中国经济网北京12月4日讯 箭牌家居(001322.SZ)今日收报8.33元，跌幅2.91%，总市值80.56亿元。 该股目前处于破发状态。 箭牌家居发行费用总额为6913.58万元，其中信证券股份有限公司获得承销保荐费4575.03万元。 （责任编辑：田云绯） 箭牌家居于2022年10月26日在深交所主板上市，公开发行不超过9899.6717万股，发行价格为12.68 元/股，保荐机构（主承销商）为中信证券股份有限公司，保荐代表人为杨锐彬、史松祥。 箭牌家居首次公开发行募集资金总额12.25亿元，募集资金净额为11.56亿元。箭牌家居于2022年9月 15日披露的招股书显示，公司拟募集资金11.56亿元，分别用于智能家居产品产能技术改造项目；年产 1000万套水龙头、300万套花洒项目；智能家居研发检测中心技术改造项目；数智化升级技术改造项 目；基于新零售模式的营销服务网络升级与品牌建设项目；补充流动资金。 ...

中信证券党委委员、经营管理委员会执行委员、研究部行政负责人朱烨辛在致辞中表示，当前全球经济 格局与技术革命深刻变革，中国正沿高质量发展航道破浪前行。消费领域正经历从规模化向品质化、个 性化的质变，多种新业态、新模式加速涌现，既满足14亿人美好生活需要，也为国内大循环注入新动 能。医疗健康产业依托生命科学突破，在精准医疗、数字健康、创新药、智慧养老等领域迎来黄金发展 期，既是民生保障基石，更是科技自立自强的战略支点。 朱烨辛表示，消费与医疗构成的双轮驱动将相互赋能。论坛旨在汇聚产业智慧、揭示趋势机遇，推动结 构性机遇转化为发展动能，为构建共生共荣的资本市场生态提供指引。 12月3日至4日，由中信证券主办的2025年"全球消费医药联合主题论坛"在上海举行。 ...

"十五五"宏观经济展望 不畏浮云遮望眼 玛西高娃 中信证券研究部 宏观经济联席首席分析师 2025年11月10日 请务必阅读末页的免责条款和声明 贸易摩擦压力或将持续存在 中国对美国出口和对非美地区出口 美国在中国出口的占比历史上来看主要受到汇率因素的影响 资料来源：Wind，中信证券研究部。注：截止2025年9月 资料来源：Wind，中信证券研究部 -40 -30 -20 -10 0 10 20 30 2024-01 2024-04 2024-07 2024-10 2025-01 2025-04 2025-07 % 对美贸易差额累计增速 中国对非美出口 中国对美出口 10 12 14 16 18 20 22 24 50 60 70 80 90 100 110 120 1995 1998 2001 2004 2007 2010 2013 2016 2019 2022 2025 % % 美元指数 中国出口中美国的比重(右) 3 核心观点 展望"十五五" ，贸易摩擦可能会进一步常态化，但受益于企业积极拓展新市场，中国出口将 保持韧性，贸易顺差仍然有望保持较高水平。同时，内需有望在2026年年中出现拐点，经济增 长 ...

Core Insights - The report emphasizes the recovery of the securities industry in 2025, with a significant increase in profits driven by self-operated businesses, and anticipates continued growth in 2026 due to favorable policies and market conditions [6][15][26]. Section Summaries 1. 2025 Review: Recovery Begins - The securities industry saw a substantial improvement in profitability, with 43 listed brokers achieving a net profit of CNY 1,692.54 billion in the first three quarters of 2025, a year-on-year increase of 63.44% [15]. - The overall revenue for the same period reached CNY 4,216.23 billion, reflecting a 12.85% increase year-on-year [15]. - The recovery is supported by strong performance in brokerage and proprietary trading, with brokerage net income rising by 68% [18]. 2. Incremental Catalysts Expected, Performance Continues to Improve - The "14th Five-Year Plan" outlines a strategic direction for high-quality development in the financial sector, emphasizing the importance of a robust capital market [33]. - There is significant potential for increased market participation from institutional investors and retail investors, as the wealth effect from the capital market is expected to drive demand expansion [44][48]. 3. Comprehensive Performance Recovery, Growth Potential in Light Asset Businesses - The wealth management sector is recovering, with public funds showing high-quality development and increased market activity [18]. - Investment banking activities are also rebounding, particularly in the dual innovation sector, with IPOs and underwriting volumes expected to rise [18]. 4. Industry Structure Optimization: Building a First-Class Investment Bank - The report highlights the acceleration of mergers among leading brokers and the internationalization of Chinese brokers as key strategies for building a first-class investment bank [6][39]. - The integration of mergers and international expansion is seen as crucial for enhancing the competitive landscape of the industry [6][39]. 5. Profit Forecast: Continued ROE Improvement in 2026 - The report predicts that the return on equity (ROE) for the industry will continue to improve, with a projected net profit growth of 13% year-on-year under neutral assumptions for 2026 [6][39]. 6. Investment Recommendations: Focus on Structural Optimization and Alpha Catalysts - Investors are advised to pay attention to brokers benefiting from structural optimization and the recovery of wealth management, such as China International Capital Corporation, Huatai Securities, and CITIC Securities [6][39].

Core Viewpoint - The current storage upcycle began in Q2 2025, driven by "supply optimization + AI demand," with significant price increases expected to continue through at least the end of 2026 [1][6] Historical Cycle Review - Demand-driven price increases are more significant and sustainable, as seen in the 2016-2019 cycle where supply-demand imbalances led to substantial price hikes [2] - DRAM/NAND mainstream particle spot prices saw a maximum increase of 223% during previous cycles, lasting 12-18 months, while the current cycle's price increase is primarily due to supply contraction [2][3] Current Price Dynamics - As of mid-November 2025, DRAM (DDR4/DDR5) spot prices increased by up to 896%/377%, and NAND Flash spot prices rose by 282%, with contract prices lagging behind [4][5] - Current DDR4/DDR5 spot prices have reached historical highs, exceeding 2024 peaks by approximately 5-10% [5] Future Outlook - The visibility of storage price increases over the next six months is high, with contract prices expected to catch up to spot prices, maintaining a favorable industry outlook until at least the end of 2026 [6] - The market has entered a seller's phase since September, with price increases across all categories, and significant price hikes anticipated for enterprise SSDs and niche storage products [6][9] Investment Strategy - The industry is in the early stages of a super cycle, with high visibility of shortages and expected price increases in contracts, particularly benefiting companies closely aligned with storage manufacturers [9] - Recommendations include focusing on niche storage companies, those rapidly progressing in enterprise storage, and companies involved in enterprise SSD/memory chip design [9]

Core Insights - The next-generation large models (Gemini 3.0/GPT-5) are significantly beneficial for complex reasoning scenarios, marking the AI industry’s transition to a phase of large-scale implementation [1] - The commercial model is evolving from AI project delivery to AI-enabled existing applications and functional AI applications, with overseas markets leading in technology, payment environment, business models, and market space compared to domestic markets [1][3] - The report emphasizes the potential for domestic companies to leverage their product and engineering capabilities, innovation, and iteration speed to expand into overseas AI application markets [1] AI Application Industry Trends - The AI application industry is moving from a technological singularity to a commercial singularity, with large-scale implementation officially commencing [1] - The first phase involves AI project delivery starting in 2023, focusing on exploratory and non-standard projects due to significant changes in large model capabilities [1][2] - The second phase, starting in 2025, will see accelerated upgrades of existing applications, with many companies initially offering free trials or pilot programs to increase AI module fees [2] - The third phase, expected to begin in 2026, will likely see a proliferation of independent AI products with a primary focus on independent charging models [2] Overseas Market Dynamics - The overseas market is experiencing substantial demand, with both consumer (C-end) and business (B-end) potential market spaces significantly larger than those in the domestic market [3] - Technological advancements are evident, with major models like ByteDance and Google showing significant increases in daily token usage, and a projected investment of $162.4 billion in AI server fields by major cloud service providers by 2025, reflecting a year-on-year growth of 94% [3] - The payment environment in the domestic market lags behind due to user habits, market ecology, pricing strategies, and intellectual property protection issues [3] - The commercial model is evolving, with overseas SaaS companies increasingly developing towards B-end applications, enhancing user acceptance and profitability in high-value scenarios [3] Domestic AI Application Expansion - Domestic AI companies are positioned to capture global market share, driven by strong product and engineering capabilities [4] - The talent pool in China is substantial, with over 5 million STEM graduates expected by 2025, including more than 77,000 PhDs, providing a solid foundation for engineering capabilities [4] - Successful case studies, such as Kingsoft Office's competition with Microsoft Office, demonstrate the potential for domestic AI companies to leverage internet product capabilities and localized strategies for success [4] Company Performance Insights - Analysis of software companies within the CITIC Computer Index indicates that top AI application companies could achieve up to 90% of their revenue from overseas markets by 2024, with some experiencing growth rates exceeding tenfold [5]

Core Viewpoint - The report from CITIC Securities indicates that since Q2 2025, the mainstream storage prices have experienced significant absolute increases due to "supply optimization and AI-driven demand" [1] Group 1: Market Conditions - The market has fully transitioned into a "seller's market" by Q4 2025, with steep price increases observed [1] - Despite the current seller's market, the industry is still in the early stages of a super cycle, suggesting continued growth potential [1] Group 2: Future Outlook - High visibility of shortages is expected over the next six months, supporting a positive outlook for mainstream storage DRAM/NAND and niche storage prices in the first half of 2026 [1] - Contract prices are anticipated to rise rapidly, aiming to catch up with the increases in spot prices, indicating sustained demand exceeding supply at least until the end of 2026 [1]

人民财讯12月4日电，中信证券表示，存储仍处于超级景气周期初期，目前未来半年缺货可见度高，合 约价涨价幅度在2026年一季度末之前有望扩大或维持，累计涨幅追赶现货价涨幅。预计行业供不应求至 少持续至2026年底，乐观看待本轮结构性周期景气的持续性。更贴近存储原厂的公司在上行周期受益程 度更大、盈利持续性更强，核心推荐1)利基型存储开启涨价；2)企业级存储进展快、涨价受益逻辑强的 公司；3)企业级SSD/内存配套芯片设计公司有望间接受益。 ...

人民财讯12月4日电，中信证券指出，11月以来国内低轨卫星组网加速催化，卫星载荷为实现卫星组网 通信功能的关键，其中"星间激光链路"负责星-星传输，为微波通信的升级技术，技术壁垒高，为太空 算力从概念走向实用的关键支撑。预计伴随卫星数量增加、单星算力提升、卫星网络复杂度提升，星间 激光的重要性将进一步提升，建议关注当前在载荷端卡位领先的企业。 ...

Core Insights - The next-generation large models (Gemini 3.0/GPT-5) are significantly beneficial for complex reasoning scenarios, indicating that the AI industry is entering a phase of large-scale implementation [1] - The business model is evolving from AI project delivery to AI-enabled existing applications and functional AI applications [1] - Compared to the domestic market, the overseas market is ahead in terms of technological advancement, payment environment, business models, and market space [1] Industry Trends - Overseas AI application Annual Recurring Revenue (ARR) data is continuously growing and accelerating in implementation [1] - Companies with over 10% of their revenue from overseas and a 50% increase in overseas revenue can see an overall revenue growth increase of 5%, potentially raising the growth rate to 20% when combined with an existing 15% organic growth [1]