Core Viewpoint - CITIC Securities increased its stake in China General Nuclear Power (01816) by acquiring 17.373 million shares at a price of HKD 3.1334 per share, totaling approximately HKD 54.4366 million, raising its ownership to about 1.457 billion shares, which represents 13.05% of the company [1] Group 1 - CITIC Securities' asset management plan has made a significant investment in China General Nuclear Power [1] - The acquisition price per share was set at HKD 3.1334, indicating a strategic entry point for the investment [1] - The total investment amount reached approximately HKD 54.4366 million, reflecting a substantial commitment to the company [1] Group 2 - Following the acquisition, CITIC Securities now holds approximately 1.457 billion shares in China General Nuclear Power [1] - The new holding percentage of 13.05% indicates a notable increase in influence within the company [1]

Core Insights - The core theme of the news is the advancement of AI digital employees at CITIC Securities, aimed at transforming the financial industry through enhanced efficiency and productivity [1][4]. Group 1: AI Digital Employee Development - CITIC Securities is actively developing an AI digital employee system to overcome efficiency bottlenecks and create new productive capabilities, aligning with national digital finance strategies [1][4]. - The digital employee evolution includes three phases: transitioning from "executor" to "thinker," from "single-sensory" to "multi-sensory," and from "system tool" to "work partner," enhancing service delivery and risk prevention [2][3]. Group 2: Implementation and Impact - The digital employee system has been effectively implemented in core business areas, with capabilities such as automated data processing and multi-modal output, significantly enhancing research and client service [3][4]. - As of now, CITIC Securities has launched 18 high-value digital employees, processing approximately 50 million requests and utilizing nearly 100 billion tokens, demonstrating substantial operational efficiency [4]. Group 3: Future Focus and Commitment - The company emphasizes the importance of data governance, algorithm trustworthiness, and technological autonomy as foundational pillars for building a reliable digital employee workforce [4]. - CITIC Securities is committed to providing high-quality financial services that support economic development, envisioning a more efficient and intelligent financial future through human-machine collaboration [4].

Core Viewpoint - HeMai Co., Ltd. (688032.SH) experienced a stock price decline of 3.24%, closing at 111.03 yuan, indicating the stock is currently in a state of decline since its IPO [1] Group 1: IPO and Financial Performance - HeMai Co., Ltd. was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 20, 2021, with an initial offering price of 557.80 yuan per share and a total of 10 million shares issued [1] - The total funds raised from the IPO amounted to 5.578 billion yuan, with a net amount of 5.406 billion yuan after deducting issuance costs, which exceeded the original plan by 4.848 billion yuan [1] - The funds raised are intended for projects including the construction of the HeMai Intelligent Manufacturing Base, the industrialization of energy storage inverters, upgrades to smart complete electrical equipment, and to supplement working capital [1] Group 2: Dividend Announcements - On May 30, 2022, HeMai Co., Ltd. announced a dividend plan of 30 yuan (pre-tax) per 10 shares, along with a bonus issue of 4 shares, with the ex-dividend date set for June 7, 2022 [2] - On June 6, 2023, the company announced a dividend plan of 53 yuan (pre-tax) per 10 shares, with a bonus issue of 4.9 shares, and the ex-dividend date set for June 13, 2023 [2] - A future dividend plan was announced for June 13, 2024, proposing a distribution of 36 yuan (pre-tax) per 10 shares, along with a bonus issue of 4.9 shares, with the ex-dividend date set for June 19, 2024 [2]

Group 1: Market Transition and Outlook - A-share listed companies are transitioning from domestic-focused enterprises to global multinational corporations, indicating a shift in China's capital market from emerging to mature status [1][4] - During the "14th Five-Year Plan" period, Chinese companies are expected to enhance their position in the global value chain, converting share advantages into pricing power, which forms the basis for a low-volatility slow bull market in A-shares [1][4] Group 2: Economic Growth Projections - China's economy is anticipated to continue a recovery trend, with growth projected at around 5% in 2025 and 4.9% in 2026, potentially showing a pattern of lower growth in the first half and higher growth in the latter half of 2026 [2] - Fiscal policy in 2026 is expected to be more proactive, maintaining a deficit ratio around 4%, with an increase in special bond quotas directed towards project construction [2] Group 3: Investment Strategy and Focus Areas - The investment strategy for 2026 should focus on three main lines: 1. The re-evaluation of pricing power in China's manufacturing sector, with an emphasis on industries like non-ferrous metals, chemicals, and new energy [6] 2. The deepening of enterprises' international expansion, particularly in sectors such as machinery, innovative pharmaceuticals, and military equipment [6] 3. The continuation of the technology market, with a focus on breakthroughs in AI commercialization and related hardware and applications [6] Group 4: Market Liquidity and Asset Allocation - The capital market is expected to see a continued influx of absolute return funds, contributing to a long-term downward trend in the volatility of broad-based A-share indices [6] - In terms of asset allocation, the global macro environment is generally accommodative, with expectations of a mild appreciation of the RMB and ongoing attractiveness of gold as a long-term investment asset [7]

Group 1 - The A-share market saw a significant rally among the top 18 stocks by market capitalization, with Agricultural Bank reaching a historical high and the total market value of these stocks exceeding 20 trillion yuan [2] - Despite the overall market showing some recovery, the number of declining stocks remained high, indicating a mixed performance with over 3,800 stocks falling [2] - Southbound capital experienced a substantial net inflow of 12.748 billion yuan last week, with banks, non-bank financials, and the oil and petrochemical sectors being the main beneficiaries [3] Group 2 - Analysts suggest that the recent shift towards large-cap stocks may be driven by changes in market risk appetite, with macro leverage around 12.46 times and high valuations in the technology sector [4] - The market is experiencing increased valuation and sentiment risks, with a decrease in liquidity for sell orders, indicating heightened selling pressure [4] - Recommendations for asset allocation include increasing exposure to domestic stocks and commodities, with a focus on large-cap stocks and sectors such as coal, photovoltaics, telecommunications, and agriculture showing good investment value [4]

Group 1 - The 2026 Capital Market Annual Conference by CITIC Securities will focus on global macroeconomic trends and investment strategies under the theme "Striving for a New Journey" [1] - CITIC Securities' Chief Economist Mingming forecasts a 5.0% growth for China's economy in 2025 and around 4.9% in 2026, with a more proactive fiscal policy expected [1] - The fiscal deficit rate is anticipated to remain around 4%, with an increase in special bond quotas directed towards project construction [1] Group 2 - The "14th Five-Year Plan" period is expected to see an ideal economic growth rate of approximately 4.8%, with a focus on balancing demand-side policies [2] - The expansion of service consumption is identified as key to improving consumption rates, with policies expected to target income distribution reform and enhance the "wealth effect" of the capital market [2] - A-share companies are transitioning into multinational corporations, with the potential for Chinese enterprises to gain pricing power in the global value chain during the "14th Five-Year Plan" [2] Group 3 - The market liquidity is characterized by the influx of absolute return funds, contributing to a long-term decline in the volatility of broad-based A-share indices [3] - Three key industry trends are highlighted: upgrading traditional manufacturing, the globalization of Chinese enterprises, and the expansion of AI applications [3] - The cyclical support for the Chinese economy is increasing, which may help mitigate downward pressures, while the focus remains on expanding consumption and nurturing new growth sectors [3]

Core Viewpoint - Haitong Development has received approval from the Shanghai Stock Exchange for its application to issue shares to specific investors, pending final approval from the China Securities Regulatory Commission (CSRC) [1] Summary by Sections Issuance Details - The company plans to raise a total of up to RMB 210 million through the issuance of shares, with the net proceeds intended for the purchase of dry bulk carriers [1][2] - The issuance price is set at RMB 7.00 per share, which is not less than 80% of the average trading price over the previous 20 trading days [2] - The maximum number of shares to be issued is 30 million, which does not exceed 30% of the total share capital prior to the issuance [2] Shareholder Information - The issuance will involve related parties, specifically Dayunming Investment and Dalan Investment, which are controlled by the company's major shareholder and actual controller, Zeng Erbin [2] - As of June 30, 2025, the total share capital of the company is 925.38 million shares, with Zeng Erbin holding 58.09% directly and 68.45% in total through concerted actions [2] Post-Issuance Impact - Following the issuance, the total share capital will increase to 955.38 million shares, with Zeng Erbin and his concerted parties holding 69.44% of the total shares post-issuance, ensuring that control of the company remains unchanged [3] - The underwriting institution for this issuance is CITIC Securities, with representatives Xu Yang and Li Guyang [3]

Group 1 - Chen Yu officially appointed as the General Manager of Bosera Fund, marking a new leadership transition for the company which manages over 1.8 trillion yuan [1] - The new management combination with Chairman Zhang Dong is expected to positively impact Bosera Fund's future development and inject new vitality into the company [1] - The stability of large fund companies' management is crucial for investor confidence, potentially providing a positive signal for the overall industry development [1] Group 2 - Wang Gongwei has filed a lawsuit against Dazhihui, seeking to revoke the resolutions from the second extraordinary general meeting of shareholders held on October 13, 2025 [2] - The lawsuit claims that the merger with Xiangcai Co. constitutes a significant related party transaction and that Dazhihui failed to conduct proper audits or evaluations [2] - Dazhihui asserts that it has completed all necessary procedures for the merger and will actively respond to the lawsuit, which currently does not involve a specific monetary amount [2] Group 3 - The number of newly issued public funds has reached 1,371 this year, the highest in nearly three years, indicating a shift towards a "small but numerous" issuance model [4] - The average fundraising size for new funds is only 782 million yuan, reflecting a market preference for niche and thematic investments [4] - This trend is expected to benefit smaller fund companies with differentiated research capabilities and may lead to increased market rotation among sectors like technology and consumer goods [4] Group 4 - CITIC Securities has received approval to issue short-term corporate bonds not exceeding 50 billion yuan, enhancing its capital strength and liquidity [5] - This financing action by a leading brokerage may draw attention to the capital replenishment capabilities within the industry, potentially leading to increased differentiation among firms [5][6] - The financing behavior of large financial institutions is generally viewed as a signal of liquidity easing, which could positively influence market sentiment [6]

在宏观政策层面，明明认为2026年中国财政政策将更加积极，赤字率或将继续维持在4%左右，专项债 额度有望提升并向项目建设倾斜；货币政策方面，降准降息空间依然存在，结构性货币工具将持续发 力，央行继续进行国债买卖。宏观政策层面对经济的支持力度仍将延续。 明明认为，中美经济周期或均呈先低后高走势，全球经济格局有望迎来再平衡阶段。对于美国而言，就 业市场虽显韧性，但GDP增长结构性问题突出，财政赤字高企，长期国债利率下行受限，而短端利率下 行确定性较强，通胀与经济走弱交织使美联储降息节奏趋于谨慎。 从大类资产配置角度，明明判断，全球宏观环境整体偏宽松，债市方面，国债利率或将先下后上，需要 关注两阶段主导因素的变化；外汇方面，人民币汇率有望温和升值；商品方面，黄金作为配置资产的长 期价值仍具吸引力。 责编:李文玉 | 审核:李震 | 监审:古筝 【大河财立方消息】11月11日，中信证券2026年资本市场年会在深圳开幕，多名分析师发表2026年宏观 与政策展望与投资策略。 中信证券首席经济学家明明认为，中国经济有望延续波动中复苏的态势。明明表示，预计2025年中国经 济将实现5.0%左右的增长目标，2026年将保持在4 ...

中信建投证券2026年资本市场峰会暨中国－沙特投资合作论坛 马静/摄 11月11日，在这个特别的日子，两大头部券商的年度策略会"一南一北"拉开帷幕。中信证券2026年资本市场年 会在深圳召开，中信建投证券2026年资本市场峰会暨中国－沙特投资合作论坛在北京举行。 "人气旺""规格高""国际化浓度高"是券商中国记者现场参会的最大感受。以中信建投为例，据了解，这是沙特 交易所首次与中资券商联合举办策略会，沙特交易所CEO穆罕默德·艾·鲁迈赫在致辞中指出，过去十年，中国 和沙特之间的关系已经从贸易为中心发展到以战略金融合作为特征的关系。除了资本市场，中沙更广泛的经济 伙伴关系正持续以令人印象深刻的速度在扩展。 展望2026年，两家券商对A股走势研判存在共识。中信证券首席A股策略师裘翔研判，A股行情或迈向低波动 慢牛。中信建投证券首席经济学家黄文涛则提到，A股牛市有望持续，预计指数依然震荡上行但涨幅放缓。 两大券商高管最新发声 两家券商的策略会现场人气都非常足，主论坛不仅座无虚席，连会场的后面、侧面都站立着不少听会嘉宾，直 至上午论坛全部结束。论坛上，两家券商高管在致辞中对经济形势、行业发展也分享了最新看法。 中信建 ...