Core Viewpoint - The competition landscape for IPO underwriting in the A-share market has solidified, with leading brokerages maintaining a stronghold while smaller firms carve out niches in specific segments [1] Group 1: IPO Underwriting Landscape - The top five brokerages accounted for approximately 50% of the total IPO underwriting in 2025, indicating a high concentration in the industry [1] - The leading brokerages in IPO underwriting for 2025 are Guotai Junan (19), CITIC Securities (17), CITIC Jianou (12), China Merchants Securities (10), and Huatai United (9) [1] Group 2: Science and Innovation Board - The Science and Innovation Board (STAR Market) raised a total of 633.71 billion yuan, nearly half of the total IPO fundraising for the year, highlighting its significance for financing technology and emerging industries [2] - CITIC Securities led the STAR Market with an underwriting scale of 168.95 billion yuan, capturing a market share of 44.64% [2] - Notable projects such as Moore Threads contributed significantly to CITIC Securities' underwriting scale, while Huatai United's project with Muxi Co. accounted for 92% of its STAR Market underwriting [2] Group 3: Growth in Other Markets - In the Growth Enterprise Market (GEM), Guotai Junan and China Merchants Securities showed a strong advantage, followed closely by CITIC Securities, Shenwan Hongyuan, and CICC [4] - The top five brokerages for GEM IPO underwriting in 2025 were Guotai Junan (6), China Merchants Securities (4), CITIC Securities (3), Shenwan Hongyuan (3), and CICC (2) [4] Group 4: North Exchange Market - The North Exchange Market continued to focus on serving innovative small and medium-sized enterprises, with the top five brokerages being China Merchants Securities, Huatai United, Dongfang Securities, Guotou Securities, and Guojin Securities [6] Group 5: Regulatory Environment - The China Securities Association's evaluation of securities firms' investment banking quality in 2025 showed that 12 firms received an A rating, with five firms maintaining this rating for two consecutive years, indicating stable business quality management [7] - The shift of over half of last year's A-rated firms to B or C ratings reflects the dynamic optimization of the evaluation system and the ongoing trend of strict regulation and compliance in the securities industry [7] Group 6: Outlook for 2026 - The IPO market is expected to remain active in 2026, with a steady growth pace and structural optimization, particularly in the dual innovation sector [9] - Hard technology companies in fields such as semiconductors, artificial intelligence, quantum computing, commercial aerospace, and biomedicine are anticipated to increase their presence in the capital market [9] - The competition among brokerages is expected to intensify, with a focus on serving technological innovation and industrial upgrades, as well as the evolving competitive landscape between leading firms and niche players [9]

Core Viewpoint - The A-share market experienced significant growth in 2025, with major indices showing impressive gains and a total market capitalization increase of 25.30 trillion yuan, reflecting a robust performance driven by high-tech industries and emerging sectors [2][3][5]. Market Performance - The major indices for 2025 recorded the following gains: - Sci-Tech 100: +54.63% - ChiNext Index: +49.57% - Shenzhen Component Index: +29.87% - Shanghai Composite Index: +18.41% [4][6]. - The total market capitalization of A-shares reached 118.91 trillion yuan, up from 93.61 trillion yuan at the beginning of the year, marking a 27.03% increase [5][6]. Sector Contributions - High-tech industries contributed significantly to the market capitalization increase, with the information technology, materials, and industrial sectors accounting for over 60% of the total market value growth [6]. - The electronics, instruments, and components sector saw its market capitalization rise from 5.26 trillion yuan to 8.82 trillion yuan, an increase of 3.55 trillion yuan, making it the sector with the highest market value growth [6]. Individual Stock Performance - The stock with the highest increase in 2025 was Shangwei New Materials, which surged by 1820.29%, earning the title of "King of Gains" for the year [6]. - Other notable performers included Tianpu Co., which rose by 1645.35%, and *ST Yushun, which increased by 719.38% [6]. Future Market Outlook - Institutions are optimistic about the market's performance in 2026, with expectations of a "slow bull" market and continued upward momentum [7][8]. - Analysts predict that the overall performance of listed companies will improve, supported by favorable economic policies and liquidity conditions [8][9]. - The technology sector is expected to remain a key focus, with ongoing trends in AI and other high-tech industries driving growth [9].

来源：上海证券报·中国证券网 2025年已经圆满收官。回顾全年资本市场，在震荡与机遇的交织中，走出了一条清晰的慢牛上行轨迹。 权益市场多点开花，核心指数悉数飘红，截至12月31日，上证指数全年累计上涨18.41%，深证成指涨 幅达29.87%，创业板指劲升49.57%，科创综指亦录得46.30%的亮眼涨幅。债券市场则呈现N型震荡格 局，10年期国债收益率全年运行于1.6%—1.9%区间。 岁末已至，2026年的市场大幕即将拉开。新一年市场将如何演绎？又有哪些核心主线值得布局？鑫元基 金为您深度展望！ 【鑫元基金市场研究部】 2025年，A股市场在政策驱动与流动性充裕的双重作用下，整体呈现出震荡上行的格局。年初，随 着"9·24"政策组合拳的出台，市场信心得到显著提振，A股从低位开启了一轮强劲反弹。二季度初，市 场由于地缘政治因素出现一定快速调整后，整体趋势依然向上。全年来看，A股主要指数均实现正收 益，结构性机会层出不穷。 从市场驱动因素看，2025年A股的上涨主要由估值修复和资金推动所驱动。一方面，经历前期调整后， A股整体估值处于历史低位，政策利好催生了显著的估值重估行情。另一方面，充裕的流动性为市场提 ...

中证报中证网讯（记者 赵中昊）伴随着蘅东光、新广益成功登陆资本市场，2025年A股IPO收官，券商 IPO竞争格局落定。总体看，头部券商稳固领先，中小券商细分赛道突围。从核心业务指标来看，行业 集中度高企态势持续，Wind数据显示，前5名券商合计承销IPO项目64家，占全市场承销家数约五成。 券商差异化竞争格局日益凸显。Wind数据显示，双创板块是IPO支持科技与新兴产业融资的核心载体， 合计募资633.71亿元（按发行日口径，下同），占全年IPO募资总额近一半，成为券商必争之地。其 中，科创板依旧呈现头部集中态势，中信证券以168.95亿元承销规模、44.64%的市场份额领跑所有券 商。明星科技企业的标杆拉动效应再度彰显，其中摩尔线程单项目即为中信证券贡献近72亿元承销规 模；华泰联合承销的沐曦股份项目规模近42亿元，占其科创板承销业务总规模的92%。 据Wind数据，北交所持续深化服务创新型中小企业的核心定位，承销排名前五的券商依次为招商证 券、华泰联合、东方证券、国投证券、国金证券。 近日，中国证券业协会2025年证券公司投行业务质量评价结果公布，12家券商获得A类评价，较去年增 加1家。其中，国泰海通 ...

2025 年行情完美收官，截至12月30日，沪指以十连阳逼近 4000 点整数关口。回顾 2025 年全年的行 情，A 股市场、港股市场均超出很多投资者的预期，走出了强势的走势，也验证了去年年底我发布的 2025 年十大预言的内容。 盘点 2025 年 A 股市场的一些重要特征，第一个特征是，2025 年是科技股主导的牛市行情，是一轮典型 的科技牛。以人形机器人、新能源、半导体、算力和算法为代表的科技板块领涨两市，电子信息板块市 值超过银行板块，成为第一大市值板块，体现出在经济转型背景之下，以传统金融为主导的板块结构， 逐步让位于以科技创新为代表的新板块结构。这也说明，在经济转型的大背景下，科技行业迎来了重大 的发展机遇。 第二个特征是，2025 年沪指大幅上涨并一度突破 4000 点，创出阶段性新高。这也是 A 股市场历史上第 三次突破 4000 点。但与前两次突破 4000 点不同的是，这一次仍然有很多投资者出现"赚了指数不赚 钱"的情况，甚至还有不少投资者并不相信这是一次牛市。这与 2025 年行情严重分化密切相关。2025 年行情整体呈现出明显的"哑铃型"结构，一方面，以银行股为代表的高分红板块吸引了 ...

Core Viewpoint - Jinzi Ham Co., Ltd. is undergoing significant management changes, with the resignation of President Guo Bo and the appointment of Zheng Hu, the son of the new actual controller Zheng Qingsheng, as the new president. The company is attempting to diversify into the semiconductor industry amid slow growth in its core meat products business, raising questions about the effectiveness of this strategy [1][5][9]. Management Changes - The management transition began in April 2025 when former actual controller Ren Guilong transferred 11.98% of his shares to Zheng Qingsheng for 870 million yuan. Zheng Qingsheng became the new controlling shareholder after the share transfer was completed in June 2025 [1][2]. - The new management team was established in July 2025, with Zheng Qingsheng as chairman, Guo Bo as president and vice chairman, and Zheng Hu as vice president [3][4]. Business Diversification - Jinzi Ham has a history of attempting to diversify into various sectors, including e-commerce, new energy vehicles, and healthcare, but these efforts have often resulted in poor performance and have negatively impacted the company's financial results [2][12]. - The company is now focusing on the semiconductor sector, having established two subsidiaries in July 2025 that will engage in integrated circuit design and semiconductor device sales, with Zheng Hu as the legal representative [6][9]. Investment in Semiconductor - In September 2025, Jinzi Ham announced plans to invest up to 300 million yuan in Zhongsheng Microelectronics to acquire up to 20% equity, targeting the optical communication chip sector. Zhongsheng Microelectronics specializes in high-speed optical module core chip design [7][9]. - Despite being recognized as a potential unicorn and having a promising market outlook, Zhongsheng Microelectronics reported only 20,490 yuan in revenue and a net loss of 38.83 million yuan in 2024, raising concerns about the high valuation of the investment, which is estimated at a 9710% premium [8][9]. Financial Performance - Jinzi Ham's revenue for 2024 was 344 million yuan, less than half of its 2020 revenue of 710 million yuan, with a significant decline in net profit. The company's core meat product revenues have also been declining, with various product lines experiencing year-on-year decreases [10][11]. - The company's financial struggles have led to a pattern of cross-industry attempts that often result in minimal returns or losses, highlighting the challenges of balancing core business operations with diversification efforts [12][14].

Group 1 - The core viewpoint of the news is that the semiconductor sector in the Hong Kong stock market is performing exceptionally well, with companies like Zhongji Innovation planning to launch an IPO to capitalize on this trend [3][4]. - Zhongji Innovation plans to globally issue approximately 28.92 million H-shares, with 10% allocated for public offering in Hong Kong and 90% for international offering, along with a 15% overallotment option [3]. - The expected net fundraising amount is approximately HKD 4.181 billion, with 40% allocated for enhancing R&D capabilities, 35% for strategic investments and acquisitions, 9% for global expansion, 6% for improving operational efficiency, and 10% for working capital and other general corporate purposes [3][4]. Group 2 - Zhongji Innovation has attracted significant interest from institutional investors, with cornerstone investors including Jinglin Asset, Taikang Life, Yunfeng Fund, and Xinhua Asset Management, collectively planning to subscribe for approximately USD 299.7 million of the offered shares [4]. - The company is a diversified integrated circuit design firm, providing a range of chip products including Flash, niche DRAM, microcontrollers (MCUs), analog chips, and sensor chips for various applications such as consumer electronics, automotive, industrial automation, and IoT [4]. - According to Frost & Sullivan, Zhongji Innovation ranks second globally and first in mainland China in the NOR Flash segment with an 18.5% market share, seventh globally and second in mainland China in niche DRAM with a 1.7% market share, and eighth globally and first in mainland China in the MCU segment with a 1.2% market share [4]. Group 3 - The company's revenue for the years 2022 to 2024 and the first half of 2025 is reported as RMB 8.13 billion, RMB 5.76 billion, RMB 7.36 billion, and RMB 4.15 billion respectively, with adjusted net profits of RMB 2.26 billion, RMB 0.26 billion, RMB 1.26 billion, and RMB 0.67 billion [5].

在当前宏观预期改善与产业需求强劲的共振下，锡、镍等工业金属正迎来一波由"预期、库存、需求、 成本"四重驱动的上涨行情。全球经济的复苏预期提振了工业金属的整体需求前景，而历史低位的库存 则放大了供应端的紧张情绪。更为关键的是，新能源、电子等下游产业的持续增长构成了刚性支撑，叠 加原材料与能源成本的上行压力，共同推动价格形成向上合力。 今日锡镍价走势趋势（数据来源长江有色金属网） 2025年12月31日，金属市场年末狂欢再添新主角！长江现货1#锡、1#镍同步强势反弹，两大品种携手掀 起一波凌厉的上涨行情，成为年末金属市场的"黑马"组合。在美联储宽松流动性的加持下，叠加新能 源、AI产业的爆发式需求，锡镍正开启新一轮上涨周期，年末资金的抢筹热潮更让这场狂欢热度飙 升。 产业需求精准共振：锡与镍虽应用场景不同，但共同深度绑定了当前最具爆发力的两大产业赛道。 镍：直接受益于新能源汽车年末冲量（三元电池装机环比大增）及人形机器人产业化从0到1的预期启 动，单台机器人用镍量可观。同时，印尼镍矿政策扰动持续强化供应收紧预期。镍：供应端，镍矿资源 分布不均，主要集中在印尼、菲律宾等国家。近年来，印尼的镍矿出口政策调整对全球镍供 ...

本报（chinatimes.net.cn）记者胡金华 上海报道 2025年末，债券市场掀起了新一轮的发行高潮。 12月以来，国内信用债ETF规模增加了超900亿元，达到5900多亿元，其中科创债ETF贡献了主要增 量。根据Wind数据最新统计，目前35只信用债ETF总规模5908亿元。此外，公募排排网数据显示，截至 2025年12月21日，按认购起始日统计，年内全市场共计发行ETF产品351只，发行份额高达2554.55亿 份，这一数据不仅创下历史新高，更一举超越此前两年的发行总和，展现出ETF市场的强劲发展势头。 "在政策支持与审批流程提速、指数化投资理念普及等多重因素推动下，叠加市场回暖带来的赚钱效 应，2025年ETF市场迎来发行规模与产品数量的双重增长。ETF产品凭借费率低廉、分散风险、交易便 捷、透明度高等优势，持续吸引机构与个人投资者资金共振入市。与此同时，产品线不断向细分赛道及 跨境、债券等多元化方向拓展，更好地适配不同投资者的资产配置需求。长期资金的持续增配，进一步 强化了头部ETF的流动性与规模优势，形成'强者恒强'的马太效应，并吸引更多跟风资金入场，由此形 成规模增长与流动性提升的正向循环 ...

Core Viewpoint - The stock of Silicon Electric Co., Ltd. has shown significant volatility, with a year-to-date increase of 43.31% but a recent decline of 4.40% over the last five trading days, indicating fluctuating investor sentiment and market conditions [2]. Group 1: Stock Performance - As of December 31, Silicon Electric's stock price rose by 3.99% to 224.95 CNY per share, with a total market capitalization of 9.387 billion CNY [1]. - The stock has experienced a net inflow of 20.4932 million CNY from major funds, with significant buying activity noted [1]. - Year-to-date, the stock has been on the leaderboard 14 times, with the most recent instance on September 26, where it recorded a net buy of -86.7296 million CNY [2]. Group 2: Financial Performance - For the period from January to September 2025, Silicon Electric reported a revenue of 289 million CNY, reflecting a year-on-year decrease of 20.54%, while the net profit attributable to shareholders was 25.0622 million CNY, down 61.30% year-on-year [3]. - Cumulative cash dividends since the company's A-share listing amount to 39.9747 million CNY [4]. Group 3: Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 15.30% to 12,100, with an average of 862 shares held per shareholder, a decrease of 13.27% [3]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 266,000 shares, an increase of 18,180 shares from the previous period [4].