Core Viewpoint - The report from CITIC Securities indicates that after a significant rise, US and Chinese tech stocks have experienced a pullback, leading to notable market divergence. The firm believes that the current phase is still early in AI application development, and even without achieving AGI, AI will unlock the data dividends accumulated over 30 years of the internet, enhancing efficiency and productivity. They project that global AI Capex could increase 5-7 times by 2030 from 2025 levels, with China's AI Capex potentially rising 7-9 times, suggesting that AI investment has not peaked yet [1][2][11]. Market Performance - AI-driven US stock market has seen a bull run, with the Nasdaq rising up to 140% since the end of 2022, and Nvidia's stock soaring up to 14 times. The Philadelphia Semiconductor Index (SOX) increased by 39% from early 2025 to November 27 [2]. - In China, AI assets have also appreciated, with the A-share market seeing light module and PCB stocks rise by 137% and 65% respectively from the beginning of the year to November 27. Notable stocks like Cambricon and Semiconductor Manufacturing International Corporation (SMIC) have seen increases of 119%, 58%, and 37% respectively from July 25 to November 27 [2]. AI Capex Projections - CITIC Securities anticipates that the combined Capex of the four major US cloud service providers (CSPs) will reach $406 billion by 2025, a 61% increase year-on-year. This Capex level is projected to exceed the net profits of these companies but remain below their operating cash flows, raising concerns about whether global Capex has peaked [3]. AI Token Consumption and Chip Market - The firm has developed a comprehensive framework for estimating AI token consumption and related metrics. By 2030, global token consumption is expected to increase by 100-340 times compared to 2025. Consequently, the scale of inference computing power is projected to grow by 65-220 times, with the AI chip market potentially expanding to over $1 trillion by 2030, which aligns with projections from major tech companies like Nvidia [6][7]. Domestic AI Chip Market - China's AI chip market is expected to grow from $35-40 billion in 2025 to 7-9 times that amount by 2030, outpacing global growth. The domestic AI chip localization rate is projected to rise from 30-40% in 2025 to 60-70% by 2030. This growth is driven by increased investment from Chinese internet companies and advancements in domestic AI capabilities [11]. Opportunities in the AI Supply Chain - The domestic AI chip sector still lags behind Nvidia, creating opportunities in cooling solutions, AI power supplies, and other related fields. Key areas of focus include: - Liquid cooling technology, which is becoming mainstream due to its efficiency in data centers, with a projected market size of approximately $85.8 billion by 2027 [14]. - AI power supplies, which are expected to see significant growth due to rising power density requirements, with market sizes projected at $58.5 billion and $95.7 billion for 2026 and 2027 respectively [14]. - High Voltage Direct Current (HVDC) solutions, which are anticipated to gain traction, with a market size expected to reach $43.15 billion by 2028 [14]. - Optical communication modules, driven by increasing demand for high-speed, low-power solutions, with a projected compound annual growth rate of 22% over the next five years [14].

Core Viewpoint - Lingke Pharmaceutical has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities and Jianyin International serving as joint sponsors [1] Group 1: Company Overview - Lingke Pharmaceutical is a China-based pharmaceutical company focused on developing novel drugs for oncology, immunology, and inflammatory diseases [1] - The company was founded by experienced drug development experts, indicating a strong background in drug discovery [1] Group 2: Product Development - Lingke Pharmaceutical has shown significant efficiency in advancing its product development pipeline [1] - The core products LNK01001 and LNK01004 have made substantial progress, with the first candidate expected to enter the preclinical stage [1] - The VAV1 program has entered the supportive research phase for new drug clinical trials [1]

Group 1 - The core point of the article is that Yushi Technology has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1] - Yushi Technology is a leading technology-driven company in the Greater China region, focusing on L4-level autonomous driving technology, primarily for commercial vehicles in closed environments such as airports and industrial parks [1] - The company's solutions are versatile and applicable to L2 to L4 level autonomous driving, covering logistics, operations, and motor vehicles [1] Group 2 - According to Frost & Sullivan, Yushi Technology is the only global supplier providing large-scale commercial L4-level autonomous driving solutions for airports [1] - The company has successfully implemented unmanned electric towing vehicles, shuttle buses, and patrol vehicles at Hong Kong International Airport, along with related hardware and software for services such as baggage handling, shuttle, and patrol [1]

大行下架五年期存单，负债端精细化管控强化，息差有望进一步企稳。 中信证券主要观点如下： 事项： 11月27日，金融稳定理事会（FSB）公布2025年度全球系统重要性银行名单，工商银行从第2组升至第3 组，成为首家进入第3组的中资银行； 智通财经APP获悉，中信证券发布研报称，上周市场整体反弹，银行板块表现平淡。中信证券认为，多 家银行年内中期分红落地，产品型资金存在配置需要，有助催化银行股短期市场表现；低估值隐含的价 值空间依旧显著，建议机构积极布局，收获高确定性回报。 根据证券时报报道，六大行近日集体下架五年期大额存单，在售大额存单只剩三年期。进一步统计看， 部分股份行与中小银行亦已同步下架三、五年期定期存款，部分大行分支行则在2022年前后就停发五年 期，且此前已存在三、五年期存款利率倒挂现象。分析来看，大行集中下架五年期存单与中小银行的跟 进，本质上是在长期息差承压背景下的负债端精细化管理举措，资产端在LPR多轮下调与存量贷款置换 影响下，收益率延续下行。银行通过缩短存款期限、压缩高成本长期负债，能有效节约负债成本。此 外，根据金管总局数据，三季度银行息差环比初步企稳，财报数据亦显示，期初期末平均法测算 ...

Core Viewpoint - Beijing plans to construct and operate a centralized large-scale data center system with a capacity exceeding 1,000 gigawatts (GW) along a 700-800 kilometer track, marking a significant advancement in commercial space and data processing capabilities [1] Group 1: Industry Developments - The initiative is led by Xingchen Future and Trajectory Chuangguang, which are forming a space data center innovation consortium [1] - The first experimental satellite, "Chuangguang No. 1," is expected to be launched by the end of this year or early next year [1] Group 2: Market Opportunities - The entry of China Star Network and the G60 Qianfan Constellation into mass launch phases, along with the operationalization of Hainan's commercial space launch site and commercial launch vehicles, is driving a new era in commercial space [1] - The trend towards high capacity and low cost is expected to unlock a trillion-dollar market scale, presenting significant growth opportunities for the related industry chain [1]

立景科技是一家全球领先的精密光学解决方案提供商，专注于消费电子、汽车电子、智慧办公等领域的 中高端光学模组及系统集成市场。根据弗若斯特沙利文的资料，该公司是全球头部中高端品牌智能手机 厂商的主力供应商，亦是全球唯一能同时服务两大智能手机系统生态的摄像头模组精密光学解决方案提 供商。 立景科技递表港交所主板，由中信证券和中金公司（601995）联席保荐。 ...

中信证券研报认为，算力卫星作为算力新基建，全球产业化进程逐步推进，国内政策细则出台引领。海 外来看，科技巨头争相布局，太空算力逐渐成为共识。国内来看，算力星座发射加速，产业化进程加 快。国家政策来看，国家航天局印发《国家航天局推进商业航天高质量安全发展行动计划（2025-2027 年）》，细则进一步明确。建议关注算力卫星相关标的。 ...

Core Viewpoint - The evolution of AI large models towards trillion parameters, multi-modal capabilities, and intelligent agents is driving a transition in computing infrastructure towards "super-node" architecture, which significantly enhances training efficiency and inference throughput [1] Group 1: Technological Advancements - Traditional architectures are facing communication and energy consumption bottlenecks, necessitating a shift to super-node architecture [1] - NVL72 represents a solution that improves training efficiency and inference throughput through high bandwidth and low latency interconnections [1] Group 2: Market Opportunities - The demand for switching chips, optical modules, and high-speed connection modules is shifting from linear growth to exponential growth due to the architectural transformation [1] - There is significant room for improvement in domestic AI computing investments compared to overseas, making super-node architecture essential for catching up in domestic computing infrastructure [1] Group 3: Industry Recommendations - Companies are advised to focus on the value reassessment opportunities arising from increased interconnection density [1] - Recommended sectors include high-speed connection module manufacturers, switching interconnection manufacturers, optical module manufacturers, and AIDC and supporting manufacturers [1]

Market Overview - The Shanghai Composite Index fell by 1.67% in November, ending a six-month winning streak after reaching a ten-year high mid-month [1] - The ChiNext Index dropped by 4.23%, showing a pattern of "initial decline followed by recovery" [1] - Market hotspots in November were concentrated in the battery supply chain, Hainan, Fujian, and computing hardware sectors [1] Investment Strategies - Huatai Securities suggests positioning in high-probability sectors during the "spring excitement," focusing on balanced allocations between growth and cyclical sectors [2] - Key areas of interest include aviation equipment, AI-related energy storage, and power supply equipment, as well as chemicals and energy metals [2] - Financial sectors and high-value consumer goods, such as liquor and consumer building materials, are recommended as mid-term investment choices [2] AI Sector Insights - CICC indicates that the current risk of overcrowding in the AI sector is relatively low, with long-term opportunities still present [3] - The overcrowding level in the AI sector has decreased since the peak in late September, suggesting ongoing investment value [3] - Short-term market trends may favor value styles, with institutional investors likely adopting defensive strategies as year-end approaches [3] Optical Communication Opportunities - CITIC Securities highlights the significant growth potential in AI optical interconnection, driven by the need for high-performance, high-bandwidth, and low-latency networks [4] - The advantages of leading firms in the optical communication sector are becoming more pronounced due to increasing demands for R&D capabilities and new technology deployments [4] - The firm is optimistic about the development potential of domestic optical communication leaders [4]

Core Viewpoint - The report from CITIC Securities highlights the gradual advancement of the global industrialization process of computing satellites as a new infrastructure for computing power, driven by domestic policy details and international competition among tech giants [1] Group 1: Global and Domestic Trends - The industrialization of computing satellites is progressing globally, with tech giants increasingly investing in space computing as a consensus [1] - In China, the launch of computing constellations is accelerating, contributing to a faster industrialization process [1] Group 2: Policy Developments - The National Space Administration of China has issued the "Action Plan for Promoting High-Quality and Safe Development of Commercial Space (2025-2027)", which further clarifies the details of the policy [1] - The new policies are expected to lead the way for the development of computing satellites in the domestic market [1] Group 3: Investment Recommendations - The report suggests paying attention to companies related to computing satellites, indicating potential investment opportunities in this emerging sector [1]