在持续深化金融供给侧结构性改革的背景下，一流投行的使命，不仅在于成就企业家和投资者的梦想， 更在于胸怀"国之大者"，立足新发展格局，以专业金融力量赋能，服务经济社会高质量发展。第一创业 证券股份有限公司（以下简称"第一创业证券"）及其全资子公司第一创业证券承销保荐有限责任公司 （以下简称"一创投行"）正以清晰战略路径和专业创新实践，深度融入北京的现代化进程，以金融血脉 链接城市战略，将宏观蓝图转化为微观动能。 2025年12月30日，一创投行荣膺银行间市场非金融企业债融工具主承销商资格，这一里程碑式突破，标 志着债券全牌照服务能力正式建成，更好服务债券市场高质量发展。 北京国管作为公司第一大股东，为第一创业证券赋予了服务首都发展战略的资源优势。第一创业证券展 业不再是单纯市场化选择，而是与北京功能定位同频，成为连接国有资本战略布局与市场化金融工具的 关键节点。 一、投行引擎：全周期产品矩阵，构建综合金融服务格局 在北京，第一创业证券已构建起覆盖企业和项目全生命周期的产品矩阵，金融服务呈现系统性特征；投 行业务是服务北京最前沿的触手，其成果深刻印证"综合金融服务"的价值。 1. 股权融资：投行投资联动，致力于将 ...

Core Viewpoint - Guotai Junan Securities (601211) has entered into a strategic cooperation agreement with Anhui Investment Group, focusing on tailored service solutions throughout the corporate lifecycle [1] Group 1: Strategic Cooperation - The partnership aims to enhance collaboration in various areas including industrial funds, mergers and acquisitions, bond financing, REITs issuance, and the construction of industrial ecosystems [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Since the implementation of the "Comprehensive Debt Resolution Plan," the infrastructure investment and financing industry has entered a "deceleration cycle" in debt net financing, with the debt scale of investment enterprises still growing but at a significantly slower pace, and the "control of increase and resolution of existing debt" has shown results [5][6]. - The financing channels of investment enterprises have been adjusted, with the proportion of bond and non - standard financing in total debt decreasing, and the characteristic of bank - based financing channels becoming more prominent [5][23]. - The overall debt term structure of investment enterprises has not improved significantly, but the short - term debt ratio in most key provinces has decreased or is at a low level, reducing liquidity pressure [5][26]. - The comprehensive financing cost of the investment industry has generally shown a downward trend, with regional differentiation in the decline, and the financing cost reduction in key provinces and economically strong provinces is more obvious [5][28]. - In terms of operation and development, the growth rate of inventory and accounts receivable has slowed down in 2024, and the cash collection has accelerated, but the cash reserve of enterprises is tight, and the investment progress has slowed down [5][36]. - The profitability of investment enterprises has weakened since 2024, and the dependence on government subsidies has increased [5][49][52]. Summary by Relevant Catalogs Debt Resolution - **Debt Net Financing in the "Deceleration Cycle"**: After the implementation of the "35 - Document," the debt net financing amount and net financing rate of investment enterprises have declined significantly. Key provinces entered the debt net repayment state earlier, and in 2024, the net financing rate of key provinces dropped to 1.11 times. In 2025, the debt net financing amount and net financing rate continued to decline, and it is expected to remain at a low level in 2026. There are also differences in the debt net financing performance among regions [6]. - **Slowing Debt Growth and Asset Expansion**: The debt scale of investment enterprises is still growing but at a significantly slower pace. Some key provinces have seen a decline in debt scale, and the debt growth rate of non - key provinces has dropped significantly. The asset growth rate has also slowed down, and the asset growth rate of key provinces is significantly lower than that of non - key provinces. The asset - liability ratio and total capitalization ratio of the industry are still rising [13][17]. - **Adjusted Financing Channels**: The bond balance of investment enterprises is still growing, but the growth rate has dropped significantly in 2024. The proportion of bond and non - standard financing in total debt has decreased, and the proportion of bank loans has increased [23]. - **Insignificant Improvement in Debt Term Structure**: The overall short - term debt ratio of investment enterprises has slightly increased, but most key provinces have seen a decrease in the short - term debt ratio or are at a low level. There are also differences in the adjustment of the debt term structure among non - key provinces [26]. - **Declining Financing Costs with Regional Differentiation**: Since 2022, the weighted average financing cost of investment enterprises has been declining. In 2023 and 2024, the financing cost decreased by about 22 and 17 basis points respectively, and in the first half of 2025, it further decreased by 48 basis points. Key provinces and economically strong provinces have more obvious financing cost reduction [28]. Operation and Development - **Slowing Growth of Inventory and Receivables and Faster Cash Collection**: In 2024, the growth rate of inventory and accounts receivable of investment enterprises slowed down, and the cash collection accelerated. However, there are still a large number of projects in progress with slow cash collection. There are also differences in the growth of inventory and accounts receivable among regions [36]. - **Tight Cash Reserves**: Due to project construction and debt repayment in some regions, the cash reserves of investment enterprises are tight. Although the scale of monetary funds increased in the first half of 2025, the proportion in total assets is still low [42]. - **Slowing Investment Progress**: Under the influence of the "Comprehensive Debt Resolution" and tightened financing, the cash expenditure of investment enterprises on infrastructure and self - operated projects has decreased, and the investment progress has slowed down [44]. - **Slowed Transformation Investment and Asset Injection**: The investment in industrial and equity investment for enterprise transformation has slowed down since 2024. The growth of relevant operating assets mainly comes from the injection of shareholders or the government, and the efficient use of existing assets is an important way to improve the operating conditions [47]. - **Weakening Profitability**: The net profit of investment enterprises has been declining, and the profitability has weakened. The period cost has a large impact on profits, and the self - driving force for cost reduction and efficiency improvement needs to be strengthened [49]. - **Increased Dependence on Government Subsidies**: The contribution of investment income and fair - value change gains and losses to profits has not been effectively reflected. The proportion of other income in net profit has increased, and the dependence on government subsidies has increased [52].

Core Insights - The banking industry is focusing on how to accurately serve high-risk, asset-light technology companies, with Hengfeng Bank's approach showcasing a blend of systematic and flexible financial services [1][2] Group 1: Banking Strategies - Hengfeng Bank's technology loan balance is projected to grow by approximately 10% by the end of November 2025, indicating a strong commitment to supporting technology enterprises [1] - The Shenzhen branch of Hengfeng Bank aims to penetrate the market by focusing on leading technology companies and providing tailored financial solutions, exemplified by its partnership with Dazhong Laser Technology Group [2][7] - Hengfeng Bank has provided Dazhong Holding with a total of 500 million yuan in working capital loans, increasing the credit limit from 500 million yuan to 800 million yuan [2] Group 2: Financial Solutions - The bank offers customized financial solutions rather than standard loans, understanding the specific needs of technology companies during critical phases of their development [2][8] - Hengfeng Bank's collaboration with ZTE Corporation demonstrates its capability to provide comprehensive financial services, including bond financing and supply chain finance, amounting to 2 billion yuan in off-balance-sheet business this year [7][8] Group 3: Risk Management - Hengfeng Bank is developing a long-term mechanism to address the unique characteristics of technology companies, focusing on creating a "willing to lend" environment [8] - The Guangzhou branch integrates financial products with industrial park ecosystems to efficiently reach and manage risks associated with small and micro technology enterprises [9][11] - The bank has successfully provided over 100 million yuan in loans to 24 small and micro enterprises in the industrial park, with 50% of these companies achieving their first financing breakthrough [11][12]

Core Insights - The investment banking business of securities firms is experiencing a recovery, with net income reaching 252 billion yuan in the first three quarters of 2025, a year-on-year increase of 24% [1][2] - The IPO market is rebounding, with A-share and H-share IPOs growing by 61% and 237% respectively, while Hong Kong's IPO scale ranks first globally [1][2] - The industry is characterized by a "stable top tier and emerging mid-tier" dynamic, with the market share of the top five firms (CR5) increasing to 52% [2][3] Industry Performance - In the first three quarters of 2025, listed securities firms achieved a total investment banking net income of 251.5 billion yuan, a 23.5% increase year-on-year [2] - Major firms like CITIC Securities and CICC reported significant growth in net income, with increases ranging from 23.4% to 46.2% [2] - The concentration of investment banking business is rising, benefiting top firms more than smaller ones, with the CR5 market share up by 8 percentage points compared to 2024 [2] Future Outlook - The investment banking sector is expected to focus on hard technology, mergers and acquisitions, and green finance as key areas of growth in 2026 [1][3][4] - The A-share market is anticipated to maintain a steady expansion, particularly in the hard technology sector, due to ongoing reforms and increased IPO opportunities [3][4] - The Hong Kong market is expected to see continued high demand for listings from Chinese companies, supported by the A+H listing model [5][6] Strategic Initiatives - Firms are enhancing their organizational structures to improve collaboration and efficiency, focusing on sectors like hard technology and renewable energy [6][7] - Investment banks are actively expanding their presence in the Hong Kong IPO market, with firms like Huatai and Guolian Minsheng aiming to strengthen their competitive advantages through talent development and cross-border integration [7][8][9] - The implementation of supportive policies such as the "Six Merger Rules" and "Eight Science and Technology Innovation Board Rules" is driving market vitality and creating opportunities for investment banks [5][6]

Core Viewpoint - The People's Bank of China (PBOC) has maintained a moderately loose monetary policy, as indicated by high levels of social financing and broad money (M2) growth, supporting the recovery of the real economy [1][8]. Group 1: Monetary Policy and Economic Support - As of the end of July, the balance of broad money (M2) reached 329.94 trillion yuan, with a year-on-year growth of 8.8% [2]. - The total social financing stock was 431.26 trillion yuan at the end of July, reflecting a year-on-year increase of 9% [2]. - In the first seven months, new social financing amounted to 23.99 trillion yuan, exceeding the same period last year by 5.12 trillion yuan [2]. Group 2: Loan Growth and Credit Conditions - In the first seven months, RMB loans increased by 12.87 trillion yuan, with a loan balance of 268.51 trillion yuan at the end of July, showing a year-on-year growth of 6.9% [2][3]. - The fluctuation in credit data during June and July was influenced by financial institutions' reporting and the settlement period for enterprises, alongside the impact of local government debt swaps [2][3]. - The current loan growth is also affected by factors such as direct financing development and the increasing diversification of corporate financing channels [3]. Group 3: Interest Rates and Financing Costs - Loan interest rates have remained low, with new corporate loan rates around 3.2% and new personal housing loan rates at approximately 3.1%, both down from the previous year [4][5]. - The reduction in financing costs has positively impacted corporate profitability and demand expansion [4][5]. Group 4: Financing Structure and Direct Financing - The growth rate of bond financing has outpaced that of credit financing, indicating an ongoing optimization of the financing structure in China [7]. - The increase in direct financing's share is beneficial for meeting the diverse financing needs of enterprises, moving away from a reliance on bank credit [7]. Group 5: Economic Outlook and Policy Continuity - The overall economic environment has shown steady improvement, supporting reasonable growth in financial totals, with expectations for continued macroeconomic policy stability in the second half of the year [8].

Group 1 - The core viewpoint indicates that the increase in demand deposits reflects the gradual effect of previous interest rate adjustment policies, which is beneficial for promoting consumption and investment [1][2] - In the first five months of 2025, the social financing scale increment in Guangdong reached 1.33 trillion yuan, with direct financing's proportion continuing to rise [1] - The increase in local government bond financing amounted to 239.9 billion yuan, while corporate bond financing increased by 125.2 billion yuan, primarily due to lower bond financing costs [1] Group 2 - As of June 2025, the balance of loans in Guangdong reached 29.6 trillion yuan, with a year-on-year growth of 4.8%, marking a continuous increase for three months [1] - The average weighted interest rate for newly issued general loans in Guangdong was 3.04% in June 2025, a decrease of 38 basis points year-on-year [2] - The balance of deposits in Guangdong reached 37.7 trillion yuan, with a year-on-year growth of 5.6%, indicating a significant increase in demand deposits [2]

Core Viewpoint - The implementation of the "Private Economy Promotion Law" in China marks a significant transformation for over 92% of enterprises, particularly emphasizing the role of private enterprises in Jiangsu's economy, which contributes significantly to GDP, tax revenue, R&D investment, and employment [1] Group 1: Financial Support for Private Enterprises - The People's Bank of China Jiangsu Branch released a report showing that Industrial Bank's Nanjing Branch has excelled in providing financial services to private enterprises, achieving the highest rating for four consecutive quarters [1][2] - As of March 2024, the loan balance for private enterprises at Industrial Bank exceeded 1.7 trillion yuan, reflecting a growth of over 55% since 2022, serving nearly 520,000 private enterprises [2] Group 2: Tailored Financial Solutions - Industrial Bank's Nanjing Branch has developed a three-step approach to support private enterprises, including thorough industry research, direct communication with enterprises, and the introduction of financial incentives [6][7] - The branch has successfully increased its loan balance for private enterprises to 844.77 billion yuan, with a year-to-date growth of 7.1%, and a 9.5% increase in loans specifically for private enterprises [5] Group 3: Innovative Financing Strategies - The bank has engaged in collaborative financing efforts, forming a syndicate with other banks to support large-scale projects, such as providing 18.6 billion yuan in credit for HT Company's international shipping contracts [8][10] - This syndicate financing model has allowed the bank to navigate complex cross-border financing challenges, successfully issuing significant international guarantees [11] Group 4: Supply Chain Financial Innovations - The bank has capitalized on the growing demand for supply chain finance, launching the "Changlian Platform" to facilitate financing for upstream private enterprises [12][13] - By innovating financial products, such as converting electronic debt certificates into bank bills, the bank has significantly reduced financing costs for suppliers [15] Group 5: Comprehensive Financial Services - Industrial Bank has established a comprehensive service model for private enterprises, integrating various financial products and services to support their growth at different stages [20][21] - The bank's proactive approach includes risk-sharing mechanisms and a focus on sectors like new energy and intelligent manufacturing, enhancing its support for private enterprises [20][21]

Group 1: Financing Needs - Companies must accurately identify their financing needs, including the specific amount required, the purpose of the funds, the duration of use, and the repayment sources [1] - Short-term financing may require smaller amounts and can be repaid through operating cash flow, while long-term projects necessitate larger financing plans with clear repayment arrangements [1] Group 2: Assessing Company Status - A comprehensive and objective assessment of the company's status is crucial before applying for financing, as it is a core consideration for financial institutions [3] Group 3: Understanding Financing Channels and Products - Companies should thoroughly understand the characteristics, requirements, and applicable scenarios of various financing channels and products available in the market [4] - Bank loans are a common financing method, with various types such as working capital loans, fixed asset loans, project loans, and more, offering relatively low interest rates and stable funding sources [4] - Companies with good financial conditions and stable operations can secure loans at lower interest rates compared to market averages [6] - Bond financing allows companies to raise large amounts of capital with longer terms and fixed costs, suitable for large enterprises with good credit ratings [8] - Equity financing involves selling a portion of the company's equity to investors, which can provide long-term funds but may dilute existing shareholders' control [8] - Other financing options include leasing, supply chain finance, microloans, and government support funds, each with unique advantages and conditions [8] Group 4: Preparing Financing Application Materials - Companies must prepare financing application materials that accurately reflect their strengths and the feasibility of the financing project, ensuring authenticity and completeness [9] Group 5: Choosing the Right Financial Institution - Selecting the appropriate financial institution is critical, as different institutions have varying loan policies, interest rates, and service quality [11] - Companies should prioritize larger, reputable banks with strong financial capabilities to reduce risks and access a wider range of services [11] Group 6: Application and Approval Process - The financing application process involves submitting various documents, including business licenses, financial statements, and project feasibility reports [10][12] - Financial institutions conduct thorough due diligence to assess the company's operational status, creditworthiness, and project feasibility [12] Group 7: Contract Signing and Fund Disbursement - After approval, companies must carefully review and sign financing contracts, ensuring clarity on key terms such as loan amount, interest rate, and repayment methods [14] - Funds are disbursed to the company's designated account following the completion of necessary procedures [17] Group 8: Post-Financing Management and Risk Control - Companies should implement robust management and risk control measures post-financing to maximize the effectiveness of fund usage and ensure timely repayment [17][18] - Monitoring fund usage and maintaining open communication with financial institutions are essential to prevent potential credit crises [18] - Companies must adapt to changes in financial structure and manage operational risks associated with business expansion funded by financing [17]