人民财讯9月30日电，中信证券研报认为，2025年国庆中秋假期航空出游需求旺盛，量价或有超预期表 现，释放积极信号。民航"反内卷"工作逐步展开，或从托底价、控时刻、代销监管等方面加强监管，有 望对行业价格形成支撑，建议关注航司业绩弹性。飞机低引进+发动机维修使得有效供给延续低增长， 新订单对行业供给影响或有限，无需过分担忧。四季度行业量价表现或迎拐点，关注淡季布局时机。 ...

人民财讯9月30日电，中信证券研报认为，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。中信证券延续此前判断，本轮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。 ...

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！ （来源：快查一企业中标了） 快查APP显示，中信证券相关公司江西万年青水泥股份有限公司于2025年9月30日发布一则招标信息， 项目名称为[万年县]江西万年青水泥股份有限公司万年水泥厂低碳替代燃料应用关键技术研究项目(一 期)-土建及钢结构工程(网)，预算金额为3453.60万元。 快查股权穿透数据显示，该公司由中信证券持股，出资比例为0.60%。 ...

希望大家对于自己的每一笔决策都能定心、定神，不为情绪买单，在慢牛行情中，相信价值、掌握规 律、拥抱变化，享受时代红利。 格隆汇9月29日｜中信证券公众号发文，持股还是持币过节？这几乎成了每次长假前，必然经历的一 轮"精神内耗"。特别是经过今天的大涨，很多人更犹豫了。其实没必要纠结这个命题，因为它没有标准 答案，完全是因人而异。 A股历史上，在趋势性上涨行情中，一共有3次站上3800点。一次是2007年的 6124点牛市、一次是2015年的5178点牛市，再一次就是当下。在历史规律面前，做出卖出决定，终结一 笔交易，应该满足以下几种场景：一是达到了收益预期，落地为安；二是你自己变了，比如急用钱了、 承受不了风险了、找到更好的标的了；三是基本面"变质"，属于支撑整个投资逻辑的底层崩塌；四是价 格跑得太快，脱离了价值，也就是我们说的估值"泡沫化"。 近一年，A股主要指数经历了强势触底反 弹、也迎来了难得的慢牛行情，涨幅也是全球领跑，创业板指涨超70%、科创50更是接近上涨100%。 目前看，主要指数动态市盈率普遍处在历史50%分位上下，远低于美股的80%以上位置，中国资产还算 不上贵。从行业看，估值只是分化，体现为 ...

证券Ⅱ 分析师：张洋 登记编码：S0730516040002 zhangyang-yjs@ccnew.com 021-50586627 创 2016 年以来最佳半年度经营业绩 ——上市券商 2025 年中报综述 证券研究报告-行业专题研究 同步大市(维持) 证券Ⅱ相对沪深 300 指数表现 相关报告 《证券Ⅱ行业月报：券商板块 2025 年 8 月回 顾及 9 月前瞻》 2025-09-26 《证券Ⅱ行业月报：券商板块 2025 年 7 月回 顾及 8 月前瞻》 2025-08-27 《证券Ⅱ行业月报：券商板块 2025 年 6 月回 顾及 7 月前瞻》 2025-07-25 联系人：李智 报告要点： 风险提示：1.权益及固收市场 行情转弱导致证券行业基本面出现下滑；2.上市券商 股价短期波动风险；3.资本市场改革的政策效果不及预期；4.超预期事件导致 2025 年证券行业的盈利预期与实际经营业绩产生明显偏差。 11781 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共32页 发布日期：2025 年 09 月 29 日 -4% 1% 6% 12% 17% ...

9月29日，A股市场再度走强。在"牛市旗手"券商股的带动下，三大指数集体收红。 截至收盘，沪指涨0.9%，深证成指涨2.05%，创业板指涨2.74%。沪深两市成交额2.16万亿，较上一个交易日放量146亿。全市场超3500只个股上涨。 盘面上，能源金属、券商板块大涨，贵金属、固态电池、盐湖提锂板块表现活跃；教育板块领跌，黑色家电、互联网电商板块表现低迷。 具体来看，固态电池概念股表现活跃，天赐材料、湘潭电化、万润新能等9股封板。 券商股午后集体爆发 与此同时，花旗将中国股票评级调至"增持"。 花旗集团将欧洲股票评级从"增持"下调至"中性"，指出这是由于经济指标表现疲软，以及美国关税对该地区经济增长可能存在滞后影响。花旗表示，目前 更看好中国股市而非欧洲股市，并将中国股票评级调至"增持"，因对人工智能持乐观看法，且本地股市资金流入势头强劲。 释放了什么信号？ 可以说，在当前市场结构当中，券商股可能是唯一没有怎么涨过，却又非常具有确定性机会的板块。 9月24日，浙商证券公告显示，为促进信用业务发展及做好融资类业务规模管控，董事会同意调增融资类业务规模，将融资类业务规模由400亿元提高至 500亿元。2025年内已 ...

Core Viewpoint - The Hong Kong stock market is experiencing a strong recovery, driven by a surge in IPO activities and international investment interest, with significant contributions from Chinese securities firms [1][4][11]. Group 1: Market Performance - As of August 2025, the total financing amount for new stock issuances reached HKD 134.5 billion, a nearly sixfold increase compared to the same period in 2024, significantly outpacing global IPO financing growth [1]. - The average daily trading volume in the Hong Kong stock market reached HKD 240.2 billion in the first half of 2025, representing a year-on-year increase of 118% [4]. - The IPO fundraising amount in the first half of 2025 was HKD 109.4 billion, a staggering 716% increase year-on-year, making it the leading capital market globally [4]. Group 2: Performance of Chinese Securities Firms - The international business revenue of 15 A-share listed securities firms reached CNY 20.12 billion in the first half of 2025, a year-on-year increase of 3.35% [7]. - Among these firms, CITIC Securities led the industry with an international business revenue of CNY 6.91 billion, a growth of 13.57% year-on-year [7]. - CICC maintained its position as the top underwriter for Hong Kong IPOs, with a market share of 35% and an underwriting scale of USD 3.9 billion [4]. Group 3: Strategic Developments - Chinese securities firms are increasingly positioning Hong Kong as a strategic high ground for international business, with major firms like CICC and CITIC Securities actively hosting global investor conferences [3][11]. - The Hong Kong market is seen as a critical bridge for Chinese companies to access international capital, with a significant portion of IPOs being driven by domestic firms seeking to expand globally [2][12]. - The Hong Kong government is implementing policies to enhance the financial market environment, including simplifying the licensing process for foreign firms, which is expected to lower entry barriers for smaller securities firms [14]. Group 4: Future Outlook - The ongoing global economic integration and financial reforms in emerging markets are creating favorable conditions for the overseas expansion of Chinese securities firms [19]. - The demand for cross-border services is expected to grow as Chinese companies continue to seek international financing and as global investors look to allocate more capital to Chinese assets [19].

9月29日下午，中信证券A股成交额达100亿元，现涨超8%。 ...

普源精电科技股份有限公司向港交所提交上市申请书，独家保荐人为中信证券。 ...

Core Viewpoint - The securities sector has shown significant upward movement, particularly in the days leading up to the National Day holiday, with major firms like CITIC Securities and Huatai Securities experiencing substantial gains, indicating a potential bullish trend in the market [1][3]. Market Performance - On September 29, CITIC Securities saw a closing price of 30.41 yuan, up 5.88% from the previous day, with a trading volume of 593.77 million shares and a total transaction value of approximately 179.73 billion yuan [2]. - The stock reached a high of 31.49 yuan during the trading session, reflecting strong market interest [2]. Industry Trends - The People's Bank of China emphasized the need for a moderately loose monetary policy to encourage financial institutions to increase credit supply, which is expected to benefit the securities sector [2][3]. - The brokerage sector has experienced a notable increase in trading activity, with the margin trading balance reaching 24,245 billion yuan as of September 26, indicating a robust demand for financing [5][6]. Company Actions - Several brokerages, including Zheshang Securities, have raised their financing business limits, responding to the growing demand in the margin trading market [4]. - Analysts suggest that the overall improvement in the securities industry's fundamentals, coupled with regulatory support for liquidity, creates a favorable environment for the sector [3][6]. Future Outlook - The recent surge in the brokerage sector is reminiscent of past market movements, particularly around the National Day holiday, raising questions about the sustainability of this upward trend [3]. - Analysts maintain a positive outlook on the sector, citing improved valuations and performance, and recommend monitoring leading firms such as CITIC Securities and Huatai Securities for potential investment opportunities [3][6].