【导读】 对话中金公司总裁王曙光｜金融报国的时代答卷：一家国有投行的三十年坚守与突围 中国基金报记者 莫琳 编者按： 三十载踔厉奋发，中国资本市场从筚路蓝缕到全球瞩目，与改革开放的历史进程同频共振，与实体经济的高质量发展血脉相连。 在此期间，国有金融机构始终是服务国家战略的中流砥柱，而中金公司自1995年诞生之日起，便将"以国为怀"的基因刻入血脉。从开创央 企海外上市先河，到助力科创板、注册制等重大改革落地；从服务企业 " 走出去 " 的国际化征程，到深耕科技金融、绿色金融、普惠金融 的 " 五篇大文章 " ，中金始终以投行专业之力，在中国特色金融发展之路上砥砺前行。 站在"十五五"规划谋篇布局的关键节点，"培育一流投资银行和投资机构"的战略目标，为资本市场赋予了前所未有的历史使命。此次本刊 专访中金公司总裁王曙光，深入探讨一家国有投行如何在服务新质生产力、高水平对外开放、防范化解风险的时代命题中，书写三十而立 的崭新答卷。 2025年，是中国国际金融股份有限公司创立 的第 三十周年。三十年深耕，中金公司始终以服务国家战略为己任，在助力实体经济发展、 推动资本市场改革中扮演着重要角色。 在这具有特殊意义的一年 ...

Core Viewpoint - The chemical sector is experiencing significant gains, with the chemical ETF (516020) showing a price increase of 1.88% as of the report, driven by strong performances in lithium battery and fluorochemical stocks [1][8]. Group 1: Market Performance - The chemical ETF (516020) reached a maximum intraday increase of 2.23% [1][8]. - Key stocks in the sector include Enjie Co., which surged over 9%, and other notable performers like Dofluorid, Xingyuan Material, and Guangwei Composites, all rising over 8% [1][8]. - The basic chemical sector attracted significant capital inflow, with over 8.7 billion yuan net inflow on the day, ranking third among 30 sectors [1][3]. Group 2: Industry Trends - The lithium carbonate market is facing intensified competition, with reports of some companies halting production for maintenance due to significant price discrepancies between long-term contracts and spot prices [3][11]. - The National Development and Reform Commission emphasized the need for order regulation and innovation in key industries such as new energy vehicles and lithium batteries [3][11]. - Analysts predict that the chemical industry will see a negative growth in capital expenditure starting in 2024, with supply-side contractions expected due to the "anti-involution" trend and the clearing of outdated capacities [11]. Group 3: Investment Opportunities - Investment strategies should focus on sectors with improving supply-demand dynamics and rising industry prosperity [11][12]. - The chemical ETF (516020) is recommended for efficient exposure to the sector, with nearly 50% of its holdings in large-cap leading stocks [12][13]. - Key investment directions include sectors poised for recovery, leading companies driven by capital expenditure and R&D, and high-end chemical new materials benefiting from increased demand or domestic substitution [11][12].

分析师：张洋 登记编码：S0730516040002 zhangyang-yjs@ccnew.com 021-50586627 券商板块 2025 年 11 月回顾及 12 月前瞻 ——券商板块月报 证券研究报告-行业月报 同步大市(维持) 证券Ⅱ相对沪深 300 指数表现 资料来源：聚源、中原证券研究所 -19% -13% -8% -3% 3% 8% 14% 19% 2024.12 2025.04 2025.08 2025.12 证券Ⅱ 沪深300 相关报告 联系人：李智 风险提示：1.权益及固收市场环境转弱导致上市券商业绩出现下滑；2. 股价短期波动风险；3.资本市场改革的政策效果不及预期 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共12页 证券Ⅱ 发布日期：2025 年 12 月 26 日 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道1788 号T1 座22 楼 ⚫ 券商板块 2025 年 11 月行情回顾：11 月券商指数破位下跌，全月 跌幅明显扩大。中信二级行业指数证券Ⅱ全月下跌 ...

Market Overview - The Shanghai Composite Index rose by 0.47% to close at 3959.62 points, with a daily high of 3964.07 points [1] - The Shenzhen Component Index increased by 0.33% to close at 13531.41 points, reaching a high of 13563.06 points [1] - The ChiNext Index saw a rise of 0.3%, closing at 3239.34 points, with a peak of 3249.1 points [1] ETF Market Performance - The median return of stock ETFs was 0.33% [2] - The highest performing scale index ETF was the GF SSE STAR 200 ETF, with a return of 2.27% [2] - The top industry index ETF was the Yongying National Certificate Commercial Satellite Communication Industry ETF, achieving a return of 6.93% [2] - The highest return among strategy index ETFs was the China An CSI 500 Industry Neutral Low Volatility ETF at 0.87% [2] - The leading theme index ETF was the China Tai Bai Rui CSI All-Share Aerospace ETF, with a return of 5.35% [2] ETF Performance Rankings - The top three ETFs by return were: 1. Yongying National Certificate Commercial Satellite Communication Industry ETF (6.93%) [5] 2. GF CSI Satellite Industry ETF (5.91%) [5] 3. E Fund CSI Satellite Industry ETF (5.86%) [5] - The three ETFs with the largest declines were: 1. Guotai CSI Hong Kong and Shanghai Gold Industry ETF (-1.52%) [6] 2. ICBC Credit Suisse CSI Hong Kong and Shanghai Gold Industry ETF (-1.47%) [6] 3. Ping An CSI Hong Kong and Shanghai Gold Industry ETF (-1.42%) [6] ETF Fund Flows - The top three ETFs by inflow were: 1. Huatai Bairui CSI A500 ETF (1.52 billion) [8] 2. Huaxia CSI A500 ETF (1.449 billion) [8] 3. Guotai CSI A500 ETF (1.065 billion) [8] - The three ETFs with the largest outflows were: 1. Huaxia CSI Robot ETF (574 million) [9] 2. Guotai CSI Military Industry ETF (544 million) [9] 3. Huabao CSI Bank ETF (284 million) [9] ETF Margin Trading Overview - The top three ETFs by margin buying were: 1. Huaxia SSE STAR 50 ETF (579 million) [11] 2. Guotai CSI All-Share Securities Company ETF (327 million) [11] 3. Harvest SSE STAR Chip ETF (199 million) [11] - The highest margin selling amounts were: 1. Huatai Bairui CSI 300 ETF (33.16 million) [12] 2. Huaxia SSE 50 ETF (14.47 million) [12] 3. Southern CSI 500 ETF (8.99 million) [12] Institutional Insights - Dongxing Securities is optimistic about investment opportunities in China's satellite internet industry chain by 2026, anticipating an increase in satellite launches to meet high-frequency demand [13] - Zhongtai Securities believes that the commercial aerospace industry in China is at a critical turning point, transitioning from exploration to growth, with significant demand for launch services and satellite networking expected to accelerate [14]

Group 1: Market Performance - The main contracts for copper, gold, silver, and platinum futures reached historical highs, with lithium carbonate futures breaking through 130,000 yuan/ton [1] - The non-ferrous metal sector showed strength, with leading stocks Zijin Mining and Luoyang Molybdenum both hitting historical highs, with market values of 886.8 billion yuan and 421.3 billion yuan respectively [1] - The Shanghai Composite Index fell by 0.19%, while the Shenzhen Component Index rose by 0.17%, and the ChiNext Index decreased by 0.15% [1] Group 2: Industrial Metals - The industrial metals sector saw a rise of 2.58%, with notable stocks such as Guocheng Mining and Jiangxi Copper experiencing significant gains of 10.01% and 9.97% respectively [3][4] - The supply-demand balance for copper is tightening, with expectations of continued upward price movement due to low global copper inventories and supply shortages [4][5] Group 3: Lithium Battery Industry - The lithium battery supply chain is strengthening, with leading stocks like BYD and Sungrow Power experiencing significant increases [6][10] - The lithium carbonate futures surge and production cuts from major manufacturers are contributing to the rebound in the new energy sector [10] - The lithium battery industry is expected to see a recovery in demand and pricing stability, with signs of supply tightness emerging in key components [11]

Core Viewpoint - The aerospace industry in China is experiencing significant growth, driven by successful satellite launches and increasing participation from private companies in the commercial space sector [1][2]. Group 1: Market Performance - The CN5082 aerospace industry index rose by 1.28%, with notable increases in constituent stocks such as Guanglian Aviation (up 15.73%), Mingsheng Electronics (up 11.18%), and Aerospace Development (up 10.00%) [1]. - The Aerospace ETF (159227) increased by 0.92%, marking its third consecutive rise, with the latest price reported at 1.31 yuan [1]. Group 2: Recent Developments - On December 26, 2025, China successfully launched 17 low-orbit satellite internet satellites using the Long March 8A rocket from the Hainan commercial space launch site, achieving a successful mission [1]. - Dongxing Securities highlighted that during the 14th Five-Year Plan period, commercial aerospace will be a key driver for high-quality technological development in China [1]. Group 3: Future Outlook - The number of satellite launches in China is expected to accelerate in 2026 to secure valuable orbital and frequency resources, with private commercial rocket companies anticipated to play a significant role alongside state-owned enterprises [1]. - There is a positive outlook for investment opportunities in China's satellite internet industry chain in 2026 [1]. Group 4: ETF Composition - The Aerospace ETF (159227) closely tracks the CN5082 index and covers critical industry segments such as aerospace equipment, satellite navigation, and new materials, with a high weight of 64% in commercial aerospace concepts [2]. - The top ten holdings include industry leaders like Aerospace Development, China Satellite, and Aerospace Electronics [2].

Core Viewpoint - The majority of brokerages predict that the A-share market will transition from valuation-driven growth to earnings-driven growth in 2026, leading to a "slow bull" market as the economic fundamentals gradually recover [2][3]. Group 1: Market Outlook - The A-share market is expected to continue its "slow bull" trend, with sufficient support for index stability. Analysts forecast a profit growth rate of around 12% for A-shares in 2026 [3]. - The market is likely to shift from a "valuation bull" to a "system bull," with a more balanced style, favoring technology and high-dividend assets [3][4]. - Analysts emphasize the importance of focusing on sectors that align with economic transformation, particularly technology and consumer sectors, which are expected to see a resurgence [4][5]. Group 2: Technology Sector - The technology sector remains the core focus for 2026, with analysts highlighting areas such as artificial intelligence, computing power, and other advanced technologies as key drivers of market performance [5][6]. - Specific sub-sectors within technology that are favored include autonomous control technologies, semiconductor industries, and applications related to AI and robotics [6]. - The investment landscape for AI is evolving, with a noted divergence in performance between core AI assets and broader "pan-AI" assets benefiting from macroeconomic effects [6]. Group 3: Consumer Sector - The consumer sector is gaining attention, with expectations of a recovery driven by consumption stimulus policies and economic growth [7]. - Analysts suggest that the focus should be on sectors benefiting from domestic demand and policy incentives, particularly in services and new consumer goods linked to technological advancements [7]. - The central economic work conference has prioritized expanding domestic demand, which is anticipated to revitalize the consumer sector, especially in areas like travel, hospitality, and food and beverage [7].

【产品亮点】 截至2025年12月25日收盘，证券ETF(159841)换手2.14%，成交2.22亿元。跟踪的中证全指证券公司指数(399975)上涨0.38%，成 分股东北证券(000686)上涨2.92%，财通证券(601108)上涨2.12%，华安证券(600909)上涨1.37%，锦龙股份(000712)上涨1.34%， 东兴证券(601198)上涨1.27%。 证券板块具备较强β属性，主营业务表现与资本市场表现息息相关，因此被喻为"牛市旗手"。历史市场反弹期间，证券板块显著 跑赢大盘，深市规模流动性同类持续领先的证券ETF(159841)把握机遇。 【相关产品】 证券ETF(159841)，对应场外联接基金（A：008590，C：008591）。 | 之 宽星 | | | | --- | --- | --- | | 159977 | 创业板ETF天弘 | 创业板 | | 589860 | 科创综指ETF天弘 | 科创板 | | 159360 | 中证A500ETF天弘 | A股风向标 | | 159128 | 港股科技ETF天弘 | T0+港股科技 | | --- | --- | --- | | ...

第十四届全国人大代表、清华大学国家金融研究院院长田轩在接受《证券日报》记者采访时表示，今年并购重组市场实现 了交易规模与质量的同步提升，审核效率显著改善，制度创新持续突破，多起标杆案例的落地充分彰显了改革成效。这不仅提 升了资本市场资源配置效率，更有力推动了实体经济的结构性变革。 瞄准"世界一流企业"目标 产业并购始终是主流，今年的产业并购占比近八成，千亿元级并购大单增多。 其中，吸收合并成为央国企整合的重要方式。国泰君安证券股份有限公司成功吸收合并海通证券股份有限公司，打造证券 行业"巨头"；中国船舶工业股份有限公司吸收合并中国船舶重工股份有限公司实施完成，旨在打造"世界一流造船业旗舰上市 公司"。 另外，中国神华能源股份有限公司（以下简称"中国神华"）拟发行股份及支付现金收购控股股东国家能源投资集团有限责 任公司旗下12家核心企业股权，此举不仅能解决同业竞争，还可强化全产业链协同效应；中国国际金融股份有限公司拟通过换 股方式吸收合并东兴证券股份有限公司、信达证券股份有限公司，积极响应"加快打造一流投资银行和投资机构"的部署，上述 交易规模均为千亿元级。 本报记者 吴晓璐 今年以来，在政策红利释放与产业升级 ...

随着A股市场在2025年逐渐回暖，券商投行的IPO业务也迎来了显著改善。然而，繁荣的承销数字背后，一场深刻的行业变局正 在上演：头部券商间的座次正在洗牌，而曾经被视为"金饭碗"的投行收费模式，也悄然步入了理性回归的新阶段。 谁是这场变局中的赢家？Wind数据显示，2025年券商IPO承销总金额同比近乎翻倍，但"强者恒强"的马太效应也愈发明显。新 合并而成的"巨无霸"国泰海通，在承销家数上力压老牌龙头中信证券，但在承销金额、承销及保荐收入上，仍与"券业一哥"存 在明显差距。 与此同时，中金公司IPO承销金额凭借近三倍的惊人增速强势回归前五。头部阵营的激烈角逐，勾勒出投行业务格局的新图 谱。 更深刻的变化在于行业的盈利模式。尽管募资规模回升，但投行收费水平已大远不及往日。一个募资规模30多亿的大项目，承 销保荐费可能仅有5000万元；而作为行业标杆的中信证券，其收入过亿的"王牌项目"数量也大幅缩水。 | | | 近三年以来IPO承销金额前十券商一览 | | | --- | --- | --- | --- | | 排名 | 2025年(1月1日—12月24日) | 2024年(1月1日-12月31日) | 2023 ...