在产品体系建设中，我们始终锚定投资者需求与利益核心：一方面通过深度调研投资者风险偏好、投资 目标及持有期限，定制适配不同群体的产品；另一方面坚持长期性与持续性原则，力求为投资者提升长 期获得感。同时，持续丰富产品线以满足多样化需求，推动产品创新升级以提升核心竞争力，并强化使 命担当，充分对接国家战略、实体经济与社会发展需求，在履行社会责任中为投资者提供多元投资选择 与专业高效的资产管理服务。 2025年5月，《推动公募基金高质量发展行动方案》（以下简称《行动方案》）的印发，为行业从"规模 扩张"向"质量提升"转型划定了清晰路径。其中"大力提升公募基金权益投资规模与占比，促进行业功能 发挥"的要求，既是服务资本市场改革的战略部署，更是基金公司夯实核心竞争力的关键抓手。中信建 投基金立足自身优势，以丰富产品体系为突破点，持续强化权益类产品布局，切实践行高质量发展使 命。 在绿色金融方面，公司已布局低碳主题基金，投资绿色产业，并发行两只新能源行业公募REITs，助力 新能源基础设施建设。后续将继续开展对绿色金融相关产品的研究与创新，打造完善的绿色金融产品 线：如在可持续发展、绿色低碳等更多绿色投资细分领域探索创新产 ...

中信建投主要观点如下： 中信建投发布研报称，Sora2以"为产品定义功能"的产品思维，构建了从拉新、留存到促活的产品闭 环，3天登顶iOS应用榜，开启了P、B、C三端共振的千亿级AI视频生成赛道。据测算，AI视频生成市 场中期空间将达到763亿元，长期将达到1554亿元。同时，根据该行正文的测算依据，保守估计Sora APP每日仅推理成本便高达1400万美元，年化成本超过51.2亿美元，预计将带来持续的算力需求。建议 关注两大主线，AI应用推荐以阿里为代表的互联网大厂生态伙伴、Pre-AI环节和垂直场景;算力环节推 荐算力和端侧AI相关标的。 "为产品定义功能",Sora2围绕社交打造全链路能力 Sora2三天内登顶美国iOS应用榜，证明了将复杂技术封装于极致简洁的创作流程，并嫁接"Cameo"(数字 分身)与"Re mix"(二创)等强社交功能，能够有效引爆大众市场的病毒式传播。Sora2将AI工具转变为社 交和娱乐产品，成功构建了从拉新、留存到促活的产品闭环，为AI应用打造了产品化模板。 Sora APP将带来年化50亿美元以上推理算力需求 根据Transformer架构和DiT架构论文，该行保守估计So ...

天风证券研报指出，根据经济复苏与市场流动性，可以把投资主线降维为三个方向：（1）Deepseek突 破与开源引领的科技AI。（2）内外共振，经济逐步修复，牛市主线风格"强者恒强"，但周期后半段易 有所表现。（3）低估红利继续崛起。牛市初期资金更偏好少数高景气赛道，后期资金抱团聚焦主线， 新增资金获利难度提升，而周期股又具备低估值、高贝塔的属性，易随着基本面回暖的深化而发挥较好 的业绩弹性，获得增量资金青睐。 NO.3中金：节后A股有望延续稳健表现 震荡上行行情仍在延续 ｜2025年10月9日 星期四｜ NO.1中信建投：建议关注金银铜等有色板块投资机遇 中信建投证券研报认为，金银等贵金属和加密货币在国庆中秋假期迎来大涨。国际金价大涨的背后主要 是由美国政府"停摆"引发的短期波动、日本政治更迭带来的短期不确定性、美联储持续降息预期和全球 央行持续购金共同推动的。美国政府关门扰动、未来降息和衰退的预期使得全球投资者对美元信用和美 国主权债务的担忧进一步上升，这推动了金银等贵金属和比特币价格进一步走高。与此同时，供给短缺 和算力革命逻辑下，铜价近期也明显走强。建议关注金银铜等有色板块投资机遇。 NO.2天风证券：周 ...

人民财讯10月9日电，中信建投（601066）证券研报认为，假期期间港股器械公司整体表现较好，多个 医疗器械龙头公司收涨。预计医疗器械板块三季度多家公司受益新产品新业务放量而实现环比改善，或 去年同期低基数基础上实现高增长；其中高值耗材和医疗设备及上游板块的部分公司实现高增长，IVD 行业部分企业短期受DRG和集采等政策影响有所承压，低值耗材行业各公司情况有所分化。短期来看 建议把握业绩改善个股的轮动上涨机会，长期来看建议关注创新、出海和并购整合的机会。 ...

Core Viewpoint - Sora App has emerged as a global sensation, rapidly helping domestic users develop habits of using and consuming AI-generated videos, contributing to market growth without threatening existing platforms like Douyin, Kuaishou, and Xiaohongshu [1][2] Group 1: Impact on Social Application Competition - The explosive popularity of Sora App is expected to help domestic users quickly form habits around AI video consumption, indicating market growth rather than disruption of existing platforms [1] - Historical trends show that Chinese internet companies have a strong capability to scale products, as evidenced by the rapid growth of e-commerce and mobile gaming in China compared to their U.S. counterparts [1] - The operational capabilities of Douyin and Kuaishou have already popularized AI-generated images, suggesting that the emergence of a domestic version of Sora is only a matter of time [2] Group 2: Technical Performance and Cost - Sora's current video generation is still invitation-only, which is linked to the model's token cost and pricing; Sora2's cost for generating a 5-second video ranges from $0.5 to $2.5, which is approximately 80% higher than some domestic models [3] Group 3: ChatGPT and Third-Party Applications - OpenAI is transitioning from pursuing AGI to focusing on product monetization, aiming to create an ecosystem similar to mobile app stores, with a projected decline in subscription revenue from ChatGPT by 2029 [4] - The integration of third-party applications is essential for enhancing user experience in specific verticals, as even strong models like ChatGPT cannot cover all scenarios [6] Group 4: Sora App's Success Factors - Sora App lowers the barrier for ordinary users to create AI videos, combining features like Cameo and Remix to facilitate easy content creation [7] - The physical realism of Sora2 is a significant advancement, allowing for more accurate simulations of real-world physics in video generation, thus reducing the complexity for users [7]

核心观点 黄金地表库存的结构可以看到，金融需求占比虽然小，但波动剧烈，主导黄金价格的趋势变化。非金融需求尽管占比较大，但对黄金价格多起到 支撑但不决定趋势。 为捕捉黄金价格趋势波动，我们提供三个高频跟踪维度刻画完整的黄金投资者画像，以此全面追踪8月以来黄金金融需求的资金流动。 跟踪维度一，ETF区域结构拆分。西方市场重新主导ETF流入，直接映射黄金的宏观定价主线，已经从 "去美元化"叙事转向对降息路径的关注。 跟踪维度二，COMEX黄金期货仓位。当前COMEX"快钱"资金的持仓和金价存在一定脱节。 跟踪维度三，区域价差变化。沪金溢价由正转负，纽伦溢价常态性回归。前者指向非美地区投资降温，后者辅助论证期货"热钱"或仍处在观望的 局面。 摘要 黄金市场的参与者广泛分布于不同的需求领域，包含金饰和科技用金、央行购金、金融投资、零售金条和金币投资，这些市场参与者的动机远比 单一指标或者单一理论论证的更为广泛。 黄金地表库存的结构可以看到，金融需求占比虽然比较小，但波动剧烈，主导黄金价格的趋势变化。非金融需求尽管占比较大，但对黄金价格多 起到支撑但不决定趋势。 为捕捉黄金价格趋势波动，我们试图刻画完整的黄金投资者画像， ...

转自：证券时报 人民财讯10月9日电，中信建投证券研报认为，经济逐步改善+流动性宽松+风险偏好维持高位，预计10 月市场仍将震荡向上。参照历史股市10月轮动经验，预计市场有望围绕三季报展开，建议投资者积极关 注三条线：三季报业绩较好（业绩出现拐点）的方向、受益于反内卷政策落地逐步改善的周期方向和产 业趋势超预期的高成长相关行业。 ...

Core Viewpoint - Precious metals like gold and silver, along with cryptocurrencies, have experienced significant price increases during the National Day and Mid-Autumn Festival holidays, driven by various geopolitical and economic factors [1] Group 1: Market Drivers - The surge in international gold prices is primarily attributed to short-term volatility caused by the U.S. government shutdown, political changes in Japan, ongoing expectations of interest rate cuts by the Federal Reserve, and continuous gold purchases by global central banks [1] - Concerns over the credibility of the U.S. dollar and American sovereign debt, exacerbated by the government shutdown and recession expectations, have led global investors to favor precious metals and Bitcoin [1] Group 2: Commodity Insights - Recent supply shortages and a revolution in computing power have contributed to a notable increase in copper prices [1] - Investment opportunities in the non-ferrous metals sector, particularly in gold, silver, and copper, are recommended for consideration [1]

Core Insights - The report from CITIC Securities indicates that precious metals like gold and silver have risen further due to disruptions such as the U.S. government shutdown during the National Day holiday [1] - The copper price has also strengthened significantly in the context of a computing power revolution [1] - The global AI competition has entered a new phase, shifting investment focus from individual key segments to comprehensive computing power infrastructure and ecosystem development [1] - Looking ahead, the A-share market is expected to maintain a trend of steady upward movement, supported by stable economic fundamentals, continuous inflow of incremental capital, global liquidity easing, and improved China-U.S. relations [1] - Key sectors to watch include AI, semiconductors, non-ferrous metals (precious and industrial metals), new energy, humanoid robots, innovative pharmaceuticals, and non-bank financials [1]

中信建投研报指出，经济数据方面，8月工业企业利润累计同比增长从-1.7%上行至0.9%，分量价利润率 来看，8月利润率上行0.1个百分点至5.2%，同比降幅收窄2.8个百分点。结构上，周期、制造业、科技 利润进一步提升，反内卷政策等初见成效，消费仍有一定压力，预计四季度相关促消费政策仍有望加 码。海外方面，美联储9月如期降息，全球流动性进一步宽松。经济逐步改善+流动性宽松+风险偏好维 持高位，预计10月市场仍将震荡向上。参照历史股市10月轮动经验，预计市场有望围绕三季报展开，建 议投资者积极关注三条线：三季报业绩较好（业绩出现拐点）的方向、受益于反内卷政策落地逐步改善 的周期方向和产业趋势超预期的高成长相关行业。 来源：滚动播报 ...