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！ 来源：天风研究 刘欣，天风研究总经理助理、TMT行业研究组副组长兼传媒互联网及海外研究首席分析师。曾先后在 中金公司、海通证券、民生证券从事TMT行业研究，在华创证券（2020–2025）任传媒互联网首席分析 师。长期聚焦传媒与互联网领域，形成兼具趋势研判与公司分析的系统方法论，研究实力屡获业界权威 认可：多次跻身新财富、水晶球、新浪金麒麟、上证报、金牛奖、21世纪金牌分析师等评选前列，并在 2025年带领团队荣获证券时报新财富杂志最佳分析师传播与文化类第五名，21世纪金牌分析师第三名。 研究座右铭：珍惜行情。 作为2015年入行看传媒的分析师，彼时不少人都称我幸运，毕竟这一赛道正值传媒互联网牛市的黄金 期，是无数应届生挤破脑袋争抢的香饽饽。可入行后，等待我的却是长达七年的行业寒冬，我亲身经历 了传媒指数连续13个季度负涨幅、无一次季度反弹的持续低迷，也熬过长年稳居A股全行业年度涨跌幅 倒数前三的落寞处境。 但行业低谷从不是懈怠的理由，反而更需要自己沉下心深耕基本面，复盘行业周期规律，扎扎实实锤炼 研究基本功，慢慢凝练出"敏于捕捉、珍惜 ...

Core Viewpoint - The global precious metals market is experiencing a historic surge, with gold and silver prices reaching all-time highs, driven by factors such as U.S. Federal Reserve's interest rate cuts, trade policies, and structural supply-demand imbalances [1][4][5]. Group 1: Price Movements - On December 26, 2025, spot gold prices reached a peak of $4549.9 per ounce, while silver hit $79.4 per ounce, marking an annual increase of over 174% for silver [1][2]. - Year-to-date, COMEX gold futures and London spot gold prices have both risen by more than 70% [2]. - Domestic markets also saw significant increases, with Shanghai gold futures up 62% and silver futures up over 157% [2]. Group 2: Market Dynamics - The surge in precious metals is attributed to a combination of factors, including the Fed's interest rate cuts, which have created a liquidity-friendly environment, and a persistent supply-demand imbalance in the silver market [4][5]. - Silver has been in a supply deficit for five consecutive years, with industrial demand in sectors like photovoltaics and electronics providing additional support for prices [5]. Group 3: Regulatory Responses - The Shanghai Futures Exchange has adjusted trading parameters for gold and silver futures to mitigate excessive speculation and maintain market stability [3]. - The new trading limits include a 15% price fluctuation cap and increased margin requirements [3]. Group 4: Future Outlook - Analysts predict that gold prices may continue to rise in 2026, potentially reaching $5000 per ounce, although the growth rate may slow to 10%-15% due to previous price increases [7]. - The market is expected to experience increased volatility as it reacts to U.S. monetary policy and economic conditions [7]. - There are warnings about the risks associated with high volatility in silver prices and the potential for profit-taking [7].

Core Insights - The investment banking industry in China is undergoing a significant transformation, with a notable trend of seasoned professionals leaving the brokerage system to join industrial sectors, driven by a reevaluation of career value and the challenges faced in the current market environment [2][3][4] Group 1: Industry Trends - As of December 27, the total number of sponsoring representatives in the industry has decreased to 8,493 from 8,800 at the beginning of the year, indicating a reduction of 307 individuals [1] - The "capacity reduction" process is still in its early stages, with many professionals still observing the market, and structural adjustments may take several more years [3] - The demand for high-end talent capable of understanding client needs from a fundamental perspective is still scarce, despite the ongoing layoffs in the industry [1][3] Group 2: Talent Migration - A significant number of investment bankers are transitioning to real industries, with nearly 100 professionals from various securities firms moving to listed companies since 2025, reflecting a faster migration rate compared to 2024 [3] - The departure of talent is partly attributed to the stagnation of IPO projects, with some professionals citing a decline in project fees and overall compensation as key factors for their exit [2][3] Group 3: Recruitment and Structural Changes - Despite the overall reduction in workforce, a "war for talent" is simultaneously occurring, with firms like Guolian Minsheng Securities launching large-scale recruitment initiatives to attract elite teams [6] - Some firms are focusing on vertical integration within specific regions and industries, aiming to deepen their service capabilities for local enterprises [6][9] Group 4: Market Opportunities - The Hong Kong stock market is emerging as a "second battlefield" for investment banks, with projections indicating that A+H share listings will account for half of the new stock financing in Hong Kong in 2025 [7] - The net income of listed securities firms' investment banking divisions reached 25.2 billion yuan in the first three quarters of 2025, reflecting a year-on-year increase of 23.46%, with IPO volumes in A-shares and H-shares growing by 61% and 237%, respectively [9] Group 5: Future Outlook - The future landscape of investment banking is expected to be characterized by a concentration of leading firms alongside regionally specialized players, with firms needing to adapt quickly to market changes to seize new opportunities [10] - The ongoing policy support for emerging industries is anticipated to create opportunities for smaller firms to leverage their unique industry teams and regional resources for growth [10]

| | | 公开发行辅导公示 | 辅导对象 | 辅导机构 备案时间 | 辅导状态 | 派出机构 | 报告类型 | 报告标题 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | - | 北京 | 天津 | 伏达半导体(合肥)股份有 限公司 | 国泰海通证券股份有限公司 2025-12-26 辅导备案 | | 安徽证监局 | 辅导备案报告 | 关于伏达半导体( ... | | - | 河北 | 1 - ШФ | | | | | | | | - | 内蒙古 | II 辽宁 | 铁岭贵鑫环保科技股份有限 公司 | 开源证券股份有限公司 2025-12-25 辅导备案 | | 辽宁证监局 | 弹骨餐家报告 | 关于铁岭贵鑫环保 ... | | - | 吉林 | 黑龙江 | | | | | | | | | | | 江苏科麦特科技发展股份有 限公司 | 国泰海通证券股份有限公司 2025-12-26 辅导备案 | | 江苏证监局 | 辅导备案报告 | 关于江苏科麦特科 ... | | - | 牌 | 江苏 | | | | | | | | - | 浙江 | ...

Group 1 - Guotai Junan Securities has received multiple regulatory warnings this year for violations in brokerage and investment banking operations, with the Heilongjiang branch being specifically cited for employee misconduct and inadequate management [1] - The Heilongjiang branch's violations include unauthorized trading of securities by employees and improper handling of client accounts, leading to a warning letter from the Heilongjiang Securities Regulatory Bureau [1] - The branch's head, Chi Jun, and another employee, Cui Gang, also received warning letters for their roles in the violations, which included improper account operations and promoting non-official financial products [1] Group 2 - In December 2023, the Shenzhen Stock Exchange accepted an asset restructuring application from Jieneng Tihuan, with Guotai Junan acting as the independent financial advisor, although the project had previously been terminated due to material withdrawal [2] - The Shenzhen Stock Exchange criticized Guotai Junan for inadequate verification of revenue recognition for the target company, resulting in a written warning and criticism of the project leaders [2] Group 3 - In May 2023, Guotai Junan Securities received its first investment banking penalty shortly after its merger, with five major violations identified during the IPO sponsorship of Zhongding Hengsheng, including failure to address significant internal control deficiencies [3] - The Shenzhen Stock Exchange issued a reprimand and reported the violations to the China Securities Regulatory Commission, with involved representatives facing a six-month ban from signing any listing application documents [3] - Despite achieving a significant increase in revenue and profit in the first three quarters post-merger, issues related to internal controls and integration have been highlighted, including technical problems affecting client transactions during the transition period [3]

Core Viewpoint - The restructuring of chief economists in Chinese securities firms in 2025 reflects a significant talent shift driven by industry consolidation, re-evaluation of research value, and evolving competitive dynamics [1]. Group 1: Industry Consolidation - The primary driver of the recent changes in chief economists is the merger and restructuring within the industry, leading to a reshuffling of key research leadership positions [2]. - The merger of Guotai Junan and Haitong Securities has drawn attention to the personnel arrangements of their former chief economists, with notable departures and transitions impacting the new entity [3]. Group 2: Talent Acquisition by Smaller Firms - As major firms focus on consolidation, many smaller securities firms are actively recruiting top research talent to enhance their market influence and achieve competitive advantages [4]. - Notable movements include the return of Yan Xiang to Founder Securities and the recruitment of Sun Binbin and Song Xuetao from Tianfeng Securities to other firms, indicating a strategy to build strong research brands [4]. Group 3: Internal Promotions - Some firms are focusing on internal talent development, as seen with Yuan Chuang and Long Hongliang being promoted within their respective companies, reflecting a commitment to maintaining research continuity and culture [5]. Group 4: Departure of Iconic Figures - The departure of prominent figures like Gao Shanwen and Fu Peng from the securities industry highlights a trend of established economists exploring new career paths, prompting discussions on the value of traditional research models [6][7]. - Gao Rui Dong's transition from a chief economist role to managing a fund exemplifies the shift from sell-side research to buy-side management [7]. Group 5: Impact on Market Competitiveness - The role of chief economists is crucial for securities firms, serving as leaders in research and key figures in building research brands, which can significantly influence market competitiveness [9].

Core Viewpoint - The article emphasizes the role of the Science and Technology Innovation Board (STIB) as a "testbed" for capital market reforms, aiming to support high-level technological self-reliance and the integration of technological and industrial innovation in China [4][9]. Group 1: Role of the Science and Technology Innovation Board - The STIB has been established to serve as a platform for supporting technological innovation and deepening reforms in the capital market, aligning with national strategies for high-quality development [4][9]. - Since its inception, the STIB has facilitated the IPO and refinancing of 592 technology enterprises, raising over 1.1 trillion yuan (approximately 160 billion USD) to support their growth [5]. Group 2: Institutional Innovations and Measures - The introduction of the "Eight Measures for Deepening STIB Reforms" aims to enhance institutional inclusiveness and adaptability, with 35 specific initiatives designed to stimulate market vitality [5]. - The STIB has seen a significant increase in merger and acquisition activities, with over 140 new disclosures and more than 90 completed transactions since the implementation of the new measures [5]. Group 3: Focus on Key Industries - The STIB is concentrating on critical industries such as integrated circuits, biomedicine, and renewable energy, fostering a robust industrial chain that supports the digital economy [6]. - It has attracted over 120 integrated circuit companies and more than 110 biomedicine firms, positioning itself as a major listing venue for innovative drug companies outside the US and Hong Kong [6]. Group 4: Building a High-Quality Development Ecosystem - The STIB promotes a collaborative ecosystem that encourages long-term R&D investment, with a median R&D intensity of over 12% among its listed companies [7]. - The board has introduced mechanisms to incentivize talent retention and has seen significant participation in share buybacks and dividends, indicating a commitment to enhancing shareholder value [7]. Group 5: Future Directions and Strategic Goals - Moving forward, the STIB aims to deepen reforms, enhance market competitiveness, and better serve emerging industries and national strategic needs [8]. - The STIB will continue to focus on supporting "hard technology" enterprises and improving the regulatory environment to protect investor rights and promote quality growth among listed companies [8].

Group 1 - The core point of the article is that Nanchang Sanrui Intelligent Technology Co., Ltd. has successfully passed the IPO review by the Shenzhen Stock Exchange, marking it as the 105th company approved for listing this year [1] - Sanrui Intelligent is a leading manufacturer of drone and robot power systems, focusing on the research, production, and sales of electric power systems for drones and robots, and is actively developing eVTOL power system products [3] - The company plans to publicly issue between 40.01 million and 63.53 million shares, aiming to raise approximately 768.83 million yuan, which will be used for expanding production capacity, building a research and development center, and upgrading information technology and smart warehousing [4] Group 2 - The sponsor for Sanrui Intelligent's IPO is Guotai Junan Securities Co., Ltd., marking the 15th successful IPO project for the firm this year [2] - The controlling shareholder of Sanrui Intelligent is Wu Min, who holds a total of 81.06% of the voting rights [4] - The IPO review committee raised questions regarding the sustainability of the company's performance growth, including market demand, competitive landscape, product competitiveness, and customer stability [5][6]

Core Viewpoint - Guotai Haitong Securities is promoting two deputy directors and one deputy dean in its research institute, indicating a strategic move to enhance its research capabilities and leadership [1]. Group 1: Promotions and Appointments - Zhi Meng and Liu Xinqi are being promoted to deputy directors of the research institute, while Ding Dan is set to become the deputy dean of the policy and industry research institute [1]. - Zhi Meng has a strong background in wholesale and retail trade, as well as food and beverage research, having led a team that was awarded the New Fortune Best Analyst for three consecutive years from 2016 to 2018 [1]. - Liu Xinqi focuses on non-bank financial research and has also led teams that received accolades as New Fortune Best Analysts in the non-bank financial sector [2][3]. Group 2: Background and Experience - Zhi Meng has been registered as a securities investment consultant since December 2009, with experience at various firms including China International Capital Corporation and Guotai Junan Securities [1][2]. - Liu Xinqi has been registered as a securities investment consultant since August 2014, with a career that includes positions at Ping An Securities and Founder Securities before joining Guotai Junan Securities [3][4]. - Ding Dan specializes in pharmaceutical research and has led teams recognized as New Fortune Best Analysts in the pharmaceutical and biotechnology sector for two consecutive years in 2011 and 2012 [4][5]. Group 3: Company Overview and Goals - Guotai Haitong Securities aims to become a leading securities research institution with international influence and local pricing power, continuously optimizing its research system [6][7]. - The research institute is structured into major research groups covering various fields, including macro, strategy, fixed income, industry, and company research, with over 40 sub-research areas [7]. - As of the third quarter of 2025, Guotai Haitong's total assets reached 2.01 trillion yuan, with operating income of 45.89 billion yuan, reflecting a year-on-year growth of 101.6%, and a net profit of 22.07 billion yuan, up 131.8% year-on-year [7].

12月25日，深交所上市委审议通过深圳大普微电子股份有限公司（以下简称"大普微"）IPO申请，标志着创业板首家未盈利企业成功过会。 创业板积极服务科技创新 | 公司全称 | 深圳大普微电子股份有限公司 | 公司简称 | 大昔微 | | --- | --- | --- | --- | | 受理日期 | 2025-06-27 | 更新日期 | 2025-12-25 | | 审核状态 | 上市委会议通过 | 预计融资金额(亿元) | 18.7785 | | 保存机构 | 国泰海通证券股份有限公司 | 保存代表人 | 曹岳承,王辉政 | | 会计师事务所 | 天健会计师事务所(特殊普通合伙) | 签字会计师 | 李伟海,张毅 | | 律师事务所 | 北京市金杜律师事务所 | 签字律师 | 徐辉,杨振华,王安荣 | | 评估机构 | 坤元资产评估有限公司 | 签字评估师 | 柴山,潘华锋 | 公开资料显示，大普微主要从事数据中心企业级SSD（固态硬盘）产品的研发和销售，是业内领先、国内极少数具备企业级SSD"主控芯片+固件算法+模 组"全栈自研能力并实现批量出货的半导体存储产品提供商。 业内人士认为，此次大普微IPO过 ...