| 序号 | 主承销商 | IPO 疼痛 保荐数量 | | --- | --- | --- | | 1 | 国泰海通 | 19 | | 2 | 中信证券 | 17 | | 3 | 中信建投 | 12 | | 4 | 招商证券 | 10 | | 5 | 华泰联合 | 9 | | 6 | 中金公司 | 8 | | 7 | 国联民生 | 5 | | 7 | 东方证券 | 5 | | 7 | 申万宏源 | 5 | | 10 | 国金证券 | 4 | | 10 | 东兴证券 | 4 | （注：联合承销项目，按每家券商1家计算） | 排名 | 机构名称 | 承销金额 (亿元) | 承销家数 | | --- | --- | --- | --- | | 1 | 中信证券 | 246. 54 | 17 | | 2 | 国泰海通 | 195. 35 | 19 | | 3 | 中信建投 | 187.75 | 12 | | 4 | 中金公司 | 177.93 | 8 | | 5 | 华泰联合 | 162.6 | 9 | | 6 | 招商证券 | 80. 22 | 10 | | 7 | 国联民生 | 30. 12 | 5 | | 8 ...

（编辑 丛可心） 证券日报网讯 1月7日，东兴证券在互动平台回答投资者提问时表示，公司主要业务包括财富管理业 务、投资交易业务、投资银行业务、资产管理业务、期货业务和境外业务。其中，境外业务由公司全资 子公司东兴香港开展。东兴香港及其子公司的主要业务包括：投资控股；香港证监会核准的第1类（证 券交易）、第4类（就证券提供意见）、第6类（就机构融资提供意见）、第9类（提供资产管理）。 ...

中国经济网北京1月7日讯 光华股份(001333.SZ)今日股价下跌，该股收盘报22.22元，跌幅2.50%。 光华股份首次公开发行股票募集资金总额为88832.00万元，扣除发行费用11506.92万元，募集资金净额 为77325.08万元。光华股份于2022年11月4日披露的招股说明书显示，该公司拟募集资金77325.08万元， 分别用于年产12万吨粉末涂料用聚酯树脂建设项目、研发中心建设项目、补充流动资金。 光华股份首次公开发行股票的发行费用合计11506.92万元（不含增值税），其中，承销与保荐费用 7616.81万元。 (责任编辑：马欣) 光华股份于2022年12月8日在深交所主板上市，发行数量为3200.00万股，发行价格为27.76元/股，保荐 人（主承销商）为东兴证券股份有限公司，保荐代表人为丁淑洪、曾冠。 光华股份上市首日盘中最高价报43.97元，为该股上市以来最高价。该股目前处于破发状态。 ...

东兴证券指出，随着科创成长层的设立和科创板第五套规则的执行，优质未盈利科创企业上市融资进程 有望加快，更多创新产品落地和外资参与将改善科创板流动性。社保资金、保险资金等长期价值投资资 金的持续进场有望进一步优化科创板市场生态，确立板块良性发展趋势。 （文章来源：每日经济新闻） 科创创业ETF（588360）跟踪的是科创创业50指数（931643），单日涨跌幅限制为20%，该指数从科创 板和创业板中选取市值较大、流动性较好的50只证券作为指数样本，以反映市场中科技创新企业的整体 表现。该指数覆盖了新一代信息技术、生物医药、新材料等多个高新技术产业领域，具有显著的成长性 和创新特征。 ...

2022年12月8日，光华股份在深交所主板上市，上市首日涨幅43.98%，收报39.97元；12月9日， 光华股份最高报43.97元，为上市以来最高点。 (责任编辑：徐自立) 光华股份发行数量为3200.00万股，发行价格为27.76元/股，保荐人（主承销商）为东兴证券股份 有限公司，保荐代表人为丁淑洪、曾冠。 光华股份发行募集资金总额为88832.00万元，扣除发行费用11506.92万元，募集资金净额为 77325.08万元。光华股份于2022年11月4日披露的招股书显示，公司拟募集资金77325.08万元，分别 用于年产12万吨粉末涂料用聚酯树脂建设项目、研发中心建设项目、补充流动资金。 中国经济网北京1月6日讯 光华股份(001333.SZ)今日收报22.79元，跌幅3.64%。该股目前处于破 发状态。 光华股份本次公开发行新股的发行费用合计11506.92万元（不含增值税），其中东兴证券股份有 限公司获得承销与保荐费用7616.81万元。 ...

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！ 智通财经1月2日（记者高艳云）2025年A股圆满收官，主要指数全年全线飘红，券商金股组合同步交出 亮眼成绩单。 数据显示，年度收益排名前十的券商金股组合收益率均突破50%。具体来看，TOP10券商依次为：国元 证券（84.08%）、东北证券（68.38%）、开源证券（67.1%）、华鑫证券（62.23%）、东兴证券 （61.98%）、招商证券（60.5%）、光大证券（54.73%）、东莞证券（53.8%）、国泰海通 （53.53%）、长城证券（53.16%）。 东北证券今年推荐的金股组合中也是牛股频出，主要来自大科技板块。6、7月，东北证券连续2个月推 荐胜宏科技，该股这两个月的月度涨幅分别达到55%、43%；8月，东北证券推荐的思泉新材，当月涨 幅翻倍；10月推荐的蓝色光标，当月上涨约46%。此外，东北证券9月推荐的中国黄金国际、山东黄 金，也表现不俗。 | 序号 | 券商 | 年度收益 | 最佳金股 | | --- | --- | --- | --- | | 1 | 国元证券 | 84. 08% | 中钨高新 | | 2 | 东北证 ...

Core Viewpoint - In 2025, the Chinese securities industry underwent profound changes under the strategy of "cultivating first-class investment banks," marked by resource integration, technological empowerment, and ecological restructuring, signaling a new chapter for the industry. Group 1: Major Events - The merger of Guotai Junan and Haitong Securities in 2025 established a new "dual leader" pattern in the industry, with the combined entity "Guotai Haitong" reporting a net profit of 22.074 billion yuan, closely following CITIC Securities' 23.159 billion yuan, both surpassing the 20 billion yuan mark [4] - The first "three-in-one" integration in the industry is being planned by CICC, Dongxing Securities, and Xinda Securities, which, if completed, will create a new model for industry integration with total assets exceeding 1 trillion yuan [5] - The margin trading balance reached a historical high of 2.551734 trillion yuan by December 29, 2025, accounting for 2.59% of the A-share market's circulating market value, with a 288% year-on-year increase in new accounts opened in September 2025 [6] Group 2: Regulatory and Structural Changes - The China Securities Regulatory Commission revised and renamed the "Securities Company Classification Evaluation Regulations" in 2025, focusing on guiding the industry to serve national strategies and enhancing professional capabilities [7] - AI applications in securities firms accelerated, with leading institutions showcasing advancements at the 2025 World Artificial Intelligence Conference, enhancing capabilities in investment research and risk control [8] Group 3: Leadership and Talent Dynamics - Over 10 chief economists in the securities industry changed positions in 2025, primarily due to the merger wave, indicating a significant reshuffling of talent [9] - More than 50 securities firms experienced changes in leadership roles, with approximately one-third of firms undergoing a "leadership change," driven by factors such as retirement and shareholder changes due to mergers [10] Group 4: Market Competition and Trends - Despite the rising trend of "anti-involution," a price war among securities firms intensified, with commission rates dropping to as low as 0.01% and financing rates falling below 4%, highlighting the need for the industry to return to its core financial services [11] - Securities firms were first included as issuers of Sci-Tech Innovation Bonds in May 2025, with total issuance exceeding 80 billion yuan since then, enhancing their competitive edge [12] - The wave of public fund business that began in 2022 receded in 2025, with several institutions withdrawing their applications for public fund qualifications, indicating a shift in business models [14]

Group 1 - The core theme of the article is the significant increase in mergers and acquisitions (M&A) activities in the A-share market in 2025, with a total of 4,515 projects reported, marking a 1.64% year-on-year growth and a total transaction value exceeding 19.1 trillion yuan, up 5.83% year-on-year [2][3] - Major asset restructuring events have surged, with 148 significant M&A transactions recorded, reflecting a 49.49% increase year-on-year [2] - The central state-owned enterprises (SOEs) are the main drivers of large-scale M&A projects, with 23 projects exceeding 10 billion yuan, highlighting their pivotal role in the market [4] Group 2 - The transformation of the capital market from a financing-centric model to a resource allocation-focused model is emphasized, driven by policy support and industrial dynamics [3] - The restructuring activities are not merely about transaction recovery but signify a structural change aimed at enhancing productivity and innovation within industries [3][7] - The focus of M&A transactions has shifted towards technology innovation and industrial upgrades, with companies seeking to acquire key technologies and enter emerging sectors [7] Group 3 - Notable M&A cases include China Shenhua's acquisition of 12 core enterprises from its controlling shareholder, with a total transaction value of 133.6 billion yuan, and CICC's proposed merger with Dongxing Securities and Xinda Securities, valued at 114.3 billion yuan [5][6] - The market has seen various "firsts" in M&A transactions, such as cross-industry mergers and acquisitions following the implementation of new regulatory frameworks [6] - Despite the termination of the merger between Haiguang Information and Zhongke Shuguang, the semiconductor and high-tech industries continue to see active M&A activities, indicating sustained interest in these sectors [8]

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：东兴证券订阅号 衷心祝愿大家在新的一年里： 身体健康，事业腾达！ 阖家幸福，万事胜意！ 元旦快乐，新年大吉！ 日月辉映新程，天地常开胜境。当时针划过砥砺深耕的2025年，我们满怀信心步入蓄势腾飞的2026年。 在这辞旧迎新的美好时刻，我谨代表东兴证券党委、董事会及经营管理团队，向全体员工，向长期关心 支持公司发展的各级领导、广大客户与投资者、员工家属及社会各界朋友，致以新年的诚挚问候和美好 祝愿！ 岁月铭刻奋斗足迹，时代见证拼搏身影。刚刚过去的2025年，是国家"十四五"规划圆满收官的关键之 年，也是东兴证券深化改革、提质增效的攻坚之年。我们亲历了全面深化改革向纵深推进的宏伟实践， 见证了资本市场基础制度持续完善的坚实步伐，也参与了金融服务实体经济质效提升的时代进程。 这一年，我们持续深化党的创新理论武装，全面贯彻落实党的二十大和二十届历次全会以及中央经济工 作会议精神，服务大局的站位实现新提高。这一年，我们开展深入贯彻中央八项规定精神学习教育，持 续推进全面从严治党，风清气正的发展生态呈现新气象。这一年，我们全力推动战略转型落地 ...

Core Insights - The year 2025 marked significant transformations in China's capital market, characterized by index breakthroughs and ecological restructuring, including the Shanghai Composite Index surpassing 4000 points and the handling of the Dongxu Group's 600 billion yuan fraud case [1][10] Group 1: Major Transformations - The most important ideological shift was from "heavy financing" to "coordinated investment and financing," emphasizing a balanced ecosystem and investor returns through improved systems for dividends, buybacks, and mergers [2][12] - A strong consensus emerged around market value management, transitioning from a niche practice to a standard across the market, with 1001 A-share companies disclosing value management systems by November, a fivefold increase from earlier in the year [2][12] Group 2: Key Market Trends - The hottest sectors were AI and hard technology, with the launch of DeepSeek-R1 in January triggering a massive influx of capital into the AI industry chain, leading to a significant revaluation of related stocks [2][13] - A major shift in funding structures occurred, with insurance and social security funds increasing equity asset allocations, and a "deposit migration" trend among residents as savings rates fell below 1% [2][14] Group 3: Regulatory Environment - 2025 was marked by stringent regulatory enforcement, highlighted by the forced delisting of major companies like Dongxu Group for significant fraud, with over 60 companies delisted throughout the year [3][5] - The year also saw a focus on mergers and acquisitions as a strategic solution for asset revaluation, with notable transactions including Guotai Junan's acquisition of Haitong Securities [3][15] Group 4: Notable Reforms - The launch of the "1+6" reform series for the Sci-Tech Innovation Board aimed to enhance the inclusivity and adaptability of the capital market, facilitating the listing of unprofitable companies [5][16] Group 5: Market Performance - The Shanghai Composite Index reached a ten-year high, crossing the 4000-point mark for the first time since August 2015, reflecting a significant recovery in market confidence [6][16] - The total trading volume of A-shares reached a record 29.92 trillion shares, with a total transaction value exceeding 419.86 trillion yuan, marking a 63% increase from 2024 [6][16] Group 6: Unexpected Developments - Hong Kong's stock market made a remarkable comeback, becoming the world's best-performing market with IPO fundraising returning to the top globally and the Hang Seng Index achieving its best annual performance since 2017 [7][17] - The most profitable new stocks were the domestic GPU companies, Moer Thread and Muxi Co., with record profits from initial public offerings, indicating strong market support for domestic GPU alternatives [8][18]