Core Insights - The 43rd J.P. Morgan Healthcare Conference will be held from January 13 to 16, 2025, in San Francisco, USA, and is recognized as the largest and most comprehensive healthcare investment seminar in the industry [1] - The conference will connect global industry leaders, rapidly growing companies, innovators, and investment professionals [1] Pharmaceutical Sector - In the innovative drug sector, the focus remains on technological iterations and business development (BD) around core products and areas, which are seen as growth engines for pharmaceutical companies [1] Life Sciences and CXO - There is a moderate recovery in upstream research and development demand in the life sciences sector, with domestic stimulus policies expected to enhance demand in this area [1] Medical Devices - The medical device sector is concentrating on technological innovation and product iteration, aiming to explore new fields and enhance product competitiveness [1] Vaccine Development - For vaccines, multinational corporations (MNCs) are prioritizing the continuous development of high-priced and innovative vaccines as key areas for pipeline growth [1] Investment Opportunities - The international capital interaction in the healthcare industry is vibrant, and technological innovation is driving the sector's development, making 2025 an optimal time to invest in excellent tracks and leading core enterprises in the healthcare industry [1]

Core Viewpoint - The report from CITIC Securities highlights the recent joint issuance of the "Implementation Plan for Promoting Long-term Capital into the Market" by multiple ministries, indicating a favorable outlook for high-quality development opportunities in the capital market under the backdrop of long-term capital entering the market [1] Group 1 - Since the end of September 2024, A-share trading activity has significantly rebounded, with daily transaction amounts stabilizing at the level of one trillion yuan [1] - The combination of market beta and alpha driven by AI presents investment opportunities for financial information service providers [1]

Group 1 - The core viewpoint of the article is that the China Securities Regulatory Commission (CSRC) and four other departments are promoting the entry of long-term funds into the market to enhance the quality of capital market development [1] - CITIC Securities believes that the logic behind promoting long-term funds entering the market includes increasing the entry ratio, establishing long-term assessment mechanisms, and improving the market ecosystem [1] - If the related goals are fully achieved, it is estimated that the scale of funds entering the market could reach trillions [1]

Company Overview - Jiangsu Zhonghui Yuantong Biotechnology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities and CMB International as joint sponsors [1] - Established in 2015, the company focuses on the research, development, manufacturing, and commercialization of innovative vaccines and traditional vaccines using new technologies [1] - The company has two core products: a quadrivalent influenza virus subunit vaccine and an investigational lyophilized human rabies vaccine [1] Product Details - The quadrivalent influenza virus subunit vaccine, named Huiruankangxin, received approval from the National Medical Products Administration (NMPA) in May 2023 for individuals aged three and above, making it the first and only quadrivalent influenza virus subunit vaccine approved in China as of the last feasible date [1] - The company has submitted a New Drug Application (NDA) for the use of the quadrivalent influenza virus subunit vaccine in children aged 6 to 35 months, which was accepted by the NMPA in June 2024 [1] - The investigational lyophilized human rabies vaccine is developed using human diploid cells, which are recommended by the World Health Organization as one of the safest cell culture substrates for producing viral vaccines [1][4] Clinical Trial Results - In Phase III clinical trials, the quadrivalent influenza virus subunit vaccine demonstrated serum protection rates of 96.56%, 97.98%, 89.41%, and 95.88% for H1N1, H3N2, BV, and BY virus strains, respectively, all exceeding the EU standard of 70.0% [2] - The geometric mean titer (GMT) of neutralizing antibodies induced by the vaccine was significantly higher than that of the control quadrivalent influenza virus split vaccine [2] - The overall incidence of vaccine-related adverse events in participants aged 18 to 64 was lower than that of the control vaccine, with statistically significant differences [2] Market Analysis - The influenza vaccine market in China grew from 2 billion yuan in 2019 to 8.8 billion yuan in 2023, with a compound annual growth rate (CAGR) of 45.1% [3] - The total number of influenza vaccine batches released increased from 30.8 million doses in 2019 to 70.5 million doses in 2023, with projections to reach 19.8 billion yuan by 2032 [3] - The quadrivalent influenza virus subunit vaccine market is expected to grow from 400 million yuan in 2023 to 3.4 billion yuan by 2032, with a CAGR of 27.4% [3] Rabies Vaccine Market - The human rabies vaccine market in China increased from 3.8 billion yuan in 2019 to 8.9 billion yuan in 2023, with a CAGR of 23.9% [4] - The total number of rabies vaccine batches released rose from 58.8 million doses in 2019 to 70.4 million doses in 2023, with expectations to reach 12.5 billion yuan by 2032, reflecting a CAGR of 3.8% from 2023 to 2032 [4] - The investigational rabies vaccine is expected to partially replace traditional vaccines developed using Vero and primary hamster kidney cells [4]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、担保情况概述 公司境外全资子公司中信证券国际的附属公司CSI MTN Limited（以下简称发 行人或被担保人）于2022年3月29日设立本金总额最高为30亿美元（或等值其他货 币）的境外中期票据计划（以下简称中票计划），此中票计划由中信证券国际提 供担保。 发行人于2025年1月21日在中票计划下发行一笔票据，发行金额6,500万美元。 本次发行后，发行人在中票计划下已发行票据的本金余额合计22.28亿美元。 二、被担保人基本情况 证券代码：600030 证券简称：中信证券 公告编号：临2025-005 中信证券股份有限公司 关于间接子公司发行中期票据 并由全资子公司提供担保的公告 （二）被担保人与公司的关系 被担保人为公司之间接全资子公司。 三、担保事项的主要内容 （一）被担保人概述 1. 公司名称：CSI MTN Limited 1 被担保人名称：CSI MTN Limited 本次担保金额：6,500万美元 已实际为其提供的担保余额：本次担保实施后， ...

Group 1 - The core viewpoint of the article highlights the strong growth of AI and the continuous increase in computing power demand [1] - Leading overseas companies are entering a phase of ramping up their computing power products, which is driving an increase in hardware shipment volumes and performance requirements [1] - As a critical component, PCB is experiencing enhanced material performance requirements, with high-frequency and high-speed resins like PPO and dual-mode BMI resin accelerating their market presence [1] Group 2 - Looking ahead, the direction of technological iteration suggests that electronic resins with superior dielectric properties, such as hydrocarbon resins and polytetrafluoroethylene resins, are expected to become new development trends [1]

Group 1 - The core viewpoint indicates that brand apparel consumption pressure is expected to improve quarter-on-quarter in Q4 2024, with related consumption subsidy policies likely to boost sales for home textile companies in the same period [1] - Looking ahead to 2025, ongoing macroeconomic stimulus policies are anticipated to continue enhancing the macro consumption environment, suggesting a focus on the recovery of various brand consumptions [1] - The report highlights that sports brands are expected to see a general acceleration in revenue growth in Q4 2024, recommending attention to companies' annual profit achievement and high-growth segments such as outdoor sports, niche brands, and cost-effective consumption [1] Group 2 - In the textile manufacturing sector, high-quality textile manufacturing companies are projected to achieve high certainty growth in performance throughout 2024, with some leading OEM companies showing positive order demand outlook for the first half of 2025 and the entire year [1] - The report notes that the tariff impacts have largely been priced in, suggesting a focus on undervalued high-quality leading companies [1]

重要内容提示： 一、担保情况概述 公司境外全资子公司中信证券国际的附属公司CSI MTN Limited（以下简称发 行人或被担保人）于2022年3月29日设立本金总额最高为30亿美元（或等值其他货 币）的境外中期票据计划（以下简称中票计划），此中票计划由中信证券国际提 供担保。 发行人于2025年1月17日在中票计划下发行两笔票据，发行金额合计6,230万 美元。 本次发行后，发行人在中票计划下已发行票据的本金余额合计21.63亿美元。 二、被担保人基本情况 （一）被担保人概述 证券代码：600030 证券简称：中信证券 公告编号：临2025-004 中信证券股份有限公司 关于间接子公司发行中期票据 并由全资子公司提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 6. 经营情况：被担保人系特殊目的公司（SPV），自成立以来未开展除作为 债券发行人外的其他业务活动，也未进行任何投资，本次担保发生前处于正常存 续状态，无任何正在进行的投资。现任董事为刘亮先生、袁峰先生及郑颖女士。 （二）被担保人与公司的关系 被担保 ...

Core Viewpoint - The report from CITIC Securities indicates that the price of photovoltaic glass is expected to rise as the peak production season in the photovoltaic industry approaches, driven by changes in production capacity, inventory trends, and demand in the photovoltaic sector [1] Group 1: Production Capacity and Inventory - The daily melting capacity of photovoltaic glass has decreased from a peak of 115,000 tons in June 2024 to currently below 90,000 tons, with a potential for further decline [1] - The inventory cycle for photovoltaic glass has reduced from approximately 40 days at the end of 2024 to about 34 days currently, with expectations for continued decline [1] Group 2: Demand Forecast - For 2025, with an estimated photovoltaic installation of around 550 GW, the corresponding daily melting capacity demand for photovoltaic glass is projected to be nearly 95,000 tons, which exceeds the current production capacity [1] - This situation is expected to create strong upward pressure on prices as the peak season approaches, suggesting investment opportunities in photovoltaic glass companies [1]

板块投资方面，基于对银行商业模型风险预期和增长预期的再定位，叠加2025年经济和政策的情景分 析，中信证券认为，银行板块估值仍有明确上行空间。 个股组合方面，推荐2条主线：1）红利贡献稳健回报，选择业绩增速稳定、分红率稳定、资产质量稳 定、估值波动低的个股；2）商业模型优异公司，估值溢价有望回归常态区间：选择ROE高且确定性 强，当前估值溢价仍处低位的个股。 证券时报e公司讯，中信证券研报认为，房地产金融风险仍在可控范围内，不排除下阶段更有力的提振 房企现金流的政策出台。 业绩快报显示，银行基本面稳固，经营指标表现好于预期。 ...