中信建投证券2026年全球资本市场、国内外宏观经济与政策、A股及海外市场、债券市场、资产配置以及各大产业链投资策略展望观点发布。 中信建投证券研究产品中心总结了19大研究团队的2026年投资策略展望报告核心内容，3万字干货。 01丨医药生物2026年投资策略：价值重塑，静待花开 核心观点： 中国医药产业迈入 "创新兑现 + 全球布局" 的关键阶段，人口与内需基数、全产业链制造能力构成核心支撑，企业积极探索多元化的出海路径。面对全球 竞争与政策深化，行业需 "立足于内、创新引领、开拓于外"，对内强化供应链安全与合规能力，对外深化多元化出海布局。展望 2026 年，重点把握创新 商业化、全球化突破、政策优化带来的新增量及行业并购整合的机遇。 全球视角：创新价值凸显，中国力量加速渗透 中国医药具 "创新升级 + 供应链韧性" 优势，2025前三季度创新药海外授权超去年全年，器械也在积极探索出海路径。美国主导早期研发与高端定价，但 跨国药企专利悬崖下需求旺盛，中国资产全球性价比凸显，内外协同空间广阔。 国内的价值重塑：聚焦高质量发展，筑牢创新与合规根基 ①政策：聚焦高质量发展，集采优化、多元化支付、医疗服务价改推进； ...

专题：2025深圳国际金融大会 由中国人民大学主办的2025深圳国际金融大会于11月19日至21日在深圳举行。招商银行行长王良在致辞中表示，中国银行业已告别规模扩张阶段，迈入转型升级、价值创造的新阶段。加快转型 王良强调，银行业应从六个方面加快转型升级：一是做好金融"五篇大文章"，提升特色化服务能力；二是洞察产业变革新趋势，提升专业化服务能力；三是适应社会融资结构新变化，提升综合化 王良表示，招行将把握时代机遇、大湾区优势、政策红利，加快转型升级，积极推进"国际化、综合化、差异化、数智化"发展，为金融强国建设和粤港澳大湾区高水平对外开放贡献招行力量。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目的，并不意味着赞同其观点或证实其描述。 责任编辑：梁斌 SF055 ...

聚焦大湾区农交 会｜"媒体+"见 证：四十年农批 路，千帆竞发启 新程_南方+_南 方plus 珠江潮涌，湾区 风劲。当改革开 放的前沿阵地与 中国农产品流通 四十载历程相 遇，一场凝聚行 业智慧的盛会即 将奏响时代强 音。"中国农产 品批发市场行业 发展40年大 会"定于2025年 12月12日至14日 在广州广交会展 馆举行，这场 以"四秩链通 惠 泽城乡——致敬 中国农批40 年"为主题的行 业盛会，将借力 大湾区农交 会"媒体+"的传 播优势，全景展 现中国农产品流 通体系四十年的 沧桑巨变。 农的重要桥梁。 这个系统不仅保 障了14亿人的农 产品供应，更在 稳定市场价格、 调节供需平衡方 面发挥着不可替 代的作用。 回顾农产品批发 市场的现代化转 型历程，令人不 禁感慨，"波澜 壮阔"就是其成 四十年风云激 荡，从山东寿光 蔬菜批发市场破 土而出，到如今 遍布神州的4000 余家市场网络； 从最初的露天集 市，到年交易额 突破6万亿元的 现代化流通体 系。全国城市农 贸中心联合会的 数据显示，这个 承担着全国70% 农产品流通重任 的行业，正以崭 新的姿态站在新 的历史起点。 四十年砥砺奋进 从集市 ...

金山软件首席执行官邹涛先生表示："第三季度，集团总收益人民币24.19亿元，同比下降17%，环比增 长5%。办公软件及服务业务表现稳健，得益于WPS软件业务的显著增长、WPS 365业务的快速增长及 WPS个人业务的稳健增长。网络游戏及其他业务下滑，主要由于若干现有游戏的收益贡献减少。新上 线游戏处于发展初期，仍在逐步建立市场影响力。 在办公软件及服务业务中，WPS个人业务通过AI新产品落地推广及海内外市场精细化运营，带动WPS AI月活、付费用户数及用户价值稳步提升。对于WPS 365业务，我们不断完善协作与AI条线产品，民营 企业及地方国企客户覆盖进展卓有成效，产品力和行业影响力持续提升。对于WPS软件业务，信创招 标进度加速。政务AI产品持续迭代，目前已在中央及地方党政机关落地推广，为信创客户数智化转型 保驾护航。 在网络游戏业务中，旗舰游戏《剑网3》于八月迎来十六周年，并于十月推出年度资料片，引入创新玩 法。二次元游戏《尘白禁区》依托长线内容更新与用户运营，稳固核心用户群体。科幻机甲游戏《解限 机》上线后持续调优玩法和运营模式，提升玩家体验。两款国际化IP游戏《鹅鸭杀》和《愤怒的小鸟》 预计在未来季度 ...

Core Insights - Kingsoft Software (03888) reported Q3 2025 earnings with total revenue of approximately RMB 2.419 billion, a year-on-year decrease of 17% but a quarter-on-quarter increase of 5% [1] - Operating profit was around RMB 277 million, down 76% year-on-year and down 28% quarter-on-quarter [1] - Net profit attributable to shareholders was approximately RMB 213 million, a decrease of 48% year-on-year and a decrease of 60% quarter-on-quarter, with basic earnings per share of RMB 0.15 [1] Business Performance - The company focused on its core business, emphasizing AI, collaboration, and internationalization as strategic priorities [1] - The office software and services segment showed stable performance, driven by significant growth in WPS software, rapid growth in WPS 365, and steady growth in WPS personal business [2] - The gaming and other businesses experienced a decline due to reduced revenue contributions from existing games, while newly launched games are still in the early stages of market establishment [1][2] Office Software and Services - WPS personal business benefited from the rollout of new AI products and refined operations in domestic and international markets, leading to steady increases in monthly active users, paid users, and user value [2] - WPS 365 business is continuously improving collaboration and AI product lines, with effective coverage of private enterprises and local state-owned enterprises [2] - Government AI products are being iterated and have been promoted in central and local government agencies, supporting the digital transformation of clients [2] Gaming Business - The flagship game "Jian Wang 3" celebrated its 16th anniversary in August and launched an annual expansion pack in October, introducing innovative gameplay [2] - The anime game "Chen Bai Jin Qu" is maintaining its core user base through long-term content updates and user operations [2] - The sci-fi mech game "Jie Xian Ji" continues to optimize gameplay and operational models post-launch to enhance player experience [2] - Two international IP games, "Goose Goose Duck" and "Angry Birds," are expected to launch in the domestic market in upcoming quarters [2] Future Outlook - Kingsoft Software plans to continue focusing on its core strategy of AI, collaboration, and internationalization, leveraging its core product matrix to meet the needs of individual users and large enterprises [2] - The gaming business will concentrate on developing high-quality content and global distribution, enhancing the longevity of classic IPs, and promoting the growth of new categories for sustainable development [2]

Core Insights - The company reported a total revenue of RMB 2.42 billion for Q3 2025, representing a year-on-year decline of 17% but a quarter-on-quarter increase of 5% [1] - The office software and services segment generated revenue of RMB 1.52 billion, showing a year-on-year growth of 26% and a quarter-on-quarter growth of 12% [1] - The gaming and other businesses generated revenue of RMB 900 million, reflecting a year-on-year decline of 47% and a quarter-on-quarter decline of 6% [1] - The net profit attributable to the parent company was RMB 210 million, down 48% year-on-year [1] Office Software and Services - Growth in the office software and services segment was driven by the performance of WPS software, WPS 365, and personal business [1] - The strong growth of WPS software was primarily due to the boost from Xinchuang orders [1] - The rapid growth of WPS 365 was attributed to continuous improvements in collaboration and AI products, as well as effective expansion among private enterprises and local state-owned enterprises [1] - The steady growth in personal business was supported by the rollout of new AI products and refined operations, leading to an increase in paying users [1] - As of September 2025, the global monthly active devices for WPS Office reached 669 million, a year-on-year increase of 9% [1] Gaming and Other Businesses - The revenue decline in the gaming and other businesses was mainly due to a drop in earnings from several existing games, partially offset by contributions from newly launched games [1] Strategic Focus - The company will continue to focus on its core strategy of "AI, collaboration, and internationalization," leveraging its core product matrix to cover full-scenario needs from individuals to enterprises [2] - In the gaming sector, the company aims to concentrate on developing high-quality content and global distribution to promote the growth of new categories and sustainable development [2]

Core Viewpoint - Pinduoduo reported strong financial results for Q3, with a focus on international expansion despite facing challenges in revenue growth and external policy risks [1][4][5]. Financial Performance - Q3 total revenue reached 108.2765 billion yuan (approximately 11.52095 billion USD), a year-on-year increase of 9% [2]. - Net profit attributable to ordinary shareholders for Q3 was 29.3282 billion yuan (approximately 4.1197 billion USD), reflecting a year-on-year growth of 17% [2]. - The company holds over 400 billion yuan in cash reserves [3]. Competitive Landscape - Pinduoduo's GMV for Temu in Q3 reached 24 billion USD, with a year-on-year growth of 75% for the first three quarters [3]. - The company continues to focus on its core business and internationalization, contrasting with its domestic competitors who spend 30-50 billion yuan quarterly on subsidies for delivery and flash sales [3]. Challenges - Revenue growth has slowed down [4]. - Management has no plans for stock buybacks, which may exert pressure on the stock price [5]. - Temu faces significant external policy risks [5]. Market Context - The overall performance of major Chinese tech companies in Q3 has been strong, with Xiaomi reporting a 22.3% year-on-year revenue increase and Baidu's AI-related revenues showing substantial growth [6].

专用汽车是服务乡村振兴，支持支撑国民经济建设，保障公共安全的关键装备，在国民经济体系中占据着不可替代的重要地位。近年来，我 国专用汽车行业在产品管理制度、产业结构与市场环境等领域实现了深刻的变革。日前，以"聚力•重塑•共赢"为主题的2025专用汽车产业发展论坛 在武汉落幕，为行业带来了一场思想碰撞的盛宴。 中汽中心中国汽车标准化研究院高级工程师张广秀详细解读了GB7258标准的最新修订内容，涵盖术语规范、安全装置应用、智能网联与新能源汽车 技术规范等，推动行业向更安全、更智能、更统一的方向发展。 工信部装备中心刘永腾则对专用车产品准入审查规范与核心技术要求作出专业分析，为企业产品开发与合规上市提供了明确指引。 当前专用车市场，特别是在中国，呈现出电动化、智能化、国际化三大趋势，整体处于高速发展的 "蓝海窗口期"，新能源环卫车、应急装备、无人 矿卡等细分领域正成为新一轮增长引擎。 数据显示，在电动化上，2024年中国新能源专用车销量超30万辆，渗透率近30%。预计"十五五"末，部分公共领域电动渗透率将超70%，环卫车与冷 藏车将是电动化主力；在智能化上，封闭、低速场景是专用车自动驾驶最佳落地场景，如港口、矿山、 ...

作为已举办十九届的行业标杆性赛事，王琳认为大赛在投资者教育、人才培育及市场生态优化方面发挥 了不可替代的作用，也为期货行业发展作出重要贡献。一是实现投资者教育从"理论认知"到"实战淬 炼"的跨越。大赛为交易者提供"真金白银"的试炼场，通过收益率、回撤率等真实数据公示，让参赛者 直观感受市场波动风险。二是让人才培育从"草根交易者"到"专业化团队"。大赛通过多维度指标精准识 别优秀交易者，使得赛事不仅成为选拔交易人才的"试金石"，更成为基金业、资管业的人才"蓄水池"。 对未来大赛的参与规划，王琳提出将从产融深度融合、科技赋能升级、国际化生态构建三大方向深化参 与。在产融结合方面，建议增设"产业创新组"，鼓励企业展示套保案例，推动期货工具在农业、新能源 等领域的应用；在科技赋能方面，期待引入AI交易策略分析、大数据风控模型等工具；在国际化方 面，建议吸引更多境外机构参与，探索跨境套利、汇率风险管理等赛道。 在第十九届全国期货（期权）实盘交易大赛（下称大赛）中，中粮期货第三次作为指定交易商参与此项 行业盛会。中粮期货总经理助理王琳在接受期货日报记者专访时表示，公司将持续发挥产业特色优势， 通过赛事平台更好地服务实体经 ...

东阳光药业董事长张英俊表示，"创新与国际化已从'可选'变为'必选'，成为中国药企突围的核心双引 擎。中国药企正从'跟跑'向'领跑'跨越，未来将以创新为基、国际化为翼，持续开拓全球医药创新新空 间。" 此外，在大会上，康方生物创始人、董事长夏瑜，前FDA定量药理部部长、瑞宁康创始人王亚宁，微芯 生物创始人、董事长鲁先平，亚盛医药董事长、CEO杨大俊，百图生科AI解决方案负责人贺照人，乐 纯生物首席商务官、康天晟合生物联合创始人吴帆，信立泰药业总经理、广东省生物医药创新技术协会 会长颜杰，广东省生物医药创新技术协会执行会长朱少璇，博济医药董事长王廷春，美国汉佛莱首席运 营官赵东以及近1000名中外顶尖科学家和产业界领袖，共同展望粤港澳大湾区生物医药的创新实践与未 来发展。 中证报中证网讯（王珞）据博济医药公众号消息，近日，由广东省生物医药创新技术协会、广州市科技 进步基金会共同主办，博济医药等单位联合承办的第七届粤港澳大湾区生物医药创新大会在广州开幕。 论坛以"湾区创新 擎航新程"为主题，重点聚焦创新药内外双循环发展路径、科技成果加速转化、全球 出海合规发展，以及AI技术如何为新药研发全链条赋能等关键议题，共同探 ...