证券代码：600030 证券简称：中信证券 公告编号：临2026-021 中信证券股份有限公司 关于召开2025年度业绩发布会的公告 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： 会议召开时间：2026年3月27日（星期五）9:00-10:00 中文：http://roadshow.sseinfo.com（上证路演中心）； 中文+英文： https://rs.p5w.net/html/177310802035535.shtml（全景网） 投资者可于2026年3月24日（星期二）23:59前将相关问题通过电子邮件的形式发 送至公司投资者关系邮箱：ir@citics.com。 公司拟于2026年3月27日在上海证券交易所网站（www.sse.com.cn）披露公司2025 年年度报告。为了便于广大投资者更全面深入地了解公司2025年度业绩和经营情况，公 司拟于2026年3月27日9:00-10:00召开业绩发布会，就投资者普遍关注的问题进行交流。 会议召开方式：网络直播 网络直播地址： 一、业绩发布会类型 为了便 ...

Core Viewpoint - The 2026 Spring Capital Market Forum hosted by CITIC Securities highlighted the importance of high-quality development in the context of China's economic and capital market landscape, emphasizing the need for innovation and adaptation to external uncertainties [1][13]. Economic Outlook - China's GDP growth target for 2026 is set at 4.5%-5%, reflecting a focus on quality over quantity in economic growth, which aligns with the long-term goals for 2035 [2][14]. - The "14th Five-Year Plan" emphasizes building a modern industrial system and strengthening the real economy, with new productive forces like AI and biotechnology transitioning from concept to industry [2][14]. Capital Market Development - The capital market ecosystem is improving, with a focus on stabilizing the market and enhancing long-term investment structures, which is essential for high-quality development [3][15]. - Regulatory reforms are being implemented to support new industries and innovative enterprises, enhancing the global attractiveness of Chinese assets [3][15]. Investment Strategy - CITIC Securities' investment strategy for Spring 2026 suggests focusing on undervalued sectors and pricing power, particularly in Chinese manufacturing [4][16]. - Key issues facing the market include geopolitical tensions affecting supply chains, weakening global financial conditions, and the impact of AI on economic structure and asset allocation [4][16]. Macroeconomic Policy - The macroeconomic outlook for 2026 indicates a continued recovery for China, with an expected GDP growth rate of around 4.9% and a "V"-shaped recovery pattern [6][17]. - Fiscal policy is expected to remain proactive, with a deficit ratio of 4% and an increase in special bonds aimed at project construction [6][17]. Industry Insights - The forum featured discussions on the implications of AI and digital transformation for various industries, highlighting the need for businesses to adapt to new technologies and operational models [9][20]. - The development of general world models in AI is seen as a critical technological direction, bridging the digital and physical worlds [9][20]. Conference Highlights - The forum included contributions from various experts discussing topics such as policy interpretations, AI applications, and the future of industries, providing a platform for dialogue among global investors [11][21].

Group 1 - The core viewpoint is that the second quarter is a critical window for rebuilding confidence in the A-share market, with a focus on the stabilization and recovery of corporate profit margins as a necessary condition for the continuation of the bull market [1] - The Middle East conflict is seen as a catalyst for style switching this year, providing an opportunity to test the pricing power of China's advantageous manufacturing sector amid global supply chain disruptions [1] - Trends in the industry indicate that code inflation and physical scarcity are enhancing the pricing power of advantageous manufacturing in China, accelerated by disruptive innovation in AI and global energy supply chain disturbances [1] Group 2 - The re-evaluation of Chinese assets should not be centered around the HALO concept, as the logic differs from overseas markets; the focus should be on companies with market share and competitive advantages that can actively manage future capital expenditure [2] - The current bottom-line recommendation emphasizes industries in China with share advantages, where the cost of overseas capacity reset is high and supply elasticity is easily influenced by policy, particularly in chemicals, non-ferrous metals, power equipment, and new energy [2]

Group 1 - The core strategy framework is based on the revaluation of China's "resource + traditional manufacturing pricing power" [1] - The A-share market is at a critical juncture in terms of index, valuation, and macro liquidity, with the stability of corporate profit margins being a key consideration [1] - The ongoing conflict in the Middle East is seen as a catalyst for market style shifts, with low valuation and pricing power being the two most important factors in the context of rising global costs and weakening financial conditions [1] Group 2 - From an industrial trend perspective, the expansion of codes and physical scarcity in China reflects the enhancement of pricing power in advantageous manufacturing [2] - Short-term signals indicate that price increases will be the sharpest tool in the first quarter, with the Middle East conflict potentially raising oil price levels and affecting the cost curves of many cyclical products [2] - There are structural opportunities arising from the oil price shock, including alternative raw materials and processes in the chemical sector, and products with previously high production shares in the Middle East and Western Europe [2]

Group 1 - The core viewpoint is that the A-share market is transitioning from stock game to incremental allocation, forming a more resilient and stable new ecosystem in the capital market driven by fundamental recovery and new capital inflows [1] - The current Chinese capital market ecosystem is significantly improving, with the attractiveness of Chinese assets continuously rising due to government measures aimed at stabilizing the market and promoting long-term investment [1] - Regulatory efforts are intensifying to combat financial fraud and insider trading, while a stricter delisting system is purifying the market environment [1] Group 2 - The construction of a modern industrial system and the strengthening of the real economy are prioritized in the "14th Five-Year Plan," emphasizing advanced manufacturing as the backbone [2] - New productive forces represented by artificial intelligence, commercial aerospace, and biotechnology are transitioning from conceptual exploration to industrial implementation, reshaping economic and market growth [2] - The internationalization of the renminbi and the globalization of Chinese enterprises are creating a strong strategic resonance, opening vast possibilities for the systematic revaluation of Chinese assets [2]

Group 1 - The capital market ecosystem in China is significantly improving, enhancing the attractiveness of Chinese assets [1] - Regulatory measures are being strengthened to protect investor returns, including strict actions against financial fraud and insider trading, as well as the enforcement of mandatory delisting systems [1] - The multi-tiered capital market system is becoming more inclusive, with reforms in the ChiNext board and optimized refinancing mechanisms to support new industries and technological innovation [1] Group 2 - In 2026, China will continue to implement a more proactive fiscal policy and moderately loose monetary policy, signaling strong support for growth and reform [2] - The transition from old to new growth drivers is experiencing a qualitative leap, with the construction of a modern industrial system reshaping the pricing logic of core Chinese assets [2] - The internationalization of the RMB and the globalization of Chinese enterprises are creating a powerful strategic resonance, opening vast possibilities for the systematic revaluation of Chinese assets [2]

Core Viewpoint - The mid-term trend of gold prices after conflicts in the Middle East is influenced by the factors of US dollar credit and liquidity, with expectations of continued liquidity easing and weakening dollar credit driving gold prices higher [1][4]. Group 1: Historical Performance of Gold Prices - Historically, the average increase in gold prices six months after major Middle Eastern conflicts is 10%, with a significant average increase of 34% when at least three of the five influencing factors are positive [2][4]. - The average half-year increase in gold prices during periods of favorable conditions has reached 26%, with excess returns of 16 percentage points [4][19]. Group 2: Current Market Conditions - The current trend of liquidity easing and weakening dollar credit is expected to continue, which will support gold prices [4][15]. - The US economy is facing "stagflation" risks, which historically correlate with higher probabilities and greater increases in gold prices [8][15]. Group 3: Valuation and Investment Opportunities - The valuation of leading gold companies has dropped to historical lows of 15-20 times PE, indicating a strong margin of safety for investments in the gold sector [28]. - The synchronization of stock prices with gold price peaks has been validated multiple times since 2020, suggesting that new highs in gold prices will likely lead to new highs in the stock prices of gold companies [28].

中经记者 孙汝祥 夏欣 北京报道 "在基本面修复与增量资金入市的双重驱动下，A股市场正从存量博弈走向增量配置的关键转折期，一 个更具韧性、更加稳健的资本市场新生态已然成型。"中信证券经营管理委员会执行委员、研究部行政 负责人朱烨辛称。 在3月19日召开的中信证券2026年春季资本市场论坛上，朱烨辛认为，当前中国资本市场生态明显优 化，中国资产吸引力持续提升。从《政府工作报告》结合证监会的近期表态和一系列措施，稳住市场、 健全长钱长投的生态，成为资本市场高质量发展的必然要求。 "我们欣喜地看到，一个投资者回报、保护更加到位的资本市场正在形成。"朱烨辛表示，监管层面也持 续发力，严厉打击财务造假、内幕交易，并严格落实强制退市制度，极大地净化了市场环境。同时，多 层次资本市场制度更加包容适配，监管机构正在深化创业板改革、优化再融资机制，增设更为包容的上 市标准，精准支持新产业、新业态和科技创新企业。 "正是基于这种坚实的底层逻辑重塑，中国资产的全球吸引力持续上升。"朱烨辛称。 朱烨辛表示，新旧动能转换迎来质的飞跃，现代化产业体系建设与中国企业全球化正重塑中国核心资产 的定价逻辑。 《"十五五"规划纲要》将建设现代化 ...

Group 1 - The second quarter is a critical window for rebuilding confidence in the A-share market, with long-term stabilization and recovery of corporate profit margins being a necessary prerequisite for the continuation of the bull market [1] - The A-share market is at a key juncture in terms of index, valuation, and macro liquidity, with the Shanghai Composite Index facing a significant pressure line that has persisted for 20 years since October 2007 [1] - Despite a prolonged bull market, many industries are experiencing profit margins at historical lows, indicating a structural characteristic of the current market where high valuations coexist with low profits [1] Group 2 - The rapid rise in oil prices presents an opportunity to test the pricing power of China's advantageous manufacturing sector, with the Middle East conflict acting as a catalyst for style switching in the market [2] - In the context of rising global costs and weakening financial conditions, low valuations and pricing power are crucial factors for investment [2] - The recommendation is to focus on re-evaluating the pricing power of China's advantageous manufacturing sectors, including chemicals, non-ferrous metals, power equipment, and new energy, while also increasing exposure to low-valuation factors such as insurance, brokerage, and electricity [2]

Core Viewpoint - The 2026 economic growth in China is projected to maintain around 4.9%, supported by moderate fiscal expansion and improved local government finances [1][4]. Group 1: Economic Growth Projections - The chief economist of CITIC Securities, Mingming, predicts a GDP growth rate of approximately 4.9% for 2026 [1][4]. - The economic growth may exhibit a "V" shape due to base factors and policy timing [1][4]. Group 2: Fiscal and Policy Support - Fiscal spending is expected to continue moderate expansion, which will enhance local government financial capabilities [1][4]. - Ongoing policy support is anticipated to sustain and boost economic performance in 2026 [1][4]. Group 3: Inflation and Nominal GDP - With inflation expected to continue rising, nominal GDP is likely to receive a boost [1][4]. - The GDP deflator index is projected to return to positive territory in 2026 [1][4].