微创脑科学发布公告，常兆华博士(常博士)因需投放更多时间于其他业务而辞任非执行董事及董事会主 席。孙庆蔚先生(孙先生)因需投放更多时间于其他业务而辞任非执行董事。张劼博士(张博士)获委任为 非执行董事兼董事会主席。刘旭东先生(刘先生)获委任为非执行董事。 智通财经APP获悉，香港联交所最新资料显示，11月19日，微创脑科学(02172)股东将股票由国元证券经 纪转入中信证券经纪香港，转仓市值8.32亿港元，占比12.91%。 ...

智通财经APP获悉，香港联交所最新资料显示，11月19日，广和通(00638)股东将股票由中信里昂证券转 入中信证券经纪香港，转仓市值4.06亿港元，占比16.43%。 近日，上交所、深交所发布公告称，因广和通在香港市场价格稳定期结束且相应A股上市满10个交易 日，根据有关规定，港股通标的证券名单发生调整并自2025年11月17日起生效，调入广和通。 ...

（文章来源：第一财经） 中信证券研报表示，Gemini 3 Pro在多模态理解和逻辑推理两大关键能力上显著提升，其中多模态性能 有显著领先，应持续关注原生多模态技术发展带来的产业变化，以及多模态推理带来的全新应用场景机 会。Agent相关能力升级符合预期，在长文本检索、任务流程规划等方面形成亮点，结合模型能力和开 发平台升级，更好支持细分场景的Agent开发落地。Coding方面以前端开发为主要方向，相关效果值得 期待。建议关注以多模态为代表的应用机会，同步关注模型发展带来的算力新需求：1）多模态；2） Agent；3）算力产业链。 ...

每经AI快讯，中信证券研报表示，Gemini3Pro在多模态理解和逻辑推理两大关键能力上显著提升，其中 多模态性能有显著领先，应持续关注原生多模态技术发展带来的产业变化，以及多模态推理带来的全新 应用场景机会。Agent相关能力升级符合预期，在长文本检索、任务流程规划等方面形成亮点，结合模 型能力和开发平台升级，更好支持细分场景的Agent开发落地。Coding方面以前端开发为主要方向，相 关效果值得期待。建议关注以多模态为代表的应用机会，同步关注模型发展带来的算力新需求：1)多模 态；2)Agent；3)算力产业链。 ...

Core Viewpoint - The report from CITIC Securities indicates that the Hong Kong stock market is expected to experience a second round of valuation recovery and further earnings revival by 2026, driven by a rebound in the fundamental outlook and significant valuation discounts [1] Long-term Investment Directions - Technology sector, including AI-related sub-sectors and consumer electronics [1] - Healthcare sector, particularly biotechnology [1] - Resource products benefiting from rising overseas inflation expectations and de-dollarization, including non-ferrous metals and rare earths [1] - Consumer staples sector, which is relatively stagnant and undervalued, is expected to see valuation recovery [1] - Paper and aviation sectors benefiting from the appreciation of the Renminbi [1]

Core Viewpoint - The report from CITIC Securities indicates that the Hong Kong stock market is expected to experience a second round of valuation recovery and further earnings revival by 2026, driven by a rebound in the fundamental outlook and significant valuation discounts [1] Long-term Investment Directions - Technology sector, including AI-related sub-sectors and consumer electronics [1] - Healthcare sector, particularly biotechnology [1] - Resource products benefiting from rising overseas inflation expectations and de-dollarization, including non-ferrous metals and rare earths [1] - Essential consumer goods sector, which is relatively undervalued and expected to see valuation recovery as the domestic economy further recovers [1] - Paper and aviation sectors benefiting from the appreciation of the Renminbi [1]

Core Insights - The report from CITIC Securities highlights significant improvements in Gemini3Pro's multimodal understanding and logical reasoning capabilities, with notable advancements in multimodal performance [1] - The development of native multimodal technology is expected to bring about industry changes and new application opportunities through multimodal reasoning [1] - Upgrades in agent-related capabilities are in line with expectations, showcasing strengths in long text retrieval and task flow planning, which will better support the development of agents in specific scenarios [1] - The focus on coding is primarily directed towards front-end development, with promising results anticipated [1] - There is a recommendation to pay attention to application opportunities represented by multimodal technology, while also considering the new computational demands arising from model advancements [1]

中信证券研报指出，中国第三个国家自主贡献目标的发布彰显我国低碳发展战略定力。"十五五"期间， 预计以碳市场与绿证市场为核心的碳减排"工具箱"将得到全面升级：碳市场扩容与配额调整推动2028— 2030年碳价上涨至80—90元/吨，助力控排行业淘汰落后产能；绿证市场供需调整导致2026年绿证价格 小幅回调至6—6.5元/个，高耗能与出口行业面临绿电转型挑战和机遇；产品碳足迹管理助力出口企业 提升韧性，培养 "绿色竞争力"。"工具箱"的更新料将推动多行业结构性调整。建议关注碳资产、低碳 转型受益行业与绿色表现突出企业的投资机遇。 ...

Core Viewpoint - The article discusses a suspicious investment product called "An Wo Gu Bao," which claims to provide insurance coverage for stock investments, promising high returns while minimizing risks. However, investigations reveal significant doubts about its legitimacy and potential links to fraudulent activities [1][3][6]. Summary by Sections Product Description - "An Wo Gu Bao" is marketed as the first insurance product for stock investments, claiming to offer monthly returns of 60% to 100% and full compensation for losses by the insurance company [3][4]. - The investment process is simplified, requiring minimal effort from investors, who only need to authorize the insurance company to select stocks on their behalf [4][5]. Company and Partnerships - The product is purportedly backed by a legitimate Hong Kong insurance company and has a strategic partnership with CITIC Securities, which is claimed to provide brokerage services [1][5]. - However, both the insurance company and CITIC Securities have denied any association with "An Wo Gu Bao," indicating that it is not an official product [6][7]. Regulatory Concerns - Experts highlight that stock investments are inherently speculative and typically not insurable, as they do not fit the criteria for traditional insurance products [6][9]. - The article emphasizes that any insurance product covering stock investments would require regulatory approval, which "An Wo Gu Bao" lacks [6][9]. Marketing and Promotion - The product employs a multi-level marketing strategy, offering incentives for users to recruit new investors, which raises red flags about its legitimacy and potential classification as a pyramid scheme [8][10]. - The promotional structure includes rewards for both first-time investors and those who refer new clients, suggesting a focus on expanding the investor base rather than genuine investment returns [8][10]. Expert Opinions - Industry experts warn that the promised returns are unrealistic and indicative of a Ponzi scheme, where returns to earlier investors are paid from the contributions of newer investors rather than from legitimate profits [9][10][11]. - Investors are advised to maintain skepticism towards high-return promises and to scrutinize the transparency and legitimacy of such investment opportunities [11][12].

Core Viewpoint - The 2025 China Securities Industry Asset Management Summit highlighted the evolving landscape of the asset management industry, emphasizing the need for innovation and adaptation in response to market changes and new demands [2][3]. Group 1: Industry Trends - The asset management industry in China is experiencing a transformation with a more rational business structure and enhanced operational standards, leading to increased competitiveness [2]. - Three major trends are reshaping the securities asset management ecosystem: digital empowerment through AI and large model technologies, upgraded demand for innovative products like retirement and green investments, and a shift from traditional investment management to comprehensive solution providers [2][3]. Group 2: Challenges and Strategies - The asset management sector faces significant challenges, including asset scarcity, low interest rates, and high volatility, necessitating a transition from a single high-yield asset model to a multi-strategy approach [3]. - Firms must focus on brand cultivation and long-term development while enhancing active management capabilities and customer service to meet market demands effectively [3]. Group 3: Forum Highlights - The forum featured two roundtable discussions addressing opportunities and challenges in the post-public offering era and strategies for product layout in a low-interest-rate environment [4]. - The "2025 China Securities Industry Asset Management Jun Ding Award" was announced, recognizing outstanding contributions in the asset management field [4][6].