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份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。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：6030） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 承董事會命 中信証券股份有限公司 董事長 張佑君 中國北京 2025年11月26日 於本公告刊發日期 ，本公司執行董事為張佑君先生及鄒迎光先生；本公司非執行董事為張麟先生 、付臨芳女士 、 趙先信先生及王恕慧先生；及本公司獨立非執行董事為李青先生、史青春先生及張健華先生。 茲載列中信証券股份有限公司（「本公司」）在上海證券交易所網站刊登的本公司關於間 接子公司發行中期票據並由全資子公司提供擔保的公告，僅供參閱。 证券代码：600030 证券简称：中信证券 公告编号：临2025-091 中信证券股份有限公司 关于间接子公司发行中期票据 并由全资子公司提供担保的公告 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 ...

Core Viewpoint - Tianjin Automotive Mould Co., Ltd. held an institutional research meeting on November 26, focusing on its industry layout, business structure, customer cooperation, and merger progress [1][2]. Group 1: Business Layout and Revenue Composition - The company's mould business accounts for nearly 50% of its revenue in 2024, with current orders amounting to approximately 2.5 billion [3]. - Stamping business is the second-largest segment, contributing 43% to revenue, closely tied to customer production schedules [3]. - The aerospace components business currently represents 4% of revenue, with potential growth as production scales up [3]. Group 2: Business Characteristics - Mould business demand is primarily driven by new model development and existing model modifications, showing stable demand without direct correlation to vehicle sales [4]. - Stamping business relies heavily on stable supply relationships with customers, with revenue fluctuating based on the sales volume of supplied models [4]. - The production cycle for mould products varies significantly, typically ranging from 12 to 24 months, with in-house manufacturing taking about 8 to 10 months [4]. Group 3: Customer Distribution in Stamping Business - The stamping business's production capacity is mainly located in Tianjin and Hefei, serving key automotive clients [5]. - Key clients in Tianjin include FAW Toyota, Great Wall Motors, Beijing Benz, and others, while Hefei primarily serves NIO and JAC Motors [5]. Group 4: Merger and Acquisition Progress - The acquisition of Dongshi Co. is pending financial data updates, with preliminary due diligence and evaluations completed [6]. - Negotiations on details and agreement terms are ongoing, with no formal agreement signed yet, indicating potential uncertainties in the approval process [6].

每经AI快讯，中信证券（SH 600030，收盘价：27.6元）11月26日晚间发布公告称，截至公告披露日， 公司及控股子公司对外担保总额为人民币1961.63亿元，占公司最近一期经审计净资产的比例为 66.93%。 截至发稿，中信证券市值为4090亿元。 每经头条（nbdtoutiao）——国开行辟谣的"人民资产"是什么？记者实探：号称投资600元80天赚8万 元！一位投资人的女儿：劝不住她，警察都拦不住 （记者 胡玲） 2025年1至6月份，中信证券的营业收入构成为：证券投资业务占比43.88%，经纪业务占比28.21%，资 产管理业务占比18.21%，投资银行业务占比6.22%，其他业务占比3.49%。 ...

证券代码：600030 证券简称：中信证券 公告编号：临2025-091 中信证券股份有限公司 关于间接子公司发行中期票据 并由全资子公司提供担保的公告 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： 担保对象及基本情况 | | 被担保人名称 | CSI MTN | Limited | | --- | --- | --- | --- | | | 本次担保金额 | 5,086.70万美元 | | | 担保对象 | 实际为其提供的担保余额 | 27.36亿美元 | | | | 是否在前期预计额度内 | □否 是 | □不适用 | | | 本次担保是否有反担保 | □是 否 | □不适用 | 累计担保情况 | 对外担保逾期的累计金额（万元） | - | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（亿元） | 1,961.63 | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 66.93 | | 特别风险提示 | □对外担保总额超过最近一期经审计净资产 | ...

Group 1 - The stock of Kangwei Century (688426.SH) closed at 27.80 yuan, experiencing a decline of 10.78%, indicating it is currently in a state of breaking [1] - Kangwei Century was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on October 25, 2022, with an initial offering price of 48.98 yuan per share, and publicly issued 23,290,278 shares, accounting for 25% of the total share capital post-issuance [1] - The total amount raised by Kangwei Century during its IPO was 1,140.76 million yuan, with a net amount of 1,054.30 million yuan after deducting issuance costs, which was 68.63 million yuan more than the original plan [1] Group 2 - The issuance costs for Kangwei Century totaled 86.45 million yuan, with CITIC Securities receiving underwriting fees of 64.49 million yuan [2] - On June 6, 2023, Kangwei Century announced a dividend plan, distributing 5.2 yuan (pre-tax) for every 10 shares and a bonus issue of 2 shares [2]

Core Viewpoint - The company HeMai Co., Ltd. (688032.SH) announced a share reduction plan by its shareholder Gangzhi Investment and its concerted actor Han Hualong, intending to reduce up to 3% of the total share capital within a specified period due to funding needs [1][2]. Group 1: Share Reduction Plan - Gangzhi Investment and Han Hualong plan to reduce a total of up to 3,722,206 shares, representing no more than 3% of the company's total share capital, from December 17, 2025, to March 16, 2026 [1]. - The reduction will occur through centralized bidding and block trading, adhering to regulations that limit the amount sold in any 30-day period to 1% and 2% of the total shares, respectively [1]. Group 2: Shareholding Structure - As of the announcement date, Gangzhi Investment and Han Hualong collectively hold 11,090,120 shares, accounting for 8.94% of the total share capital of 124,073,545 shares [2]. - Gangzhi Investment holds 6,355,645 shares (5.12%), while Han Hualong holds 4,734,475 shares (3.82%) [2]. Group 3: IPO and Fundraising - HeMai Co., Ltd. went public on December 20, 2021, with an IPO price of 557.80 yuan per share, raising a total of 5.578 billion yuan, netting 5.406 billion yuan after expenses [3]. - The final net fundraising amount exceeded the original plan by 4.848 billion yuan, which was intended for various projects including the construction of a smart manufacturing base and the industrialization of energy storage inverters [3]. Group 4: Dividend Distribution - The company has announced several dividend plans, including a distribution of 30 yuan per 10 shares in May 2022, 53 yuan per 10 shares in June 2023, and 36 yuan per 10 shares in June 2024, along with stock bonuses [4].

Core Viewpoint - CITIC Securities reports that after the completion of the first C-REIT transaction by GDS Holdings Limited (09698), the light and heavy asset linkage model is expected to run smoothly next year, enhancing overall operational and financing efficiency [1] Financial Performance - In Q3 2025, the company reported revenue of 2.887 billion yuan and adjusted EBITDA of 1.342 billion yuan, indicating a significant improvement in profitability [1] - The gross profit margin has improved due to increased operational efficiency and cost optimization, leading to a steady recovery in gross profit [1] Operational Efficiency - The occupancy rate of mature projects has increased, and the company has shown a commitment to enhancing its resource acquisition in China, signaling a more proactive management approach [1] - The company has a current cash reserve of 13.444 billion yuan, with a net inflow of 2.248 billion yuan from the C-REIT transaction this quarter, significantly enhancing liquidity [1] Financing and Expansion - The company secured over 5 billion yuan in new financing this quarter, maintaining a stable debt structure that supports ongoing expansion [1] - The annual capital expenditure (Capex) guidance remains at 2.7 billion yuan, with stable funding flexibility due to favorable financing conditions [1] Market Outlook - The demand momentum in the Chinese market continues, with stable occupancy rates and commitment levels, although the pace of new resource acquisition is under short-term pressure [1] - The DayOne business has shown improvement in EBITDA margins, with capacity and orders being consistently fulfilled [1]

Core Viewpoint - CITIC Securities reports that after the completion of the first C-REIT transaction by GDS Holdings Limited (09698), the asset-light and heavy asset linkage model is expected to run smoothly next year, enhancing overall operational and financing efficiency [1] Financial Performance - In Q3 2025, the company reported revenue of 2.887 billion yuan and adjusted EBITDA of 1.342 billion yuan, indicating a significant improvement in profitability [1] - The gross profit margin has improved due to increased operational efficiency and cost optimization, leading to a steady recovery in gross profit [1] Operational Efficiency - The company has a current cash reserve of 13.444 billion yuan, and the net inflow from the C-REIT transaction this quarter was 2.248 billion yuan, significantly enhancing liquidity [1] - New financing exceeded 5 billion yuan this quarter, and the debt structure remains stable, providing ample support for continued expansion [1] Market Demand - Demand momentum in the Chinese market continues, with unit capacity utilization and commitment rates remaining robust [1] - Although the pace of new resource acquisition is under short-term pressure, the structure is improving [1] Business Outlook - The company maintains its full-year revenue and EBITDA guidance unchanged, benefiting from financing conditions, with a full-year Capex guidance of 2.7 billion yuan, ensuring stable financial flexibility [1]

Core Viewpoint - CITIC Securities maintains a "Buy" rating for ZTO Express (02057, ZTO.US), highlighting a positive outlook based on the company's financial performance and market positioning [1] Financial Performance - In Q3 2025, the company's net profit attributable to shareholders increased by 5.3% year-on-year and 30.2% quarter-on-quarter [1] - The net profit per ticket rose by 6.7 cents to 0.26 yuan, driven by various factors including pricing strategies and cost management [1] - The average revenue per ticket increased by 3.6 cents, while transportation and sorting costs rose by 1.6 cents, contributing to a marginal increase in gross profit per ticket [1] Industry Dynamics - The industry is undergoing a strategic shift towards a dual focus on quality and quantity, favoring companies with scale advantages, high service quality, operational efficiency, and competitive costs [1] - ZTO Express is expected to benefit from its strong cost control, service capabilities, and high profitability, positioning it well to capture more market share [1] Future Outlook - By 2026, the express delivery sector may experience a return to differentiated growth, with ZTO Express poised to leverage its operational advantages [1] - The company anticipates a simultaneous release of volume and profit, projecting a net profit growth rate of 10% to 15% year-on-year for 2026 [1]

Core Viewpoint - CITIC Securities maintains a "Buy" rating for ZTO Express (02057, ZTO.US), highlighting a positive outlook for the company's financial performance in the upcoming quarters [1] Financial Performance - In Q3 2025, the company's net profit attributable to shareholders increased by 5.3% year-on-year and 30.2% quarter-on-quarter [1] - The net profit per ticket rose by 6.7 cents to 0.26 yuan, driven by a combination of factors including price adjustments and cost management [1] - The increase in express delivery revenue per ticket was 3.6 cents quarter-on-quarter, while transportation and sorting costs per ticket increased by 1.6 cents [1] - Other costs per ticket rose by 1 cent, leading to a gross profit increase of 1 cent per ticket [1] - The effective tax rate per ticket decreased by 4 cents due to tax rebates, and fair value changes increased by 1 cent, contributing to the net profit increase [1] Industry Outlook - The industry is undergoing a strategic shift towards a dual focus on quality and quantity, favoring companies with scale advantages, high service quality, operational efficiency, and competitive costs [1] - ZTO Express is expected to benefit from its strong cost control, service capabilities, and high profitability, positioning it well to capture more market share [1] - By 2026, the express delivery sector may experience a return to differentiated growth, with ZTO's advantages likely to become more pronounced [1] - The company anticipates a simultaneous release of volume and profit, projecting a net profit growth rate of 10% to 15% year-on-year for 2026 [1]