■"夯实文化软实力 积极履责显担当"系列专题报道 中信证券（600030）党委副书记、总经理邹迎光： 党的二十大报告指出，推进文化自信自强，铸就社会主义文化新辉煌。证券行业身处资本市场前沿，是 推动市场稳健运行的重要力量，其文化建设不仅是券商自身核心竞争力的关键支撑，更成为落实金融工 作人民性、引导资本流向新质生产力领域、服务国家金融战略的重要载体。 "金融工作兼具政治性与人民性，唯有坚持党建引领，才能确保文化建设不偏航、不走样。"邹迎光表 示，作为金融改革发展的参与者和见证者，中信证券始终将党的领导作为企业文化建设的"根"与"魂"， 持续传承中信集团的红色基因。公司始终秉持"金融报国、金融为民"理念，将党的政治优势转化为治理 效能，通过强化直接融资"服务商"、资本市场"看门人"、社会财富"管理者"三大核心功能，扎实推进金 融"五篇大文章"，在服务实体经济、助力居民财富增长、维护金融稳定中发挥"排头兵"作用。 谈及公司文化体系，邹迎光认为，中信证券文化体系是立足历史传统、契合时代要求、面向长远发展的 有机整体。该体系以中国特色金融文化为根本遵循，深度融合证券行业共性要求、中信集团基因传承与 公司特色追求，既是 ...

■"夯实文化软实力 积极履责显担当"系列专题报道 中信证券党委副书记、总经理邹迎光： 党的二十大报告指出，推进文化自信自强，铸就社会主义文化新辉煌。证券行业身处资本市场前沿，是 推动市场稳健运行的重要力量，其文化建设不仅是券商自身核心竞争力的关键支撑，更成为落实金融工 作人民性、引导资本流向新质生产力领域、服务国家金融战略的重要载体。 "十五五"规划进一步明确，"激发全民族文化创新创造活力，繁荣发展社会主义文化"，同时提出"加快 建设金融强国""坚持把发展经济的着力点放在实体经济上"，将文化繁荣与金融发展、实体经济根基紧 密衔接，推动科技创新与产业创新深度融合、做好金融"五篇大文章"，为新时代文化建设与证券行业高 质量发展锚定了双重坐标。 在实践路径中，邹迎光表示，公司锚定金融报国方向，将"诚实守信、以义取利、稳健审慎、守正创 新、依法合规"融入公司治理与经营全过程，在服务国家战略、推动科技自立自强、促进共同富裕中找 准定位，践行中国式现代化发展要求。同时，以行业"合规、诚信、专业、稳健"八字方针为硬约束与职 业信仰，通过一系列举措推动其从规章内化为团队自觉，升华为声誉资本与信任基础。此外，传承中信 人"诚信 ...

Core Viewpoint - Chinese securities firms are evolving into "financial navigators," expanding their international presence and contributing significantly to the global capital market, particularly in regions like Hong Kong, London, and New York [1] Group 1: Internationalization Progress - The international business segment of Chinese securities firms is entering a harvest phase, with significant profit contributions from subsidiaries, such as 46% from CICC, 43% from Huatai Securities, and 18% from CITIC Securities [2] - In 2024, Huatai Securities and CITIC Securities' international subsidiaries reported revenues exceeding 15 billion yuan, while CICC approached 10 billion yuan [2] - The internationalization of Chinese securities firms has progressed through four stages: initial exploration, differentiated competition, business enrichment, and enhanced comprehensive financial service capabilities [2] Group 2: Growth Strategies - Large securities firms prefer external mergers and acquisitions to leverage their resource advantages, while smaller firms focus on deepening their presence in the Hong Kong market [3] - The total asset scale of international subsidiaries of leading firms has shown consistent growth, with CITIC Securities International's assets reaching 50.6 billion USD after a capital increase of 9.16 billion USD in 2024 [3] - The diversification of income sources through international business is seen as a key strategy for future growth, particularly in areas like cross-border derivatives and investment services [4] Group 3: Market Dynamics - The demand for overseas investment and financing from Chinese enterprises is a significant driver for the international business of securities firms, with China's non-financial direct investment abroad reaching approximately 917 billion yuan in 2023, a 16.7% increase [6] - The high-quality development of the capital market presents new opportunities for the securities industry, with a notable acceleration in internationalization driven by policy benefits and market demand [7] - The focus of international expansion is shifting towards Southeast Asia, with firms like Galaxy Securities targeting local acquisitions to establish a foothold [7][8] Group 4: Operational Considerations - To achieve successful localization, firms should prioritize global business areas like investment banking and institutional sales, while gradually expanding into wealth management [10] - A dual-track management system is recommended to balance strategic oversight from headquarters with local execution, minimizing cultural conflicts and enhancing market responsiveness [10] - Effective risk management is crucial, especially in balancing short-term gains with long-term risks, as evidenced by the aggressive strategies of some firms in high-yield dollar bond markets [10][11]

截至发稿，招金黄金市值为111亿元。 每经头条（nbdtoutiao）——国开行辟谣的"人民资产"是什么？记者实探：号称投资600元80天赚8万 元！一位投资人的女儿：劝不住她，警察都拦不住 每经AI快讯，招金黄金（SZ 000506，收盘价：11.94元）发布公告称，2025年11月25日15:00-16:50，招 金黄金接受中信证券等投资者调研，公司董事长翁占斌等人参与接待，并回答了投资者提出的问题。 2025年1至6月份，招金黄金的营业收入构成为：矿业行业占比98.37%，其他业务占比1.63%。 （记者 曾健辉） ...

股指期货数据日报 2025年11月25日 IM每日行情 IM行情概要 IM成交持仓 单位：点、手、亿元 单位：手 | | 收盘价 | +/- | 成交量 | +/- | | 成交额 | +/- | | 持仓量 +/- | | 持仓保证金 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 中证1000 | 7249.95 | 1.31% | 24,543 | | 2 % | 4,042 | | 10% | | | | | | IM2512 | 7172.00 | 0.85% | 152,757 | | -5% | 2,200 | | -3% | 211,318 | -9,330 | 364 | | | IM2601 | 7103.40 | 0.79% | 6,715 | | -15% | 9 | 6 | -14% | 8,020 | 246 | | 1 4 | | IM2603 | 6954.00 | 0.79% | 38,225 | | -1% | 534 | | 0 % | 97,216 ...

上市首日，敷尔佳盘中创下最高点80.04元，为该股上市以来最高价。该股目前处于破发状态。 敷尔佳首次公开发行股票募集资金总额223,165.44万元，募集资金净额为207,176.46万元。敷尔佳最 终募集资金净额比原计划多17515.46万元。2023年7月26日，敷尔佳发布的首次公开发行股票并在创业 板上市招股说明书显示，该公司拟募集资金189,661.00万元，用于生产基地建设项目、研发及质量检测 中心建设项目、品牌营销推广项目、补充流动资金。 中国经济网北京11月25日讯 敷尔佳(301371.SZ)今日股价下跌，截至收盘，该股报27.18元，跌幅 2.48%。 敷尔佳于2023年8月1日在深交所创业板上市，发行股份数量为4,008.00万股，发行价格为55.68元/ 股，保荐机构（主承销商）为中信证券股份有限公司，保荐代表人为鄢凯红、范新亮。 根据敷尔佳于2025年5月20日披露的2024年年度权益分派实施公告，2024年年度权益分派方案为以 总股本400,080,000股为基数，向全体在册股东按每10股派发现金股利10元人民币（含税），合计派发现 金股利400,080,000.00元（含税），以资 ...

华如科技首次公开发行股票的发行费用总额为9,678.56万元，其中，保荐及承销费用8,232.19万元。 华如科技于2023年5月25日披露公告称，以每10股转增5股并税前派息0元，除权除息日2023年6月1 日，股权登记日2023年5月31日。 中国经济网北京11月25日讯 华如科技（301302.SZ）今日股价下跌，截至收盘，该股报24.36元，跌 幅2.05%。 华如科技于2022年6月23日在深交所创业板上市，发行股票数量为2,637.00万股，发行价格为52.03 元/股，保荐机构（主承销商）为中信证券股份有限公司，保荐代表人为刘芮辰、王彬。目前该股处于 破发状态。 华如科技首次公开发行股票募集资金总额为137,203.11万元，募集资金净额为127,524.55万元。华如 科技最终募集资金净额比原计划多47,524.55万元。华如科技于2022年6月20日披露的招股说明书显示， 该公司拟募集资金80,000万元，分别用于新一代实兵交战系统、复杂系统多学科协同设计与仿真试验平 台、共用技术研发中心、补充营运资金。 （责任编辑：华青剑） ...

在 中信证券 收购万通证券（原 青岛 证券）的关键节点陈军担任核心负责人，2003-2006年出任 中信万 通证券 总经理。 金融反腐风暴持续向头部 券商 纵深延伸。 近期，据多家媒体援引知情人消息报道称 中信证券 原投资银行业务负责人、执行委员会委员陈军被有 关部门带走调查，其在 中信证券 企业融资部的多名旧部亦牵涉其中。 而这已是这位深耕中信投行近三十年的老将十年内第二次卷入调查风波。 公开信息显示，出生于1969年的陈军是金融圈典型的"券商老将"，1991年从 山东大学 计算数学专业毕 业后他曾短暂任职于 山东大学 数学学院、人民日报事业发展局山东办事处，1997年加入 中信证券 后凭 借着在山东区域市场的深耕站稳脚跟。 离开 中信证券 的陈军并未远离资本市场，他与一众旧部共同创立了 宁波君度私募基金管理有限公司 ， 将业务重心转向拟上市公司的Pre-IPO投资。 数据显示，宁波君度对外投资版图颇为庞大，直接投资的存续/在业企业达38家，间接投资企业更是多 达72家，其中不少企业完成了B轮、D轮等后期融资。 此次陈军被调查的时间节点就在证监会原发行部副主任郭旭东主动投案不久，而媒体报道的更多知情信 息指 ...

Core Viewpoint - SANY Energy (688349.SH) reported significant growth in revenue for the first three quarters of 2025, but faced a substantial decline in net profit, indicating potential challenges in profitability despite increased sales [1][2]. Financial Performance - For the period of January to September 2025, the company achieved operating revenue of 14.451 billion yuan, representing a year-on-year increase of 59.36% [1][2]. - The net profit attributable to shareholders was 122 million yuan, a decrease of 82.21% compared to the previous year [1][2]. - The net profit after deducting non-recurring gains and losses was -13 million yuan, down from 612 million yuan in the same period last year [1][2]. - The net cash flow from operating activities was -1.170 billion yuan, an improvement from -3.210 billion yuan in the previous year [1][2]. Future Projections - The company forecasts operating revenues of 14.939 billion yuan and 17.792 billion yuan for 2023 and 2024, respectively [2][3]. - Projected net profits attributable to shareholders for 2023 and 2024 are 2.007 billion yuan and 1.811 billion yuan, respectively [2][3]. - The net profit after deducting non-recurring gains and losses is expected to be 1.623 billion yuan for 2023 and 1.595 billion yuan for 2024 [2][3]. - The net cash flow from operating activities is projected to be 1.089 billion yuan in 2023, turning negative at -400 million yuan in 2024 [2][3]. IPO and Fundraising - SANY Energy went public on the Shanghai Stock Exchange on June 22, 2022, raising a total of 561.09 million yuan, with a net amount of 547.07 million yuan after expenses [4]. - The actual fundraising exceeded the original target by 243.89 million yuan, which was initially set at 303.18 million yuan [4]. - The funds raised are intended for various projects, including new product development, production line upgrades, and working capital [4].

Core Viewpoints - The company's main business has reached a bottom, and the investment business is expected to yield returns, with the current stock price having a high margin of safety [1] - The company emphasizes shareholder returns, having announced a HKD 600 million shareholder return plan, with a current dividend yield (TTM) close to 9%, making it attractive [1] Group 1: Game Business - The core IP "Magic Domain" has shown stable improvement in revenue, and the company expects this trend to continue into 2026 [2][3] - A new version of "Magic Domain" has completed development and is awaiting approval for launch, which is anticipated to bring additional revenue [3] - Overall, the company expects good profit growth in its game business by 2026, driven by cost reduction and efficiency measures [3] Group 2: Mynd.AI Business - The company is focusing on reducing losses in the Mynd.AI business, with a good growth rate in SaaS business expected [4] - The integration of AI voice assistant technology aims to enhance classroom interaction, promoting automation in teaching [4] - The company anticipates achieving EBITDA breakeven in Q4 2025 and profitability in 2026 for the Mynd.AI business [4] Group 3: Investment Business - The company has strategically invested in Hangzhou ShuaiKu Network, becoming its largest shareholder with a 46% stake, which has shown strong revenue growth [5] - A strategic investment of USD 20 million in Rokid has been made, with significant sales growth reported in the AR glasses segment [5] - The company has entered into an exclusive partnership with Zhongke Wenge to promote AI services outside mainland China, enhancing its international presence [6] Group 4: Profit Forecast and Valuation - The company has revised its EPS forecasts for 2025-2027 to HKD 0.78, 1.45, and 1.77 respectively, reflecting the stabilization of the game business and growth in the investment sector [7] - The estimated net profit for the game and application service business in 2026 is projected to be HKD 870 million, with a valuation of HKD 8 billion based on an 8x PE ratio [7][8] - The Mynd.AI business is expected to generate revenue of HKD 1.95 billion in 2026, with a valuation of HKD 1.08 billion based on a 0.7x PS ratio [8]