Group 1 - The article emphasizes the importance of focusing on robot manufacturers and core component suppliers, including actuators and motors, reducers, screw types, screw equipment, bearings, sensors, and complete machines [1] - On December 26, the Shanghai Stock Exchange released guidelines for the IPO of commercial aerospace companies, supporting those in a critical phase of large-scale commercialization [1] - The Long March 8A rocket successfully completed its sixth launch, marking a high-density launch year with six successful missions in 2025 [1] Group 2 - The narrative of commercial aerospace and humanoid robots is highlighted, with Elon Musk announcing plans to launch a rocket to Mars by the end of 2026, carrying a Tesla Optimus humanoid robot for feasibility testing [2] - The acceleration of financing in the embodied intelligence sector is noted, indicating a growing interest and investment in this area [3]

丨证券研究报告丨 %% %% %% %% research.95579.com 1 行业研究丨专题报告丨多元金融 [Table_Title] 2026 为何重视券商投行拐点及科创板跟投？ 报告要点 [Table_Summary] 券商投行业务经历了 2022-2024 三年收缩后，2025 年迎来了向上拐点，业务量及收入均显著 提升。同时受科创板行情回暖影响，2025 年券商科创板跟投收益大幅改善。展望 2026 年，随 着市场交投及权益自营基数走高，传统经纪及自营收入弹性减弱背景下，投行承销收入及跟投 收益有望成为券商业绩的重要边际增量。看好龙头券商有望以资源、规模优势持续巩固竞争优 势，推荐国泰海通、中信证券、中金公司。 分析师及联系人 [Table_Author] 吴一凡 戴永飞 SAC：S0490519080007 SAC：S0490524070001 SFC：BUV596 请阅读最后评级说明和重要声明 [Table_Title2] 2026 为何重视券商投行拐点及科创板跟投？ [Table_Summary2] 券商投行业务经历三年收紧周期后，迎来向上修复拐点 券商投行业务经历了 2022-2024 ...

Core Viewpoint - The restructuring of chief economists in Chinese securities firms in 2025 reflects a significant talent shift driven by industry consolidation, re-evaluation of research value, and evolving competitive dynamics [1]. Group 1: Industry Consolidation - The primary driver of the recent changes in chief economists is the merger and restructuring within the industry, leading to a reshuffling of key research leadership positions [2]. - The merger of Guotai Junan and Haitong Securities has drawn attention to the personnel arrangements of their former chief economists, with notable departures and transitions impacting the new entity [3]. Group 2: Talent Acquisition by Smaller Firms - As major firms focus on consolidation, many smaller securities firms are actively recruiting top research talent to enhance their market influence and achieve competitive advantages [4]. - Notable movements include the return of Yan Xiang to Founder Securities and the recruitment of Sun Binbin and Song Xuetao from Tianfeng Securities to other firms, indicating a strategy to build strong research brands [4]. Group 3: Internal Promotions - Some firms are focusing on internal talent development, as seen with Yuan Chuang and Long Hongliang being promoted within their respective companies, reflecting a commitment to maintaining research continuity and culture [5]. Group 4: Departure of Iconic Figures - The departure of prominent figures like Gao Shanwen and Fu Peng from the securities industry highlights a trend of established economists exploring new career paths, prompting discussions on the value of traditional research models [6][7]. - Gao Rui Dong's transition from a chief economist role to managing a fund exemplifies the shift from sell-side research to buy-side management [7]. Group 5: Impact on Market Competitiveness - The role of chief economists is crucial for securities firms, serving as leaders in research and key figures in building research brands, which can significantly influence market competitiveness [9].

Core Viewpoint - Guotai Haitong Securities is promoting two deputy directors and one deputy dean in its research institute, indicating a strategic move to enhance its research capabilities and leadership [1]. Group 1: Promotions and Appointments - Zhi Meng and Liu Xinqi are being promoted to deputy directors of the research institute, while Ding Dan is set to become the deputy dean of the policy and industry research institute [1]. - Zhi Meng has a strong background in wholesale and retail trade, as well as food and beverage research, having led a team that was awarded the New Fortune Best Analyst for three consecutive years from 2016 to 2018 [1]. - Liu Xinqi focuses on non-bank financial research and has also led teams that received accolades as New Fortune Best Analysts in the non-bank financial sector [2][3]. Group 2: Background and Experience - Zhi Meng has been registered as a securities investment consultant since December 2009, with experience at various firms including China International Capital Corporation and Guotai Junan Securities [1][2]. - Liu Xinqi has been registered as a securities investment consultant since August 2014, with a career that includes positions at Ping An Securities and Founder Securities before joining Guotai Junan Securities [3][4]. - Ding Dan specializes in pharmaceutical research and has led teams recognized as New Fortune Best Analysts in the pharmaceutical and biotechnology sector for two consecutive years in 2011 and 2012 [4][5]. Group 3: Company Overview and Goals - Guotai Haitong Securities aims to become a leading securities research institution with international influence and local pricing power, continuously optimizing its research system [6][7]. - The research institute is structured into major research groups covering various fields, including macro, strategy, fixed income, industry, and company research, with over 40 sub-research areas [7]. - As of the third quarter of 2025, Guotai Haitong's total assets reached 2.01 trillion yuan, with operating income of 45.89 billion yuan, reflecting a year-on-year growth of 101.6%, and a net profit of 22.07 billion yuan, up 131.8% year-on-year [7].

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第十九届（2025）"卖方分析师水晶球奖"评选 结果揭晓，国泰海通斩获 31项 大奖，在 "最具影响力机构"、"最佳研究机构"、"本土金牌研究团 队"、"最佳服务机构" 四项机构奖项中，均名列 前四 ！ 国泰海通研究与机构业务委员会副总裁、研究所所长路颖荣获"金牌领队" 称号，共计 23个 研究团队上榜或入围 卖方分析师水晶球奖，其中， 食品饮 料、非银行金融 团队摘得 榜首； 批发和零售贸易、 社会服务业 团队获第二名； 医药生物、 北交所 团队获第三名； 非金属类建材、钢铁、汽车及零 部件、通信、海外、轻工造纸、有色金属 等团队获前五名。 销售团队同样斩获佳绩， " 最佳服务机构"排名第二 ， 分别荣获 北京地区 金牌销售经理 第一名 、 上海地区 金牌销售经理 第二名 、 深广地区 金牌 销售经理 第三名 。 | 名次 | 行业 | 研究团队 | | --- | --- | --- | | I | 食品饮料 | 譬猛、颜慧菁等 | | I | 非银行金融机构 | 刘欣琦等 | | 2 | 批发和零售贸易 | 刘越男、于清泰等 | | 2 | 社会服务业 | 刘越男、于清泰等 | | 3 | 医药生物 | ...

Core Viewpoint - The impact of duration volatility on perpetual bonds may outweigh tail credit issues, indicating a need for careful monitoring of market dynamics and credit conditions in the banking sector [1][2]. Group 1: Market Overview - In 2025, the issuance of bank subordinated bonds remained stable, with a marginal increase in net issuance, although there was structural differentiation, particularly a year-on-year decline of 205 billion in net issuance from joint-stock banks, which is the main reason for the contraction in secondary capital bonds [1][2]. - The spread of bank perpetual bonds in the secondary market transitioned from convergence to differentiation, with high-rated short-duration bonds seeing a decline in spreads as funding costs stabilized, while low-rated long-duration bonds faced upward spread volatility due to market fluctuations [1][2]. Group 2: Key Changes in the Market - The net issuance trend reflects a divergence in bank balance sheet expansion and contraction, with joint-stock and rural commercial banks showing a significant slowdown in expansion, while city commercial banks still have a certain demand for expansion despite relatively low capital adequacy ratios, leading to a trend of increasing net issuance of subordinated bonds [2]. - The instability on the configuration side has resulted in insufficient resilience of long-duration subordinated bonds, with a notable overreaction in valuations since Q4 2025, partly due to the impact of new interest value-added tax regulations and concerns over the high elasticity of perpetual bonds and redemption regulations [2]. - Tail risks are evolving, with potential shifts from credit risk exposure accumulated during earlier expansions to insufficient core capital due to new loans/credit bonds in a contracting environment, which may weaken expectations for future issuance of perpetual bonds, leading to two choices: not redeeming or redeeming without reissuing, with the latter being more likely [2]. Group 3: 2026 Market and Strategy Outlook - For 2026, the issuance from large state-owned banks is expected to remain stable at around 900 billion, with an additional 250 billion in TLAC bonds, while small and medium-sized banks are projected to issue between 600 billion to 700 billion in subordinated bonds [3]. - Investment strategies for 2026 should focus on the stability of the liability side and the redemption aspect of credit, with limited spread space for short-duration bonds and sufficient spread for long-duration bonds, although instability on the liability side may continue to disrupt the market [3]. - The current high spreads of bonds provide a favorable configuration cost-performance ratio, but in a challenging market environment, the need for precise timing and wave management in trading will increase, with investment opportunities likely arising from adjustments following market sentiment shocks [3].

Core Viewpoint - Dameng Data plays a crucial role as a leading database product developer in China's national information technology innovation industry, focusing on independent and original technology routes, and has achieved significant breakthroughs in domestic database technology [1][3]. Group 1: Company Overview - Dameng Data has developed the DM8, a large-scale general-purpose relational database with 100% independent research and development, featuring a unified kernel multi-cluster architecture and advanced technology that meets the needs of large enterprises [2][4]. - The company emphasizes independent, open, and compatible technology paths, focusing on self-controllable data management infrastructure, and aims to create a sustainable industry ecosystem through collaboration with various partners [3][6]. Group 2: Technical Features - DM8 supports hybrid transaction and analytical processing (HTAP), high concurrency, and offers multiple high-availability solutions to ensure data security, making it suitable for large-scale enterprise systems [4][5]. - The database is designed to be highly compatible with mainstream hardware and software platforms, minimizing migration costs for users [4][5]. Group 3: Migration Practices - The company has successfully implemented a "flexible replacement" method for migrating from foreign mainstream database software to Dameng's database, allowing both systems to run simultaneously during the transition [6]. - This migration approach has been recognized for its significant application value, providing users with a controlled risk assessment and transition period [6]. Group 4: Market Positioning and Strategy - In response to competition from companies like Huawei and OceanBase, Dameng Data focuses on creating a differentiated position by providing flexible and sustainable data technology solutions, particularly in industries with high supply chain security requirements [7]. - As the customer base grows, the company anticipates an increase in the proportion of maintenance and service revenue, and is considering innovative business models such as subscription or pay-per-use to stabilize revenue fluctuations [7].

Core Insights - The capital market has shown positive trends this year, with active investment and financing, particularly through private placements (定增) which have become a significant fundraising method for listed companies [1] - The total amount raised through private placements in A-shares has increased by over 375% year-on-year, providing more business opportunities for securities firms [1][2] Group 1: Market Performance - As of December 25, 153 listed companies have implemented private placements, raising a total of 814.25 billion yuan, marking a year-on-year increase of 375.14% [2] - Major banks such as China Bank, Postal Savings Bank, and others have led the market in fundraising, collectively raising 520 billion yuan [2] - The surge in the private placement market is attributed to multiple factors, including policy support, macroeconomic recovery, and strong investor confidence [2] Group 2: Securities Firms' Involvement - A total of 33 securities firms have participated in private placements this year, with CITIC Securities sponsoring 17 companies and earning 209 million yuan in underwriting and advisory fees [2] - Securities firms have engaged in 141 instances of private placements, with a total investment of 10.742 billion yuan, reflecting a year-on-year growth of 69.65% [3] - Leading firms like GF Securities and Guotai Junan have been actively involved, with GF participating in 38 placements and investing 2.735 billion yuan [3] Group 3: Investment Trends and Outcomes - The private placements have attracted significant interest from securities firms, which have utilized their research capabilities to select quality investment targets, thereby boosting market confidence [3] - Among the 69 companies that received investments, several have seen their stock prices double compared to their placement prices, indicating strong market performance post-placement [4] - The semiconductor industry has been a focal point, with 9 companies in this sector participating in private placements, reflecting the industry's growth potential [4]

Group 1 - The core viewpoint of the article is that Nanfang Digital (SZ 301638) has provided insights into its revenue composition for the first half of 2025 during a research meeting with analysts from Guotai Junan Securities [1] - As of the report, Nanfang Digital's market capitalization is 63.2 billion yuan [1] Group 2 - The revenue composition for Nanfang Digital in the first half of 2025 is as follows: - Digital grid intelligent operation system: 18.11% - Enterprise operation management system: 15.76% - Cloud-integrated basic platform: 13.48% - Intelligent gateway business - distribution intelligent gateway: 12.03% - Data center (IDC) business: 11.33% - Enterprise asset management system: 10.54% - Digital grid IoT sensing devices - sensors: 8.67% - Digital grid IoT sensing devices - other: 5.22% [1]