立足于内：稳住国内根基，拥抱创新与整合。①政策展望：改革进入深水区，高质量增长成为常态。 2025年下半年我们重点关注的是药品和耗材集采政策优化、多元化支付及医疗服务价格改革。②制药产 业链：集采优化、积极创新转型，关注供应链安全。③器械：看好进口替代和并购整合机会，积极关注 AI和脑机接口等新技术方向。④关注中药、药店、流通、医疗服务及疫苗等行业经营触底回升节奏及 长期转型升级方向。 开拓于外：把握节奏与路径，积极开拓海外市场。①创新药：中国创新闪耀国际舞台，产业趋势持续强 化。②制药上游及生命科学：积极开拓海外市场，寻求第二增长曲线。③原料药：关税扰动短期有限， 关注行业转型机遇。④器械国际化：坚定看好出海趋势，关注部分创新器械自主销售和BD机会。⑤血 制品出海：静丙赋予血制品出海契机，血制品海外注册持续推进。⑥疫苗出海：模式趋于多元，进度有 望加速。 全球视角：外部挑战加剧，中国医药产业竞争力持续提升。从国际比较优势看，中国具备人口与内需优 势、制造与供应链优势，同时创新能力快速提升，中国资产出海数量也持续提升。美国在创新与早期研 发方面优势明显，同时具有高定价的内需市场。虽然外部挑战加大，但海外市场仍 ...

Core Viewpoint - The current market is in a "three-phase overlap" characterized by a mid-bull market consolidation period, a critical phase for verifying economic conditions, and a performance policy gap, leading to increased market volatility and year-end profit-taking by investors [1][2]. Market Environment - Recent overseas disturbances have affected market liquidity expectations, with fluctuating predictions regarding the Federal Reserve's interest rate decisions for December [1][3]. - The strong performance of Nvidia's earnings report has been overshadowed by concerns over the sustainability of AI spending, impacting investor sentiment in the A-share market [1][4]. Investment Strategy - The long-term slow bull market trend remains unchanged, while short-term strategies should focus on opportunistic positioning, particularly in anticipation of the Federal Reserve's meeting and the Central Economic Work Conference in mid-December [1][5]. - Investors are advised to monitor support levels at the 60-day and half-year moving averages, as well as market volume conditions during potential adjustments [1][5]. Sector Focus - Key sectors to watch include banking, oil and petrochemicals, steel, agriculture, lithium batteries, and new materials, reflecting areas of potential growth and stability [1][5].

Core Viewpoint - The current market is in a "three-phase overlap," characterized by a mid-bull market consolidation period, a critical phase for verifying economic conditions, and a performance policy gap, leading to increased market volatility and year-end profit-taking by investors [1] Market Environment - Recent overseas disturbances have affected the market, with fluctuating expectations for a Federal Reserve rate cut in December impacting global liquidity [1] - Nvidia's earnings report exceeded expectations but caused significant stock price volatility, raising concerns about the sustainability of AI spending, which has affected investor sentiment in the A-share market [1] Long-term Outlook - The long-term slow bull market structure remains unchanged, suggesting a focus on strategic positioning in the short term while awaiting the outcomes of the Federal Reserve's monetary policy meeting and the Central Economic Work Conference in mid-December [1] Investment Strategy - During the interim period, if sufficient market adjustments occur, there may be opportunities for increased positions and accumulation [1] - Key support levels to monitor include the 60-day moving average and the half-year moving average, along with market volume conditions [1] Sector Focus - Industries to pay attention to include banking, oil and petrochemicals, steel, agriculture, animal husbandry, lithium batteries, and new materials [1]

Core Viewpoint - The current market is in a "three-phase overlap" characterized by a mid-bull market consolidation period, a critical phase for verifying economic conditions, and a performance policy gap, leading to increased market volatility and year-end profit-taking by investors [1] Market Environment - Recent overseas disturbances have impacted the market, with fluctuating expectations for a Federal Reserve rate cut in December affecting global liquidity [1] - Nvidia's earnings report exceeded expectations, but its stock experienced significant volatility due to investor concerns about the sustainability of AI spending, which has also affected sentiment in the A-share market [1] Long-term and Short-term Strategies - Long-term factors supporting a slow bull market remain unchanged; however, short-term strategies should focus on opportunistic positioning [1] - Investors are advised to wait for the Federal Reserve's monetary policy meeting and the Central Economic Work Conference in mid-December before making significant moves [1] - If market adjustments are sufficient, there may be opportunities to increase positions, with attention to the support levels of the 60-day and half-year moving averages and market volume conditions [1] Industry Focus - Key industries to watch include banking, oil and petrochemicals, steel, agriculture, forestry, animal husbandry, lithium batteries, and new materials [1]

Core Viewpoint - The market is focused on the expected development trends for 2026, with a consensus emerging that A-shares present structural opportunities and that the macroeconomic environment will continue to show signs of recovery [1][2]. Group 1: Economic Outlook - Major securities firms predict China's economic growth for 2026 will be in the range of 4.9% to 5.0%, with a "front low, back high" growth pattern expected [3]. - The overall judgment from economists is that the macroeconomic environment will be "stable and improving, with structural optimization" [2][3]. - Export resilience and ongoing industrial upgrades are viewed as key supports for the macroeconomy, with expectations of strong export performance in 2026 [2]. Group 2: Policy and Structural Changes - The core direction for policy in 2026 will focus on structural optimization and a balanced approach to supply and demand [3]. - There is an expectation of moderate expansion in fiscal policy, which will support the conclusion of the deleveraging cycle [2][3]. - The need to address weak domestic demand remains a critical issue for 2026, with price stability being essential for growth [4]. Group 3: Investment Themes - The investment focus for A-shares in 2026 is expected to shift from being driven by sentiment, funds, and valuation to being driven by performance verification [5]. - Key areas of interest include technology growth, external demand breakthroughs, and cyclical recovery [5][6]. - The AI revolution is entering a critical application phase, which is anticipated to support the performance of Chinese assets [6]. Group 4: Sectoral Insights - Three main structural themes for 2026 include recovery trades in cyclical sectors, technology industry trends particularly in AI, and the enhancement of manufacturing influence [6][7]. - The potential for Chinese companies to improve their position in the global value chain is highlighted, with a focus on upgrading traditional manufacturing and expanding global presence [7].

证券日报网讯 11月21日晚间，四川黄金发布公告称，四川黄金股份有限公司（以下简称"公司"）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《关于变更四川黄金股份有限公司 首次公开发行股票并上市项目持续督导保荐代表人的函》，获悉公司持续督导的保荐代表人发生变更。 中信建投证券作为公司首次公开发行股票并上市的保荐人，原指派邱宇先生和张钟伟先生担任保荐代表 人负责保荐工作及持续督导工作，持续督导期至2025年12月31日止。现因邱宇先生工作调整，不再担任 公司持续督导的保荐代表人，为保证持续督导工作的有序进行，中信建投证券决定委派盖甦女士接替邱 宇先生，担任公司持续督导的保荐代表人，继续履行对公司的持续督导责任。 （编辑 姚尧） ...

中信建投（601066）证券(06066)发布公告，根据《中华人民共和国公司法》《上市公司治理准则》 《证券公司治理准则》等法律法规及《中信建投证券股份有限公司章程》(以下简称公司章程)的要求， 中信建投证券股份有限公司(以下简称公司)于2025年11月21日召开第三届职工代表大会第五次全体会 议，选举戴波先生为公司职工代表董事。 ...

本届监事会成员林煊、董洪福、李放、王晓光、赵明和戴波自2025年11月21日起不再担任公司监事，林 煊亦不再担任监事会主席。经上述监事确认，其与公司董事会无不同意见，亦无任何相关事项需要通知 公司股东及债权人。 格隆汇11月21日丨中信建投证券(06066.HK)公告，2025年11月21日，中信建投证券股份有限公司2025年 第四次临时股东大会(以下简称本次股东大会)审议通过《关于不再设置监事会及相关事项的议案》。自 该议案经股东大会审议通过之日起，公司将不再设置监事会，原监事会法定职权由董事会审计委员会行 使，《中信建投证券股份有限公司监事会议事规则》同步废止。 ...

智通财经APP讯，中信建投证券(06066)发布公告，根据《中华人民共和国公司法》《上市公司治理准 则》《证券公司治理准则》等法律法规及《中信建投证券股份有限公司章程》(以下简称公司章程)的要 求，中信建投证券股份有限公司(以下简称公司)于2025年11月21日召开第三届职工代表大会第五次全体 会议，选举戴波先生为公司职工代表董事。 ...

格隆汇11月21日丨中信建投证券(06066.HK)公告，根据《中华人民共和国公司法》《上市公司治理准 则》《证券公司治理准则》等法律法规及《中信建投证券股份有限公司章程》(以下简称公司章程)的要 求，中信建投证券股份有限公司于2025年11月21日召开第三届职工代表大会第五次全体会议，选举戴波 为公司职工代表董事。戴波符合法律法规及公司股票上市地证券交易所上市规则对上市证券公司董事的 任职条件，与公司主要股东不存在简历所述之外的关联关系，未持有公司股份，不存在曾受证券监管机 构、政府主管部门处罚及证券交易所惩戒的情形。戴波自2025年11月21日起履职，任期至公司第三届董 事会任期结束之日止。戴波先生的薪酬将按照其适用的公司薪酬管理制度予以确定。 ...