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。 ...

供需形势：我国风力发电行业产能过剩现象较为明显，2024年底全国风电发电机产能已超过200GW， 对应2024年全国新增风电装机近80GW、2025年行业110GW左右装机预期来看，产能过剩。 2023年下半年以来，主机中标均价已经明显趋于平稳，2024年底到2025年5月，主机价格有所上涨，涨 幅约10%，截至2025年5月，陆风不含塔筒均价上涨10%达到1600元以上状态已维持半年以上时间，风 机行业价格拐点明确，预计2025年行业中标均价上涨5%-10%，叠加主机自身降本，该行预计在2026年 主机毛利率有望迎来明显增长，风机行业向上周期开启。 重点推荐主机方向，建议关注：金风科技、运达股份、三一重能、明阳智能 风力发电是利用风能转化为电能的技术，风力发电机组是实现风能向电能转换的核心装置。风电整机上 游为零部件行业，下游为风力发电运营商。目前主流风电整机有三条技术路线：双馈、半直驱、直驱; 陆上风机中，双馈路线受益于成本优势，已占据绝对主导;海上风机以半直驱技术路线为主。 风机行业空间及增速：预计2025-2030年全球风机行业市场空间从3345亿提升至接近6000亿，复合增速 约为12%，考虑到中国 ...

Group 1 - The core point of the article highlights the trading activity and positions in the methanol futures market as of June 16, 2025, indicating a price increase and significant trading volume [1][2] - The main contract for methanol (2509) saw a price change of +3.62% with a trading volume of 2.5936 million lots, and total trading across all contracts reached 3.0957 million lots, an increase of 1.1271 million lots from the previous day [1][3] - The top 20 positions show a net short position with a difference of 52,462 lots, where the long positions increased by 5,268 lots and short positions increased by 5.63 million lots compared to the previous day [1][4] Group 2 - The top three long positions are held by CITIC Futures (88,116 lots), Guotai Junan (73,706 lots), and Dongzheng Futures (62,503 lots), while the top three short positions are held by Guotai Junan (138,891 lots), CITIC Futures (123,006 lots), and Huatai Futures (70,612 lots) [1][3] - The article provides detailed data on the changes in positions for both long and short sides among the top 20 members, indicating significant increases and decreases in holdings for various firms [1][4] - The overall trading volume and position changes reflect a dynamic market environment, with notable shifts in both long and short positions among major players in the methanol futures market [1][3][4]

Core Viewpoint - The current REITs bull market is driven by three main factors: declining risk-free interest rates, increased demand for institutional allocation, and the cyclical advantages of certain assets [1][2]. Group 1: Market Performance - The REITs market has reached a new high, with the CSI REITs total return index hitting 1107.3 as of June 6, 2025, reflecting a year-to-date increase of 14.4%, outperforming global asset classes [2]. - The total market value of C-REITs has surpassed 200 billion, with eight new projects launched this year showing impressive yields, although the subscription rate has decreased due to intensified competition for quality assets [2]. Group 2: Future Outlook - The market is expected to maintain high valuations in the next 1-2 years, with ongoing supply-demand imbalances and policy benefits yet to be fully realized [2]. - C-REITs are projected to evolve through three phases: "expansion initiation - valuation enhancement - equilibrium stabilization," with the market value potentially reaching 400-500 billion and the number of listed REITs exceeding 100 in the next three years [2]. Group 3: Investment Recommendations - The company recommends focusing on primary market offline subscriptions and strategic placements, while secondary market allocations should concentrate on "high-quality domestic demand assets + recovery assets" [3]. - Suggested sectors include policy-driven rental housing, consumer goods, and municipal environmental projects, as well as logistics assets with strong management capabilities and improving occupancy rates [3].

Group 1 - Chinese brokerage stocks collectively rose, with notable increases: Guolian Minsheng up 5.4% to HKD 3.92, Everbright Securities up 4.46% to HKD 8.66, CICC up 3.88% to HKD 16.6, CITIC Securities up 2.86% to HKD 10.08, and Huatai Securities up 2.56% to HKD 15.24 [1] - The recent issuance of the "Opinions on Deepening Reform and Innovation in the Shenzhen Comprehensive Reform Pilot" by the Central Committee and the State Council allows companies in the Guangdong-Hong Kong-Macao Greater Bay Area listed on the Hong Kong Stock Exchange to also list on the Shenzhen Stock Exchange [1] - This policy is expected to enhance the connectivity between the capital markets of mainland China and Hong Kong, increasing trading activity and opening growth opportunities for brokerage investment banking businesses [1] - Current brokerage valuations are at historical lows, and with market recovery and favorable policies, brokerage businesses such as brokerage, investment banking, and capital intermediary services are likely to benefit, leading to further valuation recovery in the brokerage sector [1] Group 2 - The 2025 Lujiazui Forum will be held in Shanghai on June 18-19, where major financial policies are expected to be announced by central financial management departments [2] - It is anticipated that more policies aimed at activating the capital market will be released, focusing on enhancing the quality of listed companies, market activity, and investor returns [2] - The market sentiment is expected to be catalyzed by the policy announcements during the Lujiazui Forum, according to Donghai Securities [2]

Group 1 - The construction sector's performance from Q4 2024 is primarily driven by debt resolution policies, external disturbances, and industry sentiment [1] - Since May, positive developments in US-China negotiations have improved market risk appetite, leading to a spillover of positive sentiment into the construction industry [1] - As of June 10, 2025, the construction sector's PE ratio is 10.73x, at the 58th percentile since 2014, while the PB ratio is 0.73x, at the 7.1st percentile since 2014, indicating a significant decline in profitability [1] Group 2 - Market risk appetite has been volatile, with construction dividend assets likely to benefit from changes in market preferences and policy support [2] - The construction dividend assets are mainly concentrated in eight major construction state-owned enterprises and high-dividend local infrastructure state-owned enterprises, with their profitability linked to operational performance and macroeconomic improvements [2] Group 3 - Fiscal policies have created a soft constraint on infrastructure spending, with a focus on economically developed regions and areas with sufficient investment from special bonds and central enterprises [3] - Since the implementation of debt resolution policies, 4.4 trillion yuan of refinancing special bonds have been issued to address local government debt issues [3] Group 4 - Investment opportunities are identified in low-valuation central state-owned enterprises, including China State Construction, China Railway, and others [4] - Companies benefiting from the Belt and Road Initiative, such as China National Materials, are also highlighted as potential investment targets [4] - High-growth infrastructure companies, including China Nuclear Engineering and others, are recommended for investment consideration [4]

Group 1 - The market shows significant divergence regarding the telecommunications industry, with optimism for the computing power sector until 2026, but concerns over AI applications and capital expenditure slowing down [1] - The report suggests that while short-term divergences may persist, there is no evidence to support that concerns will materialize, indicating a need for selective investment in the computing power sector [1] - Telecommunications operators are considered stable and high-quality dividend assets, with a recommendation to focus on H-shares over A-shares due to better dividend yields and valuations [1] Group 2 - The computing power infrastructure sector remains strong, with a positive long-term outlook despite the absence of blockbuster applications, suggesting a focus on high-quality North American companies [2] - Specific companies in the optical module and CPO segments are recommended for investment, including names like NewEase, Zhongji Xuchuang, and Tianfu Communication [2] - Attention is drawn to the military communication, controller, IoT, and submarine cable sectors, which are expected to see marginal changes and growth opportunities due to evolving international dynamics and military needs [3] Group 3 - The military demand is expected to remain rigid as China aims to achieve its military goals by 2027, with potential recovery in military-related industries [3] - Companies involved in smart controllers and IoT modules are actively entering new markets, which may lead to new growth opportunities [3] - The offshore wind power sector is anticipated to recover, with improvements in deep-sea technology providing new development opportunities for submarine cables and marine communication systems [3]

Core Insights - The global smart sensor market is approximately $52 billion, with an annual growth rate of around 10%. The rise of embodied intelligence, represented by humanoid robots, is expected to drive a surge in the sensor market [1][2]. Sensor Market Overview - Sensors are devices that convert external signals into electrical signals, and they are considered one of the three pillars of modern information technology alongside communication and computing [2]. - The sensor market in China is about 164 billion yuan, with an annual growth rate exceeding 15% [2]. Visual Sensors - Visual sensors are crucial for perceiving and understanding the surrounding world, contributing approximately 70% of sensory information. The market for 3D visual sensors in humanoid robots is projected to reach around 20 billion yuan by 2030 [3]. - Companies to watch include Orbbec, SUTENG, Lingyun Optics, and Opto [3]. Tactile Sensors - Tactile sensors, which simulate skin functions, are increasingly used in dexterous hands and are vital for humanoid robots to perceive their environment. The market for tactile sensors in humanoid robots is expected to reach 10.5 billion yuan by 2030 [4]. - Key players include Hanwei Technology [4]. Force/Torque Sensors - Force/torque sensors are essential for maintaining stable positions and high repeatability in industrial applications. The demand for force sensors in humanoid robots is anticipated to reach 58.5 billion yuan by 2030 [5]. - Companies to consider include Koli Sensor and Donghua Testing [5]. Attitude Sensors - Attitude sensors measure the direction or angular position of objects in three-dimensional space, with MEMS inertial sensors being the mainstream technology. The global MEMS inertial sensor market is expected to exceed 30 billion yuan by 2025 [6]. - Companies to focus on include Huayi Technology [6]. Position Sensors - Position sensors, specifically encoders, are used in robotic joints for motion control. The domestic encoder market is valued at 2-3 billion yuan, with significant potential for growth in the robotics sector [7]. - Notable companies include Inovance Technology, Aopu Optoelectronics, and Leadshine [7].

Group 1: Consumer Trends - The demand side is expected to see weak consumption sentiment in 2024, with internal structural differentiation [1] - Investment opportunities in consumption are shifting from total volume to structure and even individual stocks, highlighting the emergence of new consumer groups and changing consumption psychology [1] - Companies can leverage social media for viral marketing effects, enhancing the spread and creating growth loops [1] Group 2: Gold and Jewelry Industry - The gold and jewelry industry is transitioning from a channel-driven era to a brand and product-driven era, influenced by innovations in craftsmanship and the rise of domestic brands [2] - Lao Pu Gold, as a pioneer in traditional gold, integrates cultural elements with modern aesthetics, benefiting from the rationalization of high-end consumption [2] Group 3: IP Toys - Demand for emotional value is driving the rise of IP-based cultural and toy consumption, particularly in character-based products [2] - Briklo adopts a standardized approach to create figurines, achieving high standardization and competitive pricing, leading to significant growth [2] Group 4: Medical Aesthetics - The medical aesthetics industry is characterized by high barriers and is driven by product and regulatory innovations, transitioning from hyaluronic acid to regenerative and collagen materials [3] - Jinbo Biotechnology, a key player in the collagen market, has seen growth following the approval of its recombinant collagen injection products, with a favorable competitive landscape [3] Group 5: New Tobacco Products - Innovations in new tobacco products are rapidly replacing traditional tobacco, driven by advancements in supply-side technologies [4] - Philip Morris International, as a pioneer in heated tobacco products, has seen significant user growth, with 32.2 million users expected by the end of 2024 [4]