中信证券研报指出，尽管浮法玻璃需求受到地产的拖累，但汽车、家电的增长使得玻璃需求展现出较强 的韧性。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，我们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。 ...

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 - The future of the AI industry is projected to have three possible scenarios over the next 12 months, with a 60% probability assigned to the baseline scenario of OpenAI facing operational difficulties and a slowdown in AI investment pace [1] - The other two hypothetical scenarios, which are short-term substantial breakthroughs in AI algorithms and a rebound in U.S. economic inflation leading to bubble bursts, are considered low probability events, each with a 20% likelihood [1] Group 2: Investment Strategy - Given the high uncertainty surrounding short-term AI technological advancements and macroeconomic expectations, the industry suggests that investors adopt a "wait and see" approach and consider "contrarian investing" as a fundamental strategy [1] - There is a recommendation to gradually increase the allocation weight towards the application side, specifically in internet and application software sectors [1]

人民财讯12月2日电，中信证券指出，太空算力正从概念逐渐走向现实，海外科技巨头已纷纷布局。中 信证券认为太空算力的能源供给将高度依赖光伏技术，目前太空中使用的三结砷化镓价格非常昂贵，而 成本较低的晶硅电池抗辐照性能较差，无法长时间应用于空间领域。钙钛矿作为兼具高效率和低成本的 下一代光伏技术，有望成为重要的太空能源解决方案。2025年以来，钙钛矿产业化进展加速，效率、稳 定性纷纷取得突破，行业内多条GW级产线相继投产，建议关注钙钛矿产业投资机会。 ...

Core Viewpoint - Space computing is transitioning from concept to reality, with major overseas tech companies actively investing in this area [1] Group 1: Space Computing and Energy Supply - The energy supply for space computing will heavily rely on photovoltaic technology [1] - Current use of triple-junction gallium arsenide in space is very expensive, while lower-cost crystalline silicon batteries have poor radiation resistance and cannot be used long-term in space [1] Group 2: Perovskite Technology - Perovskite is emerging as a next-generation photovoltaic technology that combines high efficiency with low cost, potentially becoming a key energy solution for space [1] - Since 2025, the industrialization of perovskite has accelerated, with breakthroughs in efficiency and stability, and multiple gigawatt-level production lines being launched [1] - Investment opportunities in the perovskite industry are recommended [1]

格隆汇12月2日丨根据联交所最新权益披露资料显示，2025年11月28日，中广核电力(01816.HK)获中信证券资产管理有限公司在场内以每股均价3.0252港元 增持794.2万股，涉资约2402.61万港元。 增持后，中信证券资产管理有限公司最新持股数目为1,787,956,000股，持股比例由15.94%上升至16.02%。 | 股份代號: | 01816 | | --- | --- | | 上市法國名稱: | 中國廣核電力股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 02/11/2025 - 02/12/2025 | | 表格序號 | 大股東/董事/最高行政人員名稱作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | --- | --- | --- | --- | --- | --- | | | 原内 | 股份數目 | | | (請參閱上述 * 註 有投票權股 (日 / 月 / 年) | | | | | | | 份百分比 | | | | | | | ( 96 | | CS20251201E00161 | 中信证券 ...

□上交所发布数据显示，2025年前三季度，沪市新增资产重组单数达602家次，其中重大资产重组新增 76家次，同比增长117%，合计交易金额超4000亿元 □Wind统计数据显示，以独立财务顾问口径计算，截至目前，今年获受理并购重组项目数量排名靠前的 券商依次是华泰联合（11）、中信证券（10）、中信建投（10）、国泰海通（9）、中金公司（7），头 部券商优势明显 据上交所此前发布的数据，自"并购六条"发布以来，并购重组活跃度显著提升。2025年前三季度，沪市 新增资产重组单数达602家次，其中重大资产重组新增76家次，同比增长117%，合计交易金额超4000亿 元，远超去年同期。 华安证券投行部相关负责人对上海证券报记者表示，自"并购六条"发布后，监管层不断通过简化审核流 程、创新支付手段、明确私募基金重组锁定期"反向挂钩"等举措，降低企业并购成本与难度。2025年相 关规则进一步修订后，市场活力被充分激发。 在A股并购重组市场生态从"量变"到"质变"的过程中，产业整合"挑大梁"，科创属性成为本轮并购潮中 最鲜明的标签。据国联民生承销保荐统计，截至今年10月末，自"并购六条"发布以来新增披露的资产收 购类重组 ...

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 《中信证券股份有限公司2025年第一次临时股东大会、2025年第一次A股类别股东会及2025年第 一次H股类别股东会会议文件》 《中信证券股份有限公司关于间接子公司发行中期票据并由全资子公司提供担保的公告》 《中信证券股份有限公司关于召开2025年第一次临时股东大会及2025年第一次A股类别股东会的 通知》 《中信证券2025年11月证券变动月报表》 最新公告列表 截至2025年12月1日收盘，中信证券（600030）报收于27.67元，较前一交易日上涨0.29%，最新总市值 为4100.85亿元。该股当日开盘27.5元，最高27.73元，最低27.48元，成交额达19.56亿元，换手率为 0.58%。 公司近日披露截至2025年11月30日的证券变动月报表。公告显示，中信证券H股和A股的法定/注册股本 均无变动。H股类别中，上月底结存及本月底结存的法定股份均为2,620,076,855股，每股面值人民币1 元，于香港联交所上市。A股类别中，上月底结存及本月底结存的法定股份均为12,2 ...

Core Viewpoint - The anticipation for the "spring market rally" in A-shares for 2026 is growing, with December seen as a crucial window for early positioning [2][5][6]. Group 1: Market Outlook - Multiple sell-side institutions express optimism about the upcoming "spring market rally," suggesting that December may be an important time for positioning [2][5][6]. - The A-share market in November showed a trend of capital shifting from high-valuation growth stocks to low-valuation cyclical stocks and dividend assets [4]. - Analysts believe that the "spring market rally" could potentially start earlier than usual, with key meetings in December serving as catalysts for market movements [8][12]. Group 2: Investment Strategies - Institutions recommend focusing on high-probability directions, technology, and cyclical sectors for investment strategies [2][14]. - Specific sectors highlighted for investment include aviation equipment, AI-related energy storage, and power equipment in the growth category, as well as chemicals and energy metals in the cyclical category [15]. - The focus on traditional manufacturing and resource sectors is emphasized, with a recommendation to consider leading companies in industries where China has a competitive advantage [17]. Group 3: Key Events and Indicators - Important upcoming meetings in December are expected to clarify policy directions for 2026, particularly in technology innovation, domestic demand expansion, and real estate stability [13]. - Economic data releases, Federal Reserve statements, and various industry conferences in December are critical for market sentiment and potential investment decisions [8][12].

Core Insights - CITIC Securities Asset Management Company increased its stake in China General Nuclear Power (01816) by acquiring 7.942 million shares at a price of HKD 3.0252 per share, totaling approximately HKD 24.026 million [1] - Following this acquisition, CITIC Securities now holds approximately 1.788 billion shares, representing a 16.02% ownership stake in the company [1]

Group 1 - CITIC Securities Asset Management Company increased its stake in China General Nuclear Power (01816) by 7.942 million shares at a price of HKD 3.0252 per share, totaling approximately HKD 24.02614 million [1] - After the increase, the total number of shares held by CITIC Securities is approximately 1.788 billion shares, representing a holding percentage of 16.02% [1]