(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。 ...

Core Viewpoint - The logistics industry in China is expected to experience a gradual "de-involution" by 2026, with the top two companies leading in volume growth due to accumulated network capabilities and higher operational efficiency [1] Group 1: Industry Trends - By 2026, the top two express delivery companies are projected to maintain a leading growth rate in shipment volume, leveraging their network capabilities and operational efficiencies to enhance cost and service quality advantages [1] - The Chinese express delivery network model is anticipated to expand internationally, leveraging competitive advantages to deeply bind with high-growth e-commerce platforms [1] Group 2: Economic Outlook - The United States is expected to enter a rate-cutting cycle by 2026, which may signal a recovery in cross-border logistics demand [1] - Limited growth in the supply of wide-body cargo aircraft is likely to support stable long-term contract prices in air freight for 2026 [1]

Core Viewpoint - The electricity market is expected to face intensified supply-demand conflicts due to supply releases by 2026, with a new equilibrium point anticipated around 2028 [1] Group 1: Supply and Demand Dynamics - By 2026, the electricity market will experience increased risks of price declines driven by supply-demand easing and reforms, with hydropower showing stronger resilience against cyclical downturns [1] - The electricity system is approaching a critical point where capacity shortages will accelerate, highlighting the need for long-term support for energy storage development [1] Group 2: Market Predictions - The anticipated new balance in the electricity market is projected to emerge in 2028, indicating a significant shift in market dynamics [1]

Group 1 - The company, Shiyao Innovation, has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor [1] - The company focuses on innovative therapies targeting unmet clinical needs in significant disease areas such as oncology, autoimmune diseases, and infectious diseases [1] - The company plans to commercialize two antibody drugs in the second half of 2024, including a first-class innovative drug and a biosimilar [1] Group 2 - Since its establishment in 2006, the company has specialized in the research and production of high-quality caffeine, becoming the largest producer of chemically synthesized caffeine globally [1] - The company expanded its main business into the health food sector in 2016, launching a comprehensive range of health food products, with its trademark recognized as a famous Chinese brand [2] - The global and Chinese pharmaceutical markets are experiencing significant growth, with the ADC market in China expected to expand from RMB 3.9 billion in 2024 to RMB 158.6 billion by 2035 [2]

Company Overview - Junshi Biosciences has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor [1] - The company focuses on innovative cell therapies and drug development for solid tumors, aiming to create safer, more effective, accessible, and affordable immunotherapy solutions [1] Core Product - The core product, GC101, is the world's first tumor-infiltrating lymphocyte (TIL) therapy that does not require high-intensity lymphodepleting chemotherapy or IL-2 administration, potentially becoming the first TIL therapy approved for market in China [1] - Clinical data indicates that TIL therapy can provide curative effects for some late-stage cancer patients, showing long-term benefits for patients with advanced melanoma, non-small cell lung cancer, and breast cancer [1] Clinical Trials - Phase I clinical trials for TIL therapy have demonstrated objective response rates in various advanced metastatic solid tumors, including melanoma, non-small cell lung cancer, and cervical cancer [1] Therapy Characteristics - TIL therapy is a personalized treatment with breakthrough efficacy; however, its complex preparation process and clinical protocols lead to high costs and limited accessibility, restricting widespread application [1] - The company aims to innovate from production to clinical application to enhance the safety, accessibility, and affordability of TIL therapy while maintaining its curative potential [1] Industry Growth - The global oncology drug market is projected to grow to $253.3 billion by 2024, with a compound annual growth rate (CAGR) of 13.9% from 2020 to 2024 [2] - By 2030, the market is expected to expand to $452.5 billion, with a CAGR of 10.2% from 2024 to 2030, and reach $702.7 billion by 2035, with a CAGR of 9.2% from 2030 to 2035 [2] - In China, the oncology drug market is anticipated to reach RMB 258.2 billion in 2024, with a CAGR of 6.9% from 2020 to 2024, and is expected to accelerate to RMB 527.3 billion by 2030 [2]

财报显示，2025年前三季度，广和通实现营业收入53.66亿元，同比下降13.69%；归母净利润3.16亿 元，同比下降51.50%。 香港联交所最新资料显示，12月10日，广和通（300638）(00638)股东将股票由中信证券经纪香港转入 香港上海汇丰银行，转仓市值1.38亿港元，占比5.97%。 ...

智通财经APP获悉，香港联交所最新资料显示，12月10日，广和通(00638)股东将股票由中信证券经纪香 港转入香港上海汇丰银行，转仓市值1.38亿港元，占比5.97%。 财报显示，2025年前三季度，广和通实现营业收入53.66亿元，同比下降13.69%；归母净利润3.16亿 元，同比下降51.50%。 ...

中信证券首席经济学家分析师明明表示，年内人民币有望偏强运行，考虑到年底结汇的季节性效应，不 排除阶段性突破7.0。进入2026年，预计美元指数偏弱运行的趋势或将延续，为人民币汇率构成相对友 好的外部环境。同时央行稳汇率政策张弛有度，增强人民币汇率韧性。在此背景下，人民币汇率有望温 和升值。 ...

| 豪格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事 | | | --- | --- | --- | --- | --- | --- | --- | | | 份數目 | 原因 | | | (請參閱上述*註解) 有投票權股 (日/月 | | | | | | | | 份百分比 | | | | | | | | 96 ) | | | CS20251210E00015 | 中信证券资产管理有限公司 | 1101(L) | 23,620,000(L) | HKD 3.0178 | 1.908.550.000(L) | 17.10(L)09/12/ | | 股份代號: | 01816 | | --- | --- | | 上市法國名稱: | 中國廣核電力股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 11/11/2025 - 11/12/2025 | 格隆汇12月11日丨根据联交所最新权益披露资料显示，2025年12月9日，中广核电力(01816.HK)获中信证券资产管理有限公司在场内以每股均价3.01 ...

香港联交所最新资料显示，12月9日，中信证券资产管理有限公司增持中广核电力(01816)2362万股，每 股作价3.0178港元，总金额约为7128.04万港元。增持后最新持股数目约为19.09亿股，最新持股比例为 17.10%。 ...