Core Viewpoint - The report from CICC indicates that the social services industry is showing signs of stabilization and bottoming out after experiencing widespread price pressure and same-store sales decline in 2024 [1] Group 1: Industry Outlook - The social services industry is expected to stabilize with reduced price competition and improvements in same-store sales, either turning positive or showing a narrowing decline [1] - For 2026, the report is optimistic about sub-sectors such as hotels and duty-free shops, which are anticipated to experience a turning point and reversal [1] Group 2: Company Performance - The report continues to favor comprehensive leading companies with strong internal growth capabilities and high-growth niche leaders [1]

Core Insights - The food and beverage industry has entered a new normal since the beginning of the year, with an overall weak consumption environment [1] - The industry is focusing on high quality-price ratios, functionality, health, and emotional consumption trends [1] - The demand for the liquor industry continues to show weak prosperity, compounded by new regulations leading to significant adjustments on both supply and demand sides [1] - There is a divergence in performance among consumer goods, with beverages and snacks showing better prosperity [1] - Looking ahead to next year, the industry is expected to continue a weak recovery with strong differentiation, relying more on product innovation, fragmented channel layouts, and expanding consumer demographics [1] - Companies with strong brand power, product innovation capabilities, channel control, and excellent supply chain efficiency will be able to navigate through cycles and achieve high-quality growth [1]

重要新闻提示 海南自由贸易港今日正式启动全岛封关 中金公司换股吸收合并东兴证券、信达证券预案出炉，三家公司股票今日复牌 万隆光电：筹划重大资产重组，今起复牌 今日提示 海南自由贸易港今日正式启动全岛封关 商务部今日下午3时举行新闻发布会，介绍近期商务领域重点工作有关情况 元创股份（001325）今日在深交所主板上市 央行今日有1186亿元7天期逆回购到期 财经新闻 1. 财政部12月17日公布的数据显示，1—11月的全国税收收入中，印花税收入4044亿元，同比增长 27%。其中，证券交易印花税收入1855亿元，同比增长70.7%。1—11月，全国政府性基金预算支出9.21 万亿元，同比增长13.7%，主要是各级财政持续加快债券资金使用，地方政府专项债券、超长期特别国 债、中央金融机构注资特别国债等资金共支出5.15万亿元（含以往年度结转债券支出）。 2. 12月17日，"工信微报"微信公众号消息，工业和信息化部部长李乐成在北京会见美国超威半导体公司 （AMD）董事会主席兼首席执行官苏姿丰，双方就加强数字经济、人工智能领域合作等议题进行交 流。 5. 重庆市人民政府网站12月17日消息，重庆市人民政府办公厅近日 ...

【今日头条】 港交所官宣：公众持股量增设"10亿市值"门槛，2026年全面施行 智通财经APP获悉，12月17日，香港联交所就《上市规则》有关持续公众持股量规定的修订建议刊发咨 询总结。采纳的改革措施包括：主要引入替代持续公众持股量门槛，为发行人的资本管理提供更大灵活 性。对所有发行人实施新的公众持股量汇报责任，并对公众持股量不足的发行人施加额外披露规定，从 而提高市场透明度。新的持续公众持股量规定将于2026年1月1日起生效。（具体细则参阅智通财经 APP）。 【大势展望】 隔夜美股收盘全线下跌 标普、道指连跌四日 隔夜美股收盘全线下跌，标普、道指连跌四日。截至收盘，道琼斯工业平均指数比前一交易日下跌 228.29点，收于47885.97点，跌幅为0.47%；标准普尔500种股票指数下跌78.83点，收于6721.43点，跌 幅为1.16%；纳斯达克综合指数下跌418.14点，收于22693.32点，跌幅为1.81%。大型科技股普跌，特斯 拉、博通跌超4%，英伟达跌近4%，谷歌跌超3%，储能概念、半导体、计算机硬件跌幅居前，康特科技 跌超7%。 热门中概股多数下跌，理想汽车跌超3%，恒生指数ADR下跌，按比 ...

智通财经APP获悉，财政部公布数据，2025年1—11月证券交易印花税1855亿元 同比增长70.7%。 银河证券认为，国家"稳增长、稳股市"、"提振资本市场"的政策目标将持续定调证券板块未来走向，流 动性适度宽松环境延续、资本市场环境持续优化、投资者信心重塑等多方面因素共同推动证券板块景气 度上行。当前环境下，中长期资金加速入市，市场活跃度维持高位，资本市场展现出"健康牛"态势，财 富管理转型、国际业务拓展、金融科技赋能均有望成为行业提升ROE驱动力。当前板块估值处于历史低 位，防御反弹攻守兼备。建议关注综合实力强劲的头部券商，以及在财管、自营、跨境等业务领域具备 差异化竞争优势的券商。 中信建投研报称，证券方面，2026年政策利好驱动业绩持续增长，板块有望重新定价。2025年证券行业 进入新一轮增长周期，但券商股票因缺少独立催化、前两年悲观情绪的延续等原因而导致超额收益不 佳。当前"服务新质生产力+中长期资金入市+券商国际化机遇"三大核心利好逻辑尚未被市场充分定 价，其驱动的投行、资管、国际业务等新动能，有望在2026年后逐步兑现至行业基本面，为中长期业绩 弹性与韧性提供坚实支撑，无需担忧增长断层。 日前 ...

Abstract 摘要 "横"：截面维度下如何通过主动权益超额信息选基？ 我们基于超额收益与跟踪误差信息，挖掘出两个有效的选基因子， 能够预测主动权益基金未来业绩：分别为长期信息比率（INFO_LONG）与跟踪误差变 化水平（TRACK_D），考虑到二者相关系数相对较低，我们将经过复合后的指标用于主动权益基金优选与组合构建。 主动 VS 指数：震荡期与新规下的双重考验 今年以来，权益市场回暖向好，主动权益基金整体迎来规模抬升，相对指数产品的超额显著。据我们统计，2025年1-11月，主动（+29.2%）相对指数 （+17.0%）实现超过12个百分点的超额回报。不过随着当下市场进入震荡平台期，后续主动产品是否能够持续跑赢指数仍然是较多投资者非常关心的问 题。本篇我们以主动权益超额收益为主题，从"纵"（时序预测：主动何时跑赢指数）与"横"（截面预测：如何应用超额信息进行基金优选）两个维度进行 深度拆解与投资应用实践。 "纵"：时序维度下如何预测主动权益超额水平？ 我们依据三大逻辑主线，挖掘出6个能够预测主动权益超额水平的指标： 1）"投资主线与机构定价权强弱"逻辑下，主动权益跟踪误差分化度（TE-S）、 主动权益 ...

Group 1 - The Ministry of Industry and Information Technology of China is committed to promoting new industrialization and providing more cooperation opportunities for foreign companies, including AMD, in the fields of digital economy and artificial intelligence [1][1] - CICC has announced a major asset restructuring plan to absorb and merge with Dongxing Securities and Xinda Securities, with a share swap price set at 36.91 CNY per share for CICC, 16.14 CNY for Dongxing Securities, and 19.15 CNY for Xinda Securities, with the merger expected to balance shareholder interests [1][1] - The State Development and Reform Commission has issued a notice on the benchmark levels for clean and efficient coal utilization, aiming to enhance the clean energy system in China [1][1] Group 2 - The global silver market is experiencing a historic surge, with prices surpassing 66 USD per ounce, marking a year-to-date increase of over 130%, significantly outpacing gold [3][3] - The European Parliament has approved a plan to gradually stop importing Russian natural gas by the end of 2027, pending final approval from EU member states [3][3] - The asset management products total scale reached 80.03 trillion CNY by the end of Q3 2025, according to the China Securities Investment Fund Industry Association [1][1]

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 12月17日晚，中金公司与东兴证券、信达证券同步披露重大资产重组预案，中金公司换股吸收合并两家公司迎来重大进展，三家公司股票 将于12月18日复牌。 | 证券代码:601995 | 证券简称:中金公司 | 上市地点:上海证券交易所 | | --- | --- | --- | | 证券代码:03908 | 证券简称:中金公司 | 上市地点:香港联合交易所 | | 证券代码:601198 | 证券简称:东兴证券 | 上市地点:上海证券交易所 | | 证券代码:601059 | 证券简称:信达证券 | 上市地点:上海证券交易所 | | | 自换股吸收合并的定价基准日至换股实施日(包括首尾两日), | | --- | --- | | | 若吸收合并各方任一方发生派送现金股利、股票股利、资本公积 | | | 转增股本、配股等除权除息事项,或者发生按照相关法律、法规 | | | 或监管部门的要求须对换股价格进行调整的情形,则换股价格和 | | | 换股比例将作相应调整;除前述情形外, ...

Macro News - AMD CEO Lisa Su met with China's Minister of Industry and Information Technology, Li Lecheng, discussing deepening investment and cooperation in the Chinese market [1][4] - The State Administration for Market Regulation introduced new antitrust compliance guidelines for internet platforms, highlighting eight new types of monopoly risks [4] - From January to November, China's general public budget revenue reached 200,516 billion yuan, with a year-on-year growth of 0.8%. The securities transaction stamp duty for the same period was 1,855 billion yuan, up 70.7% year-on-year [4] Industry News - CICC, Xinda Securities, and Dongxing Securities announced a merger plan, with stock resumption today. The exchange ratios are 1:0.4373 for Dongxing and 1:0.5188 for Xinda [7] - Six departments released guidelines for clean and efficient coal utilization, aiming to enhance the utilization levels of new coal projects and existing ones [7] - The global automotive semiconductor market is projected to grow from approximately $67.7 billion in 2024 to nearly $96.9 billion by 2029, with a compound annual growth rate of 7.4% [8] Company News - Sunac China announced the full release and exemption of approximately $9.6 billion in existing debt [9] - Muxi Co., Ltd. debuted on the Sci-Tech Innovation Board, with a first-day closing increase of 692.95%, leading to significant profits for investors [9] - Meike Home announced plans to acquire control of Wande, with stock suspension effective immediately [9] - China Railway announced contracts totaling 533.1 billion yuan, with wind power and energy storage contracts amounting to approximately 166.5 billion yuan [9]

Core Viewpoint - The company, China International Capital Corporation (CICC), is planning a share swap merger with Dongxing Securities and China Cinda Asset Management, which will result in a change in the shareholding structure of CICC [1][33]. Group 1: Transaction Overview - The transaction involves CICC issuing A-shares to all A-share shareholders of Dongxing Securities and Cinda Securities in exchange for their shares [14]. - The merger agreement was signed on December 17, 2025, and will lead to the absorption of all assets, liabilities, and rights of Dongxing Securities and Cinda Securities by CICC [14]. - Following the merger, Dongxing Securities and Cinda Securities will be delisted and their legal entities will be dissolved [14]. Group 2: Approval Process - The transaction requires multiple approvals, including from the boards of directors of all involved parties and the shareholders' meetings of CICC, Dongxing Securities, and Cinda Securities [3][4][5][6][7][8]. - Additionally, it must receive approval from the Hong Kong Stock Exchange and the Shanghai Stock Exchange, as well as the China Securities Regulatory Commission [9][10]. Group 3: Shareholding Changes - Prior to the transaction, the information disclosure obligor did not hold any shares in CICC [15]. - Post-merger, the information disclosure obligor will hold approximately 1,323.67 million A-shares, representing 16.71% of the total share capital of the newly merged entity [15]. Group 4: Future Plans - The information disclosure obligor has no plans to increase its shareholding in CICC within the next 12 months, aside from the changes resulting from the merger [13].