人民财讯11月28日电，中信建投（601066）研报称，自10月29日因全球供应紧张的担忧触及11200美元/ 吨的历史高位以来，铜价震荡回落3%，远期AI带动电力消费增长未能兑现在即期，缺乏新的驱动是短 期铜价回落的原因。全球铜显性库存增加至78万吨，环比增加4.7万吨，较去年同期增加24万吨，折射 出高铜价对消费的部分抑制。鉴于铜矿增量有限，电力消费前景良好，全球铜供需出现缺口且随时间推 移缺口呈扩大之势，支撑铜价重心上移。目前铜已经完成对Grasberg、Teck供应干扰的计价，疲弱的消 费主导铜价短期回落；另外，据CME"美联储观察"，美联储12月降息25个基点的概率为71%，但若12月 降息，流动性助力铜价或能重拾升势，若维持利率不变，铜价大概率会下破8.5w去到8.3w，给到加仓权 益非常好的机会。权益端，铜相关标的计量2025年8w铜价15—16倍PE，2026年8.5w铜价12—13倍，建 议在沪铜波动率下降至低位时积极介入铜标的布局。 ...

（文章来源：第一财经） 中信建投研报表示，机器人技术路线仍在持续迭代、产业链新进入者络绎不绝，市场更关注产品性能、 客户送样等实质进展，尤其Optimus定型有望推动硬件技术路线边际收敛，深度配套甚至能直接拿到订 单的标的将直接受益，当前特斯拉供应链将进入去伪存真的验证期。看好三类标的配置价值，包括特斯 拉链高胜率、技术迭代升级方向的增量环节、具备预期差的绩优低估值；其他具备放量能力的国产链。 ...

Core Insights - The recent issuance of the "Guangdong Province Financial Support for Enterprises to Carry Out Industrial Chain Integration and Mergers Action Plan" indicates a strong governmental push towards cross-border mergers and acquisitions (M&A) [1][2] - The cross-border M&A market is experiencing a resurgence, characterized by more rational target selection, flexible acquisition models, and diversified target regions [1][4] Group 1: Policy Initiatives - The plan encourages the establishment of cross-border integration and merger funds in collaboration with Hong Kong and Macau capital, optimizing mechanisms for qualified foreign and domestic limited partners [2][3] - Local governments, including Shenzhen and Shanghai, have introduced supportive policies for M&A, facilitating cross-border financing and asset transfers [2][3] Group 2: Market Trends - There is a notable increase in cross-border M&A intentions among Chinese enterprises, with 182 outbound M&A events disclosed since early October 2024, totaling 177.25 billion [3] - The willingness of Chinese companies to engage in cross-border M&A has significantly increased, particularly in high-end manufacturing, new energy, and biomedicine sectors [3][4] Group 3: New Trends in M&A - Chinese enterprises are adopting a more rational approach to cross-border investments, focusing on strategic value and unique advantages in target selection [4][5] - The acquisition models are becoming more diverse, including joint ventures and minority stake investments, rather than solely focusing on controlling stakes [4][5] Group 4: Challenges for Chinese Investment Banks - Despite the growth in cross-border M&A, many Chinese investment banks face challenges in navigating complex regulatory environments and market conditions [6][7] - There is a need for investment banks to enhance their capabilities in managing cross-border transactions and to build networks with international firms to improve service offerings [6][7]

Core Insights - The recent issuance of the "Guangdong Province Financial Support Plan for Enterprises to Carry Out Industrial Chain Integration and Mergers" indicates a favorable policy environment for cross-border mergers and acquisitions (M&A) in China, with initiatives such as establishing cross-border integration funds with Hong Kong and Macau capital [1][2] - There is a notable increase in the willingness of Chinese enterprises to engage in cross-border M&A, particularly in high-end manufacturing, new energy, and biomedicine sectors, driven by the need to acquire technology, brands, and overseas channels [3][4] Policy Support - Various local governments, including Shenzhen and Shanghai, have introduced supportive policies for M&A, such as facilitating cross-border financing and optimizing foreign debt registration processes [2][4] - The policies aim to provide strategic direction and financial support for enterprises to acquire key technologies and enhance global market presence through cross-border M&A [2][4] Market Trends - The cross-border M&A market is experiencing a resurgence, characterized by more rational target selection, flexible acquisition models, and diversified target regions [1][4] - Chinese companies are increasingly favoring "small but beautiful" targets that offer unique advantages, focusing on strategic value rather than merely controlling stakes [4][5] Transaction Data - As of early October 2024, Chinese enterprises have disclosed 182 outbound M&A transactions totaling 177.25 billion yuan, with 142 transactions amounting to 156.85 billion yuan reported in 2025 alone, indicating a year-on-year doubling in scale [3][5] Challenges for Financial Institutions - Despite the growth in cross-border M&A, many Chinese securities firms face challenges in navigating complex regulatory environments and understanding local market dynamics [6][7] - There is a need for securities firms to enhance their capabilities in managing cross-border transactions, including building international partnerships and developing a deeper understanding of global market practices [7]

Core Viewpoint - CITIC Securities announced the issuance of its fifth phase corporate bonds aimed at professional investors, with a fixed interest rate of 2.95% [1] Group 1: Bond Details - The bond, referred to as "23 Xintou 13," will start paying interest on December 8, 2025, due to the market closure on December 7, 2025 [1] - The interest payment period is from December 7, 2024, to December 6, 2025 [1] - Each bond has a face value of 1,000 yuan, resulting in an interest distribution of 29.5 yuan (including tax) per bond [1]

2025年前三季度，上市券商投行净收入达到251.5亿元，同比增长24%，A股、H股IPO（首次公开募 股）规模分别同比增长61%、237%，港股IPO规模跃居全球首位。行业呈现"头部稳固、中型突围"格 局，CR5（业务规模前五的公司所占的市场份额）升至52%，多家中型券商增速超50%。政策端，"科创 板八条""并购六条"持续发力，注册制深化与跨境融资需求共振。 展望2026年，业内认为，硬科技、并购重组、绿色金融将成核心热点。各大投行正加码产业布局、强化 跨境协同，在资本市场高质量发展中抢占先机。 三大领域将成明年热点 随着市场转暖，券商投行业务迎来复苏。 随着A股回暖，2025年以来IPO市场稳步复苏。据西部证券（002673）统计，2025年前三季度，A股、H 股IPO分别累计发行773亿元人民币、1878亿港元，分别同比增长61%、237%。尽管2025年以来A股IPO 规模有所恢复，但仍在低位徘徊，相比之下，2020~2022年，A股IPO规模的均值高达5493亿元。与此同 时，随着"A+H"上市企业持续增加，2025年港股IPO规模已高居全球首位。 据统计，2025年前三季度，上市券商合计实现投行 ...

Core Points - CITIC Securities (601066) announced the issuance of its fifth phase of corporate bonds aimed at professional investors, referred to as "23 Xintou 14" [1] - The bonds will start paying interest on December 8, 2025, covering the period from December 7, 2024, to December 6, 2025, due to the market closure on December 7, 2025 [1] - The coupon rate for this bond issue is set at 3.15%, with a face value of 1,000 yuan per bond, resulting in an interest payment of 31.5 yuan (including tax) [1]

Core Viewpoint - CITIC Securities (06066) announced the issuance of perpetual subordinated bonds (Phase 3) aimed at professional investors, with a coupon rate of 2.17% and a face value of 1,000 yuan per bond [1] Group 1 - The bonds will start paying interest on December 12, 2025, for the period from December 12, 2024, to December 11, 2025 [1] - Each bond will distribute interest of 21.7 yuan (including tax) [1]

Core Viewpoint - CITIC Securities (601066) announced the issuance of perpetual subordinated bonds aimed at professional investors, indicating a strategic move to raise capital and enhance financial flexibility [1] Group 1: Bond Issuance Details - The bond issuance is referred to as "24 CITIC Y3" and is set to commence interest payments on December 12, 2025 [1] - The coupon rate for this bond is 2.17%, with a face value of 1,000 yuan per bond, resulting in an interest distribution of 21.7 yuan (including tax) [1]

Core Viewpoint - CITIC Securities announced the issuance of its fifth phase corporate bonds aimed at professional investors, with a fixed interest rate of 3.15% [1] Group 1: Bond Details - The bonds, referred to as "23 Xintou 14," will start paying interest on December 8, 2025, due to the market closure on December 7, 2025 [1] - The interest payment period is from December 7, 2024, to December 6, 2025 [1] - Each bond has a face value of 1,000 yuan, resulting in an interest distribution of 31.5 yuan (including tax) per bond [1]