续面临地缘政治扰动带来的风险，应更多关注自主可控 下核心零部件、试剂、科研上游的进口替代进程加速的相关标的;3)新政新气象——受益于集采优化、 医保三个支付、消费刺激政策和国企改革的相关标的。 中信证券主要观点如下： 25Q4/H2医疗健康产业整体来看业绩表现预期较为稳健，同时该行看到医药和医疗企业的创新正在加速 兑现为业绩端的增长 该行对重点覆盖的76家医药公司25 ...