中信建投证券电新团队认为，历经三年产能消化，在需求超预期的背景下，电力设备新能源行业正站在 新周期的起点之上，"十五五"期间，全球新能源新增装机规模预计再上台阶，这将对电力系统产生革命 性的改变：①高比例风光接入将催生海量的储能和容量需求②全球电网尤其是欧美电网将继续加大投入 以适应碳中和进程③前述调节成本和电网改造成本会进一步推动用电价格提升，打开户储、工商储长期 需求空间。④AI推动全球用电量增速提升，低碳高密度电源（海风、SOFC、核电、燃机）重要性也将 提升，数据中心供电模式转向高压化。这一切的改变将在2026年拉开基本面兑现的序幕。 朱玥内蒙调研表示，储能行业不是短期炒作，国内靠电网刚需、海外靠高利润订单，需求又大又可持 续；明年行业规模翻倍是板上钉钉，产业链各环节（尤其是龙头企业）盈利会改善，股票还有不少上涨 空间，不用怕所谓 "淡季回调""需求不足" 的谣言。 第七届新浪金麒麟最佳分析师荣誉榜，详细>> 责任编辑：公司观察 专题：2025分析师大会：资本市场"奥斯卡"！机构称A股迎全球资本涌入的大牛市 随着人工智能、云计算、大数据等技术的爆发式增长，全球对算力的需求持续攀升，由此引发的电力消 耗 ...

长江证券携香港子公司长证国际，通过湖北省红十字会紧急向香港大埔区捐赠100万元人民币，以实际行动践行责任担当，与香港社会各界风雨同舟、共克 时艰。 长江证券同时表示，谨向火灾中不幸遇难的市民与英勇殉职的消防人员表示沉痛哀悼，向受灾家庭致以诚挚慰问，并向所有奋战在救援一线的工作人员致以 崇高敬意。 11月26日下午，香港新界大埔宏福苑发生五级火灾。灾情发生后，社会各界迅速响应，多家券商机构纷纷捐款捐物，支持受灾居民的紧急安置、生活保障和 灾后重建工作。 火灾发生后，中金公司高度关注灾情，迅速与有关部门取得联系，积极了解受灾情况和群众需求，并面向境内外员工发起募捐倡议，得到广泛响应。 中金公司及子公司中金国际携北京中金公益基金会、中金香港慈善基金会，将通过相关渠道捐款折合港币共计1200万元，定向用于受灾居民应急救援、过渡 安置、生活物资补给以及灾后重建等工作。 广发证券联合广发证券（香港）已启动捐款500万港元，善款将捐至香港特区政府"大埔宏福苑援助基金"，用于受灾居民的医疗救助、过渡安置及生活物资 保障等。 广发证券同时向此次火灾中的不幸遇难者致以深切哀悼，向奋战在救援一线的消防及救护人员致以崇高敬意。 此外 ...

据同花顺（300033）iFinD数据统计，这98家上市企业合计募资总额为1003.59亿元。华电新能 （600930）募资181.71亿元，为1-10月的募资王。西安奕材、中策橡胶（603049）分别募资46.36亿元、 40.66亿元，分列募资额第二、三名。 1-11月，共有34家券商参与了新增上市企业的保荐承销工作，合计赚得承销保荐费用49.46亿元。 其中，国泰海通（601211）成为2025年1-11月券商承销保荐费用的第一名，合计赚得承销保荐费用 74332.14万元。 国泰海通保荐了长江能科、联合动力（301656）、友升股份（603418）、悍高集团（001221）、首航新 能（301658）、浙江华业（301616）、浙江华远（301535）、常友科技（301557）、毓恬冠佳 （301173）、大明电子（603376）、丰倍生物（603334）11家企业上市，与华英证券、天风证券 （601162）担任了兴福电子的联合主承销商，与中信建投（601066）、中信证券（600030）、川财证 券、中金公司（601995）、华泰联合担任了华电新能的联合主承销商，与中金公司担任了屹唐股份的联 合主承 ...

Summary of Key Points Core Viewpoint - In the period from January to November 2025, a total of 98 companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, raising a total of 100.36 billion yuan in funds [1][2]. Group 1: Listing Companies and Fundraising - Among the 98 listed companies, 33 were on the main board, 30 on the ChiNext board, 12 on the Sci-Tech Innovation board, and 23 on the Beijing Stock Exchange [1]. - Huadian New Energy was the top fundraiser, raising 18.17 billion yuan, followed by Xi'an Yicai and Zhongce Rubber, which raised 4.64 billion yuan and 4.07 billion yuan respectively [1]. Group 2: Underwriting and Sponsorship Fees - A total of 34 securities firms participated in the underwriting and sponsorship of the newly listed companies, earning a combined fee of 4.95 billion yuan [2]. - Guotai Junan Securities ranked first in underwriting fees, earning approximately 743.32 million yuan, having sponsored 11 companies [2][3]. - CITIC Securities and CITIC Jianan followed in the ranking, earning 618.01 million yuan and 555.78 million yuan respectively [2][3]. Group 3: Detailed Underwriting Participation - CITIC Jianan sponsored 8 companies, including Daosheng Tianhe and Zhongce Rubber, and participated in joint underwriting for Huadian New Energy [2][3]. - Huatai United Securities and China International Capital Corporation ranked fourth and fifth in underwriting fees, earning 424.02 million yuan and 231.62 million yuan respectively [3][4]. - Other notable firms included Orient Securities and Shenwan Hongyuan, which ranked sixth and seventh, earning 194.91 million yuan and 171.31 million yuan respectively [4][5].

新华财经上海12月1日电中信建投证券金属和金属新材料首席分析师王介超发布观点称，12月本为锂传 统消费淡季，但下游需求远超预期，季节性因素淡化，锂价预计维持高位。据SMM统计，供给端，11 月碳酸锂及氢氧化锂环比增长3%/增长2%，预计12月增量有限，基于江西锂云母复产的乐观预期下，碳 酸锂仅环比增幅3%，氢氧化锂则预计12月环比下降3%。需求端，订单火热现象将持续至年末，11月磷 酸铁锂及三元材料分别环比增长4.7%/下降0.2%，12月订单饱满，铁锂需求环比持平，三元环比回落 6.7%。 月度平衡角度，11月市场短缺万吨以上，预计12月缺口收窄，但或仍缺口5000吨以上，因此12月保持去 库预期，价格有望维持高位。库存端，碳酸锂库存已降至12万吨以下，其中锂盐厂库存从年中的近6万 吨降至2.4万吨，待明年二季度需求旺季，库存水平难以支撑需求，需求将再度赋予价格弹性。 （文章来源：新华财经） ...

Core Viewpoint - Yichip Communication has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities as the exclusive sponsor, highlighting its position as a leading provider of cellular communication chips globally [1] Group 1: Company Overview - Yichip Communication is recognized as a global leader in the cellular IoT chip market, with a product matrix that covers low, medium, and high wireless transmission speeds [1] - The company's chips are noted for their optimized balance of power consumption, performance, area, and cost (PPA), making them a cornerstone of the IoT ecosystem [1] Group 2: Market Position and Performance - According to a Frost & Sullivan report, Yichip Communication holds a leading position in the global cellular IoT chip market, with projected shipments of 26.3 million NB-IoT chips in 2024, capturing 38.4% of the global NB-IoT market [1] - The company is also a strong competitor in the Cat.1bis chip market, with expected shipments of 61.1 million units in 2024, representing 22.7% of the global market, making it the second-largest player in this segment [1]

Core Viewpoint - The A-share market is expected to experience an upward breakout in December, driven by improvements in fundamental expectations, macro liquidity, and policy catalysts, leading to a potential early start of the spring rally [1][9][11]. Group 1: Market Outlook - Most brokerages anticipate that December will see a recovery in fundamental expectations and macro liquidity, with policy and industry themes catalyzing market movements [1][7]. - The market has been in a three-month consolidation phase, and the likelihood of an upward breakout to initiate a year-end rally is high [1][9]. - Investors maintain confidence in the medium to long-term market outlook, suggesting that the current bull market is not over [11]. Group 2: Investment Strategies - Investors are advised to prepare for the year-end rally, with a focus on strategic positioning around key events such as the Federal Reserve's interest rate meeting and the Central Economic Work Conference [2][8]. - Emphasis on large-cap stocks with stable earnings is expected to outperform in December, while a balanced allocation between growth and value styles is recommended [12]. - Key sectors to watch include traditional manufacturing, resource revaluation, and companies with overseas expansion potential [4][8]. Group 3: Sector Focus - The technology sector is anticipated to rebound, particularly in areas with favorable cost-performance ratios, such as innovative pharmaceuticals and defense industries [6][7]. - The cyclical sectors, including basic chemicals and industrial technology, are expected to be foundational assets for the spring rally [5][6]. - Consumer sectors, particularly high-quality consumption like liquor and consumer building materials, are seen as mid-term investment opportunities [7][12].

Core Viewpoint - CITIC Securities believes that despite potential short-term market volatility, any downturn presents a better opportunity for positioning, with a focus on preparing for the year-end market rally [1] Market Strategy - The strategy emphasizes opportunistic positioning ahead of key events, specifically the Federal Reserve's interest rate meeting and the Central Economic Work Conference after December 10 [1] - Investors are advised to increase positions at lower levels before these meetings, paying attention to the support at the half-year line and market volume conditions [1] Reasons for Year-End Rally - The anticipated year-end rally is attributed to several factors: early spring market enthusiasm, expected liquidity improvement signals from potential Federal Reserve rate cuts, policy expectations for the start of the 14th Five-Year Plan, and similarities to the year-end rally in December 2020 [1] Key Investment Areas - CITIC Securities identifies several sectors likely to lead the year-end rally, including: - AI (CPO, AI applications, liquid cooling) - New Energy (energy storage, solid-state batteries, nuclear power) - Innovative pharmaceuticals - Machinery (humanoid robots, automation equipment) - Non-ferrous metals - Chemicals - Additionally, opportunities in Hong Kong's internet and commercial aerospace sectors are highlighted [1] Industry Focus - Key industries to monitor include: - Non-ferrous metals (copper, silver) - AI (communications, computing) - New Energy - Innovative pharmaceuticals - Machinery - Hong Kong internet - Chemicals [1] Thematic Focus - The primary thematic focus is on commercial aerospace [1]

Core Viewpoint - Kaijie E-commerce has submitted its application for listing on the Hong Kong Stock Exchange, with CITIC Securities International as the exclusive sponsor [1] Group 1: Company Overview - Kaijie E-commerce is a digital retail solutions provider that offers comprehensive customized solutions for brand owners [1] - The company's solutions aim to help clients establish e-commerce infrastructure, drive online sales, enhance operational efficiency, and accelerate business growth [1] Group 2: Service Offerings - The solutions provided by Kaijie E-commerce cover the entire value chain of the e-commerce ecosystem, including brand positioning, product development consulting, retail operations, channel management, marketing promotion, order fulfillment, and data and information technology services [1] Group 3: Market Position - According to ZhiShi Consulting, Kaijie E-commerce is the fifth largest digital retail solutions provider in China by GMV in 2024, holding a market share of 1% [1] - The company is also recognized as the largest O2O digital retail solutions provider in the market [1]

Core Insights - The People's Bank of China announced the winners of the 2024 Financial Technology Development Award, with CITIC Futures and CITIC Securities receiving second and third prizes for their innovative projects, highlighting their commitment to technological innovation in the financial sector [1][3]. Group 1: Award Recognition - CITIC Futures and CITIC Securities were awarded the second and third prizes for their projects "Intelligent Futures Service Platform Based on Multi-Modal Large Models" and "Omni-Channel Hyper-Converged Intelligent Communication Platform" respectively [1]. - This recognition reflects the companies' adherence to the central government's strategy on technological innovation and their efforts to enhance digital financial services [1][3]. Group 2: Project Details - The "Intelligent Futures Service Platform" integrates AI and large model technologies to achieve intelligent management of the entire futures business process, ensuring compliance, data security, and operational convenience [1][2]. - The platform's intelligent customer service module enhances service efficiency by integrating comprehensive financial service capabilities, including intelligent Q&A and knowledge base functions [1][2]. Group 3: Technological Advancements - The "Omni-Channel Hyper-Converged Intelligent Communication Platform" addresses challenges in the futures communication business, such as redundant module construction and data silos, by creating an innovative solution with industry demonstration significance [2][3]. - The project employs a full-stack self-innovation architecture and multi-layered security defense systems to enhance information security and business intelligence levels [3]. Group 4: Future Outlook - CITIC Futures aims to continue driving development through technological innovation, enhancing its ability to serve the real economy, and contributing to the high-quality development of the futures industry [3].