每经头条（nbdtoutiao）——处方药变"瘾品"：国内首次报告普瑞巴林滥用致成瘾病例，网络平台暴 露"无病历可购药"漏洞，列管与否尚需科学考量 （记者 曾健辉） 每经AI快讯，威力传动（SZ 300904，收盘价：66.51元）发布公告称，2025年12月9日，威力传动接受 中信证券调研，公司副总裁、董事会秘书周建林先生参与接待，并回答了投资者提出的问题。 2025年1至6月份，威力传动的营业收入构成为：风电齿轮箱占比98.23%，其他产品占比1.77%。 截至发稿，威力传动市值为48亿元。 ...

作者丨彭鑫 编辑丨安安 12月9日，中信证券指出，2025年12月1日《电动自行车安全技术规范》（GB17761-2024）全面落地， 《外卖平台服务管理基本要求》（GB/T46862-2025）次日实施，行业正式进入"新新国标"阶段。当前市 场争议本质是"标准先行、配套跟进"的阶段性阵痛，随着道路建设、分级管控、商用速度限制等配套措 施落地，安全与实用的失衡料将逐步化解。 行业集中度提升与高端化趋势共振，头部企业凭借合规先发优势、产品创新能力及渠道壁垒料将持续受 益，上游安全材料、中游头部整车及下游配套服务赛道迎来结构性投资机会。 ...

当前产业相关方关于"豆包手机"的系统安全、信息隐私&合规、生态主导权争夺、利益分配不明等方面 仍存在分歧与争议，虽然这一款搭载豆包手机助手的新机并不完美，但仍值得高度重视。参考汽车产 业，自动驾驶落地过程中面临了比当前AI手机更多的质疑和困难，但在远期光明前景驱动下已成为各 家车企核心战略投入方向；对于手机产业也有类似结论，AI手机有望为手机产业带来更广阔的发展空 间，同时也有可能改变商业模式、价值链以及生态格局，豆包的入局意味着各大手机厂商都必须进一步 加快拥抱AI的节奏以取得更有利的竞争态势。此外，中信证券认为"豆包+努比亚"的合作可类比汽车领 域"华为+赛力斯"的成功案例，大模型厂商有望为手机厂商提供更强大的大模型能力+生态助力，进而 加速能进一步优化消费者体验的AI手机爆款产品加速落地。 本文来自格隆汇专栏：中信证券研究 作者：徐涛 胡叶倩雯 夏胤磊 梁楠 AI手机是手机大厂高度重视的下一个重大变革，豆包等三方大模型厂商看重手机在端侧AI时代作为核 心硬件载体亦积极入局，2025年底豆包与努比亚联合发布搭载豆包手机助手的AI手机产品，具备系统 级智能体+高权限+跨应用执行能力，中信证券认为其重大意义可 ...

Core Viewpoint - The speech by the Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, on December 6, signals a clear intention from the management to activate the capital market through reforms and relaxation of leverage limits for quality brokerages [1][3]. Regulatory Signals - The CSRC aims to deepen market reforms, focusing on high-quality development and enhancing core competitiveness and market leadership [3]. - There will be a differentiated regulatory approach for small and foreign brokerages, while strict regulations will be enforced on problematic firms [3]. - The total assets of securities companies have reached 14.5 trillion yuan, with net assets growing over 40% in the past four years [3]. Market Reaction - Following the announcement, brokerages in both A-share and Hong Kong markets saw significant gains, with notable increases in stocks like Industrial Securities and Huatai Securities [2]. - Despite a modest increase of only 1.06% in the brokerage sector this year, the potential for a "catch-up" rally is anticipated due to clear reform signals and low price-to-book ratios [2]. Leverage and Competition - The current margin trading balance has reached 2.5 trillion yuan, and an increase in leverage limits could significantly enhance brokerage profits [6]. - The industry is expected to shift from a focus on scale and market share to capital efficiency and risk pricing capabilities over the next 3-5 years [6]. Structural Changes - The brokerage industry has undergone a transformation in business structure and profitability, moving away from reliance on commission income due to intense competition [8][9]. - The new role of brokerages is as key players in the financial ecosystem, requiring a multi-faceted approach to market dynamics [9]. Performance Metrics - The securities sector is experiencing a recovery in performance metrics, with a projected increase in annualized ROE from 5.45% in 2023 to 7.5% by Q3 2025 [10]. - The revenue of 42 listed brokerages reached 419.56 billion yuan in the first three quarters of 2025, a year-on-year increase of 42.55% [14]. Valuation and Investment Opportunities - The current price-to-book ratio for the brokerage sector is at 1.47, indicating significant potential for valuation recovery compared to historical highs [14]. - The brokerage ETF (159842) has seen a substantial increase in assets, making it a more efficient investment tool for capturing industry trends [18]. Conclusion - The evolving landscape of the brokerage industry, driven by regulatory changes, performance improvements, and new valuation logic, presents a compelling narrative for investors [17][18].

中信证券研报认为，结合全球"两机"（航空发动机和燃气轮机）OEM与国内配套供应商在近期的财报 表现，梳理目前的燃机订单和产能情况，经中信证券测算，预计至2028年全球燃机的供需逐步实现平 衡。在未来主要OEM的新一轮扩产周期中，我国供应链将充分且持续受益于下游订单与交付的高景气 度。燃气轮机行业受益于海外AIDC建设带来的用电供需紧张、后市场维保的快速起量，有望持续保持 较高的产业景气度。 ...

中信证券主要观点如下： 背景：手机创新趋缓，AI手机是万众期待的下一个重大变革。 单纯手机硬件参数提升对手机换机拉动力持续削弱，根据TechInsights数据及预测，智能手机的平均年 换机率从此前高点30%~60%(不同地区)逐步收敛下降至2024年全球23.7%(对应换机周期约 51 个月)。作 为全球覆盖用户数量最多的、用户每日高频使用的智能终端，如信息&事项汇总与整理、简单&机械任 务执行等场景中手机用户存在从碎片化、繁杂用机流程中解放精力的迫切需求，在此背景下，以AI Agent来改造智能手机现有用户交互方式成为手机产业万众期待的下一个重大变革，也有望成为拉动下 一波手机换机浪潮的重要驱动力。 现状：手机大厂高度重视，大模型厂商正积极入局AI手机市场。 国内外手机大厂已把AI手机作为核心战略方向，2023~2025年陆续推出AI手机助手、AI修图、智能语音 助手、多模态交互等丰富AI功能以追求产品差异化体验;然尚未实现消费者体验的突破性改善。与此同 时，第三方大模型厂商看好手机作为端侧AI时代核心硬件载体，正通过合作赋能等方式参与加速手机 AI化进程，根据Canalys统计，截至2024年底国内头部 ...

Summary of Conference Call Notes Industry and Company Involved - **Industry**: Chinese Brokerage Industry - **Key Companies Mentioned**: - China International Capital Corporation (CICC) - CITIC Securities - China Galaxy Securities - GF Securities - Huatai Securities - Orient Securities Core Points and Arguments 1. **Supportive Measures for A-share Market**: - CSRC Chairman Wu Qing's speech on December 6 indicated a policy direction to build a first-class investment bank through mergers and acquisitions and sector consolidation, alongside relaxing capital requirements for selective brokers [1][5] 2. **Performance Assessment Guidelines**: - New guidelines announced by the Asset Management Association of China aim to align mutual fund managers' incentives with long-term fund performance, requiring significant reinvestment of performance-based compensation [2][5] - Fund managers face salary cuts if they underperform benchmarks significantly, promoting a focus on long-term performance [2][5] 3. **Earnings Growth Expectations**: - China brokers are expected to deliver robust earnings growth of 43% in 2025 and 14% in 2026, with projected ROE of 9.2% and 9.7% respectively, driven by strong A-share market performance [5] - Brokers with high leverage ratios, such as CICC, CITICS, and Orient, are anticipated to benefit more from potential capital ratio relaxations [5] 4. **Market Valuation**: - Covered H-share China brokers have seen a correction of -11% since the end of October, currently trading at 0.77x 2026 P/B, which is viewed as attractive [5] - The expectation of stabilizing fee rates post-sector consolidation could further enhance brokers' ROE, potentially leading to a re-rating of their valuations [5] 5. **Top Picks**: - Orient Securities is highlighted as a top pick due to its favorable positioning in the current market environment [1][5] Other Important but Possibly Overlooked Content - **Long-term Performance Focus**: - The new guidelines emphasize long-term indicators in key performance indicators (KPIs) for fund managers, with a significant portion of their performance metrics tied to long-term returns [2][5] - **Impact of Regulatory Changes**: - The ongoing NFAR policies are designed to encourage insurers to invest more long-term funds into the A-share market, which could further support the brokerage sector [1][5] - **Leverage Ratios**: - The leverage ratios for covered China brokers are expected to increase, which could enhance their profitability and market competitiveness [5][7]

中信证券研报认为，OpenAI正寻求设立、投资或者并购一家火箭公司，目的是在太空算力领域和马斯 克竞争。美国科技巨头陆续开始布局空间算力，投资界也开始认识到其巨大商业价值。随着中国星网和 G60千帆星座先后进入批量化发射阶段，以及海南商业航天发射场和商业运载火箭的投入使用，大运 力、低成本趋势正引领商业航天开启新时代，同时空间算力也进一步打开行业天花板，万亿市场规模的 新赛道即将扬帆起航，为相关产业链带来巨大的发展契机。 ...

Core Insights - The 2025 Innovative Drug High-Quality Development Conference will be held on December 7, 2025, in Guangzhou, where the National Healthcare Security Administration will release the 2025 National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog, along with the Commercial Health Insurance Innovative Drug Catalog [1] Group 1 - A total of 114 drugs were successfully included in the basic medical insurance catalog, which includes 50 Class 1 innovative drugs, achieving a success rate of 88%, the highest negotiation success rate in nearly seven years [1] - The first version of the commercial insurance catalog includes 19 products, among which 5 are CAR-T products [1] - Continuous policy support and encouragement from the government for innovative drugs, along with the parallel operation of basic medical insurance and commercial insurance, is expected to diversify payment methods and gradually enhance the returns for innovative drug companies [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 中信证券研究 文|付宸硕 陈卓 刘意 张清源 江李瑞麟 据福克斯新闻报道，OpenAI正寻求设立、投资或者并购一家火箭公司，目的是在太空算力领域和马斯 克竞争。美国科技巨头陆续开始布局空间算力，投资界也开始认识到其巨大商业价值。随着中国星网和 G60千帆星座先后进入批量化发射阶段，以及海南商业航天发射场和商业运载火箭的投入使用，大运 力、低成本趋势正引领商业航天开启新时代，同时空间算力也进一步打开行业天花板，万亿市场规模的 新赛道即将扬帆起航，为相关产业链带来巨大的发展契机。 ▍OpenAI拟布局火箭，与马斯克开展算力竞争。 据福克斯新闻报道，OpenAI CEO山姆·奥特曼正寻求设立、投资或者并购一家火箭公司，目的是在太空 算力领域和马斯克竞争。目前OpenAI已与可回收火箭公司Stoke Space接触。Stoke Space是由蓝色起源 前员工创立，专注于全流量分级燃烧引擎技术研发，近期完成5.1亿美元D轮融资，本轮融资由美国创新 技术基金（USIT）领投，此外公司还从硅谷银行获得1亿美元信贷额度，公司累计融资总额已接近10亿 美 ...