经济观察网 证监会网站显示，铁岭贵鑫环保科技股份有限公司2025年12月27日向辽宁证监局办理辅导 备案登记，辅导机构为开源证券股份有限公司。 经济观察网 证监会网站显示，铁岭贵鑫环保科技股份有限公司2025年12月27日向辽宁证监局办理辅导 备案登记，辅导机构为开源证券股份有限公司。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：天风研究 刘欣，天风研究总经理助理、TMT行业研究组副组长兼传媒互联网及海外研究首席分析师。曾先后在 中金公司、海通证券、民生证券从事TMT行业研究，在华创证券（2020–2025）任传媒互联网首席分析 师。长期聚焦传媒与互联网领域，形成兼具趋势研判与公司分析的系统方法论，研究实力屡获业界权威 认可：多次跻身新财富、水晶球、新浪金麒麟、上证报、金牛奖、21世纪金牌分析师等评选前列，并在 2025年带领团队荣获证券时报新财富杂志最佳分析师传播与文化类第五名，21世纪金牌分析师第三名。 研究座右铭：珍惜行情。 作为2015年入行看传媒的分析师，彼时不少人都称我幸运，毕竟这一赛道正值传媒互联网牛市的黄金 期，是无数应届生挤破脑袋争抢的香饽饽。可入行后，等待我的却是长达七年的行业寒冬，我亲身经历 了传媒指数连续13个季度负涨幅、无一次季度反弹的持续低迷，也熬过长年稳居A股全行业年度涨跌幅 倒数前三的落寞处境。 但行业低谷从不是懈怠的理由，反而更需要自己沉下心深耕基本面，复盘行业周期规律，扎扎实实锤炼 研究基本功，慢慢凝练出"敏于捕捉、珍惜 ...

年末的券商研究领域，在顶级评选的聚光灯下，上演着一出"荣耀与流动"的大戏。 2025年12月，被誉为"券商投研界风向标"的第23届新财富最佳分析师评选结果正式揭晓。然而，榜单新 鲜出炉之际，资本市场便传来重磅动态——多位刚捧起奖杯的获奖分析师，已悄然完成执业机构变更， 转身加盟新东家。 12月12日，证券从业系统显示，中泰证券（600918）4位分析师同一天离任。他们分别是：有色金属分 析师安永超、有色金属分析师刘耀齐、有色金属分析师陈凯丽、北交所和先进产业研究分析师蔡星荷。 而在此之前，中泰证券前副所长、有色金属首席分析师谢鸿鹤已在9月正式加入长城证券（002939）。 上述4人目前也无法在中证协系统查询到信息，但据记者了解，他们的去向很可能也是追随谢鸿鹤加入 长城证券。 剖析：跳槽新东家，放弃年终奖？ 这些分析师选择扎堆在年末跳槽，那么年终奖怎么办？就这么舍弃了？ 事实上，年终奖即是分析师"议价权"的典型代表之一。 天下熙熙，皆为利来。年末本是职场人"守成待奖"的关键期，为何券商明星分析师却扎堆"出走"？是新 平台的发展机遇足以覆盖年终奖的损失，还是背后藏着行业竞争的必然逻辑？他们放弃年终奖也要抓住 的" ...

Group 1 - The core viewpoint of the report indicates that the external environment for A-shares is stabilizing as uncertainties related to overseas monetary policies are resolved, marking a critical window for the "spring rally" [1] - Key investment directions highlighted include technology growth sectors such as AI (computing power and applications), commercial aerospace, and robotics [1] - Other focus areas include cyclical/value stocks, particularly in industrial metals, chemicals, and non-bank financials [1] - High dividend stocks are noted for their short-term price advantages and potential for a rebound [1]

证券日报网讯 12月18日晚间，天风证券发布公告称，公司向控股股东宏泰集团借入总额为人民币40亿 元的次级债务，期限为5年，利率为年化5%，按季付息，到期一次性还本。经与宏泰集团协商，公司拟 对该笔40亿元次级债务进行展期及利率调整，即拟将债务期限展期一年，拟将展期后的存续期间年化利 率由5%调整为4%，双方拟就上述变更事项签订《次级债务借入合同补充协议》。本次交易构成关联交 易，本次关联交易不构成《上市公司重大资产重组管理办法》规定的重大资产重组。 （文章来源：证券日报） ...

Core Viewpoint - Tianfeng Securities has signed a supplementary agreement with its controlling shareholder, Hubei Hongtai Group, to extend a subordinated debt of RMB 4 billion for one year and adjust the interest rate from 5% to 4% [2][3][4]. Summary by Sections 1. Overview of Related Transactions - Tianfeng Securities borrows a total of RMB 4 billion in subordinated debt from Hubei Hongtai Group with an initial term of 5 years and an annual interest rate of 5%, payable quarterly, with principal repayment at maturity [2][3]. - The company plans to extend the debt term by one year and adjust the interest rate to 4% due to operational and liquidity management needs [2][3][4]. 2. Details of the Related Party - Hubei Hongtai Group holds 28.33% of Tianfeng Securities' shares, and together with its concerted action partner, Wuhan State-owned Capital Investment Operation Group, holds a total of 35.89% [6]. - As of December 31, 2024, Hubei Hongtai Group had total assets of RMB 2,312.44 billion and net assets of RMB 892.29 billion, with a revenue of RMB 131.06 billion and a net profit of RMB 0.78 billion for the year [6]. 3. Main Content of the Related Transactions - The debt term is modified to 6 years, with the borrowing start date set for December 12, 2023, and the maturity date for December 11, 2029 [9]. - The interest rate will be segmented, with the initial period at 5% and the subsequent period at 4% starting from December 21, 2025 [9]. 4. Pricing of Related Transactions - The interest rate adjustment is based on recent market financing cost changes and is deemed fair and reasonable, ensuring no harm to the interests of the company and minority shareholders [10]. 5. Impact on the Company - The debt extension and repricing are proactive financial management measures that enhance the stability of the company's capital strength, optimize the debt structure, and reduce financing costs, positively impacting the company's financial status and operational results [11]. 6. Review Procedures for Related Transactions - The related transaction has been approved by the independent directors and the board of directors, with no need for shareholder meeting approval as it does not exceed 5% of the company's latest audited net assets [12]. 7. Historical Related Transactions - No other significant related transactions have occurred between Tianfeng Securities and Hubei Hongtai Group in the past 12 months, aside from those already disclosed [13].

Group 1 - Haitai Flavor Industry plans to distribute cash dividends of no less than 80% of the net profit attributable to shareholders for the next three years (2025-2027) [2] - Haitai will implement a special dividend plan for 2025, distributing 3.0 yuan (including tax) for every 10 shares [2] Group 2 - Xusheng Group's controlling shareholder is planning a change in control, leading to a suspension of trading for the company's stock starting December 19, 2025 [3] Group 3 - Guandong Quantum's chairman, Lü Pin, has passed away, and the company expresses deep condolences [4] Group 4 - Former controlling shareholder of Guao Technology, Chen Chongjun, has been sentenced to six years in prison for manipulating the securities market, with a fine of 4 million yuan [5] - The company states that this judgment will not significantly impact its operations [5] Group 5 - Tianfeng Securities plans to extend a 4 billion yuan subordinated debt for one year and reduce the interest rate from 5% to 4% [6] Group 6 - Zhongwei Company is planning to acquire controlling stakes in Hangzhou Zhonggui Electronic Technology Co., Ltd., leading to a stock suspension starting December 19, 2025 [7] Group 7 - Shandong Highway intends to provision for a long-term equity investment impairment of approximately 690 million yuan related to Dongxing Securities, which will reduce the company's consolidated profit for 2025 by the same amount [8] Group 8 - HeFu China has experienced a significant stock price increase of 349.25% from October 28 to December 18, 2025, despite being in a loss position [9] - The company warns of risks related to high valuation and operational performance [9] Group 9 - Xizang Pharmaceutical plans to repurchase shares worth between 170 million and 200 million yuan, with a maximum repurchase price of 55 yuan per share [11] Group 10 - Junshi Biological's major shareholder, Shanghai Tanying, plans to reduce its stake by up to 2% through block trading [12] Group 11 - Dazhong Mining's major shareholders and executives plan to reduce their holdings by up to 1.44% due to personal financial needs [13] Group 12 - Ruicheng Environmental Protection's shareholder plans to reduce its stake by up to 3% [14] Group 13 - Allianz Vision's actual controller Xu Jin plans to reduce his stake by up to 0.9609% [15] Group 14 - Yidong Electronics' controlling shareholder's concerted action reduced their holdings by 1% from December 10 to December 17 [16] Group 15 - Ningbo Construction won a project bid worth 747 million yuan for infrastructure enhancement [18] Group 16 - Qinglong Pipe Industry signed a sales contract worth 55.27 million yuan for a water diversion project [19] Group 17 - Zhongfutong received a selection notice for a procurement project with estimated amounts of 411 million yuan and 162 million yuan [20] Group 18 - Shikong Technology won a bid for a smart cultural tourism integration project worth 141 million yuan [21]

本次关联交易事项已经公司独立董事专门会议审议通过，全体独立董事同意提交董事会审议。12月18日， 公司第四届董事会第五十八次会议，以10票赞成、0票反对、0票弃权审议通过了《关于与公司控股股东湖 北宏泰集团有限公司签订〈次级债务借入合同补充协议〉暨关联交易的议案》。 北京商报讯（记者 刘宇阳）12月18日，天风证券发布公告表示，根据2023年12月11日公司董事会议决议， 向控股股东湖北宏泰集团有限公司（以下简称"宏泰集团"）借入总额为人民币40亿元的次级债务，期限为5 年，利率为年化5%，按季付息，到期一次性还本。 基于公司经营发展及流动性管理需要，为维持净资本规模稳定，提升业务质量，经与宏泰集团协商，公司 拟对该笔40亿元次级债务进行展期及利率调整。主要内容包括债务展期：拟将债务期限展期一年，以及利 率调整：拟将展期后的存续期间年化利率由5%调整为4%。双方拟就上述变更事项签订《次级债务借入合同 补充协议》。 ...

证券代码：601162 证券简称：天风证券 公告编号：2025-076号 天风证券股份有限公司 关于与公司控股股东湖北宏泰集团有限公司签订《次 级债务借入合同补充协议》暨关联交易的公告 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。 基于公司经营发展及流动性管理需要，为维持净资本规模稳定，提升业务质 量，经与宏泰集团协商，公司拟对该笔40亿元次级债务进行展期及利率调整。主 要内容如下： 1.债务展期：拟将债务期限展期一年。 2.利率调整：拟将展期后的存续期间年化利率由5%调整为4%。 双方拟就上述变更事项签订《次级债务借入合同补充协议》。 本次关联交易事项已经公司独立董事专门会议审议通过，全体独立董事同意 提交董事会审议。2025年12月18日，公司第四届董事会第五十八次会议，以10 票赞成、0票反对、0票弃权审议通过了《关于与公司控股股东湖北宏泰集团有限 公司签订<次级债务借入合同补充协议>暨关联交易的议案》，关联董事潘军、曹 宇飞已回避表决；审计委员会已发表同意的书面审核意见。 本公告前12个月内，公司与同一关联人或与不同 ...

天风证券研报认为，总体而言，本次美国非农就业数据好坏参半，失业率高于预期，或是受到政府关门 的干扰，非农就业总量超预期但是结构不佳，非农就业的前值再度下调，11月非农时薪增速也超预期放 缓。我们认为美国劳动力市场仍有进一步走弱的空间，对美联储而言，或仍是"就业下行风险"高于"通 胀上行风险"，明年一季度仍有降息落地的可能性。 来源：滚动播报 ...