今年以来，随着A股交投持续活跃，龙虎榜成交额也显著放大。 东方财富Choice数据显示，截至12月15日，2025年以来龙虎榜成交总额已超6万亿元，相比2024年全年的3.60万亿元，增长超65%。 拉长时间看，2025年的龙虎榜成交额将毫无悬念地刷新历史新高，今年数据不仅超越了上一轮结构性牛市的2021年（3.67万亿元），也刷新了2015年全面牛市的历 史纪录（4.52万亿元）。 "拉萨天团"包揽前三，开源跃居第四 2025年龙虎榜百强营业部座次发生"大洗牌"。今年以来，A股成交持续活跃，龙虎榜的上榜次数和成交金额也在2024年较大抬升的基础上，继续大幅增长。 Choice数据显示，2025年1月1日至12月15日，剔除沪股通、深股通及机构席位后，排名前100的交易席位上榜次数达6.20万次，累计成交2.10万亿元，成交金额相比 2024年全年增长约48%。 前十名中，除前述东方财富证券、开源证券旗下营业部外，还有国泰海通总部、中信证券上海分公司、中金公司上海分公司、瑞银证券上海花园石桥路证券营业 部、高盛（中国）证券上海浦东新区世纪大道证券营业部。 龙虎榜实力大洗牌 从券商龙虎榜营业部综合实力来看，20 ...

Core Viewpoint - CITIC Securities has shown a mixed performance in financing activities, with a notable decrease in net financing buy and a significant increase in operating revenue and net profit year-on-year. Financing Activities - On December 15, CITIC Securities recorded a financing buy of 401 million yuan and a financing repayment of 590 million yuan, resulting in a net financing buy of -189 million yuan [1] - As of December 15, the total financing and securities lending balance was 18.463 billion yuan, with the financing balance at 18.440 billion yuan, accounting for 5.30% of the circulating market value, which is above the 80th percentile level over the past year [1] - In terms of securities lending, CITIC Securities repaid 66,800 shares and sold 171,000 shares on December 15, with a selling amount of 4.882 million yuan, while the securities lending balance was 22.8325 million yuan, below the 50th percentile level over the past year [1] Financial Performance - For the period from January to September 2025, CITIC Securities achieved an operating revenue of 55.815 billion yuan, representing a year-on-year growth of 20.96%, and a net profit attributable to shareholders of 23.159 billion yuan, with a year-on-year increase of 37.86% [2] Shareholder Information - As of September 30, 2025, CITIC Securities had 669,400 shareholders, an increase of 1.64% from the previous period, with an average of 18,192 circulating shares per person, a decrease of 1.61% [2] - Since its A-share listing, CITIC Securities has distributed a total of 88.704 billion yuan in dividends, with 22.009 billion yuan distributed in the last three years [3] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest, holding 500.1 million shares, a decrease of 83.4469 million shares from the previous period [3]

Core Insights - The lawn mowing robot industry is experiencing a significant breakthrough, driven by technological advancements and decreasing prices, leading to rapid market penetration [1] - By 2025, new products from various manufacturers are expected to accelerate iterations in navigation, obstacle avoidance, slope climbing, and edge mowing, addressing user pain points and unlocking a potential multi-billion dollar market in Europe and the US [1] - Companies in the robot sector are leveraging high cost-performance ratios and strong product capabilities to expand their product matrices and multi-channel strategies, increasingly capturing market share from traditional landscaping giants [1] Industry Trends - The industry is entering a phase of simultaneous growth in both volume and price, benefiting from technological dividends [1] - The anticipated product innovations are expected to significantly enhance user experience and satisfaction, further driving market demand [1] Investment Opportunities - There is a strong recommendation for investing in companies with rapidly growing lawn mowing robot businesses that offer substantial profit elasticity [1] - Companies providing comprehensive solutions with precise market positioning are also highlighted as key investment opportunities [1]

人民财讯12月16日电，中信证券研报称，三季度以来，受AI威胁论、宏观预期的扰动等影响，美股软 件板块表现较为疲软，其中应用软件尤为明显。三季报显示，板块需求环境趋于稳定，企业业绩及指引 超预期比例亦进一步上升。同时预计后续"降息+宽财政"的组合将持续推动欧美企业软件支出的回暖， 而经历自2024年四季度以来的准备、测试之后，AI+软件货币化效果亦有望在2026年逐步落地。当前时 点，看好美股软件板块中期投资机会，建议关注：低位企稳回升的应用软件，以及持续高景气度的信息 安全(平台化)、基础软件(数据管理方向)。 ...

人民财讯12月16日电，中信证券研报称，日前行业专业媒体"我的钢铁网"报道了钢铁产品重新纳入出口 许可证管理的消息，预计政策有可能抑制未来钢铁出口量，影响国内钢材产量及焦煤需求。中信证券认 为，政策或在短期影响焦煤价格预期，但中长期看，对优质主焦煤需求也存在结构性的支撑，对长期焦 煤价格不宜过度悲观。具备资源禀赋的优质主焦煤公司依然有长期投资价值。 ...

（文章来源：第一财经） 中信证券指出，割草机器人迎来产业爆发的奇点时刻，技术激变及价格带下移推动品类高速渗透，行业 进入量价齐升的技术红利期。预计2025年各厂商新品将在导航避障、爬坡越障、边缘割草等维度加速迭 代，解决用户的痛点需求，有望彻底撬动欧美市场的百亿级增量空间。而机器人公司依托高性价比、强 产品力的完善产品矩阵，和全渠道布局，不断挤占园林巨头的份额。重点推荐割草机器人业务高速增 长、带来可观利润弹性的整机厂，及精准卡位的整体解决方案商。 ...

中信证券研报认为，三季度以来，受AI威胁论、宏观预期的扰动等影响，美股软件板块表现较为疲 软，其中应用软件尤为明显。三季报显示，板块需求环境趋于稳定，企业业绩及指引超预期比例亦进一 步上升。同时预计后续"降息+宽财政"的组合将持续推动欧美企业软件支出的回暖，而经历自2024Q4以 来的准备、测试之后，AI+软件货币化效果亦有望在2026年逐步落地。当前时点，我们看好美股软件板 块中期投资机会，建议关注：低位企稳回升的应用软件，以及持续高景气度的信息安全（平台化）、基 础软件（数据管理方向）。 ...

目前，科创板与主板各贡献一家费用率在20%以上的企业，其中赛分科技以23.2%的费用率高居榜首 ——根据数据，赛分科技首发募资额接近2.16亿元，发行费用合计5009.37万元。 年内中信证券被监管数次"点名"。今年5月14日，上交所发布监管措施决定书表示，中信证券作为相关 上市公司再融资项目的保荐人，李宁、吴鹏、黄艺彬、李婉璐作为中信证券指定的项目保荐代表人，存 在保荐职责履行不到位的情形，对此负有直接责任。 【深圳商报讯】(记者詹钰叶)今年以来A股新增首发企业超100家，合计募资超过1100亿元，发行总费用 合计近81亿元，占比超7%。其中，赛分科技发行费用占募资额的比例高达23.2%，位居榜首。其保荐机 构中信证券年内在首发项目上获得的承销与保荐费收入同比翻倍，但也因投行违规被监管点名。 ...

Group 1: Report Summary - The report tracks the latest private exchangeable bond (Private EB) projects from public channels, with possible changes in terms and progress. Check the final prospectus and consult the lead underwriter [1]. Group 2: New Projects This Week - Jiangsu Guotai International Group Co., Ltd.'s 2025 private exchangeable bond project for professional investors was approved by the exchange, with a proposed issuance scale of 1.2 billion yuan (reduced), underlying stock Ruitai New Materials (301238.SZ), lead underwriter CITIC Securities, and exchange update date of December 8, 2025 [1]. - Sichuan Jiuzhou Investment Holding Group Co., Ltd.'s 2025 private technological innovation exchangeable bond project for professional investors was approved by the exchange, with a proposed issuance scale of 1 billion yuan, underlying stock Sichuan Jiuzhou (000801.SZ), lead underwriter CITIC Securities, and exchange update date of December 5, 2025 [1]. - Oriens Technology Co., Ltd.'s 2025 private exchangeable bond project for professional investors was approved by the exchange, with a proposed issuance scale of 350 million yuan (reduced), underlying stock Yongxin Co., Ltd. (002014.SZ), lead underwriter CITIC Construction Securities, and exchange update date of December 5, 2025 [1]. - Hainan农垦 Investment Holding Group Co., Ltd.'s 2025 private exchangeable bond project for professional investors received feedback from the exchange, with a proposed issuance scale of 2.1 billion yuan, underlying stock Hainan Rubber (601118.SH), lead underwriter CITIC Securities, and exchange update date of December 8, 2025 [1]. Group 3: Project Status Table - The table shows the status of multiple private EB projects as of December 12, 2025, including bond names, lead underwriters, scales, underlying stocks, project statuses, and update dates [3].

Core Viewpoint - 百克生物's stock price has fallen to 19.37 yuan, reflecting a decline of 2.42%, indicating the stock is currently in a state of underperformance since its IPO [1]. Group 1: IPO and Financials - 百克生物 was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on June 25, 2021, with an initial public offering (IPO) of 41.2841 million shares, representing 10% of the total shares post-issue, at a price of 36.35 yuan per share [1]. - The total funds raised from the IPO amounted to 1.501 billion yuan, with a net amount of 1.396 billion yuan after deducting issuance costs, which is 285 million yuan less than the original plan of 1.681 billion yuan [1]. - The funds were intended for various projects, including 182 million yuan for a vaccine project, 294 million yuan for a combined vaccine project, 163 million yuan for a nasal flu vaccine project, 177 million yuan for rabies and Hib vaccines, and 865 million yuan for R&D of in-progress products [1]. Group 2: Issuance Costs and Allocation - The total issuance costs for 百克生物 amounted to 105 million yuan, with the underwriting fees for the lead underwriter, CITIC Securities, and co-lead underwriter, Guotai Junan Securities, totaling 90.0406 million yuan [2]. - The final strategic placement of shares was 8.2561 million shares, accounting for 20% of the total issuance, with a minor adjustment of 744 shares redirected to offline issuance [2]. - CITIC Securities Investment Co., a subsidiary of the lead underwriter, received 1.6506 million shares, amounting to 60 million yuan [2].