Core Insights - The securities industry is accelerating its digital transformation, with financial technology evolving from a service role to a leading and empowering role [1] - A total of 22 listed securities firms have disclosed their information technology investments for 2021, amounting to 14.178 billion yuan, with each firm investing over 100 million yuan [1][2] Investment in Information Technology - The securities industry has significantly increased its investment in information technology, with cumulative investments reaching 84.5 billion yuan from 2017 to 2020, and the total is expected to exceed 100 billion yuan in the last five years [2] - Major firms like Huatai Securities, CICC, and others have invested over 1 billion yuan in 2021, with Huatai Securities leading at 2.228 billion yuan [2][3] - The proportion of IT investment relative to operating income is increasing, with Huayin Securities having the highest ratio at 25.17% [3] Talent and Human Resources - Talent is crucial for the digital transformation of financial institutions, with firms like招商证券 and 中信建投 employing over 1,000 IT personnel, representing more than 9% of their total workforce [4] - The industry recognizes the importance and urgency of digital transformation, but challenges such as unclear goals and a lack of digital talent remain [4] Information Security Concerns - Information security is a top priority, as the operation and maintenance of trading systems are critical for online business [5] - Despite significant investments in IT, firms like 招商证券 have faced information security incidents, highlighting the need for improved management and emergency response [5] - Regulatory measures have been updated to ensure timely and accurate reporting of cybersecurity incidents in the securities industry [6]

《国务院办公厅关于推动个人养老金发展的意见》公布 积极应对人口老龄化 在业内人士看来，健康的资本市场离不开穿越周期的长期投资者，养老金等长线资金入市，有望发挥资 本市场"压舱石"作用，平抑资本市场短期非理性波动。 证监会指出，《意见》有助于加快构建养老金、资本市场与实体经济良性互动、协同发展的新发展格 局。资本市场将助力养老金分享实体经济发展成果，促进实现养老金长期保值增值，积极应对人口老龄 化；养老金具有长期性、规范性和规模性，通过积极投资资本市场，为实体经济提供更多长期稳定的发 展资金。 《国务院办公厅关于推动个人养老金发展的意见》4月21日公布。证监会当日表示，下一步将抓紧制定 出台个人养老金投资公募基金配套规则制度，完善基础设施平台建设，优化中长期资金入市环境；持续 加强机构和从业人员监管力度，提升管理人管理能力和规范化运作水平，强化投资者保护，保障养老金 投资运作安全规范，促进个人养老金高质量发展。 根据《意见》，个人养老金资金账户实行封闭运行，其权益归参加人所有，除另有规定外不得提前支 取。 专家认为，《意见》的出台有利于健全多层次、多支柱养老保险体系，也有利于建设从长期资金到长期 资本的形成机制 ...

近年来，券商净资本补充需求旺盛，频频通过再融资"补血"。近日，中金公司公布了配股发行预 案，本次配股募集资金总额预计为不超过人民币270亿元。其中，拟用于支持业务发展资本金需求不超 过240亿元，补充其他营运资金不超过30亿元。这是继中信证券、东方证券、兴业证券后，券商行业今 年抛出的又一份百亿级再融资大单。 中金公司表示，将资金重点用于包括但不限于以下业务。首先是资本服务与产品业务：公司将持续 加强权益类资本服务与产品业务体系建设，打造跨境联通、一站服务的股票业务平台。持续完善业务系 统，提升运营管理效率和客户体验，强化风险管理能力，加快推进数字化进程，实现科技赋能。其次是 投资银行业务：投行业务在科创板保荐跟投、债券发行与资产证券化、余股余债包销、并购贷款、机构 贷款、债务重整等业务领域对资本金均有较大需求。再次是财富管理业务：公司将扩大融资融券等传统 业务及其他新型资本中介业务规模，丰富投资者交易工具，提升市场流动性；加强产品配置业务与投顾 团队建设，围绕客户需求提供"财富规划+资产配置"定制化解决方案；加速推进买方投顾模式转型升 级。该公司还表示，正在筹备设立全资资产管理子公司，并将在设立后由其承继公 ...

除投行业务外，头部券商还在投资、做市等领域加紧布局北交所。 中信证券承销额大增 Wind数据显示，在2023年北交所IPO承销金额方面，中信证券位居第一，达13.1亿元，相比2022年有明 显进步。该公司2022年北交所IPO承销金额仅有2.99亿元，位居行业第19位。从承销家数来看，2023年 中信证券承销北交所IPO家数为5家，在行业排名第3位；2022年其仅承销1家，排名第27位。 证券时报记者注意到，其他大型券商也在发力北交所业务。Wind数据显示，2023年北交所IPO承销金额 排名前十的券商中，有6家为头部券商或大型券商，比如中信建投、申万宏源、国泰君安、中金公司、 海通证券。而在2022年该榜单仅有4家大型券商。除中信证券外，中金公司、海通证券均为2023年榜单 的新加入者。 中金公司成长企业投资银行部执行负责人王檑介绍，中金公司以北交所业务为核心，延伸对中小微企业 的服务链条，创新性探索成立中小微企业服务中心，内部聚集各部门资源，外部协同政府部门、产业链 主、商业银行等机构，致力于构建中小微企业一体化服务生态，接下来将继续全方位提升中小微企业服 务能力和服务效率，助力中小微企业高质量发展。 北 ...

根据弗若斯特沙利文的数据，双登集团在2024年全球通信及数据中心储能电池出货量中排名第一，市场 份额分别为9.2%(通信基站)和16.1%(数据中心)。公司主要产品包括锂离子电池(磷酸铁锂)和铅酸电池， 并应用于通信基站、数据中心、电力储能以及商用和住宅环境。 双登集团已通过聆讯，联席保荐人为中金公司（601995）、华泰国际、建银国际。双登集团成立于2011 年，主要设计、研发、制造和销售储能电池及系统。 ...

Group 1 - The core viewpoint of the article is that Jiaxin International Resources Investment Co., Ltd. has passed the listing hearing of the Hong Kong Stock Exchange, with CICC as the sole sponsor [1] - The company focuses on the development of the Bakuta tungsten mine project in Kazakhstan, which is the largest open-pit tungsten trioxide mineral resource globally as of December 31, 2024, and the fourth largest in terms of tungsten trioxide mineral resources [1] - The Bakuta tungsten mine project is expected to commence its first phase of commercial production in April 2025, with a target annual mining and mineral processing capacity of 3.3 million tons of tungsten ore for the year 2025 [1] Group 2 - As of June 30, 2025, the estimated mineral resource of the Bakuta tungsten mine is approximately 107 million tons, with a credible ore reserve of 68.4 million tons [1] - The company plans to increase its annual mining and processing capacity to 4.95 million tons by 2027 and to construct deep processing facilities to produce ammonium paratungstate (APT) and tungsten carbide (WC) [1]

本文源自：金融界 作者：智投君 8月11日，沪深两融数据显示，中金公司获融资买入额0.99亿元，居两市第197位，当日融资偿还额0.90 亿元，净买入898.38万元。 最近三个交易日，7日-11日，中金公司分别获融资买入0.96亿元、0.64亿元、0.99亿元。 融券方面，当日融券卖出0.59万股，净买入0.13万股。 ...

Core Viewpoint - The current U.S. economy is entering a "high-high" era, characterized by prolonged high tariffs and interest rates, which may lead to "quasi-stagflation" pressures [1] Group 1 - The combination of high tariffs and interest rates presents a typical policy dilemma for the Federal Reserve [1]

Core Viewpoint - The demand for overseas computing power is driving an increase in both volume and price of PCBs, leading to rapid market expansion, with projections indicating that the AI PCB market could reach $5.6 billion in 2025 and $10 billion in 2026 [1] Group 1: Market Dynamics - The domestic PCB manufacturers are accelerating capacity expansion, but the release efficiency of high-end capacity is expected to lag behind the growth rate of demand, resulting in a persistent supply-demand gap [1] - New process iterations and upgrades are anticipated to create new market demand increments [1] Group 2: Technological Advancements - As AI computing hardware evolves towards high density and high bandwidth, reducing dielectric constant (dk) and dielectric loss (df) is crucial for overcoming transmission bottlenecks [1] - Future AI developments are expected to continuously iterate PCB process technology paths, which will be reflected in structural integration (such as CoWoP and substrate integration), functional upgrades (like orthogonal backplane replacing copper connections), and material breakthroughs (including M9, PTFE, and quartz cloth) [1]

来源: 中金/资本 Capital: 谁是中国的高盛？ 这一问题，各家一说. 英国《金融时报》曾刊载了一篇名为《谁将成为"中国的高盛"？》（Inside Business： Hard to pick a winner from China's brokers）的报道："再打造一家像高盛那样的公司有多难？在压力日增的中国，有一 百多家机构正致力于实现这个目标，而且所用时间也要创下纪录。（How hard would it be to create another Goldman Sachs? In turbocharged China there's more than 100 outfits trying to accomplish this feat – and in record time too.）" "中国高盛"的呼声在2012年中信证券收购里昂证券的时刻也达到过巅峰。查尔斯·埃利斯写作的《高盛 帝国》，一度是中信证券的员工的必读书目。 资本Capital 了解到，中金作为中国第一家投资银行，堪称国内券商中最像外资投行的一家，国际化程 度高，从江湖地位上来讲，中金在国内也是"高盛"级别的。 如您有其他 ...