◎记者 严晓菲 2025年，多家期货公司密集启动增资与并购重组，一场以"强筋健骨"为核心的行业转型升级大戏正持续 上演。在监管引导与市场蜕变的双引擎驱动下，期货公司业务版图开始重构——从传统经纪"厮杀"转向 风险管理、衍生品创新与全球布局的纵深战场。展望未来，以适配客户需求、提升服务品质为核心，期 货公司将驶向更专业化、国际化、数字化的高质量发展"深水区"。 整合风起：政策与市场逻辑双轮驱动 在政策层面，自2022年8月《中华人民共和国期货与衍生品法》实施以来，期货衍生品行业内机构发生 整合、收购、兼并、重组的情况日益增多。今年5月，证监会又将修订《期货公司监督管理办法》纳 入"力争年内出台的重点项目"，此前发布的草案中拟提高期货公司的业务准入门槛，对净资本提出更高 要求。今年9月，《期货公司分类评价规定》迎来第四次修订，内容中删除了"成本管理能力""净资产收 益率"两项指标，旨在鼓励期货公司加大投入，走规模化经营道路。 在市场层面，有业内人士分析称，近年来，大宗商品价格波动加剧，"负油价""伦敦镍"等"黑天鹅"事件 频发，风险抵御能力成为考核期货公司的重要一环，但资本规模小、业务体量不大且产品单一的期货公 ...

Core Viewpoint - Ying's Holdings Group Co., Ltd. has been approved for listing on the Beijing Stock Exchange, marking the 100th company to pass the review this year [1]. Group 1: Company Overview - Ying's Holdings is a comprehensive and large-scale enterprise focused on the research, production, and operation of maternal and infant products, including infant food and hygiene products [1]. - The company has no controlling shareholder, with actual control held by Ma Wenbin, Wan Jianming, and Peng Min, who collectively control 52.02% of the shares [2]. Group 2: IPO Details - Ying's Holdings plans to publicly issue up to 13.0898 million shares, aiming to raise approximately 333.9564 million yuan for various projects, including the construction of an innovation center and production projects for infant nutrition products [3]. - The underwriting institution for the IPO is Western Securities Co., Ltd., marking its second successful IPO project this year [1][3]. Group 3: Review and Inquiry - The review committee raised inquiries regarding the authenticity and sustainability of revenue growth, as well as the quality control measures for products produced by third-party manufacturers [5].

Group 1 - The core viewpoint of the report indicates that the listed pig companies' slaughter volume in November 2025 reached 18.2581 million heads, representing a year-on-year increase of 26.67% but a month-on-month decrease of 2.96% [1][2] - The cumulative slaughter volume of listed pig companies from January to November 2025 was 176 million heads, with a year-on-year growth of 21.42%, indicating stable growth around 20% [2] - The report suggests seizing investment opportunities in the pig farming sector, focusing on companies with strong growth in slaughter volume and stable operations, recommending Muyuan Foods (002714.SZ), Wens Foodstuff Group (300498.SZ), Tangrenshen (002567.SZ), Huatong Food (002840.SZ), and Juxing Agriculture (603477.SH) [1] Group 2 - The operating revenue of listed pig companies in November 2025 was 22.5556 billion yuan, down 17.03% year-on-year and 4.94% month-on-month [3] - The sales revenue from commodity pigs for leading companies in November was 9.390 billion yuan for Muyuan, 5.199 billion yuan for Wens, and 1.812 billion yuan for New Hope, with year-on-year declines of 20.43%, 14.19%, and 11.61% respectively [3] - The decline in revenue is attributed to a larger decrease in pig prices compared to the increase in slaughter volume, with cumulative revenue from January to November 2025 amounting to 268.644 billion yuan, a slight year-on-year increase of 2.09% [3] Group 3 - The average selling price of pigs in November increased by 1.60% month-on-month but decreased by 30.05% year-on-year [4] - The average selling prices for leading companies were 11.56 yuan/kg for Muyuan, 11.71 yuan/kg for Wens, and 11.54 yuan/kg for New Hope, with year-on-year declines of 28.73%, 29.92%, and 30.02% respectively [4] - The decline in average selling prices is due to ample supply and weak demand during the peak season, with expectations of low prices persisting until the Spring Festival [4] Group 4 - The average weight of pigs slaughtered in November was 105.80 kg per head, showing a month-on-month decrease of 0.35% and a year-on-year decrease of 3.31% [5] - Leading companies reported average weights of 123.04 kg for Muyuan, 101.98 kg for Wens, and 100.17 kg for New Hope, with month-on-month declines and varying year-on-year changes [5] - The decrease in average weight is a result of companies voluntarily reducing slaughter weights in response to market conditions [5]

Group 1 - The Beijing Stock Exchange has approved the listing application of Ying's Holdings Group Co., Ltd., marking a significant achievement for Western Securities in the consumer sector and regional enterprise capital services [1] - Ying's Holdings, a pioneer in the scientific and rational research of infant complementary food, reported main business revenues of 1.296 billion yuan, 1.758 billion yuan, and 1.974 billion yuan for the years 2022 to 2024, with a compound annual growth rate of 23.46% over the last three years [1] - Western Securities has successfully sponsored and underwritten 16 Hunan enterprises for A-share listings since 2011, demonstrating its commitment to supporting regional entities and contributing to the financial empowerment of local stocks [1] Group 2 - In the context of consumer upgrades and deepening capital market reforms, Western Securities focuses on a strategy of "regional deep cultivation + sector specialization," emphasizing the development of new productive forces in the consumer sector [2] - The successful project of Ying's Holdings further consolidates Western Securities' sponsorship advantages in the consumer field, showcasing the practical results of integrating financial resources into the real economy [2] - Western Securities aims to leverage its professional advantages to support more quality consumer enterprises like Ying's Holdings in their journey from regional leaders to national brands, contributing to the narrative of "consumer upgrades + capital empowerment" [2]

Group 1 - Nvidia's cabinet liquid cooling market is expected to accelerate, with an estimated market size of $6.9 billion to $9.7 billion by 2026, driven by orders for approximately 14 million GPUs from Blackwell and Rubin [1] - The power of Nvidia's GPU chips is projected to increase significantly, from approximately 1000W for B200 to 2300W for R200 by 2026, and potentially over 4000W for R300 by 2027 [1] - Google's TPUv7 and above are expected to ship around 2.2 to 2.3 million units in 2026, leading to a projected market size of $2.4 billion to $2.9 billion for Google's cabinet liquid cooling systems [2] Group 2 - The domestic liquid cooling server market in China is forecasted to reach $10.2 billion by 2028, with a compound annual growth rate of 47.6% from 2023 to 2028 [3] - The current penetration rate of liquid cooling in servers is only 5%, indicating significant growth potential as the market expands [3] - Huawei's CloudMatrix384 super node has already sold over 300 units, and the introduction of new super nodes is expected to further drive demand for liquid cooling solutions in the domestic market [4] Group 3 - 2026 is anticipated to be a pivotal year for the industrialization of liquid cooling, with recommendations to focus on leading companies with technological barriers and those that can enter the supply chains of major domestic and international firms [5] - Companies such as Yingweike, Sixuan New Materials, Yidong Electronics, Hongfuhan, Shuo Beid, Jie Bang Technology, Xiangxin Technology, and Shenling Environment are highlighted as potential investment targets [5]

Core Viewpoint - The year 2026 is projected to be a turning point for China's economy, moving away from low inflation and establishing a "new equilibrium" as per the consensus among major securities firms [1]. Group 1: Macroeconomic Growth and Price Recovery - Major securities firms, including China Merchants, Ping An, and West Securities, agree that the Chinese economy will emerge from the low inflation phase, with expectations of nominal GDP growth recovery driven by price factor improvements [1][5]. - The "anti-involution" policy is expected to limit supply, combined with the pig cycle bottoming out and PPI turning positive, which will be key in improving corporate profitability and nominal GDP [1][5][6]. Group 2: Structural Transition and New Growth Drivers - 2026 is seen as a critical juncture for the transition between old and new growth drivers, with real estate investment entering a bottoming phase while AI, data center energy demand, and high-end manufacturing are expected to become substantial growth engines [1][5][21]. - The consensus is that the economy will experience a "new-old relay" with significant changes in investment structures, particularly in manufacturing and real estate [1][21]. Group 3: Demand-Side Drivers - There is a divergence in views regarding demand-side drivers; some firms like Minsheng and Northeast Securities believe external demand will outperform internal demand, while others like West Securities and Shenwan Hongyuan predict a shift towards internal demand dominance [1][5][21]. Group 4: Asset Allocation and Market Style Predictions - Opinions on asset allocation and market style are highly varied, with Haitong International being the most optimistic, predicting a 40% increase in the Shanghai Composite Index based on "value re-evaluation" logic [2][50]. - China Merchants Securities anticipates a shift from "policy-driven" to "profit-driven" market dynamics, while others suggest a more balanced focus on both growth and cyclical opportunities [2][21]. Group 5: Key Predictions from Securities Firms - China Merchants Securities predicts a recovery in corporate profits and a shift in policy focus towards enhancing development quality, with manufacturing investment expected to grow by 5% and real estate investment's decline narrowing to -8% [5][10]. - Ping An Securities emphasizes the importance of price recovery, forecasting CPI to rise to 0.6% and PPI to narrow its decline significantly [16][18]. - West Securities expects nominal GDP growth to accelerate, driven by inflation recovery and the emergence of new growth forces [21][23]. Group 6: External Environment and Trade Dynamics - The external environment is expected to improve, with strong export performance contributing significantly to GDP growth, projected to be around 40%-50% from actual export growth [11][44]. - The report from Northeast Securities highlights that external demand will recover before internal demand, with exports expected to grow by approximately 7% [44][45].

西部利得红利鑫选混合型发起式证券投资基金（基金简称：西部利得红利鑫选混合发起，A类份额基金 代码：025848，C类份额基金代码：025849，以下简称"本基金"）的发行期为2026年1月5日至2026年1 月23日。西部利得基金管理有限公司（以下简称"本公司"）的股东西部证券股份有限公司，将作为发起 资金提供方于募集期内认购本基金1000万元（不含认购费），最终认购申请确认结果以基金登记机构确 认的结果为准。 投资者可登陆本公司网站[www.westleadfund.com]或拨打本公司客服电话（400-700-7818）咨询相关情 况。 本公司承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证本基金一定盈利，也不保证最 低收益。请充分了解本基金的风险收益特征，审慎做出投资决定。 西部利得基金管理有限公司 2025年12月20日 特此公告。 ...

Core Insights - The recent board and executive team reshuffles among several securities firms, including Guolian Minsheng Securities, Western Securities, Dongfang Caifu, Guoyuan Securities, and Changjiang Securities, reflect significant changes in leadership and strategic direction within the industry [1][5][7]. Group 1: Board Reshuffles - Guolian Minsheng Securities completed its board reshuffle on December 15, 2025, with Gu Wei elected as chairman and a focus on risk control and strategic committees [2]. - Western Securities' board was restructured on November 17, 2025, with Xu Chaohui as chairman, emphasizing strategic and risk control committees [2]. - Dongfang Caifu's board reshuffle on December 15, 2025, saw Qi Shi as chairman and a significant organizational restructuring to support its "AI + Finance" strategy [3]. - Guoyuan Securities' board was restructured on December 15, 2025, with Shen Hefeng as chairman, focusing on audit and compensation committees [3]. - Changjiang Securities completed its board reshuffle on December 9, 2025, with Liu Zhengbin as chairman, integrating more representatives from Hubei state-owned assets [4]. Group 2: Executive Appointments - Guolian Minsheng Securities appointed Ge Xiaobo as president and established a comprehensive executive team, including roles for risk management and compliance [10]. - Western Securities promoted several internal candidates to key executive positions, ensuring continuity and alignment with its recent acquisition of Guorong Securities [15]. - Dongfang Caifu's new management structure includes Huang Jianhai as general manager, focusing on a flatter organizational structure to enhance agility [12][13]. - Changjiang Securities retained key executives while integrating new management from state-owned backgrounds to strengthen governance [14]. Group 3: Strategic Focus and Industry Trends - The reshuffles indicate a trend towards internal promotions, ensuring continuity in strategic execution and aligning with the high professionalism required in the securities industry [6]. - The adjustments are closely tied to organizational reforms, with firms like Western Securities and Dongfang Caifu optimizing their structures to enhance operational efficiency [6]. - The changes reflect a broader industry trend towards adapting to market transformations, with firms focusing on mergers, local economic development, and financial technology integration [6].

Core Viewpoint - The report from Western Securities indicates that the economic viability of independent energy storage in China is becoming evident, with demand exceeding expectations. The demand for large-scale storage in Europe, the US, and emerging markets is robust, and energy storage battery demand is expected to continue high growth through 2026 [1]. Group 1: Supply and Demand Dynamics - The supply-demand structure for lithium batteries is expected to reverse by 2026, with stable growth anticipated in global power battery demand driven by the continuous rise of domestic electric vehicles and a recovery in European new energy markets [1]. - On the supply side, the recovery of lithium carbonate prices and improvements in material supply-demand dynamics are expected to enhance profitability. The supply-demand structure for lithium iron phosphate, anode materials, hexafluorophosphate, and copper foil is projected to improve significantly by 2026 [1]. Group 2: Recommended Companies - Recommended companies in the battery sector include CATL (300750.SZ), EVE Energy (300014.SZ), and Guoxuan High-Tech (002074.SZ) [3]. - In the materials sector, recommended companies are Keda Technology (002850.SZ), Dingsheng Technology (300073.SZ), and Rongbai Technology (688005.SH) [3]. Group 3: Solid-State Battery Developments - The solid-state battery industry is expected to achieve breakthroughs in three core issues: material system innovation, solid-solid interface improvement, and manufacturing process optimization by 2026 [4]. - Companies to watch in the equipment sector include Lead Intelligent (300450.SZ) and Naconor (920522.BJ) [4]. Group 4: Consumer Electronics and Emerging Markets - The demand for consumer electronics such as laptops and smartphones is recovering, driven by advancements in AI, low-power IoT, AR/VR, and other emerging technologies, which are expected to create a second growth curve for the industry [5]. - Recommended companies in the consumer battery sector include Zhuhai Coslight (688772.SH) and Sunwoda Electronic (300207.SZ) [5]. Group 5: Charging Infrastructure Growth - The "three-year doubling" plan is expected to support the rapid growth of the charging pile industry, with a focus on leading manufacturers like Teradyne (300001.SZ) and Bull Group (603195.SH) [6].

Core Viewpoint - The importance of cultural confidence in the context of China's modernization and the development of a distinctive financial culture that aligns with national strategies and financial regulations is emphasized [1][10]. Group 1: Theoretical Foundations - The integration of Marxist principles with China's specific realities forms the theoretical foundation of the distinctive financial culture [3][10]. - The leadership of the Communist Party is crucial in guiding the construction of this financial culture, ensuring alignment with national strategies and the welfare of the people [4][10]. - The financial culture's mission is to serve the real economy, establishing a clear responsibility for the financial industry [5][10]. Group 2: Practical Implementation - The financial sector is encouraged to innovate financing tools and optimize models to support key areas like advanced manufacturing and technological innovation [5][10]. - Measures to prevent the trend of capital moving away from the real economy are highlighted, including enhanced regulation and market transaction standards [5][10]. Group 3: Cultural Integration - The second integration emphasizes the fusion of Marxist principles with traditional Chinese culture, enhancing the financial culture's identity and relevance [6][10]. - The financial culture aims to draw from traditional values, promoting integrity, innovation, and compliance within the industry [7][10]. - The focus on serving the people's needs and ensuring financial development aligns with traditional Chinese values of benefiting the populace [8][10]. Group 4: Systematic Support - A comprehensive system and mechanism are necessary to support the development of this financial culture, ensuring effective implementation of the two integrations [11][10]. - The importance of a robust evaluation and incentive system is stressed to encourage financial institutions to adopt these cultural principles in their operations [11][10].