中信建投（601066）证券(06066)发布公告，中信建投证券股份有限公司2025年面向专业投资者公开发 行永续次级债券(第一期)(以下简称"本期债券")，将于2026年1月12日(因2026年1月10日休市，故顺延至 其后的第1个交易日)开始支付自2025年1月10日至2026年1月9日期间的利息。 债券简称：25信投Y1。债券代码：242244。发行总额：人民币21亿元。本期债券票面利率(计息年利率) 为2.05%，每手本期债券面值为1000元，派发利息为20.5元(含税)。 ...

格隆汇12月29日丨中信建投证券(06066.HK)发布公告，中信建投证券股份有限公司2025年面向专业投资 者公开发行永续次级债券(第一期)(债券简称：25信投Y1，债券代码：242244)，将于2026年1月12日(因 2026年1月10日休市，故顺延至其后的第1个交易日)开始支付自2025年1月10日至2026年1月9日期间的利 息。本期债券票面利率(计息年利率)为2.05%，每手本期债券面值为1000元，派发利息为20.5元(含税)。 ...

智通财经APP讯，中信建投证券(06066)发布公告，中信建投证券股份有限公司2025年面向专业投资者公 开发行永续次级债券(第一期)(以下简称"本期债券")，将于2026年1月12日(因2026年1月10日休市，故顺 延至其后的第1个交易日)开始支付自2025年1月10日至2026年1月9日期间的利息。 债券简称：25信投Y1。债券代码：242244。发行总额：人民币21亿元。本期债券票面利率(计息年利率) 为2.05%，每手本期债券面值为1000元，派发利息为20.5元(含税)。 ...

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。 （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 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 永 續 次 級 債 券（第 一 期）2026年付息公 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12月29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 行 董 事 為 李 岷 先 生、朱 永 ...

Core Viewpoint - The Chinese steel industry has achieved significant profit recovery in the context of weak demand, characterized by a unique phenomenon of "total contraction but profit growth" [1][3] Group 1: Profit Recovery Factors - From January to November 2025, the black metal smelting and rolling industry achieved a total profit of 111.5 billion yuan, a substantial year-on-year increase of 1752.2% [1] - The profit improvement is attributed to multiple factors including cost reductions, supply discipline, and product structure upgrades, with cost reductions being the primary driver [1][2] - The price decline of raw materials such as iron ore and coking coal has outpaced the decline in steel prices, creating a profit window for steel mills [2] Group 2: Supply and Demand Dynamics - National crude steel production decreased by 3.9% year-on-year from January to October, while high-value-added products like coated plates and electrical steel saw production growth [2][3] - The steel industry is expected to continue in a weak balance of "supply contraction and demand pressure" in 2026, with ongoing policy-driven capacity reductions and a challenging real estate market [3] Group 3: Market Trends and Inventory - The total inventory of five major steel products increased by 13.4% year-on-year, indicating persistent demand weakness [3] - Weekly steel consumption showed a mixed trend, with construction materials declining by 3.2% while plate consumption increased by 1.4% [4] Group 4: Investment Recommendations - For ordinary steel, it is suggested to focus on high-dividend and leading companies in various downstream sectors due to the unclear recovery timeline in real estate [5] - The special steel sector is expected to grow rapidly, driven by domestic demand and global market share increases, with specific companies recommended for investment [5][6]

Core Viewpoint - The recent eight consecutive days of gains in the Shanghai Composite Index signal a positive outlook, indicating that the A-share year-end rally has commenced [1] Group 1: Market Drivers - Three main expectations are driving the initiation of the year-end rally: a consensus of optimism among institutional investors, the anticipated early arrival of the spring market, and the conclusion of adjustments in overseas AI models, leading to improved liquidity and risk conditions [1] - Recent announcements of the 15th Five-Year Plan policies and events have heightened investor expectations regarding policy [1] Group 2: Sector Focus - Key sectors to watch for the year-end rally include non-ferrous metals and AI computing power, which are expected to experience significant catalytic growth [1] - The primary market focus remains on commercial aerospace, with secondary themes including the Hainan Free Trade Zone, controllable nuclear fusion, and humanoid robots [1]

Core Viewpoint - 2025 is a pivotal year for the Chinese securities industry, focusing on deepening functional positioning and high-quality development, with an emphasis on mergers and acquisitions, international expansion, and technological innovation, particularly through AI applications [1][2]. Mergers and Acquisitions - The year marks a critical phase for mergers and acquisitions in the securities industry, with major firms like Guotai Junan and Haitong Securities merging to form Guotai Haitong Securities, and other significant consolidations such as Guolian Securities and Minsheng Securities [3][4]. - The competitive landscape is shifting, with Guotai Haitong leading in net profit, and Guolian Minsheng's ranking improving significantly from around 40th to the top 20 [3]. - New merger cases are emerging, such as CICC's plan to merge with Xinda Securities and Dongxing Securities, potentially creating a new entity with over 1 trillion yuan in total assets [3]. Industry Integration Logic - Two main integration strategies are evident: resource consolidation under the same actual controller and market-driven mergers aimed at enhancing national influence [4]. - Analysts suggest that resource integration may become the most important way for securities firms to quickly enhance scale and comprehensive strength [4]. Classification Evaluation Reform - A significant revision of the classification evaluation for securities firms is underway, emphasizing the need for firms to enhance their functional roles and professional capabilities [5][6]. - The new regulations aim to shift focus from revenue expansion to improving operational efficiency and professional skills, thereby enhancing overall industry competitiveness [5]. Margin Trading Market - The margin trading market is heating up, with a record balance of 2.54 trillion yuan, reflecting a 36.6% increase from the beginning of the year [7]. - Several firms have raised their margin trading limits, and a price war on interest rates has begun, with some firms offering rates below 4% [8][9]. Investment Banking and Technology - The securities industry is adapting to a new era of "hard technology," with reforms aimed at providing more inclusive financing paths for tech companies [10][11]. - Securities firms are establishing research institutes focused on emerging industries and enhancing their service capabilities through collaboration and talent development [11]. AI Integration - The adoption of AI technologies is rapidly transforming the industry, with applications expanding across various business functions, significantly improving efficiency [12][13]. - Firms are moving towards an "AI-native" model, enhancing client engagement and operational management through AI tools [12]. Internationalization of Securities Firms - The internationalization of Chinese securities firms is accelerating, with a focus on comprehensive service capabilities and participation in global market competition [14][15]. - This trend is driven by the growing demand for cross-border services and the strategic goal of building first-class investment banks [14]. Asset Management Transformation - The public offering process for asset management is at a turning point, with firms reassessing their positioning in the broader asset management landscape [16][17]. - The industry is witnessing a decline in the rush for public fund licenses, with many firms withdrawing applications, indicating a shift in focus towards existing business optimization [16]. Impact of Fund Fee Reforms - The implementation of public fund fee reforms is pushing securities firms to enhance their research and wealth management capabilities, with a notable decline in commission revenues [18]. - Firms are transitioning towards a buyer advisory model, focusing on asset management and providing comprehensive solutions rather than merely selling products [18]. Regulatory Environment - Regulatory signals indicate a potential easing of capital requirements for high-quality institutions, aimed at improving capital utilization efficiency [19]. - Analysts suggest that enhancing leverage and capital efficiency could drive growth in high-value capital-intensive businesses [19]. Name Changes Reflecting Strategic Shifts - A wave of name changes among securities firms signifies strategic realignments and resource restructuring following mergers and acquisitions [20][21]. - These changes reflect deeper integration and the influence of new stakeholders, indicating a shift in strategic focus and operational capabilities [20].

中信建投（601066）证券发布研报称，上周有色金属全面强势上涨，白银、铜空中加速创下历史新高，黄金、锡、铝亦刷新阶段高点记录。资本性开支不 足、资源供应受限、AI需求前景强劲，以及财政赤字扩张、利率处于下行周期等因子重叠，又遭遇美国关税对部分关键矿产的威胁，导致实物在美国与 非美之间分配不均，造成局部货物流动性缺失，资金流入做多。一场用做多有限资源对抗弱化的美元信用的全新表达，正在全球掀起新的资源定价范式， 有色的盛宴正在舞动。 (4)展望：冷静的权益终将向火热的商品靠拢。自11月底我们根据CESCO会议上出现的新变量提示"铜的结构性牛市"以来，一个月时间铜价从8.6万涨破10 万，往美国搬货叠加贵金属情绪高涨是主驱动。相较炙热的铜期货，股票显得相对冷静，一则对搬货造就的结构性牛市持续的时长不确定，二则对铜价重 心定位没共识。铜关税预期未落，2026现货锁定长单未交付，搬货逻辑会持续；其次，权益尚未对8.5万的铜价做充分定价，过于保守，提供了持仓的安 全边际，建议耐心持有，等待商品价格回踩的加仓机会。 中信建投主要观点如下： 工业金属：上周SHFE铜、铝、铅、锌、锡价格变化为5.9%、1.0%、4.0%、0 ...

Core Viewpoint - CITIC Securities indicates that the A-share year-end rally has begun, driven by positive signals from the recent eight consecutive days of gains in the Shanghai Composite Index, following the completion of a mid-term adjustment [1] Market Outlook - The optimistic expectations from institutional investors suggest that the spring market rally may start earlier than usual [1] - Improvements in overseas liquidity and risk, alongside the conclusion of adjustments in AI models in the U.S., contribute to a favorable market environment [1] - The release of numerous policies and events related to the 14th Five-Year Plan has heightened investor expectations [1] Sector Focus - Key sectors to watch include non-ferrous metals and AI computing power, with commercial aerospace remaining the primary market focus [1] - Secondary themes include the Hainan Free Trade Zone, controllable nuclear fusion, and humanoid robots [1] Specific Sector Insights - The upgrade of NVIDIA's Rubin architecture is expected to boost the entire AI computing power industry chain, benefiting sectors such as optical fibers, liquid-cooled servers, CPOs, and storage chips [1] - Non-ferrous metals continue to maintain a rising trend due to price increases in lithium carbonate, gold, silver, copper, and aluminum, indicating a high level of industry prosperity [1] - The market's thematic focus remains on commercial aerospace, with secondary attention on the Hainan Free Trade Zone, controllable nuclear fusion, and humanoid robots [1] Investment Highlights - Key sectors for investment consideration include non-ferrous metals, commercial aerospace, AI, humanoid robots, controllable nuclear fusion, innovative pharmaceuticals, non-bank financials, and the Hainan Free Trade Zone [1]

Group 1 - The market's year-end rally is driven by three main expectations: optimistic outlook from institutional investors, completion of overseas AI model adjustments, and high policy expectations following the release of the 14th Five-Year Plan [2][3][4] - The A-share market has shown positive signals with the Shanghai Composite Index experiencing an eight-day winning streak, indicating the start of the year-end rally [3][4][35] - Key sectors to focus on include non-ferrous metals and AI computing power, with commercial aerospace remaining the primary market hotspot, followed by secondary themes such as Hainan Free Trade Zone, controllable nuclear fusion, and humanoid robots [3][4][15] Group 2 - The AI computing power industry is expected to benefit from NVIDIA's Rubin architecture upgrade, positively impacting sectors such as optical fibers, liquid-cooled servers, CPO, and storage chips [3][15][17] - Non-ferrous metals continue to maintain a rising trend, driven by price increases in lithium carbonate, silver, copper, and aluminum, with lithium and aluminum prices rising by 69% and 88% respectively over the past four months [20][34] - The 14th Five-Year Plan has led to heightened market policy expectations, with significant developments in sectors like new energy, new materials, quantum technology, mobile communication, and commercial aerospace [13][22][34] Group 3 - The year-end rally is anticipated to coincide with a seasonal "spring surge," which typically occurs between the Spring Festival and the Two Sessions, with historical data showing a high probability of market gains during this period [8][41] - Recent improvements in overseas liquidity and risk appetite are attributed to a shift in the U.S. strategic focus away from China, easing tensions in U.S.-China relations, and ongoing advancements in the AI sector [10][41] - The release of numerous high-quality AI models has bolstered confidence in the AI industry, contributing to a favorable investment environment [11][10]