Core Viewpoint - The manufacturing sector showed signs of recovery in December, driven by an increase in working days and the effectiveness of policy financial tools, which improved demand in infrastructure and manufacturing investment chains [1] Group 1: Manufacturing Sector - Key indicators related to production and demand improved across the board, with factory price indicators rebounding, reflecting recovery in various manufacturing sectors due to the combination of working day differences and policy support [1] - Industries benefiting from this recovery include those in the infrastructure chain driven by policy financial tools, as well as the automotive and textile sectors, which saw improvements in export growth [1] Group 2: Non-Manufacturing Sector - The non-manufacturing PMI showed improvement, primarily driven by a recovery in the construction industry, while the service sector remains relatively weak, indicating that the impact of incremental tools needs to expand further [1] Group 3: Economic Outlook - Overall, the economic climate improved in December due to the combination of more working days and the influence of policy financial tools, with expectations that the effects of these policies will continue to manifest, promoting marginal economic improvement [1]

Core Viewpoint - The 2026 home appliance subsidy policy will focus on black and white appliances, providing support only for products that meet the first-level energy/water efficiency standards, with an estimated subsidy fund of approximately 70 billion yuan, which is expected to effectively support domestic demand [1][4]. Group 1: Policy Changes - The 2026 home appliance subsidy categories have been reduced to six: refrigerators, washing machines, televisions, air conditioners, computers, and water heaters, excluding other categories such as range hoods and dishwashers [2]. - Each consumer can receive a subsidy for one unit per category, with the previous allowance of three air conditioners per consumer being removed [2]. Group 2: Subsidy Details - The subsidy rate is standardized at 15% of the product's selling price, with a cap of 1500 yuan per unit, which is a reduction from the previous year's policy that offered 15% for second-level and 20% for first-level energy efficiency products, with a cap of 2000 yuan [3]. - The 2026 policy will only support products that meet the first-level energy or water efficiency standards, raising the eligibility threshold compared to the previous year [3]. Group 3: Financial Projections - The estimated total subsidy scale for home appliances in 2026 is around 70 billion yuan, based on the first batch of 625 billion yuan in special government bonds allocated for the old-for-new program [4]. - The company estimates that the total subsidy for the old-for-new program in 2026 could reach approximately 250 billion yuan, down from 300 billion yuan in 2025 [4].

Key Points - The total bond market in mainland China reached 196.18 trillion yuan by the end of 2025, an increase of 20.30 trillion yuan from the beginning of the year, with interest rate bonds at 123.61 trillion yuan, credit bonds at 52.88 trillion yuan, and interbank certificates at 19.69 trillion yuan [3] - In 2025, the issuance of various bonds in mainland China totaled 89.0 trillion yuan, a year-on-year increase of 11%, with interest rate bonds reaching 33.0 trillion yuan, up 18% from the previous year [3] - The issuance of government bonds increased by 28% year-on-year, while local government bonds grew by 5%, and policy financial bonds rose by 17% [3] - Credit bonds issuance was 22.2 trillion yuan, an 8% increase year-on-year, and interbank certificates totaled 33.8 trillion yuan, up 7% [3] Bond Issuance Statistics - Interest rate bonds: 3,534 issues, 329,829.6 billion yuan, 18% growth [4] - Government bonds: 206 issues, 160,140.2 billion yuan, 28% growth [4] - Local government bonds: 2,449 issues, 102,901.0 billion yuan, 5% growth [4] - Policy bank bonds: 879 issues, 66,788.4 billion yuan, 17% growth [4] - Credit bonds: 24,003 issues, 222,246.7 billion yuan, 8% growth [4] - Financial bonds: 1,499 issues, 56,780.6 billion yuan, 25% growth [6] Bank Underwriting Rankings - The top three banks in total underwriting amount (including local government bonds) are China Bank (16,765.2 billion yuan), Industrial and Commercial Bank (16,479.0 billion yuan), and Construction Bank (15,020.5 billion yuan) [12] - In the detailed local government bond underwriting, the top three are Industrial and Commercial Bank (22,584.8 billion yuan), China Bank (16,312.8 billion yuan), and Construction Bank (14,568.1 billion yuan) [17] Securities Firm Underwriting Rankings - The top three securities firms (excluding local government bonds) in total underwriting amount are CITIC Securities (16,136.2 billion yuan), Guotai Junan (13,613.4 billion yuan), and CITIC Jianzhong (12,419.6 billion yuan) [21] - In the local government bond underwriting (averaged), the top three are CITIC Securities (22,491.6 billion yuan), CITIC Jianzhong (17,333.3 billion yuan), and Guotai Junan (16,426.2 billion yuan) [26] NAFMII Debt Financing Tool Underwriting Rankings - CITIC Bank leads the NAFMII debt financing tool underwriting with 9,043.4 billion yuan, followed by Industrial Bank with 8,412.7 billion yuan and Construction Bank with 6,077.7 billion yuan [36] Credit Bond Underwriting Rankings - The top three in credit bond underwriting are CITIC Securities (16,136.2 billion yuan), Guotai Junan (13,613.4 billion yuan), and CITIC Jianzhong (12,419.6 billion yuan) [40]

Core Viewpoint - The competition landscape for IPO underwriting in the A-share market has solidified, with leading brokerages maintaining a stronghold while smaller firms carve out niches in specific segments [1] Group 1: IPO Underwriting Landscape - The top five brokerages accounted for approximately 50% of the total IPO underwriting in 2025, indicating a high concentration in the industry [1] - The leading brokerages in IPO underwriting for 2025 are Guotai Junan (19), CITIC Securities (17), CITIC Jianou (12), China Merchants Securities (10), and Huatai United (9) [1] Group 2: Science and Innovation Board - The Science and Innovation Board (STAR Market) raised a total of 633.71 billion yuan, nearly half of the total IPO fundraising for the year, highlighting its significance for financing technology and emerging industries [2] - CITIC Securities led the STAR Market with an underwriting scale of 168.95 billion yuan, capturing a market share of 44.64% [2] - Notable projects such as Moore Threads contributed significantly to CITIC Securities' underwriting scale, while Huatai United's project with Muxi Co. accounted for 92% of its STAR Market underwriting [2] Group 3: Growth in Other Markets - In the Growth Enterprise Market (GEM), Guotai Junan and China Merchants Securities showed a strong advantage, followed closely by CITIC Securities, Shenwan Hongyuan, and CICC [4] - The top five brokerages for GEM IPO underwriting in 2025 were Guotai Junan (6), China Merchants Securities (4), CITIC Securities (3), Shenwan Hongyuan (3), and CICC (2) [4] Group 4: North Exchange Market - The North Exchange Market continued to focus on serving innovative small and medium-sized enterprises, with the top five brokerages being China Merchants Securities, Huatai United, Dongfang Securities, Guotou Securities, and Guojin Securities [6] Group 5: Regulatory Environment - The China Securities Association's evaluation of securities firms' investment banking quality in 2025 showed that 12 firms received an A rating, with five firms maintaining this rating for two consecutive years, indicating stable business quality management [7] - The shift of over half of last year's A-rated firms to B or C ratings reflects the dynamic optimization of the evaluation system and the ongoing trend of strict regulation and compliance in the securities industry [7] Group 6: Outlook for 2026 - The IPO market is expected to remain active in 2026, with a steady growth pace and structural optimization, particularly in the dual innovation sector [9] - Hard technology companies in fields such as semiconductors, artificial intelligence, quantum computing, commercial aerospace, and biomedicine are anticipated to increase their presence in the capital market [9] - The competition among brokerages is expected to intensify, with a focus on serving technological innovation and industrial upgrades, as well as the evolving competitive landscape between leading firms and niche players [9]

伴随着蘅东光、新广益成功登陆资本市场，2025年A股IPO落下帷幕，券商在这一赛道的竞争格局也终 于落定。 整体而言，头部券商依旧稳固领先，中小券商则在细分赛道有所突围。根据核心业务指标，行业集中度 高企态势持续，前5名券商合计承销IPO项目家数已占据IPO市场半壁江山。 | | 2025年A股IPO承销家数TOP5券商 | | | --- | --- | --- | | 序号 | 机构简称 | IPO承销家数 | | 1 | 国泰海通 | 19 | | 2 | 中信证券 | 270 U | | 3 | 中信建投 。 | 12 | | | 招商证券 | 10 | | ട | 华泰联合 | 9 | | | 数据来源: Wind, 按发行日口径 | | 差异化竞争格局凸显 双创板块是IPO支持科技与新兴产业融资的核心载体，合计募资633.71亿元，占全年IPO募资总额近一 半，也是券商的兵家必争之地。 其中，科创板依旧呈现头部集中态势。中信证券以168.95亿元承销规模、超过44%的市场份额领跑。明 星科技企业的标杆拉动效应也再度彰显——摩尔线程仅单个项目即为中信证券贡献了近72亿元承销规 模，而华泰联合承销的沐 ...

Core Viewpoint - The competition landscape among securities firms in the A-share IPO market has solidified with the successful listings of companies like Hengdongguang and Xinguoyi, marking the end of the 2025 A-share IPO season [1] Group 1: Overall Market Dynamics - Leading securities firms maintain a strong competitive edge, while smaller firms have made breakthroughs in niche segments. The top five firms account for nearly half of the total IPO projects in the market [2] - In 2025, the top five securities firms by IPO underwriting numbers are Guotai Haitong (19), CITIC Securities (17), CITIC Jianou (12), China Merchants Securities (10), and Huatai United (9) [3] Group 2: Differentiated Competition - The dual innovation board is a key platform for financing technology and emerging industries, raising a total of 633.71 billion yuan, which constitutes nearly half of the annual IPO fundraising total. This area is highly competitive among securities firms [4] - CITIC Securities leads the Sci-Tech Innovation Board with an underwriting scale of 168.95 billion yuan, capturing over 44% of the market share. Notable projects like Moore Threads contributed significantly to this figure [4] - The top five firms for the Sci-Tech Innovation Board in terms of underwriting numbers are CITIC Securities (7), CITIC Jianou (3), CICC (3), Huatai United (2), and others [5] - For the Growth Enterprise Market, Guotai Haitong and China Merchants Securities have a notable lead with 6 and 4 projects respectively, and underwriting amounts of 57.61 billion yuan and 45.46 billion yuan [6] Group 3: Regulatory Environment - The China Securities Association released the 2025 evaluation results for securities firms' investment banking business, indicating a focus on quality control and compliance. Twelve firms received an A rating, with five firms maintaining this rating for two consecutive years [9] - The dynamic optimization of the evaluation system reflects the ongoing trend of strict regulation and compliance in the securities industry [9] Group 4: Outlook for 2026 - The IPO market is expected to remain active in 2026, with a structural optimization characterized by stable volume and improved quality. The dual innovation sector is anticipated to see an expansion in financing and quality [10] - Hard technology companies in sectors such as semiconductors, artificial intelligence, quantum computing, commercial aerospace, and biomedicine are expected to increase their presence in the capital market [10] - The competition among securities firms will intensify, focusing on serving technological innovation and industrial upgrades, with a continued evolution in the competitive landscape between leading firms and niche market leaders [10]

在上市公司控制权变更领域，根据Wind全球并购库数据统计，2025年首次披露上市公司控制权变更交易183 单，相较2023年、2024年分别增长357.50%、144.00%。 在此过程中，各证券公司纷纷加大对并购业务的投入，头部效应仍十分明显。 许可类重组审核通过口径，8家券商市占率78%，华泰联合证券排名第一 在沪深北交易所并购重组委审议方面，2025年，上交所共召开23次并购重组审核委员会会议，深交所共召开17 次并购重组审核委员会会议，北交所召开1次并购重组审核委员会会议，合计审议通过40单行政许可类重组交 易，涉及独立财务顾问49家次，担任超过1单交易独立财务顾问身份的券商共有8家。数据显示，重组业务"领 头羊"华泰联合证券、中信建投证券、中信证券领跑市场， 具体如下： | 排名 | 机构名称 | 重组委审议通过 | | --- | --- | --- | | | | 車数 | | 1 | 华泰联合证券 | 8 | | 2 | 中信建投证券 | 7 | | 3 | 中信证券 | | | 4 | 乐方计车 | 4 | | 4 | 国泰海通证券 | 4 | | 4 | 中等公司 | 4 | | 7 | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 6030 有關向 H 股股東派發 2025 年中期股息的安排及股息 貨幣選擇的公告 茲題述中信証券股份有限公司（「本公司」）日期為2025年12月1日之通函及2025年第一次 臨時股東大會（「臨時股東大會」）通告，及日期為2025年1 2月1 9日的公告（「該公告」）， 內容有關（其中包括）本公司派發2025年中期股息（「中期股息」）。 港幣實際派發金額按照臨時股東大會召開日前五個工作日中國人民銀行公佈的人民幣兌 換港幣平均基準匯率計算。經本公司最終測算，人民幣兌港幣匯率應為人民幣1元: 港幣 1.1019元，經調整後每10股派息港幣金額調整為港幣3.1956元。 向H股股東派發中期股息的安排 該公告內中期股息派發的其餘安排如下： – H股股東資格及股權登記日：2026年1月6日（星期二）營業時間結束時名列本公司股東名冊 之H股股東。 - 1 - 敬請股東留意該公告及本公司刊發相關股息或分派（公告表格） ...

Core Insights - The China Securities Association released the rankings for securities firms in 2025, reflecting their performance in investment banking, financial advisory, and bond business quality [1][2] Group 1: Evaluation Results - A total of 93 securities firms were evaluated for their investment banking quality, with 12 classified as A, 66 as B, and 15 as C [2][5] - The A-rated firms include Dongwu Securities, Guojin Securities, Guotai Junan, Guotou Securities, Guoxin Securities, Huatai United, Ping An Securities, Changcheng Securities, China Merchants Securities, CICC, CITIC Securities, and Bank of China Securities [6][11] Group 2: Financial Advisory Evaluation - The financial advisory business evaluation included 30 firms, with 5 rated A, 19 rated B, and 6 rated C [6][7] - A-rated financial advisory firms are Huatai United, Galaxy Securities, CICC, CITIC Jianan, and CITIC Securities [7] Group 3: Bond Business Evaluation - The bond business evaluation involved 95 firms, resulting in 14 rated A, 62 rated B, and 19 rated C [10][11] - A-rated bond firms include Caixin Securities, Dongwu Securities, Guojin Securities, Guotai Junan, Guoxin Securities, Ping An Securities, and others [10] Group 4: Future Directions - The China Securities Association aims to guide firms to enhance their professional capabilities and service quality, shifting from price competition to value competition [11]

公司还重点介绍了全球南方市场的强劲表现，2025年前三季度该业务营收同比增长15.79%，销量同比 增长21.39%，毛利率同比上升2.6个百分点。在国内市场方面，中集·陕汽"三好发展"累计销售已突破 30,000辆，在全国已建设15家三好中心，正在规划和建设10家，公司积极响应"全国统一大市场"建设要 求，通过成立全国统一大市场发展委员会等举措推动业务变革。 天眼查资料显示，中集车辆（集团）股份有限公司成立于 1996年08月29日，是一家以从事汽车制造业 为主的企业。截至2025年09月30日，中集车辆股东户数29809户，较上次减少5707户，户均持股市值 57.53万元，户均持股数量6.29万股。 参与此次调研的睿远基金是一家以价值投资、研究驱动和长期投资风格为主的长期价值投资机构，聚焦 于权益投资和固定收益投资领域。截至目前，管理基金数量5只，其中睿远成长价值混合A最新单位净 值为1.9685，近一年增长64.70%。 2025年12月31日，中集车辆披露接待调研公告，公司于12月01日至12月26日接待睿远基金、中信证券、 长江证券、西南证券、华源证券、国信证券等17家机构调研。 中集车辆（301 ...