"十五五"时期是基本实现社会主义现代化的关键时期。随着党的二十届四中全会审议通过"十五五"规划 建议，清晰的战略路径已然铺就。在这一历史进程中，金融血脉如何更精准地服务实体经济，资本市场 如何更高效地赋能新质生产力，成为关系全局的重要议题。 在战略方向上，"十五五"规划建议提出"加快建设金融强国"，证券行业需立足资本市场枢纽定位，推动 科技、资本与产业高效循环，为实体经济提供更加精准有效的金融服务。 "截至2025年10月末，中信建投（601066）证券累计服务国家级专精特新及制造业单项冠军企业超2100 家，'小巨人'IPO保荐数量稳居市场前列，北交所IPO保荐数量及承销金额持续领先。未来，我们还将继 续加大投入，为新质生产力发展贡献更大力量。"正值中信建投证券股份有限公司（以下简称"中信建投 证券"）成立20周年之际，《金融时报》独家专访了中信建投证券股份有限公司党委副书记、总经理金 剑华。这份服务科技创新的高质量"成绩单"，是中信建投证券过往成果的总概括，也是未来继续深耕科 创金融、服务国家战略决心的体现。 在功能定位上，"十五五"规划建议提出"积极发展股权、债券等直接融资，稳步发展期货、衍生品和资 产 ...

场内简称：创业板综增强ETF建信；基金认购代码：159293 3.本基金的管理人为建信基金管理有限责任公司（以下简称"本公司"）。 4.本基金的托管人为中信建投证券股份有限公司。 【重要提示】 1.建信创业板综合增强策略交易型开放式指数证券投资基金（以下简称"本基金"）的募集及其基金份额 的发售已经中国证券监督管理委员会证监许可[2025] 1578号文注册募集。中国证监会对本基金募集的注 册并不代表中国证监会对本基金的风险和收益作出实质性判断、推荐或者保证。 2.本基金是交易型开放式、股票型基金。 5.本基金的基金登记机构为中国证券登记结算有限责任公司。 6.投资人可选择网上现金认购、网下现金认购两种方式。网上现金认购是指投资人通过基金管理人指定 的发售代理机构利用深圳证券交易所网上系统以现金进行认购。网下现金认购是指投资人通过基金管理 人及其指定的发售代理机构以现金进行认购。 7.本基金自2025年12月8日至2025年12月23日通过基金管理人指定的销售机构发售。投资人可选择网上 现金认购、网下现金认购两种方式。网上现金认购、网下现金认购的发售日期为2025年12月8日至2025 年12月23日。基金管 ...

"十五五"时期是基本实现社会主义现代化的关键时期。随着党的二十届四中全会审议通过"十五 五"规划建议，清晰的战略路径已然铺就。在这一历史进程中，金融血脉如何更精准地服务实体经济， 资本市场如何更高效地赋能新质生产力，成为关系全局的重要议题。 "截至2025年10月末，中信建投证券累计服务国家级专精特新及制造业单项冠军企业超2100家，'小 巨人'IPO保荐数量稳居市场前列，北交所IPO保荐数量及承销金额持续领先。未来，我们还将继续加大 投入，为新质生产力发展贡献更大力量。"正值中信建投证券股份有限公司（以下简称"中信建投证 券"）成立20周年之际，《金融时报》独家专访了中信建投证券股份有限公司党委副书记、总经理金剑 华。这份服务科技创新的高质量"成绩单"，是中信建投证券过往成果的总概括，也是未来继续深耕科创 金融、服务国家战略决心的体现。 围绕证券行业如何理解并践行"十五五"规划建议的战略指引，在加快建设金融强国的目标下证券公 司如何找准定位并系统发力，以及服务新质生产力将如何重塑行业发展模式、核心能力与价值创造方式 等关键问题，金剑华对记者系统阐述了他的思考。 《金融时报》记者：结合当前国内外发展环境，您认 ...

人民财讯12月3日电，中信建投指出，储能投资积极性旺盛，容量补偿政策具备持续性，负荷高增速、 新能源持续发展确定储能需求将继续高增，同时AIDC配储为海外市场高增提供确定性。锂电受到反内 卷会议催化企稳回升，当前是谈价和排产验证阶段，市场对需求理解分化未形成一致预期，重点关注后 续排产、谈价情况。储能放量确定性大幅增加，继续看多锂电、储能板块。 （原标题：中信建投：储能放量确定性大幅增加，继续看多锂电、储能板块） ...

Market Overview - The market experienced fluctuations with a total trading volume of 1.59 trillion yuan, a decrease of 280.5 billion yuan compared to the previous trading day. The Shanghai Composite Index fell by 0.42%, the Shenzhen Component Index by 0.68%, and the ChiNext Index by 0.69% [1]. Liquidity and Bond Market - CITIC Securities indicated that there is essentially no liquidity gap in December, and the risks to the bond market are limited. The 10-year government bond yield has risen to a range of 1.75% to 1.85%, suggesting potential trading opportunities, although the year-end market may have limited upside [2]. Alibaba Cloud Developments - CITIC Jiantou reported that Alibaba Cloud is accelerating its growth by leveraging the Qwen large model to reshape its business. The company is building a B-end ecosystem barrier through its open-source strategy and strong performance. Alibaba is increasing capital expenditure to meet high computing power demands, with cloud revenue continuing to grow significantly [3]. - Recommendations include focusing on Alibaba ecosystem players, early revenue realization in Pre-AI sectors, and specific vertical AI scenarios for faster revenue growth. Cost reduction strategies are advised for AI coding and multimodal applications, with local inference gradually increasing in volume [3].

Core Viewpoint - Alibaba is leveraging the Qwen large model foundation to achieve comprehensive business transformation, accelerating the construction of its B-end ecosystem barriers through an open-source strategy and strong performance [1] Group 1: Business Transformation - The company is significantly increasing capital expenditure to meet strong computing power demand, with cloud revenue continuing to grow rapidly, validating the closed-loop logic of "infrastructure investment - technology iteration - commercial monetization" [1] Group 2: Investment Opportunities - Attention is recommended on 1) Alibaba ecosystem players; 2) Pre-AI revenue, particularly in OA and ERP segments; 3) Faster AI revenue in certain vertical scenarios, focusing on cost reduction through AI-coding and multimodal approaches [1][1] - Local inference is gradually increasing in volume, and edge-side AI is also gaining traction [1]

Group 1 - The core transaction of CITIC Securities involved a block trade of 15.37 million shares, amounting to 380 million yuan, with a transaction price of 24.72 yuan, reflecting a discount of 1.98% compared to the closing price [1][2] - Over the past three months, the stock has recorded three block trades with a total transaction value of 746 million yuan [2] - The stock's latest closing price was 25.22 yuan, with a daily turnover rate of 0.24% and a total trading volume of 401 million yuan, indicating a net outflow of 10.12 million yuan in main funds for the day [2] Group 2 - The latest margin financing balance for the stock is 1.772 billion yuan, showing a decrease of 60.54 million yuan, or 3.30%, over the past five days [3] - CITIC Securities was established on November 2, 2005, with a registered capital of approximately 77.57 billion yuan [3]

Company Summary - XJ Electric's performance in the first three quarters of 2025 showed a year-on-year growth of 0.75%, indicating an improvement in operational efficiency [1] - The company continues to optimize its business structure, focusing on equipment-related operations, which has led to an increase in profitability [1] - The sales gross margin for the first three quarters of 2025 was 23.88%, reflecting a year-on-year increase of 1.94 percentage points [1] Industry Summary - The total investment in the power grid from January to October 2025 reached 482.4 billion yuan, representing a year-on-year growth of 7.2% [1] - It is expected that the total scale of investment in national grid construction will exceed 650 billion yuan in 2025, continuing a trend of high growth [1] - Fixed asset investment by the Southern Power Grid is projected to exceed 175 billion yuan [1] - Several ultra-high voltage direct current projects are scheduled to commence in 2025, with two direct current projects already approved and several back-to-back interconnection projects planned [1] - As a core supplier of ultra-high voltage converters in China, the company is positioned to benefit from the growing demand in the power grid sector and the accelerated progress of direct current projects [1]

Core Insights - The 2025 Analyst Conference highlighted the potential for a bull market in A-shares, attracting global capital inflow [1][4] - The event gathered over 300 experts to discuss future opportunities in the Chinese capital market [1][4] Group 1: Human-Robot Development - The commercialization path for humanoid robots is becoming clearer, progressing through a "three-step" approach [5][6] - Current applications have moved from static displays to dynamic uses, with a growing rental market emerging [5][6] - The next phase involves standardizing scenarios in factory environments, leading to deeper integration with existing industrial robots [5][6] - The ultimate goal is to introduce humanoid robots into households, which requires high levels of intelligence and versatility, potentially creating a market as large as that for automobiles or consumer electronics [5][6] Group 2: Specific Applications and Market Predictions - Current research focuses on high-risk sectors such as elderly care, firefighting, and mining, with 2026 expected to be a pivotal year for scaling applications [2][6] - Robots will specialize in specific tasks, with their competitive edge relying on deep understanding and accumulation of scenario data [2][6] - Industries like logistics, automotive manufacturing, and textiles are likely to see early adoption of these technologies [2][6] Group 3: Automotive Industry Involvement - The involvement of companies like Tesla and Xpeng in humanoid robotics is seen as a natural extension of their strategies [6] - These automotive companies possess inherent advantages in technology, supply chains, and sales channels, enabling them to integrate resources more efficiently than many startups [6] Group 4: Global Manufacturing Trends - The Chinese manufacturing sector is experiencing a dual trend of accelerating overseas expansion and focusing on high-end production [6] - Many Chinese firms are shifting from exporting products to exporting production capacity, leading to a rise in globally competitive companies in sectors like engineering machinery and injection molding [6] - The themes of domestic substitution and self-sufficiency remain long-term priorities in high-end fields such as industrial machinery and integrated circuit equipment [6] Group 5: Investment Opportunities - Investment strategies for the coming year should focus on emerging areas closely tied to technological transformation, such as humanoid robots, solid-state battery equipment, and PCB equipment [6] - Additionally, sectors like engineering machinery and injection molding, which are currently undervalued but poised for growth due to overseas market expansion, should be considered [6]

专题：2025分析师大会：资本市场"奥斯卡"！机构称A股迎全球资本涌入的大牛市 11月28日，2025分析师大会暨第七届新浪财经"金麒麟"最佳分析师颁奖盛典在上海隆重举行。本次大会 汇聚逾300名权威学者、公私募基金负责人、上市公司董事长、顶级基金经理与首席分析师，共同探讨 中国资本市场的未来发展机遇。 11月28日，2025分析师大会暨第七届新浪财经"金麒麟"最佳分析师颁奖盛典在上海隆重举行。本次大会 汇聚逾300名权威学者、公私募基金负责人、上市公司董事长、顶级基金经理与首席分析师，共同探讨 中国资本市场的未来发展机遇。 在备受瞩目的"金麒麟"评选环节，中信建投证券许光坦团队荣膺机器人及高端制造领域"菁英分析师"称 号。首席分析师许光坦在大会期间接受独家专访，深入阐述了人形机器人的发展前景与高端制造的投资 脉络。 针对新能源汽车企业如特斯拉、小鹏等纷纷布局人形机器人的现象，许光坦表示，车企进入这一领域具 有天然优势，也是行业发展的必然趋势。他指出，特斯拉作为行业"鲶鱼"，在短短两三年内推动了人形 机器人领域的快速发展，其影响力远超过去二三十年。 许光坦分析称，车企进军机器人领域主要具备三大优势： 一是技术 ...