文/末日机甲 3月14日晚上，深交所公布对青岛科凯电子研究所股份有限公司、王建绘、王建纲、张春妍的监管函，对信永中和会计师事务所、毕强、唐守东的监管函，对中国 国际金融股份有限公司、王丹、贾义真的监管函。青岛科凯电子创业板IPO于2023年6月26日获得受理，已于2024年4月15日被宣布终止审核。而中金公司、信永中 和分别是该IPO项目的保荐机构、审计机构。深交所在对该项目现场督导后发现了发行人、保荐机构、审计机构的违规行为。深交所对保荐机构、审计机构、发行 人及其责任人的监管措施均为采取书面警示！ | 输入关键字 | YYYY-MM-DD 至 YYYY-MM-DD ▼ | 查询 | | | --- | --- | --- | --- | | . | 关于对中国国际金融股份有限公司、王丹、贾义真的监管函 | | 2025-03-14 | | . | 关于对信永中和会计师事务所（特殊普通合伙）、毕强、唐守东的监管函 | | 2025-03-14 | | . | 关于对青岛科凯电子研究所股份有限公司、王建绘、王建纲、张春妍的监管函 | | 2025-03-14 | | 已受理 | 已问询 | 终止 | | -- ...

| 拟上板块 | 己受理 | 已问询 | 已过会 | 提交注册 | 中止 | 合计 | | --- | --- | --- | --- | --- | --- | --- | | 沪主板 | 2 | 29 | 3 | | 0 | રે રે | | 科创板 | 1 | 13 | 0 | 4 | 1 | 19 | | 深主板 | ব | 12 | 6 | 2 | 0 | 24 | | 创业板 | 0 | 10 | R16 | 2 | 0 | 28 | | 北交所 | 1 | 60 | ਤੇ | ব | ટર | ਰੇਤੋ | | 合计 | 8 | 124 | 28 | 13 | 26 | 199 | 这199家A股IPO排队企业的中介机构排名如下： 一、保荐机构业绩排名 共有45家券商承担了这199家IPO排队企业的保荐业务，有3家IPO排队企业分别聘请两家券商，各计一单，故业务单数总量为202单。 榜单前三名： 第一名：国泰君安（17单）、中信证券（17单） 文/梧桐数据中心 据沪深北交易所官网数据显示，截至3月12日，A股IPO 排队 企业仅剩199家，其中沪深交易所合计106家（沪主板35家、科创板19家 ...

旗手，爆发！ 午后，券商股突然大爆发，中国银河一度涨停，中金公司最高涨近8%，华创云信、东兴证券、信达证券快速上攻。 港股市场中资券商亦是大爆发，中国银河、中金公司、申万宏源等大幅拉升。可以看出，今天领涨的券商股依然是 以汇金系为主。 研究人士认为，2025年市场成交额有望继续维持高水位，券商经纪及信用业务将深度受益；股市回暖背景下，券商 权益投资弹性有望继续释放；同时资管和基金赛道景气度亦有望边际向好；股票发行上市和并购重组制度优化下， 投行业务亦有望走出底部区间，并购重组及港股IPO 业务将贡献增量。 券商股大爆发 沉寂数日的券商股今天午后突然大爆发。中国银河率先涨停，中金公司、信达证券、东兴证券、太平洋等紧随其 后。港股市场中资券商股亦明显异动。证券ETF一度直线拉升。 值得注意的是，今天中字头整体也是持续走强，中远海科拉升触板，中国联通、中科曙光等大市值个股明显发力。 2月26日，中金公司和中国银河亦双双涨停。中金公司H股涨一度超14%；中国银河H股一度升超18%。信达证券A 股亦跟随大涨超6%。当时，市场传出，中金公司将与同业中国银河合并，这笔交易将缔造出一家资产规模达1930亿 美元的券商巨头。但 ...

证券代码：601995 证券简称：中金公司 公告编号：临 2025-004 中国国际金融股份有限公司 第三届董事会第五次会议决议公告 中国国际金融股份有限公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国国际金融股份有限公司于 2025 年 3 月 6 日以书面方式发出第三届董事 会第五次会议（以下简称"本次会议"）通知，并于 2025 年 3 月 11 日完成本次 会议的书面投票并形成会议决议。本次会议应参与表决董事 7 名，实际参与表决 董事 7 名。本次会议的召集、召开及表决程序符合有关法律法规和《中国国际金 融股份有限公司章程》的规定。 特此公告。 中国国际金融股份有限公司 董 事 会 2025 年 3 月 11 日 1 本次会议审议通过了《关于<高级管理人员 2024 年度履职评价指标>的议案》。 表决结果：7 票赞成，0 票反对，0 票弃权。 该议案提交董事会审议前已经董事会薪酬委员会审议通过。 ...

Group 1: Market Overview - China assets are entering a favorable period, with both global and domestic allocation forces reaching a turning point [3] - Foreign capital is expected to return and focus on undervalued core assets, indicating that the value discovery of low-valued blue-chip stocks may just be beginning [3] - In a low-interest-rate environment, the allocation of financial assets may shift from fixed income to equity, as the worst phase of corporate earnings may have passed [4] Group 2: Sector Insights - The Hong Kong stock market remains more cost-effective compared to A-shares, with potential shifts towards high dividend and public utility stocks due to low government bond yields [5] - The military industry is showing signs of order recovery, with significant orders from listed companies, suggesting a sustainable recovery in the sector [8] - The robotics sector is still in its early development stage, and a rational investment approach of "buying on dips" is recommended [9] Group 3: Macro and Fixed Income - The central bank is unlikely to loosen monetary policy in the short term, as the financial data shows improvements but remains uncertain [13] - Convertible bonds are expected to face supply-demand challenges, and opportunities for investment in equity-like convertible bonds are recommended [14] - Bond yields are anticipated to decline in the second quarter as the economy recovers moderately, with a focus on domestic bond markets [15] Group 4: Asset Allocation - A "barbell strategy" focusing on dividends as a defensive measure and technology as a growth driver is suggested, with the low volatility dividend index showing a yield of 7.42% [17]

Core Viewpoint - The article highlights the significant role of women in the securities industry, noting that they constitute over 50% of the workforce and nearly 40% of senior management positions, while also addressing the challenges they face in career advancement and workplace equality [1][5][7]. Group 1: Female Workforce Representation - Women make up approximately 47% of the total workforce in the securities industry, with foreign firms like Nomura Oriental International Securities reporting female representation of 59% in front office roles and 54% in back office roles [2][3]. - In domestic firms, such as CICC, the female employee ratio is reported to be as high as 54% as of the end of 2024, indicating a rising trend in female representation [2][3]. - First Capital has a female employee ratio of 45.2%, with a balanced distribution across various departments, and the number of female employees has been increasing over the past three years [3]. Group 2: Female Leadership - Despite the high representation of women in the workforce, female executives remain underrepresented, with only 13.4% of senior management positions held by women across 42 listed securities firms [5]. - Some firms, like Huayin Securities, have a higher female executive ratio, with 25% of their senior management being women [5]. - The unique qualities of female leaders, such as effective communication and emotional intelligence, are seen as beneficial for corporate governance and financial performance [5][6]. Group 3: Challenges in Career Advancement - Women in finance face several barriers to advancement, including implicit biases, unequal resource distribution, conflicts between work and family responsibilities, and a lack of mentorship opportunities [6][7]. - The traditional male-dominated culture in decision-making roles contributes to stereotypes about women's capabilities in high-pressure environments [6][7]. Group 4: Initiatives for Gender Equality - Companies are actively working to create a fair workplace environment by implementing measures to eliminate gender bias in hiring and promotion processes [8][9]. - Support for female employees includes flexible maternity leave policies, mental health resources, and initiatives to ensure a high retention rate of women post-maternity leave, with some firms reporting a retention rate of 100% for returning mothers [9][10]. - Measures to prevent workplace harassment and promote a respectful work environment are also being emphasized, with training programs and clear reporting mechanisms established [10].

Strategy - The recent significant pullback in the Hong Kong stock market was anticipated due to short-term sentiment exhaustion and upcoming important domestic meetings, alongside external disturbances [2] - The market's rebound was primarily driven by trading funds rather than long-term investments, with a notable increase in southbound capital inflows last week [2] - The suggested strategy is to buy actively when prices are low and take profits during euphoric periods, focusing on sectors with strong fundamentals and industry trends [2] Government Work Report - The GDP growth target for 2025 is set at around 5%, balancing short-term growth stabilization needs with long-term development goals [5] - The CPI inflation target is set at approximately 2%, reflecting a pragmatic approach in a context of weak inflation [5] - The report emphasizes the importance of developing new productive forces, such as AI, while also addressing financial risks and stabilizing the real estate and stock markets [5] US Economic Insights - Recent pressures on the US stock market are attributed to visible risks, including tariff concerns and challenges to the US's AI advantage, leading to a decline in US Treasury yields [8] - The market's concerns about the US economy may be overstated, as past fears have often proved to be excessive [8] - The analysis aims to clarify the underlying truths behind the recent downturn in US macro growth to better assess market directions [8] DeepSeek-R1 Quantitative Strategy - The rapid evolution of large language models like DeepSeek-R1 has garnered significant investor interest, particularly in their application to quantitative strategies [10] - Testing results indicate that DeepSeek-R1 outperformed in industry rotation tasks, achieving an excess return of 22.3% relative to an equal-weighted industry benchmark since 2024 [12] - Despite its advantages, DeepSeek-R1 faces limitations such as hallucinations, content randomness, and context memory length restrictions, which require careful consideration in quantitative strategy development [12] Market Comparison to 2013 - The current market structure shows similarities to 2013, with signs of economic improvement and supportive policies for technology enterprises [14] - The report suggests that the overall market performance in 2025 is expected to surpass that of 2013, with a continued structural trend in technology growth [15] - The analysis indicates that while there may be short-term fluctuations, the long-term outlook remains positive, with less divergence expected compared to 2013 [15]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國國際金融股份有限公司 呈交日期: 2025年3月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03908 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,903,714,428 | RMB | | 1 | RMB | | 1,903,714,428 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 1,903,714,428 | RMB | | 1 | RMB | | 1,903,714,428 | | 2. 股份分類 ...

Wind梳理近期券商研报以及多位机构知名首席的公开观点发现，中信证券首席经济学家明明、华泰证券首席宏观经济学家易峘、中金公司首席国内策略 分析师李求索，以及广发证券策略首席分析师刘晨明等，均表示接下来将 重点关注经济增速目标、财政政策、货币政策。他们对资本市场持乐观态度， 并认为中国资产的吸引力有望进一步显现。 // 1. 宏观经济关注点 // 经济增速： 多数机构观点认为2025年我国GDP增速目标为5%左右。 中信证券明明通过分析北京、上海等地GDP增速目标，判断2025年全国经济增速目标可能为5.0%左右 ，其认为更加积极有为的宏观政策将带动实现这一 增速，且消费会是重要政策抓手。 李求索根据各地公布的经济增速目标，计算整体加权平均增长目标为 5.3%（2024年GDP增长目标为5.4%）。 2025年全国两会召开在即，与此相关的3月资本市场机会受到高度关注。 通胀目标： 中金公司研报分析，各地CPI目标普遍下调至2%左右，预计2025年全国 CPI目标也将从过去几年的3%左右下调至2%左右。 西部证券则认为物价目标有望更具刚性，CPI目标可能维持在3%左右。 // 2. 财政政策关注点 // 赤字率： ...

Core Viewpoint - The article discusses the speculation surrounding the potential merger between China International Capital Corporation (CICC) and China Galaxy Securities, highlighting the market's strong expectations despite repeated denials from both companies and their major shareholder, Central Huijin Investment [1][2][3]. Group 1: Merger Speculation - CICC and China Galaxy's stock prices surged due to merger rumors, with CICC's A-shares rising by 6.7% and China Galaxy's by 10% on February 27 [1]. - The merger rumors have circulated since November 2023, leading to multiple instances of stock price increases based on speculation [3]. - The market's optimism is fueled by the broader trend of consolidation in the brokerage industry, with several successful mergers in recent years [4][5]. Group 2: Reasons for Strong Expectations - The expectation for a merger is influenced by the regulatory environment, as the China Securities Regulatory Commission (CSRC) has expressed support for mergers and acquisitions among leading institutions [4]. - Both CICC and China Galaxy are subsidiaries of Central Huijin, making integration easier from a shareholder perspective [5]. - The complementary business structures of the two firms could theoretically enhance their competitive positioning in the market [5]. Group 3: Challenges to Merger - Despite the speculation, both companies have issued clarifications denying any ongoing merger discussions, indicating a low likelihood of a merger in the short term [2][8]. - Historical examples show that successful mergers often occur under conditions of operational distress or significant challenges within the companies involved [10][11]. - The cultural and operational integration challenges between CICC's elite investment banking culture and China Galaxy's more traditional brokerage model could complicate any potential merger [14][15]. Group 4: Central Huijin's Role - Central Huijin's primary responsibility is to enhance the competitiveness of its subsidiaries without directly intervening in their daily operations, which may reduce the impetus for a merger [12][19]. - The leadership changes within Central Huijin and its subsidiaries may lead to a cautious approach regarding any potential mergers, as new leaders typically require time to assess the situation [15][16]. - The focus of Central Huijin is on maintaining the value of state-owned financial assets rather than pursuing aggressive consolidation strategies [19].