Core Viewpoint - The report from CITIC Securities indicates that overseas lithium mine production remained stable in Q3 2025, reflecting a decrease in production enthusiasm among overseas mining companies due to weak lithium prices in the first three quarters of the year [1] Group 1: Lithium Market Dynamics - Despite a recovery in lithium prices in Q3 2025, feedback from overseas mining companies has been slow [1] - South American salt lake lithium extraction companies showed significant operational improvement in Q3 2025 and maintain an optimistic outlook for Q4 2025 [1] Group 2: Price Forecast and Investment Recommendations - The strong demand for energy storage batteries is expected to continue driving the lithium industry, leading to a potential upward trend in lithium prices [1] - The price forecast for lithium has been adjusted, with the upper limit now set at 120,000 yuan per ton, suggesting a focus on low-cost stocks and companies with expected resource production increases during the price rebound [1]

中信证券研报称，近年来国内财富管理市场规模体量均持续增长，在无风险收益持续下行、资产轮动速 度加快、财富人群配置需求日益多元化的背景下，我们预计配置类产品有望迎来发展契机。基于此，我 们以低相关、有代表性的股债商指数作为底层资产，基于"风险平价+信号增强"的思路构建了大类资产 趋势配置策略。从历史回测结果来看，2012年初至2025年10月底，大类资产趋势配置策略年化收益为 8.97%，夏普比率为1.85，历年均能实现正收益，2025年以来实现收益13.87%。从情景复盘结果来看， 在历史上各类资产出现较大波动时，大类资产趋势配置策略能够通过有效地调整降低整体组合的风险。 ...

Core Insights - The report from CITIC Securities indicates that after the dual festivals, supply and demand remain stable, with milk prices entering a bottoming phase. Contract prices are stable on a month-on-month basis, while dairy product demand continues to face pressure, particularly with ambient temperature products underperforming compared to chilled products [1] - The deep processing sector and exports are experiencing rapid growth from a low base, suggesting a promising future outlook [1] - In Q3, beef cattle prices have shown high volatility, and it is expected that the cumulative reduction in stock since 2024 may exceed 10%. By 2026, there may be downward pressure on the supply side of beef cattle [1] - Based on the previous cycle of beef cattle reduction and price recovery, it is anticipated that there is still upward potential for live cattle prices in the current cycle. The industry remains optimistic about the resonance between beef cattle and raw milk cycles [1]

Core Viewpoint - The "An Wo Gu Bao" product, marketed as the first internet insurance for stock investments, is under scrutiny for potential fraud, as it lacks regulatory approval and misrepresents its offerings [1][2]. Group 1: Product Overview - "An Wo Gu Bao" claims to provide full compensation for stock losses on the same day, with a minimum investment of 100 yuan and a minimum investment period of one trading day [1]. - The platform claims to collaborate with well-known securities firms and employs "professional strategists" to manage investments [1]. Group 2: Regulatory Response - The China Insurance Industry Association issued a warning stating that "An Wo Gu Bao" is not an approved insurance entity and that stock investment losses are not insurable [1]. - Financial regulatory authorities have confirmed that no products under the name "An Wo Gu Bao" have been approved or registered [1]. Group 3: Company Statements - CITIC Securities has issued a statement denying any collaboration with "An Wo Gu Bao" or "An Wo Insurance Co., Ltd." and refuting claims of joint financial product offerings [2]. - The China Insurance Industry Association advises consumers to be cautious of illegal financial activities masquerading as insurance and to purchase insurance products only from legitimate companies [2].

智通财经APP讯，中信证券(06030)发布公告，公司境外全资子公司中信证券国际有限公司(以下简称中 信证券国际)的附属公司CSI MTN Limited(以下简称发行人或被担保人)于2022年3月29日设立境外中期票 据计划(以下简称中票计划)，此中票计划由中信证券国际提供担保。根据存续票据到期情况，结合公司 业务发展实际需要，发行人于2025年11月26日在中票计划下发行一笔票据，发行金额5086.70万美元。 本次发行后，发行人在中票计划下已发行票据的本金余额合计27.36亿美元。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：6030） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 承董事會命 中信証券股份有限公司 董事長 張佑君 中國北京 2025年11月26日 於本公告刊發日期 ，本公司執行董事為張佑君先生及鄒迎光先生；本公司非執行董事為張麟先生 、付臨芳女士 、 趙先信先生及王恕慧先生；及本公司獨立非執行董事為李青先生、史青春先生及張健華先生。 茲載列中信証券股份有限公司（「本公司」）在上海證券交易所網站刊登的本公司關於間 接子公司發行中期票據並由全資子公司提供擔保的公告，僅供參閱。 证券代码：600030 证券简称：中信证券 公告编号：临2025-091 中信证券股份有限公司 关于间接子公司发行中期票据 并由全资子公司提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假 ...

Core Viewpoint - Tianjin Automotive Mould Co., Ltd. held an institutional research meeting on November 26, focusing on its industry layout, business structure, customer cooperation, and merger progress [1][2]. Group 1: Business Layout and Revenue Composition - The company's mould business accounts for nearly 50% of its revenue in 2024, with current orders amounting to approximately 2.5 billion [3]. - Stamping business is the second-largest segment, contributing 43% to revenue, closely tied to customer production schedules [3]. - The aerospace components business currently represents 4% of revenue, with potential growth as production scales up [3]. Group 2: Business Characteristics - Mould business demand is primarily driven by new model development and existing model modifications, showing stable demand without direct correlation to vehicle sales [4]. - Stamping business relies heavily on stable supply relationships with customers, with revenue fluctuating based on the sales volume of supplied models [4]. - The production cycle for mould products varies significantly, typically ranging from 12 to 24 months, with in-house manufacturing taking about 8 to 10 months [4]. Group 3: Customer Distribution in Stamping Business - The stamping business's production capacity is mainly located in Tianjin and Hefei, serving key automotive clients [5]. - Key clients in Tianjin include FAW Toyota, Great Wall Motors, Beijing Benz, and others, while Hefei primarily serves NIO and JAC Motors [5]. Group 4: Merger and Acquisition Progress - The acquisition of Dongshi Co. is pending financial data updates, with preliminary due diligence and evaluations completed [6]. - Negotiations on details and agreement terms are ongoing, with no formal agreement signed yet, indicating potential uncertainties in the approval process [6].

每经AI快讯，中信证券（SH 600030，收盘价：27.6元）11月26日晚间发布公告称，截至公告披露日， 公司及控股子公司对外担保总额为人民币1961.63亿元，占公司最近一期经审计净资产的比例为 66.93%。 截至发稿，中信证券市值为4090亿元。 每经头条（nbdtoutiao）——国开行辟谣的"人民资产"是什么？记者实探：号称投资600元80天赚8万 元！一位投资人的女儿：劝不住她，警察都拦不住 （记者 胡玲） 2025年1至6月份，中信证券的营业收入构成为：证券投资业务占比43.88%，经纪业务占比28.21%，资 产管理业务占比18.21%，投资银行业务占比6.22%，其他业务占比3.49%。 ...

证券代码：600030 证券简称：中信证券 公告编号：临2025-091 中信证券股份有限公司 关于间接子公司发行中期票据 并由全资子公司提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | | 被担保人名称 | CSI MTN | Limited | | --- | --- | --- | --- | | | 本次担保金额 | 5,086.70万美元 | | | 担保对象 | 实际为其提供的担保余额 | 27.36亿美元 | | | | 是否在前期预计额度内 | □否 是 | □不适用 | | | 本次担保是否有反担保 | □是 否 | □不适用 | 累计担保情况 | 对外担保逾期的累计金额（万元） | - | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（亿元） | 1,961.63 | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 66.93 | | 特别风险提示 | □对外担保总额超过最近一期经审计净资产 | ...

Group 1 - The stock of Kangwei Century (688426.SH) closed at 27.80 yuan, experiencing a decline of 10.78%, indicating it is currently in a state of breaking [1] - Kangwei Century was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on October 25, 2022, with an initial offering price of 48.98 yuan per share, and publicly issued 23,290,278 shares, accounting for 25% of the total share capital post-issuance [1] - The total amount raised by Kangwei Century during its IPO was 1,140.76 million yuan, with a net amount of 1,054.30 million yuan after deducting issuance costs, which was 68.63 million yuan more than the original plan [1] Group 2 - The issuance costs for Kangwei Century totaled 86.45 million yuan, with CITIC Securities receiving underwriting fees of 64.49 million yuan [2] - On June 6, 2023, Kangwei Century announced a dividend plan, distributing 5.2 yuan (pre-tax) for every 10 shares and a bonus issue of 2 shares [2]