Core Viewpoint - The third batch of "trade-in for new" national subsidies has resumed application across various regions, leading to gradual improvement in weekly data. The current exemption from purchase tax for new energy vehicles is 30,000 yuan, which will be adjusted to a half reduction (from a maximum exemption of 30,000 yuan down to 15,000 yuan) in 2026-2027 [1] Group 1: Industry Trends - The automotive industry is experiencing a strong demand for new energy vehicles, driven by the combination of anti-involution in the automotive sector and the preemptive demand for new energy [1] - The imminent implementation of L2 autonomous driving national standards is expected to further strengthen industry trends [1] Group 2: Company Performance - Leading companies in the commercial vehicle sector have reported continuous performance exceeding expectations in the first half of the year, supported by domestic demand recovery and improved overseas export conditions, particularly in non-Russian markets [1] - The stable low valuation attributes of these leading companies continue to attract defensive capital [1]

新华财经广州8月11日电（记者孟盈如）今年7月以来，上证指数持续走高，多次创出年内新高，并 一举突破3600点，这也是继2007年、2015年、2021年之后，沪指第四次站稳3600点。随着A股市场回 暖，主动权益基金业绩显著反弹，数据显示，今年以来九成主动权益基金产品实现正收益，4300多只主 动权益基金年内平均收益近14%。截至8月6日的近一年内，市场上有43只主动权益基金涨幅超100%。 近一年的43只"翻倍基"，有9只为北交所两年定开产品。自2024年9月以来，北交所行情火热，其代 表性指数北证50大幅拉升。数据显示，截至8月6日，北证50指数近一年涨幅超110%，包括易方达北交 所精选两年定开、万家北交所慧选两年定开等在内的北交所主题基金也表现优异，均跑赢该指数，其中 中信建投北交所精选两年定开以近一年超200%的涨幅排名同类第一。 对于表现亮眼的北交所板块，中信建投北交所精选两年定开基金经理冷文鹏认为，北交所整体来看 仍处高位，估值呈现一定程度泡沫化，需要通过业绩增长逐步消化。但综合年报、一季报披露情况及未 来业绩预期，中长期来看仍具备一定投资性价比，远期可以保持适度乐观，不过短期仍需适度谨慎。 ...

Group 1 - The core viewpoint is that the automotive industry is experiencing a recovery with the resumption of the "old-for-new" national subsidy program, leading to improved weekly data and a favorable environment for new vehicle manufacturers, especially in the high-end segment [1] - The exemption of purchase tax for new energy vehicles is currently set at 30,000 yuan, which will be adjusted to a half reduction (15,000 yuan) in 2026-2027, indicating a shift in policy that may impact market dynamics [1] - The L2 intelligent driving national standard is expected to be implemented soon, which will further strengthen industry trends and catalyze the sector [1] Group 2 - In the passenger car sector, the automotive industry's anti-involution benefits strong product cycles, allowing leading manufacturers to price new vehicles effectively, with the market for high-end brands expected to grow significantly by 2026 [2] - The L4 intelligent driving sector is at a turning point in terms of costs and technology, with the upcoming release of the L2 strong standard draft indicating government support for the industry [2] - The robotics sector is experiencing strong momentum, with the World Robot Conference in 2025 expected to further enhance market interest and performance, particularly for companies entering the Tesla supply chain [2] Group 3 - The bus and heavy truck sectors saw significant growth in Q2, primarily due to increased exports, with expectations for further growth in Q3 due to a low base effect [3] - The domestic subsidy acceleration since May has positively impacted the fundamentals of these two core sectors, creating an important configuration window for key stocks [3]

格隆汇8月12日｜中信建投研报认为，当前我国制造业整体存在结构性失衡，不同行业的分化比较显 著。我们按照产能情况、企业盈利情况、价格水平三个维度对各个行业进行梳理，观察反内卷可能的重 点领域，并对其中的煤炭、钢铁、光伏和汽车四个领域进行着重分析。展望未来，中国制造业将在遏制 无序扩张、引导优质产能、优化资源配置中迈向新一轮高质量发展。我们认为，从产能压缩转向品质跃 升，建设以技术为基础、以制度为支撑、以市场为导向的优质供给体系，或是本次"反内卷"的重点。 ...

每经AI快讯，中信建投指出，近期各地发布机器人相关产业支持政策，给予一定产业补贴或消费补 贴。世界机器人大会依旧保持空前的热度，国产机器人百花齐放。产业链相关的灵巧手、关节模组零部 件、传感器等环节均有多种方案齐头并进，有望加速具身智能机器人迭代。具身智能产业链相关的进步 正不断被看到，后续仍有世界人形机器人运动会、智元机器人合作伙伴大会、Optimus三代机发布、国 产机器人招投标等潜在催化值得关注。继续看好板块整体行情，推荐产业趋势更优、放量更快的传感 器、灵巧手、垂类应用端、国产供应链条等环节。 ...

人民财讯8月12日电，中信建投（601066）证券研报认为，近期各地发布机器人相关产业支持政策，给 予一定产业补贴或消费补贴。世界机器人大会依旧保持空前的热度，国产机器人百花齐放。产业链相关 的灵巧手、关节模组零部件、传感器等环节均有多种方案齐头并进，有望加速具身智能机器人迭代。具 身智能产业链相关的进步正不断被看到，后续仍有世界人形机器人运动会、智元机器人合作伙伴大会、 Optimus三代机发布、国产机器人招投标等潜在催化值得关注。继续看好板块整体行情，推荐产业趋势 更优、放量更快的传感器、灵巧手、垂类应用端、国产供应链条等环节。 ...

Group 1 - The medical device industry is at a turning point, with a focus on leading companies in various segments that are expected to see performance improvements, strong international capabilities, and solid long-term growth logic [1] - Companies that may experience high growth or gradually reach a turning point in Q2 or Q3 are highlighted [1] - Some companies are under short-term performance pressure but are expected to see stable long-term growth, with potential acceleration in 2026 [1] - The optimization of centralized procurement policies may lead to potential performance and valuation recovery [1] - New medical technologies such as brain-computer interfaces, AI in healthcare, surgical robots, and exoskeleton robots are emphasized as key areas of focus [1]

中信建投指出，近期各地发布机器人相关产业支持政策，给予一定产业补贴或消费补贴。世界机器人大 会依旧保持空前的热度，国产机器人百花齐放。产业链相关的灵巧手、关节模组零部件、传感器等环节 均有多种方案齐头并进，有望加速具身智能机器人迭代。具身智能产业链相关的进步正不断被看到，后 续仍有世界人形机器人运动会、智元机器人合作伙伴大会、Optimus三代机发布、国产机器人招投标等 潜在催化值得关注。继续看好板块整体行情，推荐产业趋势更优、放量更快的传感器、灵巧手、垂类应 用端、国产供应链条等环节。 ...

Group 1 - The article presents the rankings of various securities firms in different research categories as part of the 23rd New Fortune Best Analyst Awards [1][2][3] - The rankings are based on a phased statistical result as of August 11, indicating that they are not final [1][2] - The categories include macroeconomic research, strategy research, fixed income research, and sector-specific research such as real estate, food and beverage, and healthcare [1][2][3][4] Group 2 - In the macroeconomic research category, the top firms include GF Securities, Huachuang Securities, and Shenwan Hongyuan Securities [1] - For strategy research, the leading firms are CITIC Securities, GF Securities, and Shenwan Hongyuan Securities [2] - In fixed income research, the top firms are Huatai Securities, Shenwan Hongyuan Securities, and GF Securities [3] Group 3 - The rankings for specific sectors show that in real estate, the top firms are Longjiang Securities, Shenwan Hongyuan Securities, and GF Securities [6] - In the food and beverage sector, the leading firms are GF Securities, Shenwan Hongyuan Securities, and CITIC Securities [9] - For healthcare, the top firms include Industrial Securities, CITIC Securities, and Tianfeng Securities [7]

中信建投证券股份有限公司 关于 宁夏英力特化工股份有限公司 向特定对象发行股票 发行过程和认购对象合规性的报告 保荐人（主承销商） 二〇二五年八月 深圳证券交易所： 经中国证券监督管理委员会（以下简称"中国证监会"） 《关于同意宁夏英力 特化工股份有限公司向特定对象发行股票注册的批复》（证监许可〔2024〕1749 号），同意宁夏英力特化工股份有限公司（以下简称"英力特"、 "发行人"或"公 司"）向特定对象发行股票的注册申请。 中信建投证券股份有限公司（以下简称"中信建投证券"、 "保荐人（主承销 商）"）作为英力特本次向特定对象发行股票（以下简称"本次发行"）的保荐人 和主承销商，对发行人本次发行过程及认购对象的合规性进行了核查，认为英力 特的本次发行过程及认购对象符合《中华人民共和国公司法》 （以下简称"《公司 法》"） 《中华人民共和国证券法》 （以下简称" 《证券法》"） 《深圳证券交易所股票 上市规则》 （以下简称"《上市规则》"） 《证券发行与承销管理办法》 《上市公司证 券发行注册管理办法》（以下简称"《注册管理办法》"）《深圳证券交易所上市公 司证券发行与承销业务实施细则》 （以下简称"《实 ...