炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：董秘第一圈 近日，中信建投3名投行人员因受贿罪被判刑一事又有新进展。 据相关媒体报道，中信建投投行部门前债承销部总监房蓓蓓因在路劲境内债发行及后续"出货"过程中收 取返费，被黑龙江齐齐哈尔市龙沙区法院一审认定构成受贿罪、涉案金额逾540万元并判处有期徒刑10 年6个月。 图片来源：公开信息 2019年，港交所上市公司路劲（01098.HK）旗下北京路劲隽御房地产开发有限公司2016年发行的"16路 劲01"期限为"3+2"，到2019年回售窗口时，发行人面临15亿元存量债券的回售压力。 但依靠"借新还旧"，路劲仍拿到了新债发行批文。 路劲公司委托中信建投作为独家主承销商，以余额包销方式发行"19路劲01"。这意味着若市场认购不 足，中信建投需自行购入剩余份额，确保发行成功，房蓓蓓时任中信建投债券承销部总监，被指定为项 目负责人。 债券上市后，面临变现问题，房蓓蓓在其中扮演了关键角色，其帮助路劲联络资金中介，寻找接盘方， 最终促成约7亿元的交易。该资金中介在获取逾千万元利差后，将其中的约440万元私下分给房蓓蓓。此 外，房蓓蓓还自行 ...

Market Overview - The market experienced fluctuations with the Shanghai Composite Index rising for six consecutive days, closing up 0.53% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.88 trillion, a decrease of 196 billion from the previous trading day [1] - The commercial aerospace concept and computing hardware sectors showed strong performance, while precious metals, insurance, and dairy sectors faced declines [1] Real Estate Sector Insights - Huatai Securities suggests that product strength will become a core competitive advantage for real estate companies in 2026, potentially reshaping market positions and competitive dynamics [2] - The Ministry of Housing and Urban-Rural Development's recent meeting emphasized policies for controlling growth, reducing inventory, and optimizing supply, which are expected to stabilize the market [2] - Recommended investment focuses include real estate stocks with "good credit, good city, good product" attributes, companies managing cash flow effectively during market adjustments, local Hong Kong real estate firms benefiting from market recovery, and property management companies with stable cash flow and dividend advantages [2] Home Appliance Sector Strategy - Zhongtai Securities indicates that the home appliance sector is in a "slow bull phase," with four main investment strategies for 2026 [3] - The first strategy focuses on the "dividend sector," where insurance capital is increasingly invested in growth-value stocks like Midea [3] - The second strategy highlights the "overseas expansion sector," while the third emphasizes the two-wheeler sector, which is characterized by low expectations and valuations, with potential for rebound despite regulatory impacts [4] - The fourth strategy targets the floor-cleaning machine sector, recommending attention to brands with overseas expansion and those poised for rebound [5] Nuclear Fusion Industry Outlook - CITIC Construction emphasizes that controlled nuclear fusion is viewed as a key solution for the energy revolution, attracting strategic competition among major powers [6] - Breakthroughs in high-temperature superconductors and AI technology, along with policy support and capital investment, are accelerating the commercialization of nuclear fusion [6] - The focus is on engineering technology and commercial viability, with significant investment opportunities concentrated in the upstream sector due to large scientific facility construction and experimental reactors [6]

Group 1: Core Insights - The securities industry experienced a significant leadership turnover in 2025, with over 50 changes in chairpersons and general managers, marking a three-year high and indicating a governance transformation driven by mergers, equity changes, and generational shifts [1] - Mergers and acquisitions have become a key theme, with notable cases such as the merger of Guotai Junan and Haitong Securities, and the acquisition of Guorong Securities by Western Securities, which accelerated management restructuring [1] - The governance structure of newly merged entities is being redefined, exemplified by the leadership appointments in Guotai Haitong and Guolian Minsheng, which reflect a dual-track structure combining state-owned and professional management [1] Group 2: Talent Evolution - The turnover of executives is largely driven by retirement, with the "70s generation" becoming the backbone of management and the "80s generation" emerging in leadership roles [2] - Notable appointments include Qian Wenhai as chairman of Zhejiang Securities and the arrival of several "80s generation" chairpersons, indicating a shift towards younger leadership [2] - Companies are actively optimizing their business structures and recruiting new talent, as seen with Guosheng Securities hiring Zhao Jingliang as general manager [2] Group 3: Strategic Upgrades - New leaders are outlining strategic plans aimed at achieving international competitiveness, with a goal to develop 2 to 3 investment banks with global influence by 2035 [4] - Liu Cheng, chairman of CITIC Securities, aims to elevate the firm to a leading position within five years and achieve international competitiveness in the following five years [4] - The construction of a first-class investment bank is expected to be a core strategic focus during the 14th Five-Year Plan, with mergers and international expansion identified as key pathways [5]

强一半导体（苏州）股份有限公司 首次公开发行股票并在科创板上市 发行结果公告 保荐人（主承销商）：中信建投证券股份有限公司 特别提示 强一半导体（苏州）股份有限公司（以下简称"发行人"或"强一股份"） 首次公开发行人民币普通股（A股）并在科创板上市（以下简称"本次发行"） 的申请已经上海证券交易所（以下简称"上交所"）上市审核委员会审议通过， 并已经中国证券监督管理委员会同意注册（证监许可〔2025〕2609号）。 中信建投证券股份有限公司（以下简称"中信建投证券"、"保荐人（主承 销商）"）担任本次发行的保荐人（主承销商）。发行人的股票简称为"强一股 份"，扩位简称为"强一股份"，股票代码为"688809"。 本次发行采用向参与战略配售的投资者定向配售（以下简称"战略配售"）、 网下向符合条件的网下投资者询价配售（以下简称"网下发行"）与网上向持有 上海市场非限售A股股份和非限售存托凭证市值的社会公众投资者定价发行（以 下简称"网上发行"）相结合的方式进行。发行人与保荐人（主承销商）根据初 步询价结果，综合评估发行人合理投资价值、可比公司二级市场估值水平、所属 行业二级市场估值水平等方面，充分考虑网下投资者 ...

来源：江苏经济报 来源：江苏经济报 ...

Core Viewpoint - The Hong Kong stock market is experiencing a mixed performance, with the high dividend ETF fund (513820) showing resilience and attracting significant capital inflows, indicating strong investor interest in dividend-yielding assets [1][5]. Group 1: Market Performance - The Hong Kong stock market showed a mixed trend in early trading on December 24, with the CSI Hong Kong Stock Connect High Dividend Index down by 0.42% [1]. - The Hong Kong Dividend ETF fund (513820) recorded a slight decline of 0.08%, with a premium widening to 0.73% by the end of the trading session, reflecting active buying interest [1][3]. - The fund has seen a strong inflow of over 600 million yuan for 17 consecutive days, bringing its total size to over 4.3 billion yuan, significantly outperforming other ETFs in the same index [1][5]. Group 2: Fund Composition and Performance - The majority of the constituent stocks of the Hong Kong Dividend ETF fund (513820) experienced declines, with notable exceptions like HSBC Holdings, which rose over 1% [3][4]. - The top ten constituent stocks of the fund include China Pacific Insurance, China Telecom, and Agricultural Bank of China, with varying performance among them [4]. - The fund's index has a dividend yield of 7.25%, which is higher than similar indices in both Hong Kong and A-shares, establishing it as a leading choice for dividend investors [8][9]. Group 3: Investment Strategy and Outlook - Multiple factors are contributing to the opening of a mid-term trading window for Hong Kong stocks, including a market adjustment that has increased safety margins and a continued net inflow of southbound funds [5]. - The current environment suggests a focus on high-quality dividend stocks with sustainable payouts and stable earnings, as the defensive attributes of dividend investments may weaken in a rising interest rate environment [6]. - The Hong Kong Dividend ETF fund (513820) is positioned as a "pure high dividend" strategy, which is expected to perform well in the current market conditions, especially as institutional demand for dividend assets increases [10][11].

Core Insights - The development of the low-altitude economy is a national strategic priority in China, emphasizing the need for a comprehensive policy framework and infrastructure support [1][3] - The low-altitude economy is defined as a new economic form centered around low-altitude flight activities, integrating technologies such as unmanned driving and low-altitude intelligent networking [1] - The industry is currently at a critical window for scaling up, with expectations for significant growth in the next 3-5 years due to advancements in certification, pilot scenarios, and infrastructure [1][3] Policy Framework - China has established a multi-layered policy framework for the low-altitude economy, characterized by top-level design, regional collaboration, and technological innovation [1] - Local policies are tailored to specific regional conditions, focusing on key breakthroughs [1] Industry Chain - The low-altitude economy industry chain is extensive, covering upstream raw materials and core components, midstream aircraft manufacturing and ground systems, and downstream diverse application scenarios [2] - Upstream includes the development and production of critical components like batteries, motors, and control systems; midstream focuses on manufacturing low-altitude aircraft such as drones and eVTOLs; downstream applications span logistics, commuting, tourism, agriculture, surveying, and emergency services [2] Infrastructure and Technology - There is a need to enhance the systematic and forward-looking nature of the policy framework to address challenges such as fragmented airspace management and the need for improved approval efficiency [3] - Infrastructure development must accelerate, including the establishment of hard infrastructure networks and the promotion of low-altitude digital infrastructure and smart management [3] - eVTOLs are identified as key vehicles for industry development, requiring breakthroughs in technology and the completion of the industry chain for commercial viability [3]

Group 1 - The core viewpoint is that P-type heterojunction (HJT) and perovskite tandem technologies are expected to become mainstream in space photovoltaic (SBSP) applications in the short to medium term [1] - SBSP is a new energy solution involving "space generation - wireless transmission - ground reception," entering a commercialization acceleration phase post-2024 [1] - The advantages of SBSP include a non-declining, ultra-stable, uninterrupted AM0 light source, with annual generation hours and energy density improved by 4-7 times and 7-10 times, respectively, compared to ground photovoltaic systems [1] Group 2 - In the short term (2024-2027), GaAs solar cells are expected to dominate high-value communication satellites and deep space exploration, but face cost and capacity constraints for low Earth orbit applications [1] - In the medium term (2026-2030), P-type HJT cells are anticipated to penetrate low Earth orbit missions due to superior radiation resistance and lightweight performance [1] - In the long term (post-2028), perovskite tandem cells are expected to accelerate breakthroughs with high power-to-weight ratios, expanding applications from spacecraft power to space solar power stations by 2030, ultimately supporting GW-scale space data centers after 2035 [1] Group 3 - The raw materials sector should focus on GaAs, high-purity gallium smelting, and silicon carbide substrate companies [2] - The equipment sector should concentrate on domestic breakthroughs in metal-organic chemical vapor deposition (MOCVD) technology [2] - The manufacturing sector should invest in battery manufacturing and power system segments, while also monitoring beneficiaries of technologies like perovskite and HJT [2]

Group 1 - Over 60% of the top 10 domestic securities firms in China have chosen Tencent Cloud to build a new generation of domestic big data platforms [1] - Major institutions such as CITIC Securities, Guotai Junan, GF Securities, Galaxy Securities, CITIC Construction Investment, and CICC have partnered with Tencent Cloud's big data platform TDBS [1] - The collaboration aims to support the upgrade of data infrastructure in the AI era [1]

Core Insights - 2025 is designated as the "International Year of Quantum Science and Technology," marking a pivotal transition from theoretical research to industrial application in quantum technology [1] - Major global economies are intensifying their quantum strategy initiatives, with China prioritizing quantum technology in its 14th Five-Year Plan, establishing it as a new arena for global competition [1] Industry Overview - Quantum computing is currently in the noisy intermediate-scale quantum era, with leading technologies such as superconducting, ion trap, photonic, and neutral atom approaches advancing simultaneously, indicating a focus on the upstream of the industry chain [1][2] - The quantum computing industry is entering a phase of rapid growth, with the global market expected to exceed $800 billion by 2035, while the downstream sector is still in its infancy but holds significant growth potential [1] Technology Pathways - The upstream of the quantum computing industry chain includes quantum chips, environmental and measurement control systems, and other critical components, with no clear competitive landscape due to the lack of convergence among mainstream technology pathways [2] - The midstream encompasses quantum computers and software algorithms, where high costs and complexity may lead to cloud platforms becoming a crucial channel for accelerating penetration into downstream applications [2] Market Growth Potential - According to Photon Box Research Institute, the quantum computing industry is projected to enter a high compound growth phase, with the global market expected to grow from approximately $5 billion in 2024 to around $800 billion by 2035, representing nearly 90% of the quantum technology market [3] - The upstream sector is relatively mature and showing significant growth, while the downstream is still in its early stages, with potential growth from $2.7 million in 2024 to approximately $2026.7 million by 2035 [3]