Core Points - CITIC Securities announced the issuance of its fourth tranche of corporate bonds aimed at professional investors, with a total issuance amount of RMB 1.5 billion [1] - The bonds, referred to as "23 Xintou 10," will have a coupon rate of 2.87% and will start paying interest from November 20, 2024, to November 19, 2025 [1] - Each bond has a face value of RMB 1,000, resulting in an interest payment of RMB 28.7 per bond (tax included) [1]

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。 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2023年 面 向 專 業 投 資 者 公 開 發 行 公 司 債 券（第 四 期）（品 種 一）2025年付息 公 告》《中 信 建 投 証 券 股 份 有 限 公 司2023年面向專業投資者公開發行公司 債 券（第 四 期）（品 種 二）2025年 付 息 公 告》，僅 供 參 閱。 承董事會命 中信建投証券股份有限公司 董事長 劉 成 中國北京 2025年11月12日 於 本 公 告 日 期，本 公 司 執 行 董 事 為 劉 成 先 ...

Core Viewpoint - CITIC Construction Investment has initiated coverage on Saint Bella (02508) with a "Buy" rating, projecting revenues of 1.034 billion, 1.300 billion, and 1.556 billion for 2025-2027, with corresponding net profits of 372 million, 224 million, and 316 million, and an adjusted net profit of 115 million, 254 million, and 331 million, respectively, with a target price of 9.38 HKD [1] Group 1 - Saint Bella currently operates 113 stores globally, with 31 high-end brand locations in first-tier cities, establishing a strong high-end service image through innovative media channels [1] - The company is expanding into markets such as Hong Kong, Singapore, Los Angeles, and New York, aiming to capitalize on the overseas postpartum care market [1] - The brand's marketing strategy focuses on creating interactive scenarios with target customers, reflecting emotional value throughout the service process, which has led to high customer referral rates and effective cost management [1] Group 2 - Due to an oversupply of high-end hotels from the real estate boom, Saint Bella can adopt a flexible booking model, achieving high rental discounts while minimizing vacancy risks [2] - The management center model allows for low-cost, low-risk market expansion, enabling quick access to prime locations [2] - The postpartum care business is expected to achieve gross margins above industry levels, with significant potential for scale effects in the single-store model [2]

Core Viewpoint - CITIC Securities initiates coverage on Saint Bella (02508) with a "Buy" rating, projecting revenues of 1.034 billion, 1.300 billion, and 1.556 billion CNY for 2025-2027, with corresponding net profits of 372 million, 224 million, and 316 million CNY, and an adjusted net profit of 115 million, 254 million, and 331 million CNY, respectively, with a target price of 9.38 HKD [1] Group 1 - Saint Bella currently operates 113 stores globally, with 31 high-end stores in first-tier cities, establishing a strong high-end service image through new media channels [1] - The company plans to expand into markets in Hong Kong, Singapore, Los Angeles, and New York, aiming to capitalize on the overseas postpartum care market [1] - The brand's marketing strategy focuses on creating interactive scenarios with target customers, reflecting emotional value throughout the service process, which leads to high customer referral rates and effective cost management [1] Group 2 - Due to an oversupply of high-end hotels from the real estate boom, Saint Bella adopts a flexible booking model, allowing for lower rental costs without the burden of vacancy rates [2] - The management center model enables low-cost, low-risk market expansion, quickly acquiring premium resources in key locations [2] - The postpartum care business is expected to achieve higher gross margins than the industry average, with significant potential for scale effects in the single-store model [2]

Core Viewpoint - *ST ChuanZhi (003032.SZ) reported a significant increase in revenue for the first three quarters of 2025, with a year-on-year growth of 48.83%, while still facing net losses [1][2]. Financial Performance - The company achieved an operating income of 269 million yuan in the first three quarters of 2025, representing a 48.83% increase compared to the same period last year [1][2]. - The net profit attributable to shareholders was -8.51 million yuan, an improvement of 79.35% from -41.22 million yuan in the previous year [1][2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -13.64 million yuan, showing a 77.15% improvement from -59.67 million yuan year-on-year [1][2]. - The net cash flow from operating activities was 82.68 million yuan, a significant increase of 284.67% compared to -44.77 million yuan in the same period last year [1][2]. Previous Year Comparison - In 2024, the company reported an operating income of 246 million yuan, a decline of 54.04% year-on-year [2]. - The net profit attributable to shareholders for 2024 was -134 million yuan, compared to a profit of 15.63 million yuan in the previous year [2]. - The net profit after deducting non-recurring gains and losses for 2024 was -148 million yuan, down from 22.61 million yuan in the previous year [2]. - The net cash flow from operating activities in 2024 was -87.21 million yuan, compared to -0.52 million yuan in the previous year [2]. Stock Market Status - The company's stock was placed under delisting risk warning and renamed to *ST ChuanZhi starting April 23, 2025, with the stock code remaining 003032 [3]. - The company went public on January 12, 2021, with an initial public offering of 40,244,750 shares at a price of 8.46 yuan per share [3]. - The total funds raised from the IPO amounted to 340.47 million yuan, with a net amount of 291.65 million yuan after deducting issuance costs [3][4].

Core Viewpoint - The report from CITIC Securities indicates a structural prosperity in the mechanical industry despite relatively weak domestic demand, with a focus on new technologies and identifying beneficiaries from interest rate cuts and manufacturing capacity transfers [1][2]. Group 1: Focus on New Technologies - Emphasis on emerging industries with intensive technological changes and strong capital expenditures, such as humanoid robots, solid-state battery equipment, controllable nuclear fusion, and PCB equipment [1][3]. - The humanoid robot sector is expected to see significant advancements, with major companies like Tesla and Nvidia making substantial investments, marking 2026 as a pivotal year for mass production [3]. - The lithium battery equipment sector is showing signs of recovery after a two-year downturn, with improvements in revenue and profit, driven by new technologies [3]. Group 2: Seeking New Growth - The engineering machinery sector is recovering, with various categories showing growth, particularly in non-excavation machinery, supported by favorable export trends [4]. - The tools and hardware sector is expected to benefit from improved US-China relations and tariff reductions in the short term, with long-term gains anticipated from real estate demand following US interest rate cuts [4]. - The mining machinery sector is experiencing increased capital expenditures due to rising non-ferrous metal prices, with domestic companies expanding their overseas presence [4].

智通财经APP获悉，中信建投发布研报称，在2026年化工行业策略中，在行业资本开支放缓，周期拐点 将近的大背景下，建议关注受益反内卷有望率先格局受益的品种;另外降息周期中我国逆周期政策发力 助力内需回暖;并且，发展新质生产力、自主可控和产业升级是大国博弈背景下的坚定选择，新材料仍 然是中国化工的主要发展方向之一，重点关注半导体材料、OLED材料、COC材料以及其他高附加值产 品的持续发展;此外，高股东回馈的优质企业将继续重估之路。 合成生物学、COC材料以及其他高附加值产品的发展、关税过后国内对美替代产品的发展进展同样值 得关注 稳健之选：高股东回馈的优质企业将继续重估之路。随着行业和资本市场环境的持续变化，综合来看， 该行认为化工行业的大多数子行业已经到了应该、并且也能够通过提高股东回馈来重塑投资价值的时 刻，包括中国海油、中国石油、中国石化为代表的油气石化央企，上游资源受限支撑行业高景气，磷化 工-川恒股份、云天化、复合肥行业-新洋丰，深耕细分赛道构建护城河，味精/饲料氨基酸-梅花生物 等。 风险提示：宏观经济增速和下游需求低于预期，原材料价格剧烈波动，汇率波动风险，行业竞争加剧风 险。 我国化工品价格已 ...

中信建投证券2026年资本市场峰会暨中国－沙特投资合作论坛 马静/摄 11月11日，在这个特别的日子，两大头部券商的年度策略会"一南一北"拉开帷幕。中信证券2026年资本市场年 会在深圳召开，中信建投证券2026年资本市场峰会暨中国－沙特投资合作论坛在北京举行。 "人气旺""规格高""国际化浓度高"是券商中国记者现场参会的最大感受。以中信建投为例，据了解，这是沙特 交易所首次与中资券商联合举办策略会，沙特交易所CEO穆罕默德·艾·鲁迈赫在致辞中指出，过去十年，中国 和沙特之间的关系已经从贸易为中心发展到以战略金融合作为特征的关系。除了资本市场，中沙更广泛的经济 伙伴关系正持续以令人印象深刻的速度在扩展。 展望2026年，两家券商对A股走势研判存在共识。中信证券首席A股策略师裘翔研判，A股行情或迈向低波动 慢牛。中信建投证券首席经济学家黄文涛则提到，A股牛市有望持续，预计指数依然震荡上行但涨幅放缓。 两大券商高管最新发声 两家券商的策略会现场人气都非常足，主论坛不仅座无虚席，连会场的后面、侧面都站立着不少听会嘉宾，直 至上午论坛全部结束。论坛上，两家券商高管在致辞中对经济形势、行业发展也分享了最新看法。 中信建 ...

Core Viewpoint - The electric power equipment and renewable energy industry is at the beginning of a new cycle, driven by three years of capacity digestion and unexpected demand growth, with significant changes expected during the "14th Five-Year Plan" period [1] Group 1: Industry Trends - High proportions of wind and solar energy integration will create massive demand for storage and capacity [1] - Global power grids, especially in Europe and the US, will continue to increase investments to adapt to the carbon neutrality process [1] - The costs associated with grid adjustments and regulation will further drive up electricity prices, opening up long-term demand for energy storage in households and businesses [1] Group 2: Technological Advancements - AI will accelerate the growth rate of global electricity consumption, increasing the importance of low-carbon, high-density power sources such as offshore wind, solid oxide fuel cells (SOFC), nuclear power, and gas turbines [1] - The power supply model for data centers is shifting towards higher voltage systems, indicating a significant transformation in the industry [1] Group 3: Future Outlook - These changes are expected to begin materializing by 2026, marking a new phase in the industry's fundamentals [1]

Core Insights - The electric power equipment and renewable energy industry is entering a new cycle after three years of capacity digestion, driven by unexpected demand growth [1][2] - During the "14th Five-Year Plan" period, global new installed capacity of renewable energy is expected to reach new heights, leading to revolutionary changes in the power system [1][2] - High proportions of wind and solar energy integration will create massive storage and capacity demands, prompting increased investments in global power grids, particularly in Europe and the US, to adapt to carbon neutrality processes [1][2] - Rising adjustment and grid renovation costs will drive up electricity prices, opening up long-term demand space for energy storage in households and businesses [1][2] - AI is expected to enhance the growth rate of global electricity consumption, increasing the importance of low-carbon, high-density power sources, and shifting data center power supply models towards higher voltage [1][2] - These changes are anticipated to begin materializing in 2026, marking the start of a new fundamental phase [1][2]