Group 1 - The core viewpoint emphasizes the need to accelerate the construction of a unified domestic market in China, focusing on addressing consumption and income issues [1] - The company suggests increasing policy efforts on "investing in people" to enhance human capital [1] - It is important to maintain confidence and leverage policy space advantages effectively [1] Group 2 - In terms of asset allocation, the recommendation is to continue using dividend assets as the core holding [1] - The company advises actively exploring new sectors, particularly in new consumption, humanoid robots, artificial intelligence, and innovative pharmaceuticals [1]

Group 1: AI Industry - The AI industry has become a core focus for both China and the US, with accelerated implementation of AI technologies [2] - Domestic models have entered the global first tier, driven by high demand for reasoning models and multi-modal technologies [2] - AI revenue share for industry chain companies is expected to gradually increase due to the rising demand for tokens [2] Group 2: Cross-Border Payment - The cross-border payment industry is expected to experience a comprehensive acceleration due to the combination of supply-side clearing and demand-side warming [3] - New technologies and market scenarios are likely to open up growth opportunities in the payment industry [3] - The development of alternative payment systems like CIPS and currency bridges is anticipated to grow rapidly, benefiting third-party payment and bank IT-related companies [3] Group 3: Autonomous Driving and Domestic Production - Strong policy support for domestic production and intelligent driving is driving the acceleration of these emerging sectors [4] - The opening of road and airspace rights is facilitating the automation and intelligent reconstruction of industries like logistics [4] - The domestic production sector is expected to recover after a slowdown, supported by national policies and the need for supply chain security [4]

Core Viewpoint - The home appliance sector is expected to underperform the CSI 300 index in the first half of 2025 due to tariff increases, fluctuations in the trade-in policy, and high base expectations for the second half of the year [1][2]. Group 1: Home Appliance Sector Overview - As of June 13, 2025, the home appliance sector has seen a year-to-date decline of 3.16%, underperforming the CSI 300 index by 1.37 percentage points [2]. - Key stocks showing positive performance include motorcycle and black appliance companies, such as Taotao Industry, Chunfeng Power, Ninebot, TCL Electronics, and others [2]. Group 2: White Appliance Sector - Demand differentiation between peak and off-peak seasons has increased, with a rapid recovery in Q2 2025 [3]. - China's dominance in global white appliance production remains intact, with short-term external shocks unlikely to alter long-term export growth trends [3]. - Adjustments in local subsidy policies aim to address previous imbalances and funding issues, with limited impact on annual sales expected [3]. - Emerging markets are showing stable economic growth, providing continuous incremental market opportunities for white appliance exports [3]. Group 3: Black Appliance Sector - Domestic and international demand remains robust, with significant structural upgrades towards large-size and MiniLED products [4]. - National subsidies are expected to continue driving domestic demand growth, with rapid increases in MiniLED penetration [4]. - Companies like Hisense and TCL are enhancing their overseas production capabilities, leading to expected growth in shipments and increased market share in the high-end segment [4]. Group 4: Cleaning Appliance Sector - The cleaning appliance category, particularly robotic vacuum cleaners, is benefiting significantly from national subsidies, with high growth expected in 2025 [5]. - The overseas market remains in a favorable cycle, with leading companies expanding their market share [5]. - The shift in consumer perception from optional to essential for cleaning appliances indicates substantial long-term growth potential in the domestic market [5]. Group 5: Investment Opportunities - Investment opportunities in 2025 are primarily focused on the stability of the white appliance industry and the profit improvement potential in black appliances and robotic vacuum cleaners [6].

Group 1 - The core viewpoint is that the capital market ecosystem in China is continuously optimizing, enhancing the attractiveness of Chinese assets amid a rapidly changing global political and economic landscape [1] - The current era is characterized by unprecedented challenges and opportunities, with significant transformations occurring in the capital market [1] - Following the introduction of the new "National Nine Articles," the Chinese capital market is shifting from a financing market to an investment and wealth management market [1] Group 2 - Long-term funds are establishing a "patient irrigation" system, with pension funds and insurance capital increasingly allocating to innovative assets [1] - A virtuous cycle is being constructed among capital, technology, and industry, indicating a fundamental restructuring of the capital market ecosystem [1]

Key Points - The National Medical Products Administration plans to complete the review and approval of clinical trial applications for innovative drugs that meet requirements within 30 working days [4] - The U.S. and U.K. have reached a trade agreement, which includes a quota of 100,000 vehicles per year for U.S. imports from the U.K. with a 10% tariff rate [6] - The U.S. President Trump announced a temporary suspension of sanctions against Russia to facilitate negotiations [6] - The industrial added value in China increased by 5.8% year-on-year in May, while the retail sales of consumer goods reached 41,326 billion yuan, growing by 6.4% year-on-year [4] Company News - GAC Group denied rumors regarding employee stock ownership related to GAC Aion [9] - Midea Group plans to repurchase shares worth between 5 billion to 10 billion yuan [9] - Chongqing Steel signed an asset transfer contract worth 1.081 billion yuan with Chongqing Iron and Steel Group [9] - Muyuan Foods has submitted H-share filing materials to the China Securities Regulatory Commission [9] - Weir Group's stock name will change to "Haowei Group" starting June 20 [9] - LaKala is planning to issue H-shares and list on the Hong Kong Stock Exchange [9] - China Bank's Vice President Zhang Xiaodong has left due to job relocation [9] Industry Insights - CITIC Securities has received approval to issue up to 6 billion yuan in technology innovation bonds [10] - Huatai Securities has received registration approval from the CSRC for issuing up to 10 billion yuan in technology innovation corporate bonds [10] - Huatai Securities is optimistic about the home appliance sector, highlighting the strong demand for core assets and the potential for overseas market expansion [11] - CITIC Securities predicts a price increase of 5%-10% in the wind turbine sector by 2025, indicating a new profit recovery cycle for the industry [12]

中信建投｜稳定币的本质 20250616 摘要 信用货币体系通过银行信贷扩张增加货币供应，克服了黄金供给的限制， 适应了经济增长，但也可能导致不良贷款和过度定价等问题。 现代信用货币体系的优点是克服了通缩压力，适应了财富增长，缺点是 交易透明度差、便利性不足以及票据容易贬值，跨境支付复杂。 数字货币兴起是为了应对中心化信用货币体系的缺陷，通过技术增信提 高透明度和信任度，但比特币等数字货币的局限性使其难以成为真正的 交易媒介。 稳定币旨在结合数字货币的技术优势，通过挂钩法定货币或黄金来实现 价格稳定，从而更适合成为一种广泛接受的交易载体。 稳定币在跨境交易中具有显著优势，能够享受法币的币值稳定，同时提 供数字货币的支付便利性和隐私性，降低支付成本。 美国监管机构推动稳定币的发展，旨在满足市场对数字货币便利性的需 求，同时保持金融系统的整体稳定，缓解去美元化的趋势。 稳定币发展的难点在于保持币值的稳定性，需要确保发行方购买等量且 可随时兑现的美元资产，并通过严格的信息披露和资产流动性监管来增 强市场信任。 Q&A 什么是货币的本质？ 货币的本质可以从多个角度来理解。教科书通常会告诉我们，货币具有价值尺 度、储藏 ...

Group 1 - The event hosted by Gaoke Think Tank and CITIC Securities in Beijing successfully showcased the third batch of "New Quality Productive Value 100 Enterprises," highlighting companies such as Beijing Weidian Science and Technology Co., Ltd. and Chengdu Fuhai Medical Technology Co., Ltd. [2] - The event attracted nearly 40 executives and investment experts from leading institutions, including Gujia Value Research Institute and Kylin Capital, facilitating interaction between financial institutions and the presenting companies [2] - The "Value 100 Enterprises" initiative is a collaborative investment data service product developed by Gaoke Think Tank and domestic media institutions, supported by various renowned organizations and experts [3] Group 2 - The selection of "Value 100 Enterprises" was based on the State-owned Assets Supervision and Administration Commission's "One Benefit and Five Rates" assessment system, as well as the Ministry of Industry and Information Technology's standards for specialized and innovative enterprises [3] - The participating companies in the roadshow demonstrated significant value creation capabilities, with many engaged in AI applications and achieving annual revenues exceeding ten million [3] - A strategic cooperation agreement was signed between China Industrial News Agency and CITIC Securities, with Gaoke Think Tank committed to supporting the projects outlined in this agreement [4]

近日，中信建投证券股份有限公司（以下简称公司）收到中国人民银行《准 予行政许可决定书》（银许准予决字〔2025〕第 74 号）。根据《准予行政许可 决定书》，中国人民银行同意公司在全国银行间债券市场发行不超过 60 亿元人 民币的科技创新债券，专项用于支持科技创新领域投融资，行政许可有效期为 2025 年 6 月 11 日至 2027 年 6 月 10 日，公司在有效期内可自主选择分期发行时 间。 公司将按照有关法律法规、《准予行政许可决定书》要求及公司股东大会关 于发行债务融资工具的相关授权办理本次科技创新债券发行的具体事宜，并及时 履行信息披露义务。 证券代码：601066 证券简称：中信建投 公告编号：临 2025-031 号 中信建投证券股份有限公司 关于发行科技创新债券 获得中国人民银行行政许可的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 特此公告。 中信建投证券股份有限公司董事会 2025 年 6 月 16 日 1 / 1 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6066） 海外監管公告 本 公 告 乃 中 信 建 投 証 券 股 份 有 限 公 司（「本公司」）根 據 香 港 聯 合 交 易 所 有 限公司證券上市規則第13.10B條 而 作 出。 茲 載 列 本 公 司 於 上 海 證 券 交 易 所 網 站 刊 發 之《中 信 建 投 証 券 股 份 有 限 公 司 關 於 發 行 科 技 創 新 債 券 獲 得 中 國 人 民 銀 行 行 政 許 可 的 公 告》，僅 供 參 閱。 承董事會命 中信建投証券股份有限公司 董事長 劉 成 证券代码：601066 证券简称：中信建投 公告编号：临 2025-031 号 中信建投证券股份有限公司 中國北京 2025年6月16日 於 本 公 告 日 期，本 公 司 執 行 董 事 為 劉 成 ...

中信建投：发行不超过60亿元科技创新债券获得中国人民银行行政许可 智通财经6月16日电，中信建投公告，中国人民银行同意公司在全国银行间债券市场发行不超过60亿元 人民币的科技创新债券，专项用于支持科技创新领域投融资，行政许可有效期为2025年6月11日至2027 年6月10日，公司在有效期内可自主选择分期发行时间。 ...