格隆汇11月11日丨中信证券(600030.SH)公布，日前，公司收到中国证监会《关于同意中信证券股份有 限公司向专业投资者公开发行短期公司债券注册的批复》（证监许可〔2025〕2415号）。据此批复，公 司可以向专业投资者公开发行面值余额不超过500亿元短期公司债券。此批复自同意注册之日起24个月 内有效，公司在注册有效期内可以分期发行。 ...

Core Points - The stock of Jingwei Hirain Technologies (688326.SH) closed at 97.75 yuan, with a decline of 2.48%, indicating it is currently in a broken state [1] - Jingwei Hirain was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on April 19, 2022, with an initial offering price of 121.00 yuan per share and issued 30 million shares, accounting for 25% of the total share capital post-issuance [1] - The total amount raised during the IPO was 363 million yuan, with a net amount of 348.8 million yuan after deducting issuance costs, which was 151.2 million yuan less than the original plan [1] - The company aimed to raise 500 million yuan for various projects, including the automotive electronics production base in Nantong, the R&D center in Tianjin, digital capability enhancement, and working capital [1] - The lead underwriter for the IPO was CITIC Securities Co., Ltd., with representatives Song Yongxin and Liu Xiao, while Huaxing Securities Co., Ltd. acted as a co-underwriter [1] - The total issuance costs amounted to 14.2 million yuan, with CITIC Securities and Huaxing Securities receiving underwriting fees of 10.4 million yuan [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 此外，构建现代化产业体系是重要的政策方向，或将在以"反内卷"重塑制造业利润增长的基础上，推动 各类要素向制造业汇聚。其关键在于坚持市场化管理，规范产能、价格、能耗等标准，解决制造业占比 和利润问题，培育新兴产业，形成中国经济新的增长引擎。 杨帆强调，随着中国对非美国家竞争力增强，企业和外资对中国市场认知度提高。未来新旧产业动能转 换显著，新基建、科技创新将成为增长亮点，高线城市房价收入和股市情况也会影响高价值消费。在财 政与货币政策适时加力下，宏观经济将呈结构分化下的温和修复态势。 专题：中信证券2026年资本市场年会 11月11日至13日，中信证券2026年资本市场年会在深圳举办。会议以"奋进新征程"为主题，邀请百余位 顶尖学者、产业专家、企业和投资代表进行论坛演讲，多家备受市场关注的上市公司，以及业内公募基 金、私募基金、保险资管、银行理财、海外投资机构受邀参会。 大会首日，中信证券宏观与政策首席分析师杨帆对2026年中国政策作出展望。她表示，2025年中美关系 依然复杂，技术生态、科技领域存在持续且不可控的竞争，2026年发展机遇 ...

专题：中信证券2026年资本市场年会 大会首日，中信证券首席A股策略师裘翔对2026年A股市场策略作出展望。他表示，随着中国企业全球 化程度加深，A股上市公司正陆续从本国敞口的本土化企业转型为全球敞口的跨国公司，部分行业如新 能源、资源和文化行业的中国公司，其竞争力更多源于全球市场地位，而非单纯依赖国内经济场景。A 股不仅是中国的A股，也是全球的A股。 当前A股市场结构呈现新特征，追求绝对收益回报的资金成为主导，对风险要求高、弹性要求低，与传 统主观多头产品形式差异显著，推动机构投资生态转变。与此同时，自媒体时代的信息多元化降低了传 统渠道对市场情绪的集中影响力，多元化声音一定程度上弱化了单一指标的市场引导作用，这也是A股 生态适应时代发展的体现。 就行业配置而言，裘翔明确看好三大方向：其一是资源/传统制造业提质升级。尽管传统制造业面临新 兴市场国家的替代竞争，但中国制造业的优势在于可通过技术变现和超额研发投入巩固地位，未来导向 将从追求规模转向提升定价权和利润，通过产业链升级实现质量效率提升，从而缩小利润占比与价值占 比的差距。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11 ...

Group 1 - The 2026 Capital Markets Conference hosted by CITIC Securities took place in Shenzhen from November 11 to 13, focusing on the theme "Striving for a New Journey" and featuring over a hundred top scholars, industry experts, and representatives from various investment sectors [1] - CITIC Securities' chief economist Mingming projected a GDP growth rate of 4.9% for China in 2025, with stronger growth anticipated in 2026, driven by fiscal expansion and improved local government finances [1] - Domestic consumption growth is expected to reach 3.9% in 2025, with an average growth rate of 4%-5% in 2026, supported by key industries such as automobiles, home appliances, and mobile phones [1] Group 2 - China's manufacturing value-added accounts for 26% of its economy, significantly higher than the 10% in the United States, indicating a relative lag in certain sectors [1] - Infrastructure investment growth is projected at approximately 3% in 2025, with an increase to 4% in 2026, highlighting the importance of policy support for infrastructure development [1] - The economic competition indicators between China and the U.S. are narrowing, with significant disparities in inflation, policy rates, and innovation metrics [2]

格隆汇11月11日｜国海证券研报指出，中信证券第三季度归母净利润94.40亿元，同比增长51.54%。业 绩增长显著提速，资产规模突破2万亿元。证券业务市占率持续提升。首次覆盖公司，给予"买入"评 级。利润方面表现优秀。公司第三季度利润总额为126.29亿元，同比增长58.39%；年初至三季度末累计 利润总额303.75亿元，同比增长38.54%。归属于母公司股东的净利润分别为94.40亿元和231.59亿元，同 比增长51.54%和37.86%。表明公司主营业务盈利能力显著增强。证券业务市占率持续提升。受益于 2025Q3资本市场的回暖，中信证券融出资金额达1917亿元，较2024年末上涨38.59%；代理买卖证券款 达5061亿元，较2024年末上涨39.63%。根据我们测算，2025Q3中信证券的两融业务市占率为8.01%，相 比2024年末提高了0.59个百分点。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ ...

Core Viewpoint - The Chinese capital market is entering a new phase characterized by vitality and opportunities, driven by technological advancements and a changing global landscape [1][2]. Group 1: Global Context - The global industrial and financial landscape is undergoing profound restructuring, presenting new opportunities for external breakthroughs [2]. - Geopolitical factors are causing instability in the international situation, leading to a reconfiguration of international economic and trade orders [2]. - China's manufacturing sector has shown resilience amidst tariff fluctuations, with a 7.1% increase in exports in the first three quarters of the year [2]. Group 2: Technological Trends - The "technology narrative" in China is improving risk appetite, with significant breakthroughs in industries such as artificial intelligence, biotechnology, and aerospace [3][4]. - The development of new productive forces is expected to create new opportunities in the capital market [4]. Group 3: Market Characteristics - The shift towards "new" development in the Chinese capital market will lead to continuous optimization of market structure, with the electronic sector's market capitalization surpassing that of the banking sector this year [4]. - The market will increasingly reflect the achievements of China's new economy and align more closely with the internationalization of the economy and industries [4]. Group 4: Economic Functionality - The capital market's role in serving the real economy will support the transition of economic growth drivers, with a moderate recovery expected next year [5]. - The development of new productive forces is anticipated to stabilize China's economic growth over the next five years [5]. Group 5: Institutional Environment - The improvement of the capital market's inclusiveness and adaptability is expected to bring new dynamics to the market ecosystem [5]. - There is significant room for improvement in the allocation of equity assets among Chinese residents compared to developed markets [5].

Core Insights - The 2026 Capital Market Conference hosted by CITIC Securities emphasizes the theme "Striving for a New Journey," highlighting the evolving global context, technological trends, and regulatory environment impacting China's capital markets [1][2] - The conference features over a hundred top scholars, industry experts, and representatives from various sectors, indicating a strong interest in the future of China's capital markets [1] Group 1: Economic and Market Trends - Geopolitical factors are causing instability in the global landscape, while China's international influence is gradually increasing, with a 7.1% growth in exports in the first three quarters of the year, showcasing the resilience of Chinese manufacturing [1][2] - The transition from old to new economic drivers in China is expected to create new opportunities in the capital markets, with a focus on the "technology narrative" improving risk appetite [2] Group 2: Structural Changes in Capital Markets - The optimization of the investment and financing environment is anticipated to lead to a structural transformation in China's capital markets, with an increasing market capitalization share for new productivity sectors [2] - Continuous macro and reform policies are expected to result in a mild recovery of the economy next year, stabilizing the growth center for the next five years [2] Group 3: Market Ecosystem and Investor Behavior - The improvement in the inclusiveness and adaptability of capital market regulations is likely to foster a new market ecosystem, enhancing the compatibility between risk appetite and new productivity sectors [2] - There is a notable trend of household savings being converted into investments, with future reforms focusing on creating a more attractive long-term investment environment and improving the supply of quality financial products [2]

三是宏观经济动能切换，资本市场服务实体经济的功能将助力经济增长，预计在宏观政策与改革政策持续发力下，明年我国经济将呈现结构分化下的温和修 复态势，新质生产力的发展将稳定未来五年经济增长。此外，在金融支持实体经济的布局中，科技金融排在首位，科技、产业、金融的良性循环有望催生更 多市场结构性机会。 邹迎光回顾，去年资本市场年会以"站上起跑线"为主题，而过去一年中国资本市场已进入全新阶段，焕发出新的生机与活力。此次以"奋进新征程"为主题， 源于党的二十届四中全会科学研判国际国内形势，对中国经济社会未来五年发展作出顶层设计和战略规划，也赋予了资本市场新时代内涵与发展使命。他强 调，中国资本市场面临的全球背景、科技趋势、制度环境将呈现新特征，需在新征程上稳步奋进。 从全球背景来看，邹迎光指出，全球格局加速演进，产业与金融格局深刻重构，为中国资本市场带来外部契机。在全球治理方面，地缘政治因素虽导致世界 局势动荡、国际经贸秩序重构，但携手构建人类命运共同体的中国智慧和中国方案正获得更多认可，中国的国际影响力、感召力、塑造力持续提升，参与全 球治理与维护海外运营能力不断增强。产业格局上，中国制造在复杂环境中彰显强大韧性，今年 ...

Group 1 - The core viewpoint of the report is that A-share companies are transitioning from domestic-focused enterprises to global multinational corporations, indicating a shift in the Chinese capital market from emerging to mature status [1] - During the "14th Five-Year Plan" period, Chinese enterprises are expected to enhance their position in the global value chain, converting their share advantages into pricing power, which lays the foundation for a "low volatility slow bull" market in A-shares [1] - The future performance of A-shares will be influenced by global market demand rather than solely domestic demand, with the China-US geopolitical landscape affecting market rhythm and smoothness [1] Group 2 - Three key industry configurations are highlighted: first, the upgrading of resource and traditional manufacturing industries, which will enhance pricing power and profit margins; second, the globalization of Chinese enterprises, significantly expanding profit growth potential and market capitalization ceilings; third, the further commercialization of AI, which will continue to drive trends in the technology sector and amplify the competitive advantages of Chinese companies [2]