智通财经APP讯，国泰海通(02611)公布，日前，公司收到中国证券监督管理委员会(以下简称中国证监 会)《关于同意国泰海通证券股份有限公司向专业投资者公开发行公司债券注册的批复》(证监许可 〔2025〕2824 号)，批复主要内容如下：同意公司向专业投资者公开发行公司债券的注册申请。其中， 本次公开发行一年期以上公司债券面值总额不超过 800 亿元，本次公开发行短期公司债券面值余额不超 过 300 亿元。 ...

国泰海通证券公告称，公司收到中国证监会批复，同意其向专业投资者公开发行公司债券的注册申请。 其中，一年期以上公司债券面值总额不超800亿元，短期公司债券面值余额不超300亿元。本次发行应按 报送上海证券交易所的募集说明书进行，批复自同意注册之日起24个月内有效，可分期发行。公司将按 要求办理发行事宜并及时披露信息。 ...

东吴证券公告称，公司2025年度第八期短期融资券已于2025年12月29日发行，缴款日为12月30日。该短 期融资券简称"25东吴证券CP008"，期限169天，代码072510327。计划与实际发行总额均为20亿元，发 行价格100元/张，票面利率1.69%，起息日为2025年12月30日，兑付日为2026年6月17日。相关发行文件 已在中国货币网和上海清算所网站刊登。 ...

Core Insights - The publication of "Chongqing Finance 2025" highlights the significant progress made in establishing Chongqing as a western financial center, showcasing the implementation of the "Smart Integration and Smooth Financing" initiative in 2024 [1][2] Group 1: Financial Development Achievements - In 2024, Chongqing's financial system achieved an asset scale of 8.9 trillion yuan, with domestic and foreign currency loans exceeding 6 trillion yuan for the first time [1] - The city provided 120 billion yuan in targeted credit to support the Chengdu-Chongqing economic circle projects and 600 billion yuan in financing for the Western Land-Sea New Corridor [1] - Chongqing ranked first in the western region for stock and bond financing, introducing innovative financial products such as the first "Silver Industry" insurance investment fund and the first "Belt and Road" green corporate bond [1] Group 2: Financial Reform and Innovation - The book serves as a demonstration of Chongqing's financial reform and innovation, leading in green finance reforms nationally and expanding agricultural transformation financial pilot projects [2] - Initiatives like "Yujin Tong" and "Yujin Dun" are creating a new digital financial ecosystem, with blockchain cross-border financial innovations recognized as national exemplary cases [2] - The first consumer protection guidelines for the micro-lending industry were introduced, and efforts to eliminate high-risk institutions have maintained Chongqing's top position in national compliance for eight consecutive years [2] Group 3: Commitment to Development - The publication includes 57 significant annual events, 12 core policy documents, and 64 representative institutional case studies, reflecting the commitment of Chongqing's financial sector to national strategies and modernization efforts [2] - The book emphasizes the role of financial services in supporting the "33618" modern manufacturing cluster and "416" technology innovation layout, as well as aiding small and micro enterprises and rural revitalization [2] - "Chongqing Finance 2025" not only summarizes past achievements but also invites future collaboration, aiming to attract more financial institutions, high-end talent, and quality resources to Chongqing [2][3]

Core Viewpoint - The A-share market is expected to recover steadily in 2026, driven by policy support, profit recovery, and global liquidity easing, with a focus on new trends and opportunities in various sectors [1][2]. Group 1: Market Outlook - Institutions generally hold a positive outlook for the A-share market in 2026, anticipating a "slow bull" market supported by increased domestic and foreign capital inflows, corporate profit recovery, and enhanced policy measures [1][2]. - The expected net profit growth for listed companies in 2026 is around 4.8%, with a potential for an additional 10% valuation expansion under optimistic scenarios [3]. Group 2: Industry Allocation Recommendations - Key investment themes for 2026 include technology and consumer sectors, with a consensus on the growth potential from overseas expansion [1][2]. - Specific focus areas include resource and traditional manufacturing upgrades, globalization of Chinese companies, and the expansion of AI applications [2][4][6]. - The "old economy" sectors, particularly high-quality leading companies in energy, consumption, and real estate, are also seen as having significant investment value [12]. Group 3: Strategic Insights from Analysts - Analysts from various firms emphasize the importance of a balanced approach to investment, with a focus on both growth and value strategies, particularly in technology and traditional sectors [12][14]. - The ongoing AI revolution and its commercialization are highlighted as critical drivers for future growth, with specific attention to sectors like machinery, renewable energy, and innovative pharmaceuticals [5][6][10].

证券代码：601456 证券简称：国联民生 公告编号：2025-080号 国联民生证券股份有限公司 关于控股子公司股权变动的进展 国联民生证券股份有限公司（以下简称"公司"）通过司法拍卖竞得泛海控股股份有限公司（以下简 称"泛海控股"）持有的民生证券股份有限公司（以下简称"民生证券"）81,543,019股股份（占民生证券 总股本的0.72%），具体内容详见公司于2025年11月13日披露的《国联民生证券股份有限公司关于控股 子公司股权变动的提示性公告》（公告编号：2025-068号）。 近日，公司收到北京市第二中级人民法院出具的《执行裁定书》，裁定泛海控股名下持有的民生证券 81,543,019股股份所有权及相应的其他权利归公司所有，公司可持《执行裁定书》办理相关产权过户登 记手续。2025年12月29日，民生证券向公司签发了新的《民生证券股份有限公司股权证》，公司持有民 生证券的股份数量由11,288,911,130股增加至11,370,454,149股，比例由99.26%上升至99.98%。 特此公告。 国联民生证券股份有限公司董事会 2025年12月29日 公 告 本公司董事会及全体董事保证本公告内容 ...

Group 1 - The rapid development of the green finance market has led to an increase in relevant information and data, with the Green Finance Weekly focusing on the latest trends and providing decision-making references for stakeholders [1] Group 2 - The Ministry of Finance and other departments released the "Corporate Sustainability Disclosure Guidelines No. 1 - Climate (Trial)", marking a significant step in the practical implementation of China's corporate sustainability information disclosure system [2] - The core value of the "Climate Guidelines" is to standardize and normalize information disclosure, helping enterprises identify transition risks and opportunities, and providing essential data for financial institutions to assess climate risks [2][3] - The guidelines signal China's commitment to climate governance and its proactive attitude towards aligning with international standards [2] Group 3 - The national carbon market saw a highest price of 76.34 yuan/ton last week, with a closing price increase of 15.95% compared to the previous week [5] - The total transaction volume of carbon emission allowances reached 15,655,615 tons last week, with a total transaction value of approximately 1.12 billion yuan [5] Group 4 - The first carbon finance alliance in China was established in Hubei, focusing on innovation in carbon finance, financial empowerment for industry breakthroughs, and talent cultivation [7] - Guangzhou's "14th Five-Year Plan" suggests establishing a three-in-one green finance support system, enhancing the ecological product market transaction mechanism [8] Group 5 - The first cross-border photovoltaic leasing business in the financial leasing industry was successfully completed by Puyin Financial Leasing, marking a significant step in cross-border leasing services for green projects [9] - The successful fundraising of the China Nuclear Clean Energy REIT, with a subscription amount of 161.69 billion yuan and a public investor subscription multiple of approximately 392 times, indicates strong market recognition for quality green energy projects [10][11]

Core Viewpoint - KaYuan Securities has established a strategic partnership with Xi'an High-tech Zone, focusing on serving the real economy and supporting high-quality economic development in Shaanxi province through comprehensive financial services tailored for technology-oriented SMEs [2][6]. Group 1: Strategic Development and Market Position - The company aims to create a "first-class investment bank" by focusing on technology-oriented SMEs, which have high initial investment and risk but significant long-term returns and growth potential [2]. - KaYuan Securities has maintained the leading position in the New Third Board (NTE) by being the top in both the number of new listed companies and the number of companies under supervision for seven consecutive years since 2018, with a market share of 11.83% [3]. - The company ranks fifth in the industry for sponsoring North Exchange (NCE) listings, having sponsored 14 companies and raised 2.869 billion yuan, with over 90% being "specialized, refined, distinctive, and innovative" enterprises [4]. Group 2: Financial Services and Innovations - During the "14th Five-Year Plan" period, KaYuan Securities completed 228 targeted issuance projects, assisting listed companies in raising a total of 6.479 billion yuan, maintaining the highest number of issuances in the market for five consecutive years [3]. - The company has established a comprehensive financial service system covering the entire lifecycle of technology-oriented SMEs, aiming to provide the best comprehensive financial services for these enterprises [2]. - KaYuan Securities has issued 35.31 billion yuan in local government bonds and 151.732 billion yuan in corporate bonds, leading the bond financing industry in Shaanxi [8][9]. Group 3: Investment and Research Capabilities - The subsidiary KaYuan Sichuang manages 16 funds with a total scale of 4.569 billion yuan, focusing on strategic emerging industries, with 77% of investments directed towards "specialized, refined, distinctive, and innovative" enterprises [5]. - The company has published 1,595 research reports on the NCE and New Third Board, earning recognition as the best research team in the sector for three consecutive years [5]. - KaYuan Securities has invested in 13 technology innovation companies in Shaanxi, with a total investment of 305 million yuan, and has supported 38 local enterprises on the New Third Board [7]. Group 4: Regional Development and Community Engagement - The company is committed to deepening its services in Shaanxi, aligning with local industrial characteristics and resources to enhance the modern investment banking and wealth management service system [6]. - KaYuan Securities has actively engaged in regional industry research, participating in over 140 enterprise surveys and hosting more than 20 industry-finance exchange activities [10]. - The company has established partnerships with local enterprises and institutions to support the transformation of scientific and technological achievements into productive forces [12][13]. Group 5: Future Outlook - Looking ahead to the "15th Five-Year Plan," KaYuan Securities plans to focus on enhancing its role as a distinctive investment bank, emphasizing innovation and high-quality development in line with national economic strategies [14].

智通财经APP获悉，山西证券发布研报称，全煤种进口价格较去年同期均有较大幅度下降，11月当月各 煤种价格均环比增加，其中动力煤环比涨幅相对更大。煤炭行业反内卷趋势未变，4季度业绩仍有改善 预期，若价格长期高位运行，26年业绩仍具备修复空间。股价下跌强化红利价值，可逢低配置。 山西证券主要观点如下： 进口煤量收缩趋势继续放缓，进口价上涨 进口量方面，1-11月累计增速实现-12.0%，累计进口煤量仍然呈现收缩趋势;进口煤当月同比连续9个月 保持负增速，其中11月进口煤同比降19.88%、环比增5.53%。分煤种来看，四大煤种均呈现单月环比正 增，其中无烟煤环比增速较快。动力煤环比小幅增量主要是因为蒙古和俄罗斯进口量增加;炼焦煤环比 小幅增量主要由蒙古贡献;褐煤环比增量主要由印度尼西亚贡献;无烟煤环比增量主要来自俄罗斯。价格 方面，11月当月全煤种进口价格实现73美元/吨，维持同比回落趋势，11月当月环比增1.42美元/吨。分 煤种看，全煤种进口价格较去年同期均有较大幅度下降，11月当月各煤种价格均环比增加，其中动力煤 环比涨幅相对更大。 11月国内进口煤呈现"量减价增"的特征。过去几年11月往往是进口煤旺季，进 ...

投资有风险，入市需谨慎。本内容不构成任何投资建议。投 资者不应以该等信息取代其独立判断或仅根据该等信息做出 决策。申万宏源对这些信息的准确性或完整性不作保证，亦 不对因使用该等信息而引发或可能引游躲掘豢秃腺ኗ圆膏ᠲ 免责声明 申厅宏源证券 星期二 12月 ECHHE 30 DIR 36 LAND 今日申.0 今日中签缴 .. 1 今日上 .. 今日无新股新债 ...