在科技创新债券方面，前三季度作为科技创新债券主承销商的证券公司共75家，承销674只债券，合计 金额7051.8亿元，同比增长57.77%。中信证券、中信建投、国泰海通分别承销83.8家、69.65家和62.96 家，承销金额分别为1417.91亿元、1111.66亿元和844.59亿元。 今年前三季度，作为中小微企业支持债券主承销商的证券公司共41家，承销50只债券，合计金额207.7 亿元。作为民营企业债券主承销商的证券公司共56家，承销368只债券，合计金额3913.6亿元。其中， 资产证券化产品212只，合计金额1904.01亿元。五矿证券、国信证券、国泰海通在承销中小微企业支持 债券金额上排在行业前列；中信证券、平安证券和华泰资管在承销民营企业债券金额上领跑行业。 此外，2025年前三季度参与发行地方政府债券的证券公司共69家，合计中标金额3369.54亿元，合计中 标地区31个。其中，银河证券、华泰证券、国泰海通实际中标地区分别为31个、30个和29个。 ◎记者 汤立斌 中国证券业协会日前发布的2025年前三季度证券公司债券（含企业债券）承销业务专项统计显示，今年 前三季度作为科技创新债券主承销商 ...

持续提升服务质效 在国家推进低碳转型、乡村振兴等重大战略的背景下，券商正通过优化业务布局、完善服务体系，持续提升金融服务实体 经济的质效。 在债券承销业务的行业竞争中，头部券商的核心优势持续凸显。在16项相关债券承销业务关键指标中，行业龙头中信证券 一举拿下8项第一，展现出强大实力；国泰海通则在细分赛道表现突出，在主承销低碳转型债券家数、金额以及主承销"一带一 路"债券金额这三项指标上拔得头筹；中信建投与中国银河也各有侧重，分别在主承销绿色债券金额、地方政府债券实际中标 地区数上位列榜首。 与头部券商全面布局不同，中小券商正通过差异化竞争在细分市场寻找突破口，并逐渐展现出独特优势。例如，五矿证券 在主承销中小微企业支持债券家数和金额两项指标上均位居首位；浙商证券在主承销"一带一路"债券家数指标上名列第一。 具体到科技创新债券领域，券商对科创企业的服务力度持续加码。前三季度，75家券商作为科技创新债券主承销商，合计 承销674只债券，同比增长74.61%；合计金额7051.8亿元，同比增长57.77%。从单家公司的主承销金额来看，有两家公司突破 1000亿元。其中，中信证券以1417.91亿元的金额稳居首位；中 ...

11月20日，深圳会展中心（福田），2025中国证券业投资银行高峰论坛顺利举办。 作为"第十九届深圳国际金融博览会暨2025中国金融机构年会"的重要组成部分，本次论坛主办方证券时报 社特邀投资银行领域的权威机构、特色券商、领军人物等，共同解码资本市场变革下的投行转型战略。 2024年下半年以来，中资企业赴港上市不断回暖。银河证券执委会委员吴鹏在主题演讲中指出，当前香港 市场正迎来多年一遇的窗口，2025年香港IPO发行踊跃，融资规模同比上涨超过200%；IPO公司首日平均 涨幅59.3%；再融资市场也迎来热潮。他预计港股市场的火热趋势会持续到2026年，中资投行也将迎来跨 境业务的发展良机。 在经济结构深度调整与产业升级加速的背景下，国内投资银行正在以"区域深耕"与"赛道专精"为两大核心 战略，重构竞争格局。长江证券副总裁、长江保荐董事长王承军在主题演讲中表示，多年来，长江证券持 续探索迭代深耕模式，后续拟进一步通过服务地方平台公司、共同组建基金、招引产业链优质企业等方 式，发挥投行"引路者"功能，为行业贡献更多可供参考的创新案例。 2025中国证券业投资银行家君鼎奖 申万宏源证券承销保荐有限责任公司 包建祥 ...

Core Viewpoint - The 2025 China Securities Industry Investment Banking Summit Forum highlighted the transformation strategies of investment banks amid capital market changes, with a focus on the resurgence of Chinese enterprises listing in Hong Kong and the anticipated growth in IPO activities in 2025 [2]. Group 1: Market Trends - Since the second half of 2024, there has been a notable recovery in Chinese enterprises listing in Hong Kong, with a projected increase in IPO issuance in 2025, leading to a financing scale that is expected to rise by over 200% year-on-year [2]. - The average first-day increase for IPO companies is reported at 59.3%, indicating strong market performance [2]. - The hot trend in the Hong Kong stock market is expected to continue until 2026, presenting cross-border business opportunities for Chinese investment banks [2]. Group 2: Strategic Focus - Domestic investment banks are adopting "regional deep cultivation" and "track specialization" as their two core strategies to reshape the competitive landscape [2]. - Changjiang Securities has been exploring iterative deep cultivation models and plans to enhance its role as a "guide" for industries by serving local platform companies and forming funds to attract quality enterprises along the industrial chain [2]. Group 3: Forum Discussions - The forum featured two roundtable discussions focusing on investment banking strategic transformation and the integration of technology and finance [3]. - Key executives from various securities firms participated in discussions about navigating cycles and embracing new production capabilities in the context of technology finance [3]. Group 4: Awards - The forum also announced the results of the "2025 China Securities Industry Investment Banking Jun Ding Award," recognizing outstanding contributions in various categories, including underwriting and sponsorship [5][6][7][8][10][11][13][14][21].

招商局置地(00978)发布公告，于2025年11月20日，南京招平置盛商业管理有限公司(南京招平，公司的 间接非全资附属公司)与中信证券订立股权受让协议，据此，中信证券(作为资产支持专项计划的计划管 理人，代表资产支持证券持有人行事)同意转让项目公司南京招商启盛房地产有限公司100%股权(作为资 产支持专项计划项下的实物分派)予南京招平，价值为人民币2.59亿元。 项目公司为一间于2024年8月4日于中国成立的有限公司，主要从事地块的房地产项目建设及开发。地块 位于中国江苏省南京市栖霞区迈皋桥街道经五路二期西侧1号和2号，总占地面积为6.6万平方米。地块 指定作住宅用途的期限为70年及作商业用途的期限为40年。于本公告日期，项目公司由中信证券(作为 资产支持专项计划的计划管理人，代表资产支持证券持有人行事)100%拥有。 集团受让项目公司的股权的主要原因为资产支持专项计划届满及中信证券(作为资产支持专项计划的计 划管理人)决定向且南京招平(作为资产支持证券持有人)同意进行最终实物分派。集团正在考虑适时调整 商业综合体的使用方式，以配合地方政府对社区未来发展的规划，从而创造符合地方社区消费模式的新 型优质商业 ...

集团受让项目公司股权的主要原因为资产支持专项计划届满及中信证券(作为资产支持专项计划计划管 理人)决定向且南京招平(作为资产支持证券持有人)同意进行最终实物分派。集团正在考虑适时调整商业 综合体的使用方式，以配合地方政府对社区未来发展的规划，从而创造符合地方社区消费模式的新型优 质商业环境。 格隆汇11月20日丨招商局置地(00978.HK)公告，于2025年11月20日，南京招平(公司间接非全资附属公 司)与中信证券订立股权受让协议，据此，中信证券(作为资产支持专项计划计划管理人，代表资产支持 证券持有人行事)同意转让项目公司南京招商启盛房地产有限公司100%股权(作为资产支持专项计划项下 实物分派)予南京招平，价值为人民币2.59亿元。 项目公司主要从事地块的房地产项目建设及开发。地块位于中国江苏省南京市栖霞区迈皋桥街道经五路 二期西侧1号和2号，总占地面积为65,998.44平方米。地块指定作住宅用途期限为70年及作商业用途期限 为40年。于本公告日期，项目公司由中信证券(作为资产支持专项计划计划管理人，代表资产支持证券 持有人行事)100%拥有。 ...

Group 1 - The core viewpoint of the news highlights the strong performance of bank stocks amidst market fluctuations, with China Bank reaching a historical high, and other banks like Construction Bank and Postal Savings Bank also showing significant gains [1] - The China Securities Bank Index rose by 0.8%, while the Hong Kong Securities Index increased by 0.3%. In contrast, the non-bank financial index of the CSI 300 fell by 0.4%, and the CSI All Securities Company Index decreased by 0.5% [1] - According to CITIC Securities, financial statistics indicate active transfers of resident deposits and non-bank deposits, leading banks to focus more on liquidity management as the year-end approaches [1] Group 2 - The preliminary stabilization of bank interest margins in the third quarter has contributed to stable profit levels for banks [1] - The banking sector is perceived to have significant value space due to low valuations, which may attract long-term capital allocation as the year-end approaches, potentially enhancing the market performance of bank stocks [1]

Core Viewpoint - Multiple brokerages are optimistic about China's economy in 2026, expecting it to maintain resilience and enter a phase of high-quality development, with the A-share market continuing its upward trend, although some predict a slowdown in growth [1][3][5]. Economic Outlook - The first three quarters of 2023 showed steady progress in China's economy, with expectations that 2026 will mark the beginning of a new high-quality development phase [3]. - Macro policies are anticipated to shift from extraordinary counter-cyclical adjustments to a more normalized approach, focusing on technological self-reliance and the cultivation of new productive forces [3]. - External demand is expected to remain resilient, while internal demand will rely on fiscal efforts to boost investment in human capital and consumer supply [3]. A-share Market Trends - Since 2025, the A-share market has been on a volatile upward trajectory, with significant attention on whether this trend will continue into 2026 [5]. - Some institutions believe that the A-share market may reach a peak in spring 2026, with potential triggers for a comprehensive market rally [5]. - The market is expected to experience a critical verification period in 2026, with indices likely to remain volatile but on an upward trend [6]. Sector Focus - The technology, cyclical, and manufacturing sectors are highlighted as key areas of focus for 2026 [8]. - Specific recommendations include monitoring recovery trades in basic chemicals and industrial metals, as well as trends in AI, humanoid robots, energy storage, photovoltaics, pharmaceuticals, and military industries [8]. - Resource products may emerge as a new mainline direction following technology, driven by global monetary easing and domestic inventory cycles [9]. Investment Sentiment - The A-share market's current rally is significantly supported by retail investors, with a notable influx of high-risk preference funds [6]. - The upcoming five-year planning period is expected to yield positive market performance, aligning with policy directions [6].

Core Viewpoint - The stock price of Jingwei Hirain Technologies (688326.SH) has declined, closing at 92.37 yuan, representing a drop of 2.01%, and is currently in a state of loss since its IPO [1] Summary by Relevant Sections Company Overview - Jingwei Hirain Technologies was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on April 19, 2022, with an initial offering price of 121.00 yuan per share [1] - The company issued 30 million shares during its IPO [1] Fundraising Details - The total amount raised from the IPO was 363 million yuan, with a net amount of 348.8 million yuan after deducting issuance costs [1] - The final net fundraising amount was 151.2 million yuan less than the original plan of 500 million yuan [1] Use of Proceeds - The funds were intended for several projects, including the establishment of a production base for automotive electronics in Nantong, a research and development center in Tianjin, enhancement of digital capabilities, and to supplement working capital [1] Issuance Costs - The total issuance costs amounted to 14.2 million yuan, with underwriting and sponsorship fees accounting for 10.4 million yuan [1]

Core Viewpoint - The article discusses the optimistic outlook for China's economy and A-share market in 2026, highlighting the potential for high-quality development and the importance of sectors such as technology, cyclical industries, and manufacturing [3][5][11]. Economic Outlook - Multiple institutions predict that China's economy will maintain resilience and enter a new phase of high-quality development in 2026, marking the beginning of the "15th Five-Year Plan" [5]. - Macro policies are expected to shift from extraordinary counter-cyclical adjustments to a more normalized approach, focusing on technological self-reliance and the cultivation of new productive forces [5]. - External demand is anticipated to remain robust, while internal demand will rely on fiscal efforts to stimulate investment in human capital and consumer supply [5]. A-share Market Trends - The A-share market has been on a rising trend since 2025, with active trading observed. There are differing opinions on whether this upward trend will continue in 2026, with some institutions expecting a comprehensive market rally while others foresee a slowdown in growth [7][8]. - By mid-2026, it is expected that the "policy bottom, market bottom, and economic bottom" will successively appear, potentially triggering a comprehensive market rally [8]. - The overall sentiment is that the A-share market's upward momentum is far from over, with expectations that it may challenge levels not seen in the past decade [8]. Sector Focus - Key sectors to watch in 2026 include technology, cyclical industries, and manufacturing, with specific attention to areas such as AI, robotics, energy storage, photovoltaics, pharmaceuticals, and military industries [11]. - Institutions suggest that resource products may emerge as a new mainline direction following technology, driven by global monetary easing, supply-demand gaps, and domestic inventory replenishment [11]. - The TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors are expected to remain central to market dynamics, with potential for significant growth [11]. Capital Flow Insights - Residents are identified as the most significant source of funds in the A-share market, with current trends resembling those seen in 2015. High-risk preference funds have entered the market rapidly, while medium-risk preference funds may represent the next incremental growth phase [9].