本次权益分派股权登记日为：2026年1月7日，除权除息日为：2026年1月8日。 格隆汇12月29日丨中信建投(601066.SH)公布2025年半年度权益分派实施公告,本次利润分配以方案实施 前的公司总股本7,756,694,797股为基数，每股派发现金红利人民币0.165元(含税)，共计派发现金红利人 民币1,279,854,641.51元(含税)。其中 A 股普通股股份数为6,495,671,035股，本次派发A股股东现金红利 人民币1,071,785,720.78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） 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2025年半年度A股 權 益 分 派 實 施 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12月29日 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、賴 觀 榮 先 生、張 崢 先 生、吳 溪 先 ...

Core Viewpoint - 2025 is a pivotal year for the Chinese securities industry, focusing on deepening functional positioning and high-quality development, with an emphasis on mergers and acquisitions, international expansion, and technological innovation [2][4]. Group 1: Industry Development Strategy - The industry development strategy is projected in two dimensions: internally, to create a first-class investment bank through mergers and acquisitions; externally, to recommend the value of Chinese assets to global markets [2]. - High-quality development is the main theme, requiring securities firms to act as both market participants and builders, as well as to become "boosters" of technological innovation and "guardians" of residents' wealth [2]. Group 2: Mergers and Acquisitions - 2025 marks a critical year for mergers and acquisitions in the Chinese securities industry, with major firms merging and smaller institutions seeking transformation [4]. - Notable mergers include the formation of "Guotai Haitong Securities" from Guotai Junan and Haitong Securities, and the merger of Guolian Securities and Minsheng Securities, which has significantly improved their profitability rankings [4][5]. - The merger wave is reshaping the competitive landscape, with the top firms now dominating profit rankings [4]. Group 3: Classification Evaluation - The classification evaluation of securities firms is undergoing significant revisions in 2025, emphasizing the need for firms to enhance their functional roles and professional capabilities [6]. - New regulations remove the revenue bonus while increasing the emphasis on return on equity (ROE), guiding firms to focus on operational efficiency rather than mere scale [6][7]. Group 4: Margin Trading and Financing - The margin trading market is heating up, with a record balance of 2.54 trillion yuan, reflecting a 36.6% increase from the beginning of the year [9]. - Competition among firms has intensified, with some lowering financing rates below 4% to attract clients, indicating a shift towards long-term client retention strategies [9][10]. Group 5: Investment Banking and Technology - The securities industry is adapting to the "hard technology" era, with reforms aimed at providing more inclusive financing paths for tech companies [11]. - Firms are establishing research institutes focused on emerging industries and enhancing their service capabilities through collaboration and talent development [13]. Group 6: AI Integration - The adoption of AI technologies is rapidly transforming the securities industry, with firms implementing AI across various business functions, significantly improving efficiency [15]. - The shift towards AI-driven services is seen as a critical factor in maintaining competitive advantage, with some firms fully committing to AI integration [15]. Group 7: Internationalization - Chinese securities firms are deepening their internationalization efforts, expanding their service offerings beyond traditional roles to include cross-border wealth management and derivatives trading [17]. - The internationalization process is driven by both market demand and strategic goals, positioning firms as key players in the global market [17][18]. Group 8: Asset Management Transformation - The public offering process for asset management is reaching a turning point, with firms reassessing their roles in the broader asset management landscape [19]. - The transition of collective investment products is a priority, with many firms adapting to regulatory changes and focusing on private equity and other specialized products [20][21]. Group 9: Capital Space Optimization - Regulatory changes are encouraging firms to optimize capital management, with a focus on enhancing capital utilization efficiency [25]. - The average leverage ratio of listed securities firms is currently at 3.45 times, indicating room for improvement compared to other financial institutions [25]. Group 10: Name Changes Reflecting Strategic Shifts - A wave of name changes among securities firms signals strategic realignments and resource restructuring following mergers and acquisitions [26]. - The name changes often reflect deeper integration and new strategic directions, indicating a shift in focus and operational capabilities [26][28].

中信建投（601066）证券(06066)发布公告，中信建投证券股份有限公司2025年面向专业投资者公开发 行永续次级债券(第一期)(以下简称"本期债券")，将于2026年1月12日(因2026年1月10日休市，故顺延至 其后的第1个交易日)开始支付自2025年1月10日至2026年1月9日期间的利息。 债券简称：25信投Y1。债券代码：242244。发行总额：人民币21亿元。本期债券票面利率(计息年利率) 为2.05%，每手本期债券面值为1000元，派发利息为20.5元(含税)。 ...

格隆汇12月29日丨中信建投证券(06066.HK)发布公告，中信建投证券股份有限公司2025年面向专业投资 者公开发行永续次级债券(第一期)(债券简称：25信投Y1，债券代码：242244)，将于2026年1月12日(因 2026年1月10日休市，故顺延至其后的第1个交易日)开始支付自2025年1月10日至2026年1月9日期间的利 息。本期债券票面利率(计息年利率)为2.05%，每手本期债券面值为1000元，派发利息为20.5元(含税)。 ...

智通财经APP讯，中信建投证券(06066)发布公告，中信建投证券股份有限公司2025年面向专业投资者公 开发行永续次级债券(第一期)(以下简称"本期债券")，将于2026年1月12日(因2026年1月10日休市，故顺 延至其后的第1个交易日)开始支付自2025年1月10日至2026年1月9日期间的利息。 债券简称：25信投Y1。债券代码：242244。发行总额：人民币21亿元。本期债券票面利率(计息年利率) 为2.05%，每手本期债券面值为1000元，派发利息为20.5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2025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》，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12月29日 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 ...

Core Insights - The "2025 High-Quality Development Conference for Listed Companies" emphasizes resilience and growth through cycles, gathering leaders from regulatory bodies, industry associations, and financial institutions to discuss strategies for enhancing the quality of capital market development [1] Group 1: Conference Overview - The conference is organized by Financial界 and focuses on the role of listed companies as a backbone of the Chinese economy, highlighting their development quality's impact on modernization efforts [1] - Financial界's CFO, Zhu Ying, expressed the organization's commitment to facilitating collaboration between enterprises and financial institutions to support resilient development [1] Group 2: Key Discussion Themes - The "Tech New Wave" roundtable, hosted by Ming Pinglei from CITIC Securities, featured discussions on the impact of artificial intelligence on production and life, as well as insights into semiconductor advancements [2] - The "New Consumption Momentum" roundtable, led by Cui Li from Huatai United Securities, focused on new trends in the consumer market, opportunities in lower-tier markets, and strategies for companies to achieve high-quality growth [2] - The "New Era of Medicine" roundtable, moderated by Zhou Ting from Financial界, brought together leaders from the pharmaceutical industry to discuss innovation, industry upgrades, and opportunities for capital empowerment [3] Group 3: Awards Announcement - The results of the 2025 14th Financial界 "Golden Intelligence Award" annual selection were officially announced during the event [4]

Core Viewpoint - The Chinese steel industry has achieved significant profit recovery in the context of weak demand, characterized by a unique phenomenon of "total contraction but profit growth" [1][3] Group 1: Profit Recovery Factors - From January to November 2025, the black metal smelting and rolling industry achieved a total profit of 111.5 billion yuan, a substantial year-on-year increase of 1752.2% [1] - The profit improvement is attributed to multiple factors including cost reductions, supply discipline, and product structure upgrades, with cost reductions being the primary driver [1][2] - The price decline of raw materials such as iron ore and coking coal has outpaced the decline in steel prices, creating a profit window for steel mills [2] Group 2: Supply and Demand Dynamics - National crude steel production decreased by 3.9% year-on-year from January to October, while high-value-added products like coated plates and electrical steel saw production growth [2][3] - The steel industry is expected to continue in a weak balance of "supply contraction and demand pressure" in 2026, with ongoing policy-driven capacity reductions and a challenging real estate market [3] Group 3: Market Trends and Inventory - The total inventory of five major steel products increased by 13.4% year-on-year, indicating persistent demand weakness [3] - Weekly steel consumption showed a mixed trend, with construction materials declining by 3.2% while plate consumption increased by 1.4% [4] Group 4: Investment Recommendations - For ordinary steel, it is suggested to focus on high-dividend and leading companies in various downstream sectors due to the unclear recovery timeline in real estate [5] - The special steel sector is expected to grow rapidly, driven by domestic demand and global market share increases, with specific companies recommended for investment [5][6]

Core Viewpoint - The recent eight consecutive days of gains in the Shanghai Composite Index signal a positive outlook, indicating that the A-share year-end rally has commenced [1] Group 1: Market Drivers - Three main expectations are driving the initiation of the year-end rally: a consensus of optimism among institutional investors, the anticipated early arrival of the spring market, and the conclusion of adjustments in overseas AI models, leading to improved liquidity and risk conditions [1] - Recent announcements of the 15th Five-Year Plan policies and events have heightened investor expectations regarding policy [1] Group 2: Sector Focus - Key sectors to watch for the year-end rally include non-ferrous metals and AI computing power, which are expected to experience significant catalytic growth [1] - The primary market focus remains on commercial aerospace, with secondary themes including the Hainan Free Trade Zone, controllable nuclear fusion, and humanoid robots [1]