券商资深人士指出，这一系列变化不仅是对监管的回应，更深层次反映了 证券行业从"重融 资"向"重回报"的价值转型， 致力于构建投资者与公司共赢的良性生态。 记者丨崔文静 编辑丨巫燕玲 12月19日，长城证券实施2025年中期派息，每手派发现金红利7.6元，合计派发现金红利约 3.07亿元。 这只是近期上市券商加大分红力度的一个缩影。在政策持续引导下，A股券商的分红实践在 2025年发生了重要变化，"一年多次分红"成为鲜明的新常态。 这场变化最直观的体现是分红频次的"井喷"。截至12月18日，叠加三季报分红与中报分红，全 年有35家券商分红达两次及以上，占比高达79.55%，意味着 近八成券商已进入"多次分红、及 时分享"的常态化阶段。 与此同时，分红的"含金量"在中报季尤为突出。头部券商引领风潮，中信证券2025中报每手分 红29元，中信建投、华泰证券、国泰海通等也力度可观。 从年度总额看， 中信证券、国泰海通等多家头部机构年内分红均超40亿元。 而近期推出的三 季报分红，则显示出行业在尝试提高分红频次上的新探索。 除了真金白银的分红，建立长期规划、探索"分红+回购"等多元化工具，正成为券商完善回报 体系的新方 ...

昨日A股三大指数涨跌不一，沪深两市成交额1.66万亿，较上一个交易日缩量1557亿。板块方面，医药 商业、银行、零售等板块涨幅居前，电池、电网设备等板块跌幅居前。截至昨日收盘，沪指涨0.16%， 深成指跌1.29%，创业板指跌2.17%。 在今天的券商晨会上，中信证券表示，看好半导体设备行业的投资机遇；中金公司预计，2026年煤价将 呈现前低后高走势；华泰证券提出，公募绩效考核优化，关注优质金融。 华泰证券：公募绩效考核优化 关注优质金融 华泰证券表示，12月《基金管理公司绩效考核管理指引（征求意见稿）》下发，强化长期业绩导向、提 高强制跟投比例，并明确量化降薪问责机制等，将基金公司及其核心投研人员的利益与投资者的长期利 益深度绑定。资本市场中长期稳步向上趋势不改，奠定资管产品发展基础。建议把握优质个股，银行推 荐零售及财富管理标杆，财富管理战略地位提升的公司；券商推荐大财富管理产业链具备较强优势的公 司。 本文转载自"智通财经"，智通财经编辑：陈筱亦。 中信证券认为，2025年9月以来，受下游大客户英特尔一系列注资合作、存储原厂陆续涨价等事件催 化，头部半导体设备公司股价快速上行。考虑到本轮存储上行周期以及 ...

【中信证券：预计美联储明年全年降息两次各25bps】智通财经12月19日电，中信证券研报表示，美国 11月CPI大幅低于预期，核心服务通胀明显降温，但数据噪音较大、质量存疑。我们认为美国通胀前景 确实正在趋于缓和，关税对物价的扰动或会逐步减弱，租金通胀和超级核心通胀都可能在明年维持较理 想的中低增速。本次CPI报告对美元流动性构成短期利好，但数据质量的硬伤和就业市场的平静状态使 其不足以明显提振降息预期，我们仍预计美联储明年全年降息两次各25bps。 ...

人民财讯12月19日电，中信证券指出，2025年9月以来，受下游大客户英特尔一系列注资合作、存储原 厂陆续涨价等事件催化，头部半导体设备公司股价快速上行。考虑到本轮存储上行周期以及下游积极的 逻辑需求，中信证券预计2025年、2026年全球半导体晶圆制造设备(WFE)市场规模将维持高个位数百分 比同比增长，且存储占比有望进一步提升。同时，预计2026年中国大陆市场需求的正常化也将使得此前 管制不确定性等风险逐步降低。看好半导体设备行业的投资机遇。 ...

在美日央行政策分歧的背景下，美国因素才是当前全球流动性与美元资产定价的核心主线。 目前市场对AI叙事的质疑集中体现于业务模式较激进的少数企业，而多数财务状况较稳健的AI龙头仍 能维持市场信任，产业智能化热潮应能在中短期继续支持美股龙头的业绩表现。长端美债在本轮风险管 理式降息周期内的配置性价比不高，短端美债则可能受益于准备金管理购买操作对流动性的技术性改 善，后者较前者更好。 中信证券研报称，日本良性通胀循环已较稳固，日本央行即将再次加息。 去年夏季日本加息后的全球市场动荡主要是由衰退预期升温和AI叙事动摇等美国因素造成，套息交易 逆转只是加剧彼时避险情绪的次要因素，去年的"黑色星期一"不太可能在今年重演。 （文章来源：新华财经） ...

Core Viewpoint - The report from CITIC Securities indicates that liquid cooling solutions are becoming the mainstream technology path for energy saving in data centers due to significantly improved heat dissipation efficiency and lower Power Usage Effectiveness (PUE) since 2025 [1] Industry Overview - The global liquid cooling market is projected to reach $21.8 billion by 2027, driven by accelerated penetration of liquid cooling and technological upgrades leading to increased Average Selling Prices (ASP) [1] - The current competitive landscape of the liquid cooling industry is dominated by Taiwanese manufacturers, but there is a significant opportunity for domestic manufacturers as chip companies begin to participate in the liquid cooling supply chain [1] Investment Opportunities - Domestic manufacturers are expected to benefit significantly from the increasing demand for AI-driven liquid cooling solutions, particularly those capable of mass production of core liquid cooling components and providing comprehensive solutions [1]

中信证券研报认为，日本良性通胀循环已较稳固，日本央行即将再次加息。去年夏季日本加息后的全球 市场动荡主要是由衰退预期升温和AI叙事动摇等美国因素造成，套息交易逆转只是加剧彼时避险情绪 的次要因素，去年的"黑色星期一"不太可能在今年重演。在美日央行政策分歧的背景下，美国因素才是 当前全球流动性与美元资产定价的核心主线。目前市场对AI叙事的质疑集中体现于业务模式较激进的 少数企业，而多数财务状况较稳健的AI龙头仍能维持市场信任，产业智能化热潮应能在中短期继续支 持美股龙头的业绩表现。长端美债在本轮风险管理式降息周期内的配置性价比不高，短端美债则可能受 益于准备金管理购买操作对流动性的技术性改善，后者较前者更好 ...

Core Viewpoint - The report from CITIC Securities suggests that Japan's benign inflation cycle is becoming more stable, and the Bank of Japan is likely to raise interest rates again soon [1] Group 1: Economic Context - The global market turmoil following Japan's interest rate hike last summer was primarily driven by rising recession expectations and shifts in the AI narrative in the U.S., rather than the reversal of carry trades, which only exacerbated risk aversion [1] - The "Black Monday" experienced last year is unlikely to be repeated this year due to the different economic conditions [1] Group 2: Market Dynamics - In the context of the policy divergence between the U.S. and Japan, U.S. factors are currently the main narrative influencing global liquidity and the pricing of U.S. dollar assets [1] - Market skepticism regarding the AI narrative is mainly focused on a few companies with aggressive business models, while most financially stable AI leaders are expected to maintain market confidence [1] Group 3: Investment Insights - The ongoing trend of industrial intelligence is anticipated to continue supporting the performance of leading U.S. stocks in the medium to short term [1] - Long-term U.S. Treasury bonds are considered to have a low cost-performance ratio in the current risk management-driven rate cut cycle, while short-term U.S. Treasury bonds may benefit from technical improvements in liquidity due to reserve management purchasing operations [1]

Core Insights - The securities industry is experiencing a significant increase in monthly active users (MAU) for trading apps, reaching 172 million in November, a month-on-month growth of 2.06% [1] - Brokerages are leveraging AI tools to enhance service models and improve user experience amid a competitive landscape for customer acquisition [4][5] Group 1: Monthly Active Users and Account Growth - In November, the total number of new accounts opened in the market was 2.5506 million, reflecting a month-on-month increase of 3.38% [2] - Eleven brokerage apps had monthly active users exceeding 6 million, with Huatai Securities and Guotai Junan leading at 11.8149 million and 10.1848 million respectively, both showing month-on-month growth of over 2% [2] - Smaller brokerages like Guojin Securities and Chengtong Securities achieved significant month-on-month growth rates of 9.58% and 4.61% respectively, despite having lower user volumes [3] Group 2: Competitive Landscape and AI Integration - The competition among brokerages is intensifying, with a focus on mobile app functionality and service innovation, particularly through the integration of AI [4] - AI has become a central element in app updates, with features like "AI Dashboard" and AI-driven investment assistants being introduced to enhance user engagement and provide real-time market insights [4][5] - The application of intelligent technology is expected to improve response efficiency and personalized service levels, aiding brokerages in transitioning to comprehensive wealth management service providers [5][6] Group 3: Future Outlook and Strategic Directions - The ongoing evolution of financial technology positions intelligent solutions as a standard in the securities industry, with a focus on enhancing professional service levels and creating value for investors [6] - Large institutions are expected to leverage their resources to build comprehensive intelligent wealth management platforms, while smaller brokerages can focus on niche markets to establish competitive advantages [6]

中信证券公司日报 中信证券12月18日缩量下跌1.52% 28.97 -0.44 -1.52% 昨日收盘价28.97；当日收盘价：28.53 当日开盘价28.90；交易量113.59万手 换手率0.93%；缩量幅度0.30% 3日涨幅-0.07%；5日涨幅+0.85% "中信证券为子公司票据发行担保" 舆情分析 ｜事件正负面性质分析 截止12月18日，此事件匹配的到全网舆情信息总量为6802条，正面信息1079条，占比15.9%，负面信息 1275条，占比18.7%，中性信息4448条，占比65.4%，事件舆论呈现出中性偏负的倾向。 ｜渠道传播分析 该事件全网传播篇次为6802条，事件主要传播渠道为微信平台，传播篇次1290条，占比18.97%。 成交额：32.48亿；总市值：4228.30亿 较过去一年的平均收盘价+0.02%；较过去一年的日均交易量-0.99% 中信证券近期舆情事件，全网影响力排名如下 ｜事件影响分析 财务实力影响（利好）：中信证券为子公司票据发行提供担保，显示了公司较强的财务实力和对子公司 的支持能力，这可能会增强投资者对公司财务稳健性的信心，对股价形成正面影响。 业务发展影响（利好）： ...