Core Viewpoint - The report from CITIC Securities anticipates steady growth in the computer industry revenue by Q3 2025, continuing the trend observed in the first half of the year, driven by sustained computing power demand and an inflection point in applications [1] Group 1: AI Opportunities - It is recommended to seize opportunities along the "AI mainline" in Q4 2025, focusing on AI applications and computing power sectors such as office/management software, computing chips, servers, cloud vendors, and autonomous driving [1] Group 2: Structural Opportunities - The report also suggests considering structural opportunities in areas like trusted computing, fintech innovation, and cyclical recovery, including industrial software, foundational software, and internet financial software [1]

智通财经APP获悉，中信证券发布研报称，1H25心动公司(02400)游戏、Taptap双侧收入增长全面超预 期，1H25公司营收同比+38.7%，经调整归母利润实现7.96亿元，同比+235.3%。游戏端，在《心动小 镇》、《火炬之光》等游戏的内容更新后流水增长以及《仙境传说M》初心服海外发行带来增量下，游 戏业务的收入增长和盈利能力改善均超预期。同时Taptap端，公司在产品周期影响MAU同比增速下通 过提高广告效率、用户粘性的方式推动收入超预期增长。展望未来，公司对于优质内容游戏的长线运营 能力以及海外发行能力有望支持游戏板块的持续增长，Taptap在产品周期修复推动用户数增加的同时， 商业化效率提升效果有望延续。维持"买入"评级。 ...

中信证券发布研报称，1H25心动公司(02400)游戏、Taptap双侧收入增长全面超预期，1H25公司营收同 比+38.7%，经调整归母利润实现7.96亿元，同比+235.3%。游戏端，在《心动小镇》、《火炬之光》等 游戏的内容更新后流水增长以及《仙境传说M》初心服海外发行带来增量下，游戏业务的收入增长和盈 利能力改善均超预期。同时Taptap端，公司在产品周期影响MAU同比增速下通过提高广告效率、用户 粘性的方式推动收入超预期增长。展望未来，公司对于优质内容游戏的长线运营能力以及海外发行能力 有望支持游戏板块的持续增长，Taptap在产品周期修复推动用户数增加的同时，商业化效率提升效果有 望延续。维持"买入"评级。 ...

Market Performance - On September 29, the market showed strong fluctuations throughout the day, with all three major indices rising collectively. The Shanghai Composite Index increased by 0.90%, the Shenzhen Component Index rose by 2.05%, and the ChiNext Index gained 2.74% [1] Securities Sector - The securities sector led the market gains, with stocks such as Guosheng Financial Holdings and Huatai Securities hitting the daily limit, while Guangfa Securities and Xiangcai Securities approached the limit. Dongfang Caifu and CITIC Securities saw increases exceeding 9% at one point [1] - The Securities ETF (159841) closed up 4.79% with a trading volume of 1.264 billion yuan. As of September 29, its latest circulating scale approached 10 billion yuan, reaching 9.414 billion yuan, making it the largest in its category in the Shenzhen market [2] Industry Outlook - According to Kaiyuan Securities, the trading activity and margin financing scale in the third quarter have significantly improved, and the year-on-year growth rate of brokerage firms' Q3 performance is expected to expand further due to a low base. Looking ahead, investment banking, derivatives, and public fund businesses are expected to improve, with leading brokerages' overseas business growth and internal growth driving the expansion of return on equity (ROE) [2] - Ping An Securities noted that the recent market sentiment in the securities sector has improved, with trading activity remaining high. The sector is benefiting from the market recovery, and there is significant growth potential as a new round of capital market reforms begins. Additionally, ongoing improvements in financial regulatory policies are expected to promote the standardized development of the industry [3]

转自：新华财经 新华财经上海9月30日电 中信证券研报分析认为，伴随中秋旺季临近，白酒市场需求呈现缓慢复苏态 势，渠道持续以开瓶动销去库存调整为主，预计国庆中秋长假期间白酒动销同比下滑约15%-20%，其中 宴席场景和大众价格带的白酒消费表现或相对较好。 上述研报表示，本轮白酒行业基本面底有望出现在2025年三季度，预计今年三季度是行业动销、价格、 市场信心压力最大的阶段，预计今年下半年是白酒上市公司报表业绩压力最大的阶段，再考虑到后续逐 步复苏趋势明确，看好白酒行业底部配置机会。啤酒下半年基数较低，节前备货节奏保持稳定，但考虑 到竞争烈度有所加剧以及限酒令影响，预计三季度报表端有一定压力。 编辑：林郑宏 ...

智通财经APP获悉，中信证券发布研报称，9月中旬以来民航公商务需求环比改善，高客座率传递至票 价端，根据航班管家，十一预定数据量价双升，淡季关注公商务需求的持续改善。中信证券预计十一假 期日均客运量同比增长6.4%，2025年国庆春秋长假8天，考虑拼假下错峰出行增加将托底客流波谷，期 待4Q25公商务需求改善推动全票价持续正增长。 民航"反内卷"群策群力，关注后续边际变化，潜在抓手包括托底价、控时刻、代销监管等方面。未来3 年供给端强约束明确，考虑上游飞机制造商、尤其发动机产业链恢复进度，即使新签订单2029年之前或 亦难交付。 中信证券主要观点如下： 3Q25航司利润或同比略增，淡季关注因公需求改善，重视航司利润拐点。 暑期民航公商务需求偏弱，航油成本下降贡献利润边际变量，近期公商务需求改善提振航司4Q25亏损 收窄的信心，收益端亦有望成为业绩改善的支撑因素。目前影响公商务需求的负面因素或已充分反应， 9月中旬以来公商务需求改善持续，高客座率反映的需求修复传递至票价端，十一预定数据表现为量价 双升（据航班管家统计，截至9月21日，十一假期国内线平均预售裸票价同比增长7.9%），淡季关注公 商务需求的持续改善 ...

公司技术核心围绕智能感知、机器视觉、影像技术三大领域，赋能机器人、物联网、移动智能设备、数字孪生及汽车电子等行业。其智能感知产 品系列融合了光学感知、智能音频和振动感知技术，并结合自研智能算法，旨在提升人机交互的精度、即时性与沉浸感。 聚芯微提供全面的机器视觉解决方案，包括3D iToF和3D dToF图像传感器，具备高精度3D建模、物质成分分析及动态环境理解能力。公司是国内 少数具备可扩展、全栈式ToF传感器解决方案能力的企业之一。 （原标题：聚芯微递表港交所 海通国际和中信证券为联席保荐人） 聚芯微已向港交所提交上市申请，海通国际和中信证券为联席保荐人。 聚芯微是一家领先的智能感知、机器视觉及影像技术解决方案提供商，专注于高性能数模混合信号芯片与算法的深度融合。 ...

Group 1 - The core viewpoint of the article is that BeiGene has submitted a listing application to the Hong Kong Stock Exchange, with Morgan Stanley and CITIC Securities as joint sponsors [1] - The company has successfully transformed into a "platform-based pharmaceutical enterprise," integrating commercialization capabilities, drug research and development, business development layout, and an innovative ecosystem [1] - BeiGene is a pioneer and leader in China's innovative drug research and development industry, focusing on new drugs for cancer treatment, particularly leading in lung cancer therapy [1] Group 2 - The company has established a drug pipeline covering key lung cancer targets such as EGFR and ALK through independent research and strategic partnerships, and has expanded into breast cancer, kidney cancer, hematology, and ophthalmology [1] - To date, the company has successfully launched eight commercialized products, including five innovative drugs, one biosimilar, and two co-marketing products [1]

百利天恒已向港交所提交上市申请。高盛、摩根大通、中信证券为其联席保荐人。 百利天恒是一家聚焦肿瘤大分子治疗(ADC/GNC/ARC)的综合性生物医药企业，公司在美国创建了 SystImmune，并成功研发了全球首创的EGFR×HER3双特异性ADC药物iza-bren(BL-B01D1)，该药物已 进入III期临床开发。 2024年，百利天恒与BMS就iza-bren达成了高达84亿美元的全球战略许可及合作交易，其中包括8亿美元 的首付款。 公司已建立起创新ADC药物研发平台，拥有9条已进入临床阶段的ADC候选药物管线；搭建了多特异性 T细胞衔接器平台，拥有4条GNC创新药物管线；并构建了创新ARC药物研发平台，已递交IND的ARC 药物BL-ARC001有潜力成为全球首创。 ...

普源精电已向香港交易所主板提交上市申请，中信证券为其独家保荐人。 根据弗若斯特沙利文的数据，普源精电是中国最大的电子测量仪器供应商，按2024年收益计，全球排名 第八。 公司在数字示波器和波形发生器领域处于领先地位，是中国最大的数字示波器供应商(全球第五)和波形 发生器供应商(全球第三)。 普源精电是中国第一家成功商用化搭载自研专用集成电路(ASIC)的数字示波器的公司。全球测试测量仪 器及解决方案市场规模预计将持续增长，2029年将达到约1700亿元人民币。 公司通过"RIGOL"品牌为90多个国家及地区的超过100000名终端客户提供服务，解决通信、新能源、半 导体、教育与科研领域的测试挑战。 ...