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分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：6066） 劉 成 中國北京 2025年11月18日 於 本 公 告 日 期，本 公 司 執 行 董 事 為 劉 成 先 生 及 金 劍 華 先 生；本 公 司 非 執 行 董 事 為 李 岷 先 生、朱 永 先 生、閆 小 雷 先 生、王 廣 龍 先 生、楊 棟 先 生、華 淑 蕊 女 士 及 王 華 女 士；以 及 本 公 司 獨 立 非 執 行 董 事 為 浦 偉 光 先 生、賴 觀 榮 先 生、張 崢 先 生、吳 溪 先 生 及 鄭 偉 先 生。 关于延长中信建投证券股份有限公司 2025 年面向专业投资者 公开发行永续次级债券（第六期）簿记建档时间的公告 经中国证券监督管理委员会"证监许可〔2025〕1336号"文注册， 中信建投证券股份有限公司（以下简称"发行人"）获准 ...

Core Viewpoint - The launch of the "Second 21st Century Gold Medal Investment Advisor" case collection activity reflects the profound restructuring of China's capital market ecosystem, driven by multiple policy incentives and the growing importance of buy-side investment advisory as a competitive arena [1][2]. Group 1: Event Overview - The event aims to highlight professional and warm investment advisory teams and excellent fund advisory cases, with a new category for "AI Investment Advisory" introduced to enhance industry development [1][2]. - The project has received submissions from leading institutions such as CITIC Securities, ICBC Credit Suisse Asset Management, Ant Group, and Dongwu Securities, covering key areas of funds, securities, and third-party advisory [1][4]. Group 2: Evaluation Criteria - The evaluation system for the "Fund Advisory Excellent Cases" focuses on the completeness of business structure, professionalism in team building, effectiveness in guiding investor behavior, and depth of customer service [2]. - The "21st Century Gold Medal Investment Advisor" series maintains an evaluation logic of "30% investment, 70% advisory," ensuring objectivity and authority in the selection process [2]. Group 3: AI Investment Advisory - The addition of the "AI Investment Advisory" category responds to the trend of deep integration between financial technology and asset management, encouraging institutions that successfully apply AI in advisory practices to enhance service efficiency and user experience [3]. Group 4: Industry Participation - Numerous leading institutions are actively participating in the case collection, contributing high-quality case resources and showcasing the forefront trends in buy-side advisory development [4]. Group 5: Project Impact and Reporting - The project team is conducting a thorough review of the submitted materials, with the involvement of guiding units to ensure fairness and authority in the evaluation process [5]. - The event will leverage the media group's extensive platform for maximum outreach and impact, including in-depth reports, exclusive interviews, and data analysis to enhance understanding of the advisory industry's current state and future trends [5].

Group 1: Event Overview - The "Market Value Management: Policy Interpretation and Implementation Path" closed-door salon was successfully held in Beijing, organized by Financial界 Group, gathering experts from leading financial institutions and over thirty executives from various sectors [1] - The event focused on discussions around market value management, featuring insights from senior experts and scholars [1][3] Group 2: Strategic Directions - CITIC Securities aims to establish itself as a "value investment bank, new quality investment bank, and digital investment bank," providing comprehensive financial services throughout the enterprise lifecycle [3] - Financial界 Group emphasizes its role as a leading financial information service platform, aiming to connect high-quality financial institutions and listed companies for more precise and efficient value services [4] Group 3: Economic Insights - A macroeconomic analysis highlighted that China is undergoing a transition between old and new driving forces, with traditional industries facing challenges while emerging fields like AI present significant opportunities [7] - The M&A market in China shows signs of stabilization and recovery, particularly after new policies have increased the activity of major asset restructurings [7] Group 4: Practical Discussions on Market Value Management - The discussion on market value management revealed that companies now have more tools for managing their market presence, with a focus on compliance and policy evolution regarding share buybacks and increases [8] - Executives shared experiences on balancing investor relations and market value maintenance, emphasizing the need for effective communication with regulators and investors [9][11] Group 5: Future Directions and Collaboration - The importance of information dissemination in market value management was underscored, with Financial界 developing AI-based tools to enhance investor relations and market communication efficiency [22] - Participants acknowledged that market value management has entered a new phase of systematization and standardization, requiring collaborative efforts and a deep understanding of policies and rules [22]

Core Viewpoint - Tianfu Communication's net profit attributable to shareholders reached 1.465 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 50.07% [1] - The net profit for the third quarter alone was 566 million yuan, showing a year-on-year growth of 75.67% and a quarter-on-quarter increase of 0.80% [1] Financial Performance - The company's performance in the third quarter showed a slowdown compared to previous quarters, primarily due to a shortage of upstream materials for EML optical chips [1] - Despite the short-term challenges, the long-term trend of increasing demand for optical device products driven by artificial intelligence development remains intact [1] Future Outlook - As the shortage of raw materials gradually eases, the company's 1.6T optical engine is expected to ramp up production quickly [1] - The company has established multiple products and customer layouts in the CPO field, which is likely to provide a first-mover advantage [1] Investment Rating - The report maintains a "Buy" rating for the company [1]

Core Viewpoint - NewEase's net profit attributable to shareholders for the first three quarters of 2025 reached 6.327 billion, representing a year-on-year increase of 284.38% [1] - The company expects to maintain high growth momentum in the fourth quarter and next year due to strong demand and order visibility [1] Financial Performance - The net profit attributable to shareholders for the first three quarters was 6.327 billion, with a year-on-year growth of 284.38% [1] - The non-recurring net profit attributable to shareholders was 6.301 billion, reflecting a year-on-year increase of 283.27% [1] - The growth rate in the third quarter showed a sequential decline, primarily due to changes in the shipment schedule of certain products [1] Market Position and Outlook - The company has strong competitiveness in the high-speed optical module sector and is making breakthroughs with overseas clients [1] - In the context of a thriving computing power industry, the company is expected to benefit significantly [1]

Core Viewpoint - The company, Lanjian Intelligent (688557), is actively expanding its overseas market presence and has a strong order backlog across various industries, while also focusing on technological innovation and self-research capabilities in its product offerings [1][3][10]. Group 1: Overseas Market Expansion - The company is expanding its overseas market through three main strategies: participating in international logistics exhibitions, following domestic companies that establish overseas factories, and collaborating with multinational projects [2]. - It has established three overseas subsidiaries in Germany, the United States, and Hungary to better serve global customers [2]. Group 2: Order Situation and Industry Applications - The company has a robust order backlog, with its intelligent logistics systems applied in multiple sectors including semiconductors, new energy, aerospace, petrochemicals, automotive, food and beverage, electronics, tobacco, pharmaceuticals, e-commerce, and engineering machinery [3]. Group 3: Technological Development - The company has partnered with Shandong University to establish a "Logistics Embodied Intelligent Robot Research Institute" to accelerate the development and commercialization of humanoid robots in logistics [4]. - The company closely monitors trends in humanoid robot technology and evaluates the maturity and application scenarios of related technologies [4]. Group 4: Product Development and Manufacturing - All intelligent logistics robots are independently developed and manufactured by the company, with over 80% of the products being self-researched and produced [5]. Group 5: Financial Performance - In Q3 2025, the company's gross margin was 26.80%, a decrease of 1.68 percentage points year-on-year, influenced by varying gross margins across different industries [6]. - The company reported a revenue of 1.131 billion yuan for the first three quarters of 2025, a year-on-year increase of 35.68%, and a net profit of 93.75 million yuan, up 47.54% year-on-year [10]. Group 6: Competitive Advantages - The company's competitive advantages include a fully self-researched and manufactured product line, technological innovation that enhances product performance and quality, and innovative solutions tailored to market needs [8]. Group 7: Client Base - The company provides logistics solutions to over 1,000 clients across various industries, including home appliances, new energy, automotive, and large-scale retail [9].

Market Overview - A-shares opened lower with all three major indices declining: Shanghai Composite Index down 0.24%, Shenzhen Component Index down 0.31%, and ChiNext Index down 0.51% [1] Institutional Insights - CITIC Securities highlights a surge in energy storage orders, maintaining a bullish outlook on lithium batteries and energy storage. A significant contract of 200GWh over three years was signed between Haibosi and CATL, confirming the tight supply of energy storage batteries. The firm anticipates excess profits in downstream investment operations to be passed upstream through price increases in materials, batteries, and integration [2] - The firm continues to favor materials, particularly 6F, iron lithium, anode, diaphragm, and battery segments. Key points to monitor include: 1) Seasonal production peaks leading to supply shortages and rising prices for materials and energy storage batteries 2) Clarity on demand for 2026 as downstream procurement and long-term contracts are established in October and November 3) Changes in pricing models [2] Consumer Sector Analysis - Galaxy Securities notes that the correlation between the consumer sector and major online promotions like Double Eleven will gradually decrease. The industry should focus on the medium to long-term consumption goals outlined in the 14th Five-Year Plan, with optimism regarding overseas business development in 2026. The firm suggests paying attention to high-dividend quality companies during the market style switch (from high to low) and identifying companies with alpha potential in various sub-sectors [3] Property Management Outlook - CICC's 2026 outlook for property management indicates that changes in the internal and external environment are driving companies towards a more sustainable operational model characterized by moderate changes in volume and price, along with relatively stable cash flows. In the short term, companies are still in a phase of revenue and profit growth driven by scale expansion, with cash collection facing slight pressure and a continued increase in dividend intentions. The firm recommends high-quality targets with stable performance, strong cash flow, and high dividend yields [4]

Core Viewpoint - The report from CITIC Securities indicates a confirmed shortage of energy storage batteries following a significant three-year contract of 200 GWh signed between Haibo Sichuang and CATL, highlighting the growing demand in the energy storage sector [1] Group 1: Market Dynamics - The excess profits in the downstream investment and operation of energy storage will be transferred to the materials, battery, and integration sectors through price increases as demand surges [1] - The lithium battery industry chain exhibits considerable elasticity, suggesting potential for profit growth across various segments [1] Group 2: Investment Opportunities - CITIC Securities continues to favor materials, particularly 6F, iron lithium, anode, separator, and battery segments, indicating strong investment opportunities in these areas [1] - The upcoming peak production season is expected to lead to a supply-demand imbalance for materials and energy storage batteries, resulting in continuous price increases [1] Group 3: Future Outlook - With downstream procurement and long-term contracts expected in October and November, demand for 2026 is becoming increasingly clear [1] - Changes in pricing models are anticipated, which may further impact market dynamics and profitability [1]

Core Viewpoint - The report from CITIC Securities on November 18 highlights the continuous advancements in the domestic humanoid robot industry, indicating a positive outlook for the sector as it approaches a critical phase of development [1] Industry Summary - The domestic supply chain for humanoid robots is making significant progress in capital operations, order fulfillment, and application implementation [1] - The humanoid robot industry is on the verge of realizing its potential, with key developments such as Tesla's Gen3 model finalization and mass production expected to support market expectations [1] - The finalization of Tesla's Optimus is anticipated to drive convergence in hardware technology pathways, suggesting a maturation of the sector [1] - The industry is expected to transition into a phase of distinguishing genuine advancements from superficial claims [1] Company Summary - Yushun Technology has completed its IPO counseling, indicating a step forward in its market positioning [1] - UBTECH has secured large orders for humanoid robots, reflecting growing demand and confidence in the sector [1] - The focus is on companies with certainty in the T-chain and domestic supply chains, while also monitoring new developments in dexterous hands and related areas [1]

Group 1 - The market experienced weak fluctuations yesterday, with the Shanghai and Shenzhen stock exchanges' trading volume at 1.91 trillion, a decrease of 47.3 billion compared to the previous trading day. The energy metals, military, and AI application sectors saw the largest gains, while precious metals and pharmaceuticals faced the most significant declines. The Shanghai Composite Index fell by 0.46%, the Shenzhen Component Index by 0.11%, and the ChiNext Index by 0.2% [1] Group 2 - CITIC Securities indicated that the recent signing of a 3-year 200GWh contract between Haibo Sichuang and CATL confirms the tight supply of energy storage batteries. They believe that excess profits in the downstream investment and operation of energy storage will be passed on to the materials, batteries, and integration sectors through price increases as demand surges. The lithium battery supply chain shows significant elasticity, with a focus on materials such as 6F, iron lithium, anode, separator, and battery segments [2] - The company anticipates a peak production season where materials and energy storage batteries will be in short supply, leading to continuous price increases. With downstream procurement and long-term guidance in October and November, demand for 2026 is becoming clearer, and pricing models are changing [2] Group 3 - Galaxy Securities noted that the correlation between the consumer sector and major online promotions like Double Eleven will gradually decrease. The consumer industry should focus on the medium to long-term goals outlined in the 14th Five-Year Plan, with short-term attention on policies related to consumption in December 2025 for 2026. They hold an optimistic view on the development of overseas business for the consumer sector in 2026, emphasizing high-dividend quality companies during the market style transition [3] Group 4 - CICC released a 2026 outlook for property management, suggesting that changes in the internal and external environment are driving the industry's operating model towards a healthier and more sustainable direction characterized by moderate changes in volume and price, along with relatively stable cash flow. In the short term, companies are still in a phase of revenue and profit growth driven by scale expansion, with slightly pressured cash returns and a continuous increase in dividend willingness. They recommend high-quality stocks with stable performance, strong cash flow, and high dividend yields [4]