Core Viewpoint - CITIC Securities has submitted two applications to the China Securities Regulatory Commission (CSRC) to reduce certain business types, which is part of the follow-up actions after acquiring Guangzhou Securities, now renamed CITIC Securities South China [3] Group 1: Business Adjustments - CITIC Securities aims to avoid competition between itself and its subsidiaries by delineating business operations, as required by regulations [1] - The company plans to adjust its business scope in the South China region, specifically in Guangdong (excluding Shenzhen), Guangxi, Hainan, Yunnan, and Guizhou, to mitigate potential conflicts of interest [2] - The specific arrangements for the business scope changes will depend on the final approval from the CSRC [2] Group 2: Financial Performance - CITIC Securities South China, which was integrated into CITIC Securities in January 2020, reported a revenue of 1.113 billion yuan in 2024, marking a growth of 33.95% [4] - The operating profit for CITIC Securities South China reached 431 million yuan in 2024, reflecting a growth of 17.76% [4]

Core Viewpoint - The consensus among major securities firms is that the A-share market is expected to enter a "slow bull market" in 2026, with a shift in investment opportunities from technology dominance in 2025 to multiple main lines in 2026 [1][3]. Group 1: Market Outlook - The A-share market has entered a new bull market since the policy measures introduced on September 24, 2024, with the Shanghai Composite Index reaching a ten-year high in 2025 [2]. - Major securities firms predict that the market will continue to evolve within a slow bull framework, with a key characteristic being the shift in driving forces [3][4]. - CITIC Securities emphasizes that A-shares should be viewed from a global demand perspective, as Chinese companies' advantages in the global value chain are transforming into pricing power, forming the basis for a low-volatility slow bull market [3]. Group 2: Driving Forces - There is a general expectation among securities firms that the driving force for the market will shift from "valuation recovery" to "profit-driven" or "fundamental verification" in 2026 [4]. - CICC estimates that the overall profit growth for A-shares in 2026 could be around 4.7%, with many industries nearing performance improvement [4]. - Dongwu Securities notes that the overall revenue and profit growth for A-shares has ended a four-year downward cycle and is beginning to rebound, supported by economic reforms and improved supply-demand dynamics [4]. Group 3: Investment Styles - The debate among securities firms centers on whether the market style will shift from "growth" to "value" in 2026, with Dongwu Securities identifying June 2026 as a potential key time for this transition [6][7]. - CICC suggests that the market style may become more balanced, as many cyclical industries approach supply-demand equilibrium [8]. - Guotai Junan recommends maintaining a focus on technology while also considering previously underperforming sectors such as real estate and consumer goods during the bull market [8]. Group 4: Investment Themes - Securities firms highlight three main investment themes: technology growth, Chinese companies going global, and cyclical resource products [9][10]. - The technology growth sector remains a favored direction, with a shift in focus from concepts to performance, particularly in application breakthroughs [9]. - The trend of Chinese companies expanding internationally is seen as a significant opportunity, with recommendations to focus on sectors like home appliances, engineering machinery, and global pricing resources [10][11].

统联精密公告，本次询价转让股份数量为484.19万股，占公司总股本3.00%，由股东杨虎、深圳市泛海 统联科技企业（有限合伙）通过中信证券实施，受让方为具备定价能力和风险承受能力的机构投资者； 受让股份转让后6个月内不得转让；价格下限不低于2025年11月17日前20个交易日股票交易均价的 70%。本次转让不会导致公司控制权变更。 ...

Group 1 - The core viewpoint of the news is that Yingweitong (SZ 002334) has engaged with investors through a series of meetings, providing insights into its business structure and revenue composition for the first half of 2025 [1][2] - Yingweitong's market capitalization is reported to be 7.4 billion yuan [2] - The revenue composition for Yingweitong in the first half of 2025 is as follows: Industrial Automation 66.55%, New Energy 16.08%, New Energy Vehicles 13.24%, and Photovoltaic Energy Storage 4.13% [1]

中信证券投资有限公司（参与跟投的保荐机构相关公司）获配股票数量为49.60万股，占本次发行 总股数的2.00%，跟投金额为1.04亿元。 （责任编辑：徐自立） 康希诺募集资金总额为52.01亿元，扣除发行费用后，募集资金净额为49.79亿元。康希诺最终募 集资金净额较原计划多39.79亿元。康希诺2020年8月6日发布的招股说明书显示，公司计划募集资金10 亿元，分别用于"生产基地二期建设""在研疫苗开发""疫苗追溯、冷链物流体系及信息系统建设""补充流 动资金"。 康希诺上市发行费用为2.21亿元，其中保荐及承销费用2.05亿元。 中国经济网北京11月17日讯 康希诺(688185.SH)今日收报72.92元，跌幅2.88%。 康希诺于2020年8月13日在上交所科创板上市，发行数量为2480万股，发行价格209.71元/股，保 荐机构（主承销商）为中信证券，保荐代表人为焦延延、马可；联席主承销商为中金公司，副主承销商 为渤海证券。目前该股处于破发状态。 ...

智通财经APP获悉，中信证券发布研报称，金融统计数据报告显示，10月份银行扩表节奏边际放缓，主 要是政府债发行靠前，实体信贷需求仍待提振;居民存款和非银存款转移持续活跃，年底银行将加大对 于流动性管理关注。三季度行业息差初步企稳，同时监管持续释放对息差及盈利空间的关注，未来政策 引导下定价要素有望改善，盈利水平保持稳定。板块投资方面，低估值隐含的价值空间依旧显著;年底 步入长线资金配置时段，有助催化银行股市场表现，建议机构积极布局，收获高确定性回报。 1)季初居民存款再向非银存款转移。10月居民存款/非银存款分别-1.34万亿元/+1.85万亿元(9月分别+2.96 万亿元/-1.06万亿元)，同比分别少增7700亿元/多增7700亿元。推测主要是季度末时点考核结束后，居民 资金重新流向理财等非银机构，同时股票市场活跃亦有影响。 2)公司存款增长较弱。10月非金融企业存款下降1.09万亿元，同比多减3553亿元，主要是信贷派生较 弱，叠加去年同期手工补息效应已经消退，基数逐步恢复正常。存款月度间结构变化明显加大，银行需 重视流动性波动及负债成本管理变化。 监管持续关注银行息差及金融机构盈利空间。 事项： 11 ...

人民财讯11月17日电，中信证券研报指出，10月经济数据在供需两端均有所回落。从需求侧来看，10月 投资增速延续快速下行趋势，新型政策性金融工具落地起效仍待时间；假期效应带来餐饮消费回升，今 年10月社零增速小幅下滑但仍超市场预期。从生产侧来看，需求回落和假期效应拖累工业生产表现，服 务业生产指数在高基数影响下回落。展望后续，判断年内外贸出口基本面仍有支撑，固定资产投资在新 型政策性金融工具等政策发力的带动下有望温和改善，但居民消费的温度可能继续偏低。近期国务院办 公厅发文促进民间投资发展并部署场景培育和开放工作，提示关注相关政策落地实施后对投资和消费的 提振效果。 转自：证券时报 ...

中信证券研报称，10月以来，美元指数反弹环境下人民币汇率呈现较强韧性。国际收支方面，今年三季 度：1）我国对非美经济体出口表现较好支撑出口表现，并带动经常账户顺差规模反弹；2）外商对华直 接投资呈现季度间的环比下降，同时对外直接投资较二季度提速；3）证券账户资本流动的波动或加 剧，外资持债呈现较大规模流出。往后看，美联储降息预期的节奏变化仍是短期美元指数的重要影响因 素。内部因素中，今年四季度我国出口增速或将环比回落，或导致经常账户对人民币汇率的支撑走弱。 但投资、消费方面等政策陆续发力，同时央行稳汇率政策张弛有度，我们预计人民币汇率或在波动中逐 步向中间价靠拢。 ...

中信证券研报称，10月经济数据在供需两端均有所回落。从需求侧来看，10月投资增速延续快速下行趋 势，新型政策性金融工具落地起效仍待时间；假期效应带来餐饮消费回升，今年10月社零增速小幅下滑 但仍超市场预期。从生产侧来看，需求回落和假期效应拖累工业生产表现，服务业生产指数在高基数影 响下回落。展望后续，我们判断年内外贸出口基本面仍有支撑，固定资产投资在新型政策性金融工具等 政策发力的带动下有望温和改善，但居民消费的温度可能继续偏低。近期国务院办公厅发文促进民间投 资发展并部署场景培育和开放工作，提示关注相关政策落地实施后对投资和消费的提振效果。 ...

中信证券研报称，10月CPI数据超预期引发市场高度关注，大消费领域市场涨幅居前。经复盘，2025年 我国CPI同比始终处于低位运行态势的两大核心拖累项是食品和原油；核心CPI的表现显著超出市场预 期，其中核心商品价格涨幅显著高于核心服务，其他用品和服务（主要为金饰品）、耐用消费品是其中 最超预期的贡献项。展望2026年，综合考虑居民当前损益表与资产负债表的边际变化以及国补可能有所 退坡的情况，中性情景下我们预计核心CPI同比、CPI同比中枢分别为0.8%、0.8%。宏观经济运行方 面，10月经济数据供需两端均有所回落，新型政策性金融工具落地生效仍需时间。 ...