智通财经APP获悉，香港联交所最新数据显示，9月30日，中信证券资产管理有限公司增持中国铝业 (02600)1010.6万股，每股作价8.0536港元，总金额约为8138.97万港元。增持后最新持股数目约为4.36亿 股，持股比例为11.04%。 ...

智通财经APP获悉，香港联交所最新数据显示，9月30日，中信证券资产管理有限公司增持中广核电力 (01816)598.1万股，每股作价2.8354港元，总金额约为1695.85万港元。增持后最新持股数目约14.56亿 股，持股比例为13.04%。 ...

香港联交所最新数据显示，9月30日，中信证券资产管理有限公司增持中广核电力(01816)598.1万股，每 股作价2.8354港元，总金额约为1695.85万港元。增持后最新持股数目约14.56亿股，持股比例为 13.04%。 ...

Group 1 - CITIC Securities Asset Management Company increased its stake in China Aluminum (601600) by 10.106 million shares at a price of HKD 8.0536 per share, totaling approximately HKD 81.3897 million [1] - After the increase, the total number of shares held by CITIC Securities is approximately 436 million, representing a holding percentage of 11.04% [1]

Core Insights - The hotel industry is currently experiencing a recovery in demand, a rebalancing of supply and demand, and an accelerated increase in market share for leading companies [1] Demand Side - In September, the industry's RevPAR (Revenue Per Available Room) saw a continued narrowing of the year-on-year decline, with mid-range and high-end hotels performing better than economy hotels, and first-tier and new first-tier cities outperforming lower-tier markets [1] - There is a clear trend of recovery in business demand, with bookings for the Mid-Autumn Festival and National Day holidays showing an increase in both volume and price, alongside a noticeable trend towards quality consumption [1] - The hotel industry's RevPAR is expected to achieve a year-on-year growth in the mid-to-high single digits [1] Supply Side - Supply is maintaining rapid growth, but there is significant structural differentiation, with economy hotels and lower-tier markets being the main growth drivers [1] - Leading companies are experiencing faster growth compared to their peers [1] Investment Recommendations - The company is optimistic about the continued narrowing of the year-on-year gap in RevPAR for leading hotel groups, with the potential to achieve stability or even positive growth next year, highlighting a valuable investment window [1] - Two investment themes are suggested: 1. Short-term positioning in the fourth quarter for companies with clear catalysts (e.g., retail Double Eleven) and high growth certainty in hotel and retail businesses [1] 2. Mid-term positioning in companies that will benefit from the recovery in business demand and the increasing concentration in the industry, while also focusing on organizational evolution and product optimization [1] - The current valuation of the hotel industry is considered reasonable and slightly low, with leading companies possessing strong investment value [1]

Core Viewpoint - The manufacturing PMI reading in September shows a seasonal rebound, indicating a slight improvement in economic conditions compared to August, primarily due to the concentration of production replenishment in September driven by anti-involution effects [1] Manufacturing Sector - The improvement in the manufacturing sector is mainly reflected in production, finished goods inventory, and new export orders [1] - However, there are signs of a slowdown in domestic demand and price indicators, suggesting low consumer acceptance of price increases, with PPI likely to decline on a month-on-month basis [1] - Certain raw material industries and capital goods-related sectors are performing well, but the ex-factory price index in key anti-involution industries has generally fallen below 50 [1] Non-Manufacturing Sector - The non-manufacturing PMI in September shows a widening gap compared to historical levels, primarily due to a decline in the service sector's performance [1] - This decline may be linked to a slight downturn in the employment market and extreme weather events such as typhoons [1] Economic Outlook - Overall, while there is a marginal recovery in manufacturing sentiment in September, there is a decline in service and domestic demand-related indicators [1] - Looking ahead, it is anticipated that incremental policy tools will be implemented in the fourth quarter to support stable economic operations [1]

中信证券指出，当前酒店行业呈现需求复苏、供需再平衡、龙头份额加速提升阶段。需求端，9月行业 RevPAR（每间可供出租客房产生的平均实际营业收入）同比降幅继续收窄，中端、中高端优于经济 型、一线与新一线优于下沉市场，商务需求回暖趋势明确。中秋国庆假期预订呈现量价齐升态势，且品 质化消费趋势明显，酒店行业RevPAR同比有望实现中高个位数增长。供给端保持较快增长，但结构显 著分化，经济型和下沉市场成为主要增长极，头部企业增速领先同行。我们看好后续头部酒店集团 RevPAR同比缺口继续收敛，并有望于明年实现持平甚至转正，重视配置窗口。建议把握两条投资主 线：短期行业处于触底回升阶段，建议布局四季度具备明确催化（零售双十一）、酒店和零售业务成长 确定性高的企业；中期周期改善回升维度，建议配置充分受益于商务需求回暖与行业集中度提升，同时 持续推进组织进化和产品优化的企业。当前酒店行业估值处于合理略低区间，龙头具备较强的配置价 值。 ...

Core Viewpoint - The hotel industry is currently experiencing a recovery in demand, a rebalancing of supply and demand, and an accelerated increase in market share for leading companies [1] Demand Side Summary - In September, the industry's RevPAR (Revenue Per Available Room) saw a continued narrowing of the year-on-year decline, with mid-range and mid-to-high-end hotels performing better than economy hotels, and first-tier and new first-tier cities outperforming lower-tier markets [1] - There is a clear trend of recovery in business demand, with bookings for the Mid-Autumn Festival and National Day holidays showing an increase in both volume and price, alongside a noticeable trend towards quality consumption [1] - The hotel industry's RevPAR is expected to achieve a year-on-year growth in the mid-single digits [1] Supply Side Summary - Supply is maintaining a rapid growth rate, but there is significant structural differentiation, with economy hotels and lower-tier markets being the main growth drivers [1] - Leading companies are experiencing faster growth compared to their peers [1] Investment Recommendations - The industry is in a bottoming recovery phase, with a recommendation to invest in companies with clear catalysts in the fourth quarter (e.g., retail events like Double Eleven) and those with high certainty of growth in hotel and retail businesses [1] - For the medium term, it is advised to invest in companies that will benefit from the recovery in business demand and the increase in industry concentration, while also focusing on organizational evolution and product optimization [1] - The current valuation of the hotel industry is in a reasonable, slightly low range, with leading companies possessing strong investment value [1]

深圳华付技术股份有限公司向港交所提交上市申请书，联席保荐人为农银国际、中信证券。 ...

Core Viewpoint - Huaxia Fund announced the appointment of Zou Yingguang as the new chairman and Li Yimei as the vice chairman, following the departure of former chairman Zhang Youjun due to "work needs" [2][5]. Company Leadership Changes - Zou Yingguang, previously the general manager of CITIC Securities, has been appointed as the chairman of Huaxia Fund, effective September 30, 2025. He has extensive experience in the securities industry, having joined CITIC Securities in 2017 and held various leadership roles [3][4]. - Li Yimei, who joined Huaxia Fund in 2001 and has served as a director and general manager since 2018, has been appointed as the vice chairman. She also holds multiple leadership positions within the company [5][6]. Company Performance and Scale - As of mid-2023, Huaxia Fund's public fund management scale reached 2.02 trillion yuan, ranking second among 162 licensed public fund institutions in China. The non-money market fund scale was 1.25 trillion yuan, also in second place [2][7]. - The latest management scale of Huaxia Fund's ETFs reached 896.08 billion yuan as of September 29, 2023, leading the industry. The ETF business has seen significant growth, with an increase of 494.3 billion yuan over the past year [7][8]. Historical Context - Established on April 9, 1998, Huaxia Fund is one of the first national fund management companies approved by the China Securities Regulatory Commission, marking a significant milestone in the development of the public fund industry in China [6][8].