登录新浪财经APP 搜索【信披】查看更多考评等级 调研基本情况 2025年12月23日，江苏神通阀门股份有限公司（以下简称"公司"）在公司会议室举办机构投资者电话调 研会议。本次调研由信达证券组织，公司副总裁兼董秘章其强先生主持会议并与投资者交流，会议记录 由张健负责，共有9家机构投资者参与。会上，章其强首先对参与机构表示感谢，介绍了公司基本情 况、发展战略规划及近期工作进展，并强调了遵守承诺函及信息披露规定的重要性。 核心问题与回应 核电阀门交付与收入确认周期 针对核电阀门从招标到订单交付的节奏，公司介绍，订单生效后，将按流程进行合同执行的合理排产， 待排产计划经业主审核通过并发出生产指令后方可启动生产。"一般在接单后的第二、第三年陆续分批 交货，"公司表示，核电阀门业务收入按实际交货进度分批次确认，每个订单的收入确认周期通常为2-3 年。 备件更换需求支撑市场增长 作为我国核电阀门设备核心供应商之一，公司表示始终紧跟国家核能技术发展步伐，"积极投入研发资 源，开展面向核聚变科学装置等先进核能应用场景的特种阀门研制，持续助力我国核能技术进步与产业 化进程。" 新建产能2026年初起逐步释放 关于新建产能释放 ...

每经AI快讯，江苏神通（SZ 002438，收盘价：15.57元）发布公告称，2025年12月23日，江苏神通接受 信达证券等投资者调研，公司副总裁、董事会秘书章其强先生，投资者关系经理张健先生参与接待，并 回答了投资者提出的问题。 每经头条（nbdtoutiao）——左手"欠款"右手"豪购"！杨陵江收购"国内酒庄第一股"，1919是否重启上 市？"吹太多牛都实现了，但千亿还没实现，我很着急" （记者 曾健辉） 2025年1至6月份，江苏神通的营业收入构成为：核电行业占比38.37%，节能环保行业占比18.78%，冶 金行业占比18.45%，能源装备行业占比17.05%，其他业务占比7.35%。 截至发稿，江苏神通市值为79亿元。 ...

Core Viewpoint - The strategic partnership between Yuanfei Pet and the trendy toy brand Heyone is expected to leverage Yuanfei's supply chain advantages, enhancing production capacity and exploring new markets [1] Group 1: Strategic Partnership - Yuanfei Pet has formed a strategic cooperation with Heyone, primarily focusing on OEM production [1] - Yuanfei Pet has a well-established manufacturing and supply chain management system in the pet food and supplies sector, which is adaptable to high-quality and safety-demanding trendy toy products [1] Group 2: Brand Development - Heyone is an original IP-centric trendy toy brand that has developed recognizable IPs such as "Oh Zai," "MIMI," and "R3NA," gaining traction among young consumers [1] - The collaboration is expected to facilitate the full release of future production capacity and exploration of new fields [1] Group 3: Global Expansion and Production Capacity - Yuanfei Pet is advancing its global production layout, having established a mature management team in Cambodia, where existing production bases are operating at full capacity [1] - New production capacity is expected to be released in 2026, while the construction of a production base in Bangladesh is progressing steadily, which will enhance global supply chain resilience [1] - The trend of overseas business development is positive, and the impact of tariff adjustments on product profits is expected to be limited [1]

证券研究报告 | 2025年12月24日 中金公司（601995.SH） 优于大市 从券业整合看并购如何创造长期价值 并购价值创造体现在三方面：即以合理估值识别标的、以具备优势的价格完 成交易，以及通过整合实现潜在的协同增量。本次中金公司吸收合并东兴证 券、信达证券定价相对公允，契合政策导向，将显著增强中金公司的资本实 力、业务网络与综合竞争力，为其长期发展战略注入强劲动力。 合并将大幅增厚中金公司的资本与资产规模。静态测算显示，合并后公司总 资产将突破万亿元级别，归母净资产提升约 48%，行业排名跃升至第 4 位。 财务表现方面，基于 2025 年前三季度数据，合并将使中金公司营业收入增 长约 32%，行业排名提升至第 3 位；归母净利润增长约 45%，行业排名提升 至第 6 位。更重要的是，公司的资本结构将得到优化：这不仅增强了风险抵 御能力，也为未来运用杠杆扩张资产规模提供了广阔空间。 业务协同与整合前景：全方位优势互补，发展潜力充分。一是资本运用与自 营投资：合并后，公司杠杆率存在提升潜力（中金平均 5.4 倍 vs. 东兴、 信达平均 3.5 倍），资金运用效率有望提高。自营投资业务将融合中金控制 ...

同时，为保护中小投资者权益，中金公司A股及H股异议股东可行使收购请求权，东兴证券与信达证券 的异议股东享有现金选择权。此外，包括中央汇金、中国东方、中国信达在内的主要股东已出具长期承 诺，将其在本次交易中获得或原有的中金公司股份锁定36个月，彰显对整合后长远发展的信心。 不到一个月，中金公司（601995）换股吸收合并东兴证券（601198）、信达证券（601059）迎来重大进 展。 12月17日晚间，中金公司、东兴证券、信达证券同步披露重大资产重组预案并公告复牌事项。12月18 日，3家券商股票复牌，东兴证券涨停，中金公司、信达证券分别收涨3.70%、2.47%。 中信建投（601066）非银及金融科技首席分析师赵然表示，此次合并将催生一个在资产规模、净资本和 业务覆盖面上均位列行业前茅的券商。于行业而言，有望重塑行业竞争格局，加快一流投行建设脚步。 三方确定换股价格 根据3家公司披露的交易预案，本次交易定价以各方董事会决议公告日前20个交易日均价作为基准价 格，吸收合并方中金公司作为存续主体，换股价格为36.91元/股，被吸收合并方东兴证券换股价格为 16.14元/股，信达证券换股价格为19.15元/股。 ...

Group 1 - The non-bank financial sector is currently undervalued, with a significant decline in PB from 2021 to 2023, outpacing the decrease in ROE, indicating substantial room for valuation recovery [1] - The fundamentals are expected to bottom out in 2024, showing clear signs of recovery, with increasing stock price elasticity [1] - Under the new public fund regulations, active fund holdings may revert to benchmark styles, with banks and non-banks being the most underweighted sectors, likely to attract capital inflows [1] Group 2 - The securities sector is poised to benefit from a recovering capital market, merger and acquisition policies, and a bullish market trend, despite weak excess returns over the past year [1] - The insurance sector is experiencing a significant rebound in ROE, with only a slight recovery in PB, and is expected to show elasticity due to policy catalysts and improved fundamentals from increased equity allocation and premium growth [1] - The Securities ETF (512880) tracks the securities company index (399975), which includes companies closely related to the securities market, reflecting the overall performance of the sector [1]

Core Viewpoint - The merger of China International Capital Corporation (CICC) with Dongxing Securities and Xinda Securities is expected to create a leading brokerage firm in terms of asset scale, net capital, and business coverage, potentially reshaping the competitive landscape of the industry and accelerating the development of a first-class investment bank [1][3]. Group 1: Merger Details - The merger involves a share swap with CICC as the surviving entity, with share prices set at 36.91 CNY for CICC, 16.14 CNY for Dongxing Securities, and 19.15 CNY for Xinda Securities, reflecting a 26% premium for Dongxing Securities [2]. - The share swap ratios are 1:0.4373 for Dongxing Securities and 1:0.5188 for Xinda Securities, with CICC expected to issue approximately 3.096 billion new A-shares [2]. - Major shareholders, including Central Huijin and China Orient, have committed to lock their shares for 36 months, indicating confidence in the long-term development of the merged entity [2]. Group 2: Financial Impact - Post-merger, the total assets of the new entity are projected to reach 1,009.58 billion CNY, marking the emergence of a trillion-level brokerage firm in China [2]. - As of Q3 2025, the combined total assets of CICC, Dongxing Securities, and Xinda Securities are reported as 764.94 billion CNY, 116.39 billion CNY, and 128.25 billion CNY, respectively [5]. - The three firms achieved revenues of 20.76 billion CNY, 3.61 billion CNY, and 3.02 billion CNY, with net profits of 6.57 billion CNY, 1.60 billion CNY, and 1.35 billion CNY for the first three quarters of 2025 [6]. Group 3: Strategic Advantages - The merger is expected to create significant synergies, enhancing resource integration and capital strength, thereby improving the overall service capability and resilience against market fluctuations [4]. - CICC's strengths in investment banking and private equity will complement Dongxing and Xinda's regional presence and retail client base, leading to a comprehensive service system [4]. - The merger aligns with national strategies to build a strong financial sector and is seen as a response to the call for enhancing the quality of small financial institutions [4].

东方证券：市场整体处于缩量整固期，上行力度明显不大，趋势性机会需等待积极信号 东方证券表示，综合来看，市场临近年底，整体处于缩量整固期，尽管短期股指初步形成反弹之势，但 上行力度明显不大，沪综指仍以围绕3900点震荡为主，趋势性机会需等待积极信号出现。 本文转载自"腾讯自选股"，智通财经编辑：冯秋怡。 继续看好AI投资与全球制造业复苏共振的工业资源品——铜、铝、锡、锂、原油及油运；二是抓住入 境修复与居民增收叠加的消费回升通道——航空、酒店、免税、食品饮料；三是受益于资本市场扩容与 长期资产端回报率见底的非银(保险、券商)；四是具备全球比较优势且周期底部确认的中国设备出口链 ——电网设备、储能、锂电、光伏、工程机械、商用车、照明，以及国内制造业底部反转品种——印 染、煤化工、农药、聚氨酯、钛白粉。 信达证券：春节前大概率仍有春季躁动行情，配置非银金融、电力设备、机械设备等 信达证券表示，战术上，牛市的基础依然坚实，年度上存在盈利改善和资金流入共振的可能性。战略 上，考虑到当前A股估值不低，强力稳增长预期下降，外围市场不确定性风险仍存，短期市场或处于跨 年行情启动前的调整期。2026年春节前大概率仍有春季躁动行 ...

Group 1 - The core viewpoint of the news is that CICC, along with Dongxing Securities and Cinda Securities, has announced a significant asset restructuring plan, which is expected to reshape the securities industry landscape and propel CICC's growth [1] - The share exchange ratios for the merger are set at 1:0.4373 for Dongxing Securities and 1:0.5188 for Cinda Securities, both reflecting varying degrees of premium [1] - Following the merger, CICC's total asset scale is projected to exceed 1 trillion yuan, making it the fourth "trillion-dollar giant" in the industry [1] Group 2 - The securities sector is anticipated to experience a wave of mergers and acquisitions in 2025, with significant progress expected in 2026 under the guidance of regulatory authorities [2] - Three main lines of mergers are identified: mergers between brokers under the same controlling shareholder, mergers between regional listed and non-listed brokers, and mergers aimed at filling business gaps [2] - The industry still has ample room for incremental business growth, and leading brokers are expected to strengthen their positions through mergers and increased leverage [2]

信达证券研报指出，神火股份耕耘行业二十余载，煤铝双核共助企业成长。该行判断铝行业仍处于景气 上行周期，原料端成本回落与铝价高位运行形成的盈利剪刀差持续扩大，电解铝高盈利格局有望延续； 叠加煤炭价格上涨推动煤炭业务盈利边际改善，公司较非煤铝企具备更强业绩弹性，配置价值显著，建 议重点关注。截至12月19日，神火股份2025年PE为11.2倍，低于4家可比公司平均值13.3倍。截至12月 19日收盘价，预测公司2025-2027年归属于母公司的净利润分别为53、62、68亿元；对应PE为11.2x、 9.6x、8.7x。首次覆盖给予公司"买入"评级。 ...