（编辑 姚尧） 证券日报网讯 11月25日晚间，常青股份发布公告称，合肥常青机械股份有限公司（以下简称"公司"） 于近日收到中信建投证券股份有限公司（以下简称"中信建投证券"）出具的《中信建投证券股份有限公 司关于变更合肥常青机械股份有限公司向特定对象发行股票项目持续督导保荐代表人的函》。原保荐代 表人陈磊先生由于工作变动不再担任公司向特定对象发行股票项目的持续督导保荐代表人，为不影响持 续督导工作的正常进行，根据《证券发行上市保荐业务管理办法》等法律法规的规定，中信建投证券决 定委派段玲玉女士接替陈磊先生继续履行公司向特定对象发行股票项目持续督导工作的相关职责和义 务。 ...

股指期货数据日报 2025年11月25日 IM每日行情 IM行情概要 IM成交持仓 单位：点、手、亿元 单位：手 | | 收盘价 | +/- | 成交量 | +/- | | 成交额 | +/- | | 持仓量 +/- | | 持仓保证金 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 中证1000 | 7249.95 | 1.31% | 24,543 | | 2 % | 4,042 | | 10% | | | | | | IM2512 | 7172.00 | 0.85% | 152,757 | | -5% | 2,200 | | -3% | 211,318 | -9,330 | 364 | | | IM2601 | 7103.40 | 0.79% | 6,715 | | -15% | 9 | 6 | -14% | 8,020 | 246 | | 1 4 | | IM2603 | 6954.00 | 0.79% | 38,225 | | -1% | 534 | | 0 % | 97,216 ...

据悉，该项目为上海地方国企首单持有型不动产ABS，也是全国首单工业厂房类持有型不动产ABS，既 扩充了持有型不动产ABS的资产范围，又为国有企业存量资产盘活开创了新的模式，具备极强的示范效 应。 外高桥集团是全国首个保税区、首个保税物流园区、首个自贸区的开发运营主体，承担着区域内的综合 开发、招商引资、产业培育、物业运营和管理服务。项目选取的底层资产为位于外高桥区域的4个优质 工业厂房项目，合计建筑面积约19.06万平方米，平均出租率93.16%，入驻租户覆盖IDC数据中心、智 能制造、生物医药研发等产业，聚集了多家外资企业在中国的研发总部、分拨中心等，契合区域产业发 展导向和战略部署。 编辑：王柘 新华财经北京11月25日电 新华财经25日获悉，"中信建投-外高桥集团持有型不动产资产支持专项计 划"当日完成设立。 公开资料显示，该项目由上海外高桥集团股份有限公司（以下简称"外高桥集团"）作为原始权益人，中 信建投证券股份有限公司（以下简称"中信建投证券"）担任计划管理人和牵头销售机构，底层资产为外 高桥集团持有的4个工业厂房项目，由外高桥集团子公司上海市外高桥保税区新发展有限公司（以下简 称"新发展公司"） ...

Core Viewpoint - The report from CITIC Securities indicates that the bull market in the non-ferrous metals industry will continue to advance, driven by a "new productivity bull market" rather than traditional real estate and infrastructure demands, with strong supply constraints and robust demand as core characteristics [1][4][5]. Group 1: Market Performance - In 2025, the non-ferrous metals industry performed exceptionally well, with the CSI 300 index rising by 18.3% and the non-ferrous metals index increasing by 73.8%. Sub-sectors such as tungsten, rare earths, and copper saw significant gains, with individual stocks like Luoyang Molybdenum and Northern Rare Earth leading the charge [1][18]. - Prices for key metals surged, with cobalt prices up by 129%, tungsten by 110%, and gold and silver prices increasing by 49% and 53%, respectively [1][27]. Group 2: Supply and Demand Dynamics - The supply-demand gap for copper is expected to widen, with refined copper production growth from 2026 to 2028 projected to be lower than demand growth, leading to a sustained increase in copper prices [2][70]. - Aluminum supply remains tight, with overseas production becoming a key contributor, while demand from sectors like new energy vehicles and power grids is expected to support price increases [2][70]. - Gold is anticipated to maintain a long-term bullish trend due to increased central bank purchases and private investment demand amid a reshaping of the global financial order [2][70]. - Rare earths are positioned as strategic resources with significant value appreciation driven by export controls and growing demand from sectors like electric vehicles and humanoid robots [2][70]. Group 3: Investment Focus Areas - The report emphasizes the importance of AI and robotics in driving demand for new materials, including capacitors and inductors, which are expected to see significant growth [2][5]. - Strategic small metals like tungsten and antimony are entering an upward price channel due to supply constraints from export controls and quota reductions, alongside steady demand growth [2][5]. - Lithium prices are at a bottom, with the energy storage sector poised to drive a new growth cycle, while uranium is in a bull market due to inventory depletion and rising demand [2][5].

| 股票名称 | H股(港元) | A股 | 溢价率 | 偏离值↓ | | --- | --- | --- | --- | --- | | 中船防务(00317) | 15.870 | 36.2 | 173.22% | 53.01% | | 广和通(00638) | 14.860 | 24.26 | 95.56% | 25.36% | | 广汽集团(02238) | 3.410 | 8.66 | 204.11% | 22.12% | | 京城机电股份 | 4.180 | 11.73 | 236.12% | 17.48% | | (00187) | | | | | | 中信建投证券 | 11.820 | 24.78 | 151.10% | 14.62% | | (06066) | | | | | | 南京熊猫电子股份 | 4.350 | 10.99 | 202.53% | 13.90% | | (00553) | | | | | | --- | --- | --- | --- | --- | | 浙江世宝(01057) | 4.070 | 12.4 | 264.86% | 13.69% | | 金力永磁(066 ...

来源：瑞恩资本RyanbenCapital | 全球發售的發售股份數目 | : | 5.555.600股H股 | | --- | --- | --- | | 香港發售股份數目 | .. | 555,600股H股(可予重新分配) | | 國際發售股份數目 | . . | 5.000.000股H股(可予重新分配) | | 最高發售價 | : | 每股H股40.0港元,另加1.0%經紀 | | | | 佣金、0.0027％證監會交易徵費及 | | | | 0.00565%香港聯交所交易費以及 | | | | 0.00015%會財局交易徵費(須於申請 | | | | 時以港元繳足) | | 面值 : | | 每股H股人民幣1.00元 | 乐摩科技，计划全球发售555.56万股H股(占发行完成后总股份的10%)，其中90%为国际发售、10%为公 开发售，无超额配股权。每股发售价介乎27.00港元~40.00港元，每手100股，入场费4,040.35港元，最 多募资约2.22亿港元。 来自福建福州的机器按摩服务提供商乐摩科技(02539.HK)，于今日(11月25日)起至周五(11月28日)招 股，预计2025年12月3 ...

依据《上海证券交易所公司债券上市规则》等规定，上交所同意中信建投证券股份有限公司2025年面向 专业投资者公开发行永续次级债券（第六期）于2025年11月26日起在上交所上市，并采取匹配成交、点 击成交、询价成交、竞买成交、协商成交交易方式。该债券证券简称为"25信投Y6"，证券代码 为"244197"。 11月25日，上交所发布关于中信建投证券股份有限公司2025年面向专业投资者公开发行永续次级债券 （第六期）上市的公告。 来源：市场资讯 ...

Group 1 - The core viewpoint of the articles highlights the significant growth and support for technology innovation bonds and private enterprise bonds in the Chinese bond market, driven by policy improvements and market mechanisms [1][2][4][6] - In the first three quarters, 75 securities firms acted as main underwriters for technology innovation bonds, with a total issuance amount of 705.18 billion yuan, marking a substantial year-on-year increase [2][5] - The technology innovation bond underwriting business saw a strong growth trend, with a year-on-year increase of nearly 60%, and the total amount underwritten exceeded 700 billion yuan [5][6] Group 2 - The bond market for low-carbon transition is rapidly growing, with 244 transition bonds issued by the end of 2024, totaling 220.8 billion yuan, primarily from high-carbon industries [4] - In the green finance sector, 51 securities firms underwrote 137 green bonds, totaling 109.01 billion yuan, with CITIC Construction leading the underwriting amount at 18.79 billion yuan [3][4] - The support for small and micro enterprises is evident, with 41 securities firms underwriting 50 bonds totaling 20.77 billion yuan, and regulatory bodies enhancing financing channels for private enterprises [7][8]

每经AI快讯，11月25日，中信建投研报表示，AI技术的快速发展对被动元件行业产生深远影响，将快 速拉动高端MLCC、芯片电感、钽电容、封装材料等行业快速发展，同时上游原材料如镍粉、羰基铁 粉、金属软磁粉（芯）、散热材料等行业的快速发展。材料性能决定器件性能，上游原材料领域及上下 游产业配套企业具备优势。 ...

中信建投研报表示，AI技术的快速发展对被动元件行业产生深远影响，将快速拉动高端MLCC、芯片电 感、钽电容、封装材料等行业快速发展，同时上游原材料如镍粉、羰基铁粉、金属软磁粉（芯）、散热 材料等行业的快速发展。材料性能决定器件性能，上游原材料领域及上下游产业配套企业具备优势。 ...