Core Insights - The A-share market's margin trading balance has reached a historical high, prompting securities firms to frequently raise their margin business limits [1][4][6] - As of December 9, the margin trading balance in the A-share market stood at 25,105.72 billion, an increase of over 6,500 billion since the beginning of the year [1] - The number of new margin trading accounts opened in September surged by 288% year-on-year, reaching a monthly record high [1][2] Securities Firms' Actions - Multiple securities firms, including China Merchants Securities and Zheshang Securities, have raised their margin trading limits, with increases as high as 1,000 billion in a single adjustment [1][4] - Longjiang Securities and Dongwu Securities announced adjustments to their margin business limits on December 9, while Dongfang Securities had already revised its management methods for margin trading [4][6] - Huayin Securities has also increased its credit business limits twice within six months, demonstrating a proactive approach among smaller firms [4][5] Market Demand and Regulatory Support - The surge in demand for margin trading is attributed to a combination of policy support, market enthusiasm, and the need for industry transformation [6][7] - The China Securities Regulatory Commission has indicated a willingness to expand capital space and leverage limits for quality institutions, providing essential support for margin trading expansion [6] - Analysts predict that the margin trading scale could exceed 30 trillion, with long-term funds entering the market, which will support blue-chip stocks and the sci-tech sector [8][9] Risk Management and Future Outlook - The balance between expanding margin trading and managing risks is a critical challenge for securities firms, with a focus on maintaining a dynamic balance [6][8] - The average guarantee ratio for margin clients has remained within a safe range, indicating manageable risk levels [7][8] - The securities sector is expected to see a significant increase in net profits in 2025, with a projected 51% year-on-year growth [8][9]

12月15日，上交所发布关于招商证券股份有限公司2025年面向专业投资者公开发行次级债券（第二期） （品种一）上市的公告。 依据《上海证券交易所公司债券上市规则》等规定，上交所同意招商证券股份有限公司2025年面向专业 投资者公开发行次级债券（第二期）（品种一）于2025年12月16日起在上交所上市，并采取匹配成交、 点击成交、询价成交、竞买成交、协商成交交易方式。该债券证券简称为"25招证C3"，证券代码 为"244407"。 来源：市场资讯 ...

依据《上海证券交易所公司债券上市规则》等规定，上交所同意招商证券股份有限公司2025年面向专业 投资者公开发行次级债券（第二期）（品种二）于2025年12月16日起在上交所上市，并采取匹配成交、 点击成交、询价成交、竞买成交、协商成交交易方式。该债券证券简称为"25招证C4"，证券代码 为"244408"。 来源：市场资讯 12月15日，上交所发布关于招商证券股份有限公司2025年面向专业投资者公开发行次级债券（第二期） （品种二）上市的公告。 ...

编者按： 随着中国资本市场双向开放向纵深推进，中资券商化身"金融航海家"，驶向更广阔的全球市场。它们以跨境投行连接东西，用财富管理服务民 生，足迹遍布香港中环、伦敦金融城和纽约华尔街等金融枢纽，在国际资本市场发出"中国声音"。证券时报携手中国证券业协会推出"券商'出 海'进行时"栏目，全景展现中资券商从合规经营到本土化融合、从跟跑到领跑的心路历程——诠释中国资本市场如何从"参与者"蜕变为"规则制 定者"，在开放浪潮中书写高质量发展新篇章。本文为专栏第九篇，敬请垂注！ 随着全球资产配置需求持续升温，中资私募出海步伐显著加快。香港证监会数据显示，2025年已有6家中资私募新获9号资管牌照，持牌机构总 数升至92家。 然而，境外市场的监管复杂性、运营差异性与合规高门槛，构成了中资私募国际化的"隐形壁垒"。在此背景下，招商证券依托境内外资源协 同，推出"CMS-Partner+"境外基金一站式出海服务方案，以全周期、定制化服务助力中资管理人突破出海瓶颈，目前其境外基金行政管理人业务 规模已突破百亿元大关。 私募出海四大挑战 近年来，私募基金管理人纷纷在中国香港、新加坡、开曼、BVI等离岸法域设立基金，打造全球投资管理 ...

Core Viewpoint - China Merchants Securities is actively expanding its capital strength through bond issuance, with a total bond issuance nearing the annual limit for 2024, indicating a strong position in the market [1][3][4]. Group 1: Bond Issuance - On December 11, China Merchants Securities announced it received approval from the China Securities Regulatory Commission to publicly issue bonds totaling up to 40 billion yuan [1][3]. - The company has successfully issued subordinate bonds in two varieties, raising a total of 4.5 billion yuan, with the first variety having a scale of 3 billion yuan and a coupon rate of 2.13% [4]. - As of December 12, the total bond issuance for the year reached 109 billion yuan, just 5 billion yuan short of the 2024 annual target, with expectations to exceed this target due to the recent approval [4][5]. Group 2: Business Growth - The bond issuance has directly driven the growth of the company's proprietary and margin financing businesses, with margin financing funds reaching 129.28 billion yuan, a 35.27% increase from the end of 2024 [2][8]. - In the first three quarters of 2025, the company reported a revenue of 18.24 billion yuan, a year-on-year increase of 27.76%, and a net profit of 8.87 billion yuan, up 24.08% [7]. - The proprietary business's investment income significantly contributed to this growth, reaching 9.68 billion yuan, a 91.38% increase year-on-year [7]. Group 3: Market Position - China Merchants Securities ranks among the top securities firms in bond issuance, with a total of 109 billion yuan, positioning it favorably in the competitive landscape [5]. - The company is also expanding its international business, with plans to invest up to 9 billion HKD in its Hong Kong subsidiary, aiming to strengthen its presence in the international market [9].

随着全球资产配置需求持续升温，中资私募出海步伐显著加快。香港证监会数据显示，2025年已有6家中资私 募新获9号资管牌照，持牌机构总数升至92家。 然而，境外市场的监管复杂性、运营差异性与合规高门槛，构成了中资私募国际化的"隐形壁垒"。在此背景 下，招商证券依托境内外资源协同，推出"CMS-Partner+"境外基金一站式出海服务方案，以全周期、定制化服 务助力中资管理人突破出海瓶颈，目前其境外基金行政管理人业务规模已突破百亿元大关。 私募出海四大挑战 近年来，私募基金管理人纷纷在中国香港、新加坡、开曼、BVI等离岸法域设立基金，打造全球投资管理能 力。从管理人维度来看，经过近十年的发展，一部分管理能力强、投资业绩好的头部管理人存在拓展国际业务 的需求，不少头部私募的创始人因有海外从业背景，也有意愿拓展境外业务。 站在投资者维度，境外长线资金正持续加大对中国资产的投资。而中资私募管理人凭借对中国资本市场和中国 经济的深度理解，越来越受到包括国际主权财富基金等长线资金的认可。相当一部分拥有内地背景的高净值客 户，也更倾向于配置中资私募管理人发行的境外基金产品，以实现资产的保值增值。 然而机遇虽在，挑战亦存。境外 ...

来源：证券时报 证券时报记者 王蕊 随着全球资产配置需求持续升温，中资私募出海步伐显著加快。香港证监会数据显示，2025年已有6家 中资私募新获9号资管牌照，持牌机构总数升至92家。 然而，境外市场的监管复杂性、运营差异性与合规高门槛，构成了中资私募国际化的"隐形壁垒"。在此 背景下，招商证券依托境内外资源协同，推出"CMS-Partner+"境外基金一站式出海服务方案，以全周 期、定制化服务助力中资管理人突破出海瓶颈，目前其境外基金行政管理人业务规模已突破百亿元大 关。 然而机遇虽在，挑战亦存。境外基金市场与境内市场存在较大差异，刚出海的中资管理人往往会在基金 设立与运营方面存在诸多困难。 一是产品设立难。境外基金设立周期远超境内，全程通常需要数月；而且基金相关法规细则复杂，从文 件起草到合规审核均需依赖外部律所支持，增加时间成本的同时也提升了设立门槛。 二是基金运营难。境外基金运营规则方面与境内基金存在显著差异。比如不同经纪商提供的交易数据格 式各不相同，数据质量较不稳定，为估值核算带来较大困难；境外普遍采用的序列会计法和均衡调整法 与境内分配方式有着较大差异，不利于中资投资者及管理人理解与操作。 三是合 ...

格隆汇12月14日丨招商证券研报指出，展望2026年作为中国"十五五"规划开局之年与美国中期选举年， 将形成关键的政策共振，推动PPI上行，A股从牛市II阶段向以盈利改善为驱动力的"牛市III阶段"过渡。 在过往两年赚钱效应不错和中高回报率资产荒的背景下，A股资金供需有望延续较大规模净流入，为实 现慢牛带来流动性支持。投资策略应把握"风格切换觅周期，双轮驱动看长远"的核心思路，投资机会围 绕"内需复苏"与"科技自立"两大主轴展开。风格方面，大小盘均衡，顺周期风格有望持续占优，行业层 面，关注顺周期与产能出清、科技创新与优势制造、扩内需三条线索，重点关注有色金属、机械设备、 电力设备、电子、传媒、社会服务等行业。 ...

Investment Rating - The report maintains a positive outlook on the non-banking financial sector, indicating an "Overweight" rating for the industry, suggesting it is expected to outperform the overall market in the coming months [66]. Core Insights - The report highlights that the central government's economic meetings have emphasized the need for structural reforms in the financial sector, aiming for a more efficient capital market and improved financial supply-side reforms [2][21]. - The insurance sector is expected to undergo a systematic revaluation, driven by the asset side's influence on company valuations, with a focus on sustainable business models and risk management [2][10]. - The brokerage sector is currently experiencing a mismatch between fundamentals and valuations, with potential catalysts including mergers and acquisitions and upcoming performance reports [2][5]. Summary by Sections Market Review - The Shanghai Composite Index closed at 4,580.95 with a slight decline of -0.08%, while the non-banking index rose by 0.81% to 1,991.97. The brokerage, insurance, and diversified financial sectors reported respective changes of +0.31%, +2.36%, and -1.62% [5][6]. Non-Banking Industry Data - As of December 12, 2025, the average daily trading volume in the stock market was 18,247.40 billion yuan, reflecting a decrease of 14.23% from the previous month [15][44]. - The financing balance in the margin trading market reached 25,079.82 billion yuan, an increase of 34.5% compared to the end of 2024 [15][48]. Non-Banking Industry News - The central bank reported that in the first eleven months of 2025, RMB loans increased by 15.36 trillion yuan, and the total social financing scale reached 33.39 trillion yuan, exceeding last year's total [16]. - The China Securities Regulatory Commission is set to introduce new regulations on public fund sales to address long-standing issues in the industry [17]. Individual Stock Highlights - China Life Insurance reported total premiums exceeding 700 billion yuan as of November 30, 2025 [29]. - The brokerage sector saw significant stock performance, with Guotai Junan and CITIC Securities leading in gains [7][12].

家联科技于2021年12月9日在深交所创业板上市，发行股票数量为3000万股，发行价格为30.73元/股，保荐机构（主承销商）为招商证券股份有限公 司，保荐代表人为张贺、杜元灿。 家联科技首次公开发行股票募集资金总额为9.22亿元，扣除发行费用后募集资金净额为8.28亿元。家联科最终募集资金净额比原计划多3.62亿元。家联 科技于2021年12月6日披露的招股说明书显示，该公司拟募集资金4.66亿元，拟分别用于澥浦厂区生物降解材料制品及高端塑料制品生产线建设项目、生物 降解材料及制品研发中心建设项目、补充流动资金。 家联科技首次公开发行股票的发行费用总额为9373.00万元，其中，保荐及承销费用7765.97万元。 家联科技于2023年向不特定对象发行可转换公司债券。根据家联科技于2022年12月22日召开的第二届董事会2022年第七次临时董事会和2023年1月9日召 开的2023年第一次临时股东大会决议，并经中国证券监督管理委员会《关于同意宁波家联科技股份有限公司向不特定对象发行可转换公司债券的批复》（证 监许可〔2023〕2602号）同意注册，家联科技向不特定对象发行可转换公司债券7,500,000张，发 ...