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！ 来源：中信证券研究 文|裘翔 高玉森 陈泽平 刘春彤 张铭楷 陈峰 从机构的赚钱效应来看，2025年在过去10年里能排到第三，过去20年里排到第六。在一个回头来看巨大 的结构性牛市当中，实际上市场既享受了预期差带来的"估值的钱"，也挣到了"业绩的钱"，预期差来自 于对中国自主科技能力的重估以及中美关系，而结构性的超预期业绩来自复杂贸易环境下外需的韧性以 及AI推理需求爆发，这些因素站在2025年初来看并不是那么理所应当会发生。增量流动性只是预期差 和业绩兑现过程中的结果，或者是用于后验的解释牛市形成的理由，投资者过于高估了增量资金对市场 的影响。因此，我们亦不会将增量资金入市当作是2026年市场上一个新台阶的主要因素。我们认为2026 年最大的预期差来自于外需与内需的平衡，对外"征税"、补贴内需应是大势所趋，今年是个重要的开 端。站在开年，考虑到去年末的资金热度并不算高，人心思涨的环境下开年后市场震荡向上的概率更 高。 从机构的赚钱效应来看， 2025年在过去10年里能排到第三 过去20年里排到第六 我们跟踪的样本主动管理型公募基金20 ...

[Table_Page] 跟踪分析|证券Ⅱ [Table_Title] 证券Ⅱ行业 公募销售费改平稳落地，框架完善兼顾市场关切 [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2026-01-04 [Table_PicQuote] 相对市场表现 -10% -2% 6% 14% 22% 30% 01/25 03/25 05/25 08/25 10/25 12/25 证券Ⅱ 沪深300 [分析师： Table_Author]陈福 SAC 执证号：S0260517050001 SFC CE No. BOB667 0755-82535901 chenfu@gf.com.cn 分析师： 严漪澜 SAC 执证号：S0260524070005 0755-82544248 yanyilan@gf.com.cn 请注意，严漪澜并非香港证券及期货事务监察委员会的注 册持牌人，不可在香港从事受监管活动。 | DocReport] [Table_ 相关研究： | | | --- | --- | | 证券行业 2026 年投资策略: | 2025-12-04 | | 本 ...

法院在判决中，对资产管理行业的"单一合同、滚动理财"套路、"专业投资者是否适用适当性义 务"、"资管产品未清算能否确认损失"等问题，都作了细致的分析与认定，足以为上市公司的理财纠 纷，开辟思路与先例。 来源：先见社 12月中旬，中信证券被判决，向自己的理财客户—上市公司富安娜赔偿理财损失。富安娜未收回的本金 5857.26万元，中信证券被判处赔偿其中的50%——2928.63万元。 此案堪称上市公司理财损失后，从金融机构获得赔偿的第一案。有着里程碑式的意义。 首先简单回顾富安娜这笔理财的出险历程： 2018年4月起，中信证券为富安娜定制了一个定向资管计划，富安娜每年打入1亿左右资金滚动理财，到 期后提取本息，再打入下一期资金。 方正集团破产重整，西部信托-渝信4号信托逾期，富安娜在中信证券的1亿理财无法收回。2022年，富 安娜在深交所发布公告，2023年开始起诉中信证券、托管行招商银行；2025年12月11日，深圳福田区法 院做出一审民事判决。 单一合同，滚动理财，藏玄机 中信证券为富安娜定制的富安1号定向资管计划合同，最早在2018年4月18日签署，后面做了五期滚动理 财（半年到一年一期），其中出现兑付问 ...

Core Viewpoint - The 2025 IPO market shows significant recovery compared to the low point in 2024, with a total of 297 IPOs across A-shares, Hong Kong, and the US markets, marking a notable increase in activity [2][51]. Group 1: IPO Market Overview - The Hong Kong market emerged as the largest IPO market globally in 2025, with 117 companies listed, a nearly 70% increase from 69 in 2024 [2][52]. - A-shares also saw a recovery, with 113 companies listed, up 13% from 100 in 2024, raising a total of 131.77 billion yuan, a 95.6% increase from 673.53 billion yuan in 2024 [52]. - The US market for Chinese companies remained subdued, with only 67 companies listed, raising approximately 8.03 billion yuan, significantly lower than the 18.56 billion yuan in 2024 [53]. Group 2: Investment Institutions - The "TOP100" list for 2025 includes 17 institutions that made the list for the first time in six years, while 18 institutions have maintained their presence for six consecutive years [51]. - The average number of IPO projects per institution in the TOP100 was 4.85, up from 3.19 in 2024, indicating a recovery in market activity [51]. - The threshold for inclusion in the TOP100 was set at 2 IPO projects, compared to 1 in 2024 [51]. Group 3: Fundraising and Project Distribution - The total fundraising amount in the Hong Kong market reached 261.53 billion yuan, a 218.6% increase from 82.1 billion yuan in 2024 [52]. - The average fundraising size for IPOs in Hong Kong was 2.255 billion yuan, significantly higher than 1.19 billion yuan in 2024 [56]. - The top fundraising projects included Ningde Times, which raised 37.701 billion yuan, followed by Zijin Mining and Sany Heavy Industry [57]. Group 4: City and Industry Distribution - In 2025, 89 cities in mainland China and Hong Kong hosted IPO projects, with Shanghai leading at 27 projects, followed by Beijing with 21 and Shenzhen with 16 [58]. - The most active industries for IPOs were biomedicine (26 projects), hardware equipment (25 projects), and software services (22 projects), reflecting the focus on AI technology [61]. - The total fundraising in the electrical equipment sector reached 53.03 billion yuan, driven by leading companies like Ningde Times [61].

Core Viewpoint - EVE Energy Co., Ltd. (亿纬锂能) has submitted a prospectus for an IPO on the Hong Kong Stock Exchange, marking its second attempt after a previous application expired in June 2025 [1]. Group 1: Company Overview - EVE Energy, established in 2001, is a leading lithium battery platform company globally, covering consumer batteries, power batteries, and energy storage batteries [2]. - The company has a comprehensive R&D platform that includes materials, battery cells, BMS, and systems, serving various applications in smart living, green transportation, and energy transition [2]. Group 2: Production and Market Position - EVE Energy operates 8 production bases globally and has 2 additional bases under construction, with sales and service networks covering 7 countries and regions [4]. - In 2024, the company is projected to ship 2.1 billion consumer batteries and 80.7 GWh of power and energy storage batteries [4]. - According to Frost & Sullivan, EVE Energy ranks among the top three globally in consumer battery shipments with a market share of 11.7% in 2024 [4]. Group 3: Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first nine months of 2025 were RMB 36.30 billion, RMB 48.78 billion, RMB 48.61 billion, and RMB 45.00 billion respectively [12]. - Net profits for the same periods were RMB 3.67 billion, RMB 4.52 billion, RMB 4.22 billion, and RMB 2.98 billion [12]. Group 4: Shareholder Structure - Prior to the IPO, the controlling shareholders of EVE Energy are Dr. Liu Jincheng and Ms. Luo Jinhong, who collectively hold 37.33% of the shares [7]. - The shareholder structure includes various other stakeholders, with a significant portion held by A-share shareholders [8]. Group 5: Management Team - The board of directors consists of 8 members, including 4 executive directors and 3 independent non-executive directors, with Dr. Liu Jincheng serving as the chairman [10]. Group 6: Advisory Team - The IPO advisory team includes CITIC Securities as the sole sponsor, with various legal and auditing firms providing support [14].

Core Insights - In 2025, a total of 40 companies were approved for mergers and acquisitions in the A-share market, achieving a 100% approval rate [1][9]. Independent Financial Advisors Performance Ranking - A total of 19 independent financial advisory firms participated in the 40 approved M&A projects, with the top three firms being: - First: Huatai United with 8 projects - Second: CITIC Construction with 7 projects - Third: CITIC Securities with 6 projects [1][11][12]. Legal Advisors Performance Ranking - 25 law firms were involved in the legal services for the 40 approved M&A projects, with the top three being: - First: Beijing King & Wood Mallesons with 5 projects - Second: Beijing Jiyuan with 4 projects - Third: Beijing Zhonglun, Shanghai Jintiancheng, and Zhejiang Tiancai, each with 3 projects [2][13][15]. Accounting Firms Performance Ranking - 19 accounting firms provided auditing services for the 40 approved M&A projects, with the top three being: - First: Tianjian with 9 projects - Second: Lixin with 7 projects - Third: Xinyong Zhonghe with 4 projects [4][16]. Asset Appraisal Agencies Performance Ranking - 20 asset appraisal agencies were involved in the asset evaluation for the 40 approved M&A projects, with the top three being: - First: Zhonglian Appraisal with 10 projects - Second: Jinzhen Appraisal with 5 projects - Third: Zhongqihua with 4 projects [6][17].

文/梧桐数据中心 2025年全年，A股并购重组项目上会审核企业共计40家，其中沪主板18家、科创板5家、深主板12家、创业板4家、北交所1家。这40家企业均审核通过，过会率 100%。 本文统计2025年上会审核通过的这40单并购重组业务，中介机构业绩排名情况如下： 一、独立财务顾问业绩排名 2025年全年，共有19家独立财务顾问机构承办了这40单并购重组过会项目的保荐业务。其中聘请多家独立财务顾问的拆开计算，各计1单。 榜单前三名： 第一名：华泰联合（8单） 第二名：中信建投（7单） 第三名：中信证券（6单） | 排名 | 独立财务顾问 | 业务单数 | | --- | --- | --- | | 1 | 华泰联合 | 8 | | 2 | 中信建投 | | | 3 | 中信证券 | 6 | | 4 | 东方证券 | 4 | | ব | (。国泰海通 | 4 | 二、法律顾问业绩排名 2025年全年，共有25家律师事务所承办了这40单并购重组过会项目的法律业务。其中聘请多家律师事务所的拆开计算，各计1单。 榜单前三名： 第一名：北京金杜（5单） 第二名：北京嘉源（4单） 第三名：北京中伦（3单）、上海锦天城（ ...

Group 1 - The financial sector has collectively risen, with notable increases in stock prices for major companies: China Life up 4.38% to HKD 28.58, Xinhua Insurance up 3.4% to HKD 56.2, Huatai Securities up 4.36% to HKD 19.64, and CITIC Securities up 4.01% to HKD 28.5 [1][1][1] - The People's Bank of China recently released the "China Financial Stability Report (2025)", indicating that the financial system will implement more proactive macro policies to prevent and resolve risks in key areas [1][1] - The report emphasizes the need to improve the institutional and policy environment conducive to long-term investments, significantly increasing the scale and proportion of various long-term funds actually invested in A-shares [1][1] Group 2 - Guosen Securities notes that the insurance industry is entering an upward cycle in both liability and asset sides, benefiting from trends such as the migration of bank deposits and successful short-term initiatives [1][1] - On the asset side, long-term interest rates are stabilizing, and the capital market remains active, which helps alleviate risks associated with interest margin losses due to the gradual reduction of preset interest rates [1][1] - The "integration of insurance and banking" is promoting industry consolidation and reducing internal competition, leading to a positive outlook for the insurance sector; increased market risk appetite and high trading activity are benefiting the brokerage sector in terms of both valuation and performance [1][1]

Core Viewpoint - Wallen Technology Co., Ltd. (stock code: 06082.HK) successfully listed on the Hong Kong Stock Exchange on January 2, 2026, becoming the "first GPU stock in Hong Kong" with a base issuance scale of $717 million, which can expand to a maximum of $825 million with the exercise of the over-allotment option, marking the largest new stock issuance since the implementation of the Chapter 18C special technology company listing mechanism in Hong Kong [1][3]. Group 1: Company Overview - Wallen Technology, established in 2019, is a leading provider of general intelligent computing solutions in China, focusing on self-developed GPU products to provide robust, secure, and efficient computing infrastructure across various industries [6]. - The company is committed to an original core architecture and has pioneered the Chiplet high-performance chip, aiming to build a technology system that fosters soft and hard collaborative innovation, thereby contributing to the development of the domestic intelligent computing industry ecosystem [6]. Group 2: Market Performance - The public offering segment of Wallen Technology's IPO received approximately 2,348 times oversubscription, reflecting strong market interest and confidence in the company's growth potential [3][5]. - The international placement attracted a wide range of investors, including top global long-term funds, domestic long-term funds, industrial capital, multi-strategy funds, and private equity funds, indicating high recognition of Wallen Technology and the prospects of domestic computing power development [5]. Group 3: Strategic Importance - Wallen Technology is recognized as a key high-tech enterprise supported by the National Development and Reform Commission and a key "specialized and innovative" small giant enterprise by the Ministry of Industry and Information Technology, emphasizing its role in supporting national artificial intelligence strategies and breaking through critical technology bottlenecks in intelligent computing chips [3][6]. - The company aims to create a domestic intelligent computing industry ecosystem and is deeply involved in major projects, having achieved commercial deployment of its first-generation training integrated general-purpose high-performance GPU with major clients [3].

Core Viewpoint - In 2025, the Chinese securities industry underwent profound changes under the strategy of "cultivating first-class investment banks," marked by resource integration, technological empowerment, and ecological restructuring, signaling a new chapter for the industry. Group 1: Major Events - The merger of Guotai Junan and Haitong Securities in 2025 established a new "dual leader" pattern in the industry, with the combined entity "Guotai Haitong" reporting a net profit of 22.074 billion yuan, closely following CITIC Securities' 23.159 billion yuan, both surpassing the 20 billion yuan mark [4] - The first "three-in-one" integration in the industry is being planned by CICC, Dongxing Securities, and Xinda Securities, which, if completed, will create a new model for industry integration with total assets exceeding 1 trillion yuan [5] - The margin trading balance reached a historical high of 2.551734 trillion yuan by December 29, 2025, accounting for 2.59% of the A-share market's circulating market value, with a 288% year-on-year increase in new accounts opened in September 2025 [6] Group 2: Regulatory and Structural Changes - The China Securities Regulatory Commission revised and renamed the "Securities Company Classification Evaluation Regulations" in 2025, focusing on guiding the industry to serve national strategies and enhancing professional capabilities [7] - AI applications in securities firms accelerated, with leading institutions showcasing advancements at the 2025 World Artificial Intelligence Conference, enhancing capabilities in investment research and risk control [8] Group 3: Leadership and Talent Dynamics - Over 10 chief economists in the securities industry changed positions in 2025, primarily due to the merger wave, indicating a significant reshuffling of talent [9] - More than 50 securities firms experienced changes in leadership roles, with approximately one-third of firms undergoing a "leadership change," driven by factors such as retirement and shareholder changes due to mergers [10] Group 4: Market Competition and Trends - Despite the rising trend of "anti-involution," a price war among securities firms intensified, with commission rates dropping to as low as 0.01% and financing rates falling below 4%, highlighting the need for the industry to return to its core financial services [11] - Securities firms were first included as issuers of Sci-Tech Innovation Bonds in May 2025, with total issuance exceeding 80 billion yuan since then, enhancing their competitive edge [12] - The wave of public fund business that began in 2022 receded in 2025, with several institutions withdrawing their applications for public fund qualifications, indicating a shift in business models [14]