12月31日，中信建投涨1.01%，截至发稿，报26.98元/股，成交1.27亿元，换手率0.07%，总市值2092.76 亿元。 华泰柏瑞沪深300ETF（510300）基金经理为柳军。 截至发稿，柳军累计任职时间16年215天，现任基金资产总规模5425.04亿元，任职期间最佳基金回报 153.27%， 任职期间最差基金回报-45.64%。 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，中信建投证券股份有限公司位于北京市朝阳区光华路10号，成立日期2005年11月2日，上市 日期2018年6月20日，公司主营业务涉及投资银行业务、财富管理业务、交易及机构客户服务业务以及 资产管理业务。主营业务收入构成为：交易及机构客户服务43.52%，财富管理业务34.26%，投资银行 业务10.46%，资产管理业务5.97%，其他5.80%。 从中信建投十大流通股东角度 数据显示，华泰柏瑞基金旗下1只基金位居中信建投十大流通股东。华泰柏瑞沪深300E ...

Core Viewpoint - The chief macroeconomic analyst at CITIC Securities, Zhou Junzhi, predicts that copper may experience a historic surge in 2026, driven by macroeconomic narratives and the copper-gold ratio [1] Group 1: Copper Price Trends - The supply-demand balance can effectively explain and indicate the trend of copper prices, but it does not address the odds question for 2026 [1] - The odds for copper in 2026 are linked to the "copper-gold ratio," which is currently at a historical low despite both copper and gold reaching new highs this year [1] Group 2: Historical Context and Predictions - The copper-gold ratio is used to assess the odds for copper prices in 2026, as historical methods have failed in recent years, particularly regarding global inflation and the Chinese real estate market [1] - Gold prices have surged over 70% year-on-year in 2025, marking the second-highest increase since the 1960s, which is expected to influence copper prices positively [1] Group 3: Macro Narratives Influencing Copper Prices - Three macro narratives are identified as catalysts for the historic rise in gold prices this year, which are anticipated to also drive copper prices up in 2026: 1. Sacrificing independence for monetary easing by the Federal Reserve 2. Technological advancements leading to a new industrial cycle 3. Restructuring of global supply chains due to trade wars [1]

Group 1 - The core viewpoint of the article highlights the recent stock transfer of Qingdao Holdings (00499) from CITIC Securities to Zhaoyin International Securities, with a market value of HKD 19.74 million, representing 18.83% of the total shares [1] - Qingdao Holdings reported its mid-year results for 2025, showing total revenue of HKD 10.726 million, a year-on-year decrease of 12.43% [1] - The company recorded a loss attributable to shareholders of HKD 9.505 million, which is a reduction of 33.98% compared to the previous year, with a loss per share of HKD 0.0095 [1]

Group 1 - The core viewpoint of the article highlights the recent stock transfer of Qingdao Holdings from CITIC Securities to Zhaoyin International Securities, with a market value of HKD 19.74 million, representing 18.83% of the total shares [1] - Qingdao Holdings reported its mid-year results for 2025, showing total revenue of HKD 10.726 million, a year-on-year decrease of 12.43% [1] - The company recorded a loss attributable to shareholders of HKD 9.505 million, which is a reduction of 33.98% compared to the previous year, with a loss per share of HKD 0.0095 [1]

（文章来源：第一财经） 中信建投研报表示，乐聚机器人作为国内人形机器人产业化的领跑者，凭借其深厚的技术积累和清晰的 商业化路径，在行业中占据了独特的竞争地位。公司坚持以产业化应用为导向的"对齐主义"发展路线， 采用Model-Based运动控制算法，确保了产品在工业等场景下的稳定性和可解释性，并已实现近千台全 尺寸人形机器人的交付，国内全尺寸机器人交付量最多。通过与华为、中国移动等巨头在具身智能大模 型和5G-A通信技术上的深度合作，乐聚构建了"大脑+小脑+通信"协同进化的技术优势。公司"人形机器 人+"生态战略通过与产业链上下游企业的紧密合作，正加速商业化落地进程。未来，随着成本的进一 步降低和技术的持续迭代，乐聚机器人有望在万亿级的具身智能市场中占据重要份额。 ...

Core Viewpoint - Hong Kong's residential transaction volume and prices are expected to rebound significantly starting from March 2025, with total transactions projected to exceed 60,000 for the year, marking the second highest level in nearly 13 years, following 2021 [1][2][7] Residential Market - In the first 11 months of 2025, Hong Kong's total transactions for new and second-hand private residential properties reached 54,669, representing a year-on-year increase of 17.0% [2] - The second-hand residential prices confirmed a bottoming out from March to May 2025, with prices rising by 6.2% since the low point in late May, and an expected annual growth of 4.5% for 2025 [2][7] - The share of high-value properties (over 5 million HKD) in transactions has rebounded for the first time since 2022, indicating an increase in investment demand [2][7] Factors Driving Demand - The primary driver for the rebound in residential volume and prices is the increased asset allocation demand in the context of the Federal Reserve's interest rate cuts [7] - Contributing factors include the stabilization of the HKD/USD to RMB exchange rate, capital repatriation amid declining USD credit, and a strong wealth effect from rising Hong Kong stock prices [7] - Additional supportive elements include favorable talent attraction policies, an increase in international students, a rising housing demand, and a controlled supply from the government [7] Commercial and Office Market - The commercial office market in Hong Kong is under overall pressure but shows structural improvements, with increased transaction activity driven by domestic enterprises expanding their operations [14] - The rental rates for office spaces are still declining, with vacancy rates around 17%, but there is a trend of converting office spaces into student accommodations to address high vacancy rates [14] - Retail properties in core areas are experiencing improved rental conditions despite overall pressure, supported by an increase in inbound tourists and retail sales growth [14]

黄金暴涨之后，市场关注未来走势，尤其关注近年不可忽视的购买力量——央行。近年央行购金不仅规 模大、速度快，还展现出"黄金回家"等非常规操作。 拆解央行购金、持金的微观逻辑之后，大家获知两点：当前共知的世界黄金协会给定数据，并非央行购 金全貌；近年国际政局动荡，央行基于战略需求增持黄金，在购金渠道以及窖藏方式上更为多样，也导 致了传统渠道追踪央行购金难度加大。 智通财经APP获悉，中信建投证券发布研报称，2025年是黄金历史上无法绕开的一个年份，不仅因为单 年黄金价格大幅上涨，贵金属可以说众多资产中表现最为优异，更重要的是当前央行黄金储备3.6万 吨，接近布雷顿森林体系时代，且当前央行持有黄金的市值超过4万亿美元，超过欧元储备，直逼美 元。 中信建投主要观点如下： 按市场价格计算，黄金价值已经突破4万亿美元，去年黄金占全球外汇储备的比例已经升至20%，超越 16%的欧元，仅次于46%的美元，一举成为全球第二储备资产。 央行购金是近年黄金分析一股不可忽视的力量。但是关于央行购金的细节，不论是微观操作——央行如 何买金，在何地窖藏黄金，通常使用的央行购金和黄金储备数据又反映了哪个口径下的央行黄金行为， 这些细节都缺 ...

Core Insights - The public fund industry is transitioning from a "scale-oriented" approach to a "return-oriented" strategy, emphasizing the importance of multi-asset allocation and the integration of quantitative investment with subjective judgment [1] Group 1: Investment Strategy - Fund managers are now required to focus more on market price fluctuations and the investor's holding experience, moving beyond long-term growth potential of assets [2] - New regulations are pushing fund managers to pay attention to risk-adjusted return metrics such as Sharpe ratio and Calmar ratio, which measure returns relative to risk and benchmark stability [2] - Multi-asset allocation is becoming crucial as the economy shifts towards high-quality development, with a focus on diversifying asset classes to smooth portfolio volatility and achieve stable long-term returns [2] Group 2: Quantitative and Subjective Investment - Quantitative investment plays a central role in the investment framework, while subjective judgment enhances the strategy through experience [3] - The advantages of quantitative investment lie in its reliance on historical data, while its limitations include simplistic linear extrapolations for future predictions [3] - Continuous iteration of quantitative strategies involves exploring new data sources, adopting advanced models, and integrating successful investment philosophies into the quantitative framework [3] Group 3: Future Outlook - The multi-asset allocation team at CITIC Construction Investment Fund aims to strengthen its quantitative foundation and enhance its multi-asset capabilities to provide long-term stable returns for investors [4] - Professionalism and continuous evolution are seen as the cornerstones for fund managers to regain investor trust in a market that is returning to a focus on "returns" [4]

Core Viewpoint - The China Securities Association (CSA) has released the results of the evaluation of the underwriting business, bond business, and financial advisory services of securities firms, aiming to enhance the quality of practice and better serve the real economy and new productive forces [1][8]. Group 1: Evaluation Results - The evaluation of underwriting business included 93 securities firms, with results categorized into A, B, and C grades: 12 firms received A, 66 received B, and 15 received C [1][4]. - The bond business evaluation covered 95 firms, resulting in 14 firms rated A, 62 rated B, and 19 rated C [4][6]. - For the financial advisory services related to major asset restructuring, 30 firms participated, with 5 rated A, 19 rated B, and 6 rated C [6][8]. Group 2: Evaluation Criteria - The evaluation categories reflect the relative levels of practice quality, internal control systems, and service capabilities in underwriting, bond issuance, and financial advisory services, without assessing the creditworthiness or business qualifications of the firms [3][4]. - The CSA aims to guide firms to shift from price competition to value competition, enhancing the professionalism and influence of their underwriting services [8]. Group 3: Future Directions - The CSA plans to revise the evaluation indicators to further improve the quality of practice and guide firms towards function-oriented operations [8].

格隆汇12月30日丨中信建投证券(06066.HK)公告，公司第三届董事会第十九次会议通过了《关于增补董 事会专门委员会委员的议案》。董事会于该会议上决议，(i)增补公司职工代表董事戴波为董事会发展战 略委员会委员；(ii)增补公司非执行董事王华及独立非执行董事郑伟为董事会薪酬与提名委员会委员。 上述任期均至公司第三届董事会任期结束日止。 ...