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。 ...

中信证券研报认为，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2024Q4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，我们看好美股软件板 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）。 ...

Core Viewpoint - 百克生物's stock price has fallen to 19.37 yuan, reflecting a decline of 2.42%, indicating the stock is currently in a state of underperformance since its IPO [1]. Group 1: IPO and Financials - 百克生物 was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on June 25, 2021, with an initial public offering (IPO) of 41.2841 million shares, representing 10% of the total shares post-issue, at a price of 36.35 yuan per share [1]. - The total funds raised from the IPO amounted to 1.501 billion yuan, with a net amount of 1.396 billion yuan after deducting issuance costs, which is 285 million yuan less than the original plan of 1.681 billion yuan [1]. - The funds were intended for various projects, including 182 million yuan for a vaccine project, 294 million yuan for a combined vaccine project, 163 million yuan for a nasal flu vaccine project, 177 million yuan for rabies and Hib vaccines, and 865 million yuan for R&D of in-progress products [1]. Group 2: Issuance Costs and Allocation - The total issuance costs for 百克生物 amounted to 105 million yuan, with the underwriting fees for the lead underwriter, CITIC Securities, and co-lead underwriter, Guotai Junan Securities, totaling 90.0406 million yuan [2]. - The final strategic placement of shares was 8.2561 million shares, accounting for 20% of the total issuance, with a minor adjustment of 744 shares redirected to offline issuance [2]. - CITIC Securities Investment Co., a subsidiary of the lead underwriter, received 1.6506 million shares, amounting to 60 million yuan [2].

中国经济网北京12月15日讯 青岛港(601298.SH)12月12日披露关于终止现金收购日照港油品码头有 限公司100%股权及日照实华原油码头有限公司50.00%股权暨关联交易的公告。 2025年2月21日，公司召开第四届董事会第二十五次会议和第四届监事会第二十二次会议，同意公 司现金收购日照港油品码头有限公司（以下简称"油品公司"）100%股权和日照实华原油码头有限公司 （以下简称"日照实华"，与"油品公司"合称"标的公司"）50.00%股权（以下简称"本次交易"），并与山 东港口日照港集团有限公司（以下简称"日照港集团"）签署《青岛港国际股份有限公司与山东港口日照 港集团有限公司关于收购日照港油品码头有限公司、日照实华原油码头有限公司股权的协议》以及《青 岛港国际股份有限公司与山东港口日照港集团有限公司之业绩承诺补偿协议》。 由于日照实华被美国列入特别指定国民清单，可能对标的公司相关业务产生较大影响，为维护公司 及股东整体利益，经与相关方磋商，公司决定终止本次交易。2025年12月12日，公司与日照港集团签署 了有关本次交易的终止协议。 根据具备从事证券服务业务资格的中联评估出具的中联评报字[2024] ...

Core Viewpoint - The company, Guanghe Technology, has submitted its application to list on the Hong Kong Stock Exchange, with CITIC Securities and HSBC as joint sponsors. The company focuses on manufacturing key components for computing servers, specifically customized PCBs for various computing scenarios [1]. Group 1: Company Overview - Guanghe Technology is primarily engaged in the research, development, production, and sales of customized PCBs used in computing servers and other computing applications [1]. - The company ranks third globally among PCB manufacturers for computing servers based on cumulative revenue from 2022 to 2024, and it holds the top position among PCB manufacturers for computing servers based in mainland China [1]. Group 2: Revenue Breakdown - Revenue from computing scenario PCBs accounted for 67.8%, 69.4%, 72.5%, 73.2%, and 73.9% of total revenue for the years 2022, 2023, 2024, and the nine months ending September 30, 2024, respectively [1]. Group 3: Industry Trends - According to Frost & Sullivan, the demand for comprehensive electronic devices is continuously growing due to the proliferation of AI, expansion of data centers, vehicle networking, robotics, and IoT applications. This trend presents significant growth opportunities for PCBs as a critical component of electronic products [1].

人民财讯12月15日电，中信证券研报表示，从OpenAI企业端AI的数据来看，2025年企业级AI处于场景 探索阶段，用户数和流量实现高增，能力平权和人员降本价值凸显，且行业整体渗透率仍有较大提升空 间。展望2026年，中信证券认为以强化学习技术发展为基础的Agent主线仍将持续演进，带动AI从降本 到增收打开更多应用场景，其中数据分析、代码生成、人力招聘、销售辅助、智能客服等场景需求较为 清晰。建议持续关注AI在财务、人力、销售、生产、供应链等管理软件核心模块上的商业进展。 ...

Core Viewpoint - The report from CITIC Securities indicates that the growth rate of social financing in November remains stable at 8.5%, with a clear differentiation in credit structure, highlighting improvements in corporate loans and bond financing, while household financing continues to be weak [1] Group 1: Financing Trends - The overall stability of entity financing is noted, with corporate loans and bond financing showing improvement [1] - Household financing remains weak, indicating a potential area of concern for consumer spending and economic recovery [1] Group 2: Policy Environment - The Central Economic Work Conference has clarified the direction for fiscal and investment support, creating a favorable environment for banks to expand their balance sheets and provide medium to long-term loans to enterprises [1] - Emphasis is placed on prudently resolving local and real estate risks to solidify asset quality [1] Group 3: Market Expectations - Expectations for bank interest margins and risk remain stable, which is beneficial for the performance of the equity market [1]

中信证券研报表示，2026年将是北美主要云计算厂商收入加速增长的一年，来自大客户的AI训练、推 理料将成为主要需求驱动力，传统云业务需求亦稳步复苏，而数据中心、定制芯片的投产等将会进一步 缓解算力供给端的紧缺程度。综合来看，从订单兑现的节奏，以及各家云厂商的数据中心储备情况来 看，我们预计2026年谷歌GCP、亚马逊AWS、微软Azure云计算收入同比增速相较2025年进一步加速。 我们持续看好一线云厂商在2026年的投资机遇。 ...