Core Viewpoint - The CXO industry in China is entering an adjustment phase due to a cooling in pharmaceutical market investments and the high base effect from COVID-related orders, with performance under pressure in 2023-2024 [1] Group 1: Industry Trends - The overseas market demand is expected to show signs of recovery starting at the end of 2023, leading to a rebound in overseas orders for leading domestic companies in 2024 [1] - Many innovative drug assets in China have entered late-stage clinical trials, with clinical data increasingly validated, indicating a clear trend towards internationalization [1] Group 2: Financial Opportunities - The confirmation of various upfront payments and potential milestone payments is becoming an important source of funding for domestic innovative pharmaceutical companies [1] - The active Hong Kong stock market in the first half of this year and the reopening of listing channels for unprofitable companies on the Sci-Tech Innovation Board are expected to further boost domestic demand [1]

中信建投研报表示，展望后市，短期看，下周可略偏多一些，过往经验显示，债市大跌后由于情绪偏弱 导致的二轮调整一般在5个交易日左右，此外我们跟踪的情绪指标（债基久期变动速度、农商行、保险 净买入长债规模）均超过做空拥挤度阈值，这意味着短期内债市可能迎来阶段性修复。中期看，二轮调 整后债市或对商品价格、股市等上涨边际钝化，后续或进入交易逻辑混沌的窄幅波动期，建议保持中性 态度波段操作。未来债市变盘的因素关注中美贸易冲突，虽然中美对等关税再度展期90天，但随着美国 与其他国家关税大多完成谈判落地，此前市场更多押注中美"蜜月期"的逻辑可能反转，但需保持耐心等 待观察。 ...

智通财经APP获悉，中信建投发布研报称，为实现物流分拣作业，泛人形机器人(非完全人形)需要具备 多模态感知和端到端大模型能力。当前硬件端泛人形机器人已经达到物流场景商业化的门槛，但国产具 身模型端距离真正落地仍有一定提升空间。从经济性来看，在2年收回成本的假设下，泛人形机器人的 投入产出比与分拣工人已经持平。今年下半年泛人形机器人在物流场景会逐步从demo场景转向交付客 户试用，等客户验证后明年有望迎来爆发增长。 中信建投主要观点如下： 为实现物流分拣作业，泛人形机器人(非完全人形)需要具备多模态感知和端到端大模型能力。物流分拣 动作主要分为包裹检测、抓取与翻转、条码识别、路径规划、投递归位等步骤，需要人形机器人具备多 模态感知能力(视觉、触觉、力觉等)和自主决策的端到端大模型能力。 风险提示 1、市场竞争加剧风险：当前人形机器人本体厂数量较多，倘若后续新加进入玩家持续增加，将进一步 加剧竞争，或对相关公司盈利能力造成影响。 2、硬件降本不及预期风险：当前人形机器人硬件技术未收敛，若后续技术变动较大或行业硬件降本不 及预期，将对人形机器人应用落地进度造成较大影响。 经济性方面，现阶段分拣场景泛人形机器人替代工 ...

Core Viewpoint - The current slow bull market began on June 23, characterized by structural prosperity as the main driving force, limited short-term capital inflow due to internal and external uncertainties, a clear but steady bullish direction, and stronger performance in the first half of the week compared to the latter half [1][2]. Market Characteristics - Structural prosperity is the primary driving force of the market, with significant performance recovery in specific sectors despite overall weak earnings recovery in the A-share market [2]. - Internal and external uncertainties are restricting rapid short-term capital inflow, with macroeconomic expectations affected by "gray rhino" events [2]. - The market has a clear bullish direction but maintains a steady rhythm, with the first half of the week performing better than the second half [1][2]. Future Market Evolution - The market may continue its slow bull pattern, with two possible scenarios: a market adjustment that slows the upward pace, allowing the slow bull pattern to persist, or an accelerated market peak due to overheating or deteriorating trading structure, leading to a significant correction [1][2]. Industry Allocation - The dividend sector is recommended as a base due to its high dividend characteristics in a low-interest-rate environment, while new sectors can be expanded upon with event catalysts and positive mid-term earnings forecasts [3]. - Key sectors to focus on include dividends, liquid cooling servers, AI, innovative pharmaceuticals, humanoid robots, beauty care, electronics, non-banking financials, non-ferrous metals, and military industry [3].

科技、医药等主题基金成为投顾旗下组合的热门加仓品种，部分组合还通过增配港股、量化产品等方 式，进一步增强业绩弹性。 组合进攻性增强 让组合更具成长性，是多家投顾组合近期调仓的重要思路。比如，富国双子星股债均衡在8月1日的调仓 理由中明确提到"权益部分增加成长基金配比"。具体来看，该组合加仓了金鹰科技创新股票C、富国新 兴产业股票C等多只成长风格较强的基金。此外，富国满天星追求收益在8月4日的调仓理由中表示，本 次调仓小幅增加了组合的弹性和锐度，中信建投轮换混合C、金鹰科技创新股票C等产品获得加仓。嘉 实财富权益甄选在近期的调仓计划中表示，预计市场维持结构性震荡行情，组合在风格均衡的基础上， 小幅增加了相对低位的成长方向。 仓位变动也能显示组合的进攻性变化，这些投顾组合近期普遍提升了权益投资仓位，减少了固收配置仓 位。例如，易方达股债平衡自7月以来两次调仓，7月9日将股票型基金持仓占比提升至52%，8月14日再 次将股票型基金持仓占比提升至55.3%。南方股债平衡蓝筹也在7月底将股票型基金仓位从41.24%提升 到47%，与此同时将固收型基金仓位降低至35%。景顺长城攻守全明星组合表示，随着外部扰动因素的 不确 ...

中信建投证券股份有限公司 关于苏州华之杰电讯股份有限公司 （天健验〔2025〕 使用自有资金及银行承兑汇票等方式支付募投项目 部分款项并以募集资金等额置换的核查意见 中信建投证券股份有限公司（以下简称"中信建投"、"保荐人"）作为苏州 华之杰电讯股份有限公司（简称"华之杰"、"公司"）首次公开发行股票并在主 板上市的保荐人，根据《证券发行上市保荐业务管理办法》《上市公司募集资金 监管规则》 《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管 指引第 1 号——规范运作》等有关法律法规和规范性文件的规定，对华之杰使用 自有资金及银行承兑汇票等方式支付募投项目部分款项并以募集资金等额置换 的事项进行了审慎核查，具体情况如下： 一、募集资金基本情况 中国证券监督管理委员会于 2025 年 4 月 9 日出具《关于同意苏州华之杰电 讯股份有限公司首次公开发行股票注册的批复》 （证监许可〔2025〕761 号），同 意公司向社会公众发行股票的注册申请。公司已向社会公众发行人民币普通股 （A 股）25,000,000 股，每股发行价格人民币 19.88 元，募集资金总额人民币 集资金净额为 444,164, ...

Core Points - The stock price of CITIC Securities (601066) closed at 27.23 yuan on August 15, 2025, up 6.24% from the previous week's 25.63 yuan [1] - The company's total market capitalization is 211.215 billion yuan, ranking 4th in the securities sector and 59th among all A-shares [1] Company Announcements - CITIC Securities' board of directors will hold a meeting on August 28, 2025, to review and approve the interim results for the six months ending June 30, 2025 [2] - The company announced a cash dividend of 0.165 yuan per share (tax included) for the 2024 fiscal year, with the record date on August 20, 2025, and the payment date on August 21, 2025. The total cash dividend distribution amounts to approximately 1.280 billion yuan based on a total share capital of 7,756,694,797 shares [3] - The third extraordinary general meeting of shareholders will be held on August 29, 2025, to elect non-executive directors [4] - CITIC Securities International will provide a total guarantee of 800 million USD for its wholly-owned subsidiary, with the total external guarantee amounting to 493.11 billion yuan, representing 46.31% of the company's latest audited net assets [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The sentiment in the equity market remained high this week, putting more pressure on the capital side of the REITs market. The liquidity continued to weaken, and the index回调幅度较大. The consumer sector showed relatively strong resistance [2]. - Three REITs projects submitted responses to the exchange inquiries this week. Compared with the prospectuses, all three projects lowered the valuations of their underlying assets by 3% to 15%, and made more cautious forecasts and evaluations regarding rent, occupancy rates, and collection rates [2]. 3. Summary According to the Table of Contents 3.1 First - level Market - As of August 15, 2025, 14 REITs had been successfully issued this year (6 in Q1, 4 in Q2, and 4 in July), with a total issuance scale of 27.87 billion yuan, a year - on - year decrease of 4.8% [3]. - This week, 3 new - issue public REITs made progress. The China International Capital Corporation Vipshop Outlet REIT completed the book - building process, with a final issuance price of 3.48 yuan per share, and is expected to raise 3.48 billion yuan based on an issuance volume of 1 billion shares. The Huaxia Kaide Commercial REIT and the CITIC Construction Investment Shenyang International Software Park REIT entered the feedback stage. One REIT expansion project, the Guotai Junan Dongjiu New Economy REIT, also entered the feedback stage [3]. - Currently, in the approval process: (1) For new - issue REITs, 9 have been submitted, 5 have responded to inquiries, and 1 has been registered and is awaiting listing. (2) For expansion REITs, 9 have been submitted, 3 have responded to inquiries, and 3 have passed the review [3]. 3.2 Second - level Market 3.2.1 Market Review - As of August 15, 2025, the CSI REITs Total Return Index (932047.CSI) closed at 1080.91 points, down 1.49% for the week, underperforming the CSI 300 by 3.87 percentage points and the CSI Dividend by 0.39 percentage points. The CSI REITs Total Return Index has risen 11.68% since the beginning of the year, outperforming the CSI 300 and the CSI Dividend by 4.88 and 12.18 percentage points respectively [3]. - By project attribute, equity - type REITs fell 1.24% this week, and concession - type REITs fell 1.53%. By asset type, the data center (+4.72%), consumer (-0.75%), warehousing and logistics (-1.27%), and transportation (-1.34%) sectors performed relatively well. Among individual bonds, 6 rose and 67 fell this week. The Southern Wanguo Data Center REIT (+5.59%), Southern Runze Technology Data Center REIT (+4.26%), and Huaxia China Resources Commercial REIT (+0.62%) led the gainers, while the Industrial and Commercial Bank of China Inner Mongolia Energy Clean Energy REIT (-8.57%), China Merchants Expressway REIT (-4.59%), and China International Capital Corporation Xiamen Anju REIT (-4.56%) were the biggest losers [3]. 3.2.2 Liquidity - The average daily turnover rates of equity - type and concession - type REITs this week were 0.67% and 0.52% respectively, down 15.36 and 1.65 basis points from last week. The trading volumes during the week were 545 million and 144 million shares respectively, down 16.98% and 3.07% week - on - week. The data center sector had the highest activity level [3]. 3.2.3 Valuation - Based on the ChinaBond valuation yields, the yields of equity - type and concession - type REITs were 3.74% and 4.72% respectively. The transportation (5.98%), warehousing and logistics (5.21%), and park (4.28%) sectors ranked among the top [3]. 3.3 This Week's News and Important Announcements - On August 14, 2025, the central bank issued the "Guiding Opinions on Financial Support for New - style Industrialization", stating that it would strengthen digital empowerment of finance, promote the in - depth integration of the digital economy and the real economy, and actively use REITs and other means to broaden the sources of funds for digital infrastructure construction [35]. - There were multiple important announcements this week, including share unlocking announcements for several REITs such as the Hua'an Bailian Consumer REIT and dividend announcements for the China Aviation Jingneng Photovoltaic REIT, Huaxia China Resources Commercial REIT, etc. [35]

登录新浪财经APP 搜索【信披】查看更多考评等级 重要提示 汇添富中证金融科技主题交易型开放式指数证券投资基金（以下简称"本基金"）的募集已获中国证监会 证监许可[2025]1697号注册。中国证监会对本基金募集的注册，并不表明其对本基金的投资价值、市场 前景和收益作出实质性判断或保证。 本基金类别为股票型证券投资基金，运作方式为交易型开放式。 1、本基金的基金管理人为汇添富基金管理股份有限公司（以下简称"本公司"），基金托管人为中信建 投证券股份有限公司，登记机构为中国证券登记结算有限责任公司。 2、本基金自2025年08月20日至2025年08月26日进行发售。 投资者可选择网上现金认购、网下现金认购2种方式（本基金暂不开通网下股票认购）。其中，网下现 金发售的日期为2025年08月20日至2025年08月26日，网上现金发售的日期为2025年08月20日至2025年08 月26日，如深圳证券交易所对网上现金认购时间作出调整，本公司将作出相应调整并及时公告。 3、本基金发售对象为符合法律法规规定的可投资于证券投资基金的个人投资者、机构投资者、合格境 外投资者以及法律法规或中国证监会允许购买证券投资基金的其 ...

Summary of Key Points Core Viewpoint - The company plans to use part of the raised funds to provide interest-free loans to its wholly-owned subsidiary for the implementation of fundraising projects, which has been reviewed and approved by the sponsor institution [1][9]. Fundraising Overview - The company raised a total of RMB 1,109.25 million through its initial public offering, with a net amount of RMB 994.64 million after deducting issuance costs [1]. - The total planned investment for the fundraising projects is RMB 1,771.79 million, with the company intending to allocate RMB 994.64 million from the raised funds [2]. Use of Funds - The company previously provided an interest-free loan of RMB 50 million to its subsidiary Shenzhen Kexing Pharmaceutical for the "R&D Center Upgrade Project" [2][3]. - The current plan includes an additional interest-free loan of RMB 20 million to the same subsidiary for ongoing R&D projects, bringing the total loan amount to RMB 120 million [4][5]. Project Progress - As of June 30, 2025, the cumulative investment in the R&D Center Upgrade Project is RMB 347.46 million, with RMB 290.63 million already utilized, resulting in a shortfall of RMB 56.83 million [4]. - The remaining balance in the dedicated fundraising account for this project is RMB 73.96 million, which includes net income from financial products and bank interest [4]. Financial Data of the Subsidiary - As of December 31, 2024, the subsidiary reported total assets of RMB 535.61 million, net assets of RMB 278.31 million, operating income of RMB 316.77 million, and net profit of RMB 51.75 million [7]. Approval Process - The use of funds for the interest-free loan has been approved by the company's board and supervisory board, complying with relevant regulations [9].