Industry Outlook - Paper demand is expected to recover with moderate growth by 2025, driven by policy support for consumption [1] - The supply side is nearing the end of the capacity cycle, making it easier to restore balance in the boxboard and cultural paper markets [1] - Pulp prices are likely to stabilize at the bottom and fluctuate thereafter [1] Company Selection - Companies with strong safety margins and a balanced offensive-defensive strategy are preferred [1] Resource Scarcity - The scarcity of companies with high-quality forest land and pulp resources is increasing in the medium to long term [2] - Global new commodity pulp capacity has exceeded 8 million tons since 2023, accounting for over 10% of 2023's commodity pulp capacity [3] - The next large-scale commodity pulp project is not expected until 2027, with no high-certainty large projects in the interim [3] - Upstream wood chips and pulp resources are expected to become tighter due to continued global economic growth [3] - Companies with high-quality forest land and pulp resources are viewed favorably [3]

Core Viewpoint - The Shandong Provincial Government has signed a strategic cooperation agreement with China International Capital Corporation (CICC) to establish a partnership for comprehensive financial business collaboration [1] Group 1: Strategic Cooperation - The agreement aims to create a strategic partnership between the Shandong Provincial Government and CICC [1] - The collaboration will focus on multiple areas including industrial upgrading, mergers and acquisitions, equity investment, bond financing, asset management, and overseas financial promotion [1]

Industry Outlook - The semiconductor and components industry is expected to be in an upward cycle in 2024, with inventory and supply-demand balance stabilizing by 2025 [1] - AI-driven demand from cloud and edge computing is anticipated to drive growth in the semiconductor design sector by 2025 [2] AI-Driven Growth - The AI device replacement wave is projected to accelerate downstream demand growth in the semiconductor design sector by 2025 [2] - Cloud and edge computing power chip demand is expected to expand due to AI, benefiting companies with diversified product structures [2] Manufacturing and Supply Chain - Semiconductor manufacturing supply and demand are expected to reach equilibrium by 2025, with capacity utilization maintained at reasonable levels [2] - Advanced process manufacturing R&D is likely to continue, driving development in equipment, components, materials, and design tools [2] Investment Opportunities - Mergers and acquisitions are identified as potential investment opportunities in certain market segments [2]

证券时报e公司讯，中金公司研报称，2024年半导体及元器件整体处于景气上行阶段，预计2025年库 存、供需趋稳，AI云、端需求落地，国产要素迎来新周期。 预计2025年AI换机潮有望拉动半导体设计板块下游需求增长加快。 看好AI驱动下的云、端侧算力芯片需求扩容，个股alpha层面看好产品结构拓展对相关公司业绩的拉 动，并建议关注并购重组为部分赛道带来的投资机会。 预计2025年芯片制造的供需或将趋近平衡，产能利用率维持在合理水平；其中，先进制程制造的研发有 望持续推进，带动设备、零部件、材料和设计工具的发展。 ...

Core Viewpoint - The 2023 Central Financial Work Conference emphasizes the goal of building a "financial power" and cultivating first-class investment banks, with a clear timeline and roadmap set for significant progress by 2035 [1] Group 1: Characteristics of First-Class Investment Banks - First-class investment banks should have comprehensive business coverage and global operations, serving a diverse range of clients including governments, financial institutions, corporations, and individuals [2][3] - They must possess strong business capabilities and a leading position in traditional areas such as equity issuance, bond issuance, and mergers and acquisitions, along with advanced technology and risk management capabilities [2][3] - These banks are typically global systemically important financial institutions, characterized by their scale, complexity, and the irreplaceability of the financial services they provide [3] Group 2: Development Opportunities and Challenges - The rapid development of China's capital markets has led to significant growth in domestic investment banks, which are now expanding internationally [4] - Despite notable achievements, domestic investment banks still have room for improvement compared to top international firms, particularly in historical depth, international business capabilities, product innovation, and talent development [4] - The relatively short history of domestic investment banks compared to their international counterparts presents challenges in brand recognition and operational experience [4] Group 3: Strategic Recommendations for Development - Investment banks should seize new opportunities presented by China's high-level opening up of capital markets, leveraging their expertise to promote Chinese models and attract foreign investment [6][7] - There is a need to enhance international business capabilities and expand international networks through establishing overseas branches and deepening cooperation with foreign financial institutions [6][7] - Attracting and nurturing high-quality, diverse talent is crucial for building a first-class investment bank, requiring innovative and market-oriented operational models [7]

Group 1 - The core viewpoint is that by 2025, certain growth industries in China are expected to experience a recovery in fundamentals after years of adjustment, with an increase in the number of industries showing improved conditions and a shift from valuation-driven to fundamentals-driven investment opportunities [1] - Investment opportunities are suggested in four areas: 1) Opportunities arising from supply-side clearing and low-level recovery, particularly in lithium batteries, high-end manufacturing, and some traditional manufacturing sectors that are reversing their difficulties [1][2] Group 2 - Policy support for the development of new productive forces is highlighted, with an emphasis on the importance of industrial autonomy and the positive impact of alleviating local debt pressures on government-related industries; the trend towards new industries driven by AI will create new demand, particularly in semiconductors, consumer electronics, and software [2] - Resilient external demand makes certain overseas industries worth attention, such as power grids, commercial vehicles, home appliances, and construction machinery, which are less susceptible to external shocks and have resilient demand [2] Group 3 - Industries with strong cash flow and high dividend levels are emphasized, as investor risk appetite increases; traditional natural monopoly industries may see a decline in dividend yield attractiveness, while consumer leaders with strong cash flow and high dividends, particularly in the food and beverage sector, are gaining attention from a broader economic perspective [3]

证券时报网讯，中金公司研报指出，2025年钢铁供需格局及盈利难见大幅改善，但板块预期博弈带来的 阶段性行情及格局变革的结构性行情仍可期，建议关注四条投资主线：1）市值管理新政发布，被低估 的优质现金流资产有望迎来盈利复苏与价值重估；2）稳增长"预期波"行情持续演绎，高弹性标的有望 充分受益；3）制造业景气修复，利好具备高成长确定性的特钢龙头；4）行业兼并整合加速推进，具备 高整合潜力的标的有望迎来超额收益。 校对：姚远 ...

证券时报网讯，中金公司研报指出，1）从调节性资源需求看：全球储能高速增长拐点即将到来。 2024年项目招标/规划量同比增加明显，配储时长逐年提升。 储能基本需求将随VRE发电量占比提升而增长，中国/美国/欧洲的VRE发电量占比将分别超过 15%/15%/20%，大部分亚非拉地区或将在10%左右进入起步期，叠加近年政策/技术/降本等多要素持续 推进，全球高速增长拐点或将提前到来。 2）美欧澳市场需求展望：美国或将迎接抢装潮，欧洲/澳洲能源转型加速。 1）美国：301关税政策将在2026年针对储能电池加税，预计或将带来2025年储能抢装潮。 2）欧洲：为保障能源安全持续加速转型，叠加电网扩容需求带动储能需求向上。 3）澳洲：积极的零碳目标下煤电加速退役，可调节性资源稀缺度持续上升。 3）新兴市场发展潜力展望：多元驱动，潜力地区及场景众多。 将新兴市场储能需求类型划分为三类：1）能源转型和基建需求，以沙特和马来和印尼为例，这一类国 家出于经济发展/产业结构调整的目的，适时或提前将储能发展纳入规划；2）调节性资源需求，以日本 和巴西为例，这一类国家已进行风光大规模装机，但出于产业链本土化/税收高/电力市场化程度低等原 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國國際金融股份有限公司 呈交日期: 2024年12月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03908 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,903,714,428 | RMB | | 1 RMB | | 1,903,714,428 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 1,903,714,428 | RMB | | 1 RMB | | 1,903,714,428 | | 2. 股份分類 | 普通股 | 股份類別 | A ...

证券时报e公司讯，中金公司研报认为，配置层面，港股市场仍以震荡和结构性行情为主，短期仍以谨 慎为主，但更大的波动可能带来更多刺激的支持，也会提供再介入时机，19000点附近是关键支撑位。 行业上，建议重点关注三类：一是行业自身供给和政策周期出清的板块，如果还有边际需求改善效果会 更好，互联网等部分消费服务、家电、纺服、电子。 二是政策支持方向，如以旧换新下的家电、汽车，以及自主科技领域的计算机、半导体等产业趋势；三 是稳定回报，如国企高分红。 ...