Group 1 - The core viewpoint of the report is that Sinopec Engineering (02386) is acquiring the East China Pipeline Design Institute, which will enhance the company's qualifications in the pipeline transportation sector and strengthen its overall competitiveness [1][2]. - The acquisition price for the East China Pipeline Design Institute is set at 191 million yuan [2]. - The East China Pipeline Design Institute, established in 1993, specializes in the storage and transportation of petroleum and chemical products, and has a net profit of 10.48 million yuan for 2024, with a net asset value of 168 million yuan as of August 31, 2025 [3]. Group 2 - The acquisition will consolidate the company's capabilities in providing integrated EPC services across the entire business chain, from design to procurement and construction [3]. - The transaction will enhance the company's qualifications and execution capabilities in long-distance pipelines and storage facilities, facilitating entry into emerging markets such as hydrogen pipelines and aviation fuel pipelines [3]. - The company has seen a rapid increase in new contracts, with a total of 91.3 billion yuan signed in the first three quarters of 2025, representing a year-on-year growth of 24.4%, including 54.5 billion yuan domestically and 36.9 billion yuan overseas [4].

Core Viewpoint - The acquisition of the East China Pipeline Design Institute by Sinopec Engineering (02386) is expected to enhance the company's qualifications in the pipeline transportation sector, thereby strengthening its overall competitiveness [1][2]. Group 1: Acquisition Details - The company announced that its wholly-owned subsidiary, Nanjing Engineering Company, signed a share transfer agreement to acquire 100% of the East China Pipeline Design Institute for a consideration of 191 million yuan [2]. - The East China Pipeline Design Institute, established in 1993, specializes in the storage and transportation of petroleum and chemical products, with a projected net profit of 10.48 million yuan for 2024 and a net asset value of 168 million yuan as of August 31, 2025 [3]. Group 2: Business Expansion and Competitiveness - The acquisition will solidify the company's integrated EPC service capabilities from design to procurement and construction, enhancing its qualifications and execution capabilities in long-distance pipelines and storage facilities [3]. - The transaction is expected to facilitate the company's entry into emerging markets such as hydrogen pipelines, aviation fuel pipelines, and long-distance chemical pipelines, as well as expand its engineering services in the Middle East [3]. Group 3: Market Growth and Contract Acquisition - The company has accelerated its domestic and international market expansion, achieving a new contract amount of 91.3 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 24.4% [4]. - The company’s uncompleted contract amount reached 215.5 billion yuan as of September 2025, reflecting a year-on-year increase of 24.8%, indicating strong future growth potential [4]. - The ongoing development of China's modern industrial system and the high-quality growth of the petrochemical industry are expected to benefit the company, particularly in the context of the Belt and Road Initiative [4].

Market Overview - The Shanghai Composite Index closed at 3952.09 points, slightly below the previous day with a change of -0.19% [1] - The total trading volume of A-shares reached 17367.28 billion yuan [1] Stocks Breaking the Annual Line - A total of 27 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - Baiana Qiancheng (300291) with a deviation rate of 13.64% and a daily increase of 20.08% [1] - Pioneer Precision (688605) with a deviation rate of 6.29% and a daily increase of 6.72% [1] - Jikai Co., Ltd. (002691) with a deviation rate of 5.66% and a daily increase of 9.95% [1] Stocks with Smaller Deviation Rates - Stocks with smaller deviation rates that have just crossed the annual line include: - Zheshang Bank (601916) with a deviation rate of 0.03% and a daily increase of 0.33% [2] - Electric Investment and Financing (000958) with a deviation rate of 0.03% and a daily increase of 0.31% [2] - West Securities (603776) with a deviation rate of 0.07% and a daily increase of 0.12% [2]

Core Viewpoint - Everbright Securities has shown a slight increase in stock price and positive financial performance indicators, indicating potential growth opportunities in the securities sector [1][2]. Group 1: Stock Performance - On December 26, Everbright Securities' stock rose by 2.05%, reaching a price of 17.89 CNY per share, with a trading volume of 4.45 billion CNY and a turnover rate of 0.65%, resulting in a total market capitalization of 824.87 billion CNY [1]. - Year-to-date, the stock price has decreased by 0.01%, but it has increased by 2.05% over the last five trading days and by 3.23% over the last twenty days, while it has decreased by 2.61% over the last sixty days [1]. Group 2: Financial Performance - For the period from January to September 2025, Everbright Securities reported operating revenue of 8.189 billion CNY, reflecting a year-on-year growth of 27.83%, and a net profit attributable to shareholders of 2.678 billion CNY, which is a year-on-year increase of 34.55% [2]. - The company has distributed a total of 17.065 billion CNY in dividends since its A-share listing, with 3.684 billion CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders of Everbright Securities reached 180,500, an increase of 15.17% from the previous period, while the average number of circulating shares per person decreased by 13.18% to 21,662 shares [2]. - Among the top ten circulating shareholders, China Securities Finance Corporation holds 130 million shares, remaining unchanged, while Hong Kong Central Clearing Limited reduced its holdings by 55.7937 million shares to 51.8749 million shares [3].

格隆汇12月26日｜据每经，光大证券策略首席分析师张宇生认为，2026年作为"十五五"开局之年，上涨 动力源于政策、产业与资金三重共振：政策端，释放产业支持、内需提振等红利；产业端，AI、先进 制造等领域技术突破催生高成长企业；资金端，居民"存款搬家"向中低风险偏好延伸，中长期资金入市 机制持续完善。 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！ ...

2025年，A股市场走出近年来少见的低波动慢牛，上证指数也时隔10年一度回到4000点上方。而在2024 年末，光大证券策略首席分析师张宇生在接受《每日经济新闻》记者专访时就曾旗帜鲜明地表示继续看 好2025年的市场。 那么，2026年A股大势是否有望迎来"三连阳"？"9·24"行情以来，在"科技牛"主导行情的背景下，未来 市场风格是否将发生一定切换？2026年市场又有哪些核心主线值得关注？在"十五五"规划开局之年，政 策将有哪些值得期待的发力点？带着这些投资者关注的问题，近日《每日经济新闻》记者（以下简称 NBD）再度对张宇生进行了独家专访。 张宇生：站在当前时点，我对2026年A股市场依然保持积极乐观，核心判断是"慢牛格局延续，结构机 会凸显"。前期市场上涨源于政策支持与资金面改善的共振，而2026年作为"十五五"规划开局之年，各 项支撑条件将更加扎实。宏观层面有政策红利持续释放，产业层面有新质生产力加速培育，资金层面有 居民资产配置向权益市场迁移的长期趋势，这些因素将共同托举市场。虽然过程中可能会有阶段性波 动，但整体向上的趋势值得期待。 NBD：如果2026年A股市场仍然有机会，您觉得市场上涨的动力来 ...

Core Viewpoint - The report from Everbright Securities indicates that the electricity trading results for Guangdong Province in 2026 are in line with expectations, with potential profitability pressure on thermal power units, while the spot market is expected to provide performance increments [1]. Group 1: Electricity Pricing and Trading - The average transaction price for thermal power is 372.14 cents/kWh, down 5.03% year-on-year, which is close to the market reference price's downward adjustment of 20% [1]. - The green electricity transaction price is 372.21 cents/kWh, with an environmental premium of 4.93 cents/kWh, leading to a comprehensive price of 377.14 cents/kWh, down 3.88% year-on-year, but higher than the mechanism price of 360 cents/kWh [1]. - The trading volume of green electricity in 2026 is expected to increase by 17.74% year-on-year, reaching 4.779 billion kWh compared to 4.059 billion kWh in 2025 [1]. Group 2: Capacity Pricing and Overall Electricity Price - Starting from January 2026, the coal power capacity subsidy in Guangdong will increase from 100 yuan/kW to 165 yuan/kW, resulting in a capacity price increase of 0.016 yuan/kWh year-on-year [2]. - The annual comprehensive electricity price for coal power units in Guangdong is projected to be 0.414 yuan/kWh, down 0.78% year-on-year, indicating stability [2]. Group 3: Market Conditions and Future Outlook - The electricity supply-demand situation in Guangdong is expected to remain loose in 2026, continuing the trend from 2025, with an anticipated increase in installed capacity [3]. - The spot market prices are expected to exhibit greater volatility due to the large-scale entry of green electricity, allowing operators to profit through flexible strategies [3]. - The functional premium of thermal power is expected to be highlighted through the spot market as green electricity enters the market in large quantities [3].

Core Viewpoint - The A-share market showed a positive trend with all three major indices closing higher, indicating a potential upward momentum as the year-end approaches [3][11]. Market Performance - The Shanghai Composite Index rose by 0.47% to close at 3959.62, the Shenzhen Component Index increased by 0.33% to 13531.41, and the ChiNext Index gained 0.30% to 3239.34 [4]. - The trading volume in the Shanghai and Shenzhen markets reached 1.92 trillion, an increase of 443 billion compared to the previous trading day, with over 3700 stocks rising [8]. Sector Highlights - The commercial aerospace sector continued its strong performance, with stocks like Shenjian Co. achieving six consecutive trading limits, and nearly 30 stocks in this sector hitting the daily limit [5]. - The robotics sector also saw significant gains, with stocks such as Chaojie Co. and Haoshi Electromechanical reaching their daily limits [6]. Capital Flow - Main capital inflows were observed in the aerospace, automotive, and insurance sectors, with notable net inflows into stocks like Aerospace Electronics (17.34 billion), Goldwind Technology (8.22 billion), and Sunshine Power (7.78 billion) [10]. - Conversely, there were net outflows from the electronics, communications, and non-ferrous metals sectors, with stocks like Shenghong Technology and Aerospace Development facing significant sell-offs [10]. Institutional Perspectives - CITIC Construction expressed that the Shanghai Composite Index is challenging the 4000-point mark, suggesting a focus on performance as the year ends [11]. - Guodu Securities indicated that the cross-year market trend has begun, with an expectation for the upward trend to continue, particularly favoring technology growth stocks [12]. - Everbright Securities noted the sustained market vitality with a seven-day upward trend in the Shanghai Composite Index, anticipating continued capital inflow and a bullish outlook for technology growth sectors [12].

息差运行：NIM仍将承压运行，降幅或收窄至6bp左右。资产端，有效信贷需求实质性转暖之前，预估 新发生贷款利率仍将下行，但鉴于成本、定价行为监管等约束，新发放贷款定价下行走势明显放缓。负 债端，考虑22-23年集中吸收的长期定期存款逐步到期，叠加自律机制点状控制和银行自身负债管理能 力提升，负债成本下行对息差收窄压力将形成缓释。 智通财经APP获悉，光大证券发布研报称，2025年银行面临有效信贷需求不足，盈利增长平缓。2026年 作为"十五五"开局之年，预计货币政策保持适度宽松，降息降准可期。信贷结构延续"对公强、零售 弱"，息差仍承压但降幅或收窄。银行板块"高股息、低估值"逻辑依然是投资主线，长期资金配置需求 有望持续。 光大证券主要观点如下： 2025年银行经营仍面临有效信贷需求不足问题 量、价、险平衡难度加大，贷款"量难增、价易降"对利息收入形成挤压，银行体系更多依靠加强债券流 转提升非息收入贡献，同时，拨备计提放缓亦有助提升银行业绩稳定性。上市银行1~3Q营业收入、归 母净利润同比增速分别为0.9%、1.5%，预计2025年全年营收、盈利增速维持小幅正增，同1-3Q大体相 当。 2026年："十五五" ...

Group 1: Overseas News - US stock market has seen five consecutive days of gains, with the Dow Jones up 0.6%, Nasdaq up 0.22%, and S&P 500 up 0.32%. Major tech companies like Apple, Meta, Microsoft, and Amazon saw increases of up to 0.53%, while Tesla, Google A, and Nvidia experienced declines of up to 0.32% [1] - Nvidia denied reports of a $200 million acquisition of AI chip startup Groq, stating that only a licensing agreement for inference technology was reached [1] - Samsung and SK Hynix are reportedly raising HBM3E prices by nearly 20% for next year [1] - Sanofi plans to acquire US vaccine company Dynavax for $2.2 billion to enhance its adult vaccine portfolio [1] Group 2: Domestic Major Events - The People's Bank of China and eight other departments issued opinions to support the construction of the Western Land-Sea New Corridor, exploring cross-border payment trials for digital RMB with Singapore [2][5] Group 3: Market Strategy Insights - Everbright Securities noted that the Shanghai Composite Index has shown strong performance with six consecutive days of gains, indicating a recovery in market sentiment and potential continued inflow of funds, particularly favoring technology growth stocks [3] Group 4: Real Estate Policy Changes - Beijing's new real estate policy, effective December 24, 2025, includes four main aspects: relaxing social security requirements for non-Beijing residents, supporting multi-child families in housing needs, optimizing commercial loan interest rates, and lowering the down payment ratio for second homes [4][5] Group 5: Digital Currency Developments - The digital RMB aims to address inefficiencies and high costs in traditional cross-border payments, with optimistic projections for transaction volumes reaching 162.4 trillion yuan by 2030 [6]