每经AI快讯，中信证券10月21日晚间发布公告称，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，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月21日在中票计划下发行两笔票据，发行金额分别为1030万美元和1.2亿 港元。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26.80亿美元。 经公司第八届董事会第二十二次会议、2023年度股东大会批准，公司股东大会再次授权公司发行境内外 公司债务融资工具。本次担保在上述授权范围之内。 （记者 王晓波） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 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1874.07亿元，占公司最近一期经审计净资 产的比例为63.94%。 每经头条（nbdtoutiao）——展望"十五五"|专访贺铿：必须改变以往将资金过度集中于房屋建设和基础 设施建设的倾向，更加突出民生领域投入 ...

| | 被担保人名称 | CSI MTN | Limited | | | --- | --- | --- | --- | --- | | | 本次担保金额 | | 1,030万美元和1.2亿港元 | | | 担保对象 | 实际为其提供的担保余额 | 26.80亿美元 | | | | | 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 | 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） | 1,874.07 | | 对外担保总额占上市公司最近一 | 63.94 | | 期经审计净资产的比例（%） | | | 特别风险提示 | □对外担保总额超过最近一期经审计净资产 | | | 100% | | | 担保金额超过上市公司最近一期经审计净 | | | 资产50% | | | □对合并报表外单位担保金额达到或超过最 | | | 近一期经审计净资产30%的情况下 | | | 对资产负债率超过70%的单位提供担保 | 1 证券代码：6000 ...

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。 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。 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21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。 证券代码：600030 证券简称：中信证券 公告编号：临2025-078 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 Points - Haitong Development's stock price dropped by 8.05% to 11.31 yuan, currently in a state of breaking issue [1] - The company was listed on the Shanghai Stock Exchange on March 29, 2023, with an issuance of 41,276,015 shares at a price of 37.25 yuan per share [1] - The total amount raised from the initial public offering (IPO) was 153,753.16 million yuan, with a net amount of 142,793.20 million yuan [1] Fundraising and Use of Proceeds - The funds raised are intended for the purchase of ultra-flexible bulk carriers, information system construction and upgrades, and to supplement working capital [1] - The total issuance costs (excluding tax) amounted to 10,959.96 million yuan, with underwriting and sponsorship fees at 8,656.42 million yuan [1] Profit Distribution and Capital Increase - For the fiscal year 2023, the company plans to distribute a cash dividend of 0.15 yuan per share, totaling 92,218,203.30 yuan (including tax) based on a total share capital of 614,788,022 shares [2] - The cash dividend payout ratio for the year is 49.84% [2] - The company also plans to increase its share capital by converting capital reserves, with a proposal to issue 4.80 new shares for every 10 shares held, resulting in a total share capital of 909,886,272 shares post-increase [2]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 302 million CNY, representing a year-on-year increase of 29.33% compared to 233 million CNY in the same period last year [1][2] - The net profit attributable to shareholders was -11.15 million CNY, a decline of 117.88% from -5.12 million CNY in the previous year [1][2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -10.22 million CNY, down 107.42% from -4.93 million CNY year-on-year [1][2] - The net cash flow from operating activities was -5.79 million CNY, a significant decrease of 116.98% from 34.11 million CNY in the same period last year [1][2] Previous Year Performance - In 2024, the company reported operating revenue of 537 million CNY, a decrease of 5.26% compared to the previous year [2] - The net profit attributable to shareholders was -27.59 million CNY, compared to a profit of 23 million CNY in the same period last year [2] - The net profit after deducting non-recurring gains and losses was -28.22 million CNY, down from a profit of 20.96 million CNY year-on-year [2] - The net cash flow from operating activities was -20.59 million CNY, compared to 68.13 million CNY in the previous year [2] Fundraising Activities - The company went public on the Shenzhen Stock Exchange's ChiNext board on April 9, 2021, issuing 29 million shares at a price of 8.24 CNY per share, raising a total of 238.96 million CNY [3] - The net proceeds from the public offering after deducting issuance costs were 194.18 million CNY, intended for production projects and working capital [3] - On December 13, 2022, the company announced the issuance of convertible bonds, raising a total of 380 million CNY, with net proceeds of 373.22 million CNY after costs [4] - The total amount raised from both fundraising activities was 618.96 million CNY [5]

Core Insights - CITIC Securities experienced a stock price increase of 0.48% on October 20, with a trading volume of 3.595 billion yuan [1] - The company reported a net financing buy of -40.89 million yuan on the same day, with a total financing and securities lending balance of 17.477 billion yuan [1][2] - CITIC Securities achieved a net profit of 13.719 billion yuan for the first half of 2025, marking a year-on-year growth of 29.80% [2] Financing and Margin Trading - On October 20, CITIC Securities had a financing buy of 591 million yuan, with a financing balance of 17.451 billion yuan, representing 4.90% of its market capitalization [1] - The financing balance is above the 90th percentile of the past year, indicating a high level of activity [1] - The company repaid 81,200 shares in securities lending and sold 113,800 shares, with a total selling amount of 3.3264 million yuan [1] Shareholder and Dividend Information - As of June 30, the number of CITIC Securities shareholders decreased by 11.13% to 658,700, while the average circulating shares per person increased by 12.53% to 18,490 shares [2] - The company has distributed a total of 88.704 billion yuan in dividends since its A-share listing, with 22.009 billion yuan distributed in the last three years [3] - Major shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 28.5704 million shares, and Huaxia SSE 50 ETF, which also saw an increase in holdings [3]

Core Insights - The beauty and personal care industry is experiencing operational fluctuations globally, with international brands showing varied performance, particularly in the Chinese market where domestic brands are gaining growth opportunities [1][2] Group 1: Global Market Overview - Major international beauty leaders are facing overall operational volatility, with only a few, like L'Oréal, achieving sustained sales growth, albeit at low single-digit rates [1] - Companies such as Shiseido and Amorepacific are undergoing strategic adjustments to optimize profits, while others like Estée Lauder and Beiersdorf are still in the adjustment phase [1] - In the Americas, companies like Estée Lauder, Beiersdorf, and Coty are experiencing operational pressures, while L'Oréal and Amorepacific have seen sales growth in emerging markets [2] Group 2: China Market Dynamics - Among the tracked international leaders, only L'Oréal achieved a 3% sales growth in China during Q2 2025, while others like Shiseido and Amorepacific saw recovery growth from a low base [3] - Despite facing pressures, international beauty leaders are optimistic about the Chinese market, with companies like Estée Lauder and Beiersdorf expressing expectations for improvement in operations [3] Group 3: Investment Recommendations - The company recommends focusing on firms with scarce high-end brand assets, strong offline presence, and rapid online growth [1] - Companies that are enhancing operational capabilities through acquisitions and organizational restructuring are also highlighted as potential investment opportunities [1] - Attention is advised for companies with comprehensive brand portfolios and strong overall capabilities [1]

Group 1 - The company, 旺山旺水, has passed the main board listing hearing of the Hong Kong Stock Exchange, with 中信证券 as its sole sponsor [1] - The company possesses nine innovative asset pipelines focusing on three therapeutic areas: neuropsychiatry, reproductive health, and viral infections [1] - Core products include LV232 for the treatment of major depressive disorder and TPN171 for erectile dysfunction [1] Group 2 - The company has achieved commercialization through the sales of dapoxetine, rebapentine, and products like TPN171 and VV116 in Uzbekistan [1] - According to Zhi Shi Consulting, the Chinese antiviral drug market, neuropsychiatric drug market, reproductive health drug market, and antiviral drug market are projected to grow from RMB 103.9 billion, RMB 36.2 billion, and RMB 20.3 billion in 2024 to RMB 123.5 billion, RMB 42.2 billion, and RMB 40.3 billion by 2035, respectively [1]

Core Viewpoint - The report from CITIC Securities suggests that under the narrative of anti-involution policies, the inflation forecasting framework needs to consider both top-down and bottom-up logic. It predicts a steady upward trend in PPI year-on-year by 2026, while CPI is expected to fluctuate mainly due to various factors, including the impact of government subsidies on non-food items [1]. Group 1: Inflation Predictions - The inflation forecasting framework should integrate both top-down and bottom-up approaches [1] - By 2026, PPI is expected to show a steady upward trend year-on-year [1] - CPI is anticipated to fluctuate primarily due to the impact of government subsidy reductions on non-food items [1] Group 2: Economic Indicators - The analysis incorporates leading indicators such as deposit activation rates and real estate sales [1] - The overall inflation is expected to moderately rebound throughout the year [1] - The impact on the bond market will largely depend on whether there are incremental demand-side policy measures [1]

Core Viewpoint - The economic data for September shows a significant divergence between production and demand, with production remaining resilient while demand indicators have notably declined [1] Demand Side Analysis - Investment growth in September continues its rapid downward trend, falling below market consensus expectations [1] - Retail sales growth in September has decreased slightly, influenced by the overdraw effect of previous subsidies and a higher base, also falling short of market expectations [1] Outlook for Q4 - There is an expectation for a mild improvement in fixed asset investment growth in Q4, driven by the implementation of new policy financial tools [1] - Attention is drawn to the potential decline in export and retail sales growth in Q4 compared to Q3, due to high base effects [1] Policy Measures - The Ministry of Finance has announced two measures to consolidate and expand the positive momentum of economic recovery [1] - There is a recommendation to monitor the impact of subsequent policies aimed at expanding service consumption on boosting household spending [1]