01 中信建投黄文涛：重构增长动能——2026年经济与市场展望【把握2026投资机会】 15:30-16:30 核心看点： 当前A股和港股正迈向"新四牛"上升走廊。在四方面力量的共同推动下，"新四牛"行情 将沿着上升通道逐步展开，中国股市的中枢将逐渐上移，预计2026年市场仍将延续"慢牛"格局。 嘉宾： 黄文涛丨中信建投证券首席经济学家 扫码预约 02 中金固收 | 混合型资产框架：可交债定转——中金固收2025债市宝典 15:30-16:30 核心看点： 固收资产的市场格局变化以及分析框架的最新应用及思考。 嘉宾 ：罗凡丨中金公司研究部固收分析师 扫码预约 03 中金李昭展望2026年全球资产配置：乘势而上【把握2026投资机会】 04 穿越科技周期的力量：用"固收+"思维做成长投资 16:00-17:00 核心看点： 2025年"固收+"市场热度不减，规模延续扩张态势。哪些资产将成为配置核心方向？绩 优基金经理如何管理成长风格的"固收+"产品？不妨以"固收+"为锚，"科技+制造成长"为主线，前 瞻布局高潜力科技赛道，手握穿越周期的稳健力量！ 嘉宾： 陈大烨丨鹏华基金混合资产投资部基金经理、权益投资负责人 ...

Core Viewpoint - The announcement details the completion of the guarantee and trust registration for shares held by a major shareholder, Liaoning Chengda Co., Ltd., in relation to the issuance of exchangeable bonds, indicating no significant changes to the company's equity structure [2][3]. Group 1: Shareholder Information - Liaoning Chengda holds a total of 1,366,927,688 shares in the company, representing 17.97% of the total share capital [3]. - The shares involved in the guarantee and trust registration are 75,000,000 unrestricted circulating shares [2]. Group 2: Bond Issuance Details - The bond issuance by Liaoning Chengda will not lead to significant changes in the company's equity structure [3]. - The registration of shares for guarantee and trust has been completed with the trustee, CITIC Jianzhong Securities Co., Ltd., acting as the nominal holder [2][3]. Group 3: Regulatory Compliance - The company will disclose further developments regarding the non-public issuance of exchangeable bonds in accordance with relevant regulatory requirements [3].

Core Viewpoint - The legal opinion letter from Shanghai Fangda Law Firm confirms the compliance of the tender offer for Ningbo Tianpu Rubber Technology Co., Ltd. by Zhonghao Xinying (Hangzhou) Technology Co., Ltd. and its concerted actions, ensuring that all legal requirements are met for the acquisition process [1][19]. Group 1: Acquisition Overview - Zhonghao Xinying aims to acquire control of Ningbo Tianpu Rubber Technology Co., Ltd. through a tender offer and capital increase, which will result in them controlling 68.29% of the shares post-transaction [19][21]. - The tender offer price is set at 23.98 CNY per share, which is consistent with the price paid in previous share transfer agreements [25][27]. - The acquisition is structured to comply with the legal obligations of a full tender offer, and it is not intended to terminate the listing status of Tianpu shares [40][41]. Group 2: Financial and Legal Compliance - Zhonghao Xinying has confirmed that the funds for the acquisition are sourced entirely from its own capital, ensuring no illegal funding sources are involved [29][41]. - The acquisition process has been validated by the law firm, which conducted thorough checks on the involved parties and their compliance with Chinese laws [3][19]. - The tender offer is set to last for 30 days, from November 20, 2025, to December 19, 2025, allowing shareholders to accept the offer during this period [30]. Group 3: Shareholder and Management Information - The actual controller of Zhonghao Xinying is Yang Gongyifan, who holds a significant stake and has a background in technology management [8][10]. - The acquisition will involve concerted actions with other parties, including Hainan Xinfan and individual shareholder Fang Donghui, to ensure unified decision-making [10][21]. - The management of Zhonghao Xinying and its concerted actions have not faced any significant legal issues in the past five years, indicating a stable operational history [16]. Group 4: Future Plans and Conditions - There are no immediate plans for Zhonghao Xinying to increase or dispose of its holdings in Tianpu shares within the next 12 months, aside from the current acquisition [22]. - The acquisition is structured to maintain the listing status of Tianpu shares, with commitments from the involved parties to propose solutions if the share distribution does not meet listing requirements post-acquisition [40].

Core Viewpoint - Marsman announced that CITIC Securities will continue to perform ongoing supervision duties for the company's convertible bond issuance project until December 31, 2024, due to unutilized raised funds [1] Group 1 - CITIC Securities was the sponsor for Marsman's 2022 convertible bond issuance to unspecified targets [1] - The ongoing supervision responsibilities will be maintained as the company has not fully utilized the raised funds [1] - The original supervising representatives from CITIC Securities were Mr. Lou Lihang and Mr. Hu Jinhao, with Mr. Zhou Wei now appointed to replace Mr. Hu due to personal work changes [1]

中信建投（601066）证券(06066)发布公告，中信建投证券股份有限公司2025年面向专业投资者公开发 行永续次级债券(第六期)发行规模不超过30亿元(含30亿元)，根据网下向专业机构投资者询价簿记结果 经发行人和主承销商充分协商和审慎判断，最终确定本期债券(债券简称:25信投Y6，代码:244197)票面 利率为2.25%。 ...

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） 劉 成 中國北京 2025年11月18日 於 本 公 告 日 期，本 公 司 執 行 董 事 為 劉 成 先 生 及 金 劍 華 先 生；本 公 司 非 執 行 董 事 為 李 岷 先 生、朱 永 先 生、閆 小 雷 先 生、王 廣 龍 先 生、楊 棟 先 生、華 淑 蕊 女 士 及 王 華 女 士；以 及 本 公 司 獨 立 非 執 行 董 事 為 浦 偉 光 先 生、賴 觀 榮 先 生、張 崢 先 生、吳 溪 先 生 及 鄭 偉 先 生。 关于延长中信建投证券股份有限公司 2025 年面向专业投资者 公开发行永续次级债券（第六期）簿记建档时间的公告 经中国证券监督管理委员会"证监许可〔2025〕1336号"文注册， 中信建投证券股份有限公司（以下简称"发行人"）获准 ...

Core Viewpoint - The launch of the "Second 21st Century Gold Medal Investment Advisor" case collection activity reflects the profound restructuring of China's capital market ecosystem, driven by multiple policy incentives and the growing importance of buy-side investment advisory as a competitive arena [1][2]. Group 1: Event Overview - The event aims to highlight professional and warm investment advisory teams and excellent fund advisory cases, with a new category for "AI Investment Advisory" introduced to enhance industry development [1][2]. - The project has received submissions from leading institutions such as CITIC Securities, ICBC Credit Suisse Asset Management, Ant Group, and Dongwu Securities, covering key areas of funds, securities, and third-party advisory [1][4]. Group 2: Evaluation Criteria - The evaluation system for the "Fund Advisory Excellent Cases" focuses on the completeness of business structure, professionalism in team building, effectiveness in guiding investor behavior, and depth of customer service [2]. - The "21st Century Gold Medal Investment Advisor" series maintains an evaluation logic of "30% investment, 70% advisory," ensuring objectivity and authority in the selection process [2]. Group 3: AI Investment Advisory - The addition of the "AI Investment Advisory" category responds to the trend of deep integration between financial technology and asset management, encouraging institutions that successfully apply AI in advisory practices to enhance service efficiency and user experience [3]. Group 4: Industry Participation - Numerous leading institutions are actively participating in the case collection, contributing high-quality case resources and showcasing the forefront trends in buy-side advisory development [4]. Group 5: Project Impact and Reporting - The project team is conducting a thorough review of the submitted materials, with the involvement of guiding units to ensure fairness and authority in the evaluation process [5]. - The event will leverage the media group's extensive platform for maximum outreach and impact, including in-depth reports, exclusive interviews, and data analysis to enhance understanding of the advisory industry's current state and future trends [5].

Group 1: Event Overview - The "Market Value Management: Policy Interpretation and Implementation Path" closed-door salon was successfully held in Beijing, organized by Financial界 Group, gathering experts from leading financial institutions and over thirty executives from various sectors [1] - The event focused on discussions around market value management, featuring insights from senior experts and scholars [1][3] Group 2: Strategic Directions - CITIC Securities aims to establish itself as a "value investment bank, new quality investment bank, and digital investment bank," providing comprehensive financial services throughout the enterprise lifecycle [3] - Financial界 Group emphasizes its role as a leading financial information service platform, aiming to connect high-quality financial institutions and listed companies for more precise and efficient value services [4] Group 3: Economic Insights - A macroeconomic analysis highlighted that China is undergoing a transition between old and new driving forces, with traditional industries facing challenges while emerging fields like AI present significant opportunities [7] - The M&A market in China shows signs of stabilization and recovery, particularly after new policies have increased the activity of major asset restructurings [7] Group 4: Practical Discussions on Market Value Management - The discussion on market value management revealed that companies now have more tools for managing their market presence, with a focus on compliance and policy evolution regarding share buybacks and increases [8] - Executives shared experiences on balancing investor relations and market value maintenance, emphasizing the need for effective communication with regulators and investors [9][11] Group 5: Future Directions and Collaboration - The importance of information dissemination in market value management was underscored, with Financial界 developing AI-based tools to enhance investor relations and market communication efficiency [22] - Participants acknowledged that market value management has entered a new phase of systematization and standardization, requiring collaborative efforts and a deep understanding of policies and rules [22]

Core Viewpoint - Tianfu Communication's net profit attributable to shareholders reached 1.465 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 50.07% [1] - The net profit for the third quarter alone was 566 million yuan, showing a year-on-year growth of 75.67% and a quarter-on-quarter increase of 0.80% [1] Financial Performance - The company's performance in the third quarter showed a slowdown compared to previous quarters, primarily due to a shortage of upstream materials for EML optical chips [1] - Despite the short-term challenges, the long-term trend of increasing demand for optical device products driven by artificial intelligence development remains intact [1] Future Outlook - As the shortage of raw materials gradually eases, the company's 1.6T optical engine is expected to ramp up production quickly [1] - The company has established multiple products and customer layouts in the CPO field, which is likely to provide a first-mover advantage [1] Investment Rating - The report maintains a "Buy" rating for the company [1]

Core Viewpoint - NewEase's net profit attributable to shareholders for the first three quarters of 2025 reached 6.327 billion, representing a year-on-year increase of 284.38% [1] - The company expects to maintain high growth momentum in the fourth quarter and next year due to strong demand and order visibility [1] Financial Performance - The net profit attributable to shareholders for the first three quarters was 6.327 billion, with a year-on-year growth of 284.38% [1] - The non-recurring net profit attributable to shareholders was 6.301 billion, reflecting a year-on-year increase of 283.27% [1] - The growth rate in the third quarter showed a sequential decline, primarily due to changes in the shipment schedule of certain products [1] Market Position and Outlook - The company has strong competitiveness in the high-speed optical module sector and is making breakthroughs with overseas clients [1] - In the context of a thriving computing power industry, the company is expected to benefit significantly [1]