中信证券股份有限公司 董事会关联交易控制委员会议事规则 | 制定主体 | 董事会办公室 | | --- | --- | | 生效时间 | 2025年12月 | | 制度类别 | 公司治理制度 □基本管理制度 □公司经营管理制度 | | | □部门管理制度 | | 历史版本信息 | 2011年9月经公司第四届董事会第三十三次会议审议制定 | | | 2023年12月经公司第八届董事会第十四次会议审议修订 | | | 2025年12月经公司第八届董事会第四十二次会议审议修订 | 第一章 总则 第一条 为健全和规范中信证券股份有限公司（下称公司） 董事会关联交易控制委员会的议事和决策程序，提高关联交易控 制委员会的工作效率和科学决策水平，保证关联交易控制委员会 工作的顺利进行，根据国家有关法律、法规、规范性文件、公司 股票上市地（下称上市地）上市规则和《中信证券股份有限公司 章程》（下称公司《章程》）的有关规定，并结合公司实际情 况，制定本规则。 第六条 关联交易控制委员会主席由三分之二以上委员选举产 生。 第七条 关联交易控制委员会委员由董事会选举产生，任期与 1 董事会一致。任职期间如有委员不再担任公司独立非 ...

中信证券股份有限公司 信息披露暂缓与豁免管理制度 | 制定主体 | 董事会办公室 | | | | --- | --- | --- | --- | | 生效时间 | 2025 年 月 | 12 | | | 制度类别 | 公司治理制度 | | | | | 基本管理制度 | | | | | □公司经营管理制度 | | | | | □部门管理制度 | | | | 历史版本信息 | 2016 年 | 10 | 月经公司第六届董事会第七次会议审议制定 | | | 2025 年 | 12 | 月经公司第八届董事会第四十二次会议审议修订 | 第四条 公司和相关信息披露义务人暂缓、豁免披露临时报 告，在定期报告、临时报告中豁免披露公司股票上市地证券监督 管理部门及证券交易所规定或者要求披露的内容，适用本制度。 本制度所称的信息披露义务人系指《中信证券股份有限公司 信息披露事务管理制度》第四条规定的相关人员。 第五条 公司和相关信息披露义务人应当真实、准确、完 整、及时、公平地披露信息，不得滥用暂缓或者豁免披露规避信 息披露义务、误导投资者，不得实施内幕交易、操纵市场等违法 行为。 第六条 公司和相关信息披露义务人有确实充分 ...

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。 孙毅先生，53岁，现任公司高级管理层成员、投资银行党委书记、投资银行管理 委员会（以下简称投行委）主任。孙先生于1998年加入公司，曾任公司投资银行部副 总经理，中信证券国际有限公司董事总经理，公司投行委运营部负责人、资本市场部 负责人、交通行业组负责人，华夏基金管理有限公司副总经理兼华夏资本管理有限公 司总经理，公司投行委委员兼金融与科技行业组负责人、并购业务线负责人，投行委 副主任、联席主任。孙先生现亦任中信证券（香港）有限公司、中信里昂证券有限公 司董事，中国证券业协会第八届投资银行专业委员会副主任委员，中国资本市场学会 第一届创新发展专业委员会委员，北京证券交易所第二届证券发行承销自律委员会委 员。孙先生于1993年获江西财经大学经济学学士学位，1996年获厦门大学经济学硕士 学位。 经孙毅先生确认：截至目前，其未持有公司股份，不存在《上海证券交易所上市 公司自律监管指引第1号——规范运作（2025年5月修订）》第3.2.2条所列情形，与公 公司第八届董事会第四十二次会议 ...

Core Viewpoint - The wave of mergers and acquisitions among securities firms is intensifying, with major firms forming alliances and smaller institutions seeking transformation, as regulatory bodies emphasize the need for a few influential investment banks during the 14th Five-Year Plan period [1] Group 1: Major Mergers and Acquisitions - Guolian Securities officially rebranded as Guolian Minsheng in February, reporting a revenue of 4.011 billion yuan and a net profit of 1.127 billion yuan for the first half of the year, marking a year-on-year increase of 269.4% and 1185.19% respectively [2] - The merger of Guolian and Minsheng was approved by the regulatory authority, becoming the first major securities merger under the new regulations [3] - Guotai Junan and Haitong Securities merged to form Guotai Haitong, which became the largest A+H market merger in China's capital market history, with Guotai Haitong surpassing CITIC Securities in net profit for the first half of the year [4][5] Group 2: Ongoing Mergers - Zhejiang Securities is consolidating its control over Guodu Securities, with significant share acquisitions completed in 2023, establishing a controlling position [6][7] - Western Securities acquired Guorong Securities for 3.825 billion yuan, gaining a 64.5961% stake, with the merger expected to enhance market competitiveness and resource allocation [9][10] - Guoxin Securities' acquisition of Wanhua Securities was approved, with Guoxin set to acquire 53.0892% of Wanhua's shares for approximately 5.192 billion yuan [11][12][13] Group 3: Future Prospects - China International Capital Corporation (CICC) is planning to absorb and merge with two listed firms, Xinda Securities and Dongxing Securities, with the merger expected to consolidate resources and enhance operational efficiency [14][15]

Market Overview - On December 30, the securities sector declined by 0.21% compared to the previous trading day, with Hongta Securities leading the decline [1] - The Shanghai Composite Index closed at 3965.12, down 0.0%, while the Shenzhen Component Index closed at 13604.07, up 0.49% [1] Individual Stock Performance - Huayin Securities (002945) saw a closing price of 14.93, with an increase of 3.61% and a trading volume of 282,000 shares, totaling a transaction value of 422 million yuan [1] - Hongta Securities (601236) closed at 8.22, down 1.44%, with a trading volume of 188,700 shares and a transaction value of 156 million yuan [2] - The top gainers included Huayin Securities and Huaxin Co. (600621), which increased by 3.61% and 1.18% respectively, while the top losers included Hongta Securities and Dongxing Securities (601198), which decreased by 1.44% and 1.05% respectively [1][2] Capital Flow Analysis - The securities sector experienced a net outflow of 898 million yuan from institutional investors, while retail investors saw a net inflow of 339 million yuan [2] - The main capital inflows were observed in Huayin Securities, which had a net inflow of 62.70 million yuan from institutional investors, despite a net outflow from retail investors [3] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are still actively participating [2][3]

Core Viewpoint - The A-share market is expected to recover steadily in 2026, driven by policy support, profit recovery, and global liquidity easing, with a focus on new trends and opportunities in various sectors [1][2]. Group 1: Market Outlook - Institutions generally hold a positive outlook for the A-share market in 2026, anticipating a "slow bull" market supported by increased domestic and foreign capital inflows, corporate profit recovery, and enhanced policy measures [1][2]. - The expected net profit growth for listed companies in 2026 is around 4.8%, with a potential for an additional 10% valuation expansion under optimistic scenarios [3]. Group 2: Industry Allocation Recommendations - Key investment themes for 2026 include technology and consumer sectors, with a consensus on the growth potential from overseas expansion [1][2]. - Specific focus areas include resource and traditional manufacturing upgrades, globalization of Chinese companies, and the expansion of AI applications [2][4][6]. - The "old economy" sectors, particularly high-quality leading companies in energy, consumption, and real estate, are also seen as having significant investment value [12]. Group 3: Strategic Insights from Analysts - Analysts from various firms emphasize the importance of a balanced approach to investment, with a focus on both growth and value strategies, particularly in technology and traditional sectors [12][14]. - The ongoing AI revolution and its commercialization are highlighted as critical drivers for future growth, with specific attention to sectors like machinery, renewable energy, and innovative pharmaceuticals [5][6][10].

Core Viewpoint - Recent expectations for the appreciation of the RMB are favorable for the performance of RMB-denominated equity assets, with the central bank's upcoming policy tools expected to be more flexible and focused on domestic demand targets [1] Group 1: Monetary Policy Insights - The fourth quarter monetary policy committee meeting minutes from the People's Bank of China (PBOC) emphasize the importance of expanding domestic demand, reflecting a shift from previous statements regarding small and micro enterprises and real estate [3] - The PBOC's approach to monetary policy is evolving, with a focus on the integrated effects of various policy tools rather than solely on reducing financing costs [4] Group 2: Banking Sector Outlook - The banking sector is expected to see a stabilization in operating conditions, with a forecast for bank interest margins to bottom out and a recovery in income and profitability as systemic risks are reassessed [1] - Recent market performance indicates a structural rally supported by policy and capital, with bank stocks showing relative stability despite a slight decline in the context of broader market gains [5] - The appreciation of the RMB is anticipated to benefit bank stocks, with institutional investors expected to enter the market early in the year, potentially catalyzing performance [5]

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com （责任编辑：刘畅 ） 中信证券研报称，铁锂行业盈利有望迎来周期性的拐点。需求端，动力领域铁锂渗透率的进一步提 升以及储能的高景气度带来需求的快速增长，我们测算2026年全球磷酸铁锂正极材料出货量有望达到 525万吨，同比+36%；供给端，我们预计2026年增长有限，整体稼动率有望进一步提升，其中高端品仍 较为紧缺。当前铁锂盈利能力处于周期底部，伴随供需结构改善有望迎来修复空间，产品高端化、出海 趋势的进一步明确有望为头部企业带来超额利润。重点推荐铁锂行业内头部企业。 ...

(责任编辑：何潇) 中国经济网北京12月30日讯 北京证券交易所上市委员会2025年第50次审议会议于2025年12月29日 上午召开，审议结果显示，沈阳广泰真空科技股份有限公司（简称"广泰真空"）暂缓审议。 广泰真空的保荐机构是中信证券股份有限公司，保荐代表人是冯鹏凯、庞雪梅。 广泰真空是一家专注于真空装备的研发、制造和销售，并具有从设备自主设计到制造交付一体化能 力的高新技术企业。 截至招股说明书签署日，刘顺钢直接持有公司66.23%的股权，并通过广泰控股、广泰高科间接持 有15.10%的股权、间接控制公司19.30%的股权，合计持有公司81.33%的股权、合计控制公司85.53%的 股权，为公司的控股股东及实际控制人。 广泰真空拟募集资金16,815.18万元，用于真空熔炼炉及烧结炉生产改扩建项目、研发及产品展示中 心建设项目。 审议意见： 关于收入确认时点的准确性及依据的充分性。请发行人核实发货后超过1年未验收项目的情况，按 项目列示发货时间、收货时间、调试时间、初验时间、现场服务时间等，梳理客户已完成调试或已实际 投入使用但未及时确认收入的情形，说明按照时点法确认收入的依据是否充分。请保荐机构、申报 ...

Core Insights - The collagen market is experiencing strong consumer demand and awareness, with a current industry growth phase [1][2] - The number of registered products is increasing, but the supply is not yet fully meeting consumer demand, indicating a continued industry opportunity [1][2] - In the medium term, brands with strong product differentiation will be more competitive, relying on materials and technology [1][2] - Long-term competition will shift towards a combination of product, channel, and marketing strengths [1][2] Demand Perspective - Consumers have a strong recognition of collagen, leading to robust demand [1][2] - The aesthetic medicine injection market in China is projected to reach approximately 26.8 billion yuan in 2024, with a year-on-year growth of 26.4% [2] - The collagen product segment is expected to grow at a CAGR of 50.7% from 2024 to 2028 [2] Supply Perspective - The number of registered certificates for natural and recombinant collagen is on an upward trend, with a total of 10 certificates approved for 7 companies [3][4] - The current supply of collagen products is limited, with high prices and insufficient market penetration [2][4] - The market is expected to develop a product tier system with high (>10,000 yuan), medium (4,000-6,000 yuan), and low (500-2,000 yuan) price points to cater to diverse consumer needs [2] Product Differentiation - New products are expected to innovate around materials, indications, and concentrations, leading to differentiated pricing [4] - The majority of registered products are I-type collagen, with a focus on non-crosslinked and crosslinked types [3][4] - Future developments will likely focus on unique types and amino acid sequences, enhancing product differentiation [5] Market Dynamics - The industry is currently in a growth phase, with opportunities for companies to capture market share through innovation and strategic positioning [7] - Companies with strong R&D capabilities and marketing strategies are likely to succeed in the competitive landscape [7] - The market is anticipated to see an increase in registered products, enhancing the variety of indications and price tiers available [7]