Group 1 - Shanghai has launched the "Mosu Zhixing" action plan to promote autonomous driving technology innovation and its industrial competitiveness, with a focus on model-driven leadership and application demonstration [1] - The plan aims to establish public service platforms, including a digital twin training ground for autonomous driving, and expand the open area for autonomous driving to 2,000 square kilometers with over 5,000 kilometers of roads [1] - The action plan is expected to provide new support for the development of the autonomous driving industry, including organized smart taxi demonstration operations and pilot projects for L3 autonomous passenger vehicles [2] Group 2 - As of January 14, there are 7,767 companies related to intelligent driving in China, with the East China region accounting for 43.8% of these companies [3] - China holds 51,000 patents related to intelligent driving, with 85.9% being invention patents, indicating a significant growth in both companies and patents in the sector [3] - Nvidia has introduced an open-source AI model platform for autonomous driving, which is expected to enhance the capabilities of autonomous driving systems [3] Group 3 - Several domestic companies, including Changan, BYD, and GAC, have made substantial progress in the L3 autonomous driving field, with multiple models receiving road testing permits [4] - The formal implementation of L3 autonomous driving regulations is anticipated to be a key catalyst for industry development by 2026 [4] - Companies like Aichi Securities believe that automakers with advanced intelligent technology and supply chain control will benefit first from the commercialization of intelligent driving [2] Group 4 - Companies such as Junsheng Electronics and CAOCAO have entered strategic partnerships to develop L4 autonomous driving solutions and digital management platforms [5][6] - The launch of new models by companies like Seres and Leap Motor indicates a competitive landscape in the high-end user market for autonomous vehicles [6][7] - The collaboration between ZF and Horizon Robotics aims to develop L3 intelligent driving systems, with mass production expected in 2026 [7]

Core Insights - Shanghai is advancing its autonomous driving industry through the "Mosu Zhixing" action plan, aiming to transform technological innovation into industrial competitiveness [1][2] - The plan includes the establishment of public service platforms like digital twin training grounds and expands the autonomous driving open area to 2,000 square kilometers with over 5,000 kilometers of roads [1] - The action plan also promotes the orderly organization of smart taxi demonstration operations and the trial of L3 autonomous passenger vehicles [2] Industry Development - Shanghai has consistently pushed for the development of the autonomous driving industry, with previous initiatives such as the 2022 implementation plan for smart connected vehicles and the issuance of road testing licenses for driverless vehicles in 2023 [2] - The introduction of the action plan is expected to provide new support for the industry's growth, particularly in the commercialization of intelligent driving technologies [2] - The demand for advanced autonomous driving components like chips, lidar, and control systems is anticipated to grow rapidly as the ecosystem expands [3] Company Progress - Several domestic companies, including Changan, BYD, GAC, Dongfeng, SAIC, Geely, XPeng, and Li Auto, have made significant advancements in L3 autonomous driving, with multiple models receiving road testing permits [4] - Companies like Huawei and GAC have developed L3 solutions and are actively testing them in various cities, indicating a shift towards practical applications of autonomous driving technology [4] - The formal implementation of L3 autonomous driving regulations is expected to be a key catalyst for industry development by 2026 [4] Related Companies - Junsheng Electronics has signed a strategic cooperation agreement with Sien Intelligent Driving to develop L4 autonomous driving solutions [5] - Seres has launched multiple models, including the Aito M5 and M7, targeting the high-end user market with differentiated positioning [6] - Cao Cao Mobility is advancing its Robotaxi business with the launch of its autonomous driving platform, marking a significant step in operational integration [6] - Leap Motor has commenced nationwide deliveries of its Lafa5 model, which incorporates advanced AI and lidar systems [6] - Horizon Robotics and ZF are collaborating to develop an L3 intelligent driving system, expected to achieve mass production in 2026 [6]

Core Viewpoint - The article discusses the strategic vision and operational goals of CITIC Securities as it aims to become a leading investment bank, emphasizing its role in supporting China's modernization and financial development [3][4][15]. Group 1: Financial Achievements - CITIC Securities acted as a joint sponsor for CATL's IPO, which raised HKD 410.06 billion, marking the largest IPO in the global market in three years and the largest in the history of the Hong Kong new energy sector [1][6]. - By November 2025, CITIC International aims to complete three IPO sponsorship projects in the Hong Kong market, with a total equity financing scale of HKD 429.26 billion [6]. Group 2: Strategic Vision - The company has outlined a "two-step" strategy: to solidify its position as a top domestic investment bank by 2030 and to achieve international competitiveness by 2035 [8][14]. - CITIC Securities emphasizes the importance of integrating financial services with national strategies, focusing on serving the real economy and enhancing the quality of capital market development [3][11]. Group 3: Governance and Risk Management - The governance structure of CITIC Securities is designed to ensure effective checks and balances, with a focus on compliance and risk management, achieving over 95% accuracy in monitoring abnormal transactions and credit risks [9]. - The company has established a comprehensive risk management system that includes preemptive measures, real-time controls, and post-event supervision [6][9]. Group 4: Talent Development - CITIC Securities is committed to nurturing a talent pool that combines financial expertise with technological proficiency, aiming to support its digital transformation and international expansion [7]. - The company has implemented an open talent policy and a training mechanism to ensure that employees receive competitive market compensation [7]. Group 5: Digital Transformation - The company is advancing its digital transformation through the "All-in-AI" strategy, focusing on integrating data across all business lines to enhance customer service and operational efficiency [10][13]. - CITIC Securities is developing a unified customer data platform to support agile service delivery and improve decision-making processes [10]. Group 6: Commitment to ESG - CITIC Securities integrates ESG principles into its investment and financing decisions, focusing on technology innovation, green industries, and private enterprises [7][11]. - The company aims to align social value with market value, ensuring that its financial activities contribute positively to society [7][11].

Core Viewpoint - The article discusses the strategic vision and operational goals of CITIC Securities, emphasizing its commitment to serving China's modernization and becoming a leading investment bank by 2035 [2][13]. Group 1: Financial Achievements - CITIC Securities acted as a joint sponsor for CATL's IPO, raising HKD 410.06 billion, marking the largest IPO in the global market in three years and the largest in the history of the Hong Kong new energy sector [1][5]. - By November 2025, CITIC International aims to complete three IPO sponsorship projects in the Hong Kong market, with a total equity financing scale of HKD 429.26 billion [5]. Group 2: Strategic Goals - The company has set a two-step strategy: to solidify its domestic leadership by 2030 and to achieve international competitiveness by 2035 [8][13]. - CITIC Securities aims to enhance its international revenue share and has established a comprehensive service system since the establishment of CITIC International in 2012 [9]. Group 3: Governance and Risk Management - The company emphasizes the integration of party leadership and corporate governance, ensuring a transparent and effective governance mechanism [8]. - A comprehensive risk management system has been established, achieving over 95% accuracy in monitoring abnormal transactions and credit risks [8]. Group 4: Talent Development - CITIC Securities is implementing an open talent policy and a training mechanism to cultivate professionals with both financial and technological expertise [6]. - The company aims to build a workforce that is adept in both domestic and international markets to support its digital transformation and international development [6]. Group 5: Digital Transformation - The company is advancing its "All-in-AI" strategy, focusing on integrating AI into various operational areas, including intelligent customer service and risk control [9][12]. - A digital platform, "DeepTiming," is being developed to provide personalized investment strategies, ensuring compliance while meeting market demands [10][12]. Group 6: Commitment to ESG - CITIC Securities is embedding ESG principles into its investment and financing decisions, focusing on technology innovation and green industries [6][10]. - The company aims to align social value with market value, enhancing its role in supporting sustainable economic development [6][10].

Core Viewpoint - The article discusses the strategic vision and operational goals of CITIC Securities in the context of China's financial modernization and the role of investment banks in supporting the real economy and national strategies [1][2]. Group 1: Financial Performance and Achievements - CITIC Securities acted as a joint sponsor for the IPO of CATL, raising HKD 410.06 billion, marking the largest IPO in the global market in three years and the largest in the history of the Hong Kong new energy sector [1][2]. - By November 2025, CITIC International aims to complete three IPO sponsorship projects in Hong Kong, with a total equity financing scale of HKD 429.26 billion [2]. Group 2: Strategic Goals and Vision - The company has set a "two-step" strategy: to consolidate its leading domestic position by 2030 and to achieve international competitiveness by 2035 [4]. - CITIC Securities emphasizes the integration of party leadership and corporate governance to ensure effective decision-making and risk management [4]. Group 3: Talent Development and ESG Integration - The company is focused on cultivating a workforce that is proficient in both finance and technology, ensuring a strong foundation for digital transformation and international development [3]. - CITIC Securities aims to deeply integrate ESG principles into its investment and financing decisions, enhancing social value alongside market value [3][6]. Group 4: Digital Transformation and Innovation - The company is advancing its digital transformation through the "DeepTiming" AI platform, which provides intelligent investment research and personalized strategies for high-net-worth clients [7]. - CITIC Securities is committed to continuous iteration in its digital processes, employing agile development to respond quickly to market and client needs [7]. Group 5: Commitment to Real Economy and Internationalization - The core mission of CITIC Securities is to serve the real economy by accurately channeling capital into key sectors, thereby promoting a virtuous cycle between technology, industry, and finance [6]. - The company follows a strategy of "following clients abroad and facilitating capital inflow," enhancing its role in the Belt and Road Initiative and connecting international clients with quality Chinese assets [6].

编者按 党的二十届四中全会着眼于中国式现代化全局，对金融强国建设和资本市场高质量发展作出重要部署， 为证券行业在新征程上把握方向、勇担使命提供了根本遵循。中国证监会主席吴清在近期召开的中国证 券业协会第八次会员大会上表示，证券行业要牢牢把握"国家兴衰，金融有责"的历史定位，认真落实党 的二十届四中全会关于金融机构"专注主业、完善治理、错位发展"的部署要求，把握机遇，勇立潮头， 争创一流。 当前，资本市场改革持续深化，证券行业正处在乘势而上、建设一流投资银行和投资机构的关键战略机 遇期，学习、宣传、贯彻党的二十届四中全会精神是当前和今后一个时期的重要政治任务。为此，中国 证券报联合中国证券业协会推出"证券公司学习宣传贯彻党的二十届四中全会精神"系列专题报道，聚焦 证券公司在强化功能发挥、提升专业能力、推进差异化发展、筑牢合规风控底线、厚植行业文化底蕴等 方面的实践探索与丰硕成果，生动展现证券公司作为资本市场重要践行者、改革排头兵、服务主力军的 责任担当与时代作为。本篇为系列报道第三篇。 香江之畔，一声钟响。 半年前，宁德时代（300750）在港交所鸣锣上市，募集资金410亿港元，创下近三年来全球IPO融资规 模 ...

Market Overview - On January 12, the Hang Seng Index rose by 1.44%, with total southbound trading amounting to HKD 1,474.94 billion, including buy transactions of HKD 774.00 billion and sell transactions of HKD 700.94 billion, resulting in a net buy of HKD 73.06 billion [2][3]. Southbound Trading Details - The southbound trading through Stock Connect (Shenzhen) had a total transaction amount of HKD 610.81 billion, with buy transactions of HKD 334.20 billion and sell transactions of HKD 276.61 billion, leading to a net buy of HKD 57.60 billion [2]. - The southbound trading through Stock Connect (Shanghai) had a total transaction amount of HKD 864.13 billion, with buy transactions of HKD 439.80 billion and sell transactions of HKD 424.33 billion, resulting in a net buy of HKD 15.46 billion [2]. Active Stocks - The most actively traded stock by southbound funds was Alibaba-W, with a total transaction amount of HKD 156.07 billion, followed by Tencent Holdings and Xiaomi Group-W, with transaction amounts of HKD 70.06 billion and HKD 46.71 billion, respectively [2][3]. - Among the net buying stocks, Kuaishou-W had the highest net buy amount of HKD 22.45 billion, with a closing price increase of 7.43%. Tencent Holdings followed with a net buy of HKD 20.12 billion, and Southern Hang Seng Technology had a net buy of HKD 8.58 billion [2][3]. Continuous Net Buying and Selling - Three stocks experienced continuous net buying for more than three days, with Xiaomi Group-W leading at 8 days, followed by Tencent Holdings at 4 days and SMIC at 3 days. The total net buy amounts were HKD 63.26 billion for Xiaomi Group-W, HKD 62.43 billion for Tencent Holdings, and HKD 12.79 billion for SMIC [3]. - Two stocks faced continuous net selling, with China Mobile and Meituan-W having the highest net sell amounts of HKD 44.80 billion and HKD 10.76 billion, respectively [3].

Group 1 - Southbound funds net bought Hong Kong stocks worth 7.306 billion HKD on January 12, with notable purchases including Kuaishou-W (2.245 billion HKD), Tencent Holdings (2.012 billion HKD), and Xiaomi Group-W (0.773 billion HKD) [1] - Continuous net buying trends were observed, with Xiaomi receiving a total of 6.327 billion HKD over the last eight days and Tencent accumulating 6.243 billion HKD over the last four days [4] - China Mobile experienced a continuous net sell-off for six days, totaling 4.480 billion HKD, while Meituan faced net selling for three days, amounting to 1.075 billion HKD [4] Group 2 - Tencent Holdings repurchased 1 million shares for 635.7 million HKD on January 12 [5] - Xiaomi Group-W announced significant upgrades to its new generation SU7 model, indicating an increase in overall weight compared to the first generation [5] - Meituan expressed support for a government investigation into the competitive landscape of the food delivery service industry, advocating for rational competition and collaboration among platforms [6]

Core Insights - On January 12, 2026, Alibaba-W (09988), Tencent Holdings (00700), and Xiaomi Group-W (01810) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 8.776 billion, 3.590 billion, and 2.802 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and Meituan-W (03690) also led the trading volume, with amounts of 6.830 billion, 3.416 billion, and 2.100 billion respectively [1] Southbound Stock Connect Trading Activity - **Top Active Companies in Southbound Stock Connect:** - Alibaba-W (09988): Trading amount of 8.776 billion, net buy of -74.5144 million [2] - Tencent Holdings (00700): Trading amount of 3.590 billion, net buy of 1.184 billion [2] - Xiaomi Group-W (01810): Trading amount of 2.802 billion, net buy of 289 million [2] - Meituan-W (03690): Trading amount of 2.450 billion, net buy of -875 million [2] - SMIC (00981): Trading amount of 2.427 billion, net buy of -21.875 million [2] - Other notable companies include Kuaishou-W (01024) with a trading amount of 1.949 billion and a net buy of 948 million [2] Shenzhen-Hong Kong Stock Connect Trading Activity - **Top Active Companies in Shenzhen-Hong Kong Stock Connect:** - Alibaba-W (09988): Trading amount of 6.830 billion, net buy of 278 million [2] - Tencent Holdings (00700): Trading amount of 3.416 billion, net buy of 828 million [2] - Meituan-W (03690): Trading amount of 2.100 billion, net buy of 393 million [2] - Kuaishou-W (01024): Trading amount of 1.990 billion, net buy of 1.298 billion [2] - Xiaomi Group-W (01810): Trading amount of 1.869 billion, net buy of 484 million [2]

Core Viewpoint - The Hong Kong stock market experienced significant net inflows from northbound trading, totaling HKD 73.06 billion on January 12, with notable net purchases in specific stocks such as Kuaishou-W, Tencent, and Southern Hang Seng Technology [1][2]. Group 1: Northbound Trading Activity - Northbound trading saw a net purchase of HKD 73.06 billion, with HKD 15.46 billion from the Shanghai Stock Connect and HKD 57.6 billion from the Shenzhen Stock Connect [1]. - The most purchased stocks included Kuaishou-W (01024), Tencent (00700), and Southern Hang Seng Technology (03033) [1]. - The most sold stocks were China Mobile (00941) and Goldwind Technology (02208) [1]. Group 2: Individual Stock Performance - Kuaishou-W received a net inflow of HKD 22.45 billion, driven by its AI capabilities gaining popularity globally, with a reported 102% increase in daily revenue from December 2025 to January 2026 [4]. - Tencent saw a net inflow of HKD 20.11 billion, with a positive outlook from Zhongtai Securities, highlighting its potential in the AI sector [5]. - Xiaomi Group-W had a net inflow of HKD 7.73 billion, with plans for a significant increase in R&D investment over the next five years [5]. - Alibaba-W experienced a net inflow of HKD 2.03 billion amid ongoing regulatory scrutiny in the food delivery sector [5]. - Horizon Robotics-W received a net inflow of HKD 1.79 billion, with optimistic growth expectations due to advancements in smart driving technology [6]. - JingTai Holdings (02228) had a net inflow of HKD 42.04 million, with a focus on its AI and robotics business model [7].