本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 东方财富信息股份有限公司子公司东方财富证券股份有限公司（以下简称 "东方财富证券"）于 2025 年 3 月收到中国证监会《关于同意东方财富证券股 份有限公司向专业投资者公开发行公司债券注册的批复》（证监许可〔2025〕618 号），中国证监会同意东方财富证券向专业投资者公开发行面值总额不超过 200 亿元公司债券的注册申请。近日，东方财富证券完成了 2025 年面向专业投资者 公开发行公司债券（第七期）（以下简称"本期债券"）发行工作，具体发行结 果如下： 本期债券采取网下面向专业投资者询价配售的方式发行，网下实际发行规模 为 28 亿元，债券简称为"25 东财证券 08"，债券代码"524540.SZ"，期限为 3 年期，票面利率为 1.99%，发行价格为每张 100 元。本期债券拟在深圳证券交易 所上市交易，募集资金用于偿还东方财富证券债务及补充东方财富证券营运资 金。 认购本期债券的投资者均符合《公司债券发行与交易管理办法》《深圳证券 交易所公司债券上市规则》《深圳证券交易所债券市场投资者适当性管理办法》 ...

国泰海通证券指出，中金公司公告换股吸收东兴证券、信达证券。并购将显著提升综合实力，协同效应 预计主要体现在扩大客户基础和吸并资产效率提升。供给侧改革仍是行业中长期视角下的重要变化，预 计事件催化下板块估值有望修复。此外，当前市场活跃度仍高，在居民资金有望入市背景下，依然看好 低估值非银板块的补涨机会。 截至2025年11月24日 13:46，国证证券龙头指数(399437)上涨0.86%，成分股兴业证券(601377)上涨 2.60%，华泰证券(601688)上涨2.57%，浙商证券(601878)上涨1.28%，国联民生(601456)上涨1.19%，财 通证券(601108)上涨1.12%。证券ETF龙头(159993)上涨0.87%，最新价报1.27元。 从资金净流入方面来看，证券ETF龙头近7天获得连续资金净流入，最高单日获得5250.72万元净流入， 合计"吸金"1.07亿元，日均净流入达1521.99万元。 A股市场持续活跃，消息面上，今年前10月，全国印花税收入3781亿元，同比增长29.5%；其中，证券 交易印花税1629亿元，同比增长88.1%。 证券ETF龙头紧密跟踪国证证券龙头指数，为反 ...

证券研究报告 | 2025年11月24日 近期证券业并购对行业长期影响分析 券业整合 2.0 开启，行业长期格局优化 行业研究·行业快评 非银金融 投资评级：优于大市（维持） 证券分析师： 王德坤 021-61761035 wangdekun@guosen.com.cn 执证编码：S0980524070008 证券分析师： 孔祥 021-60375452 kongxiang@guosen.com.cn 执证编码：S0980523060004 事项： 2025 年 11 月，中金公司公告拟通过换股方式吸收合并东兴证券和信达证券，我们判断，证券行业并购 2.0 时代到位，更重视行业功能性强化与塑造（如跨境功能），而不是简单资本加总。 国信非银观点：近几年来，我国证券业掀起新一轮并购重组浪潮，这既源于政策层面"培育一流投资银行" 的明确导向，也是行业自身发展周期与市场竞争的必然选择。一种是规模占优为导向，比如国泰君安与海 通证券合并，资产、资本规模夯实。国泰海通合并的核心逻辑在于通过规模扩张实现成本节约和效率提升。 合并后公司净资本实力大幅增强，风险承受能力显著提高，为发展资本消耗型业务奠定了坚实基础。此外， 合并 ...

证券研究报告·行业跟踪周报·非银金融 非银金融行业跟踪周报 证券行业并购稳步推进；保险业总资产突破 40 万亿 增持（维持） 相关研究 [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：1）宏观经济不及预期；2）政策趋紧抑制行业创新；3）市场 竞争加剧风险。 2025 年 11 月 23 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 罗宇康 执业证书：S0600525090002 luoyk@dwzq.com.cn 行业走势 -14% -10% -6% -2% 2% 6% 10% 14% 18% 22% 2024/11/25 2025/3/25 2025/7/23 2025/11/20 非银金融 沪深300 《中金公司拟换股合并东兴证券、信 达证券，资产规模将破万亿元》 2025-11-20 《金融科技 2026 年投资策略-- 短期 看市场活跃的持续性，中期关注金融 IT》 2025-11-17 东吴证券研究所 1 / 15 请务必阅读正文之后的免责声明部分 ◼ 非银行金融子行业近期表现：最近 5 个交易日（2025 ...

11月18日，东方财富证券举办2026年度策略会，券商中国记者在会议期间专访了东方财富证券研究所所长孟杰。 公开资料显示，孟杰为清华大学土木工程系学士、土木工程硕士，拥有约15年的证券研究经验。 2024年8月，孟杰履新东方财富证券研究所所长，彼时A股市场正处于"9·24"行情启动前的沉寂期，同时公募基金费率改革刚刚落地，卖方研究业务面临佣金压降的 严峻挑战。从顶尖分析师到研究所管理者，孟杰跟券商中国记者分享了这一年多的成长与收获。 孟杰表示，东方财富证券研究所的目标是打造一家"科技驱动、数据赋能、生态共生"的新一代研究机构。未来，孟杰希望市场提到"东方财富证券研究所"时，最先 想到的标签是——"最懂中国市场的前沿研究驱动者"。 展望明年的A股市场，孟杰表示，A股市场的震荡慢牛格局预计仍将持续。展望"十五五"时期，看好未来产业与新兴赛道、传统产业的颠覆性升级与价值重估、科技 赋能与内需提振的双轮驱动等三大投资方向。孟杰还表示，以消费为代表的传统核心资产估值已进入历史偏低区间，配置价值也日益凸显。 科技驱动，打造新一代研究机构 "这一年的转型让我深刻体会到，管理者的核心任务不再是成为最亮的星，而是去打造一片能让 ...

Core Viewpoint - The market is focused on the expected development trends for 2026, with a consensus emerging that A-shares present structural opportunities and that the macroeconomic environment will continue to show signs of recovery [1][2]. Group 1: Economic Outlook - Major securities firms predict China's economic growth for 2026 will be in the range of 4.9% to 5.0%, with a "front low, back high" growth pattern expected [3]. - The overall judgment from economists is that the macroeconomic environment will be "stable and improving, with structural optimization" [2][3]. - Export resilience and ongoing industrial upgrades are viewed as key supports for the macroeconomy, with expectations of strong export performance in 2026 [2]. Group 2: Policy and Structural Changes - The core direction for policy in 2026 will focus on structural optimization and a balanced approach to supply and demand [3]. - There is an expectation of moderate expansion in fiscal policy, which will support the conclusion of the deleveraging cycle [2][3]. - The need to address weak domestic demand remains a critical issue for 2026, with price stability being essential for growth [4]. Group 3: Investment Themes - The investment focus for A-shares in 2026 is expected to shift from being driven by sentiment, funds, and valuation to being driven by performance verification [5]. - Key areas of interest include technology growth, external demand breakthroughs, and cyclical recovery [5][6]. - The AI revolution is entering a critical application phase, which is anticipated to support the performance of Chinese assets [6]. Group 4: Sectoral Insights - Three main structural themes for 2026 include recovery trades in cyclical sectors, technology industry trends particularly in AI, and the enhancement of manufacturing influence [6][7]. - The potential for Chinese companies to improve their position in the global value chain is highlighted, with a focus on upgrading traditional manufacturing and expanding global presence [7].

Core Viewpoint - The market is focused on the expected development trends for 2026, with consensus emerging around structural opportunities in the A-share market and a continued recovery in the macro economy [1][3]. Group 1: Policy and Innovation - The annual strategy meetings of various securities firms highlight "new" and "seizing opportunities" as high-frequency keywords, reflecting insights into new market trends and opportunities [2]. - Themes from different firms include "Embarking on a New Journey" by CITIC Securities and "Riding the New Wave" by Huatai Securities, indicating a collective focus on innovation and market dynamics [2]. Group 2: Macroeconomic Outlook - Securities firms express a consensus on a "stable and improving, structurally optimized" macroeconomic outlook for 2026, with expectations of strong export resilience and continued industrial upgrades [3][4]. - Economic growth predictions for 2026 range from 4.9% to 5.0%, with a "front low, back high" growth pattern anticipated [3]. - Fiscal policy is expected to maintain a moderately expansionary stance, supporting the end of the deleveraging cycle [3]. Group 3: Investment Themes - The A-share market is expected to shift from being driven by "sentiment, funds, and valuation" in 2025 to "performance verification" in 2026, with a focus on technology growth, external demand, and cyclical recovery [5][6]. - Analysts emphasize that the "performance is king" narrative will dominate, with a potential for the A-share market to reach new highs due to increased allocations from both domestic and foreign investors [5][6]. - Key investment themes include recovery trades in cyclical sectors, technology industry trends, and the enhancement of manufacturing influence [6].

Core Viewpoint - The media industry is the only sector to receive net inflows of capital, while the overall market experiences significant outflows, particularly in the technology and materials sectors [1][2]. Capital Flow Summary - The main capital outflow from the Shanghai and Shenzhen markets today amounts to 985.55 billion yuan, with the ChiNext board seeing a net outflow of 377.44 billion yuan and the CSI 300 index experiencing a net outflow of 267.85 billion yuan [1][2]. - Among the 31 primary industries, all experienced declines, with the comprehensive, non-ferrous metals, and power equipment sectors dropping over 5%. Other sectors like basic chemicals, electronics, and communications fell over 4% [2]. - Only the media industry saw a net inflow of 13.26 billion yuan, while the electronic, power equipment, and computer sectors had the largest outflows, each exceeding 100 billion yuan. Other sectors such as non-ferrous metals, pharmaceuticals, machinery, communications, and non-bank financials also faced significant outflows, each exceeding 42 billion yuan [2]. Individual Stock Performance - In individual stock performance, 37 stocks saw net inflows exceeding 1 billion yuan, with 6 stocks receiving over 3 billion yuan. The leading stock in net inflow was the photolithography concept stock, Kaimete Gas, with 7.75 billion yuan [3]. - The photolithography concept stocks rose against the market trend, with stocks like Guofeng New Materials hitting the daily limit, and Kaimete Gas reaching its limit during trading [3]. - AI application concept stock Yidian Tianxia saw a limit increase with a net inflow of 6.54 billion yuan, with significant buying from specific trading desks [4]. Tail-End Capital Flow - At the market close, there was a net outflow of 143.68 billion yuan, with the ChiNext board experiencing a net outflow of 57.56 billion yuan and the CSI 300 index seeing a net outflow of 41.92 billion yuan [8]. - Among individual stocks, 19 stocks had net inflows exceeding 20 million yuan at the close, with the leading stock being Changxin Bochuang, which had a net inflow of 1.13 billion yuan [8]. - A total of 22 stocks had net outflows exceeding 80 million yuan, with 13 stocks seeing outflows exceeding 1 billion yuan [9].

2025年前三季度通信(申万)行业营收合计为19549亿元，同比+3.3%;归母净利润合计为1943亿元，同比 +9.0%。2025Q3行业营收合计为6313亿元，同比+3.7%;归母净利润合计为567亿元，同比+12.1%。成分 股业绩增速区间分布来看，通信板块利润端表现分化程度大于营收端。 截至2025年11月20日，通信(申万)指数自年初以来累计上涨58.8%，在31个申万一级行业中排名第2，市 场表现显著超越同期大盘，细分领域中北美AI、国产算力、物联网、海光缆、5G、运营商板块自2025 年初以来累计涨跌幅分别为265%、65%、52%、48%、37%、-1%。 整体业绩持续增长，利润端增速高于营收 智通财经APP获悉，东方财富证券发布研报称，2025年前三季度通信行业整体业绩延续增长趋势，盈利 能力稳中有升。细分领域中，运营商增长稳健，北美AI、国产算力、物联网、北斗等板块业绩增速较 高，5G、军工通信、海光缆等领域相对承压。展望2026年，综合考虑行业景气度及公司核心竞争力对 业绩的影响，建议关注光模块、铜互连、交换机、温控及电力配套设备、IDC机房、端侧AI、机器人方 向、运营商。 东方财富证 ...

当前正处于一个人工智能（AI）不断进步和发展的时代。经过多年的发展，人工智能已经从一个前沿 的科技工具，逐渐演变成像电力、互联网一样的基础性技术环境。人们可能不会时刻感知到电力的存 在，但它已紧密融入生活。人工智能也是如此，它正逐渐成为人们数字生活和物理世界运行的"底层操 作系统"。 正因为如此，经过一年的数据收集、筛选和测算等筹备工作，"2025人工智能产业发展指数"即将于2025 年12月正式发布。此次"2025人工智能产业发展指数"将由北京晚报《科技周刊》联合第三方大数据合作 伙伴共同编制。未来，基于科学、开放、透明的原则，人工智能产业发展指数也将持续迭代发布，尝试 为关注人工智能时代走向的人们提供一个观察窗口和讨论话题，为纷繁复杂的人工智能产业提供一份珍 贵的参考信息，也为推动中国人工智能产业的高质量发展贡献一份独特的"通用知识产品"。 对于一个快速发展的领域而言，及时、全面、可信的数据和评估体系至关重要。而"2025人工智能产业 发展指数"的发布，是我们理解和把握人工智能产业发展态势的一次重要努力。从内容角度看，一个优 质的人工智能指数应该覆盖多个维度，"2025人工智能产业发展指数"也将涵盖202 ...