董事會會議通知 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 6030 中國•北京 2025年8月13日 於本公告刊發日期，本公司執行董事為張佑君先生及鄒迎光先生；本公司非執行董事為張麟先生、付臨芳女士、 趙先信先生及王恕慧先生；及本公司獨立非執行董事為李青先生、史青春先生及張健華先生。 中信証券股份有限公司（「本公司」）董事會（「董事會」）謹此公佈，董事會會議將於2025年 8月28日（星期四）舉行，藉以（其中包括）考慮及批准本公司及其附屬公司截至2025年6月 30日止六個月之未經審計業績及派發中期股息之建議。 承董事會命 中信証券股份有限公司 董事長 張佑君 ...

Core Viewpoint - The court-appointed liquidators of China Evergrande are seeking potential buyers for its subsidiary Evergrande Property, highlighting significant asset value amid ongoing liquidation proceedings [1] Group 1: Liquidation Process - The liquidators are in discussions with UBS and CITIC Securities regarding the sale of Evergrande Property [1] - Creditors are particularly focused on the handling of Evergrande Property assets, which have a market value of HKD 9 billion and generated revenue of RMB 12.8 billion last year [1] Group 2: Financial Performance - Evergrande's shares have been suspended since the court ordered liquidation in January of the previous year, with a formal delisting scheduled for August 25 [1] - The first progress report from the liquidators indicates that only HKD 2 billion worth of non-core assets have been liquidated, representing less than 1% of the group's total assets as of 2022 [1] Group 3: Challenges in Asset Recovery - The complexity of Evergrande's business operations poses challenges for asset recovery, and the overall value of the liquidation process remains unclear [1] - The liquidators are unable to provide guidance on debt repayment expectations due to the ambiguous nature of the asset and liability values [1]

东海证券指出，多层次资本市场体系正逐步搭建完善，以提升上市公司投资价值和投资者回报为导向的 政策逐步落地，接下来对融资市场的边际放松和互联互通的进一步开放或许会逐步推出，进而提升资本 市场的吸引力。近期陆续披露的上市券商中报业绩表明上半年整体利润增长较为超预期，下半年持续高 涨的交投活跃度或将进一步催化券商业绩，重视中报披露窗口期带来的配置机遇。 智通财经获悉，中资券商股午前涨幅扩大，截至发稿，国联民生(01456)涨6.95%，报6.62港元；中信建 投证券(06066)涨4.91%，报13.9港元；华泰证券(06886)涨4.47%，报19.85港元；中信证券(06030)涨 3.02%，报29.32港元。 消息面上，数据显示，截至8月11日，共有29家A股上市券商披露了2025年半年度业绩预告，27家预 增，2家扭亏。其中，14家券商上半年归母净利润预增幅度超100%。方正证券预计，券商板块2025年上 半年主营收入同比增幅为27.8%，归母净利润同比增幅为60.8%；剔除国泰海通吸收合并负商誉影响 后，上半年券商板块归母净利润增幅为48.0%。 本文源自：智通财经网 ...

Core Viewpoint - The brokerage sector is experiencing significant gains, driven by increased client activity and favorable market conditions, indicating a potential new growth phase for the securities industry [1][3][4]. Group 1: Market Performance - The brokerage sector saw a surge in stock prices, with notable gains from companies like Guosheng Jinkong and Changcheng Securities, contributing to a positive market sentiment [1][3]. - The A-share market has been defined as a "bull market" by multiple brokerages, with expectations of increased capital inflow due to the anticipated interest rate cuts in the U.S. [6]. Group 2: Driving Factors - Three main drivers for the recent performance include an increase in T0 client numbers, steady growth in client margin scales, and a noticeable rise in leverage among existing clients, as evidenced by the financing balance exceeding 2.02 trillion yuan [1][3]. - Analysts suggest that policy guidance is encouraging long-term capital to enter the market, with structural adjustments indicating a turning point, which could enhance the growth potential for brokerage services [1][6]. Group 3: Future Outlook - The securities industry is expected to benefit from a new growth cycle, with increased demand for brokerage, margin financing, asset management, and investment banking services as new capital flows into the market [1][6]. - The improvement in asset quality and the reduction of valuation concerns are also contributing to a more favorable outlook for brokerages, with a focus on cost reduction and efficiency improvements [7].

股市大涨，券商板块是当然的受益者！ 今日早盘，牛市旗手——券商板块突然发力。国盛金控连续两日涨停，长城证券直线封板，中银证券涨超 8%，中信证券、国泰海通等权重股短线拉升。港股中资券商亦集体飙升，国联民生、中州证券、申万宏 源等皆有不错表现。 券商中国记者在采访中了解到，近期业态的确出现了三大驱动：一是由于T0客户数量增加、规模加大， 部分券商的算力已经明显不够用；二是有大型券商表示，近期客户保证金规模稳步增长；三是存量客户加 杠杆明显，这一点也可以从融资余额的增长中体现出来。 进入8月份之后，市场明显活跃起来，月内成交金额基本维持在1.5万亿元以上，多个交易日维持在1.7万 亿元以上水平。板块健康轮动，个股非常活跃，截至昨日收盘，维持多头排列的个股数量超过2500只。 这一方面意味着市场渐入佳境，另一方面也意味着市场还未达到过热状态。 在券商中国记者采访时，有券商表示，近期保证金规模稳健增长。还有一些市场人士表示，近期申购基金 的投资者也有增多。另有券商表示，由于T0客户数量增加、规模加大，部分券商的算力已经明显不够 用。而且，加杠杆的存量客户明显增多。近期，融资余额持续增长，截至昨天，已超过2.02万亿元 ...

Core Viewpoint - The report from CITIC Securities highlights the significance of the tendon-sheath design in humanoid robots, predicting a market size of 1.02 billion by 2030, driven by major manufacturers including Tesla adopting this technology [1] Group 1: Patent and Technology Insights - Shanghai Zhiyuan New Technology Co., Ltd. has a patent for a dexterous hand and fingers, which will be publicly disclosed on August 1, 2025 [1] - The dexterous fingers feature three degrees of freedom driven by tendons, with the tendon passing through a sheath composed of inner and outer layers [1] Group 2: Market Potential and Trends - The report anticipates that the global market for tendon-sheath designs in humanoid robots will reach 1.02 billion by 2030 [1] - Current market sentiment has not fully recognized the importance of tendon-sheath technology, presenting an opportunity for companies currently investing in or planning to invest in this area [1]

Market Overview - The market experienced a rebound with the Shanghai Composite Index recording a seven-day rise, and all three major indices reached new highs for the year. The total trading volume in the Shanghai and Shenzhen markets was 1.88 trillion yuan, an increase of 54.5 billion yuan compared to the previous trading day [1] Economic Outlook - Huatai Securities maintains its prediction for the Federal Reserve to initiate its first interest rate cut in September, with a total of two cuts expected within the year. The recent inflation data indicates that tariffs have a mild impact on inflation, reducing constraints on the Fed's rate cut decisions [2] Robotics Industry - CITIC Jiantou highlights the flourishing domestic robotics sector, supported by various local government policies and subsidies. The industry is witnessing advancements in components such as dexterous hands and joint modules, which are expected to accelerate the iteration of embodied intelligent robots [3] Investment Opportunities - CITIC Securities emphasizes the importance of the upcoming mid-year report season for Hong Kong stocks, predicting a slowdown in profit growth for the first half of 2025. However, sectors like retail, education, diversified finance, and gaming are expected to see upward revisions in profit growth [4]

Core Viewpoint - The report from CITIC Securities suggests that the performance period of semi-annual reports in August will be a crucial point for the continuation of the Hong Kong stock market, with a shift from liquidity-driven to performance-driven and policy validation phases expected [1] Industry Insights - The focus of the market is anticipated to shift from "expectations" to "realization," with stocks that exceed performance expectations and have upward guidance likely to benefit [1] - The marginal changes in the "anti-involution" policy will become a core variable for pricing in corresponding industries [1] Recommended Sectors - Direct beneficiaries of the "anti-involution" policy include solar energy, rare earths, lithium, and express delivery, along with indirectly benefiting insurance [1] - High-growth sectors such as pharmaceuticals and technology are expected to see performance expectations realized and guidance potentially upgraded [1] - In a low interest rate environment in mainland China, high-quality leading companies with scarcity and stable performance are likely to continue experiencing value reassessment [1]

人民财讯8月13日电，中信证券研报认为，美国7月通胀大致符合预期，关税继续温和推升物价、速度较 上月稍放缓，服务通胀反弹，价格信号没有反映太多服务消费需求放缓的迹象。中信证券仍预计美国企 业能向居民部门完成大部分关税成本的转嫁，更慢的转嫁速度可能意味着关税对物价更温和而更久的提 振影响，不过租屋空置率的回升和劳动力需求的放缓意味着服务通胀前景较稳定。中信证券现在预计美 联储年内将连续降息三次，每次25bps。 ...

中信证券研报指出，美国7月通胀大致符合预期，关税继续温和推升物价、速度较上月稍放缓，服务通 胀反弹，价格信号没有反映太多服务消费需求放缓的迹象。我们仍预计美国企业能向居民部门完成大部 分关税成本的转嫁，更慢的转嫁速度可能意味着关税对物价更温和而更久的提振影响，不过租屋空置率 的回升和劳动力需求的放缓意味着服务通胀前景较稳定。我们现在预计美联储年内将连续降息三次，每 次25bps。 ...