| 债券名称 | 濮阳开州投资集团有限公司2025年面向专业投资者非公开发行公司债券 | | --- | --- | | 品种 | 私蔓 | | 拟发行金额(单位:亿元) | 8 | | 发行人 | 濮阳开州投资集团有限公司 | | 承销商/管理人 | 天风证券股份有限公司 | | 交易所确认文件文号 | 下班函〔2025〕3929号 | | 项目状态 | 通过 | | 更新日期 | 2025-12-03 | | 受理日期 | 2025-09-09 | 责编:陶纪燕 | 审核:李震 | 监审:古筝 【大河财立方消息】12月3日，濮阳开州投资集团有限公司2025年面向专业投资者非公开发行公司债券获上交所通过。该债券拟 发行金额8亿元，承销商/管理人为天风证券。2025年6月30日，经中证鹏元综合评定，发行人主体信用评级为AA，评级展望稳 定。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 601456 | 園联民生 | 10.58 | 0.38% | 36.11万 | | 3.82亿 | | 601377 | 兴业证券 | 6.86 | 0.00% | 74.40万 | | 5.10亿 | | 601066 | 中信建投 | 25.22 | 0.00% | 15.81万 | | 4.01亿 | | 600369 | 西南证券 | 4.44 | -0.22% | 19.78万 | | 8751.35万 | | 601990 | 南京证券 | 8.05 | -0.25% | 9.59万 | | 7710.99万 | | 601211 | 週典版圖 | 19.54 | -0.41% | 52.35万 | | 10.25 亿 | | 600918 | 中泰证券 | 6.58 | -0.45% | 15.75万 | | 1.03亿 | | 002500 | 山西证券 | 6.00 | -0.50% | 11.35万 | | 6 ...

天风证券指出，AI资本支出竞赛持续，半导体产业资本开支仍在进一步上行，AI带动芯片需求持续增 长，对应的洁净室配套工程需求增加。 ...

Industry - The real estate sector is experiencing a downward sales trend, but the rate of decline is expected to narrow compared to 2024, with leading companies benefiting from continuous new product supply and concentration advantages [1][3] - The decline in housing prices has led to a contraction in residents' wealth perception, contributing to a defensive mindset among consumers that is likely to persist into 2025 [2] - The "good housing" concept is creating new development opportunities within the industry, potentially transforming development logic, competitive dimensions, and value chains [2] Company - The sales of real estate companies have not escaped the downward trend, but leading firms are expected to leverage their brand, management operations, and land reserve structures to achieve performance rebounds [3] - Signs of market risk appetite gradually recovering, such as the thawing of dollar bonds and accelerated restructuring, indicate an improving financing environment [3] - A significant number of leading companies may achieve early performance rebounds due to their first-mover advantages in brand and operational management [3] Valuation - The sector is still facing challenges from weak fundamentals and a lack of long-term growth narratives, but its low valuation and low holding characteristics provide a hedge against risks [4] - The sector is expected to have a high safety margin and recovery space as pessimistic expectations continue to be adjusted [4] - There is an optimistic outlook for structural trading opportunities within the sector [4]

2025.12.01 本文字数：539，阅读时长大约1分钟 作者 |一财阿驴 09:27天风证券低开近9%，公司因涉嫌信息披露违法违规、违法提供融资被证监会立案。 | | 4.40 -0.43 -8.90% | | | 天风证券 1 立即 601162 交易 | | | | --- | --- | --- | --- | --- | --- | --- | | | SSE CNY 9:25:01 交易中 查看L2全景 | | | # 0 , 精 圆 遮脂喷出 | | | | 委比 | 92.91% 委差 | 130084 | Wind ESG评级 A | | | 详情 | | 卖五 | 4.45 | 2074 | 之生 | -1.79% 120日 | | 10.55% | | 定四 | 4.44 | 528 | 5日 | -8.90% 250日 | | -12.70% | | | 4.43 | 2043 | | | | 6.12 | | 美美美 | 4.42 | 296 | 20日 60日 | -16.03% 52周高 -24.66% 52周低 | | 3.57 | | | 4.41 | 21 | | 202 ...

Core Viewpoint - Tianfeng Securities' stock price dropped significantly following the announcement of an investigation by the China Securities Regulatory Commission (CSRC) for alleged information disclosure violations and illegal financing practices [2][3]. Group 1: Company Background - Tianfeng Securities was established in 2000 and went public on the Shanghai Stock Exchange in October 2018. It is headquartered in Wuhan, Hubei Province, and is the only provincial securities company in Hubei [3]. - The current controlling shareholder is Hubei Hongtai Group, a provincial state-owned financial services enterprise, which took over after the previous major shareholder, Contemporary Group, exited due to a debt crisis [4]. Group 2: Investigation and Financial Issues - The investigation is linked to historical issues with the former major shareholder, Contemporary Group, particularly regarding the occupation of funds. This investigation may signify a complete separation between Tianfeng Securities and Contemporary Group [3][4]. - In 2022, Contemporary Group repaid a total of 1.903 billion yuan in principal and 106 million yuan in interest related to the occupied funds, which were fully returned by the end of the year [4]. Group 3: Management Changes and Capital Increase - Following the exit of Contemporary Group, Tianfeng Securities prioritized capital replenishment. In April 2023, the company announced a plan to raise up to 4 billion yuan through a private placement to Hubei Hongtai Group [5]. - The private placement was officially accepted by the Shanghai Stock Exchange in March 2025 and was fully subscribed by Hubei Hongtai Group, increasing its shareholding to 28.14% [5]. Group 4: Shareholder Activity and Performance - UBS entered as a new shareholder but quickly exited Tianfeng Securities' top ten shareholders within a short period [5]. - For the first three quarters of 2025, Tianfeng Securities reported a revenue of 2.112 billion yuan, representing a year-on-year increase of 57.53%, and a net profit attributable to shareholders of 153 million yuan [5].

Core Viewpoint - Tianfeng Securities is facing a significant decline in stock price due to a regulatory investigation related to information disclosure violations and illegal financing practices [3][4]. Financial Performance - In the first three quarters of the year, Tianfeng Securities achieved revenue of 2.112 billion yuan, representing a year-on-year increase of 57.53%, and a net profit attributable to shareholders of 153 million yuan, marking a turnaround from losses [4]. Shareholding Structure - As of the end of the third quarter, Hubei Hongtai Group holds 2.854 billion shares of Tianfeng Securities, accounting for 28.14% of the total shares, making it the controlling shareholder [4]. - In late June, Tianfeng Securities completed a 4 billion yuan private placement, fully subscribed by Hongtai Group, which increased its shareholding to 28.14% and the combined holding with its concerted parties to 35.65% [4]. - Other significant shareholders include Shanghai Tianhe Investment with 132 million shares (1.3% stake) and Hong Kong Central Clearing Limited with 96.66 million shares (0.95% stake) [4]. - Foreign investment activity includes UBS, which held 87.85 million shares (0.87% stake) as of June 30 but exited the top ten shareholders by September 30 [4].

Core Viewpoint - Tianfeng Securities experienced a significant drop in stock price following the announcement of a regulatory investigation related to information disclosure violations and illegal financing practices [1] Group 1: Stock Performance - On December 1, Tianfeng Securities opened nearly 9% lower and led the decline in the brokerage sector, with a midday price of 4.51 yuan per share, reflecting a drop of 6.63% [1] - The overall brokerage sector showed mixed performance, with most stocks rising while Tianfeng Securities fell [1] Group 2: Regulatory Investigation - The China Securities Regulatory Commission (CSRC) decided to investigate Tianfeng Securities due to suspected violations of information disclosure and illegal financing [1] - The investigation may be linked to issues regarding fund occupation by the former major shareholder, Wuhan Contemporary Technology Industry Group Co., Ltd., as disclosed in the 2022 annual report [1] Group 3: Foreign Investment Activity - UBS was reported to have held 87.85 million shares of Tianfeng Securities, representing 0.87% ownership, as of June 30, but exited the top ten shareholders by the end of September [1]

12月1日市场早盘震荡拉升，深成指、创业板指盘中均涨超1%，沪指重返3900点上方。沪深两市半日成交额1.23万亿，较上个交易日放量2504亿。盘面上 热点快速轮动，全市场超3600只个股上涨。 从板块来看，消费电子方向集体大涨，中兴通讯、天音控股（000829）、道明光学（002632）等10余股涨停。有色金属板块表现活跃，白银有色 （601212）、闽发铝业（002578）涨停。商业航天概念延续强势，航天发展（000547）12天8板。下跌方面，风电板块走势较弱，三一重能跌超6%板块方 面，消费电子、有色金属等板块涨幅居前，保险、中船系、风电设备等板块跌幅居前。截至午盘收盘，沪指涨0.42%，深成指涨0.95%，创业板指涨 0.9%。 中兴通讯涨停，字节回应与中兴手机合作 中兴通讯A股、港股今日双双大涨。 A股中兴通讯开盘后持续走高，截至发稿已触及涨停，最新股价报46.3元/股。港股中兴通讯同样大幅上涨，截至发稿，最新股价报34.62港元/股，涨超 10%。 消息面上，今日上午，中兴通讯发布消息称，目前，搭载豆包手机助手技术预览版的工程样机努比亚M153少量发售，供开发者和感兴趣的朋友体验豆包 手机助手。 ...

记者丨 江佩佩 李益文 见习记者张嘉钰 编辑丨刘巷 12月1日市场早盘震荡拉升，深成指、创业板指盘中均涨超1%，沪指重返3900点上方。沪深两 市半日成交额1.23万亿，较上个交易日放量2504亿。盘面上热点快速轮动，全市场超3600只个 股上涨。 从板块来看，消费电子方向集体大涨， 中兴通讯、天音控股、道明光学等10余股涨停。 有色 金属板块表现活跃，白银有色、闽发铝业涨停。商业航天概念延续强势， 航天发展12天8板。 下跌方面，风电板块走势较弱，三一重能跌超6%板块方面，消费电子、有色金属等板块涨幅 居前，保险、中船系、风电设备等板块跌幅居前。截至午盘收盘，沪指涨0.42%，深成指涨 0.95%，创业板指涨0.9%。 中兴通讯涨停，字节回应与中兴手机合作 中兴通讯A股、港股今日双双大涨。 A股中兴通讯开盘后持续走高，截至发稿已触及涨停，最新股价报46.3元/股。港股中兴通讯同 样大幅上涨，截至发稿，最新股价报34.62港元/股，涨超10%。 消息面上，今日上午，中兴通讯发布消息称，目前，搭载豆包手机助手技术预览版的工程样机 努比亚M153少量发售，供开发者和感兴趣的朋友体验豆包手机助手。 豆包今日首次发布 ...