聚焦发展玉兰债 共促开放新格局 -2025年青岛银行金融研讨会 成功举办- 供稿：青岛银行 上海清算所指出，"玉兰债"业务是上海清算所在人民银行指导下研究推出的基于境内外金融基础设施互联互通、统筹安全与开放的中资离岸债券发行创新 模式，也是重要的跨境金融创新产品。"玉兰债"是中资企业面向国际市场发行的境外债券，以人民币、美元、欧元等多币种计价，依托上海清算所与欧洲 清算银行建立的跨境托管联通机制，为发行人与投资者提供安全、高效的登记结算服务。"玉兰债"自2020年12月推出以来，已成为我国债券市场高水平对 外开放的重要创新载体，不仅拓宽了中资企业境外融资渠道，也为全球投资者配置人民币资产提供了便利，在服务实体经济、推动上海国际金融中心建 设、促进人民币国际化等方面具有积极意义。 中信证券团队则从实操层面分享了"玉兰债承销与发行的实务经验"，为与会机构提供了从产品理解到业务落地的全链条知识赋能。 本次研讨会的成功举办，为"玉兰债"等创新产品的推广应用拓宽了路径。搭建了政策解读、市场分析与业务对接的多元平台，既为金融机构把握开放机 遇、防范跨境风险凝聚了共识。会议还围绕宏观市场环境展开了广泛讨论。中信证券专家就国 ...

Core Viewpoint - CSPC Innovation Pharmaceutical Co., Ltd. (formerly known as CSPC New Drug Co., Ltd.) has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to leverage its strong market position in the biopharmaceutical and health supplement sectors [2][18]. Company Overview - Established in 2006, CSPC Innovation focuses on research, development, and manufacturing of biopharmaceuticals, functional raw materials, and health supplements, positioning itself as a leader in the health sector [3][19]. - The company is the world's largest producer of synthetic caffeine, supplying major beverage companies like Coca-Cola, PepsiCo, and Red Bull, with products distributed in over 65 countries [3][19]. Business Expansion - In 2016, CSPC Innovation expanded into the health supplement market, offering a diverse range of products aimed at enhancing immunity, improving bone density, and providing antioxidant support [4][20]. - The acquisition of 100% of CSPC Saint Snow in 2022 allowed the company to diversify its product offerings to include other functional raw materials, such as acarbose and anhydrous glucose [4][20]. Biopharmaceutical Development - In 2024, CSPC Innovation gained control of Giant Bio, marking its entry into the biopharmaceutical sector with a focus on innovative therapies targeting unmet clinical needs in oncology, autoimmune diseases, and infectious diseases [5][21]. - The company has commercialized two antibody drugs and developed mRNA vaccines, including the first domestically developed COVID-19 mRNA vaccine in China [5][21]. Research and Development Pipeline - CSPC Innovation has 15 drugs in clinical or late-stage development, including 9 antibody-drug conjugates (ADCs) and 1 mRNA vaccine, targeting high-incidence cancers and other significant unmet medical needs [6][22]. - The ADC pipeline focuses on indications such as lung cancer, breast cancer, gastric cancer, colorectal cancer, and esophageal squamous cell carcinoma, with key targets including EGFR and HER2 [6][22]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first seven months of 2025 were approximately RMB 2.84 billion, RMB 2.54 billion, RMB 1.98 billion, and RMB 1.24 billion, respectively, with net profits showing a decline in 2024 and 2025 [12][13]. - The revenue breakdown indicates that functional raw materials and health supplements accounted for the majority of sales, while biopharmaceutical products contributed a smaller portion [12][13]. Shareholder Structure - Prior to the IPO, CSPC Innovation's major shareholders include CSPC Group, which holds approximately 75.30% of the shares, with the remaining 24.70% held by other A-share shareholders [9][25]. Management Team - The board of directors consists of 10 members, including 3 executive directors and 5 independent non-executive directors, ensuring a diverse governance structure [10][27].

Core Viewpoint - Moer Technology's stock price surged significantly, reaching 941.08 CNY per share, marking a 28.04% increase on the fifth trading day since its IPO, with a total market capitalization of 442.3 billion CNY [1]. Group 1: Stock Performance - The IPO price of Moer Technology was set at 114.28 CNY, and the current closing price represents a 723% increase from the IPO price [1]. - Investors who were allocated shares in the IPO and held them until now would have a floating profit of approximately 413,400 CNY per share [1]. Group 2: Underwriting and Strategic Placement - CITIC Securities, the underwriter, profited significantly from the shares it underwrote, with an estimated floating profit of about 24.22 million CNY from the 29,302 shares that were abandoned by investors [3]. - Moer Technology allocated 1.4 million shares for strategic placement, with a floating profit of approximately 1.158 billion CNY, subject to a 24-month lock-up period [3]. Group 3: Underwriting Fees - The total underwriting and sponsorship fees for Moer Technology's IPO were approximately 392 million CNY, including a sponsorship fee of 3 million CNY and an underwriting fee of 389 million CNY [4].

中国经济网北京12月11日讯 迪哲医药（688192.SH）近日发布2025年第三季度报告显示，2025年 第三季度，公司实现营业收入2.31亿元，同比增长71.46%；归属于上市公司股东的净利润-2.03亿元； 归属于上市公司股东的扣除非经常性损益的净利润-2.11亿元。 2025年前三季度，公司实现营业收入5.86亿元，同比增长73.23%；归属于上市公司股东的净利 润-5.80亿元；归属于上市公司股东的扣除非经常性损益的净利润-6.31亿元；经营活动产生的现金流量 净额为-4.24亿元。 | | | | | HATTA A SAMILA 年初至报告期 | | --- | --- | --- | --- | --- | | | | 本报告期比上 | | 末比上年同期 | | 项目 | 本报告期 | 年同期增减变 | 年初至报告期末 | | | | | 动幅度(%) | | 增减变动幅度 | | | | | | (%) | | 营业收入 | 231,299,714.08 | 71.46 | 586,301,134.90 | 73.23 | | 到海总额 | -203.910.752.21 | 不适用 | - ...

Group 1 - Citic Securities maintains a "Buy" rating for Kuaishou-W (01024.HK), highlighting the significant upgrade of Kuaishou's AI capabilities, which is expected to drive commercial growth and optimize platform ecology and profit margins [1] - CICC maintains an "Outperform" rating for Hang Lung Properties (00101.HK) with a target price of HKD 9.46, noting the company's strategic expansion in Wuxi, which will increase retail space by 38% and enhance its luxury positioning [1] - Citic Securities maintains a "Buy" rating for Giant Bio (02367.HK) with a target price of HKD 44, despite a downward adjustment in profit forecasts due to sales pressure during the Double Eleven shopping festival [1] Group 2 - Citic Securities maintains a "Buy" rating for Xiaomi Group-W (01810.HK), reporting a significant increase in automotive business revenue, which reached RMB 28.3 billion, a year-on-year growth of 197.9%, marking its first profitable quarter [2] - Citic Securities maintains a "Buy" rating for Kelun-Biotech (06990.HK), emphasizing the company's collaboration with Crescent on ADC and dual antibody development, which includes an upfront payment of USD 80 million and potential milestone payments of up to USD 1.25 billion [3] - Citic Securities maintains a "Buy" rating for Virginie (02199.HK) with a target price of HKD 3.5, reporting a 25.7% year-on-year growth in net profit despite tariff disruptions, driven by strong performance in activewear and new business expansions [4] Group 3 - Tianfeng Securities maintains a "Buy" rating for Jiangnan Buyi (03306.HK), forecasting a revenue and net profit growth of 4.6% and 6.0% respectively for FY25, supported by a growing high-spending membership base [5] - Tianfeng Securities maintains a "Buy" rating for Kelun-Biotech (06990.HK), projecting a narrowing of net losses to a profit of RMB 561 million by 2027, highlighting the potential of its ADC product [6] - Everbright Securities maintains a "Buy" rating for Laopu Gold (06181.HK) with a target price of HKD 804.64, reporting a substantial increase in revenue and net profit for the first half of 2025, driven by the growing market for traditional gold products [7][8]

每经头条（nbdtoutiao）——白金信用卡权益大缩水：贵宾厅限次、酒店减量⋯⋯银行吐槽没赚头，"羊 毛党"薅了个寂寞 （记者 王晓波） 每经AI快讯，英思特发布公告称，2025年12月10日，英思特接受中信证券股份有限公司调研，公司董 事会秘书范立忠先生、IR及综合专员吕淑诣参与接待，并回答了投资者提出的问题。 ...

中信证券表示，2026年，预计供应释放引发的电量市场供需矛盾将进一步加剧；根据测算，电量市场新 平衡拐点或在2028年出现；电力系统容量短缺问题显现，系统正临近容量不足矛盾加速爆发的时点，储 能发展迎来长期关键支撑；预计2026年，供需宽松和改革推动电价下行风险加大，其中水电具备更强抗 周期下行能力。 中信证券表示，2026年，预计供应释放引发的电量市场供需矛盾将进一步加剧；根据测算，电量市场新 平衡拐点或在2028年出现；电力系统容量短缺问题显现，系统正临近容量不足矛盾加速爆发的时点，储 能发展迎来长期关键支撑；预计2026年，供需宽松和改革推动电价下行风险加大，其中水电具备更强抗 周期下行能力。 ...

中信证券发布研报称，受行业大环境和企业运营决策取舍的影响，巨子生物(02367)双十一销售承压， 下调2025年收入、利润预测;同时，公司品牌资产扎实，运营存在结构性亮点。展望未来，公司短、中 长期思路清晰，可复美制定百亿收入目标并从产品/运营/渠道上制定了清晰的规划，可丽金推新的同时 将进行品牌重塑，可预有望打造第二个OTC爆款品牌。调整2025年收入和利润预测分别至54.9亿元/19.3 亿元，调整经调归属净利润预测至19.8亿元，给予2026年20x PE，目标价44港元，维持"买入"评级。 ...

Core Viewpoint - CITIC Securities reports that due to industry environment and corporate operational decisions, Juzhi Biotechnology (02367) faces sales pressure during the Double Eleven shopping festival, leading to a downward revision of revenue and profit forecasts for 2025 [1] Group 1: Financial Forecasts - The revenue forecast for 2025 has been adjusted to 5.49 billion yuan, and the profit forecast has been revised to 1.93 billion yuan [1] - The adjusted net profit attributable to shareholders is projected to be 1.98 billion yuan [1] Group 2: Brand and Operational Insights - The company has solid brand assets and structural operational highlights, indicating potential for future growth [1] - The company has a clear short, medium, and long-term strategy, with a goal to achieve 10 billion yuan in revenue and a well-defined plan across products, operations, and channels [1] - Keli Jin is expected to undergo brand rejuvenation while launching new products, aiming to create a second OTC blockbuster brand [1] Group 3: Valuation and Rating - A price-to-earnings ratio of 20x is assigned for 2026, with a target price set at 44 HKD [1] - The rating is maintained at "Buy" [1]

行业费率结构在经历痛苦转型后趋于健康。以销售驱动的粗放型发展模式 在2020-2021年造成了高换手率、高投资成本以及投资者适当性管理不足等问题。 随着行业降费以及一系列旨在协调财富管理机构、基金管理人和投资者利益的改 革推进，财富管理机构（销售渠道）与销量挂钩的收入占比已从2021年的70%以 上降至2024年的 35%。转型不无代价：从2021到2024 年行业收入骤降 28%至人 民币 2,820 亿元。积极的一面是，我们认为行业已触底，预计 2025 年手续费收入 大盘可实现 3% 增长。 得益于家庭金融资产 7.6% 的年复合增速（至2030年），公募行业发展前景依然 广阔。主要驱动力来自于中国家庭持续积累金融财富的需求：虽然中国人均 GDP 已达美国的六分之一，但人均家庭金融资产仅为美国的十二分之一。公募基金与 其他非存款类金融资产相比有很强的配置优势，包括其普惠性、专业的股票投资 能力，并受益于财富管理机构服务能力的提升。我们的情景分析显示，即使考虑 到 2026 年可能出现的第三阶段降费，行业收入大盘仍有望在 2025 和 2026 年企 稳，到 2027 和 2028 年恢复至 10% 的增 ...