中信证券公告，公司收到中国证监会《关于同意中信证券股份有限公司向专业投资者公开发行公司债券 注册的批复》。据此批复，公司可以向专业投资者公开发行面值总额不超过600亿元公司债券。此批复 自同意注册之日起24个月内有效，公司在注册有效期内可以分期发行。公司董事会及经营管理层将按照 有关法律法规和上述批复的要求，根据公司2023年度股东大会的授权，实施上述公司债券发行工作。 ...

天眼查工商信息显示，9月10日，金石汐智（嘉兴）股权投资合伙企业（有限合伙）、金石霄泽（嘉 兴）企业管理合伙企业（有限合伙）成立，执行事务合伙人均为苗嘉，出资额分别为2亿人民币、1.01 亿人民币，前者经营范围为股权投资、以私募基金从事创业投资活动，后者经营范围为企业管理。合伙 人信息显示，前者由中信证券（600030）旗下中信证券投资有限公司、中信金石投资有限公司、北京中 软国际信息技术有限公司等共同出资，后者由无锡上汽金石创新产业基金合伙企业（有限合伙）、中信 金石投资有限公司共同出资。 来源：智通财经 ...

Core Viewpoint - The A-share market is experiencing a significant rally, with the Shanghai Composite Index rising over 1.6% and trading volume exceeding 2.3 trillion yuan, marking 22 consecutive days of trading volume above 2 trillion yuan since August 13 [1][5]. Group 1: Market Performance - The leading Securities ETF (560090) has seen a 2.84% increase, with trading volume surging to 220 million yuan, accumulating over 380 million yuan in inflows over the past nine days [1][3]. - Major components of the Securities ETF index have all risen, with Dongfang Caifu increasing nearly 4% and trading volume surpassing 10 billion yuan [3][4]. Group 2: Regulatory Developments - The release of the draft regulations on public fund sales fees is a significant move by the China Securities Regulatory Commission (CSRC) aimed at promoting high-quality development in the public fund industry and protecting investor rights [5]. - According to Zhongtai Securities, the new sales fee regulations are favorable for the long-term steady development of the industry, maintaining the current commission payment ratios, which is better than market expectations [5]. Group 3: Liquidity and Investment Trends - Western Securities indicates that various funds are entering the market, with insurance companies increasing their stock allocation, and public fund issuance/net subscriptions showing signs of recovery [6]. - The ongoing trend of "deposit migration" among residents is just beginning, with a notable increase in net subscriptions to actively managed equity funds and a rise in new individual investor accounts [6][7]. - The capital market's total market value to residents' deposits ratio remains low at 0.59, suggesting significant room for growth as residents seek better returns in the stock market [6]. Group 4: Broker Sector Outlook - The broker sector is positioned for further gains, with a 74% increase in broker stocks from July 10 to August 31, driven by increased trading volume from resident funds [8]. - Historical data shows that significant increases in the A-share liquidity index coincide with broker stock performance, indicating potential for further upside as liquidity improves [7][8].

Core Viewpoint - The financial technology and brokerage sectors have seen significant gains, driven by a strong performance in the technology sector, with notable increases in related ETFs and stocks [1][2]. Group 1: Financial Technology Sector Performance - The Huaxia Financial Technology ETF (516100) closed up 4.38%, marking two consecutive days of strong performance, with holdings like Xinghuan Technology-U rising over 17% and Ronglian Technology hitting the daily limit [1]. - Other leading stocks in the financial technology sector include Zhinan Zhen, Yinzhijie, which both rose over 8%, along with Wealth Trend, New Morning Technology, and Electronic Science Digital [1]. - The brokerage ETF fund (515010) also experienced a significant increase of 3.23% [1]. Group 2: Regulatory Developments - The China Securities Association has implemented a new evaluation method focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, effective immediately [1][2]. - The quantitative evaluation indicators emphasize the contributions and capabilities of securities firms in technology finance, reflecting the regulatory focus on this sector [2]. Group 3: Industry Insights - The technology finance indicators carry a total score of 50 points, highlighting the regulatory emphasis on the technology sector [2]. - A senior executive from a brokerage firm indicated that to excel in industry rankings, firms must enhance their focus on technology finance, making it a core priority for future operations [2]. - East Wu Securities noted that with policy support and economic stabilization, the demand for digital transformation in brokerages is accelerating, suggesting a positive outlook for the financial technology market [3].

消息面上，在股市回暖及两融余额不断增长背景下，今年来首现半年内券商两次调高额度。近日，华林 证券宣布将信用业务总规模上限由62亿元提高至80亿元，增幅近29%，这是该公司不到半年内第二次上 调相关额度。这一调整引发市场关注，也折射出当前券商在加快两融业务布局。 数据显示，截至2025年8月29日，国证证券龙头指数(399437)前十大权重股分别为东方财富(300059)、中 信证券(600030)、华泰证券(601688)、广发证券(000776)、招商证券(600999)、国泰海通(601211)、东方 证券(600958)、兴业证券(601377)、光大证券(601788)、天风证券(601162)，前十大权重股合计占比 79.16%。 东方财富证券表示，上半年头部券商在财富管理、境外业务、金融科技、并购重组等多个战略领域迎来 突破，持续迈向一流投资银行；中小券商持续聚焦"区域化+特色化+数字化"探索差异化发展，行业格 局加速优化。此外，中资券商加速布局虚拟资产交易领域新蓝海，有利于优化业务结构，拓展收入来 源，同时进一步拓展行业创新业务边界，重构业务生态。市场改革深化+行业格局重构+创新业务提 速，建议 ...

人民财讯9月11日电，企查查APP显示，近日，金石汐智（嘉兴）股权投资合伙企业（有限合伙）成 立，出资额2亿元，经营范围包含：股权投资；以私募基金从事创业投资活动。企查查股权穿透显示， 该企业由中信证券（600030）全资子公司中信金石投资有限公司、北京中软国际信息技术有限公司等共 同出资。 ...

北京时间9月10日凌晨，苹果在2025年秋季新品发布会上发布iPhone 17系列、AirPods Pro 3及Apple Watch Series 11产品。中信证券研报称，iPhone Air机型、手表血压检测、耳机AI实时翻译功能为本次新 品的核心亮点。iPhone在硬件创新+AI升级下迎来较强换机动能，2026年有望发布首款折叠屏机型， 2027年为iPhone发布20周年，预计届时将有20周年纪念款机型和2代折叠屏机型，预计2026年/2027年 iPhone出货量或达2.4亿—2.5亿部/2.60+亿部，重回上行通道。看好2025—2027年苹果硬件创新周期和后 续AI进展，建议重点关注有苹果业务贡献基础业绩，同时卡位折叠屏、AI服务器、机器人等新领域的 公司。 ...

Core Viewpoint - The pharmaceutical sector in A-shares and Hong Kong stocks is expected to see a significant recovery in the first half of 2025, driven by major policy optimizations in medical insurance, a strong recovery in hospital demand, and returns from innovation [1] Pharma Sector - The pharmaceutical sector's revenue and net profit growth rates for the first half of 2025 are -4.04% and -0.50% respectively, with traditional and generic drug companies facing revenue pressure due to centralized procurement policies [2] - Companies with a high proportion of innovative drugs are benefiting from rapid commercialization, maintaining good growth [2] - The sector's R&D expense ratio is 12.69%, up 0.29 percentage points from the first half of 2024, indicating a commitment to innovation [2] - The gross margin and net margin for the sector are 66.83% and 20.73%, respectively, showing improvement due to the higher proportion of high-margin innovative drug revenues [2] Biotech Sector - The biotech sector's revenue growth rate is 14.12%, with a significant contribution from BD licensing income [3] - Many biotech companies are achieving operational profitability through drug commercialization, with companies like BeiGene and Innovent Biologics leading the way [3] - The sector is expected to showcase innovative products at international conferences, indicating a strong presence in global innovation [3] Medical Devices - The medical device sector's revenue and net profit growth rates for the first half of 2025 are -5.11% and -17.99%, respectively, due to policy disruptions and delayed procurement funding [4] - Despite the overall decline, certain sub-sectors show promise, with expectations of a turning point in Q3 2025 [5] CRO and CDMO - The CRO sector's revenue growth is 14.05%, with net profit growth of 18.34%, benefiting from a recovery in overseas investment and innovation [8] - The CDMO sector's revenue growth is 10.34%, with strong demand for projects in drug development and production [9] Blood Products - The blood products sector's revenue growth is 0.64%, with net profit declining by 13.06%, but long-term growth remains strong due to increasing domestic supply [12] Internet Healthcare - The internet healthcare sector is experiencing a significant upward trend, with a revenue growth rate of 16.31% and a net profit growth rate of 134.16%, indicating a shift towards profitability [18]

中信证券研报称，2025年上半年A股和港股的医药行情明显回暖，在医保政策迎来大幅度优化、院内内 需恢复确定性强、创新迎来回报等政策和产业趋势背景下，医药板块的业绩改善在上半年并没有在估值 中得到完全反映，因此虽然板块整体上涨后处于72%的5年内估值分位数，但是结合未来从产业支持端 到保险支付端的重大变革，A股和港股医药板块的走势还远没有结束，上涨主升浪还有望中长期持续。 延续此前投资观点，建议横向维度上，下半年继续围绕创新驱动和国际化+自主可控+院外营销模式改 革三个领域进行布局，尤其关注业绩可以兑现的内需确定性强的板块龙头。 ...

人民财讯9月11日电，中信证券预计，中性情景下，2025年三季度、四季度PPI同比将分别录 得-2.9%、-2.0%。"猪周期错位"导致CPI同比读数大幅下滑至-0.4%，8月猪肉价格影响CPI下降约0.24个 百分点。核心CPI同比读数于4月开启上行通道，其中金饰品和受益于以旧换新补贴政策的耐用消费品 价格的上涨尤为显著。向后看，预计猪周期错位效应将于9月渐次减弱，助力后续CPI同比读数改善， 2025年四季度的CPI同比有望出现明显回升。预计中性情景下，年底CPI同比读数最高点或有望回升至 1.0%附近。 ...