Core Viewpoint - The bond financing by securities firms remains robust entering 2026, with significant growth observed in 2025, driven by policy guidance and declining interest rates, making bond financing a key method for firms to supplement operating funds and refinance debts [1][3]. Group 1: Bond Financing Scale and Growth - In 2025, 77 securities firms issued a total of 1,004 domestic bonds, amounting to 1.89 trillion yuan, representing a year-on-year increase of nearly 40% [3]. - Major players in bond issuance included China Galaxy Securities, Guotai Junan, Huatai Securities, CITIC Securities, and others, with each issuing over 100 billion yuan [3]. - The increase in bond financing is attributed to the need for refinancing existing debts and supplementing operating funds amid a favorable policy and market environment [3]. Group 2: Types of Bonds and Financing Costs - In 2025, the issuance of short-term financing bonds totaled 326, amounting to 574.17 billion yuan, while regular corporate bonds accounted for 678 issues totaling 1.32 trillion yuan [4]. - The average coupon rate for outstanding securities company bonds was 1.97%, with some high-rated firms achieving rates as low as 1.54% [4]. - The average financing cost for short-term bonds was 1.76%, with a minimum of 1.52% and a maximum of 2.25% [4]. Group 3: Emerging Trends in Bond Issuance - The demand for perpetual subordinated bonds continued to grow, with 14 securities firms issuing a total of 66.8 billion yuan in 2025, marking an increase of over 40% from 2024 [7]. - The issuance of sci-tech bonds also saw rapid growth, totaling 83.44 billion yuan in 2025, reflecting a rising share of overall bond issuance [7]. - The average spread for bonds issued by securities firms was 43.27 basis points, while sci-tech bonds had a lower spread of 35.18 basis points, indicating a potential advantage for these types of bonds [7]. Group 4: International Financing Activities - In 2025, seven securities firms issued 30 offshore bonds, raising 4.703 billion USD, with growth exceeding 30% compared to 2024 [8]. - Notable examples include Tianfeng Securities planning to issue up to 960 million USD in offshore bonds to refinance existing debts [8]. - The trend of increasing offshore bond issuance is expected to continue as Chinese securities firms expand their international business [9].

证券之星消息，巨星科技发布业绩预告，预计2025年全年每股收益盈利:2.025元至2.3143元。 2、2025 年，尽管人民币兑美元汇率对公司有一些负面影响，但公司较高的国际化水平和产品创新效率 大幅度降低了公司盈利能力对汇率的波动程度，同时，公司依靠跨境电商等直销业务和新产品销售的增 加有效提升了毛利率水平，预计归母净利润将有所增长。2025 年四季度美国 arrow 工厂搬迁预计产生 额外费用 1000 万美元，以及四季度由于汇率波动产生汇兑损失，影响了四季度的归母净利润。 3、近期，公司新接订单同比有所增长，2026 年，公司将积极布局新业务和新产品，争取重回合理的增 长区间。 巨星科技2025年三季报显示，前三季度公司主营收入111.56亿元，同比上升0.65%；归母净利润21.55亿 元，同比上升11.35%；扣非净利润20.35亿元，同比上升5.31%；其中2025年第三季度，公司单季度主营 收入41.29亿元，同比下降5.8%；单季度归母净利润8.82亿元，同比上升18.96%；单季度扣非净利润7.81 亿元，同比上升7.59%；负债率17.28%，投资收益6.1亿元，财务费用-8013.33 ...

随着资本市场对外开放程度不断加深，2025年券商"出海"步伐愈发矫健。中资券商通过跨境投行助力境 内企业境外上市、发债、并购，依靠财富管理能力为投资者提供全球资产配置服务，运用金融科技工具 提升跨境资金管理效率。 ◎记者 唐燕飞 当前，中资券商的国际化业务正沿着投行、投资及新兴业务等方面"多维深耕"。 以IPO市场为例，2025年中资券商在港股IPO中发挥着关键作用。Wind数据显示，截至12月15日，中金 国际今年参与保荐39个IPO项目，市场份额为16.53%。中信证券（香港）、华泰金融控股（香港）参与 保荐32个、17个IPO项目。 据统计，2025年，至少有11家上市券商发布增资或设立国际子公司的公告。2026年，如何进一步融入境 外市场、提升跨境协同效能，将成为券商国际化纵深发展的关键所在。 券商密集推进海外业务布局 2025年，伴随全球市场回暖和境内企业加速出海，券商密集推进海外业务布局。 12月8日，招商证券公告，同意招证国际向其全资子公司分次增资不超过90亿港元。首次增资对象为招 商证券（香港）有限公司，增资规模不超过40亿港元。在业内人士看来，增资是券商增强融资能力、促 进境外投资与业务扩张 ...

Core Viewpoints - The report emphasizes the importance of improving efficiency and optimizing the industry structure in the securities sector, projecting a strong performance relative to the market for 2026 [1] Market Review - The securities sector has demonstrated a prominent Beta attribute, with significant attention on the shift in funding styles. Historical analysis indicates that periods of excess returns for brokerages typically require a confluence of policy, liquidity, and market conditions [4][9] - From January to November 2025, the securities index underperformed the CSI 300 index by 12.9 percentage points, attributed to factors such as technology style preferences and the diversion of funds towards low-valuation H-shares [4][43] - Despite this, the brokerage sector achieved a notable excess return from April to August 2025, particularly H-share brokerages, which saw a cumulative increase of 43.9% for the year, outperforming the CSI 300 index by 25.4 percentage points [4][43] Fundamental Outlook - The equity market is experiencing high prosperity, with a strong certainty of profit growth. In the first three quarters of 2025, listed brokerages reported a year-on-year net profit growth of 63.4% and a revenue increase of 13.0% [4][20] - The revenue structure for the first three quarters of 2025 shows significant growth in brokerage, investment banking, and proprietary trading, with net income growth rates of 68%, 16%, and 42% respectively [4][20] - The wealth management sector is positioned to capitalize on internationalization trends, with Hong Kong emerging as a preferred fundraising destination for Chinese enterprises, leading to a 146% increase in IPO fundraising compared to the entire year of 2024 [4][20] Investment Recommendations - The report suggests that as capital market reforms deepen, the securities industry is expected to maintain steady growth in 2026, benefiting particularly head brokerages through mergers and acquisitions [4][20] - Recommended stocks include CITIC Securities and CICC, which are expected to benefit from their strong comprehensive service capabilities and balanced business structures [4][20] - Other notable mentions include Guosen Securities, Industrial Securities, and Dongfang Securities, which are anticipated to perform well due to their advantages in financial products and services [4][20] Valuation Insights - The current price-to-book (P/B) ratio for the securities industry stands at 1.35x, which is below the historical average of 1.71x, indicating potential for valuation recovery [4][50] - The report highlights that the industry P/B valuation is at the 27.7% historical percentile, suggesting that there is room for improvement in valuations relative to historical performance [4][50]

董事会谨此重申，集团将继续专注于主营网约车业务，持续提升运营效率及服务质量，并在审慎塬则下 推进包括自动驾驶及国际化拓展在内的中长期战略布局。公司管理层对集团的长期发展前景保持审慎而 积极的态度。 曹操出行(02643)公布，董事会注意到公司股份价格及成交量近期出现不寻常变动。经作出合理查询 后，董事会确认，截至本公告日期，其并不知悉任何导致该等股价及成交量变动的原因，或任何必须披 露以避免公司证券出现虚假市场的资料或任何须根据香港法例第571章证券及期货条例第XIVA部予以披 露的内幕消息。目前，集团业务营运正常，整体业务基本面未发生任何重大不利变化。核心网约车业务 保持稳健发展，经营情况符合管理层预期;同时，集团在自动驾驶(Robotaxi)领域的中长期战略方向清 晰，并按既定规划稳步推进。与此同时，集团正稳步加强国际化业务布局，积极探索海外市场及相关合 作机会，以支持公司中长期发展战略。 ...

（编辑 楚丽君） 证券日报网讯 12月12日，三友医疗在互动平台回答投资者提问时表示，目前，公司的海外业务仍处于 市场开拓的前期，尤其是美国市场正处于从少到多的发展阶段，2025年前三季度美国业务取得不错的业 绩表现，收入同比增长83.04%，美国市场已经成为公司国际化业务增长的重要引擎。 ...

Core Viewpoint - JD.com is actively expanding its presence in Hong Kong through acquisitions and investments, aiming to enhance its retail and logistics capabilities in the region [3][4]. Group 1: Acquisitions and Investments - JD.com has acquired Surearn Profits Limited, which holds part of the China Construction Bank Tower in Central Hong Kong, for a property value of HKD 34.98 billion [4]. - The acquisition of local supermarket chain Jia Bao, completed in August, is expected to strengthen JD.com's fresh supply chain in the Guangdong-Hong Kong-Macao Greater Bay Area [4]. - In September of last year, JD.com announced an initial investment of RMB 1.5 billion in the Hong Kong market for price subsidies, logistics support, and service optimization [5]. Group 2: Market Growth and Strategy - JD.com has seen a significant increase in its logistics operations in Hong Kong, with daily package collection volume growing over 50 times and cross-border package volume increasing by over 130 times in 2023 [5]. - The company has introduced a zero-commission and no annual fee policy for local merchants to lower entry barriers and operational costs [6]. - Analysts suggest that JD.com's expansion into Hong Kong is driven by the saturation of domestic e-commerce markets and the potential for growth in the local market, with Hong Kong serving as a gateway to Southeast Asia [6]. Group 3: International Expansion - JD.com has also made strides in international markets, acquiring approximately 59.8% of German retail group CECONOMY, valued at RMB 18 billion, with completion expected in the first half of 2026 [6]. - The company has launched its European online retail business, focusing on baby and toy categories, and is testing operations for its European brand Joybuy in London [7]. - JD.com has opened its Dubai logistics warehouse, further expanding its global logistics network [7]. Group 4: Financial Performance - JD.com's new business revenue, including food delivery and overseas operations, grew by 214% year-on-year to RMB 15.59 billion [8]. - The company's international business strategy is shifting from light asset experimentation to heavy asset local operations, indicating a robust approach to overseas market development [8].

2025.12. 10 本文字数：1268，阅读时长大约3分钟 作者 | 第一财经 陆涵之 收购佳宝超市后，京东继续在香港扩张。 12月9日，丽新国际发布公告称，公司旗下实际控制的主体TIL出售了其100%持股的Surearn Profits Limited的股权，协定物业价值为34.98亿港元。 上述股权对应的底层资产为位于香港中环的中国建设银行大厦部分办公楼层，面积约11202平方 米，交易还需获得相关审批。据了解，收购方为京东控股的投资主体。对于本次收购，京东对第一财 经记者表示，京东始终看好在香港的发展，将围绕供应链持续投资推动零售、物流、技术研发等业务 融入香港，服务香港。 近两年来，京东加大了在香港的投资，范围包括零售、物流等。今年8月，京东官宣完成了对香港佳 宝食品超级市场的收购。佳宝是香港本地连锁商超，以"价廉物美"为标签，在香港拥有超过90家门 店。京东表示，收购佳宝将促进京东在粤港澳大湾区的生鲜供应链布局，加速拓展香港本地零售市 场。 除了收购，京东今年在全球多地布局了业务。4月9日，京东宣布其欧洲线上零售业务启动母婴和玩 具品类国际品牌和出海品牌招商。同时，京东已在伦敦地区测试运营欧洲线 ...

在商家侧，今年3月京东面向香港本地商家，京东推出零佣金、免年费招商政策，降低商家入驻门槛和 运营成本。 艾媒咨询CEO张毅对第一财经记者表示，京东布局香港市场，一方面是因为国内电商用户增量见顶，需 要挖掘新的市场，而香港本地市场具有挖掘价值；另一方面，京东以香港为跳板逐步辐射东南亚的供应 链和市场，是一个不错的发展路径。京东通过收购切入当地实体零售布局，构建零售、物流、技术和金 融的多元化业务生态，从而扩大影响力为后续海外发展铺垫。从京东近期的表现看，在香港市场的落地 推进较快，当然也需要考虑成本和风险。 除了香港，京东也在积极发展国际业务。12月2日，京东宣布在额外要约接受期结束后，已收购德国零 售集团CECONOMY约59.8%的股本和表决权。若满足批准，预计将于 26 年上半年完成。据了解，这笔 交易价值180亿元人民币。CECONOMY是欧洲消费电子产品零售商，其主要品牌MediaMarkt及Saturn经 营全渠道零售业务，电商业务覆盖11个国家，拥有1000家零售门店。 除了收购，京东今年在全球多地布局了业务。4月9日，京东宣布其欧洲线上零售业务启动母婴和玩具品 类国际品牌和出海品牌招商。同时，京 ...

收购佳宝超市后，京东继续在香港扩张。 近两年来，京东加大了在香港的投资，范围包括零售、物流等。 12月9日，丽新国际发布公告称，公司旗下实际控制的主体TIL出售了其100%持股的Surearn Profits Limited的股权，协定物业价值为34.98亿港元。 上述股权对应的底层资产为位于香港中环的中国建设银行大厦部分办公楼层，面积约11202平方米，交易还需获得相关审批。据了解，收购方为京东控股的 投资主体。对于本次收购，京东对第一财经记者表示，京东始终看好在香港的发展，将围绕供应链持续投资推动零售、物流、技术研发等业务融入香港，服 务香港。 近两年来，京东加大了在香港的投资，范围包括零售、物流等。今年8月，京东官宣完成了对香港佳宝食品超级市场的收购。佳宝是香港本地连锁商超， 以"价廉物美"为标签，在香港拥有超过90家门店。京东表示，收购佳宝将促进京东在粤港澳大湾区的生鲜供应链布局，加速拓展香港本地零售市场。 京东第三季度财报显示，包括京东外卖、京东产发、京喜及海外业务在内的新业务收入同比增长214%至155.9亿元。 张毅表示，京东的国际化业务已经由轻资产试水逐步向重资产深耕的本土运营方向发展。受到国 ...