Company Overview - Miao Exhibition has submitted a listing application to the Hong Kong Stock Exchange, with China Merchants Securities International as its sole sponsor [1] - The company's business is primarily divided into exhibition organizing services, exhibition agency services, and other services such as online marketing, with exhibition organizing being the core [1] Market Position - Miao Exhibition ranks first among all overseas exhibition organizations in China based on the number and area of self-organized overseas exhibitions planned for 2024, according to Frost & Sullivan [1] - The company has successfully organized 77 exhibitions, attracting tens of thousands of exhibitors and incubating over ten industry-specific exhibition brands covering areas such as home goods and consumer electronics [1] Industry Growth - From 2020 to 2024, the Chinese exhibition industry has shown significant recovery in terms of the number and area of exhibitions, with the number of exhibitions increasing from 5,408 in 2020 to 9,110 in 2024 [1] - It is projected that the number of exhibitions will further increase from 10,385 in 2025 to 15,693 in 2029, representing a compound annual growth rate of 11.5% during the forecast period [1] International Market Expansion - The overseas exhibition market continues to grow robustly, supported by national initiatives to help Chinese enterprises expand into international markets, diversify trade partners, and enhance the global competitiveness of Chinese products [1] - The total number of overseas exhibitions is expected to rise from 216 in 2024 to 315 in 2029 [1]

Core Viewpoint - The report from China Merchants Securities indicates an improvement in economic conditions this week, particularly in the resource, midstream manufacturing, and information technology sectors [1] Resource Sector - Prices for metals, steel, and coal have mostly increased, with the national cement price index also rising [4] - Industrial metal prices have generally gone up, including copper, nickel, aluminum, tin, cobalt, and lead, while zinc prices have decreased [4] - Brent crude oil prices have risen, and the chemical product price index has shown a week-on-week increase, although most chemical prices have declined [4] Midstream Manufacturing - Prices for upstream products in the new energy vehicle sector have mostly increased, and the price index for photovoltaics has risen week-on-week [3] - The production of metal forming machine tools has shown an expanding year-on-year growth rate for November, while the production of packaging equipment has seen a larger decline [3] Information Technology - The Philadelphia Semiconductor Index, Taiwan Semiconductor Industry Index, and DXI Index have all increased this week [2] - Prices for DDR5 and DDR4 DRAM memory have risen month-on-month, and the telecommunications main business revenue has shown an expanding year-on-year growth rate for November [2] Consumer Demand - Prices for fresh milk and pork have increased, while the wholesale price of piglets has decreased [3] - The average ticket revenue for films has risen, indicating a potential recovery in the entertainment sector [3] Financial and Real Estate - The net absorption in the money market has been noted, with a decline in A-share turnover rate and daily transaction volume [4] - The transaction area for commercial housing has increased, while the listing price index for second-hand houses has decreased [4]

Core Viewpoint - The year 2026 is expected to be a pivotal moment for the A-share market, transitioning from liquidity-driven growth to profit-driven growth, with a focus on domestic demand recovery and technological self-reliance as the main investment themes [1][4]. Group 1: Macroeconomic Environment - The previous growth model reliant on real estate and infrastructure credit expansion has diminished, with government spending becoming the core marginal force driving total demand fluctuations since 2022 [4]. - The "14th Five-Year Plan" is set to initiate a positive policy tone, with expected fiscal spending expansion and infrastructure projects boosting investment, particularly in infrastructure, which will counterbalance export decline and promote domestic demand recovery [4]. - The year 2026 coincides with the U.S. midterm elections, historically leading to expansionary fiscal and monetary policies in the U.S., which may resonate with China's economic policies and boost global demand for industrial metals and commodities [4]. Group 2: Price Trends and Market Dynamics - Price increases are anticipated to be a dominant theme from Q4 2025 to 2026, reflecting both the recovery in demand and the cumulative effects of global monetary expansion since 2020 [5]. - The purchasing power of fiat currencies has significantly declined since 2020, leading to potential price surges in products experiencing supply-demand gaps [5]. - The A-share market is currently transitioning from a liquidity-driven phase to a profit-driven phase, with PPI recovery being a key variable indicating substantial improvement in corporate profits, particularly in cyclical sectors [6]. Group 3: Investment Opportunities - Investment strategies for the upcoming year should focus on the dual themes of domestic demand recovery and technological self-reliance, particularly in the domestic computing power industry, which is expected to accelerate commercialization and market share growth [7]. - The recovery of the consumer services sector is anticipated to be driven by multiple factors, including policy support and structural trends such as aging populations and the rise of younger consumer groups [7]. - Concerns regarding the valuation levels of the technology sector are deemed premature, with the belief that the current AI bubble is still manageable, suggesting that technology will remain a primary market theme in 2026 [7].

12月25日，原招商证券银行业首席分析师王先爽入职国联民生研究所，担任所长助理、货币金融研究院 院长。 ...

Core Insights - The report highlights the challenges and opportunities faced by charitable organizations in asset management, emphasizing the need for professionalization and improved investment strategies [1][2] Group 1: Current State of Charitable Organizations - In 2024, the donation income of social organizations in mainland China reached 129.79 billion yuan, with the total number of foundations exceeding 9,800 [1] - Despite the growth, the sector faces structural challenges such as insufficient asset management capabilities and low investment returns [1] Group 2: Investment Management Challenges - Current average annual investment return rates for charitable assets in China are low, leading to real asset depreciation [1] - Issues such as long-term declining interest rates, reliance on bank deposits, lack of professional talent, inadequate management systems, and regional development imbalances are prominent [1] Group 3: Policy and Regulatory Environment - The implementation of the new Charity Law and supporting policies provides clearer regulations for charitable investments while raising the bar for professionalization and standardization [1][2] Group 4: Future Directions and Initiatives - Charitable organizations are at a historical turning point, moving from "conservative idle" to "professional value-added" asset management [2] - The market needs to offer differentiated service strategies to accommodate varying capabilities, risk preferences, and collaboration needs among organizations [2] - In June 2025, the company will launch the "Yizhao Xiangshan · Zhiyuan Qianxing" public finance brand and establish the first ESG public finance laboratory in the securities industry [2] - The company aims to connect investors with charitable causes through public finance, promoting sustainable development in the charity sector [2]

Core Insights - The report highlights the ongoing development of China's charity sector, with total donations reaching 129.79 billion yuan in 2024 and the number of foundations exceeding 9,800, while also addressing structural challenges such as inadequate asset management capabilities and low investment returns [1] Group 1: Current Challenges and Trends - China's charity sector is transitioning from a "conservative idle" approach to a "professional value-added" model, driven by policy support, technological innovation, and internal demand [2] - The average annual investment return of charity assets in China is low, leading to pressure on organizations to seek alternative financial products that better match risk-return profiles [3] - The implementation of the new Charity Law and supporting policies has established clearer regulations for charity investments, raising the bar for professionalization and standardization [2] Group 2: Investment Trends - Six core trends in charity organization investments have been identified, including the need for customized services for large foundations, particularly university endowments, which have significant assets and frequent large donations [3] - Collaborative investment models are emerging, such as the "Shenzhen Charity Common Fund," which has accumulated nearly 1 billion yuan and generated over 80 million yuan in returns, addressing the challenges faced by smaller organizations [3] - There is a clear preference for low drawdown and relatively high returns in investment strategies, with some organizations setting strict withdrawal alerts and stop-loss lines to balance asset safety and public sentiment risks [3] Group 3: Mechanisms and Innovations - The collaboration between charitable trusts and asset management products is becoming increasingly close, with entrusted institutions enhancing asset appreciation capabilities through various models [4] - The establishment of the ESG Public Finance Laboratory by China Merchants Securities marks a significant step towards systematic and professional upgrades in public welfare practices [4][5] - The company aims to integrate public finance innovation with ESG principles to explore new pathways for wealth creation and social good, contributing to common prosperity and high-quality development [5]

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，但投行收费水平已大远不及往日。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。 | | | 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 ...

年终之际的顶尖人才流向，往往最能体现一个平台的综合吸引力与成长潜力。国联民生证券作为行业合 并标杆，其研究所由新财富白金分析师领衔，首位"百星分析师"加持，各核心板块均已深度融合了"新 财富级"研究团队，构建起覆盖全面、兼具深度与前瞻性的研究体系和又深又宽的研究力"护城河"。在 这一持续升级的一流平台上，明星分析师不仅能获得广阔的发展空间，更能搭乘平台快车，充分释放研 究潜能、碰撞创新思维。这也正是诸多顶尖团队纷纷选择汇聚于此的原因——在这里，个人卓越与平台 赋能共振，正共同解锁一流投研生态的全新未来。 "二十一世纪最重要的是什么？人才！"，一个月时间内连下三城、王炸集结，就凭这对顶尖人才的吸引 力，发展势头正猛的国联民生证券研究所未来有看头！ 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 12月25日消息，据悉，近期国联民生研究所又有两员大将加盟——素有"创新药骑手"之称的原国盛证券 医药首席分析师张金洋，携核心团队正式入职，出任研究所副总经理兼医药行业首席分析师。同时，银 行业研究新晋实力派"卷王"、原招商证券银行业首席分析师王先爽，也率团队强势加入，担任所长助 理、银行首席分 ...

Core Viewpoint - The "Investment Education Navigation" online course is a public initiative aimed at enhancing investor education, focusing on stock options basics in its upcoming session [1] Group 1: Course Details - The course is scheduled for December 26, 2025, at 15:00 and will be hosted by a lecturer from China Merchants Securities [1] - This session is part of the third season and the 15th episode of the 2025 series of investor education courses [1] Group 2: Alliance and Objectives - The Shaanxi Investor Education Navigator Alliance consists of 21 member units, including self-regulatory organizations, investor education bases, and media [1] - The alliance aims to improve the quality and effectiveness of investor education through resource sharing and collaboration among its members [1] - The initiative seeks to help investors understand rules, identify risks, and foster a rational, value-oriented, and long-term investment mindset [1] Group 3: Course Content - The course will cover the core characteristics of stock options [2] - It will discuss the functional applications of stock options [2] - The course will explain the trading rules associated with stock options [2] - It will also address the investment risks related to stock options [2]

Core Insights - The report highlights the transformation of asset management in Chinese charitable organizations from a conservative approach to a more professional and value-added strategy, driven by policy support, technological innovation, and internal industry demands [1][2] Group 1: Industry Overview - China's charitable sector has shown steady growth, with donations reaching CNY 129.79 billion in 2024 and the total number of foundations exceeding 9,800, indicating the increasing role of charity in social welfare and rural revitalization [1] - Despite this growth, structural issues such as insufficient asset management capabilities and low investment returns are becoming more pronounced, particularly in a long-term declining interest rate environment [1] Group 2: Key Development Trends - Conservative organizations are actively seeking alternatives to traditional bank deposits, focusing on financial products that match risk and return [2] - There is a growing demand for customized services, especially from institutions like university foundations that require personalized asset management solutions [2] - Collaborative regional models, such as the "Shenzhen Charity Common Fund," are emerging to pool resources, achieving a cumulative scale of nearly CNY 1 billion and generating over CNY 80 million in returns [2] - Organizations are prioritizing risk-return balance, with some setting a 5% withdrawal warning line and a 10% stop-loss line to manage risks [2] - Large asset holders prefer dedicated accounts, with universities and large corporate foundations leaning towards specialized deep services [2] - Innovative mechanisms are fostering deeper cooperation, integrating charitable trusts with asset management products to create a cycle of returns benefiting public welfare [2] Group 3: Company Initiatives - In June 2025, the company launched the "Yizhao Xiangshan · Zhiyuan Qianxing" public finance brand and established the first ESG public finance laboratory in the securities industry, aiming to promote the systematic and professional transformation of public welfare practices [2]