2025年度"Wind最佳投行"评选结果于2026年1月23日隆重揭晓！秉承公正与透明的核心理念，万得依托全面、客观的市场数据，对各大机构在股 权、债券及并购交易等各资本市场核心领域的承销实力进行了系统评估。评选过程综合了2025年度万得A股股权承销榜、港股股权承销榜、中国市 场并购交易排行榜、债券承销榜、ABS承销榜和中资美元债承销榜的各项数据，同时充分采纳相关机构在排行榜发布后的反馈与核实修正，最终呈 现出第七届"Wind最佳投行"的获奖名单。共计一百余家机构凭借卓越表现斩获荣誉，彰显其在资本市场的非凡实力与贡献。 该评选旨在以准确、客观的评价，全面展现中国证券市场各家机构的发行与承销能力，并向致力于推动中国资本市场稳健发展的卓越机构致以崇高敬意！ 1 中信证券 1 2 (D 国泰海通 3 0 中金公司 华泰联合证券 4 1 中信建投 5 用数据说话 / 无主观投票 Win.d 最佳投行 2025 年度 Wind 结果重磅 洗 股 揭 it 最佳股权承销商 Wind最佳投行榜单 最佳A股股权承销商 1 2 中信证券 国泰海通 3 中银证券 4 中金公司 华泰联合证券 5 中信建投 6 7 广发证券 申万宏 ...

Monetary Policy and Economic Measures - The central bank governor Pan Gongsheng stated that a moderately loose monetary policy will continue in 2026, with room for further cuts in reserve requirement ratios and interest rates to maintain ample liquidity [3] - The first batch of 936 billion yuan of ultra-long special government bonds has been allocated to support approximately 4,500 projects in various sectors, expected to drive total investment exceeding 460 billion yuan [4] - The People's Bank of China will conduct a 900 billion yuan MLF operation on January 23, net injecting 700 billion yuan into the market, marking the 11th consecutive month of increased operations [4] Consumer and Investment Trends - State-owned banks collectively announced the implementation of personal consumption loan interest subsidy policies, allowing some high-quality clients to enjoy effective interest rates in the "2%" range, lower than current housing loan rates [3] - Public funds have focused their fourth-quarter 2025 positions on core sectors such as electronics and power equipment, with Zhongji Xuchuang becoming the largest holding stock [3] Market Performance - The A-share market saw a slight increase, with the Shanghai Composite Index rising 0.14% to 4122.58 points, and the Shenzhen Component Index increasing by 0.5% [6] - The Hong Kong stock market also experienced minor fluctuations, with the Hang Seng Index rising 0.17% to 26629.96 points, and net inflows from southbound funds amounting to 5.166 billion HKD [6] Corporate Developments - Alibaba Group has decided to support its chip company "Pingtouge" for independent listing, with plans for restructuring to a mixed-ownership enterprise [7] - Xiaomi Group has initiated a stock repurchase plan of up to 2.5 billion HKD [9] - Nanjing Bank reported a net profit growth of 8.08% year-on-year for 2025 [9] Regulatory and Policy Updates - The State Administration for Market Regulation has issued a red card for the first time in the public utility sector, prohibiting a merger between two gas companies [10] - Nine departments jointly issued opinions to promote high-quality development in the pharmaceutical retail industry, encouraging mergers and acquisitions among retail pharmacies [10] Economic Indicators - The unemployment rate for urban labor aged 16-24 was reported at 16.5% in December 2025, while the rate for those aged 25-29 was 6.9% [5] - The National Bureau of Statistics reported a 28.1% year-on-year increase in sales revenue for the smart device manufacturing industry in 2025 [10]

// 热点头条 // 1. 阿里巴巴：传旗下芯片公司平头哥拟独立上市，市场反应积极，美股股价应声上涨，市值显著增长， 股价创出去年11月以来新高。平头哥成立于2018年，是阿里在芯片领域的核心布局，此次独立上市计划 将加速其技术商业化进程，目前阿里方面未对此正式置评。 // 美洲地区公司要闻 // 2. 特斯拉：CEO马斯克表示，公司计划在2026年年底或2027年向公众出售人形机器人Optimus，同时 SpaceX和特斯拉每年正在建设高达100吉瓦的太阳能发电能力，这一系列举措显示出公司在新能源和人 工智能领域的长远布局。马斯克在达沃斯宣布自动驾驶出租车在奥斯汀启动无安全员试驾，计划年底前 广泛应用；保险公司对FSD用户保费减半，因数据显示FSD可减少事故，该保险产品1月26日在亚利桑 那州推出，一个月后在俄勒冈州推出。 3. 铠侠：证实受AI需求驱动，今年产能已全部售罄，供应紧张局面预计持续至2027年。当前存储芯片 市场正处于一轮前所未有的超级周期，全球三大存储芯片生产商均面临供应趋紧的情况，难以满足市场 需求。 4. 京东：京造旗舰店上架Au99.99黄金手机壳，按黄金重量分5个档位，10g标价11 ...

Open Market Operations - The central bank announced a 7-day reverse repurchase operation of 210.2 billion yuan at a fixed rate of 1.40% on January 22, with a net injection of 30.9 billion yuan after accounting for 179.3 billion yuan in reverse repos maturing on the same day [1]. Funding Conditions - The interbank market saw a slight tightening in funding as the D R001 weighted average interest rate rose over 9 basis points to around 1.41%. Overnight rates in the anonymous click (X-repo) system also increased to 1.52%, with limited supply [3]. - Non-bank institutions borrowing against pledged credit bonds saw overnight rates around 1.60%, higher than the previous day. January is a significant tax payment month, leading to reduced liquidity supply, although overall funding sentiment remains stable [3]. Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit among major banks was at 1.61%, showing a slight increase from the previous day [7]. Government Bonds and Futures - The closing prices for government bond futures showed declines: the 30-year main contract fell by 0.07%, the 10-year by 0.05%, the 5-year by 0.04%, and the 2-year by 0.02% [12]. Key News - The National Development and Reform Commission announced the allocation of 93.6 billion yuan in special long-term government bonds to support approximately 4,500 projects across various sectors, driving total investment over 460 billion yuan [13]. - The implementation period for personal consumption loan interest subsidies has been extended to December 31, 2026, with significant adjustments in support scope and limits, potentially lowering effective interest rates to around 2% for consumers [13]. - The second-hand housing market in major cities has shown signs of recovery, with a decrease in listing volumes in Shanghai for nine consecutive months, indicating a more balanced supply-demand relationship [13]. Global Macro - Japan's government maintained a cautiously optimistic economic outlook while warning of risks from U.S. trade policies. The report noted a fifth consecutive month of recovery in private consumption, which constitutes over half of the economy [15]. - The Bank of Japan is expected to maintain its policy rate at 0.75% during its upcoming meeting, although analysts caution that a hawkish stance may be adopted due to a weak yen and persistent domestic inflation [15]. - South Korea's GDP growth for Q4 2025 was reported at 1.5% year-on-year, below the expected 1.9%, with a quarter-on-quarter decline of 0.3% [15].

近日，黄金价格持续攀升，成为市场焦点。当前牛市的驱动因素与过往有何不同？其上行趋势能否延 续，又将如何结束？中金公司研究部大类资产配置研究负责人李昭博士在万得3C会议中，对黄金市场 的核心逻辑、潜在风险与配置策略进行了深度剖析。 核心观点：本轮黄金牛市逻辑已发生根本性重构，由传统的通胀与利率驱动，转向对全球货币体系与财 政信用的再定价。尽管短期存在过热回调风险，但长期牛市的基础依然坚实。 扫码回看完整会议 一、 牛市驱动力：从"利率锚"到"信用锚"的切换 传统黄金分析框架主要围绕实际利率与美元，但本轮行情中， 金价与实际利率、美元指数的传统负相 关性明显减弱甚至失效。 这标志着驱动逻辑的根本性变化。 深层驱动力：全球货币与财政信用体系的再评估。 市场正在对以美元为核心的全球货币体系以及主要 经济体的财政可持续性进行重估。美国财政赤字高企、债务规模持续扩张，引发了市场对美元长期购买 力及美国财政信用的担忧。黄金作为非主权信用货币的终极价值储存手段，其"信用对冲"属性被重新定 价和强化。 直接催化剂：央行持续购金与地缘风险。 全球央行，特别是新兴市场央行，为分散外汇储备风险，已 连续多年净增持黄金，为金价提供了坚 ...

3. 财政部等三部门发布公告，将创新企业CDR试点阶段有关税收政策延期至2027年12月31日。 期间，对个人投资者、公募基金转让创新企业CDR取得的 差价所得或差价收入，暂免征收所得税或增值税；对股息红利所得实施差别化个人所得税政策。 1. 针对"十五五"时期如何推动房地产高质量发展，住建部部长倪虹表示，将重点抓好两方面工作：一是有序推动"好房子"建设；二是加快构建房地产发展 新模式，有序搭建房地产开发、融资、销售等基础制度。在商品房销售上，推进现房销售制，实现"所见即所得"。 2. 格陵兰岛危机峰回路转。美国总统特朗普宣布，已与北约秘书长吕特就格陵兰岛问题达成协议框架。 如果这项方案最终得以落实，将对美国和所有北 约成员国都大有裨益。 特朗普表示，将不会实施原定于2月1日生效的关税措施。受此消息影响，美股直线拉升，三大股指均涨超1%；现货白银跳水，一 度跌超4%。 欧盟委员会发言人表示，欧盟领导人紧急峰会将按计划于当地时间1月22日晚间举行。 3. 英伟达CEO黄仁勋在达沃斯论坛发表讲话指出，人工智能已开启人类历史上规模最大的基础设施建设，总投入预计将达数万亿美元， 目前需要更多的 能源、土地和熟练工人。 ...

Group 1: Open Market Operations - The central bank conducted a 7-day reverse repurchase operation on January 21, with a fixed rate and a total amount of 363.5 billion yuan, at an interest rate of 1.40% [1] - On the same day, 240.8 billion yuan of reverse repos matured, resulting in a net injection of 122.7 billion yuan [1] Group 2: Funding Conditions - The interbank market funding conditions remained stable and slightly eased, with the weighted average interest rate of D R001 dropping over 5 basis points to around 1.32% [3] - Overnight quotes in the anonymous click (X-repo) system remained at 1.30%, with supply being moderate; non-bank institutions' overnight borrowing rates for pledged credit bonds decreased slightly to 1.47%-1.48% [3] - The central bank's flexible operations in the open market helped stabilize the funding conditions, leading to less than expected tax period disturbances [3] Group 3: Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit among major banks was around 1.60%, down over 1 basis point from the previous day [8] Group 4: Bond Market Overview - The yields on major interbank government bonds showed varied movements, with the 10-year government bond yield at 1.8335%, down 0.05 basis points, and the 30-year bond up 0.75% [10] - The recent trends in AAA-rated local government bonds indicated fluctuations in yield spreads [11] Group 5: Global Macro Insights - The U.S. national debt increased by approximately $2.25 trillion during the first year of Trump's return to the White House, reaching a total of $38.4 trillion as of January 9 [15] - U.S. Treasury Secretary expressed no concerns regarding potential sell-offs of U.S. debt related to Greenland issues, indicating communication with Japan to stabilize the market [15] Group 6: Bond Events - Vanke's bond "21 Vanke 02" received approval for a buyback proposal, with 40% of the principal to be paid upfront and the remaining 60% extended for one year [17] - In the bond market, there are indications that Japan's bond market volatility could lead to significant sell-offs of U.S. Treasuries, estimated at up to $130 billion [18]

Group 1 - Apple is accelerating its AI strategy by developing an AI wearable device called "Pin" and plans to significantly revamp Siri into its first AI chatbot, codenamed "Campos" [2] - Intel has secured a substantial contract with the U.S. military for chip supply under the SHIELD project, with a maximum limit of $151 billion, boosting expectations for its defense electronics business [2] - TSMC is facing production bottlenecks in its advanced 3nm process due to surging AI demand, with all capacity booked until 2027, highlighting strong demand in the global semiconductor supply chain [2] - Nvidia's CEO Jensen Huang plans to visit China to revive the AI chip market, emphasizing that AI represents a "platform shift" requiring trillions in infrastructure investment, with global AI venture capital expected to exceed $100 billion by 2025 [2] Group 2 - Alibaba's Qianwen series model downloads have surpassed 1 billion, making it the most popular open-source AI model globally, reinforcing the company's technological leadership in AI [4] - Vanke's bond extension proposal for "21 Vanke 02" has been approved, marking the company's first successful bond extension, with a scale of 1.1 billion yuan [4] - Xinda Real Estate expects a net loss of 7.6 billion to 8.2 billion yuan in 2025 due to industry adjustments and project sales underperformance, focusing on core areas for business transformation [4] - Cangge Mining has voluntarily reduced its potassium chloride production capacity from 2 million tons per year to 1.2 million tons based on resource conditions, without affecting existing production and sales plans [4] Group 3 - AI startup Anthropic PBC is raising at least $1 billion from investors, with annual revenue run rate doubling since last summer and projected to exceed $9 billion by the end of 2025 [6] - Meta's Super Intelligence Lab delivered its first batch of key AI models in January, with plans to focus on consumer products over the next two years [6] - Microsoft has resolved access issues with its 365 services and has introduced a basic subscription version of Microsoft 365 in China for an annual fee of 150 yuan [6] - Tesla clarified that there are no plans for layoffs or production cuts at its Berlin factory, while its Robotaxi fleet has reached 200 vehicles [6] Group 4 - Samsung Electronics is diversifying its HBM supply chain and has reported Q4 sales of 1.29 trillion won, a 2.3% year-on-year increase, with operating profit rising 62% [10] - Toyota anticipates a cost burden increase of 5 trillion yen over 4.5 years and plans to raise prices for some suppliers while sharing chip data among Japanese automakers [10] - SK Hynix is projected to achieve record revenue and profit by Q4 2025, with plans to distribute a record year-end bonus of 640,000 yuan per employee [10] - LG Electronics is testing sodium-ion battery production at its Nanjing factory and has launched AI air conditioning products overseas [10] Group 5 - Volkswagen Group expects a net cash flow of 6 billion euros in the automotive sector for FY2025, a 20% year-on-year increase, driven by lower operating capital and capital expenditures [13] - Rio Tinto anticipates an 11% increase in copper production to 883,000 tons by 2025, with a strong rebound in Q4 iron ore production [13] - Mercedes-Benz will unveil the 2026 S-Class on January 29, featuring heated seat belts to enhance low-temperature range and safety [13] - ASML's target price has been raised by JPMorgan from 587 euros to 800 euros, reflecting optimistic market expectations for semiconductor equipment demand [13]

最后，波兰央行宣布增持黄金，另外丹麦养老基金决定抛售美债，都在一定程度上利好黄金。后续重点关注美联储主席人选，美欧关税对峙，南美及格陵 兰岛的地缘影响等。 多家机构依旧看涨金价未来一段时间走势。 花旗近日表示，预计黄金目标价5000美元，白银目标 价100美元。鉴于地缘政治风险加剧、实物短缺以及美联储独立性再次出现不确定性，花旗集团上调 了其对贵金属的短期展望。 1月21日亚市早盘，金价再创新高。 截至发稿，现货黄金报4818美元/盎司，再创历史新高；纽约期金报4820美元/盎司。两者涨幅均超1%。 | 蓝好彩 | 板块跟踪 | 品种热图 | 报价列表 | 主力排名 | 全球商品 | 中国商品 | 贵会属 有色金属 | 消费器 原油 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 贵金属 | | | | | 名称 | | | | 现价 | | 涨跌 | 涨跌幅 | 年初至今 | | 伦敦金现 | | | | 4815.690 | | 52.720 | 1.11% | 11.52% | | 伦敦银现 | | | | 94 ...

2、 随着雪球大V"金浤"因"抢帽子"操纵市场被重罚，一批雪球投资大V被相继封号。 1月20日，雪球发布三则涉资本市场违规信息专项整治行动处置公 告，22个大V账号被永久封禁，其中包括被称为"雪球带货三大天王"的"杭州新城路"、"轮回666"和"福禄娃爷爷"。 3、 格陵兰危机与财政压力担忧引发全球债市抛售潮。 日本长期国债遭遇史诗级抛售，30年期和40年期国债收益率单日涨逾25个基点，40年期国债收益率 升至4%上方，为近30多年来首次。美国10年期、20年期、30年期国债收益率均上涨8个基点左右。丹麦养老基金AkademikerPension计划"清仓"美国国债， 称美国"不再是优质信用主体"。该基金截至2025年底持仓美债约1亿美元。 1、 国务院副总理何立峰出席世界经济论坛2026年年会并发表致辞。何立峰还应约分别与美国财长贝森特、英国财政大臣里夫斯举行中美经贸磋商机制和 中英经济财金对话机制双方牵头人会谈，就中美、中英经贸领域相关问题交换意见。 2、 国家发改委有关负责人介绍，2026年宏观政策要把发力点放在做强国内大循环上，全方位扩大国内需求。 其中，将优化"两新"政策的支持范围和补贴 标准；研究 ...