日前，证券时报特邀中信建投证券机械行业首席分析师许光坦做客时报会客厅。许光坦就人形机器人的 应用场景、技术等多个方面的热点话题分享了相关看法。 我认为，要在一些应用场景里大面积铺人形机器人，需要满足以下一些条件。第一，场景的可控。比如 说，要做到不会让人形机器人失控去大街上搞破坏等。第二，加工方式要偏标准化，或者说可复制，训 练数据量也要足够。第三，产业要有足够的利润，要足够大，或者附加值要高。 在节目中，许光坦认为，人形机器人从本源来看，其实是为了把人类从一些繁琐的工作里面解放出来， 或者代替人类做一些比较危险的工作。 许光坦认为，人形机器人要实现"开箱式"使用，需要把产品的标准化，包括消费者教育做得非常好。 此外，他还提到人形机器人的投资方向和投资节奏等问题。 证券时报记者：请您先简要谈下人形机器人的概念，以及这个行业的发展历程和市场走势。 许光坦：所谓人形机器人，其实早在几十年前，日本就曾经有这种类似的概念，简而言之就是一个纯人 形的机器人，近些年这个行业一度沉寂了很长时间。 从产业的角度来看，最近两三年人形机器人行业已经有很大进步。2024年之后，硬件方面越来越成熟， 硬件在考虑降本，软件方面反而慢慢 ...

本文作者可以追加内容哦 ! 中信建投证券(06066)发布公告，中信建投证券股份有限公司2023年面向专业投资者公开发行公司债券 (第二期)(品种一)，将于2025年10月16日开始支付自2024年10月16日至2025年10月15日期间的利息。债 券简称"23信投G4"。本期债券票面利率(计息年利率)为2.91%，每手本期债券面值为1000元，派发利息 为29.1元(含税)。 中信建投证券股份有限公司2023年面向专业投资者公开发行公司债券(第二期)(品种二)，将于2025年10 月16日开始支付自2024年10月16日至2025年10月15日期间的利息。债券简称"23信投G5"。本期债券票 面利率(计息年利率)为3.10%，每手本期债券面值为1000元，派发利息为31元(含税)。 中信建投证券股份有限公司2023年面向专业投资者公开发行公司债券(第二期)(品种三)，将于2025年10 月16日开始支付自2024年10月16日至2025年10月15日期间的利息。债券简称"23信投G6"。本期债券票 面利率(计息年利率)为3.34%，每手本期债券面值为1000元，派发利息为33.4元(含税)。追加内容 中信建 ...

中信建投证券股份有限公司2023年面向专业投资者公开发行公司债券(第二期)(品种三)，将于2025年10 月16日开始支付自2024年10月16日至2025年10月15日期间的利息。债券简称"23信投G6"。本期债券票 面利率(计息年利率)为3.34%，每手本期债券面值为1000元，派发利息为33.4元(含税)。 智通财经APP讯，中信建投证券(06066)发布公告，中信建投证券股份有限公司2023年面向专业投资者公 开发行公司债券(第二期)(品种一)，将于2025年10月16日开始支付自2024年10月16日至2025年10月15日 期间的利息。债券简称"23信投G4"。本期债券票面利率(计息年利率)为2.91%，每手本期债券面值为 1000元，派发利息为29.1元(含税)。 中信建投证券股份有限公司2023年面向专业投资者公开发行公司债券(第二期)(品种二)，将于2025年10 月16日开始支付自2024年10月16日至2025年10月15日期间的利息。债券简称"23信投G5"。本期债券票 面利率(计息年利率)为3.10%，每手本期债券面值为1000元，派发利息为31元(含税)。 ...

茲 載 列 本 公 司 於 上 海 證 券 交 易 所 網 站 刊 發 之《中 信 建 投 証 券 股 份 有 限 公 司2023年 面 向 專 業 投 資 者 公 開 發 行 公 司 債 券（第 二 期）（品 種 一）2025年付息 公 告》《中 信 建 投 証 券 股 份 有 限 公 司2023年面向專業投資者公開發行公司 債 券（第 二 期）（品 種 二）2025年 付 息 公 告》及《中 信 建 投 証 券 股 份 有 限 公 司 2023年 面 向 專 業 投 資 者 公 開 發 行 公 司 債 券（第 二 期）（品 種 三）2025年付息公 告》，僅 供 參 閱。 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） 海外監管公告 本 公 告 乃 中 信 建 投 証 券 股 份 有 限 公 司（「本公司」）根 ...

Core Viewpoint - The financial performance of Weijie Chuangxin (688153.SH) has significantly declined in 2024 and the first half of 2025, with substantial losses reported in net profit and operating revenue compared to previous years [1][2][3]. Financial Performance Summary - In the first half of 2025, the company achieved total operating revenue of 987 million yuan, a year-on-year decrease of 7.93% [1]. - The net profit attributable to the parent company was -9.43 million yuan, compared to a profit of 11.27 million yuan in the same period last year [1]. - The net profit attributable to the parent company, excluding non-recurring gains and losses, was -20.43 million yuan, worsening from -11.63 million yuan year-on-year [1]. - The net cash flow from operating activities was 457 million yuan, a significant improvement from -208 million yuan in the previous year [1]. 2024 Financial Data - In 2024, the company reported total operating revenue of 2.10 billion yuan, a decline of 29.46% compared to 2.98 billion yuan in 2023 [2][3]. - The net profit attributable to the parent company was -23.73 million yuan, down from a profit of 112.29 million yuan in the previous year [2][3]. - The net profit attributable to the parent company, excluding non-recurring gains and losses, was -52.67 million yuan, compared to a profit of 10.35 million yuan in 2023 [2][3]. - The net cash flow from operating activities was -318 million yuan, a decline from 744 million yuan in the previous year [2][3]. IPO and Fundraising - Weijie Chuangxin's initial public offering raised a total of 2.67 billion yuan, with a net amount of 2.50 billion yuan after deducting issuance costs [4]. - The final net fundraising amount exceeded the original plan by 15.29 million yuan [4]. - The funds raised are intended for integrated circuit production testing projects, research and development center construction, and to supplement working capital [4]. Issuance Costs - The total issuance costs for the IPO amounted to 166.82 million yuan, with underwriting and sponsorship fees accounting for 147.31 million yuan [5].

Core Viewpoint - JianKai Technology experienced a 5.07% decline in stock price, closing at 93.45 CNY per share, with a total market capitalization of 5.668 billion CNY as of September 26 [1] Company Overview - JianKai Technology, established on October 9, 2001, and listed on August 26, 2020, is located in Haidian District, Beijing. The company specializes in the research, production, and sales of medical-grade polyethylene glycol and its active derivatives [1] - The revenue composition of JianKai Technology is as follows: 96.79% from product sales, 2.91% from technology licensing fees, and 0.30% from transportation services [1] Shareholder Information - CITIC JianKong Fund has a presence among the top ten circulating shareholders of JianKai Technology, with its CITIC JianKong Medical Reform A fund (002408) newly entering the list in the second quarter, holding 350,000 shares, which accounts for 0.58% of circulating shares [2] - The estimated floating loss for CITIC JianKong Medical Reform A today is approximately 1.7465 million CNY [2] Fund Manager Profile - The fund manager of CITIC JianKong Medical Reform A is Xie Wei, who has been in the position for 7 years and 116 days. The fund's total asset size is 1.987 billion CNY, with the best return during his tenure being 108.27% and the worst return being -19.3% [3]

Group 1 - The core issue is the disciplinary actions taken against representatives from CITIC Securities, specifically Chen Qiang and Zhao Liang, who were involved in the IPO sponsorship of Guoyao Co., leading to their classification as C-level due to violations [1] - Guoyao Co. submitted its IPO application to the Shenzhen Stock Exchange on June 28, 2023, aiming to raise 764 million yuan, but ultimately withdrew its application on June 22, 2024, after failing to address inquiries satisfactorily [1] - The Shanghai and Shenzhen Stock Exchanges have emphasized that companies withdrawing their IPO applications must still be held accountable for any suspected financial fraud or misrepresentation [1] Group 2 - CITIC Securities has faced multiple penalties this year, with representatives Liu Kuibo and Lü Yan also being classified as C-level for failing to fulfill their sponsorship duties on an IPO project [2] - The company reported a net income of 1.123 billion yuan from investment banking fees in the first half of the year, a year-on-year increase of 12.09%, and completed 15 A-share financing projects with a total underwriting amount of 67.52 billion yuan [2] - A total of 73 sponsors have faced disciplinary measures this year, with CITIC Securities and CITIC Investment both having eight representatives penalized, indicating a significant regulatory crackdown on misconduct in the industry [3]

Core Insights - The public fund industry is transitioning from scale-driven growth to value-driven high-quality development, influenced by global asset management adjustments and domestic capital market reforms [1] - The core competitiveness of public funds lies in their ability to balance long-term investor returns, optimize capital market resource allocation, and support national strategic implementation [1][2] - A systemic transformation is required, focusing on cognitive restructuring, capability upgrading, and ecological co-construction to address deep-seated development challenges [1][2] Cognitive Restructuring - Public funds serve as a professional bridge between capital and assets, with value creation rooted in a profound understanding of industry fundamentals [2] - Long-termism is essential for value creation, as public funds should focus on stabilizing market fluctuations and capturing long-term benefits from economic transitions [2] - The lack of investor satisfaction stems from some institutions deviating from long-termism, leading to a focus on short-term performance [2][3] Trust Rebuilding Mechanism - Establishing a symbiotic interest mechanism is crucial for rebuilding trust, emphasizing risk-sharing and profit-sharing [3] - A focus on management fees over returns erodes investor trust and hinders sustainable industry growth [3] - Professional value encompasses a comprehensive system of asset allocation, risk control, and investor education, essential for navigating market complexities [3] Capability Upgrading - Public funds must transition from scale advantages to value advantages through systematic innovations in service, mechanisms, and research [4] - Service upgrades should shift from product-centric to investor-centric approaches, focusing on empowering investors with long-term knowledge [4][5] - Mechanism reforms are necessary to align interests between managers and investors, promoting long-term assessments and market-driven fee structures [5] Long-term Development Pillars - Healthy ecosystems are vital for the high-quality development of public funds, with compliance as a baseline, culture as a core, and collaboration as a pathway [6] - Compliance ensures a balance between risk and value, necessitating transparent processes and innovative practices within regulatory frameworks [6] - A culture of long-termism and professional integrity should be cultivated to unify value consensus across the industry [6][7] Collaborative Development Path - The public fund ecosystem should foster a win-win community rather than a zero-sum competition, emphasizing value over price [7] - The future of the industry lies in enhancing value quality rather than merely expanding scale, focusing on protecting residents' wealth and stabilizing capital markets [7] - Public funds are encouraged to align with national strategies, ensuring that financial resources effectively support the core needs of the real economy [7]

Group 1 - In September 2025, the National Press and Publication Administration approved 145 domestic game licenses and 11 import licenses, indicating a stable supply side for the gaming industry [1] - The approval of major titles is concentrated, with leading companies focusing on advantageous sectors while mid-tier companies explore differentiated themes [1] - The continued relaxation of license issuance is expected to enhance the short-term prosperity of the gaming industry and lay the foundation for product reserves and long-term R&D innovation [1] Group 2 - The domestic dairy industry is entering a new phase of deep processing, transitioning from "drinking milk" to "consuming dairy products" [2] - Future production capacity is expected to exceed 700,000 tons, driven by low milk prices and downstream cost reduction demands [2] - The B-end deep processing demand is projected to exceed 26 billion yuan, with high demand growth driven by baking, ready-to-drink beverages, and Western fast food [2]

Group 1 - The market experienced fluctuations with the ChiNext Index rebounding over 2%, reaching a three-year high [1] - The trading volume in the Shanghai and Shenzhen markets was 2.37 trillion yuan, an increase of 44.3 billion yuan compared to the previous trading day [1] - Sectors such as gaming, AI applications, and controllable nuclear fusion saw significant gains, while port shipping, precious metals, and oil and gas sectors faced declines [1] Group 2 - Huatai Securities is optimistic about investment opportunities arising from the "14th Five-Year Plan" capacity electricity pricing and peak-valley price differences, predicting that by 2027-2030, the peak-valley price difference will reach around 0.4 yuan per kilowatt-hour [2] - CITIC Jiantou highlights the domestic dairy product deep processing sector entering a high growth phase, with future capacity expected to exceed 700,000 tons and B-end deep processing demand projected to exceed 26 billion yuan [3] - CITIC Securities anticipates that the weakness of the US dollar will persist at least until the end of 2025, influenced by narrowing monetary policy differentials and slowing economic momentum in the US [4]