Core Viewpoint - CITIC Securities believes that despite potential short-term market volatility, any downturn presents a better opportunity for positioning, with a focus on preparing for the year-end market rally [1] Market Strategy - The strategy emphasizes opportunistic positioning ahead of key events, specifically the Federal Reserve's interest rate meeting and the Central Economic Work Conference after December 10 [1] - Investors are advised to increase positions at lower levels before these meetings, paying attention to the support at the half-year line and market volume conditions [1] Reasons for Year-End Rally - The anticipated year-end rally is attributed to several factors: early spring market enthusiasm, expected liquidity improvement signals from potential Federal Reserve rate cuts, policy expectations for the start of the 14th Five-Year Plan, and similarities to the year-end rally in December 2020 [1] Key Investment Areas - CITIC Securities identifies several sectors likely to lead the year-end rally, including: - AI (CPO, AI applications, liquid cooling) - New Energy (energy storage, solid-state batteries, nuclear power) - Innovative pharmaceuticals - Machinery (humanoid robots, automation equipment) - Non-ferrous metals - Chemicals - Additionally, opportunities in Hong Kong's internet and commercial aerospace sectors are highlighted [1] Industry Focus - Key industries to monitor include: - Non-ferrous metals (copper, silver) - AI (communications, computing) - New Energy - Innovative pharmaceuticals - Machinery - Hong Kong internet - Chemicals [1] Thematic Focus - The primary thematic focus is on commercial aerospace [1]

凯诘电商是一家数字零售解决方案供应商，为品牌拥有人提供全面的定制化数字零售解决方案，旨在帮 助他们建立电商基础架构、推动线上销售、提升运营效率并加速业务增长。其解决方案覆盖电商生态系 统的整个价值链，包括品牌定位、产品开发咨询、零售运营、渠道管理、营销推广、履单以及数据与信 息技术服务。根据灼识咨询资料，按2024年GMV计，该公司是中国第五大数字零售解决方案提供商(市 场份额1%)，同时也是最大的O2O数字零售解决方案提供商。 凯诘电商已递表港交所主板，由中信建投（601066）国际独家保荐。 ...

Core Insights - The People's Bank of China announced the winners of the 2024 Financial Technology Development Award, with CITIC Futures and CITIC Securities receiving second and third prizes for their innovative projects, highlighting their commitment to technological innovation in the financial sector [1][3]. Group 1: Award Recognition - CITIC Futures and CITIC Securities were awarded the second and third prizes for their projects "Intelligent Futures Service Platform Based on Multi-Modal Large Models" and "Omni-Channel Hyper-Converged Intelligent Communication Platform" respectively [1]. - This recognition reflects the companies' adherence to the central government's strategy on technological innovation and their efforts to enhance digital financial services [1][3]. Group 2: Project Details - The "Intelligent Futures Service Platform" integrates AI and large model technologies to achieve intelligent management of the entire futures business process, ensuring compliance, data security, and operational convenience [1][2]. - The platform's intelligent customer service module enhances service efficiency by integrating comprehensive financial service capabilities, including intelligent Q&A and knowledge base functions [1][2]. Group 3: Technological Advancements - The "Omni-Channel Hyper-Converged Intelligent Communication Platform" addresses challenges in the futures communication business, such as redundant module construction and data silos, by creating an innovative solution with industry demonstration significance [2][3]. - The project employs a full-stack self-innovation architecture and multi-layered security defense systems to enhance information security and business intelligence levels [3]. Group 4: Future Outlook - CITIC Futures aims to continue driving development through technological innovation, enhancing its ability to serve the real economy, and contributing to the high-quality development of the futures industry [3].

中信建投（601066）发布研报称，重卡是总质量大于14吨，以物流、工程为主要应用场景的商用车车型。2023年起重卡行业步入上行周期，内销+出口双 轮驱动下，总销量稳步回升。考虑到国内国四、国五车型置换需求将持续释放，非俄地区拉动出口增长且空间广阔，看好行业景气持续上行的中期趋势。 即便在国内补贴不确定性下，2026年行业总量仍有望保持高位稳健。出口等增量将赋予龙头业绩可持续增长能力。行业层面建议关注国内补贴延续情况、 宏观扩内需政策力度以及出口增长持续性。 新能源销量增速或边际放缓，出口提振下传统能源有望持稳。2026年国内新能源购置税减免即将退坡，叠加补贴政策不确定性，新能源重卡将全面转入市 场驱动阶段，增速预计边际放缓。基于目前应用场景和销量结构测算，2026年新能源渗透率或在30-35%。低运价背景下燃气车主导长途牵引领域，受中 短途电动化影响较小，国内渗透率、总量预计同比保持稳定。出口以油车为主，2026年增量可填补国内柴油车销量下滑缺口。 中信建投主要观点如下： 重卡行业：内外共振开启上行周期，格局集中下龙头优先受益。重卡以物流、工程为主要应用场景，销量波动与宏观经济大盘、置换更新需求、补贴/淘 ...

智通财经APP获悉，中信建投证券发布研报称，12月本为锂的传统消费淡季，但下游需求远超预期，季节性因素淡化，锂价预计维持高位。据SMM统 计，供给端，11月碳酸锂及氢氧化锂环比+3%/+2%，预计12月增量有限，基于江西锂云母复产的乐观预期下，碳酸锂仅环比增幅3%，氢氧化锂则预计12 月环比-3%。 需求端，订单火热现象将持续至年末，11月磷酸铁锂及三元材料分别环比+4.7%/-0.2%，12月订单饱满，铁锂需求环比持平，三元环比回落6.7%。 月度平衡角度，11月市场短缺万吨以上，预计12月缺口收窄，但或仍缺口5000吨以上，因此12月保持去库预期，价格有望维持高位。库存端，碳酸锂库存 已降至12万吨以下，其中锂盐厂库存从年中的近6万吨降至2.4万吨，待明年二季度需求旺季，库存水平难以支撑需求，需求将再度赋予价格弹性。 中信建投主要观点如下： 锂：据百川盈孚，本周工业级碳酸锂市场均价为9.15万元/吨，较上周下降3.2%；电池级粗粒氢氧化锂均价为8.1万元/吨，较上周下降0.6%。供给端，本周 碳酸锂产量预计环比小幅增长。锂盐厂维持较高开工率，盐湖提锂的新产能持续释放，其他新增项目稳步推进。库存方面，碳酸锂 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 末日认购申请确认比例＝（20亿份-末日之前有效认购申请份额总额）/末日有效认购申请份额总额 重要提示 1、国泰中证港股通互联网交易型开放式指数证券投资基金（以下简称"本基金"）已获中国证监会证监 许可【2025】2285号文准予注册募集。中国证监会对本基金募集的注册，并不表明其对本基金的投资价 值、市场前景和收益做出实质性判断或保证，也不表明投资于本基金没有风险。 2、本基金类别为股票型证券投资基金，运作方式为交易型开放式。 3、本基金的基金管理人为国泰基金管理有限公司（以下简称"本公司"），基金托管人为兴业银行股份 有限公司，登记机构为中国证券登记结算有限责任公司。 4、本基金募集对象为符合法律法规规定的可投资于证券投资基金的个人投资者、机构投资者、合格境 外投资者以及法律法规或中国证监会允许购买证券投资基金的其他投资人。 5、本基金自2025年12月8日至2025年12月19日进行发售。投资者可选择网上现金认购和网下现金认购2 种方式。其中，网上现金认购的日期为2025年12月8日至2025年12月19日，网下现金认购的日期为2025 年12月8日至202 ...

打破僵局只能是大超预期的基本面变化，今年是外需和出海，未来可能还是需要内需的重大变化打开市场高 度。在超预期的变化出现前，配置上建议延续资源/传统制造业定价权的重估以及企业出海两个方向。 广发证券："赚钱效应"最好的时间窗，即将打开 每年11月，市场涨跌与基本面相关性最弱，但进入12月，基本面定价的有效性会逐步加强。"赚钱效应"最好的 时间窗，即将打开。每年春季有两个重要时间点：春节、两会。在这期间（春节到两会），市场有很好的"赚 钱效应" ，也就是 "春季躁动"窗口期，平均持续约20个交易日。春节前后，市场从低胜率转向高胜率，从大盘 风格转向小盘风格。 12月到明年1月是春季躁动布局的很好时机，尤其是针对那些年报预告不太会爆雷且明年景气度趋势不错的方 向（年报预告不好的方向，可能最好等到明年1月末布局）。同时考虑截至上周五市场最低点，很多板块调整 幅度已经达到历史上主线品种的平均水平（20%左右），12月可以逐步纳入观察范围。 中信证券：需要内需的变化打开高度 市场呈现出低波慢牛的特征，主要宽基的波动率有所下降，回撤以及夏普比率亦好于过往。但主观多头的体感 改善相对有限，今年以来依旧跑输量化策略，仅略微跑赢 ...

Group 1 - The market experienced a slight rebound this week, but overall sentiment continued to decline, indicating weak rebound strength and ongoing challenges from resistance levels above [1][2] - Despite potential short-term volatility, the company believes that any downturn could present better investment opportunities, maintaining a slow bull market outlook with expectations for an early spring rally next year [1][2] - The company recommends strategic positioning ahead of key meetings in mid-December to prepare for the year-end market trends, focusing on sectors such as technology growth and resource commodities [1][2] Group 2 - Key sectors to watch include non-ferrous metals, AI (communications, computing), new energy, innovative pharmaceuticals, machinery, Hong Kong internet stocks, and chemicals [1][2] - Thematic focus should be on commercial aerospace, indicating a specific area of interest for potential investment opportunities [1][2]

Core Viewpoint - The market experienced a slight rebound this week, but overall sentiment continues to decline, indicating weak rebound strength and ongoing challenges from resistance levels [1] Market Outlook - Despite potential short-term volatility, the company believes that any downturn could present better investment opportunities [1] - The slow bull market pattern remains unchanged, with expectations for an early spring rally next year under a consensus view [1] Investment Strategy - The company suggests strategically positioning for the year-end market before the key meeting in mid-December to prepare for the cross-year market [1] - Focus areas for investment include technology growth and resource sectors that are currently in favorable conditions [1] Industry Focus - Key industries to watch include non-ferrous metals (copper, silver), AI (communications, computers), new energy, innovative pharmaceuticals, machinery, Hong Kong internet, and chemicals [1] - Thematic focus includes commercial aerospace [1]

Core Viewpoint - Shanghai Yixin Communication Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities International as the exclusive sponsor [1] Company Summary - The company is seeking to go public in Hong Kong, indicating a strategic move to access international capital markets [1] - The involvement of CITIC Securities International as the exclusive sponsor suggests a strong backing and confidence in the company's potential [1] Industry Context - The listing reflects the growing trend of Chinese technology companies seeking to raise funds through international exchanges, particularly in Hong Kong [1] - This move may enhance the visibility and credibility of the company within the global technology sector [1]