《财经》年会2026：预测与战略暨2025全球财富管理论坛于2025年12月18-20日在北京举行。 针对消费需求乏力问题，中信证券首席经济学家明明在演讲中表示，下半年社会消费品零售总额增速不 及上半年，核心原因是以旧换新等补贴政策退坡。但更深层的逻辑在于消费透支效应与产品周期变化， 补贴品类从汽车、家电到消费电子的 "由大变小"，反映出耐用品消费周期延长，单纯扩大补贴规模难 以持续见效。 他建议，未来消费政策应从 "投资于物" 转向 "投资于人"，补贴方向需进一步优化。可将重点转向服务 类消费及民生基础设施投资，如建设体育运动场所、电影院、剧院等，让投资最终服务于居民消费体验 提升。同时，应延续并加大收入类补贴力度，包括扩大生育补贴、学前教育补贴覆盖面，适度提高城乡 养老水平，从根本上增强居民消费能力。 谈及居民财产性收入提升，明明指出股票与房地产是核心。房地产市场方面，当前库存已处于历史相对 高位，其见底时机取决于库存出清进度，"其实从历史上来看，不管中国、美国，包括日本，房地产库 存都是有一个周期性特征的。比如2015年，我们国家的房地产库存到达了一个历史的高点，在2016、 2017年比较快实现了房地 ...

本次发行的股票数量按照募集资金总额除以发行价格确定，同时本次发行股票数量不超过本次发行前公 司总股本254,227,150的30%，即不超过76,268,145股。在前述范围内，最终发行数量将在本次发行获得 中国证监会作出予以注册决定后，根据发行对象申购报价的情况，由公司董事会及董事会授权人士根据 股东大会的授权结合最终发行价格与保荐机构(主承销商)协商确定。 本次发行的股票自本次发行结束之日(即本次发行的股票完成登记至相关方名下之日)起6个月内不得转 让。 截至募集说明书签署日，本次发行尚未确定发行对象，因而无法确定发行对象与公司的关系。最终本次 发行是否存在因关联方认购本次发行的A股股票而构成关联交易的情形，将在发行结束后公告的《发行 情况报告书》中予以披露。 中国经济网北京12月18日讯安达维尔（300719）(300719.SZ)昨晚披露关于向特定对象发行股票申请获 得深圳证券交易所上市审核中心审核通过的公告称，公司于2025年12月17日收到深交所上市审核中心出 具的《关于北京安达维尔科技股份有限公司申请向特定对象发行股票的审核中心意见告知函》，深交所 发行上市审核机构对公司向特定对象发行股票的申请 ...

Core Viewpoint - Recent high-level meetings and statements have set the tone for China's green development goals for the coming year, emphasizing the commitment to "dual carbon" leadership and promoting comprehensive green transformation [1] Group 1: Policy and Industry Outlook - China will focus on deepening energy-saving and carbon-reduction transformations in key industries, expanding green electricity applications, and cultivating new growth points such as hydrogen energy and green fuels [1] - During the 14th Five-Year Plan period, hydrogen energy is expected to gradually enter the industrialization stage driven by policy support, with the market scale for green hydrogen and hydrogen-based green fuels anticipated to expand [1] Group 2: Investment Opportunities - The industrial sector's carbon reduction may generate new application scenarios for green hydrogen, driving growth in the green hydrogen supply chain and demand for electrolyzer equipment [1] - Investors who strategically position themselves in hydrogen-based green energy projects are likely to benefit from product premiums in the early stages of industry development [1] - Two main investment lines are recommended: companies with safety margins in their core business and growth potential in hydrogen energy, specifically: 1) enterprises in the green hydrogen electrolyzer equipment sector; 2) companies involved in green fuel-related projects [1]

Group 1 - The refrigerant industry is currently under quota management, leading to a tightening supply-demand balance that drives prices into a long-term upward trend [1][2] - The total quota for third-generation refrigerants in China will be 802,000 tons in 2026, an increase of 3,050 tons from 2025, with major products like R32, R125, and R134a not seeing any increase in quotas [2] - The third-generation refrigerant market is highly concentrated, with the top six companies controlling over 90% of the market share, and due to performance and technical reasons, it remains irreplaceable [2] Group 2 - The demand for R134a in the automotive sector is expected to tighten further due to stable growth in the automotive sector and the rapid promotion of new energy vehicles [2][3] - The refrigerant charge amount for new energy vehicles is approximately 1,100g per vehicle, nearly a 100% increase compared to traditional gasoline vehicles, which is expected to stimulate production and sales in 2026-2027 [3] - R125, as a core component of R410A, is anticipated to see short-term demand growth due to its high GWP value and the conversion of quotas to more cost-effective low-GWP products [4]

Core Insights - The report from CITIC Securities indicates that supernode solutions are expected to scale up rapidly, serving as fundamental computing units for future AI infrastructure [1] - Supernode scale-up domains possess advantages such as efficient communication bandwidth and native memory semantics, making them well-suited for current mainstream MoE architecture models [1] - The "decoupling" at the system level enhances the overall system value, although the design faces challenges including multi-chip power consumption, heat dissipation, and cabinet reliability [1] - The industry anticipates that supernodes can increase the value of the entire machine segment through higher technological added value, and there is a positive outlook for the future development of supernode server machine segments [1] Industry Implications - The report suggests paying attention to companies within the supply chain related to supernode technology, indicating potential investment opportunities in this sector [1]

Core Viewpoint - The supply-side constraints for the third-generation refrigerants are expected to persist until 2026, with potential tightening in the supply of R32, R134a, and R125 [1] Group 1: Demand and Market Trends - The demand for refrigerants is strongly driven by the growth in new energy vehicles, air conditioning, and foreign trade, leading to a sustained increase in industry prosperity [1] - The industry is experiencing a dual boost from both policy and technological advancements, which is expected to drive up the prices of third-generation refrigerants [1] Group 2: Investment Opportunities - There are significant opportunities for companies that focus on industry leaders with advanced patents and synchronized capacity layouts [1] - Companies involved in third-generation refrigerants are likely to benefit significantly from the ongoing market trends and technological shifts [1]

Core Viewpoint - Recent high-level meetings and statements have set the tone for China's green development goals for the coming year, emphasizing a commitment to "dual carbon" leadership and a comprehensive green transition [1] Group 1: Green Development Goals - China will focus on deepening energy conservation and carbon reduction transformations in key industries [1] - The expansion of green electricity applications will be prioritized, alongside the cultivation of new growth points such as hydrogen energy and green fuels [1] Group 2: Transition in Green Power Development - During the "14th Five-Year Plan" period, the focus of green power development will shift from incremental construction to a balanced approach of both incremental construction and application scenario expansion [1] - Green hydrogen and hydrogen-based green fuels are expected to receive policy support and accelerate development as a link between green electricity and energy conservation in key industries [1]

Core Viewpoint - Recent high-level meetings and statements set the tone for China's green development goals for the coming year, emphasizing a commitment to "dual carbon" leadership and a comprehensive green transition [1] Group 1: Green Development Goals - China will focus on deepening energy conservation and carbon reduction transformations in key industries while expanding the application of green electricity [1] - The development of green electricity during the 14th Five-Year Plan period will shift from solely incremental construction to a balanced approach of both incremental construction and expanding application scenarios [1] Group 2: New Growth Points - Hydrogen energy and green fuels are identified as new growth points, serving as a link between green electricity and energy conservation and carbon reduction in key industries [1] - Policy support is expected to accelerate the development of green hydrogen and hydrogen-based green fuels [1]

Core Viewpoint - The supply-side constraints for third-generation refrigerants are expected to persist until 2026, with R32, R134a, and R125 supplies likely to tighten further. The demand side is strongly stimulated by the growth in new energy vehicles, air conditioning, and foreign trade, leading to a sustained increase in industry prosperity. The report suggests capitalizing on the dual opportunities of rising prices for third-generation refrigerants and the technological iteration of fourth-generation refrigerants driven by both policy and technology [1] Group 1 - Supply-side limitations for third-generation refrigerants are projected to continue until 2026 [1] - Demand for refrigerants is being driven by new energy vehicles, air conditioning, and foreign trade [1] - The industry is experiencing a sustained upward trend in prosperity due to strong demand [1] Group 2 - There are dual opportunities in the market: rising prices for third-generation refrigerants and advancements in fourth-generation technology [1] - Focus on industry leaders with synchronized patent and capacity layouts is recommended [1] - Companies related to third-generation refrigerants are expected to benefit significantly [1]

来源：市场资讯 （来源：中信证券发布） 2025年12月17日，Park Medi World Limited（以下简称Park Hospitals，NSE:PRKM）成功在印度证券交 易所上市，募集资金约1.02亿美元。中信证券为四家联席账簿管理人之一，是本项目中唯一的非本地投 行。 印度大型私人医院集团 综合多专科医院网络赋能医疗服务 中信证券发挥全球服务优势 助力超额认购完成发行 中信证券发挥全球网络优势，提供国际化综合投行服务。在本项目中，中信证券积极向机构投资者展示 Park Hospitals的成长故事与行业领先地位，基石投资部分认购踊跃，吸引了包括印度本土公募基金、海 外长线机构投资者以及其他本土投资者在内的高质量投资者积极参与。此次IPO中，约84%为新股发 行，约16%为旧股出售，整体需求强劲，主账簿超额认购约8倍。 Park Hospitals （股票代码：NSE:PRKM) Park Hospitals是北印度第二大私人医院集团，提供30多个超专科和专科医疗服务，包括内科、神经科、 泌尿科、胃肠科、普通外科、骨科及肿瘤科等。Park Hospitals由Dr. Ajit Gupta与Dr ...