厦门恒坤新材料科技股份有限公司 首次公开发行股票并在科创板上市 发行结果公告 保荐人（联席主承销商）：中信建投证券股份有限公司 联席主承销商：中泰证券股份有限公司 特别提示 厦门恒坤新材料科技股份有限公司（以下简称"发行人"或"恒坤新材"） 首次公开发行人民币普通股（A股）并在科创板上市（以下简称"本次发行"）的 申请已经上海证券交易所（以下简称"上交所"）上市审核委员会审议通过，并 已经中国证券监督管理委员会同意注册（证监许可〔2025〕2008号）。 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐人（联席 主承销商）"）担任本次发行的保荐人（联席主承销商），中泰证券股份有限公司 （以下简称"中泰证券"）担任本次发行的联席主承销商（中信建投证券、中泰 证券合称"联席主承销商"）。发行人的股票简称为"恒坤新材"，扩位简称为"恒 坤新材"，股票代码为"688727"。 本次发行采用向参与战略配售的投资者定向配售（以下简称"战略配售"）、 网下向符合条件的网下投资者询价配售（以下简称"网下发行"）与网上向持有 上海市场非限售A股股份和非限售存托凭证市值的社会公众投资者定价发行（以 下简称"网上发行"） ...

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分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。 海外監管公告 本 公 告 乃 中 信 建 投 証 券 股 份 有 限 公 司（「本公司」）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 本 公 司 於 上 海 證 券 交 易 所 網 站 刊 發 之《中 信 建 投 証 券 股 份 有 限 公 司2023年 面 向 專 業 投 資 者 公 開 發 行 公 司 債 券（第 四 期）（品 種 一）2025年付息 公 告》《中 信 建 投 証 券 股 份 有 限 公 司2023年面向專業投資者公開發行公司 債 券（第 四 期）（品 種 二）2025年 付 息 公 告》，僅 供 參 閱。 承董事會命 中信建投証券股份有限公司 董事長 劉 成 中國北京 2025年11月12日 於 本 公 告 日 期，本 公 司 執 行 董 事 為 劉 成 先 ...

Group 1 - The Computer ETF (159998) has seen a trading volume of 67.08 million yuan as of November 12, 2025, with mixed performance among its constituent stocks, including Jiangbolong (301308) up by 4.29% and Runhe Software (300339) up by 1.14% [1] - The Robot ETF (159770) recorded a turnover of 264 million yuan, with its constituent stocks also showing mixed results, led by Bojie Co., Ltd. (002975) up by 4.68% [1] - The Robot ETF (159770) has experienced a significant growth of 330 million yuan in scale over the past week, reaching a new high of 9.681 billion shares [2] Group 2 - The Computer ETF (159998) covers a wide range of sectors within the information technology industry, including AI application leaders and hardware manufacturers, providing a comprehensive investment opportunity [3] - The Robot ETF (159770) is positioned to benefit from domestic substitution and technological expansion, capitalizing on the growth in high-end manufacturing [3] - Meta has announced a substantial investment of 600 billion yuan in AI, emphasizing the long-term commitment of major tech companies to AI technology development [6] Group 3 - The "Intelligent Computing Hub" was unveiled at the China Humanoid Robot Industry Development Conference, showcasing advancements in AI control systems for humanoid robots [7] - CITIC Securities highlights the low penetration rate of AI large models, indicating significant potential for investment in AI computing power [8] - The report suggests monitoring the AI application sector and related industries, including quantum technology, which are gaining attention from major global players [9]

Group 1 - The core viewpoint of the news highlights a significant drop in internet brokerage stocks, with the China Securities Financial Technology Theme Index falling below its six-month line, indicating a bearish trend in the sector [1] - Major individual stocks like Dazhihui experienced a sudden drop, with the company being sued by a major shareholder, which has led to increased market volatility [1] - Other stocks such as Tonghuashun and Guidingzheng also saw declines exceeding 5%, reflecting a broader downturn in the financial technology sector [1] Group 2 - Citic Securities points out that the current internet brokerage sector is supported by policy backing, improved funding conditions, and internal transformation dynamics, enhancing its investment appeal [3] - The ongoing "slow bull" market in A-shares is expected to continue benefiting non-bank financials, with recommendations to focus on high elasticity companies and quality industry leaders [3] - The Financial Technology ETF (159851) has surpassed 10 billion yuan in scale, with a daily average trading volume of 500 million yuan over the past month, indicating strong liquidity and market interest [3]

Group 1 - Hong Kong home appliance stocks experienced a collective rise, with TCL Electronics up 4%, Midea Group up 3.8%, Hisense Home Appliances up 3.5%, Haier Smart Home up 2.5%, Skyworth Group up 2%, and JS Global Life up 1% [1] - JD.com reported strong sales data for the Double 11 shopping festival, with 3C digital products, major appliances, and small appliances leading online sales in their respective categories. Daily necessities saw a year-on-year growth rate of 36%, while the apparel category experienced a 30% year-on-year growth [1] - CITIC Construction Investment's outlook for the home appliance sector in 2026 indicates that the sector may underperform the CSI 300 index in 2025 due to tariff increases, fluctuations in trade-in policies, and high base expectations in the second half of the year. However, from a long-term perspective, the competitiveness of companies will ultimately return to the essence of product innovation and efficiency advantages [1] Group 2 - The investment strategy highlights two main growth sources: international expansion and the benefits of transformation [1]

Group 1 - The banking sector showed resilience with Agricultural Bank of China reaching a historical high, and the CSI Bank Index rising by 1.26% as of the report time [1] - Notable performers included Chongqing Rural Commercial Bank and Agricultural Bank of China, both increasing by over 3% [1] - The Tianhong Bank ETF (515290) recorded a trading volume exceeding 50 million yuan, with a net inflow of 1.847 billion yuan year-to-date as of November 11 [1] Group 2 - The People's Bank of China released the "2025 Q3 Monetary Policy Execution Report," indicating a solid foundation for achieving annual targets and plans for a moderately accommodative monetary policy [2] - CITIC Securities projected a strong motivation for long-term capital from insurance funds, state-owned teams, and public funds to increase allocations in the banking sector [2] - The domestic banking sector is expected to continue stabilizing, with a focus on high dividend strategies and attention to undervalued stocks with potential changes [2]

中信建投证券2026年资本市场峰会暨中国－沙特投资合作论坛 马静/摄 11月11日，在这个特别的日子，两大头部券商的年度策略会"一南一北"拉开帷幕。中信证券2026年资本市场年 会在深圳召开，中信建投证券2026年资本市场峰会暨中国－沙特投资合作论坛在北京举行。 "人气旺""规格高""国际化浓度高"是券商中国记者现场参会的最大感受。以中信建投为例，据了解，这是沙特 交易所首次与中资券商联合举办策略会，沙特交易所CEO穆罕默德·艾·鲁迈赫在致辞中指出，过去十年，中国 和沙特之间的关系已经从贸易为中心发展到以战略金融合作为特征的关系。除了资本市场，中沙更广泛的经济 伙伴关系正持续以令人印象深刻的速度在扩展。 展望2026年，两家券商对A股走势研判存在共识。中信证券首席A股策略师裘翔研判，A股行情或迈向低波动 慢牛。中信建投证券首席经济学家黄文涛则提到，A股牛市有望持续，预计指数依然震荡上行但涨幅放缓。 两大券商高管最新发声 两家券商的策略会现场人气都非常足，主论坛不仅座无虚席，连会场的后面、侧面都站立着不少听会嘉宾，直 至上午论坛全部结束。论坛上，两家券商高管在致辞中对经济形势、行业发展也分享了最新看法。 中信建 ...

Market Overview - The market experienced fluctuations with the three major indices opening high but closing lower, with the Shanghai Composite Index down by 0.39%, the Shenzhen Component Index down by 1.03%, and the ChiNext Index down by 1.4% [1] - The trading volume in the Shanghai and Shenzhen markets was below 2 trillion, a decrease of 180.9 billion compared to the previous trading day [1] AI Industry Outlook - CITIC Securities forecasts that by 2026, AI investment opportunities will focus on two main areas: 1) Investment opportunities around computing power, emphasizing leading companies, new technology upgrades, and local industrial clusters [2] - The report highlights the rapid growth in revenue from companies like OpenAI, indicating a shift towards commercializing AI applications across various industries [2] Coal-to-Gas Industry - Tianfeng Securities notes that the coal-to-gas sector is entering a new phase of industrial catalysis due to improved market pricing mechanisms and fair access for coal-to-gas companies [3] - There are currently 12 projects planned in China with a total capacity of 44 billion cubic meters per year, supported by abundant coal resources in Xinjiang and advancements in coal chemical technology [3] Automotive Industry Trends - Guosen Securities states that the Chinese automotive industry is transitioning from a growth phase to a mature phase, with annual sales growth slowing down and structural changes occurring due to the rise of new energy vehicles [4] - The report emphasizes the importance of brand development and globalization as key strategies for automotive companies to navigate the competitive landscape, alongside the significant market potential for smart driving applications [4]

Economic Outlook - Multiple institutions predict that China's economic growth will remain stable in 2026, with targets around 5% [2][3] - China International Capital Corporation (CICC) expects a GDP growth of approximately 4.9% in 2026, supported by fiscal expansion and improved local government finances [2][3] - UBS anticipates that domestic economic activities will maintain resilience, with a potential "low at the beginning, high at the end" growth pattern for 2026 [2][3] Policy and Fiscal Measures - CICC forecasts that supply-side policies will focus on enhancing quality consumption while reducing inefficient capacity [3] - Fiscal policies are expected to remain proactive, with local special bonds and ultra-long-term special government bonds increasing in scale [3] - Monetary policy may include two reserve requirement ratio cuts totaling about 100 basis points and one to two interest rate cuts of 10 basis points each [3] A-Share Market Dynamics - The A-share market is transitioning from domestic-focused companies to global multinational corporations, indicating a shift towards a mature market [4] - Earnings for A-shares are projected to recover, with non-financial A-share growth expected to reach around 10% [4] - The market is likely to experience a more balanced style in 2026, driven by cyclical industries approaching supply-demand equilibrium [5] Industry Trends - Key industry themes include the upgrading of traditional manufacturing, the globalization of Chinese enterprises, and the expansion of AI applications [5] - The "new economy" sectors are expected to grow faster than other economic sectors from 2026 to 2030, with their GDP contribution increasing by 3 percentage points by 2030 [3] - The macroeconomic environment and innovation trends are favorable for growth styles, with a potential shift in market dynamics due to past capacity reduction cycles [5]

Core Viewpoint - The recent announcement by the Ministry of Finance and the State Taxation Administration regarding gold tax policies marks a significant shift in the regulatory framework and development landscape of the domestic gold market, aiming to enhance tax governance and guide gold resources to better serve the real economy [1][2]. Group 1: Tax Policy Changes - The new tax policy exempts value-added tax (VAT) on transactions of standard gold through official exchanges, with specific provisions for investment and non-investment uses, effective from November 1, 2025, to December 31, 2027 [1]. - The policy aims to address tax evasion issues and enhance regulatory oversight by distinguishing between the commodity and financial attributes of gold [2][8]. Group 2: Market Impact - The gold industry is expected to undergo a "reshuffling period," with potential short-term pain for the jewelry sector but a healthier long-term outlook, particularly for leading brands [3]. - The new tax structure may lead to fluctuations in gold raw material prices, indirectly affecting the cost of gold jewelry production and final retail prices [3]. Group 3: Banking Sector Adjustments - Several banks, including Industrial and Commercial Bank of China and China Construction Bank, have adjusted their gold accumulation services in response to market volatility and new regulations [4][5]. - Changes include suspending certain gold accumulation services and adjusting minimum investment amounts, reflecting the banks' risk management strategies [5][7]. Group 4: Investment Strategies - Investors are advised to be more cautious in their investment channel choices due to the new tax environment, which favors transactions through exchanges due to lower tax burdens [8][9]. - The attractiveness of non-exchange physical gold investments is expected to decline, while gold ETFs and other virtual trading options may gain popularity among ordinary investors [9][10]. Group 5: Consumer Behavior - The importance of the purchasing channel has increased significantly, with consumers needing to consider the tax implications of their gold purchases more carefully [9][10]. - The shift in tax policy may lead to a preference for purchasing gold through formal banking channels, which offer better liquidity and compliance assurances [10].