尊敬的投资者： （一）公司统一客服热线：95548 （二）绍兴中兴南路营业部地址：浙江省绍兴市越城区中兴南路97号（中兴商务楼）1-2层；电话： 0575-85229781 （三）绍兴分公司地址：浙江省绍兴市越城区灵芝街道解放大道177号102室、205室、206室、207室、 208室；电话：0575-88096598 特此公告。 中信证券股份有限公司 2026年1月10日 为进一步优化营业网点布局，中信证券股份有限公司决定撤销绍兴中兴南路证券营业部（以下简称绍兴 中兴南路营业部），自2026年1月17日起位于浙江省绍兴市越城区中兴南路97号（中兴商务楼）1-2层的 绍兴中兴南路营业部经营场所将予以关闭并停止营业。为保障您的证券交易、资金划转的正常进行，现 将相关事项公告如下： 一、绍兴中兴南路营业部客户将于2026年1月17日整体平移至中信证券股份有限公司绍兴分公司（以下 简称绍兴分公司）。 整体平移后，您的资金账户、交易密码和资金密码不变，原交易方式、委托电话及交易软件等保持不 变，证券交易及资金划转不受任何影响。 二、如您不同意转移至绍兴分公司，请自本公告之日起至2026年1月14日止，携带有效身份证 ...

（二）杭州金华路营业部地址：浙江省杭州市拱墅区金华路58号一楼E区、G区；电话：0571-85061551 （三）杭州庆春东路营业部地址：浙江省杭州市上城区庆春东路1-1号西子联合大厦9层901室、902室； 电话：0571-87039799 为进一步优化营业网点布局，中信证券股份有限公司决定撤销杭州金华路证券营业部（以下简称杭州金 华路营业部），自2026年1月17日起位于浙江省拱墅区金华路58号一楼E区、G区的杭州金华路营业部经 营场所将予以关闭并停止营业。为保障您的证券交易、资金划转的正常进行，现将相关事项公告如下： 一、杭州金华路营业部客户将于2026年1月17日整体平移至中信证券股份有限公司杭州庆春东路证券营 业部（以下简称杭州庆春东路营业部）。 整体平移后，您的资金账户、交易密码和资金密码不变，原交易方式、委托电话及交易软件等保持不 变，证券交易及资金划转不受任何影响。 二、如您不同意转移至杭州庆春东路营业部，请自本公告之日起至2026年1月14日止，携带有效身份证 明文件至我司所属营业部办理转销户手续至我司其他营业部或其他证券公司。 三、如您对营业部撤销及客户平移有任何疑问，可选择以下联系方式进 ...

（文章来源：证券日报） 证券日报网讯 1月9日，越秀资本在互动平台回答投资者提问时表示，截至2025年9月30日，公司及子公 司合计持有中信证券8.54%的股份。公司按照相关法律法规要求履行信息披露义务。 ...

Core Insights - The report maintains a positive outlook on the securities industry, highlighting a phase of profit growth, structural evolution, and valuation recovery for 2026 [1] Industry Performance Overview - The overall industry performance is expected to see significant growth in 2025, with a mismatch between valuation and performance [4] - From January to November 2025, the Securities II (Shenwan) index increased by 5.6%, underperforming the CSI 300, while the Hong Kong Chinese securities index rose by 42.7%, outperforming the Hang Seng index by 10.9 percentage points [6] - In the first three quarters of 2025, 42 listed securities firms reported a combined revenue and net profit increase of 43% and 62% year-on-year, respectively, with an annualized ROE increase of 2.5 percentage points to 7.3% [6] Business Review and Outlook - **Brokerage Business**: The brokerage business is expected to benefit from increased trading volumes, with significant revenue growth anticipated in 2025. However, a decline in commission rates may limit profitability in traditional channel businesses [8] - **Proprietary Trading**: The contribution of proprietary trading to industry performance has significantly increased, with differentiation among firms based on investment capabilities and equity positions. Leading firms are expected to see stable returns, while smaller firms may experience higher volatility [9] - **Asset Management**: The asset management sector is entering a recovery phase driven by public fund transformation, with expected revenue growth of 33% year-on-year in 2026 [10] - **Investment Banking**: The investment banking sector is anticipated to enter a recovery cycle in 2026, supported by improved market conditions and policy incentives [10] Investment Themes for 2026 - The securities sector is positioned as a cost-effective investment opportunity due to its low valuation and performance recovery phase. Key factors include a clear trend of asset allocation towards equities, a recovery in multiple business lines, and supportive policies [12] - Recommended focus on leading securities firms with stable ROE, such as CITIC Securities, Huatai Securities, and GF Securities, which are expected to achieve ROE of 10.1%, 9.4%, and 9.4% in 2026, respectively [12] - Attention should also be given to firms with distinctive asset management and investment banking capabilities, such as Industrial Securities and China International Capital Corporation, which are well-positioned to benefit from ongoing market trends [12] Policy Environment - The report outlines a clear policy direction for the securities industry, emphasizing a shift from scale expansion to functional positioning and high-quality development. This includes a focus on value competition and the optimization of risk control indicators for leading firms [30][32] - The regulatory framework is evolving to support differentiated capabilities and strategic positioning among firms, with an emphasis on enhancing professional services and internationalization [32][34]

银轮股份公告称，公司股东宁波正晟持有的部分股份解除质押，本次解除质押股份数量为450万股，占 其所持股份比例为14.06%，占公司总股本比例为0.53%，起始日期为2024年8月29日，解除日期为2026 年1月8日，质权人为中信证券。截至公告披露日，公司实际控制人徐小敏及其一致行动人宁波正晟累计 被质押股份450万股，占其所持股份比例为5.14%，占公司总股本比例为0.53%。 ...

Group 1: Overall M&A Trends - In 2025, the total value of M&A transactions involving mainland China reached $474.3 billion, representing a year-on-year increase of 62.6% and a quarter-on-quarter increase of 81.1% [1] - The number of announced transactions was 5,504, which is a 9.1% increase year-on-year and a 12.4% increase quarter-on-quarter [1] Group 2: Domestic and Foreign M&A Activity - The total value of outbound M&A transactions from mainland China was $24.4 billion, showing a year-on-year growth of 5.2% [3] - The value of foreign acquisitions of mainland Chinese companies was $24 billion, which is a slight decline of 0.7% year-on-year [3] - Domestic M&A transactions in mainland China reached $412.1 billion, marking a significant year-on-year increase of 82.8% [3] Group 3: Sector-Specific Insights - The financial sector dominated M&A transactions, accounting for 22.62% of the market share with a total transaction value of $107.3 billion, which surged by 121% year-on-year [5] - The raw materials sector ranked second with a market share of 16.39%, experiencing a year-on-year growth of 158.2% [5] - The high-tech sector ranked third, holding a market share of 15.26% and a transaction value of $72.4 billion, reflecting a year-on-year increase of 77.3% [5] Group 4: Financial Advisors and Rankings - In 2025, China International Capital Corporation (CICC) topped the financial advisor rankings for announced M&A transactions involving mainland China, with a market share of 18.91% and a transaction value of $89.7 billion [9] - CITIC Securities ranked second with a market share of 15.12%, while Goldman Sachs ranked third with a market share of 9.69% [9] - By transaction volume, the top three financial advisors were Industrial and Commercial Bank of China (ICBC), CITIC Securities, and CICC [10] Group 5: Legal Advisors and Rankings - The top three legal advisors by transaction value in 2025 were King & Wood Mallesons, AllBright Law Offices, and Zhong Lun Law Firm, with respective market shares of 16.1%, 10.9%, and 9.8% [11] - By transaction volume, the leading legal advisors were Fangda Partners, King & Wood Mallesons, and Zhong Lun Law Firm [11]

Group 1 - The total value of mergers and acquisitions (M&A) involving mainland China reached $474.3 billion in 2025, representing a year-on-year increase of 62.6% and a quarter-on-quarter increase of 81.1% [2] - The number of announced transactions was 5,504, which is a 9.1% increase year-on-year and a 12.4% increase quarter-on-quarter [2] - The domestic M&A transaction volume in mainland China was $412.1 billion, showing a significant year-on-year growth of 82.8% [6] Group 2 - The financial industry accounted for 22.62% of the market share in M&A transactions involving mainland China, with a total transaction value of $107.3 billion, marking a year-on-year surge of 121% [9] - The raw materials sector ranked second with a market share of 16.39%, experiencing a year-on-year growth of 158.2% [9] - The high-tech sector ranked third, holding a market share of 15.26% and a transaction value of $72.4 billion, which is a year-on-year increase of 77.3% [9] Group 3 - In 2025, the four major state-owned banks in China announced plans to raise 520 billion RMB through non-public issuance of A-shares to supplement core tier one capital, with the Ministry of Finance set to subscribe for 500 billion RMB [12] - China International Capital Corporation (CICC) topped the financial advisor rankings for announced M&A transactions involving mainland China, with a market share of 18.91% and a transaction volume of $89.7 billion [12] - CITIC Securities ranked second with a market share of 15.12%, while Goldman Sachs ranked third with a market share of 9.69% [12] Group 4 - The top three legal advisors by transaction value in 2025 were King & Wood Mallesons, AllBright Law Offices, and Zhong Lun Law Firm [14] - By transaction volume, the leading legal advisors were Fangda Partners, King & Wood Mallesons, and Zhong Lun Law Firm [14]

Core Insights - The A-share IPO market in 2025 marked a historic turning point, with a significant recovery in capital market financing functions, achieving an IPO financing amount of 131.77 billion yuan, a year-on-year increase of over 90% [1][3] - The year also saw a rational return in issuance pricing, with the first "zero break" record under the comprehensive registration system, as none of the 116 companies listed in 2025 experienced a break [1][10] - The merger of Guotai Junan and Haitong Securities created a new "super giant" in the investment banking sector, challenging CITIC Securities' leading position [1][18] IPO Market Overview - The 2025 A-share IPO market was characterized by inclusivity, particularly in the acceptance of high-quality projects and unprofitable companies [3] - The top 14 IPO projects accounted for a significant portion of the total financing, indicating a concentration of capital in large projects [3] - Notable IPOs included Huadian New Energy, which raised 18.17 billion yuan, and Moer Thread, which raised 8 billion yuan, among others [4] Major Upcoming IPOs - Two companies currently under review, Changxin Technology and China Resources New Energy, are expected to raise over 10 billion yuan each, with Changxin Technology's IPO potentially becoming the second-largest in the history of the Sci-Tech Innovation Board [5][7] - Changxin Technology's application process has progressed rapidly, being the first to receive pre-review approval [5] Changes in Pricing and Performance - The median price-to-earnings ratio for new stocks in 2025 was 17 times, significantly lower than the 33 times and 34 times seen in 2022 and 2023, respectively [13] - The overall IPO financing amount of 131.77 billion yuan in 2025 was only about a quarter of the peak levels seen in 2022 and approximately 30% of the amount in 2023 [9][8] - The year 2025 also recorded a significant reduction in the number of companies that raised less than their expected amounts, with 74 companies collectively raising 10 billion yuan less than anticipated [11] Investment Banking Landscape - CITIC Securities maintained its leading position in IPO underwriting with a total of 21.88 billion yuan, followed closely by Guotai Haitong with 18.69 billion yuan [19][26] - The "100 billion underwriting club" expanded to five firms, with CITIC Securities, Guotai Haitong, and others competing for top positions [19] - The competition for "star projects" was crucial, with CITIC Securities successfully securing major deals while Guotai Haitong lagged behind [20][21] Future Outlook - The investment banking sector is expected to see continued growth in 2026, with several large IPOs on the horizon, including those from Changxin Technology and China Resources New Energy [25] - The shift towards a focus on large projects rather than quantity indicates a changing landscape in IPO underwriting strategies [25]

Group 1 - In 2025, the capital market's comprehensive reform led to a significant recovery in A-share financing, with total financing amounting to 1.08 trillion yuan, a 2.7-fold increase from the previous year [2][3] - The Hong Kong IPO market is expected to raise approximately 286.3 billion HKD in 2025, more than doubling from 2024, reclaiming the top position globally [6] - The restructuring of Guotai Junan Securities and Haitong Securities has intensified competition among investment banks, impacting the long-standing dominance of the "Big Four" [7][9] Group 2 - In A-share financing, equity issuance accounted for 82% of the total, with a significant contribution from four state-owned banks that completed 520 billion yuan in capital increases [5] - The IPO financing in A-shares reached 131.77 billion yuan, a 95.6% increase year-on-year, although still less than a quarter of the peak in 2022 [5] - The semiconductor industry led the A-share IPO financing with 23.09 billion yuan, followed by automotive and electrical equipment sectors [5] Group 3 - The competitive landscape for underwriting has shifted, with Guotai Haitong Securities rising to second place in A-share underwriting, while CITIC Securities maintained the top position [8][9] - The top ten A-share underwriters included several firms with significant changes in rankings, highlighting a dynamic market environment [9] - The quality evaluation of investment banking services has become more stringent, with a shift from scale to quality in competition among firms [13][14] Group 4 - The internationalization of the securities industry has been a key trend, with several firms experiencing substantial growth in Hong Kong IPO underwriting [11] - The regulatory environment has tightened, leading to a comprehensive penalty system for investment banking activities, affecting numerous firms and individuals [14]

Core Viewpoint - The Shenzhen Stock Exchange has issued multiple penalties related to the convertible bond project of Sichuan Medical Technology Co., Ltd. (300078), highlighting issues of non-operational fund occupation and information disclosure violations by major shareholders and related parties [1] Group 1: Penalties and Disciplinary Actions - Sichuan Medical Technology and related parties received disciplinary actions from the Shenzhen Stock Exchange due to violations, including a public reprimand [1] - Citic Securities, the sponsor for the convertible bond project, and Tianjian Accounting Firm also received penalties, with their representatives facing similar disciplinary actions [1] - This marks the first instance of a securities company receiving a regulatory letter from the Shenzhen Stock Exchange since the implementation of the registration system in the ChiNext board [1] Group 2: Investigation Findings - Citic Securities failed to adequately address multiple inquiries from the Shenzhen Stock Exchange regarding fund occupation and prepayment issues, leading to the issuance of a false commitment letter [2] - From 2018 to 2020, the major shareholder, Hangzhou Sichuan Medical Technology Group Co., Ltd., and its affiliates occupied a total of 338.457 million yuan in funds, with a maximum daily balance of 200.5015 million yuan [2] - Although the occupied funds were returned by April 30, 2021, the Shenzhen Stock Exchange had previously requested Citic Securities to verify the existence of non-operational fund occupation [2] Group 3: Due Diligence Failures - Citic Securities conducted a series of misleading operations, failing to properly investigate the purpose and accounting treatment of prepayments and investments, despite being aware of significant anomalies [3][4] - The firm issued a commitment letter that inaccurately stated there were no fund occupations by major shareholders, contradicting the actual situation [3] - The Shenzhen Stock Exchange criticized Citic Securities for not following due diligence standards and for providing inaccurate verification opinions [4] Group 4: Audit Firm Responsibilities - Tianjian Accounting Firm, responsible for the annual audits and the convertible bond project, also faced scrutiny for not adequately identifying and assessing the risks of fund occupation [6] - The firm failed to maintain reasonable professional skepticism and did not verify the flow of funds despite clear indications of potential issues [6] - The Shenzhen Stock Exchange noted that Tianjian's audit measures were insufficient, primarily relying on contract reviews and management interviews without proper verification of fund flows [6] Group 5: Regulatory Environment - The issue of fund occupation has been a recurring topic in the sponsorship work, with recent regulatory revisions aimed at enhancing the quality of due diligence in securities issuance [7] - The new regulations emphasize the need for sponsors to investigate the reasons and rationality behind receivables from related parties, particularly concerning potential fund occupations [7] - Regulatory bodies have been intensifying quality control measures for various investment banking projects, indicating a stricter oversight environment [7]