本周全球大类资产表现一览： 核心观点 2024年开始，日债走向公众视野，频繁引发市场关注。因为日债利率影响日本套息交易，进而影响美国资产。 尤其在美股脆弱之际，日债波动放大担忧，加剧美国资产高波动。2024年三季度和2025年二季度，市场已经历了两轮日本套息交易逆转叙事引发的美 股"崩溃"。 结束了20年低利率的日债，近年波动加大，最终是否会引发一轮全球范围内的资产震荡？ 日债是境外美元流动性非常重要的观测指标，日本在全球中的定位，决定了日债本身不可能成为全球资产波动的决定因素，但全球美元流动性转向一定会 在日债上得到反馈。与其关注日债，我们更需要跟踪的是美国经济和政策周期。 下周需要关注： 国内中央政治局会议，出口、社融、通胀数据；海外关注美联储议息会议。 摘要 本周A股和港股在震荡中收涨，上证重回3900。宽松预期修正影响下，空头情绪较强，债市延续回调。 本周风险资产波动加大，总体收涨。日本央行鹰派发言，引发全球风险资产调整；随后美国披露就业和通胀数据，美联储降息预期走高，股票和大宗走 强。 一、中国股市：A股、H股震荡反复，总体收涨。 中国AH股回顾： A股：本周市场反复震荡，周五沪指重返3900点，创 ...

Core Viewpoint - The price movement of U.S. banks is driven more by valuation than by performance, indicating that valuation has a greater direct elasticity on stock prices compared to fundamentals. Valuation determines whether prices rise and the absolute returns, while fundamentals dictate how much prices rise and the relative returns [1][5]. Summary by Stages Stage 1: Dual Decline of Valuation and Fundamentals - This stage occurs during systemic crises, such as the subprime mortgage crisis and global pandemic, where stability is key. Banks with stronger fundamentals experience smaller price declines, while those with similar fundamentals but lower valuations also see less decline [2][9]. Stage 2: Dual Rise of Valuation and Fundamentals - This stage typically follows systemic crises, characterized by significant recovery in both valuation and fundamentals. Banks with substantial positive improvements in fundamentals and lower valuations see greater price increases. Smaller banks perform better when either fundamentals or valuations dominate [3][17]. Stage 3: Improvement in Fundamentals without Valuation Increase - This stage occurs when supportive policies are in place, but market expectations about the economy remain divided. While fundamentals improve across the board, valuations do not rise, making the ability to increase valuation crucial for individual stocks. The two main sources for valuation increases are positive fundamental trends and event-driven catalysts [4][24]. Stage 4: Valuation Increase without Improvement in Fundamentals - This stage generally happens when economic expectations are clear, but monetary policy and operating environments do not favor banks. In this phase, strong fundamentals are the primary driver of excess returns, while low valuations serve as a secondary factor. The best-performing banks are those that achieve a combination of good fundamentals and low valuations [28][30]. Future Outlook - Currently, the U.S. banking sector is in a phase of valuation increase with stable fundamentals. The macroeconomic environment shows no signs of significant recession, with inflation gradually decreasing and expectations for a controlled interest rate environment. The banking sector's return on tangible equity (ROTE) is stabilizing at high levels, supported by a favorable capital market and low credit costs [35][39].

12月6日，在中国证券业协会第八次会员大会上，选举产生了会 、专职副会 、兼职副会 。其中，常务 理事、会长为国泰海通证券董事长朱健。其余9位兼职副会长中有8位在证券公司任职，分别为中信建投 （601066）证券刘成、申万宏源证券（000562）刘健、中信证券邹迎光、国信证券张纳沙、中金公司 （601995）陈亮、广发证券林传辉、华泰证券周易、招商证券霍达。 ...

Core Viewpoint - Internationalization is a crucial strategy for Chinese securities firms to achieve the goal of becoming world-class investment banks, as emphasized by the chairman of CITIC Securities International, Jiang Yueqin [1][2]. Group 1: Internationalization Strategy - Jiang Yueqin highlighted that the internationalization process of Chinese securities firms is aligned with national strategies and industry development, marking it as a necessary path to achieve international competitiveness [1][2]. - The China Securities Regulatory Commission has set a goal to establish 2 to 3 investment banks with international competitiveness by 2035, indicating that internationalization is not optional but essential for achieving top-tier status [1][2]. - As of mid-2025, the total assets of leading securities firms' overseas subsidiaries have increased by over 20%, reaching HKD 1.64 trillion, with most firms experiencing year-on-year growth in international business revenue [3]. Group 2: Historical Context and Current Opportunities - The internationalization of American investment banks began in the 1960s and 1970s, driven by internal competition and external globalization opportunities, which created significant demand for cross-border financial services [2]. - Chinese securities firms are currently facing unprecedented strategic opportunities for internationalization, responding to high-level opening-up policies and serving national strategies, with Hong Kong as the starting point for their international expansion [2]. Group 3: Practical Implementation - CITIC Securities International has successfully executed several high-impact projects, showcasing its cross-border comprehensive service capabilities, including significant IPOs and bond issuances [3][4]. - The firm has played a leading role in the Hong Kong IPO market, with notable projects such as the listing of "Lao Pu Gold" and "Horizon Robotics," achieving record speeds and substantial oversubscriptions [3][4]. Group 4: Future Development Trends - The development of internationalization should focus on becoming a "value investment bank," integrating financial functionality with profitability while creating comprehensive value for stakeholders [5][6]. - The transition to a "new quality investment bank" is necessary, emphasizing a shift from traditional services to a partnership model that supports clients throughout their lifecycle [7][8]. - Embracing the "digital investment bank" concept is essential, where data becomes a core asset, and leveraging AI and adaptive algorithms enhances decision-making precision [9]. Group 5: Pathways for Internationalization - The first pathway involves focusing on core advantages and developing differentiated strategies based on unique market positioning and resource endowments [11]. - The second pathway emphasizes strengthening local connections, moving from mere physical presence to deep integration within local business ecosystems [12]. - The third pathway stresses the importance of establishing compliance and risk management frameworks to navigate complex international environments effectively [13].

Group 1 - The core viewpoint is that copper, as a high-cost-performance conductive metal, is deeply involved in global energy transformation and industrial development, with a growing supply-demand gap expected to drive copper prices higher [1][39] - Global refined copper demand is projected to reach 28.13 million tons, 28.80 million tons, and 29.45 million tons in 2026, 2027, and 2028 respectively, with year-on-year growth rates of 2.9%, 2.4%, and 2.3% [1][31][39] - The supply-demand balance indicates a continuous gap of 160,000 tons, 360,000 tons, and 610,000 tons from 2026 to 2028, with an expanding long-term gap that supports upward pressure on copper prices [1][31][39] Group 2 - The LME copper price is expected to gradually rise to $9,800/ton, $10,600/ton, $11,200/ton, and $12,000/ton from 2025 to 2028, driven by the scarcity of copper resources and the upward shift in price levels [1][35][39] - The copper mining sector is expected to see concentrated profits due to the scarcity of copper resources and the rising price levels, making copper mining companies a focal point for investment [1][39] - The global copper exploration budget growth is significantly slowing down, with the total budget for 2024 expected to be only 64% of the previous peak, indicating limited new copper mine discoveries [9][11][15] Group 3 - The copper market is experiencing a supply-driven pricing mechanism, with significant supply disruptions throughout 2025, including incidents at major mines, which have bolstered bullish sentiment [2][18] - Major copper mining companies have reported a decrease in production, with a total reduction of 106,000 tons in the first three quarters of 2025, highlighting the vulnerabilities in copper supply [18][20] - The copper market is characterized by a tight balance, with refined copper supply projected to be 27.97 million tons, 28.94 million tons, and 28.84 million tons from 2026 to 2028, reflecting a growth rate of 1.6%, 1.7%, and 1.4% respectively [31][39] Group 4 - The rise of AI and the increasing investment in power infrastructure are expected to significantly boost copper consumption, particularly in the electric power sector [25][27] - The demand for copper in the electric vehicle sector is projected to grow substantially, with copper usage in new energy vehicles expected to reach approximately 201,000 tons by 2025, accounting for 7.4% of global copper consumption [27][28] - The wind and solar energy sectors are also anticipated to contribute to copper demand growth, with projections indicating significant increases in copper usage in these areas from 2025 to 2028 [29][30]

Group 1 - The core message of the meeting emphasizes the need for the new leadership of the China Securities Association to enhance member recognition, cohesion, and participation to improve collaborative governance and shared effectiveness [1] - The eighth member congress of the China Securities Association elected new leadership, including Zhu Jian as the president and several other industry representatives as executive vice presidents and directors [2] - The newly elected leadership includes prominent figures from various securities firms, indicating a diverse representation within the association [2][3] Group 2 - The meeting highlighted the importance of the association's role in promoting high-quality development in the capital market through a first-class investment banking and investment institution framework [1] - The election results reflect a strategic move towards strengthening the association's governance structure by involving industry representatives in key positions [2] - The new leadership aims to foster a collaborative environment among members to enhance the overall effectiveness of the association [1][2]

金钛股份的保荐机构为中信建投（601066）证券股份有限公司，签字保荐代表人为孙贝洋、赵鑫。这是 中信建投今年保荐成功的第10单IPO项目。此前，2月13日，中信建投保荐的中策橡胶（603049）集团 股份有限公司首发过会；3月28日，中信建投保荐的苏州华之杰（603400）电讯股份有限公司首发过 会；4月23日，中信建投保荐的扬州天富龙（603406）集团股份有限公司过会；6月13日，中信建投保荐 的道生天合材料科技（上海）股份有限公司过会；8月29日，中信建投保荐的厦门恒坤新材料科技股份 有限公司过会；9月5日，中信建投保荐的中国铀业股份有限公司过会；10月15日，中信建投保荐的北京 昂瑞微电子技术股份有限公司过会；10月31日，中信建投保荐的西安泰金新能科技股份有限公司过会； 11月12日，中信建投保荐的强一半导体（苏州）股份有限公司过会。 中国经济网北京12月6日讯 北京证券交易所上市委员会2025年第40次审议会议于昨日上午召开，审议结 果显示，朝阳金达钛业股份有限公司（以下简称"金钛股份"）符合发行条件、上市条件和信息披露要 求。这是今年过会的第86家企业（其中，上交所和深交所一共过会47家，北交 ...

Core Points - The eighth member conference of the China Securities Association was held on December 6, where the new leadership was announced [1] - Zhu Jian from Guotai Junan Securities was appointed as the Executive Director and President [1] - Wu Yunhao from the China Securities Association was appointed as the Executive Director and Vice President [1] Group 1 - The new leadership includes several prominent figures from major securities firms, such as Liu Cheng from CITIC Securities and Lin Chuanhui from GF Securities, who were appointed as Executive Directors and Vice Presidents [1] - Other notable appointments include Liu Jian from Shenwan Hongyuan Securities, Zhou Yi from Huatai Securities, Zou Yingguang from CITIC Securities, Huo Da from China Merchants Securities, Zhang Nashan from Guosen Securities, Zeng Shan from Yimeng Co., and Chen Liang from China International Capital Corporation [1] - Supervisory roles were filled by Wang Sheng from Galaxy Securities as Chairman and Su Junliang from Industrial Securities as Vice Chairman [2]

Core Insights - Cash management and government bond reverse repurchase agreements are becoming the preferred investment options for idle funds in stock accounts due to their flexibility and safety [1][2][4] - The trend of younger investors, particularly those born in the 1990s and 2000s, is evident, with over 55% of new account holders being under 35 years old [1][7][8] Cash Management Business - Cash management services provide automatic investment for idle funds in securities accounts, functioning similarly to a "securities version of Yu'ebao" [2] - Key features include automatic fund aggregation, seamless transaction integration, and stable returns that exceed bank savings rates [2][3] - Different brokerages offer unique cash management products, such as fully automated fund aggregation and low-risk investment options [3][4] Government Bond Reverse Repurchase Agreements - Government bond reverse repurchase agreements are highly recommended for idle funds, offering high security and better returns compared to bank savings [4][5] - These products have low entry thresholds, with most brokerages allowing participation from as little as 1,000 yuan, and offer various term options from 1 day to 182 days [4][5] - The interest rates for these agreements fluctuate based on market conditions, with recent data showing a 1-day rate around 1.8%, occasionally rising above 3% [5] Young Investor Trends - The demographic of new investors is shifting towards younger individuals, with a significant portion of new accounts held by those under 35 [7][8] - Despite lower trading activity, younger investors exhibit higher average returns compared to older age groups, indicating potential for growth [7] - Brokerages are responding to this trend by offering tailored services and incentives for young investors, including lower commission rates and specialized investment products [8][9] Product Innovation and Services - Brokerages are innovating to meet the needs of younger investors, with services that emphasize personalized, scenario-based, and social features [10] - AI-driven advisory services are being introduced to enhance decision-making processes for investors, providing customized asset allocation based on individual preferences [10] - New products and services are designed to improve the investment experience, focusing on stability and risk management for younger clients [8][9]

2025年12月3日，新开发银行2025年度第四期人民币债券（债券通）成功发行，本次债券发行规模达30亿元，期限3年，票面利率确定为1.88%。 中信建投 证券 作为本次发行的主承销商，全程助力债券顺利落地，这也是我公司首次为国际开发机构提供债券发行服务，是公司在跨境金融服务领域实现的重大 突破。 本次合作是公司践行境内外一体化战略的重要成果，未来将以此次合作为契机，积极参与多边开发机构的金融合作项目，为推动境内债券市场开放、促进 中外金融互联互通贡献更多力量。 新开发银行（NDB）是由"金砖五国"（巴西、俄罗斯、印度、中国、南非）于2014年共同发起设立的多边开发银行，总部设于上海，2015年7月正式运 营。2021年起，孟加拉国、阿联酋、埃及、阿尔及利亚相继加入，乌拉圭、乌兹别克斯坦、哥伦比亚为准成员，版图持续扩大，资本基础进一步夯实。 NDB定位"新兴经济体的一流开发机构"，聚焦 清洁能源 、交通、水务、数字基础设施等可持续发展领域，与《巴黎协定》《联合国2030议程》高度契 合。截至2024年末，累计批准120个项目、金额390亿美元；其中86.6%为主权类或主权担保贷款，违约率0.24%，资产质量优 ...