隆基曾计划海外募资200亿，彼时正值光伏上升周期 筹划三年的200亿境外融资，光伏巨头隆基绿能（601012.SH）突然踩下"急刹车"。 近日，隆基绿能发布公告表示，董事会审议通过《关于终止境外发行全球存托凭证事项的议案》，同意 公司终止境外发行全球存托凭证（Global Depository Receipts,以下简称"GDR"）并在瑞士证券交易所 （SIX Swiss Exchange）挂牌上市的计划。 对于终止的原因，隆基绿能表示，由于外部多方面因素发生变化，且公司关于本次发行上市的相关决议 有效期已经届满，公司根据实际情况与相关中介机构经过深入探讨和谨慎分析后，决定终止本次境外发 行全球存托凭证事项。 隆基绿能方面对南都湾财社记者表示，鉴于公司GDR项目启动较早，目前，原计划的GDR募投项目已 通过自有及自筹资金解决；公司目前尚无海外融资计划。 同时，也基于光伏行业彼时广阔的发展空间。根据中国光伏行业协会和灼识咨询数据统计，全球光伏新 增装机量由2018年的106.0GW增长至2022年的230.0GW，2018年至2022年复合年均增长率达到21.4%； 此外，预计全球光伏新增装机量将持续增长至20 ...

新华财经兰州12月10日电（记者张新新）记者从甘肃省政府新闻办9日举行的发布会上获悉，"十四 五"以来，甘肃企业通过资本市场直接融资达587.2亿元，省内上市公司营业收入从1774.2亿元跃升至 2331.59亿元，增幅31.42%；总市值达3544.5亿元，增长41.72%。 截至2025年三季度，甘肃全省A股上市公司达34家，"新三板"挂牌企业23家，证券期货账户突破400万 户，托管资产近3000亿元。甘肃省上市公司仅占规上企业总数的1.01%，贡献了超过20%的利润总额。 债券融资则呈现"量增、面扩、降本"的特点。五年来，甘肃全省企业通过交易所发行债券343.69亿元， 其中科创债实现"开门红"，3家企业发行56亿元。2025年债券加权平均利率低至2.20%，为企业节省融资 成本超亿元。 （文章来源：新华财经） "十四五"以来，甘肃省上市公司累计研发投入高达201.45亿元，较上一个五年增长50.49%，在关键核心 技术领域取得多项突破。与此同时，全省上市公司累计现金分红184.14亿元，增长36.75%。 2022年，兰州银行成功登陆深交所，成为甘肃首家A股上市银行，首发融资20亿元用于补充核心资本 ...

●由亚化咨询主办的第八届钙钛矿与叠层电池论坛将于2026年4月15-16在常州召开 12月10日，隆基绿能发布关于终止境外发行全球存托凭证事项的公告。 | 股票代码:601012 | 股票简称:隆基绿能 | 公告编号:临 2025-097 号 | | --- | --- | --- | | 债券代码:113053 | 债券简称:隆 22 转债 | | | 债券代码:244101 | 债券简称:GK 隆基 01 | | 公告显示，公司于2025年12月9日召开第六届董事会2025年第四次会议，审议通过了《关于终止境外发 行全球存托凭证事项的议案》，同意公司终止境外发行全球存托凭证（Global Depository Receipts,以下 简称"GDR"）并在瑞士证券交易所（SIX Swiss Exchange）挂牌上市的计划。 境外发行全球存托凭证事项概述 公司于2022年10月28日召开第五届董事会2022年第八次会议、第五届监事会2022年第六次会议，并于 2022年11月21日召开2022年第三次临时股东大会审议通过了《关于公司发行GDR并在瑞士证券交易所 上市及转为境外募集股份有限公司的议案》《关于公 ...

自本次发行上市相关议案公告以来，公司董事会、管理层与相关中介机构积极推进本次GDR发行事项 的各项工作。但由于外部多方面因素发生变化，且公司关于本次发行上市的相关决议有效期已经届满， 公司根据实际情况与相关中介机构经过深入探讨和谨慎分析后，决定终止本次境外发行全球存托凭证事 项。 智通财经APP讯， 隆基绿能(601012.SH)发布公告，公司于2025年12月9日召开第六届董事会2025年第四 次会议，审议通过了《关于终止境外发行全球存托凭证事项的议案》，同意公司终止境外发行全球存托 凭证(Global Depository Receipts,以下简称"GDR")并在瑞士证券交易所(SIX Swiss Exchange)挂牌上市的 计划。 ...

交易行情显示，12月9日，隆基绿能收涨0.66%，收于18.2元/股，总市值1379亿元。 隆基绿能表示，由于外部多方面因素发生变化，且公司关于本次发行上市的相关决议有效期已经届满， 公司根据实际情况与相关中介机构经过深入探讨和谨慎分析后，决定终止本次境外发行全球存托凭证事 项。此外，目前，公司生产经营稳定有序，本次终止境外发行全球存托凭证是公司综合考虑多方面因素 并结合实际情况做出的审慎决策，不会对生产经营和持续发展造成重大不利影响。 北京商报讯（记者 马换换 李佳雪）12月9日晚间，隆基绿能（601012）披露公告称，公司于当日召开第 六届董事会2025年第四次会议，审议通过了《关于终止境外发行全球存托凭证事项的议案》，同意公司 终止境外发行全球存托凭证（Global Depository Receipts，简称"GDR"）并在瑞士证券交易所挂牌上市 的计划。 ...

Core Viewpoint - Chinese securities firms are evolving into "financial navigators," expanding their international presence and contributing significantly to the global capital market, particularly in regions like Hong Kong, London, and New York [1] Group 1: Internationalization Progress - The international business segment of Chinese securities firms is entering a harvest phase, with significant profit contributions from subsidiaries, such as 46% from CICC, 43% from Huatai Securities, and 18% from CITIC Securities [2] - In 2024, Huatai Securities and CITIC Securities' international subsidiaries reported revenues exceeding 15 billion yuan, while CICC approached 10 billion yuan [2] - The internationalization of Chinese securities firms has progressed through four stages: initial exploration, differentiated competition, business enrichment, and enhanced comprehensive financial service capabilities [2] Group 2: Growth Strategies - Large securities firms prefer external mergers and acquisitions to leverage their resource advantages, while smaller firms focus on deepening their presence in the Hong Kong market [3] - The total asset scale of international subsidiaries of leading firms has shown consistent growth, with CITIC Securities International's assets reaching 50.6 billion USD after a capital increase of 9.16 billion USD in 2024 [3] - The diversification of income sources through international business is seen as a key strategy for future growth, particularly in areas like cross-border derivatives and investment services [4] Group 3: Market Dynamics - The demand for overseas investment and financing from Chinese enterprises is a significant driver for the international business of securities firms, with China's non-financial direct investment abroad reaching approximately 917 billion yuan in 2023, a 16.7% increase [6] - The high-quality development of the capital market presents new opportunities for the securities industry, with a notable acceleration in internationalization driven by policy benefits and market demand [7] - The focus of international expansion is shifting towards Southeast Asia, with firms like Galaxy Securities targeting local acquisitions to establish a foothold [7][8] Group 4: Operational Considerations - To achieve successful localization, firms should prioritize global business areas like investment banking and institutional sales, while gradually expanding into wealth management [10] - A dual-track management system is recommended to balance strategic oversight from headquarters with local execution, minimizing cultural conflicts and enhancing market responsiveness [10] - Effective risk management is crucial, especially in balancing short-term gains with long-term risks, as evidenced by the aggressive strategies of some firms in high-yield dollar bond markets [10][11]

Group 1 - The fourth China-Germany high-level financial dialogue emphasizes enhancing the connectivity of capital markets between the two countries, allowing qualified companies to issue Global Depositary Receipts (GDRs) and Chinese Depositary Receipts (CDRs) in each other's markets [1] - This development is seen as a significant step towards mutual financial cooperation, facilitating financing for quality enterprises and promoting smoother capital flow between China and Germany [1][2] - The collaboration is expected to stabilize global financial markets and enhance China's influence in the global financial landscape amid increasing economic uncertainties [1] Group 2 - As of November 18, 23 A-share listed companies have successfully issued GDRs in the UK or Switzerland, with 6 listed on the London Stock Exchange and 17 on the Swiss Exchange [2] - The increasing issuance of GDRs by Chinese companies is attributed to supportive regulatory environments, expanded financing channels, and enhanced international visibility [2] - The development of CDRs is still in its early stages, with suggestions to optimize the CDR system, improve market liquidity, and implement supportive policies to attract more foreign companies [3]

Group 1 - The fourth high-level financial dialogue between China and Germany was co-hosted by Chinese Vice Premier He Lifeng and German Vice Chancellor and Finance Minister Christian Lindner, emphasizing the importance of bilateral communication and policy coordination in the financial sector [1] - Both parties agreed to enhance cooperation in the financial sector, promote macroeconomic policy coordination, and support a fair, open, and transparent multilateral trading system centered around the World Trade Organization [1] - The dialogue resulted in a consensus to welcome qualified companies from both countries to participate in each other's derivative markets, enhancing the liquidity of Global Depositary Receipts (GDRs) and Chinese Depositary Receipts (CDRs) [1][2] Group 2 - Germany welcomed China's increased role in the global commodity trading sector, particularly through the Shanghai Gold Exchange, and both sides agreed to ensure qualified banks can participate in each other's commodity markets [2] - The significance of developed derivative markets in promoting market development, depth, liquidity, and stability was recognized, with encouragement for qualified Chinese and German enterprises to engage in each other's derivative markets [2] - The 10th anniversary of the China-Europe International Exchange highlighted its role in facilitating financial cooperation between China and Germany, with support for expanding its business and enhancing cross-border regulatory dialogue [2]

Group 1 - The fourth high-level financial dialogue between China and Germany was co-hosted by Vice Premier He Lifeng and Vice Chancellor and Finance Minister Christian Lindner, emphasizing the importance of bilateral communication and policy coordination in the financial sector [1] - Both parties committed to enhancing macroeconomic policy coordination through various bilateral channels to promote global economic recovery and sustainable development, as well as to ensure global financial stability [1] - The dialogue resulted in several agreements, including the welcome of qualified companies listed on the Shanghai and Shenzhen Stock Exchanges to issue Global Depositary Receipts (GDRs) on the Frankfurt Stock Exchange, and vice versa for Frankfurt-listed companies to issue Chinese Depositary Receipts (CDRs) [1] Group 2 - The significance of developed derivatives markets in promoting market development, depth, liquidity, and stability was recognized, with both sides welcoming qualified Chinese and German enterprises to participate in each other's derivatives markets [2] - On the 10th anniversary of the China-Europe International Exchange, both parties acknowledged its role in facilitating financial cooperation between China and Germany, supporting the expansion of its business, including regulatory approval for A-share index derivatives [2] - Both sides encouraged qualified financial institutions to invest and operate in each other's markets, supporting enhanced cooperation in securities, futures, and derivatives, and fostering good conditions for addressing international economic and financial challenges [2]

Core Points - The fourth high-level financial dialogue between China and Germany was held on November 17, 2025, focusing on strategic and long-term issues in the financial sector [1] - Both countries reaffirmed their commitment to multilateral cooperation and opposition to unilateralism and trade protectionism, emphasizing the importance of the G20 as a platform for international economic cooperation [2] - The dialogue resulted in agreements to enhance cooperation in various areas, including macroeconomic policy coordination, international financial institution reform, and sustainable development [2][3] Group 1: Bilateral Cooperation - Both parties committed to maintaining international and multilateral cooperation, opposing unilateralism and trade protectionism, and supporting the G20's role in international economic cooperation [2] - They emphasized the importance of a rules-based multilateral trading system centered around the World Trade Organization (WTO) and agreed to support WTO reforms [2] - Both sides agreed to continue close cooperation within the framework of the International Monetary Fund (IMF) and support a strong, resource-rich IMF [2][3] Group 2: Financial Stability and Development - The dialogue highlighted the need to address debt vulnerabilities in low- and middle-income countries and to implement the G20's debt treatment framework [3] - Both countries recognized the importance of the International Development Association (IDA) and supported its funding commitments [4] - They expressed a commitment to enhancing cooperation under the Asian Infrastructure Investment Bank (AIIB) framework to support sustainable development [4] Group 3: Financial Market Connectivity - Both parties welcomed the issuance of Global Depositary Receipts (GDRs) and Chinese Depositary Receipts (CDRs) to enhance market liquidity and connectivity [7] - They acknowledged the significance of Panda bonds for German enterprises in China and supported qualified German institutions in issuing Panda bonds [7][8] - The dialogue recognized the importance of a developed derivatives market for enhancing market depth, liquidity, and stability [7] Group 4: Regulatory Cooperation - Both sides agreed to strengthen regulatory cooperation in the banking and insurance sectors and explore the possibility of signing a memorandum of understanding [6][8] - They recognized the role of fintech in enhancing financial services and encouraged cooperation between financial technology institutions [9] - The dialogue emphasized the importance of timely and efficient processing of relevant licensing applications to facilitate market access for financial institutions [9][10]