｜2025年12月5日 星期五｜ NO.1 子公司事涉东旭光电案，中信证券称系收购前"旧案" 东旭光电案有了最新进展。12月4日，中信证券公告称，子公司中信证券华南股份有限公司（下称"华南 公司"）为东旭光电证券虚假陈述责任纠纷案37名被告之一，涉诉金额182.82万元。该案确定适用普通 代表人诉讼程序审理。中信证券表示，该案为公司收购广州证券前，广州证券承做的相关项目引发的纠 纷，就该案涉及的潜在损失均已在收购交割之前予以充分考虑，对公司本期利润或期后利润无重大影 响。 点评：中信证券子公司涉东旭光电案，虽涉诉金额不大，但作为收购前"旧案"，市场或关注其潜在声誉 影响。中信证券强调损失已在收购时计提，对财务无重大影响，此举或缓解投资者担忧。券商板块短期 或承压，但头部券商抗风险能力较强，长期影响有限。整体看，事件对市场情绪扰动有限，投资者更关 注券商板块基本面及政策面变化。 11月末，国投证券汽车行业首席分析师徐慧雄上演了一出"领奖即离职"的行业大戏，其团队成员亦"无 缝衔接"入职国金证券。这已是继今年3月固收首席尹睿哲之后，年内第二位携整个团队"整建制"转投国 金证券的首席分析师。与此同时，任职长达18年 ...

政策方面，严监管措施分利差与费差两大维度持续推进，强力破解行业持续多年的内卷式竞争模式：从 利差看，自2023年上半年监管启动预定利率窗口指导以来，新一轮预定利率调降拉开序幕，此后2024年 正式建立预定利率动态调整机制，对防范利差损风险起到重要作用；从费差看，2023年以来监管借鉴车 险"报行合一"的成功经验，致力于推动人身险全渠道"报行合一"，综合整治内卷式费用竞争，对于引导 行业弱化费用竞争、聚焦价值创造、重视客户利益具有重要意义。 智通财经APP获悉，中信证券发布研报称，保险行业已从资产负债表衰退叙事中率先走向良性扩张，周 期向好正式确立，预计2026年向上趋势进一步加强，体现为：净资产恢复并维持较快增长、分红险作为 主力产品更加畅销、银保渠道份额集中和总量增长仍然具有很大空间、险资作为耐心资本主力，目前资 产结构正受益于债券利率低位波动、股市慢牛的市场格局。从选股角度看，保险股阿尔法和贝塔兼具， 建议重点关注保单价值率高、新业务价值增长好、重视高股息资产配置带来收益稳定向好的公司。 中信证券主要观点如下： 严监管、反内卷推动保险公司资产负债表良性扩张。 险资增配权益是长期趋势，成为权益市场重要增量资 ...

智通财经APP获悉，中信证券发布研报称，民航机队产能释放受新增飞机低引进、发动机检修、航材备 件等因素制约，旺季机队产能利用率愈发临近极限状态，近期公商务需求持续复苏，期待2026年政策端 进一步刺激因私出行，再次强调"重视航司盈利拐点"。三季度大航的国际线客公里收益媲美国内，改变 2015年以来国际线收益水平偏弱的局面，"向远处飞、向国际飞、向新兴市场飞"的策略在低油价、国内 需求弱复苏背景下进一步摊薄单位扣油成本。2025年大航有望实现疫后首次利润转正，成为利润释放周 期起点，继续看好未来两年航司业绩释放。 中信证券主要观点如下： 按图索骥：数观季报挖掘边际变化信号，短期公商务需求持续恢复有望与汇率温和升值共振。 特征之一，根据样本航司公告，国内航司国际线RRPK(客公里收益)媲美国内线，运力倾斜国际远程航 线，在低油价&国内需求弱复苏的背景下，通过运力增投国际远程航线的策略提升飞机利用率、摊薄单 位成本，同时通过提升中转旅客比例增厚座收对收益端贡献的策略或优于单纯囿于国内线客公里收益的 经营策略。 之二，航油成本压力的缓解仍为利润释放重要因素，发动机检修规模及阶段经营策略带来的机队利用率 差异推动单位扣 ...

人民财讯12月5日电，中信证券表示，继续看好互联网板块顺周期属性叠加AI的向上趋势，巨头在AI趋 势中攻防兼备：若AI技术超预期，大概率由互联网巨头及合作方产生；若悲观情景AI泡沫破裂，扎实 资产负债表和现金流可作为避风港。选股维度，当前的模型能力差距尚未带来真正的基本面分化，股价 波动主导因素更多是AI叙事，而叙事则有随时变化的可能性，因此在真正颠覆式创新出现前，我们建 议推荐逆向思维、逢低配置。 ...

Core Viewpoint - The report from CITIC Securities emphasizes that in the AI era, the upgrade of memory bandwidth and capacity is crucial, with integrated storage and computing being a trend, indicating a high level of activity in the sector and highlighting investment opportunities [1] Group 1: Storage Solutions Manufacturers - Focus on manufacturers that provide necessary CUBE support and customized design solutions to aid industrialization, aiming to penetrate the high-end market, particularly those with backing from original storage manufacturers and first-mover advantages [1] - Attention is also directed towards companies developing ultra-thin LPDDR stacking solutions [1] Group 2: Semiconductor Equipment - The industry is benefiting from the upgrade in advanced packaging and testing demands, alongside process optimization and yield improvement, which accelerates the localization of the supply chain [1] - Key areas of focus include etching, bonding, and thinning equipment due to the advancements in packaging and localization [1] Group 3: Advanced Packaging - Advanced packaging is identified as a critical breakthrough point for high-end storage, with high availability of equipment [1] - Chinese manufacturers are noted to have leading capabilities in advanced packaging and are expanding their production capacity [1] Group 4: Logic Chip Companies - The report also highlights the importance of logic chip companies in the context of the evolving semiconductor landscape [1]

中信证券研报称，保险行业已从资产负债表衰退叙事中率先走向良性扩张，周期向好正式确立，预计 2026年向上趋势进一步加强，体现为：净资产恢复并维持较快增长、分红险作为主力产品更加畅销、银 保渠道份额集中和总量增长仍然具有很大空间、险资作为耐心资本主力，目前资产结构正受益于债券利 率低位波动、股市慢牛的市场格局。从选股角度看，保险股阿尔法和贝塔兼具，2024和2025年牛市带来 的业绩弹性已较为充分体现，我们更加关注保单价值率高、新业务价值增速快、盈利和股息稳定增长的 头部公司。 ...

Core Viewpoint - The upgrade of memory bandwidth and capacity is central in the AI era, with integrated storage and computing being a trend, leading to high demand in near-storage computing, presenting investment opportunities [1] Group 1: Investment Recommendations - Focus on four key areas within the domestic HBM and CUBE-related industrial chain: 1) Storage solution manufacturers are essential for CUBE support, with customized design solutions aiding industrialization and entry into high-end markets, particularly those with original storage manufacturer support and first-mover advantages [1] 2) Semiconductor equipment will benefit from the upgrade in advanced packaging and testing demands, alongside process optimization and yield improvement, accelerating the localization of the supply chain; focus on etching, bonding, and thinning equipment [1] 3) Advanced packaging is a critical breakthrough point for high-end storage, with high equipment availability, and mainland Chinese manufacturers leading in advanced packaging capabilities and expanding production capacity [1] 4) Logic chip companies are also highlighted as a focus area [1]

中信证券研报称，在流动性改善、地缘扰动、AI泡沫短期无虞三重因素下，亚洲股市更需聚焦基本面 线索变化带来的结构性配置机会。美联储12月降息预期反转缓解亚洲市场宏观压力，而全球GPR指数高 位运行下中日对峙、俄乌冲突等构成阶段性扰动，AI领域现金流支撑与供应链瓶颈使极端泡沫叙事难 现。具体市场核心观点如下。1）A股：需基本面超预期突破，配置上建议聚焦资源/传统制造业定价权 重估与企业出海主线，关注低拥挤品种与红利标的。2）港股：受益内外部催化有望实现戴维斯双击， 建议侧重科技、医疗、资源品等五大方向。3）韩国股市：依托基本面、政策与流动性推动重估，建议 重点关注半导体/AI等行业。4）印度股市：具备补涨潜力，货币政策宽松背景下建议优先配置利率敏感 型企业与消费板块，逆向看多IT服务。5）日本股市：受益治理红利与外资增配，聚焦行业整合、资产 重估等四大方向。6）东南亚股市：呈现复苏态势，马来西亚建议关注AI与数据中心产业链；印尼建议 聚焦消费与新能源汽车；泰国建议首选消费和旅游板块，整体需密切跟踪宏观变量与政策动向。 ...

Core Viewpoint - The report from CITIC Securities indicates that the capacity release of the civil aviation fleet is constrained by factors such as low introduction of new aircraft, engine maintenance, and spare parts availability, with the capacity utilization rate nearing its limit during peak season [1] Group 1: Capacity and Demand - The recent recovery in business and leisure travel demand is noted, with expectations for further policy stimulation for private travel by 2026 [1] - The capacity utilization rate of airlines is approaching its maximum limit, indicating a potential strain on operational efficiency [1] Group 2: Revenue and Profitability - In the third quarter, major airlines' revenue per passenger kilometer on international routes has matched that of domestic routes, marking a shift from the weak performance of international routes since 2015 [1] - The strategy of "flying further, flying internationally, and flying to emerging markets" is effectively reducing unit fuel costs against a backdrop of low oil prices and a weak recovery in domestic demand [1] - Major airlines are expected to achieve their first profit since the pandemic in 2025, marking the beginning of a profit release cycle, with positive performance anticipated over the next two years [1]

（文章来源：第一财经） 中信证券研报表示，保险行业已从资产负债表衰退叙事中率先走向良性扩张，周期向好正式确立，预计 2026年向上趋势进一步加强，体现为：净资产恢复并维持较快增长、分红险作为主力产品更加畅销、银 保渠道份额集中和总量增长仍然具有很大空间、险资作为耐心资本主力，目前资产结构正受益于债券利 率低位波动、股市慢牛的市场格局。从选股角度看，保险股阿尔法和贝塔兼具，2024和2025年牛市带来 的业绩弹性已较为充分体现，我们更加关注保单价值率高、新业务价值增速快、盈利和股息稳定增长的 头部公司。 ...