智通财经APP讯，中信证券(06030)发布公告，公司境外全资子公司中信证券国际有限公司(中信证券国 际)的附属公司CSI MTN Limited(发行人或被担保人)于2022年3月29日设立境外中期票据计划(中票计 划)，此中票计划由中信证券国际提供担保。根据存续票据到期情况，结合公司业务发展实际需要，发 行人于2025年12月15日、 16日在中票计划下发行两笔票据，发行金额1.4亿美元和1.8亿港币。 本次发行后，发行人在中票计划下已发行票据的本金余额合计28.64亿美元。 ...

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。 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。 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12月16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。 证券代码：600030 证券简称：中信证券 公告编号：临2025-097 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 ...

Group 1 - The stock price of Jindike (688670.SH) fell by 7.02%, closing at 22.26 yuan, indicating it is currently in a state of decline since its IPO [1] - Jindike was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on August 2, 2021, with an initial public offering (IPO) of 22 million shares at a price of 55.18 yuan per share [1] - The total amount raised from the IPO was 1.214 billion yuan, with a net amount of 1.136 billion yuan, which is 464 million yuan less than the originally planned net amount of 1.6 billion yuan [1] Group 2 - The company initially intended to raise 1.6 billion yuan for projects including the construction of a new facility for a quadrivalent influenza virus vaccine, innovative vaccine research and development, working capital, and repayment of bank loans [1] - The total issuance costs for the IPO amounted to 78.2839 million yuan, with underwriting and sponsorship fees accounting for 64.3399 million yuan [1] - Citic Securities' subsidiary, Citic Securities Investment Co., Ltd., participated in the investment with a stake of 4%, acquiring 880,000 shares for 48.5584 million yuan, with a lock-up period of 24 months [1] Group 3 - On May 19, 2023, Jindike announced its 2022 annual profit distribution plan, which included a cash dividend of 0.2 yuan per share and a capital reserve increase of 0.4 shares per share [2] - The total cash dividend distributed amounted to 17.6 million yuan, and the share capital increase resulted in an additional 35.2 million shares, bringing the total share capital to 123.2 million shares [2] - Key dates for the distribution included the equity registration date on May 25, 2023, the ex-dividend date on May 26, 2023, and the cash dividend payment date also on May 26, 2023 [2]

Group 1 - The stock price of CanSino Biologics (688185.SH) fell by 2.56% to 62.84 yuan, indicating it is currently in a state of decline since its IPO [1] - CanSino was listed on the Shanghai Stock Exchange's STAR Market on August 13, 2020, with an initial issuance of 24.8 million shares at a price of 209.71 yuan per share [1] - The total funds raised from the IPO amounted to 5.201 billion yuan, with a net amount of 4.979 billion yuan after deducting issuance costs, which was 3.979 billion yuan more than the original plan of 1 billion yuan [1] Group 2 - The issuance costs for CanSino's IPO were 221 million yuan, with underwriting and sponsorship fees accounting for 205 million yuan [2] - CITIC Securities, as the lead underwriter, received an allocation of 496,000 shares, representing 2% of the total shares issued, with an investment amount of 104 million yuan [2]

Core Viewpoint - CITIC Securities initiates coverage on Zhenkunhang (ZKH.US) with a "Buy" rating and a target price of $4.3, highlighting its position as a leading MRO e-commerce platform in China, which is expected to return to a growth trajectory due to customer expansion and accelerated overseas business layout [1][2]. Group 1: Financial Performance - Zhenkunhang reported Q3 2025 revenue of 2.328 billion yuan, a year-on-year increase of 2.1%, with a Non-GAAP adjusted net loss of 14 million yuan, narrowing the loss by 78.7% year-on-year [1]. - After adjustments in the first half of the year, the company's business entered a recovery phase in Q3, with a reduced year-on-year decline in GMV and growth in total transaction volume from both large enterprises and SMEs [1]. Group 2: Strategic Initiatives - The company is committed to a private label strategy, with Q3 2025 private label GMV increasing by 16.7%, accounting for 8.2% of total GMV [1]. - The total number of customers reached 70,800 by Q3 2025, representing a 48.0% year-on-year increase, while over 2.3 million new SKUs were added, bringing the total available SKUs to over 19 million [1]. Group 3: AI and International Expansion - The company applies AI technology across various operational aspects, with the "AI Product Recommendation Brain" set to launch in Q4 2024, having already recommended over 20 million items and generating over 100 million yuan in incremental revenue by Q3 2025 [2]. - Zhenkunhang has expanded its distribution channels in the U.S., successfully entering third-party platforms like Amazon in addition to its own North American platform, Northsky [2].

Core Viewpoint - CITIC Securities has shown a mixed performance in financing activities, with a notable decrease in net financing buy and a significant increase in operating revenue and net profit year-on-year. Financing Activities - On December 15, CITIC Securities recorded a financing buy of 401 million yuan and a financing repayment of 590 million yuan, resulting in a net financing buy of -189 million yuan [1] - As of December 15, the total financing and securities lending balance was 18.463 billion yuan, with the financing balance at 18.440 billion yuan, accounting for 5.30% of the circulating market value, which is above the 80th percentile level over the past year [1] - In terms of securities lending, CITIC Securities repaid 66,800 shares and sold 171,000 shares on December 15, with a selling amount of 4.882 million yuan, while the securities lending balance was 22.8325 million yuan, below the 50th percentile level over the past year [1] Financial Performance - For the period from January to September 2025, CITIC Securities achieved an operating revenue of 55.815 billion yuan, representing a year-on-year growth of 20.96%, and a net profit attributable to shareholders of 23.159 billion yuan, with a year-on-year increase of 37.86% [2] Shareholder Information - As of September 30, 2025, CITIC Securities had 669,400 shareholders, an increase of 1.64% from the previous period, with an average of 18,192 circulating shares per person, a decrease of 1.61% [2] - Since its A-share listing, CITIC Securities has distributed a total of 88.704 billion yuan in dividends, with 22.009 billion yuan distributed in the last three years [3] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest, holding 500.1 million shares, a decrease of 83.4469 million shares from the previous period [3]

Core Insights - The lawn mowing robot industry is experiencing a significant breakthrough, driven by technological advancements and decreasing prices, leading to rapid market penetration [1] - By 2025, new products from various manufacturers are expected to accelerate iterations in navigation, obstacle avoidance, slope climbing, and edge mowing, addressing user pain points and unlocking a potential multi-billion dollar market in Europe and the US [1] - Companies in the robot sector are leveraging high cost-performance ratios and strong product capabilities to expand their product matrices and multi-channel strategies, increasingly capturing market share from traditional landscaping giants [1] Industry Trends - The industry is entering a phase of simultaneous growth in both volume and price, benefiting from technological dividends [1] - The anticipated product innovations are expected to significantly enhance user experience and satisfaction, further driving market demand [1] Investment Opportunities - There is a strong recommendation for investing in companies with rapidly growing lawn mowing robot businesses that offer substantial profit elasticity [1] - Companies providing comprehensive solutions with precise market positioning are also highlighted as key investment opportunities [1]

人民财讯12月16日电，中信证券研报称，三季度以来，受AI威胁论、宏观预期的扰动等影响，美股软 件板块表现较为疲软，其中应用软件尤为明显。三季报显示，板块需求环境趋于稳定，企业业绩及指引 超预期比例亦进一步上升。同时预计后续"降息+宽财政"的组合将持续推动欧美企业软件支出的回暖， 而经历自2024年四季度以来的准备、测试之后，AI+软件货币化效果亦有望在2026年逐步落地。当前时 点，看好美股软件板块中期投资机会，建议关注：低位企稳回升的应用软件，以及持续高景气度的信息 安全(平台化)、基础软件(数据管理方向)。 ...

人民财讯12月16日电，中信证券研报称，日前行业专业媒体"我的钢铁网"报道了钢铁产品重新纳入出口 许可证管理的消息，预计政策有可能抑制未来钢铁出口量，影响国内钢材产量及焦煤需求。中信证券认 为，政策或在短期影响焦煤价格预期，但中长期看，对优质主焦煤需求也存在结构性的支撑，对长期焦 煤价格不宜过度悲观。具备资源禀赋的优质主焦煤公司依然有长期投资价值。 ...

（文章来源：第一财经） 中信证券指出，割草机器人迎来产业爆发的奇点时刻，技术激变及价格带下移推动品类高速渗透，行业 进入量价齐升的技术红利期。预计2025年各厂商新品将在导航避障、爬坡越障、边缘割草等维度加速迭 代，解决用户的痛点需求，有望彻底撬动欧美市场的百亿级增量空间。而机器人公司依托高性价比、强 产品力的完善产品矩阵，和全渠道布局，不断挤占园林巨头的份额。重点推荐割草机器人业务高速增 长、带来可观利润弹性的整机厂，及精准卡位的整体解决方案商。 ...