【大河财立方消息】12月30日，中国银行间市场交易商协会发布《关于2025年非金融企业债务融资工具 承销业务相关会员申请从事承销相关业务市场评价结果的公告》，增加8家非金融企业债务融资工具一 般主承销商、1家科技创新非金融企业债务融资工具主承销商、15家非金融企业债务融资工具承销商。 主承销商及承销商应按照相关要求，设立主承销及承销业务相关部门，配备专职主承销及承销业务人 员，建立健全主承销及承销业务操作规程、风险管理和内部控制制度，规范开展非金融企业债务融资工 具主承销及承销业务。 新增财通证券股份有限公司、第一创业证券承销保荐有限责任公司、华创证券有限责任公司等8家会员 为非金融企业债务融资工具一般主承销商。 | | 新增非金融企业债务融资工具一般主承销商名单 | | --- | --- | | 序号 | 机构名称 | | 1 | 财通证券股份有限公司 | | 2 | 第一创业证券承销保荐有限责任公司 | | 3 | 华创证券有限责任公司 | | 4 | 华泰联合证券有限责任公司 | | 5 | 山西证券股份有限公司 | | 6 | 西部证券股份有限公司 | | 7 | 摩根大通银行(中国)有限公司 | ...

Core Viewpoint - The Securities Association of China released the performance evaluation results for investment banking, bond underwriting, and financial advisory services for the year 2024, indicating a total of 93 securities firms engaged in investment banking, with 12 classified as A-level, 66 as B-level, and 15 as C-level [1][10]. Investment Banking - Among the 93 securities firms involved in investment banking, 12 firms received an A classification, including Dongwu Securities, Guojin Securities, Guotai Junan, and CITIC Securities [1][3]. - The majority of firms, 66, were classified as B, while 15 firms were rated C [1][10]. Bond Underwriting - For the bond underwriting and entrusted management business, 95 securities firms were evaluated, with 14 classified as A, 62 as B, and 19 as C [5][7]. - A-level firms in this category include Caixin Securities, Dongwu Securities, and Guotai Junan [5][7]. Financial Advisory - In the financial advisory sector, 30 securities firms were evaluated, with 5 classified as A, 19 as B, and 6 as C [5][10]. - A-level firms in financial advisory include Huatai United and Galaxy Securities [8][9]. Overall Evaluation - The evaluation results reflect the overall quality of practice among the firms and align with market expectations, promoting improvements in operational quality, internal control, and service capabilities [10].

Core Viewpoint - The article discusses the continuation of a moderately loose monetary policy in China, emphasizing the flexible and efficient use of various policy tools such as reserve requirement ratio (RRR) cuts and interest rate reductions, as indicated in the recent Central Economic Work Conference and the People's Bank of China's fourth quarter meeting [3][5][13]. Monetary Policy Signals - The shift from "timely RRR cuts and interest rate reductions" to "flexibly and efficiently using RRR cuts and interest rate reductions" suggests that there is still room for RRR cuts and interest rate reductions if necessary, based on domestic and international economic conditions [5][6]. - RRR cuts and interest rate reductions are not the only options for maintaining liquidity; other quantitative adjustment tools can also be utilized [5]. - There is potential for improving the quality and efficiency of monetary policy, such as enhancing the role of large banks in serving the real economy and optimizing the use of structural monetary policy tools [6]. Current Monetary Policy Context - The actual implementation of monetary easing in 2025 appears to be less aggressive than in 2024, with only one RRR cut of 50 basis points compared to two cuts totaling 100 basis points the previous year [7]. - The use of various monetary tools has led to a gradual emergence of counter-cyclical adjustment effects, with a net monetary injection of 591.6 billion yuan in the first eleven months of the year, contrasting with a net withdrawal of 3.09 trillion yuan in the same period last year [8]. Interest Rate Trends - Despite the shift to a moderately loose monetary policy, the yield on 10-year government bonds has rebounded by 16 basis points, attributed to the market's anticipation of monetary easing being priced in earlier [9]. - The average interest rates for new corporate loans and personal housing loans have decreased, indicating a decline in overall financing costs [9]. Policy Coordination - The emphasis on enhancing policy "coordination" reflects a need for a more integrated approach to monetary policy, fiscal policy, and other economic policies to foster domestic demand-driven growth [10][11]. - The integration of existing policies and the introduction of new measures are crucial for effectively releasing policy effects and ensuring consistency across various economic policies [11]. Future Monetary Policy Directions - The focus for 2026 will be on increasing counter-cyclical and cross-cyclical adjustments, balancing short-term and long-term goals, and ensuring that monetary policy supports key sectors while preventing excessive policy fluctuations [12][13]. - The central bank aims to build a robust monetary policy framework and enhance financial market stability, with a focus on risk prevention and management [14][15].

新华财经北京12月30日电 中国银行间市场交易商协会发布《关于2025年非金融企业债务融资工具承销 业务相关会员申请从事承销相关业务市场评价结果的公告》，增加8家非金融企业债务融资工具一般主 承销商、1家科技创新非金融企业债务融资工具主承销商、15家非金融企业债务融资工具承销商。 新增财通证券股份有限公司、第一创业证券承销保荐有限责任公司、华创证券有限责任公司等8家会员 为非金融企业债务融资工具一般主承销商。 主承销商及承销商应按照相关要求，设立主承销及承销业务相关部门，配备专职主承销及承销业务人 员，建立健全主承销及承销业务操作规程、风险管理和内部控制制度，规范开展非金融企业债务融资工 具主承销及承销业务。 主承销商获得主承销业务资格后，须与具备独立主承销能力的主承销商联合开展主承销业务。根据要 求，具备一定联席主承销业务经验后，可独立开展非金融企业债务融资工具主承销业务。 主承销商或承销商因违法违规行为受到刑事处罚、重大行政处罚或交易商协会重大自律处分的，交易商 协会将根据《市场评价规则》等自律规则暂停或取消其承销业务相关资格。 | 新增科技创新非金融企业债务融资工具主承销商名单 | | --- | | ...

Core Viewpoint - The China Securities Association (CSA) has released the results of the evaluation of the underwriting business, bond business, and financial advisory services of securities firms, aiming to enhance the quality of practice and better serve the real economy and new productive forces [1][8]. Group 1: Evaluation Results - The evaluation of underwriting business included 93 securities firms, with results categorized into A, B, and C grades: 12 firms received A, 66 received B, and 15 received C [1][4]. - The bond business evaluation covered 95 firms, resulting in 14 firms rated A, 62 rated B, and 19 rated C [4][6]. - For the financial advisory services related to major asset restructuring, 30 firms participated, with 5 rated A, 19 rated B, and 6 rated C [6][8]. Group 2: Evaluation Criteria - The evaluation categories reflect the relative levels of practice quality, internal control systems, and service capabilities in underwriting, bond issuance, and financial advisory services, without assessing the creditworthiness or business qualifications of the firms [3][4]. - The CSA aims to guide firms to shift from price competition to value competition, enhancing the professionalism and influence of their underwriting services [8]. Group 3: Future Directions - The CSA plans to revise the evaluation indicators to further improve the quality of practice and guide firms towards function-oriented operations [8].

Group 1: Economic Policy Outlook - The central economic work conference has set the tone for 2026, emphasizing the continuation of proactive fiscal and moderately loose monetary policies, with expectations for further space in both areas during the "14th Five-Year Plan" period [3][6] - The fiscal deficit rate for 2026 is likely to remain the same as this year, but total fiscal spending may slightly increase due to economic growth, maintaining a certain level of fiscal intensity [6][7] - Monetary policy is expected to be more flexible and efficient, with options for reserve requirement ratio cuts and interest rate reductions, as well as the continued use of structural monetary policy tools [6][8] Group 2: Domestic Demand and Investment - The primary task for economic work in 2026 is to expand domestic demand, with consumption and investment as the dual engines, addressing current issues of weak internal momentum and insufficient interaction between consumption and investment [9][10] - The government aims to strengthen domestic circulation and improve the interaction between domestic and international cycles, preparing for long-term and complex international economic challenges [9][10] - Measures to boost investment include increasing central budget investment, optimizing the use of local government special bonds, and enhancing the role of new policy financial tools to stimulate private investment [11] Group 3: Currency and Exchange Rate - The RMB exchange rate has shown resilience against external pressures, with expectations for a moderate appreciation in 2026, although caution is advised against unilateral bets on the RMB's performance due to mixed influencing factors [13][14] - The central economic work conference reiterated the goal of maintaining the RMB exchange rate's basic stability, balancing against excessive depreciation or appreciation [15][16] Group 4: Gold Price Trends - The outlook for gold prices is cautiously optimistic, supported by the logic of "gold re-monetization" and "global asset rebalancing," with a shift in demand from central banks to private investors [17][18] - The current gold price rally is driven by both central bank purchases and increasing private investment demand, indicating a potential for further price increases [18]

Core Insights - The A-share private placement market is experiencing a significant recovery, with 155 listed companies raising a total of 824.45 billion yuan in 2025, nearly quadrupling the 206.65 billion yuan raised in 2024 and surpassing the 780.45 billion yuan raised in 2022 [1][5][11] Group 1: Market Recovery - The surge in fundraising is attributed to multiple favorable factors, including a stable market since September 2024, improved market capacity, and a shift towards more lenient refinancing policies [7][8][9] - The completion rate for fundraising in 2025 reached 98.81%, a significant increase of 12.25 percentage points compared to 2024, indicating strong market support for quality projects [5][6][11] Group 2: Underwriting Landscape - The total underwriting amount for private placements by securities firms in 2025 soared to 716.89 billion yuan, more than five times the 140.57 billion yuan in 2024 [11][12] - CITIC Securities led the underwriting market with 188.56 billion yuan, followed by Guotai Junan and Bank of China, which ranked second and third respectively [11][12] - Despite the increase in underwriting amounts, the total revenue from underwriting activities only slightly rose to 1.05 billion yuan, reflecting intense competition in the industry [11][12]

证券之星消息，12月29日证券板块较上一交易日下跌0.64%，中银证券领跌。当日上证指数报收于 3965.28，上涨0.04%。深证成指报收于13537.1，下跌0.49%。证券板块个股涨跌见下表： 从资金流向上来看，当日证券板块主力资金净流出28.01亿元，游资资金净流入10.08亿元，散户资金净流 入17.94亿元。证券板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600030 | 中信证券 | 2453.48万 | 0.93% | -152.77万 | -0.06% | -2300.71万 | -0.88% | | 601108 财通证券 | | 2115.96万 | 4.18% | -3325.56万 | -6.57% | 1209.60万 | 2.39% | | 600906 财达证券 | | 675.91万 | 7.56% | -197.94万 | -2.21% | -477 ...

12月29日，杰普特涨5.48%，截至发稿，报146.41元/股，成交2.54亿元，换手率1.88%，总市值139.16亿 元。 资料显示，深圳市杰普特光电股份有限公司位于广东省深圳市龙华区观湖街道鹭湖社区观盛五路8-1号 科姆龙科技园A栋1201，成立日期2006年4月18日，上市日期2019年10月31日，公司主营业务涉及研 发、生产和销售激光器以及主要用于集成电路和半导体光电相关器件精密检测及微加工的智能装备。主 营业务收入构成为：激光器53.32%，激光/光学智能装备38.19%，其他主营业务6.61%，光纤器件 1.81%，其他(补充)0.07%。 截至发稿，张丽新累计任职时间3年7天，现任基金资产总规模1.48亿元，任职期间最佳基金回报 11.05%， 任职期间最差基金回报3.19%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，中银证券旗下1只基金重仓杰普特。中银证券新能源混合A（005571）三季度持有股数1.72万 股， ...

12月29日，华虹公司涨5.16%，截至发稿，报112.94元/股，成交5.97亿元，换手率1.32%，总市值 1960.64亿元。 截至发稿，张丽新累计任职时间3年7天，现任基金资产总规模1.48亿元，任职期间最佳基金回报 11.05%， 任职期间最差基金回报3.19%。 责任编辑：小浪快报 中银证券优势制造股票A（011269）成立日期2021年7月8日，最新规模6576.15万。今年以来收益 60.33%，同类排名358/4197；近一年收益50.82%，同类排名488/4180；成立以来收益32.03%。 中银证券优势制造股票A（011269）基金经理为张丽新。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，中银证券旗下1只基金重仓华虹公司。中银证券优势制造股票A（011269）三季度持有股数 3.52万股，占基金净值比例为4.4%，位居第十大重仓股。根据测算，今日浮盈赚取约19.5万元。 资料显示，华虹半导体有限公司位于上海张江高科技园区哈雷路288 ...