金融格局方面，伴随着全球产业力量对比的变化，全球金融秩序也将深刻重塑。中国资产价值的重估有 望持续提速。 其次，从科技趋势看，更多中国产业迎来关键突破，中国经济新旧动能转换成效显著，有望带来资本市 场的新机遇。 邹迎光表示，党的二十届四中全会科学研判国际国内大势，对中国经济社会未来五年发展作出了顶层设 计和战略擘画，也赋予了资本市场新的时代内涵与发展使命。"十五五"时期中国资本市场面临的全球背 景、科技趋势、制度环境将呈现新的特征，在新征程上奋进前行。 首先，从全球背景看，百年变局加速演进，中国的国际影响力、感召力、塑造力正显著提升，参与全球 治理与维护海外利益的能力也在持续增强。 产业格局方面，中国制造在关税乱流中彰显出强大韧性，今年前三季度出口增长7.1%，全产业链的优 势凸显。广大新兴市场与"全球南方"国家的发展诉求、资源禀赋、人口结构、市场潜力，几十亿人口逐 步进入工业化，将成为中国企业走向全球的坚实保障。未来将有更多本土龙头向跨国巨头转型，并将份 额优势转化为定价权。 在2025年资本市场年会上，邹迎光曾预测A股站上了年度级别行情的起跑线。过去一年来，我国资本市 场进入全新阶段，焕发生机活力。此次资 ...

Group 1 - The 2026 Capital Market Annual Conference of CITIC Securities focuses on the theme "Striving for a New Journey," discussing global macro trends and investment strategies under new circumstances [1] - The conference features over 100 speakers and representatives from more than a thousand listed companies and investment institutions, highlighting its significance in the industry [1] - The general manager of CITIC Securities, Zou Yingguang, emphasizes the new mission and characteristics of the capital market during the 14th Five-Year Plan period, driven by international and domestic trends [2] Group 2 - Zou Yingguang notes that the global landscape is undergoing profound restructuring, presenting new opportunities for external breakthroughs [2] - The transition of China's economy from old to new driving forces is expected to create new opportunities in the capital market [2] - The improvement in the inclusiveness and adaptability of China's capital market system is anticipated to bring a new atmosphere to the market ecology [2] Group 3 - CITIC Securities' chief economist, Ming Ming, forecasts a recovery trend in China's economy, projecting a growth rate of around 5.0% in 2025 and approximately 4.9% in 2026 [2] - The economic growth in 2026 may exhibit a "low first, high later" pattern due to base factors and policy rhythms [2] - The chief analyst for macro and policy, Yang Fan, predicts a mild recovery in the economy with a structural differentiation, alongside resilient exports and gradually warming investments [3] Group 4 - The chief A-share strategist, Qiu Xiang, believes that A-share companies are transitioning from local to global exposure, indicating a shift from emerging to mature market characteristics [3] - During the 14th Five-Year Plan, Chinese companies are expected to enhance their position in the global value chain, converting share advantages into pricing power [3] - Three key investment themes are highlighted: upgrading traditional manufacturing, the globalization of Chinese enterprises, and the expansion of AI applications, which will enhance competitive advantages [3]

Core Insights - CITIC Securities has actively engaged in financing initiatives throughout the year, including becoming one of the first brokerages to participate in the company bond renewal issuance pilot program [2] - The issuance of bonds by CITIC Securities aligns with the broader trend in the brokerage industry, where major firms are capitalizing on declining domestic bond issuance rates to bolster their capital [2] - The company's bond issuance strategy reflects a precise alignment of strategic needs and market opportunities, enhancing its operational flexibility [2] Financing Activities - In May, CITIC Securities successfully conducted a renewal issuance of company bonds with a scale of 2 billion yuan [2] - On June 30, the company received approval to issue up to 30 billion yuan in perpetual subordinated bonds [2] - On September 11, CITIC Securities was approved to issue up to 60 billion yuan in company bonds [2] Industry Context - The trend of major brokerages, including Guotai Junan and Huatai Securities, frequently issuing bonds this year is attributed to the favorable market conditions [2] - The issuance of bonds by leading brokerages is seen as a response to national strategic calls to enhance direct financing, thereby supporting the real economy [2] - The emphasis on increasing direct financing in key policy documents indicates a market-driven necessity for brokerages to expand their business scale through bond market financing [2]

Core Viewpoint - The 2026 Capital Market Annual Conference hosted by CITIC Securities emphasizes the positive momentum in China's capital market, driven by enhanced international influence, improved corporate positioning in the global value chain, and a mature market ecosystem [3][9]. Group 1: Conference Overview - The conference took place from November 11 to 13 in Shenzhen, themed "Striving for a New Journey," featuring speeches from CITIC Securities' executives and over 100 guest speakers [3][6]. - The event attracted significant attendance, with over 4,000 participants on-site and 33,000 online viewers, highlighting its importance in the industry [6]. - The agenda included more than 20 sub-forums covering various topics such as global economic outlook, emerging market investments, and AI applications [6]. Group 2: Economic Outlook - CITIC Securities' Chief Economist predicts a GDP growth rate of approximately 5.0% for 2025 and 4.9% for 2026, with a "front low, back high" growth pattern expected [9][10]. - The fiscal policy for 2026 is anticipated to be more proactive, maintaining a deficit rate around 4%, with an increase in special bond quotas directed towards project construction [10]. - The global economic landscape is expected to rebalance, with both the US and China experiencing a "front low, back high" economic cycle [10][11]. Group 3: Capital Market Characteristics - The capital market is expected to face new characteristics during the 14th Five-Year Plan, influenced by global changes, technological advancements, and improved institutional environments [8][9]. - The market's adaptability and inclusiveness are highlighted as key factors supporting technological innovation and wealth effects [8][9]. Group 4: A-Share Market Insights - The A-share market is transitioning from local exposure to global exposure, with Chinese companies increasingly participating in the global value chain, which is foundational for a low-volatility, slow-bull market [13][14]. - The upcoming period is seen as a golden opportunity for equity markets, particularly between the signing of the US-China trade agreement and the US midterm elections [6][14]. - Key investment themes include upgrading traditional manufacturing, expanding global operations, and leveraging AI for competitive advantage [14].

Key Points - *ST Zhengping's stock will resume trading on November 12, 2025, after a significant increase of 152.42% from September 1 to October 28, 2025, with 21 days of trading halts and 5 instances of abnormal trading fluctuations [3] - Dongfang Zhizao plans to acquire 70% of Nantong Saifu Machinery Equipment Co., Ltd. for 27.4887 million yuan, making it a subsidiary [4] - Zhifei Biology received approval for clinical trials of a combined vaccine for adolescents and adults to prevent diphtheria, tetanus, and whooping cough [5] - CITIC Securities has been approved by the CSRC to issue up to 50 billion yuan in short-term corporate bonds [6] - Bangji Technology intends to terminate a major asset restructuring involving the acquisition of several companies, stating that current operations will not be adversely affected [7] - Dekeli is planning to issue S-shares and list on the Singapore Exchange as part of its global strategy [8] - Emei Mountain A announced that Leshan State Investment will transfer 90% of its stake in Emei Mountain Leshan Buddha Tourism Group to another state-owned entity without compensation, maintaining the current control structure [9] Performance Summary - Xincheng Development reported a contract sales amount of approximately 1.419 billion yuan in October 2025, with cumulative sales of about 16.468 billion yuan from January to October [11] - Huadong Holdings sold 242,500 pigs in October 2025, with a 19.85% month-on-month increase and a 20.80% year-on-year increase [13] - Xiamen Airport's passenger throughput in October was 2.5548 million, a year-on-year increase of 1.56% [14] Shareholding Changes - Huaguang Huaneng executives plan to reduce their holdings, with the chairman and several executives intending to sell up to 171,200 shares each [16] - Hot景 Biology announced a share buyback plan of 100 million to 200 million yuan for employee stock ownership or incentives [17] - Aladdin's controlling shareholder's stake decreased from 46.27% to 44.76% due to the dissolution of a partnership [18] - JianKai Technology's controlling shareholder plans to transfer 3% of the company's shares [19] - Yuyuan Holdings intends to repurchase shares worth 200 million to 300 million yuan at a price not exceeding 8.6 yuan per share [20] Major Contracts - China Oil Engineering's subsidiary won a project in Kazakhstan worth approximately 3.003 billion yuan for the construction of ethane and propane pipelines [22] - Dash Intelligent signed a contract for an intelligent display technology park project worth 12.7652 million yuan, which will positively impact its market share in the enterprise park sector [24]

Core Insights - The 2026 Capital Market Annual Conference hosted by CITIC Securities focuses on the theme "Advancing on a New Journey," discussing global macro trends and investment strategies in the context of China's 14th Five-Year Plan and emerging topics like AI applications and new energy storage [1][3] Economic Outlook - CITIC Securities' Chief Economist Mingming forecasts a recovery trend for the Chinese economy, projecting a growth rate of approximately 5.0% for 2025 and around 4.9% for 2026, with a potential "low first, high later" growth pattern [3][4] - Fiscal policy is expected to remain proactive, with a deficit ratio around 4% and an increase in special bond quotas directed towards project construction [4] - Monetary policy may see room for rate cuts and reserve requirement ratio reductions, with structural monetary tools continuing to play a role [4] Market Environment - The global macro environment is generally accommodative, with expectations of a mild appreciation of the RMB and ongoing attractiveness of gold as a long-term asset [4] - The international landscape presents both challenges and opportunities, with a restructuring of global industrial and financial orders prompting Chinese enterprises to explore international markets and enhance RMB internationalization [5] Investment Strategy - The A-share market is transitioning from domestic-focused companies to global players, with expectations that Chinese firms will gain more pricing power in the global value chain during the 14th Five-Year Plan [6] - Key investment themes include upgrading traditional manufacturing, the globalization of Chinese enterprises, and the expansion of AI applications, which are expected to enhance competitive advantages for Chinese companies [6] Conference Highlights - The conference features over 100 speakers and representatives from thousands of listed companies and investment institutions, providing a platform for extensive discussions on various topics including global economic outlook, emerging market investments, and AI innovations [8]

Core Points - CITIC Securities has received approval from the China Securities Regulatory Commission to publicly issue short-term corporate bonds to professional investors, with a total face value not exceeding 50 billion yuan [2] Group 1 - The approval allows CITIC Securities to issue short-term corporate bonds within a validity period of 24 months from the date of registration [2] - The company can issue the bonds in multiple tranches during the registration validity period [2]

Core Viewpoint - CITIC Securities has received approval from the China Securities Regulatory Commission to publicly issue short-term corporate bonds with a total face value of up to 50 billion yuan [1] Group 1 - The approval allows CITIC Securities to issue bonds specifically to professional investors [1] - The registered bonds can be issued in tranches within a validity period of 24 months from the date of approval [1] - The maximum face value for the bond issuance is set at 50 billion yuan [1]

Core Viewpoint - CITIC Securities has received approval from the China Securities Regulatory Commission to publicly issue short-term corporate bonds to professional investors, with a maximum face value of 50 billion yuan [1] Group 1 - The approval allows CITIC Securities to issue short-term corporate bonds within a validity period of 24 months from the date of registration [1] - The company can issue these bonds in multiple tranches during the registration validity period [1]

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向 專業投資者公開發行短期公司債券獲得中國證監會註冊批覆的公告，僅供參閱。 承董事會命 中信証券股份有限公司 董事長 張佑君 （ 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 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。 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。 公司董事会及经营管理层将按照有关法律法规和上述批复的要求，根据公司 2023年度股东大会的授权，实施上述公司债券发行工作。 中國北京 2025年11月11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。 证券代码：600030 证券简称：中信证券 公告编号：临2025-08 ...