会议以记名投票方式表决，全体参与表决的监事一致同意《关于不再设置监 事会的预案》并同意提交公司股东大会审议。 表决情况：同意5票，反对0票，弃权0票，获得通过。本议案需提交股东大 会审议。 不再设置监事会的相关安排请详见与本公告同日披露的《中信证券股份有限 公司关于修订公司<章程>并不再设置监事会的公告》。 特此公告。 中信证券股份有限公司监事会 证券代码：600030 证券简称：中信证券 公告编号：临2025-083 中信证券股份有限公司 第八届监事会第十四次会议决议公告 本公司监事会及全体监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。 公司第八届监事会第十四次会议于2025年10月29日发出书面通知，于2025 年11月7日完成通讯表决，应参与表决监事5人，实际参与表决监事5人，有效表 决数占公司监事总数的100%。本次会议的召集、召开符合《公司法》和公司《章 程》的规定。 2025年11月7日 ...

证券代码：600030 证券简称：中信证券 公告编号：临2025-082 中信证券股份有限公司 第八届董事会第三十九次会议决议公告 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。 公司第八届董事会第三十九次会议于2025年10月29日发出书面通知，于2025 年11月7日完成通讯表决，应参与表决董事9人，实际参与表决董事9人，有效表 决数占公司董事总数的100%。本次会议的召集、召开符合《公司法》和公司《章 程》的规定。 会议以记名投票方式表决，全体参与表决的董事一致同意并做出如下决议： 一、同意《关于修订公司<章程>及<股东大会议事规则><董事会议事规则> 的预案》并同意提交公司股东大会、A股类别股东会及H股类别股东会审议 表决情况：同意9票，反对0票，弃权0票，获得通过。根据该预案： 1.拟同意对公司《章程》《股东大会议事规则》《董事会议事规则》进行修 订； 2.在本议案提交股东大会审议前，授权公司经营管理层根据监管机构、股票 上市地证券交易所及有关部门的意见或要求，对公司《章程》《股东大会议事规 则》《董事会议事规则》作 ...

Core Points - The State-Owned Enterprise Reform Index (399974) closed at 1916.43 points, down 0.1% with a trading volume of 135.68 billion yuan and a turnover rate of 0.7% [1] - Among the index constituents, 43 stocks rose while 56 fell, with Wanhua Chemical leading the gainers at a 5.79% increase and Shenzhen South Circuit leading the decliners at a 3.36% decrease [1] Index Constituents Summary - The top ten constituents of the State-Owned Enterprise Reform Index include: - Zijin Mining: 3.60% weight, latest price 30.17 yuan, market cap 801.84 billion yuan, sector: Non-ferrous metals [1] - Changjiang Electric Power: 2.90% weight, latest price 28.52 yuan, market cap 697.83 billion yuan, sector: Utilities [1] - CITIC Securities: 2.90% weight, latest price 29.00 yuan, market cap 429.80 billion yuan, sector: Non-banking financial [1] - Taihai Chemical: 2.89% weight, latest price 19.70 yuan, market cap 347.29 billion yuan, sector: Non-banking financial [1] - China Merchants Bank: 2.80% weight, latest price 42.51 yuan, market cap 1072.10 billion yuan, sector: Banking [1] - Xingye Bank: 2.74% weight, latest price 21.17 yuan, market cap 448.02 billion yuan, sector: Banking [1] - North Huachuang: 2.73% weight, latest price 413.75 yuan, market cap 299.71 billion yuan, sector: Electronics [1] - Wrigley: 2.68% weight, latest price 116.75 yuan, market cap 453.18 billion yuan, sector: Food and Beverage [1] - China Shipbuilding: 2.52% weight, latest price 35.81 yuan, market cap 269.49 billion yuan, sector: Defense and Military [1] - Zhongke: 2.42% weight, latest price 111.16 yuan, market cap 162.64 billion yuan, sector: Computer [1] Capital Flow Analysis - The net outflow of main funds from the index constituents totaled 4.52 billion yuan, while retail investors saw a net inflow of 2.98 billion yuan [1] - Notable net inflows from retail investors were observed in Wanhua Chemical, TCL Zhonghuan, and China Satellite, while significant outflows were noted in China Chemical and China Unicom [2]

Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [1] Core Insights - The central bank's resumption of bond purchases aims to alleviate liquidity pressure on banks and enhance their lending capacity [1][4] - The securities industry has shown strong performance in the first three quarters of 2025, with a net profit of CNY 1,837.82 billion, a year-on-year increase of 61.25% [3][50] - The insurance sector is experiencing a strategic adjustment period due to changes in interest rates, with significant profit growth reported by major insurers [4] Summary by Sections Market Review - As of November 6, 2025, the banking, securities, and insurance indices have changed by +0.25%, +0.62%, and -0.67% respectively, while the CSI 300 index increased by +1.89% [12][19] - Among the sub-sectors, Chongqing Bank (+8.44%), Northeast Securities (+10.09%), and China Ping An (+1.90%) performed the best [12][19] Valuation Situation - As of November 6, 2025, the banking sector's price-to-book (PB) ratio is 0.78, with state-owned banks at 0.84 and joint-stock banks at 0.62 [21][22] - The securities sector's PB ratio is 1.54, indicating potential for valuation recovery [25] Recent Market Indicators - The one-year Medium-term Lending Facility (MLF) rate is 2.0%, with the one-year and five-year Loan Prime Rates (LPR) at 3.0% and 3.50% respectively [32][33] - The average daily trading volume of A-shares is CNY 19,673.61 billion, reflecting a decrease of 14.41% [38][40] Industry News - The insurance industry is adapting to new regulatory frameworks and interest rate changes, with a focus on optimizing product structures and enhancing profitability [43][44] - The central bank's actions are expected to provide a more stable liquidity environment for banks, especially as year-end liquidity fluctuations increase [48] Company Announcements - Major banks and insurers have reported varying earnings growth, with significant increases in net profits for companies like China Life and Xinhua Insurance [46][47]

Core Insights - As of November 7, a total of 608 stocks in the Shanghai and Shenzhen markets have experienced a net outflow of main funds for five consecutive days or more [1] - The stock with the longest continuous net outflow is Yageo, with 24 days, followed by Meg Intelligent with 21 days [1] - Citic Securities has the largest total net outflow amounting to 5.767 billion, followed by Guidance Compass with 3.983 billion [1] Group 1: Stocks with Longest Net Outflow - Yageo has seen a net outflow for 24 days, with a total outflow of 3.01 million and a cumulative decline of 2.28% [3] - Meg Intelligent has a net outflow for 21 days, totaling 3.983 billion, with a cumulative decline of 15.86% [1] - Citic Securities has a net outflow for 11 days, amounting to 5.767 billion, with a cumulative decline of 1.76% [1] Group 2: Stocks with Significant Net Outflow Amounts - Guidance Compass has a net outflow of 3.983 billion over 7 days, with a cumulative decline of 15.86% [1] - Xian Dao Intelligent has a net outflow of 3.793 billion over 7 days, with a cumulative decline of 14.53% [1] - Northern Rare Earth has a net outflow of 3.698 billion over 7 days, with a cumulative decline of 6.85% [1] Group 3: Stocks with Highest Net Outflow Proportions - Jintian Titanium Industry has the highest net outflow proportion, with a 5.34% decline over the last 6 days [1] - Other notable stocks with significant net outflow proportions include Shanghai Electric and Kunlun Wanwei, with respective proportions of 5.23% and 10.07% [1]

智通财经APP获悉，中信证券发布研报称，维持小鹏汽车(XPEV.US，09868)"买入"评级。11月5日小鹏 汽车召开2025年AI Day，分享在VLA、机器人、Robotaxi、飞行汽车四大场景上取得的技术突破。其 中，女性机器人的亮相和极致拟人步态一经发布后引发高度关注。该行认为，从当前到2026年，随着小 鹏VLA、机器人等量产落地，公司会逐渐从"新势力汽车公司"的定位，转变为"探索物理AI前沿技术的 科技公司";而持续探索未知领域的技术能力，也正是小鹏的核心竞争优势。 ...

Core Viewpoint - Citic Securities maintains a "Buy" rating for XPeng Motors (XPEV.US, 09868) following the company's AI Day on November 5, 2025, where significant technological breakthroughs were shared in four key areas: VLA, robotics, Robotaxi, and flying cars [1] Group 1: Technological Advancements - XPeng showcased a female robot with highly realistic humanoid gait, which garnered significant attention [1] - The company is expected to transition from being perceived as a "new force in the automotive industry" to a "technology company exploring the frontiers of physical AI" by 2026 as it achieves mass production of VLA and robotics [1] Group 2: Competitive Advantage - The continuous exploration of unknown technological fields is identified as XPeng's core competitive advantage [1]

Core Viewpoint - Huatai Securities reports that CITIC Securities maintains a strong leading advantage, with continuous improvement across various business segments and comprehensive competitiveness ranking among the top in the industry [1] Group 1: Business Performance - CITIC Securities is expected to leverage its domestic customer base to enhance cross-regional product allocation capabilities, providing more comprehensive wealth management solutions for clients [1] - The company forecasts net profit attributable to shareholders for 2025, 2026, and 2027 to be 31.5 billion, 35.5 billion, and 39.1 billion yuan respectively, corresponding to earnings per share of 2.12 yuan, 2.39 yuan, and 2.64 yuan [1] Group 2: Market Outlook - The firm maintains a target price of 42.24 yuan for A-shares and 39.34 Hong Kong dollars for H-shares, considering the ongoing expansion trend, solid leading position, and the continuous upturn in the A-share market with active trading and new highs in margin financing [1]

Core Viewpoint - Huatai Securities reports that CITIC Securities maintains a strong leading advantage, with continuous improvement across various business segments and comprehensive competitiveness ranking among the top in the industry, maintaining a "Buy" rating for both A-shares and H-shares [1] Financial Performance - The company is expected to leverage its domestic customer base to enhance cross-regional product allocation capabilities, providing more comprehensive wealth management solutions for clients [1] - Huatai Securities forecasts the company's net profit attributable to shareholders for 2025, 2026, and 2027 to be 31.5 billion, 35.5 billion, and 39.1 billion yuan respectively, corresponding to earnings per share of 2.12 yuan, 2.39 yuan, and 2.64 yuan [1] Market Outlook - The report considers the company's ongoing expansion trend, solid leading position, and the continuous upward trend in the A-share market, characterized by active trading and new highs in margin financing [1] - The target price for A-shares is maintained at 42.24 yuan, while the target price for H-shares is set at 39.34 Hong Kong dollars [1]

Group 1: Macroeconomic Overview - In October, the issuance of policy financial tools is expected to marginally boost credit, although government bond issuance is projected to decline year-on-year due to a high base, leading to a decrease in new social financing [1][2] - The manufacturing sector in the US and Europe showed unexpected recovery in October, indicating a global manufacturing cycle still in recovery despite ongoing US government shutdowns [1][2] - Japan's economic recovery is supported by stable export growth and a resilient labor market, with the Nikkei 225 index reaching a historical high [2] Group 2: Electric Power Equipment and New Energy - The Q3 performance of the electric power equipment sector showed significant divergence, with non-UHV main networks outperforming other segments, driven by strong overseas demand and domestic construction needs [4] - Non-UHV main networks reported a 38.2% year-on-year increase in net profit, while distribution and meter segments faced declines of 23.6% and 28.4% respectively [4] - The outlook for the sector remains positive, with expectations of continued high capacity utilization and revenue growth from overseas markets [4] Group 3: Semiconductor Industry - Huahong Semiconductor reported Q3 revenue of $635.2 million, a year-on-year increase of 20.7%, with a gross margin of 13.5%, exceeding company guidance [7] - The company anticipates Q4 revenue between $650 million and $660 million, indicating a sequential growth of approximately 3.1% [7] - The strong performance is attributed to high capacity utilization and price increases, particularly in the analog and power management segments [7] Group 4: Aluminum Industry - China Hongqiao, a leading player in the electrolytic aluminum sector, is expected to benefit from rising aluminum prices and is implementing share buybacks and high dividends to enhance investor returns [8] - The supply-demand imbalance in the electrolytic aluminum market is projected to become more pronounced in 2025-2026 due to near-capacity domestic production and slow overseas capacity release [8] Group 5: Pharmaceutical Industry - Xiansheng Pharmaceutical is entering a phase of commercializing multiple innovative products, with significant growth potential in overseas markets [11] - The company has achieved approvals for several new indications for its innovative drugs, indicating a strong pipeline and potential for revenue growth [11] Group 6: Consumer Goods - Uni-President China reported a net profit of 2.01 billion yuan for the first three quarters of 2025, a year-on-year increase of 23.1%, with Q3 profit rising by 8.4% [12] - The company is focusing on enhancing its brand and optimizing its cost structure, which has led to improved profit margins [12] Group 7: Gaming Industry - Giant Network highlighted the strong performance of its new game "Supernatural" and the potential of AI applications in its gaming business during the recent investment summit [15] - The company is actively developing new products, which are expected to drive future growth [15] Group 8: Financial Services - CITIC Securities reported steady growth in its wealth management and investment business, with a strong project pipeline in its investment banking division [15] - The company maintains a buy rating due to its solid competitive position and positive business outlook [15]