水皮杂谈 一家之言 兼听则明 偏听则暗 多头不死 盘面消息 A股三大指数今日集体走强，截止收盘，沪指涨0.70%，收报3902.81点；深证成指涨 1.08%，收报13147.68点；创业板指涨1.36%，收报3109.30点。 沪深两市成交额达到 17258亿，较昨日放量1768亿。 老水看盘 值得注意的是，大金融 虽然在指数上涨过程中做了贡献，但 阵营内部的银行股， 今天 反而 处于跌幅榜前列 ，所以说，金融出现明显的分化 。 成交量方面， 今天 全天成交额较上午出现显著放量，整体增量近 2000 亿，一定程度上为指 数上行提供了资金支撑。但从总量来看，放量力度仍相对有限，昨 天 成交额为 1.55 万亿， 今天 增至 1.73 万亿左右，这样的量能支撑短期反弹不成问题，但其能否延续还需打个问 号。 今天 主力资金净流入超百亿，这一现象实属难得。究其原因，是 因为今天 有一只万众瞩目的 新股上市 —— 摩尔线程，其发行价 114.28 元 / 股 ，开盘价便冲高至 650 元 / 股 ，盘 中最高价触及 688 元 / 股 ，最终收于 600.50 元 / 股 ，对应总市值已突破三千亿。市场 常将其与寒武 ...

非银金融行业资金流向排名 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 601318 | 中国平安 | 5.88 | 1.29 | 96956.05 | | 300059 | 东方财富 | 4.11 | 4.10 | 51525.74 | | 601696 | 中银证券 | 10.02 | 6.12 | 44084.43 | | 600030 | 中信证券 | 2.43 | 1.35 | 37850.29 | | 601377 | 兴业证券 | 5.57 | 4.08 | 27739.93 | | 601336 | 新华保险 | 4.57 | 1.27 | 16847.70 | | 000776 | 广发证券 | 1.62 | 1.07 | 12807.29 | | 002961 | 瑞达期货 | 10.01 | 6.31 | 11823.72 | | 600095 | 湘财股份 | 4.56 | 3.12 | 11204.15 | | 000987 | 越秀资本 | 2.05 | 1.41 | ...

Core Viewpoint - CITIC Securities' subsidiary, CITIC Securities South China Co., Ltd., is involved in a lawsuit related to the alleged fraud case of Dongxu Optoelectronics, with a total claim amount of 1.8282 million yuan [2][3] Group 1: Lawsuit Details - The lawsuit involves 11 securities investors as plaintiffs, with CITIC Securities South China Co., Ltd. being one of 37 defendants, including Dongxu Optoelectronics and Dongxu Group [2] - The claims are based on alleged false statements made by Dongxu Optoelectronics in its annual reports from 2015 to 2022, and its fraudulent stock issuance in 2017 [2][3] - The plaintiffs seek compensation for economic losses totaling 1,828,167.34 yuan, with a request for joint liability from all defendants, including CITIC Securities South China Co., Ltd. [3] Group 2: Impact on CITIC Securities - CITIC Securities stated that the potential losses related to this lawsuit were fully considered prior to the acquisition of Guangzhou Securities, indicating no significant impact on current or future profits [2][5] - The acquisition of Guangzhou Securities was completed in 2020, and the company reported a revenue of 1.113 billion yuan in 2024, reflecting a growth of 33.95% [5] - Following the acquisition, CITIC Securities is undergoing adjustments to its business scope, including a reduction in core services to address potential conflicts of interest or competition [6]

2025年12月5日，广东天域半导体股份有限公司（以下简称天域半导体，2658.HK）成功于香港联交所 主板上市，基础发行规模2.24亿美元。中信证券担任独家保荐人、保荐人兼整体协调人、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。中信证券公司总监、全球投资银行管理委员会委 员张秀杰，全球投资银行管理委员会委员于杨出席上市仪式。 （来源：中信证券发布） 港股碳化硅外延片第一股 助力国产高端半导体材料产业高质量发展 来源：市场资讯 中信证券全力做好科技金融大文章，充分发挥境内外一体化平台优势和全球投资者覆盖网络，助力科技 创新企业国际化高质量发展。本项目是中信证券服务半导体行业的又一典型案例。 中信证券凭借强大的境内外一体化专业服务，高效推动项目执行，全力协助天域半导体推进境内外监管 机构审批；积极把握发行窗口，利用境内外平台及广泛的投资者覆盖网络，协助安排多场次、高质量的 投资者会议，向资本市场精准传达企业的发展前景及成长潜力，助力本次上市圆满完成。 天域半导体 （股票代码：2658.HK) 天域半导体成立于2009年，专注于自主生产碳化硅外延片。凭借出色的产品质量，全面的交付能力及优 质的服 ...

11名原告合计诉讼请求金额182.82万元。 东旭光电退市一年多之后，其财务造假案再起波澜，中信证券子公司因此被诉诸公堂。 证监会官网2025年3月底披露，河北、深圳证监局对东旭光电及东旭集团、东旭蓝天相关主体证券违法 行为作出行政处罚事先告知。 监管调查认定，2015年至2019年，东旭集团通过虚构业务等方式进行财务造假，累计虚增收入约478亿 元，同期虚增利润总额超130亿元，并存在债券欺诈发行行为。同期，东旭光电累计虚增营收约167亿 元、虚增利润超56亿元。同时，该公司2017年定增构成欺诈发行。 最终，东旭集团时任公司董事长、实际控制人李兆廷等43名责任主体，合计被罚17亿元，其中19名主要 责任人被采取五年以上直至终身证券市场禁入措施。 聚焦此次诉讼，披露显示，案件原告方为吴彩泉等11名投资者，被告为东旭光电、东旭集团、中信证券 华南公司等37名相关法人主体或自然人，案由为证券虚假陈述责任纠纷。 诉讼请求方面，11名原告合计主张经济损失182.82万元，要求东旭光电承担赔偿责任，其余36名被告承 担连带赔偿责任。 中信证券12月4日晚间披露，东旭光电证券虚假陈述责任纠纷案获河北石家庄中院受理，子公 ...

Core Viewpoint - The company intends to acquire 100% equity of Guodian Power Nuclear Co., Ltd. through asset swap and share issuance, while divesting 100% equity of State Power Investment Group Capital Holdings Co., Ltd. and raising supporting funds [1][3]. Group 1: Transaction Details - The transaction involves a major asset swap, share issuance for asset purchase, and fundraising [3]. - The assets to be acquired include 100% equity of Electric Power Nuclear held by State Nuclear Power and China Life, while the divested asset is 100% equity of Capital Holdings [3]. - The total transaction price for the acquired assets is 5,539,371.08 million, with an appreciation rate of 99.65%, while the divested asset is valued at 1,510,828.45 million, with an appreciation rate of 46.85% [5][6]. Group 2: Financial Advisory - The independent financial advisors for this transaction are CITIC Securities Co., Ltd. and Bank of China International Securities Co., Ltd. [6].

｜2025年12月5日 星期五｜ NO.1 子公司事涉东旭光电案，中信证券称系收购前"旧案" 东旭光电案有了最新进展。12月4日，中信证券公告称，子公司中信证券华南股份有限公司（下称"华南 公司"）为东旭光电证券虚假陈述责任纠纷案37名被告之一，涉诉金额182.82万元。该案确定适用普通 代表人诉讼程序审理。中信证券表示，该案为公司收购广州证券前，广州证券承做的相关项目引发的纠 纷，就该案涉及的潜在损失均已在收购交割之前予以充分考虑，对公司本期利润或期后利润无重大影 响。 点评：中信证券子公司涉东旭光电案，虽涉诉金额不大，但作为收购前"旧案"，市场或关注其潜在声誉 影响。中信证券强调损失已在收购时计提，对财务无重大影响，此举或缓解投资者担忧。券商板块短期 或承压，但头部券商抗风险能力较强，长期影响有限。整体看，事件对市场情绪扰动有限，投资者更关 注券商板块基本面及政策面变化。 11月末，国投证券汽车行业首席分析师徐慧雄上演了一出"领奖即离职"的行业大戏，其团队成员亦"无 缝衔接"入职国金证券。这已是继今年3月固收首席尹睿哲之后，年内第二位携整个团队"整建制"转投国 金证券的首席分析师。与此同时，任职长达18年 ...

Core Viewpoint - The insurance industry is transitioning from a narrative of balance sheet recession to a phase of healthy expansion, with a positive cycle officially established, and an upward trend expected to strengthen by 2026 [1][2] Group 1: Industry Growth and Financial Metrics - The net assets of the insurance industry increased from 2.7 trillion yuan at the beginning of 2024 to 3.7 trillion yuan by September 2025, indicating a return to rapid growth [2] - Total assets of the insurance industry rose from 31.8 trillion yuan to 40.4 trillion yuan during the same period, validating the trend of healthy balance sheet expansion [2] - The equity multiplier for the insurance industry decreased from 11.9 times at the beginning of 2024 to 10.8 times, reflecting a faster growth rate of net assets compared to total assets [2] Group 2: Product Sales and Market Dynamics - The sales cycle for participating insurance has officially improved, with significant transformation effects observed since 2025, where new single sales of participating insurance accounted for over half of the total for most listed companies [3] - Regulatory measures in 2024 mandated that the yield on participating insurance should not exceed 3.1%-3.3%, ensuring that companies scientifically determine the dividend levels based on past investment returns [3] Group 3: Distribution Channel Changes - The "reporting and operation integration" initiative is reshaping the bancassurance channel, leading to a new phase of simultaneous volume and price increases [4] - New single premium income from the bancassurance channel decreased to approximately 730 billion yuan in 2024, but is expected to recover rapidly as regulatory measures reduce channel costs by over 30% [4] Group 4: Investment Trends - The insurance sector is expected to see an annual increase in investment assets of 2-3 trillion yuan, with a total of 5-6 trillion yuan in new and reinvested assets anticipated [5][6] - The insurance companies are likely to increase their equity allocation, driven by the relatively low government bond yields and the attractive returns from high-dividend assets [5][6]

Core Viewpoint - The report from CITIC Securities highlights that the capacity release of the civil aviation fleet is constrained by factors such as low introduction of new aircraft, engine maintenance, and supply chain issues, with expectations for a recovery in business travel demand and a potential policy boost for private travel by 2026 [1] Group 1: Capacity and Demand Dynamics - The capacity utilization rate of the fleet is nearing its limit during peak seasons, with a recent recovery in business travel demand [1] - Major airlines are expected to achieve their first profit turnaround post-pandemic in 2025, marking the beginning of a profit release cycle [1] - Domestic airlines are shifting capacity towards international long-haul routes, which is expected to enhance aircraft utilization and reduce unit costs [2][4] Group 2: Cost Management and Profitability - The easing of fuel cost pressures is crucial for profit release, with differences in unit fuel costs driven by engine maintenance and operational strategies [2] - Airlines are employing refined management techniques to optimize financial expenses, which is beginning to show positive effects [2] - The high passenger load factors during the off-peak season, ranging from 85.3% to 93.2%, indicate a strong demand environment [2] Group 3: Economic Indicators and Future Outlook - The recovery in aviation demand is expected to align with the positive turning point of the Producer Price Index (PPI), suggesting a broader economic stabilization [3] - The anticipated narrowing of PPI declines and a return to positive Consumer Price Index (CPI) growth in late 2025 may catalyze a faster recovery in travel demand [3] - The supply-demand growth rate difference for RPK (Revenue Passenger Kilometers) and ASK (Available Seat Kilometers) is projected to turn positive and continue to expand over the next two years [4] Group 4: Supply Constraints and Fleet Growth - The introduction of new aircraft is expected to be limited, with the nominal capacity compound annual growth rate (CAGR) for listed airlines projected at around 4.6% from 2024 to 2027 [5] - Various operational conditions suggest that the actual fleet size CAGR could range from 2.1% to 3.6% depending on delivery scenarios [6] - The high costs of leased aircraft and the need to replace older planes are further constraining effective capacity growth [6] Group 5: Investment Strategy - The recovery in business travel demand is likely to resonate with a mild appreciation of the currency, leading to a significant reduction in airline losses by Q4 2025 [7] - Airlines are focusing on enhancing international long-haul capacity to improve aircraft utilization and profitability [7] - The positive turning point of the PPI indicates a favorable outlook for the aviation sector, presenting new investment opportunities [7]

人民财讯12月5日电，中信证券表示，继续看好互联网板块顺周期属性叠加AI的向上趋势，巨头在AI趋 势中攻防兼备：若AI技术超预期，大概率由互联网巨头及合作方产生；若悲观情景AI泡沫破裂，扎实 资产负债表和现金流可作为避风港。选股维度，当前的模型能力差距尚未带来真正的基本面分化，股价 波动主导因素更多是AI叙事，而叙事则有随时变化的可能性，因此在真正颠覆式创新出现前，我们建 议推荐逆向思维、逢低配置。 ...