同时，行业周期红利与政策支持为券商业绩反转提供了重要支撑。2025年A股市场日均成交额稳步提 升，两融余额屡创历史新高，天风证券依托区域优势，充分承接市场成交回暖红利。同时，40亿元定增 落地进一步夯实了公司资本实力，资产负债结构持续优化，为自营、两融等业务扩容奠定基础。政策层 面，并购重组改革深化、北交所做市业务扩容等积极信号，进一步打开了公司业务增长空间。 市场人士分析认为，天风证券2025年扭亏为盈是战略转型、业务升级与行业周期共振的必然结果。随 着"二次创业"战略的持续推进，公司在经纪、投行、自营等核心业务领域的竞争力不断提升，叠加当前 券商板块估值处于历史低位，在资本市场改革深化下，公司有望在行业结构性机会中持续受益。 公司表示，2025年以来，天风证券积极调整投资策略，强化风险控制，全年投资收益显著回升，迎来业 绩反转的关键之年。2025年前三季度，公司手续费及佣金净收入同比增长19.92%；投行业务完成债券 承销规模871亿元，其中企业债承销规模位列市场第8；"城市投行"服务模式成效显著。 上证报中国证券网讯（记者 荆淮侨）1月30日晚间，天风证券发布2025年业绩预告，预计公司全年实现 归母净 ...

作为服务我国铁路建设的主力银行，2025年，国开行深入贯彻落实党中央、国务院决策部署，围绕 支持"八纵八横"高铁网建设，靠前发力、主动作为，充分发挥中长期投融资优势，密切与中国国家铁路 集团有限公司及下属铁路局集团公司合作，积极运用中长期贷款、国开新型政策性金融工具等，全力支 持干线铁路、重要支线铁路和铁路枢纽建设，助力沪渝蓉沿江高铁、重庆至昆明高铁等一批影响力大、 示范性强的标志性项目建设。同时，积极参与国铁集团有关债券承销，助力加强多元化资金保障。截至 2025年底，国开行参与支持的高铁项目运营总里程超过4.25万公里，占"八纵八横"高铁网运营总里程的 85%以上。国开行交通运输业务部总经理关宏岩表示，下一步，该行将深入贯彻落实党的二十届四中全 会和中央经济工作会议精神，锚定交通强国建设目标，充分发挥服务基础设施建设的主力银行作用，聚 焦服务铁路重大工程项目，以联网补网强链为重点，持续加大对"八纵八横"高铁网主通道建设、普速铁 路干线通道能力提升、铁路多式联运和数智化升级、高铁"走出去"等领域支持力度，为完善现代化综合 交通运输体系作出新的贡献。 责任编辑：杨喜亭 国家开发银行2025年发放铁路贷款超过2 ...

Core Viewpoint - The approval of the sponsorship business qualification by the China Securities Regulatory Commission marks a significant breakthrough for Shanghai Securities, enhancing its comprehensive financial service system and business capabilities [1][2][4]. Group 1: Business Development - Shanghai Securities has adopted a differentiated development strategy in its investment banking business, focusing on the full-cycle financial service needs of enterprises and strengthening its bond underwriting core business [3][4]. - The company actively participates in the issuance and promotion of innovative bond types such as sci-tech bonds, green bonds, and rural revitalization bonds, contributing to the implementation of national strategies [3][4]. Group 2: Strategic Significance - The acquisition of the sponsorship business qualification is a milestone that enhances the company's key qualifications and functions, improving its full-cycle investment banking service capabilities from startup to listing [2][4]. - Shanghai Securities plans to leverage its internal cross-line collaboration mechanism to enhance the efficiency of its investment banking, wealth management, and asset management services, thereby improving its one-stop service capability [2][4]. Group 3: Future Plans - The company aims to deepen strategic collaboration and resource integration across its business segments, continuously enhance professional capabilities, strengthen compliance governance, and optimize customer experience [2][4]. - Shanghai Securities is committed to creating sustainable value for clients, shareholders, and society while adhering to its mission of serving the real economy in the pursuit of high-quality development [2][4].

Group 1 - The core point of the article is the recent leadership change in the investment banking division of China Merchants Bank (CMB), with Su Jing taking over as the new general manager [1][2] - Su Jing has been with CMB for 22 years and has held various positions, including roles in strategic client management and energy and communication sectors [2] - The bank is focusing on expanding its investment banking services, particularly in the Hainan Free Trade Port, emphasizing project mergers and acquisitions, equity investments, and asset securitization [4] Group 2 - CMB's investment banking division is one of its four major business segments, encompassing bond underwriting, merger finance, corporate wealth management, and market trading facilitation [5] - In the third quarter of 2025, CMB underwrote debt financing tools totaling 274.295 billion yuan, ranking first in the market for perpetual bonds and technology innovation bonds [5] - The merger finance business saw a transaction volume of 138.454 billion yuan, a year-on-year increase of 27.39%, with a significant rise in RMB merger loan issuance [5] - The corporate wealth management business reported an average daily product balance of 459.059 billion yuan, reflecting a 14.80% increase from the previous year [6] - Market trading activities reached a volume of 228.333 billion yuan, showing a year-on-year growth of 29.09%, driven by strategic business initiatives [7] - CMB's subsidiary, CMB International, has been actively collaborating with the parent bank, completing multiple IPO sponsorships and underwriting projects in the Hong Kong market [8]

Core Viewpoint - Huishang Bank celebrates its 20th anniversary, highlighting its commitment to serving the public and supporting local economic development through reform and innovation [2][3]. Group 1: Company Growth and Achievements - Since its establishment in 2005, Huishang Bank has grown significantly, with assets, deposits, and loans increasing over 45 times, 28 times, and 35 times respectively [3]. - The bank has over 21.5 million personal customers and has seen a 9.1-fold increase in scale, contributing to Anhui's economic growth [3]. - Huishang Bank's loans in Anhui have surpassed 1 trillion yuan, supporting the province's status as an "economic powerhouse" [3]. - The bank has provided over 210 billion yuan in technology loans and over 160 billion yuan in manufacturing loans, demonstrating its support for industrial upgrades [3]. - Green credit balances are nearly 160 billion yuan, and loans to private enterprises and small businesses exceed 255 billion yuan and 170 billion yuan respectively [3]. Group 2: Innovation and Reform - Huishang Bank emphasizes reform and innovation as key strategies, transitioning from traditional banking to a modern financial group [4]. - The bank has successfully launched a new core system and increased its technological investments, significantly enhancing its digital capabilities [4]. - It has improved its ranking in the global banking sector, now positioned at 101 among the world's top 1,000 banks [4]. Group 3: Regional Development and Community Engagement - The Shenzhen branch of Huishang Bank has experienced rapid growth since its establishment in 2020, with total deposits and loans nearing 50 billion yuan [6]. - The branch has developed a diversified business model, integrating traditional banking with investment and wealth management services [6]. - It has received numerous awards for its contributions to local economic development and community service, enhancing its brand influence [7]. Group 4: Future Outlook - Moving forward, Huishang Bank aims to continue its commitment to national strategies and regional development, aspiring to become a leading modern commercial bank [8]. - The bank plans to maintain its focus on the political and public nature of financial work while fostering a spirit of innovation and integrity [8].

Core Viewpoint - The article highlights the significant growth and strategic initiatives of Guolian Minsheng Securities in supporting private technology innovation enterprises, particularly in the Yangtze River Delta region, showcasing successful case studies like Haofan Bio and Haoyuan Pharmaceutical [5][6][17]. Group 1: Financial Performance - Guolian Minsheng's investment banking business reported a net income of 688 million yuan for the first three quarters of 2025, marking a year-on-year increase of 160.77% [5]. - The company's bond underwriting scale reached 48.38 billion yuan, reflecting a year-on-year growth of 147.5%, significantly outpacing industry growth rates [5]. Group 2: Company Initiatives - Haofan Bio is expanding its production capacity by 3 to 4 times with a new 230-acre facility set to be operational by June 2026 [5]. - Haoyuan Pharmaceutical is establishing five high-activity GMP production lines at its research center in Ma'anshan, aiming to accelerate the development of new molecular drugs [5][6]. Group 3: Industry Strategy - Guolian Minsheng emphasizes a strategy of "deep regional engagement + industry specialization," which has proven effective in addressing the challenges faced by private technology innovation enterprises [6][8]. - The firm has established 12 industry groups within its investment banking department to enhance its research capabilities and provide specialized services [8]. Group 4: Market Positioning - The article notes that Haofan Bio and Haoyuan Pharmaceutical are leaders in their respective fields, with a focus on long-term growth and innovation [11][17]. - Guolian Minsheng's investment banking team has successfully assisted Haoyuan Pharmaceutical in completing its initial public offering (IPO) and subsequent strategic initiatives, including mergers and acquisitions [12]. Group 5: Regional Focus - The Yangtze River Delta region is highlighted as a key area for technology innovation, with Guolian Minsheng actively providing financial services tailored to local industry needs [14][16]. - The firm aims to support high-quality development in the region by focusing on sectors such as biomedicine, semiconductors, artificial intelligence, and new energy [16][17].

Core Viewpoint - The self-regulatory investigation announced by the Interbank Market Dealers Association highlights ongoing violations in the bond underwriting process, indicating that non-compliant practices still exist in project solicitation, due diligence, and issuance sales [1][4]. Group 1: Regulatory Actions - On December 16, the Dealers Association initiated a self-regulatory investigation against a bank for alleged violations of fairness and diligence principles during debt financing tool underwriting [1]. - As of December 18, there have been 19 cases of bond underwriting violations or self-regulatory investigations disclosed by the Dealers Association and exchanges this year [4]. - The Dealers Association has been increasingly using self-regulatory investigations as a standard regulatory measure in the bond market [4]. Group 2: Market Dynamics - The bond underwriting market has seen intensified competition among underwriting institutions due to the expansion of the credit bond market and the diversification of issuers [4]. - There are notable differences in market strategies between securities firms and banks in the bond underwriting sector, with banks having advantages in interest rate bonds and interbank bonds [4]. - The prevalence of low-price underwriting, underwriting fees below cost, and self-financing behaviors are significant issues in the current bond underwriting landscape [5][7]. Group 3: Compliance and Future Outlook - The Dealers Association has strengthened supervision of underwriting business processes since 2023, with new regulations targeting low-price underwriting and other market irregularities set to be released by June 2025 [7][8]. - Institutions that are rated as D-class for two consecutive years will lose their main underwriting qualifications, reflecting the increasing regulatory scrutiny on underwriting capabilities [8]. - The number of institutions signing the self-regulatory convention has increased to 168, indicating a growing focus on compliance and market reputation among bond underwriting institutions [8].

Core Viewpoint - The announcement from the interbank market dealers association has put state-owned banks under scrutiny for bond underwriting violations, particularly focusing on Postal Savings Bank of China, which is under self-regulatory investigation for allegedly breaching principles of fairness and diligence [1] Group 1: Regulatory Actions - As of December 15, 2025, a total of 19 penalties related to bond underwriting violations have been disclosed by the association and exchanges, indicating a growing concern over compliance in the industry [1] - The self-regulatory investigation into Postal Savings Bank is part of a broader trend, with other institutions like China Galaxy Securities and China Merchants Bank also facing investigations for similar issues [1] Group 2: Market Dynamics - The case of Guangfa Bank, which had a bond underwriting fee significantly below market rates, highlights a troubling trend where institutions engage in "loss leader" strategies to maintain business volume, leading to regulatory scrutiny [2][3] - Many banks are reportedly using a "comprehensive revenue account" approach, where they offset losses from bond underwriting through deposit retention and adjustments in loan rates, distorting market pricing mechanisms [3] Group 3: Future Outlook - With increasing regulatory pressure, the bond underwriting ecosystem is expected to undergo significant changes, moving away from price competition towards a focus on service and risk management [4] - The "price for volume" strategy may become unsustainable, leading to a potential rise in underwriting fees that adequately cover costs, while smaller institutions lacking core pricing capabilities may face accelerated exit from the market [4]

Core Viewpoint - China Chengtong announced a strategic cooperation agreement with China Merchants Bank on December 12, focusing on diversified financial collaboration [1] Group 1: Strategic Cooperation - The agreement aims to deepen cooperation in areas such as comprehensive credit, bond underwriting, wealth management, custody, treasury construction, and digital intelligence services [1]

Core Viewpoint - China Chengtong and China Merchants Bank signed a strategic cooperation agreement to enhance diversified financial collaboration and explore new paradigms for cooperation between state-owned capital operation companies and commercial banks, aiming for high-quality development [1] Group 1 - The agreement includes deepening comprehensive credit, bond underwriting, wealth management, custody, treasury construction, and digital intelligence services [1] - The partnership seeks to leverage the strengths of both entities to achieve mutual growth and innovation in financial services [1]