届时投资者可通过中信建投办理上述基金开户、申购、赎回、基金转换、基金定投及其他相关业务。 二、本公司将同时在中信建投开通上述基金转换业务，单笔转出最低申请份额为1份。 三、本公司将同时在中信建投开通上述基金定期定额投资业务。每期定投最低扣款金额1元。 四、投资者可通过以下途径咨询有关详情： 1、中信建投 客服电话：95587 根据中海基金管理有限公司（以下简称"本公司"）与中信建投证券股份有限公司（以下简称"中信建 投"）签署的开放式证券投资基金销售和服务代理协议及补充协议，现将相关业务开通情况公告如下： 一、从2025年4月8日起，中信建投开始代理销售本公司旗下下列基金，仅限前端收费模式： 中海蓝筹灵活配置混合型证券投资基金C类（基金代码：020361）； 中海消费主题精选混合型证券投资基金C类（基金代码：017915）； 中海医疗保健主题股票型证券投资基金C类（基金代码：017921）； 中海混改红利主题精选灵活配置混合型证券投资基金C类（基金代码：020360）； 中海沪港深价值优选灵活配置混合型证券投资基金C类（基金代码：020362）； 中海信息产业精选混合型证券投资基金C类（基金代码：018848 ...

观众朋友们早上好,欢迎回来。今天早上的这个会议,我们弧线地解读一下昨天晚上特朗普新公布的新一轮的关税计划。美东时间4月2日,北京时间4月3日凌晨,特朗普签署了对等关税相关的一个行政令。 计划开始实施新一轮的全面关税针对昨天晚上关税计划具体内容是怎么样然后跟市场预期相比的话哪些超预期哪些低于预期对吧以及后面潜在的一些疑问或需要去关注的事情大家让市场的走势是怎么样我们今天接下来就挨个做一个介绍首先让我们看一下这次关税的核心的内容 有两个大的部分,第一个部分是对等关税的行政令,第二个它还签了另外一个行政令,就是针对中国的一个小额关税的,当然我们也会前台的提到。那么这个对等关税里面主要的框架是分两个部分,一个是10%的基准关税,另外一个是更高的对等关税。 是这两个部分那么特朗普说了对所有国家会征收一个10%的基准关税这个是在4月5号的凌晨生效那第二呢会对美国贸易逆差比较大的这些国家征收个性化的互惠对等的更高关税这个会在4月9号的时候去生效这里面包含的国家的范围就非常非常的广比如说大家之前在这个计划公布之前 关注度比较高的像欧盟对吧欧盟给到的是20%然后日本呢给到的是24%那越南呢这个新兴设想的国家呢反而是比较高啊越南 ...

同时，关注国内增量政策，把握政策节奏。一方面，合理预期政策出台节奏。市场希望政策端能尽快发 力，但是整体上中央部署增量政策保持着稳定的节奏，政策出台有稳定的节奏和考量。当前正处于两会 结束后的政策窗口期，前期政策部署落地的关键阶段，短期内进一步出台大规模增量政策的可能性相对 较小。后续增量政策走势需要关注至4月底中央政治局会议。当前建议市场投资者合理预期政策节奏， 关注政策的连续性和稳定性，避免因过度预期而引发市场波动。另一方面，消化前期政策，增强政策效 果。当前应重点消化前期已出台的政策，如提振消费专项行动、超长期特别国债支持"两重"项目建设 等，确保政策落地生效，发挥其对经济和资本市场的稳定作用。同时，关注政策的协同效应，通过财 政、货币、产业等多政策的配合，增强政策的整体效果。 中信建投胡玉玮 尽管美国加征关税的力度超出市场预期，但从4月3日A股小幅下跌的走势来看，市场整体情绪好于预 期，显示出较强的韧性。重点观察周一市场走势，如果能够上行或至少横盘，说明市场情绪已基本稳 定，除出海板块短期业绩承压外，其他板块无需过度悲观，市场情绪仍旧保持乐观。增强市场信心与预 期管理。通过多种渠道向市场传递积极信号， ...

Core Viewpoint - The report from CITIC Securities indicates a weak performance in A-shares in March, with a divergence in Hong Kong stocks, a decline in US stocks, a rise in gold, and a pullback in the bond market. It suggests that the current economic environment is characterized by a Kondratiev wave downturn, impacting various asset classes [1][2]. Global Macro Outlook - The report predicts that the peak year-on-year GDP for the US will be in Q1 2025, for Japan in Q2 2025, and for the Eurozone also in Q2 2025. It anticipates a temporary improvement in the yen's performance against the dollar and a strengthening of the euro against the dollar in the future. Additionally, it forecasts that gold priced in dollars will continue to strengthen [1][3]. Asset Price and Fundamental Outlook - According to analyst expectations, the forecasted ROE for the entire A-share market and non-financial A-shares in Q1 2025 is 7.38% and 6.42%, respectively, with slight adjustments from the previous month. The intrinsic value estimate for the CSI All A Index in Q2 2025 is projected to be 5,343 points. The report also notes that the ten-year Chinese government bond yield is deviating from historical cyclical patterns [3]. Industry and Style Rotation - The report identifies high economic sentiment in industries such as agriculture, non-ferrous metals, telecommunications, transportation, and non-bank financials. Currently, institutional focus is on non-bank financials and transportation, while interest in light manufacturing, automotive, consumer services, and comprehensive industries has decreased. Recent increases in institutional attention have been noted in the "petroleum and petrochemicals," "non-ferrous metals," "steel," "consumer services," and "real estate" sectors. The machinery sector is approaching a crowded indicator threshold, while the machinery, automotive, and food and beverage sectors are in a sustained crowded state [4].

近日，一则投资者在黑猫平台上对中信建投的投诉，经上游新闻、投资快报等媒体报道后，将中信建投再次推至舆论的风口浪尖。中信建投武汉建设八路证 券营业部被指在客户端公示手续费时存在"技术性杀熟"现象。有客户在长达11年的时间里，一直被按照1.9‰收取手续费，而如今一般券商手续费已降至这 一水平的二十分之一左右，11年间该客户累计支付佣金达16万元。这一惊人数字，让投资者对券商利用技术优势和信息差收取手续费的合理性产生了强烈质 疑。 恰在同一时间段内，中信建投公布了2024年业绩。曾几何时，中信建投的营收规模能够跻身行业TOP5，风光无限。然而，近几年其排名却如同坐上了滑 梯，年年下滑。与当下曝光的"杀熟"事件相互交织，市场对中信建投的未来发展充满担忧。 客户投诉："杀熟"争议浮出水面 据上游新闻报道，武汉的张女士早在2014年就在建八营业部开户炒股，长期使用中信建投的"蜻蜓点金"APP进行交易。在长达11年的时间里，她支付的佣金 比例超过1.9‰，累计扣除佣金高达16万元。 张女士反映，新客户在APP上能够清晰看到具体的佣金比例，而她作为老客户，却只能看到"不超过成交金额的3‰"这一模糊表述。直到2024年11月， ...

Core Viewpoint - The performance of the securities industry in 2024 shows a slight decline in net profit and revenue, with a notable increase in the concentration of profits and market capitalization among leading firms, particularly affecting CITIC Securities and CITIC Jiantou [1][2]. Group 1: Industry Performance - As of April 3, 2024, 30 out of 49 securities firms reported core financial data, revealing a cumulative net profit of 128.61 billion yuan, a slight decrease of 1.60% from 2023 [1]. - The number of securities firms with net profits exceeding 10 billion yuan increased to five, indicating a growing concentration in the industry [1]. - The top five securities firms account for nearly 40% of the total market capitalization of the industry, with a combined market value of 1,232.13 billion yuan [2]. Group 2: CITIC Jiantou's Performance - CITIC Jiantou reported a net profit of 7.22 billion yuan in 2024, a year-on-year increase of 2.68%, but still 3 billion yuan short of its 2021 peak [4]. - The company's revenue declined by 9.10%, reflecting a contraction in overall business scale [4]. - Despite a high market capitalization of 191.75 billion yuan, CITIC Jiantou's price-to-earnings ratio stands at 26.55, indicating a relatively high valuation compared to peers [4]. Group 3: Investment Banking Challenges - CITIC Jiantou faced multiple regulatory warnings regarding the quality of its IPO sponsorships, impacting its reputation and business performance [5]. - The investment banking revenue for CITIC Jiantou plummeted by 48.14% to approximately 2.49 billion yuan, significantly affecting overall income [5]. - The decline in revenue is attributed to a substantial drop in investment banking activities and a decrease in margin financing business scale and fees [5]. Group 4: Employee Compensation Trends - CITIC Jiantou's average employee salary in 2024 was 468,000 yuan, a decrease of 17.05%, which is significantly higher than the industry average decline of 2.53% [7]. - Among the 24 securities firms that disclosed employee compensation data, CITIC Jiantou ranked second in terms of salary reduction [7].

Group 1 - The core viewpoint of the article is that CITIC Securities conducted a specialized training session for the management and relevant personnel of Qimingxingchen Information Technology Group Co., Ltd. to enhance compliance awareness and improve corporate governance [1][2] - The training took place on March 21, 2025, at the Qimingxingchen Building in Beijing, focusing on regulatory requirements and compliance related to listed companies [1] - The training content included key regulations such as the Shenzhen Stock Exchange Listing Rules and guidelines on information disclosure and the management of raised funds [1][2] Group 2 - The company actively cooperated with the training, and participants engaged seriously with the training materials [2] - The training session facilitated discussions on key issues raised by participants, contributing to a better understanding of compliance matters [2] - The training was deemed successful, achieving its intended goals and enhancing the governance level of the listed company [2]

Overview of the Transaction - The transaction involves the acquisition of 100% equity of Zhengzhou Wastewater Purification Co., Ltd. by Zhongyuan Environmental Protection Co., Ltd. for a total consideration of 442,067.68 million yuan [2][3] - The transfer of ownership was completed on March 17, 2023, with the necessary business registration changes finalized [2] Performance Commitment and Compensation Arrangement - The performance commitments for the years 2023, 2024, and 2025 are set at net profits of 36,930.21 million yuan, 34,342.46 million yuan, and 37,827.42 million yuan respectively, after deducting non-recurring gains and losses [2][3] - A qualified accounting firm will audit the actual net profits against the committed amounts, and any shortfall will trigger compensation obligations from the performance commitment party [2][3] Compensation Mechanism - If the actual net profit falls short of the committed amount in any year, the compensation will be calculated based on a specific formula, ensuring that total compensation does not exceed the transaction amount [3][4] - Compensation will be paid in cash upon notification from the acquiring company [3][4] 2024 Performance Commitment Achievement - For the year 2024, the actual net profit achieved by the purification company was 65,439.99 million yuan, resulting in a performance commitment achievement rate of 190.55% [5] - The independent financial advisor confirmed that the performance commitments for 2024 have been met, and no compensation is required from the performance commitment party [5]

Group 1 - The report details the changes in the registered capital of CITIC Securities Co., Ltd. as of March 31, 2025, indicating no increase or decrease in the number of shares for both H-shares and A-shares [1][2] - The total registered capital at the end of March 2025 is RMB 7,756,694,797, with H-shares totaling 1,261,023,762 and A-shares totaling 6,495,671,035 [1][2] - The number of issued shares remains unchanged for both H-shares and A-shares, with the total issued shares being 1,261,023,762 for H-shares and 6,495,671,035 for A-shares [1][2] Group 2 - The report confirms that there are no changes in the issued shares or treasury shares for the reporting period [1][2] - No details are provided regarding stock options, warrants, convertible bonds, or other agreements related to the issuance of shares [1][2] - The report includes a confirmation section indicating that the securities have the same par value and rights, ensuring equal treatment among shareholders [2]

Group 1 - The core viewpoint of the document is the assessment of Chengdu Yuntu Holdings Co., Ltd. by CITIC Construction Investment Securities Co., Ltd. regarding its compliance with governance, internal control, information disclosure, and other operational aspects [1][2][3][4] - The company governance was found to be complete and compliant, with all necessary documents and meeting materials properly maintained [1][2] - Internal control systems were established and deemed effective, with no significant issues identified during the audit process [1][2] - Information disclosure practices were reviewed and found to be in accordance with relevant regulations [1][2] - The company has completed the use of raised funds in 2023, and there are no issues regarding the use of funds for 2024 [2][3] - No significant problems were discovered during the on-site inspection [3]