Core Viewpoint - The establishment of the CICC Heibei Steel Development Equity Investment Fund, with a total scale of 32 billion yuan, aims to create an open, collaborative, and win-win industrial investment platform and a new model of integration between industry and finance [1][5]. Group 1: Fund Details - The fund has a total scale of 32 billion yuan and an operational period of 15 years [1][5]. - It adopts a "mother fund + direct investment" operational model, focusing on high-end materials, new energy, new generation information technology, energy conservation and environmental protection, and high-end manufacturing [5][12]. - The fund features distinct characteristics of "industry-finance collaboration, central-local cooperation, and cross-border linkage," aiming to build a new bridge for cooperation between local governments, cross-border capital, and industries [5][12]. Group 2: Strategic Importance - The collaboration between Heibei Steel Group and CICC Capital marks a milestone in their strategic partnership and is a key measure to deepen the integration of industry and finance while laying out strategic emerging industries [4][10]. - CICC aims to leverage its comprehensive financial service advantages to guide financial resources towards industrial innovation in Hebei, contributing to high-quality development [4][11]. Group 3: Key Stakeholders - Key figures present at the fund's establishment included Zhao Chenxing, the Executive Vice Governor of Hebei Province, Liu Jian, Chairman of Heibei Steel Group, and Chen Liang, Chairman of CICC [1][3]. - BlueFive Capital, an international investment institution, expressed its intention to collaborate with the fund, aiming to integrate long-term capital from the Middle East and resources from leading industries in China [4][11][14]. Group 4: Company Background - Heibei Steel Group is one of the largest steel material manufacturers globally and has been listed in the Fortune Global 500 for 17 consecutive years, focusing on high-end, intelligent, and green development [6][13]. - CICC is a leading investment bank in China, committed to serving national strategies and the real economy, with a comprehensive business structure that includes investment banking, asset management, and private equity [6][13].

随着A股市场在2025年逐渐回暖，券商投行的IPO业务也迎来了显著改善。然而，繁荣的承销数字背后，一场深刻的行业变局正 在上演：头部券商间的座次正在洗牌，而曾经被视为"金饭碗"的投行收费模式，也悄然步入了理性回归的新阶段。 谁是这场变局中的赢家？Wind数据显示，2025年券商IPO承销总金额同比近乎翻倍，但"强者恒强"的马太效应也愈发明显。新 合并而成的"巨无霸"国泰海通，在承销家数上力压老牌龙头中信证券，但在承销金额、承销及保荐收入上，仍与"券业一哥"存 在明显差距。 与此同时，中金公司IPO承销金额凭借近三倍的惊人增速强势回归前五。头部阵营的激烈角逐，勾勒出投行业务格局的新图 谱。 更深刻的变化在于行业的盈利模式。尽管募资规模回升，但投行收费水平已大远不及往日。一个募资规模30多亿的大项目，承 销保荐费可能仅有5000万元；而作为行业标杆的中信证券，其收入过亿的"王牌项目"数量也大幅缩水。 | | | 近三年以来IPO承销金额前十券商一览 | | | --- | --- | --- | --- | | 排名 | 2025年(1月1日—12月24日) | 2024年(1月1日-12月31日) | 2023 ...

本项目是中金公司服务人工智能企业的又一标杆案例，彰显了中金公司深耕科技赛道、协助科技企业对接全球资本市场的专业实力与责任担当。未来，中 金公司将继续发挥在科技领域全方位的业务优势，依托覆盖企业全生命周期的金融服务能力，为更多科技型企业搭建高效的资本桥梁。 诺比侃主要面向中国铁路运营及电网企业，研发并销售监测检测类产品及解决方案，同时提供其他城市治理相关解决方案，核心产品为基于全栈式AI行 业模型的软硬件一体化解决方案，可广泛应用于设备监测、故障检测及运维管理等场景。按2024年轨道交通领域与供电相关收入计，公司是中国第二大 AI+供电检测监测系统提供商，按2024年轨道交通收入计，公司在中国轨道交通行业提供AI+检测监测解决方案的企业中排名第三。 本项目是四川省人工智能企业首单港股IPO。中金公司作为独家保荐人，全程精细化管理项目进度，持续把控关键时间节点与执行质量，为项目顺利完成 上市提供坚实保障。在销售方面，中金公司依托对相关行业及资本市场的深刻理解，系统梳理并精准提炼诺比侃的核心投资亮点，围绕重点机构投资者开 展多轮市场推介与沟通，有效提升市场对公司商业模式及长期成长价值的认知，推动项目高效、顺利完成发 ...

Core Viewpoint - The establishment of the CICC Hebei Steel Development Equity Investment Fund marks a significant collaboration between Hebei Steel Group and CICC Capital, aiming to enhance industrial and financial integration while focusing on strategic emerging industries [3] Group 1: Fund Details - The fund has a total scale of 32 billion RMB and an operational period of 15 years [3] - It will adopt a "mother fund + direct investment" operational model, focusing on traditional advantageous industries and strategic emerging industries of Hebei Steel Group [3] Group 2: Strategic Importance - The establishment of the fund is seen as a key measure for both parties to deepen industrial-financial integration and layout in strategic emerging industries [3] - CICC aims to leverage its comprehensive financial service advantages to support industrial innovation in Hebei [3] Group 3: International Collaboration - BlueFive Capital expresses strong confidence in the long-term development potential of the Chinese market and the overseas opportunities for Hebei Steel Group [3] - The collaboration aims to integrate long-term capital from the Middle East with China's industrial resources to uncover quality investment opportunities both domestically and internationally [3]

Group 1 - The establishment of the Zhongjin HeGang (Hebei) Development Equity Investment Fund marks a strategic collaboration between HeGang Group and Zhongjin Capital, with a total fund size of 32 billion yuan and an operational period of 15 years [1] - The fund will adopt a "mother fund + direct investment" model, focusing on high-end materials, new energy, next-generation information technology, energy conservation and environmental protection, and high-end manufacturing [1] - HeGang Group's Chairman Liu Jian emphasized that this initiative is a key measure for deepening the integration of industry and finance, and for laying out strategic emerging industries [1] Group 2 - BlueFive Capital expressed its anticipation for collaboration with the Zhongjin HeGang Development mother fund, aiming to leverage various resources to enhance investment efficiency and support industrial upgrades and high-quality development [2] - The partnership is expected to integrate long-term capital from the Middle East and resources from leading industries in China, thereby discovering quality investment opportunities both domestically and internationally [2]

Core Viewpoint - Investors should shift towards "balanced allocation" in 2026, embracing growth sectors like AI hardware while retaining high-dividend assets for hedging [1] Group 1: Market Insights - The liquidity of the Hong Kong stock market is influenced by both domestic and international factors [1] - There may be a divergence in southbound capital flows in 2026 [1] Group 2: Investment Strategy - Individual investors are advised to maintain a balanced allocation and flexibly adjust their investment ratios [1] - Focus areas for investment include high-dividend stocks, AI, and strong cyclical sectors [1]

Core Viewpoint - The establishment of the CICC Heibei Steel Development Equity Investment Fund, with a total scale of 32 billion yuan and a 15-year operation period, represents a strategic collaboration between Heibei Steel Group and CICC Capital aimed at fostering new growth drivers and enhancing industrial-financial integration in the Beijing-Tianjin-Hebei region [1][2]. Group 1: Fund Details - The fund has a total scale of 32 billion yuan and operates under a "mother fund + direct investment" model, focusing on high-end materials, new energy, next-generation information technology, energy conservation and environmental protection, and high-end manufacturing [1]. - The fund aims to create a new bridge for cooperation between local governments, cross-border capital, and industries, emphasizing characteristics such as industrial-financial synergy, central-local cooperation, and cross-border linkage [1]. Group 2: Strategic Importance - The collaboration between Heibei Steel and CICC Capital is seen as a milestone in their strategic partnership, crucial for deepening industrial-financial integration and laying out strategic emerging industries [2]. - CICC Capital intends to leverage its comprehensive financial service advantages to guide financial resources towards industrial innovation in Hebei, contributing to the construction of a modern industrial system [2]. Group 3: Company Background - Heibei Steel Group is one of the largest steel material manufacturers and comprehensive service providers globally, having been listed in the Fortune Global 500 for 17 consecutive years [4]. - The company focuses on high-end, intelligent, and green development, enhancing competitiveness in its core steel business while actively cultivating emerging industry clusters in financial services, digital technology, trade logistics, and equipment manufacturing [4]. Group 4: BlueFive Capital's Perspective - BlueFive Capital, an international investment platform managing assets of 8 billion USD, sees long-term potential in the Chinese market and opportunities for Heibei Steel in high-end manufacturing and new building materials [3][5]. - The firm aims to integrate long-term capital from the Middle East with leading Chinese industry resources to discover quality investment opportunities and enhance investment efficiency [3].

Core Viewpoint - The insurance and securities sectors are experiencing significant growth, with the Securities Insurance ETF up over 15% and the Insurance Securities ETF up over 11% year-to-date, driven by strong performances from major companies in the industry [1][2]. Group 1: ETF Performance - The Securities Insurance ETF tracks the CSI 300 Non-Bank Financial Index, with 61.4% of its components being securities and 37.7% being insurance [3]. - The Insurance Securities ETF follows the CSI 800 Securities Insurance Index, with 73.8% of its components in securities and 25.6% in insurance [4]. Group 2: Industry Outlook - According to a recent report by CICC, the life insurance industry is expected to enter a golden development period by 2026, with a more positive trend in liabilities, shifting the investment logic from "seeking revaluation of existing businesses" to "valuing growth capabilities" [4]. - The current surge in the insurance sector is attributed to the expansion of asset under management (AUM) and the recovery of interest rate spreads, enhancing the certainty of investment returns [4]. - The insurance sector is seen as being in a critical window for performance and valuation recovery, supported by favorable policy and market conditions, with leading companies strengthening their advantages [4]. Group 3: Securities Firms - West Securities believes that there is a mismatch between profitability and valuation in the brokerage sector, indicating potential for future recovery [4]. - Guojin Securities highlights four themes for 2026: increased market activity from resident deposit migration, enhanced resilience and reduced volatility in capital markets, opportunities in direct financing for innovative enterprises, and ongoing mergers and acquisitions in the brokerage industry [5]. - Huatai Securities notes that the market remains active with daily trading volumes around 1.7 trillion yuan and financing balances stabilizing at 2.48 trillion yuan, indicating a favorable environment for brokerage value recovery [6].

智通财经12月25日讯（记者高艳云）2025年，中国证券业经历了一场足以载入行业发展史册的深度整合 浪潮。从中金公司万亿规模的吸收合并案，到国泰君安与海通证券的强强联合，多起重磅并购案密集落 地，清晰勾勒出"自上而下、政策驱动"的行业变革主线。 行业交流来看，包括头部与非头部券商在内，都有很强的并购危机感，特别一些头部券商，感慨"不并 购就得落后"。 多元并购样本浮现勾勒行业整合三大路径 2025年的标志性并购案例，从不同维度展现了行业整合的路径选择，成为观察本轮券业重组的最佳样 本。从头部券商强强联合到区域国资体系内整合，从跨区域突破到金融科技融合，多元化案例共同构成 了本轮券业重构的全景图。 路径一："中金+东兴+信达"三合一打造航母级券商 作为2025年最具影响力的并购案，中金公司换股吸收合并东兴证券、信达证券已进入实质性推进阶段。 待交易完成后，中金将正式跻身"万亿航母级"券商行列，核心经营指标实现全面跃升：以三季报数据来 看，合并后总资产将达10096亿元、归母净资产1715亿元，均跻身行业第4；营收274亿元、归母净利95 亿元，排名分别升至第3和第6；零售客户超1400万户，受托资金规模突破80 ...

Group 1: Company Performance - As of September 30, the company reported a revenue of 20.76 billion yuan, representing a year-on-year growth of 54.36% [3] - The net profit attributable to shareholders reached 6.57 billion yuan, with a significant year-on-year increase of 129.75% [3] - Cumulative cash dividends since the company's A-share listing amount to 5.36 billion yuan, with 3.04 billion yuan distributed over the past three years [3] Group 2: Financing and Trading Activity - On December 24, the company experienced a financing buy-in of 151 million yuan, with a net financing purchase of 28.74 million yuan [1] - The total financing and securities lending balance reached 30.48 billion yuan, with the financing balance accounting for 2.93% of the circulating market value, indicating a high level compared to the past year [1] - The company repaid 62,900 shares in securities lending on December 24, with a remaining securities lending balance of 201.55 million yuan, also at a high level compared to the past year [1] Group 3: Shareholder Structure - As of September 30, the company had 118,900 shareholders, a decrease of 4.10% from the previous period [3] - The average number of circulating shares per shareholder increased by 4.28% to 24,662 shares [3] - Major shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 51.43 million shares, and other ETFs that have shown varying changes in their holdings [4]