中国经济网北京12月13日讯 北京证券交易所上市委员会2025年第43次审议会议于昨日召开，审议 结果显示，广东美亚旅游科技集团股份有限公司（简称"美亚科技"）首发符合发行条件、上市条件和信 息披露要求。这是今年过会的第93家企业（其中，上交所和深交所一共过会51家，北交所过会42家）。 美亚科技的保荐机构为广发证券股份有限公司，保荐代表人为陈胜圳、郭国。这是广发证券今年保 荐成功的第3单IPO项目。此前，9月12日，广发证券保荐的雅图高新材料股份有限公司过会；10月21 日，广发证券保荐的宁波健信超导科技股份有限公司过会。 美亚科技是国内知名的泛商旅综合解决方案提供商，下设美亚航旅、美亚商旅、美亚旅行三大业务 板块，主要面向旅业同行客户和企事业客户，提供涵盖航旅票务、商旅管理和会奖旅游三大场景的数字 化泛商旅出行服务。 截至招股说明书签署日，公司股权结构分散，单一股东持股比例均未超过50.00%，不存在单一股 东对股东会的决议产生重大影响的情形，因此公司无控股股东。截至招股说明书签署日，伍俊雄、陈培 钢、陈连江、蔡洁雯为公司的共同实际控制人，广州旅商投资合伙企业（有限合伙）（简称：广州旅 商）认定为实际控制 ...

中央经济工作会议12月10日至11日在北京举行。会议指出做好新形势下经济工作有五个必须：必须充分挖掘经济 潜能，必须坚持政策支持和改革创新并举，必须做到既"放得活"又"管得好"，必须坚持投资于物和投资于人紧密 结合，必须以苦练内功来应对外部挑战。 会议同时指出，我国经济发展中的老问题、新挑战仍然不少，但我国经济长期向好的支撑条件和基本趋势没有改 变。此外，对于2026年经济工作的重点任务，会议确定了"八个坚持"。 对于这八个方面的工作任务如何看？2026年，中国经济又如何前行？多家头部券商先后发表观点对此作出深入解 读。 坚持内需主导，建设强大国内市场 中信证券认为，会议更加强调创新的体制机制建设，提出一系列明确政策制定预期，包括制定一体推进教育科技 人才发展方案，建设国际科技创新中心，完善新兴领域知识产权保护制度，制定服务业扩能提质行动方案等。 具体产业层面，会议提出将实施新一轮重点产业链高质量发展行动，预计集成电路、工业母机等关键领域技术创 新有望迎来更大力度政策侧重。整体来看，产业政策或将遵循"十五五"规划建议所提出的"8+4+6+6"现代化产业 体系架构，在传统产业、新兴未来产业、AI技术融合等领域多 ...

值得注意的是，证监会主席吴清表示对优质机构适当"松绑"，进一步优化风控指标，适度打开资本空间 和杠杆限制，提升资本利用效率。海通证券研报分析指出，吴清主席提出的对优质机构"松绑"政策，其 核心在于推动证券行业经营逻辑从规模导向转向风险定价能力，从依赖牌照红利转向提升专业经营水 平。这一转变将显著利好优质头部券商，成为板块估值修复的重要催化剂。 消息面上，金融监管委员会发布对调整保险公司相关业务风险因子的通知。国泰海通指出，金监总局下 调长期持有的沪深300、中证红利低波成分股及部分科创板股票风险因子，在不放松偿付能力约束的前 提下，降低险资配置优质权益资产的资本占用，强化"长期持有享受资本优惠"的导向。本次释放的最低 资本规模有限但方向明确，有利于险资适度提升权益占比、延长持仓久期。叠加"新增保费约30%入 市"的中长期逻辑，我们仍看好险资在未来几年持续为权益市场提供增量。 中资券商股涨幅扩大，截至发稿，中国银河(06881)涨5.17%，报10.57港元；国泰海通(02611)涨4.61%， 报16.78港元；中信证券(06030)涨3.21%，报27.64港元；广发证券(01776)涨2.58%，报17. ...

消息面上，金融监管委员会发布对调整保险公司相关业务风险因子的通知。国泰海通指出，金监总局下 调长期持有的沪深300、中证红利低波成分股及部分科创板股票风险因子，在不放松偿付能力约束的前 提下，降低险资配置优质权益资产的资本占用，强化"长期持有享受资本优惠"的导向。本次释放的最低 资本规模有限但方向明确，有利于险资适度提升权益占比、延长持仓久期。叠加"新增保费约30%入 市"的中长期逻辑，我们仍看好险资在未来几年持续为权益市场提供增量。 智通财经APP获悉，中资券商股涨幅扩大，截至发稿，中国银河(06881)涨5.17%，报10.57港元；国泰海 通(02611)涨4.61%，报16.78港元；中信证券(06030)涨3.21%，报27.64港元；广发证券(01776)涨2.58%， 报17.49港元。 值得注意的是，证监会主席吴清表示对优质机构适当"松绑"，进一步优化风控指标，适度打开资本空间 和杠杆限制，提升资本利用效率。海通证券研报分析指出，吴清主席提出的对优质机构"松绑"政策，其 核心在于推动证券行业经营逻辑从规模导向转向风险定价能力，从依赖牌照红利转向提升专业经营水 平。这一转变将显著利好优质头部券商 ...

25年原奶价格继续磨底，行业亏损推动奶牛存栏量持续去化。随着前期去产能效应显现，原奶供需逐步 趋于平衡，下游乳企喷粉量同环比明显下滑，25年下半年散奶价格企稳反弹，行业逐步进入去大包粉库 存阶段。该行判断原奶供给拐点、散奶价格拐点已现，继续看好2026-27年原奶周期上行。同时，肉牛 供给已经步入收缩通道，预计26年牛肉价格继续周期回升，亦能增加业绩弹性，建议重点关注优然牧 业、现代牧业等。 饲料 把握龙头第二增长极。水产料方面，预计26年水产养殖量稳定运行，养殖利润较前期收窄背景下，技术 升级和结构调整趋势将延续;26年预计畜禽料需求高位回落。海外饲料行业结构性变化为我国饲料企业 出海提供机会，国内龙头凭借配方成本和效率优势在海外享受高盈利水平，支撑海外饲料业务扩张保持 快速增长，开启成长新阶段。 智通财经APP获悉，广发证券发布研报称，当前肥猪、仔猪销售均已陷入亏损状态，行业已经具备亏损 去产能的前期条件。随着养殖持续亏损，叠加"反内卷"政策背景，预计行业产能去化有望加速，生猪养 殖板块迎来左侧布局窗口期，同时关注冬季疫病对于产能影响。展望2026年，该行判断26年中期猪价有 望迎来向上拐点。随着行业竞争 ...

Core Viewpoint - The article highlights the significant progress of Chinese securities firms, particularly Guangfa Securities, in expanding their international business and establishing a comprehensive cross-border service network, reflecting the evolving needs of Chinese enterprises going global [1][3]. Group 1: International Business Performance - Guangfa Securities reported a remarkable increase in international business revenue, doubling to 1.35 billion yuan in 2024, leading the growth among major securities firms [1]. - The firm has established a three-region linkage involving Hong Kong, London, and Singapore, enhancing its cross-border wealth management, investment banking, and derivatives services [1][3]. Group 2: Global Service Network - The company employs an "internal growth + external expansion" strategy to create a cross-border service network that connects Hong Kong, Southeast Asia, and Europe [3]. - Guangfa Securities has positioned Hong Kong as a strategic hub, with its paid-in capital reaching 10.337 billion HKD by early 2025, making it the second-largest among Chinese securities firms [3]. Group 3: Wealth Management Solutions - To address the rising demand for global asset allocation, Guangfa Securities is building a "global asset selection supermarket," leveraging its research capabilities and various interconnectivity mechanisms [4]. - The firm has established a specialized asset allocation research team of over 50 professionals to identify investment opportunities across major global markets [4]. Group 4: Institutional Services - As one of the first primary dealers in the domestic OTC derivatives market, Guangfa Securities enhances its product creation and trading capabilities to offer global asset allocation and risk management solutions to institutional investors [5]. Group 5: Support for Enterprises Going Global - Guangfa Securities has developed a comprehensive cross-border service system to support Chinese enterprises in their global expansion, focusing on cross-border financing, financial advisory, and risk management [6]. - In 2024, the firm completed 14 overseas equity financing projects, raising a total of 9.3 billion USD, ranking fourth among Chinese securities firms in Hong Kong's equity financing market [6]. Group 6: Challenges in Globalization - The article notes that regulatory differences, collaboration efficiency, and talent shortages are common challenges faced by Chinese securities firms in their globalization efforts [7]. Group 7: Strategies to Overcome Challenges - Guangfa Securities has implemented innovative mechanisms and resource investments to build core capabilities that meet global demands, including establishing a dual communication mechanism for compliance and risk management [8]. - The firm promotes an "One Guangfa" strategy to enhance collaboration between domestic and international teams, leveraging local advantages and industry knowledge [8]. - To address talent shortages, Guangfa Securities combines internal training with external recruitment to create a diverse and skilled cross-border team [8].

Core Insights - The top three companies by Hong Kong Stock Connect shareholding ratios are China Telecom (72.50%), Power Assets Holdings (69.68%), and GCL-Poly Energy Holdings (69.67%) [1][2] - Xiaomi Group-W, Tracker Fund of Hong Kong, and China Merchants Bank saw the largest increases in shareholding amounts over the last five trading days, with increases of +4.913 billion, +2.976 billion, and +1.548 billion respectively [1][2] - The companies with the largest decreases in shareholding amounts during the same period include WanGuo Gold Group (-3.816 billion), Tencent Holdings (-2.649 billion), and Alibaba Group-W (-1.421 billion) [1][2] Shareholding Ratios - The latest shareholding ratios for the top 20 companies in Hong Kong Stock Connect are led by: - China Telecom (100.63 billion shares, 72.50%) - Power Assets Holdings (3.72 billion shares, 69.68%) - GCL-Poly Energy Holdings (2.82 billion shares, 69.67%) [1] Recent Increases in Shareholding - The top 10 companies with the largest increases in shareholding amounts over the last five trading days are: - Xiaomi Group-W: +4.913 billion (11.647 million shares) - Tracker Fund of Hong Kong: +2.976 billion (11.551 million shares) - China Merchants Bank: +1.548 billion (3.028 million shares) [1][2] Recent Decreases in Shareholding - The top 10 companies with the largest decreases in shareholding amounts over the last five trading days are: - WanGuo Gold Group: -3.816 billion (-49.945 million shares) - Tencent Holdings: -2.649 billion (-4.403 million shares) - Alibaba Group-W: -1.421 billion (-9.435 million shares) [1][2]

● 本报记者 胡雨 对于证券行业2026年发展前景，中国证券报记者梳理发现，政策红利的持续释放有望成为推动板块景气 延续的重要推手，这些政策红利主要体现在三个方面：一是顶层设计层面，"十五五"规划建议提出"加 快建设金融强国""提高资本市场制度包容性、适应性，健全投资和融资相协调的资本市场功能"等内 容，有望进一步提升资本市场稳定性；二是流动性层面，业内机构普遍预计，2026年货币政策有望维持 适度宽松的整体基调，从而支撑市场流动性保持合理充裕，场外资金入市及机构配置仍有较大提升空 间；三是行业自身发展层面，监管层持续引导建设一流投行，证券行业机构间并购重组持续升温，有利 于各类竞争主体实现错位发展，推动行业格局重塑。 就证券行业自身盈利模式的变化而言，中国银河证券非银行金融行业分析师张琦认为，行业预计将穿越 周期展现强韧性，并通过价值跃迁培育新引擎："2026年市场交投活跃度有望维持高位水平，支撑券商 经纪业务基本盘，同时财富管理转型持续加速有望带来业务新增量；A股再融资实现突破，IPO呈现回 暖迹象，港股融资市场持续火热，头部券商凭借市场口碑和专业能力，竞争优势不断提升；重资本业务 仍将是券商业绩重要驱动 ...

广发证券股份有限公司是一家主要从事证券业务的中国公司。该公司通过五个分部开展业务。投资银行 分部从事股权融资、债务融资、财务顾问和企业解决方案等。财富管理分部从事零售证券经纪、期货经 纪、金融产品代销、融资融券及回购交易融资服务、融资租赁等。交易及机构客户服务分部主要从事为 机构客户提供证券研究、资产托管服务、销售及投资交易（包括自营和其他对客交易服务）、另类投资 等。投资管理分部从事资产管理、公募基金管理、私募基金管理等。其他分部主要为公司总部运营。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，12月11日南向资金减持358.92万股广发证券（01776.HK）。近5个交易日中，获南向资 金增持的有2天，累计净增持18.2万股。近20个交易日中，获南向资金增持的有13天，累计净增持 1123.96万股。截至目前，南向资金持有广发证券（01776.HK）10.11亿股，占公司已发行普通股的 59.41%。 | 交易日 | 持股总数(股) | 持股变动(股) | 变动幅度 | | --- | --- | --- | ...

Core Viewpoint - The article highlights the successful international expansion of Guangfa Securities, showcasing its significant growth in international business revenue and the establishment of a comprehensive cross-border service network to support Chinese enterprises going global [1][2]. Group 1: International Business Growth - Guangfa Securities reported a doubling of international business revenue to 1.35 billion yuan in 2024, leading the growth among major securities firms [1]. - The company has established a three-region linkage involving Hong Kong, London, and Singapore, enhancing its global service capabilities [2]. Group 2: Cross-Border Service Network - The firm employs an "internal growth + external expansion" strategy to create a cross-border service network that connects Hong Kong, Southeast Asia, and Europe [2]. - Guangfa Securities has become a "super interface" for cross-border business by obtaining full business licenses in various sectors, ranking second among Chinese securities firms in terms of paid-in capital [2]. Group 3: Wealth Management Solutions - To meet the rising demand for global asset allocation, Guangfa Securities is building a "global asset selection supermarket," offering diverse product supply systems through mechanisms like Stock Connect and Cross-Border Wealth Management Connect [3]. - The company has established a professional asset allocation research team of over 50 members to identify investment opportunities globally [3]. Group 4: Institutional Services - As a leading OTC derivatives primary dealer, Guangfa Securities enhances its product creation and trading capabilities to provide global asset allocation and risk management solutions for institutional investors [4]. Group 5: Support for Enterprises Going Global - Guangfa Securities has developed a comprehensive cross-border service system to support enterprises in their global expansion, covering areas such as cross-border financing and risk management [5]. - In 2024, the firm completed 14 overseas equity financing projects, raising a total of 9.3 billion USD, ranking fourth among Chinese securities firms in Hong Kong equity financing [5]. Group 6: Challenges and Solutions - The global expansion of Chinese securities firms faces challenges such as regulatory differences and talent shortages [7]. - Guangfa Securities has implemented innovative mechanisms and resource investments to build core capabilities that meet global demands, including establishing a dual communication mechanism for compliance and risk control [8].