Company Overview - Miao Exhibition has submitted a listing application to the Hong Kong Stock Exchange, with China Merchants Securities International as its sole sponsor [1] - The company's business is primarily divided into exhibition organizing services, exhibition agency services, and other services such as online marketing, with exhibition organizing being the core [1] Market Position - Miao Exhibition ranks first among all overseas exhibition organizations in China based on the number and area of self-organized overseas exhibitions planned for 2024, according to Frost & Sullivan [1] - The company has successfully organized 77 exhibitions, attracting tens of thousands of exhibitors and incubating over ten industry-specific exhibition brands covering areas such as home goods and consumer electronics [1] Industry Growth - From 2020 to 2024, the Chinese exhibition industry has shown significant recovery in terms of the number and area of exhibitions, with the number of exhibitions increasing from 5,408 in 2020 to 9,110 in 2024 [1] - It is projected that the number of exhibitions will further increase from 10,385 in 2025 to 15,693 in 2029, representing a compound annual growth rate of 11.5% during the forecast period [1] International Market Expansion - The overseas exhibition market continues to grow robustly, supported by national initiatives to help Chinese enterprises expand into international markets, diversify trade partners, and enhance the global competitiveness of Chinese products [1] - The total number of overseas exhibitions is expected to rise from 216 in 2024 to 315 in 2029 [1]

Core Viewpoint - The report from China Merchants Securities indicates an improvement in economic conditions this week, particularly in the resource, midstream manufacturing, and information technology sectors [1] Resource Sector - Prices for metals, steel, and coal have mostly increased, with the national cement price index also rising [4] - Industrial metal prices have generally gone up, including copper, nickel, aluminum, tin, cobalt, and lead, while zinc prices have decreased [4] - Brent crude oil prices have risen, and the chemical product price index has shown a week-on-week increase, although most chemical prices have declined [4] Midstream Manufacturing - Prices for upstream products in the new energy vehicle sector have mostly increased, and the price index for photovoltaics has risen week-on-week [3] - The production of metal forming machine tools has shown an expanding year-on-year growth rate for November, while the production of packaging equipment has seen a larger decline [3] Information Technology - The Philadelphia Semiconductor Index, Taiwan Semiconductor Industry Index, and DXI Index have all increased this week [2] - Prices for DDR5 and DDR4 DRAM memory have risen month-on-month, and the telecommunications main business revenue has shown an expanding year-on-year growth rate for November [2] Consumer Demand - Prices for fresh milk and pork have increased, while the wholesale price of piglets has decreased [3] - The average ticket revenue for films has risen, indicating a potential recovery in the entertainment sector [3] Financial and Real Estate - The net absorption in the money market has been noted, with a decline in A-share turnover rate and daily transaction volume [4] - The transaction area for commercial housing has increased, while the listing price index for second-hand houses has decreased [4]

12月25日，原招商证券银行业首席分析师王先爽入职国联民生研究所，担任所长助理、货币金融研究院 院长。 ...

Core Insights - The report highlights the challenges and opportunities faced by charitable organizations in asset management, emphasizing the need for professionalization and improved investment strategies [1][2] Group 1: Current State of Charitable Organizations - In 2024, the donation income of social organizations in mainland China reached 129.79 billion yuan, with the total number of foundations exceeding 9,800 [1] - Despite the growth, the sector faces structural challenges such as insufficient asset management capabilities and low investment returns [1] Group 2: Investment Management Challenges - Current average annual investment return rates for charitable assets in China are low, leading to real asset depreciation [1] - Issues such as long-term declining interest rates, reliance on bank deposits, lack of professional talent, inadequate management systems, and regional development imbalances are prominent [1] Group 3: Policy and Regulatory Environment - The implementation of the new Charity Law and supporting policies provides clearer regulations for charitable investments while raising the bar for professionalization and standardization [1][2] Group 4: Future Directions and Initiatives - Charitable organizations are at a historical turning point, moving from "conservative idle" to "professional value-added" asset management [2] - The market needs to offer differentiated service strategies to accommodate varying capabilities, risk preferences, and collaboration needs among organizations [2] - In June 2025, the company will launch the "Yizhao Xiangshan · Zhiyuan Qianxing" public finance brand and establish the first ESG public finance laboratory in the securities industry [2] - The company aims to connect investors with charitable causes through public finance, promoting sustainable development in the charity sector [2]

随着A股市场在2025年逐渐回暖，券商投行的IPO业务也迎来了显著改善。然而，繁荣的承销数字背后，一场深刻的行业变局正 在上演：头部券商间的座次正在洗牌，而曾经被视为"金饭碗"的投行收费模式，也悄然步入了理性回归的新阶段。 谁是这场变局中的赢家？Wind数据显示，2025年券商IPO承销总金额同比近乎翻倍，但"强者恒强"的马太效应也愈发明显。新 合并而成的"巨无霸"国泰海通，在承销家数上力压老牌龙头中信证券，但在承销金额、承销及保荐收入上，仍与"券业一哥"存 在明显差距。 与此同时，中金公司IPO承销金额凭借近三倍的惊人增速强势回归前五。头部阵营的激烈角逐，勾勒出投行业务格局的新图 谱。 更深刻的变化在于行业的盈利模式。尽管募资规模回升，但投行收费水平已大远不及往日。一个募资规模30多亿的大项目，承 销保荐费可能仅有5000万元；而作为行业标杆的中信证券，其收入过亿的"王牌项目"数量也大幅缩水。 | | | 近三年以来IPO承销金额前十券商一览 | | | --- | --- | --- | --- | | 排名 | 2025年(1月1日—12月24日) | 2024年(1月1日-12月31日) | 2023 ...

年终之际的顶尖人才流向，往往最能体现一个平台的综合吸引力与成长潜力。国联民生证券作为行业合 并标杆，其研究所由新财富白金分析师领衔，首位"百星分析师"加持，各核心板块均已深度融合了"新 财富级"研究团队，构建起覆盖全面、兼具深度与前瞻性的研究体系和又深又宽的研究力"护城河"。在 这一持续升级的一流平台上，明星分析师不仅能获得广阔的发展空间，更能搭乘平台快车，充分释放研 究潜能、碰撞创新思维。这也正是诸多顶尖团队纷纷选择汇聚于此的原因——在这里，个人卓越与平台 赋能共振，正共同解锁一流投研生态的全新未来。 "二十一世纪最重要的是什么？人才！"，一个月时间内连下三城、王炸集结，就凭这对顶尖人才的吸引 力，发展势头正猛的国联民生证券研究所未来有看头！ 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！ 12月25日消息，据悉，近期国联民生研究所又有两员大将加盟——素有"创新药骑手"之称的原国盛证券 医药首席分析师张金洋，携核心团队正式入职，出任研究所副总经理兼医药行业首席分析师。同时，银 行业研究新晋实力派"卷王"、原招商证券银行业首席分析师王先爽，也率团队强势加入，担任所长助 理、银行首席分 ...

Core Viewpoint - The "Investment Education Navigation" online course is a public initiative aimed at enhancing investor education, focusing on stock options basics in its upcoming session [1] Group 1: Course Details - The course is scheduled for December 26, 2025, at 15:00 and will be hosted by a lecturer from China Merchants Securities [1] - This session is part of the third season and the 15th episode of the 2025 series of investor education courses [1] Group 2: Alliance and Objectives - The Shaanxi Investor Education Navigator Alliance consists of 21 member units, including self-regulatory organizations, investor education bases, and media [1] - The alliance aims to improve the quality and effectiveness of investor education through resource sharing and collaboration among its members [1] - The initiative seeks to help investors understand rules, identify risks, and foster a rational, value-oriented, and long-term investment mindset [1] Group 3: Course Content - The course will cover the core characteristics of stock options [2] - It will discuss the functional applications of stock options [2] - The course will explain the trading rules associated with stock options [2] - It will also address the investment risks related to stock options [2]

Core Insights - The article discusses the missed investment opportunity by Bosera Investment, which sold shares of Moer Technology before its IPO, resulting in a significant loss of potential profits [1][2]. Group 1: Investment Details - Bosera Investment, indirectly held by China Merchants Securities, transferred 837,734 shares for 50 million yuan before Moer Technology's IPO, which has a current market value of approximately 567 million yuan based on the closing price of 676.8 yuan per share on December 23 [1]. - The transfer resulted in a loss of at least 500 million yuan in potential earnings, and the total potential profit loss could be even greater when considering remaining shares [1]. - Moer Technology's IPO on December 5, 2025, involved the issuance of 70 million shares at a price of 114.28 yuan per share, with the first-day closing price at 600.50 yuan, reflecting a 425.46% increase [2]. Group 2: Financial Performance - The market value of the shares transferred by Bosera Investment was calculated to be 503 million yuan, leading to a profit loss of 450 million yuan compared to the transfer price [2]. - If evaluated at the closing price of 634.01 yuan on December 24, the market value of the transferred shares would be 531 million yuan, resulting in a profit loss of 480 million yuan [2]. Group 3: Fund Information - Bosera Investment is a private equity investment fund, established on August 9, 2021, and registered on August 11, 2021, managed by Hainan Bosera Innovation Management Co., Ltd., and is currently operational [3]. - The fund is structured as a partnership and is under the custody of China Merchants Bank [3].

Core Insights - The report titled "Charity Organization Investment Special Research Report" provides a comprehensive overview of asset management in Chinese mainland charity organizations, highlighting challenges and opportunities for asset preservation and appreciation [1] Group 1: Current State of Charity Asset Management - Charity organizations in China face low annual investment returns, with assets under pressure from depreciation due to long-term declining interest rates and a lack of professional management capabilities [2] - The implementation of the new Charity Law and supporting policies has established clearer regulations for charity investments, demanding higher levels of professionalism and standardization [2] Group 2: Transition in Asset Management Strategies - Chinese charity organizations are at a historical turning point, shifting from "conservative idle" management to "professional appreciation" of assets, driven by policy support, technological innovation, and internal demand [3] - There is a need for differentiated service strategies in the market to cater to the varying capabilities, risk preferences, and collaboration needs of different organizations [3] Group 3: Key Trends in Charity Investment - The long-term decline in bank deposit rates has compelled conservative charity organizations to seek alternative financial products that better match their risk-return profiles [4] - University foundations, due to their concentrated assets and frequent large donations, have become key targets for customized asset management services [4] - Regional cooperative investment models are emerging, such as the "Shenzhen Charity Common Fund," which has accumulated nearly 1 billion yuan and generated over 80 million yuan in returns, addressing the challenges faced by smaller organizations [4] - Investment preferences are characterized by a clear demand for "low drawdown, relatively high returns," with some organizations setting strict withdrawal alerts and stop-loss lines to balance asset safety and public spending needs [4] - For larger organizations like university foundations and large corporate foundations, dedicated account management is becoming a key consideration due to its specialized and in-depth service [4] Group 4: Innovations and Future Directions - The collaboration between charitable trusts and asset management products is becoming increasingly close, with entrusted institutions enhancing asset appreciation capabilities through models like "trust + asset management" and "trust + investment advisory" [5] - The launch of the "Yizhao Xiangshan · Zhiyuan Qianxing" public finance brand by the company marks a significant step towards systematic and professional upgrades in public welfare practices [5] - The company aims to deepen its commitment to connecting investors with public welfare through public finance, contributing to the sustainable development of the charity sector [5]

Group 1 - The core viewpoint of the report indicates that the machine tool and cutting tool industry demand is significantly influenced by the overall manufacturing sector's performance, which is currently showing weak recovery but with structural opportunities [1] - As of December 10, 2025, the machine tool tools index increased by 28.3%, driven mainly by valuation recovery, but underperformed the mechanical equipment index by 11.2 percentage points [1] - The manufacturing PMI is expected to fluctuate between 49% and 51%, while the PPI remains in a downward trend with signs of stabilization in recent months [1] Group 2 - The price of tungsten, a core raw material for CNC tools, has been rising since 2025, leading to a differentiated impact on tool companies, with leading firms benefiting from price adjustments and inventory advantages [2] - The domestic cutting tool industry is characterized by low market concentration, and the rising tungsten prices are accelerating industry reshuffling, allowing leading companies to increase their market share [2] - Despite the overall weak demand for machine tools, there are structural growth opportunities in high-end equipment manufacturing, artificial intelligence, humanoid robots, aerospace, and low-altitude economy sectors [2]