9月19日，中信证券跌0.14%，截至发稿，报28.31元/股，成交47.17亿元，换手率1.37%，总市值4195.70 亿元。中信证券股价已经连续6天下跌，区间累计跌幅6.66%。 资料显示，中信证券股份有限公司位于广东省深圳市福田区中心3路8号中信证券大厦,北京市朝阳区亮 马桥路48号中信证券大厦,香港中环添美道1号中信大厦26层，成立日期1995年10月25日，上市日期2003 年1月6日，公司主营业务涉及证券经纪、证券承销与保荐、证券资产管理、证券自营等业务等。主营业 务收入构成为：证券投资业务37.69%，经纪业务25.96%，资产管理业务17.99%，其他(补充)12.05%，证 券承销业务6.32%。 截至发稿，胡崇海累计任职时间3年280天，现任基金资产总规模85.12亿元，任职期间最佳基金回报 73.72%， 任职期间最差基金回报0.63%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，国泰海通资管旗下1只基金重仓中信 ...

Group 1 - The core point of the news is that CITIC Securities has experienced a continuous decline in stock price, dropping 0.14% on September 19, with a total market value of 419.57 billion yuan and a cumulative decline of 6.66% over six days [1] - CITIC Securities is primarily engaged in securities brokerage, underwriting and sponsorship, asset management, and proprietary trading, with the main revenue sources being securities investment (37.69%), brokerage (25.96%), asset management (17.99%), other (12.05%), and underwriting (6.32%) [1] - The stock trading volume on September 19 was 4.717 billion yuan, with a turnover rate of 1.37% [1] Group 2 - Xinhua Fund has one fund heavily invested in CITIC Securities, specifically the Xinhua CSI A50 ETF, which held 15,700 shares as of the second quarter, accounting for 3.22% of the fund's net value [2] - The estimated floating loss for the fund on the day of reporting is approximately 628 yuan, with a total floating loss of 31,700 yuan over the six-day decline [2] - The Xinhua CSI A50 ETF was established on March 28, 2025, with a current size of 13.4739 million yuan and a cumulative return of 16.72% since inception [3]

智通财经APP获悉，中信证券发布研报称，当前百度集团-SW(09888)的整体估值性价比依旧较为突出， 该行建议关注公司基本面改善趋势和节奏，以及AI、自动驾驶等业务带来的增量空间，继续维持"买 入"评级。 近期，百度集团不断在AI领域取得积极进展。例如公司算力基础设施平台斩获大单，并与超大型企业 达成战略合作。该行认为，上述业务的积极进展显示了公司在AI领域的持续推进。后续来看，公司在 线广告业务最为困难的时刻即将结束，同时随着AI基础设施订单的推进、云业务收入和利润率的改 善，公司各项业务有望迎来重估。 ...

中信证券发布研报称，当前百度集团-SW(09888)的整体估值性价比依旧较为突出，该行建议关注公司基 本面改善趋势和节奏，以及AI、自动驾驶等业务带来的增量空间，继续维持"买入"评级。 近期，百度集团不断在AI领域取得积极进展。例如公司算力基础设施平台斩获大单，并与超大型企业 达成战略合作。该行认为，上述业务的积极进展显示了公司在AI领域的持续推进。后续来看，公司在 线广告业务最为困难的时刻即将结束，同时随着AI基础设施订单的推进、云业务收入和利润率的改 善，公司各项业务有望迎来重估。 ...

9月19日，中信证券跌0.14%，截至发稿，报28.31元/股，成交47.17亿元，换手率1.37%，总市值4195.70 亿元。中信证券股价已经连续6天下跌，区间累计跌幅6.66%。 资料显示，中信证券股份有限公司位于广东省深圳市福田区中心3路8号中信证券大厦,北京市朝阳区亮 马桥路48号中信证券大厦,香港中环添美道1号中信大厦26层，成立日期1995年10月25日，上市日期2003 年1月6日，公司主营业务涉及证券经纪、证券承销与保荐、证券资产管理、证券自营等业务等。主营业 务收入构成为：证券投资业务37.69%，经纪业务25.96%，资产管理业务17.99%，其他(补充)12.05%，证 券承销业务6.32%。 从基金十大重仓股角度 数据显示，渤海汇金资管旗下1只基金重仓中信证券。渤海汇金优选价值混合发起A（021910）二季度 持有股数1.18万股，占基金净值比例为2.47%，位居第十大重仓股。根据测算，今日浮亏损失约472元。 连续6天下跌期间浮亏损失2.38万元。 渤海汇金优选价值混合发起A（021910）成立日期2024年7月30日，最新规模1224.46万。今年以来收益 12.76%，同类排名 ...

Company Overview - Full name: Chengdu Jiach Technology Co., Ltd [1] - Abbreviation: Jiach Technology [1] - Stock code: 688708.SH [1] - IPO application date: June 17, 2022 [1] - Listing date: December 5, 2024 [1] - Listing board: Shanghai Stock Exchange Sci-Tech Innovation Board [1] - Industry: Other manufacturing [1] - IPO sponsor: CITIC Securities [1] - IPO underwriters: CITIC Securities [1] - IPO legal advisor: Beijing Tianyuan Law Firm [1] - IPO auditing firm: Zhonghui Certified Public Accountants [1] Disclosure and Evaluation - Disclosure situation: Required to clarify industry position, technical strength, and product comparison with peers; needed to disclose impacts of customer loss and order decline on operations [1] - Regulatory penalties: No deductions [2] - Public opinion supervision: No deductions [2] - Listing cycle: 902 days, exceeding the average of 629.45 days for 2024 A-share listings [1] Financial Metrics - Underwriting and sponsorship fees: 49.7313 million yuan, with a commission rate of 4.59%, lower than the average of 7.71% [2] - First-day performance: Stock price increased by 151.11% compared to the issue price [3] - Three-month performance: Stock price increased by 107.61% compared to the issue price [4] - Issuance P/E ratio: 20.72 times, significantly lower than the industry average of 53.33 times [5] - Actual fundraising: Expected to raise 1.325 billion yuan, but actual amount raised was 1.083 billion yuan, a decrease of 18.24% [6] Post-Listing Performance - Short-term performance: In 2024, revenue decreased by 2.45% year-on-year, net profit attributable to shareholders decreased by 8.23%, and non-recurring net profit decreased by 4.79% [7] - Abandonment rate: 0.11% [8] Overall Evaluation - Total score for IPO project: 85.5 points, classified as B-level [8] - Negative factors affecting score: Disclosure quality needs improvement, listing cycle over two years, actual fundraising decrease, and decline in revenue and net profit in the first accounting year [8]

中信证券发布研报称，维持腾讯控股(00700)"买入"评级。2025年9月16-17日，腾讯举办全球数字生态大 会，大会以"智.向远大"(Aspiring Intelligence)为主题，围绕"智能化和国际化"两大增长引擎，全面开放 腾讯AI并加速国际化布局。该行认为，腾讯有望凭借持续高效的资本投入和产业实用的全链路产品矩 阵，发挥各环节互联互通的乘数效应，巩固生态优势、释放商业潜力。 ...

智通财经APP获悉，中信证券发布研报称，维持腾讯控股(00700)"买入"评级。2025年9月16-17日，腾讯 举办全球数字生态大会，大会以"智·向远大"(Aspiring Intelligence)为主题，围绕"智能化和国际化"两大 增长引擎，全面开放腾讯AI并加速国际化布局。该行认为，腾讯有望凭借持续高效的资本投入和产业 实用的全链路产品矩阵，发挥各环节互联互通的乘数效应，巩固生态优势、释放商业潜力。 ...

Group 1 - The core viewpoint of the news highlights the trading performance and financing activities of CITIC Securities on September 18, with a notable decline in stock price and significant trading volume [1] - On September 18, CITIC Securities experienced a stock price drop of 2.21%, with a total trading volume of 10.713 billion yuan [1] - The financing buy-in amount for CITIC Securities on the same day was 1.295 billion yuan, while the financing repayment was 1.274 billion yuan, resulting in a net financing buy of 21.248 million yuan [1] Group 2 - As of September 18, the total margin financing and securities lending balance for CITIC Securities was 17.118 billion yuan, with a financing balance of 17.090 billion yuan, accounting for 4.95% of the circulating market value [1] - The margin trading activities included a securities lending repayment of 93,900 shares and a securities lending sell of 195,300 shares, with a selling amount of approximately 5.5368 million yuan [1] - The securities lending balance stood at 2.77461 million yuan, exceeding the 50th percentile level over the past year, indicating a relatively high position [1] Group 3 - CITIC Securities, established on October 25, 1995, and listed on January 6, 2003, operates in various sectors including securities brokerage, underwriting, asset management, and proprietary trading [2] - The main revenue composition of CITIC Securities includes 37.69% from securities investment, 25.96% from brokerage, 17.99% from asset management, 12.05% from other sources, and 6.32% from underwriting [2] - As of June 30, the company reported a net profit of 13.719 billion yuan for the first half of 2025, reflecting a year-on-year growth of 29.80% [2] Group 4 - CITIC Securities 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] - As of June 30, 2025, the number of shareholders for CITIC Securities was 658,700, a decrease of 11.13% from the previous period [3] - The top ten circulating 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 Hong Kong stock market showed signs of stabilization and positive growth in the first half of the year, with net profit margins and return on equity remaining at high levels, indicating robust operational efficiency [1] - Sectors such as technology, pharmaceuticals, and materials exhibited high levels of prosperity, supporting the overall performance of the Hong Kong stock market, while non-bank and certain consumer sectors also performed well [1] - However, sectors like energy, utilities, real estate, and most consumer industries continue to face performance pressures [1] - The outlook for the Hong Kong stock market is optimistic, with expectations of a performance turnaround in underperforming sectors such as energy and essential consumer goods in the second half of the year [1] - Given the liquidity-driven nature of the current Hong Kong stock market, sectors with improving fundamental expectations are likely to continue attracting market attention [1]