纳芯微已通过港交所主板上市聆讯，中金公司、中信证券、建银国际为联席保荐人。 公司采用fabless运营模式，专注芯片研发和设计，将晶圆制造及封测等环节外包。产品覆盖汽车电子、 泛能源、消费电子等领域，包括传感器、信号链芯片与电源管理芯片，能够为终端客户提供定制化解决 方案。 ...

人民财讯11月19日电，中信证券指出，钙钛矿太阳能电池因具备优异的电学和光学性能，以及更高的理 论光电转换效率，已经被认为是最具应用前景的下一代光伏电池技术。2025年以来，极电光能、协鑫光 电等多条准GW级钙钛矿产线投入量产，钙钛矿产业化进程不断加速。预计2030年全球钙钛矿组件出货 量或达20GW左右，市场空间约200亿元，对应2025—2030年CAGR超过200%；扩产周期也将刺激镀 膜、涂布、激光等设备需求大幅释放，建议关注钙钛矿组件及设备端的投资机会。 ...

Core Viewpoint - The article discusses a new 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 the underlying business model [2][11][18]. Group 1: Product Overview - "An Wo Gu Bao" is marketed as the first insurance product for stock investments, offering a monthly return of 60% to 100% [3][5]. - The product allows users to invest with minimal effort, as it is managed by a strategic partnership with CITIC Securities, which handles stock trading on behalf of the investors [5][10]. - Users can invest amounts ranging from 100 yuan to 1 million yuan, with the option to choose investment durations of 1, 3, or 5 days [5][7]. Group 2: Profit and Loss Mechanism - The product claims that if an investment results in a loss, the insurance company will cover the entire loss, while profits will incur a fee of 30% [7][10]. - An example provided shows a user investing in a technology stock, resulting in a profit after deducting the insurance fee [8][9]. Group 3: Regulatory Concerns - Experts express skepticism about the viability of insuring stock investments, as stock trading is considered speculative risk and not typically insurable [11][18]. - The Hong Kong Insurance Authority does not recognize stock insurance as a valid category, raising questions about the product's legitimacy [11][12]. - Both Hong Kong An Wo Insurance and CITIC Securities have denied any association with "An Wo Gu Bao," indicating it may be a fraudulent scheme [12][14]. Group 4: Marketing and Recruitment Strategy - The product employs a multi-level marketing strategy, offering rewards for referrals and promoting a "star customer" program that incentivizes recruitment [14][16]. - The structure resembles a Ponzi scheme, relying on new investments to pay returns to earlier investors, which is a hallmark of such fraudulent schemes [18][19]. Group 5: Expert Opinions - Industry experts warn that the promised returns far exceed reasonable market expectations, indicating a high likelihood of fraud [18][20]. - Investors are advised to remain cautious and skeptical of any investment promising guaranteed returns, especially those lacking transparency and regulatory approval [20].

Core Viewpoint - Citic Securities maintains an "Overweight" rating for Cisco (CSCO.O) with a target price of $90, driven by strong guidance for FY2026Q2 and significant AI order growth [1] Group 1: Financial Performance - Cisco's FY2026Q2 guidance exceeded expectations, indicating robust financial health [1] - AI orders reached $1.3 billion, with projected annual AI revenue of $3 billion [1] Group 2: Business Drivers - The initiation of a campus network upgrade cycle is expected to drive growth in traditional business segments [1] - Strong demand for AI infrastructure is a key factor supporting the company's growth trajectory [1] Group 3: Valuation - The target price has been raised to $90 based on comparable company valuations [1]

【行情跟踪】 国债期货收盘全线上涨，30年期主力合约涨0.06%报116.53，10年期主力合约涨0.03%报108.5，5年期主 力合约涨0.03%报105.92，2年期主力合约涨0.01%报102.49。 银行间主要利率债表现分化，30年期国债"25超长特别国债06"收益率下行0.35BP报2.136%，10年期国开 债"25国开15"收益率下行0.2BP报1.866%，5年期国开债"25国开08"收益率上行0.4BP报1.714%。 中证转债指数收盘下跌0.55%，报488.05点，成交金额682.42亿元。中能转债、立中转债、天赐转债、 国城转债、振华转债跌幅居前，分别跌14.87%、11.04%、10.39%、8.84%、8.37%。东时转债、微导转 债、润达转债、惠城转债、路维转债涨幅居前，分别涨14.69%、6.00%、5.09%、4.77%、4.76%。 【海外债市】 北美市场方面，当地时间11月17日，美债收益率涨跌不一，2年期美债收益率涨0.63BP报3.608%，3年 期美债收益率涨0.28BP报3.611%，5年期美债收益率持平报3.728%，10年期美债收益率跌0.78BP报 4.1 ...

中国经济网北京11月18日讯 海通发展(603162.SH)今日跌停，收报11.77元，跌幅10.02%，总市值 109.32亿元。 海通发展于2023年3月29日在上交所主板上市，发行数量为41,276,015股，发行价格为37.25元/股， 保荐机构（主承销商）为中信证券股份有限公司，保荐代表人为许阳、陈拓。 上市首日，海通发展盘中最高价报38.99元，为该股上市以来最高价。该股目前处于破发状态。 海通发展2023年5月18日披露2022年年度权益分派实施公告，本次利润分配及转增股本以方案实施 前的公司总股本412,760,150股为基数，每股派发现金红利0.20元（含税），以资本公积金向全体股东每 股转增0.48股，共计派发现金红利82,552,030元，转增198,124,872股，本次分配后总股本为610,885,022 股。 （责任编辑：田云绯） 海通发展首次公开发行股票的发行费用总额（不含税）为10,959.96万元，其中，承销及保荐费用 8,656.42万元。 11月12日，海通发展发布公告称，公司于2025年11月11日收到上海证券交易所出具的《关于福建海 通发展股份有限公司向特定对象发行股 ...

Core Viewpoint - HeMai Co., Ltd. (688032.SH) is currently experiencing a decline in stock price, with a market capitalization of 13.71 billion yuan, indicating a significant drop since its IPO [1] Group 1: Stock Performance - HeMai Co., Ltd. closed at 110.50 yuan, reflecting a decline of 3.53% [1] - The company is currently in a state of "broken issue" since its IPO price was 557.80 yuan per share [1] Group 2: IPO Details - HeMai Co., Ltd. was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 20, 2021, with an issuance of 10 million shares [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 [1] - The final net fundraising amount exceeded the original plan by 4.848 billion yuan [1] Group 3: Fund Utilization - The funds raised are intended for the construction of an intelligent manufacturing base, industrialization of energy storage inverters, upgrading of intelligent complete electrical equipment, and supplementing working capital [1] Group 4: Dividend Announcements - On June 6, 2023, HeMai Co., Ltd. announced a dividend plan of 53 yuan (pre-tax) per 10 shares, along with a bonus issue of 4.9 shares [2] - A subsequent dividend plan was announced for June 13, 2024, with a payout of 36 yuan (pre-tax) per 10 shares and a bonus issue of 4.9 shares [2]

信德新材发行募集资金总额为236,096.00万元，扣除发行费用后，募集资金净额为216,582.38万元。信德 新材最终募集资金净额比原计划多151582.38万元。信德新材2022年9月1日披露的招股书显示，公司拟 募集资金65,000.00万元，计划用于年产3万吨碳材料产业化升级项目、研发中心项目、补充流动资金。 信德新材发行费用总额为19,513.62万元，其中中信证券获得保荐承销费17,506.74万元。 信德新材于2023年5月24日披露的2022年年度权益分派实施公告显示，公司2022年年度股东大会审议通 过的权益分派预案为以公司2022年12月31日的总股本68,000,000股为基数，向全体股东每10股派发现金 红利人民币10.00元(含税)，共派发现金股利68,000,000.00元(含税)，以资本公积金中的股本溢价向全体 股东每10股转增5股，不送红股，剩余未分配利润结转以后年度分配。权益分派股权登记日为2023年5月 30日，除权除息日为2023年5月31日。 中国经济网北京11月18日讯信德新材（301349）(301349.SZ)今日收报56.93元，跌幅12.28%，总市值 58 ...

Core Viewpoint - The announcement reveals that two major shareholders of Guangge Technology plan to reduce their holdings, which may impact the company's stock performance and investor sentiment [1][2]. Shareholder Reduction Plans - Beijing Jishi Venture Capital Fund intends to reduce its holdings by up to 1,157,768 shares, accounting for 1.75% of the total shares [1][2]. - Suzhou Fangguang Phase II Venture Capital plans to reduce its holdings by up to 1,477,123 shares, representing 2.24% of the total shares [1][2]. - Both reductions will occur within three months following a 15 trading day period after the announcement [1]. Financial Impact of Shareholder Reductions - Based on the closing price of 29.48 yuan, Jishi Venture Capital's cash-out amount is approximately 34.13 million yuan, while Fangguang Phase II's is about 43.55 million yuan, totaling around 77.68 million yuan [2]. - Jishi Venture Capital has previously reduced its holdings, cashing out approximately 88.52 million yuan from cumulative reductions [2][3]. Company Financial Performance - In 2024, Guangge Technology reported a revenue of 182 million yuan, a year-on-year decrease of 40.06%, with a net loss attributable to shareholders of 67.57 million yuan [3][4]. - For the first three quarters of 2025, the company achieved a revenue of 127 million yuan, a year-on-year increase of 42.98%, but still reported a net loss of 44.61 million yuan [4][5]. Initial Public Offering and Fundraising - Guangge Technology went public on July 24, 2023, with an initial stock price of 53.09 yuan, but is currently trading below this price [5][6]. - The company raised a total of 875.99 million yuan through its IPO, exceeding its initial fundraising target by 187.82 million yuan [6].

Core Viewpoint - The People's Bank of China (PBOC) is implementing a series of liquidity operations to maintain a stable monetary environment, with a focus on increasing liquidity while keeping interest rates steady [1][2][3]. Group 1: Liquidity Operations - On November 17, the PBOC conducted a 1.40% fixed-rate reverse repurchase operation of 283 billion yuan for 7 days, resulting in a net injection of 163.1 billion yuan after 119.9 billion yuan of reverse repos matured [1]. - The PBOC also executed an 800 billion yuan 6-month buyout reverse repo operation, which added 500 billion yuan to the existing liquidity, continuing the trend of increased liquidity management [1][2]. - In November, the PBOC's net injection through buyout reverse repos reached 500 billion yuan, marking a 100 billion yuan increase from October and the sixth consecutive month of increased operations [2]. Group 2: Interest Rate Trends - The Shanghai Interbank Offered Rate (Shibor) has shown an upward trend since November 13, with the overnight rate rising from 1.3150% to 1.5080%, an increase of 19.3 basis points [1]. - The 7-day Shibor increased from 1.4740% to 1.5140%, while the 1-month Shibor saw a slight rise from 1.5180% to 1.5200% [1]. - The PBOC aims to maintain a balance in liquidity, indicating that while short-term funding may experience tension, the overall liquidity remains reasonable [2]. Group 3: Monetary Policy Outlook - The PBOC's third-quarter monetary policy report emphasizes the need for moderately loose monetary policy, aiming to keep social financing conditions relatively loose [3]. - Analysts suggest that a new round of reserve requirement ratio (RRR) cuts may occur before the end of the year, driven by external environment fluctuations and domestic economic conditions [3]. - The focus for the fourth quarter will be on "quantity and price coordination" and structural effectiveness, utilizing tools like buyout reverse repos and medium-term lending facilities (MLF) to optimize credit structure [4].