智通财经APP获悉，中金发布研报称，维持联易融科技-W(09959)25e/26e盈利预测不变，当前交易于 0.9x/0.8x 25e/25e P/B，考虑公司战略突破及业务结构优化，该行上调目标价77%至3.6港元(对应 1.1x/1.0x 25e/26e P/B及12.2%上行空间)，维持跑赢行业评级。 中金主要观点如下： 跨境云：1-3Q25交易量为68亿元，公司10月初进行了国际业务品牌换新，向前看，该行认为国际战略 的深化布局有望为公司提供远期增长动能。 新战略布局持续深化，积极回购提升股东回报 3Q25公司成功中标某特大型央企基于Web3.0的供应链金融平台项目，向前看，该行认为公司积极的"稳 定币+"抢位战略有望在Web3.0贸易金融领域实现突破、打造新的增长点。此外，公司披露3季度稳步推 进股份回购计划，体现对股东回报的持续重视及管理层发展信心。 风险提示：新业务拓展不及预期;金融资产减值风险;市场竞争超预期。 联易融科技近日公布3Q25运营数据：1)截至3Q25，合作核心企业/金融机构伙伴数较年初+30%/+7%至 2,798/405家，核心企业/金融机构创收客户数较年初+40%/+4%至1 ...

中金发布研报称，维持联易融科技-W(09959)25e/26e盈利预测不变，当前交易于0.9x/0.8x25e/25e P/B， 考虑公司战略突破及业务结构优化，该行上调目标价77%至3.6港元(对应1.1x/1.0x25e/26e P/B及12.2%上 行空间)，维持跑赢行业评级。 中金主要观点如下： 资产证券化业务：1-3Q25交易量为770亿元，3Q25环比+77%至375亿元，大基建行业渗透深化下ABS云 持续快速增长，AMS云亦现环比改善。 跨境云：1-3Q25交易量为68亿元，公司10月初进行了国际业务品牌换新，向前看，该行认为国际战略 的深化布局有望为公司提供远期增长动能。 新战略布局持续深化，积极回购提升股东回报 3Q25公司成功中标某特大型央企基于Web3.0的供应链金融平台项目，向前看，该行认为公司积极的"稳 定币+"抢位战略有望在Web3.0贸易金融领域实现突破、打造新的增长点。此外，公司披露3季度稳步推 进股份回购计划，体现对股东回报的持续重视及管理层发展信心。 风险提示：新业务拓展不及预期;金融资产减值风险;市场竞争超预期。 公司近况 联易融科技近日公布3Q25运营数据：1)截至3Q ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved the establishment of Mizuho Securities (China) Co., Ltd., indicating a significant move in the financial services sector in China [1] Group 1: Company Overview - Mizuho Securities (China) is registered in Beijing with a registered capital of RMB 2.3 billion [1] - The company's business scope includes securities underwriting, proprietary trading, and asset management, specifically limited to asset securitization activities [1]

Group 1 - The core viewpoint of the article emphasizes the Chinese government's commitment to maintaining a stable and active capital market through a comprehensive set of financial policies introduced on May 7, 2024 [1][2] - The recent changes in the government's language regarding the capital market reflect a deeper strategic positioning and policy orientation, moving from "boosting the capital market" to "sustaining stability" and "activating" the market [1][2] - The policies aim to ensure the long-term healthy development of the capital market while managing risks, enhancing market efficiency, and improving resource allocation to support economic transformation [2][3] Group 2 - The financial policies introduced are seen as a continuation and upgrade of previous measures, addressing both short-term risks and long-term high-quality development [2][3] - Future policy efforts are expected to focus on encouraging listed companies to enhance core competitiveness, increase R&D investment, support mergers and acquisitions, and improve corporate governance [3] - The balance between "stability" and "activity" is described as a dynamic process that requires clear guidelines for market operation while allowing flexibility to stimulate market vitality [3] Group 3 - Securities firms are encouraged to leverage opportunities in wealth management, investment banking, asset management, and financial technology to achieve high-quality development [4] - The shift in asset allocation from traditional real estate to financial assets presents a significant opportunity for securities firms to develop personalized investment advisory services [4] - The growth of the M&A market offers securities firms a chance to utilize their expertise in transaction structuring and financial advisory services [4] Group 4 - West Securities plans to enhance its core competencies by improving research capabilities, product creation, and risk management to adapt to market changes and client needs [5] - The company aims to deepen its research on macroeconomics, industries, and companies to support investment decisions and product development [5] - The focus on risk management is crucial for ensuring stable business development while seizing opportunities presented by policy incentives [5]

Core Viewpoint - Trust companies are accelerating their participation in capital markets, leveraging their advantages in the trust system to adapt to regulatory changes and enhance their business models [1][5][8] Group 1: Capital Market Participation - Capital markets have become a key focus for many trust companies in 2024, as evidenced by significant growth in their securities investment trust business, with Ping An Trust's scale exceeding 590 billion yuan, marking an 84% year-on-year increase [1] - Trust assets directed towards the securities market reached 8.34 trillion yuan by mid-2024, reflecting a 64.89% year-on-year growth, accounting for 41.81% of total trust assets [2] - Trust companies are primarily engaging in capital markets through asset management trusts and securities investment, with a notable shift towards professional and active management strategies [3][4] Group 2: Institutional Investment and Support for Industries - Trust companies have supported various sectors, including new information technology and renewable energy, with a cumulative management scale exceeding 5 billion yuan [2] - Trust funds are frequently seen among the top ten shareholders of listed companies, with a total market value of 130.49 billion yuan held by trusts as of the first quarter of 2025 [2] Group 3: Challenges and Strategic Adjustments - Trust companies face challenges in competing with securities firms and fund companies, particularly in standardized asset investment capabilities [6] - The mismatch between the fixed duration of trust products and the long-term nature of quality capital market investment opportunities poses a challenge [6] - Trust companies are encouraged to enhance their research capabilities and explore strategic partnerships with external institutions to improve investment efficiency [7] Group 4: Regulatory Environment and Future Opportunities - Recent regulatory guidance encourages trust companies to actively participate in capital markets, particularly through equity investments in strategic emerging industries [5] - A series of favorable regulatory developments are expected to provide more opportunities for trust companies, including revisions to management regulations and the establishment of real estate trusts [7][8]