四季度已过半，券商密集召开年终策略会，探讨下一年度的市场趋势。11月11日，中信建投证券2026年资本市场峰会在北京召开。同日，中信证券、光大证 券、国盛证券也召开秋季/年度策略会。截至当前，还有包括华泰证券、国泰海通、东吴证券在内的多家券商已举办2026年度策略会/投资峰会。整体来看， 多数观点认为2026年A股仍是牛市，或仍以慢牛格局呈现。而在细分赛道上，各家机构观点则有所分化，有观点认为科技板块仍有优势，也有分析人士更看 好能源、消费、地产等顺周期板块。 牛市概念长期逻辑未变 11月11日，中信建投证券2026年资本市场峰会在北京召开。中信建投证券首席经济学家黄文涛进行主旨演讲并提到，"新四牛"概念不仅适合短期，从长期来 看，逻辑也未有变化。 关于2026年股债表现的趋势判断，华泰证券研究所所长、固收首席张继强指出，短期股市或偏向休整，债市胜率略高但赔率一般；而到2026年一季度，股强 于债的概率仍较高。债市面临的主要压力来自基本面预期改善、机构行为调整和股债性价比。不过，鉴于货币政策仍持支持性立场、融资需求仍待恢复，利 率上行空间有限，整体可能呈现震荡略偏弱的格局。 首先是"资金流入牛"。宏观背景方面 ...

Group 1: Event Overview - The CITIC Securities 2026 Capital Market Summit and China-Saudi Investment Cooperation Forum opened on November 11, 2025, in Beijing, focusing on global macroeconomic policies and investment strategies for 2026 [1] - The summit attracted over 2,000 participants, including experts, scholars, entrepreneurs, and investors from various countries, discussing global economic changes and new investment opportunities [1][8] - This summit is co-hosted by CITIC Securities and the Saudi Stock Exchange, marking the first collaboration between a Chinese brokerage and the Saudi exchange in China [1] Group 2: Strategic Goals of CITIC Securities - CITIC Securities aims to accelerate the development of a "value investment bank" to enhance international market competitiveness and provide sustainable returns to shareholders [2] - The company is committed to becoming a "new quality investment bank" by embedding itself in the national innovation system and enhancing its service capabilities across the entire industry chain [3] - CITIC Securities is also focused on becoming a "digital investment bank," leveraging data-driven strategies and digital transformation to improve customer service and business collaboration [3] Group 3: Saudi Stock Exchange Insights - The Saudi Stock Exchange is one of the fastest-growing capital markets globally, with a significant increase in foreign direct investment from China, reaching nearly $8.3 billion by the end of last year [4] - The exchange has signed memorandums of understanding with Shanghai and Shenzhen stock exchanges to deepen capital flow between China and Saudi Arabia [4] Group 4: Economic Outlook for 2026 - The chief economist of CITIC Securities predicts that 2026 will be a year of foundational strengthening and comprehensive efforts, with GDP growth expected around 5% [5] - The monetary policy in China is anticipated to be accommodative, with a potential 50 basis points reduction in the reserve requirement ratio and continued interest rate cuts [6] - The "new four bulls" logic driving the A-share and Hong Kong markets includes capital inflow, technological innovation, institutional reform, and consumption upgrades [6] Group 5: Forum Discussions - The forum featured two roundtable discussions focusing on "cross-border business and long-term capital cooperation" and "asset allocation outlook: China, Saudi Arabia, and globally," with participation from industry leaders and experts [7][8]

来看详情—— 刘成：加快打造"价值投行、新质投行、数智投行" 峰会首日，中信建投证券党委书记、董事长刘成致辞称，中信建投证券作为资本市场的"国家队"，要以 建设金融强国为使命，为中国式现代化贡献力量，也要为世界的繁荣发展贡献力量。今年是中信建投证 券成立20周年，面向未来，中信建投证券将加快打造"价值投行、新质投行、数智投行"。 刘成提到，中国和沙特相互欣赏、友好往来，特别是2022年两国签署《中沙全面战略伙伴关系协议》 后，双边关系不断推向新高。今年正值中沙建交35周年，双方共同举办投资合作论坛具有特殊的意义。 【导读】中信建投（601066）证券举办2026年资本市场峰会暨中国－沙特投资合作论坛 把脉2026年，重要研判来了！ 11月11日，中信建投证券举办2026年资本市场峰会暨中国－沙特投资合作论坛。此次峰会由中信建投证 券与沙特交易所联合主办，是沙特交易所首次与中资券商在中国内地共同举办投资者峰会。 此次会议主题为"革故鼎新 质赢未来"，来自全球多个国家和地区的企业家、金融家、投资者共同探讨 合作投资机遇。据介绍，首日现场参会人数达2500余人。活动首日现场座无虚席，气氛热烈。 第一，加快打造"价值 ...

Core Viewpoint - The 2026 Capital Market Summit and China-Saudi Investment Cooperation Forum hosted by CITIC Securities aims to explore investment opportunities and strengthen bilateral relations between China and Saudi Arabia, marking a significant milestone in their partnership [1][3]. Group 1: CITIC Securities' Strategic Focus - CITIC Securities aims to enhance its role as a "value investment bank," focusing on international market competition and customer value [3][4]. - The company plans to develop into a "new quality investment bank," emphasizing innovation and high-quality service across the entire investment lifecycle [4]. - CITIC Securities is committed to becoming a "digital investment bank," prioritizing digital transformation and data-driven strategies to meet client needs [4]. Group 2: Economic Outlook for 2026 - The chief economist of CITIC Securities, Huang Wentao, forecasts 2026 as a year of "dual easing" in fiscal and monetary policies, supporting economic stability and growth [5][6]. - GDP growth is expected to be around 5%, driven by policy support, stable domestic demand, and industrial upgrades [6]. - Huang identifies four key drivers for the A-share and Hong Kong markets: capital inflow, technological innovation, institutional reform, and consumption upgrades, which are expected to propel market growth [6]. Group 3: Investment Opportunities - In the commodities sector, Huang highlights gold as a long-term investment opportunity, driven by geopolitical concerns rather than traditional factors like interest rates [8]. - The recent volatility in gold prices should not deter investors, as the long-term outlook remains positive [8].

Core Viewpoint - The chairman of CITIC Securities, Liu Cheng, emphasized the company's commitment to becoming a leading investment bank by focusing on three key areas: building a "value investment bank," developing a "new quality investment bank," and embracing a "digital intelligent investment bank" to enhance competitiveness in the international market [2][3][4] Group 1: Value Investment Bank - CITIC Securities aims to enhance its international competitiveness by adhering to higher standards of compliance with national laws, regulations, and international practices, while unifying the creation of value for clients, shareholders, employees, and society [2] - The company has successfully completed three Hong Kong IPO sponsorship projects this year, raising a total of HKD 429.26 billion, with the largest being the IPO of CATL, which raised HKD 410.06 billion, marking the largest IPO globally in the past three years [3] Group 2: New Quality Investment Bank - The concept of a "new quality investment bank" is seen as an evolutionary path for securities institutions, focusing on empowering new productive forces to drive high-quality development [3] - CITIC Securities is transitioning from traditional passive services to a more proactive, partnership-oriented approach, aiming to provide comprehensive lifecycle services through a model that integrates research, investment, and banking [3] Group 3: Digital Intelligent Investment Bank - The core task of building a "digital intelligent investment bank" is to drive digital transformation based on customer needs, emphasizing the strategic importance of data as a key asset [4] - The company plans to leverage artificial intelligence and advanced algorithms to enhance efficiency and decision-making in asset pricing, trading analysis, and investment advisory [4] - Continuous innovation and iterative development are essential for the digital transformation journey, focusing on agile updates to optimize business processes and improve service quality [4]

Core Viewpoint - The conference organized by CITIC Securities focuses on investment cooperation between China and Saudi Arabia, emphasizing the importance of building a strong financial market and enhancing bilateral relations [2][5]. Group 1: Conference Overview - The 2026 Capital Market Summit and China-Saudi Investment Cooperation Forum was held on November 11, with over 2,500 attendees, marking a significant event in the investment landscape [2]. - The theme of the summit was "Reform and Innovation for a Better Future," attracting entrepreneurs, financiers, and investors from various countries to discuss investment opportunities [2]. Group 2: CITIC Securities' Future Strategy - Liu Cheng, Chairman of CITIC Securities, highlighted the company's mission to contribute to both national and global prosperity, aiming to build a "Value Investment Bank," "New Quality Investment Bank," and "Digital Investment Bank" [3][6]. - The "Value Investment Bank" focuses on enhancing customer value and integrating resources to create tailored products and services [6]. - The "New Quality Investment Bank" aims to support high-quality development through an innovative service platform that covers the entire investment lifecycle [6]. - The "Digital Investment Bank" emphasizes the importance of digital transformation and data-driven strategies to meet customer needs [7]. Group 3: Economic Outlook for 2026 - Huang Wentao, Chief Economist at CITIC Securities, predicts that 2026 will be a year of foundational strengthening and comprehensive development, with a focus on innovation and internal demand [9]. - The economic growth forecast for 2026 is around 5%, supported by favorable fiscal and monetary policies [10]. - The "New Four Bulls" in the capital market include capital inflow, technological innovation, institutional reform, and consumption upgrade, which are expected to drive the rise of A-shares and Hong Kong stocks [10]. - Opportunities in sectors such as AI, semiconductors, and renewable energy are highlighted as key areas for investment [10]. Group 4: Commodity Market Insights - Huang Wentao emphasized the long-term investment potential of gold, driven by geopolitical factors rather than traditional economic indicators [11]. - The recent volatility in gold prices should not deter investors, as the outlook remains positive for continued upward movement in gold and silver [11].

作为现代能源系统的重要组成部分，我国储能产业正经历全球爆发期。 一方面，国内储能电芯"一芯难求"，不少头部电池企业均表示工厂已处于满产状态。另一方面，我国储 能企业的海外订单也在暴增，海外市场为我国储能企业提供了新的发展机遇。 近年来，我国新型储能装机规模快速增加，新型储能产业已逐步由商业化初期步入规模化发展阶段。 近日，国家能源局能源节约和科技装备司副司长边广琦表示，截至2025年9月底，我国新型储能装机规 模超过1亿千瓦，占全球总装机比例超过40%，已跃居世界第一。 根据《新型储能规模化建设专项行动方案》提出的目标，到2027年，中国新型储能装机规模将达到1.8 亿千瓦以上，带动项目直接投资约2500亿元，新型储能技术路线仍以锂离子电池储能为主，各类技术路 线及应用场景将进一步丰富。 朱华雷阐述道："全球碳中和目标推动各国加速新能源替代，而风能、太阳能等新能源具有间歇性、波 动性的特点，无法稳定供电。储能作为新能源发电的'配套设施'能解决新能源发电与用电负荷不匹配的 问题，保障电力持续稳定输出。" 中信建投（601066）发表研报称，看好储能全球共振的大趋势不变。国内储能全面迎来经济性拐点，投 资极为旺盛 ...

首先是"资金流入牛"。宏观背景方面，具备资金回流到A股和港股的条件。从市场运行逻辑来看，中国 证监会也鼓励中长期资金入市，当前，以社保和保险公司的资金为代表的长期资金逐渐提高入市比例。 从居民资产配置角度来看，居民正在从实物资产配置逐渐向金融资产配置转变。上述三点印证中国资金 流入是长期的逻辑，且刚刚开始，因此"资金流入牛"注定会促进A股和港股明年仍然是慢牛的格局。 其次是"科技创新牛"。近几年可以看到中国的科技创新不断进步，产业升级也有非常清晰的思路，因此 科技创新和产业升级这只"牛"也是个长期的逻辑。 北京商报讯（记者 李海媛）11月11日，中信建投证券2026年资本市场峰会在北京召开。中信建投证券 首席经济学家黄文涛进行主旨演讲并提到，"新四牛"概念不仅适合短期，从长期来看，逻辑也未有变 化。 三是"制度改革牛"。在新"国九条"的指引之下，以中国证监会为代表的监管机构出台了一系列政策，这 些政策基本及时有效且正面地回应了投资者对资本市场的关心。例如，当前中国资本市场里上市公司的 分红、回购加上增持的数量已超过IPO的规模。中国资本市场真正体现了人民性，从过去所谓的"融资 市"变成了"投资市"，赚钱效应也 ...

（文章来源：证券日报） 证券日报网讯 11月11日晚间，璞泰来发布公告称，中信建投证券作为公司2022年度非公开发行A股股票 的保荐人，并因公司2020年非公开发行股票募集资金尚未使用完毕，承接了2020年非公开发行股票的相 关持续督导工作。中信建投证券指派张帅先生、李立波先生担任公司持续督导期内的保荐代表人。根据 相关规定，持续督导的期间为证券上市当年剩余时间及其后1个完整会计年度，即持续督导期至2024年 12月31日止。鉴于公司2020年非公开发行股票和2022年非公开发行股票募集资金尚未使用完毕，中信建 投证券对公司尚未使用完毕的募集资金仍履行持续督导职责。公司近日收到中信建投证券出具的《关于 更换保荐代表人的函》，李立波先生因近期工作变动，不再继续履行对公司的持续督导职责，中信建投 证券指派赵毅先生接替履行剩余的持续督导工作。 ...

本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 【中信建投首席：2026年是多维度发展起步年，看好人民币资产】11月11日，中信建投证券2026年峰会 上，首席学家发表演讲。指出2026年总体态势是夯实基础、全面发力的起步年，外部环境为战略反攻 年，结构上是创新育新年。增长动力在于提振内需、建设强大国内市场，政策上财政和货币政策更积 极、呈双宽松，风险挑战方面是风险收敛年。其看好与"十五五"主线携手前行的人民币资产。 ...