人民财讯12月3日电，中信证券研报指出，经测算，12月基本不存在流动性缺口，资金面对债市的风险 有限。参考2021年以来10Y国债收益率各月表现，年末债市利率整体趋于下行。随着今年11月债市调 整，10年国债收益率回升至1.75%~1.85%区间的偏上位置，交易机会也开始浮现。然而，中信证券认为 年末行情的空间可能仍然较为有限，建议结合债市边际变化灵活调整策略节奏。 ...

（文章来源：第一财经） 中信证券研报表示，特斯拉宏伟蓝图第四章发布，人形机器人是其核心产品，马斯克称特斯拉未来约 80%的价值将来自于Optimus机器人。年初以来机器人的量产进程有所波折，随着特斯拉董事会为马斯 克提供史上最大型激励计划，马斯克重心回归公司业务，在机器人业务上的精力投入加大。目前机器人 的硬件设计已接近定型，马斯克预计Optimus V3.0将在2026Q1发布，并在2026年年底前开启量产。中国 供应链在特斯拉机器人中扮演重要角色，量产进程加速，我们推荐关注特斯拉机器人产业链相关公司。 ...

中信证券研报称，经测算，12月基本不存在流动性缺口，资金面对债市的风险有限。参考2021年以来 10Y国债收益率各月表现，年末债市利率整体趋于下行。随着今年11月债市调整，10年国债收益率回升 至1.75%~1.85%区间的偏上位置，交易机会也开始浮现。然而，中信证券认为年末行情的空间可能仍然 较为有限，建议结合债市边际变化灵活调整策略节奏。 ...

本报记者 周尚伃 12月2日，《证券日报》记者从券商处获悉，上交所、深交所于近日向机构下发了10月份券商经纪业务 ETF（交易型开放式指数基金）成交额等关键运营数据。 而ETF市场的活跃与稳定，离不开做市商体系的深度赋能。10月份，基金做市商服务的覆盖范围与效能 持续提升，为市场注入了稳定的流动性。 截至10月末，上交所基金市场共有主做市商21家，一般做市商12家，共为822只基金产品提供流动性服 务，较9月份增加10只，其中798只基金获得主流动性服务；有做市商的ETF为758只，占全部ETF的 98%。在做市服务规模上，头部券商的引领地位凸显，中信证券以646只的做市服务数量位居首位，广 发证券紧随其后覆盖634只，华泰证券则以518只的服务规模位列第三。在深交所基金市场中，共有流动 性服务商28家为ETF产品提供流动性服务，覆盖股票ETF（单市场、跨市场、跨境）、债券ETF、商品 ETF、货币ETF等各种类型。 针对做市商业务发展，余丰慧表示，在做市方面，券商应持续提升ETF做市报价的质量与效率，为市场 提供流动性，优化投资者的交易体验。此外，券商还可以在向"产品+服务"模式转型方面积极探索，通 过整合 ...

（文章来源：证券日报） 证券日报网讯 12月2日晚间，会稽山发布公告称，2025年8月22日至本公告披露日，公司累计使用闲置 自有资金人民币26，000万元购买了中信证券股份有限公司的理财产品，其中"中信证券资管财富私享投 资3819号FOF单一资产管理计划"购买金额10，000万元，产品期限无固定期限；"中信粤湾3号集合资产 管理计划"购买金额10，000万元，产品期限无固定期限，每周可申请赎回；"信盈安享001一号"购买金 额6，000万元，产品期限无固定期限，每周可申请赎回。 ...

（来源：中信证券发布） 2025年12月2日，深圳佑驾创新科技股份有限公司（以下简称佑驾创新，2431.HK）完成2.09亿港元新股 配售，中信证券担任本项目的牵头整体协调人和牵头配售代理。 中国渐进式智能驾驶发展先锋 来源：市场资讯 （股票代码：2431.HK) 佑驾创新（MINIEYE）成立于2014年，是中国领先的智能驾驶和智能座舱解决方案供应商。佑驾创新 坚持技术创新，持续迭代升级，用行业领先的技术为出行体验创造更多价值，为智能汽车赋予更多可 能。 落地又一单新股配售项目 持续助力佑驾创新发展 中信证券坚持服务国家战略，积极践行科技金融等五篇大文章，为科技创新企业提供全周期、全方位资 本运作服务。继2024年12月牵头保荐佑驾创新登陆港交所、2025年7月独家助力佑驾创新完成新股配 售，中信证券再次助力佑驾创新完成上市后第二次新股配售。 中信证券结合近期港股市场行情及投资者反馈，基于对自动驾驶行业及其业务逻辑的深入理解，量身定 制融资方案，帮助佑驾创新成功把握发行窗口，在11月25日收盘后迅速启动交易；凭借专业判断，成功 吸引了各类型市场化投资者的大量需求，顺利协助佑驾创新实现融资及折价目标。中信证券 ...

Core Points - The China Securities Regulatory Commission (CSRC) announced that CITIC Securities has submitted the completion report for the initial public offering (IPO) and listing guidance of Shenzhen Hanno Medical Technology Co., Ltd. The current status of Hanno Medical is "guidance acceptance" [1][25] - Hanno Medical, established in 2018 and located in Shenzhen, Guangdong Province, primarily engages in wholesale activities. The legal representative is Li Mingtang [1][25] - The controlling shareholder of Hanno Medical is Beijing Hanno Medical Technology Co., Ltd., which holds a 24.85% stake in the company [26] Financing History - Hanno Medical has undergone several financing rounds, including: - E+ round on June 21, 2024, raising nearly 100 million RMB [27] - E round on January 5, 2024, raising over 100 million RMB [28] - D round on February 23, 2023, with undisclosed financing [28] - C round on July 29, 2022, raising over 100 million RMB [28] - B round on February 15, 2022, with undisclosed financing [28] - A round on November 16, 2021, with undisclosed financing [28] - Angel round on October 27, 2020, with undisclosed financing [28] Company Governance Issues - During the reporting period, Hanno Medical established an internal governance structure and management system. However, with rapid business growth, there are areas for improvement in organizational management, operational capabilities, and risk control systems [3][39] - The intermediary institutions have assisted in enhancing governance by investigating and improving internal control systems and reviewing governance documents [4][30] Fundraising Project Issues - The guidance institution has worked with Hanno Medical to refine its fundraising project planning and ensure the smooth progress of fundraising projects, including feasibility report assessments [5][31] - Hanno Medical has cooperated with the guidance institution to conduct thorough research and discussions on the fundraising investment plan, confirming the specific uses and investment scale of the funds raised [6][32] Social Insurance and Housing Fund Issues - The guidance institution identified that Hanno Medical had not timely paid social insurance and housing funds for some employees during the reporting period [7][33] - Hanno Medical has taken steps to address these issues, including obtaining proof from administrative authorities that no penalties were imposed for these lapses [8][34]

Core Viewpoint - The discussion around the "AI bubble" has become an unavoidable topic in the market due to the increasing scale of AI investments and ambiguous investment returns [1] Group 1: AI Industry Outlook - CITIC Securities analysts predict three potential scenarios for the AI industry over the next 12 months, with a 60% probability assigned to the baseline scenario where OpenAI faces operational challenges and investment pace in the AI sector slows down [1] - The other two hypothetical scenarios, which are considered low probability events (20% each), include significant breakthroughs in AI algorithms and a rebound in U.S. economic inflation leading to a bubble burst [1] Group 2: Investment Strategy - Given the high uncertainty surrounding short-term AI technological advancements and macroeconomic expectations, CITIC Securities advises investors to adopt a "wait and see" approach and consider "contrarian investing" strategies [1] - The recommendation includes gradually increasing the allocation weight towards the application side, specifically in internet and application software sectors [1]

Core Viewpoint - The company is initiating a dual-driven model of "capital operation + strategic focus" to overcome growth bottlenecks amid the domestic semiconductor equipment wave, following significant management changes [1][4]. Group 1: Management Changes - The company appointed Lang Yu, former director of institutional department at CITIC Securities Shenzhen, as the board secretary, indicating a strong focus on capital operations [2]. - The management restructuring includes the return of founder Zheng Guangwen as general manager, which is seen as a key move to stabilize strategic direction [3]. - Internal promotion of financial director Luan Yufeng from a grassroots position is expected to improve cost control and gross margin [3]. Group 2: Financial Performance - In the first three quarters of 2025, the company's net profit attributable to shareholders declined by 80.24%, while revenue growth was 17.94%, resulting in a low net profit margin of 0.96% [2]. - The gross margin for the same period was reported at 24.94%, down by 1.03 percentage points year-on-year [3]. Group 3: Strategic Focus - The company is heavily reliant on the integrated circuit sector, with 88.61% of revenue coming from this segment in 2024 [4]. - The management changes aim to accelerate technological breakthroughs and capacity expansion, with a 35% year-on-year increase in R&D investment in the first three quarters of 2025 [4]. - The company is focusing on domestic production of core components for etching and thin film deposition equipment, aiming to shorten the R&D cycle for high-end products [4]. Group 4: Market Reaction - Following the announcement, the company's stock price did not show significant movement, indicating a cautious market sentiment [5]. - Investors are particularly focused on the effectiveness of the new management in integrating capital operations into actual order growth, the progress of gross margin improvement, and the ability to capture market share amid changing international trade conditions [5].

智通财经APP获悉，中信证券发布研报称，浮法玻璃需求端具备韧性，汽车、家电领域的应用提供稳定 支撑。超高窑龄产线冷修概率增加、煤改气机遇、落后产能的退出有望共同推动行业供给结构优化。通 过梳理浮法玻璃价格及产能利用率，该行发现浮法玻璃的一个完整周期约3年。目前行业正处于下行周 期的尾部，行业盈利及估值均处于历史低位，玻璃企业通过回购彰显发展信心。维持"强于大市"评级。 中信证券主要观点如下： 行业趋势：未来两年行业大概率进入盈利向上区间。 通过梳理浮法玻璃价格及产能利用率，该行发现，浮法玻璃的一个完整周期约3年。2023Q4以来，行业 进入持续了近两年的下行期，按照过往周期的时间推算，浮法玻璃正处于下行周期的尾部。2025Q1-3 浮法玻璃的价格/玻璃纯碱价格差为1290/969元/吨，均已经接近2015年的历史性低位。 截至2025年11月20日，该行测算行业动力煤/石油焦/管道气的产线均处于账面亏损状态，分别亏损 73/130/220元/吨。若进一步考虑非付现成本的影响，即加回折旧摊销后，动力煤/石油焦/管道气的净现 金流分别为+57/0/-90元/吨，以管道天然气为燃料的产线已实际亏损至现金流层面。从企 ...