Group 1: Dividend Indices - The China Securities Hong Kong Stock Connect Central Enterprise Dividend Index (931233.CSI) includes 50 stable dividend-paying stocks controlled by central enterprises, with a one-year dividend yield of 5.77%, surpassing the 10-year government bond yield of 3.92% as of December 2 [1] - The Hang Seng Mainland Enterprises High Dividend Yield Index (HSMCHYI.HI) consists of high dividend stocks listed in Hong Kong from mainland companies, with a one-year dividend yield of 5.37%, also higher than the 10-year government bond yield of 3.52% as of December 2 [1] - The Non-Standard & Poor's Hong Kong Stock Connect Low Volatility Dividend Index (SPAHLVHP.SPI) includes 50 high dividend low volatility stocks listed in Hong Kong, with the Hong Kong Stock Connect Low Volatility Dividend ETF (159118) being the lowest fee ETF tracking this index [1] Group 2: Company Dividend Announcements - Postal Savings Bank announced a dividend of RMB 0.123 per share, with an ex-dividend date of January 2, 2026, and a payment date of February 13, 2026; it is part of the 931233.CSI and HSMCHYI.HI indices [1] - CITIC Securities declared a dividend of RMB 0.29 per share, with an ex-dividend date of December 29, 2025, and a payment date of February 13, 2026; it is not part of the 931233.CSI or HSMCHYI.HI indices [2] - Sanhua Intelligent Controls announced a dividend of RMB 0.12 per share, with an ex-dividend date of December 19, 2025; it is not part of the 931233.CSI or HSMCHYI.HI indices [2] - Hong Kong Tong Holdings declared a dividend of HKD 0.06 per share, with an ex-dividend date of December 12, 2025, and a payment date of December 24, 2025; it is not part of the 931233.CSI or HSMCHYI.HI indices [2] - Xinxing Group announced a dividend of HKD 0.02 per share, with an ex-dividend date of December 30, 2025, and a payment date of January 28, 2026; it is not part of the 931233.CSI or HSMCHYI.HI indices [3]

Core Viewpoint - Transsion Holdings has submitted an application for a mainboard listing on the Hong Kong Stock Exchange, with CITIC Securities acting as the sole sponsor [1] Group 1: Company Overview - Transsion Holdings is primarily engaged in the design, research and development, production, sales, and brand operation of smart terminal products centered around mobile phones [1] - The company has expanded its business into mobile internet services, IoT products, and other offerings, creating a complete ecosystem [1] - Transsion's smartphone brands include TECNO, targeting mid-to-high-end consumers, Infinix, aimed at younger consumers, and itel, which emphasizes cost-effectiveness and reliability for the mass market [1] Group 2: Market Position and Growth - According to a Frost & Sullivan report, Transsion's mobile products rank first in global emerging markets by sales volume, with a market share of 24.1% in 2024 [1] - In Africa, emerging Asia-Pacific markets, and the Middle East, Transsion also holds the top sales volume market share [1] Group 3: Market Trends - The mobile internet penetration rate in emerging markets is projected to reach 46% in 2024, increasing to 53% by 2029 [1] - The revenue of the emerging market mobile phone market is expected to grow from $134.4 billion in 2020 to $171.1 billion in 2024, and is projected to reach $236.7 billion by 2029 [1] - The smartphone segment is anticipated to grow from $168.3 billion in 2024 to $234.9 billion in 2029, with a compound annual growth rate (CAGR) of 6.9% [1] - The emerging market smartphone market by sales volume is expected to increase from 624.6 million units in 2020 to 648.5 million units in 2024, and is projected to reach 725.3 million units by 2029, with Africa being the fastest-growing region [1]

Core Viewpoint - Nanhua Futures (603093) has passed the listing hearing on the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor, indicating its growth as a comprehensive global financial services platform [1] Group 1: Company Overview - Nanhua Futures has developed into a comprehensive global financial services platform, offering services that include domestic futures brokerage, risk management, wealth management, and overseas financial services [1] - The company has actively implemented an internationalization strategy since 2006, establishing a network of overseas branches in major global financial centers to provide around-the-clock cross-market trading services across Asia, North America, and Europe [1] Group 2: Market Position - According to a report by Frost & Sullivan, Nanhua Futures ranks eighth among all futures companies in China by total revenue in 2024 and ranks first among all non-financial institution-related futures companies [1] Group 3: Client Growth - The number of registered corporate clients in the domestic futures brokerage business increased from 4,266 at the end of 2022 to 5,089 by the end of 2024 [1] - The number of registered financial institution clients grew from 1,140 at the end of 2022 to 1,770 by the end of 2024 [1]

人民财讯12月3日电，中信证券指出，9月以来，特斯拉发布宏伟蓝图第四篇章、为马斯克提供史上最大 型激励计划、马斯克增持特斯拉股票等。马斯克在机器人业务上的精力加大，机器人的硬件定型与量产 节点临近，Optimus V3将在2026年Q1发布并在2026年年底前开启量产。国产供应链在特斯拉机器人中 扮演重要角色，解决大规模制造与降本难题。随着特斯拉机器人进入量产阶段，国内企业有望陆续开始 受益，因此推荐特斯拉机器人链相关公司。 ...

Group 1 - The core idea of the fourth chapter of the Master Plan is to accelerate the transition to "sustainable abundance" through the integration of AI, automation, and large-scale manufacturing capabilities, with humanoid robots becoming a key product for Tesla [2] - Elon Musk has increased his focus on the Optimus project, indicating that he is dedicating more energy to it than any other initiative, with the Optimus V3 expected to be released in Q1 2026 and mass production to begin by the end of 2026 [5] - The future price of the robots is projected to be below $20,000, with cost reduction primarily driven by the localization of core components and economies of scale, leveraging China's complete supply chain advantages [8] Group 2 - The fourth chapter of the Master Plan emphasizes the importance of the Optimus robot, which is expected to contribute significantly to Tesla's future value, with Musk stating that around 80% of Tesla's value will come from the Optimus robots [2] - The production plan for the Optimus robots has been revised, with a target of producing one million units annually by 2030, and the focus has shifted back to the core business following the recent strategic updates [5] - As Tesla approaches mass production of the robots, domestic supply chain companies are expected to accelerate capacity construction, with Thailand being a key overseas production base [8]

人民财讯12月3日电，中信证券研报指出，经测算，12月基本不存在流动性缺口，资金面对债市的风险 有限。参考2021年以来10Y国债收益率各月表现，年末债市利率整体趋于下行。随着今年11月债市调 整，10年国债收益率回升至1.75%~1.85%区间的偏上位置，交易机会也开始浮现。然而，中信证券认为 年末行情的空间可能仍然较为有限，建议结合债市边际变化灵活调整策略节奏。 ...

Core Insights - Tesla's fourth chapter of its master plan emphasizes the humanoid robot, Optimus, which is projected to account for approximately 80% of the company's future value according to Elon Musk [1] - The production process for the robot has faced challenges since the beginning of the year, but with the largest incentive plan ever provided by the Tesla board to Musk, he is refocusing on the company's operations and increasing his efforts in the robot business [1] - The hardware design for the robot is nearing finalization, with Musk anticipating the release of Optimus V3.0 in Q1 2026 and mass production to commence by the end of 2026 [1] - The Chinese supply chain plays a crucial role in Tesla's robot production, and the acceleration of the production process is noteworthy, prompting recommendations to pay attention to companies within the Tesla robot industry chain [1]

中信证券研报称，经测算，12月基本不存在流动性缺口，资金面对债市的风险有限。参考2021年以来 10Y国债收益率各月表现，年末债市利率整体趋于下行。随着今年11月债市调整，10年国债收益率回升 至1.75%~1.85%区间的偏上位置，交易机会也开始浮现。然而，中信证券认为年末行情的空间可能仍然 较为有限，建议结合债市边际变化灵活调整策略节奏。 ...

（来源：中信证券发布） 2025年12月2日，深圳佑驾创新科技股份有限公司（以下简称佑驾创新，2431.HK）完成2.09亿港元新股 配售，中信证券担任本项目的牵头整体协调人和牵头配售代理。 中国渐进式智能驾驶发展先锋 来源：市场资讯 （股票代码：2431.HK) 佑驾创新（MINIEYE）成立于2014年，是中国领先的智能驾驶和智能座舱解决方案供应商。佑驾创新 坚持技术创新，持续迭代升级，用行业领先的技术为出行体验创造更多价值，为智能汽车赋予更多可 能。 落地又一单新股配售项目 持续助力佑驾创新发展 中信证券坚持服务国家战略，积极践行科技金融等五篇大文章，为科技创新企业提供全周期、全方位资 本运作服务。继2024年12月牵头保荐佑驾创新登陆港交所、2025年7月独家助力佑驾创新完成新股配 售，中信证券再次助力佑驾创新完成上市后第二次新股配售。 中信证券结合近期港股市场行情及投资者反馈，基于对自动驾驶行业及其业务逻辑的深入理解，量身定 制融资方案，帮助佑驾创新成功把握发行窗口，在11月25日收盘后迅速启动交易；凭借专业判断，成功 吸引了各类型市场化投资者的大量需求，顺利协助佑驾创新实现融资及折价目标。中信证券 ...

Core Points - The China Securities Regulatory Commission (CSRC) announced that CITIC Securities has submitted the completion report for the initial public offering (IPO) and listing guidance of Shenzhen Hanno Medical Technology Co., Ltd. The current status of Hanno Medical is "guidance acceptance" [1][25] - Hanno Medical, established in 2018 and located in Shenzhen, Guangdong Province, primarily engages in wholesale activities. The legal representative is Li Mingtang [1][25] - The controlling shareholder of Hanno Medical is Beijing Hanno Medical Technology Co., Ltd., which holds a 24.85% stake in the company [26] Financing History - Hanno Medical has undergone several financing rounds, including: - E+ round on June 21, 2024, raising nearly 100 million RMB [27] - E round on January 5, 2024, raising over 100 million RMB [28] - D round on February 23, 2023, with undisclosed financing [28] - C round on July 29, 2022, raising over 100 million RMB [28] - B round on February 15, 2022, with undisclosed financing [28] - A round on November 16, 2021, with undisclosed financing [28] - Angel round on October 27, 2020, with undisclosed financing [28] Company Governance Issues - During the reporting period, Hanno Medical established an internal governance structure and management system. However, with rapid business growth, there are areas for improvement in organizational management, operational capabilities, and risk control systems [3][39] - The intermediary institutions have assisted in enhancing governance by investigating and improving internal control systems and reviewing governance documents [4][30] Fundraising Project Issues - The guidance institution has worked with Hanno Medical to refine its fundraising project planning and ensure the smooth progress of fundraising projects, including feasibility report assessments [5][31] - Hanno Medical has cooperated with the guidance institution to conduct thorough research and discussions on the fundraising investment plan, confirming the specific uses and investment scale of the funds raised [6][32] Social Insurance and Housing Fund Issues - The guidance institution identified that Hanno Medical had not timely paid social insurance and housing funds for some employees during the reporting period [7][33] - Hanno Medical has taken steps to address these issues, including obtaining proof from administrative authorities that no penalties were imposed for these lapses [8][34]