（於中華人民共和國註冊成立的股份有限公司） （股份代號：6066） 董事名單與其角色和職能 中 信 建 投 証 券 股 份 有 限 公 司（「 公 司 」）董 事 會（「 董事會 」）成 員 及 其 各 自 於董事會及董事會委員會的角色及職能載列如下： | 董事會委員會 | 發展戰略 | 風險管理 | 審 計 | 薪酬與提名 | | --- | --- | --- | --- | --- | | 董 事 | 委員會 | 委員會 | 委員會 | 委員會 | | 浦偉光先生 （獨立非執行董事） | | | M | M | | 賴觀榮先生 （獨立非執行董事） | M | | | C | | 張崢先生 （獨立非執行董事） | | M | | M | | 吳溪先生 （獨立非執行董事） | | | C | M | | 鄭偉先生 （獨立非執行董事） | | M | M | | 附註： C 相關董事會委員會之主席 M 相關董事會委員會之委員 * 關於戴波先生的董事會委員會職務，將在本公司 2025 年第四次臨時股東 大會之後由董事會審議決定。 中國北京 2025 年 1 1 月 2 1 日 2 | 董事會委員會 | 發展戰略 ...

海关数据显示，10 月中国出口钢材978.2 万吨，较9 月减少68.3万吨，环比-6.5%，同比-12.5%；1-10 月 累计出口9773. 7 万吨，同比+6.6%。当前全球制造业PMI 稳中回升，我国钢铁企业出口订单指数重回扩 张区间，钢材出口价格竞争力持续增强， 例如热轧卷板出口报价（FOB）为445 美元/吨，较印度、土 耳其、日本等主要出口国低45-95美元/吨。但外需景气度仍处于偏弱状态，叠加贸易摩擦及相关税费政 策的制约，继续对我国钢材出口形成抑制。分地区来看，1-10 月对西亚、非洲、南美出口分别增长 6.7%、30.4%、17%，对东南亚、东亚、北美则分别下滑0.8%、9.7%、20.7%。分国家来看，前2 大出口 流向的越南和韩国出口分别下滑25.8%和11.8%，受反倾销税措施影响， 降幅明显，而对排名3-6 位的泰 国、菲律宾、阿联酋、沙特出口分别增长12.6%、11.2%、6.8%、19.1%。 智通财经APP获悉，中信建投发布研报称，10月中国出口钢材978.2万吨，较9月减少68.3万吨，环 比-6.5%，同比-12.5%;1-10月累计出口9773.7万吨，同比+6.6%。 ...

Group 1: Two-Wheelers - The two-wheeler market in Europe and the US shows marginal improvement in growth rates, with emerging markets like India and Southeast Asia maintaining steady demand, while Latin America exhibits high growth rates [1] - Japanese and Indian brands are experiencing continuous sales and revenue growth due to emerging market demand and market share gains in mature markets, while local brands in high-end markets face sales pressure [1] - The consumption structure of motorcycles is changing, leading to a divergence in pricing, unit profits, and profit margins among brands from different regions [1] Group 2: Four-Wheelers - The demand for four-wheelers in Europe and the US is recovering, benefiting from low base effects and interest rate cuts, although leading brands are facing profit margin declines due to rising tariff costs and increased expenses [2] - Secondary brands like Kawasaki are experiencing growth in volume and revenue due to effective inventory management and new product launches, while leading brands are struggling with inventory issues [2] Group 3: Chinese Enterprises - Chinese companies are actively expanding into overseas markets, with brands like Chuanfeng, Longxin, and Taotao achieving continuous revenue and profit growth, and Taotao setting a record for quarterly profit [3] - Chinese motorcycle companies are diversifying into AI, robotics, and semiconductor sectors, establishing a second growth curve alongside their core business [3] Group 4: Outlook - Japanese companies forecast continued growth in motorcycle sales and revenue in emerging markets, while competition in the global market is expected to intensify, providing opportunities for Chinese companies to gain market share [4] - In the four-wheeler sector, leading brands are expected to lose market share due to high inventory and increased competition, while secondary brands like Kawasaki and Chuanfeng are positioning themselves for growth [4] Group 5: Investment Recommendations - The industry is positioned for growth driven by consumer upgrades and increased leisure demand, with Chinese motorcycle companies improving product quality and competitive pricing to capture overseas market share [5] - Recommended investment targets include Chuanfeng Power, a leader in all-terrain vehicle exports, and Taotao, a strong brand in the golf cart market [5]

Group 1: Securities Industry - The integration of leading brokerages is accelerating, driven by supply-side reforms, promoting high-quality development in the industry [2] - Recent announcements from China International Capital Corporation, Dongxing Securities, and Xinda Securities indicate a merger plan that will enhance competitiveness and resource consolidation among top brokerages [2] - The merger aligns with the policy direction from the Central Financial Work Conference aimed at cultivating first-class investment banks, further increasing the concentration of the securities industry [2] Group 2: Insurance Sector - In October 2025, the premium growth rate for life insurance companies like Xinhua and Taibao decreased compared to September, with Xinhua showing a growth rate of +16.9% and Taibao at +9.9% for the first ten months of the year [3] - For October alone, Xinhua's premium growth was -7.2% while Taibao's was -11.2%, indicating a decline in monthly performance [3] - In the property insurance sector, both Zhong An and Taibao experienced a decline in premium growth for October, with Zhong An at +5.2% and Taibao at +0.4% for the first ten months [3] Group 3: Hong Kong Market - The Hong Kong stock market is experiencing liquidity easing against the backdrop of potential interest rate cuts by the Federal Reserve, with a focus on the upward elasticity of the non-bank sector [4] - The Hang Seng Index has decreased by 2.65% and the Hang Seng Tech Index by 8.68% since November, underperforming the MSCI World Index by 3.37% [4] - As of November 21, the total market capitalization of Hong Kong stocks was HKD 46.83 trillion, reflecting a 15.47% increase since the end of October, although trading activity has decreased with an average daily turnover of HKD 234.73 billion, down 14.62% [4]

11月24日，科泰电源涨5.07%，截至发稿，报30.68元/股，成交3.24亿元，换手率3.39%，总市值98.18亿 元。 截至发稿，周紫光累计任职时间8年184天，现任基金资产总规模8.41亿元，任职期间最佳基金回报 17.03%， 任职期间最差基金回报-47.83%。 从基金十大重仓股角度 数据显示，中信建投基金旗下1只基金重仓科泰电源。中信建投低碳成长混合A（013851）三季度减持 2.24万股，持有股数120万股，占基金净值比例为8.93%，位居第二大重仓股。根据测算，今日浮盈赚取 约177.6万元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，上海科泰电源股份有限公司位于上海市青浦区天辰路1633号，成立日期2002年6月19日，上 市日期2010年12月29日，公司主营业务涉及智能环保电源设备的开发、设计、生产和销售,并为客户提 供技术咨询、培训、安装、维修等售前、售后服务。主营业务收入构成为：环保低噪声柴油发电机组 8 ...

Investment Rating - The investment rating for the non-bank financial sector is "Outperform the Market" [2][7]. Core Viewpoints - The report indicates that the securities industry is entering a new phase of mergers and acquisitions, termed "M&A 2.0," which emphasizes functional enhancement and the creation of a complementary business ecosystem rather than merely increasing capital size [3][5]. - The report highlights that recent mergers, such as the absorption of Dongxing Securities and Xinda Securities by CICC, reflect a shift towards strengthening professional capabilities and expanding business lines [4][18]. - The overall improvement in the securities industry's fundamentals, including active market trading and growth in margin financing, is expected to drive both valuations and profitability for brokerages [4][22]. Summary by Sections Industry Overview - The report notes a significant wave of mergers and restructuring in China's securities industry, driven by both policy support and market competition. The aim is to cultivate leading investment banks and enhance core competitiveness through consolidation [6][10]. - In the first three quarters of 2025, 43 listed brokerages achieved revenue of CNY 421.42 billion, a year-on-year increase of 42.57%, and a net profit of CNY 169.29 billion, up 62.48% [6]. Mergers and Acquisitions - The merger between Guotai Junan and Haitong Securities is highlighted as a scale-driven consolidation, significantly enhancing net capital strength and risk tolerance, while optimizing the national network layout [15][17]. - CICC's merger with Dongxing and Xinda Securities is characterized as a functional superiority-driven integration, aimed at enhancing business capabilities and expanding service offerings [18][20]. Business Structure and Performance - The report outlines a dual-driven characteristic in the securities industry, with brokerage and proprietary trading as the main revenue drivers. In the first three quarters of 2025, brokerage income reached CNY 111.78 billion, a year-on-year increase of 74.64% [11]. - The revenue structure is shifting, with brokerage income accounting for 26.5%, investment income 44.4%, and other segments contributing to the overall performance [11]. Investment Recommendations - The report suggests that the recent mergers are likely to stimulate investment enthusiasm in the industry. It recommends focusing on leading brokerages with comprehensive performance layouts and those with high elasticity in earnings, such as Huatai Securities and CITIC Securities [22].

Core Insights - The report from CITIC Securities highlights the cost advantages of powder metallurgy and Metal Injection Molding (MIM) in the production of humanoid robots, emphasizing their potential for low-carbon and lightweight manufacturing as production scales up [1][3]. Group 1: Powder Metallurgy - Powder metallurgy is expected to transfer its cost-saving and lightweight advantages from the automotive sector to humanoid robots, making it suitable for mass production of parts weighing up to 10kg and capable of producing complex components that traditional methods cannot [1][3]. - The technology offers significant energy savings, material efficiency, high performance, and stability, making it a key strategy for reducing costs and weight in automotive components, which share commonalities with humanoid robot parts [1][3]. Group 2: Metal Injection Molding (MIM) - MIM combines the benefits of powder metallurgy and injection molding, allowing for the production of highly complex geometries in small components weighing under 50g, such as micro-gears, without increasing costs with complexity [2][3]. - This process reduces assembly steps and enhances efficiency, making it a valuable method for producing intricate parts for humanoid robots [2][3]. Group 3: Cost Reduction Opportunities - The initial high costs of molds during the design and iteration phases of humanoid robots can be mitigated as production scales up, leading to significant reductions in component costs through the adoption of powder metallurgy and MIM as mainstream manufacturing processes [3][4]. Group 4: Material Versatility - Both powder metallurgy and MIM processes allow for diverse raw materials, enabling precise control over material composition and the production of specialized functional materials that meet varying performance requirements for different components [4].

Group 1 - The article discusses dividend announcements from several companies, including Nanxuan Holdings, CITIC Construction Investment Securities, and Zhenxiong Group, detailing their respective dividend per share, ex-dividend dates, and payment dates [1] - Nanxuan Holdings will distribute a dividend of HKD 0.11 per share, with an ex-dividend date of December 5, 2025, and a payment date of December 19, 2025 [1] - CITIC Construction Investment Securities will distribute a dividend of HKD 0.181 per share, with an ex-dividend date of November 25, 2025, and a payment date of December 30, 2025 [1] - Zhenxiong Group will distribute a dividend of HKD 0.036 per share, with an ex-dividend date of December 12, 2025, and a payment date of January 14, 2026 [1] Group 2 - The CSI Central Enterprises Dividend Index (931233.CSI) includes 50 listed companies with stable dividend levels and high dividend yields, with a one-year dividend yield of 5.73% as of November 21, which is higher than the 10-year government bond yield of 3.91% [2] - The Hang Seng High Dividend Yield Index (HSMCHYI.HI) focuses on high dividend stocks among mainland companies listed in Hong Kong, with a one-year dividend yield of 5.39% as of November 21, also exceeding the 10-year government bond yield of 3.57% [2] - The CSI Central Enterprises Dividend ETF (513910) is the largest investment vehicle tracking the CSI Central Enterprises Dividend Index, while the Hang Seng Dividend ETF (159726) is the only ETF tracking the Hang Seng High Dividend Yield Index [2]

Core Viewpoint - The recent surge in investment in the non-ferrous metals sector, particularly through the non-ferrous metal leader ETF (159876), indicates strong market confidence in the future performance of this sector [1][4]. Investment Trends - On November 21, the non-ferrous metal leader ETF (159876) attracted 73.7 million yuan in a single day, with a total of 205 million yuan accumulated over the past 10 days, reflecting positive market sentiment [1]. - As of November 21, the ETF's latest scale reached 677 million yuan, making it the largest among three ETFs tracking the same index in the market [1]. Geopolitical Factors - The escalation of the Russia-Ukraine conflict, particularly the recent attack on Moscow, is expected to impact the supply of key metals like aluminum, nickel, and copper, potentially driving prices higher due to supply chain disruptions and increased sanctions against Russian metals [3]. - The conflict is also likely to stimulate demand for safe-haven assets such as gold and copper, as investors seek to hedge against geopolitical risks [3]. - Increased strategic reserve demands for metals used in defense applications, such as antimony, are anticipated due to the ongoing military tensions [3]. Macroeconomic Influences - Recent dovish comments from the Federal Reserve's New York Bank President, indicating potential for further interest rate cuts, have heightened expectations for a 70% probability of a rate cut in December [3][4]. - Analysts believe that even if the Fed pauses a rate cut, the ongoing expectation of future cuts will continue to support non-ferrous metal prices [4]. Market Outlook - Institutions are optimistic about the continuation of a bull market in the non-ferrous metals sector, with various analysts highlighting three main investment themes: constrained supply and recovering demand for industrial metals like copper and aluminum, explosive demand for energy metals like lithium and cobalt, and strategic assets such as gold and rare earths [4]. - The non-ferrous metal leader ETF (159876) and its linked funds provide comprehensive exposure to various metals, allowing for risk diversification compared to investing in single metal sectors [6].

Group 1 - The article discusses the potential AI bubble and the implications for the Federal Reserve's interest rate policies, highlighting the uncertainty surrounding rate cuts [2] - It examines the evolution of the real estate market, particularly the direct supply of housing by banks, and its impact on the sector [2] - The article also reflects on the implications of large banks merging with smaller banks, providing insights into the banking sector's future [2] Group 2 - The macroeconomic outlook suggests a stable global economy with a continued cycle of interest rate cuts by the Federal Reserve, emphasizing the shift towards "big fiscal" policies in major economies [5] - It indicates that while China's economy faces short-term pressures, the long-term outlook remains positive, with expectations of a slow bull market in Chinese stocks and a cautious approach to the bond market [5] - The article predicts a long-term upward trend in commodity prices, particularly in the context of a weakening US dollar [5] Group 3 - The discussion on precious metals highlights the fluctuating expectations for Federal Reserve rate cuts and the potential turning point for cyclical demand in gold and silver [7] - It also addresses the structural opportunities in the precious metals market arising from the macroeconomic reordering [7] Group 4 - The focus on AI and large models reveals investment opportunities within the internet and data center industries, emphasizing the growth potential in these sectors [9] - The article identifies five key questions for investors regarding the development trends in AI [9] Group 5 - The report on the technology sector indicates that the AI industry revolution is driving high growth in demand for computing power and hardware, alongside accelerating commercialization in application sectors [11] - It highlights critical growth directions such as 6G, quantum technology, and domestic semiconductor production [11]