事件 2025年12月19日，日本央行发布利率决议，将政策利率(无担保隔夜拆借利率)上调0.25个百分点至0.75%，达到1995年以后30年来的最高利率水平。此次加 息是2025年1月以后，日本央行年内第二次上调政策利率。 点评 1)本次加息25bp符合市场普遍预期，投资者更关注未来政策指引。利率决议公布前，市场已充分消化加息25bp的预期，不过对于2026年日本加息时点或幅 度仍有分歧。日本央行宣布12月加息后，市场对利率决议的解读总体偏中性，日本十年期国债收益率升破2.0%，日元在震荡交易中延续跌势，日本股市 则维持上涨态势。 2)本次加息是日本央行货币政策正常化进程的重要举措。本次加息获得12月日本央行会议"全票通过"，分歧较此前央行会议显著降低。这从侧面反映出日 本货币政策紧缩周期仍将延续，释放"加息未完结"信号。 3)近期日本通胀信心强化，工资和通胀很可能继续温和同步上升。11月最新数据显示日本核心CPI同比维持3.0%，持续高于日本央行2%的目标，一定程度 上打破此前对"通胀可持续性的犹豫"，为持续加息提供逻辑支撑。 4)日本央行认为，日本经济在一定程度上存在疲软，但正温和复苏，预计实际利率将维 ...

Core Viewpoint - The report from Founder Securities indicates that AVIC Xi'an Aircraft Industry Group is expected to achieve 23 billion in related transactions over the next 26 years, with stable profitability maintained [1] Group 1: Financial Performance - The company has maintained steady growth in its performance for the first three quarters, with military aircraft tasks completed on schedule and civil aircraft products delivered as planned [1] - Projected net profits attributable to shareholders for the years 2025 to 2027 are estimated to be 1.131 billion, 1.321 billion, and 1.592 billion respectively, with corresponding EPS of 0.41, 0.47, and 0.57 [1] Group 2: Product Strength and Market Position - The company's military aircraft products are well-recognized, and its civil aircraft products have received high praise from customers, enhancing its brand image both domestically and internationally [1] - The company is actively involved in the development of new domestic large aircraft models, being selected as a supplier for key components of the C929 aircraft [1] Group 3: Future Outlook - The company is expected to open up opportunities for military trade exports due to its strengthened market position and product recognition [1] - The projected price-to-earnings ratios for the years 2025 to 2027 are 59.14, 50.63, and 42.00 respectively, maintaining a "recommended" rating [1]

Core Viewpoint - Fangzheng Securities initiates coverage on China Jinmao (00817) with a "Buy" rating, highlighting the company's advantages from its parent company Sinochem, which provides a lower financing cost, and its increasing project acquisitions in first-tier and core second-tier cities, suggesting potential sales growth driven by its strong product offerings [1][9] Group 1: Revenue and Profitability - As of the first half of 2025, the company achieved a revenue of 25.113 billion yuan, a 14% increase year-on-year, primarily due to growth in property development and Jinmao services, with land and property development contributing 20.041 billion yuan (up 17%) and Jinmao services contributing 1.783 billion yuan (up 20%) [2][10] - The company reported a net profit attributable to shareholders of 1.123 billion yuan, a slight increase of 2% year-on-year, mainly due to a reduction in marketing and management expenses by 15% and 5% respectively compared to the same period last year [2][10] Group 2: Sales Performance and Land Acquisition - From January to November 2025, China Jinmao achieved a total sales amount of 100.7 billion yuan, surpassing the full-year sales of 98.3 billion yuan in 2024, marking it as one of the few real estate companies to experience positive sales growth [3][11] - The company recorded a total land acquisition amount of 33.9 billion yuan in the same period, compared to 18.7 billion yuan for the entire year of 2024, indicating an increased willingness to acquire land and confidence in its ability to manage quality residential projects [3][11] Group 3: REITs Market Expansion - On November 21, 2025, the company announced plans to list the Sanya Ritz-Carlton hotel with a base price of 2.265 billion yuan for asset securitization, aligning with the national policy that includes four-star and above hotel projects in the infrastructure REITs category [4][12] - This move is part of the company's strategy to "activate stock and optimize increment," aiming to replicate the success of the Changsha Meixi Lake project in asset securitization [4][12]

Core Viewpoint - China Jinmao (00817) is rated "Recommended" by Founder Securities, benefiting from its parent company Sinochem's financing advantages and increasing project acquisitions in first-tier and core second-tier cities, which may enhance sales performance through its strong product offerings [1] Group 1: Financial Performance - For the first half of 2025, the company achieved a revenue of 25.113 billion yuan, a 14% year-on-year increase, driven by growth in property development and Jinmao services [2] - The land and property development segment generated 20.041 billion yuan in revenue, up 17% year-on-year, while Jinmao services contributed 1.783 billion yuan, reflecting a 20% increase [2] - The company reported a non-net profit attributable to shareholders of 1.123 billion yuan, a 2% year-on-year increase, primarily due to a reduction in marketing and management expenses by 15% and 5%, respectively [2] Group 2: Sales and Land Acquisition - From January to November 2025, China Jinmao achieved a total sales amount of 100.7 billion yuan, surpassing the full-year sales of 98.3 billion yuan in 2024, marking it as one of the few real estate companies with positive sales growth [2] - The company recorded a total equity land acquisition amount of 33.9 billion yuan from January to November 2025, compared to 18.7 billion yuan for the entire year of 2024, indicating increased confidence in its ability to manage quality residential projects [2] Group 3: REITs Market Expansion - On November 21, 2025, the company announced the listing of the Sanya Ritz-Carlton hotel with a base price of 2.265 billion yuan, aimed at asset securitization [3] - In December 2025, the National Development and Reform Commission released guidelines that included four-star and above hotel projects in the infrastructure REITs sector, allowing for the issuance of REITs in this area [3] - This listing is part of the company's strategy to "activate stock and optimize increment," potentially setting a precedent for asset securitization following the successful REITs listing of Changsha Meixi Lake [3]

Core Viewpoint - The report from Founder Securities highlights the importance of isostatic pressing technology in the production of solid-state batteries, emphasizing its advantages over traditional methods [1][2]. Group 1: Isostatic Pressing Technology - The core principle of isostatic pressing is based on Pascal's principle, where pressure is uniformly distributed in all directions within a high-pressure container [1]. - Isostatic equipment can be categorized into hot isostatic pressing, warm isostatic pressing, and cold isostatic pressing, with warm isostatic pressing being more suitable for solid-state battery applications due to its cost-effectiveness and ability to achieve higher pressure [1][2]. - The introduction of isostatic pressing in solid-state battery production allows for precise control of key parameters such as electrode density, thickness, and porosity, leading to improved ionic conductivity and mechanical strength [2]. Group 2: Industry Landscape - Overseas companies, particularly Quintus Technologies from Sweden and Hana Technology from South Korea, are leading in isostatic pressing technology, while domestic companies are rapidly advancing [3]. - Notable domestic firms that have successfully developed isostatic pressing technology include Sichuan Lieneng (20% owned by Rongqi Technology), Chuanxi Machinery (a subsidiary of AVIC), and Xian Dao Intelligent [3]. - Other domestic companies such as Liyuanheng, Naconoer, Litong Technology, and Xizhuang Co. are also expected to enter the isostatic equipment market, with a focus on companies like Xian Dao Intelligent, Rongqi Technology, and Naconoer [3].

Core Viewpoint - The recent trend of shareholder reductions in major brokerage firms, including Guosen Securities, is primarily driven by short-term asset allocation needs rather than a lack of confidence in the companies' long-term prospects [1][6][11]. Group 1: Shareholder Reduction Plans - Guosen Securities announced that its shareholders, China Resources Shen Guo Trust and FAW Equity Investment (Tianjin), plan to reduce their holdings by up to 74 million shares, representing 0.72% of the total share capital [1][5]. - China Resources Shen Guo Trust holds 2.137 billion shares (20.87% ownership), while FAW Investment holds 114 million shares (1.11% ownership) [5]. - The reduction plans are attributed to asset allocation adjustments and the need for operational funding [5][6]. Group 2: Market Context and Performance - The A-share brokerage sector has seen significant growth, with Guosen Securities' stock price increasing by 19.47% year-to-date as of December 10, ranking 11th among securities firms [3][9]. - Other brokerage firms, such as Dongfang Wealth and Fangzheng Securities, have also announced shareholder reduction plans, indicating a broader trend in the sector [7][12]. Group 3: Regulatory Environment and Future Outlook - Recent regulatory signals indicate a potential easing of restrictions for high-quality brokerage firms, which may enhance capital utilization and leverage limits [14][15]. - Analysts believe that these policy changes could lead to increased market liquidity and improved pricing efficiency, benefiting the brokerage sector [16][17]. - The overall sentiment in the market remains optimistic, with expectations of a recovery in the brokerage sector driven by favorable policies and a stable capital market environment [18][19].

记者丨 易妍君 编辑丨姜诗蔷 随着证券板块景气度上行，券商股东减持动作频频。 近日，千亿市值券商国信证券公告称，公司股东华润深国投信托有限公司（以下简称"华润信托"）、一汽股权投资（天津）有限公司（以下简 称"一汽投资"）均计划在未来3个月内以集中竞价方式减持公司股份，合计减持份额不超过7400万股（不超过国信证券当前总股本的0.72%）。 无独有偶，今年11月底，券商概念股东方财富预披露了高级管理人员拟减持公司股份的消息；方正证券、国盛证券先后在11月上旬发布了有关 股东减持计划的公告。 受访人士向21世纪经济报道记者指出，短 期少量减持并不代表股东不看好券商公司发展，更多是源于短期的资产配置需求。 并且，临近年 底，企业面临结算、偿债、补充流动资金等情况，而变现流动性较好的金融资产，是补充主业经营资金最快、最高效的手段。 值得注意的是， 近期，券商板块再度迎来政策利好 ，监管方面明确表态，将"对优质机构适当'松绑'，进一步优化风控指标，适度打开资本空 间和杠杆限制"。这些积极信号令市场对券商板块的修复行情充满期待。 股东减持为哪般？ 2025年以来，在行业整体业绩高增背景下，A股证券板块中的多数大中型券商 ...

第三条 董事在公司担任其他职务的，除按照本制度进行履职考核外，还需根据 其实际履职情况依照公司有关制度进行薪酬管理和履职考核。 第四条 公司董事的薪酬与考核由董事会提出方案，报股东会决定；董事会可就本 制度的调整、优化提出方案，经股东会批准后实施。 第二章 薪酬管理 第五条 公司董事的薪酬水平参考同行业薪酬水平，并结合公司实际情况确定。 方正证券股份有限公司董事薪酬与考核管理制度 （2022 年 9 月 8 日公司第二次临时股东大会制定，2025 年 12 月 12 日公司 2025 年第一次临时股 东大会修订） 第一章 总 则 第一条 为健全方正证券股份有限公司（以下简称"公司"）薪酬与考核管理体系， 完善董事薪酬管理与履职考核机制，根据《中华人民共和国公司法》《中华人民共和 国证券法》《证券公司治理准则》《上市公司治理准则》和公司《章程》等规定，结合 公司实际情况，制定本制度。 第二条 本制度适用范围为公司董事，董事包括非独立董事（含由职工代表担任 的董事）和独立董事。职工代表担任的董事的薪酬由公司薪酬管理有关制度确定。 第六条 公司根据董事的工作性质，以及所承担的责任、风险等，确定其薪酬构 成及标准。 ...

方正证券股份有限公司董事离职管理制度 （2025 年 12 月 12 日公司 2025 年第一次临时股东大会制定） 第一章 总则 第一条 为规范方正证券股份有限公司（以下简称"公司"） 董事离职程序， 确保公司治理结构的稳定性和连续性，维护公司及股东的合法权益，公司根据《中 华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以 下简称《证券法》）、《上市公司治理准则》《上海证券交易所股票上市规则》 《上市公司董事和高级管理人员所持本公司股份及其变动管理规则》等法律法规、 规范性文件及公司《章程》 的有关规定，结合公司实际情况，制定本制度。 第二条 本制度适用于公司董事（含独立董事）因任期届满、辞职、被解除 职务或其他原因离职的情形。 第六条 如存在下列情形，在改选出的董事就任前，原董事仍应当依照法律法规、 规范性文件和公司《章程》的规定，履行董事职务，但存在相关法规另有规定的 除外： （一）董事辞职导致董事会成员低于法定最低人数； （一） 合法合规原则：严格遵守国家法律法规、监管规定及《公司章程》 的要求； （二） 公开透明原则：及时、准确、完整地披露董事离职相关信息； （三） 平稳过渡原 ...

方正证券股份有限公司募集资金管理办法 （2012 年 4 月 26 日公司 2011 年年度股东大会修订，2025 年 12 月 12 日公司 2025 年第 一次临时股东大会修订） 第一章 总 则 第一条 为加强和规范方正证券股份有限公司（以下简称"公司"或"本 公司"）募集资金的管理和运用,切实保护投资者的合法权益，依据《中华人民共 和国公司法》《中华人民共和国证券法》《上市公司证券发行注册管理办法》《 监管规则适用指引——发行类第7号》《上市公司募集资金监管规则》《上海证券 交易所股票上市规则》（以下简称《上市规则》）、《上海证券交易所上市公司 自律监管指引第1号——规范运作》等有关法律、法规及公司《章程》的规定和要 求，结合本公司的实际情况，特制订本办法。 第二条 本办法适用于公司通过发行股票或者其他具有股权性质的证券，向 投资者募集并用于特定用途的资金监管，但不包括公司为实施股权激励计划募集 的资金监管。 本办法所称超募资金是指实际募集资金净额超过计划募集资金金额的部 分。 第三条 公司董事会应建立并完善募集资金存放、使用、管理、改变用途、 监督和责任追究的内部控制制度，明确募集资金使用的分级审批权 ...