Core Viewpoint - The A-share private placement market is experiencing a significant recovery, with fundraising in 2025 reaching 824.45 billion yuan, nearly quadrupling from 206.65 billion yuan in 2024, and surpassing 780.45 billion yuan in 2022, signaling a rebound in market confidence [1][2][3]. Fundraising Overview - As of December 29, 2025, 155 listed companies have raised a total of 824.45 billion yuan through private placements, marking a substantial increase compared to previous years [2][3]. - The fundraising completion rate for 2025 stands at 98.81%, a notable improvement of 12.25 percentage points from 2024, indicating strong market support for quality projects [3][4]. Market Dynamics - The recovery in the A-share market since September 2024 has enhanced the capacity for absorbing refinancing funds, leading to a decrease in the difficulty of project issuance [4]. - A shift towards a more lenient regulatory environment and faster review processes by exchanges has facilitated smoother approvals for private placements [4]. - The backlog of financing needs from 2023 and 2024 has been released, prompting many companies to seize the opportunity to launch refinancing projects [4]. Underwriting Landscape - The total underwriting amount for private placements by securities firms surged to 716.89 billion yuan in 2025, more than five times that of 2024 [6]. - CITIC Securities led the underwriting with 188.56 billion yuan, followed by Guotai Junan and Bank of China Securities, which ranked second and third, respectively [6][7]. - The increase in underwriting amounts does not correspond to a significant rise in industry revenue, which only slightly increased to 1.05 billion yuan in 2025 [8]. Competitive Factors - Bank of China Securities achieved a high ranking in underwriting due to securing large-scale projects from major banks, contributing significantly to its total [7]. - CITIC Securities dominated the market by being the lead underwriter for all four major private placements exceeding 100 billion yuan in 2025 [7].

为深入贯彻落实党的二十届四中全会精神，切实提升金融领域干部队伍专业素养，以金融高质量发展助推经济社会高质量发展，12月25日—26日，由市委 组织部、市政府办联合举办的全市金融干部和金融企业管理人员专业能力提升培训班在市委党校成功举办。来自市、区县相关部门的金融管理干部，市、 区县属国有企业和国有地方金融组织管理人员，以及市级银行保险证券机构的骨干等60余人参加了培训。 本次培训紧扣金融行业发展脉搏与实际工作需求，课程设置精准务实、主题鲜明、内容丰富，涵盖金融政策导向、金融思维和工作能力提升、资本市场运 作及金融服务实体经济等关键内容，有效提升了参训学员的金融理论水平，增强了运用金融手段破解发展难题、服务实体经济的能力。 （来源：湖南金融） （来源：湖南金融） 为深入贯彻落实党的二十届四中全会精神，切实提升金融领域干部队伍专业素养，以金融高质量发展助推经济社会高质量发展，12月25日—26日，由市委 组织部、市政府办联合举办的全市金融干部和金融企业管理人员专业能力提升培训班在市委党校成功举办。来自市、区县相关部门的金融管理干部，市、 区县属国有企业和国有地方金融组织管理人员，以及市级银行保险证券机构的骨干等6 ...

Group 1 - The core viewpoint of the article emphasizes the investment opportunities presented by the Science and Technology Innovation Bond ETF (科创债ETF) due to its recent net inflow exceeding 4.7 billion yuan in the past 10 days [1] - The introduction of the 科创债ETF provides investors with a new tool to share in the benefits of science and technology policies while maintaining relatively stable returns [1] - The rapid development of credit bond ETFs this year has led to increased regulatory support for 科创债ETF, highlighting its importance as a sub-sector [1] Group 2 - The 科创债ETF allows for "same-day subscription and redemption" and "T+0" trading, addressing the liquidity issues often faced in the credit bond market [1] - It lowers the investment threshold for bonds, encouraging more participation from small and micro institutions as well as individual investors in the 科创债 market [1] - The ETF provides a convenient way to access a basket of high-grade 科创债, reducing research costs and solving the challenges of diversified investment [1] Group 3 - The unique investment value of 科创债 is highlighted, as the ETF can withstand short-term fluctuations in the bond market due to its high-grade credit bond foundation [1] - It also allows investors to benefit from the long-term development opportunities in the technology innovation sector, making it a quality choice for balancing risk and return [1]

Group 1 - The core viewpoint of the article is that Changcheng Securities held a board meeting to discuss the revision of the decision-making plan, reflecting ongoing governance and strategic adjustments within the company [1] - For the first half of 2025, the revenue composition of Changcheng Securities is as follows: securities brokerage business accounted for 55.03%, wealth management business for 42.03%, investment banking business for 4.91%, asset management business for 1.19%, and other businesses had a negative contribution of -3.16% [1] - As of the report date, the market capitalization of Changcheng Securities is 41.6 billion yuan [1] Group 2 - The article also highlights a significant development in the Chinese semiconductor industry, mentioning the emergence of new chips that can support AI training and embodied intelligence, produced using mature processes of 28 nanometers and above [1]

北京商报讯（记者 宋亦桐）12月29日，苏州银行发布公告称，2025年7月1日至2025年12月26日，该行 大股东苏州国际发展集团有限公司（简称"国发集团"）及其一致行动人东吴证券股份有限公司以自有资 金通过深圳证券交易所交易系统以集中竞价交易的方式累计增持该行股份4905.9456万股，占该行总股 本的1.0974%，增持资金合计40295.9623万元，本次增持计划实施完毕。 ...

格隆汇12月29日丨苏州银行(002966.SZ)公布，2025年7月1日至2025年12月26日，国发集团及其一致行 动人东吴证券股份有限公司（简称"东吴证券"）以自有资金通过深圳证券交易所交易系统以集中竞价交 易的方式累计增持本行股份4,905.9456万股，占本行总股本的1.0974%，增持资金合计40,295.9623万 元，本次增持计划实施完毕。 ...

苏州银行公告，自2025年7月1日至2025年12月26日，大股东苏州国际发展集团及一致行动人东吴证券通 过集中竞价累计增持4905.95万股，占总股本1.0974%，使用资金4.03亿元；截至2025年12月26日，两者 合计持股7.2亿股，占总股本16.0974%；本次不少于4亿元人民币的增持计划已实施完毕。 ...

Core Viewpoint - Huatai Securities announced the issuance of medium-term notes by its subsidiary, Huatai International Financial Holdings, with a total principal amount of up to $3 billion [1] Group 1: Company Actions - Huatai International established a medium-term note program on October 27, 2020, with a maximum principal amount of $3 billion or equivalent in other currencies [1] - On December 29, 2025, Huatai International Financial issued two tranches of medium-term notes, amounting to HKD 620 million and HKD 430 million respectively [1] Group 2: Financial Details - The total guarantee amount, when converted at the exchange rate of 1 HKD = 0.9099 CNY as of November 28, 2025, is approximately CNY 955 million [1]

据了解，梁溪科技城是一家植根无锡的产业园区综合服务运营商。公司秉持"服务赋能园区、创新驱动 产业"的使命，通过专业化运营和系统化管理，为园区企业提供全方位支持，持续助力区域产业升级与 经济高质量发展。 中小企业是推动创新、促进就业、改善民生的重要力量，也是金融服务实体经济的重要体现。本次债券 募集资金将用于置换和投资中小微企业的股权投资和基金投资，重点投向人工智能、低空经济、生物医 疗、航空航天等战略性新兴领域，旨在精准赋能科技型中小微企业，促进产业链创新链深度融合。 新华财经上海12月29日电（记者杨溢仁） 12月29日，由东吴证券承销的无锡市梁溪科技城园区发展集 团有限公司（以下简称"梁溪科技城"）2025年中小微企业支持可续期公司债券在上交所发行。 本期债券是江苏省首单中小微企业支持可续期公司债券，发行规模3.5亿元，募集资金用于支持中小微 企业发展。 作为本期债券的牵头主承销商，东吴证券的相关负责人表示，将充分发挥其在债券市场的专业优势与创 新能力，积极响应国家关于金融服务实体经济、支持中小微企业发展的政策导向，通过"中小微+可续 期"债权创新条款设计，充分发挥其在地方国企转型、创新金融产品等领域的专 ...

Core Viewpoint - The transaction between State Grid Yingda and China National Petroleum Corporation (CNPC) represents a strategic move to enhance financial collaboration and operational efficiency between two major state-owned enterprises in China, focusing on asset and equity transactions to achieve mutual benefits and development [2][5]. Group 1: Transaction Details - Yingda Securities plans to sell its 100% stake in Yingda Futures to China National Petroleum Group Capital for 1.129 billion yuan, with an assessed value increase of 86.61 million yuan, reflecting an 8.31% appreciation [3][4]. - The sale aims to improve Yingda Securities' cash flow and allow it to concentrate on its core securities business, while CNPC Capital will gain a futures license to enhance its financial service offerings [3][4]. Group 2: Financial Performance - Yingda Futures has faced performance challenges, with projected revenues of 101 million yuan and 19.22 million yuan for 2024 and the first quarter of 2025, respectively, and a net profit of 1.23 million yuan followed by a loss of 1.043 million yuan [3]. - Despite these challenges, Yingda Futures' total assets were valued at 3.042 billion yuan, with net assets of 1.044 billion yuan as of March 2025 [3]. Group 3: Strategic Implications - The transaction is expected to optimize Yingda Securities' business structure and enhance its core competitiveness, while CNPC Capital aims to deepen its integrated financial services in the energy and chemical sectors [4][5]. - The simultaneous transfer of 379 million shares of CNPC Capital to Yingda Group will make Yingda Group the second-largest shareholder, further solidifying the partnership between the two enterprises [5]. Group 4: Performance of Yingda Securities - In the first half of 2025, Yingda Securities reported total revenue of 389 million yuan, a decrease of 3.72%, but a net profit increase of 36.81% to 107 million yuan [6]. - The brokerage business saw significant growth, with new accounts increasing by 27.90% and a 32.86% rise in margin financing and securities lending balances [6]. Group 5: Overall Growth of Yingda Group - For the first three quarters of 2025, Yingda Group achieved revenue of 7.87 billion yuan, a year-on-year increase of 2.3%, and a net profit of 2.233 billion yuan, reflecting a 53.73% growth [7].