智通财经APP讯，中信证券(06030)发布公告，公司境外全资子公司中信证券国际有限公司(以下简称中 信证券国际)的附属公司CSI MTN Limited(以下简称发行人或被担保人)于2022年3月29日设立境外中期票 据计划(以下简称中票计划)，此中票计划由中信证券国际提供担保。根据存续票据到期情况，结合公司 业务发展实际需要，发行人于2025年11月14日在中票计划下发行一笔票据，发行金额210万美元。本次 发行后，发行人在中票计划下已发行票据的本金余额合计26.68亿美元。 ...

張佑君 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列中信証券股份有限公司（「本公司」）在上海證券交易所網站刊登的本公司關於間 接子公司發行中期票據並由全資子公司提供擔保的公告，僅供參閱。 承董事會命 中信証券股份有限公司 董事長 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：6030） 海外監管公告 证券代码：600030 证券简称：中信证券 公告编号：临2025-086 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 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： z 担保对象及基本情况 於本公告刊發日期 ，本公司執行董事為張佑君先生及鄒迎光先生；本公司非執行董事為張麟先生 、付臨芳女士 ...

每经头条（nbdtoutiao）——展望"十五五"|专访财科院院长杨志勇：遏制地方政府新增隐性债务，债务 信息要透明，尽可能降低利息成本 每经AI快讯，中信证券（SH 600030，收盘价：28.64元）11月14日晚间发布公告称，截至公告披露日， 公司及控股子公司对外担保总额为人民币1933.7亿元，占公司最近一期经审计净资产的比例为65.97%。 （记者 王瀚黎） 截至发稿，中信证券市值为4245亿元。 2025年1至6月份，中信证券的营业收入构成为：证券投资业务占比43.88%，经纪业务占比28.21%，资 产管理业务占比18.21%，投资银行业务占比6.22%，其他业务占比3.49%。 ...

证券代码：600030 证券简称：中信证券 公告编号：临2025-086 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 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 对外担保逾期的累计金额（万元） | - | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（亿元） | 1,933.70 | | 对外担保总额占上市公司最近一 | 65.97 | | 期经审计净资产的比例（%） | | | 特别风险提示 | □对外担保总额超过最近一期经审计净资产 | | | 100% | | | 担保金额超过上市公司最近一期经审计净 | | | 资产50% | | | □对合并报表外单位担保金额达到或超过最 | | | 近一期经审计净资产30%的情况下 | | | 对资产负债率超过70%的单位提供担保 | 1 一、担保情况概述 （一）担保的基本情况 公司境外全资子公司中信证券国际有限公司（以下简称中信证券国际）的附 属公司CSI MTN Limited（以下简称发行人或 ...

Market Overview - The participation fund sector declined by 0.53% on November 14, with Changjiang Securities leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Individual Stock Performance - Notable gainers included: - Zhongshun Group (Code: 000039) with a closing price of 8.94, up 9.96% [1] - Guomai Technology (Code: 002093) with a closing price of 11.90, up 2.15% [1] - Major decliners included: - Changjiang Securities (Code: 000783) with a closing price of 8.80, down 2.98% [2] - Huatai Securities (Code: 601688) with a closing price of 22.17, down 2.93% [2] Capital Flow Analysis - The participation fund sector experienced a net outflow of 2.136 billion yuan from institutional investors, while retail investors saw a net inflow of 1.242 billion yuan [2] - The overall capital flow indicated that speculative funds had a net inflow of 894 million yuan [2] Detailed Capital Flow by Stock - Key stocks with significant capital flow: - Zhongshun Group had a net inflow of 597 million yuan from institutional investors, but a net outflow of 378 million yuan from speculative funds [3] - Industrial and Commercial Bank of China (Code: 601398) saw a net inflow of 145 million yuan from institutional investors [3] - Other stocks like Northeast Securities (Code: 000686) and Hanhua Technology (Code: 600226) showed mixed capital flows with both inflows and outflows from different investor types [3]

Market Overview - On November 14, the securities sector declined by 1.42%, with Changjiang Securities leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Individual Stock Performance - Notable gainers included Huachuang Yuxin, which rose by 2.41% to a closing price of 7.65, and Dongbei Securities, which increased by 0.70% to 10.10 [1] - Major decliners included Changjiang Securities, which fell by 2.98% to 8.80, and Huatai Securities, down 2.93% to 22.17 [2] Trading Volume and Value - The trading volume for Huachuang Yuxin was 859,400 shares, with a transaction value of 666 million yuan [1] - Changjiang Securities had a trading volume of 1,008,200 shares, with a transaction value of 896 million yuan [2] Capital Flow Analysis - The securities sector experienced a net outflow of 3.399 billion yuan from institutional investors, while retail investors saw a net inflow of 1.989 billion yuan [2] - The net inflow from speculative funds was 1.409 billion yuan [2] Detailed Capital Flow for Selected Stocks - Dongbei Securities had a net inflow of 19.9 million yuan from institutional investors, while it faced a net outflow of 3.2652 million yuan from speculative funds [3] - Huachuang Yuxin saw a net inflow of 30.2283 million yuan from institutional investors, but a net outflow of 1.2207 million yuan from speculative funds [3]

Core Viewpoint - The insurance sector shows positive fundamentals with long-term investment value highlighted by three key supporting arguments Group 1: Positive Outlook for Insurance Companies - The expectation for the "opening red" (a term for the first quarter performance) is optimistic, with major listed insurance companies setting targets for Q1 2026 that exceed previous market expectations, driven by competitive account support, increased cooperation with state-owned banks, and the introduction of higher-value long-term products, with anticipated new business value (NBV) growth exceeding 20% for leading companies [1] - The recovery of dividend assets and stable long-term interest rates are beneficial for insurance companies' investment returns, as recent price trends for dividend assets, represented by bank stocks, have been positive, and insurance companies have increased their holdings in these assets, leading to favorable investment returns in Q4 [1] - The performance of insurance companies appears attractive relative to their valuations, with expected return on equity (ROE) for most listed insurers reaching 15-25% for 2025-2026, while current price-to-book (PB) and price-to-earnings (PE) ratios are at 1-1.2 times and 0.5-0.7 times, respectively, which are below historical averages [1] Group 2: Index and ETF Information - The insurance securities ETF closely tracks the CSI 800 Securities Insurance Index, which selects securities from the insurance sector based on the CSI 800 Index, providing investors with diversified investment options [2] - As of October 31, 2025, the top ten weighted stocks in the CSI 800 Securities Insurance Index include China Ping An, Dongfang Caifu, CITIC Securities, Guotai Junan, China Pacific Insurance, Huatai Securities, China Life, GF Securities, China Merchants Securities, and Dongfang Securities, collectively accounting for 62.44% of the index [2]

Core Viewpoint - The market is experiencing a significant pullback in computing power, particularly affecting optical modules, with major companies like Zhongji Xuchuang and Tianfu Communication seeing declines of over 4% and 3% respectively. The AI-focused ETF tracking optical module leaders has also dropped over 3% [1][2]. Group 1: Market Performance - The AI-focused ETF (159363) has seen a trading volume exceeding 1 billion CNY, with a net subscription of 20 million shares despite the market downturn [1]. - Major US tech stocks, including Oracle and Nvidia, have faced substantial sell-offs, raising concerns about valuations in the AI sector [2]. Group 2: Investment Opportunities - CITIC Securities highlights the expanding investment opportunities in the AI sector, particularly in the computing power supply chain and AI applications, predicting a potential replication of the long bull market seen in US stocks since 2023 [3]. - The demand for optical modules is expected to grow significantly, with projections for 800G optical modules to maintain high growth rates and the development of 1.6T and 3.2T modules underway [3]. - The first AI ETF tracking the ChiNext AI Index (159363) has a market size exceeding 3.5 billion CNY and leads in trading volume among similar ETFs, with over 70% of its portfolio focused on computing power [3].

Group 1 - The core viewpoint of the news indicates that the e-commerce sector is expected to see moderate growth during the "Double Eleven" shopping festival, with GMV projected to increase by mid to high single digits, up to 10% year-on-year, due to active subsidies and extended promotional timelines, although this is partially offset by a high sales base from the previous year [1] - Major e-commerce platforms are likely to continue showing differentiated performance, with competition around traffic entry and core user rights expected to remain intense through 2026 [1] - The stabilization of consumer goods prices is identified as a key driver for the performance of e-commerce platforms and upstream suppliers, with potential policy stimuli and changes in consumer sentiment warranting ongoing attention [1] Group 2 - The convertible bond market has seen a significant increase in overall prices and premium rates, necessitating a cautious approach to managing downside risks [2] - The previous cycle of convertible bonds performed exceptionally well, with a 1% increase in high-price indices and notable excess returns from high-value strategies [2] - Current market conditions indicate heightened volatility at high price levels, prompting the need for timely adjustments in response to market trends and sector rotations [2] Group 3 - The AI investment landscape is expanding, with a focus on the computing power supply chain and AI applications, particularly in the context of strong performance from tech stocks in the US and China since 2025 [3] - The computing power sector is leading market gains, with expectations for a sustained bullish trend similar to the US market's performance in 2023 [3] - There are anticipated opportunities for localized explosions in AI applications, with optimism surrounding internet tech giants and rapidly commercializing AI sectors such as AI advertising, AI agents, AI video generation, and autonomous driving [3]

政策引领："十五五"规划强调科技自立自强，2026科技投资仍将聚焦AI产业链。 2)从细分板块看，AI基础设施建设仍然是AI叙事主线，呈现全产业链普涨特征，中信通信/中信电子/费 城半导体指数分别上涨+114%/+72%/+45%，芯片、光模块、PCB、液冷等细分领域表现更为亮眼。同 时，中信证券看到在AI应用方向商业化领先的公司如Applovin、Palantir获得投资人青睐，在涨幅、估值 方面领跑市场。 科技趋势：回顾过去，北美Capex坚定投入;展望未来，国产替代大势所趋。 1)2025年回顾，尽管AI应用尚未出现革命性产品，北美四大CSP仍坚定投入AI基建，践行"算力先行"逻 辑，认可AI应用的潜在巨大价值。2025年以来，北美CSP Capex持续超预期，不断上修2025年资本开支 指引至4000亿美元，同比增长60%。英伟达预计2030年全球AI基础设施市场规模有望达3到4万亿美元， 对应2025~2030 CAGR约40%(即5年增长5~7倍)。 2)2026年展望：北美算力出口持续收紧，国产替代持续突破，国产替代是必然趋势。对于以华为为代表 的国内厂商，单卡性能提升上限低于海外算力芯片厂商， ...