Group 1 - The company has received a notice from its sponsor, CITIC Securities, regarding the change of the designated representative for ongoing supervision [1] - CITIC Securities has been the continuous sponsor for the company since its initial public offering on the Sci-Tech Innovation Board, with the supervision period ending on December 31, 2022 [1] - Due to the unutilized funds from the fundraising, CITIC Securities will continue its supervisory duties, with the new representatives being Zhou Peng and Cao Wenwei, following the departure of Xiao Shaochun [1] Group 2 - Cao Wenwei holds a master's degree and has been with CITIC Securities since 2016, participating in various IPO projects and financial advisory roles [2] - His experience includes involvement in IPO projects for companies such as Stone Technology and Aima Technology, as well as other significant financial advisory projects [2] - The company expresses gratitude to Xiao Shaochun for his contributions during his tenure as the designated representative [1]

Core Viewpoint - The market is focused on the expected development trends for 2026, with a consensus emerging that A-shares present structural opportunities and that the macroeconomic environment will continue to show signs of recovery [1][2]. Group 1: Economic Outlook - Major securities firms predict China's economic growth for 2026 will be in the range of 4.9% to 5.0%, with a "front low, back high" growth pattern expected [3]. - The overall judgment from economists is that the macroeconomic environment will be "stable and improving, with structural optimization" [2][3]. - Export resilience and ongoing industrial upgrades are viewed as key supports for the macroeconomy, with expectations of strong export performance in 2026 [2]. Group 2: Policy and Structural Changes - The core direction for policy in 2026 will focus on structural optimization and a balanced approach to supply and demand [3]. - There is an expectation of moderate expansion in fiscal policy, which will support the conclusion of the deleveraging cycle [2][3]. - The need to address weak domestic demand remains a critical issue for 2026, with price stability being essential for growth [4]. Group 3: Investment Themes - The investment focus for A-shares in 2026 is expected to shift from being driven by sentiment, funds, and valuation to being driven by performance verification [5]. - Key areas of interest include technology growth, external demand breakthroughs, and cyclical recovery [5][6]. - The AI revolution is entering a critical application phase, which is anticipated to support the performance of Chinese assets [6]. Group 4: Sectoral Insights - Three main structural themes for 2026 include recovery trades in cyclical sectors, technology industry trends particularly in AI, and the enhancement of manufacturing influence [6][7]. - The potential for Chinese companies to improve their position in the global value chain is highlighted, with a focus on upgrading traditional manufacturing and expanding global presence [7].

Core Insights - The report from CITIC Securities indicates that by the end of Q3 2025, there will be a total of 519 public FOF products in the market, with a combined management scale of 193.5 billion yuan, representing a 16% increase from the previous quarter [1] - Notable growth in FOF scale has been observed among fund managers such as Fortune, China Europe, and Guangfa [1] - In terms of performance, the overall returns of equity-oriented FOFs in Q3 outperformed the average returns of similar FOFs [1] Market Trends - The average allocation of FOF investments in internal funds of the managing company stands at 52%, while the proportion of index funds continues to rise [1] - With the ongoing decline in risk-free interest rates, the market is beginning to focus on the allocation value of assets beyond stocks and bonds, suggesting that diversified asset allocation will become a significant direction for FOF development in the future [1] - In the context of increasing structural market conditions, the difficulty for actively managed funds to achieve excess returns is growing, highlighting the increasing value of index fund allocations, with passive investment emerging as another major trend in FOF development [1]

中信证券研报指出，2025Q3海外锂矿产量环比持平，反映出在前三季度锂价低迷背景下，海外矿企增 产积极性减弱。尽管锂价在2025Q3回暖，但海外矿企反馈缓慢。南美盐湖提锂企业2025Q3经营显著改 善，且对2025Q4展望保持乐观。中信证券预计在储能电池需求持续强劲的拉动下，锂产业链有望延续 去库态势，锂价或超预期上涨，中信证券上调锂价预测区间上限至12万元/吨，建议关注在锂价反弹过 程中的低成本标的以及具有资源端增产预期的公司。 ...

Core Viewpoint - The report from CITIC Securities indicates that factors such as the Federal Reserve's balance sheet reduction, the replenishment of the U.S. Treasury General Account (TGA), and seasonal fluctuations have led to some pressure signals in the U.S. funding market. However, liquidity pressure has significantly eased since November, and further relief is expected after the Fed stops its balance sheet reduction on December 1 [1]. Group 1 - The U.S. funding market experienced pressure signals due to the Federal Reserve's balance sheet reduction and TGA replenishment [1] - Several U.S. repo market spread indicators have shown a decline since the end of October, indicating a recovery in liquidity conditions [1] - Current liquidity pressure in the funding market is manageable, suggesting a stabilization in the financial environment [1] Group 2 - The cessation of the Fed's balance sheet reduction on December 1 is anticipated to further alleviate funding market pressures [1]

Core Points - The company, Transsion Holdings, announced a change in its sponsor representative from CITIC Securities due to the work relocation of the previous representative [1] - CITIC Securities has been the continuous sponsor for the company since its initial public offering and listing on the Sci-Tech Innovation Board, with the continuous supervision period ending on December 31, 2022 [1] - As the company has not fully utilized the raised funds, CITIC Securities will continue to fulfill its supervisory obligations regarding the unspent funds [1] Summary by Sections - **Company Announcement** - Transsion Holdings received a letter from CITIC Securities regarding the change of its sponsor representative [1] - The new representative, Mr. Cao Wenwei, will replace Mr. Xiao Shaochun to ensure orderly supervision [1] - **Sponsorship Details** - CITIC Securities has been responsible for the continuous supervision since the company's IPO [1] - The continuous supervision period concluded at the end of 2022, but CITIC Securities remains involved due to unspent raised funds [1]

Group 1 - CITIC Securities Asset Management increased its stake in China General Nuclear Power (01816) by 12.371 million shares at an average price of HKD 2.9671 per share, totaling approximately HKD 36.706 million [1] - After the increase, the total number of shares held by CITIC Securities is approximately 1.678 billion, representing a holding percentage of 15.03% [1]

Group 1 - CITIC Securities Asset Management increased its stake in China General Nuclear Power (01816) by 12.371 million shares at an average price of HKD 2.9671 per share, totaling approximately HKD 36.706 million [1] - Following the increase, the total number of shares held by CITIC Securities is approximately 1.678 billion, representing a holding percentage of 15.03% [1]

Group 1 - HeMai Co., Ltd. (688032.SH) closed at 100.28 yuan, with a decline of 5.03%, currently in a state of breaking issue [1] - HeMai Co., Ltd. was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 20, 2021, with an issue price of 557.80 yuan per share and a total of 10 million shares issued [1] - The total amount of funds raised from the initial public offering (IPO) was 5.578 billion yuan, with a net amount of 5.406 billion yuan after deducting issuance costs, exceeding the original plan by 4.848 billion yuan [1] Group 2 - The funds raised are intended for the construction of HeMai Intelligent Manufacturing Base, the industrialization of energy storage inverters, the upgrade of intelligent complete electrical equipment, and to supplement working capital [1] - The total issuance costs for the IPO amounted to 172 million yuan, including underwriting and sponsorship fees of 142 million yuan [1] - On May 30, 2022, HeMai Co., Ltd. announced a dividend plan of 30 yuan (pre-tax) per 10 shares, with a bonus of 4 shares, with the ex-dividend date on June 7, 2022 [1] - On June 6, 2023, the company announced a dividend plan of 53 yuan (pre-tax) per 10 shares, with a bonus of 4.9 shares, with the ex-dividend date on June 13, 2023 [1] Group 3 - On June 13, 2024, HeMai Co., Ltd. announced a dividend plan of 36 yuan (pre-tax) per 10 shares, with a bonus of 4.9 shares, with the ex-dividend date on June 19, 2024 [2]

中国经济网北京11月21日讯 威腾电气（688226.SH）日前发布2025年三季度报告。2025年前三季度， 该公司实现营业收入25.97亿元，同比下降5.40%；实现归属于上市公司股东的净利润1366.32万元，同比下 降87.47%；实现归属于上市公司股东的扣除非经常性损益的净利润1014.48万元，同比下降90.42%；经营活 动产生的现金流量净额为-9997.67万元。 | 项目 | 本报告期 | 本报告期比 上年同期增 减变动幅度 | 年初至报告期末 | 年初至报告期 末比上年同期 增减变动幅度 | | --- | --- | --- | --- | --- | | | | (%) | | (%) | | 雪业收入 | 864.678.681.91 | -3.15 | 2,596,797,822.98 | -5.40 | | 到海总额 | -3.005.146.49 | -107.86 | 13.744.958.47 | -89.89 | | 目属于上市公司股东的 | -2.822.691.69 | -109.33 | 13.663.236.06 | -87.47 | | 争利润 | | | | ...