金融领域的整合尤为典型。以中金公司拟换股吸收合并东兴证券与信达证券为例，这3家来自"汇金系"的券商，合并后互 补优势显著，东兴证券的区域网络优势与地方政府债承销能力、信达证券基于AMC（资产管理公司）背景的特殊机遇投资与 结构化融资能力，将与中金公司的综合金融服务能力深度融合，形成强大的合力。 ■李文 近日，并购市场多起重大交易引发关注。中金公司拟换股吸收合并两家券商，剑指打造万亿元级券商；国务院国资委组织 推进央企专业化整合，8组17家单位集中签约……各类资本运作呈现出频次密集、交易金额大、影响深远的显著特征，展现了 中国经济转型升级过程中，资本与产业深度交融、协同共进的态势。 笔者认为，并购市场正从简单的规模扩张，迈向深层次的战略整合与价值创造，并呈现三个鲜明特征。这一转变不仅反映 出企业追求高质量发展的选择，更彰显了中国经济转型升级的脉动。 第一，产业逻辑主导，并购交易告别"规模导向"。 细观近期案例，并购重组市场已从"规模导向"转向"产业逻辑主导"，进入"做优做强"新阶段，这一趋势在多个行业均有体 现。 政策层面则为这场以创新为关键词的并购浪潮提供了清晰的方向和强劲的动力。如"科创板八条""并购六条" ...

[Table_Reportdate] 2025年11月24日 [table_invest] 超配 行 业 周 报 [table_main] 投资要点： 行 业 研 究 [证券分析师 Table_Authors] 陶圣禹 S0630523100002 tsy@longone.com.cn [table_stockTrend] -25% -16% -6% 3% 13% 22% 31% 24-10 25-01 25-04 25-07 申万行业指数:非银金融(0749) 沪深300 [相关研究 table_product] 1.从中金合并东兴&信达，看汇金系 航母券商功能型整合的新范式—— 资本市场聚焦（十） 2.非车险"报行合一"落地，引导险 企合理定价与良性竞争——保险业 态观察（十一） 3.非车险"报行合一"指引落地，把 握年末风格切换的配置机遇——非 银金融行业周报（ 20251103- 20251109） [Table_NewTitle 中金开启汇金系券商合并进程 ] ，人身险 产品费用分摊指引出台 ——非银金融行业周报（20251117-20251123） 证券研究报告 HTTP://WWW.LONGON ...

Group 1: Federal Reserve and Market Overview - The global stock market experienced adjustments, with U.S. Treasury yields declining and commodity prices generally falling during the week of November 21, 2025 [6][7] - The expectation of interest rate cuts by the Federal Reserve remains uncertain, influenced by mixed signals from the labor market and geopolitical tensions [7][8] - The domestic equity market showed a decline across all sectors, with financials outperforming others, while the average daily trading volume decreased [6][7] Group 2: Shengde Xintai (300881) Company Analysis - Shengde Xintai operates a dual business model focusing on high-end pipes and automotive components, benefiting from both traditional and renewable energy sectors [9][10] - The company reported significant revenue growth, with a projected increase of 64.1% in 2023 and 34.4% in 2024, and a third-quarter revenue of 2.325 billion yuan in 2025 [10][11] - The firm maintains a strong market position in high-end boiler pipes and is expanding its presence in the automotive lightweight sector through acquisitions [9][10] Group 3: Loongson Technology (688047) Company Analysis - Loongson Technology is the only domestic CPU manufacturer building an independent information technology ecosystem based on its own instruction set, distinct from x86 and ARM architectures [12][13] - The company has seen a rise in market share in the domestic "Xinchuang" (information technology innovation) sector, with a focus on enhancing product cost-performance ratios [13][14] - The demand for AI servers and AIPC is expected to drive CPU demand upward, with a projected 24.3% growth in global AI server shipments in 2025 [14][15] Group 4: Domestic Robotics Industry - The industrial robotics sector in China saw a production increase of 29.8% year-on-year in the first three quarters of 2025, surpassing the total production of 2024 [20][21] - Domestic brands have gained market share over foreign brands, with a 54.9% increase in exports of industrial robots [20][21] - Key components such as controllers and servo systems have seen significant technological advancements, enhancing the competitiveness of domestic manufacturers [21][22] Group 5: Capital Market Focus on Mergers - The merger between CICC, Dongxing Securities, and Xinda Securities is a strategic move to consolidate resources and enhance competitiveness in the financial services sector [24][25] - Following the merger, the combined total assets are expected to exceed 1 trillion yuan, positioning the new entity as the fourth largest in the industry [25][26] - The integration aims to leverage regional strengths and expand service offerings, particularly in asset management and investment banking [26][27] Group 6: U.S. Non-Farm Payroll Data Analysis - The U.S. non-farm payroll data for September 2025 showed an increase of 119,000 jobs, significantly exceeding expectations, but the unemployment rate rose to 4.4% [28][29] - The job growth was primarily driven by the education and health sectors, which are characterized by high part-time employment rates [29][30] - The data suggests a mixed labor market, with concerns about rising unemployment overshadowing the positive job creation figures [30][31]

1. Report Industry Investment Rating - No information provided regarding the industry investment rating in the given content. 2. Core View of the Report - From November 17th to November 21st, the US September non - farm data showed an unexpected increase in new employment but a higher unemployment rate. The US dollar index rose weekly, and global and domestic stocks, bonds, and commodities all declined to varying degrees. In general, in terms of US - dollar valuation, bonds > commodities > stocks. Investors' concerns about the Japanese market and AI have increased, and the volatility of major asset prices may increase. Attention should be paid to the release of US inflation data [3][6][19]. 3. Summary According to the Directory 3.1 Global Major Asset Overall Performance: Stocks, Bonds, and Commodities All Declined - **Global Stock Market Overview**: Due to the uncertainty of US dollar interest rate cuts and the increasing concerns about AI, global major stock markets generally declined. The Asia - Pacific region had the largest decline, and emerging markets performed worse than developed markets. The VIX index rose significantly weekly [8]. - **Global Bond Market Overview**: The September non - farm data failed to eliminate the differences among Fed officials, increasing the uncertainty of US dollar interest rate cuts. The yields of medium - and long - term US bonds declined, and the yield of the 10 - year US bond fell by 8BP to 4.06% weekly. The bond market declined weekly. Globally, credit bonds > high - yield bonds > national bonds [15]. - **Global Foreign Exchange Market Overview**: The game between the large - scale fiscal stimulus policy and the normalization of the Bank of Japan's monetary policy caused market concerns. The Japanese yen depreciated rapidly against the US dollar, and the US dollar index rose weekly. Most major non - US currencies declined against the US dollar, and the RMB exchange rate fluctuated within a narrow range. The US dollar index rose 0.87% weekly [16]. - **Global Commodity Market Overview**: The US proposed a "28 - point" new plan to end the Russia - Ukraine conflict, and the possible framework agreement between Russia and Ukraine led to a significant weekly decline in international oil prices. Precious metal prices continued to consolidate at high levels. The prices of major agricultural products rose, and non - ferrous metal prices generally declined [18]. 3.2 Domestic Major Asset Performance: Stocks and Commodities Declined, and the Bond Market Fluctuated - **Domestic Stock Market Overview**: Affected by the overseas market, major broad - based A - share indexes generally declined. The average daily trading volume of the two markets decreased compared to the previous week. In terms of style, large - cap blue - chip stocks were relatively resilient. In terms of sectors, power equipment and new energy, basic chemicals, etc. saw large declines. The Shanghai Composite Index fell 3.9% weekly [20]. - **Domestic Bond Market Overview**: From November 17th to November 21st, the central bank's net investment in the open market was 43.4 billion yuan. The capital market was relatively tight. The bond market fluctuated weekly. Overall, credit bonds > corporate bonds > national bonds [23]. - **Domestic Commodity Market Overview**: The domestic commodity market declined weekly. Among the major commodity sectors, precious metals had the largest decline [24]. 3.3 Major Asset Price Outlook: Pay Attention to the Release of US Inflation Data - Recently, investors' concerns about the Japanese market and AI have increased, and the volatility of major asset prices may increase. Attention should be paid to the release of US inflation data [3][26].

东北，这片曾铸就新中国工业辉煌的热土，承载着"共和国长子"的荣光。然而，在时代发展浪潮中，部 分国企因历史包袱、投资失利等问题一度陷入困境，其命运不仅关乎自身存续，更牵动着东北振兴大 计。 企业重组是优化资源配置、化解发展困境的重要路径。以中金公司为代表的专业金融机构，深耕东北老 工业基地，通过为企业量身定制重组方案，不仅破解了企业生存难题，还激活了区域产业创新动能，培 育了新质生产力，为东北振兴注入强劲金融动力。 化解企业沉疴，系统性重组盘活"工业母机" 在沈阳机床的宽敞车间里，一条数字化柔性生产线正在"黑灯"环境下自主运转，这是老牌国企焕发新生 的生动写照，更是新质生产力在传统制造业落地的案例。 沈阳机床曾是中国机床行业的骄傲，为新中国成立初期工业发展做出过不小贡献。但后来沉重的债务负 担使其举步维艰，到2019年，这家曾经的行业巨头被迫进入破产重整。 机床行业是制造业的"工业母机"，其技术水平关系到一个国家制造业的精度、效率和核心竞争力，对工 业体系、经济安全、科技突破乃至国防建设具有重要的战略意义。 中金公司凭借对高端装备制造业的理解，认识到沈阳机床的核心价值在于其完整的产业体系、深厚的技 术积累和熟 ...

中金公司（601995）(03908)发布公告，中国国际金融股份有限公司2022年面向专业投资者公开发行公 司债券(第一期)(品种二)(以下简称"本期债券")，将于2025年12月1日(因遇2025年11月29日为休息日，故 顺延至下一个交易日)开始支付自2024年11月29日至2025年11月28日期间的利息。债券简称22中金G2， 发行总额人民币20亿元，票面利率为3.52%。 ...

据悉，本次债券简称"22中金G1"，发行总额为人民币25亿元，票面利率(计息年利率)为2.94%,每手本期 债券面值为1000元,派发利息为29.40元(含稅)。 中金公司（601995）(03908)发布公告，中国国际金融股份有限公司2022年面向专业投资者公开发行公 司债券(第一期)(品种一)(以下简称"本期债券"),将于2025年12月1日(因遇2025年11月29日为休息日,故顺 延至下一个交易日)开始支付自2024年11月29日至2025年11月28日期间的利息。 ...

据悉，本次债券简称"22中金G1"，发行总额为人民币25亿元，票面利率(计息年利率)为2.94%,每手本期 债券面值为1000元,派发利息为29.40元(含稅)。 （原标题：中金公司(03908)："22中金G1"将于12月1日付息） 智通财经APP讯，中金公司(03908)发布公告，中国国际金融股份有限公司2022年面向专业投资者公开发 行公司债券(第一期)(品种一)(以下简称"本期债券"),将于2025年12月1日(因遇2025年11月29日为休息日, 故顺延至下一个交易日)开始支付自2024年11月29日至2025年11月28日期间的利息。 ...

智通财经APP讯，中金公司(03908)发布公告，中国国际金融股份有限公司2022年面向专业投资者公开发 行公司债券(第一期)(品种二)(以下简称"本期债券")，将于2025年12月1日(因遇2025年11月29日为休息 日，故顺延至下一个交易日)开始支付自2024年11月29日至2025年11月28日期间的利息。债券简称22中 金G2，发行总额人民币20亿元，票面利率为3.52%。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 China International Capital Corporation Limited 中 國 國 際 金 融 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：03908） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列中國國際金融股份有限公司（「本公司」）在上海證券交易所網站刊登的本公司2022 年面向專業投資者公開發行公司債券（第一期）（品種二）2025年付息公告，僅供參閱。 承董事會命 中國國際金融股份有限公司 董事會秘書 孫男 中國，北京 2025年11月24日 於本公告日期，本公司執行董事為陳亮先生及王曙光先生；非執行董事為張薇女士、 孔令岩先生及田汀女士；以及獨立非執行董事為吳港平先生、陸正飛先生、彼得 • 諾蘭先 生及周禹先生。 债券代码:138665 债券简称:22 中金G2 中国国际金融股份有限公司 ...