Group 1 - The core viewpoint is that leading brokerage firms with advantages in corporate client resources, professional service capabilities, and cross-border service capabilities are expected to continue benefiting from the evolving investment banking ecosystem as the financing and investment landscape enters a new phase [1][3] - In the A-share market, equity financing is gradually recovering, with bond underwriting maintaining growth. In November, there were 12 new IPOs raising a total of 20.5 billion yuan, and refinancing reached 12 billion yuan. Year-to-date, A-share IPOs have increased by 95% and refinancing by 363% (70% excluding large state-owned enterprise placements) [1] - The demand for mergers and acquisitions remains strong, with 157 major restructuring events disclosed year-to-date, including 11 in November. Bond issuance has also seen a cumulative underwriting scale increase, with 398.3 billion yuan in core bond issuance in November, reflecting a year-on-year growth of 13% [1] Group 2 - The Hong Kong stock market has seen a significant increase in trading activity since the second half of 2024, with improved market liquidity driving a substantial recovery in IPOs and refinancing. Year-to-date, the IPO scale in Hong Kong has reached 259.4 billion HKD, up 228%, while refinancing has reached 315.6 billion HKD, up 251% [2] - The China Securities Regulatory Commission (CSRC) has emphasized the need for a more transparent, efficient, and predictable regulatory environment for overseas listings, which is expected to further enhance the financing convenience in the Hong Kong market [2] - The investment and financing rebalancing is entering a new phase, with ongoing reforms expected to benefit various business segments of brokerage firms, including investment banking [3]

Core Viewpoint - Unisoc is recognized as a leading player in the domestic smart security chip and special integrated circuit market, benefiting from high demand in downstream special fields, automotive electronics, and the Internet of Things [1] Company Summary - Unisoc's product offerings include smart cards and FPGA, with a strong technological barrier and stable position in the industry [1] - The company is expected to maintain steady growth in performance due to ongoing product platformization and R&D innovation [1] - Based on comparable company PE/PB valuations and Unisoc's industry position and technological advantages, a target price of 96 yuan is set, corresponding to a PE of 50.26 times for 2025, with an initial "Buy" rating [1]

Group 1 - The core viewpoint of the report is that Unisoc is a leading player in the domestic smart security chip and special integrated circuit market, with high technical barriers and a solid position in the industry [1] - The company benefits from the high prosperity of downstream special fields, automotive electronics, and the Internet of Things markets, which is expected to contribute to steady growth in performance [1] - The report estimates a target price of 96 yuan based on a 50.26 times PE ratio for 2025, and initiates coverage with a "Buy" rating [1]

Core Viewpoint - The steel industry is rated as "overweight" by Guotai Junan, with expectations of supply-side contraction and gradual recovery of the steel fundamentals [1] Group 1: Demand and Supply - Demand for steel has decreased on a month-on-month basis, with total apparent consumption of five major steel products at 8.3528 million tons, down 0.53% month-on-month and 4.06% year-on-year [2] - Total steel production was 7.9797 million tons, reflecting a month-on-month decrease of 1.02%, while total inventory stood at 12.9478 million tons, down 2.8% month-on-month, maintaining a low level [2] - The operating rate of blast furnaces in 247 steel mills was 78.47%, a decrease of 0.16 percentage points from the previous week, indicating a continued decline in inventory [2] Group 2: Profitability - The average gross profit for rebar was estimated at 206 CNY per ton, an increase of 54 CNY per ton from the previous week, while hot-rolled coil gross profit averaged 8 CNY per ton, up 36 CNY per ton [3] - The profitability rate of 247 steel companies remained stable at 35.93% [3] - China's crude steel production in November was 6.987 million tons, down 10.9% year-on-year, while pig iron production was 6.234 million tons, down 8.7% year-on-year [3] Group 3: Future Outlook - Demand is expected to stabilize, while supply is anticipated to continue contracting, with the negative impact of the real estate sector on steel demand significantly diminishing [4] - Approximately 65% of steel companies are currently operating at a loss, indicating that market-driven supply adjustments are beginning to occur [4] - The steel fundamentals are expected to gradually improve as supply-side contraction persists [4]

人民财讯12月22日电，企查查APP显示，近日，江城国泰海通神工(武汉)创业投资基金合伙企业(有限合 伙)成立，出资额2亿元，经营范围包含：私募股权投资基金管理、创业投资基金管理服务。企查查股权 穿透显示，该企业由神工股份、国泰海通全资子公司国泰君安创新投资有限公司等共同出资。 ...

● 本报记者 赵中昊 胡雨 在建设金融强国的战略指引下，我国证券行业正迎来一轮"自上而下、政策驱动"的深度整合浪潮。近 日，中金公司宣布换股吸收合并东兴证券与信达证券，交易完成后预计总资产规模将跨越万亿元大关， 一家新的"航母级"券商雏形初现。这仅是行业变局的缩影，2025年以来，包括国泰君安与海通证券合并 在内的多起重磅案例陆续落地。 业内人士认为，此轮并购旨在超越简单的规模叠加，其核心逻辑已从解决个体问题升级为服务国家战 略，证券行业发展模式从单纯的规模扩张转向追求功能协同与专业能力的跃迁，以期优化金融供给、锻 造一流投行，标志着行业步入以功能跃迁为核心的高质量发展新阶段。 行业并购风起云涌 头部券商格局生变 日前，中金公司吸收合并东兴证券、信达证券再迎实质性进展：中金公司正式宣布换股方式吸收合并东 兴证券及信达证券的方案，交易完成后预计总资产规模将超过万亿元，又一家"航母级"券商呼之欲出， 新一轮证券行业并购重组浪潮提速。 据中国证券报记者不完全统计，2025年已有包括中金公司吸收合并前述两家券商在内的多起并购重组案 例取得进展。其中，国泰君安吸收合并海通证券、国信证券收购万和证券、浙商证券吸收合并国都 ...

Group 1: Global Asset Performance - Commodity prices showed mixed performance, with IPE crude oil futures down 1.1% and the S&P-Goldman Commodity Index down 0.5%, while COMEX copper rose 2.3% and London gold increased by 1.0% [1][4] - Emerging market stocks underperformed compared to developed markets, with the Nikkei 225 down 2.6% and the Hang Seng Index down 1.1%. The Shanghai Composite Index remained flat, while the S&P 500 rose 0.1% [1][4] - The 10-year U.S. Treasury yield fell by 3 basis points to 4.16%, while domestic 10Y government bond futures prices dropped by 0.1% [1][4] Group 2: Economic Indicators in the U.S. - In November, the U.S. added 64,000 non-farm jobs, slightly above expectations, but the unemployment rate rose to 4.6%, higher than the anticipated 4.5% [6][12] - The November CPI year-on-year growth was 2.7%, down 0.3 percentage points from September and significantly below the expected 3.1% [8] - Retail sales in October showed a year-on-year growth of 3.5%, down 0.7 percentage points from September, primarily due to declines in auto sales and gasoline prices [11] Group 3: Policy Developments - The Federal Reserve may pause interest rate cuts, with the new chairperson expected to be announced in early 2026 [20][22] - The European Central Bank maintained interest rates steady for the fourth consecutive meeting, indicating that the rate-cutting cycle may be nearing its end [20][22] - The Bank of Japan raised its policy rate by 25 basis points to 0.75%, signaling potential for further gradual increases in the future [21][22]

金银周报 国泰君安期货研究所 有色及贵金属 刘雨萱投资咨询从业资格号：Z0020476 日期：2025年12月21日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 黄金：宏观水温舒适；白银：稳步爬升 强弱分析：黄金中性、白银偏强 价格区间：960-1000元/克、14500-16000元/千克 Special report on Guotai Junan Futures 数据来源：Wind、国泰君安期货研究所 2 ◆ 本周伦敦金回落0.22%，伦敦银回升1.98%。金银比从前周的66.6回落至65.9，10年期TIPS回升至1.92%，10年期名义利率回落至 4.16%（2年期3.48%），美元指数录得98.7。 ◆ 本周贵金属价格继续上行，周五再度创出新高，COMEX白银突破67美元/盎司，沪银触及15769元/千克，COMEX黄金则是再摸 4409美元/盎司高位。宏观层面本周进一步释放压力，非农数据失业率出现明显回升，同时CPI显著回落，使得利率进 ...

金银周报 国泰君安期货研究所 有色及贵金属 刘雨萱投资咨询从业资格号：Z0020476 日期：2025年12月21日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 黄金：宏观水温舒适；白银：稳步爬升 强弱分析：黄金中性、白银偏强 价格区间：960-1000元/克、14500-16000元/千克 Special report on Guotai Junan Futures 数据来源：Wind、国泰君安期货研究所 2 ◆ 本周伦敦金回落0.22%，伦敦银回升1.98%。金银比从前周的66.6回落至65.9，10年期TIPS回升至1.92%，10年期名义利率回落至 4.16%（2年期3.48%），美元指数录得98.7。 ◆ 本周贵金属价格继续上行，周五再度创出新高，COMEX白银突破67美元/盎司，沪银触及15769元/千克，COMEX黄金则是再摸 4409美元/盎司高位。宏观层面本周进一步释放压力，非农数据失业率出现明显回升，同时CPI显著回落，使得利率进 ...

泛亚微透本次发行的定价基准日为发行期首日。发行价格为不低于定价基准日前20个交易日上市公司股 票交易均价的80%。定价基准日前20个交易日股票交易均价=定价基准日前20个交易日股票交易总额/定 价基准日前20个交易日股票交易总量。 泛亚微透本次向特定对象发行股票的发行数量按照募集资金总额除以发行价格确定，不超过本次发行前 上市公司总股本的30%，即本次发行不超过27,300,000股(含本数)。 中国经济网北京12月21日讯泛亚微透(688386.SH)近日发布公告称，公司于2025年12月19日收到上海证 券交易所(以下简称"上交所")出具的《关于江苏泛亚微透科技股份有限公司向特定对象发行股票的交易 所审核意见》，具体审核意见为，"江苏泛亚微透科技股份有限公司向特定对象发行股票申请符合发行 条件、上市条件和信息披露要求。本所将在收到你公司申请文件后提交中国证监会注册。" 泛亚微透表示，公司本次向特定对象发行股票事项尚需获得中国证券监督管理委员会(以下简称"中国证 监会")同意注册的决定后方可实施，最终能否获得中国证监会同意注册的决定及其时间尚存在不确定 性。公司将根据该事项的进展情况及时履行信息披露义务，敬 ...