【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com （责任编辑：贺翀 ） 格隆汇11月28日丨气派科技(688216.SH)公布,公司于2025年11月28日收到信息披露义务人信达证券 聚合2号集合资产管理计划出具的《简式权益变动报告书》，2025年11月27日，信息披露义务人通过集 中竞价交易减持公司股份1.61万股，约占上市公司总股本的0.0151%，导致其持有公司股份由 5.0150% 减少至 4.9999%，本次权益变动后，信达证券聚合2号集合资产管理计划持有公司股份534.39万股，占 公司总股本的4.9999%。 ...

(责任编辑：王炬鹏) ...

格隆汇11月28日丨气派科技(688216.SH)公布,公司于2025年11月28日收到信息披露义务人信达证券聚合2 号集合资产管理计划出具的《简式权益变动报告书》，2025年11月27日，信息披露义务人通过集中竞价 交易减持公司股份1.61万股，约占上市公司总股本的0.0151%，导致其持有公司股份由 5.0150%减少至 4.9999%，本次权益变动后，信达证券聚合2号集合资产管理计划持有公司股份534.39万股，占公司总股 本的4.9999%。 ...

第一名 信达证券研究团队 专题：2025分析师大会：资本市场"奥斯卡"启幕 11月28日，2025分析师大会暨第七届新浪财经"金麒麟"最佳分析师颁奖盛典隆重召开。逾300名权威学 者、公私募掌舵人、上市公司董事长、顶级基金经理、首席分析师齐聚上海，共同探讨中国资本市场的 未来机遇。 同时，第七届新浪财经金麒麟菁英分析师评选结果隆重揭晓。 第七届新浪财经金麒麟煤炭行业"菁英分析师"荣誉榜如下： （首席分析师：樊金璐；团队成员：无） （首席分析师：左前明；团队成员：高升、李睿、刘波） 责任编辑：凌辰 第二名 中泰证券研究团队 第四名 国信证券研究团队 （首席分析师：刘孟峦；团队成员：胡瑞阳） 第五名 浙商证券研究团队 （首席分析师：杜冲；团队成员：杜冲） 第三名 国海证券研究团队 （首席分析师：陈晨；团队成员：王璇） ...

Core Viewpoint - The report from Cinda Securities initiates coverage on Aikang Medical (01789) with a "Buy" rating, highlighting its leadership in the domestic artificial joint market and potential for rapid growth in orthopedic implant business due to domestic procurement price increases and successful international brand expansion [1] Group 1: Domestic Market Dynamics - The company is leveraging the opportunities presented by domestic procurement, gradually replacing imported products, which is leading to increased hospital coverage and market share. In the upcoming procurement for 2024, the company has achieved price increases in its bids, which is expected to enhance profitability and support profit recovery [1] - The company’s international strategy involves a dual-brand approach to cater to different market demands, utilizing the "JRI" brand for high-end markets in Europe and the US, while the "AK" brand focuses on production scale advantages in emerging markets. This strategy is anticipated to drive significant growth in overseas revenue [1] Group 2: Technological Advancements and Market Potential - The company is recognized as a pioneer in digital orthopedic solutions in China, having established a comprehensive digital ecosystem for orthopedic surgeries, which includes pre-operative planning, intra-operative navigation, robotic precision, and personalized implant solutions. The K3 knee surgery robot is set to launch in 2024, expected to compete with the Mako surgical robot while offering localized responsiveness and cost advantages [2] - The market for robotic-assisted joint replacement surgeries in China is projected to grow significantly, with penetration rates expected to rise from 0.03% in 2020 to 3.05% by 2026, and the market size forecasted to increase from $1.48 million in 2020 to $332 million by 2026, reflecting a compound annual growth rate of 45.6% [2]

Core Viewpoint - The report from Cinda Securities initiates coverage on Aikang Medical (01789) with a "Buy" rating, highlighting its leadership in the domestic artificial joint market and potential for rapid growth in orthopedic implant business due to domestic procurement price increases and successful international brand expansion [1] Group 1: Domestic Market Dynamics - The company is leveraging the opportunities presented by domestic procurement, gradually replacing imported products, which is leading to increased hospital coverage and market share. In the 2024 procurement cycle, the company achieved price increases in its bids, which is expected to enhance profitability and support profit recovery [1] - The international strategy involves a dual-brand approach, utilizing the "JRI" brand to compete in the high-end markets of Europe and the U.S., while the "AK" brand focuses on production scale advantages to penetrate emerging markets. This strategy is anticipated to drive significant growth in foreign revenue [1] Group 2: Technological Advancements and Market Potential - The company is a pioneer in digital orthopedic solutions, having developed a comprehensive ecosystem that includes pre-surgical planning, intraoperative navigation, robotic precision, and personalized implant placement. The K3 knee surgery robot is set to launch in 2024, with competitive capabilities comparable to the Mako surgical robot, while also offering local responsiveness and cost advantages [2] - The market for robotic-assisted joint replacement surgeries in China is expected to grow significantly, with penetration rates projected to rise from 0.03% in 2020 to 3.05% by 2026, and the market size is forecasted to increase from $1.48 million in 2020 to $332 million by 2026, reflecting a compound annual growth rate of 45.6% [2]

Core Viewpoint - The transition period for the transformation of "publicly offered collective products" is nearing its end, prompting several brokerage firms to change the management of their collective products to avoid liquidation and successfully convert them into public fund products [1][4]. Group 1: Changes in Management of Collective Products - As of November, at least 25 publicly offered collective products have officially changed their management to public fund companies, with notable changes including products from Guangfa Fund, Huafu Fund, and others [1][3]. - The process for changing management involves obtaining approval from the China Securities Regulatory Commission (CSRC) and holding a meeting for product holders to vote on the change [3][4]. - The changes not only involve the management but may also affect product names, investment strategies, and fee structures [3][4]. Group 2: Shift in Focus for Brokerage Asset Management - Brokerage asset management firms are increasingly abandoning the pursuit of public fund licenses, with several firms like Guangfa Asset Management and Guotou Securities Asset Management withdrawing their applications [6][7]. - The reasons for this shift include the lengthy wait for license approval, high initial investment costs for establishing independent operations, and the competitive landscape of the public fund industry [7][9]. - Firms are now focusing on differentiated strategies in private asset management and wealth management, which are seen as more advantageous compared to the public fund sector [2][8]. Group 3: Strategic Implications of the Transition - The transition to changing management for collective products is viewed as a necessary response to regulatory compliance requirements, allowing firms to retain clients and avoid fund liquidation [4][5]. - The current trend indicates a move away from "license worship" towards a more rational understanding of the profitability challenges associated with public fund operations [7][9]. - Brokerage firms are now concentrating on creating value-driven products that cater to specific client needs, emphasizing absolute returns and tailored investment strategies [10].

关于此次重组的实施难度，上海明伦律师事务所律师王智斌表示，本次交易涉及A+H股公司同时吸收 合并两家A股上市券商，审批链条横跨中国证监会、沪深交易所、香港联交所等多个部门，多市场、多 层级的监管协调工作将增加审批难度。此外，由于三家均为上市公司，换股比例的公允性会关系到广大 普通投资者的利益，该环节将成为监管部门的重点审查内容。 本报记者 许林艳 11月26日晚间，中金公司、信达证券、东兴证券三家公司发布关于筹划资产重组的停牌进展公告，均表 示将继续停牌。根据公告，中金公司正在筹划通过向东兴证券全体A股换股股东以及信达证券全体A股 换股股东发行A股股票的方式，换股吸收合并东兴证券与信达证券。 中金公司表示，本次重组有助于加快建设一流投资银行，支持金融市场改革与证券行业高质量发展。通 过重组各方能力资源的有机结合、优势互补，力争在合并后实现规模经济和协同效应，提高公司服务国 家战略和实体经济的质效，并提升股东回报水平。 "此次整合若能顺利落地，带来的协同效应不容小觑，包括但不限于业务线的互补、区域布局的优化以 及客户服务能力的增强。再者，此次合并还将加速行业的整合趋势，促使其他券商考虑通过并购重组来 强化自身实 ...

信达证券股份有限公司 关于完成工商变更登记及公司章程备案的公告 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。 证券代码：601059 证券简称：信达证券 公告编号：2025-049 信达证券股份有限公司（以下简称公司）于 2025 年 11 月 24 日召开信达证 券股份有限公司 2025 年第二次临时股东大会，审议通过了《关于修订<信达证券 股份有限公司章程>的议案》，其中包括变更公司注册地址等事项，详见公司于 2025 年 10 月 29 日、2025 年 11 月 25 日发布的《信达证券股份有限公司关于修 订<公司章程>及相关附件的公告》（公告编号：2025-041）《信达证券股份有限 公司 2025 年第二次临时股东大会决议公告》（公告编号：2025-044）。2025 年 11 月 24 日，公司第六届董事会第十八次会议审议通过《关于确定公司法定代表 人的议案》，公司董事长林志忠先生担任公司法定代表人。 近日，公司已完成工商变更登记及公司章程备案等手续，并取得北京市市场 监督管理局核准换发的《营业执照》，相关变更 ...

证券代码：601059 证券简称：信达证券 公告编号：2025-050 信达证券股份有限公司 关于审计机构变更项目质量控制复核人的公告 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。 信达证券股份有限公司（以下简称公司）于 2025 年 5 月 29 日召开第六届董 事会第十二次会议，于 2025 年 6 月 20 日召开 2024 年年度股东大会审议通过《关 于续聘公司 2025 年度会计师事务所的议案》，同意聘任立信会计师事务所（特 殊普通合伙）（以下简称立信）为公司 2025 年度会计师事务所。具体内容详见 公司分别于 2025 年 5 月 30 日、2025 年 6 月 21 日披露的公告。 近日，公司收到立信发来的《关于变更信达证券股份有限公司 2025 年度项 目质量控制复核人的函》，现就具体情况公告如下： 一、项目质量控制复核人变更情况 立信原指派王斌先生作为项目质量控制复核人为公司提供审计服务。现因王 斌先生工作调整，为按时完成公司 2025 年度审计工作，更好地配合公司 2025 年度信息披露工作，经立信安排 ...