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中信证券:港股上行动能延续 把握四大中长期方向
Zheng Quan Shi Bao Wang· 2025-10-09 00:28
人民财讯10月9日电,中信证券研报认为,充裕的流动性叠加AI的持续投入和创新是推动9月初以来港 股持续上涨的两大动能。展望未来,在港股的"赚钱效应"下,南向资金有望持续流入;除全球进入降息 周期的因素以外,若高市早苗成功当选新一任日本首相,港股预计也将受益于日本投资者的套利交易配 置。同时,在国内外企业加大AI领域的资本支出,大模型和应用不断的迭代创新下,港股完整的AI和 科技产业链或也将迎来业绩兑现。在持续半年的估值扩张后,港股当前的绝对估值并不便宜。但在基本 面预计触底反弹,叠加2026年业绩预计高增的背景下,港股在全球维度的吸引力依旧显著。结合流动性 的外溢效应以及AI叙事的持续催化,研报判断港股2024年初以来的长牛行情将延续,建议投资者把握 四大中长期方向:1)科技行业,包括AI相关细分赛道、消费电子等;2)大医疗板块,特别是生物科技; 3)受益于海外通胀预期抬升叠加去美元化的有色;4)未来国内经济进一步复苏,相对滞涨的消费板块也 有望迎来估值修复。 ...
中信证券:当前国产算力加速演进,建议关注龙头厂商
Xin Lang Cai Jing· 2025-10-09 00:28
中信证券指出,2025年国庆期间,国产AI算力生态持续演进:服务器订单方面,工商银行、中国联通 公布合计百亿服务器招标结果,国产算力供应商中标占比超90%;大模型方面,阿里发布大模型 Qwen3-VL-30B-A3B且华为昇腾实现0 day支持,腾讯混元最新视觉模型跻身LMArena榜单全球第三。中 信证券认为当前国产算力加速演进,建议关注龙头厂商。 ...
中信证券:后续美联储降息路径仍存不确定性
Xin Lang Cai Jing· 2025-10-09 00:28
中信证券明明等研报指出,FOMC内部,部分成员如沃勒、米兰和鲍曼等明确表示支持降息,然而,包 括美联储主席鲍威尔在内的其他官员表态则更为谨慎,鲍威尔在9月23日的讲话中指出,若政策调整过 于激进,可能导致通胀目标难以实现,而维持限制性政策过久又会带来劳动力市场疲软的风险。美联储 副主席杰克逊10月3日表示劳动力市场正趋软,需在双重使命间寻求平衡。此外,政府关门对经济数据 发布造成了干扰,9月就业报告等关键数据未能按计划发布,这使得美联储在决策时面临更大挑战,截 至10月7日市场对于10月降息预期概率仍在90%以上。 ...
好医生云医疗递表港交所 海通国际及中信证券为联席保荐人
Zheng Quan Shi Bao Wang· 2025-10-09 00:23
好医生云医疗已向港交所主板提交上市申请,海通国际及中信证券为联席保荐人。 好医生云医疗是一家综合性基层医疗赋能平台。根据灼识咨询,按2024年收入计算,公司在中国基层医 疗赋能服务行业排名第二。截至2024年12月31日,公司在中国基层医疗终端客户数量方面也位列第二。 中国基层医疗行业市场规模巨大,预计2024年至2030年将保持9.2%的复合年增长率。 好医生云医疗是中国基层医疗行业中唯一一家以数智化与AI辅助赋能的综合赋能平台。截至2025年6月 30日,已直接服务超过660600家基层医疗终端客户,包括基层医疗机构和基层药店。公司的注册基层医 疗终端客户数量以29.0%的复合年增长率增长(2022年12月31日至2024年12月31日)。截至2025年6月30 日,客户覆盖范围已扩展至中国99%以上的县级行政区域。 ...
中信证券:后续若政府停摆持续,或将继续影响美国CPI等数据的披露
Xin Lang Cai Jing· 2025-10-09 00:21
中信证券明明等研报指出,10月1日美国政府开始停摆,当前美国政府关门僵局仍在持续。虽然特朗普 总统表态愿与民主党就医保问题谈判,但其前提是民主党先重启政府,其立场引发双方进一步僵持,目 前美国政府关门的结束时间仍不确定。美国9月非农数据的披露或需等待至政府恢复正常运转后才会披 露。后续若政府停摆持续,或将继续影响美国CPI等数据的披露。 ...
中信证券:港股2024年初以来的长牛行情将延续
Xin Lang Cai Jing· 2025-10-09 00:21
Core Viewpoint - The continuous rise of Hong Kong stocks since early September is driven by abundant liquidity and ongoing investments and innovations in AI [1] Group 1: Market Dynamics - Southbound capital is expected to continue flowing into Hong Kong stocks due to the "wealth effect" [1] - The potential election of a new Japanese Prime Minister, if successful, may lead to arbitrage trading by Japanese investors benefiting Hong Kong stocks [1] Group 2: Sector Analysis - Increased capital expenditure in the AI sector by domestic and international companies is anticipated to lead to performance realization in Hong Kong's complete AI and technology industry chain [1] - Despite a six-month valuation expansion, the current absolute valuation of Hong Kong stocks is not cheap, but the fundamentals are expected to rebound [1] Group 3: Investment Recommendations - Investors are advised to focus on four long-term directions: 1) Technology sector, including AI-related sub-sectors and consumer electronics [1] 2) Healthcare sector, particularly biotechnology [1] 3) Non-ferrous metals benefiting from rising overseas inflation expectations and de-dollarization [1] 4) Consumer sector, which may see valuation recovery with further domestic economic recovery [1]
格尔软件股份有限公司关于变更持续督导保荐代表人的公告


Shang Hai Zheng Quan Bao· 2025-10-08 19:29
证券代码:603232 证券简称:格尔软件 公告编号:2025-059 格尔软件股份有限公司 关于变更持续督导保荐代表人的公告 格尔软件股份有限公司董事会 2025年10月1日 孙璐女士简历 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。 孙璐:女,现任中信证券投资银行管理委员会高级副总裁,保荐代表人,具有13年投资银行经验和3年 审计经验;曾负责或参与的项目有均普智能IPO、科泰电源非公开、均胜电子非公开、中国动力重大资 产重组等项目,曾参与或负责土豆网IPO审计、中国联通、南京爱立信、华力半导体以及杭州默沙东等 项目的年度审计工作。 格尔软件股份有限公司(以下简称"公司")于2025年9月30日收到中信证券股份有限公司(以下简称"中 信证券")出具的《关于更换持续督导保荐代表人的函》,中信证券作为公司2020年非公开发行A股股 票的保荐机构,原指派张俊晖和孔磊先生担任保荐代表人负责持续督导工作。现孔磊先生因工作安排原 因,不再担任公司持续督导的保荐代表人,中信证券现委派保荐代表人孙璐女士接替其负责该项目后续 的持续督导工作 ...


2025年1-9月A股IPO中介机构收费排行榜
Sou Hu Cai Jing· 2025-10-08 15:20
Core Insights - In the first nine months of 2025, a total of 78 companies were listed on the A-share market, representing a year-on-year increase of 13.04% compared to 69 companies in the same period last year [1] - The total fees charged by IPO intermediaries for these listings amounted to 5.599 billion yuan, with underwriting and sponsorship fees accounting for 3.884 billion yuan, legal fees for 564 million yuan, and audit fees for 1.151 billion yuan [1] Segment Analysis Underwriting and Sponsorship Fees - The total underwriting and sponsorship fees were highest in the ChiNext board, followed by the Shanghai Main Board, Sci-Tech Innovation Board, Shenzhen Main Board, and Beijing Stock Exchange [1] - The leading underwriting institution by total fees was Guotai Junan, with 501 million yuan from 9 deals, followed by CITIC Securities and Huatai United Securities with 486 million yuan and 404 million yuan respectively [5][7] Legal Fees - The top three law firms by total fees were Shanghai Jintiancheng, Shanghai Tongli, and Beijing Guofeng, with total fees of 89.3 million yuan, 49.9 million yuan, and 47.7 million yuan respectively [8][10] - The average legal fee was highest for the Shanghai Main Board at 837.58 thousand yuan, while the lowest was for the Beijing Stock Exchange at 391.07 thousand yuan [3][4] Audit Fees - The leading audit firms by total fees were Rongcheng, Tianjian, and Zhonghui, with total fees of 270 million yuan, 221 million yuan, and 151 million yuan respectively [11][13] - The average audit fee was highest for the Shanghai Main Board at 1.990 million yuan, and lowest for the Beijing Stock Exchange at 667.14 thousand yuan [3][4]
中信证券保荐国产吸入制剂龙头企业长风药业登陆港交所
Xin Lang Cai Jing· 2025-10-08 13:11
来源:市场资讯 (来源:中信证券发布) 2025年10月8日,长风药业股份有限公司(以下简称长风药业,2652.HK)成功于香港联交所主板上 市,发行规模约6.08亿港币。中信证券担任牵头保荐人、整体协调人、联席全球协调人、联席账簿管理 人及联席牵头经办人。 香港市场吸入制剂第一股 香港公开发售认购倍数达6,697.80倍,斩获港股医疗健康行业IPO公开认购倍数历史第一 长风药业本次在香港联交所主板成功上市,不仅提升了国际影响力,更标志着长风药业在"高壁垒仿制 +全球原研创新"双引擎驱动下,向世界级吸入给药领航者迈出关键一步。 港股医疗健康行业IPO公开认购倍数历史第一 2025年以来上市的13单港股生物医药IPO中,中信证券以保荐人身份参与8单 专注于吸入技术及吸入药物 全球吸入给药的新兴领导者 长风药业是一家"仿创并举"的全球化吸入给药平台型企业:一方面以高壁垒仿制药为基础,构建了从装 置工程、处方工艺、质量体系到规模化生产与国际注册的全链条能力,形成稳定现金流与全球合规制造 实力;另一方面,围绕呼气辅助鼻喷递送系统、脂质体吸入、小干扰核糖核酸等前沿技术,面向哮喘、 慢性阻塞性肺疾病(即"慢阻肺")、过敏 ...
中信证券:资源安全主线热度提升 AI从企业级向消费级扩散
智通财经网· 2025-10-08 09:04
Core Insights - Resource security, corporate globalization, and technological competition remain the most important structural market clues, corresponding to the industry allocation framework of resources, globalization, and new productivity [1][7] - The recent surge in prices of precious metals, base metals, and energy metals indicates an increasing focus on resource security, with significant price increases driven by supply shocks [2][7] - The expansion of AI from enterprise-level to consumer-level applications is expected to lead to a boom in edge hardware and applications, with major companies competing for user entry points [3][7] Resource Security and Metal Prices - Precious metals, base metals, and energy metals have seen comprehensive price increases, with tin and cobalt experiencing the most significant rises of 8.7% and 4.9% respectively during the week of October 3, driven by supply disruptions [2] - Cobalt prices have surged, with battery-grade cobalt reaching 343,000 yuan per ton, a 29% increase since September, and prices doubling since the beginning of the year [2] - The upward trend in precious metals is notable, with gold reaching new highs and silver approaching historical peaks, indicating a potential for further increases in the future [2] AI Expansion and Consumer Applications - Major AI companies, led by OpenAI, are increasingly targeting consumer applications, with products like Sora 2 and ChatGPT Pulse gaining significant traction [3] - The introduction of Apps SDK by OpenAI aims to capture operating system-level user entry points, highlighting the importance of hardware control for data collection and user engagement [3] - The competition in edge hardware is intensifying, with reports of collaborations between OpenAI and consumer electronics manufacturers, as well as advancements in AR technology by companies like Apple and Meta [3] Trade Relations and Corporate Globalization - The trend of Chinese companies going global is expected to continue, although it may face challenges due to the current state of US-China relations [4] - The upcoming APEC summit may yield partial agreements in areas with less divergence, such as aircraft procurement and rare earth supply stability, but comprehensive tariff negotiations may remain unresolved [4] Market Liquidity and Structural Characteristics - The current market liquidity is primarily driven by absolute return funds, with traditional long-only funds not showing significant net inflows [5][6] - Insurance companies reported a total premium income of 591.4 billion yuan in August, a year-on-year increase of 35.6%, indicating a strong inflow of funds into the market [6] - The issuance of public equity funds has improved marginally, but redemption rates remain high, indicating ongoing pressure on existing products [6] Investment Strategy and Focus Areas - The focus on resource security, corporate globalization, and technological competition suggests a need for strategic investment in sectors with real profit realization or strong industrial trends [7] - Key sectors to watch include resources, consumer electronics, innovative pharmaceuticals, and gaming, with specific ETFs recommended for exposure [7] - Attention should be given to industries with sustained pricing power from single supply countries, such as cobalt, rare earths, tungsten, and various chemical sectors [7]