国联民生、国泰海通亮相A股，"西部+国融"、"国信+万和"获批，中金公司吸并东兴、信达……2025年 券商并购浪潮势起凶猛。 这一年里，头部券商强强联合、中小机构整合求变。就在年末，监管再对打造一流投资银行划定明确要 求。证监会主席吴清公开表示，行业要力争在"十五五"时期形成若干家具有较大国际影响力的头部机 构。 "需要强调的是，一流投行不是头部机构的专属、专利。"吴清说，中小机构也要把握优势、错位发展， 在细分领域、特色客群、重点区域等方面集中资源、深耕细作，努力打造"小而美"的精品投行、特色投 行和特色服务商。 2025年即将结束，这一年出现了哪些标志性的券商整合案例？这些券商的整合是否达到了"1+1>2"的效 果？这些重组案例又为行业之后的并购提供了哪些参考？第一财经根据公开资料，对年内的券商并购事 件进行了梳理盘点。 国联民生证券亮相 2月中旬，国联证券正式更名为国联民生。当月月底，国联民生举办项目合作大会，这是"国联+民生"正 式合并更名后的首度亮相。 8月底，国联民生交出合并更名后的首份中报。据披露，今年前6月，公司营业收入40.11亿元，同比增 长269.4%；归母净利润11.27亿元，同比增长 ...

Core Viewpoint - The A-share market is expected to recover steadily in 2026, driven by policy support, profit recovery, and global liquidity easing, with a focus on new trends and opportunities in various sectors [1][2]. Group 1: Market Outlook - Institutions generally hold a positive outlook for the A-share market in 2026, anticipating a "slow bull" market supported by increased domestic and foreign capital inflows, corporate profit recovery, and enhanced policy measures [1][2]. - The expected net profit growth for listed companies in 2026 is around 4.8%, with a potential for an additional 10% valuation expansion under optimistic scenarios [3]. Group 2: Industry Allocation Recommendations - Key investment themes for 2026 include technology and consumer sectors, with a consensus on the growth potential from overseas expansion [1][2]. - Specific focus areas include resource and traditional manufacturing upgrades, globalization of Chinese companies, and the expansion of AI applications [2][4][6]. - The "old economy" sectors, particularly high-quality leading companies in energy, consumption, and real estate, are also seen as having significant investment value [12]. Group 3: Strategic Insights from Analysts - Analysts from various firms emphasize the importance of a balanced approach to investment, with a focus on both growth and value strategies, particularly in technology and traditional sectors [12][14]. - The ongoing AI revolution and its commercialization are highlighted as critical drivers for future growth, with specific attention to sectors like machinery, renewable energy, and innovative pharmaceuticals [5][6][10].

Core Viewpoint - Recent expectations for the appreciation of the RMB are favorable for the performance of RMB-denominated equity assets, with the central bank's upcoming policy tools expected to be more flexible and focused on domestic demand targets [1] Group 1: Monetary Policy Insights - The fourth quarter monetary policy committee meeting minutes from the People's Bank of China (PBOC) emphasize the importance of expanding domestic demand, reflecting a shift from previous statements regarding small and micro enterprises and real estate [3] - The PBOC's approach to monetary policy is evolving, with a focus on the integrated effects of various policy tools rather than solely on reducing financing costs [4] Group 2: Banking Sector Outlook - The banking sector is expected to see a stabilization in operating conditions, with a forecast for bank interest margins to bottom out and a recovery in income and profitability as systemic risks are reassessed [1] - Recent market performance indicates a structural rally supported by policy and capital, with bank stocks showing relative stability despite a slight decline in the context of broader market gains [5] - The appreciation of the RMB is anticipated to benefit bank stocks, with institutional investors expected to enter the market early in the year, potentially catalyzing performance [5]

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com （责任编辑：刘畅 ） 中信证券研报称，铁锂行业盈利有望迎来周期性的拐点。需求端，动力领域铁锂渗透率的进一步提 升以及储能的高景气度带来需求的快速增长，我们测算2026年全球磷酸铁锂正极材料出货量有望达到 525万吨，同比+36%；供给端，我们预计2026年增长有限，整体稼动率有望进一步提升，其中高端品仍 较为紧缺。当前铁锂盈利能力处于周期底部，伴随供需结构改善有望迎来修复空间，产品高端化、出海 趋势的进一步明确有望为头部企业带来超额利润。重点推荐铁锂行业内头部企业。 ...

(责任编辑：何潇) 中国经济网北京12月30日讯 北京证券交易所上市委员会2025年第50次审议会议于2025年12月29日 上午召开，审议结果显示，沈阳广泰真空科技股份有限公司（简称"广泰真空"）暂缓审议。 广泰真空的保荐机构是中信证券股份有限公司，保荐代表人是冯鹏凯、庞雪梅。 广泰真空是一家专注于真空装备的研发、制造和销售，并具有从设备自主设计到制造交付一体化能 力的高新技术企业。 截至招股说明书签署日，刘顺钢直接持有公司66.23%的股权，并通过广泰控股、广泰高科间接持 有15.10%的股权、间接控制公司19.30%的股权，合计持有公司81.33%的股权、合计控制公司85.53%的 股权，为公司的控股股东及实际控制人。 广泰真空拟募集资金16,815.18万元，用于真空熔炼炉及烧结炉生产改扩建项目、研发及产品展示中 心建设项目。 审议意见： 关于收入确认时点的准确性及依据的充分性。请发行人核实发货后超过1年未验收项目的情况，按 项目列示发货时间、收货时间、调试时间、初验时间、现场服务时间等，梳理客户已完成调试或已实际 投入使用但未及时确认收入的情形，说明按照时点法确认收入的依据是否充分。请保荐机构、申报 ...

整体而言，胶原蛋白类医美注射产品价格较高，当前求美者需求尚未充分满足。更多注册证落地并推向 市场，我们预计未来将形成高（>10000元/支）、中（4000~6000元/支）、低价位（500~2000元/支）的 产品梯队，满足各类求美者需求，极大提升医美渗透率；同步提升胶原蛋白类注射剂在医美生物材料中 的占比。 胶原蛋白：消费者认知强、需求旺；注册证虽增未满，当前产业仍处红利期。 头豹研究院测算，以出厂价计，2024年中国医美注射剂市场规模约268亿元/+26.4% YoY，2028年该市 场规模将增加至653亿元，期间CAGR为+24.9%；且预计其中胶原蛋白类产品2024~2028年CAGR预测为 +50.7%。根据各公司公告、医美行业渠道结构及公司商业模式惯例，我们估算2024年，胶原蛋白医美 注射剂前两大龙头出厂价营业收入合计约15亿元，对应终端规模约54亿元左右；正品行货市场终端规模 合计在60~70亿元。 中信证券发布研报称，需求角度，消费者对胶原蛋白具备强认知，需求旺盛；供给角度，天然胶原蛋白 和重组胶原蛋白的注册证均处趋势性增加通道。短期看，注册证总体数量在合理范围，实际上市并放量 的产品较少， ...

近年来，快充铁锂在动力领域的大规模应用以及储能需求的高景气度，进一步拉动磷酸铁锂正极材料出 货量增长，根据则言咨询数据，2025年1-11月我国磷酸铁锂产量合计348万吨，同比+57.9%；单月来 看，2025年11月磷酸铁锂产量41.7万吨，同比+52.8%，环比+4.2%，创历史新高。受益动力领域的份额 提升以及储能需求的快速增长，我们判断后续铁锂材料需求仍将保持高速增长，我们测算2026年全球磷 酸铁锂正极材料出货量有望达到525万吨，同比+36%，预计到2030年增长至1136万吨，对应2025-2030 年CAGR约24%。 中信证券发布研报称，铁锂行业盈利有望迎来周期性的拐点。需求端，动力领域铁锂渗透率的进一步提 升以及储能的高景气度带来需求的快速增长，中信证券测算2026年全球磷酸铁锂正极材料出货量有望达 到525万吨，同比+36%；供给端，预计2026年增长有限，整体稼动率有望进一步提升，其中高端品仍较 为紧缺。当前铁锂盈利能力处于周期底部，伴随供需结构改善有望迎来修复空间，产品高端化、出海趋 势的进一步明确有望为头部企业带来超额利润。重点推荐铁锂行业内头部企业。 中信证券主要观点如下： 需求 ...

中信证券研报表示，从资本开支角度看，硅片需求在晶圆厂产能扩张下有望持续增加，中国大陆资本开 支位居全球首位，且高端制程及特色工艺硅片类别仍有较大国产化率提升空间；从技术进步角度看， 3D堆叠对单位硅片耗用量呈现明显增加态势，国内大厂有望在扩产中布局下一代3D堆叠的芯片产品； 从周期角度看，AI需求有望拉动半导体景气周期重启。我们看好国产半导体硅片企业整体的出货量增 长及产品价格修复预期。 ...

Core Viewpoint - The report from CITIC Securities indicates a stable macro-financial environment leading to a stable banking operating environment by 2026, with expectations of a bottoming out of bank interest margins and a recovery in income and profitability as risks in the real sector ease [1] Group 1 - The banking sector is expected to experience a reassessment of systemic risks, resulting in valuation recovery [1] - The stability in equity returns is anticipated to drive capital inflows into the banking sector [1] - The sector is projected to continue demonstrating a trend of valuation enhancement through 2026 [1]

Group 1 - The core viewpoint of the report indicates that silicon wafer demand is expected to continue increasing due to the capacity expansion of wafer fabs, with China's capital expenditure ranking first globally and significant room for domestic production rate improvement in high-end processes and specialty silicon wafer categories [1] - From a technological advancement perspective, 3D stacking is showing a significant increase in the unit consumption of silicon wafers, and domestic major manufacturers are likely to position themselves for the next generation of 3D stacked chip products during their capacity expansion [1] - From a cyclical perspective, AI demand is anticipated to drive a restart of the semiconductor industry cycle, leading to an optimistic outlook for the overall shipment growth and product price recovery of domestic semiconductor silicon wafer companies [1]