证券日报网讯 12月16日晚间，白云电器发布公告称，近日，广州白云电器设备股份有限公司（以下简 称"公司"）收到中信证券股份有限公司（以下简称"中信证券"）出具的《关于更换保荐代表人的函》。 中信证券系公司2019年公开发行可转换公司债券的保荐机构，原指派赵亮先生、胡璇先生担任公司保荐 代表人负责保荐工作及持续督导工作。现因赵亮先生个人工作变动原因无法继续履行持续督导职责，为 保证持续督导工作的有序进行，中信证券委派谢雨豪先生接替赵亮先生担任公司保荐代表人，继续履行 持续督导职责。 （文章来源：证券日报） ...

Core Viewpoint - Aohua Endoscopy (688212.SH) reported a significant decline in financial performance for the first three quarters of 2025, with a notable drop in revenue and net profit compared to the previous year [1]. Financial Performance Summary - For the period of January to September 2025, the company achieved operating revenue of 422.63 million yuan, a year-on-year decrease of 15.57% [1][3]. - The net profit attributable to shareholders was -56.09 million yuan, compared to a profit of 37.30 million yuan in the same period last year [1][3]. - The net profit after deducting non-recurring gains and losses was -68.10 million yuan, down from a profit of 1.48 million yuan in the previous year [1][3]. - The net cash flow from operating activities was -98.69 million yuan, worsening from -138 million yuan year-on-year [1][3]. Previous Financial Year Comparison - In 2024, Aohua Endoscopy reported total operating revenue of 750 million yuan, reflecting a year-on-year growth of 10.54% [4]. - The net profit attributable to shareholders for 2024 was 21.01 million yuan, which represented a decline of 63.68% compared to the previous year [4]. - The net profit after excluding non-recurring items was -628.62 million yuan, down from 4.45 million yuan in the previous year [4].

消息面上，据经济参考，12月以来，长城、兴业、华泰、首创等多家上市券商发布分红实施公告，新一 轮分红派息进入落地阶段。在监管鼓励上市券商提高现金分红水平等政策的积极引领下，年内上市券商 分红金额已逾548亿元，其中14家已实施10亿元以上分红。 中资券商股午后快速拉升，截至发稿，中信证券（600030）(06030)涨3.77%，报28.08港元；招商证券 （600999）(06099)涨2.64%，报14.36港元；广发证券（000776）(01776)涨2.46%，报18.36港元；申万宏 源（000166）(06806)涨1.96%，报3.12港元。 国金证券表示，在监管的引导下，未来证券公司的经营将更具备韧性，优质券商有望进一步打开杠杆上 限、提高ROE水平。根据历史利润增速及板块涨跌幅、ROE水平及对应PB倍数来看，板块股价、估值 表现仍显著落后于业绩表现，看好板块估值修复。 ...

Group 1 - The core viewpoint of the articles highlights a positive outlook for the securities industry, driven by policy support and market reforms aimed at enhancing capital market functions [1][2] - The National Securities Leading Index (399437) has shown a strong increase of 2.46%, with key stocks like Huatai Securities (601688) rising by 6.77% and GF Securities (000776) by 3.49%, indicating robust market performance [1] - The Central Economic Work Conference emphasized the need for continuous deepening of capital market reforms, positioning brokerages as essential service providers for direct financing and wealth management [1] Group 2 - According to CITIC Securities research, the securities sector is expected to enter a new growth cycle in 2025, with performance driven by favorable policies and market conditions [2] - The report identifies three core positive drivers: service to new productive forces, long-term capital inflow, and internationalization opportunities for brokerages, which are not yet fully priced into the market [2] - As of November 28, 2025, the top ten weighted stocks in the National Securities Leading Index account for 79.05% of the index, indicating a concentrated market structure [2]

本文源自：金融界AI电报 港股大金融股午后拉升，中国人寿(02628.HK)涨超4%，新华保险(01336.HK)、中信证券(06030.HK)涨超 3%，中国太保(02601.HK)、中国太平(00966.HK)、招商证券(06099.HK)、农业银行(01288.HK)涨超 2%。 ...

Core Viewpoint - The report from CITIC Securities indicates that the current Chinese consumer market exhibits a significant "K-shaped recovery" characteristic, with a clear divergence between the rebound in the consumption sector and the moderate recovery of mass consumption [1] Group 1: Market Dynamics - The divergence in the market is primarily driven by supply-side rigid constraints, the wealth effect from high-net-worth individuals, and marginal improvements in policy [1] - The aviation industry faces limitations in effective capacity growth due to delays in aircraft introduction and engine maintenance [1] Group 2: Sector Performance - High-end retail properties and luxury hotels are achieving leading recovery in foot traffic and revenue due to their scarce locations and brand barriers, despite pressure on demand [1] - The performance of the capital market and the rise in gold prices are providing demand support for cyclical sectors such as luxury goods, high-end tourism, and gaming [1] Group 3: Policy Impact - Industry self-regulatory agreements have effectively solidified the bottom line for airline ticket prices and yields [1] - The optimization of the offshore duty-free policy and the imminent closure of Hainan create potential incremental space for growth [1] Group 4: Investment Opportunities - The report suggests focusing on operational turning point opportunities driven by the transmission of wealth effects and supply-side optimization, particularly in high-end consumption sectors such as outbound tourism, hotels, gaming, duty-free, luxury goods, high-end beauty care, and premium real estate properties [1]

Core Viewpoint - The report from CITIC Securities indicates that certain high-end consumer sectors in China, including luxury goods, high-end beauty, air travel, and high-end residential markets in core cities, have generally outperformed previous market expectations, reflecting a significant "K-shaped recovery" in the consumer market [1] High-End Consumer Sectors - The luxury goods and high-end beauty market in China showed signs of stabilization in Q3 2025, entering a gradual recovery phase, with top brands like Hermès maintaining steady sales due to high customer loyalty [6] - The Macau gaming sector demonstrated a notable recovery, with gross gaming revenue (GGR) in November increasing by 14.4% year-on-year to 21.09 billion MOP, recovering to 92% of the levels seen in the same month of 2019 [4] - The high-end retail properties and luxury hotels have achieved a leading recovery in foot traffic and revenue due to their scarcity and brand barriers, despite overall demand pressures [1][4] Policy and Market Dynamics - Policy improvements, such as the optimization of the offshore duty-free policy and the upcoming closure of Hainan, are expected to create potential incremental space for growth in the luxury sector [1] - The report emphasizes the importance of wealth effect transmission and supply-side optimization in driving operational turning points, particularly in high-end consumption areas like outbound tourism, hotels, gaming, and luxury goods [1][15] Real Estate Market - The high-end real estate market is characterized by a "K-shaped recovery" driven by quality supply, with capital and purchasing power increasingly concentrating on top projects with absolute advantages in location, product, brand, and operation [9] - The overall recovery in the real estate market remains slow, with a complex macro environment and high unemployment rates impacting consumer confidence [7] Hotel Industry - The mid-to-high-end hotel sector saw an average RevPAR increase of approximately 4% year-on-year in October-November 2025, benefiting from strong leisure tourism and a slight recovery in business demand [11] - The supply growth in the hotel industry is expected to slow down from 7%-8% in 2025 to 5%-6% in 2026 due to extended investment return cycles [11] Duty-Free Market - The offshore duty-free sales in Hainan showed signs of recovery, with sales turning positive in September and expanding in October-November, supported by wealth effect transmission and policy optimization [12] - The upcoming full closure of Hainan in December 2025 is anticipated to further enhance the overall development of the tourism retail market [12] Aviation Sector - The aviation industry faces supply constraints due to delays in aircraft introductions and engine repairs, which limit effective capacity growth [14] - Demand recovery and structural optimization are expected to accelerate, with airlines optimizing route structures to enhance profitability [14]

智通财经APP获悉，中信证券发布研报称，全社会2026年到期的2年期及以上定存规模或达45万亿元，随着定期存款资金迁移，银行经营基本面和投资资 金面双向受益。对于银行而言：一方面基本面受益，长期限存款占比降低带来负债成本节约效应；另一方面估值受益，存款搬家驱动的绝对收益型增量资 金入市，有利于稳定回报型行业。该行继续看好下阶段银行板块的稳定回报资产属性。 中信证券主要观点如下： 报告缘起：2026年银行定期存款集中到期，或将成为明年影响金融产品和金融市场表现的重要变量。 定存影响要素：与收入预期、收益率比价高度相关。复盘来看： 2)定期存款期限结构，与各类存款"比价关系"息息相关。近年来长期限定期存款(3年期、5年期)与余额宝利差处于高位的2020年和2023年，国股行剩余期 限在1-5年的存款(主要是3年期存款品种)占比显著提升。 测算显示，2026年中长期定存到期量或达45万亿元。 1)全社会定期存款占比，与未来收入信心指数显著负相关。在未来收入信心指数走低的时间段(如2013-2016年，2021年至今)，全社会定期存款的存量占比 呈现走升态势。 根据15家上市国股行公布的存款到期日分布数据，该行测算过 ...

Core Viewpoint - The report from CITIC Securities indicates that the scale of bank wealth management is expected to increase significantly by the end of November 2025, reaching 33.8 trillion yuan, which represents a year-on-year growth of 10.1% [1] Group 1: Wealth Management Scale - By the end of November 2025, the bank wealth management scale is projected to rise by 300 billion yuan compared to the previous month [1] - The growth in the scale of wealth management in October and November is approximately 1.67 trillion yuan, marking a new high since the implementation of asset management regulations [1] - In December, due to seasonal factors, the wealth management scale may slightly contract to 33 trillion yuan, but it is expected to quickly recover in early January [1] Group 2: Future Projections - The "fixed income +" wealth management products are anticipated to be a key driver for the growth of wealth management scale [1] - With deposit rates entering the "1 era," the attractiveness of savings is expected to continue declining, creating a noticeable gap with the average returns of wealth management products [1] - The total wealth management scale is projected to exceed 35 trillion yuan for the entire year of 2026 [1]

人民财讯12月17日电，中信证券研报称，2025年11月美国新增非农就业人数和失业率均超预期。10月新 增非农就业人数大幅减少，原因是部分接受"延迟辞职"方案的美国联邦政府雇员退出了工资单，导致政 府部门拖累整体读数。鲍威尔给非农"官方打折"，11月新增非农就业谈不上强劲。"低招聘"延续， 但"低裁员"在10月和11月有所变化。不过就12月美股公司提到"Job Cuts"的次数来看，裁员规模并未恶 化。若12月失业率不继续上升，则预计美联储仍会认为政策利率"well positioned"。中信证券维持此前 观点，预计美联储将在明年1月暂停降息，剩余两次鲍威尔作为主席的议息会议可能还有一次25bps降 息。 ...