美银证券将中国券商股2025至2026年的盈利预测上调0%至13%，预计主要上市中国券商2025至2026年 平均盈利增长30%，中金公司表现料领先。美银证券对2025至2026年A股日均成交额预测上调14%至 18%，料为1.6万亿至1.7万亿元人民币。H股券商的目标价平均上调4%(详见另表)，以反映更高的盈利 预测。充裕的市场流动性继续支持市场上升，四中全会、"十五五"规划以及潜在的监管宽松政策将是值 得关注的关键催化剂。 美银证券发布研报称，预期中国券商2025年第三季平均净利润按季增长9%，同比增长21%，受强劲的 经纪业务费用增长支持，股票交易收入可能超出预期，推动整体表现。中金公司（601995）(03908)和 中信建投（601066）证券(06066)预计将领跑同行，第三季度净利润料分别同比增长258%和116%。 尽管基本面强劲，券商股H股在9月的表现未如理想，市场对2025年第四季至2026年上半年的增长以及 国家队减持的担忧影响了表现。目前估值为1倍远期市账率，平均股本回报率为9%，该行预计随着成交 量强劲增长和盈利超预期，估值仍有上行空间。中金、中信证券（600030）(06030)和 ...

Group 1 - The core viewpoint is that Bank of America Securities expects a strong performance from Chinese brokerage firms, with a projected average net profit growth of 9% quarter-on-quarter and 21% year-on-year by Q3 2025, driven by robust brokerage fee growth and potentially exceeding stock trading revenue expectations [1] - China International Capital Corporation (CICC) and CITIC Securities are anticipated to lead the industry, with projected year-on-year net profit growth of 258% and 116% respectively for Q3 [1] - Despite strong fundamentals, H-shares of brokerage firms underperformed in September due to concerns over growth from Q4 2025 to H1 2026 and state-owned enterprises' reduction in holdings [1] Group 2 - Bank of America Securities has raised its earnings forecast for Chinese brokerage stocks for 2025 to 2026 by 0% to 13%, expecting an average profit growth of 30% among major listed Chinese brokerages, with CICC expected to outperform [2] - The daily average trading volume forecast for A-shares has been increased by 14% to a range of RMB 1.6 trillion to 1.7 trillion [2] - The target prices for H-share brokerages have been raised by an average of 4% to reflect higher profit forecasts, with abundant market liquidity continuing to support market growth [2]

Group 1 - The core viewpoint is that Bank of America Securities expects Chinese brokerage firms to see significant profit growth in the coming years, driven by strong brokerage fees and stock trading revenues [1][2] - The average net profit for Chinese brokerages is projected to grow by 9% quarter-on-quarter and 21% year-on-year by Q3 2025, with leading firms like China International Capital Corporation (CICC) and CITIC Securities expected to achieve year-on-year profit growth of 258% and 116% respectively [1] - Despite strong fundamentals, H-shares of brokerages underperformed in September due to concerns over growth from Q4 2025 to H1 2026 and state-owned enterprises reducing their holdings [1] Group 2 - Bank of America Securities has raised its earnings forecast for Chinese brokerages for 2025 to 2026 by 0% to 13%, anticipating an average profit growth of 30% for major listed Chinese brokerages [2] - The daily average trading volume forecast for A-shares has been increased by 14% to a range of RMB 1.6 trillion to RMB 1.7 trillion [2] - The target prices for H-share brokerages have been raised by an average of 4% to reflect higher profit expectations, with key catalysts including abundant market liquidity and potential regulatory easing [2]

美银证券将券商股2025至2026年的盈利预测上调0%至13%，预计主要上市券商2025至2026年平均盈利 增长30%。该行对2025至2026年A股日均成交额预测上调14%至18%，料为1.6万亿至1.7万亿元。充裕的 市场流动性继续支持市场上升，四中全会、十五五规划以及潜在的监管宽松政策将是值得关注的关键催 化剂。该行的首选股包括中金、中信证券和广发证券，预计2025至2026财年盈利增长强劲，股本回报率 持续改善。 美银证券发表报告，预期内地券商2025年第三季平均净利润按季增长9%，按年增长21%，受强劲的经 纪业务费用增长支持，股票交易收入可能超出预期，推动整体表现。中金公司和中信建投证券预计将领 跑同行，第三季度净利润料分别按年增长258%和116%。 ...

上证报中国证券网讯（记者 费天元）中信证券研究部最新发布报告表示，8月底以来黄金价格迅速上 涨，除了此前关注的长期因素，近期美联储降息预期不断升温、美国政府"关门"催化避险交易、委内瑞 拉地缘政治扰动可能驱动短期快速上行。尽管上述短期因素终会消退，但黄金基本面的长期利多难以改 变，未来展望仍然乐观。更新的模型显示，中性假设下明年一季度金价有望超过4500美元/盎司。 中信证券研究部最新发布报告表示，8月底以来黄金价格迅速上涨，除了此前关注的长期因素，近期美 联储降息预期不断升温、美国政府"关门"催化避险交易、委内瑞拉地缘政治扰动可能驱动短期快速上 行。尽管上述短期因素终会消退，但黄金基本面的长期利多难以改变，未来展望仍然乐观。 ...

Core Points - The company plans to issue A-shares to no more than 35 specific investors, including various qualified institutional investors and individuals [2] - The total amount to be raised from this issuance is capped at 482.47 million yuan, which will be used for the second phase of the Smart Kitchen Appliances project in the China-Italy Industrial Park [3][4] - The maximum number of shares to be issued is 56,384,385, which represents up to 30% of the company's total share capital prior to the issuance [2] - The pricing for the shares will be set at no less than 80% of the average trading price over the 20 trading days preceding the pricing date [2] - The company is currently controlled by the Bi Yi Group, which holds 55.86% of the shares, and the actual controller is Wen Jiwang, who holds 61.82% of the voting rights [5] - The underwriting institution for this issuance is CITIC Securities, with representatives Tang Qing and You Tong [6]

Core Viewpoint - The coal sector's Q3 performance is expected to improve due to a rebound in coal prices, with further increases anticipated in Q4 during peak season, potentially exceeding expectations if supply reduction policies are enforced more rigorously [1] Group 1: Q3 Performance Analysis - In Q3, various coal prices showed a year-on-year decline, but the rate of decline for thermal coal and metallurgical coal has narrowed; on a quarter-on-quarter basis, thermal coal market prices increased by nearly 6%, while metallurgical coal prices rose by approximately 10% [1] - The average price of thermal coal under long-term contracts decreased by about 0.74% quarter-on-quarter, falling below market prices, indicating a return to normalcy [1] - Sample listed companies in the coal sector saw a significant quarter-on-quarter net profit increase of approximately 18% in Q3, with thermal coal, coking coal, and anthracite companies experiencing quarter-on-quarter growth rates of 17%, 32%, and 43% respectively [2] Group 2: Q4 Outlook - The supply side is expected to remain constrained due to safety regulations and overproduction checks, leading to a balanced supply-demand scenario in Q4; however, a potential supply gap may arise in December as winter demand increases [3] - The average price of port thermal coal is projected to rise by about 7% quarter-on-quarter in Q4, while coking coal prices are expected to fluctuate with a decline of 3-5% [3] - The overall profitability of coal companies is anticipated to continue improving in Q4, contingent on the enforcement of supply reduction policies [3]

智通财经APP获悉，中信证券发布研报称，8月底以来黄金价格迅速上涨，除了此前关注的长期因素， 近期美联储降息预期不断升温、美国政府关门催化避险交易、委内瑞拉方向的地缘政治扰动可能驱动短 期快速上行。尽管这些短期因素终会消退，但基本面的长期利多难以改变，未来展望仍然乐观。更新的 模型显示中性假设下明年Q1金价有望超过4500美元/盎司。 中信证券主要观点如下： 地缘政治扰动仍然存在。 尽管近期特朗普政府正在推动以色列与哈马斯的停火进程，但地缘政治局势并未出现更加平稳的迹象。 9月，美国多次宣布对委内瑞拉出发的运毒船只进行袭击，并且在加勒比海部署大量的海军与空军军事 力量，对委内瑞拉政府施加压力;10月更是取消与委内瑞拉的外交接触。这些动态显示出美国有可能以 打击毒品犯罪的名义对委内瑞拉发动军事袭击。特朗普政府可能选择撤出中东的同时加强对拉丁美洲的 力量投送。 展望后市，短期扰动可能过去，但对黄金市场基本面仍然非常乐观。 短期内黄金价格的快速上行可能是由各类避险情绪驱动，体现在市场行为上是8月底以来北美、欧洲的 黄金ETF资金流入量迅速增长，COMEX市场管理基金和报告头寸的多头持仓迅速增长。在这些情绪性 因素消 ...

Core Insights - The report from CITIC Securities indicates that the progress of the AI industry, both domestically and internationally, has exceeded expectations, with significant advancements in large models such as Sora2 and Claude Sonnet 4.5 since the end of September [1] - The commercialization and monetization of AI are expected to accelerate, driven by major players like OpenAI rapidly deploying computing power, highlighting the increasing importance of computing power in the AI sector [1] - The domestic AI industry is catching up quickly, demonstrating impressive capabilities in model performance and computing cluster deployment, which bodes well for leading companies in related sectors such as optical modules, optical fiber cables, and liquid cooling [1]

Core Viewpoint - Since the third quarter, domestic coal production growth has gradually slowed due to safety regulations and overproduction checks, with expectations for continued supply constraints into the fourth quarter [1] Supply Side - Factors affecting supply, such as safety regulations and overproduction checks, are expected to persist, leading to a balanced supply-demand situation in the coal industry for the fourth quarter [1] - In December, a supply gap may re-emerge as the winter peak season approaches, despite a relatively loose supply in October and November [1] Demand Side - Short-term hydropower generation may impact the growth rate of coal consumption for thermal power, contributing to a balanced supply-demand scenario overall [1] Price and Performance Outlook - The coal sector's performance in the third quarter improved due to a rebound in coal prices, with expectations for further price increases in the fourth quarter during peak months [1] - If supply contraction policies are enforced more rigorously, coal prices may exceed expectations [1] - The backdrop of improved policies, coal prices, and performance expectations increases the likelihood of a rebound in the coal sector in the fourth quarter [1] Investment Recommendations - Companies are advised to focus on leading players benefiting from thermal coal dividends, as well as undervalued companies with good performance elasticity [1]