（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。 ...

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。 ...

智通财经APP讯，中信建投证券(06066)发布公告，公司董事会会议通过了《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，增补公司职工代表董事戴波先生为董事会发展战略委员会委 员;及增补公司非执行董事王华女士及独立非执行董事郑伟先生为董事会薪酬与提名委员会委员。上述 任期均至公司第叁届董事会任期结束之日止。 ...

（於中華人民共和國註冊成立的股份有限公司） （股份代號：6066） 董事名單與其角色和職能 中 信 建 投 証 券 股 份 有 限 公 司（「 公 司 」）董 事 會（「 董事會 」）成 員 及 其 各 自 於董事會及董事會委員會的角色及職能載列如下： | 董事會委員會 | 發展戰略 | 風險管理 | 審 計 | 薪酬與提名 | | --- | --- | --- | --- | --- | | 董 事 | 委員會 | 委員會 | 委員會 | 委員會 | | 賴觀榮先生 （獨立非執行董事） | M | | | C | | 張崢先生 （獨立非執行董事） | | M | | M | | 吳溪先生 （獨立非執行董事） | | | C | M | | 鄭偉先生 （獨立非執行董事） | | M | M | M | 附註： C 相關董事會委員會之主席 M 相關董事會委員會之委員 中國北京 2025 年 1 2 月 3 0 日 | 董事會委員會 | 發展戰略 | 風險管理 | 審 計 | 薪酬與提名 | | --- | --- | --- | --- | --- | | 董 事 | 委員會 | 委員會 | 委員會 | 委員 ...

（於中華人民共和國註冊成立的股份有限公司） （股份代號：6066） 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份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。 委任董事會專門委員會委員 中 信 建 投 証 券 股 份 有 限 公 司（「 本公司 」）第 三 屆 董 事 會（「 董事會 」）第 十 九 次 會 議 通 過 了《 關 於 增 補 董 事 會 專 門 委 員 會 委 員 的 議 案 》。 董 事 會 於 該 會議上決議， (i) 增補本公司職工代表董事戴波先生為董事會發展戰略委 員會委員；及 (ii) 增補本公司非執行董事王華女士及獨立非執行董事鄭 偉先生為董事會薪酬與提名委員會委員。上述任期均至本公司第三屆董 事會任期結束之日止。 承董事會命 中信建投証券股份有限公司 董事長 劉 成 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、王華女士及戴波先生；以及本公司獨立非執行董事為浦偉 光先生 ...