Core Insights - The report from CICC highlights the robust growth of the global commercial aerospace sector, which is driving the demand for rocket launches [1] Group 1: Global Launch Demand - The demand for rocket launches is being propelled by the construction of commercial remote sensing and communication satellite constellations [1] - Global space launches are projected to increase from 112 times in 2020 to 263 times in 2024, with commercial rockets becoming the mainstay of global launches [1] Group 2: Domestic Rocket Development - Since 2014, domestic commercial rocket companies have rapidly developed, achieving consecutive successful launches and executing commercial launch missions [1] - Reusable rocket models such as Zhuque-3 and Tianlong-3 are expected to have their maiden flights concentrated between 2025 and 2026, which is anticipated to significantly enhance domestic rocket capacity [1]

Group 1 - The core point of the article is that China International Capital Corporation (CICC) has increased its stake in Haiwei Holdings (09609) by purchasing 427,600 shares at an average price of HKD 10.8591 per share, totaling approximately HKD 4.6434 million [1] - After the purchase, CICC's total shareholding in Haiwei Holdings is approximately 8.6138 million shares, representing a holding percentage of 13.35% [1]

● 本报记者 昝秀丽 在中央金融工作会议提出"培育一流投资银行和投资机构"的要求后，中国证券行业的深刻变革持续进 行。一方面，业内并购重组浪潮迭起，券商通过整合提升综合实力；另一方面，国际化布局加速推 进，"出海"航道日益拓宽。在双轮驱动之下，中资券商正朝着功能完善、更具国际竞争力的目标稳步迈 进。 展望"十五五"，行业共识逐渐清晰：培育一流投行任重道远。证券公司需进一步聚焦主责主业、强化功 能发挥，在综合化与精品化并行的路径中把握机遇。随着监管体系持续完善，一个更健康、更具活力的 行业新生态有望加速形成，引领证券业步入高质量发展新周期。 综合化与国际化并举 中信建投证券非银及金融科技首席分析师赵然认为，中国香港市场、亚太市场需求溢出为更多券商提供 了切入机会，成为全行业可共享的板块性机遇。 广发证券非银首席分析师陈福表示，中信证券、中金公司的投行业务在本土均处于龙头地位，以机构、 投行业务出海巩固客群优势。华泰证券则优先开拓零售业务的国际化之路，以此建立独特优势。在"中 国投资、投资中国"服务链条中，中资券商具有天然优势，投行业务、跨境衍生品业务均前景广阔。同 时，当前全球化财富管理需求持续深化，中资券商可 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The Chinese economy is facing dual challenges of debt tightening and declining real estate prices, leading to reduced consumption and investment, which puts pressure on economic growth [1][3] - The geopolitical economic competition between China and the US shows that China leads in manufacturing while the US excels in monetary finance [1][5] - AI technology advancements are driving the chip industry, but the efficiency of performance improvements is decreasing according to Moore's Law, raising concerns about potential AI bubble risks [1][6] - The US and Europe are implementing policies to reduce reliance on Chinese manufacturing, which has already led to a significant decrease in China's exports to the US [1][7] - China's exports are showing strong growth, particularly to Africa, ASEAN, and Europe, as companies increasingly rely on export markets due to weak domestic demand [1][8] Summary by Sections Economic Challenges - The main challenges facing the Chinese economy include debt tightening and declining real estate prices, which have led to reduced consumption and investment, creating downward pressure on economic growth [3][4] - The increase in debt repayments by businesses and households has led to higher savings, but weak demand has resulted in decreased loan demand [3][4] Geopolitical Competition - China and the US have distinct competitive advantages, with China excelling in manufacturing and the US in monetary finance [5] - Both countries are advancing in the digital economy and AI, but the US is attempting to restrict China's AI technology development through semiconductor export limitations [5] AI and Chip Industry - AI advancements are significantly impacting the chip industry, allowing for performance improvements through algorithm optimization, but the diminishing returns on investment in chip performance need to be monitored [6] Trade Dynamics - The US and Europe are taking measures to reduce dependence on Chinese manufacturing, with new tariffs leading to a notable decline in Chinese exports to the US [7] - China's export growth is robust, driven by weak domestic demand and a shift in trade partners towards countries along the Belt and Road Initiative [8][9] Domestic Demand Issues - The imbalance between production and consumption in China is contributing to insufficient domestic demand, necessitating coordinated development of internal and external cycles to enhance consumption [10][11] - Improving income distribution and strengthening the social security system are essential for boosting total demand and sustainable economic growth [10][14]

Group 1 - The core point of the article is that China International Capital Corporation (CICC) has increased its stake in Haiwei Holdings by acquiring 427,600 shares at an average price of HKD 10.8591 per share, totaling approximately HKD 4.6434 million [1] - After the acquisition, CICC's total shareholding in Haiwei Holdings is approximately 8.6138 million shares, representing a holding percentage of 13.35% [1]

Group 1 - The core point of the article is that CICC has increased its stake in Haiwei Holdings by acquiring 427,600 shares at an average price of HKD 10.8591 per share, totaling approximately HKD 4.6434 million [1] - After the acquisition, CICC's total shareholding in Haiwei Holdings is approximately 8.6138 million shares, representing a holding percentage of 13.35% [1]

来源：环球总财 #港股IPO##资本市场# 【#港股IPO募资2600亿，引爆全球资本市场#】 临近岁末，香港首次公开募股（IPO）市场的火热势头丝毫未减，行业普遍预期这股强劲活力将至少延续至2026年。 数据显示，今年前11个月，港股市场共有91家企业成功上市，得益于一系列大型IPO项目的驱动，合计募集资金高达 2598.89亿港元。这一数字不仅标志着港交所时隔四年，IPO筹资额再度突破2000亿港元大关，更使其一举超越全球其 他交易所，登顶2025年全球IPO募资额榜首，创下历史新高度。其中，宁德时代、紫金黄金国际、三一重工和赛力斯 等巨头均跻身今年全球十大IPO项目之列。 在这场资本盛宴中，中资券商的角色愈发举足轻重，已然占据港股IPO承销市场的主导地位。今年以来，共有38家保 荐机构参与香港新股发行，其中超过半数为中资背景。中金公司、中信证券和华泰证券强势占据承销榜单前三名，其 保荐项目数量显著领先于传统外资大行，重塑了市场格局。 五大特征勾勒市场全貌，巨量IPO与万倍认购同现 其次，从发行节奏看，港股IPO呈现明显的季节性特征，每年3月至6月及9月至11月为传统发行旺季，这两个时间段上 市的企业合计 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 中国国际金融股份有限公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 本次重组的具体合作方案以三方进一步签署的交易文件为准。本次重组尚需履行必要的内部决策程序， 并需经有权监管机构批准后方可实施，能否实施尚存在不确定性。公司发布的信息以在上海证券交易所 网站（www.sse.com.cn）、香港联交所披露易网站（www.hkexnews.hk）刊登的公告为准，敬请广大投 资者关注后续公告并注意投资风险。 特此公告。 中国国际金融股份有限公司 董 事 会 中国国际金融股份有限公司（以下简称"公司"或"中金公司"）与东兴证券股份有限公司（以下简称"东 兴证券"）、信达证券股份有限公司（以下简称"信达证券"）正在筹划由公司通过向东兴证券全体A股 换股股东发行A股股票、向信达证券全体A股换股股东发行A股股票的方式换股吸收合并东兴证券、信 达证券（以下简称"本次重组"）。 根据上海证券交易所的相关规定，经公司申请，公司A股股票（证券简称：中金公司，证券代码： 601995）自2025年11月 ...

中金公司主要观点如下： 多因素推动聚变能源商业化进程。1)对稳定、清洁、高能量密度能源的迫切需求，推动可控核聚变成为 能源转型的核心方向。2)关键技术节点的连续突破(NIF装置净能量增益的突破，高温超导磁体的成熟应 用等)，推动了可控核聚变的工程化验证进展。 3)规模化与多元化的资本投入(截至2024年，全球私营聚变企业数量已增至45家)正加速可控核聚变从实 验室研究走向商业应用。4)各国政府通过立法保障、资金支持等构建有利的政策环境，为聚变能源发展 铺平道路。 产业链协同推进，多技术路径并行。上游超导材料、特殊材料及关键设备降本提效，头部企业技术突破 与产业协同，为商业化奠定坚实基础。技术路径来看可控核聚变百花齐放，磁约束为当前主导，其中托 卡马克是主流，ITER预计 2030-2035年首供，中国CFETR、BEST装置工程化优势显著；惯性约束以NIF 为突破，但效率待提升；Z箍缩、FRC等创新路线亦获进展。过去四年，全球聚变行业的投资规模呈现 高速增长的态势，总投资额从2021年的19亿美元攀升至2025年的约97.66亿美元，在四年内增长超过五 倍。 智通财经APP获悉，中金公司发布研报称，十五五规划 ...

中金公司研报表示，十五五规划将可控核聚变明确纳入国家未来产业体系，标志着其从前沿科学探索正 式升级为战略性科技攻关方向。其作为清洁基荷能源，不仅能支撑高耗能产业降碳升级，还可衍生多领 域应用，当前产业链上中下游协同突破，核心材料、关键设备与集成设计环节技术成熟度持续提升，为 商业化奠定基础。建议重点关注超导线缆、激光器、传感监测与控制系统等上下游产业链投资机会。 ...