Core Viewpoint - The semiconductor equipment industry is expected to experience significant growth driven by investments from major clients like Intel and rising prices from storage manufacturers, with a forecasted high single-digit percentage year-on-year growth in the global wafer fabrication equipment (WFE) market for 2025 and 2026 [1] Group 1: Market Dynamics - Since September 2025, the stock prices of leading semiconductor equipment companies have risen rapidly due to a series of investment collaborations with major downstream clients like Intel [1] - The current upcycle in storage and positive demand logic from downstream markets are key factors contributing to the anticipated growth in the semiconductor equipment sector [1] Group 2: Future Projections - It is projected that the share of storage in the semiconductor equipment market will continue to increase [1] - The normalization of demand in the mainland China market by 2026 is expected to reduce uncertainties related to regulatory risks previously faced by the industry [1] - The semiconductor equipment industry presents promising investment opportunities based on these trends [1]

在美日央行政策分歧的背景下，美国因素才是当前全球流动性与美元资产定价的核心主线。 目前市场对AI叙事的质疑集中体现于业务模式较激进的少数企业，而多数财务状况较稳健的AI龙头仍 能维持市场信任，产业智能化热潮应能在中短期继续支持美股龙头的业绩表现。长端美债在本轮风险管 理式降息周期内的配置性价比不高，短端美债则可能受益于准备金管理购买操作对流动性的技术性改 善，后者较前者更好。 中信证券研报称，日本良性通胀循环已较稳固，日本央行即将再次加息。 去年夏季日本加息后的全球市场动荡主要是由衰退预期升温和AI叙事动摇等美国因素造成，套息交易 逆转只是加剧彼时避险情绪的次要因素，去年的"黑色星期一"不太可能在今年重演。 （文章来源：新华财经） ...

Core Viewpoint - The report from CITIC Securities indicates that liquid cooling solutions are becoming the mainstream technology path for energy saving in data centers due to significantly improved heat dissipation efficiency and lower Power Usage Effectiveness (PUE) since 2025 [1] Industry Overview - The global liquid cooling market is projected to reach $21.8 billion by 2027, driven by accelerated penetration of liquid cooling and technological upgrades leading to increased Average Selling Prices (ASP) [1] - The current competitive landscape of the liquid cooling industry is dominated by Taiwanese manufacturers, but there is a significant opportunity for domestic manufacturers as chip companies begin to participate in the liquid cooling supply chain [1] Investment Opportunities - Domestic manufacturers are expected to benefit significantly from the increasing demand for AI-driven liquid cooling solutions, particularly those capable of mass production of core liquid cooling components and providing comprehensive solutions [1]

Core Viewpoint - The report from CITIC Securities suggests that Japan's benign inflation cycle is becoming more stable, and the Bank of Japan is likely to raise interest rates again soon [1] Group 1: Economic Context - The global market turmoil following Japan's interest rate hike last summer was primarily driven by rising recession expectations and shifts in the AI narrative in the U.S., rather than the reversal of carry trades, which only exacerbated risk aversion [1] - The "Black Monday" of last year is unlikely to be repeated this year due to the different economic conditions [1] Group 2: Market Dynamics - In the context of the policy divergence between the U.S. and Japan, U.S. factors are currently the main narrative influencing global liquidity and the pricing of U.S. dollar assets [1] - Market skepticism regarding the AI narrative is mainly focused on a few companies with aggressive business models, while most financially stable AI leaders are expected to maintain market confidence [1] Group 3: Investment Insights - The ongoing trend of industrial intelligence is anticipated to continue supporting the performance of leading U.S. stocks in the medium to short term [1] - Long-term U.S. Treasury bonds are considered to have a low cost-performance ratio in the current risk management-driven rate cut cycle, while short-term U.S. Treasury bonds may benefit from technical improvements in liquidity due to reserve management purchasing operations [1]

Core Viewpoint - The report from CITIC Securities suggests that Japan's benign inflation cycle is becoming more stable, and the Bank of Japan is likely to raise interest rates again soon [1] Group 1: Economic Context - The global market turmoil following Japan's interest rate hike last summer was primarily driven by rising recession expectations and shifts in the AI narrative in the U.S., rather than the reversal of carry trades, which only exacerbated risk aversion [1] - The "Black Monday" experienced last year is unlikely to be repeated this year due to the different economic conditions [1] Group 2: Market Dynamics - In the context of the policy divergence between the U.S. and Japan, U.S. factors are currently the main narrative influencing global liquidity and the pricing of U.S. dollar assets [1] - Market skepticism regarding the AI narrative is mainly focused on a few companies with aggressive business models, while most financially stable AI leaders are expected to maintain market confidence [1] Group 3: Investment Insights - The ongoing trend of industrial intelligence is anticipated to continue supporting the performance of leading U.S. stocks in the medium to short term [1] - Long-term U.S. Treasury bonds are considered to have a low cost-performance ratio in the current risk management-driven rate cut cycle, while short-term U.S. Treasury bonds may benefit from technical improvements in liquidity due to reserve management purchasing operations [1]

Core Viewpoint - CITIC Securities experienced a slight decline of 1.52% in stock price, closing at 28.53, with a trading volume of 1.1359 million shares, indicating a decrease in market activity [2] Financial Performance - The company reported a total market capitalization of 422.83 billion, with a trading volume decrease of 0.99% compared to the average daily trading volume over the past year [2] - The company’s revenue and net profit for the first three quarters of 2022-2025 show positive trends, suggesting a favorable business development outlook [7] Event Analysis - CITIC Securities provided guarantees for its subsidiary's bond issuance, reflecting strong financial capability and support for its subsidiary, which may enhance investor confidence in the company's financial stability [7] - The total amount of external guarantees by the company and its subsidiaries is 71.66% of the latest audited net assets, indicating good risk management performance [8] Market Sentiment - The overall sentiment regarding the event is neutral to slightly negative, with 15.9% positive, 18.7% negative, and 65.4% neutral comments from a total of 6,802 online discussions [2][5] Competitive Position - CITIC Securities has shown strong performance in the Hong Kong IPO market, with its subsidiaries underwriting 83 companies and raising a total of 46.684 billion HKD, capturing a market share of 17.1% [11] - The company is positioned to benefit from the recovery in the equity market, with significant growth in net profit and revenue for listed securities firms in the first three quarters [12] Long-term Outlook - The company is expected to benefit from policies encouraging leading securities firms to strengthen their capabilities, with a balanced business structure and strong fundamentals [12]

中信证券携手黑龙江省农信联社 成功落地银行间市场券商领域 首单通用回购代理清算交易 通用回购业务是银行间市场重要的创新资金融通工具，依托上海清算所的中央对手方清算机制，可实现担保品标准化管理和交易对手风险有效隔离，对提 升债券资产流动性、降低融资成本、畅通货币政策传导具有积极意义。2025年9月1日交易机制进一步优化后，参与机构与担保品范围同步扩大，为包括农 商行在内的中小金融机构盘活存量债券、提升资金运营效率创造了条件。 近日，中信证券与黑龙江省农村信用社联合社（以下简称"黑龙江省农信联社"）成功达成银行间市场通用回购代理清算交易业务合作，标志着券商类综合 清算会员在银行间债券市场通用回购代理清算领域实现零的突破。作为首批获得通用回购业务资格的券商机构，同时也是上海清算所首批产品类综合清算 会员，中信证券此次业务的落地，进一步丰富了银行间市场通用回购业务参与主体结构，为更多存款类金融机构接入标准化回购业务提供了可行路径。 近日，中信证券与黑龙江省农村信用社联合社（以下简称"黑龙江省农信联社"）成功达成银行间市场通用回购代理清算交易业务合作，标志着券商类综合 清算会员在银行间债券市场通用回购代理清算领域实现零 ...

Core Viewpoint - The chief economist of CITIC Securities, Ming Ming, emphasizes the need to optimize consumption subsidies in 2026, suggesting a shift from durable goods to service products and infrastructure investments to stimulate consumer demand [1][2]. Group 1: Consumption Subsidies - The focus for next year will be on further stimulating consumption, with potential adjustments in the categories and directions of subsidies [1][2]. - The previous success of the "old-for-new" policy contributed to strong consumption in the first half of the year, but its impact diminished in the second half as the quota was exhausted [2]. - There is a suggestion to explore subsidies for service products and infrastructure, such as sports facilities and theaters, to enhance the effectiveness of investments in human capital [2]. Group 2: Income Subsidies - The introduction of income subsidies, such as maternity and preschool education subsidies, has been a positive step, and there is potential for increasing the scale of these subsidies [3]. - Consideration is being given to whether urban and rural pension levels can be increased, which would be linked to overall resident income [3].

Core Viewpoint - The capital market valuation is on the rise this year, driven by the investment of long-term patient capital [1] Group 1: Market Reforms - A series of reform measures in the capital market have positively impacted investor returns and market ecosystem development [1] - The focus has shifted to balancing both financing and investment functions in the capital market, rather than solely emphasizing financing [1] Group 2: Long-term Capital Inflow - Regulatory guidance is encouraging long-term funds, such as insurance capital, to enter the capital market [1] - The increase in capital market valuation is attributed to the influx of long-term patient capital [1]

信德新材发行费用总额为19,513.62万元，其中中信证券获得保荐承销费17,506.74万元。 信德新材于2022年9月9日在深交所创业板上市，公开发行股票1700万股，全部为公开发行新股，不 安排老股转让，发行价格为138.88元/股。信德新材发行的保荐机构（主承销商）为中信证券股份有限 公司，保荐代表人为邓俊、李宁。 上市首日，信德新材盘中最高价报180元，为上市以来股价最高点。 信德新材发行募集资金总额为236,096.00万元，扣除发行费用后，募集资金净额为216,582.38万元。 信德新材最终募集资金净额比原计划多151582.38万元。信德新材2022年9月1日披露的招股书显示，公 司拟募集资金65,000.00万元，计划用于年产3万吨碳材料产业化升级项目、研发中心项目、补充流动资 金。 中国经济网北京12月18日讯 信德新材(301349.SZ)今日收报45.36元，跌幅2.83%，总市值46.27亿 元。该股目前处于破发状态。 信德新材于2023年5月24日披露的2022年年度权益分派实施公告显示，公司2022年年度股东大会审 议通过的权益分派预案为以公司2022年12月31日的总股本68 ...