Core Viewpoint - The report from CITIC Securities emphasizes a strong recommendation for the energy storage sector, highlighting the favorable fundamentals of the lithium battery industry and the current catalysts driving growth [1] Summary by Relevant Sections Energy Storage Sector - The domestic energy storage economics are reaching a turning point, driven by the full market entry of renewable energy, which is widening the peak-valley electricity price difference [1] - The introduction of capacity electricity pricing policies is enhancing the internal rate of return (IRR) for energy storage [1] - From January to September, domestic bidding has increased by 88% year-on-year [1] Overseas Market Dynamics - The initiation of the MACSE mechanism in Italy and significant power shortages in U.S. data centers are creating a favorable environment for solar plus storage solutions, which remain an irreplaceable and rapidly scaling energy form [1] - Overseas production capacity is expected to avoid some tariffs, further supporting market growth [1] Lithium Battery Industry - The current period is characterized by multiple catalysts for the lithium battery sector, with a peak production season leading to increased demand for materials and energy storage batteries, resulting in rising prices [1] - Demand clarity is expected to improve by 2026, with significant growth observed in the third quarter both sequentially and year-on-year [1] - The report continues to favor opportunities in materials, particularly in 6F, iron lithium, and battery segments [1]

Group 1: Energy Storage - The company continues to recommend the energy storage sector, highlighting a turning point in domestic energy storage economics and a consistent resonance in overseas solar-storage parity [1][2] - Domestic drivers include the full market entry of renewable energy, which expands the peak-valley electricity price difference, along with the introduction of capacity price policies that enhance energy storage IRR [1][2] - From January to September, domestic bidding increased by 88%, and overseas mechanisms like Italy's MACSE are starting, with significant electricity shortages in US data centers, making solar plus storage an irreplaceable energy form [1][2] Group 2: Lithium Battery - The lithium battery sector experienced a significant drop, attributed to market speculation regarding export control policies, but the actual impact is seen as neutral, potentially benefiting overseas industries and batteries [2] - The company remains optimistic about the industry's fundamentals and current catalysts, noting a supply-demand imbalance for materials and energy storage batteries, leading to rising prices [2] - The demand outlook for 2026 is becoming clearer, with Q3 lithium battery performance showing notable growth both year-on-year and quarter-on-quarter [2] Group 3: Photovoltaics - Following the implementation of the Shandong pricing mechanism, industry demand expectations are weak, with the core issue being the internal competition policy [3] - Recent government documents have intensified efforts to address sales below cost, and current prices in the silicon wafer, battery, and module sectors indicate some losses [3] - The focus will be on the progress of silicon material capacity integration and the pricing situation of modules, with a preference for leading companies with technological, cost, and brand advantages [3] Group 4: Wind Power - The company maintains a positive outlook on the wind turbine sector, noting that the average bidding price for land-based wind turbines has increased to 1734 RMB/KW, which is 16% higher than the average price for 2024 [3] - The rising bidding prices are a key observation indicator for the wind turbine sector, which has remained high since November of the previous year [3] Group 5: Power Equipment - There is a surge in sentiment for AIDC-related and undervalued export stocks, driven by rapid growth in AIDC leading to increased electricity demand [3] - High-voltage equipment bidding is expected to catalyze renewed interest, and the export market remains robust, with a 45% increase in domestic transformer exports from January to August 2025 [3] - Companies in the power equipment sector have sufficient orders on hand, indicating high certainty and good cost-performance ratios [3] Group 6: Hydrogen Energy - The green methanol theme is gaining traction ahead of the upcoming IMO vote, with a high probability of passage and significant long-term potential [4] - The US is initiating countermeasures against other member countries, with the outcome of the vote being a key focus for marginal changes [4] Group 7: Robotics - The robotics sector has seen a notable pullback due to the Q3 earnings window and changes in market sentiment, despite the release of Figure AI's Figure03 [4] - The company anticipates multiple catalysts in Q4, with a focus on the release and production planning of Optimus Gen3, alongside key events like Tesla's Q3 earnings call and shareholder meeting [4] - The company is optimistic about supply chain stability and significant hardware changes in the domestic market, particularly in specialized applications for robotic dogs and robots [4]

Core Viewpoint - The report from CITIC Construction Investment emphasizes a strong recommendation for the energy storage sector, highlighting the favorable fundamentals of the lithium battery industry and multiple catalysts at the current moment [1] Summary by Relevant Categories Energy Storage Sector - The economic viability of energy storage in China is reaching a turning point, driven by the comprehensive entry of renewable energy into the market, which is widening the price gap between peak and valley electricity [1] - The introduction of capacity pricing policies is enhancing the Internal Rate of Return (IRR) for energy storage [1] - From January to September, domestic bidding in the energy storage sector has increased by 88% year-on-year [1] Lithium Battery Industry - The current environment presents multiple catalysts for the lithium battery industry, with a peak production season leading to a supply-demand imbalance for materials and energy storage batteries, resulting in continuous price increases [1] - Demand for lithium batteries is expected to become increasingly clear by 2026, with significant growth observed in Q3 both sequentially and year-on-year [1] - The report expresses optimism regarding materials, particularly 6F, iron-lithium, and battery segments [1] International Market Dynamics - The activation of the MACSE mechanism in Italy and the significant power shortage in data centers in the United States are contributing to the continued relevance of solar plus storage as a rapidly scalable energy solution [1] - It is anticipated that overseas production capacity will be able to circumvent some tariffs [1]

Core Views - The article emphasizes the importance of maintaining a delicate balance in China-US relations while encouraging companies to pursue overseas expansion despite external disturbances [1][5] - It highlights the potential investment opportunities in the Chinese bond market due to the global shift towards monetary easing [18] Section Summaries Government Policies - The Ministry of Transport announced a special port fee for American vessels starting October 14, 2023, as a countermeasure against US restrictions on Chinese shipbuilding [3] Equity Market - CITIC Securities suggests that resource security, overseas expansion, and technological competition are key structural trends, with a focus on mitigating external disturbances [5] - Hua'an Fund notes that the trend of de-dollarization and unresolved political risks in Europe and the US continue to support gold, recommending a long-term allocation of 5% to 15% in investment portfolios [6] - CITIC Jiantou Securities identifies four main macro trading themes for October, including US government shutdown and RMB internationalization, predicting an upward trend in gold prices and a weakening dollar index [7] Industry Research - Huaxia Fund anticipates that Hong Kong tech stocks will continue to rise, driven by AI catalysts and attractive valuations [12] - Morgan Stanley Fund expects a rebound in financial stock valuations due to improved profitability in the Chinese financial sector [13] - Huatai Securities predicts that copper prices may strengthen due to production cuts at the Grasberg copper mine [14] Bond Market - CICC's fixed income team believes that the global trend of declining interest rates will create favorable conditions for the Chinese bond market [18] - Xinda Securities suggests maintaining a moderate leverage strategy in high-grade credit bonds while focusing on opportunities in the bond market [19] - Huayuan Securities advises against overly aggressive credit allocation strategies in the current low-interest-rate environment [20] Asset Allocation - Guolian Minsheng Investment advises focusing on high-growth sectors like batteries and semiconductors while considering low-position opportunities in resource stocks [22]

Core Insights - The North Exchange 50 Index has seen a year-to-date increase of over 45%, benefiting actively managed equity funds focused on stocks from the North Exchange [1] - The North Exchange market is characterized by small market capitalization, specialized and innovative companies, and high elasticity, allowing for aggressive investment strategies while being cautious of volatility [1][3] - The manager of the CITIC Construction Investment North Exchange Selected Two-Year Open Mixed Fund, Cold Wenpeng, reported a return of over 110% year-to-date, ranking in the top 20 among over 4,500 similar funds, with excess returns exceeding 90% [2] Market Characteristics - The North Exchange focuses on innovative small and medium-sized enterprises, closely tracking cutting-edge industrial technologies, which provides greater elasticity compared to other markets [3] - Despite the market's development and expansion potentially leading to reduced overall volatility, the future growth potential and stock price elasticity remain promising [3] Investment Strategy - The investment approach emphasizes a balance between offense and defense, focusing on selecting reasonably valued, high-growth companies while managing portfolio volatility [4] - The fund manager aims for stable returns by controlling portfolio fluctuations, especially during market downturns, and seeks to provide a relatively smooth investment experience for investors [4] - The investment strategy includes prioritizing high-growth companies with reasonable valuations and diversifying across different sectors to mitigate risks [4] Future Outlook - The North Exchange is expected to continue its rapid growth, with an increase in the number and quality of companies, enhancing market activity and long-term investment potential [5] - The current market environment shows a narrow range of fluctuations, with a decrease in individual stock bubbles, indicating an increase in companies with investment value [5] - Future investment directions will focus on innovation, consumption, dividends, and turnaround opportunities, with specific attention to sectors like artificial intelligence, smart driving, defensive assets, and industries poised for recovery [6]

Core Insights - The North Exchange 50 Index has seen a year-to-date increase of over 45%, benefiting actively managed equity funds focused on stocks from the North Exchange [1] - The manager of the CITIC Construction Investment North Exchange Selected Two-Year Open Mixed Fund, Cold Wenpeng, reported a year-to-date return exceeding 110%, ranking in the top 20 among over 4,500 similar funds, with excess returns surpassing 90% [2] - The North Exchange is characterized by small and micro-cap stocks, specialized and innovative companies, and high elasticity, which provides significant investment opportunities [3] Fund Performance - The CITIC Construction Investment North Exchange Selected Two-Year Open Mixed Fund had a stock allocation close to 90% by the end of Q2, with nearly 70% of the portfolio invested in the manufacturing sector [2] - Since Cold Wenpeng took over management in July 2024, the fund has achieved a cumulative return rate of over 240% [2] Investment Strategy - The investment approach emphasizes a balance between offensive and defensive strategies, focusing on selecting reasonably valued, high-growth companies while managing volatility through flexible asset allocation [4] - The fund aims for stable returns by controlling portfolio volatility, especially during market downturns, and employs strategies such as setting target prices for gradual profit-taking [4] Market Outlook - The North Exchange is expected to continue its rapid growth, with an increase in the number and quality of companies, enhancing market activity and long-term investment potential [5] - Despite recent market adjustments, the overall valuation remains relatively high, but the degree of individual stock bubbles has decreased, indicating improved investment opportunities [5] Future Investment Directions - Future investments will focus on four main areas: innovation (e.g., artificial intelligence, smart driving), consumer trends, dividend-paying defensive assets (e.g., banks, utilities), and sectors poised for recovery (e.g., renewable energy) [6]

中信建投证券股份有限公司公告，其全资子公司中信建投（国际）金融控股有限公司的间接全资附属公 司CSCIF Hong Kong Limited于2025年10月8日完成一笔人民币5亿元的中期票据发行，期限364天。中信 建投国际为该票据提供无条件及不可撤销的连带责任保证担保，担保金额为人民币5.10亿元，无反担 保。被担保人CSCIF Hong Kong Limited为特殊目的公司，注册于英属维京群岛，公司通过中信建投国 际间接持有其100%股权。截至公告日，公司及控股子公司对外担保余额为人民币455.70亿元，占最近 一期经审计净资产的42.80%，无逾期担保。本次担保对象资产负债率超过70%，担保风险可控。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 来自【交易信息汇总】：10月10日主力资金净流入2314.84万元，占总成交额3.96%。 来自【公司公告汇总】：CSCIF Hong Kong Limited完成发行人民币5亿元中期票据，期限364天， 由中信建投国际提供担保。 交易信息汇总资金流向 10月10日主力资金净流 ...

Investment Rating - The report maintains an "Overweight" rating for the securities industry [3][8]. Core Views - The securities sector is expected to see a recovery in performance due to active market trading in the third quarter, with valuations currently at reasonable levels, indicating potential for valuation recovery [8][28]. - The average daily stock trading volume in the two markets reached 25,869 billion yuan, a significant increase of 19% week-on-week, reflecting a strong recovery in trading activity post-holiday [6][15]. - In September, the equity financing scale reached 43.7 billion yuan, a year-on-year increase of 109%, indicating robust activity in the investment banking sector [7][20]. Summary by Sections Market Review - The report notes that during the first week after the holiday, the securities sector performed actively, with the broker index rising by 0.5%, outperforming the CSI 300 index by 1 percentage point [5][10]. - The broker index's price-to-book ratio stands at 1.48x, maintaining a level consistent with the previous week and within the 48th percentile of the past decade [5][10]. Industry Weekly Data - **Brokerage Business**: The average daily stock trading volume in September was 23,927 billion yuan, reflecting a month-on-month growth of 5% and a year-on-year increase of 154% [6][15]. - **Investment Banking**: In September, 28 companies engaged in equity financing, with a total financing scale of 437 billion yuan, marking a year-on-year increase of 109% [7][20]. - **Capital Intermediation**: As of October 10, the margin trading balance reached 24,456 billion yuan, a 2.1% increase from the previous period, continuing to set new highs for the year [7][23]. Investment Recommendations - The report suggests focusing on internet brokers with strong beta attributes, such as Zhina Compass, and recommends attention to Jiufang Zhitu Holdings in the Hong Kong market due to their strong performance certainty amid active trading [8][28].

Core Points - The stock price of CITIC Securities (601066) closed at 26.79 yuan on October 10, 2025, down 0.11% from the previous week [1] - The company's total market capitalization is 207.80 billion yuan, ranking 5th in the securities sector and 66th among all A-shares [1] Company Announcements - CITIC Securities announced that its wholly-owned subsidiary, CITIC Securities (International) Financial Holdings Limited, completed the issuance of a medium-term note of 500 million yuan on October 8, 2025, with a term of 364 days [1][3] - CITIC Securities International provided an unconditional and irrevocable joint liability guarantee for the note, amounting to 510 million yuan, with no counter-guarantee [1][3] - As of the announcement date, the total external guarantee balance of the company and its subsidiaries is 455.70 billion yuan, accounting for 42.80% of the latest audited net assets, with no overdue guarantees [1][3] - The guaranteed entity, CSCIF Hong Kong Limited, has an asset-liability ratio exceeding 70%, but the guarantee risk is considered controllable [1][3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The REITs market has been under continuous pressure. Before and after the holiday, the overall performance of the REITs market was weak, with four consecutive trading days of decline. Only the data center sector among the eight major sectors closed up. Market liquidity continued to shrink, and the (weekly) average daily turnover rate has further dropped below 0.3% (excluding the data on the first day of listing), hitting a new low [1]. - As of October 10, 2025, 16 REITs have been successfully issued this year, with a issuance scale of 33.66 billion yuan, a year-on-year decrease of 27.3%. This week, 3 new - issued public REITs and 1 expanded - offering REIT have made new progress [1]. - This week, the CSI REITs Total Return Index closed at 1058.71 points, down 0.54%, underperforming the CSI 300 by 2.00 percentage points and the CSI Dividend by 2.44 percentage points. The CSI REITs Total Return Index has increased by 9.38% since the beginning of the year, underperforming the CSI 300 by 7.95 percentage points and outperforming the CSI Dividend by 9.79 percentage points [1]. 3. Summary According to the Directory 3.1 Primary Market - A total of 3 new - issued public REITs have made new progress. Huaxia Jiaotou Chutian Expressway REIT has been queried, Huaxia Kaide Commercial REIT has been listed, and CITIC Construction Investment Shenyang International Software Park REIT has been priced after inquiry, with an expected fundraising of 1.098 billion yuan. Huaxia China Resources Commercial REIT's expanded - offering shares have been declared [1][12][13]. 3.2 Secondary Market 3.2.1 Market Review - The CSI REITs Total Return Index fell 0.54%. By project attribute, property - type REITs fell 0.55% and franchise - type REITs fell 0.46% this week. By asset type, the data center (+0.36%), environmental protection and water services (-0.18%), park (-0.28%), and warehousing and logistics (-0.34%) sectors performed better [1][14]. 3.2.2 Liquidity - The average daily turnover rates of property - type/franchise - type REITs this week were 0.30%/0.29%, with a change of +0.00/-10.81BP compared with last week. The trading volumes within the week were 222 million/66 million shares, a week - on - week decrease of -19.31%/-41.44%. The data center sector was the most active [1][22]. 3.2.3 Valuation - From the perspective of ChinaBond valuation yields, the yields of property - type/franchise - type REITs were 3.83%/3.98% respectively. The warehousing and logistics (5.31%), transportation (4.86%), and park (4.37%) sectors ranked among the top. The affordable housing sector had a relatively high valuation [1][23]. 3.3 This Week's News and Important Announcements - **News**: On September 23, 2025, the Huashan Scenic Area REITs project is progressing smoothly, and the Shaanxi Provincial Development and Reform Commission introduced the progress of the Xi'an High - tech Zone Industrial Park REITs project, which is expected to be the first in the cultural and tourism field. On September 30, 2025, the Lanzhou National Biomedical Industry Base Innovation Park REITs project officially launched the tendering work for intermediary agencies [29]. - **Announcements**: Several REITs announced dividends and share unlockings. For example, Cinda China Power Construction Clean Energy REIT and Huaxia China Resources Commercial REIT announced their first - time dividends in 2025, and Huaxia Hefei High - tech Industrial Park REIT and China Merchants Shekou Rental Housing REIT announced share unlockings [29].