Market Overview - A-shares experienced a collective pullback with the Shanghai Composite Index down by 0.97%, Shenzhen Component down by 1.93%, and ChiNext down by 2.82% on November 14, 2025, with a total trading volume of 1,958.1 billion yuan [1] ETF Performance - Oil and gas-related ETFs led the gains, with the top performers including: - Oil and Gas ETF Bosera (561760) up by 2.02% - Oil and Gas Resource ETF (159309) up by 1.68% - Oil and Gas Resource ETF (263150) up by 1.48% [2] - Conversely, the top decliners included: - Sino-Korea Semiconductor ETF (513310) down by 4.45% - Hang Seng Internet ETF (159688) down by 3.66% - ChiNext AI ETF Guotai (159388) down by 3.64% [4] Sector Insights - Guolian Minsheng Securities noted that OPEC+ unexpected production increases and U.S. tariffs are pressuring oil prices, but a slowdown in U.S. oil and gas production growth may provide fundamental support. The focus remains on leading oil and gas central enterprises with quality upstream assets and high dividends [3] - The current investment strategy is diversified, emphasizing "anti-involution," domestic demand, and emerging industries. The traditional cyclical chemical sector is expected to see improvements as excess capacity is gradually eliminated [3] A-share Strategy Outlook - Guoxin Securities projected that the bull market initiated in 2024 is not over, entering its second phase with a shift from sentiment to fundamentals. The focus for 2026 will be on technology, particularly in AI applications, robotics, and smart driving [5] - The market is expected to revolve around themes of technological self-reliance, industrial upgrades, and resource security, with opportunities in AI, semiconductors, and high-end manufacturing [5] ETF Trading Activity - The Short-term Bond ETF (511360) had the highest trading volume at 19.797 billion yuan, followed by Silver Hua Daily ETF (211880) at 12.553 billion yuan and Huabao Tianyi ETF (211990) at 11.818 billion yuan [6][7] - The National Debt Policy Bond ETF (511580) led in turnover rate at 275%, indicating high trading activity [7] New ETF Launch - A new QDII product, the Hang Seng Technology ETF Southern (520570), will be launched next Monday, tracking the Hang Seng Technology Index. It is suitable for investors optimistic about China's long-term tech development [8]

中资券商股尾盘加速下跌，截至发稿，广发证券（000776）(01776)跌3.88%，报19.09港元；中信建投 （601066）证券(06066)跌2.34%，报12.94港元；招商证券（600999）(06099)跌1.88%，报15.62港元；光 大证券（601788）(06178)跌1.65%，报9.55港元。 中国银河（601881）证券研报表示，10月金融数据显示股市赚钱效应进一步带动居民存款搬家，是值得 市场关注的积极信号。该行在9月的金融数据解读报告中曾强调，9月的金融数据表面上显示居民存款搬 家去往非银的行为暂停，实际上是由于去年9月快速搬家的基数扰动，该行认为搬家并没有被暂停，需 持续观测后续数据。 消息面上，上交所官方数据显示，10月新开户246.72万户，环比9月下降21.4%，单月同比下降66.3%。 东海证券发布研报称，增速回落一方面是由于前期市场情绪高涨带动开户需求集中释放，另一方面由于 去年"924"行情带动的高基数效应。该行认为市场高涨情绪仍在持续。此外，市场反复冲刺4000点平 台，交易情绪分化使得上周券商配置方向出现分歧。但市场主体和投资者结构优化支撑行情稳步上行。 ...

中信建投价值增长混合A（025231）成立日期2025年9月22日，最新规模7.34亿。成立以来收益4.55%。 11月14日，多氟多涨5.07%，截至发稿，报39.61元/股，成交77.07亿元，换手率18.84%，总市值471.53 亿元。多氟多股价已经连续5天上涨，区间累计涨幅29.2%。 资料显示，多氟多新材料股份有限公司位于河南省焦作市中站区焦克路，成立日期1999年12月21日，上 市日期2010年5月18日，公司主营业务涉及六氟磷酸锂及电子化学品、锂离子电池、新能源汽车、无机 氟化盐。主营业务收入构成为：新能源材料34.97%，氟基新材料30.39%，新能源电池25.30%，电子信 息材料5.55%，其他3.80%。 从基金十大重仓股角度 数据显示，中信建投基金旗下1只基金重仓多氟多。中信建投价值增长混合A（025231）三季度持有股 数105.77万股，占基金净值比例为2.56%，位居第九大重仓股。根据测算，今日浮盈赚取约202.02万 元。连续5天上涨期间浮盈赚取901.16万元。 中信建投价值增长混合A（025231）基金经理为冷文鹏。 截至发稿，冷文鹏累计任职时间9年157天，现任基金资 ...

Group 1 - The core viewpoint of the news is the significant increase in the stock price of Beibu Gulf Port, which rose by 5.13% to 9.42 CNY per share, with a trading volume of 301 million CNY and a turnover rate of 1.62%, resulting in a total market capitalization of 22.322 billion CNY [1] - Beibu Gulf Port Co., Ltd. is located in Nanning, Guangxi Zhuang Autonomous Region, and was established on August 7, 1996, with its listing date on November 2, 1995. The company primarily engages in port loading and unloading, tugboat and port management, logistics agency, and cargo surveying services [1] - The main revenue composition of Beibu Gulf Port includes loading and unloading income at 94.59%, tugboat business income at 3.55%, cargo surveying income at 1.16%, other supplementary income at 0.65%, and agency business income at 0.06% [1] Group 2 - From the perspective of major fund holdings, it is noted that one fund under CITIC Jiantou holds a significant position in Beibu Gulf Port, specifically the CITIC Jiantou Quality Selection Growth Mixed Fund A (019760), which held 20,000 shares, accounting for 1.07% of the fund's net value, ranking as the eighth largest holding [2] - The CITIC Jiantou Quality Selection Growth Mixed Fund A (019760) was established on December 1, 2023, with a latest scale of 15.6243 million CNY. The fund has achieved a year-to-date return of 19.67%, ranking 4637 out of 8140 in its category, and a one-year return of 16.31%, ranking 4392 out of 8056 [2] - The fund manager of CITIC Jiantou Quality Selection Growth Mixed Fund A is Zhou Hu, who has been in the position for 8 years and 296 days, with the fund's total asset scale at 15.7579 million CNY. The best return during his tenure is 27.11%, while the worst return is -16.76% [3]

中信建投研报指出，展望2026年，我们认为转债资产在权益资产催化与高强赎概率制约下，整体上可能 依然呈现较为显著的区间震荡特征。一方面，在权益资产预期回报率提升与转债自身稀缺性影响下，转 债资产出现大幅回撤难度较大；而另一方面，受制于转债资产整体不断提升的强赎概率以及不断缩短的 平均剩余期限，转债资产的时间价值可能进一步衰减，市场亦难以对其定价更高的估值。因此建议关注 转债估值与价格中枢的波动，灵活调整转债的配置力度，获取交易型收益。对于新发转债，除在一级市 场积极申购外，在转债上市初期依然可以持续关注，具备统计套利机会。 ...

黄文涛表示，2026年作为"十五五"的开官之年，在"政策支持+内需企稳+产业升级"的支持下，GDP预期增长将在5%左右。 黄文涛提到，未来两三年，美国处在降息周期中，我国的财政、货币"双宽松"具备外部环境配合。2026年中国的货币政策将处于宽松的周期，预计2026年存 款准备金率有望下降50个BP，利率方面有望继续降息。货币政策的宽松，对宏观经济、资本市场的稳定都构成利好，将对稳增长、稳就业、稳预期发挥至 关重要的托底和促进作用。 第二，在"四牛"逻辑驱动下，今年至2026年"慢牛"行情将持续。 "虽然目前四季度有些技术层面原因，造成了目前市场波动，可能还会持续一段时间，但是不改变2026年的'慢牛'趋势。"黄文涛认为，当前A股和港股正迈 向"新四牛"上升走廊。在四方面力量的共同推动下，"新四牛"行情将沿着上升通道逐步展开，中国股市的中枢将逐渐上移。 中长期主线方面，黄文涛表示，市场有望围绕科技自立自强、产业升级、资源安全等逻辑展开，AI、半导体、计算机、初级品、小金属、新能源、高端制 造、人形机器人、低空经济等领域存在机遇。 11月11日至13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 ...

证券日报网讯 11月13日晚间，海优新材发布公告称，中信建投为公司向不特定对象发行可转换公司债 券项目的保荐机构，原指派保荐代表人为李鹏飞先生和沈谦先生，持续督导期至2024年12月31日。因公 司募集资金尚未使用完毕，根据相关规定，中信建投证券对此未尽事项继续履行持续督导义务。因原保 荐代表人李鹏飞先生工作调动，不再负责公司的持续督导工作。为保证持续督导工作的有序进行，中信 建投现委派任云涛先生接替李鹏飞先生的工作，继续履行公司向不特定对象发行可转换公司债券项目的 持续督导工作。 （文章来源：证券日报） ...

Core Insights - The core viewpoint emphasizes that technological finance is not merely about capital injection but requires specialized, systematic, and innovative services to address the financing challenges faced by tech innovation enterprises [1] Group 1: Financing Challenges - Technological innovation enterprises face high R&D costs, strong frontier attributes, long cycles, and significant risks, making superficial analysis inadequate for comprehensive value assessment [1] - There is a need for deep research to penetrate the complexities and identify genuine innovative resources [1] Group 2: Research and Development - The company aims to deepen industry-wide research and build a value discovery network, leveraging its traditional research-driven advantages [1] - The research team covers emerging fields such as artificial intelligence, biomedicine, new energy, and high-end manufacturing, focusing on the forefront dynamics of technological innovation [1] Group 3: Business Model - The company is developing a "Golden Triangle" business model to connect research value transformation [1] - Celebrating its 20th anniversary, the company has consistently focused on its core responsibilities, establishing a competitive edge through the investment banking, investment, and research model [1] - The company aims to enhance its investment banking capabilities and industry research capabilities in alignment with the development of the real economy [1]

Core Viewpoint - CITIC Securities reports that Kangfang Biopharma (09926) has multiple products and indications in its pipeline that are expected to be approved for market entry, indicating a strong long-term sustainable development capability [1] Group 1: Pipeline and Product Development - Kangfang Biopharma's research pipeline is expanding, with a rich reserve of early-stage products [1] - The approval of Iwosimab for market entry contributes to the company's sales growth, while the sales revenue from its products is increasing year by year [1] - The company is rated as "Buy" due to the excellent efficacy of its innovative drug products and the broad market potential [1] Group 2: Clinical Trial Results - At the 2025 SITC, Kangfang Biopharma presented the final overall survival (OS) results of the HARMONi-A trial, showing a median follow-up time of 32.5 months, with an OS hazard ratio (OSHR) of 0.74 (0.58-0.95) (P=0.019) for the Iwosimab treatment group compared to the control group [1] - This trial is noted as the first to achieve clinically meaningful and statistically significant benefits in both progression-free survival (PFS) and OS for an immunotherapy in patients with EGFR TKI-pretreated non-small cell lung cancer (NSCLC) [1] Group 3: Future Focus Areas - Future attention can be directed towards the final OS results update for Iwosimab in the domestic HARMONi-2 trial and the submission of the BLA application in the U.S. [2] - Ongoing global clinical trials for AK104 targeting first-line gastric cancer, second-line IO-resistant hepatocellular carcinoma, and PD-L1 negative NSCLC are also noteworthy [2] - The advancement of AK132 (Claudin18.2/CD47), AK137 (CD73/LAG3) into Phase II clinical trials, and the IND application for AK150 (ILT2/ILT4/CSF1R) are significant developments [2]

Core Viewpoint - CITIC Securities reports that Kangfang Biopharma (09926) has multiple products and indications in its pipeline nearing approval, with a continuously expanding R&D pipeline and a strong early-stage pipeline, indicating long-term sustainable development capability [1] Group 1: Product Pipeline and R&D - Kangfang Biopharma is expected to present final overall survival (OS) results for HARMONi-A at the 2025 SITC, with a median follow-up of 32.5 months showing an OS hazard ratio (OSHR) of 0.74 (0.58-0.95) (P=0.019) [1] - The company has achieved significant clinical and statistical benefits in its Phase III clinical trial for an immunotherapy that targets EGFR TKI-treated non-small cell lung cancer (NSCLC) [1] Group 2: Sales Performance - The approval of the drug Iwosimab has contributed to incremental sales for the company, while the sales of the drug Kantan have shown stable growth, leading to an annual increase in product sales revenue [1] Group 3: Future Focus Areas - Future attention can be directed towards the final OS results update for Iwosimab in the domestic HARMONi-2 trial, the submission of the BLA application in the U.S., and the overseas mPFS analysis for HARMONi-32026 in the second half of 2026 [2] - Ongoing global clinical trials for AK104 targeting first-line gastric cancer, second-line IO-resistant hepatocellular carcinoma, and PD-L1 negative NSCLC are also noteworthy [2] - The advancement of AK132 (Claudin18.2/CD47), AK137 (CD73/LAG3) into Phase II clinical trials, and the IND application for AK150 (ILT2/ILT4/CSF1R) are significant developments [2]