2025年12月5日，广东天域半导体股份有限公司（以下简称天域半导体，2658.HK）成功于香港联交所 主板上市，基础发行规模2.24亿美元。中信证券担任独家保荐人、保荐人兼整体协调人、整体协调人、 联席全球协调人、联席账簿管理人及联席牵头经办人。中信证券公司总监、全球投资银行管理委员会委 员张秀杰，全球投资银行管理委员会委员于杨出席上市仪式。 （来源：中信证券发布） 港股碳化硅外延片第一股 助力国产高端半导体材料产业高质量发展 来源：市场资讯 中信证券全力做好科技金融大文章，充分发挥境内外一体化平台优势和全球投资者覆盖网络，助力科技 创新企业国际化高质量发展。本项目是中信证券服务半导体行业的又一典型案例。 中信证券凭借强大的境内外一体化专业服务，高效推动项目执行，全力协助天域半导体推进境内外监管 机构审批；积极把握发行窗口，利用境内外平台及广泛的投资者覆盖网络，协助安排多场次、高质量的 投资者会议，向资本市场精准传达企业的发展前景及成长潜力，助力本次上市圆满完成。 天域半导体 （股票代码：2658.HK) 天域半导体成立于2009年，专注于自主生产碳化硅外延片。凭借出色的产品质量，全面的交付能力及优 质的服 ...

11名原告合计诉讼请求金额182.82万元。 东旭光电退市一年多之后，其财务造假案再起波澜，中信证券子公司因此被诉诸公堂。 证监会官网2025年3月底披露，河北、深圳证监局对东旭光电及东旭集团、东旭蓝天相关主体证券违法 行为作出行政处罚事先告知。 监管调查认定，2015年至2019年，东旭集团通过虚构业务等方式进行财务造假，累计虚增收入约478亿 元，同期虚增利润总额超130亿元，并存在债券欺诈发行行为。同期，东旭光电累计虚增营收约167亿 元、虚增利润超56亿元。同时，该公司2017年定增构成欺诈发行。 最终，东旭集团时任公司董事长、实际控制人李兆廷等43名责任主体，合计被罚17亿元，其中19名主要 责任人被采取五年以上直至终身证券市场禁入措施。 聚焦此次诉讼，披露显示，案件原告方为吴彩泉等11名投资者，被告为东旭光电、东旭集团、中信证券 华南公司等37名相关法人主体或自然人，案由为证券虚假陈述责任纠纷。 诉讼请求方面，11名原告合计主张经济损失182.82万元，要求东旭光电承担赔偿责任，其余36名被告承 担连带赔偿责任。 中信证券12月4日晚间披露，东旭光电证券虚假陈述责任纠纷案获河北石家庄中院受理，子公 ...

Core Viewpoint - The company intends to acquire 100% equity of Guodian Power Nuclear Co., Ltd. through asset swap and share issuance, while divesting 100% equity of State Power Investment Group Capital Holdings Co., Ltd. and raising supporting funds [1][3]. Group 1: Transaction Details - The transaction involves a major asset swap, share issuance for asset purchase, and fundraising [3]. - The assets to be acquired include 100% equity of Electric Power Nuclear held by State Nuclear Power and China Life, while the divested asset is 100% equity of Capital Holdings [3]. - The total transaction price for the acquired assets is 5,539,371.08 million, with an appreciation rate of 99.65%, while the divested asset is valued at 1,510,828.45 million, with an appreciation rate of 46.85% [5][6]. Group 2: Financial Advisory - The independent financial advisors for this transaction are CITIC Securities Co., Ltd. and Bank of China International Securities Co., Ltd. [6].

Core Viewpoint - The insurance industry is transitioning from a narrative of balance sheet recession to a phase of healthy expansion, with a positive cycle officially established, and an upward trend expected to strengthen by 2026 [1][2] Group 1: Industry Growth and Financial Metrics - The net assets of the insurance industry increased from 2.7 trillion yuan at the beginning of 2024 to 3.7 trillion yuan by September 2025, indicating a return to rapid growth [2] - Total assets of the insurance industry rose from 31.8 trillion yuan to 40.4 trillion yuan during the same period, validating the trend of healthy balance sheet expansion [2] - The equity multiplier for the insurance industry decreased from 11.9 times at the beginning of 2024 to 10.8 times, reflecting a faster growth rate of net assets compared to total assets [2] Group 2: Product Sales and Market Dynamics - The sales cycle for participating insurance has officially improved, with significant transformation effects observed since 2025, where new single sales of participating insurance accounted for over half of the total for most listed companies [3] - Regulatory measures in 2024 mandated that the yield on participating insurance should not exceed 3.1%-3.3%, ensuring that companies scientifically determine the dividend levels based on past investment returns [3] Group 3: Distribution Channel Changes - The "reporting and operation integration" initiative is reshaping the bancassurance channel, leading to a new phase of simultaneous volume and price increases [4] - New single premium income from the bancassurance channel decreased to approximately 730 billion yuan in 2024, but is expected to recover rapidly as regulatory measures reduce channel costs by over 30% [4] Group 4: Investment Trends - The insurance sector is expected to see an annual increase in investment assets of 2-3 trillion yuan, with a total of 5-6 trillion yuan in new and reinvested assets anticipated [5][6] - The insurance companies are likely to increase their equity allocation, driven by the relatively low government bond yields and the attractive returns from high-dividend assets [5][6]

Core Viewpoint - The report from CITIC Securities highlights that the capacity release of the civil aviation fleet is constrained by factors such as low introduction of new aircraft, engine maintenance, and supply chain issues, with expectations for a recovery in business travel demand and a potential policy boost for private travel by 2026 [1] Group 1: Capacity and Demand Dynamics - The capacity utilization rate of the fleet is nearing its limit during peak seasons, with a recent recovery in business travel demand [1] - Major airlines are expected to achieve their first profit turnaround post-pandemic in 2025, marking the beginning of a profit release cycle [1] - Domestic airlines are shifting capacity towards international long-haul routes, which is expected to enhance aircraft utilization and reduce unit costs [2][4] Group 2: Cost Management and Profitability - The easing of fuel cost pressures is crucial for profit release, with differences in unit fuel costs driven by engine maintenance and operational strategies [2] - Airlines are employing refined management techniques to optimize financial expenses, which is beginning to show positive effects [2] - The high passenger load factors during the off-peak season, ranging from 85.3% to 93.2%, indicate a strong demand environment [2] Group 3: Economic Indicators and Future Outlook - The recovery in aviation demand is expected to align with the positive turning point of the Producer Price Index (PPI), suggesting a broader economic stabilization [3] - The anticipated narrowing of PPI declines and a return to positive Consumer Price Index (CPI) growth in late 2025 may catalyze a faster recovery in travel demand [3] - The supply-demand growth rate difference for RPK (Revenue Passenger Kilometers) and ASK (Available Seat Kilometers) is projected to turn positive and continue to expand over the next two years [4] Group 4: Supply Constraints and Fleet Growth - The introduction of new aircraft is expected to be limited, with the nominal capacity compound annual growth rate (CAGR) for listed airlines projected at around 4.6% from 2024 to 2027 [5] - Various operational conditions suggest that the actual fleet size CAGR could range from 2.1% to 3.6% depending on delivery scenarios [6] - The high costs of leased aircraft and the need to replace older planes are further constraining effective capacity growth [6] Group 5: Investment Strategy - The recovery in business travel demand is likely to resonate with a mild appreciation of the currency, leading to a significant reduction in airline losses by Q4 2025 [7] - Airlines are focusing on enhancing international long-haul capacity to improve aircraft utilization and profitability [7] - The positive turning point of the PPI indicates a favorable outlook for the aviation sector, presenting new investment opportunities [7]

人民财讯12月5日电，中信证券表示，继续看好互联网板块顺周期属性叠加AI的向上趋势，巨头在AI趋 势中攻防兼备：若AI技术超预期，大概率由互联网巨头及合作方产生；若悲观情景AI泡沫破裂，扎实 资产负债表和现金流可作为避风港。选股维度，当前的模型能力差距尚未带来真正的基本面分化，股价 波动主导因素更多是AI叙事，而叙事则有随时变化的可能性，因此在真正颠覆式创新出现前，我们建 议推荐逆向思维、逢低配置。 ...

Core Viewpoint - The report from CITIC Securities emphasizes that in the AI era, the upgrade of memory bandwidth and capacity is crucial, with integrated storage and computing being a trend, indicating a high level of activity in the sector and highlighting investment opportunities [1] Group 1: Storage Solutions Manufacturers - Focus on manufacturers that provide necessary CUBE support and customized design solutions to aid industrialization, aiming to penetrate the high-end market, particularly those with backing from original storage manufacturers and first-mover advantages [1] - Attention is also directed towards companies developing ultra-thin LPDDR stacking solutions [1] Group 2: Semiconductor Equipment - The industry is benefiting from the upgrade in advanced packaging and testing demands, alongside process optimization and yield improvement, which accelerates the localization of the supply chain [1] - Key areas of focus include etching, bonding, and thinning equipment due to the advancements in packaging and localization [1] Group 3: Advanced Packaging - Advanced packaging is identified as a critical breakthrough point for high-end storage, with high availability of equipment [1] - Chinese manufacturers are noted to have leading capabilities in advanced packaging and are expanding their production capacity [1] Group 4: Logic Chip Companies - The report also highlights the importance of logic chip companies in the context of the evolving semiconductor landscape [1]

中信证券研报称，保险行业已从资产负债表衰退叙事中率先走向良性扩张，周期向好正式确立，预计 2026年向上趋势进一步加强，体现为：净资产恢复并维持较快增长、分红险作为主力产品更加畅销、银 保渠道份额集中和总量增长仍然具有很大空间、险资作为耐心资本主力，目前资产结构正受益于债券利 率低位波动、股市慢牛的市场格局。从选股角度看，保险股阿尔法和贝塔兼具，2024和2025年牛市带来 的业绩弹性已较为充分体现，我们更加关注保单价值率高、新业务价值增速快、盈利和股息稳定增长的 头部公司。 ...

Core Viewpoint - The upgrade of memory bandwidth and capacity is central in the AI era, with integrated storage and computing being a trend, leading to high demand in near-storage computing, presenting investment opportunities [1] Group 1: Investment Recommendations - Focus on four key areas within the domestic HBM and CUBE-related industrial chain: 1) Storage solution manufacturers are essential for CUBE support, with customized design solutions aiding industrialization and entry into high-end markets, particularly those with original storage manufacturer support and first-mover advantages [1] 2) Semiconductor equipment will benefit from the upgrade in advanced packaging and testing demands, alongside process optimization and yield improvement, accelerating the localization of the supply chain; focus on etching, bonding, and thinning equipment [1] 3) Advanced packaging is a critical breakthrough point for high-end storage, with high equipment availability, and mainland Chinese manufacturers leading in advanced packaging capabilities and expanding production capacity [1] 4) Logic chip companies are also highlighted as a focus area [1]

Core Viewpoint - Asian stock markets should focus on fundamentals due to improved liquidity, geopolitical disturbances, and short-term AI bubble concerns [1] Group 1: A-shares - A-shares require a fundamental breakthrough beyond expectations, with recommendations to focus on resource and traditional manufacturing sectors for pricing power reassessment and companies going abroad, while paying attention to less crowded and dividend-paying stocks [1] Group 2: Hong Kong Stocks - Hong Kong stocks are expected to benefit from both internal and external catalysts, with suggestions to emphasize five major directions: technology, healthcare, and resource products [1] Group 3: South Korean Stocks - South Korean stocks are driven by fundamentals, policies, and liquidity, with a focus on semiconductor and AI industries for reassessment opportunities [1] Group 4: Indian Stocks - Indian stocks have potential for catch-up growth, with recommendations to prioritize interest rate-sensitive companies and consumer sectors under a backdrop of loose monetary policy, while taking a contrarian view on IT services [1] Group 5: Japanese Stocks - Japanese stocks are benefiting from governance dividends and increased foreign investment, with a focus on industry consolidation and asset reassessment [1] Group 6: Southeast Asian Stocks - Southeast Asian markets are showing signs of recovery, with specific recommendations for Malaysia to focus on AI and data center supply chains, Indonesia on consumption and new energy vehicles, and Thailand on consumer and tourism sectors, while closely monitoring macro variables and policy trends [1]