中信建投证券股份有限公司2024年面向专业投资者公开发行公司债券(第一期)(品种一)以及(品种二)将于 2026年1月23日付息。品种一债券简称："24信投G1"，债券票面利率(计息年利率)为2.72%，每手本期债 券面值为1000元，派发利息为27.2元(含税)。品种二债券简称："24信投G2"，债券票面利率(计息年利 率)为2.99%，每手本期债券面值为1000元，派发利息为29.9元(含税)。 中信建投证券(06066)发布公告，中信建投证券股份有限公司2024年面向专业投资者公开发行永续次级 债券(第一期)将于2026年1月19日付息。债券简称："24信投Y1"，债券票面利率(计息年利率)为3.15%， 每手本期债券面值为1000元，派发利息为31.5元(含税)。 中信建投证券股份有限公司面向专业投资者公开发行2022年次级债券(第一期)(品种二)将于2026年1月21 日付息。债券简称："22信投C2"，债券票面利率(计息年利率)为3.45%，每手本期债券面值为1000元， 派发利息为34.5元(含税)。 ...

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 據 香 港 聯 合 交 易 所 有 限公司證券上市規則第13.10B條 而 作 出。 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2024年 面 向 專 業 投 資 者 公 開 發 行 永 續 次 級 債 券（第 一 期）2026年付息公 告》《中 信 建 投 証 券 股 份 有 限 公 司 面 向 專 業 投 資 者 公 開 發 行2022年次級債 券（第 一 期）（品 種 二）2026年 付 息 公 告》《中 信 建 投 証 券 股 份 有 限 公 司2024 年 面 向 專 業 投 資 者 公 ...

Core Viewpoint - Goldman Sachs predicts that the MSCI China Index and the CSI 300 Index will rise by 20% and 12% respectively by 2026 [6] Group 1: Market Performance - On January 9, 2026, the Shanghai Composite Index broke through the 4100-point mark, marking a significant milestone not seen in ten years [3] - The Shanghai Composite Index achieved a fifteen-day consecutive rise, reaching a high of 4095.33 points, up 0.30% on January 9 [3] - The market showed strong trading activity with a half-day turnover exceeding 2 trillion yuan [3] Group 2: Factors Driving Market Growth - The recent rise in A-shares is attributed to a combination of positive factors, including high liquidity, favorable policy expectations, and investor sentiment [4] - The liquidity outlook improved due to anticipated interest rate cuts by the Federal Reserve and a dual easing monetary policy set by the domestic central economic work conference [4] - The central economic work conference emphasized expanding domestic demand and technological innovation as key focuses for 2026, providing structural investment opportunities [4] Group 3: Institutional Outlook - Citic Securities forecasts a continued bull market in 2026, driven by policy shifts and improved liquidity, alongside a focus on technology sector growth [5] - The investment community is optimistic about the Chinese market, with Goldman Sachs maintaining an overweight rating on A-shares and H-shares [6] - Morgan Stanley also raised its rating on the Chinese market to "overweight," citing reasonable valuations and light positioning by international investors [6] Group 4: Earnings Growth Expectations - Goldman Sachs anticipates that corporate earnings in China will grow by 14% and 12% in 2026 and 2027 respectively, with overseas revenue growth contributing to performance [6] - UBS projects that the overall A-share earnings growth rate will increase from 6% in 2025 to 8% in 2026, driven by GDP growth and supportive policies [7]

Group 1 - In 2025, the capital market's comprehensive reform led to a significant recovery in A-share financing, with total financing amounting to 1.08 trillion yuan, a 2.7-fold increase from the previous year [2][3] - The Hong Kong IPO market is expected to raise approximately 286.3 billion HKD in 2025, more than doubling from 2024, reclaiming the top position globally [6] - The restructuring of Guotai Junan Securities and Haitong Securities has intensified competition among investment banks, impacting the long-standing dominance of the "Big Four" [7][9] Group 2 - In A-share financing, equity issuance accounted for 82% of the total, with a significant contribution from four state-owned banks that completed 520 billion yuan in capital increases [5] - The IPO financing in A-shares reached 131.77 billion yuan, a 95.6% increase year-on-year, although still less than a quarter of the peak in 2022 [5] - The semiconductor industry led the A-share IPO financing with 23.09 billion yuan, followed by automotive and electrical equipment sectors [5] Group 3 - The competitive landscape for underwriting has shifted, with Guotai Haitong Securities rising to second place in A-share underwriting, while CITIC Securities maintained the top position [8][9] - The top ten A-share underwriters included several firms with significant changes in rankings, highlighting a dynamic market environment [9] - The quality evaluation of investment banking services has become more stringent, with a shift from scale to quality in competition among firms [13][14] Group 4 - The internationalization of the securities industry has been a key trend, with several firms experiencing substantial growth in Hong Kong IPO underwriting [11] - The regulatory environment has tightened, leading to a comprehensive penalty system for investment banking activities, affecting numerous firms and individuals [14]

Group 1 - The core viewpoint of the news is that Zongheng Co., Ltd. has experienced a significant stock price increase, with a 5.32% rise on January 9, reaching 61.99 yuan per share, and a total market capitalization of 5.429 billion yuan [1] - Zongheng Co., Ltd. is located in the Chengdu High-tech Zone and specializes in the research, production, sales, and services of industrial drone-related products, with its main business revenue composition being 68.97% from drone systems, 13.69% from drone services, 9.13% from other sources, and 8.20% from drone accessories [1] - The stock has seen a cumulative increase of 8.5% over the past six days, indicating strong market performance [1] Group 2 - From the perspective of fund holdings, a fund under CITIC Securities has Zongheng Co., Ltd. as a significant investment, holding 68,600 shares, which accounts for 6.27% of the fund's net value, making it the sixth-largest holding [2] - The CITIC Securities fund, named CITIC Jian Investment Smart Life A, has generated a floating profit of approximately 214,700 yuan today and 316,200 yuan during the six-day increase [2] - The fund has a total scale of 33.9388 million yuan and has experienced a year-to-date return of 5.17%, ranking 1478 out of 8827 in its category [2]

Group 1 - The core point of the news is that Sinar Navigation has seen a significant increase in its stock price, rising 5.04% to 50.41 CNY per share, with a total market capitalization of 4.056 billion CNY and a cumulative increase of 17.22% over the past five days [1] - Sinar Navigation specializes in high-precision satellite navigation technology, focusing on the research and development of dedicated chips and RTK technology, providing centimeter and millimeter-level real-time positioning solutions based on the BeiDou and other GNSS systems [1] - The company's revenue composition includes data acquisition equipment (42.84%), high-precision GNSS boards/modules (20.70%), data applications and system solutions (20.32%), agricultural machinery automatic driving systems (12.13%), and others (4.00%) [1] Group 2 - From the perspective of major fund holdings, one fund under CITIC Jiantou has heavily invested in Sinar Navigation, with the CITIC Jiantou Smart Life A fund increasing its holdings by 21,000 shares, making Sinar Navigation its largest holding [2] - The CITIC Jiantou Smart Life A fund has a total scale of 33.9388 million CNY and has achieved a year-to-date return of 5.17%, ranking 1478 out of 8827 in its category [2] - The fund manager, Zhou Ziguang, has been in position for 8 years and 230 days, with the best return during his tenure being 23.53% and the worst being -47.51% [3]

Core Viewpoint - The article highlights the efforts of CITIC Construction Futures in supporting rural revitalization in Feng Village, Shanxi Province, through various initiatives including donations of agricultural machinery and financial knowledge training [1] Group 1: Initiatives and Activities - CITIC Construction Futures organized a rural revitalization support activity in Feng Village, focusing on enhancing agricultural productivity through donations of farming equipment such as tricycles and rotary tillers [1] - The company engaged in a party-building collaboration with the local party branch, discussing the integration of party-building and rural revitalization to build a consensus for development [1] - Professional personnel provided financial knowledge training to villagers, aiming to improve their financial literacy and help them mitigate financial risks while broadening their industrial development perspectives [1] Group 2: Future Plans - CITIC Construction Futures plans to continue leveraging its industry advantages to deepen rural engagement and provide diversified support to consolidate poverty alleviation achievements and promote rural revitalization [1]

Group 1 - The article discusses significant personnel changes in the investment banking sector, particularly at CITIC Securities, highlighting the retirement of notable figures and the hiring of younger analysts [1][15] - Li Kang, the chief economist at Xiangcai Securities, has retired at the age of 61, having had a long career in various leadership roles within the industry [1][15] - The article notes that CITIC Securities has seen a decline in its research department's performance, with mid-2025 revenue reported at only 348 million, down from previous years where it was in the tens of millions [1][15] Group 2 - Wu Chaoze has been appointed as the head of the Institutional Business Committee at CITIC Securities, expanding her responsibilities from research to include institutional and international business [3][17] - Wu has been with CITIC Securities since 2012 and has recently transitioned from a chief analyst role to a senior executive position, indicating a shift from operational to strategic responsibilities [3][17] - The article highlights Wu's accolades, including being named the top analyst in the telecommunications sector for seven consecutive years and becoming one of the youngest research directors in the industry at the age of 32 [6][20] Group 3 - The article mentions that CITIC Securities has experienced a significant drop in revenue over the past five years, with total revenue decreasing from approximately 30 billion to 21.1 billion in 2024 [10][25] - The firm has also seen a notable increase in profit for mid-2025, with a reported growth of 57.7% compared to previous periods [10][25] - The decline in revenue is attributed to a reduction in commission income, which has halved from 1 billion in 2021 to only 508 million in 2024, indicating a severe downturn in the firm's research income [12][27]

Core Insights - The report from CITIC Securities indicates that the performance of A-share listed companies in the third quarter has shown a higher-than-expected value for the CSI 300 and the ChiNext Composite Index compared to historical averages, while the CSI 500's expected value is below the historical average for the same period [1] Group 1 - The CSI 300 and ChiNext Composite Index have exceeded historical average expectations [1] - The CSI 500 has underperformed relative to historical averages [1] - There is an emphasis on capturing structural market opportunities by selecting stocks that have exceeded expectations [1] Group 2 - The report highlights the importance of focusing on large-cap growth investment opportunities that are seeing fundamental recovery [1]

Group 1 - The core viewpoint of the report indicates that the performance of A-share listed companies in the third quarter has shown a mixed trend, with the Shanghai and Shenzhen 300 and ChiNext Composite indices exceeding historical average levels, while the CSI 500 index fell below historical averages [1] - The report emphasizes the importance of capturing structural market opportunities by selecting stocks that have exceeded expectations, particularly focusing on large-cap growth investment opportunities that are seeing fundamental recovery [1]