保荐机构方面，据瑞财社统计，2025年全年共有30家保荐机构参与这116家新上市公司的IPO业务。值得注意的是，华电新能聘 请了2家保荐机构，两家机构各计1单业务，因此全年保荐业务单数总计为117单。 | | 2025年1-12月A股IPO保荐机构排名 | | | --- | --- | --- | | 排名 | 保存机构 | 业务单数 | | 1 | 国泰海通 | 17 | | 2 | 中信证券 | 15 | | 3 | 中信建投 | 11 | | 4 | 华泰联合 | 10 | | 5 | 招商证券 | 9 | | 6 | 中要公当 | 5 | | 7 | 申万宏源 | 4 | | 7 | 东方证券 | 4 | | 7 | 东兴证券 | ব | | 7 | 国会证券 | 4 | | 7 | 国联民生 | 4 | | 12 | 国投证券 | 3 | | 12 | 浙商证券 | 3 | | 14 | 东北证券 | 2 | | 14 | 光大证券 | 2 | | 14 | 广发证券 | 2 | | 14 | 平安证券 | 2 | | 14 | 天风证券 | 2 | | 14 | 兴亚证券 | 2 | | 14 ...

三季报显示，中信证券以231.59亿元的归母净利润稳坐行业头把交椅，国泰海通则以220.74亿元紧随其 后。二者双双突破归母净利润200亿元大关，共同铸就行业归母净利润的"双龙头"格局；经纪业务手续 费净收入方面，行业内也仅有这两家实现百亿级营收。国泰海通的亮眼成果，无疑是证券行业响应国家 战略、积极打造一流投行的重要探索。 2025年，中国资本市场正屹立于改革开放深化与高质量发展的历史交会点。全球经济格局的深刻重塑与 国内战略转型的纵深推进形成深度共振，为券商行业铺就了破壁突围的时代赛道。作为资本市场的核心 枢纽，券商行业在"培育一流投资银行"的国家战略指引下，正经历一场涵盖资源整合、科技赋能、生态 重构的全方位变革。 这一年，行业既有强强联合的壮阔叙事，亦有科技渗透的创新脉动；既收获监管重塑的制度红利，也历 经转型阵痛的深刻淬炼。2025年的券商行业，是变革与机遇交织、挑战与突破共生的一年。 以下十大事件，正是这场时代变革中最具标志性的缩影——它们串联起行业转型的壮阔历程，更预示着 中国券商在迈向一流投行的征程上的崭新篇章。 一 "双龙头"格局崛起 国泰君安与海通证券的合并重组，是新"国九条"落地后头部券 ...

方正证券指出，券商仍"滞涨" 、ROE处于上升通道，板块行情虽迟但到。建议关注两条主线：1）强烈 推荐受益于居民财富搬家逻辑、大财富业务布局领先的低估值券商；2）强烈推荐做强做优的头部券 商。 证券ETF龙头紧密跟踪国证证券龙头指数，为反映沪深市场证券主题优质上市公司的市场表现，并为投 资者提供更丰富的指数化投资工具，编制国证证券龙头指数。 数据显示，截至2025年11月28日，国证证券龙头指数(399437)前十大权重股分别为东方财富(300059)、 中信证券(600030)、华泰证券(601688)、广发证券(000776)、招商证券(600999)、国泰海通(601211)、兴 业证券(601377)、东方证券(600958)、光大证券(601788)、财通证券(601108)，前十大权重股合计占比 79.05%。 截至2025年12月31日 10:03，国证证券龙头指数(399437)上涨0.71%，成分股华林证券(002945)上涨 4.89%，广发证券(000776)上涨2.23%，国信证券(002736)上涨1.68%，华泰证券(601688)上涨1.61%，东 方证券(600958)上涨1. ...

年内共受理278家，上会124家，过会107家，撤回99家，终止7家，过会率为95.7%，真实过会率为45.3%（真实过会率=本期开会且已通过家数/ （本期状态更新为通过+未通过+暂缓表决+待表决家数+终止/撤回的家数）） 2025年度圆满收官。回顾今年以来IPO市场，2025年，A股IPO市场交出了一份亮眼的成绩单，今年A股新股延续了"零破发"的态势，赚钱效应明 显，打新收益创三年新高。本系列将从多个角度对2025年A股IPO进行数据盘点。 根据Wind数据统计，年内A股共有116家企业成功上市，同比增长16%，新股受理及发行持续实现常态化；合计募集资金1317.71亿元，同比增长 95.64%；平均募集额11.36亿元，同比增长68.66%。 投行业务方面，年内（按上市日统计）券商IPO保荐承销费用合计64.44亿元，同比增长45.47%。这一增长不仅源于募资规模的扩大，更得益于头 部券商在大型项目中的集中受益，行业马太效应进一步强化。 责任编辑：公司观察 年内共有30家券商（合并母子公司）斩获A股IPO保荐项目。国泰海通以17家的保荐项目数量位列行业第一，同比增长142.86%。中信证券则以 11.66 ...

上述研报还指出，对于AI相关性较低的公司，业绩能见度和估值性价比将是股价的核心影响因素。业 绩角度，竞争格局及宏观敏感度为核心影响要素。一是竞争格局相对稳定的垂类龙头有望保持业绩韧 性。二是以供给创新驱动的情绪消费有望保持高景气。此外，随着2025年4季度起各大即时零售平台开 始注重优化效率，2026年行业竞争强度如若边际趋缓，核心玩家则存股价反转机遇。 编辑：林郑宏 转自：新华财经 新华财经上海12月31日电 中信证券研报分析认为，2025年互联网板块在外部扰动反复的环境下走出震 荡上行行情，上行动量主要为AI驱动的价值重估及流动性改善。展望2026年，预计中概互联网板块的 投资机遇将围绕AI产业化进程、业绩能见度和估值性价比两大主线展开：一是AI产业化加速兑现，模 型迭代、应用渗透以及业绩兑现将成为互联网板块AI叙事下的重要催化；二是综合考虑业绩能见度及 估值性价比。此外，建议关注外卖与即使零售竞争格局边际变化带来的潜在机遇。 ...

12月25日至30日，久立特材（002318）密集接待中信证券、南方基金、易方达基金等合计17家机构调 研。调研过程中，公司就机构重点关注的市场开拓进展、主营业务布局及未来发展战略规划等核心议题 与调研机构展开深度沟通与专业交流。近来久立特材密集接受机构调研，显示资本市场对公司业务发展 潜力及行业赛道景气度的高度关注与认可，也反映出市场对公司长期投资价值的积极预期。 合金材料业务领域，公司控股子公司凭借覆盖冶炼、锻造、热加工至冷加工的全流程生产管控体系，以 及产品在高精度、高强度、耐高温高压及耐腐蚀等方面的卓越性能，成功匹配油气、核电、航空等高端 行业的严苛要求。久立特材将持续支持其产能爬坡，并助力其开拓新市场、巩固客户关系，推动其实现 业务转型升级。 油井管业务方面，久立特材通过积极开发新客户、探索新应用场景，并深化与关键客户的合作及材料认 证工作，有效提升了相关生产线的产能利用率和产品销量。展望未来，公司将继续聚焦国际市场，加大 渠道拓展力度，致力于提升该类产品的全球市场份额。 作为全国工业用不锈钢管领域的标杆企业，久立特材产品矩阵丰富，涵盖DSS/SDSS、CRA-OCTG、 HRB/MLP/WOL、S ...

中信证券研报认为，消费电子方面，整体来看，2026年国补政策在2025年基础上新增智能眼镜产品，边 际上相关供应链公司受益。 ...

Market Sentiment - The current market sentiment score is 70, indicating a "relatively hot" market condition, which suggests investor confidence is strong [5][9]. - Historical trends show that when the sentiment score is below or close to 30, the market tends to find support, while scores above 70 may indicate resistance [9]. Hot Themes Tracking - **Robotics Theme**: The establishment of a national standard organization for humanoid robots and embodied intelligence marks a transition from "technical exploration" to "industrial collaboration" and "scale deployment," which is expected to accelerate technology application and ecosystem formation. Related stocks include Sanhua Intelligent Control (002050) and Wolong Electric Drive (600580) [5]. - **Banking Theme**: Bank stocks are characterized by high dividend yields, with the CSI Bank Index yielding 6.02%, significantly higher than the 10-year government bond yield. This makes bank stocks attractive for long-term funds during economic slowdowns. Relevant stocks include Agricultural Bank of China (601288) and Ningbo Bank (002142) [5]. - **Brokerage Theme**: The China Securities Regulatory Commission (CSRC) is focusing on strengthening classified regulation and optimizing risk control indicators for quality institutions. This shift aims to enhance capital utilization efficiency and promote high-quality development in the securities industry. Related stocks include CITIC Securities (600030) and Guotai Junan Securities (601211) [5]. Capital Flow Analysis - The top ten stocks with the highest net inflow include Sanhua Intelligent Control (002050) with a net inflow of approximately 279.98 million, and Shanzhi Gaoke (000981) with about 153.53 million [10]. - The top ten stocks with the highest net buy in financing include C Qiangyi (688809) with 54.91 million and Sanhua Intelligent Control (002050) with 37.68 million [13]. - The top ten industries with the highest net inflow include SW Machinery Equipment and SW Automotive, indicating strong investor interest in these sectors [17]. Industry Insights - The banking sector is highlighted for its stability and high dividend yields, making it a key focus for long-term investors amid economic uncertainties [5]. - The robotics industry is poised for growth due to new standards that facilitate collaboration and reduce development costs, indicating a shift towards more scalable applications [5]. - The brokerage industry is undergoing a transformation towards quality over quantity, with a focus on differentiated services and professional strength [5].

Core Viewpoint - The digital renminbi is transitioning from a "central bank liability" cash model (1.0) to a "deposit currency" model (2.0) integrated into the commercial banking liability system, allowing for interest accrual and reserve requirements, effectively becoming a general deposit [1][2]. Group 1: Upgrade of Digital Renminbi - The core positioning of e-CNY has fundamentally changed from a cash-type model to a deposit currency model, integrating into the commercial banking liability system and allowing for interest payments and reserve requirements [2]. - This upgrade represents a global innovation in Central Bank Digital Currency (CBDC), enhancing internationalization effects and serving as a model for other central banks, particularly in cross-border trade applications [2]. Group 2: Impact on Banking Stability and Monetary Policy - The transition to a deposit currency will strengthen the stability of bank liabilities by returning digital renminbi management to the banking system [3]. - It will enhance the efficiency of monetary policy transmission, as deposit-type digital renminbi can be included in reserve and interest rate frameworks, improving the flow of policy tools from central banks to commercial banks and then to the real economy [3]. - The new framework increases banks' motivation to promote digital renminbi, as it becomes a core liability for them, enhancing their promotional incentives [3]. Group 3: Strengthening Payment Business Advantages - Digital renminbi is expected to become a crucial tool for linking corporate and retail banking, enhancing customer loyalty through applications in corporate accounts and payment settlements [4]. - It will provide a competitive advantage over third-party platforms in payment processes, as it remains under the central bank's payment infrastructure, which has already achieved unconditional access to major internet platforms [4]. Group 4: Focus on Capability Building - The number of digital renminbi operating institutions is expected to increase, with a shift in competition from licensing to service capabilities [6]. - Digital renminbi will leverage new technology applications, requiring banks to enhance their system construction, product design, and specialized service teams, making service capability a key competitive factor [6]. Group 5: Development Outlook - There is significant room for growth in the domestic account openings and transaction amounts for digital renminbi, with only 230 million personal wallets and 18.84 million corporate wallets opened by November 2025, compared to over 15.395 billion total bank accounts [7]. - The internationalization of the renminbi is expected to drive increased usage of e-CNY, with substantial cross-border transaction volumes anticipated as banks promote its adoption [7].

中信证券发布研报称，2025年互联网板块在外部扰动反复的环境下走出震荡上行行情，上行动量主要为 AI驱动的价值重估及流动性改善。展望2026年，AI依然是板块估值上行的核心催化，核心关注：1)模型 迭代、应用落地以及业绩兑现带来的叙事强化；2)模型公司上市后带来的估值对标，有望进一步驱动互 联网公司AI业务价值重估。而对于短期AI相关性较低的公司，业绩能见度和估值性价比将是选股核心 要素，建议关注竞争格局相对稳定、业绩韧性较强的垂类龙头、以供给创新带动的高景气赛道以及低估 值下的绝对收益标的。 中信证券主要观点如下： 2025年回顾：AI及流动性宽松带动下的估值抬升。 基础设施：海外算力供给约束缓解及国产算力能力提升后，CAPEX将继续扩张。根据各公司公告以及 彭博一致预期，2025年阿里巴巴/腾讯的资本支出有望达1300/829亿元，占收比分别为12.7%/11.0%(远低 于微软/亚马逊/谷歌/Meta的32.7%/17.5%/25.3%/35.2%)，主要受制于海外高端算力的可得性以及国产芯 片的产能约束。 展望2026年，该行认为互联网公司CAPEX投入将进一步扩张，主要原因系海外算力供给约束的缓解、 ...