Group 1 - The total external guarantees provided by CITIC Securities and its subsidiaries amount to RMB 185.22 billion, which represents 63.19% of the company's most recent audited net assets [1] - For the first half of 2025, the revenue composition of CITIC Securities is as follows: securities investment business accounts for 43.88%, brokerage business for 28.21%, asset management business for 18.21%, investment banking business for 6.22%, and other businesses for 3.49% [1] - As of the report date, CITIC Securities has a market capitalization of RMB 435.4 billion [1]

Group 1 - Huason Pharmaceutical announced that on October 31, 2025, it will accept research from CITIC Securities, with company representative Zhou Zhiru participating in the reception and answering investor questions [1] Group 2 - Multiple regions are experiencing "negative electricity prices," raising questions about why power plants are reluctant to shut down despite not making profits from selling electricity [1]

证券代码：600030 证券简称：中信证券 公告编号：临2025-080 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： 担保对象及基本情况 | | 被担保人名称 | CSI | MTN | Limited | | --- | --- | --- | --- | --- | | | 本次担保金额 | 750万美元 | | | | 担保对象 | 实际为其提供的担保余额 | 27.11亿美元 | | | | | 是否在前期预计额度内 | 是 | □否 | □不适用 | | | 本次担保是否有反担保 | □是 | 否 | □不适用 | 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（以下简称发行人或被担保人）于2022年3月29日设立境 外中期票据计划（以下简称中票计划），此中票计划由中信证券国际提供担保。 根据存续票据到期情况，结合公司业务发展实际需要，发行人于2025年10 ...

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。 承董事會命 中信証券股份有限公司 董事長 張佑君 中國北京 2025年10月31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。 （ 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。 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。 证券代码：600030 证券简称：中信证券 公告编号：临2025-080 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 ...

Market Overview - Hong Kong's core assets continue to decline, with notable drops in major stocks such as SMIC down nearly 5%, BYD down over 4%, and Alibaba, China Shenhua, and Tencent also experiencing declines of over 3% [1][2] - The Hong Kong Large Cap 30 ETF (520560) saw a deeper adjustment in the afternoon, with a price drop of 0.92% and a trading volume exceeding 33.33 million [1][2] Investment Insights - The Hong Kong Large Cap 30 ETF is highlighted as a strategic investment option, allowing for exposure to core assets while mitigating individual stock selection risks [3] - The ETF employs a "technology + dividend" strategy, balancing offensive and defensive positions [3] - Current valuations are considered attractive, with low price-to-earnings and price-to-book ratios, enhancing the cost-effectiveness of investments [3] - The ETF offers flexible trading options with a T+0 mechanism and high liquidity, making it suitable for both short-term trading and long-term investments [3] - Historical performance indicates stability, positioning the ETF as a solid foundation for long-term portfolio allocation in Hong Kong stocks [3] Index Composition - The top holdings in the Hang Seng China (Hong Kong Listed) 30 Index include Alibaba (18.37%), Tencent (15.68%), and Xiaomi (8.63%), among others, with a total market capitalization of 320,825 million [4]

Core Viewpoint - The performance of listed securities firms in the A-share market has significantly improved in the first three quarters of 2025, driven by a recovery in market conditions and various business lines [1][6][10]. Performance Overview - All 42 listed securities firms reported a year-on-year increase in both revenue and net profit for the first three quarters of 2025, with notable performances from firms like CITIC Securities, Guotai Junan, and Huatai Securities [6][7]. - The top five firms by net profit were CITIC Securities (23.16 billion), Guotai Junan (22.07 billion), Huatai Securities (12.73 billion), China Galaxy (10.97 billion), and GF Securities (10.93 billion) [1][6]. - The total net profit of the top ten firms accounted for over 70% of the total net profit of all 42 firms, amounting to 119.55 billion [6][7]. Growth Rates - Among the top ten firms, Guotai Junan, CICC, and Shenwan Hongyuan achieved net profit growth rates exceeding 100%, with increases of 131.80%, 129.75%, and 108.22% respectively [7][9]. - Smaller securities firms showed even more impressive growth rates, with Huaxi Securities and Northeast Securities achieving net profit increases of 316.89% and 125.21% respectively [9][10]. Market Conditions - The significant growth in the securities industry is attributed to a recovery in market conditions, with the average daily trading volume in A-shares reaching 2.1 trillion, a year-on-year increase of 211% [10][12]. - The improvement in market activity has led to a stable increase in margin financing, which has risen to 2.4 trillion, compared to approximately 1.4 trillion a year ago [10][12]. Valuation Potential - Despite the strong performance, the securities sector has underperformed relative to major indices, with the CSI Securities Index rising only 7.21% year-to-date, compared to 19.70% for the CSI 300 Index [12][13]. - Analysts suggest that there is potential for valuation recovery in the securities sector, driven by ongoing improvements in the fundamentals of various business lines, including investment banking and asset management [12][13][14]. Strategic Opportunities - The current market environment, characterized by a market capitalization exceeding 100 trillion and increased trading activity, presents significant long-term growth opportunities for securities firms [14]. - Analysts recommend focusing on firms with strong retail advantages, those benefiting from cross-border asset management trials, and large firms with robust wealth management capabilities [14].

Core Insights - In the period from January to October 2025, a total of 87 new companies were listed on the A-share market, representing an 8.75% increase compared to the same period last year, which had 80 new listings [1] - The total net fundraising amount for these 87 new listings reached 833.81 billion yuan, marking a significant 77.02% increase from 471.02 billion yuan in the same period last year [1] Underwriting Institutions Performance Ranking - A total of 29 underwriting institutions participated in the IPOs of these 87 new companies, with a total of 88 deals completed [2] - The top five underwriting institutions by number of deals are: - 1st: Guotai Junan with 11 deals - 2nd: CITIC Securities with 10 deals - 3rd: Huatai United with 8 deals - 4th: CITIC Jianzhong with 7 deals - 5th: China Merchants Securities with 5 deals [2][3] Law Firms Performance Ranking - In the same period, 28 law firms provided legal services for the IPOs of the 87 new companies [6] - The top five law firms by number of deals are: - 1st: Shanghai Jintiancheng with 13 deals - 2nd: Beijing Deheng and Beijing Zhonglun, both with 7 deals - 4th: Beijing Guofeng with 6 deals - 5th: Shanghai Tongli with 5 deals [6][7] Accounting Firms Performance Ranking - A total of 16 accounting firms provided auditing services for the 87 new listings [9] - The top five accounting firms by number of deals are: - 1st: Rongcheng with 20 deals - 2nd: Tianjian with 16 deals - 3rd: Lixin and Zhonghui, both with 11 deals - 5th: Ernst & Young Hua Ming, KPMG Huazhen, and Zhongshen Zhonghuan, each with 4 deals [9][10]

Core Viewpoint - The securities industry is experiencing a significant increase in performance, with a notable rise in profitability and market activity as of the third quarter of 2025 [2][6]. Performance Overview - As of October 30, 2025, 52 securities firms reported a total net profit of 183.78 billion yuan for the first three quarters, marking a year-on-year increase of 61.25%. The net profit for the third quarter alone reached 70.36 billion yuan, up 59.08% year-on-year and 26.45% quarter-on-quarter [2][6]. - Among the top-performing firms, five achieved net profits exceeding 10 billion yuan: CITIC Securities (23.16 billion yuan), Guotai Junan (22.07 billion yuan), Huatai Securities (12.73 billion yuan), China Galaxy (10.97 billion yuan), and GF Securities (10.93 billion yuan) [5][6]. Brokerage Income - The brokerage business has seen a substantial increase, with net income from brokerage activities totaling 111.78 billion yuan, reflecting a year-on-year growth of 74.64% [10][12]. - The top three firms in brokerage income are CITIC Securities (10.94 billion yuan), Guotai Junan (10.81 billion yuan), and GF Securities (6.98 billion yuan) [12]. Proprietary Trading - Proprietary trading income reached 186.86 billion yuan, with a year-on-year increase of 43.83%. A total of 37 firms reported positive growth in this area [14][15]. - CITIC Securities led in proprietary trading income with 31.60 billion yuan, followed by Guotai Junan (20.37 billion yuan) and China Galaxy (12.08 billion yuan) [15]. Investment Banking - The investment banking sector is recovering, with net income from investment banking activities totaling 25.15 billion yuan, a year-on-year increase of 23.46% [17][18]. - CITIC Securities topped the investment banking income chart with 3.69 billion yuan, followed by CICC (2.94 billion yuan) and Guotai Junan (2.63 billion yuan) [18]. Asset Management - The asset management business is gradually improving, with net income amounting to 33.25 billion yuan, reflecting a modest year-on-year growth of 2.77% [20][21]. - The leading firms in asset management income include CITIC Securities (8.70 billion yuan), GF Securities (5.66 billion yuan), and Guotai Junan (4.27 billion yuan) [21]. Margin Financing - Margin financing activities have surged, with net interest income totaling 33.91 billion yuan, a year-on-year increase of 54.52%. Several firms have raised their margin financing limits in response to increased demand [23].

Core Viewpoint - NewBridge Bio has submitted a listing application to the Hong Kong Stock Exchange, with Goldman Sachs and CITIC Securities acting as joint sponsors [1] Company Overview - NewBridge Bio is a biotechnology platform company established in 2016, focusing on the development of innovative precision immuno-oncology drugs [1] - The core product, Givastomig, is a novel bispecific antibody targeting CLDN18.2 and 4-1BB, applicable for gastric adenocarcinoma, biliary tract cancer, and pancreatic ductal adenocarcinoma [1] Product Development - Givastomig offers broader applicability and precise local immune activation in tumors compared to existing antibodies, potentially reducing systemic side effects [1] - The company has completed Phase I clinical trials for Givastomig and plans to initiate Phase II trials in early 2026 [1] - In addition to Givastomig, NewBridge Bio has three other clinical-stage projects, including uliledlimab, ragistomig, and VIS-101 [1]

Core Viewpoint - The capital market is expected to strengthen continuously by Q3 2025, with a notable increase in market risk appetite, leading to a shift in market style towards technology growth stocks [1] Market Performance - As of the end of Q3 2025, the CITIC Bank Stock Index (CI005021.WI) has decreased by 8.7% compared to the end of Q2, while the Wind All A Index has increased by 19.5% during the same period [1] - The relative and absolute returns of the banking sector have significantly weakened, with the proportion of bank stocks in actively managed funds dropping by 2.41 percentage points to 1.49%, marking a new low since Q4 2023 [1] Investment Outlook - Short-term market sentiment remains strong, leading to increased volatility in bank stocks; however, the fundamental landscape of the sector remains stable [1] - The improvement in valuation attractiveness is expected to create opportunities for absolute return capital allocation within the banking sector [1]