【今日头条】 港交所官宣：公众持股量增设"10亿市值"门槛，2026年全面施行 智通财经APP获悉，12月17日，香港联交所就《上市规则》有关持续公众持股量规定的修订建议刊发咨 询总结。采纳的改革措施包括：主要引入替代持续公众持股量门槛，为发行人的资本管理提供更大灵活 性。对所有发行人实施新的公众持股量汇报责任，并对公众持股量不足的发行人施加额外披露规定，从 而提高市场透明度。新的持续公众持股量规定将于2026年1月1日起生效。（具体细则参阅智通财经 APP）。 【大势展望】 隔夜美股收盘全线下跌 标普、道指连跌四日 隔夜美股收盘全线下跌，标普、道指连跌四日。截至收盘，道琼斯工业平均指数比前一交易日下跌 228.29点，收于47885.97点，跌幅为0.47%；标准普尔500种股票指数下跌78.83点，收于6721.43点，跌 幅为1.16%；纳斯达克综合指数下跌418.14点，收于22693.32点，跌幅为1.81%。大型科技股普跌，特斯 拉、博通跌超4%，英伟达跌近4%，谷歌跌超3%，储能概念、半导体、计算机硬件跌幅居前，康特科技 跌超7%。 热门中概股多数下跌，理想汽车跌超3%，恒生指数ADR下跌，按比 ...

Abstract 摘要 "横"：截面维度下如何通过主动权益超额信息选基？ 我们基于超额收益与跟踪误差信息，挖掘出两个有效的选基因子， 能够预测主动权益基金未来业绩：分别为长期信息比率（INFO_LONG）与跟踪误差变 化水平（TRACK_D），考虑到二者相关系数相对较低，我们将经过复合后的指标用于主动权益基金优选与组合构建。 主动 VS 指数：震荡期与新规下的双重考验 今年以来，权益市场回暖向好，主动权益基金整体迎来规模抬升，相对指数产品的超额显著。据我们统计，2025年1-11月，主动（+29.2%）相对指数 （+17.0%）实现超过12个百分点的超额回报。不过随着当下市场进入震荡平台期，后续主动产品是否能够持续跑赢指数仍然是较多投资者非常关心的问 题。本篇我们以主动权益超额收益为主题，从"纵"（时序预测：主动何时跑赢指数）与"横"（截面预测：如何应用超额信息进行基金优选）两个维度进行 深度拆解与投资应用实践。 "纵"：时序维度下如何预测主动权益超额水平？ 我们依据三大逻辑主线，挖掘出6个能够预测主动权益超额水平的指标： 1）"投资主线与机构定价权强弱"逻辑下，主动权益跟踪误差分化度（TE-S）、 主动权益 ...

Group 1 - The Ministry of Industry and Information Technology of China is committed to promoting new industrialization and providing more cooperation opportunities for foreign companies, including AMD, in the fields of digital economy and artificial intelligence [1][1] - CICC has announced a major asset restructuring plan to absorb and merge with Dongxing Securities and Xinda Securities, with a share swap price set at 36.91 CNY per share for CICC, 16.14 CNY for Dongxing Securities, and 19.15 CNY for Xinda Securities, with the merger expected to balance shareholder interests [1][1] - The State Development and Reform Commission has issued a notice on the benchmark levels for clean and efficient coal utilization, aiming to enhance the clean energy system in China [1][1] Group 2 - The global silver market is experiencing a historic surge, with prices surpassing 66 USD per ounce, marking a year-to-date increase of over 130%, significantly outpacing gold [3][3] - The European Parliament has approved a plan to gradually stop importing Russian natural gas by the end of 2027, pending final approval from EU member states [3][3] - The asset management products total scale reached 80.03 trillion CNY by the end of Q3 2025, according to the China Securities Investment Fund Industry Association [1][1]

（原标题：南财早新闻｜海南自由贸易港今日正式启动全岛封关；"券商航母"今日复牌） 1、今天（18日）起，海南自由贸易港正式启动全岛封关。封关后，海南岛全岛将建成一个海关监管特 殊区域，实施以"一线"放开，"二线"管住，岛内自由为基本特征的自由化便利化政策制度。详情>>> 2、商务部定于12月18日下午3时举行新闻发布会，介绍近期商务领域重点工作有关情况。 3、2025第三届中国商业航天发展大会暨第四届中关村商业航天大会将于12月18日至19日在北京举办。 6、市场监管总局近期发布的《互联网平台反垄断合规指引（征求意见稿）》提出了8个新型垄断风险， 为平台企业提供务实管用的合规指导。例如有的平台企业要求平台内商家销售商品价格不得高于其他竞 争性平台。平台要求商家"全网最低价"，可能构成滥用市场支配地位或者垄断协议行为。 1、沐曦股份登顶A股史上"最赚钱新股"。沐曦股份正式登陆科创板，上市首日收盘大涨692.95%，报 829.9元/股，中一签可赚36.26万元；而若以盘中最高价895元/股计算，沐曦股份单签盈利可达39.52万 元。这使得沐曦股份成为A股首日单签盈利、单签最大盈利双纪录创造者。私募大佬葛卫东浮盈 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 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！ 12月17日晚，中金公司与东兴证券、信达证券同步披露重大资产重组预案，中金公司换股吸收合并两家公司迎来重大进展，三家公司股票 将于12月18日复牌。 | 证券代码:601995 | 证券简称:中金公司 | 上市地点:上海证券交易所 | | --- | --- | --- | | 证券代码:03908 | 证券简称:中金公司 | 上市地点:香港联合交易所 | | 证券代码:601198 | 证券简称:东兴证券 | 上市地点:上海证券交易所 | | 证券代码:601059 | 证券简称:信达证券 | 上市地点:上海证券交易所 | | | 自换股吸收合并的定价基准日至换股实施日(包括首尾两日), | | --- | --- | | | 若吸收合并各方任一方发生派送现金股利、股票股利、资本公积 | | | 转增股本、配股等除权除息事项,或者发生按照相关法律、法规 | | | 或监管部门的要求须对换股价格进行调整的情形,则换股价格和 | | | 换股比例将作相应调整;除前述情形外, ...

普路通：拟购买乐其开曼100%股份及杭州乐麦8.26%股权 股票复牌 中金公司(601995.SH)公告称，公司与东兴证券、信达证券正在筹划由中金公司通过换股方式吸收合并 东兴证券、信达证券。公司A股股票自2025年11月20日起停牌，于2025年12月18日开市起复牌。本次交 易方案尚需公司另行召开董事会再次审议及股东会审议批准，并取得相应批准、核准、注册或同意后方 可实施。 万隆光电：拟购买中控信息100%股份 股票复牌 万隆光电（300710）(300710.SZ)公告称，拟通过发行股份及支付现金方式，购买汇格合伙、正泰电器 （601877）、云吟合伙、智格合伙等17名交易对方合计持有的中控信息100%股份，并向公司实际控制 人付小铜发行股份募集配套资金。截至本预案摘要签署日，标的公司的审计和评估工作尚未完成，本次 交易的最终交易价格、股份支付及现金支付比例尚未确定。本次交易预计构成重大资产重组。中控信息 是一家国内领先的基础设施数智化服务商，为城市交通、轨道交通、公路交通、水环境、建筑智能体等 基础设施领域客户提供数智化技术与产品服务。通过本次跨行业重组，万隆光电将加快向新质生产力转 型步伐，新增基础 ...

Macro News - AMD CEO Lisa Su met with China's Minister of Industry and Information Technology, Li Lecheng, discussing deepening investment and cooperation in the Chinese market [1][4] - The State Administration for Market Regulation introduced new antitrust compliance guidelines for internet platforms, highlighting eight new types of monopoly risks [4] - From January to November, China's general public budget revenue reached 200,516 billion yuan, with a year-on-year growth of 0.8%. The securities transaction stamp duty for the same period was 1,855 billion yuan, up 70.7% year-on-year [4] Industry News - CICC, Xinda Securities, and Dongxing Securities announced a merger plan, with stock resumption today. The exchange ratios are 1:0.4373 for Dongxing and 1:0.5188 for Xinda [7] - Six departments released guidelines for clean and efficient coal utilization, aiming to enhance the utilization levels of new coal projects and existing ones [7] - The global automotive semiconductor market is projected to grow from approximately $67.7 billion in 2024 to nearly $96.9 billion by 2029, with a compound annual growth rate of 7.4% [8] Company News - Sunac China announced the full release and exemption of approximately $9.6 billion in existing debt [9] - Muxi Co., Ltd. debuted on the Sci-Tech Innovation Board, with a first-day closing increase of 692.95%, leading to significant profits for investors [9] - Meike Home announced plans to acquire control of Wande, with stock suspension effective immediately [9] - China Railway announced contracts totaling 533.1 billion yuan, with wind power and energy storage contracts amounting to approximately 166.5 billion yuan [9]

Macro News - The Minister of Industry and Information Technology, Li Lecheng, met with AMD's CEO, Lisa Su, expressing hopes for AMD to deepen its investment in the Chinese market and collaborate with local enterprises for mutual growth [1][44] - The State Administration for Market Regulation introduced new antitrust compliance guidelines for internet platforms, highlighting eight new monopoly risks and providing practical compliance guidance [1][44] - From January to November, China's general public budget revenue reached 200,516 billion yuan, a year-on-year increase of 0.8%, with stamp duty revenue growing by 27% [1][44] - Hainan Province announced the official launch of the Hainan Free Trade Port's full island closure starting December 18, 2025 [1][44] Industry News - China International Capital Corporation (CICC), Xinda Securities, and Dongxing Securities announced plans for a stock swap merger, with specific swap ratios set for each company [3][47] - Six departments released guidelines for the clean and efficient utilization of coal, aiming to enhance standards for new and existing coal projects [3][47] - A new mineral named "Jinxiu" was officially approved by the Ministry of Natural Resources, discovered by researchers from the Chinese Academy of Geological Sciences [3][47] - The Ministry of Education issued 20 measures to strengthen daily exam management in primary and secondary schools, including restrictions on paper-based exams for younger grades [3][47] - The global automotive semiconductor market is projected to grow from approximately $67.7 billion in 2024 to nearly $96.9 billion by 2029, with a compound annual growth rate of 7.4% [3][47] Company News - Sunac China announced that approximately $9.6 billion of existing debt will be fully discharged [5][50] - Muxi Co., Ltd. debuted on the Sci-Tech Innovation Board, closing its first day with a surge of 692.95%, leading to significant profits for investors [5][50] - Meike Home announced plans to acquire control of Wande Technology, with stock trading suspended [5][51] - Xichuang Data announced an investment in the establishment of a research and production project for optical modules [5][52] - Wanlong Optoelectronics plans to acquire 100% of Zhongkong Information, with stock trading resuming [5][53] - China Railway announced the signing of contracts totaling approximately 533.1 billion yuan, including significant contracts for wind power and energy storage equipment [5][53] - Deep City Transportation plans to raise up to 1.8 billion yuan through a private placement for research and development of intelligent transportation equipment [5][77]

Core Viewpoint - The company, China International Capital Corporation (CICC), is planning a share swap merger with Dongxing Securities and China Cinda Asset Management, which will result in a change in the shareholding structure of CICC [1][33]. Group 1: Transaction Overview - The transaction involves CICC issuing A-shares to all A-share shareholders of Dongxing Securities and Cinda Securities in exchange for their shares [14]. - The merger agreement was signed on December 17, 2025, and will lead to the absorption of all assets, liabilities, and rights of Dongxing Securities and Cinda Securities by CICC [14]. - Following the merger, Dongxing Securities and Cinda Securities will be delisted and their legal entities will be dissolved [14]. Group 2: Approval Process - The transaction requires multiple approvals, including from the boards of directors of all involved parties and the shareholders' meetings of CICC, Dongxing Securities, and Cinda Securities [3][4][5][6][7][8]. - Additionally, it must receive approval from the Hong Kong Stock Exchange and the Shanghai Stock Exchange, as well as the China Securities Regulatory Commission [9][10]. Group 3: Shareholding Changes - Prior to the transaction, the information disclosure obligor did not hold any shares in CICC [15]. - Post-merger, the information disclosure obligor will hold approximately 1,323.67 million A-shares, representing 16.71% of the total share capital of the newly merged entity [15]. Group 4: Future Plans - The information disclosure obligor has no plans to increase its shareholding in CICC within the next 12 months, aside from the changes resulting from the merger [13].

Group 1 - China International Capital Corporation (CICC) is planning to absorb and merge Dongxing Securities and Xinda Securities through a share swap, with trading resuming on December 18, 2025 [1][25] - Wanlong Optoelectronics intends to acquire 100% of Zhongkong Information's shares through a combination of issuing shares and cash payments, aiming to enhance its infrastructure digitalization business segment, with trading resuming on December 18, 2025 [2][26] - Xiaocong Co., Ltd. is transferring 9.25% of its shares to Jiasheng Times, resulting in a change of control, with the transfer price set at 9.32 yuan per share, totaling 286 million yuan [3][27] Group 2 - Pulutong plans to acquire 100% of Leqi Cayman and 8.26% of Hangzhou Lemai's shares through a share issuance and cash payment, aiming to create a closed-loop ecosystem for supply chain and e-commerce services, with trading resuming on December 18, 2025 [4][28] - Lianchuang Electronics is undergoing a potential change of control due to the planned transfer of shares by its major shareholder, with trading suspended for up to two days starting December 18, 2025 [6][29] - Fengxing Co., Ltd. is planning to acquire 75% of Baiyin Huaxin's shares, which is expected to constitute a major asset restructuring, enhancing its service capabilities in the non-ferrous metal mining industry [7][30] Group 3 - Supercom has intensified its collection efforts for accounts receivable following a significant stock price drop, indicating a proactive approach to financial management [8][31] - Fenglong Co., Ltd. is also planning a change of control, with trading suspended for up to two days starting December 18, 2025 [9][32] - Shenzhen Deep City Transportation is planning to raise up to 1.8 billion yuan through a private placement to fund projects related to intelligent transportation equipment and applications [10][33] Group 4 - Huasheng Tiancheng has been ordered to return 35 million yuan in incentive funds to the Changzhou High-tech Zone Management Committee, along with interest payments, due to unmet investment agreement conditions [11][34] - Tongrentang clarified that it does not hold any equity or investment rights in the health products related to the reported Antarctic krill oil, distancing itself from the controversy [12][35] - Bona Film Group is actively participating in multiple film and series projects, including major productions for the upcoming holiday seasons, indicating a robust content strategy [13][36] Group 5 - Meike Home is planning to acquire control of Shenzhen Wandeli Optical Technology Co., Ltd. through a share issuance and cash payment, with trading suspended for up to ten days starting December 18, 2025 [14][37] - Xiechuang Data has signed a cooperation agreement to invest in the research and production of optical modules, which is expected to positively impact its future performance [15][39] - China Railway Rolling Stock Corporation (CRRC) has signed contracts totaling approximately 53.31 billion yuan, including significant contracts for wind power and energy storage equipment [16][46]