Core Points - The stock price of Yahui Pharmaceutical (688176.SH) closed at 9.81 yuan, reflecting a decline of 1.6% and indicating a state of breaking issue [1] - Yahui Pharmaceutical was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 7, 2022, with an issuance of 110 million shares at a price of 22.98 yuan per share [1] - The stock experienced a break on its first trading day, with an intraday high of 20.00 yuan, which remains the highest price since its listing [1] Fundraising and Financials - The total amount raised from the initial public offering (IPO) was 2.528 billion yuan, with a net amount of 2.381 billion yuan after deducting issuance costs [1] - The net amount raised exceeded the original plan by 311 million yuan, with the company initially aiming to raise 2.070 billion yuan [1] - The total issuance costs for the IPO amounted to 147 million yuan, with CITIC Securities receiving 130 million yuan as underwriting and sponsorship fees [1] Project Allocation - The funds raised are intended for various projects, including drug and medical device production, new drug research and development, marketing network construction, and supplementing working capital [1] Company Leadership - The controlling shareholder, actual controller, chairman, and general manager of Yahui Pharmaceutical is PAN KE, who holds American nationality [1]

Market Overview - On November 6, A-shares saw a rally with the Shanghai Composite Index returning above 4000 points, driven by a rebound in computing hardware stocks, leading the ChiNext Index to rise over 2% during the session [6] - The Shanghai Composite Index closed at 4007.76 points, up 0.97%; the Shenzhen Component Index closed at 13452.42 points, up 1.73%; and the ChiNext Index closed at 3224.62 points, up 1.84% [6] - The total trading volume in the Shanghai and Shenzhen markets reached 20,759 billion yuan, an increase of 1,816 billion yuan compared to the previous trading day [6] International Market Performance - Japanese and South Korean stock markets both closed higher on November 6, with the Nikkei 225 Index rising 1.34% to 50,883.68 points, led by gains in the electronics and machinery sectors [6] - The Korean Composite Index ended a two-day decline, closing up 0.55% at 4,026.45 points [6] Bond Market - As of the close on November 6, the main contracts for government bonds showed mixed results, with the 30-year government bond futures (TL2512) closing at 116.110 yuan, down 0.330 yuan (0.28%); the 10-year bond futures (T2512) at 108.535 yuan, down 0.095 yuan (0.09%); and the 5-year bond futures (TF2512) at 105.965 yuan, down 0.035 yuan (0.03%) [6] Commodity Market - On November 6, most domestic commodity futures contracts closed higher, with paraxylene rising over 3%, and coking coal, PTA, and caustic soda rising over 2% [7] - The shipping index (European line) fell over 3%, while asphalt dropped over 2% [7] Institutional Insights - Swiss Bank's Nenad Dinic indicated that cyclical and structural favorable factors will support emerging market stocks to maintain strong momentum through 2026 [7] - Industrial Securities noted that the recent volatility in overseas markets is due to weakening fundamentals and liquidity, driven by hawkish comments from Federal Reserve officials and concerns over AI giants' capital expenditures [7] - CITIC Securities reported that gold will continue to benefit from global liquidity expansion and preferences driven by de-globalization risks, with multiple factors likely to drive gold prices upward next year [7] Industry Specific Insights - CITIC Securities highlighted that the liquor sector has underperformed significantly since 2025, predicting that the second half of 2025 will mark the bottom of the liquor industry's fundamentals, characterized by weak sales and declining prices [8] - Guotai Junan Securities stated that the high certainty of Federal Reserve rate cuts has not been fully reflected, leading to a valuation digestion phase in Hong Kong stocks, but the core logic of rate cuts remains intact, limiting the downside for Hong Kong stocks [8] - Recent tax policy changes regarding gold by the Ministry of Finance and the State Administration of Taxation are expected to significantly impact the pricing and overall supply-demand balance in the futures market [8]

本文来自格隆汇专栏：中信证券研究 作者：姜娅 蒋祎 江旭东 张晟 当前啤酒行业正经历由价到质的转变，酒企面临消费者需求碎片化、渠道变革等新挑战，在精酿和门店 式鲜啤等啤酒新品类的冲击下龙头酒企份额有可能被持续侵蚀，中信证券认为率先对行业趋势进行正确 判断并做出及时应对的酒企有望巩固市场地位。此外，在明年成本大概率增加的背景下提价幅度和时点 的考虑也将影响到明年酒企的业绩表现，综合考虑上述因素以及消费弱复苏，判断2026年啤酒行业收入 和利润将持平微降，看好份额提升快、渠道管理强、产品势能好的企业。 ▍风险因素： 宏观消费需求不及预期；酒类生产成本上行压力加剧；竞争加剧；食品安全问题；宴请相关政策进一步 收紧。 ▍投资策略： 受到内需消费恢复缓慢、政商务相关宴请政策收紧的影响，2025年以来白酒板块股价表现疲软严重跑输 指数，年初至今（2025/10/31）中信白酒指数-4.6%，分别跑输沪深300/万得全A指数 22.5pcts /30.9pcts。 虽然短期内白酒行业基本面仍继续承压，但考虑到大部分上市酒企已开始逐步出清，中信证券判断2025 年下半年是本轮白酒行业的基本面底部，是动销最弱、批价最低、市场预 ...

来源：市场资讯 （来源：中信证券发布） 助力中国创新药走向世界 2025年11月6日，苏州旺山旺水生物医药股份有限公司（以下简称旺山旺水，2630.HK）成功于香港联 交所主板上市，发行规模约5.87亿港元。中信证券担任独家保荐人、整体协调人、联席全球协调人、联 席账簿管理人及联席牵头经办人。中信证券全球投资银行管理委员会联席主任程杰出席上市仪式。 2025年至今港交所22单医疗健康行业IPO，中信证券保荐10单 2025年至今港交所13单18A IPO，中信证券保荐7单 旺山旺水香港公开发行认购倍数6,238.42倍，在2025年香港联交所新上市的公司中排名医疗健康行业第 二、全市场第四 深耕神经精神、生殖健康与病毒感染领域 打造创新小分子药多元管线 旺山旺水致力于满足神经精神、生殖健康及病毒感染领域的临床需求，创始人团队来自中国科学院上海 药物研究所，系药物开发领域的著名科学家，拥有逾20年的行业经验。旺山旺水已形成极具竞争力且多 元化的创新药产品管线，其中两项处于商业化阶段，四项处于临床阶段，三项处于临床前阶段。本次上 市有助于提升旺山旺水的国际知名度以及影响力，进一步推进全球化研发，对旺山旺水的发展具 ...

Core Viewpoint - Huaihe Energy plans to acquire 89.30% equity of Huaihe Energy Power Group from its controlling shareholder, Huainan Mining, through a combination of issuing shares and cash payment, pending approval from the China Securities Regulatory Commission [1][7]. Group 1: Transaction Details - The transaction involves a total price of 1,169,412.85 million yuan, with cash payment of 175,411.93 million yuan and share payment of 994,000.92 million yuan [5][6]. - The share issuance price is set at 3.03 yuan per share, which is not lower than 80% of the average trading price over the last 120 trading days prior to the pricing date [4][5]. - The number of shares to be issued for the acquisition is 3,280,531,105 shares [6]. Group 2: Valuation and Assessment - The total equity value of the target company, Huaihe Energy Power Group, is assessed at 1,309,532.87 million yuan using the asset-based approach, with a 22.23% increase from its book value [2][4]. - The final transaction price for the 89.30% equity is based on the approved valuation, amounting to 1,169,412.85 million yuan [4][5]. Group 3: Shareholding Structure Post-Transaction - After the transaction, the total share capital of Huaihe Energy will increase to 7,166,792,170 shares, with Huainan Mining and its concerted parties holding 80.08% of the shares [7]. - The public shareholding ratio will remain above 10%, ensuring compliance with stock listing requirements [7].

Group 1: Company Performance - On November 5, CITIC Securities experienced a slight decline of 0.07% with a trading volume of 2.735 billion yuan [1] - The financing buy-in amount for CITIC Securities on the same day was 376 million yuan, while the financing repayment was 478 million yuan, resulting in a net financing buy-in of -102 million yuan [1] - As of November 5, the total margin trading balance for CITIC Securities was 19.08 billion yuan, with the financing balance accounting for 5.39% of the circulating market value, indicating a high level compared to the past year [1] Group 2: Financial Metrics - For the period from January to September 2025, CITIC Securities reported a total operating revenue of 0.00 yuan, while the net profit attributable to shareholders was 23.159 billion yuan, reflecting a year-on-year growth of 37.86% [2] - The company has cumulatively distributed dividends of 88.704 billion yuan since its A-share listing, with 22.009 billion yuan distributed over the past three years [3] Group 3: Shareholder Information - As of September 30, 2025, CITIC Securities had 669,400 shareholders, an increase of 1.64% from the previous period, with an average of 18,192 circulating shares per person, a decrease of 1.61% [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 500.1 million shares, a decrease of 83.4469 million shares from the previous period [3]

Core Viewpoint - The liquor sector has underperformed significantly since 2025, with a weak market outlook expected to stabilize in the second half of 2026, presenting potential bottom-fishing opportunities for investors [1][3]. Summary by Category Liquor Industry Performance - Since 2025, the liquor sector's stock prices have been weak, severely lagging behind market indices, with a notable decline in sales and profit margins due to sluggish domestic demand and tightened regulations [2]. - From the beginning of 2025 to October 31, 2025, the CITIC liquor index decreased by 4.6%, underperforming the CSI 300 index by 22.5 percentage points and the Wind All A index by 30.9 percentage points [2]. - In Q3 2025, listed liquor companies reported total revenues of 78.7 billion yuan, a year-on-year decline of 18.4%, and a net profit of 28.1 billion yuan, down 22.1% year-on-year [2]. Future Outlook for Liquor - CITIC Securities predicts that the second half of 2025 will mark the bottom of the liquor industry's fundamentals, with expectations for stabilization in sales, prices, and market sentiment in 2026 [3]. - The current price-to-earnings (P/E) ratio for the liquor sector is approximately 20x, indicating a long-term bottoming out, reflecting significant pessimism in market expectations [3]. - Major liquor companies have been increasing shareholder returns, with dividend rates generally above 65%, enhancing investment safety margins [3]. Beer Industry Insights - The beer industry is expected to see flat to slightly declining revenues and profits in 2026 due to challenges such as fragmented consumer demand and channel transformations [4]. - The shift from price to quality in the beer sector may lead to market share erosion for leading companies unless they adapt effectively to industry trends [4]. - Cost increases in the coming year will impact pricing strategies, which will be crucial for the performance of beer companies [4].

Core Insights - North America's four major cloud service providers (CSPs) are expected to see CAPEX growth of 61% and 27% year-on-year in 2025 and 2026 respectively, while AI CAPEX is projected to grow by 94% and 59% in the same years [1] - There is a lack of visibility regarding growth in 2027, raising concerns about the sustainability of current investment trends [1] - Market disruptions are increasing due to the authenticity of OpenAI's demand, order fulfillment capabilities, cyclical financing in the industry, and the currently fragile ROI of AI investments [1] Industry Trends - The favorable macroeconomic environment, combined with strong micro supply chain data and the FOMO (Fear of Missing Out) mentality among tech giants regarding AI strategies, suggests that the narrative around AI CAPEX in the US stock market is likely to continue in the short term [1] - However, the unpredictability of AI technology and macroeconomic expectations poses a risk for a potential reversal in market optimism [1]

Core Viewpoint - The report from CITIC Securities indicates that while the liquor industry is under pressure in the short term, a bottoming out is expected in the second half of 2025, with a recovery anticipated in 2026 [1] Liquor Industry - Most listed liquor companies have begun to gradually clear out inventory, suggesting that the second half of 2025 will represent the weakest phase for sales, lowest prices, and lowest market expectations [1] - The performance decline of listed companies is expected to be at its steepest during this period [1] - A clear trend of demand recovery is anticipated in the future, presenting opportunities for bottom-fishing in the liquor industry [1] Beer Industry - The beer industry is expected to see stable to slightly declining revenue and profits in 2026, influenced by factors such as the increasing share of non-immediate consumption channels and fragmented consumer demand [1] - Companies that are expected to perform well are those with strong market share growth, effective channel management, and robust product momentum [1]

Core Viewpoint - The real estate market supply and demand situation has improved, and adjustments are considered sufficient, with expectations for stabilization by 2026 [1] Group 1: Market Outlook - The year 2026 is anticipated to be a critical year for real estate companies to repair their balance sheets, with some companies potentially reaching the bottom of their profit cycles [1] - Companies that are the first to recover are likely to be those with well-positioned assets in good cities, operational investment properties, or financial assets with appreciation potential [1] Group 2: Investment Focus - There is a positive outlook for companies characterized by strong regions, good business models, and effective operations, referred to as the "three good companies" [1]