中信证券研报表示，2026年，发电企业与电力用户双方签订中长期合约时需进行分时段&带曲线签约， 用户侧分时电价将与现货市场交易结果挂钩，不再接受政府规定的峰谷电价，这意味着电力市场化改革 进一步深化。目前政府规定的峰谷价差和时段长度普遍超过现货市场，机制调整后工商业储能盈利模式 受到影响，现货价差较小并且调节需求不足区域的工商业储能盈利或承压。电力系统容量短缺问题仍然 显著，已经临近容量不足矛盾加速爆发时点，有望支撑储能长期发展。 ...

Core Viewpoint - The report from CITIC Securities highlights the significant challenges in maintaining the balance of the power system under high proportions of renewable energy, emphasizing the urgent need for a power capacity market mechanism that reflects the value of capacity support [1] Group 1: Power System Challenges - The increasing share of renewable energy sources poses substantial challenges for ensuring the balance of the power system [1] - There is a need for reasonable recovery of installation costs for various power generation entities [1] Group 2: Capacity Market Development - Short-term recovery of installation costs for traditional baseload power sources is expected to be primarily through capacity compensation pricing [1] - In the medium to long term, the establishment of a power capacity market is anticipated, which will include new energy storage, wind and solar power, and virtual power plants [1] Group 3: Investment Opportunities - Companies directly benefiting from the construction of the capacity market, such as thermal power enterprises, should be monitored [1] - There are opportunities in the profitability models of energy storage and virtual power plants, as well as in supporting industries like smart metering devices and power trading software [1]

Core Insights - The report from CITIC Securities indicates that by 2026, power generation companies and electricity users will need to sign medium- to long-term contracts that involve time-of-use pricing and curve signing, linking user-side time-based electricity prices to spot market trading results, moving away from government-mandated peak and valley prices [1] Group 1 - The deepening of electricity market reform is highlighted, as the current government-mandated peak and valley price differences and time period lengths generally exceed those of the spot market [1] - The adjustment in mechanisms is expected to impact the profitability model of commercial and industrial energy storage, as the spot price differences are small and demand adjustment in insufficient areas may pressure the profitability of commercial and industrial energy storage [1] - The issue of power system capacity shortage remains significant, approaching a critical point where capacity shortages may accelerate, which is expected to support the long-term development of energy storage [1]

Core Viewpoint - The report from CITIC Securities highlights the significant challenges in maintaining the balance of the power system under high proportions of renewable energy, emphasizing the urgent need for a power capacity market mechanism that reflects the value of capacity support capabilities [1] Group 1: Power System Challenges - The increasing share of renewable energy sources poses substantial challenges for ensuring the balance of the power system [1] - There is a pressing need for a reasonable recovery of installation costs for various power generation entities [1] Group 2: Market Mechanism Development - The establishment of a power capacity market is deemed essential in the medium to long term, which will include new energy storage, wind and solar power, and virtual power plants [1] - In the short term, effective recovery of installation costs for traditional baseload power sources is expected to be primarily achieved through capacity compensation pricing [1] Group 3: Investment Opportunities - Companies directly benefiting from the construction of the capacity market, such as thermal power enterprises, should be monitored [1] - There are opportunities for profit model expansion in energy storage and virtual power plants [1] - The supporting industries, including smart metering devices and power trading software, present additional investment opportunities [1]

智通财经APP获悉，香港联交所最新资料显示，12月22日，微创脑科学(02172)股东将股票由中信证券经 纪香港转入国泰君安(香港)，转仓市值3.15亿港元，占比5.01%。 微创脑科学发布公告，于2025年11月20日，公司已决议根据公司于2023年7月12日采纳的股份计划向集 团脑机接口技术研发资深总监及混沌脑机研究院首席研究员Will Zhang博士(承授人)授出购股权，以合 共认购最多50万股公司股本中每股面值0.00002美元的公司普通股，惟须待承授人接纳后，方可作实。 ...

微创脑科学发布公告，于2025年11月20日，公司已决议根据公司于2023年7月12日采纳的股份计划向集 团脑机接口技术研发资深总监及混沌脑机研究院首席研究员Will Zhang博士(承授人)授出购股权，以合 共认购最多50万股公司股本中每股面值0.00002美元的公司普通股，惟须待承授人接纳后，方可作实。 香港联交所最新资料显示，12月22日，微创脑科学(02172)股东将股票由中信证券经纪香港转入国泰君 安(香港)，转仓市值3.15亿港元，占比5.01%。 ...

人民财讯12月22日电，12月22日，中信证券助力境外机构投资者作为债券通用质押式回购业务的逆回购 方在深交所完成全市场首单回购交易。据悉，这一突破性的交易落地，标志着境外机构投资者参与我国 交易所市场债券回购业务实现零的突破，为境外机构投资者参与境内资本市场开辟了新路径，也彰显了 中国债券市场对外开放的深度拓展。 中信证券表示，此次首单交易落地既满足了境外机构投资者的流动性管理需求，也丰富了境外机构投资 者在中国资本市场的投资品种，助力合格境外投资者制度进一步完善。未来，中信证券将继续发挥综合 金融服务优势，积极响应国家金融开放战略，为推动境内外资本市场互联互通、服务经济高质量发展注 入更多金融动能。 转自：证券时报 ...

Group 1 - Major institutions are optimistic about the A-share market's year-end performance, focusing on technology and consumer sectors, with expectations of a market rebound driven by policy support and capital inflow [2][7] - The Loan Prime Rate (LPR) has remained unchanged for seven months, with a current rate of 3.0% for one year and 3.5% for five years, but is expected to decrease slightly next year due to economic resilience and monetary policy adjustments [2][7] - The Bank of Japan raised interest rates by 25 basis points to 0.75%, the highest level in 30 years, leading to a stable performance in global markets and a favorable outlook for the A-share market [2][7] Group 2 - Precious metals have reached new highs, driven by geopolitical tensions and expectations of interest rate cuts, with gold, silver, and platinum prices significantly increasing [3][8] - Over 100 money market funds have seen their annualized yields drop below 1%, prompting fund companies to limit purchases to maintain returns amid a liquidity surplus [3][8] - SpaceX is planning the largest IPO in history, with a proposed valuation of $1.5 trillion, utilizing an innovative listing method that bypasses traditional IPO processes [3][9] Group 3 - Xiaomi's smartphone market share has reached 13.6%, maintaining a top-three position globally, while also achieving significant milestones in its automotive and AI initiatives [4][9] - The Hainan Free Trade Zone concept has surged, with 22 stocks hitting the daily limit, driven by policy incentives and a booming tourism market [4][10] - China Shenhua is set to acquire core assets from the State Energy Group for 133.6 billion yuan, enhancing its competitive position in the energy sector and increasing total assets by over 200 billion yuan [5][10] Group 4 - The consumer sector is expected to see increased investment, with predictions of double-digit growth over the next two years, supported by government policies aimed at boosting consumption [5][10]

截至2025年12月22日收盘，中信证券（06030）报收于28.0元，较前一交易日下跌0.43%，该股当日开盘 28.12元，最高28.4元，最低27.78元，成交额达1.82亿元。近52周最高32.9元，最低16.33元。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 《海外监管公告》 《董事名单与其角色和职能》 《海外监管公告》 《截至2025年6月30日止六个月的中期股息(更新)》 《海外监管公告》 《章程》 《2025年第一次临时股东大会、2025年第一次A 股类别股东会及2025年第一次H股类别股东会投 票表决结果完成章程修订并不再设置监事会增补董事、选举职工董事及董事会延期换届及派发 2025年中期股息》 根据公司近日发布的公告，中信证券于2025年12月19日召开2025年第一次临时股东大会、2025年第一次 A股类别股东会及2025年第一次H股类别股东会，审议通过了2025年中期利润分配方案。公司将向全体 股东派发现金股息，每10股派发人民币2.90元（含税），合计派发现金股息约42.98亿元。本次股息派发 的H ...

（文章来源：证券日报） 证券日报网讯 12月22日，隆平高科在互动平台回答投资者提问时表示，中信证券不是公司大股东，且 公司前三大股东近期均无减持股票行为。如有重大事项的计划或安排，公司将依据相关规定及时履行信 息披露义务。 ...