1月19日，国联民生（601456）发布2025年度业绩预增公告，预计2025年度实现归母净利润20.08亿元， 与上年同期（法定披露数据）相比，同比增长406%左右。公司业绩大幅增长，包括投资银行等多条业务 条线表现亮眼。 2025年投行业绩良好，且后续IPO项目储备充足。wind数据显示，截至2025年底，A股有361家IPO排队 企业，国联民生以13家位列行业第六。 | 排名 | 保荐机构 | 数量 | 出 | | --- | --- | --- | --- | | 1 | 国泰海通 | 44 | 12. 19% | | 2 | 中信证券 | 39.5 | 10. 94% | | 3 | 中金公司 | 32 | 8. 86% | | 4 | 中信建投 | 29. 5 | 8. 17% | | 5 | 华泰联合 | 17 | 4. 71% | | 6 | 广发证券 | 13 | 3.60% | | 6 | 国联民生 | 13 | 3.60% | | 8 | 东吴证券 | 12 | 3. 32% | | 8 | 国金证券 | 12 | 3. 32% | | 8 | 甲万宏源 | 12 | 3. 32% | ...

2025年，共有42家保荐人为这114家香港IPO上市公司提供了保荐服务，其中联合保荐的拆开计算，各计1单。 榜单前五名： 第一名：中金公司（41单） 文/梧桐数据中心 2025年全年，共计有119家公司登陆港交所，其中114家通过IPO方式上市，另有2家通过借壳SPAC上市（找钢集团-Ｗ、图达通），2家GEM转主板上市 （比优集团、大洋环球）、1家通过介绍方式上市（东阳光药），这5家不纳入本次统计中。港股首发上市的114家公司的IPO中介机构包括42家券商、39 家香港法律顾问、33家中国法律顾问、9家会计师事务所，其中，中金公司保荐41单，位列第一；达维律所、高伟绅律所占据香港法律顾问之首，业务单 数各16单；通商律所占据中国法律顾问之首，业务单数为19单；"四大"则包揽了近90%的审计业务，安永41单、毕马威25单、德勤21单、罗兵咸永道13 单。 一、保荐人业绩排名 第二名：中信证券（香港）（32单） 第三名：华泰国际（22单） 第四名：国泰海通（13单） 第五名：摩根士丹利（12单）、招银国际（12单） | 排名 | 保存人 | 业务单数 | | --- | --- | --- | | - | 中金 ...

Core Insights - In 2025, a total of 119 companies listed on the Hong Kong Stock Exchange, with 114 through IPOs, 2 via SPACs, 2 GEM to main board transfers, and 1 through introduction [1] - The leading underwriter for the IPOs was CICC, with 41 deals, followed by CITIC Securities (Hong Kong) with 32 deals [2][3] Underwriter Performance Rankings - The top five underwriters for the 114 Hong Kong IPOs were: 1. CICC: 41 deals 2. CITIC Securities (Hong Kong): 32 deals 3. Huatai International: 22 deals 4. Guotai Junan: 13 deals 5. Morgan Stanley and China Merchants International: 12 deals each [2][3] Hong Kong Legal Advisors Performance Rankings - A total of 39 Hong Kong legal advisors provided services for the IPOs, with the top five being: 1. Davis Polk & Wardwell and King & Wood Mallesons: 16 deals each 3. Conyers Dill & Pearman: 9 deals 4. Various firms including Farrer & Co, K&L Gates, and others: 5 deals each [5][6] Chinese Legal Advisors Performance Rankings - Among 33 Chinese legal advisors, the top five were: 1. Commerce & Finance Law Offices: 19 deals 2. Jingtian & Gongcheng: 17 deals 3. Zhong Lun Law Firm: 10 deals 4. DeHeng Law Offices: 8 deals 5. Guo Feng Law Firm: 7 deals [7][8] Accounting Firms Performance Rankings - Nine accounting firms provided audit services for the IPOs, with the top five being: 1. Ernst & Young: 41 deals 2. KPMG: 25 deals 3. Deloitte: 21 deals 4. PricewaterhouseCoopers: 13 deals 5. Hong Kong Lixin and Crowe (Hong Kong): 4 deals each [11][12]

Group 1 - Lazard (LAZ) has underperformed compared to large-ticket advisory peers in terms of revenue performance [2] - The company experienced some faltered quarters during a major M&A recovery under the Trump administration [2] - The Valkyrie Trading Society is a team of analysts that focuses on high conviction and obscure developed market ideas, aiming for non-correlated and outsized returns [2] Group 2 - The Value Lab is an investment group that offers a portfolio with real-time updates, 24/7 chat support, and regular global market news reports [2] - The Value Lab targets a portfolio yield of about 4% and has performed well over the last five years by engaging in international markets [1]

Andrew Sheets, global head of corporate credit research at Morgan Stanley, says he expects US stocks to outperform the rest of the world in 2026. "Our forward earnings growth indicators are very strong," Sheets tells Bloomberg Television. "If the Fed is cutting, if the economy is holding up, if earnings are growing we generally don't think the multiple contracts and if earnings grow double digits, the US equity market could be up double digits." ...

If you thought our angle on this company was interesting, you may want to check out our idea room, The Value Lab . We focus on long-only value ideas of interest to us, where we try to find international mispriced equities and target a portfolio yield of about 4% . We've done really well for ourselves over the last 5 years, but it took getting our hands dirty in international markets. If you are a value-investor, serious about protecting your wealth, our gang could help broaden your horizons and give some in ...

Core Insights - Piper Sandler Companies (PIPR) shows potential as a strong portfolio addition due to significant revisions in earnings estimates [1] - The upward trend in earnings estimate revisions reflects growing analyst optimism, which is likely to influence stock prices positively [2] Current-Quarter Estimate Revisions - The expected earnings per share (EPS) for the current quarter is $4.67, indicating a year-over-year decline of 2.7% [5] - Over the past 30 days, the Zacks Consensus Estimate for Piper Sandler has increased by 21.61%, with one estimate moving higher and no negative revisions [5] Current-Year Estimate Revisions - For the full year, the expected EPS is $15.54, representing a year-over-year increase of 22.5% [6] - The consensus estimate has risen by 12.28% over the past month, with one estimate moving higher and no negative revisions [7] Favorable Zacks Rank - The positive estimate revisions have led to a Zacks Rank of 1 (Strong Buy) for Piper Sandler, indicating strong investment potential [8] - Stocks with a Zacks Rank of 1 and 2 are shown to significantly outperform the S&P 500 [8] Bottom Line - Piper Sandler shares have increased by 5.2% over the past four weeks, suggesting investor confidence in its earnings growth prospects [9]

Group 1 - Gold and silver are experiencing pressure from equity-driven risk aversion, with rising volatility leading to the unwinding of leveraged positions [2] - Expectations for a US interest rate cut in December have diminished, with interest-rate swaps indicating less than a 50% likelihood of a cut, impacting market sentiment [2] - Gold has gained over 50% this year and is on track for its best annual performance since 1979, driven by fiscal unease and significant central bank purchases [4] Group 2 - Central banks purchased an estimated 64 tons of gold in September, more than tripling the amount bought in August, with China contributing approximately 15 tons [5] - The legal situation involving Fed Governor Lisa Cook and the Trump administration is being monitored, as it may have implications for monetary policy and market stability [6]

Market Reaction to Government Shutdown - The end of the government shutdown is expected to have minimal impact on most individuals, although government employees are relieved to return to work [2] - The market has shown improvement since the shutdown concluded, but underlying issues remain unresolved, indicating potential future risks [3] Economic Data and Federal Reserve Policy - There is concern regarding potential delays in the release of government data, which could affect the Federal Reserve's ability to adjust interest rates as anticipated by the market [4][5] - The accuracy of economic data has been compromised post-COVID, complicating the Fed's decision-making process [6][7] Interest Rate Expectations - Current expectations for interest rate cuts have been adjusted to 5 to 6 cuts over the next year, which is higher than market anticipations of about 3 to 3.5 cuts [7][8] - The market's narrow performance is attributed to the desire for more aggressive Fed cuts to stimulate the private economy [9] Market Performance and Earnings Growth - The Dow Jones Industrial Average has reached new record highs, suggesting a potential shift in market narrative [10] - There are signs of improving earnings, with double-digit year-over-year growth reported for the median stock in the third quarter, marking the first such growth in four years [13][14] Future Earnings Projections - Consensus estimates for earnings growth next year are in the low double digits, which is considered achievable [15] - The need for interest rate cuts is emphasized as crucial for sustaining market momentum and broadening economic performance [16][17] Economic Outlook - The worst of the economic slowdown is believed to be behind, with indications of entering a new bull market [18] - A balanced approach in monetary policy is currently observed, although markets may challenge authorities if expectations are not met [19]

Core Insights - The article highlights that Goldman Sachs and UnitedHealth have significantly contributed to the Dow Jones Industrial Average reaching a record high [1] Company Contributions - Goldman Sachs has shown strong performance, which has positively impacted the overall market sentiment and contributed to the record levels of the Dow [1] - UnitedHealth's robust financial results have also played a crucial role in driving the index higher, reflecting the strength of the healthcare sector [1]