（编辑 任世碧） 证券日报网讯 1月5日，哈焊华通发布公告称，公司2025年12月12日召开了第五届董事会第四次会议， 并于2025年12月30日召开2025年第三次临时股东会，审议通过了《关于部分募投项目结项并将节余募集 资金永久补充流动资金的议案》，同意公司将本次已达到预定可使用状态的"特种高合金焊丝制备项 目"及"工程技术中心建设项目"两个募投项目结项，并将节余募集资金3，648.16万元（包括理财收益及 银行存款利息收入，具体金额以资金转出当日银行结算余额为准）永久补充流动资金，同时注销相关募 集资金专用账户。截至本公告披露日，上述两个募投项目的节余募集资金及银行利息已永久补充流动资 金用于项目待支付款项及公司日常生产经营活动，募投项目所对应的募集资金专项账户已注销完成，公 司与开户银行、保荐机构中信建投证券股份有限公司签订的《募集资金三方监管协议》也相应终止。 ...

在券商投行的项目储备竞争中，头部效应持续加强。根据统计，2025年共有41家券商有IPO项目获得受理，排名前五的券商受理数量总和占比超过45%。其 中国泰海通以36.5家的保荐项目数量位列第一，中信证券以35.5家紧随其后。中信建投、中金公司和华泰联合分别位列第三至第五位。 市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 资本市场包容性的提升在2025年受理企业中有所体现，未盈利企业的申报数量增加。根据统计，科创板共受理了18家未盈利企业，其中包括2025年12月30日 获得受理的国产存储巨头长鑫科技，该公司2024年归母净利润为-71.45亿元。与此同时，主板的"大盘蓝筹"特征依然明显，深市主板受理企业2024年扣非净 利润平均值达到11.41亿元。 2025年全年，沪深北三地交易所合计新增受理了300家企业的首次公开募股（IPO）申请。这一数据较2024年全年77家的受理量增长近三倍。不过，该规模 尚未达到2023年受理总量（696家）的一半。 从板块分布来看，北京证券交易所（北交所）仍是拟上市企业最为集中的选择。2025年，北交所新受理企业数量为17 ...

Core Viewpoint - The A-share market is expected to continue its upward trend, with a high probability of a spring rally as investor risk aversion eases and funds shift from a cautious stance to actively seeking opportunities [2][7]. Market Performance - On the trading day, the total market turnover reached 2.55 trillion yuan, an increase of 501.1 billion yuan compared to the previous day [7]. - The major indices showed positive performance: - Shanghai Composite Index increased by 1.38% - Shenzhen Component Index rose by 2.24% - ChiNext Index gained 2.85% [7]. Sector Analysis - The top three sectors for net capital inflow were: - Non-ferrous metals: +1.907 billion yuan - Basic chemicals: +1.526 billion yuan - Biopharmaceuticals: +1.526 billion yuan [2][7]. Institutional Insights - CITIC Securities suggests that the positive macro policy tone from the national financial work conference and the 2026 national subsidy plan will boost consumer sentiment, creating a favorable environment for cyclical sectors [2][8]. - The focus on technological innovation and new growth drivers is emphasized as a key aspect of China's high-quality transformation under the 14th Five-Year Plan, with a supportive overseas monetary environment enhancing risk appetite domestically [8].

IPO受理年度盘点。 随着2025年落下帷幕，IPO受理全景浮出水面。2025年是资本市场深化改革的关键年，为提升制度的包容性和 适应性，监管以深化科创板、创业板改革为抓手，推动科技创新和产业创新融合发展迈上新台阶。在此背景 下，2025年IPO受理颇具看点。 根据券商中国记者统计，2025年全年沪深北三地交易所共新增受理300家IPO企业，其中"硬科技"企业陆续亮 相，比如摩尔线程、沐曦股份。就在2025年12月底蓝箭航天获得受理，成为商业火箭IPO受理第一股；存储领 域独角兽企业——长鑫存储也进入受理队列。 不过，北交所仍然是IPO企业的重要选择，该板块受理数量占比近六成，体现出其对中小企业的持续吸引力。 项目储备往往体现券商投行的潜在竞争力，根据券商中国记者统计，头部效应进一步加剧，排名前5家券商的 受理数量总和占比超过45%。其中，国泰海通位居首位，中信证券紧跟其后。 受理回暖结构分化 主板的受理家数相对较少，沪市和深市分别受理18家、14家。值得注意的是，2025年主板受理了多家来自"大 消费"行业的企业，比如食用盐领域的中盐股份、乳制品和含乳饮料的百菲乳业、旅游演艺行业的陕西旅游。 据悉，在202 ...

Group 1 - The A-share market is expected to experience a favorable cross-year trend, supported by a strong liquidity environment and a robust RMB exchange rate, which is better than the previous two years [1] - Positive external factors and improved macroeconomic expectations are likely to contribute to a "good start" for the A-share market after the New Year [1] - The Hong Kong stock market has seen significant gains at the beginning of the year, driven by multiple favorable factors, which may also influence the continuation of the A-share cross-year trend [1] Group 2 - The current market risk appetite remains high, providing room for high-elasticity technology themes to continue their upward trajectory [2] - Despite the overall high valuation levels in the technology sector, it has not yet reached a frenzy stage, indicating a significant gap from historical bubble periods [2] - Global liquidity expectations are anticipated to further support high-valuation technology assets, with a focus on sectors like robotics, sports, and non-bank financials, while caution is advised in crowded areas like commercial aerospace [2] Group 3 - The improvement in industry prosperity is primarily reflected in price increases, with significant price rises observed in precious metals, basic chemicals, and electric equipment [3] - The semiconductor sales cycle is on the rise, indicating sustained industry prosperity, with several foundries and storage manufacturers signaling price increases [3] - In addition to thematic investment opportunities like robotics and autonomous driving, there is a recommendation to increase focus on "price increase" varieties such as basic chemicals, electric equipment (lithium batteries), and electronic semiconductors [3]

Group 1 - The A-share market is experiencing a strong upward trend, with over 4,000 stocks rising and the A500 ETF fund (512050) increasing by over 2%, with trading volume surpassing 14 billion yuan [1] - The introduction of long-term assessment guidelines for pension funds is underway, which includes extending contract periods and optimizing evaluation mechanisms, indicating a shift towards increased equity asset allocation in pension funds [1] - CITIC Securities reports that the A-share market's year-end rally is expected to continue, with historical trends suggesting a high probability of sustained upward movement following an "eight consecutive days of gains" pattern [1] Group 2 - The A500 ETF fund (512050) is designed to help investors capture growth in A-share core assets, utilizing a dual strategy of "industry balanced allocation + leading selection" to cover industry leaders [2] - The fund features three core highlights: a low fee rate of 0.2%, high liquidity with an average daily trading volume exceeding 5 billion yuan, and a leading scale of over 40 billion yuan, making it an efficient investment choice for capitalizing on A-share valuation increases [2] - Investors are encouraged to consider related products such as the A500 ETF fund (512050) and the A500 Enhanced ETF fund (512370) [2]

Core Insights - In 2025, a total of 116 companies were listed on the A-share market, representing a 16% increase from 100 companies in the same period last year [1] - The net fundraising amount for these 116 newly listed companies reached 122.025 billion yuan, a significant increase of 104.25% compared to 59.743 billion yuan in the previous year [1] - The total fees charged by IPO intermediaries for these companies amounted to 9.156 billion yuan, with underwriting and sponsorship fees accounting for 6.704 billion yuan, legal fees for 0.821 billion yuan, and audit fees for 1.631 billion yuan [1] Segment Analysis Underwriting and Sponsorship Fees - The total underwriting and sponsorship fees ranked by board are as follows: Sci-Tech Innovation Board (21.54 billion yuan), Shanghai Main Board (15.37 billion yuan), Growth Enterprise Market (15.11 billion yuan), Shenzhen Main Board (9.24 billion yuan), and Beijing Stock Exchange (5.78 billion yuan) [2][3] - The average underwriting fee is highest for the Sci-Tech Innovation Board at 11.337 million yuan, while the lowest is for the Beijing Stock Exchange at 2.222 million yuan [4] Legal Fees - The total legal fees ranked by firms are led by Shanghai Jintiancheng (1.14 billion yuan), followed by Beijing Zhonglun (1.05 billion yuan), and Zhejiang Tiance (0.57 billion yuan) [7][8] - The average legal fee is highest for the Sci-Tech Innovation Board at 832.01 thousand yuan, and lowest for the Beijing Stock Exchange at 364.62 thousand yuan [4] Audit Fees - The top three audit firms by total fees are Rongcheng (4.17 billion yuan), Tianjian (2.86 billion yuan), and Lixin (2.19 billion yuan) [10][11] - The average audit fee is highest for the Shanghai Main Board at 1.8518 million yuan, and lowest for the Beijing Stock Exchange at 632.39 thousand yuan [4]

Core Viewpoint - The aerospace industry in China is experiencing significant growth, driven by policy support and increased launch activities, with the Tianhong Aerospace ETF showing strong market performance and substantial inflows [1][2]. Group 1: Market Performance - As of January 5, 2026, the Tianhong Aerospace ETF (159241) recorded a turnover of 20.78% and a transaction volume of 128 million yuan, indicating active market trading [1]. - The CN5082 index, which tracks the aerospace industry, rose over 2.5% during the trading session, with key stocks like Beifang Navigation (600435) up 6.68% and AVIC High-Tech (600862) up 5.88% [1]. - The Tianhong Aerospace ETF saw a significant growth of 34.11 million yuan over the last two weeks, reflecting strong investor interest [1]. Group 2: Product Highlights - The Tianhong Aerospace ETF (159241) tracks the CN5082 index, which covers the aerospace industry chain, with a combined weight of over 68% in aerospace and aviation equipment, making it the highest "aerospace content" military index in the market [1]. - The top ten holdings of the ETF include major state-owned enterprises such as Aero Engine Corporation of China and AVIC Shenyang Aircraft Corporation, providing both stability from core assets and growth potential from smaller market cap companies [1]. Group 3: Industry Developments - The Chinese aerospace industry is set to achieve a record 73 launch missions in 2025, including significant satellite launches, showcasing the sector's robust growth [1]. - Private rocket companies like New Space and Blue Arrow are making progress in rocket recovery and reuse technology, and are initiating IPO processes, indicating a vibrant industry landscape [1]. - Policy initiatives, such as those from Shanghai supporting the G60 Science and Technology Corridor, are aimed at promoting satellite manufacturing and commercial operations, alongside national emphasis on developing emerging industries like aerospace and low-altitude economy [1][2]. Group 4: Institutional Insights - CITIC Securities highlights that China's military industry has evolved into a new growth model characterized by "domestic demand foundation, foreign trade expansion, and civilian backfeeding," leading to a sustainable and diversified growth momentum [2]. - The commercialization of military technology is fostering new trillion-level industries such as commercial aerospace and low-altitude economy, creating a virtuous cycle of "military technology for civilian use, backfeeding military industry" [2].

Group 1 - The core viewpoint of the news highlights a strong performance in the non-ferrous metals sector, with gold, silver, copper, aluminum, and zinc all showing gains, leading to an increase in related ETFs [1][2] - The recent military action by the U.S. against Venezuela has heightened market risk aversion, pushing spot gold above $4,400 and silver to $75 per ounce [2] - Supply concerns are exacerbated by worker strikes in copper mines, pushing LME copper prices close to $13,000 per ton, nearing record highs [2] Group 2 - The aluminum price has surpassed $3,000 per ton for the first time in over three years, driven by tightening supply and long-term demand expectations [2] - The non-ferrous metals ETF (516650) has seen a net inflow of 3.96 billion yuan over the past seven days, with a 2.3% increase, and has a balanced allocation in copper (33.8%), aluminum (15.7%), and gold (11.9%) [3] - The gold stock ETF (159562) also increased by 2.3%, focusing on gold and copper, while the gold ETF Huaxia (518850) rose by 1.65%, with a net inflow of 1.299 billion yuan over the past 20 days [3]

今日，是2026年第一个交易日，A股开门红，上证指数高开高走突破4000点大关，科创50大涨逾4%， 盘中也一度站上1400点，深证成指、创业板指、北证50等均高开高走。超4100只个股上涨，成交呈快速 放大趋势。 盘面上，人脑工程、医药生物、芯片、航天装备等板块涨幅居前，油气开采、海南自贸、酒店餐饮、航 空机场等板块跌幅居前。 人脑工程概念飙升 人脑工程概念股早间大幅高开高走，板块指数放量飙升逾11%，创历史新高，开盘不到1小时成交就超 过前一交易日全天成交。板块内个股掀涨停潮，倍益康开盘秒速30%涨停，博拓生物、三博脑科、翔宇 医疗批量20%涨停，创新医疗、国际医学等近40股涨停或涨超10%。 | ▼指 | 名称 代码 | | 涨幅%, | 现价 | 涨跌 | 洪价 | 河价 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 920199 倍益康 | R | 29.98 | 44.96 | 10.37 | 44.96 | | | 2 | 688767 博拓生物 | K | 20.01 | 45.34 | 7.56 | 45.34 | | | ...