Group 1 - Over 60% of the top 10 domestic securities firms in China have chosen Tencent Cloud to build a new generation of domestic big data platforms [1] - Major institutions such as CITIC Securities, Guotai Junan, GF Securities, Galaxy Securities, CITIC Construction Investment, and CICC have partnered with Tencent Cloud's big data platform TDBS [1] - The collaboration aims to support the upgrade of data infrastructure in the AI era [1]

Core Viewpoint - The merger of China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities is expected to create a leading brokerage firm in terms of asset scale, net capital, and business coverage, potentially reshaping the competitive landscape of the industry and accelerating the development of a first-class investment bank [1][3]. Group 1: Merger Details - The merger involves a share swap with CICC as the surviving entity, with share prices set at 36.91 CNY for CICC, 16.14 CNY for Dongxing Securities, and 19.15 CNY for Xinda Securities, reflecting a 26% premium for Dongxing Securities [2]. - CICC is expected to issue approximately 3.096 billion new A-shares as part of the merger, with all A-shares of Dongxing and Xinda participating in the swap [2]. - Major shareholders, including Central Huijin and China Orient, have committed to lock their shares for 36 months, indicating confidence in the long-term development of the merged entity [2]. Group 2: Financial Projections - Post-merger, the total assets of the new entity are projected to reach 1,009.583 billion CNY, marking the emergence of a new trillion-level brokerage firm in China's securities industry [2]. - As of the third quarter of 2025, the individual total assets of CICC, Dongxing, and Xinda were 764.941 billion CNY, 116.391 billion CNY, and 128.251 billion CNY, respectively [5]. Group 3: Strategic Implications - The merger is seen as a strategic move to enhance the overall competitiveness and service capabilities of the new brokerage, with a focus on investment banking, private equity, and international business [4][3]. - The combined entity will benefit from a comprehensive service system that integrates institutional and retail services, enhancing its ability to withstand market fluctuations [4]. - The merger aligns with national strategies to build a strong financial sector and is expected to leverage the strengths of each firm to improve financial risk management and support economic development [3][5]. Group 4: Performance Metrics - For the first three quarters of 2025, the three firms reported revenues of 20.76 billion CNY, 3.61 billion CNY, and 3.02 billion CNY, with net profits of 6.567 billion CNY, 1.599 billion CNY, and 1.354 billion CNY, respectively [6].

Core Viewpoint - The merger of China International Capital Corporation (CICC) with Dongxing Securities and Xinda Securities is expected to create a leading brokerage firm in terms of asset scale, net capital, and business coverage, potentially reshaping the competitive landscape of the industry and accelerating the development of a first-class investment bank [1][3]. Group 1: Merger Details - The merger involves a share swap with CICC as the surviving entity, with share prices set at 36.91 CNY for CICC, 16.14 CNY for Dongxing Securities, and 19.15 CNY for Xinda Securities, reflecting a 26% premium for Dongxing Securities [2]. - The share swap ratios are 1:0.4373 for Dongxing Securities and 1:0.5188 for Xinda Securities, with CICC expected to issue approximately 3.096 billion new A-shares [2]. - Major shareholders, including Central Huijin and China Orient, have committed to lock their shares for 36 months, indicating confidence in the long-term development of the merged entity [2]. Group 2: Financial Impact - Post-merger, the total assets of the new entity are projected to reach 1,009.58 billion CNY, marking the emergence of a trillion-level brokerage firm in China [2]. - As of Q3 2025, the combined total assets of CICC, Dongxing Securities, and Xinda Securities are reported as 764.94 billion CNY, 116.39 billion CNY, and 128.25 billion CNY, respectively [5]. - The three firms achieved revenues of 20.76 billion CNY, 3.61 billion CNY, and 3.02 billion CNY, with net profits of 6.57 billion CNY, 1.60 billion CNY, and 1.35 billion CNY for the first three quarters of 2025 [6]. Group 3: Strategic Advantages - The merger is expected to create significant synergies, enhancing resource integration and capital strength, thereby improving the overall service capability and resilience against market fluctuations [4]. - CICC's strengths in investment banking and private equity will complement Dongxing and Xinda's regional presence and retail client base, leading to a comprehensive service system [4]. - The merger aligns with national strategies to build a strong financial sector and is seen as a response to the call for enhancing the quality of small financial institutions [4].

Group 1 - The tungsten market is experiencing significant price increases driven by major tungsten companies raising long-term purchase prices and production cuts from key tungsten raw material producers [1] - As of December 18, tungsten concentrate and ammonium paratungstate prices have risen, with tungsten powder (≥99.7%) reaching 1.01 million yuan/ton, a 219.6% increase since the beginning of the year [1] - CICC predicts that due to supply-side pressures and geopolitical conflicts, global tungsten supply will require higher incentive prices, suggesting that tungsten prices may continue to rise in the short term [1] Group 2 - CICC believes that the global tungsten supply-demand relationship will remain tight, driving the long-term price center to rise to 450,000-500,000 yuan/ton, expected to last until 2028 [2] - From 2025 to 2028, global tungsten production is projected to increase from 82,800 tons to 89,900 tons, while demand will rise from 102,100 tons to 110,000 tons, indicating a persistent supply-demand gap [2] - The demand for tungsten-based new materials in emerging fields such as AI and new infrastructure will provide long-term support for tungsten prices [2] Group 3 - Jiaxin International Resources (03858) has commenced commercial production at the Bakuta tungsten mine project, targeting a mining and processing capacity of 3.3 million tons of tungsten ore by 2025 [3] - In the first half of 2025, Jiaxin International processed 945,000 tons of ore, achieving a tungsten concentrate output of 1,205 tons, with a target of 1.65 million tons of ore and 3,638 tons of concentrate in the second half [3] - By 2027, the second phase of the project is expected to increase annual mining and processing capacity to 4.95 million tons, with a projected concentrate output of 13,700 tons and a long-term price center of 450,000-500,000 yuan/ton [3]

每经AI快讯，12月24日，中金公司（601995）研报表示，家纺行业增长驱动已从婚庆、地产转向以日 常更换为主的需求，同时线上渠道销售占比快速提升。市场环境的变迁与消费者对睡眠健康关注的提 升，为以功能性细分单品为核心策略的新品牌提供了发展机遇，其迅速崛起亦带动了传统家纺品牌加速 产品创新与迭代。传统品牌在高端供应链和全渠道布局上具备优势，而新品牌在消费者洞察和营销创新 上更敏捷，我们认为两者有望共同推动行业依靠产品创新获得持续的健康增长。 ...

供需方面，2026年产能利用率两极分化加深，若达到供需平衡，国内光伏玻璃产能相较今年需减产 5000-20000吨。由于明年国内组件需求减弱，对应光伏玻璃需求下滑约23-36%；海外组件需求有望较今 年增长约60GW，总需求有望达到150GW，中金公司测算仍需要国内调配8800吨产能，以玻璃形态直销 海外。基于这种情况，中金公司认为，有海外客户基础的光伏玻璃企业仍能保持相对较好的开工率；而 产品出口能力有限的企业最终会因库存持续增加且无法转化为收入，使得生产经营维系压力增加，最终 导致现金流断裂，产能被动出清。 价格及成本方面，明年相较今年有望趋于稳定。今年2.0mm光伏玻璃含税均价12.59元/平方米，同比下 滑15.83%。中金公司认为，明年均价按照不得低于成本价销售的指引，全年有望维持在13-13.5元/平方 米。成本方面，明年整体存在小幅压降的空间，主要系重碱、超白石英砂供过于求，价格有小幅下调空 间，天然气价格平稳，澄清剂中锑用量逐步降低所致。 中金公司（601995）发布研究报告称，明年头部光伏玻璃企业利润率中枢有望上浮，而二线以下企业利 润存在继续下探的风险。国内方面，明年龙头玻璃企业国内盈利较 ...

Core Viewpoint - The recent regulatory changes in China, particularly the revised "Major Asset Restructuring Management Measures" and the "Six Merger Policies," are designed to stimulate the merger and acquisition (M&A) market, shifting the focus from approval to efficiency and industry orientation [1][2] Regulatory Changes - The China Securities Regulatory Commission (CSRC) implemented new rules in May 2023 to simplify the M&A process and enhance regulatory inclusivity, marking a significant shift in the regulatory landscape [1] - The "Six Merger Policies" released on September 24, 2024, are seen as the most robust support for M&A in the past decade, emphasizing stronger inclusivity and market-driven transactions [1] Macro Perspective - China's economy is transitioning towards high-quality development, necessitating a shift from extensive capital expansion to more refined resource allocation, with M&A being a key tool for industry integration and upgrading [1] Micro Perspective - For listed companies, M&A is becoming an essential strategy to adapt to industry changes and seek new growth avenues, with many companies reporting immediate positive market responses following successful acquisitions [2] - Companies like Liyuanheng and Taili Technology are actively exploring M&A opportunities to enhance their technological capabilities and market reach [2] Trends in M&A - A notable trend is the shift of listed companies from being "hunters" to "prey," with many now positioned as targets for acquisition [3] - Significant transactions are anticipated in 2025, including major mergers among securities firms and innovative cross-listing strategies [4] Absorption Mergers - Absorption mergers are gaining traction as they allow companies to eliminate competition with less financial strain compared to traditional M&A methods [5] - The market is expected to see an increase in absorption mergers, although challenges such as tax implications and the value of "shell" companies remain [5] Local Government Involvement - Local state-owned enterprises are increasingly acquiring listed companies to quickly gain access to mature industry platforms and capital tools, moving away from traditional investment attraction methods [6] Market Dynamics - The active acquisition of listed companies is crucial for maintaining market vitality, with a significant number of major asset restructuring plans being terminated in 2025 compared to previous years [8] - The rise of cross-border M&A is also noted, with over 60 such transactions disclosed this year, although many have faced termination due to various challenges [8] Regulatory Scrutiny - There is a growing concern over potential insider trading and speculative behaviors in the M&A market, prompting calls for stricter regulatory oversight [9][10] - The CSRC emphasizes the importance of maintaining regulatory integrity, particularly in preventing insider trading during M&A activities [10] Future Outlook - The M&A landscape is expected to evolve, with a focus on industry logic and market-driven transactions becoming more prevalent, potentially leading to a more mature A-share M&A market by 2026 [11][12][13] - The generational shift among entrepreneurs is opening up new opportunities for control transfers, which may lead to a significant increase in M&A activities [12][13]

（原标题：阿布扎比投资办公室与中金加强合作） Zawya网站12月10日消息，阿布扎比投资办公室（ADIO）与中国国际金融股份有限公司（中金公 司）合作设立投资走廊，以促进阿布扎比与中国之间的双向投资。双方将合作助力阿布扎比的机构投资 者直接进入中国资本市场，并甄选有意在阿布扎比扩张的中国企业。中金公司计划将把其区域投行业务 设在阿布扎比。 ...

编者按：站在2025年末回望，证券行业已走过深刻变革、成果斐然的一年。我们用十个关键词，串联起 行业效能提升、差异化发展与做优做强的年度图景。 2025年，全行业锚定"功能航向"，一流投行的目标激励更多机构前行；以"链式"服务科创的全程陪伴、 投行引擎换挡后的业务韧性，叠加杠杆撬动的资本新效能，共同推动业绩乘势而上。与此同时，面对日 益激烈的市场竞争，行业坚持效率与安全并重，推动风控向"主动式、智能化"全面进化，为发展保驾护 航。 回望，是深耕与收获；前瞻，是责任与蓝图。2026年是"十五五"规划开局之年，期待证券行业以高质量 发展之姿，担起支持现代产业发展、助力金融强国建设的时代之任。 锚定"功能航向" 政策红利与市场回暖的双重加持下，"超预期"成为今年研究机构对券商业绩点评的高频词。 业绩向好的底气，源于基本面的持续改善。上半年，150家券商营业收入同比增长23.47%，净利润同比 增长40.37%，为全年业绩筑牢根基。下半年，市场交投活跃、两融余额高位运行、第三季度上市券商 业绩高增、全业务线复苏等利好不断，全年盈利增速有望进一步提升。这种增长态势，既是行业经营能 力提升的体现，也是市场对券商功能价值认 ...

Group 1 - The core viewpoint of the news is that CICC, along with Dongxing Securities and Cinda Securities, has announced a significant asset restructuring plan, which is expected to reshape the securities industry landscape and propel CICC's growth [1] - The share exchange ratios for the merger are set at 1:0.4373 for Dongxing Securities and 1:0.5188 for Cinda Securities, both reflecting varying degrees of premium [1] - Following the merger, CICC's total asset scale is projected to exceed 1 trillion yuan, making it the fourth "trillion-dollar giant" in the industry [1] Group 2 - The securities sector is anticipated to experience a wave of mergers and acquisitions in 2025, with significant progress expected in 2026 under the guidance of regulatory authorities [2] - Three main lines of mergers are identified: mergers between brokers under the same controlling shareholder, mergers between regional listed and non-listed brokers, and mergers aimed at filling business gaps [2] - The industry still has ample room for incremental business growth, and leading brokers are expected to strengthen their positions through mergers and increased leverage [2]