1.2 总市值变动 2025年 度 末， 创业板总市值为17.83万亿元，较2024年末增长43.0%，增幅高于沪深证主板。 1.3 成交额对比 2 025年 度 创业板总成交额达114.22万亿元，单只个股平均成交额819.97亿元，高于上证主板、科创板和北证A股。 | | | 各板块平均成交额对比 | | | --- | --- | --- | --- | | 板块 | 个股数量 | 期间总成交额 （万亿元） | 平均成交额 (亿元) | | 深证主板 | 1490 | 127.09 | 852.93 | | 创业板 | 1393 | 114.22 | 819.97 | | 上证主板 | 1699 | 134.28 | 790.33 | | 科创板 | 600 | 37.79 | 629.82 | | 北证A股 | 288 | 6.49 | 225.23 | | 数据来源: Wind | | | | 1.4 日均换手率对比 市场板块篇 1.1 50指数涨跌对比 2025年 度创业板50指数大涨57.45%，强于各板块50指数。 1.6 市净率对比 2 025年 度 末， 创业板市净率为4.35倍，高于沪深 ...

Group 1 - The Ministry of Commerce of China has expressed concerns over the EU's Carbon Border Adjustment Mechanism (CBAM), highlighting that the EU's default carbon emission intensity values for Chinese products are set too high and do not reflect China's actual levels and future development trends, which could lead to unfair treatment [3] Group 2 - BYD reported a total of 4,602,436 new energy vehicle sales for the year 2025, marking a year-on-year increase of 7.73%, while December sales were 420,398 units, down approximately 18.2% year-on-year [4] - Geely's total vehicle sales for December 2025 reached 236,817 units, a year-on-year increase of about 13%, with annual sales totaling 3,024,567 units, up approximately 39% [4] - New energy vehicle brands like Leap Motor, Xiaomi, and Hongmeng Zhixing achieved record high sales in December, with Leap Motor leading the market with nearly 600,000 units sold [4] Group 3 - The National Data Work Conference emphasized that 2026 will be the "Year of Data Value Release," aiming to enhance data flow and resource allocation channels, thereby integrating data factors into the economic value creation process [5] - Starting January 1, 2026, the implementation regulations for the Value-Added Tax Law will take effect, which is expected to strengthen taxpayer rights and support the smooth implementation of the VAT law [5] - Deutsche Bank forecasts that consumption will continue to be the main engine of China's economic growth in 2026, contributing 2.8 percentage points to GDP [5] Group 4 - The Hainan Free Trade Port has shown a steady increase in passenger and cargo transport volume since its closure, indicating the initial effects of the port's operations [6] - In 2025, the total sales from the "old-for-new" replacement program exceeded 2.6 trillion yuan, benefiting over 360 million people, with significant contributions from the automotive sector [6] - Starting January 1, 2026, Jiangxi Province will implement a new "old-for-new" consumption policy covering various sectors, including automobiles and home appliances [6] Group 5 - By the end of 2025, the total scale of ETFs in China surpassed 6 trillion yuan, with eight ETFs experiencing annual growth rates exceeding 100%, marking a historical high for the number of doubling ETFs [7] - As of now, 15 brokerage firms have released their January stock recommendations, covering 114 A-shares, with Zhongji Xuchuang, Zijin Mining, and China Duty Free being the most popular picks [8] Group 6 - The domestic box office in China reached 51.832 billion yuan in 2025, a year-on-year increase of 21.95%, with domestic films accounting for 79.67% of the total box office [10] - The film "Zootopia 2" has surpassed 4.1 billion yuan in cumulative box office, entering the top 10 in Chinese film history [10] Group 7 - The establishment of "Moutai Digital Technology Co., Ltd." by Kweichow Moutai aims to enhance its digital business, with the iMoutai app becoming part of this new entity [11] - Kweichow Moutai's product sales on the iMoutai platform sold out on January 1, 2026, indicating strong consumer demand [11] Group 8 - The Indian government has introduced a new tax on cigarettes, which is expected to increase the smoking costs for approximately 100 million smokers in the country [15]

Core Viewpoint - The offshore bond market for Chinese entities in 2025 is characterized by "diversification and innovation," with a significant increase in the issuance of offshore RMB bonds as global investors continue to recognize RMB assets [1]. Group 1: Market Overview - The total number of new offshore Chinese bonds underwritten in 2025 reached 1,461, with a total issuance amount of $209.75 billion [1]. - The issuance of offshore municipal bonds totaled 305 bonds, amounting to $28.57 billion, while offshore financial bonds accounted for 817 bonds, totaling $82.49 billion [1]. Group 2: Underwriting Rankings - The top underwriters for offshore Chinese bonds in 2025 were: - Bank of China: 281 bonds, $14.70 billion [3]. - HSBC: 229 bonds, $12.09 billion [3]. - Industrial and Commercial Bank of China: 250 bonds, $8.24 billion [3]. - Citic Securities led in the number of projects underwritten with 496 bonds, followed by Citic Bank with 336 bonds, and Haitong International Securities with 322 bonds [9]. Group 3: Detailed Rankings - The detailed rankings for underwriting amounts and project counts are as follows: - For underwriting amounts: - Bank of China: $14.70 billion [20]. - HSBC: $12.09 billion [20]. - Industrial and Commercial Bank of China: $8.24 billion [20]. - For project counts: - Citic Securities: 496 bonds [9]. - Citic Bank: 336 bonds [9]. - Haitong International Securities: 322 bonds [9]. Group 4: Subcategory Rankings - In the offshore USD bond category, Bank of China led with 135 bonds totaling $7.65 billion, followed by HSBC with 107 bonds at $7.16 billion [29]. - For offshore municipal bonds, Guotai Junan International topped the list with 118 bonds and $2.41 billion, followed by Dongfang Securities with 78 bonds at $1.84 billion [35]. - In the offshore financial bond category, Bank of China again led with 153 bonds totaling $7.45 billion, followed by HSBC with 129 bonds at $5.61 billion [39]. - For offshore green bonds, Bank of China was the leader with 45 bonds totaling $1.96 billion, followed by Industrial and Commercial Bank of China with 51 bonds at $1.88 billion [43].

Core Insights - The ABS market in 2025 showed a robust issuance trend with a total of 2,435 new projects and an issuance scale of 23,250 billion yuan, representing a 14% increase compared to the previous year [1][3]. Segment Summaries Credit ABS - In 2025, 238 new credit ABS projects were issued, totaling 2,915 billion yuan, an 8% increase year-on-year. The largest issuance was in personal auto loans, with 32 projects totaling 1,185 billion yuan, followed by non-performing loans with 178 projects totaling 821 billion yuan [6][1]. Corporate ABS - The corporate ABS segment saw 1,560 projects issued, amounting to 14,133 billion yuan, a 20% increase from the previous year. The largest issuance was in financing lease receivables, with 295 projects totaling 2,891 billion yuan, followed by corporate receivables with 246 projects totaling 2,308 billion yuan [9][1]. Asset-Backed Notes (ABN) - A total of 612 ABN projects were issued, with an issuance scale of 5,731 billion yuan, reflecting a 9% increase year-on-year. The main types of issuance included bank/internet consumer loans (191 projects, 1,685 billion yuan) and general small loan receivables (141 projects, 1,295 billion yuan) [12][1]. Underwriting Rankings - In the 2025 underwriting rankings, CITIC Securities led with 527 projects and a total underwriting amount of 2,809 billion yuan, followed by Guotai Junan with 464 projects totaling 2,329.1 billion yuan, and Ping An Securities with 287 projects totaling 1,749.6 billion yuan [14][16]. Market Accumulated Scale - By the end of 2025, the total accumulated scale of the ABS market reached approximately 35,832 billion yuan, with credit ABS at 4,339 billion yuan, corporate ABS at 22,808 billion yuan, ABN at 6,535 billion yuan, and public REITs at 2,150 billion yuan [1].

Core Insights - The 2025 "Top 500 Chinese Listed Companies by Market Capitalization" list shows Tencent Holdings, Industrial and Commercial Bank of China, and Agricultural Bank of China as the top three companies by market value [2] - There are 16 companies with a market capitalization exceeding 1 trillion yuan, an increase of 6 from 2024 [2] - The average market capitalization of the top 500 companies is 185.6 billion yuan, with a median of 82.6 billion yuan and a minimum of 45.1 billion yuan, reflecting increases from 2024 [7] Group 1: Market Capitalization Distribution - The number of companies in the 500-2000 billion yuan market capitalization range increased by 99, while the number of companies in the 300-500 billion yuan range decreased by 117 [5] - The total market capitalization of companies listed in Shanghai is 5181.73 billion yuan, showing a growth of 19.92% [4] - Shenzhen's total market capitalization reached 1989.35 billion yuan, an increase of 32.16% [4] Group 2: Market Capitalization Changes - The top 20 companies with the highest market capitalization growth include Upwind New Materials, which saw an increase of over 1800% [9] - Other companies with significant growth include *ST Songfa, Shenghong Technology, and Ding Tai High-Tech, all exceeding 400% growth compared to 2024 [9][11] Group 3: Industry Market Capitalization Changes - Seven industries saw an increase in market capitalization, with the materials sector growing by 118.44% to 7380.1 billion yuan [13] - The information technology and industrial sectors also experienced growth of 59.17% and 26.56%, respectively [13] - Conversely, the utilities, real estate, and consumer staples sectors saw declines in market capitalization [13] Group 4: New Entrants and Exits - A total of 96 new companies entered the top 500 list, including Zijin Mining International and Moer Thread-U [19] - In contrast, 96 companies exited the list due to market shifts and declining stock prices [26] Group 5: Industry Representation - The information technology sector has the highest representation with 129 companies, an increase of 15 from 2024 [17] - The industrial sector follows with 91 companies, up by 8, while the materials sector added 21 companies, totaling 66 [17]

Core Viewpoint - In 2025, the A-share equity financing market experienced a significant rebound, with a total of 315 fundraising events, raising over 1 trillion yuan, marking a year-on-year increase of 226.10% [2][4]. Group 1: Financing Overview - The total amount raised through equity financing in 2025 reached 10,222.68 billion yuan, an increase of 226.10% compared to the previous year [4]. - The IPO market saw 112 issuances, raising 1,308.35 billion yuan, a year-on-year increase of 97.40% [4][22]. - The private placement market expanded significantly with 157 issuances, raising 8,267.20 billion yuan, a growth of 300.05% [4][40]. Group 2: Financing Method Distribution - In 2025, the distribution of financing methods showed that IPOs accounted for 12.80% of the total amount raised, while private placements dominated with 80.87% [8][11]. - Convertible bonds represented 6.33% of the total financing, with 46 issuances raising 647.13 billion yuan [8][11]. Group 3: Industry Distribution of Financing Entities - The banking sector led the fundraising efforts with 5,200 billion yuan, followed by the semiconductor industry with 714.53 billion yuan, and the public utilities sector with 555.05 billion yuan [13][48]. Group 4: Regional Distribution of Financing - Beijing ranked first in fundraising with 4,451.82 billion yuan from 24 projects, followed by Shanghai with 1,875.94 billion yuan from 34 projects, and Guangdong with 964.76 billion yuan from 49 projects [16][19]. Group 5: IPO Trends - The quarterly breakdown of IPOs showed a significant recovery in the third and fourth quarters, with total issuances of 27, 21, 28, and 36 respectively [22]. - The main boards and the innovation board contributed significantly to the total fundraising, with the innovation board raising 378.45 billion yuan, accounting for 28.93% of the total [25]. Group 6: Underwriting Rankings - CITIC Securities topped the underwriting rankings with a total amount of 2,416.68 billion yuan, followed by Guotai Junan with 1,506.59 billion yuan, and CICC with 1,374.87 billion yuan [60][61]. - In terms of the number of underwriting projects, CITIC Securities also led with 61 projects, while Guotai Junan followed with 47 projects [64].

Key Points - The total bond market in mainland China reached 196.18 trillion yuan by the end of 2025, an increase of 20.30 trillion yuan from the beginning of the year, with interest rate bonds at 123.61 trillion yuan, credit bonds at 52.88 trillion yuan, and interbank certificates at 19.69 trillion yuan [3] - In 2025, the issuance of various bonds in mainland China totaled 89.0 trillion yuan, a year-on-year increase of 11%, with interest rate bonds reaching 33.0 trillion yuan, up 18% from the previous year [3] - The issuance of government bonds increased by 28% year-on-year, while local government bonds grew by 5%, and policy financial bonds rose by 17% [3] - Credit bonds issuance was 22.2 trillion yuan, an 8% increase year-on-year, and interbank certificates totaled 33.8 trillion yuan, up 7% [3] Bond Issuance Statistics - Interest rate bonds: 3,534 issues, 329,829.6 billion yuan, 18% growth [4] - Government bonds: 206 issues, 160,140.2 billion yuan, 28% growth [4] - Local government bonds: 2,449 issues, 102,901.0 billion yuan, 5% growth [4] - Policy bank bonds: 879 issues, 66,788.4 billion yuan, 17% growth [4] - Credit bonds: 24,003 issues, 222,246.7 billion yuan, 8% growth [4] - Financial bonds: 1,499 issues, 56,780.6 billion yuan, 25% growth [6] Bank Underwriting Rankings - The top three banks in total underwriting amount (including local government bonds) are China Bank (16,765.2 billion yuan), Industrial and Commercial Bank (16,479.0 billion yuan), and Construction Bank (15,020.5 billion yuan) [12] - In the detailed local government bond underwriting, the top three are Industrial and Commercial Bank (22,584.8 billion yuan), China Bank (16,312.8 billion yuan), and Construction Bank (14,568.1 billion yuan) [17] Securities Firm Underwriting Rankings - The top three securities firms (excluding local government bonds) in total underwriting amount are CITIC Securities (16,136.2 billion yuan), Guotai Junan (13,613.4 billion yuan), and CITIC Jianzhong (12,419.6 billion yuan) [21] - In the local government bond underwriting (averaged), the top three are CITIC Securities (22,491.6 billion yuan), CITIC Jianzhong (17,333.3 billion yuan), and Guotai Junan (16,426.2 billion yuan) [26] NAFMII Debt Financing Tool Underwriting Rankings - CITIC Bank leads the NAFMII debt financing tool underwriting with 9,043.4 billion yuan, followed by Industrial Bank with 8,412.7 billion yuan and Construction Bank with 6,077.7 billion yuan [36] Credit Bond Underwriting Rankings - The top three in credit bond underwriting are CITIC Securities (16,136.2 billion yuan), Guotai Junan (13,613.4 billion yuan), and CITIC Jianzhong (12,419.6 billion yuan) [40]

Market Overview - In 2025, the A-share market exhibited a comprehensive upward trend, with major indices showing an average increase of over 10%. The growth was particularly pronounced in growth sectors, with the ChiNext Index, North Exchange 50, and Sci-Tech 50 indices each rising by over 30% [1][3]. - The structural characteristics of the market were evident, with technology and resource sectors leading the performance. The optical module (CPO) index surged by over 180%, while indices for optical chips, copper-clad laminates, optical communications, and optical circuit switches all exceeded 100% growth [1][3]. A-share Index Performance - The ChiNext Index led the gains in 2025 with a cumulative increase of 49.57%. The North Exchange 50 and Sci-Tech 50 indices followed with increases of 38.80% and 35.92%, respectively. Other indices such as the Shenzhen Component Index, Wind All A, and CSI 1000 also saw gains exceeding 20% [3]. A-share Industry Performance - Among the 35 industries classified by Wind, 31 recorded increases in 2025. The non-ferrous metals industry topped the list with a cumulative increase of 92.20%. Hardware equipment and industrial trade sectors also performed well, with increases of 62.39% and 54.65%, respectively. Conversely, the daily consumer retail sector saw a decline of 6.42% [5]. A-share Hot Concepts - The optical module (CPO) index was the strongest performer in 2025, with a cumulative increase of 181.28%. Other notable performers included optical chips (130.78%), copper-clad laminates (129.58%), optical communications (125.58%), and optical circuit switches (112.55%). The rare metals, copper industry, and rare earth indices also showed significant growth, with increases of 119.85%, 103.64%, and 98.97%, respectively [9]. A-share Market Capitalization - By the end of 2025, the total market capitalization of the A-share market reached approximately 118.91 trillion yuan, marking a 26.6% increase from the end of 2024 [15]. - The Shanghai main board had the highest number of listed companies at 1,699, accounting for 31.06% of the total. The Shenzhen main board followed with 1,490 companies (27.24%), while the ChiNext and Sci-Tech boards had 1,393 and 600 companies, representing 25.47% and 10.97%, respectively [13]. Financing and Investment Trends - As of the end of 2025, the A-share margin trading balance was reported at 25.553 billion yuan, reflecting a 5.21% increase from the third quarter and a year-on-year increase of 35.91% [22]. - The top gainers in terms of stock price included Weiwei New Materials, which saw a cumulative increase of 1,820%, followed by Tianpu Co., with a 1,645% increase. Conversely, Shijin Technology led the decline with a 51% drop [24]. IPO Activity - In 2025, the A-share market saw a total of 112 IPOs, representing a 9.8% increase year-on-year. The fourth quarter alone accounted for 36 IPOs, up 9.1% from the previous year [49]. - The total fundraising from IPOs in 2025 reached 130.83 billion yuan, a significant increase of 97.4% year-on-year, with the fourth quarter alone raising 54.86 billion yuan, up 165.0% [51].

2025年，中资企业全球IPO市场显著回暖，发行数量与募资规模双双实现大幅增长。全年共有290家中资企业在全球主要资本市场完成上市，较2024年增 加61家；累计募资规模达3663.55亿元，同比大幅增长123.04%。从市场结构看，港股已成为中资企业最主要的融资平台，募资规模显著领先；A股市场 IPO节奏回暖，融资功能明显修复；海外市场发行数量保持稳定，但募资规模有所回落。整体来看，2025年中资企业IPO呈现数量回升、结构优化、港股 领跑的显著特征。 中资企业上市全景 1.1 中资企业全球IPO数量 Wind数据显示，2025年，中资企业全球市场共完成IPO上市290起（A股按网上发行日期，港股及美股市场按首发上市日期，下同），数量较2024年上升 61起。 1.2 中资企业全球IPO募资金额 2025年，中资企业全球IPO募资规模合计约3663.55亿元（人民币，下同），较2024年回升123.04%。 1.3 中资企业分市场 IPO 数量 2025 年，具体到各市场来看， A 股市场 IPO 上市 112 起，较 2024 年上升 10 起；港股市场 IPO 上市 110 起，较 2024 年上升 4 ...

Group 1 - The People's Bank of China has announced a synchronized reduction in the interest rates for existing "public housing fund + commercial loans" starting January 1, 2026, with first-time homebuyers seeing rates drop to 2.1% for loans under five years and 2.6% for loans over five years [3] - The China Securities Regulatory Commission (CSRC) has released the "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds," marking the completion of the third phase of fee rate reforms in the public fund industry, which is expected to save investors approximately 51 billion yuan annually [3] Group 2 - The gold and silver markets experienced a significant year in 2025, with gold prices hovering around $4,320 per ounce and silver prices at $71 per ounce, despite a decline on the last trading day of the year. Gold futures rose 55.51% for the year, while silver futures surged 129.83% [4] - Warren Buffett officially stepped down as CEO of Berkshire Hathaway on December 31, 2025, leaving a market anxious about the capabilities of his successor, Greg Abel, while Buffett's stock holdings remain valued at approximately $150 billion [4] Group 3 - China's economy is projected to reach 140 trillion yuan in 2025, with President Xi Jinping emphasizing the need for high-quality development and comprehensive reforms in his New Year address [5] - The State Council has approved a budget of approximately 295 billion yuan for early-stage construction projects in 2026, aiming to accelerate the pace of fund allocation and usage [5] - China's service trade showed steady growth in 2025, with total service import and export reaching 72,023.7 billion yuan, a year-on-year increase of 7.1% [6] Group 4 - The CSRC has officially released pilot rules for commercial real estate REITs, allowing shopping centers, office buildings, and hotels to raise funds through public REITs [7] - The A-share market closed 2025 with the Shanghai Composite Index rising 0.09% to 3,968.84 points, while the Shenzhen Component Index fell 0.58%. The Shanghai Composite Index saw an annual increase of over 18% [7] - The Hong Kong stock market experienced a slight decline on the last trading day of 2025, with the Hang Seng Index down 0.87%, but recorded an annual increase of nearly 28%, marking its best performance in eight years [7] Group 5 - The CSRC has introduced new regulations specifically targeting board secretaries of listed companies to clarify their responsibilities and enhance compliance [8] - The CSRC has also published measures to further standardize its enforcement procedures, ensuring the protection of the legal rights of administrative counterparts [8] - The Shanghai and Shenzhen Stock Exchanges are seeking public opinion on revisions to stock listing rules aimed at regulating the behavior of key stakeholders in listed companies [8] Group 6 - The fifth set of listing standards for the Sci-Tech Innovation Board has been expanded to include the commercial rocket sector, with Blue Arrow Aerospace's IPO application accepted by the Shanghai Stock Exchange [9] - The Nanjing Intermediate People's Court ruled that a listed company must compensate over 43,000 investors for 770 million yuan due to false statements [9] - The Shanghai Stock Exchange issued a regulatory notice to Tianpu Co., involving potential violations of information disclosure [9]