一、离任的基本情况 公司非执行董事张麟先生因工作调动，已向董事会提交辞职报告，辞去公司 非执行董事、董事会发展战略与 ESG 委员会委员职务。辞任后，张麟先生亦不在 公司及控股子公司担任其他职务。该辞任自公司股东大会选举产生新任非执行董 事之日起生效。具体如下： | | | | | | 是否继续在上 | 是否存在未 | | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 离任职务 | 离任时间 | 原定任期到期日 | 离任原因 | 市公司及其控 | 履行完毕的 | | | | | | | 股子公司任职 | 公开承诺 | | | 非执行董事、董事 | 自公司股东大会选 | | | | | | 张麟 | 会发展战略与ESG | 举产生新任非执行 | 2025年12月29日 | 工作调动 | 否 | 否 | | | 委员会委员 | 董事之日起生效 | | | | | 中信证券股份有限公司 关于公司董事离任的公告 中信证券股份有限公司董事会 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 ...

中信证券股份有限公司 独立董事提名人及候选人声明公告 中信证券股份有限公司独立董事提名人声明 提名人中信证券股份有限公司董事会,现提名刘俏先生、李 兰冰女士为中信证券股份有限公司第八届董事会独立董事候选 人,并已充分了解被提名人职业、学历、职称、详细的工作经历、 全部兼职、有无重大失信等不良记录等情况。被提名人已同意出 任中信证券股份有限公司第八届董事会独立董事候选人(参见该 独立董事候选人声明)。 提名人认为,被提名人具备独立董事任职资格,与中信证券 股份有限公司之间不存在任何影响其独立性的关系,具体声明如 下： 二、被提名人任职资格符合下列法律、行政法规和部门规章 以及公司规章的要求: (一)《中华人民共和国公司法》关于董事任职资格的规定; (二)《中华人民共和国公务员法》关于公务员兼任职务的规 定(如适用); 1 (三)中国证监会《上市公司独立董事管理办法》、上海证券 交易所自律监管规则以及公司章程有关独立董事任职资格和条件 的相关规定; 一、被提名人具备上市公司运作的基本知识,熟悉相关法律、 行政法规、规章及其他规范性文件,具有5年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作 ...

证券代码：600030 证券简称：中信证券 公告编号：临2025-087 中信证券股份有限公司 第八届董事会第四十次会议决议公告 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。 独立非执行董事候选人（两名）：刘俏、李兰冰 上述候选人任期自公司股东大会审议通过之日起，至第八届董事会届满之日。 公司董事会授权公司经营管理层在上述董事委任正式生效后与其签订董事服务合 同，并办理相关备案事项。 本议案以拟提交2025年第一次临时股东大会、2025年第一次A股类别股东会、 1 2025年第一次H股类别股东会审议的《关于修订公司<章程>及<股东大会议事规则>< 董事会议事规则>的议案》获得批准，及拟提交2025年第一次临时股东大会审议的《关 于不再设置监事会的议案》获得批准为前提，并在股东大会审议通过增补董事的议 案后生效。 会议以记名投票方式表决，全体参与表决的董事一致同意并做出如下决议： 一、同意《关于增补公司第八届董事会董事的预案》并同意提交公司股东大会 审议 表决情况：同意9票，反对0票，弃权0票，获得通过。本议案需提交股东大会审 ...

新莱福公告，股东中信证券-渤海银行-中信证券新莱福员工参与创业板战略配售集合资产管理计划持股 87.43万股，占公司总股本0.83%、剔除回购专用账户后总股本0.84%。该资管计划拟自公告披露日起十 五个交易日后的三个月内，即2025年12月16日至2026年3月15日，通过大宗交易或集中竞价减持不超 87.43万股，减持比例不超总股本0.83%、剔除回购后0.84%，减持价格按届时市场价确定。 ...

Group 1 - The stock of Xinde New Materials (301349.SZ) closed at 50.22 yuan, with a decline of 2.20%, and a total market capitalization of 5.122 billion yuan, currently in a state of breaking issue [1] - Xinde New Materials was listed on the Shenzhen Stock Exchange's ChiNext board on September 9, 2022, with a public offering of 17 million shares at an issuance price of 138.88 yuan per share [1] - The highest price recorded for Xinde New Materials since its listing was 180 yuan on the first trading day [1] - The total funds raised by Xinde New Materials amounted to 236.096 million yuan, with a net amount of 216.58238 million yuan after deducting issuance costs, exceeding the original plan by 151.58238 million yuan [1] - The company planned to use the raised funds for a 30,000-ton carbon material industrial upgrade project, a research and development center project, and to supplement working capital [1] - The total issuance costs were 19.51362 million yuan, with CITIC Securities receiving a sponsorship and underwriting fee of 17.50674 million yuan [1] Group 2 - On May 24, 2023, Xinde New Materials announced its 2022 annual equity distribution plan, which included a cash dividend of 10.00 yuan (including tax) for every 10 shares, totaling 68 million yuan [2] - The plan also included a capital reserve transfer of 5 shares for every 10 shares held, with no bonus shares issued, and the remaining undistributed profits to be carried forward to future distributions [2] - The record date for the equity distribution was set for May 30, 2023, and the ex-dividend date was May 31, 2023 [2]

国内卖方分析师旗帜性人物高善文，宣告退出券业江湖。 券商中国记者从业内获悉，国投证券首席经济学家、产业研究院院长高善文已经离职，目前，中国证券业协会网站已查询不到高善文的相关信息，标志着这位在券 业驰骋二十余年的分析师正式隐退。 高善文是国内知名经济学家，2003年进入光大证券工作，后于2007年加入新成立不久的安信证券（现更名"国投证券"）担任首席经济学家，他在宏观经济走势、宏 观经济政策走向的研判以及对资本市场的影响分析等方面有着深入的研究和丰富的经验，建立了独立的逻辑分析体系。 作为国内知名的分析师，此前国投证券的多届策略会，高善文主题演讲分享的观点，对金融市场和政策领域有着重要影响力，吸引了全国各地的投资者前往国投证 券策略会现场。 这一消息的确认，为一段时间以来市场上的传闻画上了句号。事实上，在2024年底，业内就流传高善文已离开国投证券，但当时相关方面迅速辟谣，且其中证协注 册状态未见异常。然而，此次信息的变更，无疑从官方渠道确认了其离职的事实。同时，记者从国投证券获悉，该公司通信录已经查询不到高善文的信息。 高善文是国内宏观研究领域公认的标杆人物。资料显示，高善文1971年出生于山西临汾。他是北 ...

Group 1 - The A-share market saw all three major indices turn positive on November 24, with the Sci-Tech 50 ETF (588000) experiencing a maximum increase of over 1% [1] - The Sci-Tech 50 ETF has attracted significant capital inflow, with a net inflow of 3.479 billion in the last five days and 5.979 billion in the last ten days [1] - Google announced a plan to expand its computing power by 1000 times over the next 4-5 years, doubling its capacity every six months to support AI infrastructure competition [1] Group 2 - The Sci-Tech 50 ETF (588000) tracks the Sci-Tech 50 Index, with 69.3% of its holdings in the electronics sector and 5.17% in the computer sector, totaling 74.47%, aligning well with the development of cutting-edge industries like AI and robotics [2] - The ETF also covers various sub-sectors such as semiconductors, medical devices, software development, and photovoltaic equipment, indicating a high content of hard technology [2]

Group 1 - The core viewpoint of the news highlights the positive performance of the securities sector, with the National Securities Leading Index (399437) rising by 0.86% and several constituent stocks, including Industrial Securities (601377) and Huatai Securities (601688), showing significant gains of 2.60% and 2.57% respectively [1] - The Securities ETF Leader (159993) has also seen an increase of 0.87%, with the latest price reported at 1.27 yuan, indicating strong market interest [1] - Over the past week, the Securities ETF Leader has experienced continuous net inflows, with a peak single-day net inflow of 52.51 million yuan, totaling 107 million yuan in net inflows, averaging 15.22 million yuan daily [1] Group 2 - In terms of fiscal performance, the national stamp duty revenue reached 378.1 billion yuan in the first ten months of this year, reflecting a year-on-year growth of 29.5%, with securities transaction stamp duty contributing 162.9 billion yuan, marking an impressive 88.1% increase [1] - The announcement of the merger between CICC and Dongxing Securities, as well as Xinda Securities, is expected to significantly enhance comprehensive strength and improve asset efficiency through synergies, indicating a positive outlook for the sector [1] - The ongoing supply-side reforms are viewed as a crucial long-term change in the industry, with expectations for valuation recovery in the sector driven by market activity and potential inflows from retail investors [1]

Investment Rating - The investment rating for the non-bank financial sector is "Outperform the Market" [2][7]. Core Viewpoints - The report indicates that the securities industry is entering a new phase of mergers and acquisitions, termed "M&A 2.0," which emphasizes functional enhancement and the creation of a complementary business ecosystem rather than merely increasing capital size [3][5]. - The report highlights that recent mergers, such as the absorption of Dongxing Securities and Xinda Securities by CICC, reflect a shift towards strengthening professional capabilities and expanding business lines [4][18]. - The overall improvement in the securities industry's fundamentals, including active market trading and growth in margin financing, is expected to drive both valuations and profitability for brokerages [4][22]. Summary by Sections Industry Overview - The report notes a significant wave of mergers and restructuring in China's securities industry, driven by both policy support and market competition. The aim is to cultivate leading investment banks and enhance core competitiveness through consolidation [6][10]. - In the first three quarters of 2025, 43 listed brokerages achieved revenue of CNY 421.42 billion, a year-on-year increase of 42.57%, and a net profit of CNY 169.29 billion, up 62.48% [6]. Mergers and Acquisitions - The merger between Guotai Junan and Haitong Securities is highlighted as a scale-driven consolidation, significantly enhancing net capital strength and risk tolerance, while optimizing the national network layout [15][17]. - CICC's merger with Dongxing and Xinda Securities is characterized as a functional superiority-driven integration, aimed at enhancing business capabilities and expanding service offerings [18][20]. Business Structure and Performance - The report outlines a dual-driven characteristic in the securities industry, with brokerage and proprietary trading as the main revenue drivers. In the first three quarters of 2025, brokerage income reached CNY 111.78 billion, a year-on-year increase of 74.64% [11]. - The revenue structure is shifting, with brokerage income accounting for 26.5%, investment income 44.4%, and other segments contributing to the overall performance [11]. Investment Recommendations - The report suggests that the recent mergers are likely to stimulate investment enthusiasm in the industry. It recommends focusing on leading brokerages with comprehensive performance layouts and those with high elasticity in earnings, such as Huatai Securities and CITIC Securities [22].

Core Viewpoint - The recent surge in investment in the non-ferrous metals sector, particularly through the non-ferrous metal leader ETF (159876), indicates strong market confidence in the future performance of this sector [1][4]. Investment Trends - On November 21, the non-ferrous metal leader ETF (159876) attracted 73.7 million yuan in a single day, with a total of 205 million yuan accumulated over the past 10 days, reflecting positive market sentiment [1]. - As of November 21, the ETF's latest scale reached 677 million yuan, making it the largest among three ETFs tracking the same index in the market [1]. Geopolitical Factors - The escalation of the Russia-Ukraine conflict, particularly the recent attack on Moscow, is expected to impact the supply of key metals like aluminum, nickel, and copper, potentially driving prices higher due to supply chain disruptions and increased sanctions against Russian metals [3]. - The conflict is also likely to stimulate demand for safe-haven assets such as gold and copper, as investors seek to hedge against geopolitical risks [3]. - Increased strategic reserve demands for metals used in defense applications, such as antimony, are anticipated due to the ongoing military tensions [3]. Macroeconomic Influences - Recent dovish comments from the Federal Reserve's New York Bank President, indicating potential for further interest rate cuts, have heightened expectations for a 70% probability of a rate cut in December [3][4]. - Analysts believe that even if the Fed pauses a rate cut, the ongoing expectation of future cuts will continue to support non-ferrous metal prices [4]. Market Outlook - Institutions are optimistic about the continuation of a bull market in the non-ferrous metals sector, with various analysts highlighting three main investment themes: constrained supply and recovering demand for industrial metals like copper and aluminum, explosive demand for energy metals like lithium and cobalt, and strategic assets such as gold and rare earths [4]. - The non-ferrous metal leader ETF (159876) and its linked funds provide comprehensive exposure to various metals, allowing for risk diversification compared to investing in single metal sectors [6].