Core Viewpoint - As of December 24, a total of 463 stocks in the Shanghai and Shenzhen markets have experienced a net outflow of main funds for five consecutive days or more, indicating a significant trend of capital withdrawal from these stocks [1]. Group 1: Stocks with Longest Net Outflow - YunSai ZhiLian has the longest net outflow, with main funds withdrawing for 22 consecutive days [1]. - ZhiFei Bio follows with a net outflow for 19 consecutive days [1]. Group 2: Stocks with Largest Total Net Outflow - HeEr Tai has the largest total net outflow amounting to 4.918 billion yuan over 14 days [1]. - MoEr Thread-U ranks second with a total net outflow of 3.680 billion yuan over 9 days [1]. Group 3: Stocks with Highest Net Outflow Proportion - ShunXin Agriculture has the highest proportion of net outflow relative to trading volume, with a decrease of 2.06% over the past 7 days [1]. Group 4: Summary of Notable Stocks - HeEr Tai: 14 days, 4.918 billion yuan, 10.67% outflow, -26.84% cumulative change [1]. - MoEr Thread-U: 9 days, 3.680 billion yuan, 8.41% outflow, -32.63% cumulative change [1]. - ZhiFei Bio: 19 days, 4.20 million yuan, 9.48% outflow, -6.40% cumulative change [2].

上述研报称，2025年12月22日，商务部公布对欧盟进口乳制品反补贴调查的初步裁定，我国对欧盟六类 （奶酪+稀奶油）进口乳制品收取"反补贴税保证金"，从价比例在28.6%-42.7%。本次加征的反补贴保证 金有利于短期拉大国内外产品价差，推动奶酪、稀奶油产品国产替代进程加速。在欧盟进口品价格普涨 的背景下，预计国产奶酪有望抓住窗口期，切入国内B端供应链，国产稀奶油将加速替代，一方面国产 低价替代量增逻辑更顺；另一方面有望进一步打开国产稀奶油价格带，利润亦有望更加合理。 （文章来源：新华财经） 新华财经上海12月24日电中信证券研报分析认为，我国对欧盟乳制品反补贴调查裁定结果公布，利好乳 制品国产替代。 ...

12月24日，腾讯云官方公号披露，在国内 TOP10 券商中，已有超过 6 成选择腾讯云，构建新一代国产 大数据平台，用于支撑面向 AI 时代的数据基础设施升级。华尔街见闻获悉，目前中信证券、国泰海 通、广发证券、银河证券、中信建投、中金财富等多家头部机构，均已和腾讯云大数据平台TDBS进行 合作。 ...

Group 1 - On December 23, CITIC Securities experienced a slight decline of 0.07% with a trading volume of 2.702 billion yuan, and a net financing buy of -176 million yuan [1] - As of December 23, the total margin trading balance of CITIC Securities reached 17.892 billion yuan, with a financing balance of 17.870 billion yuan, accounting for 5.13% of the circulating market value, indicating a high level compared to the past year [1] - In terms of securities lending, CITIC Securities had a lending repayment of 16,100 shares and a lending sell of 131,500 shares, with a total sell amount of approximately 3.7648 million yuan, while the lending balance was 22.0801 million yuan, which is below the 50th percentile of the past year [1] Group 2 - As of September 30, CITIC Securities had 669,400 shareholders, an increase of 1.64% from the previous period, with an average of 18,192 circulating shares per person, a decrease of 1.61% [2] - For the period from January to September 2025, CITIC Securities reported an operating income of 55.815 billion yuan, representing a year-on-year growth of 20.96%, and a net profit attributable to shareholders of 23.159 billion yuan, up 37.86% year-on-year [2] Group 3 - CITIC Securities has distributed a total of 88.704 billion yuan in dividends since its A-share listing, with 22.009 billion yuan distributed in the last three years [3] - As of September 30, 2025, among the top ten circulating shareholders of CITIC Securities, Hong Kong Central Clearing Limited held 500.1 million shares, a decrease of 83.4469 million shares from the previous period, while the Guotai CSI All-Share Securities Company ETF entered as a new shareholder with 252 million shares [3]

经济观察网 证监会网站显示，杭州湘滨电子科技股份有限公司2025年12月24日向浙江证监局办理辅导 备案登记，辅导机构为中信证券股份有限公司。 ...

Core Viewpoint - The bond market sentiment has improved recently, with the yield on 10-year government bonds stabilizing below 1.85%, and a recovery trend observed in long-term bonds, particularly a 6 basis points decline in the yield of 30-year government bonds from its recent high, reigniting expectations for a "cross-year market" [1] Group 1 - The recent strengthening of the RMB exchange rate has positively impacted the bond market, enhancing the attractiveness of RMB-denominated assets [1] - The monetary easing space has opened up, indicating potential for further recovery in the bond market [1] - Long-term bonds are expected to benefit from the narrowing of the term spread, making them more cost-effective [1]

人民财讯12月24日电，中信证券研报认为，2025年12月22日欧盟乳制品反补贴调查裁定结果公布，我国 对欧盟六类（奶酪+稀奶油）进口乳制品收取"反补贴税保证金"，从价比例在28.6%—42.7%。1—10月 反补贴税保证金相关乳制品进口量近25万吨，短期利好国内需求提升，本土企业有望抓住窗口期推进供 应链国产替代，看好奶酪、稀奶油国产替代加速。 转自：证券时报 ...

中信证券研报称，美国私募信贷市场的违约态势呈现结构性分化特征，中型企业风险可控但小微企业已 显危机征兆。截至今年10月底私募信贷领域违约率维持在5.2%的水平，中型企业私募信贷违约率持续 上扬，至10月末已攀升至3.2%的阶段性高点，而EBITDA低于2500万美元的小型借款人违约率则高达 11.7%。因此我们判断，未来美国私募信贷市场存在再次爆发尾部违约风险的可能性。此外，未来三年 内，美国私募信贷市场存量资产将迎来集中兑付期，或将推动市场加速进入再融资需求显著增长的结构 性窗口阶段。若未来小型企业私募信贷再融资受阻引发违约潮，并形成风险传导链，则可能直接冲击美 国保险机构持有的私募信贷资产组合。鉴于私募信贷市场缺乏流动性充裕的直接信用违约互换工具， CDX NA HY及其波动率相关资产或可作为对冲私募信贷市场风险的替代性选择。因此，在保持对存在 风险敞口的保险机构及商业发展公司（BDC）审慎态度的同时，或许可通过配置北美高收益债指数的 信用利差来对冲私募信贷潜在系统性崩塌会引发的估值联动冲击。 ...

中信证券研报称，市场风格情绪趋向于存量资金博弈，主题轮动加速。从催化因素和时序上看，国产 GPU公司上市进展顺利，国产先进制程、谷歌算力链、人形机器人、自动驾驶、商业航天的主题热情有 望爆发。结合市场环境、催化因素以及综合量化指标研判，建议关注上述五大主题方向。 ...

中信证券(06030.HK)发布公告，将于2026年2月9日派发截至2025年6月30日止六个月的中期股息每10股 3.1956港元。 本文源自：金融界AI电报 ...