信达证券（601059）发布研报称，2025年初至今，行业客座率高位持续，国内外航线出行两旺。淡季不 淡，客座率高位、票价有所回正，该行认为航司单位座收或显著修复。同时，随着"反内卷"措施及《中 国航空运输协会航空客运自律公约》的落实，行业恶意低价现象有望消减，或也能带动票价有所修复， 进一步推动航司单位座收回升。叠加油价下行带来的成本下降，航司盈利或能进一步增长。该行看好航 司座收回升带来的盈利修复弹性。该行予行业看好投资评级。 信达证券主要观点如下： 淡季客座率持续高位、票价略有回落 1)供需：运力增速回升，客座率高位提升。根据民航局公布的2025年10月行业最新数据，2025年10月行 业ASK、RPK同比分别+6.2%、+8.9%，较2019年同期+17.3%、+23.4%，相应客座率达到87.4%，同比 +2.2pct，较2019年同期+4.3pct。 根据六大航司(国航、南航、东航、春秋、吉祥、海航)披露的11月运营数据合计情况看，六家航司11月 ASK、RPK同比分别+7.0%、+10.3%，客座率达到85.6%，同比+2.6pct。其中，国内线/国际及地区线 ASK同比分别+4.2%、+13. ...

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 今天的市场，太惊喜了！上午虽然指数上涨，但依旧有4000多只个股下跌。而到了下午一点 半之后，画风突变，三大指数直线暴力拉升，终于可以理直气壮找一回暴涨的原因了！ 接下来一起去看看发生了什么事情。 突然的爆买！ 12月17日下午开盘之后，原本震荡的A股三大指数，突然直线拉升。上证指数涨超1%，深证 成指涨超2%，创业板指数涨超3%！ 全市场从上午的4000家下跌，转为3600多家公司上涨！ | 880005 涨跌家数 | | | | --- | --- | --- | | 글 中 | 涨停 | 55 | | 涨幅 | > 7% | 120 | | 张唱 | 5-7% | 131 | | 涨幅 | 3-5% | 308 | | 张唱 | 0-3% | 3025 | | 跌幅 | 0-3% | 1435 | | 跌幅 | 3-5% | 119 | | 跌幅 | 5-7% | 50 | | 跌幅 | > 7% | 48 | | 其中 跌停 | | 18 | | 上涨家数 | | 3614 | | 下跌2 | | 1652 | ...

兄弟姐妹们啊，今天的市场，太惊喜了！上午虽然指数上涨，但依旧有4000多只个股下跌。而到了下午一点半之后，画风突变，三大指数 直线暴力拉升，泰勒终于可以理直气壮找一回暴涨的原因了！ 而今天的标题，已经有热心读者帮我取好了！ 接下来一起去看看发生了什么事情。 突然的爆买！ 12月17日下午开盘之后，原本震荡的A股三大指数，突然直线拉升。上证指数涨超1%，深证成指涨超2%，创业板指数涨超3%！ 全市场从上午的4000家下跌，转为3600多家公司上涨！ | 背后原因是什么？ | | --- | 为何突然拉升？泰勒找了一圈，起码跟三个消息有关。 首先，打响第一枪的是"牛市骑手"券商股， 金融股午后持续走强，华泰证券一度拉升涨近8%，中国太保、中国人寿、广发证券、东方财 富、中信建投等纷纷走高。 市场人士分析， 或许是资金在博弈中金公司复牌。 11月19日晚间，中金公司、东兴证券、信达证券发布《关于筹划重大资产重组的停牌 公告》，三家公司正在筹划由中金公司分别通过向东兴证券、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、信达 证券。 【导读】大涨原因，找到了！ 中国基金报记者 泰勒 | | | | 券 ...

Core Viewpoint - The A-share market experienced significant movements, particularly in the brokerage sector, which is seen as a leading indicator of a bull market. The surge in brokerage stocks is expected to provide substantial support to the overall market [1][3]. Group 1: Market Movements - The Shanghai Composite Index rose nearly 1.5% in the afternoon, while the ChiNext Index increased by over 3.5%, driven by strong performances in the brokerage, insurance, and software sectors [1]. - Several broad-based ETFs saw increased trading volumes, with the CSI 300 ETF (510300) trading over 900 million yuan in the last half hour, and other ETFs also experiencing significant trading activity [1]. Group 2: Brokerage Sector Performance - Brokerages collectively showed strong performance, with Huatai Securities rising over 9%, and other firms like GF Securities and Industrial Securities also seeing gains of over 5% and 3% respectively [3]. - The recent announcement of China International Capital Corporation (CICC) absorbing Dongxing Securities and Xinda Securities has led to a collective suspension of trading for these companies, with expectations of a merger announcement soon [5]. Group 3: Future Outlook - Analysts believe that the resumption of trading for the three suspended brokerage firms could provide a significant boost to the brokerage sector. Additionally, regulatory measures to expand capital space and leverage limits for brokerages are expected to shift competition from price to value [5]. - The brokerage sector is currently in a strong position, with net inflows into the brokerage ETF exceeding 2.9 billion yuan over the past 60 trading days, indicating robust investor interest [7]. - The overall market environment is characterized by a focus on "stabilizing growth and the stock market," with policies aimed at enhancing investor confidence and liquidity, which are expected to support the brokerage sector's upward trajectory [7].

Core Viewpoint - The biopharmaceutical sector is expected to experience significant performance divergence among its sub-sectors before the third quarter of 2025, with industry revenue and profit growth rates initially declining before rebounding, as the pressures from high baselines, centralized procurement, and anti-corruption measures have been largely absorbed [1] Group 1: Innovative Drugs - The commercial insurance innovation drug catalog is set to debut in 2025, which is anticipated to drive incremental payments for innovative drug products [2] - The domestic new drug development is accelerating, with lower costs and favorable macro policies, leading to a global leadership position in innovative drug development, contributing approximately one-third of the global innovative R&D pipeline by 2025 [2] - The overseas rights BD transactions are driving the revaluation of innovative drug assets, with a continuous increase in the proportion of Chinese innovative drug license-outs [2] Group 2: CXO and Life Sciences - The CXO market is witnessing improved supply-demand dynamics, with CDMO companies entering a high prosperity cycle due to strong demand for new molecules like ADCs and peptides [2] - The life sciences upstream sector is experiencing a comprehensive recovery in downstream demand, with listed companies actively pursuing mergers and acquisitions to expand [3] Group 3: AI in Healthcare - The "Artificial Intelligence+" policy is leading to widespread applications of AI in healthcare, with significant developments driven by companies like Deepseek [3] Group 4: High-end Medical Equipment - The high-end medical equipment sector is poised for growth due to domestic procurement recovery, import substitution, and accelerated international expansion [3] Group 5: Orthopedic Joint Consumables - The negative impact of centralized procurement is clearing, and the aging population is driving market expansion, with potential growth in surgical robotics [3] Group 6: Traditional Chinese Medicine - There are signs of operational improvement in traditional Chinese medicine, with factors like flu season and basic drug catalog adjustments potentially catalyzing a new market cycle [4]

信达证券发布研报称，中国电信（00728）2025年前三季度集团收入与利润均实现温和增长，但第三季 度盈利增速略有放缓。旗下天翼云业务处于新旧动能转换期，通用云计算收入增速下降，但智能算力相 关收入前三季度同比大幅增长62.3%。展望未来，政府推动科技创新的政策或鼓励政企客户采用AI相关 云计算，为天翼云带来机遇。推荐评级为"买入"。 信达证券主要观点如下： 2025年第三季度盈利保持温和增长 2025年前三季度，集团收入同比小幅上升0.6%，其中服务收入同比增长0.9%；EBITDA同比增长4.2%， 股东应占利润同比增长5.0%。单计第三季度，集团收入同比小幅下跌0.9%，其中服务收入同比增长 0.5%；EBITDA同比增长2.4%，股东应占利润同比增长3.6%。第三季度盈利增长略有放缓，主要受宏观 经济影响。 2025年天翼云处于新旧动能转换阶段，收入增速放缓 信达证券主要观点如下： 2025年第三季度盈利保持温和增长 集团在第三季度财报中未披露旗下天翼云的收入。2025年上半年，天翼云收入为573亿元人民币，同比 增长3.8%，增速较以往有所放缓。对此，管理层表示，全球云计算行业正处于新旧动能转换的关 ...

智通财经APP获悉，信达证券发布研报称，中国电信(00728)2025年前三季度集团收入与利润均实现温和 增长，但第三季度盈利增速略有放缓。旗下天翼云业务处于新旧动能转换期，通用云计算收入增速下 降，但智能算力相关收入前三季度同比大幅增长62.3%。展望未来，政府推动科技创新的政策或鼓励政 企客户采用AI相关云计算，为天翼云带来机遇。推荐评级为"买入"。 集团在第三季度财报中未披露旗下天翼云的收入。2025年上半年，天翼云收入为573亿元人民币，同比 增长3.8%，增速较以往有所放缓。对此，管理层表示，全球云计算行业正处于新旧动能转换的关键时 期，以通用计算为主的云业务增幅明显下降，而人工智能驱动的智能算力需求则非常旺盛。管理层认 为，天翼云已经迈过智能云发展的拐点，能够面向智能时代多元的场景化需求，提供全方位的智能化服 务。其中，2025年前三季度，集团的智能收入（包括面向客户提供的人工智能、智能算力服务等收入） 同比增长62.3%。 "十五五"期间或有鼓励政企应用AI相关云计算技术的举措 集团较大比例的企业客户为政府相关单位，由于对安全性要求较高，其采用AI相关云计算技术的态度 较为保守。在10月发布的《 ...

智通财经APP获悉，信达证券发布研报称，中国电信(00728)2025年前三季度集团收入与利润均实现温和 增长，但第三季度盈利增速略有放缓。旗下天翼云业务处于新旧动能转换期，通用云计算收入增速下 降，但智能算力相关收入前三季度同比大幅增长62.3%。展望未来，政府推动科技创新的政策或鼓励政 企客户采用AI相关云计算，为天翼云带来机遇。推荐评级为"买入"。 集团在第三季度财报中未披露旗下天翼云的收入。2025年上半年，天翼云收入为573亿元人民币，同比 增长3.8%，增速较以往有所放缓。对此，管理层表示，全球云计算行业正处于新旧动能转换的关键时 期，以通用计算为主的云业务增幅明显下降，而人工智能驱动的智能算力需求则非常旺盛。管理层认 为，天翼云已经迈过智能云发展的拐点，能够面向智能时代多元的场景化需求，提供全方位的智能化服 务。其中，2025年前三季度，集团的智能收入（包括面向客户提供的人工智能、智能算力服务等收入） 同比增长62.3%。 "十五五"期间或有鼓励政企应用AI相关云计算技术的举措 集团较大比例的企业客户为政府相关单位，由于对安全性要求较高，其采用AI相关云计算技术的态度 较为保守。在10月发布的《 ...

Core Insights - The "M&A Six Guidelines" have significantly transformed the capital market in 2025, with over 800 asset mergers and acquisitions (M&A) recorded, marking an 11% year-on-year increase, and 90 major asset restructurings, a 55% increase from the previous year [1][2] Group 1: Market Activity - In 2025, the Shanghai Stock Exchange saw 806 new asset restructurings, with major asset restructurings accounting for 90 cases, reflecting a growing market activity and participation [2][3] - The number of major asset restructurings in the Shanghai market reached 1,177 since the introduction of the "M&A Six Guidelines," indicating a robust trend towards M&A as a primary channel for capital market activities [2] Group 2: Policy Impact - The revised "Management Measures for Major Asset Restructuring of Listed Companies" by the China Securities Regulatory Commission in May 2025 has shifted the focus from an "audit-oriented" to an "efficiency-oriented" and "industry-oriented" approach, enhancing the regulatory environment for M&A [2] - Local governments are actively promoting M&A, with cities like Shanghai implementing supportive policies that have led to a notable increase in both the quantity and quality of M&A activities [6] Group 3: Industry Trends - Over 50% of the major asset restructurings in 2025 were industry mergers, with a significant focus on sectors like semiconductors and the automotive industry, indicating a shift towards quality enhancement rather than mere scale expansion [3][7] - The trend of "stock optimization" is evident, with 77% of disclosed major asset restructurings involving industry mergers, reflecting a broader consensus on long-term value creation [6][7] Group 4: Notable Transactions - In 2025, significant transactions included the mergers of Guotai Junan with Haitong Securities and China Shipbuilding with China Shipbuilding Industry Corporation, each valued in the thousands of millions [5] - Innovative cross-border M&A transactions have emerged, such as the cash privatization of Hong Kong-listed companies and the cross-border share swap acquisitions, showcasing the evolving landscape of M&A strategies [5] Group 5: Future Outlook - The market is expected to deepen its understanding of M&A as a critical pathway for reshaping business structures and enhancing core competitiveness, contributing to a healthier M&A ecosystem [8]

Core Insights - The implementation of the "Merger Six Guidelines" has significantly increased the activity level of mergers and acquisitions (M&A) in the A-share market, with over 800 new asset mergers in 2025, marking an 11% year-on-year increase, and 90 major asset restructurings, a 55% increase [2][4] Group 1: M&A Activity and Trends - The majority of new mergers are focused on industrial acquisitions and shareholder injections, with over 50% of major asset restructurings being industrial mergers and 20% involving shareholder injections [2] - A significant 60% of the targets belong to new productivity sectors with strong hard technology attributes, particularly in the semiconductor and automotive industries [2] - The M&A landscape has seen the emergence of various landmark and innovative cases, including the first cross-border mergers, acquisitions of unprofitable assets, and diversified payment methods [5][6] Group 2: Policy and Regulatory Environment - The China Securities Regulatory Commission's revision of the "Major Asset Restructuring Management Measures" in May 2025 has shifted the focus from an "audit-oriented" to an "efficiency-oriented" and "industry-oriented" approach, enhancing the M&A market's activity [4] - Since the introduction of the new policies, the Shanghai Stock Exchange has recorded 1,177 new asset restructuring cases, with 125 being major asset restructurings, indicating a robust market response [4] Group 3: Long-term Value Focus - The current M&A wave emphasizes optimizing existing assets, with various stakeholders, including local governments and companies, shifting their focus towards quality improvement and long-term value [7] - Major state-owned enterprises and hard technology companies are increasingly prioritizing long-term effects in their M&A strategies, with 15 major asset restructurings completed by central state-owned enterprises in 2025 [7][8] - The trend of "stock integration" is evident, with 77% of disclosed major asset restructurings being industrial mergers, reflecting a growing consensus on the importance of long-term value enhancement [7]