Group 1 - In 2025, the Chinese M&A market saw a total of 5,086 announced transactions, a decrease of 20.27% year-on-year, while the total transaction amount reached 2,373.515 billion yuan, an increase of 29.08% [7] - The completed transactions in 2025 amounted to 3,342, a slight increase of 0.45% year-on-year, with a total transaction value of 1,485.131 billion yuan, up 54.41% year-on-year, indicating a structural optimization trend in the market [9][10] - The Guangdong province continued to lead the M&A market in China, benefiting from the dual innovation drive of the Guangdong-Hong Kong-Macao Greater Bay Area, with electronic information, traditional manufacturing, healthcare, and energy mining being the hot sectors [10][31][32] Group 2 - In 2025, private equity funds showed a recovery in exit numbers, with 469 exits, a year-on-year increase of 22.77%, and a total capital recovery of 64.215 billion yuan, up 8.54% year-on-year [17] - Notable exits included TCL Technology's acquisition of a 21.53% stake in Shenzhen Huaxing Optoelectronics for 11.562 billion yuan and Silex Group's acquisition of Chongqing Liangjiang New Area Longsheng New Energy for 3.509 billion yuan [20][21] Group 3 - In 2025, there were 20 M&A transactions exceeding 10 billion yuan, with the largest being China Shipbuilding Industry's acquisition of China Shipbuilding Heavy Industry for 115.15 billion yuan, marking a significant milestone in China's shipbuilding industry [23] - Major domestic M&A cases included Guotai Junan's merger with Haitong Securities for approximately 97.609 billion yuan and Shandong Hongchuang's acquisition of Shandong Hongtu for 63.518 billion yuan [24][25] Group 4 - The cross-border M&A market in 2025 saw a total of 144 transactions, with outbound M&A accounting for 79 and inbound M&A for 65, reflecting a year-on-year decline of 13.77% [26] - Notable cross-border transactions included Midea Group's acquisition of Teka Group for 8.287 billion yuan and Zijin Mining's acquisition of Newmont Golden Ridge for 7.315 billion yuan [27][29] Group 5 - The M&A market in 2025 was characterized by a structural differentiation of "quantity reduction and price increase," with a notable shift from quantity dividends to quality dividends [10] - The electronic information sector led the number of transactions with 579 deals, accounting for 17.32%, while the financial sector had the largest disclosed transaction value at 203.596 billion yuan, representing 13.71% of the total [34][36]

香港联交所最新资料显示，1月15日，易方达基金管理有限公司减持国泰海通（02611）466.8万股，每 股作价17.2641港元，总金额约为8058.88万港元。减持后最新持股数目约为2.41亿股，最新持股比例为 6.87%。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 香港联交所最新资料显示，1月15日，易方达基金管理有限公司减持国泰海通（02611）466.8万股，每 股作价17.2641港元，总金额约为8058.88万港元。减持后最新持股数目约为2.41亿股，最新持股比例为 6.87%。 责任编辑：卢昱君 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 ...

Group 1 - The core point of the article is that E Fund Management Co., Ltd. has reduced its stake in Cathay Securities (02611.HK) by selling 4.668 million shares at an average price of HKD 17.2641 per share, amounting to approximately HKD 80.589 million [1] - After the reduction, E Fund's total shareholding in Cathay Securities is now 240,954,189 shares, which represents a decrease in ownership from 7.01% to 6.87% [1]

格隆汇1月22日丨根据联交所最新权益披露资料显示，2026年1月15日，国泰海通(02611.HK)遭易方达基金管理有限公司在场内以每股均价17.2641港元减持 466.8万股，涉资约8058.9万港元。 减持后，易方达基金管理有限公司最新持股数目为240,954,189股，持股比例由7.01%下降至6.87%。 | 股份代號: | 02611 | | --- | --- | | 上市法國名稱: | 國泰海通證券股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 22/12/2025 - 22/01/2026 | | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 費出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | | --- | --- | --- | --- | --- | --- | --- | | | 股份數量 | 原因 | | | ( 請参関上述 * 註 | | | | | | | | 份百分比 避 | | | Company of the control of the consideration of | | | ...

（编辑 袁冠琳） 证券日报网讯 1月21日，千味央厨发布公告称，控股股东共青城城之集企业管理咨询有限公司解除质押 4460000股，占其持股11.18%，占公司总股本4.59%，质押起始日为2025年3月13日，解除日为2026年1 月20日，质权人为国泰海通证券股份有限公司。 ...

香港联交所最新资料显示，1月15日，易方达基金管理有限公司减持国泰海通（601211）(02611)466.8万 股，每股作价17.2641港元，总金额约为8058.88万港元。减持后最新持股数目约为2.41亿股，最新持股 比例为6.87%。 ...

Report Investment Rating - No investment rating for the industry is provided in the report. Core Viewpoints - The short - term safe - haven situation has changed with the decline of trade - war safe - haven demand and the rise of geopolitical risks. The weakening US employment and moderate inflation still support the expectation of interest rate cuts. [1] - The geopolitical risks have increased due to Trump's statement on the Greenland issue and the strong responses from European countries. [1] - In terms of the monetary attribute, the US December CPI increase met expectations, but household food and rent expenditures rose. The US December employment growth almost stagnated, and the unemployment rate decline alleviated concerns about the deterioration of the labor market. The market expects the Fed not to cut interest rates in January 2026 with a probability of around 95%, and the next possible rate cut may be in June. [1] - Regarding the commodity attribute, the Polish central bank plans to buy up to 150 tons of gold. Silver is supported by tight supply. Platinum has strong demand expectations for platinum - based catalysts in the hydrogen energy industry. Palladium has short - term demand resilience but faces long - term structural pressure in the fuel - vehicle market. [1] - It is expected that precious metals will show short - term volatile strength, medium - term high - level volatility, and long - term step - up trends. [1] Summary by Related Catalogs Gold - Strategy: Conservative investors should wait and see, while aggressive investors can buy on dips. Good position management and strict stop - loss and take - profit are recommended. [2] - Price: Comex gold active contract closed at $4769.10 per ounce, up 3.65% from the previous day and 3.80% from the previous week. London gold was at $4747.80 per ounce, up 1.73% from the previous day and 2.70% from the previous week. [2] - Position and Inventory: Comex gold position was 527,455 hands, up 9.46% from the previous week. LBMA gold inventory was 8598 tons, unchanged from the previous week. [2] Silver - Strategy: Conservative investors should wait and see, while aggressive investors can buy low and sell high. Good position management and strict stop - loss and take - profit are recommended. [4] - Price: Comex silver active contract closed at $89.95 per ounce, up 5.63% from the previous week. London silver was at $93.01 per ounce, up 2.43% from the previous day and 10.63% from the previous week. [4] - Position and Inventory: Comex silver position was 151,513 hands, down 1.13% from the previous week. The total visible inventory was 42,214 tons, down 0.90% from the previous week. [4] Platinum - Strategy: Conservative investors should wait and see, while aggressive investors can buy low and sell high. Good position management and strict stop - loss and take - profit are recommended. [6] - Price: NYMEX platinum active contract closed at $2272.90 per ounce, down 2.03% from the previous day but up 17.68% from the previous week. The platinum main contract on the GQEX closed at 686.95 yuan per gram, up 4.46% from the previous day and 26.60% from the previous week. [7] - Position and Inventory: NYMEX platinum active contract position was 18,095 hands, down 32.56% from the previous day and 21.89% from the previous week. NYMEX platinum total inventory was 21 tons, up 4.80% from the previous week. [7] Palladium - Strategy: Conservative investors should wait and see, while aggressive investors can buy low and sell high. Good position management and strict stop - loss and take - profit are recommended. [10] - Price: NYMEX palladium active contract closed at $1821.00 per ounce, down 7.28% from the previous day but up 5.57% from the previous week. The palladium main contract on the GQEX closed at 529.05 yuan per gram, down 8.54% from the previous day but up 11.01% from the previous week. [10] - Position and Inventory: NYMEX palladium active contract position was 21,860 hands, up 0.86% from the previous day and 2.30% from the previous week. NYMEX palladium total inventory was 6 tons, up 3.49% from the previous week. [10] Key Fundamental Data of Precious Metals - Fed Indicators: The upper limit of the federal funds target rate is 3.75%, down 0.25% from the previous value. The Fed's total assets are $6632.72 billion, up 0.00% from the previous value. [11] - US Economic Indicators: GDP annualized year - on - year growth rate is 2.30%, up 0.30% from the previous value; annualized quarter - on - quarter growth rate is 4.30%, up 0.50% from the previous value. [11] - Geopolitical and Market Indicators: The geopolitical risk index is 295.76, up 62.59% from the previous day and 86.38% from the previous week. The VIX index is 20.09, up 6.63% from the previous day and 25.72% from the previous week. [13]

智通财经APP获悉，香港联交所最新资料显示，1月15日，易方达基金管理有限公司减持国泰海通 (02611)466.8万股，每股作价17.2641港元，总金额约为8058.88万港元。减持后最新持股数目约为2.41亿 股，最新持股比例为6.87%。 ...

2026年1月21日，沃尔德披露接待调研公告，公司于1月19日至1月21日接待淡水泉、民生证券、国泰海 通、泰康资产、磐耀资产、银叶投资等16家机构调研。 Q：公司金刚石功能材料未来发展方向？ 调研情况显示，沃尔德金刚石微钻项目未来发展方向主要为PCB板和半导体应用高硬脆性材料的孔加 工。其中，半导体应用领域已取得行业领先优势，产品系列、应用案例及营收规模逐步增加；PCB板孔 加工为公司下一步重点发展的下游行业，目前尚处于研发验证阶段，未实现营业收入，未来能否贡献业 绩存在较大不确定性。 在PCB板孔加工领域，公司内部验证显示，以M9的PCB板、板厚3．5mm、金刚石微钻直径0．25mm为 例，可实现孔加工数量8000＋个孔（未断针），但后续需面临工艺匹配、成本控制、规模化稳定性等多 重验证，且因PCB板材结构、厚度不同，需进一步开发并优化多系列产品以完成定型和量产，未来规模 化收入存在较大不确定性。公司与PCB客户的合作遵循市场化原则，具体客户、订单及测试信息属商业 保密范畴，重大业务合作将依法及时披露。 公司将金刚石功能材料作为增长第二曲线，持续探索其在声、光、电、热等领域的应用，已具备CVD 金刚石制备 ...

该行预计，交投活动叠加基数效应下，上市券商业绩显著改善，归母净利润同比+46.4%。该行预计42 家上市券商2025年调整后营业收入(营业收入-其他业务成本)同比提升34.1%至5657亿元，归母净利润同 比提升46.4%至2164亿元，其中Q4单季利润473亿元，同比+8%/环比-27%。 国泰海通发布研报称，中长期资金入市带来的财富效应，将接续带动居民资金入场，叠加零售等业务驱 动下券商业绩有望逐步释放，该行继续看好配置力量(含居民资金入市)+业绩改善的双轮驱动的券商板 块行情。板块受益配置力量与业绩弹性共振，更看好优质头部及财富管理特色标的。建议增持受益增量 资金入市的优质头部券商，推荐华泰证券(601688.SH)、中金公司（601995）(03908)。 报告中称，交投活跃推动市场成交额及两融余额高增，驱动零售业务高增，叠加自营业务修复，是券商 业绩增长的主要支撑。从上市券商2025年各项业务收入对营收增量贡献度看，该行预计经纪及信用业务 合计贡献50.4%，投资业务贡献45.5%。1)零售业务方面，全年日均股基成交额达20576亿元，同比提升 70%，日均两融余额达20793万亿元，同比提升33% ...