張佑君 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列中信証券股份有限公司（「本公司」）在上海證券交易所網站刊登的本公司關於間 接子公司發行中期票據並由全資子公司提供擔保的公告，僅供參閱。 承董事會命 中信証券股份有限公司 董事長 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。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：6030） 海外監管公告 证券代码：600030 证券简称：中信证券 公告编号：临2025-086 中信证券股份有限公司 关于间接子公司发行中期票据 并由全资子公司提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： z 担保对象及基本情况 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 ...

每经头条（nbdtoutiao）——展望"十五五"|专访财科院院长杨志勇：遏制地方政府新增隐性债务，债务 信息要透明，尽可能降低利息成本 每经AI快讯，中信证券（SH 600030，收盘价：28.64元）11月14日晚间发布公告称，截至公告披露日， 公司及控股子公司对外担保总额为人民币1933.7亿元，占公司最近一期经审计净资产的比例为65.97%。 （记者 王瀚黎） 截至发稿，中信证券市值为4245亿元。 2025年1至6月份，中信证券的营业收入构成为：证券投资业务占比43.88%，经纪业务占比28.21%，资 产管理业务占比18.21%，投资银行业务占比6.22%，其他业务占比3.49%。 ...

证券代码：600030 证券简称：中信证券 公告编号：临2025-086 中信证券股份有限公司 关于间接子公司发行中期票据 并由全资子公司提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 对外担保逾期的累计金额（万元） | - | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（亿元） | 1,933.70 | | 对外担保总额占上市公司最近一 | 65.97 | | 期经审计净资产的比例（%） | | | 特别风险提示 | □对外担保总额超过最近一期经审计净资产 | | | 100% | | | 担保金额超过上市公司最近一期经审计净 | | | 资产50% | | | □对合并报表外单位担保金额达到或超过最 | | | 近一期经审计净资产30%的情况下 | | | 对资产负债率超过70%的单位提供担保 | 1 一、担保情况概述 （一）担保的基本情况 公司境外全资子公司中信证券国际有限公司（以下简称中信证券国际）的附 属公司CSI MTN Limited（以下简称发行人或 ...

Core Viewpoint - The market is experiencing a significant pullback in computing power, particularly affecting optical modules, with major companies like Zhongji Xuchuang and Tianfu Communication seeing declines of over 4% and 3% respectively. The AI-focused ETF tracking optical module leaders has also dropped over 3% [1][2]. Group 1: Market Performance - The AI-focused ETF (159363) has seen a trading volume exceeding 1 billion CNY, with a net subscription of 20 million shares despite the market downturn [1]. - Major US tech stocks, including Oracle and Nvidia, have faced substantial sell-offs, raising concerns about valuations in the AI sector [2]. Group 2: Investment Opportunities - CITIC Securities highlights the expanding investment opportunities in the AI sector, particularly in the computing power supply chain and AI applications, predicting a potential replication of the long bull market seen in US stocks since 2023 [3]. - The demand for optical modules is expected to grow significantly, with projections for 800G optical modules to maintain high growth rates and the development of 1.6T and 3.2T modules underway [3]. - The first AI ETF tracking the ChiNext AI Index (159363) has a market size exceeding 3.5 billion CNY and leads in trading volume among similar ETFs, with over 70% of its portfolio focused on computing power [3].

Group 1 - The core viewpoint of the news indicates that the e-commerce sector is expected to see moderate growth during the "Double Eleven" shopping festival, with GMV projected to increase by mid to high single digits, up to 10% year-on-year, due to active subsidies and extended promotional timelines, although this is partially offset by a high sales base from the previous year [1] - Major e-commerce platforms are likely to continue showing differentiated performance, with competition around traffic entry and core user rights expected to remain intense through 2026 [1] - The stabilization of consumer goods prices is identified as a key driver for the performance of e-commerce platforms and upstream suppliers, with potential policy stimuli and changes in consumer sentiment warranting ongoing attention [1] Group 2 - The convertible bond market has seen a significant increase in overall prices and premium rates, necessitating a cautious approach to managing downside risks [2] - The previous cycle of convertible bonds performed exceptionally well, with a 1% increase in high-price indices and notable excess returns from high-value strategies [2] - Current market conditions indicate heightened volatility at high price levels, prompting the need for timely adjustments in response to market trends and sector rotations [2] Group 3 - The AI investment landscape is expanding, with a focus on the computing power supply chain and AI applications, particularly in the context of strong performance from tech stocks in the US and China since 2025 [3] - The computing power sector is leading market gains, with expectations for a sustained bullish trend similar to the US market's performance in 2023 [3] - There are anticipated opportunities for localized explosions in AI applications, with optimism surrounding internet tech giants and rapidly commercializing AI sectors such as AI advertising, AI agents, AI video generation, and autonomous driving [3]

Core Viewpoint - The application of AI and domestic substitution will be the main theme of technology investment in 2026, with AI evolving from isolated technological advancements to broader productivity integration with existing digital infrastructure [1] Market Review - Since 2025, both Chinese and US tech stocks have performed well, with a broad increase in AI computing power. The Chinese market has outperformed, with the CITIC Technology Five Industry Index, Hang Seng Technology Index, and Nasdaq Index rising by +41%, +30%, and +23% respectively as of November 7, 2025 [2] - AI infrastructure construction remains the main narrative, showing a broad-based increase across the entire industry chain, with CITIC Communications, CITIC Electronics, and the Philadelphia Semiconductor Index rising by +114%, +72%, and +45% respectively [2] Technology Trends - In 2025, despite the absence of revolutionary AI products, North America's major cloud service providers (CSPs) have consistently invested in AI infrastructure, with capital expenditures (Capex) expected to reach $400 billion, a 60% year-on-year increase [3] - The trend of domestic substitution is becoming inevitable, with domestic manufacturers like Huawei seeking to enhance system-level computing capabilities through communication capabilities [3] Policy Guidance - The "14th Five-Year Plan" has successfully met its core indicators, and the "15th Five-Year Plan" emphasizes improving technological self-reliance, with a focus on the AI industry chain for 2026 [4] - The plan highlights key areas such as integrated circuits and high-end equipment, indicating strong policy support for the domestic semiconductor and computing industry [4] Investment Logic - The domestic computing chain shows significant earnings elasticity, with potential yet to be fully tapped. The semiconductor equipment and AI chip investments are expected to have clear certainty under the wave of domestic substitution [5] - The model and application side may also see localized explosive opportunities, particularly in AI-enabled internet technology giants and rapidly commercializing AI applications [5] Industry Focus - The domestic computing industry is viewed as a long-term demand and breakthrough area, with a strong belief in the importance of computing power to national strength [6] AI Applications - AI applications in areas such as advertising, coding, and video generation are seeing rapid commercialization, with significant business value already generated [8] - The Robo X industry is expected to enter a phase of scale expansion from 1 to 100 in 2026, driven by advancements in autonomous driving technology and decreasing component costs [8]

Core Viewpoint - The report from CITIC Securities indicates that the U.S. stock market is supported by mid-term elections, policy easing, ample liquidity, and a favorable fundamental outlook for 2026. Despite concerns over high valuations and potential risks from high interest rates, the market remains attractive for investment due to strong growth expectations and the increasing market share of MAG8 companies [1][10]. Macroeconomic Environment - The monetary policy is expected to remain accommodative, with the federal funds rate projected to decline to 3.25%-3.4% by the end of 2026. This is supported by a weakening job market, with 1.1 million layoffs expected in 2025, and the Fed's recent interest rate cuts [2]. - The fiscal policy, particularly the OBBB Act passed in July 2025, is anticipated to create a $3.4 trillion deficit over the next decade, providing significant tax relief for businesses and contributing to fiscal expansion [3]. Market Liquidity - Four key factors are expected to support liquidity in the U.S. stock market: the expansion of dollar-pegged stablecoins, increased corporate buybacks, a shift of funds from money market funds to equities and bonds, and a resurgence in individual investor participation [4]. Fundamental Outlook - The fundamental outlook for the U.S. stock market is bolstered by strong growth in technology and improvements in the policy environment. The S&P 500 is projected to see revenue and earnings growth of 5.2% and 6.6% in 2025, respectively, with expectations for even higher growth in 2026 [6]. AI Bubble Narrative - The narrative surrounding the potential bursting of the "AI bubble" is considered unlikely in the short term, as demand for AI technologies continues to grow, supported by advancements in chip performance and system capabilities [7]. Private Credit Market Risks - Concerns regarding the private credit market have emerged following recent bankruptcies, but the overall default rate remains moderate, and the impact on the banking sector is expected to be manageable [8]. High Interest Rate Environment - The prolonged high interest rate environment poses risks to the real economy and financial system, with potential implications for the stock market if the Federal Reserve fails to respond timely to emerging risks [9]. Stock Market Outlook - The combination of fiscal and monetary easing is expected to support the continuation of a bull market in U.S. stocks in 2026, with a focus on sectors such as technology, manufacturing, energy infrastructure, military, and financial services [10].

Core Viewpoint - Since 2025, both Chinese and American tech stocks have shown impressive performance, with the computing power sector leading the market, and there are emerging opportunities in models and applications for 2026 [1] Group 1: Market Performance - The computing power sector has outperformed the market, indicating strong growth potential [1] - There is an expectation that domestic computing power will replicate the long bull market seen in US stocks since 2023 [1] Group 2: Industry Trends - The urgency for development in semiconductor equipment and AI chips has increased due to overseas restrictions, making domestic substitution a prevailing trend [1] - Domestic chip manufacturers have begun exploring solutions like super nodes to overcome performance disadvantages of single cards by leveraging multi-card advantages [1] Group 3: Investment Opportunities - The construction of multi-card clusters raises demands for the quantity and quality of components, creating greater investment opportunities across the supply chain [1] - Specific sectors such as liquid cooling, storage, power supply, optical modules, PCBs, and quantum computing are expected to see higher performance elasticity [1] Group 4: Application and Model Opportunities - There is potential for localized explosive growth in models and applications, particularly in AI-enabled internet tech giants and rapidly commercializing AI applications such as AI advertising, AI agents, AI video generation, and autonomous driving [1]

Core Insights - In September, electricity consumption increased by 4.5% year-on-year, a decrease of 0.5 percentage points from August's growth of 5.0% [1][2] - The demand for electricity in the secondary industry continued to recover, reaching a growth rate of 5.7%, while the tertiary industry's demand remained resilient [2] - The report recommends investing in hydropower with stable operations and a safety margin in valuation, H-share leading thermal power with performance elasticity and low valuation, and H-share green power with improved subsidy expectations [1] Electricity Consumption Trends - In September, the electricity consumption growth rate was 4.5%, down from 5.0% in August, with the secondary industry's demand recovering to 5.7% [2] - The high-energy-consuming sectors showed varied electricity demand growth, with the black metal industry experiencing high growth while the non-metal industry remained flat [2] - Coastal regions benefited from exports, with a year-on-year electricity consumption growth rate of 7.2% [2] Power Generation and Investment - From January to September, new wind and solar power installations reached 61.09 million and 240.27 million kilowatts, respectively, with year-on-year growth rates of 56.2% and 49.3% [3] - In September, new thermal power installations totaled 6.81 million kilowatts, maintaining a steady production pace [3] - Power source investment from January to September was 598.7 billion yuan, a year-on-year increase of 0.6%, with significant growth in thermal and nuclear power investments [3] Hydropower and Utilization Rates - The average utilization hours for power generation equipment in September were 263 hours, a year-on-year decrease of 9.6% [4] - Hydropower generation saw a significant increase due to improved water conditions, with utilization hours rising to 402 hours, an increase of 28.4% [4] - Wind and solar power utilization hours decreased, with wind power utilization at 127 hours (down 20.6%) and solar power at 90 hours (down 7.2%) [4]

Core Insights - The report from CITIC Securities indicates that the GMV growth rate for the e-commerce sector during the "Double 11" shopping festival (October 9 to November 11) is expected to remain consistent with last year's overall performance [1] E-commerce Performance - Instant retail platforms such as Meituan Flash Purchase and Taobao Flash Purchase have shown impressive growth during this year's event, warranting ongoing attention [1] - Categories like home appliances and 3C digital products, stimulated by national subsidies, have achieved steady growth despite high base comparisons from the previous year [1] - There is a noticeable recovery in discretionary consumption categories such as beauty and apparel, indicating an overall positive trend in consumer demand [1] Future Outlook - It is recommended to monitor the core e-commerce platforms' developments in supply chain capabilities, core user investments, and AI empowerment [1] - Continuous evaluation of the synergy between food delivery, instant retail investments, and e-commerce is suggested for future assessments [1]