证券时报e公司讯，中信建投研报表示，2024年以来REITs市场在政策利好、固收资产荒等因素的共同作 用下出现明显上涨行情，自8月上旬高点以来有小幅回撤。 至11月1日，中证REITs全收益指数较1月的年内低点上涨15.2%。 重申此前观点，建议采用自上而下，先业态后个券的择券策略，建议关注抗周期赛道，优选高股息、强 原权的优质标的。 业态上建议关注抗周期属性较强的消费板块，保租房及厂房亦可逢低布局；个券层面建议优选板块内高 股息、强原权的优质标的。 ...

证券时报网讯，中信建投研报指出，在息差降幅企稳、规模稳定扩张、其他非息有力支撑的情况下，上 市银行三季度营收环比改善。 叠加资产质量整体稳健，继续通过拨备少提以丰补歉释放利润，业绩增速小幅回升。 但资产质量前瞻性指标尚在提升，零售小微等风险边际恶化趋势需继续关注。 银行板块配置上，目前处于"政策强预期，基本面弱现实"的背景。 期待本轮货币、财政政策发力后带动经济进一步复苏，从而推动银行基本面迎来实质性改善。 因此优先配置本轮政策转向下经济预期改善和板块逻辑转换受益标的。 校对：刘榕枝 ...

中信建投：短期外部变量可能影响牛市节奏 但不改中期牛市方向 财联社11月3日电，中信建投陈果团队 发文称，由于牛市中期逻辑并未改变，无论短期外部变量如何演绎，市场有望维持较高风险偏好。 如政策信号如果较强，内需复苏预期有望上升。 目前市场风险偏好处于较高位，增量资金通过指数基金持续流入，个人投资者和机构参与度都有提升迹 象，涨停家数维持高位，融资余额续创两年新高，成交活跃，此外，外资仍有补配中国资产需求，长线 资金仍在关注中国财政政策力度和经济数据回暖状况，如果短期政策信号较强，长线资金可能也将显著 入场。 市场风格可能也有望从主题投资主导边际转向内需复苏预期上升。 综合来看，短期外部变量可能影响牛市节奏，但不改中期牛市方向。 结构上，一方面投资者确实需要注意近期部分个股层面的过度投机交易风险，但我们不认为目前市场整 体具有系统性风险，可以逢低积极布局有供需格局改善预期的方向或者显著受益政策（化债、稳地产、 扩内需、培育新质生产力等）的方向。 ...

中国经济网北京11月3日讯深圳证券交易所上市审核委员会2024年第19次审议会议于2024年11月1日召 开，中船双瑞（洛阳）特种装备股份有限公司（简称"双瑞股份"）符合发行条件、上市条件和信息披露 要求。这是2024年过会的第40家企业。 双瑞股份的保荐机构为中信建投证券股份有限公司，保荐代表人李志强、毕厚厚。这是中信建投今年保 荐成功的第5单IPO项目。1月19日，中信建投保荐的江苏万达特种轴承股份有限公司过会；1月22日， 中信建投保荐的健尔康医疗科技股份有限公司过会；2月5日，中信建投保荐的常州瑞华化工工程技术股 份有限公司过会；5月31日，中信建投保荐的联芸科技（杭州）股份有限公司过会。 双瑞股份在主营业务领域深耕多年，已形成桥梁安全装备、管路补偿装备以及特种材料制品三大主导产 业和高效节能装备、能源储运装备两大新兴产业。 截至招股说明书签署日，双瑞科技持有公司54.53%股权，为公司的控股股东。中国船舶集团通过双瑞 科技、武汉船机、青岛双瑞、厦门双瑞、双瑞控股、中船天津资本、七二五所合计间接持有公司 71.07%股份，为公司的实际控制人。 双瑞股份本次发行股票拟在创业板上市，本次发行的股票数量不低 ...

证券时报e公司讯，中信建投证券研报认为，今年以来被动型基金产品增长迅猛，持股市值已经超过主 动型基金。 截至10月25日股票型ETF资金流入超过8500亿元，成为市场上不可忽视的一股增量资金力量。 A股被动化浪潮的诞生仍需酝酿，相比之下美股被动化存在多方面因素条件。 国内情况来看，个人投资者需要赚钱效应触发，偏好成长风格、行业主题型产品；机构投资者偏好大盘 风格产品，保险机构可能提供可观的增量资金。 在当前的被动化进程中，首先关注筹码结构较轻的领域，被动资金流入带来的弹性将更大，2022年以 来"权重非重仓"组合上涨13%表现亮眼；此外关注以中证A500为代表的新一代特色宽基指数，若后续资 金持续流入，部分行业和个股可能获得更高的资金面弹性。 ...

上 市 公 司 证 券 研 究 报 告 非银金融 2024 年 10 月 31 日 中信建投 (601066) ——自营投资贡献业绩弹性，手续费类业务承压 报告原因：有业绩公布需要点评 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 30 日 | | 收盘价（元） | 25.32 | | 一年内最高/最低（元） | 31.35/17.74 | | 市净率 | 2.7 | | 息率（分红/股价） | 0.99 | | 流通 A 股市值（百万元） | 96,504 | | 上证指数/深证成指 | 3,266.24/10,530.85 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|-------------------------------| | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 9.57 | | 资产 ...

证券代码：601066.SH 证券简称：中信建投 编号：2024-03 投资者关系活动记录表 1 中信建投证券股份有限公司 | --- | --- | --- | |-------------------------|--------------------------------|-------------------------------------------------------| | | | | | | □ 特定对象调研 | ■分析师会议 | | | □ 媒体采访 | □ 业绩说明会 | | 类别 | □ 新闻发布会 | □路演活动 | | | □ 现场参观 | □ 其他 | | 形式 | 视频会议 | | | 时间 | 2024 年 9 月 26 日 | 15:00-16:00 | | 地点 | 视频会议系统 | | | 参与单位名称 及人员姓名 | 国泰君安分析师及其邀请的投资者 | | | | 刘乃生先生（公司董事会秘书） | | | 接待人员姓名 | | 赵明先生（公司计划财务部、库务部行政负责人） | | | 都宁宁女士（公司证券事务代表） | 刘韵女士（公司经纪业务管理委员会总监） ...

Financial Performance - Revenue for the third quarter was RMB 4.79 billion, a decrease of 2.69% year-over-year[2] - Net profit attributable to shareholders was RMB 1.44 billion, an increase of 4.05% year-over-year[2] - The company's total operating income for the first three quarters of 2024 was 14.31 billion yuan, down from 18.38 billion yuan in the same period of 2023[33] - Net profit attributable to the parent company's shareholders for the first three quarters of 2024 was 4.30 billion yuan, compared to 5.69 billion yuan in the same period of 2023[33] - Total operating income for the first three quarters of 2024 was RMB 10.99 billion, a decrease of 23.8% from RMB 14.42 billion in the same period of 2023[41] - Net profit for the first three quarters of 2024 was RMB 3.78 billion, a 21.1% decrease from RMB 4.79 billion in the same period of 2023[41] - Basic earnings per share (EPS) for Q3 2024 is 0.45 RMB per share[34] - Diluted earnings per share (EPS) for Q3 2024 is 0.45 RMB per share[34] - Total comprehensive income for Q3 2024 is 4,485,884,869.71 RMB[34] - Total comprehensive income for the first three quarters of 2024 was RMB 3.86 billion, a 23.5% decrease from RMB 5.05 billion in the same period of 2023[43] Assets and Liabilities - Total assets as of September 30, 2024, were RMB 554.74 billion, an increase of 6.12% compared to the end of the previous year[3] - Net capital at the end of the reporting period was RMB 65.70 billion, a decrease of 1.74% compared to the end of the previous year[4] - The company's total assets increased to 554.74 billion yuan as of September 30, 2024, compared to 522.75 billion yuan at the end of 2023[29] - The company's total liabilities rose to 453.52 billion yuan as of September 30, 2024, from 425.23 billion yuan at the end of 2023[29] - Total assets increased to RMB 491.85 billion as of September 30, 2024, up from RMB 469.94 billion at the end of 2023[38] - Total liabilities increased to RMB 396.91 billion as of September 30, 2024, up from RMB 378.08 billion at the end of 2023[39] - Shareholders' equity rose to RMB 94.94 billion, a 3.4% increase from RMB 91.86 billion at the end of 2023[39] Cash Flow - Operating cash flow for the first nine months of 2024 was RMB 18.17 billion, compared to a negative RMB 4.35 billion in the same period last year[8] - Financing cash flow for the first nine months of 2024 was a negative RMB 3.08 billion, a decrease of 240.51% year-over-year[8] - Net cash flow from operating activities for the first three quarters of 2024 is 18,169,674,519.47 RMB[35] - Net cash flow from investing activities for the first three quarters of 2024 is 2,063,530,837.31 RMB[35] - Net cash flow from financing activities for the first three quarters of 2024 is -3,080,730,201.85 RMB[37] - Cash and cash equivalents at the end of Q3 2024 is 146,332,892,302.58 RMB[37] - Operating cash flow increased significantly to 23.08 billion yuan in the first three quarters of 2024, compared to a negative 13.82 billion yuan in the same period of 2023[44] - Net cash from investment activities surged to 3.48 billion yuan in 2024, up from 440.45 million yuan in 2023[44] - Cash inflow from financing activities dropped to 43.51 billion yuan in 2024 from 65.39 billion yuan in 2023[44] - Net cash outflow from financing activities was 8.03 billion yuan in 2024, compared to 341.60 million yuan in 2023[45] - Cash and cash equivalents at the end of the period increased to 126.08 billion yuan in 2024 from 110.44 billion yuan in 2023[45] Income and Expenses - Fee and commission net income for the first nine months of 2024 was RMB 6.49 billion, a decrease of 31.60% year-over-year[8] - Interest net income for the first nine months of 2024 was RMB 447.77 million, a decrease of 70.31% year-over-year[8] - The company's net income from fees and commissions for the first three quarters of 2024 was 6.49 billion yuan, down from 9.49 billion yuan in the same period of 2023[33] - The company's net income from investment banking business for the first three quarters of 2024 was 1.50 billion yuan, compared to 3.89 billion yuan in the same period of 2023[33] - Net fee and commission income dropped to RMB 5.27 billion, down 36.9% from RMB 8.34 billion in the first three quarters of 2023[41] - Investment banking fee income declined significantly to RMB 1.40 billion, a 63.2% decrease from RMB 3.80 billion in the same period last year[41] - Fair value change gains increased to RMB 2.50 billion, up 20.2% from RMB 2.08 billion in the first three quarters of 2023[41] - Interest and commission income received in the first three quarters of 2024 is 17,293,022,351.49 RMB[35] - Net cash received from securities trading in the first three quarters of 2024 is 21,929,167,853.70 RMB[35] - Cash received from interest, fees, and commissions decreased to 14.04 billion yuan in 2024 from 17.87 billion yuan in 2023[44] - Cash received from securities trading was 22.09 billion yuan in 2024[44] - Cash paid for employee compensation decreased to 3.75 billion yuan in 2024 from 4.16 billion yuan in 2023[44] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 138,934[9] - Beijing Financial Holdings Group holds 2,777,389,017 shares, accounting for 35.81% of the total shares[9] - Central Huijin Investment holds 2,386,052,459 shares, representing 30.76% of the total shares[9] - Hong Kong Securities Clearing (Nominee) holds 816,022,928 shares, making up 10.52% of the total shares[9] - CITIC Securities holds 382,849,268 shares, accounting for 4.94% of the total shares[9] - Jinghu Holdings holds 351,647,000 shares, representing 4.53% of the total shares[9] - Tibet Tengyun Investment Management holds 109,556,553 shares, making up 1.41% of the total shares[9] - Hong Kong Securities Clearing holds 73,623,057 shares, accounting for 0.95% of the total shares[9] - Fujian Guian New World Tourism Culture Investment holds 38,861,000 shares, representing 0.50% of the total shares[9] - China Construction Bank - Guotai CSI All Share Securities ETF holds 24,073,586 shares, making up 0.31% of the total shares[9] Bond Issuance - The company completed the issuance of a perpetual subordinated bond and a corporate bond totaling RMB 4.5 billion in Q3 2024[23] - The corporate bond "24 Xintou G5" issued in July 2024 had a size of RMB 1 billion with a 3-year term and a coupon rate of 2.13%[23] - The corporate bond "24 Xintou G6" issued in July 2024 had a size of RMB 1 billion with a 5-year term and a coupon rate of 2.25%[23] - The perpetual subordinated bond "24 Xintou Y2" issued in August 2024 had a size of RMB 2.5 billion with an initial coupon rate of 2.16% for the first 5 years[23] - The company issued 7 billion yuan in perpetual bonds in 2024[44] Regulatory Issues - The company faced regulatory warnings from the Shanghai Stock Exchange in July 2024 for inadequate due diligence on R&D expenses[18][19] - The company received a written warning from the Shenzhen Stock Exchange in September 2024 for insufficient scrutiny of promotional activities and accounting practices[20] Branch Relocations - The company changed the registered addresses of 8 securities branches in Q3 2024[24][25] - The Shenzhen Meilin Zhongkang Road Zhuoyuehui Securities Branch relocated to Meilin Center Plaza (North Area), 3rd Building, 105 Shop, and Unit 1002[24] - The Beijing Sanyuanqiao Securities Branch relocated to Shuguang Xili, Chaoyang District, 1st Floor, 08-2, and 4th Floor, B-503[25] - The Beijing Deshengmen Securities Branch relocated to Xinfeng Street, Xicheng District, Tiancheng Technology Building, Tower A, Room 701[25] Risk and Funding Ratios - Risk coverage ratio was 159.08%, a decrease of 3.13 percentage points year-over-year[4] - Net stable funding ratio was 179.77%, an increase of 28.56 percentage points year-over-year[4] Monetary Funds and Deposits - The company's monetary funds increased to 124.88 billion yuan as of September 30, 2024, from 117.05 billion yuan at the end of 2023[29] - The company's client funds deposits grew to 98.21 billion yuan as of September 30, 2024, from 88.07 billion yuan at the end of 2023[29] - The company's settlement reserve funds increased to 21.98 billion yuan as of September 30, 2024, from 13.51 billion yuan at the end of 2023[29] - The company's financial investments in trading financial assets rose to 231.99 billion yuan as of September 30, 2024, from 214.19 billion yuan at the end of 2023[29] - Client funds deposits grew to RMB 81.56 billion, a 16.1% increase compared to RMB 70.27 billion at the end of 2023[38]

证券时报e公司讯，10月30日，中信建投研报表示，10月以来，全国生猪均价整体小幅震荡下行，主要 系供给端增量所致，即恰逢前期新增中大猪出栏窗口期，涌益数据统计10月上旬二育销量占比6.09%， 环比提升3.69pcts，且消费端无明显提振，导致猪价承压下行。 国家统计局数据显示，截至三季度末，全国能繁母猪存栏4062万头，同比下降4.2%；环比增长0.6%。 展望后市，供需双增格局将至。 今年新生仔猪数量自3月持续增加，对应秋冬消费旺季；从中大猪存栏看，9月全国5月龄以上中大猪存 栏同比下降4.6%，环比增长1.5%，已连续4个月增长，预示着未来2—3个月的肥猪上市量将较之前的月 份增多。 养殖盈利背景下，产能去化动力不足，预计后市产能仍以小幅波动为主，对应猪价小幅波动，仍需关注 母猪生产效率提升及冬季疫病情况。 ...

财联社财经通讯社打开APP08:40:06【中信建投：关注AI Agent发展 建议关注六大方向】《科创板日 报》29日讯，中信建投表示，24Q3基金对计算机重仓持股比例为2.95%，较2024Q2环比提升0.45pct，虽 略有增加，但仍处近三年历史较低水平。 近期AI Agent密集发布，字节跳动豆包AI智能体耳机Ola Friend、智谱AI自主智能体AutoGLM、金蝶AI 管理助手苍穹APP均带来了更自然的AI交互体验，有望推动AI应用加速发展。 投资建议：1）估值修复+顺周期白马标的；2）互金和券商IT；3）预期反转类IT公司（政府类IT、消费 类IT、财税IT与政府采购IT、网络安全等方向）；4）国产化方向，党政与行业信创加速，以及财税IT 与政府采购IT方向；5）华为及特斯拉近期事件催化下相关产业链企业；6）数据要素政策催化。 人工智能财联社声明：文章内容仅供参考，不构成投资建议。 投资者据此操作，风险自担。 2024-10-29 08:40:06128264 阅读商务合作发送 ...