Core Viewpoints - The report emphasizes the importance of improving efficiency and optimizing the industry structure in the securities sector, projecting a strong performance relative to the market for 2026 [1] Market Review - The securities sector has demonstrated a prominent Beta attribute, with significant attention on the shift in funding styles. Historical analysis indicates that periods of excess returns for brokerages typically require a confluence of policy, liquidity, and market conditions [4][9] - From January to November 2025, the securities index underperformed the CSI 300 index by 12.9 percentage points, attributed to factors such as technology style preferences and the diversion of funds towards low-valuation H-shares [4][43] - Despite this, the brokerage sector achieved a notable excess return from April to August 2025, particularly H-share brokerages, which saw a cumulative increase of 43.9% for the year, outperforming the CSI 300 index by 25.4 percentage points [4][43] Fundamental Outlook - The equity market is experiencing high prosperity, with a strong certainty of profit growth. In the first three quarters of 2025, listed brokerages reported a year-on-year net profit growth of 63.4% and a revenue increase of 13.0% [4][20] - The revenue structure for the first three quarters of 2025 shows significant growth in brokerage, investment banking, and proprietary trading, with net income growth rates of 68%, 16%, and 42% respectively [4][20] - The wealth management sector is positioned to capitalize on internationalization trends, with Hong Kong emerging as a preferred fundraising destination for Chinese enterprises, leading to a 146% increase in IPO fundraising compared to the entire year of 2024 [4][20] Investment Recommendations - The report suggests that as capital market reforms deepen, the securities industry is expected to maintain steady growth in 2026, benefiting particularly head brokerages through mergers and acquisitions [4][20] - Recommended stocks include CITIC Securities and CICC, which are expected to benefit from their strong comprehensive service capabilities and balanced business structures [4][20] - Other notable mentions include Guosen Securities, Industrial Securities, and Dongfang Securities, which are anticipated to perform well due to their advantages in financial products and services [4][20] Valuation Insights - The current price-to-book (P/B) ratio for the securities industry stands at 1.35x, which is below the historical average of 1.71x, indicating potential for valuation recovery [4][50] - The report highlights that the industry P/B valuation is at the 27.7% historical percentile, suggesting that there is room for improvement in valuations relative to historical performance [4][50]

Core Viewpoint - The report from CICC expresses a positive outlook on the absolute and relative performance of domestic bank stocks, projecting revenue and net profit growth for listed banks in 2026 and 2027 [1] Group 1: Revenue and Profit Projections - Revenue for the covered listed banks is expected to increase by 2.5% and 3.6% year-on-year in 2026 and 2027, respectively [1] - Net profit attributable to shareholders is projected to rise by 1.9% and 2.6% year-on-year for the same periods [1] Group 2: Market Conditions and Trends - The pressure on net interest margins is anticipated to further narrow, with a shift towards quality over quantity in credit issuance due to weak credit demand and insufficient risk compensation [1] - The characteristics of credit issuance are becoming more pronounced in terms of regions and industries [1] Group 3: Fee Income and Business Stability - After several years of fee reductions and high base pressure, the growth rate of fee income is expected to stabilize and recover [1] - Although small and micro enterprises, along with retail customer exposures, remain significant sources of non-performing loans, the stability of business exposures is maintained, with a trend of improvement in the net non-performing loan generation rate [1] Group 4: Industry Dynamics - The report anticipates an acceleration in supply-side reforms within the industry, leading to a rapid decrease in the number of bank licenses, which will improve competition and the operational landscape of the industry [1]

Market Overview - The market experienced fluctuations yesterday, with the Shanghai and Shenzhen stock exchanges recording a total trading volume of 1.77 trillion, a decrease of 318.8 billion compared to the previous trading day. The Shanghai Composite Index fell by 0.55%, the Shenzhen Component Index dropped by 1.1%, and the ChiNext Index declined by 1.77% [1] Group 1: Solid-State Battery Equipment - Huatai Securities predicts that solid-state battery equipment is expected to achieve mass production between 2027 and 2030, highlighting its disruptive advantages in safety and energy density due to the complete replacement of liquid electrolytes with solid electrolytes. The focus of industrialization has shifted from "material science" to "production engineering," making equipment a key factor in realizing these advantages [2] - The semi-solid battery equipment is anticipated to achieve mass production by 2026, while full solid-state battery equipment is projected for 2027-2030. The process involves new steps and significant performance improvements in existing steps, indicating a high-growth phase for related equipment manufacturers as the 2027-2030 period approaches [2] Group 2: Insurance Sector Investment Opportunities - CITIC Construction Investment suggests focusing on the insurance sector's performance growth and valuation recovery, presenting a "Davis Double-Click" investment opportunity. The stabilization and recovery of interest rates are expected to drive the insurance sector's market performance [3] - Approximately 75%-80% of insurance funds are allocated to fixed-income assets, leading to pessimistic long-term investment return expectations for listed insurance companies during a period of declining long-term interest rates. However, with the recent stabilization of long-term rates, the 10-year government bond yield has risen above 1.8%, which may support valuation recovery for listed insurance companies [3] - Even with conservative long-term interest rate expectations of 1.5%-1.6%, there remains room for valuation recovery. The insurance sector's performance is also supported by anticipated growth in new business for life insurance in 2026 and rapid profit growth in non-auto insurance driven by "reporting and pricing integration" [3] Group 3: Power Grid and Industrial Control Opportunities - CICC emphasizes the structural opportunities in the power grid and industrial control sectors, predicting steady upward performance by 2025. The domestic power grid investment remains robust, with ultra-high voltage projects entering an accelerated approval and bidding phase [4] - The power grid is viewed as a post-cycle investment for renewable energy, with significant investment gaps still to be filled, indicating continued investment attractiveness. In the industrial control sector, the overall cycle remains unchanged, with expectations for sustained demand growth in the coming year [4] - Investors are advised to pay attention to high-elasticity investment directions such as AIDC (Automated Identification and Data Capture) and overseas expansion [4]

中金公司指出，电网和工控行业2025年整体表现稳健向上，提示投资者重点关注结构性机遇。电网方 面，国内电网投资景气延续，特高压项目自下半年进入核准招标加速期，我们认为电网是新能源投资的 后周期，仍有较大的投资缺口有待补齐，看好电网投资景气延续。工控方面，周期整体不变，目前仍处 于内生修复阶段，展望明年我们认为需求有望持续稳增。此外，我们重点提示关注AIDC、出海两大高 弹性投资方向。 (本文来自第一财经) ...

每经AI快讯，中金公司指出，电网和工控行业2025年整体表现稳健向上，提示投资者重点关注结构性 机遇。电网方面，国内电网投资景气延续，特高压项目自下半年进入核准招标加速期，我们认为电网是 新能源投资的后周期，仍有较大的投资缺口有待补齐，看好电网投资景气延续。工控方面，周期整体不 变，目前仍处于内生修复阶段，展望明年我们认为需求有望持续稳增。此外，我们重点提示关注 AIDC、出海两大高弹性投资方向。 ...

Core Viewpoint - The overall performance of the power grid and industrial control industries is expected to be stable and upward in 2025, with a focus on structural investment opportunities [1] Power Grid Industry - Domestic power grid investment remains optimistic, with ultra-high voltage projects entering an accelerated approval and bidding phase in the second half of the year [1] - The power grid is viewed as a post-cycle investment for renewable energy, indicating a significant investment gap that still needs to be filled [1] - Continued optimism for the power grid investment climate is highlighted [1] Industrial Control Industry - The overall cycle remains unchanged, currently in an endogenous recovery phase [1] - Demand is expected to continue to grow steadily in the coming year [1] - AIDC (Automatic Identification and Data Capture) and overseas expansion are identified as two high-elasticity investment directions to watch [1]

本期债券发行工作已于2025年12月15日结束，发行结果如下：最终发行规模为12亿元，票面利率为 2.34%，认购倍数为3.36倍。 格隆汇12月15日丨中金公司(03908.HK)公告，根据《中国国际金融股份有限公司2025年面向专业投资者 公开发行永续次级债券(第二期)发行公告》，中国国际金融股份有限公司2025年面向专业投资者公开发 行永续次级债券(第二期)的发行规模为不超过30亿元(含30亿元)，发行价格100元/张，采取面向《公司 债券发行与交易管理办法》及相关管理办法规定的专业投资者询价配售的方式发行。 ...

中金公司（601995）(03908)公布，中国国际金融股份有限公司 2025 年面向专业投资者公开发行永续次 级债券(第二期)发行工作已于 2025 年 12 月 15 日结束，最终发行规模为 12 亿元，票面利率为 2.34%， 认购倍数为 3.36 倍。 ...

据悉，本期债券简称"23中金G8"，发行总额10亿元，票面利率为3.03%。 中金公司（601995）(03908)发布公告，中国国际金融股份有限公司2023年面向专业机构投资者公开发 行公司债券(第四期)(品种二)(以下简称"本期债券")，将于2025年12月22日(因遇2025年12月21日为休息 日，故顺延至下一个交易日)开始支付自2024年12月21日至2025年12月20日期间的利息。 ...

智通财经APP讯，中金公司(03908)公布，中国国际金融股份有限公司 2025 年面向专业投资者公开发行 永续次级债券(第二期)发行工作已于 2025 年 12 月 15 日结束，最终发行规模为 12 亿元，票面利率为 2.34%，认购倍数为 3.36 倍。 ...