第 516 期 2025-12-10 焦点关注 债券市场高质量发展大会首设资产证券化专场会议 12月17日至19日，2025债券市场高质量发展大会将在郑州举办。其中，12月17日上午的首场先行论坛聚焦资产证券化主题，这也是债市大会创办两年来首次 单独设立资产证券化专场会议。 作为2025债券市场高质量发展大会的首场先行论坛，资产证券化专场会议旨在响应国家"盘活存量资产"政策要求，推动企业优化融资结构、拓宽融资渠道， 聚焦REITs、CMBS、保理债权ABS等资产盘活工具，邀请交易商协会专家、交易所专家以及投资机构、评级机构、证券公司等机构嘉宾，通过政策解读、 案例解析、圆桌对话等形式，助力企业"变资产为资本"。 河南力争2026年民企债券融资超200亿元 12月10日，大河财立方记者从2025河南省民营经济高质量发展系列主题新闻发布会上获悉，河南省委金融办将开展银行间债券市场增量提质行动，加强民营 企业发债主体培育和项目储备，建立主办银行机制，加大债券承销、投资力度，引导增信公司为民营企业发债提供信用增进，力争2026年民营企业债券融资 超200亿元。 财政部拟发行两期到期续作特别国债，规模合计7500亿元 ...

Core Insights - The Hong Kong IPO market has shown a strong recovery, with the listing of JD Industrial marking the 100th new stock in 2025, highlighting the market's resilience and attractiveness as an international financial center [1] Group 1: IPO Market Performance - In 2025, the Hong Kong IPO market raised over 270 billion HKD, significantly surpassing the previous year's figures and marking the second highest fundraising level in five years [2] - The Hong Kong Stock Exchange (HKEX) is projected to lead globally in fundraising with approximately 36 billion USD (about 280.8 billion HKD) in 2025, outpacing the New York Stock Exchange's expected 20.5 billion USD [2] - Eight new stocks raised over 10 billion HKD each, with CATL leading at 41.006 billion HKD, setting a record for the largest IPO globally this year [2] Group 2: Large IPOs and Sector Contributions - Large IPOs have been a key driver of the Hong Kong market's resurgence, with over 20 A-share companies expected to debut in Hong Kong, raising over 170 billion HKD collectively [3] - The average fundraising size has increased by 137% compared to last year, reaching the second highest level in five years, with industrial and retail sectors dominating [3] Group 3: Technology Sector Dominance - Technology-related companies have emerged as the main force in the IPO wave, particularly those under Chapter 18A (unprofitable biotech companies) and Chapter 18C (specialized technology companies) [3] - In 2025, 14 companies listed under Chapter 18A, a 250% increase from 2024, focusing on innovative fields such as cancer treatment and gene editing [4] Group 4: Market Outlook and Predictions - Major institutions are optimistic about the 2026 IPO market, predicting 150 to 200 new listings and fundraising exceeding 300 billion HKD [6] - UBS forecasts that the Hong Kong market will maintain its position as the top fundraising venue, with several large IPOs expected in January [6] Group 5: Recommendations for Companies - Companies planning to go public are advised to embrace technology and build integrated financial governance systems to ensure data transparency and compliance with regulatory standards [7]

氢能这几年闹得挺火，大家都觉得它能取代老旧的石油煤炭啥的，干净又高效。结果呢，全球情况现在 有点复杂，一方面需求还在涨，2023年全球氢气用量97百万吨，2024年差不多100百万吨，但绝大部分 还是靠烧煤烧气弄出来的，排放一大堆。低排放的那种氢，只占不到1%，虽然比前一年多长了6%，但 规模小得可怜。 项目一大堆宣布了，可真正投钱的就7%，好多因为市场需求不确定、法规没跟上、基础设施差劲，就 延期或者干脆取消了。国际能源署说，到2030年，低排放氢产量能占总量的4%，但要达到净零排放目 标，得翻倍多。 成本高是主要拦路虎，电解水制氢需要便宜的绿电，可电价一波动就玩完。管道才5000公里，存储容量 0.5太瓦时，远不够用。政策上，58个政府有氢能战略，目标到2030年产35-43百万吨，但新应用像重工 业和交通，现在用氢的比例还不到0.1%。 创新在推进，电解槽技术成熟了，固体氧化物电解池效率高，还有碳捕集的演示项目。但整体上，氢能 从乘用车转向工业和商用，因为乘用车成本是电动车的5倍多。 日本进口依赖重，演示项目像氨共燃电厂有进展，但规模小，2024年JERA在1吉瓦煤厂试了20%氨，效 果不错，可整体需求 ...

Core Viewpoint - The A-share market experienced a significant increase in trading volume, driven by positive signals from the Central Economic Work Conference, although there remains notable sector differentiation in performance [1][9]. Market Performance - The trading volume reached 2.12 trillion yuan, an increase of 233.7 billion yuan from the previous day, with the Shanghai Composite Index rising by 0.41% to 3889.35 points and the ChiNext Index increasing by 0.97% to 3194.36 points [2]. - A total of 2683 stocks rose, with 83 hitting the daily limit up, while 2612 stocks fell, with 26 hitting the daily limit down [6][7]. Sector Analysis - Technology stocks, particularly in power equipment, communication, and defense industries, saw strong performance, with 21 out of 31 sectors rising, including notable gains in non-ferrous metals, electronics, and power equipment [4][9]. - The power equipment sector experienced a surge, with 19 stocks hitting the daily limit up, indicating strong investor interest [7]. Investment Trends - The Central Economic Work Conference emphasized support for technology innovation and new energy sectors, which has led to increased investment in related stocks, particularly in power equipment and communication sectors [9][10]. - The market sentiment is expected to remain positive, with potential for a "slow bull" market trend, driven by continued policy support and sector performance [10][11]. Future Outlook - Analysts suggest that the market may continue to experience fluctuations, with a focus on sectors that align with policy support, particularly technology and cyclical industries [11][12]. - The upcoming spring market is anticipated to focus on sectors with significant growth potential, such as communication equipment benefiting from AI infrastructure and semiconductor industries supported by domestic substitution policies [12].

营收超百亿元 山西首个"飞地经济"示范区交出"十四五"亮眼答卷 中新网晋中12月12日电 (高雨晴)在11日举行的"见证高质量发展的晋中实践"——晋中市辉煌"十四五"系 列主题新闻发布会上，山西省晋中市寿阳县委常委、副县长田彦斌介绍，"十四五"期间，寿阳县平头融 合发展区实现了从无到有、从小到大的历史性跨越，累计完成固投45亿元，园区营业性收入超百亿元。 近年来，寿阳县抢抓山西中部城市群建设、太晋一体化发展等重大机遇，将平头融合发展区建设确定为 全县改革发展"一号工程"，强力推进各项举措落地见效。作为寿阳对外开放的"桥头堡"，山西省首 个"飞地经济"示范区，平头融合发展区在"十四五"期间取得显著成效。 其间，平头融合发展区构建"政府引导+市场主导+利益共享"的合作模式，组建平台公司开展市场化运 营，三年吸引社会资本超80亿元；与太原迎泽区等地建立项目共建机制，成功举办太晋一体化"飞地经 济"联合招商推介会，落地美宜佳等企业，推动资金、项目与区位、资源精准匹配。 该园区先后引进山西交控、宁德时代等省内外头部企业，落地数字化交通产业园、钢材数字化加工基地 等20个项目，总投资超百亿元，其中亿元以上项目11个。前瞻 ...

12月11日，锂电材料企业新宙邦发布公告，宣布其第六届董事会第二十六次会议已审议通过H股 上市相关议案，公司 拟发行境外上市外资股并申请在香港联交所主板挂牌交易 。 新宙邦表示，此次赴港上市的目标在于推进全球化战略落地，实现资源本地化供应，进而提升国际 品牌影响力与全球市场竞争力。 企业通过港股募集的资金，可直接用于海外建厂、资源收购等全球化布局，有效规避欧美绿色贸易 壁垒与各类贸易限制。 如中伟股份借港股融资强化对印尼镍资源的掌控，宁德时代、亿纬锂能则将募资投向欧洲、东南亚 生产基地，精准适配海外市场旺盛的锂电产品需求，加速全球化产能落地。 据高工锂电不完全统计， 2025年以来，以行业龙头 宁德时代 为开端， 截至目前已有超16家锂 电相关企业扎堆赴港上市，覆盖电池、材料、设备等全产业链核心环节，形成规模化上市热潮。 其中，电池板块集结了宁德时代、亿纬锂能、欣旺达、南都电源、海辰储能、正力新能、双登集团 等企业；材料领域有星源材质、天赐材料、中伟股份、盛新锂能、格林美、金晟新能源及新宙邦等 企业；设备端则包括先导智能、中鼎智能等企业， 全产业链赴港上市态势显著 。 从上市模式来看，此次热潮呈现出 多元化 ...

从沪股通前十大成交个股来看，寒武纪位居首位；紫金矿业和药明康德分居二、三位。 二、板块个股主力大单资金 一、沪深股通前十大成交 今日沪股通总成交金额为1498.83亿，深股通总成交金额为1598亿。 | | | 沪股通( 12月12日 ) | | | --- | --- | --- | --- | | 排名 | 股票代码 | 股票名称 | 成交金额(亿元) | | 1 | 688256 | 寒武纪 | 29.26 | | 2 | 668109 | 三十四年 | 20.54 | | 3 | 603259 | 约明康德 | 20.39 | | 4 | 600519 | 贵州茅台 | 18.79 | | 5 | 601398 | 工商银行 | 17.62 | | 6 | 601318 | 中国平安 | 15.77 | | 7 | 603993 | 洛阳铜V | 14.75 | | 8 | 688041 | 海光信息 | 14.16 | | 9 | 688008 | 測起科技 | 13.54 | | 10 | 688313 | 仕佳光子 | 13.44 | | | 一環證 | 12月12日 ) | | | 排名 | ...

Production Data - In November, the total production of power and other batteries in China reached 176.3 GWh, representing a month-on-month increase of 3.3% and a year-on-year increase of 49.2% [1][9] - From January to November, the cumulative production of power and other batteries was 1468.8 GWh, with a cumulative year-on-year growth of 51.1% [1][9] Sales Data - In November, the total sales of power and other batteries amounted to 179.4 GWh, showing a month-on-month increase of 8.1% and a year-on-year increase of 52.2% [2][18] - The sales of power batteries in November were 134.0 GWh, accounting for 74.7% of total sales, with a month-on-month increase of 7.8% and a year-on-year increase of 52.7% [2][18] - Cumulatively, from January to November, the total sales reached 1412.5 GWh, with a year-on-year growth of 54.7% [2][18] Export Data - In November, the total export of power and other batteries was 32.2 GWh, reflecting a month-on-month increase of 14.1% and a year-on-year increase of 46.5% [3][23] - The export of power batteries was 21.2 GWh, accounting for 66.0% of total exports, with a month-on-month increase of 9.4% and a year-on-year increase of 70.2% [3][28] - From January to November, the cumulative export reached 260.3 GWh, with a year-on-year growth of 44.2% [3][23] Installation Data - In November, the domestic installation of power batteries was 93.5 GWh, representing a month-on-month increase of 11.2% and a year-on-year increase of 39.2% [4][43] - Cumulatively, from January to November, the total installation reached 671.5 GWh, with a year-on-year growth of 42.0% [4][43] Market Concentration - In November, the top two battery manufacturers accounted for 64.0% of the total installation, while the top five and top ten accounted for 80.5% and 94.0%, respectively [53][62] - The number of battery manufacturers in the market decreased to 36 in November, down from the previous year [53]

沪深股通今日合计成交3096.84亿，其中寒武纪和中际旭创分居沪股通和深股通个股成交额首位。板块 主力资金方面，电网设备板块主力资金净流入居首。ETF成交方面，中证500ETF（159922）成交额环 比增长258%。 龙虎榜方面，今日触及20cm涨停的联特科技获深股通席位净买入1.07亿，获国泰海通证券上海中山东路 营业部净买入1.48亿，同时获国泰海通证券南京太平南路营业部净买入1.1亿。摩尔线程获摩根大通中国 银城中路营业部买入2.07亿，获平安证券深圳分公司买入0.82亿，同时遭国泰海通证券公司总部卖出 2.22亿，遭高盛证券上海世纪大道营业部卖出2.13亿，遭中金公司上海分公司卖出1.17亿。 一、沪深股通前十大成交 今日沪股通总成交金额为1498.83亿，深股通总成交金额为1598亿。 | | | 沪股通( 12月12日 ) | | | --- | --- | --- | --- | | 排名 | 股票代码 | 股票名称 | 成交金额(亿元) | | 1 | 688256 | 寒武纪 | 29.26 | | 2 | 668109 | 紫等时,不 | 20.54 | | 3 | 603259 | 药 ...

Core Viewpoint - The company has successfully signed long-term agreements with major clients and has seen a significant improvement in customer order stability since 2025 [1] Group 1: Client Relationships - The company has established long-term agreements with key players such as CATL, Zhongchuang Xinhang, Yutong, and XCMG New Energy [1] - The company has secured multiple designated projects for battery box enclosures [1] Group 2: Order Growth - Since 2025, the company has experienced rapid growth in new customer orders [1] - The dependency on major clients has significantly improved, with stable mass production orders from BYD, CATL, and Geely [1]