11月13日，索通发展涨5.41%，截至发稿，报30.57元/股，成交7.62亿元，换手率5.15%，总市值152.27 亿元。 截至发稿，艾翀累计任职时间8年21天，现任基金资产总规模3.12亿元，任职期间最佳基金回报 91.88%， 任职期间最差基金回报-23.39%。 杨志武累计任职时间2年346天，现任基金资产总规模4.19亿元，任职期间最佳基金回报46.35%， 任职 期间最差基金回报7.35%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，中信建投基金旗下1只基金重仓索通发展。中信建投睿利A（003308）三季度增持3100股， 持有股数1.06万股，占基金净值比例为0.49%，位居第一大重仓股。根据测算，今日浮盈赚取约1.66万 元。 中信建投睿利A（003308）成立日期2016年12月7日，最新规模1369.26万。今年以来收益43.82%，同类 排名1411/8145；近一年收益40.09%，同类排名1049/8059 ...

Core Viewpoint - The Shanghai Stock Exchange's Listing Review Committee approved the initial public offering (IPO) of Qiangyi Semiconductor (Suzhou) Co., Ltd., marking it as the 73rd company to pass the review this year, with a total of 44 companies from the Shanghai and Shenzhen stock exchanges and 29 from the Beijing Stock Exchange [1]. Company Overview - Qiangyi Semiconductor is a high-tech enterprise focused on semiconductor design and manufacturing, specifically in the research, design, production, and sales of wafer testing core hardware probe cards [2]. - The controlling shareholder and actual controller of Qiangyi Semiconductor is Zhou Ming, who directly holds 27.93% of the shares and indirectly controls an additional 13.83%, totaling 50.05% control over the company [2]. - The company plans to list on the Sci-Tech Innovation Board of the Shanghai Stock Exchange, with a public offering of up to 32.39 million shares, representing no less than 25% of the total share capital post-issuance [2]. Fundraising and Use of Proceeds - Qiangyi Semiconductor aims to raise 1.5 billion yuan (approximately 150 million) through this IPO, which will be allocated to the development and production of probe cards in Nantong and the construction of its headquarters and R&D center in Suzhou [2]. Listing Review Committee Inquiries - The Listing Review Committee raised inquiries regarding the company's significant reliance on major clients, the independence and sustainability of its business and R&D, and measures taken to mitigate risks associated with dependence on a single related client [3]. - The committee also questioned the assessment of revenue forecasts related to major clients and the fairness of related transactions [3].

Group 1 - Airo Energy's stock increased by 5.14%, reaching 72.18 CNY per share, with a trading volume of 165 million CNY and a turnover rate of 2.41%, resulting in a total market capitalization of 11.549 billion CNY [1] - Airo Energy, established on March 2, 2012, and listed on January 3, 2024, specializes in providing photovoltaic energy storage inverters, storage batteries, and grid-connected inverters primarily for overseas customers [1] - The company's main revenue sources include household energy storage systems and products (60.42%), grid-connected inverters (20.74%), commercial energy storage systems (13.63%), and accessories and others (5.21%) [1] Group 2 - Citic Securities' fund holds a significant position in Airo Energy, with the Citic Securities Low Carbon Growth Mixed A Fund (013851) increasing its holdings by 46,300 shares in the third quarter, totaling 410,700 shares, which represents 6.51% of the fund's net value [2] - The Citic Securities Low Carbon Growth Mixed A Fund was established on December 13, 2021, with a current scale of 217 million CNY, achieving a year-to-date return of 7.44% and a one-year loss of 12.15% [2] - The fund manager, Zhou Ziguang, has been in position for 8 years and 173 days, with the fund's total asset size at 841 million CNY, achieving a best return of 24.79% and a worst return of -44.94% during his tenure [3]

Core Viewpoint - The global AI industry is experiencing a bearish impact due to recent negative comments, while the domestic AI sector shows resilience, particularly in application stocks [1] Group 1: Market Performance - The AI ETF (515070) saw a slight decline of 0.8%, but stocks like Beijing Junzheng rose over 4%, with other companies such as Stone Technology, Deepin Technology, Qihoo 360, and Dahua Technology performing well [1] - In the third quarter, public funds and northbound capital reached a historical high in their holdings of the communication sector, with AI computing power being a significant contributor to this increase [1] Group 2: Industry Developments - On November 10, Intel's AI infrastructure head Sachin Katti moved to OpenAI, indicating an intensifying competition for AI talent globally [1] - Meituan launched its first AI programming assistant, CatPaw, which focuses on agent collaboration and large-scale code generation, marking a significant step in the domestic "AI + software engineering" sector [1] Group 3: Investment Recommendations - With the decline in inference costs driven by open-source models like DeepSeek, there is a simultaneous release in demand for domestic 1.6T optical modules, liquid-cooled servers, and AI power supplies [1] - It is recommended to pay attention to leading companies in the infrastructure segments such as IDC, servers, and domestic computing chips [1] Group 4: ETF Composition - The AI ETF (515070) tracks the CS AI theme index (930713), selecting component stocks that provide technology, basic resources, and application end stocks, focusing on the midstream and upstream of the AI industry chain [2] - The top ten weighted stocks include leading domestic technology companies such as Zhongji Xuchuang, Xinyi Sheng, Cambrian, Zhongke Shuguang, iFlytek, OmniVision, Hikvision, Lanke Technology, Kingsoft, and Unisplendour [2]

西南证券公告称，为进一步提升投资者获得感，公司推出2025年第三季度利润分配方案，拟向全体 股东每10股派发现金红利0.1元（含税），合计拟派发现金红利约6645.11万元（含税），占2025年第三 季度归属于母公司股东净利润的23.52%。 今年前三季度，西南证券实现营业收入25.18亿元，同比增长42.75%；实现归母净利润7.06亿元， 同比增长46.11%。对于三季度业绩增长，西南证券表示，主要系投资收益、手续费及佣金净收入、利 息净收入等同比增加所致。 今年前三季度，上市券商业绩亮眼。Wind统计显示，按申万行业分类，50家证券类上市公司合计 实现营收4522.19亿元，同比增长41.05%；实现归母净利润1830.90亿元，同比增长61.96%。 在业绩增长的同时，上市券商积极响应"一年多次分红"的政策号召，分红意识不断增强。截至目 前，已有6家券商根据最新经营情况公布了中期利润分配方案，拟对前三季度利润进行分配，包括兴业 证券、财通证券、首创证券、东北证券、西部证券、西南证券，合计拟派发现金红利约13.71亿元。 多家券商加入中期分红行列 兴业证券日前发布的2025年三季报显示，前三季度实现营收 ...

｜2025年11月13日 星期四｜ NO.1 券商密集召开2026年度策略会 近期，中信证券、中信建投、国泰海通等头部券商，以及东吴证券、开源证券等特色中小券商相继召开 2026年度策略会。综合来看，券商正围绕全球市场机遇、实体经济服务路径、行业转型方向等核心议题 展开深度研讨。在策略会上，各家券商"掌舵人"的发言所透露的战略洞察与市场判断，备受市场关注。 中信证券总经理邹迎光表示，"十五五"时期，中国资本市场面临的全球背景、科技趋势、制度环境将呈 现新的特征，全球产业与金融格局深刻重构，有望带来外部破局的新契机。国泰海通总裁李俊杰认 为："新一轮资本市场改革聚焦提升制度包容性、适应性和吸引力、竞争力，有望进一步带来中国资产 广泛价值重估机遇。" 点评：头部券商年度策略会密集召开，聚焦全球机遇与转型方向，释放出对资本市场改革的积极预期。 中信证券等机构强调"十五五"期间全球产业重构带来的新契机，而国泰海通则点明制度优化或引发中国 资产价值重估。此类信号将强化市场对政策红利的信心，券商板块战略布局或获资金青睐，同时提振科 技、高端制造等受益于产业升级的领域。整体来看，券商的深度研判有望引导市场情绪向理性乐观方向 ...

Core Viewpoint - The investment strategy outlook for 2026 by CITIC Securities emphasizes the profound impact of the AI industry revolution, likening it to the Industrial Revolution, and suggests a long-term perspective is necessary for analysis [1] Group 1: AI and Computing Demand - CITIC Securities expresses optimism regarding the demand for computing power driven by AI, highlighting sectors such as optical modules, optical devices, optical chips, switches, liquid cooling, IDC, and edge AI [1] Group 2: Traditional Communication Industry - The traditional communication industry is facing challenges due to decreased capital expenditure from telecom operators, leading to low market expectations [1] - Despite the current challenges, the development of key technologies for 6G has commenced, and the increased focus on AI by operators is noteworthy [1] Group 3: Quantum Technology - Both China and the United States are placing significant emphasis on quantum technology, with related companies in the U.S. stock market experiencing substantial gains [1] - It is recommended to pay close attention to segments such as dilution refrigeration machines and low-temperature coaxial cables [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ ● 刘英杰 谭丁豪 日前，中信建投证券在北京成功举办了2026年资本市场峰会暨中国-沙特投资合作论坛。本次会议以"革 故鼎新、质赢未来"为主题，吸引了来自沙特资本市场管理局、交易所及全球多个国家和地区的企业 家、投资者参与。 在会上，中信建投证券研究团队发表了对2026年的展望。与会分析师普遍认为，2026年作为"十五五"规 划的开局之年，中国经济将在深化改革和扩大开放中实现质的提升，A股市场有望在政策支持和基本面 改善的双重驱动下延续慢牛格局，新质生产力、科技创新与战略资源等领域将孕育丰富的结构性投资机 会。 肩负建设金融强国重要使命 刘成表示，面向"十五五"新征程，中信建投证券将构建以"价值投行"为方向、"新质投行"为路径、"数 智投行"为引擎的高质量发展战略新体系，与国内外伙伴携手，共同谱写资本市场高质量发展新篇章， 为中国式现代化建设和全球繁荣发展贡献力量。 五大变革引领2026年新发展 中信建投证券首席经济学家黄文涛在分享2026年宏观经济与投资展望时表示，"十五五"期间是中国发展 历史上非常重要的阶段，2026年将是夯实基础 ...

AI Applications - The core viewpoint is that AI applications are accelerating commercialization, with significant growth expected in 2025 and 2026, particularly in integrating AI with existing products like WeChat and Douyin, which are anticipated to become key traffic entry points in the AI era [1][2] - OpenAI and Anthropic are leading the charge in AI commercialization, with OpenAI projected to increase its annual recurring revenue (ARR) from $10 billion to $20 billion by 2025, while Anthropic's ARR is expected to grow from $1 billion to $5 billion in the same timeframe [2][4] - Domestic companies are also seeing rapid growth in AI revenue, with Meitu's paid penetration rate increasing from 2.9% in the first half of 2023 to 5.5% in the first half of 2025 [2] Gaming Industry - The gaming industry is expected to maintain high profitability and growth, with a significant increase in game licenses issued, which supports future revenue streams [5][6] - Major companies like Tencent, NetEase, and miHoYo are set to release a series of new games, while mid-sized firms are also innovating, indicating a robust pipeline of new content [5][6] - The overall revenue of core gaming companies in A-shares is projected to double by 2025 compared to 2020, with net profit growth rates reaching new highs [6] Content Consumption - The content consumption sector is witnessing a shift towards quality integration, particularly in the IP toy market and ACG content, with expectations for consolidation among leading players [8] - Music platforms are benefiting from increased volume and pricing, while live performances continue to see high demand, supported by recent regulatory relaxations in the Korean entertainment industry [9] - The film and television sector is experiencing innovation driven by AI and supportive policies, with a focus on new content formats and a recovery in supply expected to drive market growth [10]

Core Viewpoint - The 2026 Capital Market Summit and China-Saudi Investment Cooperation Forum hosted by CITIC Securities highlighted the optimistic outlook for China's economy and A-share market in 2026, driven by policy support and fundamental improvements, with significant structural investment opportunities in new productivity, technological innovation, and strategic resources [1][2]. Group 1: Economic Outlook - The "14th Five-Year Plan" period is seen as a crucial phase for China's development, with 2026 expected to be a year of solid foundation and comprehensive efforts [4]. - Key transformations anticipated include a shift from traditional factor-driven growth to innovation-driven growth, accelerated modernization of the industrial system, and a new balance between investment in people and material [4]. - The external environment in 2026 is expected to be characterized by strategic counterattacks and changes in the global landscape, with domestic consumption becoming a significant focus [4][5]. Group 2: A-share Market Predictions - The A-share market is projected to maintain a slow upward trend in 2026, supported by favorable conditions such as inflows of capital, technological innovation, institutional reforms, and consumption upgrades [5]. - The long-term trend for government bond yields is expected to decline, with the RMB exchange rate remaining stable and gold retaining long-term investment value [5]. Group 3: Investment Strategies - The A-share market is entering a critical phase of verifying economic prosperity, with expectations of a fluctuating upward index but potentially slower growth rates [6]. - Technology growth is anticipated to remain a market focus, while resource sectors may emerge as a new mainline investment direction due to global monetary easing and supply-demand gaps [6]. - Investment opportunities are suggested in future industries such as AI, new energy, biotechnology, and strategic resources like rare earths and aerospace equipment, particularly in the context of global competition [6].