2025年12月3日，新开发银行2025年度第四期人民币债券（债券通）成功发行，本次债券发行规模达30亿元，期限3年，票面利率确定为1.88%。 中信建投 证券 作为本次发行的主承销商，全程助力债券顺利落地，这也是我公司首次为国际开发机构提供债券发行服务，是公司在跨境金融服务领域实现的重大 突破。 本次合作是公司践行境内外一体化战略的重要成果，未来将以此次合作为契机，积极参与多边开发机构的金融合作项目，为推动境内债券市场开放、促进 中外金融互联互通贡献更多力量。 新开发银行（NDB）是由"金砖五国"（巴西、俄罗斯、印度、中国、南非）于2014年共同发起设立的多边开发银行，总部设于上海，2015年7月正式运 营。2021年起，孟加拉国、阿联酋、埃及、阿尔及利亚相继加入，乌拉圭、乌兹别克斯坦、哥伦比亚为准成员，版图持续扩大，资本基础进一步夯实。 NDB定位"新兴经济体的一流开发机构"，聚焦 清洁能源 、交通、水务、数字基础设施等可持续发展领域，与《巴黎协定》《联合国2030议程》高度契 合。截至2024年末，累计批准120个项目、金额390亿美元；其中86.6%为主权类或主权担保贷款，违约率0.24%，资产质量优 ...

Core Insights - The event organized by CITIC Construction Investment Fund and CITIC Construction Investment Securities focused on investment opportunities in REITs under the backdrop of market-oriented reforms in the renewable energy sector [1][2] - The Jiangsu branch of State Power Investment Corporation presented its renewable energy project layout in Jiangsu and discussed the positive role of public REITs in revitalizing existing assets and promoting energy transition [1] - Experts from the local power industry analyzed the policy framework and development trends for renewable energy participation in the electricity market, highlighting the challenges and strategies for renewable enterprises in market transactions [1][2] REITs Market Analysis - The chief analyst from CITIC Construction Investment Securities reviewed the expansion progress of the REITs market since 2025, emphasizing the long-term investment logic of energy infrastructure REITs [2] - The representative from State Power Investment Corporation's Jiangsu offshore wind power company shared insights on the digital operation and management experience of offshore wind assets, showcasing operational efficiency and management standards [2] - The discussions during the event clarified the role of infrastructure REITs in the electricity reform process, addressing practical issues such as the impact of natural resource fluctuations on returns [2] Future Engagement - The event served as an effective platform for investors to gain insights into trends in the renewable energy electricity market and the value of REITs assets through policy interpretation, case sharing, and market analysis [2] - CITIC Construction Investment plans to continue investor engagement activities to timely convey industry dynamics and project information, focusing on long-term development opportunities in the renewable infrastructure sector [2]

Core Viewpoint - Shanghai Eigencomm Technologies Co., Ltd. (移芯通信) is a leading provider of cellular communication chips, planning to list on the Hong Kong Stock Exchange with a strong financial performance and a diverse product matrix catering to various market needs [1][10]. Company Overview - The company submitted its IPO application on November 30, 2025, with CITIC Securities as the sole sponsor [1]. - 移芯通信 specializes in cellular LTE/5G communication chips, offering a unique balance of power, performance, and area/cost (PPA) [1][9]. - The chip product matrix supports a wide range of applications, including smart meters, vehicles, and industrial devices, forming the backbone of the IoT ecosystem [1][2]. Financial Performance - In 2024, the company reported revenues of approximately RMB 5.52 billion, with a net profit of RMB 120 million, marking a 100% year-on-year increase [1][10]. - For the first half of 2025, revenues reached RMB 3.37 billion, with a net profit of RMB 170 million, reflecting a 20% year-on-year growth [1][10]. - The gross margin for 2024 was 22.34%, with a slight increase to 22.78% in the first half of 2025 [1][10]. Product Offerings - The product series is categorized based on supported cellular IoT standards, including: - NB-IoT for low-speed, long-distance, and ultra-low power applications [6]. - 4G Cat.1bis for mid-speed applications requiring voice support [6]. - 5G RedCap and LTE Cat.4 for high-speed, low-latency industrial IoT applications [6]. - The company holds the global leading position in NB-IoT chip shipments and ranks second in Cat.1bis chip shipments [15][16]. Market Position - According to Frost & Sullivan, 移芯通信 ranks first in China and third globally in the cellular communication chip industry by shipment volume [9][12]. - The global cellular communication chip market is projected to grow from 653.1 million units in 2025 to 1,001.3 million units by 2029, with a compound annual growth rate (CAGR) of 11.9% [11]. Competitive Landscape - The company has developed comprehensive technologies supporting connected devices, including advanced cellular communication algorithms and integrated chip designs [4]. - The competitive landscape includes comparable companies such as Aojie Technology and Chuangyao Technology, with 移芯通信's current market valuation and financial metrics being competitive [22].

Core Viewpoint - Shanghai Aiwai Electronics Technology Co., Ltd. (Aiwai Electronics, 688798.SH) has met the conditions for refinancing, listing, and information disclosure as per the review by the Shanghai Stock Exchange Listing Review Committee [1] Group 1: Financing and Projects - Aiwai Electronics plans to issue convertible bonds with a total fundraising amount not exceeding 1,901.32 million yuan, which will be allocated to several projects including the Global R&D Center Construction Project and various chip R&D and industrialization projects [2][3] - The total investment for the projects is approximately 2,454.61 million yuan, with the specific allocation for each project detailed as follows: - Global R&D Center Construction Project: 1,484.73 million yuan, with 1,224.42 million yuan from the fundraising - Edge AI and Supporting Chip R&D and Industrialization Project: 365.94 million yuan, with 241.20 million yuan from the fundraising - Automotive Chip R&D and Industrialization Project: 316.58 million yuan, with 226.80 million yuan from the fundraising - Motion Control Chip R&D and Industrialization Project: 287.36 million yuan, with 208.90 million yuan from the fundraising [3] Group 2: Shareholder and Management Information - The existing shareholders will have priority in the subscription of the convertible bonds, with the specific ratio to be determined by the board of directors based on market conditions [4] - As of June 30, 2025, Sun Hongjun directly holds 41.80% of the company's shares and indirectly holds an additional 0.01% through Shanghai Aizhun, making him the controlling shareholder and actual controller of the company [4]

12月5日，中信建投发布最新投资研报，对低空经济的发展前景进行了深入剖析，指出低空经济市场规 模有望继续保持增长，未来将形成万亿元的庞大蓝海市场，为投资者指明了新的投资方向。 市场动态方面，2025年多家eVTOL（电动垂直起降飞行器）公司接到国内外意向订单，这一现象充分 反映出低空经济市场空间广阔，需求旺盛。eVTOL作为低空经济的重要载体，具有绿色环保、灵活便 捷等优势，有望在未来城市空中交通、短途运输等领域发挥重要作用。 在相关概念股方面，万丰奥威在通用航空领域布局较早，其生产的钻石飞机在全球通用飞机市场具有较 高的知名度和市场份额，有望受益于低空经济的发展；卧龙电驱在电机驱动技术方面实力雄厚，为 eVTOL等低空飞行器提供关键的动力支持，随着低空经济市场的扩大，其业务有望迎来快速增长；还 有中直股份，作为国内直升机制造的龙头企业，在低空经济领域的应急救援、旅游观光等应用场景中具 有广阔的发展空间。 来源：券商研报精选 中信建投研报明确指出，2024年是低空经济发展的元年，标志着这一新兴产业正式进入高速发展轨道。 回顾2023年，我国低空经济市场规模已然超过5000亿元，展现出强劲的发展势头。随着下游应 ...

中信建投（601066）发布研报称，我国低空经济市场近年来持续增长，政策提出到2030年形成万亿级市 场规模。以2027年为节点，我国将致力于通用航空装备供给能力与产业创新的提升。低空经济的发展有 望带动上下游基础设施迎来发展周期，如卫星、航空器以及低空飞行器运行提供空管环境(软硬件)、基 础设施、算力等。2025年多家eVTOL公司接到国内外意向订单，反映低空经济市场空间广阔。 中信建投主要观点如下： 2024年是低空经济发展元年，未来中国低空经济市场万亿元蓝海。2023年我国低空经济市场规模超5000 亿元，随着下游应用领域的不断扩大，未来有望继续保持增长，按照民航和物流数据，设备价值量占运 营收入的5-15%，基础建设占运营收入的20%。根据《通用航空装备创新应用实施方案(2024-2030年)》 提出到2030年形成万亿级市场规模。以2027年为节点，我国将致力于通用航空装备供给能力与产业创新 的提升。以增强技术创新，完善产品谱系，加速示范应用等20个重点任务为核心，推动航空制造业新型 工业化探索和实践。 低空智能融合基础设施划为"四张网"，包括"设施网"、"空联网"、"航路网"和"服务网"。设施网指 ...

Core Viewpoint - The successful launch of the Zhuque-3 rocket marks a significant breakthrough in China's commercial space industry, particularly in reusable liquid oxygen-methane launch vehicle technology [1] Group 1: Technological Achievements - On December 3, the Zhuque-3 rocket successfully entered orbit, becoming China's first reusable liquid oxygen-methane launch vehicle to achieve orbital flight [1] - Although the first-stage recovery did not achieve a soft landing due to abnormal combustion, the entire testing, launch, and flight process was fully validated [1] Group 2: Industry Implications - The Zhuque-3's successful orbit entry represents a critical turning point for China's commercial space industry, addressing the current bottleneck in launch vehicles [1] - The successful launch provides a lower-cost option for the addition of new satellite constellations, which is expected to accelerate the construction of satellite networks and lead to an explosion in application demand [1] Group 3: Future Developments - Upcoming launches of rockets such as Tianlong-3, Lijian-2, Chang-12 series, and Zhishen-1 are planned, which will include recovery tests and are anticipated to further alleviate industry bottlenecks [1] - The advancements in rocket technology are expected to streamline the entire industry chain logic, enhancing the overall growth of the commercial space sector [1]

中信建投研报指出，2024年是低空经济发展元年，未来中国低空经济市场万亿元蓝海。2023年我国低空 经济市场规模超5000亿元，随着下游应用领域的不断扩大，未来有望继续保持增长，按照民航和物流数 据，设备价值量占运营收入的5-15%，基础建设占运营收入的20%。根据《通用航空装备创新应用实施 方案（2024-2030年）》提出到2030年形成万亿级市场规模。以2027年为节点，我国将致力于通用航空 装备供给能力与产业创新的提升。以增强技术创新，完善产品谱系，加速示范应用等20个重点任务为核 心，推动航空制造业新型工业化探索和实践。2025年多家eVTOL公司接到国内外意向订单，反映低空 经济市场空间广阔。 ...

Core Viewpoint - Quantum technology is highlighted as a key future industry by the state, tasked with becoming a new economic growth point [1] Group 1: National Strategy - The Central Committee's proposal emphasizes accelerating high-level technological self-reliance and leading the development of new productive forces [1] - The focus on quantum technology in the 14th Five-Year Plan indicates the government's strong commitment to the industry [1] Group 2: Future Industry Development - The strategy includes exploring diverse technological routes, typical application scenarios, feasible business models, and market regulatory rules [1] - Other emerging industries mentioned alongside quantum technology include biomanufacturing, hydrogen energy, nuclear fusion energy, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communication [1]

Core Insights - Alibaba is leveraging the Qwen large model foundation to comprehensively reshape its business and accelerate the construction of B-end ecological barriers through an open-source strategy and strong performance [2][42] - The company is committed to increasing capital expenditure to meet strong demand for computing power, with cloud revenue continuing to grow significantly, validating the closed-loop logic of "infrastructure investment - technology iteration - commercial monetization" [2][42] AI Model Development - Alibaba has been early in the AI model layout, with its flagship Qwen series iterating three major versions and multiple minor versions in just over two years, covering vertical scenarios such as text, mathematics, code, and multi-modal applications [3][43] - As the only major player adhering to an open-source strategy, Alibaba has accelerated model iterations since 2024, narrowing the capability gap with overseas models and is expected to surpass closed-source models in the B-end market [3][43] Model Capabilities and Updates - Alibaba's AI model layout has achieved "full size," "full modality," and "multi-scenario" coverage, with the first trillion-parameter multi-modal model M6 released in March 2021, and subsequent expansions in parameter size [4][43] - As of October 2025, the Qwen model series has iterated three major versions and multiple minor versions, covering model sizes from 0.5 billion to one trillion parameters [4][43] - The Qwen series has open-sourced a total of 357 models, with a significant acceleration in update frequency since 2024, including 71 models in the first half of 2024 and 120 in the second half [5][45] Competitive Positioning - Alibaba's model capabilities rank in the global first tier, with the gap to leading overseas firms reduced from over six months to approximately three months [12][51] - The Qwen3 235B model, released on July 22, 2025, is comparable to DeepSeek-V3.1 Terminus, while the Qwen2.5 Instruct-72B model was the first domestic model to exceed an overseas model in the open-source arena [12][51] Market Strategy and Ecosystem - The company has formed a complete layout for both B-end and C-end markets, with open-source serving as the foundation for business and product support [35][74] - As of the 2025 Yunqi Conference, the Tongyi series models have achieved 600 million downloads and served over 1 million customers, with the Mota community further enhancing the open-source ecosystem [35][74] Future Outlook - The focus will be on the official release of Qwen3-Next (equivalent to Qwen3.5) and optimizing vertical models based on it, with Qwen4 expected to be released in Q2 2026 [21][60] - The ongoing open-source strategy is anticipated to maintain the frequency of model updates, further enhancing capabilities while narrowing the time gap with leading overseas models [21][60]