格隆汇9月17日｜中信建投财富管理公众号发文称，很多普通投资者参与牛市的过程是这样的：早期不 信、中期不敢、末期不怕。通过倒金字塔加仓，最终在牛市中亏大钱。 为什么说当前处于牛市中期而 不是末期，牛市末期有哪些特征呢？第一，牛市末期的核心特征就是贵！而且是大部分股票都较贵，主 线风格股票非常贵。2015年牛市最高点全A市盈率32倍，市净率3.60倍。当前全A市盈率22倍，市净率 1.79倍……这肯定不算便宜，但也不算最疯狂。从债券资产收益率来看，上一轮牛市高点，10年期国债 的收益率还有3.5%，而当前这个数不足1.8%。 牛市末期的特征二是疯狂。牛市在"绝望中诞生，犹豫中 发展，乐观中成熟，疯狂中灭亡"。 牛市发展到末期，就是乐观情绪+增量资金驱动，没人看基本面。 今年市场只有少数股票大幅上涨，多数股票涨幅不大，市场风格多变，导致赚钱效应不显著，乐观情绪 没有扩散…… 牛市末期的特征三是投融资活跃。当市场进入牛市末期的时候，上市公司会有较强的股 权融资渴望，股东会有较高的减持渴望，监管更倾向于使IPO和再融资常态化，因为可以适度让市场降 温且更好服务实体经济。目前来看，上述现象并不显著。本轮牛市底层是中美共 ...

Group 1 - The company, CITIC Construction Investment Securities, announced the issuance of short-term corporate bonds aimed at professional investors, with the second phase set to begin on September 29, 2025 [1] - The bond has a nominal interest rate of 1.54%, with a principal repayment of 1,000 yuan per bond and an interest distribution of 2.742 yuan (tax included) [1] - The bond registration date is September 26, 2025, and the principal and interest payment date is September 29, 2025 [1]

（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 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。 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2025年 面 向 專 業 投 資 者 公 開 發 行 短 期 公 司 債 券（第 二 期）（品 種 二）2025年 本 息 兌 付 及 摘 牌 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 中國北京 2025年9月17日 於 本 公 告 日 期，本 公 司 執 行 董 事 為 劉 成 先 生 及 金 劍 華 先 生；本 公 司 非 執 ...

Core Viewpoint - Xinhua Insurance reported a year-on-year increase of 33.5% in net profit attributable to shareholders, reaching 14.799 billion yuan, with a significant growth in new business value (NBV) of 58.4% [1] Financial Performance - The annualized comprehensive and total investment return rates decreased by 0.2 percentage points and increased by 1.1 percentage points, respectively, to 6.3% and 5.9% [1] - The company achieved strong growth in individual insurance and bancassurance channels, contributing to the 58.4% increase in NBV [1] Asset and Liability Management - The company demonstrated significant performance elasticity on the asset side, with a high allocation ratio of 20.3% to public equity assets as of mid-year, including a 15.9% allocation measured at FVTPL [1] - On the liability side, the company is advancing its strategic transformation, expecting continuous improvement in the productivity of the individual insurance team and further value contribution from the bancassurance channel [1] Valuation and Future Outlook - As of September 12, the company's 2025 PEV is 0.67 times, with projected NBV growth rates of 49.0%, 14.8%, and 14.8% for 2025, 2026, and 2027, respectively [1] - The target price for the next 12 months is set at 71.11 yuan, maintaining a "buy" rating [1]

Core Insights - The successful conclusion of the "Language New Force - Workplace Communication and Charismatic Expression Training Class" was held on September 16 at the headquarters of CITIC Construction Investment Futures [1] - The event showcased the learning outcomes and team creativity of participants from the headquarters and the Chongqing branch through various language programs [3] Group 1 - The training class included diverse performances such as recitations, speeches, and dramas, with a collective recitation titled "One Day" paying tribute to the 80th anniversary of the victory in the War of Resistance, deeply moving the audience [3] - This event not only served as a report on the training class's achievements but also demonstrated the company's commitment to promoting Chinese financial culture and the culture of the futures industry [3] - The training combined professional expression with cultural literacy, enhancing employees' comprehensive abilities while promoting the core values of compliance, integrity, professionalism, stability, and responsibility within the industry [3] Group 2 - CITIC Construction Investment Futures adheres to the "Employee First" philosophy, providing various training and cultural activities to create growth platforms and stimulate organizational vitality [3] - The company plans to continue organizing diverse and rich cultural activities to empower employees' comprehensive development and foster a positive, collaborative team atmosphere [3] - The initiatives aim to fully showcase the good spirit and professional qualities of the company's employees [3]

Group 1 - The core viewpoint is that the global landscape is changing, and there are four main lines to grasp these changes: international currency, asset prices, modern industries, and trade markets, all closely related to the rise of Asia represented by China [1] - The capital market changes are characterized by the rise of A-shares and Hong Kong stocks, driven by the "four bulls" which include capital inflow, technological innovation, institutional reform, and consumption upgrade [1]

人民财讯9月17日电，9月17日，中信建投证券2025年全球投资者大会在香港举行。中信建投证券董事长 刘成在致辞中指出，面向未来，香港通过强化内地与全球的链接，巩固和增强"超级联系人"和"超级增 值人"的独特角色定位，仍然有着巨大的潜力可以挖掘。相信这种独特的优势和作用是难以复制的，香 港金融市场的地位和作用必将在新的形势下进一步强化。 转自：证券时报 ...

中信建投2025年全球投资者大会于香港召开。中信建投董事长刘成首次出席大会发表致辞，分享三 个"大有可为"。一是香港金融市场大有可为。香港作为全球金融中心的定位不仅不可取代，并且在新的 形势下得到巩固和深化。二是中资券商在香港大有可为。中资券商在香港市场已从"参与者"成长为"主 力军"，从助力中概股回流、支持港股IPO，到服务"中资出海"企业的全球化布局。三是中信建投"出 海"大有可为，将以国际化布局作为重要战略方向，积极做大做强香港业务，谋深谋实国际化布局。 ...

Group 1 - The core viewpoint of the news is that Longxin General has seen a significant increase in its stock price, with a rise of 5.01% to 12.78 CNY per share, and a total market capitalization of 26.244 billion CNY [1] - Longxin General Power Co., Ltd. is based in Chongqing and was established on June 8, 2007, with its main business involving motorcycles, engines, and general machinery [1] - The revenue composition of Longxin General includes motorcycles and engines at 74.58%, general machinery products at 22.41%, high-end components at 1.26%, large commercial generator sets at 1.03%, and others at 0.72% [1] Group 2 - Citic Securities Fund has a significant holding in Longxin General, with its top fund, Citic Securities Zhiyuan Mixed A, reducing its holdings by 23,600 shares in the second quarter, now holding 124,000 shares, which accounts for 2.75% of the fund's net value [2] - The fund has achieved a year-to-date return of 31.69% and a one-year return of 50.59%, ranking 2548 out of 8172 and 3160 out of 7980 respectively [2] - The fund manager, Ai Chong, has a tenure of 7 years and 329 days, with the best fund return during this period being 85.19% [3]

责任编辑：石秀珍 SF183 专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 MACD金叉信号形成，这些股涨势不错！ ...