立足于内：稳住国内根基，拥抱创新与整合。①政策展望：改革进入深水区，高质量增长成为常态。 2025年下半年我们重点关注的是药品和耗材集采政策优化、多元化支付及医疗服务价格改革。②制药产 业链：集采优化、积极创新转型，关注供应链安全。③器械：看好进口替代和并购整合机会，积极关注 AI和脑机接口等新技术方向。④关注中药、药店、流通、医疗服务及疫苗等行业经营触底回升节奏及 长期转型升级方向。 开拓于外：把握节奏与路径，积极开拓海外市场。①创新药：中国创新闪耀国际舞台，产业趋势持续强 化。②制药上游及生命科学：积极开拓海外市场，寻求第二增长曲线。③原料药：关税扰动短期有限， 关注行业转型机遇。④器械国际化：坚定看好出海趋势，关注部分创新器械自主销售和BD机会。⑤血 制品出海：静丙赋予血制品出海契机，血制品海外注册持续推进。⑥疫苗出海：模式趋于多元，进度有 望加速。 全球视角：外部挑战加剧，中国医药产业竞争力持续提升。从国际比较优势看，中国具备人口与内需优 势、制造与供应链优势，同时创新能力快速提升，中国资产出海数量也持续提升。美国在创新与早期研 发方面优势明显，同时具有高定价的内需市场。虽然外部挑战加大，但海外市场仍 ...

Group 1 - The core viewpoint is that the volatility of global risk assets is primarily due to liquidity issues and an over-reliance on AI narratives, leading to necessary valuation corrections when industrial development lags behind market expectations [1] - The recent adjustments in the A-share and Hong Kong stock markets may present opportunities for investors to reallocate towards equities, particularly in traditional manufacturing and resource sectors [1][5] - The market is currently experiencing a "three-phase overlap," characterized by a consolidation phase in the middle of a bull market, a critical period for verifying economic conditions, and a policy vacuum affecting performance [3] Group 2 - The Chinese stock market is expected to stabilize and potentially rally in the coming months, with a focus on AI applications, robotics, and domestic consumption as key themes [2] - The recent adjustments in the A-share market are attributed to weak domestic economic data, a strong dollar, and year-end profit-taking, with expectations for a recovery following important policy meetings in December [5][10] - The current market environment is marked by high volatility, necessitating a focus on safety margins in investment strategies, particularly in sectors like food and beverage, textiles, and cyclical industries [4][11]

Core Viewpoint - The current market is in a "three-phase overlap" characterized by a mid-bull market consolidation period, a critical phase for verifying economic conditions, and a performance policy gap, leading to increased market volatility and year-end profit-taking by investors [1][2]. Market Environment - Recent overseas disturbances have affected market liquidity expectations, with fluctuating predictions regarding the Federal Reserve's interest rate decisions for December [1][3]. - The strong performance of Nvidia's earnings report has been overshadowed by concerns over the sustainability of AI spending, impacting investor sentiment in the A-share market [1][4]. Investment Strategy - The long-term slow bull market trend remains unchanged, while short-term strategies should focus on opportunistic positioning, particularly in anticipation of the Federal Reserve's meeting and the Central Economic Work Conference in mid-December [1][5]. - Investors are advised to monitor support levels at the 60-day and half-year moving averages, as well as market volume conditions during potential adjustments [1][5]. Sector Focus - Key sectors to watch include banking, oil and petrochemicals, steel, agriculture, lithium batteries, and new materials, reflecting areas of potential growth and stability [1][5].

Core Viewpoint - The current market is in a "three-phase overlap," characterized by a mid-bull market consolidation period, a critical phase for verifying economic conditions, and a performance policy gap, leading to increased market volatility and year-end profit-taking by investors [1] Market Environment - Recent overseas disturbances have affected the market, with fluctuating expectations for a Federal Reserve rate cut in December impacting global liquidity [1] - Nvidia's earnings report exceeded expectations but caused significant stock price volatility, raising concerns about the sustainability of AI spending, which has affected investor sentiment in the A-share market [1] Long-term Outlook - The long-term slow bull market structure remains unchanged, suggesting a focus on strategic positioning in the short term while awaiting the outcomes of the Federal Reserve's monetary policy meeting and the Central Economic Work Conference in mid-December [1] Investment Strategy - During the interim period, if sufficient market adjustments occur, there may be opportunities for increased positions and accumulation [1] - Key support levels to monitor include the 60-day moving average and the half-year moving average, along with market volume conditions [1] Sector Focus - Industries to pay attention to include banking, oil and petrochemicals, steel, agriculture, animal husbandry, lithium batteries, and new materials [1]

Core Viewpoint - The current market is in a "three-phase overlap" characterized by a mid-bull market consolidation period, a critical phase for verifying economic conditions, and a performance policy gap, leading to increased market volatility and year-end profit-taking by investors [1] Market Environment - Recent overseas disturbances have impacted the market, with fluctuating expectations for a Federal Reserve rate cut in December affecting global liquidity [1] - Nvidia's earnings report exceeded expectations, but its stock experienced significant volatility due to investor concerns about the sustainability of AI spending, which has also affected sentiment in the A-share market [1] Long-term and Short-term Strategies - Long-term factors supporting a slow bull market remain unchanged; however, short-term strategies should focus on opportunistic positioning [1] - Investors are advised to wait for the Federal Reserve's monetary policy meeting and the Central Economic Work Conference in mid-December before making significant moves [1] - If market adjustments are sufficient, there may be opportunities to increase positions, with attention to the support levels of the 60-day and half-year moving averages and market volume conditions [1] Industry Focus - Key industries to watch include banking, oil and petrochemicals, steel, agriculture, forestry, animal husbandry, lithium batteries, and new materials [1]

根据天眼查信息公布：悦尚花客服人工电话130···0969···1491，悦尚花服务官方热线130···0969···1491（人工服务时间：每天9:00-18:30） 智通财经记者 | 孙艺真 企业融资需求旺盛，年内A股再融资市场继续保持活跃，融资项目数量及规模均较去年显著增加。 智通财经根据东财Choice数据统计，截至11月21日，A股共有205家上市公司通过多种方式进行再融资，募集的资金总额达10180.72亿元。与去年前11个月相 比（189家，2172.19亿元）同比增长幅度约为368%。 从受理端来看，今年以来，A股新增受理企业再融资单数达到224单，其中，10月单月新增受理65单，创下年内单月受理数量新高。具体来看，1月为11单， 2月为14单，3月为12单，4月有35单，5月有7单，6月有12单，7月有22单，8月有33单，9月有11单，10月有65单。 11月，莱尔科技(29.610, -1.49, -4.79%)（688683.SH）及神开股份(10.810, -0.47, -4.17%)（002278.SZ）两家企业的定增分别获得上交所和深交所受理。 从年内再融资新增受理板块分布来看， ...

Core Viewpoint - The market is focused on the expected development trends for 2026, with a consensus emerging that A-shares present structural opportunities and that the macroeconomic environment will continue to show signs of recovery [1][2]. Group 1: Economic Outlook - Major securities firms predict China's economic growth for 2026 will be in the range of 4.9% to 5.0%, with a "front low, back high" growth pattern expected [3]. - The overall judgment from economists is that the macroeconomic environment will be "stable and improving, with structural optimization" [2][3]. - Export resilience and ongoing industrial upgrades are viewed as key supports for the macroeconomy, with expectations of strong export performance in 2026 [2]. Group 2: Policy and Structural Changes - The core direction for policy in 2026 will focus on structural optimization and a balanced approach to supply and demand [3]. - There is an expectation of moderate expansion in fiscal policy, which will support the conclusion of the deleveraging cycle [2][3]. - The need to address weak domestic demand remains a critical issue for 2026, with price stability being essential for growth [4]. Group 3: Investment Themes - The investment focus for A-shares in 2026 is expected to shift from being driven by sentiment, funds, and valuation to being driven by performance verification [5]. - Key areas of interest include technology growth, external demand breakthroughs, and cyclical recovery [5][6]. - The AI revolution is entering a critical application phase, which is anticipated to support the performance of Chinese assets [6]. Group 4: Sectoral Insights - Three main structural themes for 2026 include recovery trades in cyclical sectors, technology industry trends particularly in AI, and the enhancement of manufacturing influence [6][7]. - The potential for Chinese companies to improve their position in the global value chain is highlighted, with a focus on upgrading traditional manufacturing and expanding global presence [7].

Core Viewpoint - The market is focused on the expected development trends for 2026, with consensus emerging around structural opportunities in the A-share market and a continued recovery in the macro economy [1][3]. Group 1: Policy and Innovation - The annual strategy meetings of various securities firms highlight "new" and "seizing opportunities" as high-frequency keywords, reflecting insights into new market trends and opportunities [2]. - Themes from different firms include "Embarking on a New Journey" by CITIC Securities and "Riding the New Wave" by Huatai Securities, indicating a collective focus on innovation and market dynamics [2]. Group 2: Macroeconomic Outlook - Securities firms express a consensus on a "stable and improving, structurally optimized" macroeconomic outlook for 2026, with expectations of strong export resilience and continued industrial upgrades [3][4]. - Economic growth predictions for 2026 range from 4.9% to 5.0%, with a "front low, back high" growth pattern anticipated [3]. - Fiscal policy is expected to maintain a moderately expansionary stance, supporting the end of the deleveraging cycle [3]. Group 3: Investment Themes - The A-share market is expected to shift from being driven by "sentiment, funds, and valuation" in 2025 to "performance verification" in 2026, with a focus on technology growth, external demand, and cyclical recovery [5][6]. - Analysts emphasize that the "performance is king" narrative will dominate, with a potential for the A-share market to reach new highs due to increased allocations from both domestic and foreign investors [5][6]. - Key investment themes include recovery trades in cyclical sectors, technology industry trends, and the enhancement of manufacturing influence [6].

证券日报网讯 11月21日晚间，四川黄金发布公告称，四川黄金股份有限公司（以下简称"公司"）近日 收到中信建投证券股份有限公司（以下简称"中信建投证券"）出具的《关于变更四川黄金股份有限公司 首次公开发行股票并上市项目持续督导保荐代表人的函》，获悉公司持续督导的保荐代表人发生变更。 中信建投证券作为公司首次公开发行股票并上市的保荐人，原指派邱宇先生和张钟伟先生担任保荐代表 人负责保荐工作及持续督导工作，持续督导期至2025年12月31日止。现因邱宇先生工作调整，不再担任 公司持续督导的保荐代表人，为保证持续督导工作的有序进行，中信建投证券决定委派盖甦女士接替邱 宇先生，担任公司持续督导的保荐代表人，继续履行对公司的持续督导责任。 （编辑 姚尧） ...

中信建投（601066）证券(06066)发布公告，根据《中华人民共和国公司法》《上市公司治理准则》 《证券公司治理准则》等法律法规及《中信建投证券股份有限公司章程》(以下简称公司章程)的要求， 中信建投证券股份有限公司(以下简称公司)于2025年11月21日召开第三届职工代表大会第五次全体会 议，选举戴波先生为公司职工代表董事。 ...