"烧钱也赚钱" 这个夏天，香港投行圈正上演一场久违的"速度与激情"。 业务爆发直接点燃了人才争夺战。香港持牌金融专业人士数量在过去一年大幅增加，各家机构纷纷加码"抢人"。有人 才顾问透露，拥有保荐人签字权的专业人士，年薪普遍超过百万港元，部分中高级职位薪酬涨幅超过20%。为快速招 揽人才，甚至有机构愿意为心仪候选人支付高额"代通知金"。同时，外资投行也纷纷加入战局，通过提高实习生转正 率、加速晋升通道等方式争抢优质人才。 上市费用超50亿港元 在中国资产重估及境内企业赴港上市热情回升的背景下，港股市场表现亮眼。中金数据显示，上半年，港股IPO融资 规模同比增长714%，达到140亿美元，日均成交额同比增长118%至2402亿港元。 Choice数据显示，截至8月22日，今年以来，港股共有54只IPO上市新股，募资总额超过1300亿港元，几乎等于2023 年、2024年的总和，相应上市费用总计约54.92亿港元，平均每只新股的上市费用约1.02亿港元。 第一财经从多位业内人士处获悉，每个大型IPO项目，投行、律师、会计师平均可收取总费用1~2亿港元，其中会计师 费约占8%—12%，保荐人费占50%—60%。 这 ...

Core Viewpoint - Fuling Zhacai (002507) conducted an investor relations activity from September 2 to 3, 2025, engaging with 57 institutions including China International Capital Corporation, focusing on new product strategies, market adaptations, and financial management [1] Group 1: Investor Relations Activity Details - The investor relations activity included various formats such as telephone conferences, on-site discussions, and online meetings [1] - The event was attended by key company personnel including the board secretary and the vice president [1] Group 2: New Product and Cost Strategy - The company is investing in new product launches and is implementing a "targeted explosion" strategy to balance sales volume with cost efficiency, avoiding sacrificing profits for revenue growth [1] - The acquisition of Weizimei is expected to enhance the product matrix and facilitate entry into the compound seasoning market, leveraging synergies between restaurant and household channels [1] Group 3: Production and Supply Chain Adjustments - Due to changes in consumer demand, the company is reducing some conventional pickled vegetable production lines while increasing the production capacity for multi-specification products and sauces [1] - The company maintains a "payment before delivery" model for regular distributors, adjusting credit limits for long-term partners facing financial pressures [1] Group 4: Cost Structure and Inventory Management - The company's cost structure remains stable at around 40%, with packaging materials accounting for 20%, labor 13%, and other manufacturing costs 20% [1] - Inventory levels have increased due to the acquisition of over 400,000 tons of raw materials, which is sufficient to meet demand until mid-next year [1] Group 5: Market Positioning and Export Plans - The company primarily collaborates with chain restaurants and high-end hotels, positioning its products in the mid-to-high-end market to meet food safety and quality demands [1] - Export revenue has shown single-digit natural growth in recent years, with plans to establish a team to connect with overseas distributors, primarily targeting Chinese consumers [1] Group 6: Challenges and Strategic Responses - The company faces challenges from changing consumer preferences and increased competition in the condiment market, prompting a strategy to expand product categories and accelerate new product development [1] - The company is actively exploring acquisition opportunities to expand its product offerings and plans to implement consumer-friendly pricing strategies [1]

Core Viewpoint - The investment banking sector in China is experiencing significant growth, driven by an increase in IPO activities and a recovering capital market, particularly in the A-share and Hong Kong markets [1][2][3]. Group 1: A-share Market Performance - In the first half of the year, the A-share equity financing issuance scale reached 774.14 billion yuan, a year-on-year increase of 347.55% [2]. - The IPO issuance scale was 37.36 billion yuan, up 14.96% year-on-year, while refinancing reached 736.78 billion yuan, increasing by 424.47% [2]. - Among 42 listed securities firms, 28 reported growth in investment banking revenue, with leading firms like CITIC Securities achieving 2.05 billion yuan in investment banking income, the highest in the sector [3][5]. Group 2: Investment Banking Revenue Growth - Major securities firms, including CITIC Securities and CICC, reported substantial increases in investment banking revenue, with CICC's revenue growing nearly 150% year-on-year [5][6]. - A number of mid-sized firms also saw significant gains, with revenues ranging from 400 million to 1 billion yuan, indicating a broad recovery across the sector [5][6]. - Conversely, some smaller firms faced challenges, with 14 listed small securities firms reporting investment banking revenues below 100 million yuan [6][7]. Group 3: Hong Kong Market Opportunities - The Hong Kong IPO market has been particularly active, with 42 IPOs completed in the first half, raising 14 billion USD, a year-on-year increase of 713.7% [9][10]. - Major firms like CICC and CITIC Securities capitalized on this trend, securing large IPO deals, including significant transactions for companies like CATL and BYD [9][10]. - The competitive landscape in Hong Kong has prompted firms to allocate more resources and personnel to capture these opportunities, with some firms sending teams to Hong Kong to enhance their presence [11][12]. Group 4: Future Outlook - Analysts expect the IPO market to continue its recovery, supported by favorable market conditions and policy adjustments [1][12]. - The resurgence of the private placement market, with a total of 663.3 billion yuan raised from 76 companies, indicates a growing appetite for equity financing [13][14]. - The trend of larger firms dominating the investment banking space is likely to persist, as smaller firms struggle to compete effectively [6][7].

金晟新能是全球主要的锂电池回收及再生利用解决方案提供商，全球排名第二，第三方回收排名第一。 公司业务涵盖三元锂电池和磷酸铁锂电池的回收，产品广泛应用于电动汽车、储能系统和消费电子产 品。预计全球锂电池回收及再生利用解决方案市场将快速增长，至2031年处理规模将达到20.6百万吨， 复合年增长率为48.1%。 金晟新能已向港交所提交上市申请。中金公司（601995）和招银国际为其联席保荐人。 金晟新能在广东省肇庆及江西省宜春、赣州设有三个生产设施，其退役锂电池再生利用能力和再生利用 产品产能均位居世界第二。 ...

根据《中国证监会关于证券投资基金估值业务的指导意见》（中国证券监督管理委员会公告〔2017〕13 号）和中国证券投资基金业协会《关于发布中基协（AMAC）基金行业股票估值指数的通知》（中基协 发〔2013〕13号）的相关规定，经与托管人协商一致，本公司决定自2025年9月3日起对本公司旗下参照 公募基金运作的大集合资产管理计划所持有的"芯原股份"(证券代码: 688521)采用"指数收益法"进行估 值。 待上述股票复牌且交易体现活跃市场交易特征后，将恢复为采用当日收盘价格进行估值，届时不再另行 公告，敬请投资者关注。 特此公告。 中国国际金融股份有限公司 2025年9月4日 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report highlights that the high prosperity of the capital market has driven performance growth, and the advantages of international business are expected to further manifest [5][12] - In H1 2025, the company achieved operating revenue of 12.83 billion yuan, a year-on-year increase of 43.96%, and a net profit attributable to shareholders of 4.33 billion yuan, a year-on-year increase of 94.35% [3][11] Summary by Relevant Sections Financial Performance - In Q2 2025, the company reported operating revenue of 7.11 billion yuan, a year-on-year increase of 41% and a quarter-on-quarter increase of 24%, with a net profit of 2.29 billion yuan, a year-on-year increase of 131% and a quarter-on-quarter increase of 12% [11][12] - The weighted average ROE for H1 2025 was 4.16%, an increase of 2.03 percentage points compared to the same period last year [11] Business Segments - Brokerage business revenue for H1 2025 was 2.65 billion yuan, up 49.8% year-on-year, with Q2 2025 revenue at 1.35 billion yuan, up 44% year-on-year and 4% quarter-on-quarter [12] - Asset management revenue for H1 2025 was 680 million yuan, a year-on-year increase of 22.3%, with Q2 2025 revenue at 370 million yuan, up 29% year-on-year and 21% quarter-on-quarter [12] - Investment banking revenue for H1 2025 was 1.67 billion yuan, a year-on-year increase of 30.2%, with Q2 2025 revenue at 1.27 billion yuan, up 52% year-on-year and 214% quarter-on-quarter [13] International Business - The international business segment achieved a net profit of 2.63 billion Hong Kong dollars in H1 2025, a year-on-year increase of 169%, contributing 55% to the parent company's profit [13] Future Projections - The company expects revenues of 25.5 billion yuan, 27.4 billion yuan, and 30.3 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 19.4%, 7.4%, and 10.8% [15] - Net profit attributable to shareholders is projected to be 9.1 billion yuan, 10.4 billion yuan, and 12.2 billion yuan for the same years, with year-on-year growth rates of 60.6%, 13.3%, and 18.2% [15]

领先行业的仍是龙头券商。根据披露，中信证券上半年实现投行收入20.54亿元，为上市券商中该项收 入最高者。紧随其后的是4家龙头券商，为中金公司、国泰海通、华泰证券和中信建投，分别达到14.45 亿元、14.1亿元、11.86亿元和11.23亿元。 一批大中型券商也颇有斩获，上半年投行投入多在4亿元到10亿元区间，包括申万宏源（8.87亿元）、 东方证券（7.2亿元）、国联民生（5.44元）、天风证券（4.25亿元）等。当期投行收入在3亿至4亿元 的，有国金证券、国信证券、广发证券等。 "我主要看生物医药这块，年内科创板第五套标准重启，对这类企业有明显的利好。"她说。券商人士李 信也说，所在券商年内开展内部招聘，拟调配投行人员赴香港子公司，以便抓住港股IPO业务机遇。 今年以来，A股IPO受理数量增加、定增市场回暖，港股IPO亦持续火热，为券商带来了更多业务机遇。 第一财经综合券商中报及Wind数据发现，上半年，42家A股上市券商投行总营收超153亿元，以投行业 务手续费净收入口径计算，总收入达155亿元，同比增长约18%。 龙头券商的投行业绩增长强劲。上半年，"三中一华"及国泰海通投行业务收入均超10亿元。其 ...

"预计随着大盘走强和政策松动，IPO市场将进一步回暖。" 在一家龙头券商投行部工作了几年的方方，今年明显感觉到，自己手头的工作变多了。 "我主要看生物医药这块，年内科创板第五套标准重启，对这类企业有明显的利好。"她说。券商人士李 信也说，所在券商年内开展内部招聘，拟调配投行人员赴香港子公司，以便抓住港股IPO业务机遇。 头部券商投行均实现增收 今年上半年，A股股权市场活跃。公开数据显示，上半年，A股（现金类及资产类）股权融资发行规模 7741.36亿元，同比增长347.55%。其中，IPO发行规模373.55亿元，同比增长14.96% ；再融资（现金类 及资产类）发行规模7367.81亿元，同比增长424.47%。 在此背景下，多数上市券商实现了投行业务增收。按上述统计口径上半年，42家上市券商中当期投行收 入增长的有28家，占比超过六成。 领先行业的仍是龙头券商。根据披露，中信证券上半年实现投行收入20.54亿元，为上市券商中该项收 入最高者。紧随其后的是4家龙头券商，为中金公司、国泰海通、华泰证券和中信建投，分别达到14.45 亿元、14.1亿元、11.86亿元和11.23亿元。 一批大中型券商也颇有斩获 ...

人民财讯9月3日电，企查查APP显示，近日，杭州中金雷诺安培融盛创业投资合伙企业（有限合伙）成 立，出资额10亿元人民币，经营范围为股权投资、创业投资。企查查股权穿透显示，该企业由中金公司 旗下中金私募股权投资管理有限公司、浙江绿色新能源汽车股权投资合伙企业（有限合伙）等共同出 资。 转自：证券时报 ...

Core Viewpoint - The company, China International Capital Corporation (CICC), is experiencing a decline in stock price and trading volume, while also projecting significant profit growth for the upcoming quarter [1][2]. Financial Performance - CICC's subsidiary, CICC Futures Co., Ltd., has a registered capital of RMB 350 million and focuses on commodity futures brokerage, financial futures brokerage, investment consulting, and asset management [2]. - The company expects a net profit attributable to shareholders of RMB 1.858 billion to RMB 2.106 billion for the period from January 1, 2025, to March 31, 2025, representing a growth of 50% to 70% compared to the previous year's net profit of RMB 1.239 billion [2]. - For the first half of 2025, CICC reported a net profit of RMB 4.33 billion, a year-on-year increase of 94.35% [8]. Shareholder and Market Activity - As of June 30, 2025, CICC had 124,000 shareholders, a decrease of 11.17% from the previous period, with an average of 23,649 shares held per shareholder, an increase of 12.62% [8]. - The company has distributed a total of RMB 4.924 billion in dividends since its A-share listing, with RMB 2.607 billion distributed over the past three years [9]. Ownership and Control - CICC is a state-owned enterprise, ultimately controlled by Central Huijin Investment Ltd., and is categorized as a "中字头" stock, indicating its connection to central state-owned enterprises [3][2]. Market Position and Business Segments - CICC operates in various segments, including investment banking, equity sales and trading, fixed income, wealth management, and asset management, with wealth management contributing 32.73% to total revenue [7]. - The company is classified under the non-bank financial sector, specifically in the securities industry [7].