证券代码：601066 证券简称：中信建投 公告编号：临2025-032号 中信建投证券股份有限公司 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）第三届董事会第十五次会议于 议中心以现场结合通讯的方式召开。本次会议应出席董事 13 名；实际出席董事 闫小雷董事、王华董事、浦伟光董事、赖观荣董事、张峥董事、吴溪董事和郑伟 董事）。 在董事会审议前，本议案已经董事会薪酬与提名委员会审核通过。 （二）关于聘任高级管理人员的议案 表决结果：13票同意、0票反对、0票弃权，本议案获得通过，同意聘任武超 则女士担任公司执行委员会委员，任期自本次董事会审议通过之日起至公司第三 届董事会任期结束之日止。武超则女士的简历详见本公告附件。 二、董事会会议审议情况 （一）关于增补非执行董事及董事会专门委员会委员的议案 表决结果：13票同意、0票反对、0票弃权，本议案获得通过，并形成以下决 议： 同时提请股东大会授权董事会并由董事会转授权公司经营管理层办理与董事任 职相关的备案等事项 ...

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。 证券代码：601066 证券简称：中信建投 公告编号：临2025-033号 中信建投证券股份有限公司 关于非执行董事辞任的公告 1 亦无任何与其辞任有关的事项需要通知公司股东及债权人。刘延明先生已按照其 适用的离任管理相关制度做好工作交接。 董事会对刘延明先生为中信建投证券发展作出的积极贡献表示衷心感谢。 特此公告。 中信建投证券股份有限公司董事会 一、董事离任基本情况 中信建投证券股份有限公司（以下简称中信建投证券或公司）非执行董事刘 延明先生因工作原因，向董事会提交辞职报告，辞去公司非执行董事、董事会发 展战略委员会委员职务。辞任后，刘延明先生亦不在公司及控股子公司担任其他 职务。 根据《中华人民共和国公司法》《上市公司治理准则》《证券公司治理准则》 等法律法规及《中信建投证券股份有限公司章程》的相关规定，刘延明先生的辞 任不会导致董事会成员人数低于法定最低人数，上述辞任自公司股东大会选举产 生新任非执行董事之日起生效。 | | | | | | | | | 是否继续在 | 是 ...

中信建投证券股份有限公司 第三届董事会第十五次会议决议公告 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）第三届董事会第十五次会议于 2025 年 6 月 6 日以书面方式发出会议通知，于 2025 年 6 月 20 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 13 名；实际出席董事 13 名，其中现场出席的董事 5 名，以电话方式出席的董事 8 名（李岷副董事长、 闫小雷董事、王华董事、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，公司监事与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。 证券代码：601066 证券简称：中信建投 公告编号：临2025-032号 1、同意提请股东大会审议关于选举王广龙先生担任公司非执行董事的议案， 同时提请股东大会授权董事会并 ...

中信建投（601066）公告，公司非执行董事刘延明因工作原因辞去职务，辞任自股东大会选举新任非执 行董事之日起生效。刘延明先生不在公司及控股子公司担任其他职务。 ...

Core Viewpoint - The company intends to utilize temporarily idle convertible bond funds for cash management to enhance fund efficiency and returns while ensuring the normal implementation of investment projects and safeguarding shareholder interests [1][4][6]. Fundraising Status - The company issued convertible bonds totaling RMB 694 million with a net fundraising amount of RMB 691.4 million after deducting issuance costs of RMB 2.6 million. The funds have been fully received and deposited into a special account [1][2]. Investment Project Details - The net proceeds from the bond issuance will be allocated to specific projects, including a photovoltaic packaging material project with a total investment of RMB 940.7 million, of which RMB 691.4 million will be funded by the raised capital [2]. Cash Management Plan - The company plans to use up to RMB 220 million of the temporarily idle convertible bond funds for cash management within a 12-month period, allowing for rolling use of the funds [3][4]. Investment Types - The company will invest in low-risk, high-liquidity financial products, including structured deposits, agreement deposits, notice deposits, fixed-term deposits, and large-denomination certificates of deposit [3][5]. Decision-Making Authority - The board of directors has authorized the chairman to make cash management investment decisions and sign relevant contracts, with the finance department responsible for implementation [4][5]. Cash Management Returns - Any returns from the cash management activities will belong to the company and will be managed according to regulatory requirements, with funds returned to the special account upon maturity [4][5]. Impact on Daily Operations - The cash management initiative will not affect the normal operation of the company's investment projects or daily business, and is expected to improve fund efficiency and shareholder returns [4][6]. Review Procedures and Opinions - The board of directors and the audit committee have approved the cash management plan, confirming compliance with relevant regulations and ensuring no conflict with the intended use of the raised funds [6][7]. Sponsor's Verification Opinion - The sponsor has verified that the cash management plan has been duly approved and complies with regulatory requirements, supporting the company's goal of enhancing fund efficiency without altering the intended use of the raised funds [7].

Group 1 - The core viewpoint of the news is the performance and structure of the CITIC Securities Value Growth C fund, which has experienced a decline in net value and cumulative returns since its inception [1] - As of June 19, the fund's net value is 0.93 yuan, marking a 1.05% decrease and a cumulative decline of 4.74% over the last five trading days [1] - The fund was established in December 2020 with a total size of 111 million yuan and has recorded a cumulative return of -50.98% since inception [1] Group 2 - The current fund manager, Ms. Zhang Yan, has a master's degree and has held various positions in different fund management companies since 2011, including roles at Xinhua Fund Management and China Life Pension Insurance [2] - Ms. Zhang has managed multiple funds at Zhongyin International Securities, including the Zhongyin Securities Health Industry Flexible Allocation Mixed Fund and the Zhongyin Securities New Energy Flexible Allocation Mixed Fund [2] Group 3 - As of March 31, 2025, the top ten holdings of CITIC Securities Value Growth C account for a total of 51.76%, with notable positions in companies such as Wens Foodstuff Group (7.00%) and Bairun Co., Ltd. (6.68%) [3] - Other significant holdings include Jieya Co., Ltd. (5.82%), Muyuan Foods (5.58%), and Tangrenshen (5.04%) [3]

Core Insights - The conference hosted by CITIC Securities focused on the investment strategies for the second half of 2025, emphasizing the importance of consumer technology and the evolving macroeconomic landscape [1] Group 1: Economic Outlook - China's high-quality development is gaining momentum, with a shift from factor-driven growth to innovation-led efficiency improvements [2] - The global financial market is experiencing increased volatility, yet China's capital market reforms are enhancing its attractiveness [2] - Five macroeconomic highlights are anticipated for the second half of the year, including new consumption innovations and fiscal policy expansion [3] Group 2: Investment Strategies - Four main investment lines are recommended: consumer sectors driven by domestic demand, technology sectors focused on self-sufficiency, manufacturing upgrades, and defensive dividend sectors [5] - The focus on high-end equipment manufacturing and state-owned enterprise reforms is crucial for IPOs and mergers [5] - A bullish outlook for A-shares is expected, with a recommendation to maintain dividend assets as core holdings while exploring new sectors [6] Group 3: Market Dynamics - Structural opportunities in liquidity pricing are being sought, particularly in emerging industries and export-oriented companies with competitive advantages [4] - The pricing dynamics of gold are expected to shift towards geopolitical factors and liquidity conditions, with continued support for gold prices [4]

Core Viewpoint - The article emphasizes the focus on consumer technology industry dividends and outlines four major investment lines for the second half of 2025, highlighting the ongoing recovery and positive trends in China's economy and capital markets [4][6][9]. Group 1: Economic Outlook - China's high-quality development is gaining momentum, with technology innovation and industrial upgrades reshaping perceptions of China's core competitiveness and economic prospects [4]. - The macroeconomic landscape is expected to showcase five key highlights, including new consumption supply-side innovations, the 6Ds trend (de-globalization, demographic changes, rising disposable income, digitalization, decarbonization, and deregulation), and the green, high-end, and intelligent development of manufacturing [6]. - The capital market is undergoing a fundamental transformation, shifting from a financing market to an investment and wealth management market, driven by long-term capital allocations [4][6]. Group 2: Investment Strategies - Investment strategies should focus on four main lines: 1. Consumer sectors benefiting from domestic demand, particularly in cultural tourism, health care, and new consumption trends [9]. 2. Technology sectors with a focus on innovation in pharmaceuticals, new materials, semiconductor equipment, and core industrial software [9]. 3. Industrial sectors promoting manufacturing upgrades, including smart robotics, military industry, artificial intelligence, and low-altitude economy applications [9]. 4. Defensive dividend sectors, prioritizing high-dividend state-owned enterprises and public utilities for stable returns [9][10]. Group 3: Market Predictions - The A-share market is expected to experience initial fluctuations before moving upward, with a recommendation to maintain dividend assets as core holdings while actively exploring new sectors such as innovative pharmaceuticals and artificial intelligence [10]. - The IPO focus for 2025 will support high-end equipment manufacturing, particularly in robotics, while mergers and acquisitions will emphasize state-owned enterprise reforms [9][10].

Summary of Key Points from the Conference Call Industry or Company Involved - The report focuses on the global economic outlook and China's economic strategies, particularly in the context of trade wars and asset allocation strategies. Core Insights and Arguments 1. **Global Economic Outlook**: The report describes a "rise of the East and decline of the West" scenario, emphasizing the need for constructing external circulation and fostering a resilient supply chain [6][7][8]. 2. **China's Economic Position**: China is recognized as a core player in global trade and supply chains, having become the largest trading partner for many regions including Asia, Africa, and parts of Europe [11]. 3. **Trade War Consequences**: The U.S. trade war is characterized as a shortsighted policy that undermines global development and domestic purchasing power, ultimately leading to a loss of public support [15][17]. 4. **Economic Challenges and Highlights**: The report identifies four challenges for the Chinese economy, including the stabilization of the real estate market and the need to prevent excessive competition in manufacturing. Conversely, it highlights five positive trends such as the expansion of fiscal policy and the development of green manufacturing [6][8]. 5. **Asset Allocation Strategies**: The report suggests three main lines for asset allocation in the second half of the year, focusing on the resilience of the economy, responses to trade wars, and the potential for A-shares to rise [6][8]. Other Important but Possibly Overlooked Content 1. **Domestic Market Construction**: Emphasis on accelerating the establishment of a unified domestic market to address consumption and income issues, particularly in light of population decline [66]. 2. **Globalization vs. De-globalization**: The report discusses the historical context of globalization and the current challenges posed by de-globalization, suggesting that China is leading a new wave of globalization [69]. 3. **Investment in Human Capital**: The need for policies that invest in human capital to counteract the challenges of a declining population is highlighted as a critical area for future focus [66]. 4. **Long-term Economic Goals**: The report sets a target for achieving a 5% GDP growth for the year, supported by policy initiatives and internal economic dynamics [8]. This summary encapsulates the key points from the conference call, providing a comprehensive overview of the insights regarding the global and domestic economic landscape, as well as strategic recommendations for asset allocation.

Summary of Conference Call Records Industry Overview - The conference call discusses the outlook for the A-share market in the context of a weakening US dollar cycle and its implications for various sectors and policies [1][2][3]. Key Points and Arguments 1. **Weak Dollar Cycle**: The weakening of the US dollar is becoming evident, influenced by multiple factors including the expanding US fiscal deficit, which is projected to worsen to 7% by 2026. This trend is expected to positively impact the A-share market [1][2]. 2. **A-share Market Performance**: Historically, during weak dollar periods, the A-share market has shown strong performance, particularly in consumer sectors, with significant gains in non-ferrous metals, pharmaceuticals, and finance [1][4]. 3. **New Policy Cycle**: Since September 2024, several favorable policies have been introduced, including guidelines for medium- and long-term funding and new regulations for mergers and acquisitions, which are expected to support financial asset prices [1][5]. 4. **Global Liquidity Impact**: The global liquidity easing cycle has a significant effect on the A-share market. The period from 2019 to 2021 saw a bull market driven by global liquidity, while a shift to negative liquidity in 2022 led to a bear market [1][6]. 5. **Current Monetary Policy Trends**: The global monetary policy remains accommodative, with expectations of further rate cuts by the Federal Reserve in 2025. The European Central Bank has also been aggressive in its rate cuts, while the People's Bank of China is expected to follow suit [1][7]. 6. **Foreign Investment Sentiment**: There has been a notable shift in foreign investment sentiment from bearish to bullish regarding Chinese assets, driven by confidence in China's fiscal and monetary policies and the rise of Chinese technological hard assets [1][3][8][9]. 7. **Market Expectations and Catalysts**: The market is currently facing pessimistic expectations regarding export demand and economic deflation. However, potential positive influences include structural fiscal policies and a possible resolution of the US-China trade conflict [1][10][11]. 8. **Market Trends and Performance**: The A-share market is expected to experience a period of volatility followed by upward movement, supported by the weak dollar trend, policy support, and overall liquidity improvement [1][12]. 9. **Key Catalysts for Market Breakthrough**: For the market to break through current resistance levels, key catalysts such as unexpected improvements in global fundamentals, domestic policy implementation, and breakthroughs in emerging industries are necessary [1][13]. 10. **Long-term Outlook**: The long-term outlook for the A-share market remains optimistic, with a projected annualized return of 8.64% over the next three years. A strategic allocation of 60% in equity assets is recommended [1][14][15]. 11. **Investment Focus Areas**: Key investment areas for the second half of the year include artificial intelligence, humanoid robots, innovative pharmaceuticals, and the rise of new consumer trends [1][16]. Additional Important Content - The call emphasizes the importance of monitoring the evolving geopolitical landscape, particularly the US-China trade relations, as it could significantly impact market dynamics and investor sentiment [1][3][11].