Group 1 - The A-share IPO market in 2025 saw a total of 116 companies complete their listings, representing a 16% year-on-year increase [2] - The total fundraising amount reached 122.025 billion yuan, marking a significant year-on-year growth of 104.25% [2] - The distribution of listings included 23 on the Shanghai main board, 19 on the Sci-Tech Innovation Board, 15 on the Shenzhen main board, 33 on the Growth Enterprise Market, and 26 on the Beijing Stock Exchange, with the Growth Enterprise Market and Beijing Stock Exchange accounting for over 50% of the total IPOs [2] Group 2 - A total of 30 underwriting institutions participated in the IPO business for the 116 newly listed companies, with the total number of underwriting business units reaching 117 due to two institutions being hired by Huadian New Energy for one business each [3] - The top five underwriting institutions dominated the market, collectively handling 62 business units, which is over half of the total [3] - Guotai Junan ranked first with 17 business units, followed by CITIC Securities with 15, CITIC Jianzhong with 11, Huatai United with 10, and China Merchants Securities with 9 [3][4]

展望未来：供需反转、油汇条件改善 (1)供给端：综合飞机引进增速和飞机利用小时数增速假设，预计2025-27年，全行业供给年均复合增长 5.2%;(2)需求端，综合国内、国际需求假设，预计2025-27年全行业需求年均复合增长6.6%以上，综合供 需两端，预计2025-27年行业供需关系有望持续改善、推动行业收益水平和盈利能力修复;(3)展望2026 年，受益原油增产和俄乌和平谈判推进，原油价格有望进一步下行，同时人民币有望延续温和升值趋 势、推动利润改善。 2025-27年行业供需改善、中期向上趋势明确 智通财经APP获悉，招商证券发布研报称，未来航空行业供需修复、盈利回升的趋势明确。从中长期角 度看，行业盈利的持续爬升将为市值的修复提供支撑。短期来看，Q4受益于需求增长、票价企稳回 升，淡季有望同比大幅减亏，25年有望成为大航扭亏首年;26春运有望受益于需求增长、航油价格同比 下降、实现盈利同比大幅增长，26年全年有望成为大航释放盈利弹性首年。 招商证券主要观点如下： 2025年行业回顾：供需筑底，全年国内裸票价基本止跌 (1)受飞机机队规模增长、利用率修复推动，2025年1-11月，行业ASK同比+6% ...

Group 1 - The core viewpoint of the news is the revision of the "Securities Company Investment Banking Business Quality Evaluation Measures," which introduces new evaluation indicators to enhance the quality of investment banking services provided by securities firms [1] - The revised evaluation measures include two new specialized indicators: one focuses on encouraging securities firms to invest more in financial advisory services and promote mergers and acquisitions, while the other aims to improve the pricing ability of new stock issuances and the quality of investment value reports [1] - The evaluation results are closely watched by the industry as they are linked to the classification evaluation mechanism for securities firms, serving as an important regulatory tool to enhance the quality of practice among these firms [1] Group 2 - As of November 28, 2025, the top ten weighted stocks in the National Securities Leader Index (399437) account for 79.05% of the index, with major companies including Dongfang Caifu (300059), CITIC Securities (600030), and Huatai Securities (601688) [2] - The Securities ETF Leader closely tracks the National Securities Leader Index to reflect the market performance of quality listed companies in the securities theme and provide investors with more diversified index investment tools [2]

Core Insights - The report highlights the performance of stock recommendations from various brokerages, with 10 brokerages achieving over 50% returns in 2025, showcasing their ability to identify and recommend stocks early in the market cycle [2][3]. Group 1: Brokerage Performance - The highest cumulative return was achieved by Guoyuan Securities at 83.73%, followed by Northeast Securities and Kaiyuan Securities with returns of 67.47% and 67% respectively [2]. - Other brokerages such as Dongxing Securities, Huaxin Securities, and China Merchants Securities also reported returns exceeding 60%, while Everbright Securities, Dongguan Securities, Guotai Junan, and Changcheng Securities had returns above 50% [2]. Group 2: Stock Selection Strategy - The success of these brokerages is attributed to their strategy of identifying stocks at low points and consistently recommending them, which has led to significant gains [4][5]. - For instance, Kaiyuan Securities recommended Xinyisheng for four consecutive months, resulting in a total increase of 440% from May to August [6]. Group 3: Popular Stocks - Tencent Holdings emerged as the most recommended stock, being favored by around seven brokerages each month, making it the most popular stock of the year [7]. - The report indicates that the most popular stocks varied throughout the year, with technology stocks dominating in the first quarter, consumer stocks in the second, financial stocks in the third, and a return to technology stocks in the fourth quarter [7].

Core Insights - The article highlights the performance of brokerage firms' recommended stocks, known as "golden stocks," which have achieved over 50% returns in 2025, with some firms excelling by identifying and recommending stocks early in their upward trends [1][3]. Group 1: Performance of Golden Stocks - As of December 29, 2025, 10 brokerage firms' golden stock portfolios recorded returns exceeding 50%, with the highest being 83.73% from Guoyuan Securities [3]. - Other notable performers include Northeast Securities and Kaiyuan Securities, with returns of 67.47% and 67%, respectively [3]. - The golden stock strategy has become a mature business for many brokerage firms, showcasing their research capabilities and market insights [3]. Group 2: Strategies for Success - Early identification of stocks at low prices and consistent recommendations have been key strategies for achieving high returns [4]. - For instance, Kaiyuan Securities recommended Xinyisheng for four consecutive months, resulting in a total increase of 440% from May to August [5]. - Guoyuan Securities focused on sectors like media, pharmaceuticals, and machinery, with significant monthly gains from stocks like Giant Network and JiBit [4]. Group 3: Popularity of Tencent - Tencent Holdings emerged as the most recommended stock, being favored by around seven brokerage firms monthly, making it the top "golden stock" of the year [2][6]. - The popularity of stocks varies by quarter, with technology stocks dominating in the first quarter, consumer stocks in the second, financial stocks in the third, and a return to technology stocks in the fourth quarter [6]. Group 4: Market Trends and Recommendations - The article notes that not all popular stocks achieve high success rates, with less than 40% of the most recommended A-share stocks showing gains in the same month they were recommended [7].

Core Viewpoint - The Securities Association of China released the performance evaluation results for investment banking, bond underwriting, and financial advisory services for the year 2024, indicating a total of 93 securities firms engaged in investment banking, with 12 classified as A-level, 66 as B-level, and 15 as C-level [1][10]. Investment Banking - Among the 93 securities firms involved in investment banking, 12 firms received an A classification, including Dongwu Securities, Guojin Securities, Guotai Junan, and CITIC Securities [1][3]. - The majority of firms, 66, were classified as B, while 15 firms were rated C [1][10]. Bond Underwriting - For the bond underwriting and entrusted management business, 95 securities firms were evaluated, with 14 classified as A, 62 as B, and 19 as C [5][7]. - A-level firms in this category include Caixin Securities, Dongwu Securities, and Guotai Junan [5][7]. Financial Advisory - In the financial advisory sector, 30 securities firms were evaluated, with 5 classified as A, 19 as B, and 6 as C [5][10]. - A-level firms in financial advisory include Huatai United and Galaxy Securities [8][9]. Overall Evaluation - The evaluation results reflect the overall quality of practice among the firms and align with market expectations, promoting improvements in operational quality, internal control, and service capabilities [10].

Core Viewpoint - Sichuan Shudao Equipment Technology Co., Ltd. is actively engaging with institutional investors regarding its joint ventures, overseas order strategies, commercial aerospace expansion, and acquisition pathways, highlighting its proactive approach in new business development and industry chain integration [1][4]. Group 1: Joint Venture with Toyota - The joint venture with Toyota focuses on localizing hydrogen fuel cell systems, with Toyota providing core technology support while the company handles market development and supply chain integration [3]. - The fuel cell production line in Chengdu has been completed, with product testing and local government support for commercial vehicle demonstration projects underway [3]. Group 2: Overseas Orders for Cryogenic Equipment - The company aims to leverage its core competencies to deepen localized services and expand into emerging markets, emphasizing a significant competitive advantage as a key driver for overseas business growth [3]. Group 3: Liquid Hydrogen Applications in Aerospace - In the commercial aerospace sector, the company is developing liquid methane equipment for rocket propulsion, with a completed production facility awaiting testing [3]. - The company has secured an order for a liquid air separation unit for the Jiuquan Aerospace Industry Park, which will supply high-purity liquid oxygen, nitrogen, and argon [3]. Group 4: Acquisition Strategy - The company plans to adopt a "fund first, direct investment collaboration" approach in the gas industry, integrating quality targets through industrial funds and capturing market opportunities for acquisitions [3].

Core Viewpoint - The China Securities Association (CSA) has released the results of the evaluation of the underwriting business, bond business, and financial advisory services of securities firms, aiming to enhance the quality of practice and better serve the real economy and new productive forces [1][8]. Group 1: Evaluation Results - The evaluation of underwriting business included 93 securities firms, with results categorized into A, B, and C grades: 12 firms received A, 66 received B, and 15 received C [1][4]. - The bond business evaluation covered 95 firms, resulting in 14 firms rated A, 62 rated B, and 19 rated C [4][6]. - For the financial advisory services related to major asset restructuring, 30 firms participated, with 5 rated A, 19 rated B, and 6 rated C [6][8]. Group 2: Evaluation Criteria - The evaluation categories reflect the relative levels of practice quality, internal control systems, and service capabilities in underwriting, bond issuance, and financial advisory services, without assessing the creditworthiness or business qualifications of the firms [3][4]. - The CSA aims to guide firms to shift from price competition to value competition, enhancing the professionalism and influence of their underwriting services [8]. Group 3: Future Directions - The CSA plans to revise the evaluation indicators to further improve the quality of practice and guide firms towards function-oriented operations [8].

（编辑 任世碧） 证券日报网讯 12月29日，招商证券发布公告称，公司第八届董事会第二十七次会议审议通过《关于公 司2025年三季度内部审计工作报告的议案》《关于修订〈招商证券股份有限公司洗钱和恐怖融资风险管 理办法〉的议案》《关于确定公司2025年度审计费用的议案》等多项议案。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） 证券代码：600999 证券简称： 招商证券 编号： 2025－056 （股份代號：6099） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條規則作出。 茲載列招商證券股份有限公司在上海證券交易所網站刊登之《招商證券股份有限公司第八 屆董事會第二十七次會議決議公告》，僅供參閱。 承董事會命 招商證券股份有限公司 霍達 董事長 中國深圳，2025年12月29日 於本公告日期，本公司執行董事為霍達先生及朱江濤先生；本公司非執行董事為羅 立女士、劉振華先生、李德林先生、李曉霏先生、黃堅先生、張銘文先生及丁璐莎 女士；本公司職工代表董事為馬小利先生；以及本公司獨立非執行董事為葉熒志先 生、張瑞君女士、陳欣女士、曹嘯先生及豐金華先生。 招商证券股份有限公司 第八届董事会第二十七次会议决议公告 本公司董 ...