（文章来源：证券日报） 证券日报网讯 12月2日晚间，会稽山发布公告称，2025年8月22日至本公告披露日，公司累计使用闲置 自有资金人民币26，000万元购买了中信证券股份有限公司的理财产品，其中"中信证券资管财富私享投 资3819号FOF单一资产管理计划"购买金额10，000万元，产品期限无固定期限；"中信粤湾3号集合资产 管理计划"购买金额10，000万元，产品期限无固定期限，每周可申请赎回；"信盈安享001一号"购买金 额6，000万元，产品期限无固定期限，每周可申请赎回。 ...

（来源：中信证券发布） 2025年12月2日，深圳佑驾创新科技股份有限公司（以下简称佑驾创新，2431.HK）完成2.09亿港元新股 配售，中信证券担任本项目的牵头整体协调人和牵头配售代理。 中国渐进式智能驾驶发展先锋 来源：市场资讯 （股票代码：2431.HK) 佑驾创新（MINIEYE）成立于2014年，是中国领先的智能驾驶和智能座舱解决方案供应商。佑驾创新 坚持技术创新，持续迭代升级，用行业领先的技术为出行体验创造更多价值，为智能汽车赋予更多可 能。 落地又一单新股配售项目 持续助力佑驾创新发展 中信证券坚持服务国家战略，积极践行科技金融等五篇大文章，为科技创新企业提供全周期、全方位资 本运作服务。继2024年12月牵头保荐佑驾创新登陆港交所、2025年7月独家助力佑驾创新完成新股配 售，中信证券再次助力佑驾创新完成上市后第二次新股配售。 中信证券结合近期港股市场行情及投资者反馈，基于对自动驾驶行业及其业务逻辑的深入理解，量身定 制融资方案，帮助佑驾创新成功把握发行窗口，在11月25日收盘后迅速启动交易；凭借专业判断，成功 吸引了各类型市场化投资者的大量需求，顺利协助佑驾创新实现融资及折价目标。中信证券 ...

Core Points - The China Securities Regulatory Commission (CSRC) announced that CITIC Securities has submitted the completion report for the initial public offering (IPO) and listing guidance of Shenzhen Hanno Medical Technology Co., Ltd. The current status of Hanno Medical is "guidance acceptance" [1][25] - Hanno Medical, established in 2018 and located in Shenzhen, Guangdong Province, primarily engages in wholesale activities. The legal representative is Li Mingtang [1][25] - The controlling shareholder of Hanno Medical is Beijing Hanno Medical Technology Co., Ltd., which holds a 24.85% stake in the company [26] Financing History - Hanno Medical has undergone several financing rounds, including: - E+ round on June 21, 2024, raising nearly 100 million RMB [27] - E round on January 5, 2024, raising over 100 million RMB [28] - D round on February 23, 2023, with undisclosed financing [28] - C round on July 29, 2022, raising over 100 million RMB [28] - B round on February 15, 2022, with undisclosed financing [28] - A round on November 16, 2021, with undisclosed financing [28] - Angel round on October 27, 2020, with undisclosed financing [28] Company Governance Issues - During the reporting period, Hanno Medical established an internal governance structure and management system. However, with rapid business growth, there are areas for improvement in organizational management, operational capabilities, and risk control systems [3][39] - The intermediary institutions have assisted in enhancing governance by investigating and improving internal control systems and reviewing governance documents [4][30] Fundraising Project Issues - The guidance institution has worked with Hanno Medical to refine its fundraising project planning and ensure the smooth progress of fundraising projects, including feasibility report assessments [5][31] - Hanno Medical has cooperated with the guidance institution to conduct thorough research and discussions on the fundraising investment plan, confirming the specific uses and investment scale of the funds raised [6][32] Social Insurance and Housing Fund Issues - The guidance institution identified that Hanno Medical had not timely paid social insurance and housing funds for some employees during the reporting period [7][33] - Hanno Medical has taken steps to address these issues, including obtaining proof from administrative authorities that no penalties were imposed for these lapses [8][34]

Core Viewpoint - The discussion around the "AI bubble" has become an unavoidable topic in the market due to the increasing scale of AI investments and ambiguous investment returns [1] Group 1: AI Industry Outlook - CITIC Securities analysts predict three potential scenarios for the AI industry over the next 12 months, with a 60% probability assigned to the baseline scenario where OpenAI faces operational challenges and investment pace in the AI sector slows down [1] - The other two hypothetical scenarios, which are considered low probability events (20% each), include significant breakthroughs in AI algorithms and a rebound in U.S. economic inflation leading to a bubble burst [1] Group 2: Investment Strategy - Given the high uncertainty surrounding short-term AI technological advancements and macroeconomic expectations, CITIC Securities advises investors to adopt a "wait and see" approach and consider "contrarian investing" strategies [1] - The recommendation includes gradually increasing the allocation weight towards the application side, specifically in internet and application software sectors [1]

Group 1 - The Securities Social Media Index (SMI) for October 2025 shows significant changes, with the top three positions held by CITIC Securities, Dongfang Caifu, and Huatai Securities, indicating a stable trend among leading firms [1] - New entrants to the list include Zhongyuan Securities, CITIC Construction Securities, Ping An Securities, and AVIC Securities, while First Capital Securities, Dongwu Securities, Hu'an Securities, and Pacific Securities dropped out of the rankings [1] - The popularity of content on Douyin reflects a trend driven by hot topics, with the top post from Dongfang Caifu gaining 13,000 likes by leveraging keywords like "earn 1.4 billion," "Trump," and "virtual currency" [1] Group 2 - The video content from brokerage firms focuses on lightweight interpretations of investor education, with high information density being well-received; CITIC Securities' 10-second animation on wealth management garnered 11,000 likes [2] - Guangfa Securities' two-minute explanation of the logic and impact behind rare earth material export controls received over 6,000 likes, indicating strong user engagement with educational content [2] - The WeChat public accounts primarily feature important market news and analysis, reflecting the demand for timely information among users [2]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Financials, specifically focusing on manufacturing and infrastructure investments in China [1][5][7] Core Insights and Arguments - **Manufacturing FAI Growth**: There has been a notable slowdown in manufacturing Fixed Asset Investment (FAI) growth, dropping to 2.7% year-over-year (yoy) from 4.0% yoy in the previous month, indicating steady progress on capital expenditure (capex) slowdown [7] - **Liability Growth**: Total liability growth for industrial firms moderated to 5.0% yoy, while manufacturing firms saw a slight increase to 5.9% yoy. This moderation is expected to lead to more rational capacity expansion [2][7] - **Revenue Decline**: Manufacturing revenue declined by 4.3% yoy, attributed to lower production levels due to overcapacity control efforts. The Value-Added Industrial (VAI) growth also slowed to 4.9% yoy from 6.5% yoy in September [3][10] - **Profit Growth**: Manufacturing profit growth moderated to 7.7% yoy from 9.9% yoy in September, influenced by higher financing costs and lower production [10] Future Outlook - **Infrastructure Investment**: A potential increase in infrastructure investments, supported by a new RMB 500 billion fund from the China Development Bank, is expected to bolster demand in 2026 and aid in the digestion of overcapacity risks [8][3] - **Sector Performance**: 77.1% of sectors experienced a slowdown in capex in October 2025 compared to the first half of 2025, while 39.3% of sectors showed profit improvement [9][7] Additional Important Information - **PPI Trends**: The Producer Price Index (PPI) rebounded month-over-month for the first time since December 2024, with the year-over-year decline narrowing to 2.1% [7] - **Investment Sentiment**: The overall sentiment towards the China Financials sector remains attractive, with ongoing efforts in financial tightening contributing to anti-involution measures [5][4] This summary encapsulates the critical insights from the conference call, highlighting the current state and future expectations of the manufacturing and financial sectors in China.

Core Viewpoint - The company is initiating a dual-driven model of "capital operation + strategic focus" to overcome growth bottlenecks amid the domestic semiconductor equipment wave, following significant management changes [1][4]. Group 1: Management Changes - The company appointed Lang Yu, former director of institutional department at CITIC Securities Shenzhen, as the board secretary, indicating a strong focus on capital operations [2]. - The management restructuring includes the return of founder Zheng Guangwen as general manager, which is seen as a key move to stabilize strategic direction [3]. - Internal promotion of financial director Luan Yufeng from a grassroots position is expected to improve cost control and gross margin [3]. Group 2: Financial Performance - In the first three quarters of 2025, the company's net profit attributable to shareholders declined by 80.24%, while revenue growth was 17.94%, resulting in a low net profit margin of 0.96% [2]. - The gross margin for the same period was reported at 24.94%, down by 1.03 percentage points year-on-year [3]. Group 3: Strategic Focus - The company is heavily reliant on the integrated circuit sector, with 88.61% of revenue coming from this segment in 2024 [4]. - The management changes aim to accelerate technological breakthroughs and capacity expansion, with a 35% year-on-year increase in R&D investment in the first three quarters of 2025 [4]. - The company is focusing on domestic production of core components for etching and thin film deposition equipment, aiming to shorten the R&D cycle for high-end products [4]. Group 4: Market Reaction - Following the announcement, the company's stock price did not show significant movement, indicating a cautious market sentiment [5]. - Investors are particularly focused on the effectiveness of the new management in integrating capital operations into actual order growth, the progress of gross margin improvement, and the ability to capture market share amid changing international trade conditions [5].

智通财经APP获悉，中信证券发布研报称，浮法玻璃需求端具备韧性，汽车、家电领域的应用提供稳定 支撑。超高窑龄产线冷修概率增加、煤改气机遇、落后产能的退出有望共同推动行业供给结构优化。通 过梳理浮法玻璃价格及产能利用率，该行发现浮法玻璃的一个完整周期约3年。目前行业正处于下行周 期的尾部，行业盈利及估值均处于历史低位，玻璃企业通过回购彰显发展信心。维持"强于大市"评级。 中信证券主要观点如下： 行业趋势：未来两年行业大概率进入盈利向上区间。 通过梳理浮法玻璃价格及产能利用率，该行发现，浮法玻璃的一个完整周期约3年。2023Q4以来，行业 进入持续了近两年的下行期，按照过往周期的时间推算，浮法玻璃正处于下行周期的尾部。2025Q1-3 浮法玻璃的价格/玻璃纯碱价格差为1290/969元/吨，均已经接近2015年的历史性低位。 截至2025年11月20日，该行测算行业动力煤/石油焦/管道气的产线均处于账面亏损状态，分别亏损 73/130/220元/吨。若进一步考虑非付现成本的影响，即加回折旧摊销后，动力煤/石油焦/管道气的净现 金流分别为+57/0/-90元/吨，以管道天然气为燃料的产线已实际亏损至现金流层面。从企 ...

Core Viewpoint - The report from CITIC Securities outlines three potential scenarios for the AI industry over the next 12 months, with a 60% probability assigned to OpenAI facing operational challenges, which is considered the most reasonable outcome given current conditions [1][2]. Scenario Analysis - **Scenario 1 (20% probability): Substantial Breakthrough in AI Algorithms** - The feasibility of a significant breakthrough in AI algorithms in the short term is deemed low, despite recent advancements like Google's Gemini3, which improved existing AGI models without achieving a fundamental breakthrough [4]. - AI application usage among S&P 500 companies exceeds 60%, but remains limited to areas like coding and customer service, indicating significant constraints in more complex business domains [4]. - **Scenario 2 (60% probability): OpenAI Faces Operational Crisis** - OpenAI, a leader in the current GenAI wave, is experiencing a precarious situation as competitors like Google surpass its AGI capabilities [5]. - Risks include a potential loss of paid users for ChatGPT, which could undermine the company's business foundation, and a decline in its ability to secure funding, leading to fulfillment risks for substantial orders amounting to $2 trillion [5]. - If OpenAI's business falters, there may be a downward revision of performance expectations for the semiconductor and hardware sectors, while the internet and application software sectors could benefit [5]. - **Scenario 3 (20% probability): Rising Inflation in the U.S. and Burst of the "Bubble"** - Historical data suggests that significant capital expenditures can lead to resource crowding out in other economic sectors, structural inflation, and tightening financial liquidity, which are common factors in past industry bubble bursts [6]. - The recovery in demand for consumer electronics and traditional data centers, along with rising capacity utilization in semiconductor and hardware firms, heightens the risk of structural inflation due to AI capital expenditures [6]. - The potential for inflation data to rebound in the second half of 2026 poses a significant risk, especially in the context of upcoming midterm elections and changes in Federal Reserve leadership [6][7].

Core Viewpoint - Ding Tai High-Tech (301377) has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities and HSBC acting as joint sponsors [1] Company Overview - Ding Tai High-Tech is a global leader in the PCB manufacturing sector, specializing in precision tools and providing comprehensive manufacturing solutions [1] - The company's product range includes precision tools, grinding and polishing materials, functional film materials, and intelligent CNC equipment [1] - According to Frost & Sullivan, Ding Tai High-Tech holds the largest market share in the global drill needle market by sales [1] Market Applications - The products of Ding Tai High-Tech serve various strategic end markets, including AI servers, embodied robots, semiconductors and integrated circuits, low-orbit satellite communications, high-end equipment manufacturing, smart vehicles, as well as consumer electronics, communications, and industrial control [1] Industry Significance - PCBs are referred to as the "mother of the electronics industry," and the technical level of PCB-specific tools directly impacts PCB technology iteration, end product performance, production costs, and delivery cycles [1] Production and Expansion Strategy - The company has established a mature production base in China and has set up a subsidiary in Thailand for mass production [1] - In 2025, Ding Tai High-Tech plans to acquire MPK Kemmer assets to accelerate its expansion into the German and European markets, with future plans to increase investments in Asia and Europe to build a global operational network [1]