Group 1 - The total external guarantees provided by CITIC Securities and its subsidiaries amount to RMB 185.22 billion, which represents 63.19% of the company's most recent audited net assets [1] - For the first half of 2025, the revenue composition of CITIC Securities is as follows: securities investment business accounts for 43.88%, brokerage business for 28.21%, asset management business for 18.21%, investment banking business for 6.22%, and other businesses for 3.49% [1] - As of the report date, CITIC Securities has a market capitalization of RMB 435.4 billion [1]

Group 1 - Huason Pharmaceutical announced that on October 31, 2025, it will accept research from CITIC Securities, with company representative Zhou Zhiru participating in the reception and answering investor questions [1] Group 2 - Multiple regions are experiencing "negative electricity prices," raising questions about why power plants are reluctant to shut down despite not making profits from selling electricity [1]

证券代码：600030 证券简称：中信证券 公告编号：临2025-080 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 | 750万美元 | | | | 担保对象 | 实际为其提供的担保余额 | 27.11亿美元 | | | | | 是否在前期预计额度内 | 是 | □否 | □不适用 | | | 本次担保是否有反担保 | □是 | 否 | □不适用 | 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10 ...

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。 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10月31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。 （ 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。 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2025-080 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 ...

Market Overview - Hong Kong's core assets continue to decline, with notable drops in major stocks such as SMIC down nearly 5%, BYD down over 4%, and Alibaba, China Shenhua, and Tencent also experiencing declines of over 3% [1][2] - The Hong Kong Large Cap 30 ETF (520560) saw a deeper adjustment in the afternoon, with a price drop of 0.92% and a trading volume exceeding 33.33 million [1][2] Investment Insights - The Hong Kong Large Cap 30 ETF is highlighted as a strategic investment option, allowing for exposure to core assets while mitigating individual stock selection risks [3] - The ETF employs a "technology + dividend" strategy, balancing offensive and defensive positions [3] - Current valuations are considered attractive, with low price-to-earnings and price-to-book ratios, enhancing the cost-effectiveness of investments [3] - The ETF offers flexible trading options with a T+0 mechanism and high liquidity, making it suitable for both short-term trading and long-term investments [3] - Historical performance indicates stability, positioning the ETF as a solid foundation for long-term portfolio allocation in Hong Kong stocks [3] Index Composition - The top holdings in the Hang Seng China (Hong Kong Listed) 30 Index include Alibaba (18.37%), Tencent (15.68%), and Xiaomi (8.63%), among others, with a total market capitalization of 320,825 million [4]

Core Viewpoint - NewBridge Bio has submitted a listing application to the Hong Kong Stock Exchange, with Goldman Sachs and CITIC Securities acting as joint sponsors [1] Company Overview - NewBridge Bio is a biotechnology platform company established in 2016, focusing on the development of innovative precision immuno-oncology drugs [1] - The core product, Givastomig, is a novel bispecific antibody targeting CLDN18.2 and 4-1BB, applicable for gastric adenocarcinoma, biliary tract cancer, and pancreatic ductal adenocarcinoma [1] Product Development - Givastomig offers broader applicability and precise local immune activation in tumors compared to existing antibodies, potentially reducing systemic side effects [1] - The company has completed Phase I clinical trials for Givastomig and plans to initiate Phase II trials in early 2026 [1] - In addition to Givastomig, NewBridge Bio has three other clinical-stage projects, including uliledlimab, ragistomig, and VIS-101 [1]

Core Viewpoint - The capital market is expected to strengthen continuously by Q3 2025, with a notable increase in market risk appetite, leading to a shift in market style towards technology growth stocks [1] Market Performance - As of the end of Q3 2025, the CITIC Bank Stock Index (CI005021.WI) has decreased by 8.7% compared to the end of Q2, while the Wind All A Index has increased by 19.5% during the same period [1] - The relative and absolute returns of the banking sector have significantly weakened, with the proportion of bank stocks in actively managed funds dropping by 2.41 percentage points to 1.49%, marking a new low since Q4 2023 [1] Investment Outlook - Short-term market sentiment remains strong, leading to increased volatility in bank stocks; however, the fundamental landscape of the sector remains stable [1] - The improvement in valuation attractiveness is expected to create opportunities for absolute return capital allocation within the banking sector [1]

Core Insights - The report from CITIC Securities emphasizes the significant role of the new energy system as outlined in the "Suggestions for Formulating the 15th Five-Year Plan for National Economic and Social Development" by the Central Committee of the Communist Party of China [1] - The policy provides guidance for the construction of the power system, focusing on long-term development priorities such as consumption, resilience, and electrification [1] Industry Opportunities - The policy solidifies long-term opportunities in areas such as ultra-high voltage, flexible direct current transmission, and intelligent grid systems [1] - In the short to medium term, there is a resonance in domestic and international demand for transmission and transformation equipment, indicating a sustained structural demand [1] - A potential recovery in the market is expected for ultra-high voltage and smart grid sectors [1] Investment Recommendations - Companies involved in transmission and transformation, particularly leading firms in overseas markets, are recommended for attention [1] - Core companies in the ultra-high voltage sector should be closely monitored [1] - Leading enterprises in smart meters and those related to direct current transmission technology are also highlighted as key investment opportunities [1]

Group 1: US-China Relations - The meeting between the US and Chinese leaders on October 30, 2025, in Busan focused on enhancing economic cooperation and addressing trade issues [2] - Both sides agreed to expedite the implementation of previously reached consensus and maintain effective communication to reduce uncertainties in bilateral relations [2][3] Group 2: Trade Agreements - The US will cancel the 10% "fentanyl tariff" on Chinese goods, and the 24% reciprocal tariffs will remain suspended for another year, with corresponding adjustments from China [3] - The US will pause the implementation of its 50% export control rules for a year, while China will also suspend its related measures for the same duration [3] - Both parties agreed to extend certain tariff exclusions and confirmed cooperation on fentanyl control and agricultural trade [3] Group 3: US Stock Market Outlook - The core driver of the recent rise in the US stock market has returned to corporate fundamentals, with significant gains in the S&P 500 and Nasdaq indices since October 10, 2025 [4] - The earnings growth expectations for major tech companies have been revised upwards, contributing to the positive market sentiment [4] - The successful meeting between the US and Chinese leaders is expected to further alleviate geopolitical risks, enhancing the investment appeal of the US stock market, particularly in the tech sector [4] Group 4: Hong Kong Stock Market Outlook - The Hong Kong stock market is expected to see an upward shift in risk appetite, with a focus on raw materials, sectors benefiting from exports to the US, and industries that may gain from RMB appreciation [5][6] - The recent negotiations have led to a recovery in the Hong Kong market, which had previously suffered from concerns over export controls and potential tariffs [5][6] - Historical trends suggest that a stabilization in US-China relations could lead to a rebound in the RMB, positively impacting sectors like aviation and paper manufacturing [6]

Core Viewpoint - The current rise in the US stock market is primarily driven by corporate fundamentals, with improved US-China relations expected to significantly reduce potential disruptions from additional risk factors [1] Group 1: US Stock Market - The US stock market still possesses significant allocation value under the backdrop of relatively eased US-China relations and overall ample liquidity in the US [1] - Recommended sectors for investment in the US market include technology, manufacturing benefiting from re-industrialization and policy support, midstream and upstream resource products, and the nuclear power industry [1] Group 2: Hong Kong Stock Market - The risk appetite in the Hong Kong stock market may increase, with a focus on raw materials, sectors benefiting from exports to the US, and industries that may gain from the appreciation of the Renminbi, such as aviation and paper manufacturing [1]