Core Viewpoint - The report from CITIC Securities indicates that during the "14th Five-Year Plan" period, domestic wind power installations are expected to maintain high prosperity due to a shift in investment towards wind energy, particularly offshore wind projects, while overseas wind power construction is accelerating, with a peak expected from 2026 onwards [1] Group 1: Domestic Wind Power Outlook - Domestic offshore wind planning is robust, suggesting a sustained high demand for wind power installations [1] - The domestic wind power sector is anticipated to benefit from product advantages and cost-effectiveness in meeting increasing overseas demand [1] Group 2: Investment Recommendations - It is suggested to focus on investment opportunities in components and materials that will benefit from the dual demand release, including blade molds, blade segments, hub castings, and carbon fiber [1]

Core Insights - The report from CITIC Securities indicates a positive outlook for the pharmaceutical investment trend by 2026, driven by both domestic innovation and supportive policies [1] - The healthcare industry is expected to gradually return to a market pricing system based on clinical value and demand, leading to a stable domestic pharmaceutical market environment [1] - Listed companies in the pharmaceutical sector are anticipated to experience continuous and stable performance growth, contributing to the industry's growth certainty [1] Summary by Categories Investment Trends - The pharmaceutical industry is projected to maintain an overweight status, with a focus on innovation-driven and internationalization strategies [1] - Key investment themes for 2026 include: 1) Innovation-driven and internationalization, 2) Self-sufficiency, 3) Beneficiaries of policy changes such as optimized procurement and healthcare payment reforms [1] Market Environment - The internal and external catalysts for the healthcare industry are expected to persist, fostering a long-term development trend characterized by stability and growth [1] - The emphasis on clinical value and demand in pricing is likely to enhance the overall market environment for pharmaceuticals [1]

公司专注于HUD解决方案的研发与销售，提供包括W-HUD(挡风玻璃HUD)和AR-HUD(增强现实HUD) 在内的多种产品，旨在通过技术创新推动智能座舱视觉和人车交互体验的变革。 公司构建了一体化全流程自研技术架构，涵盖光学设计、机械工程、电子设计、软件算法和人机界面 (HMI)设计。技术能力包括先进的光学成像系统、动态畸变可视化、杂散光仿真、平台化机械设计、电 子器件开发、ASPICE合规流程开发、功能安全及网络安全等。 泽景电子向港交所主板递交上市申请，海通国际和中信证券为其联席保荐人。 中国车载HUD市场规模从2020年的100万台增长至2024年的390万台，预计2029年将达到1270万台，复 合年均增长率为27.9%。在全球市场，W-HUD仍是主流HUD解决方案，预计销售量将由2024年的1070 万台增长至2029年的2090万台。AR-HUD将成为未来的增长动力，预计同期销售量将从200万台增至760 万台。 ...

Core Insights - The company is actively advancing the construction of an AI digital employee system to enhance productivity and drive intelligent development in the industry [1][2] Group 1: AI as a Core Driver - The financial industry is entering a critical phase of digital and intelligent transformation, with AI being a key focus under the "Artificial Intelligence+" strategy of the CITIC Group [2] - The company is exploring three evolutionary stages of digital employees: from "executor" to "thinker," from "single-sensory" to "multi-sensory," and from "system tool" to "work partner" [2] Group 2: Digital Employee System Goals - The goal is to create an intelligent, human-like, and highly collaborative digital employee system, equipping each employee with multiple "digital avatars" to achieve a new paradigm of human-machine collaboration [4] - This system aims to standardize the expertise of top business professionals into intelligent tools, empowering frontline staff to deliver high-quality financial services more broadly and efficiently [4] Group 3: Implementation in Core Business Areas - The digital employee system has been effectively implemented in three core business areas: intelligent research, market value management, and intelligent investment banking [5] - In intelligent research, the "super researcher" integrates large models and intelligent technologies to automate data processing and generate comprehensive research reports [5] - The market value management assistant, CapitAI-Link, combines algorithms with professional experience to create customized market value management plans [5] - The "super investment banker" offers essential functions such as client profiling and project proposal generation, facilitating one-stop business assessments [5] Group 4: Achievements and Future Focus - As of now, the company has successfully launched 18 high-value digital employees, processing approximately 50 million requests and utilizing nearly 100 billion tokens [7] - The technology has received 10 national invention patents and 4 software copyrights, showcasing the company's leading capabilities in the industry [7] - Future efforts will focus on data governance, algorithm trustworthiness, and technological autonomy to build a reliable and efficient digital employee team [7] - The company emphasizes that digital employees represent a practical application of technology in finance and a commitment to high-quality financial services supporting economic development [7]

Core Insights - China General Nuclear Power Corporation (CGN Power) has seen an increase in shareholding by CITIC Securities - Kaiyuan Single Asset Management Plan, which acquired 9.821 million shares at an average price of HKD 2.7833 per share, totaling approximately HKD 27.335 million [1][2] - Following this acquisition, CITIC Securities - Kaiyuan's total shareholding in CGN Power rose to 790,613,000 shares, increasing its ownership percentage from 6.99% to 7.08% [1][2] Summary by Sections - **Share Acquisition Details** - CITIC Securities - Kaiyuan Single Asset Management Plan purchased 9,821,000 shares at an average price of HKD 2.7833 [1][2] - The total investment amounted to approximately HKD 27.335 million [1] - **Post-Acquisition Shareholding** - After the transaction, CITIC Securities - Kaiyuan holds a total of 790,613,000 shares in CGN Power [1][2] - The ownership percentage increased from 6.99% to 7.08% [1][2]

Group 1 - The core point of the news is that CITIC Securities - Kaiyuan Single Asset Management Plan has increased its stake in China General Nuclear Power (01816.HK) by acquiring 17.373 million shares at an average price of HKD 3.1334 per share, resulting in a total investment of approximately HKD 54.4366 million [1] - After the acquisition, CITIC Securities - Kaiyuan Single Asset Management Plan's total shareholding increased to 1,456,655,000 shares, raising its ownership percentage from 12.89% to 13.05% [1][2]

Core Insights - The article highlights the rapid development of Chinese technology companies, exemplified by YingShi Innovation's panoramic cameras and SiKan Technology's 3D scanners, showcasing their global presence and innovation capabilities [5][7][12] - The role of the securities industry, particularly CITIC Securities, is emphasized as a crucial facilitator in supporting these technology firms through comprehensive financial services, aiding their growth and market expansion [6][13][19] Company Highlights - YingShi Innovation has maintained the largest market share in the global panoramic camera market for six consecutive years, with over 70% of its revenue coming from international sales [11][12] - SiKan Technology became the first A-share listed company in the 3D scanning sector, raising 569 million yuan during its IPO, with a revenue growth of 17.70% year-on-year [11][12] - Both companies have leveraged capital market support to enhance their R&D capabilities and expand production capacity, with significant increases in their respective R&D investments [11][12] Industry Trends - The securities industry is increasingly returning to its investment banking roots, providing tailored financial solutions to technology firms, thus fostering a healthy cycle between technology, capital, and industry [7][13] - The capital market is evolving to better accommodate technology innovation, with a focus on supporting high-tech enterprises through various financing methods, including IPOs and bond issuances [14][15] - The growth of the Sci-Tech Innovation Board (STAR Market) is highlighted, with a significant number of companies in new-generation information technology and high-end equipment manufacturing, indicating a strong trend towards supporting innovative industries [14][18]

Core Viewpoint - The implementation of the new "National Nine Articles" has led to a significant transformation in the securities industry, shifting from a "channel intermediary" role to one of "value co-creation," particularly in supporting technology innovation [2] Policy Orientation - The strategic positioning of technology finance has been significantly strengthened, with the new "National Nine Articles" emphasizing the need for capital markets to support "high-quality economic development" and "Chinese-style modernization" [3] - The China Securities Regulatory Commission has introduced a "1+N" system to guide resources towards the technology sector, requiring securities firms to transition from intermediaries to value discoverers [3] Capability Development - A "dual-driven" phenomenon between investment and investment banking has emerged, with securities firms focusing on "early, small, long-term, and hard technology" investments [3] - Investment banking departments are shifting from prioritizing the number of sponsorships to focusing on asset pricing and long-term support, enhancing project discovery and due diligence accuracy [3] Regulatory Drivers - The current environment of strict compliance and risk control is reshaping the logic of how the securities industry supports technology innovation [4] - The introduction of mechanisms such as co-investment by sponsors in the Sci-Tech Innovation Board and Growth Enterprise Market is guiding the behavior of securities firms towards more standardized practices [5] Industry Integration - The market ecosystem is being restructured under policy guidance, leading to differentiated service capabilities among securities firms [5] - Major securities firms are building comprehensive service chains that cover the entire lifecycle from domestic to international markets, while boutique investment banks focus on niche sectors like semiconductors [5] Future Trends - The securities industry is evolving from providing singular financing services to co-creating innovation ecosystems [5] - Innovative financial instruments such as REITs and Sci-Tech bonds are emerging, with companies like CITIC Securities issuing the first batch of 2 billion yuan in Sci-Tech bonds by 2025 [5] Collaborative Networks - Securities firms are increasingly collaborating with local governments and private equity/venture capital to establish regional innovation funds, creating a tight-knit network among "policy-capital-industry" [6] - The logic of the securities industry's service to technology innovation has profoundly changed, leading to a more open, collaborative, and long-term value-focused capital market ecosystem [6]

本报记者 周尚伃 近期，中信证券、中信建投、国泰海通等头部券商，以及东吴证券、开源证券等特色中小券商相继召开 2026年度策略会。综合来看，券商正围绕全球市场机遇、实体经济服务路径、行业转型方向等核心议题 展开深度研讨。在策略会上，各家券商"掌舵人"的发言所透露的战略洞察与市场判断，备受市场关注。 资本市场肩负重要使命 券商"掌舵人"普遍认为，2026年资本市场将迎来多重积极因素交织孕育的新机遇，这些机遇既源于全球 产业与金融格局的重构，也来自国内科技突破与制度完善的双重驱动，共同构成中国资本市场迈向高质 量发展的底层逻辑。 从全球视野来看，中信证券总经理邹迎光表示，"十五五"时期，中国资本市场面临的全球背景、科技趋 势、制度环境将呈现新的特征，全球产业与金融格局深刻重构，有望带来外部破局的新契机。 科技突破与制度完善构成了机遇的核心内核。邹迎光认为，从科技趋势看，更多中国产业迎来关键突 破，中国经济新旧动能转换成效显著，有望带来资本市场的新机遇。从制度环境看，中国资本市场制度 包容性和适应性的提升，以及投资和融资功能的协调，有望带来市场生态的新气象。 国泰海通总裁李俊杰认为："新一轮资本市场改革聚焦提升制度 ...

Core Insights - The bond issuance by securities firms has significantly increased this year, with a total of 1.6 trillion yuan raised, marking a year-on-year growth of 62.34% [1][2] Group 1: Bond Issuance Trends - Securities firms are actively issuing bonds to enhance capital strength and market competitiveness, with 73 firms having issued bonds totaling 1.6 trillion yuan as of November 12 [1] - Major firms leading in bond issuance include China Galaxy with 126.9 billion yuan, Huatai Securities with 121.9 billion yuan, and others like Guotai Junan, GF Securities, and CITIC Securities [2] Group 2: Factors Driving Bond Issuance - The increase in bond issuance is driven by multiple factors, including abundant market liquidity, low interest rates, and the need for firms to strengthen capital to support business growth [2] - The launch of the "Technology Board" in the bond market has also contributed to the growth in bond issuance by securities firms [2] Group 3: Use of Raised Funds - The funds raised through bond issuance are primarily used for repaying maturing debts and supplementing operational liquidity, which is crucial for the stable operation and business expansion of securities firms [3] Group 4: Technology Bonds - Since the introduction of the "Technology Board" in May, 45 securities firms have issued 58 technology bonds, raising a total of 78.97 billion yuan, with high investor interest reflected in an average oversubscription rate of 3.8 times [4] - Leading firms in technology bond issuance include China Merchants Securities with 15 billion yuan and Guotai Junan with 13.9 billion yuan [4] Group 5: Market Development and Services - Securities firms are enhancing their roles in the technology bond market by providing liquidity and underwriting services, with 76 firms participating in underwriting, totaling 823.688 billion yuan [4][6] - The complexity of technology bond services is pushing firms to upgrade their core service capabilities, creating competitive advantages in the market [6]