Group 1: Company Performance - As of January 12, CITIC Securities' stock price increased by 0.74%, with a trading volume of 6.227 billion yuan [1] - For the period from January to September 2025, CITIC Securities achieved operating revenue of 55.815 billion yuan, representing a year-on-year growth of 20.96% [2] - The net profit attributable to shareholders for the same period was 23.159 billion yuan, reflecting a year-on-year increase of 37.86% [2] Group 2: Financing and Margin Trading - On January 12, CITIC Securities recorded a financing buy-in of 1.128 billion yuan, with a net financing buy of -59.7256 million yuan [1] - The total margin trading balance as of January 12 was 18.908 billion yuan, with the financing balance accounting for 5.39% of the circulating market value [1] - The margin trading balance is above the 90th percentile level for the past year, indicating a high level of activity [1] Group 3: Shareholder Information - As of September 30, the number of CITIC Securities shareholders reached 669,400, an increase of 1.64% from the previous period [2] - The average number of circulating shares per shareholder decreased by 1.61% to 18,192 shares [2] - The company 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]

Core Viewpoint - The cancellation of the export VAT rebate for photovoltaic products starting April 2026 is expected to increase export costs and reduce profitability for solar and energy storage companies in the short term, while potentially leading to a higher quality development phase in the long term [1][2][3]. Short-term Impact - The cancellation of the export VAT rebate will directly increase the costs for photovoltaic component exporters, with leading companies expected to lose 1-2 billion yuan in rebates annually, resulting in a profit reduction of 46-51 yuan per 210R photovoltaic component [2]. - There is an anticipated surge in overseas orders during the window period before the rebate cancellation, which is expected to drive short-term industry demand growth [2]. Long-term Impact - The removal of the export VAT rebate is projected to accelerate the elimination of outdated production capacity, with a shift towards brand building and technological innovation becoming the main focus [3]. - It is estimated that the export volume of photovoltaic components may decline by 5%-10% after the rebate cancellation, leading to increased cash flow pressure on companies, particularly affecting smaller enterprises [3]. - The global prices of photovoltaic components are expected to rise, diminishing the cost advantage of Chinese manufacturers, which will favor leading companies with strong brand and technology advantages [3]. Energy Storage Insights - The impact on profits from the cancellation of the export VAT rebate for energy storage is expected to be limited, with leading companies likely facing minimal challenges in price transmission [4]. - The global energy storage market is projected to see significant growth, with new installations expected to reach 255 GWh in 2025, 407 GWh in 2026, and 538 GWh in 2027, reflecting a CAGR of 45.3% [4]. Investment Strategy - The company recommends focusing on three main investment lines within the photovoltaic industry: 1. Companies benefiting from high demand in overseas markets and domestic demand, particularly in regions like Australia and Ukraine [5]. 2. Leading companies across the industry chain that are expected to maintain their advantages due to scale and technology, as outdated production capacity is cleared [5]. 3. Companies that are early adopters of new technologies, particularly in high-efficiency battery components and perovskite batteries, which are expected to drive the industry's long-term growth [5].

中信证券研报表示，近期财政部及国家税务总局决定自2026年4月1日起取消光伏等产品增值税出口退 税，短期来看，我们预计光伏及储能企业面临出口成本直接增加、盈利能力下降的压力，预计窗口期内 光伏组件出货量迅速增加，SMM测算出口退税生效后光伏组件出口量或将下滑5%-10%。我们预计储能 龙头海外涨价传导顺利，政策提高出海门槛优化供给，看好海外储能高景气兑现。长远来看，我们认为 过去光伏行业凭借低价无序竞争造成的"内卷"状况有望缓解，技术创新迭代及品牌建设有望成为主要方 向，落后产能出清速度将会加快，龙头企业市占率继续提升，光伏行业有望迈入高质量发展的新阶段， 推荐光伏及储能投资机会。 ...

中信证券研报表示，近期财政部及国家税务总局决定自2026年4月1日起取消光伏等产品增值税出口退 税，短期来看，我们预计光伏及储能企业面临出口成本直接增加、盈利能力下降的压力，预计窗口期内 光伏组件出货量迅速增加，SMM测算出口退税生效后光伏组件出口量或将下滑5%-10%。我们预计储能 龙头海外涨价传导顺利，政策提高出海门槛优化供给，看好海外储能高景气兑现。长远来看，我们认为 过去光伏行业凭借低价无序竞争造成的"内卷"状况有望缓解，技术创新迭代及品牌建设有望成为主要方 向，落后产能出清速度将会加快，龙头企业市占率继续提升，光伏行业有望迈入高质量发展的新阶段， 推荐光伏及储能投资机会。 （文章来源：第一财经） ...

中信证券研报表示，展望2026年，我们预计光伏用铝加速下滑，电网和汽车延续高景气度，储能和空调 铝代铜增长有望提速，支撑电解铝需求增长后劲。同时，我们认为即使印尼产能新增投产背景下，行业 供给增速下移仍为趋势，且扰动抬头迹象逐步显现。我们预计2026年铝价中枢将达23000元/吨，持续看 好铝板块盈利、估值齐升行情。 （文章来源：第一财经） ...

减持后，易方达基金管理有限公司最新持股数目为156,404,550股，持股比例由6.14%下降至5.97%。 | 股份代號: | 06030 | | --- | --- | | 上市法國名稱: | 中信証券股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 13/12/2025 - 13/01/2026 | 格隆汇1月13日丨根据联交所最新权益披露资料显示，2026年1月7日，中信证券(06030.HK)遭易方达基金管理有限公司在场内以每股均价30.0874港元减持 436.55万股，涉资约1.31亿港元。 | 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的 | | | --- | --- | --- | --- | --- | --- | --- | | | 分數目 | 原大 | | | (請參閱上述*註解)有投票權股 (日/月/4 | | | | | | | | 份百分比 | | | Street Station of Antiques of Anyth of Children o ...

关于公司董事离任的公告 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。 一、董事离任情况 公司非执行董事王恕慧先生因工作变动，于2026年1月12日向董事会提交辞职报告，辞去公司非执行董 事、董事会发展战略与ESG委员会及风险管理委员会委员职务。辞任后，王恕慧先生亦不在公司及控股 子公司担任其他职务。该辞任自辞职报告送达公司董事会时生效。具体如下： ■ 证券代码：600030 证券简称：中信证券 公告编号：临2026-001 中信证券股份有限公司 二、离任对公司的影响 根据《公司法》及公司《章程》的规定，王恕慧先生的辞任不会导致董事会成员人数低于法定最低人 数，不会对公司经营产生影响，其将按照公司有关制度做好工作交接。经王恕慧先生确认，截至目前其 未持有公司股份，与公司无任何意见分歧，不存在未履行完毕的公开承诺，亦无任何与其辞任有关的事 项需要通知公司股东。公司将按照公司《章程》等相关规定尽快完成新任非执行董事的选举工作。 公司对王恕慧先生任职期间对公司发展作出的贡献表示衷心的感谢！ 特此公告。 中信证券股份有限公司董事会 2 ...

Core Viewpoint - The integration of insurance products into brokerage apps signifies a potential transformation in wealth management, indicating the beginning of a new phase in the market [1][2]. Group 1: Insurance Product Integration - Major brokerage firms such as CITIC Securities, China Merchants Securities, and GF Securities have introduced dedicated insurance purchase sections in their apps, showcasing a variety of insurance products including medical insurance and whole life insurance [2]. - The move to include insurance products in brokerage apps is a recent development, despite the fact that brokerage firms have been allowed to sell insurance since 2012 [2][3]. Group 2: Comparison with Banks - Unlike banks, which have a long-standing experience in selling insurance products and offer a wide range of options, brokerage apps currently have a limited selection and less developed service features [4]. - Banks have established a robust system for insurance sales, while brokerage firms are still in the early stages of developing their insurance offerings [4][5]. Group 3: Market Dynamics and Challenges - The insurance distribution landscape is undergoing significant changes, with brokerages entering the market as new competitors, which may lead to increased choices for consumers [6]. - There are differing opinions on the future of insurance sales by brokerages; some believe they could become significant players, while others remain cautious due to past slow growth [6][7]. - The demand for stable returns from insurance products aligns well with the investment profiles of brokerage clients, presenting an opportunity for growth in this sector [6][7]. Group 4: Operational Challenges - Brokerages face challenges in ensuring sales quality and establishing strong partnerships with insurance companies, which are critical for success in this new venture [7]. - The complexity of insurance products compared to traditional financial products necessitates time and skill development for brokerage firms to effectively educate and guide clients [7].

Group 1: Federal Reserve and Employment Data - Goldman Sachs expects the Federal Reserve to maintain its current policy in January, with two rate cuts anticipated in the remainder of 2026 due to initial signs of labor market stability [1] - JPMorgan has removed its forecast for a rate cut in 2026, now predicting a 25 basis point increase in Q3 2027 [1] - Societe Generale believes the decline in unemployment and rising wages provide a stronger rationale for the Fed to hold rates steady in January [1] Group 2: Oil Prices and Geopolitical Risks - Goldman Sachs indicates that despite ongoing geopolitical risks, oil prices may continue to decline due to ample supply, predicting Brent and WTI crude oil prices to average $56 and $52 per barrel respectively in 2026 [2] Group 3: Chinese Economic Outlook - CITIC Securities forecasts a "mild re-inflation" in China in 2026, driven by a slight increase in PPI and CPI, with core CPI expected to rise due to various factors including food prices and service costs [3] - CITIC Securities also notes that the balance between external and internal demand will be crucial for the A-share market, with a higher probability of upward movement in early 2026 [4] Group 4: Commodity Prices and Market Trends - CITIC Jinpu predicts that copper prices will continue to rise, with the market not yet at an end, and expects significant support for copper prices despite short-term corrections [5] - CITIC Securities anticipates that investment in the power grid during the 14th Five-Year Plan period may reach 3.8 trillion yuan, focusing on high-quality development and stability in the energy sector [6] Group 5: Currency and Market Dynamics - Huatai Securities expects the Federal Reserve to pause rate cuts from January to May, with potential cuts occurring after the new Fed chair takes office [7] - Huachuang Securities highlights the commercialization of brain-computer interfaces, indicating a growing market with significant potential for expansion beyond the medical field [8] - Shenwan Hongyuan predicts that the RMB will appreciate by 2-3% annually over the next few years, with a total appreciation of over 30% in the next decade, benefiting the stock market [10]

中信证券（600030）(06030)发布公告，本公司非执行董事王恕慧先生因工作变动，已向董事会提呈辞 任非执行董事、发展战略与ESG委员会委员、风险管理委员会委员的职务。辞任后，王恕慧先生亦不在 本公司及控股子公司担任其他职务。王恕慧先生的辞任自2026年1月12日起生效。 ...