首创证券研报指出，胜宏科技深耕PCB行业20多年，根据Prismark数据，公司在全球PCB厂商中排名第 六，在中国大陆内资PCB厂商中排名第三。公司在高多层及HDI领域积累深厚，已打入全球头部客户供 应链。根据Prismark预测，PCB市场规模将从2024年的735.65亿美元增长至2029年的946.61亿美元，五年 复合增长率为5.2%。公司积极扩产，把握AI带来的高端PCB需求。为巩固公司在全球PCB行业的地位， 强化在AI算力、AI服务器等领域的优势。公司凭借在高多层和HDI领域的提前布局，有望把握AI带来的 成长机会。首次覆盖，给予"买入"评级。 ...

NO.3 首创证券：国有股份无偿划转获得北京市国资委批复 ｜2025年12月25日 星期四｜ NO.1 国盛证券多名分析师离职 年末券商投研人才流动进入高发期，国盛证券近期多名分析师离职。中国证券业协会的从业人员基本信 息显示，近期，国盛证券多名分析师完成离任登记，涉及计算机、电子、医药、传媒等多个热门研究领 域。具体来看，此次离任的分析师中，赵伟博、陈芷婧、李可夫均来自计算机行业首席分析师刘高畅团 队；刘嘉元为电子首席分析师郑震湘团队成员；医药分析师王彦迪、传媒分析师阮文佳同步离任。此 前，公司环保和公用事业分析师沈佳纯也已完成离任登记。 点评：国盛证券多名分析师离职，覆盖计算机、电子等热门赛道，反映年末券商行业人才流动加速。核 心团队变动短期内或影响公司研报连续性与市场声誉，进而对其股价估值形成扰动。行业层面，分析师 跳槽加剧行业竞争，推动研究领域优胜劣汰。整体来看，人才流动虽为常态，但频繁变动可能削弱市场 对券商研究服务的稳定性预期。 NO.2 逾4000亿元! 2025年股票指基募资创历史新高 数据显示，股票型指数基金年内新发规模突破4000亿元，创出年度新高。Choice数据显示，截至12月24 日 ...

Core Viewpoint - The announcement by Shouchuang Securities regarding the transfer of shares from its controlling shareholder, Beijing Shouchuang Group, to Beijing Infrastructure Investment Company, indicates a strategic shift in ownership structure while maintaining the same actual controller [1] Group 1: Share Transfer Details - Shouchuang Group plans to transfer 97.4232 million A-shares, representing 3.56% of the total share capital, to Beijing Infrastructure Investment Company without compensation [1] - Following the transfer, Shouchuang Group's shareholding will decrease from 56.77% to 53.2%, while Beijing Infrastructure Investment Company's stake will increase from 17.31% to 20.87% [1] - The transfer has received approval from the Beijing State-owned Assets Supervision and Administration Commission on December 23 [1]

证券代码：601136 证券简称：首创证券 公告编号：2025-056 首创证券股份有限公司 关于国有股份无偿划转获得北京市国资委批复暨股 东权益变动的提示性公告 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。 重要内容提示： | 信息披露义务人 | 本次权益变动前 | | 本次变动 | | 本次权益变动后 | | | --- | --- | --- | --- | --- | --- | --- | | | 持股数量 | 持股比 | 股份数量 | 股份比 | 持股数量 | 持股比 | | | （股） | 例（%） | （股） | 例（%） | （股） | 例（%） | | 北京首都创业集 团有限公司 | 1,551,690,000 | 56.77 | -97,423,157 | -3.56 | 1,454,266,843 | 53.20 | | 北京市基础设施 投资有限公司 | 473,080,000 | 17.31 | +97,423,157 | +3.56 | 570,503,157 | 20.87 | ●本次股东权益变 ...

首创证券股份有限公司 详式权益变动报告书 上市公司名称：首创证券股份有限公司 股票上市地点：上海证券交易所 股票简称：首创证券 股票代码：601136.SH 信息披露义务人名称：北京市基础设施投资有限公司 注册地址：北京市朝阳区小营北路 6 号京投大厦 2 号楼 9 层 908 室 通讯地址：北京市朝阳区小营北路 6 号京投大厦 2 号楼 9 层 908 室 股份变动性质：国有股份无偿划转导致股份数量增加，持股比例提 高 签署日期：2025 年 12 月 24 日 信息披露义务人声明 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不 违反信息披露义务人章程或内部规则中的任何条款，或与之相冲突。 三、依据上述法律法规的规定，本报告书已全面披露了信息披露义务人在 首创证券股份有限公司中拥有权益的股份变动情况。 截至本报告书签署之日，除本报告书披露的信息外，信息披露义务人没有 通过任何其他方式增加或减少其在首创证券股份有限公司中拥有权益的股份。 四、截至本报告书签署之日，本次权益变动尚未正式生效。本次国有股份 无偿划转已取得北京市人民政府国有资产监督管理委员会的批准，尚需履行上 海证券交易所合规性确 ...

股票代码：601136.SH 首创证券股份有限公司 简式权益变动报告书 上市公司名称：首创证券股份有限公司 股票上市地点：上海证券交易所 股票简称：首创证券 信息披露义务人名称：北京首都创业集团有限公司 注册地址：北京市西城区车公庄大街 21 号 2 号楼一层 通讯地址：北京市东城区朝阳门北大街 6 号首创大厦 15 层 股份变动性质：国有股份无偿划转导致股份数量减少，持股比例下 降 签署日期：2025 年 12 月 24 日 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》（以下简称《证券法》）、 《上市公司收购管理办法》（以下简称《收购办法》）、《公开发行证券的公司信 息披露内容与格式准则第 15 号——权益变动报告书》（以下简称《准则 15 号》） 及相关的法律、法规和规范性文件编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不 违反信息披露义务人章程或内部规则中的任何条款，或与之相冲突。 三、依据上述法律法规的规定，本报告书已全面披露了信息披露义务人在 首创证券股份有限公司中拥有权益的股份变动情况。 截至本报告书签署之日，除本报告书披露的信息外，信息披露 ...

Group 1 - The core point of the article is the recent personnel adjustment at Shouchao Securities, where the newly appointed general manager, Jiang Qingfeng, has undergone a change in his roles within the company [2][3]. - On December 18, Shouchao Securities announced the resignation of Jiang Qingfeng from his position as a representative director of the employee board and related committee roles, while he continues to serve as the deputy secretary of the party committee and general manager [4]. - Jiang Qingfeng was nominated as a candidate for a non-independent director in the second board meeting, which will be submitted for review at the first temporary shareholders' meeting in 2026 [4]. Group 2 - Jiang Qingfeng, born in 1986, stands out in the brokerage industry due to his relatively young age compared to the average age of 52.5 years for current general managers across 42 listed brokerages [5]. - He has a diverse financial background, having started in the insurance sector and later transitioning to the securities industry, where he has held various significant positions since joining Shouchao Securities in 2016 [5]. - Following his recent election, Jiang Qingfeng will play a dual role as a core member of the management team and the board, allowing him to engage deeply in the company's strategic decision-making and management [5].

Investment Rating - The report maintains an "Accumulate" rating for the non-bank financial sector [6]. Core Insights - The insurance industry is expected to benefit from the trend of bank deposits moving to insurance products, with a positive outlook for the liability side performance in 2026 due to successful short-term sales initiatives. The introduction of a tiered product pricing structure is anticipated to significantly alleviate the risk of interest spread losses. The "reporting and operation integration" is expected to promote industry consolidation and enhance the concentration of leading companies [4][31]. - The securities sector is experiencing a rise in market risk appetite and sustained high trading activity, benefiting from both valuation and performance attributes [4][31]. - Key companies to watch include China Ping An, China Life, China Pacific Insurance, Guotai Junan, and Huatai Securities [4][31]. Summary by Sections 1. Industry Dynamics - The insurance sector is undergoing a systematic upgrade in asset-liability management, with new regulations requiring comprehensive coverage, reasonable matching, and robust supervision. The new rules include three mandatory indicators for property insurance companies, all of which must not fall below 100% [1][2]. - The report highlights the performance of listed insurance companies, with New China Life reporting a cumulative premium income of 188.85 billion yuan, a year-on-year increase of 16% [14]. 2. Securities - The public fund performance benchmark reform has been initiated, focusing on the transformation of existing products and ensuring a smooth transition without drastic changes to holdings. The reform aims to enhance the attractiveness of the capital market [18]. - The average daily trading volume of stock funds was 22,219 billion yuan, a decrease of 7.20% week-on-week [22]. 3. Multi-Financial - Nanhua Futures has set the final price for its H-share issuance at 12 HKD per share, with plans to list on the Hong Kong Stock Exchange [30].

Core Viewpoint - On December 22, a total of 18 listed companies will have their restricted shares unlocked, with a total market value of approximately 102.97 billion yuan [1] Group 1: Unlocking Details - Walton Technology (Stock Code: 000920) will unlock 50.62 million shares from a private placement of A-shares [1] - China Hengtian Group (Stock Code: 600252) will unlock 2.36 million shares from equity incentive restrictions [1] - Huadian Energy (Stock Code: 600726) will unlock 4.73 billion shares from a private placement of A-shares [1] - AVIC Heavy Machinery (Stock Code: 600765) will unlock 2.68 million shares from equity incentive restrictions [1] - Nanjing Port (Stock Code: 002040) will unlock 151,800 shares from equity incentive restrictions [1] - Weichai Power (Stock Code: 000338) will unlock 23.48 million shares from equity incentive restrictions [1] - First Capital Securities (Stock Code: 601136) will unlock 2.25 billion shares from pre-issue share restrictions [1] - Anke Technology (Stock Code: 300370) will unlock 237 million shares from other restrictions [1] - Xinya Process (Stock Code: 002388) will unlock 346,550 shares from equity incentive restrictions [1] - Zhaoyi Innovation (Stock Code: 603986) will unlock 64,600 shares from equity incentive restrictions [1] - Ganli Pharmaceutical (Stock Code: 603087) will unlock 164,530 shares from equity incentive restrictions [1] - Yaxiang Co., Ltd. (Stock Code: 301220) will unlock 33.39 million shares with an extended lock-up period [1] - Mousse Co., Ltd. (Stock Code: 001323) will unlock 300 million shares with an extended lock-up period [1] - Sany Heavy Energy (Stock Code: 688349) will unlock 942 million shares [1] - Southern Power Technology (Stock Code: 688248) will unlock 336 million shares [1] - Jingwei Hengrun (Stock Code: 688326) will unlock 118,400 shares [1] - Kangwei Century (Stock Code: 688426) will unlock 434,200 shares [1] - Yuanjie Technology (Stock Code: 688498) will unlock 23.85 million shares [1]

Group 1 - Ukraine's President Zelensky announced constructive progress in negotiations with the U.S. regarding the end of the Russia-Ukraine conflict, security guarantees for Ukraine, and post-war reconstruction [2] - Israel's Foreign Minister stated that Gaza can only be rebuilt if Hamas disarms, emphasizing that Hamas is currently trying to consolidate its power in Gaza [3] - The U.S. Starlink satellite experienced an anomaly, losing contact and producing debris, with monitoring efforts underway to assess potential threats to other satellites [4] Group 2 - China's Ministry of Commerce held a meeting to summarize and plan for business work, focusing on the implementation of the 14th Five-Year Plan and preparing for the 15th Five-Year Plan [5] - New regulations were issued for internet platform pricing, prohibiting platform operators from selling below cost to eliminate competition, with exceptions for certain types of goods [6] - China successfully launched the Communication Technology Test Satellite No. 23, which will be used for multi-band, high-speed satellite communication technology verification [7] Group 3 - China's animated film box office exceeded 25 billion yuan in 2025, marking the highest year in the history of Chinese animated films [8] - Chinese robots won a championship at the second Future Sports Games held in Abu Dhabi, showcasing advancements in robotics [9] Group 4 - The Russian Foreign Ministry denied any secret discussions with South Korea regarding North Korea's nuclear issues, asserting that the meeting was misrepresented by the media [10] - The Russian Defense Ministry reported advances in Ukraine, with Russian forces occupying more advantageous positions and targeting Ukrainian military infrastructure [11] - Thailand's Prime Minister announced that the military has controlled nearly all target areas, emphasizing adherence to international law and the aim to prevent further conflict escalation [12] Group 5 - Venezuelan President Maduro stated that the country has faced 25 weeks of aggression but remains committed to defending national peace and stability [13] - A shooting incident in South Africa resulted in 10 deaths and 10 injuries, highlighting ongoing security challenges in the region [14][15] Group 6 - Moore Threads announced a new GPU architecture that supports large-scale intelligent computing clusters, improving computing density by 50% and energy efficiency by 10 times [16] - Changan Automobile received the first official license plate for L3-level autonomous driving, marking a significant milestone in the autonomous vehicle industry [17] Group 7 - Nearly 190 billion yuan worth of restricted stocks will be unlocked this week, with several companies having significant unlock values, including Shouchuang Securities and Sany Heavy Energy [18][19][20] - Three new stocks are set to be issued this week, with specific details on issuance prices and subscription limits provided [22][23]