Core Viewpoint - The article highlights a significant shift in the A-share brokerage industry towards a new norm of "multiple dividends per year," driven by regulatory encouragement and a focus on shareholder returns [5][11][15]. Group 1: Dividend Frequency and Trends - As of December 18, 2025, 35 brokerages have implemented or planned to distribute dividends two times or more, representing 79.55% of all listed brokerages, indicating a transition from annual to multiple dividends [7][11]. - The number of brokerages issuing interim dividends has increased significantly, with 29 brokerages implementing mid-year dividends in 2025, compared to only one in 2023 [6][9]. - The introduction of quarterly dividends marks a notable change, with eight brokerages announcing plans for third-quarter dividends in 2025, a significant increase from previous years [6][10]. Group 2: Quality of Dividends - The "quality" of dividends, measured by the actual cash distributed per share, has become a key indicator of a brokerage's commitment to shareholder returns, with leading firms setting high benchmarks [9][10]. - In the first half of 2025, CITIC Securities led with a dividend of 29 yuan per hand (100 shares), while other major firms like CITIC Jiantou and Huatai Securities followed closely [9][10]. - The total dividend amounts for major brokerages have exceeded 40 billion yuan, with CITIC Securities alone distributing 84.48 billion yuan, showcasing their strong financial performance [10][11]. Group 3: Regulatory and Market Influences - The ongoing regulatory push for increased shareholder returns, including the "New National Nine Articles," has transformed dividend distribution from a flexible option to a mandatory responsibility for brokerages [11][15]. - Improved market conditions and performance have prompted brokerages to enhance their dividend frequency and amounts to attract long-term investors [11][15]. Group 4: Diversification of Return Mechanisms - Brokerages are increasingly exploring diverse return mechanisms beyond cash dividends, such as share buybacks, which can enhance earnings per share and net asset value for remaining shareholders [13][14]. - As of December 18, 2025, several brokerages have initiated share buybacks, with Guotai Junan leading with over 1.2 billion yuan in buyback funds [13][14]. - The combination of cash dividends and share buybacks is becoming a popular strategy among brokerages, providing flexibility in capital management and offering investors varied paths to realize value [13][14].

昨日A股三大指数涨跌不一，沪深两市成交额1.66万亿，较上一个交易日缩量1557亿。板块方面，医药 商业、银行、零售等板块涨幅居前，电池、电网设备等板块跌幅居前。截至昨日收盘，沪指涨0.16%， 深成指跌1.29%，创业板指跌2.17%。 在今天的券商晨会上，中信证券表示，看好半导体设备行业的投资机遇；中金公司预计，2026年煤价将 呈现前低后高走势；华泰证券提出，公募绩效考核优化，关注优质金融。 华泰证券：公募绩效考核优化 关注优质金融 华泰证券表示，12月《基金管理公司绩效考核管理指引（征求意见稿）》下发，强化长期业绩导向、提 高强制跟投比例，并明确量化降薪问责机制等，将基金公司及其核心投研人员的利益与投资者的长期利 益深度绑定。资本市场中长期稳步向上趋势不改，奠定资管产品发展基础。建议把握优质个股，银行推 荐零售及财富管理标杆，财富管理战略地位提升的公司；券商推荐大财富管理产业链具备较强优势的公 司。 本文转载自"智通财经"，智通财经编辑：陈筱亦。 中信证券认为，2025年9月以来，受下游大客户英特尔一系列注资合作、存储原厂陆续涨价等事件催 化，头部半导体设备公司股价快速上行。考虑到本轮存储上行周期以及 ...

【中信证券：预计美联储明年全年降息两次各25bps】智通财经12月19日电，中信证券研报表示，美国 11月CPI大幅低于预期，核心服务通胀明显降温，但数据噪音较大、质量存疑。我们认为美国通胀前景 确实正在趋于缓和，关税对物价的扰动或会逐步减弱，租金通胀和超级核心通胀都可能在明年维持较理 想的中低增速。本次CPI报告对美元流动性构成短期利好，但数据质量的硬伤和就业市场的平静状态使 其不足以明显提振降息预期，我们仍预计美联储明年全年降息两次各25bps。 ...

Core Viewpoint - The semiconductor equipment industry is expected to experience significant growth driven by investments from major clients like Intel and rising prices from storage manufacturers, with a forecasted high single-digit percentage year-on-year growth in the global wafer fabrication equipment (WFE) market for 2025 and 2026 [1] Group 1: Market Dynamics - Since September 2025, the stock prices of leading semiconductor equipment companies have risen rapidly due to a series of investment collaborations with major downstream clients like Intel [1] - The current upcycle in storage and positive demand logic from downstream markets are key factors contributing to the anticipated growth in the semiconductor equipment sector [1] Group 2: Future Projections - It is projected that the share of storage in the semiconductor equipment market will continue to increase [1] - The normalization of demand in the mainland China market by 2026 is expected to reduce uncertainties related to regulatory risks previously faced by the industry [1] - The semiconductor equipment industry presents promising investment opportunities based on these trends [1]

在美日央行政策分歧的背景下，美国因素才是当前全球流动性与美元资产定价的核心主线。 目前市场对AI叙事的质疑集中体现于业务模式较激进的少数企业，而多数财务状况较稳健的AI龙头仍 能维持市场信任，产业智能化热潮应能在中短期继续支持美股龙头的业绩表现。长端美债在本轮风险管 理式降息周期内的配置性价比不高，短端美债则可能受益于准备金管理购买操作对流动性的技术性改 善，后者较前者更好。 中信证券研报称，日本良性通胀循环已较稳固，日本央行即将再次加息。 去年夏季日本加息后的全球市场动荡主要是由衰退预期升温和AI叙事动摇等美国因素造成，套息交易 逆转只是加剧彼时避险情绪的次要因素，去年的"黑色星期一"不太可能在今年重演。 （文章来源：新华财经） ...

Core Viewpoint - The report from CITIC Securities indicates that liquid cooling solutions are becoming the mainstream technology path for energy saving in data centers due to significantly improved heat dissipation efficiency and lower Power Usage Effectiveness (PUE) since 2025 [1] Industry Overview - The global liquid cooling market is projected to reach $21.8 billion by 2027, driven by accelerated penetration of liquid cooling and technological upgrades leading to increased Average Selling Prices (ASP) [1] - The current competitive landscape of the liquid cooling industry is dominated by Taiwanese manufacturers, but there is a significant opportunity for domestic manufacturers as chip companies begin to participate in the liquid cooling supply chain [1] Investment Opportunities - Domestic manufacturers are expected to benefit significantly from the increasing demand for AI-driven liquid cooling solutions, particularly those capable of mass production of core liquid cooling components and providing comprehensive solutions [1]

Core Viewpoint - The report from CITIC Securities suggests that Japan's benign inflation cycle is becoming more stable, and the Bank of Japan is likely to raise interest rates again soon [1] Group 1: Economic Context - The global market turmoil following Japan's interest rate hike last summer was primarily driven by rising recession expectations and shifts in the AI narrative in the U.S., rather than the reversal of carry trades, which only exacerbated risk aversion [1] - The "Black Monday" of last year is unlikely to be repeated this year due to the different economic conditions [1] Group 2: Market Dynamics - In the context of the policy divergence between the U.S. and Japan, U.S. factors are currently the main narrative influencing global liquidity and the pricing of U.S. dollar assets [1] - Market skepticism regarding the AI narrative is mainly focused on a few companies with aggressive business models, while most financially stable AI leaders are expected to maintain market confidence [1] Group 3: Investment Insights - The ongoing trend of industrial intelligence is anticipated to continue supporting the performance of leading U.S. stocks in the medium to short term [1] - Long-term U.S. Treasury bonds are considered to have a low cost-performance ratio in the current risk management-driven rate cut cycle, while short-term U.S. Treasury bonds may benefit from technical improvements in liquidity due to reserve management purchasing operations [1]

Core Viewpoint - The report from CITIC Securities suggests that Japan's benign inflation cycle is becoming more stable, and the Bank of Japan is likely to raise interest rates again soon [1] Group 1: Economic Context - The global market turmoil following Japan's interest rate hike last summer was primarily driven by rising recession expectations and shifts in the AI narrative in the U.S., rather than the reversal of carry trades, which only exacerbated risk aversion [1] - The "Black Monday" experienced last year is unlikely to be repeated this year due to the different economic conditions [1] Group 2: Market Dynamics - In the context of the policy divergence between the U.S. and Japan, U.S. factors are currently the main narrative influencing global liquidity and the pricing of U.S. dollar assets [1] - Market skepticism regarding the AI narrative is mainly focused on a few companies with aggressive business models, while most financially stable AI leaders are expected to maintain market confidence [1] Group 3: Investment Insights - The ongoing trend of industrial intelligence is anticipated to continue supporting the performance of leading U.S. stocks in the medium to short term [1] - Long-term U.S. Treasury bonds are considered to have a low cost-performance ratio in the current risk management-driven rate cut cycle, while short-term U.S. Treasury bonds may benefit from technical improvements in liquidity due to reserve management purchasing operations [1]

Core Insights - The securities industry is experiencing a significant increase in monthly active users (MAU) for trading apps, reaching 172 million in November, a month-on-month growth of 2.06% [1] - Brokerages are leveraging AI tools to enhance service models and improve user experience amid a competitive landscape for customer acquisition [4][5] Group 1: Monthly Active Users and Account Growth - In November, the total number of new accounts opened in the market was 2.5506 million, reflecting a month-on-month increase of 3.38% [2] - Eleven brokerage apps had monthly active users exceeding 6 million, with Huatai Securities and Guotai Junan leading at 11.8149 million and 10.1848 million respectively, both showing month-on-month growth of over 2% [2] - Smaller brokerages like Guojin Securities and Chengtong Securities achieved significant month-on-month growth rates of 9.58% and 4.61% respectively, despite having lower user volumes [3] Group 2: Competitive Landscape and AI Integration - The competition among brokerages is intensifying, with a focus on mobile app functionality and service innovation, particularly through the integration of AI [4] - AI has become a central element in app updates, with features like "AI Dashboard" and AI-driven investment assistants being introduced to enhance user engagement and provide real-time market insights [4][5] - The application of intelligent technology is expected to improve response efficiency and personalized service levels, aiding brokerages in transitioning to comprehensive wealth management service providers [5][6] Group 3: Future Outlook and Strategic Directions - The ongoing evolution of financial technology positions intelligent solutions as a standard in the securities industry, with a focus on enhancing professional service levels and creating value for investors [6] - Large institutions are expected to leverage their resources to build comprehensive intelligent wealth management platforms, while smaller brokerages can focus on niche markets to establish competitive advantages [6]

Core Viewpoint - CITIC Securities experienced a slight decline of 1.52% in stock price, closing at 28.53, with a trading volume of 1.1359 million shares, indicating a decrease in market activity [2] Financial Performance - The company reported a total market capitalization of 422.83 billion, with a trading volume decrease of 0.99% compared to the average daily trading volume over the past year [2] - The company’s revenue and net profit for the first three quarters of 2022-2025 show positive trends, suggesting a favorable business development outlook [7] Event Analysis - CITIC Securities provided guarantees for its subsidiary's bond issuance, reflecting strong financial capability and support for its subsidiary, which may enhance investor confidence in the company's financial stability [7] - The total amount of external guarantees by the company and its subsidiaries is 71.66% of the latest audited net assets, indicating good risk management performance [8] Market Sentiment - The overall sentiment regarding the event is neutral to slightly negative, with 15.9% positive, 18.7% negative, and 65.4% neutral comments from a total of 6,802 online discussions [2][5] Competitive Position - CITIC Securities has shown strong performance in the Hong Kong IPO market, with its subsidiaries underwriting 83 companies and raising a total of 46.684 billion HKD, capturing a market share of 17.1% [11] - The company is positioned to benefit from the recovery in the equity market, with significant growth in net profit and revenue for listed securities firms in the first three quarters [12] Long-term Outlook - The company is expected to benefit from policies encouraging leading securities firms to strengthen their capabilities, with a balanced business structure and strong fundamentals [12]