Core Viewpoint - The A-share market saw a significant rise in brokerage stocks, with notable increases in shares such as Shouchao Securities and Dongfang Securities, following the announcement of a merger plan involving CICC, Dongxing Securities, and Xinda Securities [1][2]. Group 1: Market Performance - Shouchao Securities experienced a rise of nearly 6%, while Dongfang Securities and Shenwan Hongyuan both increased by over 3% [1]. - Other brokerage stocks like China Galaxy, Industrial Securities, and Founder Securities saw gains exceeding 2% [1]. - The total market capitalization of Shouchao Securities is 57.7 billion, with a year-to-date decline of 3.58% [2]. Group 2: Merger Announcement - CICC announced plans to merge with Dongxing Securities and Xinda Securities through a share exchange, which is expected to create a new company with total assets of approximately 1,009.58 billion [1][2]. - The projected net profit attributable to the parent company after the merger is estimated at 9.52 billion, with net assets expected to reach 171.5 billion [2]. - Post-merger, the new entity will rank fourth in total assets within the industry, following CITIC Securities, Guotai Junan, and Huatai Securities [2].

中信证券发布研报称，Gemini 3 Pro多模态理解和逻辑推理两大关键能力显著提升，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。 中信证券主要观点如下： 事项： 美国时间11月18日，Google发布最新基座模型Gemini 3 Pro，模型强调多模态理解和深度推理两大基础 性能，围绕agent开发、代码生成、用户交互等关键能力持续升级，在主流测试集上达到领先水平。目 前，新模型已经全面向Search、Gemini app、AI Studio、Vertex AI、Google Antigravity等渠道开放。 多模态：性能表现达到领先水平，持续关注原生多模态架构创新。 Google官网将Gemini 3 Pro定位为"世界最好的多模态理解模型"，并强调模型综合利用多种模态信息 ...

Core Viewpoint - The Hong Kong stock market is expected to benefit from internal "14th Five-Year Plan" catalysts and external "fiscal + monetary" easing policies from major economies, particularly the US and Japan, leading to a rebound in valuations and performance by 2026 [1] Group 1: Market Outlook - The Hong Kong stock market is projected to experience a second round of valuation recovery and performance resurgence by 2026, supported by a complete domestic AI industry chain and an influx of quality A-share companies listing in Hong Kong [1] - The Hang Seng Index is currently seen as a valuation low point among major global markets, with an estimated equity risk premium (ERP) of 5.7% [1] - The expected net profit growth for the Hang Seng Index and Hang Seng Tech in 2026 is 8.5% and 29.9%, respectively, indicating a positive outlook for earnings recovery [1][4] Group 2: Strategic Investment Directions - Five long-term investment directions are recommended: 1) Technology sector, including AI and consumer electronics; 2) Healthcare, particularly biotechnology; 3) Resource products benefiting from overseas inflation and de-dollarization; 4) Essential consumer goods expected to recover in valuation; 5) Paper and aviation sectors benefiting from RMB appreciation [1] - The "14th Five-Year Plan" emphasizes the construction of a modern industrial system and high-level technological self-reliance, which is expected to support strategic emerging industries such as new energy, new materials, and aerospace [2] Group 3: Emerging Industries - The solid-state battery industry is anticipated to reach a market value of 1.2 trillion yuan from 2024 to 2030, marking a new wave of electrification innovation [3] - The brain-computer interface sector is gaining government attention, with new policies expected to address clinical challenges [3] - The bio-manufacturing market is projected to reach a trillion-level scale, driven by continuous application expansion [3] Group 4: Performance Expectations - The market expects the performance growth of Hong Kong stocks to bottom out in 2025, with revenue and profit growth projected to reach 5.5% and 9.2% in 2026, respectively [4] - The earnings sentiment for Hong Kong stocks has begun to warm, with upward adjustments in profit forecasts since July 25 [4][5] Group 5: Capital Flows - Southbound capital inflows into Hong Kong stocks reached 1.26 trillion HKD from the beginning of the year to the end of October, becoming a core driver for the market [6] - The trend of passive management funds increasing their allocation to Hong Kong stocks is evident, with a significant rise in the proportion of passive funds in the Southbound Stock Connect [6] - Retail investors are expected to play a larger role in the market, with ETF inflows into Hong Kong stocks exceeding 270 billion HKD since June [6]

Core Viewpoint - During the "14th Five-Year Plan" period, China's low-carbon development strategy remains steadfast, with expectations for a comprehensive upgrade of the carbon reduction "toolbox" centered on carbon markets and green certificate markets, which will drive structural adjustments across multiple industries [2][3]. Group 1: Carbon Market Insights - The carbon market in China is set to undergo "capacity expansion + quota allocation" reforms, with an expected increase in carbon emissions coverage to 77% by 2030, leading to a long-term rise in carbon prices to 80-90 yuan per ton [4]. - The anticipated carbon market supply from CCER methodologies could reach 480-750 million tons by 2030, enhancing the market's overall supply [4]. - The carbon price increase is expected to facilitate the elimination of outdated production capacity in emission-intensive industries, providing competitive advantages to green enterprises [4]. Group 2: Green Certificate Market Dynamics - The green certificate market currently faces downward price pressure due to oversupply, but improvements in supply-demand dynamics are expected, with prices projected to rise to 6-6.5 yuan per certificate by 2026 [5]. - The transition from "certificate and electricity separation" to "certificate and electricity integration" is anticipated, driven by domestic demand for green electricity and international policies like CBAM [5]. - High green electricity consumption ratio enterprises will gain a first-mover advantage, particularly those located in regions with abundant renewable energy [5]. Group 3: Product Carbon Footprint Management - The concept of product carbon footprint management is emerging as a new paradigm in corporate carbon management, aimed at enhancing corporate "green competitiveness" [6]. - The establishment of carbon footprint accounting standards and certification systems is underway, which will benefit exporting companies and those in raw materials and long supply chains [6]. Group 4: Investment Opportunities - The upgrade of the carbon reduction toolbox is expected to create investment opportunities in green sectors, such as sustainable aviation fuel and green electricity direct connection industries [7]. - Low-carbon enterprises in high-emission sectors, such as steel, will have cost advantages and profit potential in the carbon market, while data centers and aluminum smelting companies with high green electricity consumption ratios will face lower transition risks [7]. - Companies with higher product carbon footprint management levels in long supply chains and exporting industries will exhibit greater resilience and "green competitiveness" [7].

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%。 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。 ...

Core Viewpoint - The recent transfer of shares for Guanghe Tong (00638) indicates a significant shift in shareholder structure, with a market value of HKD 406 million being transferred, representing 16.43% of the total shares [1] Group 1: Shareholder Activity - On November 19, shareholders of Guanghe Tong transferred shares from Citic Lyon Securities to Citic Securities Brokerage Hong Kong [1] - The transfer involved a market value of HKD 406 million, which constitutes 16.43% of the company's shares [1] Group 2: Market Regulation Changes - The Shanghai and Shenzhen Stock Exchanges announced that due to the end of the price stabilization period for Guanghe Tong in the Hong Kong market and the completion of 10 trading days since its A-share listing, adjustments to the Hong Kong Stock Connect eligible securities list will take effect [1] - Guanghe Tong will be added to the Hong Kong Stock Connect eligible securities list starting from November 17, 2025 [1]

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%。 ...

Core Viewpoint - The recent transfer of shares for Guanghe Tong (00638) indicates a significant shift in shareholder structure, with a market value of HKD 406 million being transferred, representing 16.43% of the total shares [1] Group 1: Shareholder Activity - On November 19, shareholders of Guanghe Tong transferred shares from CITIC Securities to CITIC Securities Brokerage Hong Kong, with a total market value of HKD 406 million [1] - This transfer accounts for 16.43% of the company's total shares, highlighting a notable change in the shareholder composition [1] Group 2: Market Regulation Changes - The Shanghai and Shenzhen Stock Exchanges announced that due to the end of the price stabilization period for Guanghe Tong in the Hong Kong market and the completion of 10 trading days since its A-share listing, adjustments to the Hong Kong Stock Connect eligible securities list will take effect on November 17, 2025, including the addition of Guanghe Tong [1]

（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。 ...