Core Viewpoint - Moer Technology's stock price surged significantly, reaching 941.08 CNY per share, marking a 28.04% increase on the fifth trading day since its IPO, with a total market capitalization of 442.3 billion CNY [1]. Group 1: Stock Performance - The IPO price of Moer Technology was set at 114.28 CNY, and the current closing price represents a 723% increase from the IPO price [1]. - Investors who were allocated shares in the IPO and held them until now would have a floating profit of approximately 413,400 CNY per share [1]. Group 2: Underwriting and Strategic Placement - CITIC Securities, the underwriter, profited significantly from the shares it underwrote, with an estimated floating profit of about 24.22 million CNY from the 29,302 shares that were abandoned by investors [3]. - Moer Technology allocated 1.4 million shares for strategic placement, with a floating profit of approximately 1.158 billion CNY, subject to a 24-month lock-up period [3]. Group 3: Underwriting Fees - The total underwriting and sponsorship fees for Moer Technology's IPO were approximately 392 million CNY, including a sponsorship fee of 3 million CNY and an underwriting fee of 389 million CNY [4].

中国经济网北京12月11日讯 迪哲医药（688192.SH）近日发布2025年第三季度报告显示，2025年 第三季度，公司实现营业收入2.31亿元，同比增长71.46%；归属于上市公司股东的净利润-2.03亿元； 归属于上市公司股东的扣除非经常性损益的净利润-2.11亿元。 2025年前三季度，公司实现营业收入5.86亿元，同比增长73.23%；归属于上市公司股东的净利 润-5.80亿元；归属于上市公司股东的扣除非经常性损益的净利润-6.31亿元；经营活动产生的现金流量 净额为-4.24亿元。 | | | | | HATTA A SAMILA 年初至报告期 | | --- | --- | --- | --- | --- | | | | 本报告期比上 | | 末比上年同期 | | 项目 | 本报告期 | 年同期增减变 | 年初至报告期末 | | | | | 动幅度(%) | | 增减变动幅度 | | | | | | (%) | | 营业收入 | 231,299,714.08 | 71.46 | 586,301,134.90 | 73.23 | | 到海总额 | -203.910.752.21 | 不适用 | - ...

Group 1 - Citic Securities maintains a "Buy" rating for Kuaishou-W (01024.HK), highlighting the significant upgrade of Kuaishou's AI capabilities, which is expected to drive commercial growth and optimize platform ecology and profit margins [1] - CICC maintains an "Outperform" rating for Hang Lung Properties (00101.HK) with a target price of HKD 9.46, noting the company's strategic expansion in Wuxi, which will increase retail space by 38% and enhance its luxury positioning [1] - Citic Securities maintains a "Buy" rating for Giant Bio (02367.HK) with a target price of HKD 44, despite a downward adjustment in profit forecasts due to sales pressure during the Double Eleven shopping festival [1] Group 2 - Citic Securities maintains a "Buy" rating for Xiaomi Group-W (01810.HK), reporting a significant increase in automotive business revenue, which reached RMB 28.3 billion, a year-on-year growth of 197.9%, marking its first profitable quarter [2] - Citic Securities maintains a "Buy" rating for Kelun-Biotech (06990.HK), emphasizing the company's collaboration with Crescent on ADC and dual antibody development, which includes an upfront payment of USD 80 million and potential milestone payments of up to USD 1.25 billion [3] - Citic Securities maintains a "Buy" rating for Virginie (02199.HK) with a target price of HKD 3.5, reporting a 25.7% year-on-year growth in net profit despite tariff disruptions, driven by strong performance in activewear and new business expansions [4] Group 3 - Tianfeng Securities maintains a "Buy" rating for Jiangnan Buyi (03306.HK), forecasting a revenue and net profit growth of 4.6% and 6.0% respectively for FY25, supported by a growing high-spending membership base [5] - Tianfeng Securities maintains a "Buy" rating for Kelun-Biotech (06990.HK), projecting a narrowing of net losses to a profit of RMB 561 million by 2027, highlighting the potential of its ADC product [6] - Everbright Securities maintains a "Buy" rating for Laopu Gold (06181.HK) with a target price of HKD 804.64, reporting a substantial increase in revenue and net profit for the first half of 2025, driven by the growing market for traditional gold products [7][8]

每经头条（nbdtoutiao）——白金信用卡权益大缩水：贵宾厅限次、酒店减量⋯⋯银行吐槽没赚头，"羊 毛党"薅了个寂寞 （记者 王晓波） 每经AI快讯，英思特发布公告称，2025年12月10日，英思特接受中信证券股份有限公司调研，公司董 事会秘书范立忠先生、IR及综合专员吕淑诣参与接待，并回答了投资者提出的问题。 ...

中信证券表示，2026年，预计供应释放引发的电量市场供需矛盾将进一步加剧；根据测算，电量市场新 平衡拐点或在2028年出现；电力系统容量短缺问题显现，系统正临近容量不足矛盾加速爆发的时点，储 能发展迎来长期关键支撑；预计2026年，供需宽松和改革推动电价下行风险加大，其中水电具备更强抗 周期下行能力。 中信证券表示，2026年，预计供应释放引发的电量市场供需矛盾将进一步加剧；根据测算，电量市场新 平衡拐点或在2028年出现；电力系统容量短缺问题显现，系统正临近容量不足矛盾加速爆发的时点，储 能发展迎来长期关键支撑；预计2026年，供需宽松和改革推动电价下行风险加大，其中水电具备更强抗 周期下行能力。 ...

中信证券发布研报称，受行业大环境和企业运营决策取舍的影响，巨子生物(02367)双十一销售承压， 下调2025年收入、利润预测;同时，公司品牌资产扎实，运营存在结构性亮点。展望未来，公司短、中 长期思路清晰，可复美制定百亿收入目标并从产品/运营/渠道上制定了清晰的规划，可丽金推新的同时 将进行品牌重塑，可预有望打造第二个OTC爆款品牌。调整2025年收入和利润预测分别至54.9亿元/19.3 亿元，调整经调归属净利润预测至19.8亿元，给予2026年20x PE，目标价44港元，维持"买入"评级。 ...

Core Viewpoint - CITIC Securities reports that due to industry environment and corporate operational decisions, Juzhi Biotechnology (02367) faces sales pressure during the Double Eleven shopping festival, leading to a downward revision of revenue and profit forecasts for 2025 [1] Group 1: Financial Forecasts - The revenue forecast for 2025 has been adjusted to 5.49 billion yuan, and the profit forecast has been revised to 1.93 billion yuan [1] - The adjusted net profit attributable to shareholders is projected to be 1.98 billion yuan [1] Group 2: Brand and Operational Insights - The company has solid brand assets and structural operational highlights, indicating potential for future growth [1] - The company has a clear short, medium, and long-term strategy, with a goal to achieve 10 billion yuan in revenue and a well-defined plan across products, operations, and channels [1] - Keli Jin is expected to undergo brand rejuvenation while launching new products, aiming to create a second OTC blockbuster brand [1] Group 3: Valuation and Rating - A price-to-earnings ratio of 20x is assigned for 2026, with a target price set at 44 HKD [1] - The rating is maintained at "Buy" [1]

智通财经APP获悉，中信证券发布研报称，IBD作为自身免疫疾病中的"硬骨头"，拥有巨大的未满足临 床需求和广阔的市场空间。尽管IBD领域的靶点不断丰富，但诱导期的临床缓解率(经安慰剂调整后)依 然非常有限，大多数药物的临床缓解率在10%-20%之间的水平，已获批药物的高剂量组临床缓解率通常 在15%以上。当前IBD的治疗新老产品更新迭代，对新机制新疗法的需求急迫，注射长效化+口服多点 开花。MNC加速IBD领域布局，中国创新药企业在差异化赛道崭露头角。该行建议关注新靶点新机制， 密切跟踪相关临床试验的开展和进度以及重点数据的读出。 中信证券主要观点如下： MNC加速IBD领域布局，中国创新药企业在差异化赛道崭露头角 作为自身免疫疾病领域中，患者人数众多且当前一年维持期疗效仍仅有30%-50%临床缓解率的适应症， IBD吸引了众多MNC布局。老玩家通过新产品巩固领先优势;慢病头部企业通过资源倾斜快速布局;肿瘤 领域核心玩家通过BD、收购等模式进入。根据过往交易规模以及MNC对产品峰值的预期，该行预计一 项临床阶段的优质IBD资产的交易对价在20亿美金以上。 中国企业紧跟全球趋势并展现出差异化创新能力：云顶新耀引 ...

(本文来自第一财经) 中信证券研报指出，美联储2025年12月议息会议降息25bps，符合市场预期。鲍威尔表示政策利率处于 良好位置，暗示明年1月将暂停降息，但利率方向并非是双向的。本次点阵图显示明年目标利率中枢为 3.4%，与9月保持一致，同时上调明年美国经济增速预测，下调明年通胀预测，维持失业率预测不变。 我们预计美联储将在1月暂停降息、剩余两次鲍威尔作为主席的议息会议共计还有25bps降息。若哈塞特 成为新任美联储主席，我们认为明年下半年仍有降息空间；若哈塞特以外的候选人执掌美联储，我们预 计明年下半年美联储可能暂停降息。市场方面，我们预计美联储对明年经济前景乐观的预期和对AI提 高生产力的认可将给市场注入能量，今年美股市场出现"圣诞老人行情"概率较大。 ...

中信证券指出，料2026年快递"反内卷"或渐进式演绎、Top2件量增速领先持续，凭借累积的网络能力、 更高的运营效率，提升全链路成本和服务质量优势、实现更高件量增速，进一步提升利润领先优势及市 场地位。中国快递网络模式出海降维打击，凭借竞争优势深度绑定高增电商平台。2026年美国有望进入 降息通道、跨境物流需求端曙光或现，宽体货机供给增长受限或为2026年航空货运长协价格总体平稳的 关键支撑。 ...