Group 1 - The report from CITIC Securities highlights that AIDC (Artificial Intelligence Data Center) supporting equipment continues to benefit from significant capital expenditure increases by overseas cloud vendors, recovery in overseas expectations, and sustained high demand for power equipment [1] - The North American data center power demand is expected to surge, driving the trend of Solid Oxide Fuel Cell (SOFC) installations, with AI-related orders from leading overseas manufacturers having doubled year-on-year [1] - In the wind power sector, the substantial increase in shipments in the first half of the year continues to validate the industry's high prosperity, with stable recovery in wind turbine prices, cost control from economies of scale, and a higher proportion of overseas business contributing to significant improvements in the profitability of main engine manufacturers [1]

中信建投证券股份有限公司 关于宁波市天普橡胶科技股份有限公司 详式权益变动报告书 之 财务顾问核查意见 二〇二五年八月 声明 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司收 购管理办法》《公开发行证券的公司信息披露内容与格式准则第15号——权益 变动报告书》《公开发行证券的公司信息披露内容与格式准则第16号——上市 公司收购报告书》及相关法律、法规的规定，中信建投证券股份有限公司（以 下简称"本财务顾问"或"中信建投证券"）按照证券行业公认的业务标准、 道德规范和勤勉尽责精神，就本次信息披露义务人及其一致行动人披露的《宁 波市天普橡胶科技股份有限公司详式权益变动报告书》进行核查，并出具核查 意见。 为使相关各方恰当地理解和使用本核查意见，本财务顾问特别声明如下： 致行动人披露的《宁波市天普橡胶科技股份有限公司详式权益变动报告书》进 行了核查，确信内容与格式符合规定，并保证所发表的专业意见与信息披露义 务人披露内容不存在实质性差异。 及其一致行动人已做出声明，保证其所提供的所有文件、材料及口头证言真实、 准确、完整、及时，副本资料或复印件与其原始资料或原件一致，所有文件的 签名、印章均是真实的 ...

中信建投证券股份有限公司 关于上海康鹏科技股份有限公司 为他人提供反担保的核查意见 中信建投证券股份有限公司作为上海康鹏科技股份有限公司（以下简称"康 鹏科技"、"公司"）的保荐机构，根据《证券发行上市保荐业务管理办法》、《上 海证券交易所科创板股票上市规则》、 《上海证券交易所科创板上市公司自律监管 指引第 1 号——规范运作》等相关规定，对康鹏科技为他人提供反担保进行了审 慎核查，具体情况如下： 一、反担保情况概述 （一）反担保的基本情况 公司的参股公司浙江中硝康鹏化学有限公司（以下简称"中硝康鹏"）为满足 日常经营发展的融资需要，向三井住友银行（中国）有限公司杭州分行（以下简 称"住友银行"）拟申请不超过人民币 9,000.00 万元贷款额度，其控股股东中央硝 子株式会社（以下简称"中央硝子"）为上述贷款本金、利息、损害金及其他根据 贷款合同承担的全部债务（以下简称"融资担保合计金额"）提供连带责任保证担 保，公司及其控股子公司衢州康鹏化学有限公司（以下简称"衢州康鹏"）合计持 有中硝康鹏 40%的股权，公司拟按照其在中硝康鹏的持股比例就融资担保合计 金额的 40%向中央硝子提供相应的反担保。 资产总额 ...

中信建投证券股份有限公司 关于爱迪特（秦皇岛）科技股份有限公司 增加2025年度日常关联交易预计额度的核查意见 中信建投证券股份有限公司（以下简称"中信建投"、"保荐人"）作为爱迪特 （秦皇岛）科技股份有限公司（以下简称"爱迪特"、"公司"）首次公开发行股票 的保荐人，根据《证券发行上市保荐业务管理办法》《深圳证券交易所上市公司 自律监管指引第13号——保荐业务》《深圳证券交易所创业板股票上市规则》《深 圳证券交易所上市公司自律监管指引第2号——创业板上市公司规范运作》等相 关规定，对爱迪特增加2025年度日常关联交易预计额度的事项进行了审慎核查， 具体情况如下： 一、日常关联交易基本情况 （一）日常关联交易概述 第十九次会议，审议通过了《关于 2025 年度日常关联交易预计的议案》，预计公司 及控股子公司 2025 年度与相关关联方可能发生的日常关联交易总金额为不超过人民 币 8,500.00 万元（不含税）。具体内容详见公司于 2025 年 4 月 29 日披露的《关于 等相关法律法规、规范性文件及《公司章程》有关规定，基于公司及子公司业务发 展及日常经营需要，公司预计增加与关联方景德镇万微新材料有限公司 ...

2025年8月25日，市场全天震荡拉升，三大指数集体收涨，沪指冲击3900点。截至收盘，沪指涨 1.51%，深成指涨2.26%，创业板指涨3%。 题材方面，小金属、贵金属、通信设备等板块涨幅居 前，电子化学品、汽车整车、美容护理等板块跌 幅居前。主力资金上，小金属、酿酒行业、钢铁行业等行业概念流入居前。 【2025年智算规模增长超40%，机构：AI产业化应用周期才开始】 ETF方面，或受相关消息刺激，稀土、有色、人工智能等相关ETF表现亮眼！ 【稀土总量调控管理暂行办法公布，机构：供给收紧有望驱动稀土价格中枢抬升】 华源证券表示，短期来看，美联储9月降息预期抬升，叠加金九银十旺季到来需求端具备支撑，铜价有 望上行。后续重点关注9月美联储降息落地情况；金九银十旺季下的需求端支撑。 中信建投证券表示，美联储主席鲍威尔在杰克逊霍尔央行年会上指出美国正面临通胀压力与劳动力市场 降温的双重挑战，但特别强调了劳动力市场降温显示的经济下行风险，偏鸽派的发言令9月降息的概率 大增，美元指数跳水，对利率敏感的有色金属价格表现强势。基本面上，有色金属正在逐渐走出淡季， 库存临近拐点，具备商品属性与金融属性双击的基础，且有色板块估 ...

Core Viewpoint - The recent announcement from CITIC Construction Investment Fund indicates a change in fund management personnel, with Yu Zhixiang stepping down and new managers appointed for several bond funds [1][3][4]. Fund Performance Summary - CITIC Construction Investment Jingyi Bond A/C, established on April 20, 2023, has a year-to-date return of -0.04% and a cumulative net value of 1.1016 yuan as of August 22, 2025 [1]. - CITIC Construction Investment Jingrong Bond A/C, established on December 23, 2022, has a year-to-date return of 0.31% and a cumulative net value of 1.1212 yuan [1]. - CITIC Construction Investment 3-5 Year Policy Financial Bond A/C, established on June 10, 2021, has a year-to-date return of -0.60% and a cumulative net value of 1.1623 yuan [1]. - CITIC Construction Investment Zhongdai 0-3 Year Policy Financial Bond Index A/C, established on June 26, 2024, has a year-to-date return of -0.14% and a cumulative net value of 1.0284 yuan [2]. - CITIC Construction Investment Juli A, established on November 11, 2015, has a year-to-date return of -0.40% and a cumulative net value of 1.1821 yuan, while CITIC Construction Investment Juli C, established on January 4, 2019, has a year-to-date return of -0.41% and a cumulative net value of 1.2554 yuan [2]. Management Changes Summary - Yu Zhixiang has resigned as the fund manager for multiple funds, including CITIC Construction Investment Jingrong Bond and CITIC Construction Investment 3-5 Year Policy Financial Bond, with Pan Hongyu and Shao Yanqi appointed as new managers respectively [3]. - Yu Zhixiang also stepped down from managing CITIC Construction Investment Zhongdai 0-3 Year Policy Financial Bond Index, with Shao Yanqi taking over [3]. - Zhang Jian has been appointed as the new manager for CITIC Construction Investment Juli, replacing Yu Zhixiang [4].

Group 1: Automotive Sector - The automotive industry is entering a concentrated period of mid-year performance disclosures, with expectations for strong performance from previously undervalued auto parts companies leading to valuation upgrades [1] - Xpeng's Q2 gross margin exceeded market expectations, while Great Wall Motors reported better-than-expected orders for its new Tank 500 model, indicating a positive sales outlook [2] - The high-end domestic brand market remains a blue ocean, with significant growth expected in the 300,000 yuan and above segment by 2026, driven by new product capabilities and brand strength [2] Group 2: Auto Parts Sector - Companies like Fuyao Glass and Songyuan Safety have seen significant stock price increases following strong mid-year reports, with traditional auto parts firms now trading at a PE ratio below 20 times [3] - The overseas expansion is becoming a core growth driver for quality auto parts companies, with those possessing global competitive advantages expected to achieve growth alpha [3] - The intelligent driving sector, particularly L4 autonomous driving, is anticipated to experience a turning point in costs and technology this year, with ongoing evolution in technology iterations and new business models [3] Group 3: Robotics Sector - The market is optimistic about Tesla's Optimus robot industrialization progress, with potential for additional small batch orders from Tier 1 suppliers [4] - Nvidia is expected to showcase its first humanoid robot in November, indicating advancements in the robotics sector [4] - The robotics sector is characterized by strong industry trends and high liquidity, with a focus on leading companies in the supply chain, particularly those achieving breakthroughs in the 0-1 stage of development [4]

Core Viewpoint - The release of DeepSeek-V3.1, which employs a hybrid reasoning architecture supporting both "thinking" and "non-thinking," is expected to enhance performance in programming and search applications, indicating strong competitiveness of domestic large models in the market [1] Group 1: Product Development - DeepSeek-V3.1 utilizes UE8M0FP8Scale parameter precision, specifically designed for the upcoming generation of domestic chips [1] - The new large model has shown significant improvements in performance after training, particularly in agent applications [1] Group 2: Market Outlook - According to CITIC Securities, the competitive strength of domestic large models like DeepSeek is likely to drive growth in computing power demand [1] - The firm maintains a positive outlook on the domestic computing power industry chain [1]

Group 1 - The core viewpoint of the article highlights a significant supply shortage in the tungsten industry due to reduced domestic tungsten concentrate quotas and delays in the second batch of quotas, leading to continuous price increases in the tungsten supply chain [1] - In the short term, the volume of the second batch of quotas is identified as a key factor determining the direction of tungsten prices [1] - In the medium to long term, there is a clear protective mining attitude towards domestic tungsten concentrates, while the recovery progress of overseas tungsten concentrates is slower than expected [1] Group 2 - On the demand side, the confirmation of a rate-cutting cycle is expected to lead to steady growth in traditional industrial demand [1] - New applications such as photovoltaic tungsten wire, nuclear radiation tungsten shielding materials, and solid-state battery tungsten-based cathode materials are emerging, contributing to a tight supply-demand balance [1] - The article expresses optimism regarding the strategic metal value and investment potential of tungsten in the medium to long term [1]

随着A股市场持续升温，证券行业新一轮人才争夺战已提前打响。中信建投近日正式启动2026届校园招聘。本次招聘涵盖投行业务、财富管理、金融科技 等核心业务条线，工作地点遍布北京、上海、深圳及香港等地。值得注意的是，金融科技类岗位成为此次招聘的重点方向，涉及人工智能、大数据、量化 算法等前沿领域。 近日，A股成交连续8天破2万亿元。还在暑假末期，证券行业2026年秋招已经开始了！ | | 1日期 | | 股票交易 | | --- | --- | --- | --- | | | | 成交量(亿股) | 成交金额亿元 | | 1 | 2025-08-22 | 1.600.94 | 25.788.42 | | 2 | 2025-08-21 | 1.620.11 | 24.603.35 | | 3 | 2025-08-20 | 1.588.16 | 24.484.14 | | 4 | 2025-08-19 | 1.658.31 | 26.406.80 | | 5 | 2025-08-18 | 1.794.94 | 28.091.30 | | ଚ | 2025-08-15 | 1.487.71 | 22.728.38 | | ...