这一成绩的背后，是"全链条"上市培育体系的坚实支撑。从2023年开始，河北证监局、省工信厅联合开 展为期三年的"河北资本市场赋能产业集群百县行"行动，为70个省级县域特色产业集群、超700家企业 提供政策培训和上门服务。值得一提的是，2025年11月起，省委金融办、河北证监局认真落实省政府工 作部署，联合省有关部门开展"河北资本市场大讲堂"系列活动，依次走进各设区市，面向全省产业集群 龙头企业、专精特新企业、科技型创新型企业等开展全方位一体化培训，2025年已在石家庄、邢台开展 2期，累计培训企业近1000家次，构建起"储备一批、培育一批、股改一批、辅导一批、申报一批、上市 一批"的梯次培育格局。 2026年1月，河北省上市公司电投产融通过资产置换与发行股份加速重组，实现产业转型。图为电投产 融下属企业山东核电厂区。电投产融供图 近日，笔者从河北证监局获悉，"十四五"时期河北省资本市场在体系建设、主体培育、服务实体等方面 加速发展，新增境内上市公司24家，连续2单公募REITs发行，直接融资突破5200亿元，形成了"年年有 上市、板块全覆盖、服务精准化"的发展格局，为河北现代化产业体系建设注入强劲资本动能。 ...

中经记者 孙汝祥 夏欣 北京报道 2026年1月23日，证监会官网披露2026年1号《行政处罚决定书》。因余韩操纵证券市场，证监会决定没 收其违法所得5.11亿元，并处以5.11亿元的罚款，合计罚没10.22亿元。 同时，证监会还决定对余韩采取3年证券市场禁入措施、3年证券市场禁止交易措施。 业内专家对《中国经营报》记者表示，余韩案是监管层对"长周期、大额收益"类操纵的标志性罚单。证 监部门以严厉处罚告诉市场，在全面注册制和大数据监控下，"坐庄模式"已经走到尽头。 罚没10亿元+3年市场禁入+3年禁止交易 证监会《行政处罚决定书》显示，2019年6月25日至2024年8月16日(以下简称"操纵期间"),余韩控制使 用"陈某某"等67个账户(以下简称"账户组")交易"博士眼镜"。 操纵期间,余韩通过集中资金优势、持股优势连续买卖,在自己实际控制的账户之间进行交易等手段操 纵"博士眼镜",影响股票交易价格和交易量。 操纵期间共1252个交易日,账户组在837个交易日参与交易,累计竞价买入1.11亿股,金额21.10亿元,累计竞 价卖出1.02亿股,金额21.54亿元,买入成交量占市场成交量的比例超过10%的有18 ...

Group 1 - The A-share market has shown a strong upward trend since the beginning of 2026, with the financing balance of the two markets exceeding 2.6 trillion yuan, prompting leading brokerage firms to issue bonds to support business development [1][3] - Major brokerages have actively engaged in bond issuance, with China Galaxy announcing a public bond issuance of up to 30 billion yuan and East Money Securities planning to issue up to 20 billion yuan in subordinated bonds [1][3] - The bond financing scale for brokerages has experienced explosive growth, with a total issuance amount of 81.3 billion yuan in early 2026, a nearly 70% increase compared to the same period in 2025 [3][4] Group 2 - The surge in bond financing is driven by a combination of factors, including increased market activity, rising capital demands, and a favorable low-interest-rate environment that makes bond financing more attractive than equity financing [6][7] - Brokerages are using the proceeds from bond issuances primarily for replenishing working capital and repaying maturing debts, which is crucial for their operational stability and growth [5][6] - The trend of bond issuance is expected to continue in 2026, with a focus on capital supplement bonds and a shift towards longer-term financing to match the capital needs of margin trading and proprietary investment [8][9]

Group 1 - The A-share and Hong Kong IPO markets have shown signs of recovery in 2025, with A-shares seeing 116 new listings and total fundraising reaching 131.8 billion yuan, nearly doubling year-on-year [1][3] - The Hong Kong market raised over 285.8 billion HKD in IPO funds, reclaiming the top position globally after several years [1][16] - The average fundraising amount per IPO in A-shares increased significantly to 11.36 million yuan, while the average underwriting fee for brokers rose to 0.58 million yuan [3][12] Group 2 - The quality of IPO projects has improved, with a shift from quantity to quality and value in market pricing [4][6] - The leading IPOs in 2025 were dominated by semiconductor and new energy companies, indicating a shift in industry focus from traditional sectors to high-tech fields [6][18] - Major brokers like CICC and CITIC Securities maintained their competitive edge, with CICC involved in three of the largest IPOs in the past five years [7][12] Group 3 - The underwriting landscape has changed, with the merger of Haitong Securities and Guotai Junan creating Guotai Haitong, which took the lead in underwriting numbers in 2025 [10][21] - The competition among brokers has intensified, especially in the lower ranks of the underwriting list, with several firms showing fluctuating positions [10][12] - CITIC Securities has consistently ranked first in underwriting revenue for five consecutive years, highlighting its strong market position [11][12] Group 4 - The Hong Kong IPO market has experienced a "V-shaped" recovery, with significant fundraising in 2025 driven by large projects from leading companies [16][18] - The average fundraising amount in Hong Kong IPOs rebounded to 24.43 million HKD in 2025, reflecting a shift in market dynamics [16][18] - The narrative of the Hong Kong IPO market has transitioned from internet-driven stories to technology innovation and manufacturing upgrades [18][20] Group 5 - Chinese brokers are increasingly participating in Hong Kong IPOs, often in collaboration with foreign firms, indicating a growing influence in the market [19][20] - Futu Securities has emerged as a leader in the number of IPOs underwritten in Hong Kong, leveraging its extensive retail client network [22][24] - Despite leading in the number of projects, internet brokers and bank-affiliated investment banks face challenges in large project competitiveness [24][25]

Core Insights - The A-share IPO market in 2025 marked a historic turning point, with a significant recovery in capital market financing functions, achieving an IPO financing amount of 131.77 billion yuan, a year-on-year increase of over 90% [1][3] - The year also saw a rational return in issuance pricing, with the first "zero break" record under the comprehensive registration system, as none of the 116 companies listed in 2025 experienced a break [1][10] - The merger of Guotai Junan and Haitong Securities created a new "super giant" in the investment banking sector, challenging CITIC Securities' leading position [1][18] IPO Market Overview - The 2025 A-share IPO market was characterized by inclusivity, particularly in the acceptance of high-quality projects and unprofitable companies [3] - The top 14 IPO projects accounted for a significant portion of the total financing, indicating a concentration of capital in large projects [3] - Notable IPOs included Huadian New Energy, which raised 18.17 billion yuan, and Moer Thread, which raised 8 billion yuan, among others [4] Major Upcoming IPOs - Two companies currently under review, Changxin Technology and China Resources New Energy, are expected to raise over 10 billion yuan each, with Changxin Technology's IPO potentially becoming the second-largest in the history of the Sci-Tech Innovation Board [5][7] - Changxin Technology's application process has progressed rapidly, being the first to receive pre-review approval [5] Changes in Pricing and Performance - The median price-to-earnings ratio for new stocks in 2025 was 17 times, significantly lower than the 33 times and 34 times seen in 2022 and 2023, respectively [13] - The overall IPO financing amount of 131.77 billion yuan in 2025 was only about a quarter of the peak levels seen in 2022 and approximately 30% of the amount in 2023 [9][8] - The year 2025 also recorded a significant reduction in the number of companies that raised less than their expected amounts, with 74 companies collectively raising 10 billion yuan less than anticipated [11] Investment Banking Landscape - CITIC Securities maintained its leading position in IPO underwriting with a total of 21.88 billion yuan, followed closely by Guotai Haitong with 18.69 billion yuan [19][26] - The "100 billion underwriting club" expanded to five firms, with CITIC Securities, Guotai Haitong, and others competing for top positions [19] - The competition for "star projects" was crucial, with CITIC Securities successfully securing major deals while Guotai Haitong lagged behind [20][21] Future Outlook - The investment banking sector is expected to see continued growth in 2026, with several large IPOs on the horizon, including those from Changxin Technology and China Resources New Energy [25] - The shift towards a focus on large projects rather than quantity indicates a changing landscape in IPO underwriting strategies [25]

华夏时报记者 谢碧鹭 北京报道 2025年即将收官，回望这一年资本市场的表现，其在复杂的内外环境中展现出强劲的自我更新活力。 一方面，IPO市场暖意融融，优质企业加速登陆资本市场，为实体经济注入新鲜血液，募资规模较上年 实现大幅跃升；另一方面，监管层持续出清存量风险，近200家上市公司被实施ST或*ST处理，违法违 规企业加速离场，28家企业完成退市出清，市场生态不断净化。 不容置疑的是，一进一出之间，既彰显了资本市场服务高质量发展的增量赋能作用，也体现了存量市场 净化升级的坚定决心。在全面注册制深化推进的背景下，2025年的资本市场用数据印证着"有进有出、 优胜劣汰"的生态进化逻辑，也为中国经济转型升级提供了更有力的资本支撑。 IPO规模持续扩容 年内"戴帽潮"规模空前 如果说IPO扩容是资本市场的"造血"过程，那么"戴帽"警示制度的严格执行则是"体检排毒"的关键环 节。 2025年以来，近200家上市公司被实施ST或*ST处理，这场规模空前的"戴帽潮"，彰显了监管层净化存 量市场的坚定决心，也揭开了部分上市公司的经营乱象。与往年相比，2025年企业"戴帽"的原因呈现出 多元化特征，从法院受理重整、银行账号 ...

Wind数据显示，截至2025年12月26日收盘，A股市场年内共有111家IPO公司成功登陆资本市场，共计募 资1253.24亿元，较2024年全年度的100家、670多亿元实现了数量与规模的双重突破，IPO市场呈现 出"量质齐升"的良好态势。 从板块分布来看，IPO格局呈现出"主板稳、双创活、北交所补位"的鲜明特征。上证主板以23家上市企 业、432.28亿元募资金额占据募资规模首位，成为大型优质企业的主要融资阵地；深证主板13家企业募 资150.82亿元，延续了服务中小企业与区域经济的传统优势。 科创板18家企业募资353.05亿元，创业板32家企业募资245.05亿元，两大双创板块合计贡献了近一半的 募资额，成为支持科技创新企业发展的核心载体，摩尔线程、沐曦股份等国产GPU领军者的顺利上市， 正是资本市场赋能硬科技企业的生动体现；北交所25家企业募资72.04亿元，持续为创新型中小企业提 供融资服务，完善了资本市场服务中小企业的"毛细血管"。 本报（chinatimes.net.cn）记者谢碧鹭 北京报道 2025年即将收官，回望这一年资本市场的表现，其在复杂的内外环境中展现出强劲的自我更新活力。 一方 ...

在盛典主会场，来自资本市场中介服务机构、各行业协会、投资机构、上市公司和拟上市公司的代表和 专家学者近300人齐聚一堂，共同见证姑苏区资本市场服务联盟成立与江苏资本会客厅揭牌，开启"政府 引导+市场运作"的金融服务创新模式，并鉴证2025年度资本市场"卓越执业英才"名单揭晓。 2025年度资本市场卓越执业英才盛典现场 图/全景网 革故鼎新，鉴证不凡！ 2025年12月18日，由苏州市委金融办、姑苏区人民政府指导，深圳市全景网络有限公司主办，姑苏区发 展和改革局协办，苏州华贸商业管理有限公司承办的"2025年度资本市场卓越执业英才盛典"系列活动在 苏州成功举办。 01 姑苏区资本市场服务联盟成立， "政府引导+市场运作"金融服务创新模式开启 在盛典启幕致辞中，姑苏区委副书记、区政府副区长吴强表示，姑苏是全国首个也是目前唯一一个国家 历史文化名城保护区，文脉绵长、商业兴盛，目前姑苏区金融业发展各项指标依然保持着良好的增长势 头。同时，近年来，姑苏区积极探索金融服务实体经济、赋能古城保护的新模式，吸引了包括苏州银 行、苏创投、苏州基金、苏州资管等一大批金融投资企业落户姑苏。特别是推出了32号金融街坊的创新 生态，引 ...

MACD金叉信号形成，这些股涨势不错！ 格隆汇12月17日丨"国产GPU第二股"沐曦股份今日成功登陆科创板，高开568%报700元，总市值达2800 亿元。根据沐曦股份发布的网上发行申购情况公告，本次发行价格为104.66元/股，即理论上一签最高 或可盈利29.77万元，超越日前上市的摩尔线程，成为A股全面注册制以来最赚钱新股。 ...

Core Insights - The article emphasizes the importance of having a solid technical foundation and a stable team for companies aiming for an IPO, especially under the new registration system [3][9][32] - It highlights the pitfalls of relying on superficial plans and the necessity of actionable strategies to navigate the IPO process successfully [27][30] Group 1: Technical Foundation - Companies must ensure their technology has a sustainable competitive advantage that cannot be easily replicated by competitors [4][5] - Original patents are crucial; companies should focus on deep, innovative technologies rather than superficial improvements [6][7] - The emphasis is on aligning technology with market needs and ensuring adequate R&D investment to support ongoing innovation [6][12] Group 2: Team Stability - A strong and stable team is essential; companies should implement measures to retain key personnel and ensure knowledge is not lost [10][11] - Core team members should have equity stakes to foster a sense of ownership and commitment to the company's success [10][11] - Companies should proactively plan for future talent needs to avoid disruptions during critical growth phases [10][11] Group 3: Customer Stability - Customer diversification is vital; companies should avoid over-reliance on a few large clients to mitigate risks [18][19] - High customer retention rates are necessary; companies should focus on enhancing customer relationships and providing value-added services [19][20] Group 4: Financial Planning - Companies should accurately assess their funding needs to avoid over-dilution of equity while ensuring sufficient capital for growth [20][22] - A clear understanding of financial projections and the underlying assumptions is critical for gaining investor confidence [15][16] Group 5: Execution and Accountability - The article stresses the importance of actionable plans over theoretical frameworks; companies should focus on specific, measurable actions to achieve their goals [27][30] - Continuous monitoring and accountability are necessary to ensure that plans are executed effectively and adjustments are made as needed [27][30] Group 6: Long-term Perspective - The article concludes that IPOs should be viewed as a new beginning rather than a quick financial gain; companies should prioritize sustainable growth over short-term revenue boosts [32][33]