Core Viewpoint - The successful completion of the asset acquisition and financing project by Huahai Chengke (688535.SH) marks a significant milestone in the semiconductor packaging materials industry, positioning the company as a leading player both domestically and globally [1][2][9]. Company Overview - Huahai Chengke, established in December 2010, specializes in the research and industrialization of epoxy molding compounds for semiconductor chip packaging and is recognized as a national-level "specialized, refined, and innovative" small giant enterprise [1][8]. - The company has developed into one of the largest manufacturers of epoxy molding compounds in China, with a comprehensive product range and continuous innovation capabilities [1][8]. Industry Position - Following the acquisition, Huahai Chengke will solidify its position as the domestic industry leader and rise to the second position globally in terms of shipment volume [2][9]. - The target company, Hengsuo Huawai, is also engaged in the same industry and ranks first in China and third globally in terms of shipment volume for epoxy molding compounds [1][8]. Strategic Importance - This transaction represents a strong alliance between leading companies in the industry, enabling Huahai Chengke to leverage the brand value of the target company for accelerated growth and to fulfill its social responsibility in advancing epoxy molding compound technology in China [2][9]. - The project is seen as a significant contribution to the self-sufficiency of China's semiconductor industry [2][9]. Transaction Details - The project involved the issuance of shares, convertible bonds, and cash to acquire assets, successfully completing an asset delivery of 1.12 billion yuan and raising 800 million yuan in supporting financing [1][5]. - This transaction is notable as it is the first case in Jiangsu Province to utilize a combination of shares, convertible bonds, and cash for asset acquisition under the Science and Technology Innovation Board [5][10]. Advisory Role - CITIC Securities acted as the independent financial advisor and lead underwriter for the transaction, demonstrating innovation in transaction design, negotiation, and implementation [6][11]. - The absence of performance commitments and impairment compensation in the deal reflects the confidence of both parties in the integration outcomes and their long-term vision for industry development [6][11].

信息披露暂缓与豁免管理制度 第一章 总则 第一条 为规范中信建投证券股份有限公司（以下简称公司）信息披露暂缓 与豁免行为，确保公司依法合规履行信息披露义务，根据《中华人民共和国证 券法》《上市公司信息披露管理办法》《上市公司信息披露暂缓与豁免管理规 定》（以下简称《暂缓与豁免管理规定》）《上海证券交易所股票上市规则》 （以下简称《上市规则》）《上海证券交易所上市公司自律监管指引第 2 号— —信息披露事务管理》及香港《证券及期货条例》《香港联合交易所有限公司 证券上市规则》等法律法规或准则的规定，制定本制度。 第二条 本制度由董事会负责制定，并保证本制度的有效实施，从而确保公 司暂缓、豁免披露的信息符合法律法规和准则的规定。 第三条 公司应当披露的信息存在《暂缓与豁免管理规定》《上市规则》、 香港《证券及期货条例》等规定的暂缓、豁免情形的，并按照本制度及公司股 票上市地有关法律法规或准则的规定履行暂缓、豁免程序。 中信建投证券股份有限公司 第四条 暂缓、豁免披露信息需同时满足中国境内及香港法律法规或准则的 相关要求。如公司只满足一地的暂缓、豁免披露要求，除非能取得适当的豁免， 公司仍需同时在两地披露有关信息， ...

中信建投证券股份有限公司 投资者关系管理办法 第一章 总则 第一条 为加强中信建投证券股份有限公司（以下简称公司）与投资者和潜 在投资者（以下统称投资者）之间的信息交流，加深投资者对公司的了解和认同， 在公司与投资者之间建立起有效的沟通渠道，促进公司与投资者之间的良性关系， 完善公司治理结构，切实保护投资者特别是中小投资者合法权益，根据《中华人 民共和国公司法》《中华人民共和国证券法》《上市公司投资者关系管理工作指 引》《上海证券交易所股票上市规则》《香港联合交易所有限公司证券上市规则》 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《中信建投证券 股份有限公司章程》（以下简称《公司章程》）及其他法律法规和监管规定，结 合公司实际情况，特制定本办法。 第二条 投资者关系管理是指公司通过便利股东权利行使、信息披露、互动 交流和诉求处理等工作，加强与投资者之间的沟通，增进投资者对公司的了解和 认同，以提升公司治理水平和整体价值，实现尊重投资者、回报投资者、保护投 资者目的的相关活动。 第三条 投资者关系管理的基本原则是： （一）合规性原则。公司投资者关系管理应当在依法履行信息披露义务的基 础上开展， ...

中信建投证券股份有限公司 内部审计管理办法 第一章 总则 第一条 为规范中信建投证券股份有限公司（以下简称公司）内部审计工作， 保证和促进内部审计作用有效发挥，依据《中华人民共和国审计法》《中华人民 共和国审计法实施条例》《审计署关于内部审计工作的规定》《证券公司内部审 计指引》等法律法规及《中信建投证券股份有限公司章程》，制定本办法。 第二条 本办法所称内部审计，是指对公司及所属单位的财务收支、经济活 动、内部控制、风险管理、合规管理，以及所属单位主要领导人员履行经济责任 情况实施独立、客观的监督、评价和建议，以促进公司完善治理、稳健运行、价 值提升和实现目标。 第三条 公司及所属单位应当支持和保障内部审计机构和内部审计人员依 法依规独立履行职责，任何单位和个人不得拒绝和阻碍内部审计工作，不得打击 报复内部审计人员。 第四条 内部审计机构和内部审计人员从事内部审计工作，应当严格遵守国 家有关法律法规、内部审计职业规范和公司内部审计制度，做到独立、客观、公 正、务实、廉洁、保密。 第五条 公司构建集中统一、全面覆盖、权威高效的内部审计体系，不断拓 展审计监督广度和深度，做到应审尽审、凡审必严、严肃问责，形成多 ...

中信建投证券股份有限公司 内幕信息知情人登记管理制度 第一章 总则 第一条 为加强中信建投证券股份有限公司（以下简称公司）内幕信息管理， 做好内幕信息保密工作，维护信息披露的公平原则，保护广大投资者的合法权益， 根据《中华人民共和国公司法》《中华人民共和国证券法》（以下简称《证券法》）、 《证券公司监督管理条例》《上市公司信息披露管理办法》《上市公司监管指引 第 5 号——上市公司内幕信息知情人登记管理制度》《上海证券交易所上市公司 自律监管指引第 2 号——信息披露事务管理》等有关法律法规，及《中信建投证 券股份有限公司章程》（以下简称《公司章程》）、《中信建投证券股份有限公 司信息披露事务管理办法》等规定，结合公司实际情况，制定本制度。 第二条 公司董事会是内幕信息的管理机构。公司董事会应当按照有关法律、 法规以及证券交易所相关规则的要求及时登记和报送内幕信息知情人档案，并保 证内幕信息知情人档案真实、准确和完整，董事长为主要责任人。董事会秘书负 责组织协调公司内幕信息管理工作及办理公司内幕信息知情人的登记入档和报 送事宜。董事长与董事会秘书应当对内幕信息知情人档案的真实、准确和完整签 署书面确认意见。 ...

中信建投证券股份有限公司 信息披露事务管理办法 第一章 总则 第一条 为维护中信建投证券股份有限公司（以下简称公司）投资者的合法 权益，确保公司信息披露的真实性、准确性、完整性、及时性、公平性和事前保 密性，依据《中华人民共和国公司法》《中华人民共和国证券法》（以下简称《证 券法》）、《证券公司治理准则》《上市公司信息披露管理办法》（以下简称《管理 办法》）、《上市公司信息披露暂缓与豁免管理规定》《公司信用类债券信息披露管 理办法》《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2号——信息披露事务管理》《上海证券交易所债券自律监管规则适用指引第 1号——公司债券持续信息披露》、香港《证券及期货条例》《内幕消息披露指引》 《公司收购、合并及股份回购守则》《香港联合交易所有限公司证券上市规则》 （以下简称《香港上市规则》，与《上海证券交易所股票上市规则》合称《上市 规则》）等法律法规、规范性文件及《中信建投证券股份有限公司章程》（以下简 称《公司章程》），结合公司的实际情况，特制定本办法。 第二条 除非文中另有所指，本办法所称"信息"，是指： （一）中国证券监督管理委员会（以下简称中国证监 ...

证券代码：601066 证券简称：中信建投 公告编号：临2025-067号 中信建投证券股份有限公司 第三届董事会第十九次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 中信建投证券股份有限公司（以下简称公司）第三届董事会第十九次会议于 2025 年 12 月 12 日以书面方式发出会议通知，于 2025 年 12 月 30 日在公司总部 会议中心以现场结合通讯的方式召开。本次会议应出席董事 15 名；实际出席董 事 15 名，其中现场出席的董事 7 名，以电话方式出席的董事 8 名（金剑华董事、 闫小雷董事、华淑蕊董事、浦伟光董事、赖观荣董事、张峥董事、吴溪董事和郑 伟董事）。 本次会议由董事长刘成先生主持，公司相关高级管理人员列席会议。会议召 开和表决情况符合法律、法规、股票上市地证券交易所上市规则及《中信建投证 券股份有限公司章程》《中信建投证券股份有限公司董事会议事规则》的相关规 定。 二、董事会会议审议情况 会议同意增补戴波先生为董事会发展战略委员会委员，增补王华女士、郑伟 先生 ...

Core Viewpoint - The A-share market is expected to recover steadily in 2026, driven by policy support, profit recovery, and global liquidity easing, with a focus on new trends and opportunities in various sectors [1][2]. Group 1: Market Outlook - Institutions generally hold a positive outlook for the A-share market in 2026, anticipating a "slow bull" market supported by increased domestic and foreign capital inflows, corporate profit recovery, and enhanced policy measures [1][2]. - The expected net profit growth for listed companies in 2026 is around 4.8%, with a potential for an additional 10% valuation expansion under optimistic scenarios [3]. Group 2: Industry Allocation Recommendations - Key investment themes for 2026 include technology and consumer sectors, with a consensus on the growth potential from overseas expansion [1][2]. - Specific focus areas include resource and traditional manufacturing upgrades, globalization of Chinese companies, and the expansion of AI applications [2][4][6]. - The "old economy" sectors, particularly high-quality leading companies in energy, consumption, and real estate, are also seen as having significant investment value [12]. Group 3: Strategic Insights from Analysts - Analysts from various firms emphasize the importance of a balanced approach to investment, with a focus on both growth and value strategies, particularly in technology and traditional sectors [12][14]. - The ongoing AI revolution and its commercialization are highlighted as critical drivers for future growth, with specific attention to sectors like machinery, renewable energy, and innovative pharmaceuticals [5][6][10].

Core Viewpoint - Waterdrop Inc. has demonstrated strong performance in Q3 2025, indicating a transition into a high-quality growth phase, supported by its AI strategy and shareholder return policies [1][2] Financial Performance - In Q3 2025, Waterdrop achieved a net operating revenue of 975 million yuan, a significant year-on-year increase of 38.4% [1] - The net profit attributable to shareholders reached 158 million yuan, reflecting a year-on-year growth of 60.1%, with the net profit margin expanding from 14.1% to 16.3% [1] AI Strategy and Implementation - The dual acceleration of revenue and profit in Q3 validates the effectiveness of Waterdrop's AI strategy, with the "AI Medical Insurance Expert" driving a remarkable 82% quarter-on-quarter increase in premium scale [2] - The introduction of the industry's first AI underwriting assistant, "KEYI.AI," has reduced complex case processing time from minutes to seconds, achieving an accuracy rate of 99.8% [2] - Waterdrop has launched the "Waterdrop Sea. AI" low-code platform, enabling employees to quickly build AI solutions, thereby reducing R&D and operational marginal costs [2] Management Insights - The CEO of Waterdrop emphasized that AI technology is the core driver for enhancing business quality and efficiency, leading to double-digit growth in revenue and profit [2] - The company aims to leverage technological advancements to deepen the integration and innovative application of AI across its business chain, ensuring long-term value for users, partners, and shareholders [2]

Core Viewpoint - Waterdrop Inc. has demonstrated strong performance in Q3 2025, indicating a transition into a high-quality growth phase, supported by its AI strategy and shareholder return policies [1][2] Group 1: Financial Performance - In Q3 2025, Waterdrop achieved a net operating revenue of 975 million yuan, a significant year-on-year increase of 38.4% [1] - The company's net profit attributable to shareholders reached 158 million yuan, reflecting a year-on-year growth of 60.1%, with the net profit margin expanding from 14.1% to 16.3% [1] - Waterdrop has maintained profitability for 15 consecutive quarters, showcasing its consistent financial health [1] Group 2: AI Strategy and Efficiency - The dual acceleration in revenue and profit in Q3 validates the effectiveness of Waterdrop's AI strategy, with premium scale driven by the "AI Medical Insurance Expert" increasing by 82% quarter-on-quarter [2] - The introduction of the AI underwriting assistant "KEYI.AI" has reduced complex case processing time from minutes to seconds, achieving an accuracy rate of 99.8%, thereby enhancing risk control efficiency [2] - Waterdrop has launched the "Waterdrop Sea. AI" low-code platform, enabling employees to quickly build AI solutions, which lowers R&D and operational marginal costs, creating a comprehensive technological moat [2] Group 3: Management Insights - The CEO of Waterdrop emphasized that AI technology is the core driver for enhancing business quality and efficiency, leading to double-digit growth in revenue and profit [2] - The company aims to leverage technological advancements to integrate AI capabilities throughout its business operations, ensuring sustainable growth and long-term value for users, partners, and shareholders [2]