中信证券指出，11月中旬以来，超长债利率波动加大，长久期负债缺口、流动性季节性考核等因素压制 银行超长债的配置意愿。考虑到明年财政发力节奏预计较为均衡，商业银行资产端超长债实际收益率仍 相对丰厚，负债端在央行货币政策框架改革长期影响下压力减轻，长远看超长债仍具备一定配置性价 比。 ...

人民财讯12月26日电，中信证券研报认为，"十五五"是国内建设清洁低碳安全高效新型能源体系的关键 期，新能源有望继续迈向量质并进，并逐步解决电力难消纳、行业内卷和机制僵化的积弊，完善源网荷 储、零碳闭环的多层次协同发展；同时，在能源转型的背景下，叠加AIDC激增、制造业回流等加剧海 外电力紧张局面，全球有望开启电力建设超级周期，新能源将成为全球能源发展和结构转型的关键一 环。在国内体系化升级、海外需求放量的推动下，受益于供给格局和全球布局优化，预计2026年新能源 板块基本面整体有望迎来显著改善，看好储能、风电行业的高景气增长，光伏转向高质量发展，以及绿 色燃料领域的新成长机遇。 ...

从资金市场表现看，年末短端流动性并未出现明显紧张迹象。中信证券首席经济学家明明表示，近期短 端资金利率整体偏低，隔夜利率一度回落至1.3%以下，显示市场流动性超季节性宽松。"央行保持流动 性充裕的取向并未发生变化。"明明认为，随着跨年时点临近，央行仍可能通过公开市场操作、国债买 入等方式，对冲阶段性扰动，平抑资金面波动。（上证报） ...

Core Viewpoint - The sustainability and authenticity of the high growth performance of Puan Medical will be crucial for its successful listing on the Beijing Stock Exchange, as regulatory scrutiny has raised concerns about the company's sales authenticity and performance sustainability [2][8]. Group 1: Company Overview - Puan Medical, established in 2013, specializes in the research, production, and sales of medical devices related to diabetes care, general drug infusion, and minimally invasive interventions [4]. - The company has rapidly progressed towards its listing on the Beijing Stock Exchange, completing the entire process from listing guidance to application submission in just one year [3]. Group 2: Financial Performance - Puan Medical's revenue has shown volatility; in 2022, it reported a revenue of 241 million yuan with a net profit of over 50 million yuan, but in 2023, revenue slightly declined by 2% and net profit dropped nearly 20% [6]. - In 2024, the company rebounded with revenue exceeding 300 million yuan and a net profit increase of nearly 60%, reaching 66.93 million yuan [7]. - The company forecasts a revenue of up to 390 million yuan for 2025, representing a year-on-year growth of 22.5%, with net profit expected to be between 80 million and 90 million yuan, indicating a growth of approximately 19.51% to 34.45% [7]. Group 3: Product Dependency and Market Risks - Puan Medical's revenue heavily relies on its diabetes care products, particularly the insulin pen needles, which accounted for 65.8% of its revenue in 2024 [11]. - The average price of the core insulin pen needle product has been declining due to intense market competition, dropping from 16.94 yuan per hundred in 2022 to 12.98 yuan per hundred in 2024 [18]. - Approximately 80% of Puan Medical's revenue comes from overseas markets, exposing it to various uncertainties related to international trade policies and market demand [12]. Group 4: Shareholder Structure and Investment Dynamics - The actual control of Puan Medical lies with Hu Chaoyu and Mao Liuying, who hold 25.52% of the shares but control nearly 34% of the voting rights through investment platforms [13]. - The company has attracted significant external investment, including from institutions like Ningbo Meishan Free Trade Port Area Xinrui Yuanfu Equity Investment Partnership, which invested at a notably low price, raising questions about potential conflicts of interest [22][24]. - The pricing discrepancies in share offerings have led to scrutiny regarding the fairness of valuations and potential benefits to early investors [27].

重要内容提示： 关于使用部分暂时闲置募集资金进行现金管理 提前赎回的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 ● 产品名称：中信证券股份有限公司安泰保盈系列1168期收益凭证 一、使用闲置募集资金现金管理到期赎回情况 （一）使用闲置募集资金进行现金管理审议程序 证券代码：605300 证券简称：佳禾食品 公告编号：2025-095 佳禾食品工业股份有限公司 ■ 注：本次理财产品根据协议约定，于2025年12月22日敲出提前终止。 二、截至本公告披露日，公司使用暂时闲置募集资金现金管理总体情况 截至本公告披露日，公司使用暂时闲置募集资金进行现金管理的余额为人民币2.9亿元。公司使用闲置 募集资金进行现金管理的单日最高余额及使用期限均未超过公司股东大会授权范围，且使用部分闲置募 集资金购买的产品不存在逾期未收回的情况。 ● 受托方名称：中信证券股份有限公司 ● 购买金额：人民币20,000万元 ● 产品期限：2025/9/23-2025/12/22 ● 赎回金额：人民币20,000万元 特此公告。 佳禾食品工业股份有限 ...

本报记者 于宏 今年以来，资本市场走势向好，投融资持续活跃。其中，定向增发股份（以下简称"定增"）成为上市公 司募集资金的重要方式。 对此，西部金融研究院院长陈银华对《证券日报》记者表示："今年以来，定增市场规模大增，背后是 多重积极因素的共振。首先，政策支持上市公司通过定增实现产业整合，战略投资者参与门槛降低，为 定增市场活力提升奠定了制度基础。其次，宏观经济的持续复苏增强了企业的扩张意愿，市场环境的积 极变化也增强了投资者的信心。最后，定增项目普遍展现出较强的'赚钱效应'，吸引更多个人投资者和 中长期资金参与。" 从服务维度来看，年内共有33家券商服务上市公司开展定增。其中，中信证券保荐17家上市公司开展定 增，担任主承销商36次，实现承销及保荐费用收入2.09亿元；国泰海通、中信建投分别保荐18家、12家 上市公司开展定增，分别担任主承销商22次、19次，承销及保荐费用收入分别为1.51亿元、0.83亿元。 券商参与定增合计141次 在投资方面，据记者梳理，今年以来，有20家券商及其子公司（以下统称为"券商"）合计参与了69家上 市公司的定增，认购股份次数合计141次，认购金额合计107.42亿元，同比 ...

富安娜12月25日公告，公司于2021年购买了中信证券固定收益类理财产品"富安1号"，该产品于2022年3 月19日发生逾期兑付情况。2023年8月31日，公司向法院提起诉讼，案由为金融委托理财合同纠纷。近 日，公司收到一审判决书，广东省深圳市福田区人民法院判决中信证券向公司赔偿本金损失2928.63万 元。此判决为一审判决，对公司本期利润及期后利润的影响具有不确定性。 ...

富安娜公告称，公司于2021年购买了中信证券固定收益类理财产品"富安1号"，该产品于2022年3月19日 发生逾期兑付情况。2023年8月31日，公司向法院提起诉讼，案由为金融委托理财合同纠纷。近日，公 司收到一审判决书，广东省深圳市福田区人民法院判决中信证券向公司赔偿本金损失2928.63万元。此 判决为一审判决，对公司本期利润及期后利润的影响具有不确定性。 (本文来自第一财经) ...

2025年，A股回暖，券商IPO承销总金额同比近乎翻倍。但繁荣数字背后，一场行业格局的重塑正在悄 然进行。 可以说，投行正在走向一个业务更均衡、收费更务实的新阶段。谁更能适应这种新常态，谁才能在未来 走得更稳更远。 （文章来源：21世纪经济报道） 第一，巨头座次正在洗牌。新合并的"巨无霸"国泰海通，在承销家数上超越了券业一哥中信证券，但从 更关键的承销金额和实际收入看，中信证券依然稳坐头把交椅。中金公司也凭借近三倍的增速，强势回 归前五。头部阵营角逐，异常激烈。 第二，更关键的变化是：钱不好赚了。一个募资30多亿元的项目，承销费可能只有5000万。IPO收费普 遍"打折"。就连中信证券，收入过亿的"王牌项目"也大幅缩水。投行高收入、高利润的时代已经一去不 复返。 不过，顶尖券商依然能抓住少数"肥单"。比如中信证券等凭借科创板项目摩尔线程，一单拿下3.9亿承 销及保荐费。但这只是极端案例，无法改变行业整体收费理性回归的大趋势。 ...

Group 1 - The core issue revolves around a legal dispute where CITIC Securities is ordered to compensate Fuanna for a principal loss of nearly 29.3 million yuan due to a financial management contract dispute [1][9][13] - The case, which began in 2022, has reached a significant milestone with the court's ruling after nearly three years of proceedings [2][10] - Fuanna invested 120 million yuan in a customized asset management plan from CITIC Securities, which faced overdue payments starting March 19, 2022, leading to substantial financial losses [4][12] Group 2 - As of the end of 2024, Fuanna has only recovered 14.3 million yuan from the investment, with 106 million yuan and expected fixed returns still unrecovered [4][12] - The asset management plan primarily invested in problematic projects, including a well-known "unfinished building" in Hangzhou, leading to significant bad debts [4][12] - The court ruling stipulates that CITIC Securities must compensate Fuanna within ten days and that any future recoveries from the asset management plan will be split equally between the two parties [5][13] Group 3 - There is a noticeable trend of declining investment in financial products by listed companies, with a reported 18.64% decrease in total subscription amounts year-on-year [6][14] - The preference for financial products has shifted towards more cautious and diversified options, with structured deposit products being the most popular among listed companies [6][14] - Regulatory concerns have been raised regarding companies investing heavily in non-core areas, suggesting a need for stricter oversight and limits on such financial activities [7][15]