Core Viewpoint - The Shanghai Clearing House emphasizes the need to balance quality and quantity in its operations for 2026, focusing on innovation in foreign exchange clearing products and services while enhancing domestic currency centralized clearing capabilities [1] Group 1: Business Development - The organization aims to develop commodity clearing and carbon finance businesses to improve service quality and efficiency [1] - There is a commitment to strengthen the dual pillar linkage of clearing and custody services [1] Group 2: International Strategy - The strategy includes consolidating and expanding cross-border hub connectivity while ensuring safety [1] - The promotion of Yulan bonds and free trade offshore bonds is part of the plan to enhance quality and capacity [1] - The optimization of the "swap + direct clearing" approach is intended to deepen international engagement and support a stable internationalization strategy [1]

Core Viewpoint - The Shanghai Clearing House emphasizes the need to balance quality and quantity in its operations for 2026, focusing on innovation in foreign exchange clearing products and services [1] Group 1: Strategic Goals - The meeting outlines a strategy to enhance the capabilities of domestic currency centralized clearing services while promoting the development of commodity clearing and carbon finance businesses [1] - There is a commitment to strengthen the linkage between clearing and custody services, aiming for improved efficiency and quality in business development [1] Group 2: International Expansion - The organization plans to consolidate and expand cross-border hub connectivity while ensuring safety, which includes enhancing the quality and scale of products like Yulan bonds and offshore free trade zone bonds [1] - The strategy includes optimizing the "swap connection + direct clearing" approach to deepen international engagement and support a stable internationalization strategy [1]

给可乐供原料的巨头要上市！ 作者｜刘俊群 编辑｜刘钦文 给可口可乐、红牛"提神"的全球最大咖啡因供应商，要揣着创新药的故事IPO了！ 近日，石药创新制药股份有限公司（下称"石药创新"）正式向港交所递交上市申请，拟布局"A+H"双 平台。就在递交申请前几天，其母公司石药集团（1093.HK）上演了一场备受瞩目的权力交接。2025年 12月19日，"河北富豪"蔡东晨的45岁长子蔡磊正式接任集团CEO，标志着这家千亿药企正式进入"二 代"主导的新阶段。 当家族企业交接班遇上港股IPO，挑战也随之而来：一边是咖啡因老本行的增长瓶颈，一边是创新药赛 道的烧钱亏损。二代掌门人的这场闯关，悬念已然拉满。截至2026年1月8日，石药创新股价报收于 39.92元/股，市值达560.71亿元。 01 从"咖啡因巨头"到布局创新药 从年赚3亿到年亏3亿 咖啡因是世界上最广泛使用的精神活性物质，它让人清醒、提高效率，也被加入可乐、能量饮料甚至护 肤品中。全球最大的化学合成咖啡因生产商——石药集团旗下的石药创新，正是这一产业链中的关键角 色。 石药创新的前身新诺威，其发家史与咖啡因紧密绑定，是可口可乐、百事可乐和红牛的长期供应商。其 ...

《每日经济新闻》记者了解到，德赛集团原为德赛西威的控股股东，2020年下半年，德赛集团通过存续 分立和股权置换完成了分立重组，存续分立为如今的德赛集团和新设公司惠州市创新投资有限公司（以 下简称"惠创投"）。演变至今，二者分别是德赛西威第一、二大股东，截至本次减持公告前的持股比例 分别是26.32%、20.16%。2025年，惠创投已多次减持。德赛集团计划首次减持 一方面，是上市公司抛出44亿元的定增方案，发行超4000万股股票，吸引28家机构参与申购，最终确定 21家。另一方面，则是第一、二大股东相继抛出减持计划，其中第二大股东2023年至今已多次减持。这 是近800亿元市值的智能座舱龙头德赛西威（SZ002920）近期遭遇的情况。 1月8日，德赛西威股价开盘跌超3%，此疲软态势延续至下午收盘。该企业即将迎来第一大股东广东德 赛集团有限公司（以下简称"德赛集团"）的首次减持，据公司前一日晚间发布的公告，德赛集团计划减 持不超过710.6万股，不超过公司当前总股本的1.1906%。 德赛西威近日收到第一大股东德赛集团减持计划告知函，持有公司1.57亿股的德赛集团，出于自身资金 需求，将以大宗交易或集中竞价交易 ...

消息面上，近日，天俱时集团与阜丰集团晟泰生物科技有限公司达成重要合作，深度参与其在哈萨克斯 坦江布尔州投资建设的生物工程产业综合体项目。此前，阜丰集团凭借江布尔州玉米深加工工厂项目荣 膺哈萨克斯坦2025年度最佳投资项目奖。 兴业证券发布研报称，阜丰集团为玉米深加工头部公司。动物营养赛道需求持续增长，海外业务加速， 有望贡献更多利润弹性。该行指出，公司积极推进国际化战略，哈萨克斯坦的首个海外生产基地已动 工，第一阶段计划制造和销售动物营养及高档氨基酸产品。 阜丰集团(00546)尾盘涨超4%，截至发稿，涨4.18%，报8.48港元，成交额7144.96万港元。 ...

Group 1 - The core viewpoint of the article highlights the significant rise in the stock price of Tsinghua Unigroup, which increased by over 4% following a key partnership announcement with Tianjushi Group for a biotechnology project in Kazakhstan [1] - Tsinghua Unigroup's subsidiary, Shengtai Biotechnology Co., has engaged in a major collaboration to invest in a comprehensive biotechnology industrial complex in the Zhambyl region of Kazakhstan [1] - The company previously won the Best Investment Project Award in Kazakhstan for its corn deep processing plant project, indicating its strong position in the market [1] Group 2 - Industrial research indicates that Tsinghua Unigroup is a leading player in the corn deep processing sector, with growing demand in the animal nutrition segment [1] - The company is accelerating its overseas business operations, which are expected to contribute more profit elasticity [1] - The first overseas production base in Kazakhstan has commenced construction, with plans to manufacture and sell animal nutrition and high-end amino acid products in the first phase [1]

记者丨崔文静编辑丨巫燕玲 2026年伊始，中信建投迎来一项关键人事调整。 21世纪经济报道记者从中信建投处了解到，其党委委员、执行委员会委员武超则出任机构业务委员会主任，全面负责中信建投机构业务线与国际业务线的战 略统筹与发展。与此同时，中信建投首席经济学家、研究发展部联席负责人黄文涛代行研究发展部行政负责人职责。 此次武超则升任执行委员会委员，距离其升任执委仅7个月。职务调整后，年仅39岁的武超则，作为中信建投最年轻的高管成员，其职责范围从之前主管的 研究与国际业务，拓展至分管机构业务部、研究发展部、托管部、国际业务部、中信建投（国际）金融控股有限公司，并兼任中信建投国际董事长。 二级市场上，截至1月8日早盘，中信建投A股最新股价26.23元，市值达1854亿元。 | < ロ | XD中信建(601066) | | | | --- | --- | --- | --- | | 交易中 01-08 13:07:34 通 融 | | | | | 26.23 额 4.05亿 股本 77.6亿 市盈""20.32 | | | | | -0.63 -2.35% 换 0.24% 市值 1854亿 市净" 2.53 | | ...

记者丨崔文静 编辑丨巫燕玲 2026年伊始，中信建投迎来一项关键人事调整。 21世纪经济报道记者从中信建投处了解到，其党委委员、执行委员会委员武超则出任机构业务委员会主任，全面负责中信建投机构业务线与国 际业务线的战略统筹与发展。与此同时，中信建投首席经济学家、研究发展部联席负责人黄文涛代行研究发展部行政负责人职责。 此次武超则升任执行委员会委员，距离其升任执委仅7个月。 职务调整后， 年仅39岁的武超则，作为中信建投最年轻的高管成员， 其职责范围 从之前主管的研究与国际业务，拓展至分管机构业务部、研究发展部、托管部、国际业务部、中信建投（国际）金融控股有限公司，并兼任中 信建投国际董事长。 二级市场上，截至1月8日早盘，中信建投A股最新股价26.23元，市值达1854亿元。 涉及多项业务分管权责调整 武超则的职业生涯堪称中信建投自主培养顶尖人才的标杆。 出生于1986年的她，于2011年加入中信建投，从通信行业分析师起步；2018年， 年仅32岁的她出任研究发展部行政负责人（研究所所长）。 此次人事调整的核心，是武超则职责范围扩大，完成了从"业务板块负责人"向"战略条线负责人"的关键一跃。 在2025年6月 ...

Core Viewpoint - GF Securities is initiating a significant refinancing round to inject capital into its international business, with a total fundraising expected to exceed HKD 6 billion [1] Group 1: Financing Details - The financing will be conducted through a combination of placing new H-shares and issuing convertible bonds, with the total expected net proceeds exceeding HKD 6 billion [2] - The company plans to place 219 million new H-shares at a price of HKD 18.15 per share, and issue zero-coupon convertible bonds totaling HKD 2.15 billion, with an initial conversion price of HKD 19.82 per share [2] - The placement shares will account for approximately 12.87% of the existing issued H-shares, with a discount of about 8.38% compared to the last trading day's closing price [2] Group 2: Use of Proceeds - The net proceeds from the financing will be fully allocated to increase capital for overseas subsidiaries, enhancing their capital strength and risk resistance to support international business development [4] - This move aims to better serve the needs of the real economy and residents' cross-border wealth management [4] Group 3: Strategic Context - The financing is a key step in GF Securities' internationalization strategy, which aligns with the growing demand for Chinese enterprises to "go global" and the encouragement from regulators to build first-class investment banks [1][4] - The company has adopted a strategy combining "internal development and external expansion," gradually establishing a cross-border service network that connects Hong Kong, Southeast Asia, Europe, and the United States [4] - GF Securities has already obtained full business licenses in global securities, investment banking, asset management, and wealth management, positioning itself as a "super interface" connecting domestic and international markets [4] Group 4: Industry Trends - The trend of enhancing international business capabilities among securities firms is being driven by both policy encouragement and market opportunities [6][7] - The China Securities Regulatory Commission has urged securities institutions to improve cross-border financial service capabilities and promote coordinated development of domestic and international businesses [7] - Other firms in the industry, such as China Merchants Securities and Guotai Junan Securities, are also actively pursuing international expansion through capital increases and acquisitions [7]

Core Viewpoint - The trend of A+H listings is expected to continue in 2026, with multiple A-share companies planning to issue H-shares and list on the Hong Kong Stock Exchange, indicating a significant increase in internationalization efforts among Chinese firms [1][2][3]. Group 1: Company Developments - Guangzhou Penghui Energy Technology Co., Ltd. and Huizhou Desay SV Automotive Electronics Co., Ltd. are among the A-share companies planning to issue H-shares to enhance their international presence and competitiveness [2][3]. - Desay SV aims to improve its brand influence and accelerate overseas business expansion through the issuance of H-shares [2]. - Penghui Energy's product matrix includes energy storage batteries, consumer batteries, and power batteries, with sales in over 50 countries, highlighting its global reach [3]. Group 2: Market Trends - In 2025, 19 A-share companies, including CATL and others, are expected to raise approximately HKD 139.99 billion through H-share listings, a 533% increase from 2024 [1]. - The A+H listing trend is driven by policy support and the increasing number of companies opting for this model, which enhances the interconnectivity between mainland and Hong Kong capital markets [4]. - The liquidity of the Hong Kong market is expected to improve significantly in 2025, attracting international funds and reducing valuation discount concerns for companies [4]. Group 3: Strategic Insights - The A+H model is seen as a long-term strategy that requires companies to align with international governance and disclosure standards, facilitating cross-border mergers and global equity incentives [5]. - The Hong Kong platform serves as a core for offshore financing, allowing companies to utilize raised funds for overseas expansion and technology acquisition [4]. - Companies are encouraged to adopt a long-term perspective, focusing on enhancing competitiveness through technology upgrades and market expansion rather than short-term speculative gains [5].