据港交所文件：科郦有限公司向港交所提交上市申请书，独家保荐人为中金公司。 ...

尤其对于优质蓝筹股而言，在重组初期股价涨幅过大或许并非好事。一方面，过高的股价可能会提前透 支公司未来发展的增长预期，使得后续的股价上涨空间受限。当市场发现公司的实际业绩增长无法支撑 过高的股价时，就会引发股价的回调，给投资者带来损失。 另一方面，股价短期的大幅波动也会吸引大量的投机资金进入，增加市场的不稳定因素。这些投机资金 往往只关注短期的价差收益，而不关心公司的长期发展，他们的频繁买卖会加剧股价的波动，不利于公 司的稳定发展。 【#重组股的价值重估是长期过程# 】中金公司携重组方案复牌，复牌首日高开低走的表现似乎不及部 分投资者的预期。但实际上，重组股的估值重估不会一蹴而就，短期股价走势并不影响中长期投资价值 的改变，尤其对于优质蓝筹股而言，在重组初期股价涨幅过大或许并非好事。 重组股复牌首日的股价表现其实对于中长期价值判断参考意义并不大，毕竟短期的股价表现对应的是短 期的市场情绪。实际上，股价的短期波动是投资者情绪和内在价值盲猜的综合结果，它并不能完全代表 重组后公司的真实价值和未来发展潜力。投资者不能仅仅根据复牌首日的股价表现就对重组的前景下结 论，而应该深入分析重组方案的具体内容和实施计划。 但是 ...

对待重组股，投资者应该保持多一点理性和耐心。不要被短期的市场情绪所影响，要有自己的独立判断 和分析能力。同时，要充分认识到重组股价值重估的长期性和复杂性，做好长期投资的准备，这才是理 性价值投资者正确的思路。 北京商报评论员 周科竞 一般而言，绩优蓝筹股的机构类投资者持仓比重较高，股票的市场估值较为合理。因此，在面对重组等 重大资本运作时，投机性较低，股价表现也更为理性。 从长期来看，优质重组股的中长期投资价值取决于公司能否通过重组实现业务的优化和竞争力的提升。 如果重组方案能够有效地整合资源、拓展市场、提高经营效率，那么公司的盈利能力和市场地位将会得 到显著提升，其内在价值也会在未来逐渐得以体现。投资者更应该关注公司的基本面变化，如业绩增 长、市场份额扩大、客户美誉度提升等因素，而不是被短期的股价波动所左右。 实际上，重组股的价值重估是一个漫长的过程。在重组初期，估值重估不可能一步到位，这与重组的不 确定性、市场环境的变化都有一定的关系。而且，在重组初期，市场对于重组股的价值增长预期也可能 存在差异化判断，这些因素可能会导致重组股的新估值标准难以统一。 但是，当重组正式成功之后，市场的预期开始逐步统一，而且 ...

Market Overview - The S&P 500 index has experienced four consecutive declines, primarily driven by large technology stocks[1] - Major U.S. indices collectively fell, with the Nasdaq down nearly 2%[9] - The S&P 500 closed at 6,800, reflecting a decline of 1.16% for the day and a year-to-date increase of 14.28%[3] Hong Kong Market Performance - The Hong Kong stock market showed a significant recovery in the afternoon, with major indices rebounding after two consecutive days of decline[9] - Large technology stocks such as Meituan and Kuaishou rose nearly 2%, while Tencent and Alibaba increased over 1%[9] - The financial sector saw a collective rise, with China Life Insurance up over 4% and CITIC Securities up over 3%[9] Sector Highlights - Precious metals stocks strengthened, with China Silver Group rising over 7% due to a weaker dollar and expectations of interest rate cuts, pushing silver prices above $66 per ounce[9] - The aviation sector saw gains, with China Southern Airlines up over 5% as ticket bookings surged ahead of the New Year holiday[9] - The lithium battery sector also rose, driven by a significant increase in lithium carbonate futures prices, with Tianqi Lithium up 5.83%[9] Economic Indicators - Japan's November exports grew by 6.1% year-on-year, exceeding market expectations, with a trade surplus of 322.2 billion yen[13] - The U.S. Treasury yields have shown fluctuations, impacting market sentiment and investment strategies[18]

（编辑 楚丽君） 证券日报网讯 12月18日晚间，中金公司发布公告称，2025年半年度A 股权益分派实施方案为：A股每股 派发现金红利人民币0.09元（含税），股权登记日2025年12月26日，除权（息）日及现金红利发放日均 为2025年12月29日。 ...

北京商报讯（记者 刘宇阳）12月18日，中金公司发布2025年半年度A股权益分派实施公告。公告内容显示， 以公司总股本48.27亿股为基数，每股派发现金红利0.09元（含税），共计派发现金红利4.34亿元（含税）。 现金红利发放目为12月29日。 2025年半年度A 股权益分派实施公告 一、通过分配方案的股东会届次和日期 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。 中国国际金融股份有限公司(以下简称"公司")2025年半年度利润分配方案 已经公司2025 年 10 月 31 日召开的2025年第一次临时股东大会审议墙浮乘: 公告截图 重要内容提示: ● 差异化分红送转:否 证券简称:中金公司 公告编号:临 2025-049 证券代码:601995 ● H 股股东的 2025 年中期股息派发事宜不适用本公告 中国国际金融股份有限公司 | 股份类别 | 股权登记日 | 除权(息) 日 | 现金红利发放日 | | --- | --- | --- | --- | | Ａ股 | 2025/12/26 | 2025/ ...

智通财经APP获悉，香港联交所最新资料显示，12月15日，中金公司增持纳芯微(02676)14.42万股，每 股均价112.6601港元，总金额约为1624.56万港元。增持后最新持股数目约为347.99万股，最新持股比例 为18.24%。 ...

智通财经APP获悉，香港联交所最新资料显示，12月15日，中金公司增持纳芯微(02676)14.42万股，每 股均价112.6601港元，总金额约为1624.56万港元。增持后最新持股数目约为347.99万股，最新持股比例 为18.24%。 ...

Group 1 - The announcement from Shandong Hi-Speed Company indicates a potential financial impact due to the merger with Dongxing Securities, with an expected impairment provision of approximately 690 million yuan for long-term equity investments in 2025, which will reduce the company's consolidated profit for that year by the same amount [2] - The impairment provision is based on relevant accounting standards and policies, and the final accounting treatment will be confirmed in the company's 2025 annual report [2] - The exchange price for Dongxing Securities shares is set at 16.14 yuan per share, reflecting a 26% premium over the average trading price of 12.81 yuan per share over the previous 20 trading days, with an exchange ratio of 1:0.4373 [2] Group 2 - The impairment provision is classified as a one-time, non-cash accounting loss under accounting standards, meaning it will not result in an outflow of cash for the company [3] - Shandong Hi-Speed's current cash flow situation remains stable [3]

Core Viewpoint - Shandong Hi-Speed disclosed potential financial impacts related to the merger of CICC and Dongxing Securities, indicating a significant impairment provision for long-term equity investments in 2025 [1] Financial Impact - The company plans to recognize an impairment provision of approximately 690 million yuan for Dongxing Securities, which is expected to reduce the consolidated profit for 2025 by the same amount [1] - This impairment provision is unaudited and the final accounting treatment will be confirmed in the 2025 annual report [1] Merger Details - CICC will issue A-shares to all A-share shareholders of Dongxing Securities to achieve the merger, with the exchange price set at 16.14 yuan per share, reflecting a 26% premium over the average trading price of 12.81 yuan per share over the previous 20 trading days [1] - The exchange ratio for the merger is established at 1:0.4373 [1] Cash Flow Status - The impairment provision is classified as a one-time, non-cash accounting loss, which will not affect the company's cash flow [1] - Shandong Hi-Speed maintains a stable cash flow position [1]