Group 1 - Xiaomi is building its own GPU cluster and is making significant investments in AI large models [1] - The Xiaomi large model team initially had 6,500 GPU resources, indicating a strong focus on AI large models [2] - The demand for data centers is expected to increase due to rising AI computing power needs, particularly for high-power super-large data centers [3] Group 2 - The recent power outage at Microsoft's data center affected OpenAI's AI services, highlighting the importance of reliable power supply for AI operations [2] - There is a growing need for advanced infrastructure in the IDC industry, including power equipment and liquid cooling systems, to meet the demands of high-performance computing [3]

Group 1 - The core viewpoint emphasizes the potential benefits from policy initiatives, with AI+ being a key mid-term industry theme [1] - The report suggests focusing on sectors such as non-bank financials, electronics, military industry, media, machinery, real estate chain, construction, and leisure services [2] - It is anticipated that in the current policy environment, there may be timely reductions in reserve requirements and interest rates in the first quarter of next year, which could enhance stock valuation attractiveness and drive liquidity in the A-share market [3] Group 2 - The report highlights key themes to watch, including AI+, low-altitude economy, and initial public offerings [5] - It notes that the A-share market has been gradually moving upward from its bottom over the past few months, with seasonal trends indicating a typically quieter market towards year-end due to profit-taking [4] - Following the Lunar New Year, liquidity is expected to improve further, potentially leading to increased market activity [4]

证券代码：601066 证券简称：中信建投 公告编号：临2024-078号 中信建投证券股份有限公司 第三届董事会第十一次会议决议公告 表决结果：12 票同意、0 票反对、0 票弃权，本议案获得通过。公司董事长、 执行董事、执行委员会主任王常青先生予以回避表决。 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。 一、董事会会议召开情况 中信建投证券股份有限公司（以下简称公司）第三届董事会第十一次会议于 2024 年 12 月 6 日、2024 年 12 月 20 日以书面方式发出会议通知与补充通知，于 2024 年 12 月 27 日在公司总部会议中心以现场结合通讯的方式召开。本次会议 应出席董事 13 名；实际出席董事 13 名，其中现场出席的董事 7 名，以电话方式 出席的董事 6 名（闫小雷董事、浦伟光董事、赖观荣董事、张峥董事、吴溪董事 和郑伟董事）。 本次会议由董事长王常青先生主持，公司监事与相关高级管理人员列席会议。 会议召开和表决情况符合法律、法规、股票上市地证券交易所上市规则及《中信 建投证券股份有限公司章程》《 ...

Group 1 - The low-altitude economy is being accelerated by policy initiatives, with a focus on infrastructure development as a precursor to industry growth [1][2] - The establishment of the Low Altitude Economy Department will enhance the coordination of low-altitude economic development [2] - Shanghai Low Altitude Economy Industry Development Co., Ltd. has been registered, and the first provincial low-altitude flight service center has been successfully established [3] Group 2 - The expansion of special bonds for project capital now includes new sectors such as low-altitude economy and commercial aerospace [2] - There is an emphasis on low-altitude flying vehicles and related sectors as core components of the low-altitude economy [1] - The completion of low-altitude infrastructure will lead to a richer operational landscape, driving market expansion for local and vertical low-altitude flight operation companies [1]

Core Points - The company plans to raise a total of up to 885 million yuan through a private placement of shares, with the net proceeds intended for the production project of automotive wiring harnesses and to supplement working capital [1] - The issuance will not include the company's controlling shareholders or related parties, and the specific investors have not yet been determined [2] - The issuance has been approved by the Shanghai Stock Exchange [3] Pricing and Lock-up - The pricing benchmark for the issuance will be the first day of the issuance period, with the price set at no less than 80% of the average trading price of the company's A-shares over the 20 trading days prior to the pricing date [4] - Shares subscribed by the investors will be locked for a period of six months post-issuance, with any subsequent reduction in holdings subject to regulatory requirements [5] Issuance Details - The issuance will target up to 35 specific investors, including various financial institutions and qualified investors, with all subscriptions to be made in cash at the same price [7] - The number of shares issued will be determined by dividing the total raised funds by the issuance price, capped at 30% of the company's total share capital prior to the issuance, which equates to a maximum of 131,032,824 shares [8] Control and Ownership - The actual controllers of the company, Cheng Sanrong and Jin Chengcheng, hold a combined 74.98% of the shares, and post-issuance, their combined ownership will decrease to 57.68%, ensuring that control of the company remains unchanged [9]

Industry and Company Key Points **1. Global Economic Uncertainty and Policy Shifts**: * **U.S. Conservatism and Protectionism**: The U.S. policy of "America First" and unilateralism is causing significant uncertainty globally, impacting non-U.S. currency and capital flows [2]. * **Positive Fiscal and Monetary Policies**: Implementing more aggressive fiscal and monetary policies is expected to stabilize the economy, with manufacturing investment playing a crucial role [3]. * **Supply Chain Disruption**: Policies like self-sufficiency, restricting foreign investment, and enhancing cybersecurity are aimed at ensuring U.S. technological leadership and potentially disrupting global supply chains [5]. **2. Economic Outlook and Growth**: * **GDP Growth Target**: The target for GDP growth in 2025 is expected to be around 5% [10]. * **Inflation Expectations**: Increasing inflation expectations is a key task, with the CPI expected to rise from 0.4% in 2024 to 0.8% in 2025 [12]. * **PPI**: The PPI is expected to remain negative in 2024 but turn positive in the second half of 2025, reaching 0% for the full year [12]. **3. Consumption and Investment**: * **Consumer Spending**: The report emphasizes the need to boost consumer spending and improve living standards, including increasing pensions, healthcare subsidies, and implementing pro-childbirth policies [20, 30]. * **Investment**: The focus is on "filling in the gaps" and enhancing future growth, with a focus on major projects and government investment [41]. **4. Real Estate Market**: * **Stabilization**: The real estate market is expected to stabilize in 2025, with prices expected to rise slightly [34]. * **Deleveraging**: The report highlights the ongoing deleveraging process in the real estate sector, with a focus on reducing inventory and stabilizing prices [36]. **5. Industrial Development and Technology**: * **Marshall's Cycle**: The report discusses the upward trend in the Marshall's cycle, with a focus on industries like new energy, new energy vehicles, and high-end manufacturing [38, 48]. * **Strategic Emerging Industries**: The report emphasizes the importance of strategic emerging industries, including new generation information technology, high-end equipment manufacturing, new materials, and new energy vehicles [53]. **6. Policy Measures**: * **Fiscal Policy**: The report highlights the expansionary fiscal policy, including increasing the fiscal deficit, increasing government bond issuance, and optimizing fiscal expenditure [62, 68, 74]. * **Monetary Policy**: The report advocates for a moderate easing of monetary policy, including lowering interest rates and maintaining sufficient liquidity [76, 86, 94]. **7. Asset Allocation**: * **Equities**: The report suggests that the stock market will benefit from policy support and the expansion of domestic demand [138]. * **Bonds**: The report predicts a downward trend in bond yields due to long-term growth deceleration, asset scarcity, and the start of a monetary easing cycle [124]. * **Currencies**: The report expects the US dollar to weaken in the medium term, while the renminbi is expected to stabilize [138]. * **Real Estate**: The report predicts a stabilization in the real estate market, with a focus on reducing inventory and improving quality [138]. * **Commodities**: The report suggests that commodities like copper and crude oil will be affected by weak demand and the strong US dollar [138]. * **U.S. Equities**: The report predicts that the U.S. stock market will face challenges due to economic weakness and profit growth concerns [138]. **8. Risks and Challenges**: * **Global Economic Uncertainty**: The report highlights the potential risks of global economic uncertainty, including geopolitical tensions, trade disputes, and financial stability concerns [147]. * **Inflation**: The report emphasizes the need to control inflation and maintain price stability [14, 195]. * **Deleveraging**: The process of deleveraging in key sectors like real estate and local government debt remains a challenge [36, 41].

证券时报e公司讯，中信建投研报称，首发经济是指企业发布新产品、新业态等的经济活动，是经济增 长的重要驱动力。 目前，国家及地方政府已出台多项政策支持首发经济发展，包括提供财政支持、构建专业服务生态圈、 重视知识产权保护等。 作为一种新兴经济形态，它对扩大消费、推动产业升级、促进就业等方面均有积极作用。 首发经济的发展将赋予零售、餐饮、旅游、传媒等多个行业新的增长点。 未来，政策需继续帮助企业解决创新意识不足、持续运营能力弱等问题，推动首发经济高质量发展。 ...

中信建投证券股份有限公司 2025 年第一次临时股东大会 会议资料 2025 年 1 月 会议议程 现场会议开始时间：2025 年 1 月 17 日（星期五）14:30 现场会议召开地点：北京市朝阳区景辉街 16 号院 1 号楼泰康集团大 厦 13 层会议室 网络投票：采用上海证券交易所网络投票系统，通过交易系统投票平 台的投票时间为股东大会召开当日的交易时间段，即 9:15-9:25、 9:30-11:30、13:00-15:00；通过互联网投票平台的投票时间为股东大会 召开当日的 9:15-15:00。 召集人：中信建投证券股份有限公司董事会 现场会议基本程序： 一、宣布会议开始 二、宣布会议出席情况，推选计票人和监票人 三、审议议案 四、现场投票 各位股东： 根据公司章程的相关规定，公司股东中央汇金投资有限责任公司提名林煊女 士为公司第三届监事会股东代表监事候选人（简历详见附件）。 林煊女士符合法律法规及公司股票上市地证券交易所上市规则对上市证券公 司监事的任职条件，与公司主要股东不存在简历所述之外的关联关系，未持有公 司股份，不存在曾受证券监管机构、政府主管部门处罚及证券交易所惩戒的情形。 林煊女士将 ...

证券代码：601066 证券简称：中信建投 公告编号：2024-077 号 中信建投证券股份有限公司 关于召开 2025 年第一次临时股东大会的通知 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、 召开会议的基本情况 召开的日期时间：2025 年 1 月 17 日 14 点 30 分 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 1 月 17 日 至 2025 年 1 月 17 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 （六）融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通、约定购回业务相关账户以及沪股通投资者的投票， 应按照《上海证券交易所上市公司自律监管指引第 1 号—规范运作》等有关规定 执行。 （七）涉及公开征集股东投票权：不 ...

考虑即将进入"十五五"新周期，预期低空经济有望成为重点发展方向，建议关注天地一体化交通运转体 系，以及六大试点城市和低空司成立进度。 偏硬件投资：1）整机与解决方案；2）整机厂。 证券时报网讯，中信建投研报指出，近期各地低空经济政策连续出台，低空经济创新联合体+全国首家 数据科技央企接连亮相，进一步推动产业快速发展，建议重拾对低空经济的重视。 校对：杨立林 关注2个方向，4条线索，其中偏软投资：1）民航系产品的复用；2）核心城市规划设计。 ...