保险板块配置比例大幅上升，重视配置力量带来的保险机会：保险板块配置比例从1.03%升至2.13%， 欠配0.33%，四季度保险指数上涨23.42%。个股方面，中国人寿持仓市值比例从0.019%提升至0.020%， 中国平安、中国太保获超配。其中平安持仓市值比例从0.68%提高至1.449%，中国太保持仓市值比例从 0.22%提高至0.422%。基于未来配置资金持续入市并优先增配低估值标的的预期，随着利率企稳和保险 企业负债端转型深化，我们继续推荐保险标的。 多元金融及金融科技板块配置比例下降，金融科技相关标的值得关注：四季度多元金融及金融科技板块 公募基金（剔除被动指数基金）持仓比例由0.204%降至0.145%。个股方面，拉卡拉和越秀金控获增 配，持仓市值比例分别从0%提升至0.0027%，从0%提升至0.0025%。随着增量资金入市政策的持续落 地、数字人民币的场景拓展、AI在金融领域的产品落地以及科创类公司IPO数量增加，我们继续看好金 融信息服务，第三方支付和股权投资相应标的投资机会。 投资建议：非银板块仍处于欠配状态，总体欠配3.08Pct。中长期增量资金加速入市，看好四类投资机 会：1）看好居民资 ...

Core Viewpoint - The report from CITIC Securities anticipates continued growth in the computing power sector driven by sustained capital expenditures (Capex) from major CSPs, increasing demand for tokens, and continuous product capability enhancements [1] Group 1: Performance Outlook - The computing power sector's performance is expected to maintain a favorable growth trajectory through 2025 [1] - AI applications are projected to show structural highlights, particularly in areas such as AI fintech, AI healthcare, and AI data, with general agent applications also demonstrating resilient growth [1] - Overall profitability in the sector is likely to improve significantly [1] Group 2: Future Projections - Looking ahead to 2026, the computing power sector is expected to continue its favorable conditions, with AI applications poised to reach pivotal opportunities [1]

Core Viewpoint - The pre-calculation power sector is expected to experience continuous growth in 2025 due to ongoing Capex from major CSPs, increasing token demand, and enhanced product capabilities, with structural highlights in AI applications such as AI fintech, AI healthcare, and AI data [1][4] Revenue Side - The pre-calculation power sector is projected to maintain high growth in 2025, driven by sustained Capex from major CSPs and the release of token demand, with notable performance in AI applications across various fields [1][4] Profit Side - Profit growth in the pre-calculation power sector is expected to align with revenue growth in 2025, with some AI application companies showing high profit elasticity, and most previously loss-making companies either narrowing losses or turning profitable, indicating a significant improvement in overall profitability [2] 2026 Investment Outlook - The competition in domestic AI is transitioning from single-card performance to system-level capabilities, with super-node systems becoming crucial for future competition; the development of computing power is highly certain due to ongoing Capex investments and token demand [2] - AI applications are anticipated to reach a turning point, with model capability enhancements and new overseas opportunities, as domestic AI companies accelerate their international market presence [2] - Domestic policies are expected to continue supporting technology in sectors like satellites, healthcare, and consumer markets, marking a significant turning point for domestic AI [2]

Core Viewpoint - The report from CITIC Securities indicates that the computing power sector is expected to continue its growth into 2026, driven by sustained capital expenditures from major CSP companies, increasing token demand, and continuous product capability enhancements [1] Group 1: Computing Power Sector Outlook - The computing power sector's performance in 2025 is projected to remain strong due to ongoing capital expenditures from major CSP companies [1] - The demand for tokens is anticipated to keep increasing, contributing to the sector's growth [1] - Overall profitability in the sector is expected to improve significantly [1] Group 2: AI Application Highlights - AI applications are showing structural highlights, particularly in areas such as AI fintech, AI healthcare, and AI data, which are performing exceptionally well [1] - General agent applications are also experiencing resilient growth [1] - The AI application sector is poised to reach a turning point of opportunity [1]

Investment Rating - The report assigns an "Overweight" rating to the industry, indicating a positive outlook for investment opportunities in the non-bank financial sector [5][14]. Core Insights - The report highlights that the non-bank sector is currently underweight by 3.08 percentage points, despite an increase in holdings during the fourth quarter of 2025. It emphasizes the potential for profit improvement and low valuations in non-bank stocks due to the influx of household funds into the market [3][5]. - The report notes a significant increase in the allocation to the insurance sector, with the proportion rising from 1.03% to 2.13%, while the insurance index saw a substantial increase of 23.42% in the fourth quarter [5][8]. - The report suggests that the brokerage sector has also received increased allocations, with public fund holdings rising from 0.85% to 1.08%, although it remains underweight by 2.30 percentage points [5][8]. Summary by Sections Non-Bank Sector - The non-bank sector remains underweight overall by 3.08 percentage points, with a positive outlook for long-term capital inflows and wealth management opportunities [5][8]. - Specific recommendations include increasing holdings in companies such as Jiufang Zhituo Holdings, Tonghuashun, Guoxin Securities, and others, as they are expected to benefit from the ongoing market dynamics [5][8]. Insurance Sector - The insurance sector's allocation has increased significantly, with a focus on low-valuation stocks as capital continues to flow into the market. The report recommends increasing holdings in China Life, Ping An, and China Pacific Insurance [5][8]. Brokerage Sector - The brokerage sector has seen a rise in public fund holdings, with notable increases in individual stocks like CITIC Securities and Huatai Securities. The report suggests that the retail business share is likely to improve, making these stocks attractive [5][8]. Financial Technology and Diversified Finance - The report indicates a decrease in the allocation to diversified finance and financial technology sectors, but highlights potential investment opportunities in companies like Lakala and Yuexiu Financial Holdings due to ongoing policy support and technological advancements [5][8].

Investment Rating - The report provides a positive outlook on the non-banking financial sector, indicating a strong performance and potential for continued growth in the coming years [1][2]. Core Insights - The report highlights the introduction of multiple regulatory frameworks aimed at strengthening the long-term performance of the non-banking sector, which is expected to enhance the overall stability and growth prospects of the industry [1][39]. - The insurance market is expanding steadily, with significant growth in premium income and investment returns, indicating a robust recovery and potential for further development [7][58]. - The report emphasizes the performance of various non-banking sectors, with insurance leading the growth, followed by diversified finance and securities [22][58]. Summary by Sections Regulatory Dynamics - The China Banking and Insurance Regulatory Commission (CBIRC) has introduced several new regulations, including adjustments to risk factors for insurance companies and management guidelines for financial leasing companies, aimed at enhancing regulatory efficiency and promoting high-quality development in the non-banking sector [3][39]. - New regulations also include the asset-liability management guidelines for insurance companies and the information disclosure management for asset management products, which are expected to improve transparency and investor protection [40][43]. Industry Dynamics - The non-banking sector has shown varied performance, with the insurance sector achieving a premium income of CNY 5.76 trillion, a year-on-year increase of 7.56% [58]. - The report notes that the A-share market's average daily trading volume reached CNY 10,768 billion, reflecting a year-on-year growth of 53.24%, although there was a slight decline in trading activity towards the end of the year [10][64]. Market Performance - In December 2025, the non-banking index rose by 6.31%, outperforming major indices, with insurance stocks showing the highest gains at 14.59% [19][22]. - The report identifies key ETFs in the non-banking sector, highlighting strong performance in the securities insurance ETFs and financial technology ETFs, which saw significant inflows [13][38]. Investment Opportunities - The report recommends focusing on the valuation recovery logic in the non-banking sector, particularly in ETFs such as the Hong Kong Stock Connect Non-Banking ETF and the Financial Technology ETF, which are expected to benefit from the positive market dynamics [13][38]. - The insurance sector's dividend yields are becoming increasingly attractive, with several companies offering yields above 3.5%, indicating a potential investment opportunity for income-focused investors [12].

Core Insights - The bond underwriting market in 2025 shows a clear trend of "the strong getting stronger," with market share concentrated among a few leading institutions [1][4][8] - Competition among underwriters is intensifying, with banks and securities firms leveraging their unique strengths to differentiate themselves [2][6] - Regulatory bodies are taking steps to ensure market order and prevent irrational competition, particularly in pricing and underwriting practices [2][6] Group 1: Market Overview - The total bond issuance in 2025 reached 89.76 trillion yuan, a year-on-year increase of approximately 11% [2] - The issuance of interest rate bonds was 33.80 trillion yuan, up 18%, while credit bonds reached 21.95 trillion yuan, growing by 8% [2] - The market is characterized by a large total volume, diverse categories, and differentiated competition [2] Group 2: Competitive Landscape - In the banking sector, China Bank led with over 16 trillion yuan in underwriting, capturing more than 10% of the market share [4] - The top four state-owned banks collectively hold nearly 40% of the market share, indicating a strong position [4] - In the securities sector, CITIC Securities topped the list with 22,496.07 billion yuan in underwriting and a market share of 14.08% [4][5] Group 3: Sector-Specific Insights - Local government bond issuance reached a record high of approximately 10.29 trillion yuan, reflecting a year-on-year growth of 5.2% [6] - The financial bond market is predominantly led by securities firms, with CITIC Securities holding a market share of 17.56% [6] - The asset-backed securities (ABS) market shows a concentration of resources among leading firms, with CITIC Securities leading at 12.32% market share [7] Group 4: International Market Dynamics - The offshore bond market saw a total issuance of approximately $307.07 billion, a year-on-year increase of about 15.75% [7][8] - The market features a mix of domestic and foreign institutions, with China Bank leading at $14.70 billion in underwriting [8] - The competitive landscape in the offshore market is relatively dispersed, with no single institution dominating [8]

中国上市公司网 2025年全年，共有116家IPO企业上市，上市地为上交所的有43家(主板24家、科创板19家)，深交所47家(主 板13家、创业板34家)，北交所26家。 01 财经公关 2025年全年，共有25家财经公关获得这116家IPO企业的上市业务。 排名前五的分别为： 第一名：金证互通 27家 第三名：新航线、万全智策 各13家 第四名：中改一云 8家 第五名：泉鸣咨询、瓦琉咨询 各4家 | 股票代码 | 股票简称 | 上市地 | 财经公关 | 上市日期 | | --- | --- | --- | --- | --- | | 688809 | 强一股份 | 科创板 | 金证互通 | 12月30日 | | 920121 | 江天科技 | 北交所 | 金证互通 | 12月25日 | | 688805 | 健信超导 | 科创板 | 金证互通 | 12月24日 | | 603334 | 丰倍生物 | 沪主板 | 金证互通 | 11月5日 | | 603175 | 超颖电子 | 沪主板 | 金证互通 | 10月24日 | | 601026 | 道生天合 | 沪主板 | 受证互通 | 10月17日 | | 3 ...

泓淋电力首次公开发行股票的发行费用（不含增值税）合计246,906,654.85元，其中保荐及承销费 217,011,061.13元。 上市当日，该股盘中最高价为28.00元，为该股上市以来最高价。 泓淋电力首次公开发行股票募集资金总额1,944,627,200.00元；扣除发行费用后，募集资金净额为 1,697,720,545.15元。泓淋电力最终募集资金净额比原计划多9.99亿元。泓淋电力于2023年3月14日披露 的招股说明书显示，该公司拟募集资金69,886.05万元，分别用于电源线智能制造及产能提升项目、威海 电源线技术改造项目、智能电源连接装置-泰国电源线生产基地（二期）建设项目、特种线缆技术改造 项目、补充流动资金。 中国经济网北京1月23日讯 泓淋电力(301439.SZ)今日股价下跌，截至收盘报17.16元，跌幅3.00%。 该股目前处于破发状态。 泓淋电力于2023年3月17日在深交所创业板上市，发行股份数量为9,728.00万股，发行价格为19.99 元/股，保荐机构（主承销商）为中信证券股份有限公司，保荐代表人为李亦中、刘冠中。 (责任编辑：关婧) ...

针对这一背离现象，业内分析认为主要原因有三点。首先，券商行情往往具有"提前量"特征。早在2024年第四季度A股启动 上涨行情时，券商板块已抢先大涨，提前透支了2025年的业绩增长利好。当正式财报落地时，市场资金倾向于获利了结， 进入"卖事实"阶段，导致业绩增长难以推动股价进一步上行。 其次，资金虹吸效应显著。2025年市场呈现极致的结构分化，人工智能、半导体、算力等科技赛道因具备高成长性和广阔 的想象空间，持续吸引增量资金。相比之下，券商股被市场视为传统周期品种，缺乏短期的爆发性叙事，导致资金吸引力 下降，"牛市旗手"的光环有所褪色。 【环球网财经综合报道】尽管上市券商2025年业绩预喜，净利润大幅增长，但其股价表现却未能同步跟进，呈现出明显 的"滞涨"态势。近期披露的业绩预告显示，多家券商营收与净利双增，但在二级市场上，券商板块去年整体跑输大盘，这 种"业绩热、股价冷"的反差引发了市场的广泛关注。 回顾2025年全年，A股市场震荡走高，结构性行情突出。科技赛道表现抢眼，主要指数涨幅显著，而券商板块表现相对低 迷，未能跑赢沪深300等大盘指数。然而，从基本面来看，券商行业却展现出强劲的增长韧性。数据显示，上市 ...