场内简称：创业板综增强ETF建信；基金认购代码：159293 3.本基金的管理人为建信基金管理有限责任公司（以下简称"本公司"）。 4.本基金的托管人为中信建投证券股份有限公司。 【重要提示】 1.建信创业板综合增强策略交易型开放式指数证券投资基金（以下简称"本基金"）的募集及其基金份额 的发售已经中国证券监督管理委员会证监许可[2025] 1578号文注册募集。中国证监会对本基金募集的注 册并不代表中国证监会对本基金的风险和收益作出实质性判断、推荐或者保证。 2.本基金是交易型开放式、股票型基金。 5.本基金的基金登记机构为中国证券登记结算有限责任公司。 6.投资人可选择网上现金认购、网下现金认购两种方式。网上现金认购是指投资人通过基金管理人指定 的发售代理机构利用深圳证券交易所网上系统以现金进行认购。网下现金认购是指投资人通过基金管理 人及其指定的发售代理机构以现金进行认购。 7.本基金自2025年12月8日至2025年12月23日通过基金管理人指定的销售机构发售。投资人可选择网上 现金认购、网下现金认购两种方式。网上现金认购、网下现金认购的发售日期为2025年12月8日至2025 年12月23日。基金管 ...

"十五五"时期是基本实现社会主义现代化的关键时期。随着党的二十届四中全会审议通过"十五 五"规划建议，清晰的战略路径已然铺就。在这一历史进程中，金融血脉如何更精准地服务实体经济， 资本市场如何更高效地赋能新质生产力，成为关系全局的重要议题。 "截至2025年10月末，中信建投证券累计服务国家级专精特新及制造业单项冠军企业超2100家，'小 巨人'IPO保荐数量稳居市场前列，北交所IPO保荐数量及承销金额持续领先。未来，我们还将继续加大 投入，为新质生产力发展贡献更大力量。"正值中信建投证券股份有限公司（以下简称"中信建投证 券"）成立20周年之际，《金融时报》独家专访了中信建投证券股份有限公司党委副书记、总经理金剑 华。这份服务科技创新的高质量"成绩单"，是中信建投证券过往成果的总概括，也是未来继续深耕科创 金融、服务国家战略决心的体现。 围绕证券行业如何理解并践行"十五五"规划建议的战略指引，在加快建设金融强国的目标下证券公 司如何找准定位并系统发力，以及服务新质生产力将如何重塑行业发展模式、核心能力与价值创造方式 等关键问题，金剑华对记者系统阐述了他的思考。 《金融时报》记者：结合当前国内外发展环境，您认 ...

人民财讯12月3日电，中信建投指出，储能投资积极性旺盛，容量补偿政策具备持续性，负荷高增速、 新能源持续发展确定储能需求将继续高增，同时AIDC配储为海外市场高增提供确定性。锂电受到反内 卷会议催化企稳回升，当前是谈价和排产验证阶段，市场对需求理解分化未形成一致预期，重点关注后 续排产、谈价情况。储能放量确定性大幅增加，继续看多锂电、储能板块。 （原标题：中信建投：储能放量确定性大幅增加，继续看多锂电、储能板块） ...

市场昨日震荡调整，沪深两市成交额1.59万亿，较上一个交易日缩量2805亿。板块方面，福建、食品、 医药商业等板块涨幅居前，能源金属、有色金属、影视院线等板块跌幅居前。截至昨日收盘，沪指跌 0.42%，深成指跌0.68%，创业板指跌0.69%。 中信证券指出，经测算，12月基本不存在流动性缺口，资金面对债市的风险有限。参考2021年以来10Y 国债收益率各月表现，年末债市利率整体趋于下行。随着今年11月债市调整，10年国债收益率回升至 1.75%~1.85%区间的偏上位置，交易机会也开始浮现。然而，中信证券认为年末行情的空间可能仍然较 为有限，建议结合债市边际变化灵活调整策略节奏。 中信建投：阿里云持续加速 开源生态+模型性能构建B端壁垒 中信建投表示，阿里依托Qwen大模型底座实现业务全面重塑，并凭借开源策略与强劲性能加速构建B 端生态壁垒。同时，公司坚定上修资本开支以应对旺盛的算力需求，云收入持续高增，验证了"基础设 施投入-技术迭代-商业变现"的闭环逻辑。建议关注1）阿里生态玩家；2）Pre-AI 的收入率先落地，推 荐OA+ERP环节；Pre-AI。3）部分细分垂直场景 AI 收入更快。降本关注AI- ...

格隆汇12月3日｜中信建投研报表示，阿里依托Qwen大模型底座实现业务全面重塑，并凭借开源策略与 强劲性能加速构建B端生态壁垒。同时，公司坚定上修资本开支以应对旺盛的算力需求，云收入持续高 增，验证了"基础设施投入-技术迭代-商业变现"的闭环逻辑。建议关注1）阿里生态玩家；2）Pre-AI 的 收入率先落地，推荐OA+ERP环节；Pre-AI。3）部分细分垂直场景 AI 收入更快。降本关注AI-coding和 多模态。4）本地推理逐步起量。5）端侧AI。 ...

Group 1 - The core transaction of CITIC Securities involved a block trade of 15.37 million shares, amounting to 380 million yuan, with a transaction price of 24.72 yuan, reflecting a discount of 1.98% compared to the closing price [1][2] - Over the past three months, the stock has recorded three block trades with a total transaction value of 746 million yuan [2] - The stock's latest closing price was 25.22 yuan, with a daily turnover rate of 0.24% and a total trading volume of 401 million yuan, indicating a net outflow of 10.12 million yuan in main funds for the day [2] Group 2 - The latest margin financing balance for the stock is 1.772 billion yuan, showing a decrease of 60.54 million yuan, or 3.30%, over the past five days [3] - CITIC Securities was established on November 2, 2005, with a registered capital of approximately 77.57 billion yuan [3]

中信建投证券研报指出，许继电气2025年前三季度业绩同比增长0.75%，经营质效提升。公司持续优化 业务结构，聚焦设备类业务，盈利能力有所提升，2025年前三季度销售毛利率为23.88%，同比增加 1.94pct。行业层面，2025年1-10月电网投资完成额为4824亿元，同比增长7.2%。预计2025年国家电网建 设投资总规模将超过6500亿元，延续较高增长；南方电网固定资产投资将超1750亿元。数条交直流特高 压计划2025年开工，2025年已核准两条直流特高压工程，以及数条背靠背互济工程。公司作为国内特高 压换流阀的核心供应商之一，将受益于电网行业需求增长，以及直流项目加速推进。 ...

Core Insights - The 2025 Analyst Conference highlighted the potential for a bull market in A-shares, attracting global capital inflow [1][4] - The event gathered over 300 experts to discuss future opportunities in the Chinese capital market [1][4] Group 1: Human-Robot Development - The commercialization path for humanoid robots is becoming clearer, progressing through a "three-step" approach [5][6] - Current applications have moved from static displays to dynamic uses, with a growing rental market emerging [5][6] - The next phase involves standardizing scenarios in factory environments, leading to deeper integration with existing industrial robots [5][6] - The ultimate goal is to introduce humanoid robots into households, which requires high levels of intelligence and versatility, potentially creating a market as large as that for automobiles or consumer electronics [5][6] Group 2: Specific Applications and Market Predictions - Current research focuses on high-risk sectors such as elderly care, firefighting, and mining, with 2026 expected to be a pivotal year for scaling applications [2][6] - Robots will specialize in specific tasks, with their competitive edge relying on deep understanding and accumulation of scenario data [2][6] - Industries like logistics, automotive manufacturing, and textiles are likely to see early adoption of these technologies [2][6] Group 3: Automotive Industry Involvement - The involvement of companies like Tesla and Xpeng in humanoid robotics is seen as a natural extension of their strategies [6] - These automotive companies possess inherent advantages in technology, supply chains, and sales channels, enabling them to integrate resources more efficiently than many startups [6] Group 4: Global Manufacturing Trends - The Chinese manufacturing sector is experiencing a dual trend of accelerating overseas expansion and focusing on high-end production [6] - Many Chinese firms are shifting from exporting products to exporting production capacity, leading to a rise in globally competitive companies in sectors like engineering machinery and injection molding [6] - The themes of domestic substitution and self-sufficiency remain long-term priorities in high-end fields such as industrial machinery and integrated circuit equipment [6] Group 5: Investment Opportunities - Investment strategies for the coming year should focus on emerging areas closely tied to technological transformation, such as humanoid robots, solid-state battery equipment, and PCB equipment [6] - Additionally, sectors like engineering machinery and injection molding, which are currently undervalued but poised for growth due to overseas market expansion, should be considered [6]

专题：2025分析师大会：资本市场"奥斯卡"！机构称A股迎全球资本涌入的大牛市 11月28日，2025分析师大会暨第七届新浪财经"金麒麟"最佳分析师颁奖盛典在上海隆重举行。本次大会 汇聚逾300名权威学者、公私募基金负责人、上市公司董事长、顶级基金经理与首席分析师，共同探讨 中国资本市场的未来发展机遇。 11月28日，2025分析师大会暨第七届新浪财经"金麒麟"最佳分析师颁奖盛典在上海隆重举行。本次大会 汇聚逾300名权威学者、公私募基金负责人、上市公司董事长、顶级基金经理与首席分析师，共同探讨 中国资本市场的未来发展机遇。 在备受瞩目的"金麒麟"评选环节，中信建投证券许光坦团队荣膺机器人及高端制造领域"菁英分析师"称 号。首席分析师许光坦在大会期间接受独家专访，深入阐述了人形机器人的发展前景与高端制造的投资 脉络。 针对新能源汽车企业如特斯拉、小鹏等纷纷布局人形机器人的现象，许光坦表示，车企进入这一领域具 有天然优势，也是行业发展的必然趋势。他指出，特斯拉作为行业"鲶鱼"，在短短两三年内推动了人形 机器人领域的快速发展，其影响力远超过去二三十年。 许光坦分析称，车企进军机器人领域主要具备三大优势： 一是技术 ...

Core Insights - Industrial software is a cornerstone of intelligent manufacturing, experiencing steady growth driven by policy support and technological advancements, particularly in AI integration [1][2] - The Chinese manufacturing industry's path towards intelligent transformation is clear, with ongoing strong policy support and specific targets set for digital penetration by 2025 [2] - The Chinese industrial software market is showing robust growth and structural differentiation, with a projected market size of 765 billion yuan by 2029, reflecting a compound annual growth rate of 19.1% [3] Policy Support - The "14th Five-Year Plan" for intelligent manufacturing outlines specific goals, including a digital penetration rate exceeding 70% for large-scale manufacturing enterprises by 2025 [2] - Recent policies emphasize the importance of industrial software and operating systems as key technologies for achieving high-quality and secure intelligent upgrades [2] Market Growth - The industrial software market reached 354.14 billion yuan in 2024, with expectations to grow to 765 billion yuan by 2029, indicating a strong demand driven by both policy and market needs [3] - Domestic manufacturers are gaining market share in production control and management sectors due to customized services and cost advantages, particularly in high-end ERP markets [3] Technological Integration - AI is deeply integrated with industrial software, enhancing capabilities in design, production control, and quality management, thus driving intelligent transitions across various manufacturing stages [4] - The application of physical AI is enabling high-fidelity simulations and predictions in advanced equipment and low-altitude economies, contributing to the realization of the "China Manufacturing 2035" strategy [4]