Core Insights - In 2025, the A-share IPO market saw a significant recovery, with 112 companies successfully issuing shares, an increase of 10 from 2024, representing a year-on-year growth of 9.8% [1] - The total funds raised through these IPOs reached 130.835 billion yuan, nearly doubling from 66.280 billion yuan in 2024, marking a year-on-year increase of 97% [1] - Leading brokerage firms played a crucial role in this IPO financing process, with Guotai Junan Securities leading the way by underwriting 19 projects [1][2] Brokerage Distribution - The top five underwriters in terms of the number of IPOs were Guotai Junan (19), CITIC Securities (17), CITIC Jianzhong (12), China Merchants Securities (10), and Huatai United (9) [2] - The ranking of underwriters based on the amount raised shows CITIC Securities at the top with 24.654 billion yuan from 17 IPOs, followed by Guotai Junan with 19.535 billion yuan from 19 IPOs [3] Notable Performances - China Merchants Securities made a notable leap in its ranking, underwriting 10 IPOs and achieving a significant increase in underwriting amounts, now ranking sixth in the industry [4] - An example of a successful IPO is Nanguang Digital, which raised 2.714 billion yuan and achieved the fastest listing record since the implementation of the registration system, taking only 144 days from acceptance to listing [4] - The rapid IPO process is attributed to supportive government policies aimed at accelerating the digital transformation of the energy sector, reflecting the commitment of brokerage firms like China Merchants Securities to enhance their financial services [4][5]

Core Viewpoint - Dongfang Tantalum Industry (000962.SZ) has received approval from the Shenzhen Stock Exchange for its issuance of securities to specific targets [1] Group 1: Issuance Details - The company disclosed its revised prospectus for the issuance of A-shares on January 7, 2025, targeting up to 35 specific investors, including China Nonferrous Metal Group and China Nonferrous Oriental Group [3] - The issuance constitutes a related party transaction, as both China Nonferrous Metal Group and China Nonferrous Oriental Group are affiliated with Dongfang Tantalum [3] - The total subscription amount from China Nonferrous Metal Group is RMB 105.27 million, while China Nonferrous Oriental Group will subscribe for RMB 480 million [3] Group 2: Financial Aspects - The issuance will adopt a pricing inquiry method, with the issue price set at no less than 80% of the average trading price over the 20 trading days prior to the pricing date [4] - The total amount raised from the issuance will not exceed RMB 1.1899 billion, with a net amount after deducting issuance costs to be invested in various projects, including the construction of a digital factory for tantalum and niobium [4] - The total investment for the projects is RMB 1.36348 billion, with the funds allocated as follows: RMB 566.50 million for the digital factory, RMB 253.20 million for the expansion of the smelting production line, RMB 254.61 million for the high-end product production line, and RMB 115.60 million for working capital [5]

Core Viewpoint - The report from China Merchants Securities International highlights the upcoming listings of Zhipu (02513) and MiniMax (00100) in Hong Kong, positioning them as representative companies of pure large models, differentiating them from comprehensive firms like Alibaba-W (09988) and ByteDance [1] Company Summary - Zhipu and MiniMax are set to list in Hong Kong, representing pure large model enterprises [1] - The listings are expected to enhance short-term investment enthusiasm in the AI internet sector [1] - The report emphasizes the competitive landscape, noting that comprehensive cloud firms maintain funding and ecosystem advantages, creating a competitive and cooperative dynamic with pure large model companies [1] Industry Summary - The report maintains a positive outlook on the Chinese internet industry, suggesting a focus on the continuous iteration and commercialization of new models and applications in the long term [1] - Preferred stocks include Alibaba and Tencent Holdings (00700), with additional recommendations for Bilibili-W (09626), Kuaishou-W (01024), Zhipu, and MiniMax [1]

Core Viewpoint - The report from China Merchants Securities International highlights the upcoming listings of Zhipu (02513) and MiniMax (00100) in Hong Kong, positioning them as representative companies of pure large models, differentiating them from comprehensive firms like Alibaba-W (09988) and ByteDance [1] Group 1: Company Listings - Zhipu and MiniMax are set to list in Hong Kong, enhancing the investment interest in AI internet in the short term [1] - The listings are expected to create a competitive landscape between pure large model companies and comprehensive cloud firms [1] Group 2: Market Outlook - The firm maintains a positive outlook on the Chinese internet industry, emphasizing the importance of continuous iteration and commercialization of new models and applications [1] - Preferred stocks include Alibaba and Tencent Holdings (00700), with additional recommendations for Bilibili-W (09626), Kuaishou-W (01024), Zhipu, and MiniMax [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 招商證券股份有限公司（「本公司」） 呈交日期: 2026年1月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600999 | 說明 | | 於上海證券交易所 （「上交所」）上市之A股 | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,422,005,272 | RMB | | 1 RMB | | 7,422,005,272 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 7,422,005,272 | RMB | | 1 RMB | | 7,422,005,2 ...

Core Viewpoint - Mousse Co., Ltd. (001323.SZ) experienced a stock price decline, closing at 25.73 yuan, with a drop of 2.13% [1] Group 1: Company Overview - Mousse Co., Ltd. was listed on the Shenzhen Stock Exchange on June 23, 2022, with an issuance of 40.01 million shares at a price of 38.93 yuan per share [1] - The stock reached its highest price of 61.67 yuan on June 24, 2022, the day after its listing, but is currently in a state of decline [1] Group 2: Financial Details - The total amount raised from the initial public offering (IPO) was 155,758.93 million yuan, with net proceeds of 147,714.38 million yuan after deducting issuance costs of 8,044.55 million yuan [1] - The IPO costs included approximately 5,700.00 million yuan for sponsorship and underwriting fees [1] Group 3: Future Plans - Mousse Co., Ltd. plans to use the raised funds for projects including the construction of a health bedding production line in East China, a digital marketing project, and the establishment of a health sleep technology research center [1] - A dividend plan was announced for August 15, 2025, proposing a stock bonus of 1 share for every 10 shares held, with the ex-dividend date and listing date set for August 21, 2025 [1]

Core Viewpoint - The aviation industry is expected to see a significant recovery in passenger turnover and profitability by 2025, with a projected passenger turnover of 1,099 billion person-kilometers in November 2025, representing an 18.2% increase compared to 2019 and a 9.6% increase compared to 2024 [1]. Aviation Passenger Transport Key Data - Demand: In November 2025, domestic passenger turnover (excluding regional) is projected to be 809 billion person-kilometers, up 19.6% from 2019 and 6.3% from 2024. International and regional passenger turnover is expected to reach 291 billion person-kilometers, reflecting a 14.5% increase from 2019 and a 19.9% increase from 2024 [1]. - Supply: The available seat kilometers in November 2025 are projected to be 1,283 billion, up 12.4% from 2019 and 6.4% from 2024. The passenger load factor is expected to be 85.7%, an increase of 4.2 percentage points from 2019 and 2.5 percentage points from 2024 [2]. - Ticket Prices: In November, the average full ticket price for domestic routes is expected to rise by 3.5% year-on-year, while the bare ticket price is expected to increase by 3.8% [2]. - Performance of Listed Airlines: In November, the year-on-year RPK changes for major airlines on domestic routes are as follows: China Southern +7.4%, Air China +7.4%, China Eastern +5.1%, Hainan Airlines +4.5%, Spring Airlines +17.9%, and Juneyao Airlines +0.8%. The ASK changes for these airlines are +5.4%, +3.8%, +2.1%, +2.8%, +16.3%, and -0.5% respectively [2]. Air Cargo Key Data - In November 2025, the number of international and regional cargo flights is expected to reach 15,977, reflecting a 12.4% increase month-on-month and a 14% increase year-on-year. The theoretical cargo capacity is projected to be 110 million tons, with an 8.2% month-on-month increase and a 12.2% year-on-year increase [3]. - The average TAC Shanghai outbound air freight price index is expected to be 5,469 points, reflecting a 1.5% month-on-month increase and a 16.2% year-on-year increase [3]. Investment Perspective - The increase in holiday time and significant year-on-year growth in industry volume and price suggest a positive outlook for Q1 spring travel performance. The recent seven-day passenger flow shows a year-on-year increase of 12.9%, with domestic passenger flow up 13.7% and bare ticket prices up 7.9% [4]. - The industry is expected to benefit from supply-demand recovery, improved oil and exchange rate conditions, and a clear trend of profitability recovery. The fourth quarter is anticipated to see a significant reduction in losses due to demand growth and stabilized ticket prices, with 2025 expected to be the first year of profitability for major airlines [4]. - Recommended stocks include Air China (601111), China Southern Airlines (600029), Juneyao Airlines (603885), Spring Airlines (601021), and Huaxia Airlines (002928), with a suggestion to pay attention to China Eastern Airlines (600115) [4].

截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 第 1 頁 共 11 頁 v 1.1.1 公司名稱: 招商證券股份有限公司（「本公司」） 呈交日期: 2026年1月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600999 | 說明 | | 於上海證券交易所 （「上交所」）上市之A股 | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,422,005,272 | RMB | | 1 RMB | | 7,422,005,272 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 7,422,005,272 | RMB | | ...

Core Viewpoint - The Shanghai Stock Exchange has issued a regulatory warning to Ningbo Tianpu Rubber Technology Co., Ltd. due to its misleading information disclosure regarding its business operations related to artificial intelligence, which led to abnormal stock price fluctuations [1][2]. Group 1: Company Actions and Announcements - On December 29 and 30, 2025, Tianpu's stock price hit the daily limit up for two consecutive trading days, triggering abnormal fluctuation standards [1]. - The company announced that it had no plans to engage in artificial intelligence-related business and that there were no undisclosed significant information [1]. - On December 26, 2025, the company established a wholly-owned subsidiary, Hangzhou Tianpu Xincai Technology Co., Ltd., with a business scope that included integrated circuit chip design and artificial intelligence software development [1]. - Following media reports about the subsidiary, the company changed the subsidiary's business scope to rubber product manufacturing and automotive parts manufacturing on December 31, 2025 [1]. Group 2: Regulatory Findings - The Shanghai Stock Exchange noted that the term "artificial intelligence" is a market hotspot, and the company's previous control transfer plans involved AI-related market entities, leading to multiple instances of abnormal stock price fluctuations [2]. - The company failed to adequately clarify its lack of plans for AI-related business after the establishment of the subsidiary, which could mislead investors [2]. - The company's actions were found to violate several articles of the Shanghai Stock Exchange's listing rules, including inadequate risk disclosure and incomplete information [2]. Group 3: Accountability of Individuals - The then-director Shen Weiyi (acting chairman) and the then-secretary of the board Wu Pinyan were held responsible for the company's violations due to their failure to fulfill their duties regarding information disclosure [3]. - Their actions were found to contravene multiple articles of the listing rules and their commitments made in the declaration and commitment letter [3]. - As a result of these violations, the Shanghai Stock Exchange issued a regulatory warning to both the company and the responsible individuals [3].

Group 1 - The core viewpoint is that 招商证券 has initiated coverage on 极智嘉 with a "Buy" rating and a target price of 35 HKD, indicating a positive outlook on the company's future performance [1] - 极智嘉 is recognized as the largest provider of Automated Mobile Robot (AMR) solutions for warehousing globally, addressing inefficiencies, high costs, and lack of flexibility in traditional warehousing [1] - The company possesses high technical barriers with integrated hardware and software solutions, leading to strong customer loyalty [1] Group 2 - There is significant growth potential for the penetration rate of AMR solutions, which is expected to increase rapidly, allowing the company to benefit as a market leader [1]