中信证券研报表示，2025年11月中国社零总额43,898亿元/同比+1.3%，低于Wind一致预期的+2.9%，限 额以上商品零售总额16,430亿元/同比-2.2%，剔除汽车、石油类限额以上零售额增速+1.8%。汽车高基 数叠加补贴退坡导致降幅走阔；粮油食品表现良好，日用品增速转负；低基数下可选表现平稳，国补品 类有所拖累；服务消费、餐饮收入稳健。11月社零读数低于预期，表明当前内需仍有待提振，商品销售 在补贴退坡后渐显疲弱。近期中共中央政治局会议、中央经济工作会议继续强调扩大内需的必要性，我 们认为，由于当前宏观环境仍然偏弱，消费景气的自身修复预计仍需时间，短期消费整体beta性机会可 关注财政刺激类政策的可能性。同时，基于当前产业观察，2026年建议重点关注财富效应传导、供给端 优化推动的经营拐点机会。而长期配置再次强调重视消费结构的变化。 （文章来源：第一财经） ...

Core Viewpoint - The launch of the "Zhiji Wealth Management" brand by Industrial Securities marks a significant transformation towards a buyer-oriented advisory model in the wealth management industry, emphasizing customer interests and personalized services [4][5][6]. Group 1: Brand Launch and Services - Industrial Securities introduced the "Zhiji Wealth Management" brand on December 16, 2023, featuring three service solutions: "Zhiji Enjoy Investment," "Zhiji Preferred Investment," and "Zhiji Intelligent Investment," which cater to asset allocation and professional investment needs [2][3]. - The brand's core philosophy is "Understanding you, working for you," focusing on transaction and allocation scenarios to create a comprehensive wealth management ecosystem [3][4]. Group 2: Industry Trends and Transformation - The wealth management industry is shifting from product sales to value-driven services, driven by increasing resident wealth and demand for professional investment support [5][6]. - The buyer-oriented advisory model has become essential for high-quality development in the financial sector, with many securities firms, including Industrial Securities, actively transitioning to this model [6][8]. Group 3: Competitive Landscape - Since 2025, several securities firms have launched or upgraded their wealth management brands, including CITIC Securities and Guosen Securities, indicating a trend towards personalized and diversified wealth management solutions [6][7]. - The introduction of new brands reflects a response to investor demands for tailored wealth management services and aligns with regulatory guidance towards value competition, moving away from homogeneous product sales [8].

免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经头条（nbdtoutiao）——中标企业频频弃标 大型医疗设备采购有何难言之隐？ （记者 曾健辉） 每经AI快讯，中信证券（SH 600030，收盘价：28.48元）12月16日晚间发布公告称，截至公告披露日， 公司及控股子公司对外担保总额为人民币2100.35亿元，占公司最近一期经审计净资产的比例为 71.66%。 2025年1至6月份，中信证券的营业收入构成为：证券投资业务占比43.88%，经纪业务占比28.21%，资 产管理业务占比18.21%，投资银行业务占比6.22%，其他业务占比3.49%。 截至发稿，中信证券市值为4221亿元。 ...

本次发行后，发行人在中票计划下已发行票据的本金余额合计28.64亿美元。 中信证券（600030）(06030)发布公告，公司境外全资子公司中信证券国际有限公司(中信证券国际)的附 属公司CSI MTN Limited(发行人或被担保人)于2022年3月29日设立境外中期票据计划(中票计划)，此中 票计划由中信证券国际提供担保。根据存续票据到期情况，结合公司业务发展实际需要，发行人于2025 年12月15日、 16日在中票计划下发行两笔票据，发行金额1.4亿美元和1.8亿港币。 ...

Core Viewpoints - The report emphasizes the importance of improving efficiency and optimizing the industry structure in the securities sector, projecting a strong performance relative to the market for 2026 [1] Market Review - The securities sector has demonstrated a prominent Beta attribute, with significant attention on the shift in funding styles. Historical analysis indicates that periods of excess returns for brokerages typically require a confluence of policy, liquidity, and market conditions [4][9] - From January to November 2025, the securities index underperformed the CSI 300 index by 12.9 percentage points, attributed to factors such as technology style preferences and the diversion of funds towards low-valuation H-shares [4][43] - Despite this, the brokerage sector achieved a notable excess return from April to August 2025, particularly H-share brokerages, which saw a cumulative increase of 43.9% for the year, outperforming the CSI 300 index by 25.4 percentage points [4][43] Fundamental Outlook - The equity market is experiencing high prosperity, with a strong certainty of profit growth. In the first three quarters of 2025, listed brokerages reported a year-on-year net profit growth of 63.4% and a revenue increase of 13.0% [4][20] - The revenue structure for the first three quarters of 2025 shows significant growth in brokerage, investment banking, and proprietary trading, with net income growth rates of 68%, 16%, and 42% respectively [4][20] - The wealth management sector is positioned to capitalize on internationalization trends, with Hong Kong emerging as a preferred fundraising destination for Chinese enterprises, leading to a 146% increase in IPO fundraising compared to the entire year of 2024 [4][20] Investment Recommendations - The report suggests that as capital market reforms deepen, the securities industry is expected to maintain steady growth in 2026, benefiting particularly head brokerages through mergers and acquisitions [4][20] - Recommended stocks include CITIC Securities and CICC, which are expected to benefit from their strong comprehensive service capabilities and balanced business structures [4][20] - Other notable mentions include Guosen Securities, Industrial Securities, and Dongfang Securities, which are anticipated to perform well due to their advantages in financial products and services [4][20] Valuation Insights - The current price-to-book (P/B) ratio for the securities industry stands at 1.35x, which is below the historical average of 1.71x, indicating potential for valuation recovery [4][50] - The report highlights that the industry P/B valuation is at the 27.7% historical percentile, suggesting that there is room for improvement in valuations relative to historical performance [4][50]

重要内容提示： 证券代码：600030 证券简称：中信证券 公告编号：临2025-097 中信证券股份有限公司 关于间接子公司发行中期票据 并由全资子公司提供担保的公告 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。 担保对象及基本情况 | | 被担保人名称 本次担保金额 | CSI Limited | MTN | | | --- | --- | --- | --- | --- | | | | 1.4亿美元和1.8亿港币 | | | | 担保对象 | 实际为其提供的担保余额 | 28.64亿美元 | | | | | 是否在前期预计额度内 | 是 | □否 | □不适用 | | | 本次担保是否有反担保 | □是 | 否 | □不适用 | 累计担保情况 | 对外担保逾期的累计金额（万元） | - | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（亿元） | 2,100.35 | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 71.66 | | 特别风险提示 | □对外担 ...

智通财经APP讯，中信证券(06030)发布公告，公司境外全资子公司中信证券国际有限公司(中信证券国 际)的附属公司CSI MTN Limited(发行人或被担保人)于2022年3月29日设立境外中期票据计划(中票计 划)，此中票计划由中信证券国际提供担保。根据存续票据到期情况，结合公司业务发展实际需要，发 行人于2025年12月15日、 16日在中票计划下发行两笔票据，发行金额1.4亿美元和1.8亿港币。 本次发行后，发行人在中票计划下已发行票据的本金余额合计28.64亿美元。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：6030） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列中信証券股份有限公司（「本公司」）在上海證券交易所網站刊登的本公司關於間 接子公司發行中期票據並由全資子公司提供擔保的公告，僅供參閱。 承董事會命 中信証券股份有限公司 董事長 張佑君 中國北京 2025年12月16日 於本公告刊發日期 ，本公司執行董事為張佑君先生及鄒迎光先生；本公司非執行董事為張麟先生 、付臨芳女士 、 趙先信先生及王恕慧先生；及本公司獨立非執行董事為李青先生、史青春先生及張健華先生。 证券代码：600030 证券简称：中信证券 公告编号：临2025-097 中信证券股份有限公司 关于间接子公司发行中期票据 并由全资子公司提供担保的公告 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 ...

人民币再升值！ 今日（12月16日），在岸、离岸人民币对美元汇率再次走强。 离岸人民币对美元汇率再次击穿7.04，盘中一度升至7.03627，创2024年10月以来新高，年内累计升4%；在岸人民币对美元汇率盘中最高升至7.0472，亦创 下2024年10月以来新高，年内累计升3.5%。 对于近期人民币对美元汇率连续上行，业内人士表示，是内外因素共振、市场与政策协同作用的结果，有三大推动因素。 一是美元走弱提供了外部窗口。美联储货币政策转向是关键外部因素。随着美国就业数据降温，美联储降息信号由模糊不定、争议分歧大逐渐变为大概率降 息，导致美元指数整体波动下降，如11月下降约0.3%，为非美货币创造了升值空间。 二是年底临近，企业结汇需求增加，也会带动人民币季节性走强；特别是近期人民币持续走强后，前期累积的结汇需求有可能在加速释放。 三是资产重估与信心修复，国内资产吸引力提升。首先，今年以来中国A股的强劲表现，吸引了全球资本流入。外资增配中国股票等资产，直接增加了对人 民币的需求。其次，中国出口展现出超预期的韧性，贸易顺差为汇率提供了基本面支撑。同时，中美经贸关系趋于稳定，缓解了市场的紧张情绪，市场对国 内经济的 ...

Group 1 - The stock price of Jindike (688670.SH) fell by 7.02%, closing at 22.26 yuan, indicating it is currently in a state of decline since its IPO [1] - Jindike was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on August 2, 2021, with an initial public offering (IPO) of 22 million shares at a price of 55.18 yuan per share [1] - The total amount raised from the IPO was 1.214 billion yuan, with a net amount of 1.136 billion yuan, which is 464 million yuan less than the originally planned net amount of 1.6 billion yuan [1] Group 2 - The company initially intended to raise 1.6 billion yuan for projects including the construction of a new facility for a quadrivalent influenza virus vaccine, innovative vaccine research and development, working capital, and repayment of bank loans [1] - The total issuance costs for the IPO amounted to 78.2839 million yuan, with underwriting and sponsorship fees accounting for 64.3399 million yuan [1] - Citic Securities' subsidiary, Citic Securities Investment Co., Ltd., participated in the investment with a stake of 4%, acquiring 880,000 shares for 48.5584 million yuan, with a lock-up period of 24 months [1] Group 3 - On May 19, 2023, Jindike announced its 2022 annual profit distribution plan, which included a cash dividend of 0.2 yuan per share and a capital reserve increase of 0.4 shares per share [2] - The total cash dividend distributed amounted to 17.6 million yuan, and the share capital increase resulted in an additional 35.2 million shares, bringing the total share capital to 123.2 million shares [2] - Key dates for the distribution included the equity registration date on May 25, 2023, the ex-dividend date on May 26, 2023, and the cash dividend payment date also on May 26, 2023 [2]