| 索 引 号 | bm56000001/2025-00015051 | ਜੋ 崇 | 证券服务机构监管;行政监管措施 | | --- | --- | --- | --- | | 发布机构 | | 发文日期 | 2025年12月25日 | | 称 ਉ | 江苏证监局关于对方正证券承销保荐有限责任公司、袁鸿飞、杨日盛采取出具警示函措施的决定 | | | | 文 를 | (2025) 222号 | 主题词 | | 北京商报讯（记者 李海媛）12月26日，江苏证监局信息显示，经查，方正证券（601901）承销保荐有限责任公司（以下简称"方正承销保荐"）作为江苏京 源环保股份有限公司（以下简称"京源环保"）2022年可转债持续督导保荐机构，在履行持续督导职责过程中未尽到勤勉尽职义务，未发现京源环保存在违规 使用募集资金支付非募投项目费用、募集资金信息披露不准确等问题。方正承销保荐上述行为违反了《证券发行上市保荐业务管理办法》第五条第一款、第 二十八条的规定，保荐代表人袁鸿飞、杨日盛应当对上述违规行为承担主要责任。 根据有关规定，江苏证监局决定对方正承销保荐和袁鸿飞、杨日盛采取出具警示函的行政监管措施，并记入证券期货市 ...

央广网北京12月26日消息（记者 冯方）12月26日，方正富邦基金举行2026年投资策略会，探讨"十五 五"开局之年的投资机遇和挑战。在会上，方正证券研究所副所长、首席经济学家燕翔表示，2026年我 国经济将进入以结构优化和创新驱动为核心的新阶段，资本市场或将启新程。 在扩大内需方面，燕翔认为，中央经济工作会议已明确将扩大内需、提振消费摆在优先位置，服务消 费、银发经济、文化IP消费等新兴领域潜力巨大，有望成为下一阶段消费扩容的重要突破口。 2025年，我国科技创新成果集中涌现。"从商业航天到量子计算，从固态电池到合成生物，多项'从0到 1'的突破正在转化为现实生产力。"燕翔认为，2026年科技政策将进一步加码，推动创新链与产业链深 度融合，科技创新不再是实验室里的概念，而是实实在在的增长引擎。 关于资产配置问题，燕翔认为，2026年可重点关注三大方向：一是科技成长资产的长期产业趋势机会， 二是供需失衡驱动下具备较强涨价弹性的顺周期板块，三是契合长期配置型资金偏好的红利资产。此 外，燕翔认为，港股经过此前调整有望再度迎来布局良机，可以关注以恒生科技为代表的补涨机会。 燕翔指出，2026年作为"十五五"规划的开 ...

上证公告（基金）【2025】2691号 为促进华宝中证港股通汽车产业主题交易型开放式指数证券投资基金（以下简称港股车50，基金代 码:520780）的市场流动性和平稳运行，根据《上海证券交易所基金自律监管规则适用指引第2号——上 市基金做市业务》等相关规定，本所同意方正证券股份有限公司自2025年12月29日起为港股车50提供主 做市服务。 特此公告。 上海证券交易所 2025年12月26日 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2026年即将到来，如何前瞻布局明年行情？12月26日，方正富邦基金2026年投资策略会在北京举行，本 次策略会以"变局创新"为主题，多位投资大咖及嘉宾发表主旨演讲，共同探讨"十五五"开局之年的投资 机遇和挑战。>>视频直播 站在2025年岁末回望，中国经济在复杂严峻的内外环境中展现出强大韧性与战略定力，2025年为"十五 五"开局奠定了坚实基础，2026年，资本市场或启新程。方正证券研究所副所长、首席经济学家燕翔在 会上发表演讲，认为2026年中国经济将进入以结构优化和创新驱动为核心的新阶段。 2026年作为"十五五"规划的开局之年，高质量发展将成为贯穿全年经济工作的主线。"经济增长不再单 纯追求速度，而是更加注重质量、效率和可持续性。"燕翔指出，当前我国高技术制造业、绿色能源、 数字经济等新质生产力领域已形成明显增长动能，装备制造业对工业增长的贡献率持续提升，产业结构 正在向高端化、智能化、绿色化加速演进。 2026年作为"十五五"规划的开局之年，高质量发展将成为贯穿全年经济工作的主线。"经济增长不再单 纯追求速度，而是更加注重质量 ...

Group 1 - The core viewpoint of the report from Founder Securities indicates that rising raw material prices and a strong currency are likely to improve profitability in the paper industry, particularly benefiting integrated pulp and paper companies with high self-sourcing ratios [1] - As of December 25, 2025, the Shenwan Paper Industry Index rose by 3.68%, ranking third among Shenwan's secondary industry indices for the day [1] - The appreciation of the Renminbi is expected to benefit pulp and paper companies on the cost side, as the industry relies on approximately 60% imported pulp, leading to optimized procurement costs due to the recent currency strengthening [1] Group 2 - Overseas pulp manufacturers have continued to raise prices, with Brazil's Suzano announcing a price increase of $20 per ton for the Asian market, marking the fourth price hike in 2025 [2] - Chile's Arauco also announced a $20 per ton increase for both softwood and hardwood pulp, providing cost support for domestic paper price increases [2] Group 3 - Domestic paper companies are issuing price increase notices in response to rising raw material costs, with companies like Sun Paper, Asia Pacific Forest Products, APP (China), and Bohui Paper raising prices by 200 yuan per ton starting January 1, 2026 [3]

Core Viewpoint - The recent increase in the Securities ETF (512880) by over 0.5% and a net inflow of over 340 million yuan in the past five days indicates the initiation of a new round of resident deposit migration, which solidifies the foundation for a slow bull market [1] Group 1: Resident Deposit Migration - The current round of resident deposit migration is still in its early stages, with the growth rate of resident deposits decreasing from a high of 6.1% in October 2023 to 1.5% in October 2025, but it has not turned negative [1] - The low interest rate environment and the profit-making effect in the equity market are the main drivers of this new round of resident deposit migration [1] - Historical analysis shows that previous rounds of resident deposit migration often coincide with the start of bull markets, suggesting that there is still significant room for resident funds to enter the market [1] Group 2: Market Dynamics - As of the end of October 2025, the balance of resident deposits relative to the total market value of A-shares is only 1.53 times, indicating that resident funds have not yet entered the market in a trend-driven manner [1] - If the ratio of resident deposits to A-share total market value is estimated at 0.8 times, the 163 trillion yuan in resident deposits corresponds to a total A-share market value exceeding 200 trillion yuan [1] - Regulatory support for high-quality development and the slow bull market are expected to drive trading volume to new heights, with continuous improvement in the fundamentals of the brokerage sector [1] Group 3: Securities ETF Overview - The Securities ETF (512880) tracks the Securities Company Index (399975), which selects listed companies closely related to the securities market from the Shanghai and Shenzhen markets [1] - This index covers core financial service areas such as brokerage, investment banking, and asset management, reflecting the overall performance of listed companies in the securities industry [1] - The index has a high industry concentration and market representativeness, effectively tracking market dynamics in the securities sector [1]

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 "14th Five-Year Plan" emphasizes the importance of technological self-reliance and aims to significantly support emerging and future industries, which are expected to experience rapid development with comprehensive planning and funding support [1]. Emerging Industry Direction - The plan aims to cultivate and strengthen emerging and future industries, focusing on building pillar industries and implementing innovation projects to accelerate the development of strategic emerging industry clusters such as new energy, new materials, aerospace, and low-altitude economy [2]. Future Industry Direction - The plan proposes a forward-looking layout for future industries, exploring diverse technological routes, typical application scenarios, feasible business models, and market regulatory rules to promote sectors like quantum technology, biomanufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communication as new economic growth points [3]. Financial Support - A strategic emerging industry development special fund of 51 billion yuan has been officially launched, with an investment period of 5 years and a total management and exit period of 8 years, which can be extended to 15 years. This fund will support state-owned enterprises in addressing industrial weaknesses and enhancing core competitiveness, focusing on areas such as artificial intelligence, aerospace, quantum technology, and future energy [4].

Group 1 - 德方纳米 plans annual equipment maintenance to ensure efficient and stable operation, starting January 1, 2026, for one month, with no significant impact on 2026 performance [1] - 达意隆's subsidiary Tianjin Baolong faces a significant decline in OEM orders due to strategic adjustments from core customers, leading to plans to shut down production lines [2] - 天威视讯's subsidiary plans to transfer project assets for 604.3 million yuan to a related party, constituting a related transaction [3] Group 2 - 金龙羽 intends to sign a strategic cooperation framework agreement with an investment institution to establish an industrial merger fund with a planned scale of 1.5 billion yuan [4] - 紫光国微's subsidiary plans to establish a new company with multiple partners, including a subsidiary of CATL, with a registered capital of 300 million yuan [5] - 信隆健康's major shareholder plans to reduce its stake by up to 1% through trading [6] Group 3 - 龙建股份 wins a 612 million yuan EPC contract for a project, which represents approximately 3.27% of the company's audited revenue for 2024 [7] - 复旦张江 receives acceptance for a clinical trial application for a drug aimed at visualizing malignant lesions in lung cancer patients [9] - 博实股份's major shareholder plans to reduce its stake by up to 2.93% [10] Group 4 - 百纳千成 plans to acquire 100% of Zhonglian Century's shares to expand its marketing business and digital advertising solutions [11] - 天铁科技's major shareholder is under criminal detention, but the investigation is unrelated to the company's operations [12] - 海看股份's shareholder plans to reduce its stake by up to 3.6% [13] Group 5 - 智光电气's subsidiary signs a procurement contract worth 148 million yuan for a high-voltage energy storage system [14] - 西藏矿业's attempt to transfer 100% of a subsidiary's equity has not attracted qualified buyers, leading to automatic withdrawal from the trading platform [15] - 英诺激光's major shareholder plans to reduce its stake by up to 3% [16] Group 6 - 福鞍股份's major shareholder plans to reduce its stake by up to 3% [17] - 白云山 receives a drug registration certificate for a rabies vaccine [18] - 华电科工 signs a contract worth approximately 265 million yuan for a power plant project [19] Group 7 - 康弘药业 receives a drug registration certificate for a medication used to treat schizophrenia [20] - 西菱动力's actual controller plans to reduce their stake by 2% [21] - 海希通讯's actual controller plans to reduce their stake by 0.48% [22] Group 8 - 海南机场 plans to transfer 90% of a subsidiary's equity for approximately 500 million yuan, expecting a profit of about 200 million yuan from the transaction [23] - 森远股份 signs a contract for a computing cluster integration project worth 26.78 million yuan [24] - 丽珠集团's subsidiary receives acceptance for a drug registration application for a new treatment for psoriasis [25] Group 9 - 郑州银行 plans to acquire a village bank and convert it into a branch [26] - 方正证券 announces a cash dividend distribution plan for the third quarter of 2025 [27] - 金陵体育 announces a cash dividend distribution plan for the first three quarters of 2025 [29] Group 10 - 紫金银行 announces a mid-term profit distribution plan for 2025 [30] - *ST建艺's major shareholder waives 1.4 billion yuan in debt and donates 400 million yuan to support the company [31] - 万朗磁塑's major shareholder plans to reduce their stake by up to 3% [32] Group 11 - 艾力斯's core product is included in a list of potential breakthrough therapies for lung cancer [33] - 富创精密's shareholder plans to transfer 918.63 million shares [34] - 东阳光's subsidiary plans to increase capital and introduce investors [35] Group 12 - 侨银股份 plans to acquire a 16.67% partnership in a venture capital fund [36] - 尤夫股份 receives a government subsidy of 4.04 million yuan for a technical improvement project [37] - 倍轻松 and its actual controller are under investigation for information disclosure violations [38] Group 13 - 万润新能 plans to reduce production on some lines for maintenance, expecting a reduction of 5,000 to 20,000 tons in lithium iron phosphate output [39]

Core Viewpoint - The automotive sector is expected to present structural investment opportunities in 2026 despite a reduction in subsidies, with traditional vehicle and parts exports likely to support sales and profits, alongside emerging technologies like autonomous driving and AI computing [1] Passenger Vehicles - Passenger vehicle wholesale sales are projected to reach 29.38 million units in 2026, a slight decline of 0.7% year-on-year. Export sales are expected to be 6.34 million units, up 13% from 2025, while retail sales are forecasted at 23.05 million units, down 4% [1] - The export market is anticipated to be a key driver for core growth in the automotive sector, with leading companies expected to transition to profit generation from exports in 2026 [1] - The first quarter of 2026 is expected to see a bottoming out of domestic demand, creating a golden window for export strategies, with a focus on identifying "dark horses" domestically and "white horses" in exports [1] Commercial Vehicles - The commercial vehicle market is expected to recover significantly in 2025, with heavy truck sales projected to exceed 1.1 million units, driven mainly by domestic policy support [2] - In 2026, heavy truck sales are expected to remain stable at over 1.12 million units, with domestic sales projected at 750,000 units (down 4%) and exports expected to reach 375,000 units (up 9%) [2] - Bus sales are forecasted to be 580,000 units in 2026, with a growth of 8%, driven by the acceleration of new energy vehicle exports [2] Auto Parts - The focus for auto parts is on export opportunities, intelligent driving, and transformation trends, with three main lines of attention: traditional parts export leaders, core emerging industry trends, and transformation parts [3] - Domestic auto parts companies are expected to face pressure on profitability due to slowing domestic demand, but local production capacity for overseas markets is anticipated to strengthen [3] - The emergence of L3 autonomous driving and the commercialization of L4 are expected to create structural opportunities in the market [3] Robotics - The robotics sector is transitioning from thematic speculation to performance realization, with key policies being implemented to support development [4] - 2026 is seen as a critical year for humanoid robots, with the Optimus Gen3 expected to launch in Q1 and mass production anticipated in H2, potentially leading to significant growth in the automotive segment [4] - China's supply chain advantages in responsiveness, cost, and completeness are expected to position it as a core support for both domestic and global supply chains [4] Related Companies - Key companies to watch include BYD, SAIC Motor, Seres, Yutong Bus, China National Heavy Duty Truck, Weichai Power, Leap Motor, Xpeng Motors, Geely, Great Wall Motors, Fuyao Glass, Songyuan Safety, Sanhua Intelligent Control, Top Group, Yinlun Machinery, and Jieneng Electronics [5]