中信建投证券股份有限公司2025 年第三季度报告 证券代码：601066 证券简称：中信建投 中信建投证券股份有限公司 2025 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示 （一）中信建投证券股份有限公司（以下简称本公司或公司）董事会、监事会及董事、监事、高 级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏， 并承担个别和连带的法律责任。 （二）公司董事长刘成先生，总经理、主管会计工作负责人（代行）金剑华先生及会计机构负责 人（会计主管人员）赵明先生保证季度报告中财务信息的真实、准确、完整。 （三）第三季度财务报表是否经审计 单位：元 币种：人民币 | | | | | | | 本报告期 比上年同 | | | | 年初至报 告期末比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 本报告期 | 上年同期 | | 期增减变 | 年初至报告期 ...

智通财经APP讯，中信建投证券(06066)发布公告，中信建投证券股份有限公司2024年面向专业投资者公 开发行公司债券(第四期)(品种二)，简称"24信投G9"，将于2025年11月14日开始支付自2024年11月14日 至2025年11月13日期间的利息。本期债券票面利率(计息年利率)为2.12%，每手本期债券面值为1000 元，派发利息为21.2元(含税)。 ...

Core Insights - The report from CITIC Construction Investment forecasts Luoyang Molybdenum's net profit for 2025-2027 to be CNY 19.989 billion, CNY 24.800 billion, and CNY 27.928 billion respectively, with corresponding PE ratios of 16.28, 13.12, and 11.65 based on current stock prices [1] Group 1: Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of CNY 145.485 billion and a net profit attributable to shareholders of CNY 14.280 billion, marking a year-on-year increase of 72.61%, setting a new historical high for the same period and surpassing the total for the previous year [1] - In Q3 2025, the company reported a net profit attributable to shareholders of CNY 5.608 billion [1] Group 2: Production and Projects - The company reported significant increases in production for copper, cobalt, molybdenum, tungsten, niobium, and phosphate fertilizer in the first three quarters of 2025, with copper production reaching 543,400 tons, a year-on-year increase of 14.14%, setting a new historical high for the same period [1] - The company plans to invest up to USD 1.084 billion in the construction of the KFM Phase II project, which is progressing steadily [1] Group 3: Market Conditions - In Q3 2025, the average LME copper spot price increased by 2.9% from Q2 to USD 9,797 per ton, while prices for cobalt, molybdenum, iron, APT, niobium, and monoammonium phosphate saw increases of 11.4%, 18.0%, 38.9%, 3.4%, and 0.6% respectively [1] - The company has received the largest export quota from the government of the Democratic Republic of the Congo, allowing for an export volume of 6,500 tons for the remainder of 2025, which accounts for 35.9% of the total quota [2] - The tightening supply in the cobalt market is expected to maintain high price levels, with future export volumes limited to 96,600 tons over the next two years, a reduction of approximately 100,000 tons [2]

中信建投证券(06066)发布公告，中信建投证券股份有限公司2022年面向专业投资者公开发行公司债券 (第一期)(品种一)，简称"22信投G1"，将于2025年11月10日开始支付自2024年11月10日至2025年11月9日 期间的利息和本期债券本金。本期债券票面利率(计息年利率)为2.55%，每手本期债券兑付本金为1000 元，派发利息为25.5元(含税)。债券摘牌日：2025年11月10日。追加内容 中信建投证券(06066)发布公告，中信建投证券股份有限公司2022年面向专业投资... 本文作者可以追加内容哦 ! ...

智通财经APP讯，中信建投证券(06066)发布公告，中信建投证券股份有限公司2024年面向专业投资者公 开发行公司债券(第四期)(品种一)，简称"24信投G8"，将于2025年11月14日开始支付自2024年11月14日 至2025年11月13日期间的利息。本期债券票面利率(计息年利率)为2.05%，每手本期债券面值为1000 元，派发利息为20.5元(含税)。 ...

Core Viewpoint - Greebo (301260.SZ) has experienced a significant decline in stock price, currently trading at 17.53 yuan, reflecting a drop of 12.48% and is now in a state of loss since its IPO [1] Group 1: IPO Details - Greebo was listed on the Shenzhen Stock Exchange's ChiNext board on February 8, 2023, with an issuance of 12.154 million shares at an initial price of 30.85 yuan per share [1] - The stock reached its highest price of 41.88 yuan on February 9, 2023, the day after its listing [1] - The total funds raised from the IPO amounted to 374.95 million yuan, with a net amount of 354.44 million yuan after deducting issuance costs, exceeding the original plan by 8.84 million yuan [1] Group 2: Fund Utilization - The funds raised are intended for several projects, including the construction of a smart manufacturing base for 5 million units of new energy garden machinery, production of 30,000 units of new energy unmanned lawn mowers, and 50,000 lawn robots, as well as the establishment of a research center for new energy smart garden machinery [1] - Additional allocations include working capital and repayment of bank loans [1] Group 3: Underwriting Fees - The total issuance costs amounted to 20.51 million yuan, with 16.12 million yuan allocated to the underwriting and sponsorship fees for CITIC Securities [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 本 公 告 乃 中 信 建 投 証 券 股 份 有 限 公 司（「本公司」）根 據 香 港 聯 合 交 易 所 有 限公司證券上市規則第13.10B條 而 作 出。 茲 載 列 本 公 司 於 上 海 證 券 交 易 所 網 站 刊 發 之《中 信 建 投 証 券 股 份 有 限 公 司2022年 面 向 專 業 投 資 者 公 開 發 行 公 司 債 券（第 一 期）（品 種 一）2025年本息 兌 付 及 摘 牌 公 告》《中 信 建 投 証 券 股 份 有 限 公 司2022年面向專業投資者公 開 發 行 公 司 債 券（第 一 期）（品 種 二）2025年 付 息 公 告》《中 信 建 投 証 券 股 份 有限公司2022年 面 向 專 業 投 資 者 公 開 發 行 公 司 債 券（第 一 期）（品 種 三）2025 年 付 ...

Core Viewpoint - CITIC Securities projects Luoyang Molybdenum's net profit attributable to shareholders for 2025-2027 to be 19.989 billion, 24.800 billion, and 27.928 billion yuan respectively, with corresponding PE ratios of 16.28, 13.12, and 11.65 times, and recommends a "buy" rating based on the company's industry position, growth potential, and low-cost advantages [1] Group 1: Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 145.485 billion yuan and a net profit attributable to shareholders of 14.280 billion yuan, representing a year-on-year increase of 72.61%, setting a new historical high for the same period [2] - In Q3 2025, the net profit attributable to shareholders was 5.608 billion yuan, showing a year-on-year growth of 96.40% and a quarter-on-quarter increase of 18.69% [2] Group 2: Production and Projects - The company reported a significant increase in copper production, with a total output of 543,400 tons in the first three quarters of 2025, a year-on-year growth of 14.14%, achieving a historical high for the same period [3] - The company plans to invest no more than 1.084 billion USD in the KFM Phase II project, expected to commence production in 2027, adding an average of 100,000 tons of copper metal annually upon reaching full capacity [3] Group 3: Pricing Trends - In Q3 2025, the average spot price of LME copper increased by 2.9% from Q2 to 9,797 USD per ton, with other key minerals also experiencing price increases [4] Group 4: Cost Management - The company achieved a 10.94% year-on-year decrease in operating costs in the first three quarters of 2025, while simultaneously increasing production and sales [5] Group 5: Market Outlook - Luoyang Molybdenum received the largest export quota from the Democratic Republic of Congo, with a remaining export limit of 6,500 tons for the rest of 2025, accounting for 35.9% of the total quota [6] - The tightening supply in the cobalt market is expected to push prices higher, with a projected export volume of only 96,600 tons over the next two years, leading to a shift from surplus to a shortage in the market [6]

Core Viewpoint - CITIC Securities projects Luoyang Molybdenum's net profit for 2025-2027 to be 19.989 billion, 24.800 billion, and 27.928 billion CNY respectively, with corresponding PE ratios of 16.28, 13.12, and 11.65, recommending a "buy" rating due to the company's industry position, growth potential, and low-cost advantages [1] Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 145.485 billion CNY and a net profit attributable to shareholders of 14.280 billion CNY, marking a year-on-year increase of 72.61% and surpassing the previous year's total [2] - The net profit for Q3 reached 5.608 billion CNY, reflecting a year-on-year growth of 96.40% and a quarter-on-quarter increase of 18.69% [2] Production and Projects - The company reported a significant increase in copper production, with a total output of 543,400 tons in the first three quarters of 2025, representing a year-on-year growth of 14.14% [3] - The company plans to invest up to 1.084 billion USD in the KFM Phase II project, expected to commence production in 2027, adding an average of 100,000 tons of copper metal annually once fully operational [3] Commodity Prices - In Q3 2025, the average LME copper spot price increased by 2.9% from Q2 to 9,797 USD per ton, with other key minerals also experiencing price increases [4] Cost Management - The company achieved a 10.94% year-on-year reduction in operating costs during the first three quarters of 2025, driven by refined management and technological innovations [5] Cobalt Market Outlook - Luoyang Molybdenum received the largest export quota from the Democratic Republic of Congo, with a remaining export limit of 6,500 tons for 2025, which is 35.9% of the total quota [6] - The tightening supply in the cobalt market is expected to push prices higher, with a projected reduction in supply leading to a shift from surplus to a shortage of approximately 30,000 tons [6]

Group 1 - The core viewpoint indicates that while the production and sales data for the "Golden September and Silver October" period is performing well, market sentiment regarding short-term rush purchases is dampened due to factors such as the increase in purchase tax next year and uncertainties in subsidy policies [1] - Tesla's third-quarter report guidance reveals that the Robotaxi fleet has accumulated 1 million kilometers of driving, with plans to expand to 8-10 metropolitan areas by the end of the year and gradually remove safety drivers [1] - The expectation for next year includes the production of models without steering wheels and pedals, reflecting a strong outlook for high-end and technology-driven structural growth in the industry [1] Group 2 - The industry is closely monitoring the release of the L3 autonomous driving national standard, advancements in the Robotaxi sector, and the export of competitive complete vehicles [1]