Core Points - The company has received approval from the China Securities Regulatory Commission to publicly issue short-term corporate bonds with a face value of up to 50 billion yuan [1] - The approval is valid for 24 months from the date of registration, allowing the company to issue the bonds in installments during this period [1] - The company's board of directors and management will implement the bond issuance in accordance with the authorization from the 2023 annual general meeting [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 格隆汇11月11日丨中信证券(600030.SH)公布，日前，公司收到中国证监会《关于同意中信证券股份有 限公司向专业投资者公开发行短期公司债券注册的批复》（证监许可〔2025〕2415号）。据此批复，公 司可以向专业投资者公开发行面值余额不超过500亿元短期公司债券。此批复自同意注册之日起24个月 内有效，公司在注册有效期内可以分期发行。 ...

格隆汇11月11日丨中信证券(600030.SH)公布，日前，公司收到中国证监会《关于同意中信证券股份有 限公司向专业投资者公开发行短期公司债券注册的批复》（证监许可〔2025〕2415号）。据此批复，公 司可以向专业投资者公开发行面值余额不超过500亿元短期公司债券。此批复自同意注册之日起24个月 内有效，公司在注册有效期内可以分期发行。 ...

Core Insights - The brokerage industry has experienced a significant performance surge in Q3 2025, with 42 listed brokerages achieving a total net profit of 169 billion yuan, marking a year-on-year increase of 62.4% [2] - The industry concentration continues to rise, with the top five brokerages also being the top five in net profit, indicating a "dual leader" competitive landscape [2][5] - There is a notable divergence in performance among brokerages, particularly in proprietary trading income [2] Revenue Performance - The top five brokerages exhibit a clear "one super, one strong" revenue pattern, with CITIC Securities leading at 55.81 billion yuan, followed by Guotai Junan at 45.89 billion yuan, together accounting for 57.6% of the top five's total revenue [3][4] - Guotai Junan's revenue growth of 101.6% is primarily attributed to the absorption and merger with Haitong Securities, while CITIC Securities shows a stable growth of 32.7% [4] Net Profit Analysis - The net profit of the top five brokerages has surpassed 10 billion yuan, with CITIC Securities at 23.16 billion yuan and Guotai Junan at 22.07 billion yuan, creating a "dual giant" scenario [5][7] - Guotai Junan leads in net profit growth at 131.8%, significantly influenced by goodwill from the merger, while CITIC Securities shows a robust growth of 37.86% [7] Brokerage Business - The average daily trading volume in the market reached 1.64 trillion yuan, a year-on-year increase of 106.1%, driving brokerage commission income to grow by over 50% across the board [10] - Guotai Junan's commission income surged by 142.8% to 10.81 billion yuan, while CITIC Securities leads in scale with 10.94 billion yuan, reflecting strong performance in the brokerage business [11][12] Proprietary Trading Income - The top five brokerages achieved a total proprietary trading income of 83.58 billion yuan, accounting for 47.02% of total revenue, with CITIC Securities leading at 31.60 billion yuan, a 45.88% increase [13][14] - There is a significant divergence in proprietary trading income growth, with Guotai Junan at 90.11% and Huatai Securities experiencing a decline of 15.08% [14][15]

Core Points - The stock of Jingwei Hirain Technologies (688326.SH) closed at 97.75 yuan, with a decline of 2.48%, indicating it is currently in a broken state [1] - Jingwei Hirain was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on April 19, 2022, with an initial offering price of 121.00 yuan per share and issued 30 million shares, accounting for 25% of the total share capital post-issuance [1] - The total amount raised during the IPO was 363 million yuan, with a net amount of 348.8 million yuan after deducting issuance costs, which was 151.2 million yuan less than the original plan [1] - The company aimed to raise 500 million yuan for various projects, including the automotive electronics production base in Nantong, the R&D center in Tianjin, digital capability enhancement, and working capital [1] - The lead underwriter for the IPO was CITIC Securities Co., Ltd., with representatives Song Yongxin and Liu Xiao, while Huaxing Securities Co., Ltd. acted as a co-underwriter [1] - The total issuance costs amounted to 14.2 million yuan, with CITIC Securities and Huaxing Securities receiving underwriting fees of 10.4 million yuan [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 此外，构建现代化产业体系是重要的政策方向，或将在以"反内卷"重塑制造业利润增长的基础上，推动 各类要素向制造业汇聚。其关键在于坚持市场化管理，规范产能、价格、能耗等标准，解决制造业占比 和利润问题，培育新兴产业，形成中国经济新的增长引擎。 杨帆强调，随着中国对非美国家竞争力增强，企业和外资对中国市场认知度提高。未来新旧产业动能转 换显著，新基建、科技创新将成为增长亮点，高线城市房价收入和股市情况也会影响高价值消费。在财 政与货币政策适时加力下，宏观经济将呈结构分化下的温和修复态势。 专题：中信证券2026年资本市场年会 11月11日至13日，中信证券2026年资本市场年会在深圳举办。会议以"奋进新征程"为主题，邀请百余位 顶尖学者、产业专家、企业和投资代表进行论坛演讲，多家备受市场关注的上市公司，以及业内公募基 金、私募基金、保险资管、银行理财、海外投资机构受邀参会。 大会首日，中信证券宏观与政策首席分析师杨帆对2026年中国政策作出展望。她表示，2025年中美关系 依然复杂，技术生态、科技领域存在持续且不可控的竞争，2026年发展机遇 ...

专题：中信证券2026年资本市场年会 大会首日，中信证券首席A股策略师裘翔对2026年A股市场策略作出展望。他表示，随着中国企业全球 化程度加深，A股上市公司正陆续从本国敞口的本土化企业转型为全球敞口的跨国公司，部分行业如新 能源、资源和文化行业的中国公司，其竞争力更多源于全球市场地位，而非单纯依赖国内经济场景。A 股不仅是中国的A股，也是全球的A股。 当前A股市场结构呈现新特征，追求绝对收益回报的资金成为主导，对风险要求高、弹性要求低，与传 统主观多头产品形式差异显著，推动机构投资生态转变。与此同时，自媒体时代的信息多元化降低了传 统渠道对市场情绪的集中影响力，多元化声音一定程度上弱化了单一指标的市场引导作用，这也是A股 生态适应时代发展的体现。 就行业配置而言，裘翔明确看好三大方向：其一是资源/传统制造业提质升级。尽管传统制造业面临新 兴市场国家的替代竞争，但中国制造业的优势在于可通过技术变现和超额研发投入巩固地位，未来导向 将从追求规模转向提升定价权和利润，通过产业链升级实现质量效率提升，从而缩小利润占比与价值占 比的差距。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11 ...

Group 1 - The 2026 Capital Markets Conference hosted by CITIC Securities took place in Shenzhen from November 11 to 13, focusing on the theme "Striving for a New Journey" and featuring over a hundred top scholars, industry experts, and representatives from various investment sectors [1] - CITIC Securities' chief economist Mingming projected a GDP growth rate of 4.9% for China in 2025, with stronger growth anticipated in 2026, driven by fiscal expansion and improved local government finances [1] - Domestic consumption growth is expected to reach 3.9% in 2025, with an average growth rate of 4%-5% in 2026, supported by key industries such as automobiles, home appliances, and mobile phones [1] Group 2 - China's manufacturing value-added accounts for 26% of its economy, significantly higher than the 10% in the United States, indicating a relative lag in certain sectors [1] - Infrastructure investment growth is projected at approximately 3% in 2025, with an increase to 4% in 2026, highlighting the importance of policy support for infrastructure development [1] - The economic competition indicators between China and the U.S. are narrowing, with significant disparities in inflation, policy rates, and innovation metrics [2]

格隆汇11月11日｜国海证券研报指出，中信证券第三季度归母净利润94.40亿元，同比增长51.54%。业 绩增长显著提速，资产规模突破2万亿元。证券业务市占率持续提升。首次覆盖公司，给予"买入"评 级。利润方面表现优秀。公司第三季度利润总额为126.29亿元，同比增长58.39%；年初至三季度末累计 利润总额303.75亿元，同比增长38.54%。归属于母公司股东的净利润分别为94.40亿元和231.59亿元，同 比增长51.54%和37.86%。表明公司主营业务盈利能力显著增强。证券业务市占率持续提升。受益于 2025Q3资本市场的回暖，中信证券融出资金额达1917亿元，较2024年末上涨38.59%；代理买卖证券款 达5061亿元，较2024年末上涨39.63%。根据我们测算，2025Q3中信证券的两融业务市占率为8.01%，相 比2024年末提高了0.59个百分点。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ ...

Core Viewpoint - The Chinese capital market is entering a new phase characterized by vitality and opportunities, driven by technological advancements and a changing global landscape [1][2]. Group 1: Global Context - The global industrial and financial landscape is undergoing profound restructuring, presenting new opportunities for external breakthroughs [2]. - Geopolitical factors are causing instability in the international situation, leading to a reconfiguration of international economic and trade orders [2]. - China's manufacturing sector has shown resilience amidst tariff fluctuations, with a 7.1% increase in exports in the first three quarters of the year [2]. Group 2: Technological Trends - The "technology narrative" in China is improving risk appetite, with significant breakthroughs in industries such as artificial intelligence, biotechnology, and aerospace [3][4]. - The development of new productive forces is expected to create new opportunities in the capital market [4]. Group 3: Market Characteristics - The shift towards "new" development in the Chinese capital market will lead to continuous optimization of market structure, with the electronic sector's market capitalization surpassing that of the banking sector this year [4]. - The market will increasingly reflect the achievements of China's new economy and align more closely with the internationalization of the economy and industries [4]. Group 4: Economic Functionality - The capital market's role in serving the real economy will support the transition of economic growth drivers, with a moderate recovery expected next year [5]. - The development of new productive forces is anticipated to stabilize China's economic growth over the next five years [5]. Group 5: Institutional Environment - The improvement of the capital market's inclusiveness and adaptability is expected to bring new dynamics to the market ecosystem [5]. - There is significant room for improvement in the allocation of equity assets among Chinese residents compared to developed markets [5].