【文/羽扇观金工作室】 家纺企业富安娜与中信证券的理财纠纷案，迎来最新进展。 深圳证券交易所网站消息，12月26日，知名的家纺品牌富安娜（002327）发布公告，披露了关于购买中 信证券固定收益类理财产品"富安1号"逾期兑付事项的最新法律进展。 然而该产品于2022年3月19日出现逾期兑付。 富安娜在公告中介绍，该公司于2021年斥资1.2亿元购买了中信证券旗下的"富安1号"固定收益类理财产 品。 逾期发生后，富安娜在与中信证券多次交涉无果后提起诉讼。截至2025年9月30日，中信证券提供的管 理报告显示，"富安1号"的末期资产净值仅剩7782.05万元。在财报处理上，富安娜将这笔理财放在 了"交易性金融资产"项下，其价值随市场行情变动直接影响公司盈亏。截至目前，针对这笔收不回来的 钱，公司已经从账面上累计计提减值了2787.72万元。 目前，富安娜仍有约1.06亿元的剩余本金及相关预期收益未收回。这其中包含了资产专用账户中尚未提 取的西部信托投资回款，共计3583.71万元。 富安娜仍有约1.06亿元的剩余本金及相关预期收益未收回深交所网站 早在2023年8月，富安娜以金融委托理财合同纠纷为由，向深圳市福田 ...

Core Viewpoint - The court has ruled in favor of Shenzhen Fuanna Home Furnishings Co., Ltd. in a lawsuit against CITIC Securities regarding overdue payments on a financial product, ordering CITIC Securities to compensate nearly 29.3 million yuan in principal losses [1][3]. Group 1: Legal Proceedings - The lawsuit initiated by Fuanna against CITIC Securities and China Merchants Bank Guangzhou Branch pertains to a financial trust contract dispute, with the court's first-instance judgment requiring CITIC Securities to pay Fuanna approximately 29.3 million yuan [1][2]. - The case has been ongoing since 2022, and the court held three hearings in 2024 to address the matter [2]. - The court's ruling states that the subsequent liquidation proceeds from the financial product will be split 50% between Fuanna and CITIC Securities [3]. Group 2: Financial Impact - As of September 30, 2025, Fuanna's investment in the CITIC Securities customized asset management plan (Fuanna No. 1) had a net asset value of approximately 77.82 million yuan, with a total impairment provision of 27.87 million yuan recorded for overdue amounts [2]. - Fuanna's remaining principal investment in Fuanna No. 1 is about 106 million yuan, with expected fixed income yet to be recovered, including approximately 35.84 million yuan from West Trust [2][3]. - The latest financial report indicates a decline in both revenue and profit for Fuanna, with Q3 2025 total revenue at 535 million yuan, down 7.58% year-on-year, and net profit attributable to shareholders at 53.57 million yuan, down 28.74% year-on-year [3].

经济观察网证监会网站显示，中国光大环境(集团)有限公司2025年12月26日向深圳证监局办理辅导备案 登记，辅导机构为中信证券股份有限公司。 ...

Core Viewpoint - The "14th Five-Year Plan" has significantly accumulated the quantity of renewable energy, with wind and solar power becoming the mainstay in replacing thermal power. The "15th Five-Year Plan" is expected to accelerate the qualitative leap in renewable energy, driven by policy guidance and structural optimization in various aspects [2]. Renewable Energy Development - The transition from "quantity accumulation" to "quality leap" is anticipated during the "15th Five-Year Plan," with a focus on achieving a clean, low-carbon, safe, and efficient new energy system [1][2]. Energy Storage - Large-scale energy storage is expected to see a compound annual growth rate (CAGR) of around 50% globally from 2025 to 2027, driven by the maturation of business models and market-driven demand [3]. - Industrial and commercial storage is entering a high-growth phase due to increased support from various countries and declining system costs [3]. - China's complete energy storage supply chain positions it to benefit from rising domestic standards and profitability, enhancing its global market share [3]. Wind Power - Domestic wind power is projected to grow steadily due to its high yield and grid-friendly characteristics, with a new global growth cycle emerging [4]. - The domestic wind turbine market is expected to recover in terms of pricing and profit margins, while expanding into international markets [4]. - The supply-demand dynamics in the component sector may stabilize, with differentiated growth across various segments [4]. Photovoltaics - The domestic photovoltaic market may face pressure in 2026, with a potential global installation decline of 5%-10% to 520-550 GW, while emerging markets remain vibrant [5]. - Supply-side reforms are expected to lead to a recovery in prices and profitability within the photovoltaic industry, supported by new technologies such as high-efficiency silicon batteries and perovskite materials [5]. Green Fuels - The green fuel market, including green alcohol, green ammonia, and sustainable aviation fuel (SAF), is poised for significant growth, potentially reaching a market size of trillions by 2030 [6][7]. - The industry is benefiting from domestic renewable energy consumption policies and international carbon tax regulations, driving rapid cost reductions [7].

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。 投行高利润时代已成过去，一个收费更趋理性、业务布局更为均衡的投行新生态正在形成。 需要注意的是，截至12月25日，2025年以来新上市企业家数为111家，仅比2024年全年多出11家。A股行情改善之下，IPO募资规模的提升 ...

南方财经全媒体记者 崔文静 实习生 张长荣 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。 | | | 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(1月1日-12月31日) | | | 中信证券(234.69亿元) | 中信证券(130.62亿元) | | | N - | 国泰海通(190.30亿元) | 华泰证券(81.79亿元) | 中信证券(500.33亿元) 海通证券(466.15亿元) | | 3 | 华泰证券(169.54亿元) | 中信建投 (59.34亿元) | 中信建投(394.02亿元) | | | 中信建投(162.38亿元) | 招商证券(53.75亿元) | 中金公司(322.45亿元) | | 4 | 中金公司(138.05亿元) | 国泰君安 ...

【大河财立方消息】12月26日，中信证券研报认为，2026年大类资产环境或呈现流动性边际宽松与经济 温和修复的特征，推荐商品>股票>债券。 汇率方面，人民币或进入温和升值周期，美元兑人民币汇率中枢有望逐步向6.8靠拢。 责编:陶纪燕 | 审核:李震 | 监审:古筝 债券方面，预计10年期中债收益率全年运行区间为1.5%-1.8%，节奏先下后上；10年期美债收益率或维 持3.9%-4.3%的区间波动。 商品方面，原油供需格局由过剩转向平衡，布伦特原油全年或在58-70美元/桶区间震荡；黄金在流动性 宽松与地缘风险支撑下延续强势但涨幅趋缓，有望冲击5000美元/盎司；铜则在供给约束与电力需求驱 动下具备强支撑，预计均价有望上涨至12000美元/吨。 权益方面，中信证券研报预计2026年万得全A全年涨幅5%-10%；港股预计迎来业绩触底反弹+第二轮估 值修复的戴维斯双击行情；美股在中期选举年"财政+货币"双宽松背景下，料将延续基本面增长动能。 ...

Core Viewpoint - The report from CITIC Securities suggests that the macro asset environment in 2026 may exhibit characteristics of marginal liquidity easing and moderate economic recovery, recommending commodities over stocks and bonds [1] Group 1: Equity Market - The report anticipates a 5%-10% increase in the annual performance of the Wind All A index for 2026 [1] - Hong Kong stocks are expected to experience a rebound in earnings and a second round of valuation recovery, leading to a "Davis Double" market scenario [1] - The US stock market is projected to maintain fundamental growth momentum under a backdrop of "fiscal + monetary" easing during the midterm election year [1] Group 2: Bond Market - The 10-year China government bond yield is expected to fluctuate within a range of 1.5%-1.8% for the year, with a pattern of initially declining and then rising [1] - The 10-year US Treasury yield is likely to remain within a range of 3.9%-4.3% [1] Group 3: Commodity Market - The oil supply-demand balance is shifting from surplus to equilibrium, with Brent crude oil projected to fluctuate between $58 and $70 per barrel throughout the year [1] - Gold is expected to maintain strength due to liquidity easing and geopolitical risks, with a potential to reach $5,000 per ounce, although the rate of increase may slow [1] - Copper is anticipated to have strong support driven by supply constraints and electricity demand, with an expected average price increase to $12,000 per ton [1] Group 4: Currency Market - The Chinese yuan is likely entering a period of mild appreciation, with the USD/CNY exchange rate expected to gradually approach 6.8 [1]

中信证券研报称，中国人民 银行货币政策委员会2025年第四季度例会对于国内经济提及"供强需弱矛盾 突出"，供给端调控或是后续政策发力点；政策目标层面新增跨周期调节表述，未来政策重心或落在长 期制度性改革；降成本表述提及"促进社会综合融资成本低位运行"，降成本状态大于操作；此外，例会 删去资金防空转与引导金融机构加大货币信贷投放力度表述，央行对数量目标淡化趋势延续。 ...

智通财经APP获悉，中信证券发布研究报告称，2026年大类资产环境或呈现流动性边际宽松与经济温和 修复的特征，我们推荐商品>股票>债券。权益方面，预计2026年万得全A全年涨幅5%-10%；港股预计 迎来业绩触底反弹+第二轮估值修复的戴维斯双击行情；美股在中期选举年"财政+货币"双宽松背景 下，料将延续基本面增长动能。 债券方面，中信证券预计10年期中债收益率全年运行区间为1.5%-1.8%，节奏先下后上；10年期美债收 益率或维持3.9%-4.3%的区间波动。商品方面，原油供需格局由过剩转向平衡，布伦特原油全年或在58- 70美元/桶区间震荡;黄金在流动性宽松与地缘风险支撑下延续强势但涨幅趋缓，有望冲击5000美元/盎 司；铜则在供给约束与电力需求驱动下具备强支撑，预计均价有望上涨至12000美元/吨。汇率方面，人 民币或进入温和升值周期，美元兑人民币汇率中枢有望逐步向6.8靠拢。 中信证券主要观点如下： 上市公司盈利方面，2026年全年上市公司的净利润有望持续改善，预计全年增速4.8%。伴随2026年 CPI、PPI回暖，价格因素对上市公司利润的压制或将逐季缓解。随着内需政策逐步加码并落地生效，内 需相关 ...