为促进景顺长城中证全指农牧渔交易型开放式指数证券投资基金（以下简称景顺农牧，基金代 码:560210）的市场流动性和平稳运行，根据《上海证券交易所基金自律监管规则适用指引第2号——上 市基金做市业务》等相关规定，本所同意中信证券股份有限公司自2026年03月20日起为景顺农牧提供主 做市服务。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 上证公告（基金）【2026】558号 特此公告。 2026年03月19日 上海证券交易所 ...

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分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。 6030 自願性公告 召 開 2025 年度業績發佈會 本公告乃由中信証券股份有限公司（「本公司」）自願作出。 本公司董事會（「董事會」）謹此宣佈，本公司擬於2026年3月26日（星期四）在香港交易及 結算所有限公司披露易網站(www.hkexnews.hk)披露本公司2025年年度業績公告。 一、業績發佈會類型 為了便於廣大投資者更全面深入地了解本公司2025年度業績和經營情況，本公司擬 通過網絡直播方式召開業績發佈會，在信息披露允許的範圍內就投資者普遍關注的 問題進行交流。 二、業績發佈會召開的時間、地點 （一）會議召開時間：2026年3月27日（星期五）上午9:00–10:00 （二）網絡直播地址︰ 中文：http://roadshow.sseinfo.com（上證路演中心）； 中文+英文：https://rs.p5w.net/html/177310802035535.shtml（全景網） 三、本 ...

Core Insights - The company has reported an upward trend in the market price of experimental monkeys and has taken measures to ensure a stable supply to meet operational needs [3][4] - The growth of the company's overseas business is driven by a deepened global layout, improved business systems, and enhanced comprehensive service capabilities [4][6] - The company is focusing on building innovative technology platforms related to human cell models, AI predictions, and organoids, while also strengthening its preclinical capabilities in biopharmaceuticals [5][6] Group 1: Supply and Pricing - The market price of experimental monkeys has been increasing recently, prompting the company to diversify procurement channels and deepen cooperation with suppliers to ensure a stable supply [3][4] Group 2: Overseas Business Growth - The company's overseas business growth is attributed to a comprehensive global strategy, including the establishment of a 2,000 square meter R&D office in Boston, which has already begun generating revenue [4][6] - The company is enhancing its laboratory capabilities and business team configurations in key overseas regions, improving communication between overseas business development and domestic research teams [4][6] Group 3: Technology Platform Development - The company is advancing its innovative technology platforms, focusing on areas such as CGT, nucleic acid drugs, PROTAC, and AI, with ongoing projects in ADC preclinical research [5][6] - The company has completed numerous ADC preclinical studies and received 30 approvals, indicating a strong capability in this area [5][6] Group 4: Capacity and Talent Management - The company operates R&D laboratories in multiple locations, including Zhangjiang, Chuansha, Nanhui, and Boston, with ongoing expansion projects to enhance drug discovery and research capabilities [6][7] - The company plans to dynamically recruit talent based on business needs, focusing on technical and management personnel, while also implementing internal training and incentive mechanisms [6][7] Group 5: Project Execution Cycles - The company has three service models with varying execution cycles: product customization (1-3 months for chemical/biological services, 1-10 months for pharmacodynamics), design and development (approximately 6 months to 2.5 years), and joint efforts (typically 6 months to 1 year) [8]

证券代码：600030 证券简称：中信证券 公告编号：临2026-021 中信证券股份有限公司 关于召开2025年度业绩发布会的公告 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： 会议召开时间：2026年3月27日（星期五）9:00-10:00 中文：http://roadshow.sseinfo.com（上证路演中心）； 中文+英文： https://rs.p5w.net/html/177310802035535.shtml（全景网） 投资者可于2026年3月24日（星期二）23:59前将相关问题通过电子邮件的形式发 送至公司投资者关系邮箱：ir@citics.com。 公司拟于2026年3月27日在上海证券交易所网站（www.sse.com.cn）披露公司2025 年年度报告。为了便于广大投资者更全面深入地了解公司2025年度业绩和经营情况，公 司拟于2026年3月27日9:00-10:00召开业绩发布会，就投资者普遍关注的问题进行交流。 会议召开方式：网络直播 网络直播地址： 一、业绩发布会类型 为了便 ...

Core Viewpoint - The 2026 Spring Capital Market Forum hosted by CITIC Securities highlighted the importance of high-quality development in the context of China's economic and capital market landscape, emphasizing the need for innovation and adaptation to external uncertainties [1][13]. Economic Outlook - China's GDP growth target for 2026 is set at 4.5%-5%, reflecting a focus on quality over quantity in economic growth, which aligns with the long-term goals for 2035 [2][14]. - The "14th Five-Year Plan" emphasizes building a modern industrial system and strengthening the real economy, with new productive forces like AI and biotechnology transitioning from concept to industry [2][14]. Capital Market Development - The capital market ecosystem is improving, with a focus on stabilizing the market and enhancing long-term investment structures, which is essential for high-quality development [3][15]. - Regulatory reforms are being implemented to support new industries and innovative enterprises, enhancing the global attractiveness of Chinese assets [3][15]. Investment Strategy - CITIC Securities' investment strategy for Spring 2026 suggests focusing on undervalued sectors and pricing power, particularly in Chinese manufacturing [4][16]. - Key issues facing the market include geopolitical tensions affecting supply chains, weakening global financial conditions, and the impact of AI on economic structure and asset allocation [4][16]. Macroeconomic Policy - The macroeconomic outlook for 2026 indicates a continued recovery for China, with an expected GDP growth rate of around 4.9% and a "V"-shaped recovery pattern [6][17]. - Fiscal policy is expected to remain proactive, with a deficit ratio of 4% and an increase in special bonds aimed at project construction [6][17]. Industry Insights - The forum featured discussions on the implications of AI and digital transformation for various industries, highlighting the need for businesses to adapt to new technologies and operational models [9][20]. - The development of general world models in AI is seen as a critical technological direction, bridging the digital and physical worlds [9][20]. Conference Highlights - The forum included contributions from various experts discussing topics such as policy interpretations, AI applications, and the future of industries, providing a platform for dialogue among global investors [11][21].

Group 1 - The core viewpoint is that the second quarter is a critical window for rebuilding confidence in the A-share market, with a focus on the stabilization and recovery of corporate profit margins as a necessary condition for the continuation of the bull market [1] - The Middle East conflict is seen as a catalyst for style switching this year, providing an opportunity to test the pricing power of China's advantageous manufacturing sector amid global supply chain disruptions [1] - Trends in the industry indicate that code inflation and physical scarcity are enhancing the pricing power of advantageous manufacturing in China, accelerated by disruptive innovation in AI and global energy supply chain disturbances [1] Group 2 - The re-evaluation of Chinese assets should not be centered around the HALO concept, as the logic differs from overseas markets; the focus should be on companies with market share and competitive advantages that can actively manage future capital expenditure [2] - The current bottom-line recommendation emphasizes industries in China with share advantages, where the cost of overseas capacity reset is high and supply elasticity is easily influenced by policy, particularly in chemicals, non-ferrous metals, power equipment, and new energy [2]

Group 1 - The core strategy framework is based on the revaluation of China's "resource + traditional manufacturing pricing power" [1] - The A-share market is at a critical juncture in terms of index, valuation, and macro liquidity, with the stability of corporate profit margins being a key consideration [1] - The ongoing conflict in the Middle East is seen as a catalyst for market style shifts, with low valuation and pricing power being the two most important factors in the context of rising global costs and weakening financial conditions [1] Group 2 - From an industrial trend perspective, the expansion of codes and physical scarcity in China reflects the enhancement of pricing power in advantageous manufacturing [2] - Short-term signals indicate that price increases will be the sharpest tool in the first quarter, with the Middle East conflict potentially raising oil price levels and affecting the cost curves of many cyclical products [2] - There are structural opportunities arising from the oil price shock, including alternative raw materials and processes in the chemical sector, and products with previously high production shares in the Middle East and Western Europe [2]

Group 1 - The core viewpoint is that the A-share market is transitioning from stock game to incremental allocation, forming a more resilient and stable new ecosystem in the capital market driven by fundamental recovery and new capital inflows [1] - The current Chinese capital market ecosystem is significantly improving, with the attractiveness of Chinese assets continuously rising due to government measures aimed at stabilizing the market and promoting long-term investment [1] - Regulatory efforts are intensifying to combat financial fraud and insider trading, while a stricter delisting system is purifying the market environment [1] Group 2 - The construction of a modern industrial system and the strengthening of the real economy are prioritized in the "14th Five-Year Plan," emphasizing advanced manufacturing as the backbone [2] - New productive forces represented by artificial intelligence, commercial aerospace, and biotechnology are transitioning from conceptual exploration to industrial implementation, reshaping economic and market growth [2] - The internationalization of the renminbi and the globalization of Chinese enterprises are creating a strong strategic resonance, opening vast possibilities for the systematic revaluation of Chinese assets [2]

Group 1 - The capital market ecosystem in China is significantly improving, enhancing the attractiveness of Chinese assets [1] - Regulatory measures are being strengthened to protect investor returns, including strict actions against financial fraud and insider trading, as well as the enforcement of mandatory delisting systems [1] - The multi-tiered capital market system is becoming more inclusive, with reforms in the ChiNext board and optimized refinancing mechanisms to support new industries and technological innovation [1] Group 2 - In 2026, China will continue to implement a more proactive fiscal policy and moderately loose monetary policy, signaling strong support for growth and reform [2] - The transition from old to new growth drivers is experiencing a qualitative leap, with the construction of a modern industrial system reshaping the pricing logic of core Chinese assets [2] - The internationalization of the RMB and the globalization of Chinese enterprises are creating a powerful strategic resonance, opening vast possibilities for the systematic revaluation of Chinese assets [2]

Core Viewpoint - The mid-term trend of gold prices after conflicts in the Middle East is influenced by the factors of US dollar credit and liquidity, with expectations of continued liquidity easing and weakening dollar credit driving gold prices higher [1][4]. Group 1: Historical Performance of Gold Prices - Historically, the average increase in gold prices six months after major Middle Eastern conflicts is 10%, with a significant average increase of 34% when at least three of the five influencing factors are positive [2][4]. - The average half-year increase in gold prices during periods of favorable conditions has reached 26%, with excess returns of 16 percentage points [4][19]. Group 2: Current Market Conditions - The current trend of liquidity easing and weakening dollar credit is expected to continue, which will support gold prices [4][15]. - The US economy is facing "stagflation" risks, which historically correlate with higher probabilities and greater increases in gold prices [8][15]. Group 3: Valuation and Investment Opportunities - The valuation of leading gold companies has dropped to historical lows of 15-20 times PE, indicating a strong margin of safety for investments in the gold sector [28]. - The synchronization of stock prices with gold price peaks has been validated multiple times since 2020, suggesting that new highs in gold prices will likely lead to new highs in the stock prices of gold companies [28].