Group 1 - Global rocket launch frequency has reached new highs for three consecutive years since 2020, indicating unprecedented activity in the aerospace sector [1] - China's low Earth orbit (LEO) satellite construction is lagging behind high-throughput satellites, with the Tian Tong-1 satellite being a mature GEO satellite constellation widely used across various industries [1] - The deployment of two major satellite constellations (GW and G60) in China is set to begin in 2024, marking the start of a new era of regular launches by 2025 [1] Group 2 - SpaceX's acquisition of EchoStar's 50MHz spectrum for $17 billion signifies a strategic positioning in the global direct-to-cell satellite competition, allowing for independent satellite communication capabilities [2][3][4] - This acquisition enables SpaceX to enhance its service capabilities from text to voice and streaming data, aiming to cover remote areas and urban regions through a hybrid model [4][5] - China's policies supporting direct-to-cell satellite development are accelerating constellation networking and commercialization of private rockets, presenting significant opportunities in the commercial aerospace industry [2][6] Group 3 - The construction and operation of giant LEO satellite constellations are characterized by long cycles, high technical integration, and significant risks, with both state-owned and private enterprises in China actively participating [1][17] - The rapid increase in launch frequency for China's GW constellation indicates a shift towards high-density networking, with the interval between launches decreasing significantly [8][10] - The establishment of commercial launch sites in Hainan is expected to enhance the efficiency of commercial rocket launches, with multiple reusable rockets planned for launch [12][29] Group 4 - The commercial aerospace industry in China is projected to enter a rapid development phase, with significant investments and policy support driving the growth of satellite internet and related technologies [6][30] - The market for satellite internet is expected to expand significantly, with projections indicating a market size of approximately 2.8 trillion yuan by 2025 and nearing 10 trillion yuan by 2030 [26][30] - The integration of satellite and terrestrial communication systems is becoming clearer, with satellite internet expected to complement ground communication systems in various applications [26]

截至2025年10月24日收盘，中信建投（601066）报收于26.51元，较上周的26.15元上涨1.38%。本周， 中信建投10月21日盘中最高价报26.66元。10月23日盘中最低价报25.82元。中信建投当前最新总市值 2056.3亿元，在证券板块市值排名4/50，在两市A股市值排名67/5160。 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22日完成一笔0.30亿美元的中期票据发行，期限92天。中信建 投国际当日与香港上海汇丰银行有限公司签署担保协议，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0.30亿美元，无反担保。被担保人实收资本100美元，注册于英属维京群岛，为特殊 目的公司，未开展其他业务。截至公告日，公司及控股子公司对外担保余额413.94亿元，占最近一期经 审计净资产的38.88%，均为对控股子公司的担保，无逾期担保。本次担保在股东大会授权范围内，担 保风险可控。 关于召开2025年第三季度业绩说明会的公告 中信建投证券股份有限公司将于2025年11月4日（ ...

1. Report Industry Investment Rating No information regarding the industry investment rating is provided in the given content. 2. Core View of the Report - Market liquidity continues to improve, but attention should be paid to the selling pressure brought by concentrated share unlocks. The market showed a mixed trend this week, with the first three days in adjustment and the last two days in recovery. There was sector differentiation, with data centers and environmental protection and water services leading the gains, while consumption and affordable housing sectors led the losses. As it is the window period for the third - quarter reports (expected to be released next week), market trading activity is increasing. However, the pressure of strategic placement share unlocks in REITs needs to be watched. On October 29th, 46% of the shares of Huatai Baowan Logistics REIT will be unlocked (approximately 603 million yuan), and about 7.5 billion yuan worth of shares are expected to be unlocked in November (a total of 5 REITs, with the unlocked share ratio ranging from 18.1% to 55.8%), which may bring certain selling pressure. [3] - As of October 24, 2025, 18 new public REITs have been successfully issued this year, with a total issuance scale of 36.34 billion yuan, a year - on - year decrease of 24.2%. Two new public REITs made progress this week, with the establishment of CITIC Construction Investment Shenyang International Software Park REIT and Huaxia Zhonghai Commercial REIT. [4] 3. Summary According to the Directory 3.1 First - level Market: Two New Public REITs Made Progress - This year, 18 public REITs have been successfully issued (6 in Q1, 4 in Q2, 6 in Q3, and 2 in October), with a total issuance scale of 36.34 billion yuan, a year - on - year decrease of 24.2%. Two new public REITs, CITIC Construction Investment Shenyang International Software Park REIT and Huaxia Zhonghai Commercial REIT, were established this week. [4] - As of October 24, 2025, in the current approval process, there are 10 newly - applied REITs, 3 of which have been queried and responded, 3 have passed the review, and 3 are registered and awaiting listing. For expansion, 5 have been applied, 3 have been queried and responded, and 2 have passed the review. [4] 3.2 Second - level Market: Liquidity Increased This Week 3.2.1 Market Review: The CSI REITs Total Return Index Fell 0.16% - The CSI REITs Total Return Index (932047.CSI) closed at 1045.13 points this week, with a decline of 0.16%, underperforming the CSI 300 by 3.08 percentage points and the CSI Dividend by 0.89 percentage points. The year - to - date increase of the CSI REITs Total Return Index is 7.98%, underperforming the CSI 300 by 10.46 percentage points and outperforming the CSI Dividend by 6.66 percentage points. [4] - By project attribute, property - type REITs fell 0.13%, while franchise - type REITs rose 0.46%. By asset type, data centers (+1.40%), environmental protection and water services (+1.32%), transportation (+0.47%), and warehousing and logistics (+0.36%) sectors performed well. [4] 3.2.2 Liquidity: Both Turnover Rate and Trading Volume Increased - The average daily turnover rates of property - type and franchise - type REITs this week were 0.53% and 0.47% respectively, an increase of 13.70 and 11.36 basis points compared to last week. The trading volumes this week were 496 million and 134 million shares respectively, with a week - on - week increase of 35.73% and 31.88%. The data center sector had the highest activity. [4] 3.2.3 Valuation: The Affordable Housing Sector Had a Higher Valuation - From the perspective of ChinaBond valuation yields, the yields of property - type and franchise - type REITs were 3.93% and 4.07% respectively. The warehousing and logistics (5.40%), transportation (4.93%), and park (4.48%) sectors ranked among the top three. [4] 3.3 This Week's News and Important Announcements - **News**: On October 22nd, Shenghao Group initiated the issuance of communication tower infrastructure public REITs, and companies such as China Merchants Fund had in - depth discussions on including communication towers as a new asset type in the REITs pilot scope. On October 23rd, the Guangzhou government supported the issuance of REITs for eligible consumption and cultural tourism projects; the Qingcheng Mountain - Dujiangyan Scenic Area launched the selection of asset appraisal institutions for its REITs; the Putuo District government approved the public REITs project of Zhoushan International Aquatic City; Hunan Province solicited opinions on promoting the issuance of REITs for urban renewal projects. [34] - **Announcements**: Several REITs released their September operation data, including China Merchants Expressway REIT, Huatai Jiangsu Expressway REIT, etc. Huatai Baowan Logistics REIT and CICC Liandong Science and Technology Innovation REIT announced share unlocks. [34]

Core Points - The CITIC Securities Value Growth Mixed Asset Management Plan will be re-registered as the CITIC Securities Value Growth Mixed Securities Investment Fund starting from September 22, 2025 [1] - The management of the asset management plan will change from CITIC Securities Co., Ltd. to its wholly-owned subsidiary, CITIC Securities Fund Management Co., Ltd. [1] - The full audit report regarding the change of management will be disclosed on the company's website and the China Securities Regulatory Commission's fund electronic disclosure website on October 24, 2025 [1] - Investors can contact the company's customer service for any inquiries [1]

Group 1 - The core viewpoint of the news is that Daikin Heavy Industries has seen a significant stock price increase, with a 10.35% rise over three consecutive days, reaching a price of 52.49 CNY per share and a market capitalization of 33.475 billion CNY [1] - Daikin Heavy Industries specializes in the production and sales of wind power tower structures and thermal power boiler steel structures, with wind power equipment accounting for 94.54% of its main business revenue [1] - The stock has a trading volume of 6.87 billion CNY and a turnover rate of 2.12% [1] Group 2 - Citic Securities has a fund that heavily invests in Daikin Heavy Industries, with the Citic Securities Zhi Yuan Mixed A Fund holding 47,300 shares, representing 2.71% of the fund's net value [2] - The fund has generated a floating profit of approximately 118,200 CNY today and 221,800 CNY during the three-day price increase [2] - The Citic Securities Zhi Yuan Mixed A Fund has achieved a year-to-date return of 32.79%, ranking 2240 out of 8154 in its category [2] Group 3 - The fund managers of Citic Securities Zhi Yuan Mixed A are Ai Chong and Yang Zhiwu, with Ai Chong having a tenure of 8 years and a best fund return of 84.96% during his management [3] - Yang Zhiwu has a tenure of nearly 3 years, with a best fund return of 41.07% during his management [3] - The total asset scale of the fund is currently 162 million CNY for Ai Chong and 314 million CNY for Yang Zhiwu [3]

Core Viewpoint - Jin Sun's stock price increased by 5.36% to 25.74 CNY per share, with a total market capitalization of 3.561 billion CNY as of the report date [1] Company Overview - Dongguan Jin Sun Grinding Co., Ltd. was established on September 21, 2004, and listed on February 8, 2017. The company specializes in the research, development, production, and sales of new precision polishing materials, high-end intelligent equipment, and precision structural components [1] - The revenue composition of the company includes: 60.74% from paper-based/fabric-based polishing materials, 24.77% from intelligent CNC equipment and precision structural components, 14.22% from new polishing materials, and 0.27% from other sources [1] Fund Holdings - One fund under CITIC Jiantou, CITIC Jiantou Rui Li A (003308), holds 7,100 shares of Jin Sun, accounting for 0.5% of the fund's net value, ranking as the seventh largest holding [2] - The fund has achieved a year-to-date return of 39.62%, ranking 1531 out of 8154 in its category, and a one-year return of 48.93%, ranking 736 out of 8025 [2] Fund Manager Performance - The fund manager, Ai Chong, has a tenure of 8 years and 1 day, with a total asset scale of 162 million CNY, achieving a best return of 84.96% during his tenure [3] - Co-manager Yang Zhiwu has a tenure of 2 years and 326 days, managing assets of 314 million CNY, with a best return of 41.07% during his tenure [3]

10月24日，中信建投（601066）研报称，新消费趋势带动线下零售分化。当前线下商业项目新开业节奏 放缓，在存量竞争加剧背景下，调改进程加快，整体经营情况处在平均租金小幅下降、出租率保持稳定 的阶段。部分优质的品牌商业地产公司，凭借突出的定位能力与主动运营能力，保持购物中心销售额与 租金双增。新消费浪潮下，高能级市场更加注重消费的实用与情绪价值，奥特莱斯以及以二次元为代表 的主题商业等赛道表现突出；下沉市场中，具备规模效应、首店资源丰富的商业地产商具备优势。 ...

Market Overview - The market rebounded yesterday with all three major indices closing in the green. The Shanghai Composite Index rose by 0.22%, the Shenzhen Component Index increased by 0.22%, and the ChiNext Index gained 0.09% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.64 trillion yuan, a decrease of 23.9 billion yuan compared to the previous trading day [1] Coal Industry Insights - CITIC Securities indicated that the supply and demand for thermal coal are favorable, and coal prices in production areas are expected to continue rising. Recent rainfall and maintenance on the Daqin Line have restricted coal production and transportation, leading to a slight tightening of supply [2] - As the northern regions enter the heating season, demand from non-electric industries such as chemicals and metallurgy is gradually increasing, enhancing market activity and bullish sentiment [2] Robotics Sector Opportunities - Guotai Junan suggested focusing on investment opportunities within the Yushu Technology robotics industry chain or ecosystem. On October 20, Yushu Technology launched a humanoid robot that stands 180 cm tall and weighs 70 kg, showcasing significant advantages in technology and product iteration [3] AI Data Center Transition - Guojin Securities reported that overseas cryptocurrency mining farms are transitioning to AI data centers due to their low electricity costs and substantial approved power quotas. Most mining farms are preparing for this shift, although strategies and progress vary [4] - Companies that are aggressively pursuing AI data center transitions, with clear expansion plans and power guarantees, are recommended for investment, especially those whose market value is discounted compared to their current stock price [4]

人民财讯10月24日电，中信建投研报称，动力煤供需利好叠加，产地煤价预计延续上涨。近期主产区受 降雨天气及大秦线检修影响，煤炭生产和运输受限，煤炭供应稍有收紧。随着北方地区逐步进入供暖 季，化工、冶金等非电行业因旺季来临，下游采购需求逐步释放，市场交易活跃度有所提升，市场看涨 情绪浓厚，产地煤价整体偏强运行。 转自：证券时报 ...

一、公募REITs 基本信息 ■ 二、基础设施项目公司完成权属变更登记情况 中信建投沈阳国际软件园封闭式基础设施证券投资基金（以下简称"本基金"）的基金合同自2025年10月 20日起生效。截至本公告发布日，本基金已认购"中信建投沈阳国际软件园1期资产支持专项计划"（以 下简称"专项计划"）全部份额，专项计划管理人中信建投证券股份有限公司代表专项计划已取得沈阳庆 誉企业管理有限公司（以下简称"沈阳庆誉"）、沈阳仁泽企业管理有限公司（以下简称"沈阳仁泽"）与 沈阳鸿创企业管理有限公司（以下简称"沈阳鸿创"）（"沈阳庆誉""沈阳仁泽""沈阳鸿创"合称SPV公 司）全部股权，沈阳庆誉已取得沈阳国际软件园启元园区发展有限公司（项目公司）全部股权，沈阳仁 泽已取得沈阳国际软件园亨达园区发展有限公司（项目公司）全部股权，沈阳鸿创已取得沈阳国际软件 园永利园区发展有限公司（项目公司）全部股权，有关权属变更工商登记手续已完成。 本次权属变更登记完成后，本基金通过专项计划和SPV公司已合法拥有基础设施项目资产，待交割审计 完成后基金管理人将及时公告有关情况。 中信建投基金管理有限公司 2025年10月24日 特此公告。 ...