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！ 从股价表现看，年初至今，8家券商中5家实现上涨，3家下跌，分化显著。华泰证券以37.88%的涨幅遥遥领先，长城证券、兴业证券、华西证券涨幅均超 15%。西部证券5次分红，但股价仍然微跌。更值得注意的是，首创证券以11.57%的跌幅表现最弱，呈现"高分红、低股价"的反差现象。 申万宏源证券研究认为，在"稳中求进、提质增效"的政策基调下，证券行业有望迎来监管红利释放期。当前头部券商可以通过并购重组实现优势互补，中小 券商则有望通过差异化、特色化经营实现突破，行业格局正逐步向"头部引领、特色发展"演进。尽管板块估值仍处于历史低位，但随着政策集成效应显现及 自身质效提升，券商基本面与估值错配的局面有望得到改善。 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同其观点或证实其描述。文章内容仅供参考，不构成投 资建议。投资者据此操作，风险自担。 在分红力度上，各公司呈现差异化布局。华泰证券以"每10股派1.5元"、总额13.54亿元领先其他券商，展现出头部机构的盈利厚度与回馈能力。申万宏源总 额虽达8.76 ...

Group 1 - The core viewpoint of the news is the significant asset restructuring plan announced by China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities, which aims for a share swap merger to enhance synergy and competitive advantages [1] - As of December 18, 2025, the Guozheng Securities Leading Index (399437) has decreased by 1.08%, with mixed performance among constituent stocks, including a 10% limit-up for Dongxing Securities and a 3.96% increase for CICC [1] - The trading volume remains active, fluctuating between 1.7 trillion to 2.0 trillion yuan, with a financing balance stabilizing at 2.48 trillion yuan, indicating a positive long-term trend in the market despite short-term volatility [1] Group 2 - The China Securities Regulatory Commission (CSRC) chairman mentioned optimizing evaluation indicators for quality institutions, moderately expanding capital space and leverage limits, and shifting from price competition to value competition [2] - Major brokerages have a low equity fund position of only 0.62%, with large brokerages having an average price-to-book (PB) ratio of 1.46x, indicating potential for improvement in leverage and profitability [2] - The top ten weighted stocks in the Guozheng Securities Leading Index account for 79.05% of the index, highlighting the concentration of market performance among leading securities firms [2]

新华财经上海12月18日电华泰证券研报分析认为，医药研发生产外包（CXO）行业外部扰动因素已边 际改善，伴随海外降息、国内复苏、叠加产业升级三重驱动，行业已开启新一轮高景气周期。 （文章来源：新华财经） 市场部分投资者认为国内CXO企业在新分子领域的布局优势尚不明显，区别于市场，上述研报详细阐 述了产业升级对于中国CXO行业的重要机遇，分析得到多肽、ADC、寡核苷酸等新分子在后续商业化 阶段的广阔外包潜力。外需型CXO已于2024年下半年陆续走出困境，2025年前三季度订单、收入同比 双增，美国降息+新分子订单拉动下有持续提速潜力；内需型CXO经历2023-2024年集中降价后目前订 单端已量增价稳，收入端有望于2026年起陆续迎来曙光。华泰证券看好CXO板块后续有望迎来业绩与 估值的戴维斯双击，推荐外需型且具备新分子布局优势的龙头。 ...

Core Viewpoint - The securities sector experienced a decline on December 18, with related indices showing a drop of 0.8% as of the report time [1]. Market Performance - The broker index opened at 11,415.07 and closed at 11,321.83, reflecting a decrease of 90.82 points or 0.80% [2]. - The trading volume reached 13 billion, with a turnover of 8.6 billion [2]. - The highest price recorded was 11,426.34, while the lowest was 11,306.22 [2]. Individual Stock Movements - China International Capital Corporation (CICC) and Xinda Securities saw their gains narrow to below 5%, after initially opening at the daily limit and nearly 7% higher, respectively [2]. - Dongxing Securities led the gainers with a price of 14.44, reflecting a rise of 9.98% [3]. - Xinda Securities and CICC reported increases of 4.89% and 4.84%, respectively [3]. - On the downside, Zhongyin Securities fell over 4%, with other firms like CITIC Securities, Huatai Securities, and China Galaxy also experiencing declines [4].

（文章来源：每日经济新闻） 每经AI快讯，12月18日，证券板块高开低走，中金公司、信达证券涨幅收窄至5%，中银证券跌超3%， 中信建投、华泰证券跟跌。 ...

Group 1 - On December 17, Huatai Securities experienced a stock price increase of 6.09%, with a trading volume of 4.629 billion yuan. The margin trading data indicated a financing buy of 744 million yuan and a repayment of 713 million yuan, resulting in a net financing purchase of 30.61 million yuan. The total margin trading balance reached 6.144 billion yuan as of December 17 [1] - The financing balance of Huatai Securities on December 17 was 6.128 billion yuan, accounting for 3.54% of the circulating market value, which is below the 10% percentile level over the past year, indicating a low level of financing [1] - In terms of securities lending, on December 17, Huatai Securities repaid 79,700 shares and sold 149,400 shares, with a selling amount of 3.5378 million yuan based on the closing price. The remaining securities lending volume was 703,700 shares, with a balance of 16.6636 million yuan, which exceeds the 90% percentile level over the past year, indicating a high level of securities lending [1] Group 2 - As of September 30, Huatai Securities had 195,500 shareholders, a decrease of 6.96% from the previous period. The average number of circulating shares per person increased by 7.62% to 38,566 shares [2] - For the period from January to September 2025, Huatai Securities reported operating revenue of 27.129 billion yuan, a year-on-year decrease of 13.67%. The net profit attributable to shareholders increased by 1.69% to 12.733 billion yuan [2] - Since its A-share listing, Huatai Securities has distributed a total of 42.893 billion yuan in dividends, with 13.994 billion yuan distributed in the last three years [3]

Core Viewpoints - The characteristics of trading driven by overseas macro events have become evident this year, with increased radiation and linkage to the domestic market. The focus has shifted from being primarily economy-driven to multiple channels including economy, geopolitics, AI industry trends, and global liquidity [1][5][36] - Four main paths of overseas influence on the domestic market need close attention in the coming year: external demand affecting profit expectations, AI chains contributing to market hotspots, reduced geopolitical risks, and positive impacts of overseas liquidity and RMB appreciation on domestic assets [1][20][59] Group 1: Overseas Influence on Domestic Market - Despite the impact of tariffs, China's export growth has remained robust, with a cumulative year-on-year increase of 5.4% in export value for the first 11 months, and a trade surplus increase of 21%. Net exports contributed 29% to GDP, surpassing the 17.5% contribution from investment [5][43] - The global economic outlook suggests a dual easing of fiscal and monetary policies, providing strong support for domestic growth through external demand. The structural shift in exports towards Africa and ASEAN has effectively countered declines in exports to the US [5][43][54] - Domestic enterprises are actively expanding into overseas markets, potentially creating a second growth curve, with leading companies likely to break through first. China's foreign direct investment is expected to reach nearly $200 billion in 2024, contrasting with a decline in global FDI [7][45] Group 2: Geopolitical Changes - Geopolitical changes are expected to influence market risk preferences in the short term and the restructuring of global order in the long term. China's response to trade tensions has demonstrated strategic resolve, and the market is becoming less sensitive to US tariff policies [10][49] - The trend towards regional integration and de-dollarization is accelerating, with a focus on self-sufficient supply chains. This context reduces tail risks and enhances the strategic value of scarce resources and capital goods [10][49] Group 3: AI Industry Trends - The AI wave has generated hotspots in the domestic market, primarily impacting hardware profitability and leading to valuation increases in applications. The market has experienced two rounds of AI-related trends this year, with a focus on hardware profitability and the need for actual earnings realization [12][51] - As overseas AI investments deepen, their influence is beginning to spill over into other asset classes, with a shift from "chip shortages" to "electricity shortages" becoming evident. This shift is expected to increase demand for power equipment and copper [13][52] Group 4: Monetary Policy and Currency Trends - The Federal Reserve's easing cycle, narrowing of the US-China interest rate differential, and gradual appreciation of the RMB are favorable for domestic asset performance. The trade surplus remains high, and the willingness of enterprises to convert currency has increased significantly [15][54] - The RMB is expected to continue appreciating, supported by a substantial potential for currency conversion funds and the anticipated further rate cuts by the Federal Reserve in the coming year [15][54] Group 5: Market Conditions and Recommendations - The domestic bond market is facing redemption pressures, with skepticism about the long-term interest rate support. The market is expected to experience volatility, with a focus on short- to medium-term credit bonds as relatively safe choices [39][60] - In the stock market, there is a consensus expectation for a spring rally, but the lack of earnings support may limit upward potential. Key sectors to watch include technology growth, commercial aerospace, and robotics, alongside cyclical and resource sectors [39][62]

此前中伟新材公布，根据《上海证券交易所沪港通业务实施办法》和《深圳证券交易所深港通业务实施 办法》的有关规定，公司于香港联合交易所有限公司发行并上市的股票(以下简称"H股")自2025年12月 15日起调入沪港通及深港通标的证券名单。 香港联交所最新资料显示，12月17日，中伟新材(02579)股东将股票由摩根士丹利香港证券转入华泰证 券，转仓市值4.53亿港元，占比16.53%。 ...

此前中伟新材公布，根据《上海证券交易所沪港通业务实施办法》和《深圳证券交易所深港通业务实施 办法》的有关规定，公司于香港联合交易所有限公司发行并上市的股票(以下简称"H股")自2025年12月 15日起调入沪港通及深港通标的证券名单。 智通财经APP获悉，香港联交所最新资料显示，12月17日，中伟新材(02579)股东将股票由摩根士丹利香 港证券转入华泰证券，转仓市值4.53亿港元，占比16.53%。 ...

人民财讯12月18日电，华泰证券研报称，CXO行业外部扰动因素已边际改善，伴随海外降息、国内复 苏、叠加产业升级三重驱动，行业已开启新一轮高景气周期。市场部分投资者认为国内CXO企业在新 分子领域的布局优势尚不明显，区别于市场，华泰证券在报告中详细阐述了产业升级对于中国CXO行 业的重要机遇，分析得到多肽、ADC、寡核苷酸等新分子在后续商业化阶段的广阔外包潜力。外需型 CXO已于2024年下半年陆续走出困境，2025年1—3季度订单、收入同比双增，美国降息+新分子订单拉 动下有持续提速潜力；内需型CXO经历2023—2024年集中降价后目前订单端已量增价稳，收入端有望 于2026年起陆续迎来曙光。华泰证券看好CXO板块后续有望迎来业绩与估值的戴维斯双击，推荐外需 型且具备新分子布局优势的龙头。 ...