第十九届（2025）"卖方分析师水晶球奖"评选 结果揭晓，国泰海通斩获 31项 大奖，在 "最具影响力机构"、"最佳研究机构"、"本土金牌研究团 队"、"最佳服务机构" 四项机构奖项中，均名列 前四 ！ 国泰海通研究与机构业务委员会副总裁、研究所所长路颖荣获"金牌领队" 称号，共计 23个 研究团队上榜或入围 卖方分析师水晶球奖，其中， 食品饮 料、非银行金融 团队摘得 榜首； 批发和零售贸易、 社会服务业 团队获第二名； 医药生物、 北交所 团队获第三名； 非金属类建材、钢铁、汽车及零 部件、通信、海外、轻工造纸、有色金属 等团队获前五名。 销售团队同样斩获佳绩， " 最佳服务机构"排名第二 ， 分别荣获 北京地区 金牌销售经理 第一名 、 上海地区 金牌销售经理 第二名 、 深广地区 金牌 销售经理 第三名 。 | 名次 | 行业 | 研究团队 | | --- | --- | --- | | I | 食品饮料 | 譬猛、颜慧菁等 | | I | 非银行金融机构 | 刘欣琦等 | | 2 | 批发和零售贸易 | 刘越男、于清泰等 | | 2 | 社会服务业 | 刘越男、于清泰等 | | 3 | 医药生物 | ...

Core Viewpoint - The impact of duration volatility on perpetual bonds may outweigh tail credit issues, indicating a need for careful monitoring of market dynamics and credit conditions in the banking sector [1][2]. Group 1: Market Overview - In 2025, the issuance of bank subordinated bonds remained stable, with a marginal increase in net issuance, although there was structural differentiation, particularly a year-on-year decline of 205 billion in net issuance from joint-stock banks, which is the main reason for the contraction in secondary capital bonds [1][2]. - The spread of bank perpetual bonds in the secondary market transitioned from convergence to differentiation, with high-rated short-duration bonds seeing a decline in spreads as funding costs stabilized, while low-rated long-duration bonds faced upward spread volatility due to market fluctuations [1][2]. Group 2: Key Changes in the Market - The net issuance trend reflects a divergence in bank balance sheet expansion and contraction, with joint-stock and rural commercial banks showing a significant slowdown in expansion, while city commercial banks still have a certain demand for expansion despite relatively low capital adequacy ratios, leading to a trend of increasing net issuance of subordinated bonds [2]. - The instability on the configuration side has resulted in insufficient resilience of long-duration subordinated bonds, with a notable overreaction in valuations since Q4 2025, partly due to the impact of new interest value-added tax regulations and concerns over the high elasticity of perpetual bonds and redemption regulations [2]. - Tail risks are evolving, with potential shifts from credit risk exposure accumulated during earlier expansions to insufficient core capital due to new loans/credit bonds in a contracting environment, which may weaken expectations for future issuance of perpetual bonds, leading to two choices: not redeeming or redeeming without reissuing, with the latter being more likely [2]. Group 3: 2026 Market and Strategy Outlook - For 2026, the issuance from large state-owned banks is expected to remain stable at around 900 billion, with an additional 250 billion in TLAC bonds, while small and medium-sized banks are projected to issue between 600 billion to 700 billion in subordinated bonds [3]. - Investment strategies for 2026 should focus on the stability of the liability side and the redemption aspect of credit, with limited spread space for short-duration bonds and sufficient spread for long-duration bonds, although instability on the liability side may continue to disrupt the market [3]. - The current high spreads of bonds provide a favorable configuration cost-performance ratio, but in a challenging market environment, the need for precise timing and wave management in trading will increase, with investment opportunities likely arising from adjustments following market sentiment shocks [3].

Core Viewpoint - Dameng Data plays a crucial role as a leading database product developer in China's national information technology innovation industry, focusing on independent and original technology routes, and has achieved significant breakthroughs in domestic database technology [1][3]. Group 1: Company Overview - Dameng Data has developed the DM8, a large-scale general-purpose relational database with 100% independent research and development, featuring a unified kernel multi-cluster architecture and advanced technology that meets the needs of large enterprises [2][4]. - The company emphasizes independent, open, and compatible technology paths, focusing on self-controllable data management infrastructure, and aims to create a sustainable industry ecosystem through collaboration with various partners [3][6]. Group 2: Technical Features - DM8 supports hybrid transaction and analytical processing (HTAP), high concurrency, and offers multiple high-availability solutions to ensure data security, making it suitable for large-scale enterprise systems [4][5]. - The database is designed to be highly compatible with mainstream hardware and software platforms, minimizing migration costs for users [4][5]. Group 3: Migration Practices - The company has successfully implemented a "flexible replacement" method for migrating from foreign mainstream database software to Dameng's database, allowing both systems to run simultaneously during the transition [6]. - This migration approach has been recognized for its significant application value, providing users with a controlled risk assessment and transition period [6]. Group 4: Market Positioning and Strategy - In response to competition from companies like Huawei and OceanBase, Dameng Data focuses on creating a differentiated position by providing flexible and sustainable data technology solutions, particularly in industries with high supply chain security requirements [7]. - As the customer base grows, the company anticipates an increase in the proportion of maintenance and service revenue, and is considering innovative business models such as subscription or pay-per-use to stabilize revenue fluctuations [7].

Core Insights - The capital market has shown positive trends this year, with active investment and financing, particularly through private placements (定增) which have become a significant fundraising method for listed companies [1] - The total amount raised through private placements in A-shares has increased by over 375% year-on-year, providing more business opportunities for securities firms [1][2] Group 1: Market Performance - As of December 25, 153 listed companies have implemented private placements, raising a total of 814.25 billion yuan, marking a year-on-year increase of 375.14% [2] - Major banks such as China Bank, Postal Savings Bank, and others have led the market in fundraising, collectively raising 520 billion yuan [2] - The surge in the private placement market is attributed to multiple factors, including policy support, macroeconomic recovery, and strong investor confidence [2] Group 2: Securities Firms' Involvement - A total of 33 securities firms have participated in private placements this year, with CITIC Securities sponsoring 17 companies and earning 209 million yuan in underwriting and advisory fees [2] - Securities firms have engaged in 141 instances of private placements, with a total investment of 10.742 billion yuan, reflecting a year-on-year growth of 69.65% [3] - Leading firms like GF Securities and Guotai Junan have been actively involved, with GF participating in 38 placements and investing 2.735 billion yuan [3] Group 3: Investment Trends and Outcomes - The private placements have attracted significant interest from securities firms, which have utilized their research capabilities to select quality investment targets, thereby boosting market confidence [3] - Among the 69 companies that received investments, several have seen their stock prices double compared to their placement prices, indicating strong market performance post-placement [4] - The semiconductor industry has been a focal point, with 9 companies in this sector participating in private placements, reflecting the industry's growth potential [4]

Group 1 - The core viewpoint of the article is that Nanfang Digital (SZ 301638) has provided insights into its revenue composition for the first half of 2025 during a research meeting with analysts from Guotai Junan Securities [1] - As of the report, Nanfang Digital's market capitalization is 63.2 billion yuan [1] Group 2 - The revenue composition for Nanfang Digital in the first half of 2025 is as follows: - Digital grid intelligent operation system: 18.11% - Enterprise operation management system: 15.76% - Cloud-integrated basic platform: 13.48% - Intelligent gateway business - distribution intelligent gateway: 12.03% - Data center (IDC) business: 11.33% - Enterprise asset management system: 10.54% - Digital grid IoT sensing devices - sensors: 8.67% - Digital grid IoT sensing devices - other: 5.22% [1]

Group 1 - The article emphasizes the importance of understanding market trends and investment opportunities in the current economic climate [2][3] - It highlights the necessity for investors to stay informed about regulatory changes and their potential impacts on investment strategies [4] - The content suggests that thorough research and analysis are crucial for making informed investment decisions [5] Group 2 - The article discusses the role of technology in enhancing investment research and analysis capabilities [6] - It points out the significance of data-driven insights in identifying market trends and potential risks [6] - The content encourages collaboration between analysts and sales teams to optimize investment strategies [6]

Group 1 - The core viewpoint of the article is that the investment and financing landscape is entering a new phase, with leading brokerage firms expected to benefit from enhanced corporate client resources, professional service capabilities, and cross-border service abilities [1][2] Group 2 - In the A-share market, equity financing is gradually recovering, with November seeing 12 new IPOs raising a total of 20.5 billion yuan, a month-on-month increase of 1 [1] - The refinancing scale in November reached 12 billion yuan, with year-to-date A-share IPO scale up 95% year-on-year and refinancing scale up 363% year-on-year (70% increase after excluding large-scale placements) [1] - The demand for mergers and acquisitions remains strong, with 157 major restructuring events disclosed year-to-date, including 11 in November [1] - In terms of bond issuance, the cumulative underwriting scale has increased year-on-year, with November's core bond issuance (corporate bonds + enterprise bonds + convertible bonds) reaching 398.3 billion yuan, a year-to-date increase of 13% [1] Group 3 - In the Hong Kong stock market, equity financing has been active, with year-to-date IPO scale reaching 259.4 billion HKD, a year-on-year increase of 228%, and refinancing scale at 315.6 billion HKD, a year-on-year increase of 251% [2] - The China Securities Regulatory Commission has proposed measures to enhance the regulatory environment for overseas listings, which is expected to further improve financing convenience in the Hong Kong market [2] - The article highlights that the reform dividends are continuously being released, benefiting various businesses including investment banking [2]

在金融强国建设战略指引下，这场自上而下的行业整合，正书写着中国投行高质量发展的新篇章。 展望2026年，作为"十五五"开局之年，券商并购将以政策引导和市场化主导双轮驱动，呈现头部加速整 合、中小特色化集中。风险与机遇并存，目标是打造三至五家具有国际影响力的头部投行，行业头部集 中度大幅提升。 大整合元年 2025年，对券商并购来说，是真正的"大整合元年"。相比2024年，2025年万亿级合并出现，且速度更 快，目的更明确，对标国际一流投行。不仅如此，标志性案例覆盖行业各梯队，形成全方位、多层次整 合态势。 华夏时报记者 王兆寰 北京报道 岁聿云暮，2025年中国证券行业在并购重组浪潮中完成历史性跨越。从国泰君安与海通证券的强强联 手，到中金公司（601995）"三合一"的创新整合，一系列重磅案例重塑行业格局，标志着券业发展从规 模扩张向质量提升的深刻转型。 区域与特色券商的整合同样精彩纷呈。8月，国信证券（002736）收购万和证券获证监会核准，深投控 成为实控人，为区域性券商整合提供范本；西部证券（002673）入主国融证券获批，陕投集团拿下证 券、基金、期货控股权，西北区域协同版图进一步明晰。 中小券商中 ...

(责任编辑：康博) 中国经济网北京12月25日讯 今日，上海海通证券资产管理有限公司公告，投资总监董山青因工作 变动离任。 ...

Group 1 - Shanghai Guotai Haitong Securities Asset Management Co., Ltd. announced the appointment of Zuo Xiuhai as Vice President [1][2] - Zuo Xiuhai has extensive experience in the securities industry, having worked at Huabao Securities and Haitong Securities in various managerial roles since 2008 [1][3] - His previous positions include Manager of Trading Management Department, Manager of Retail and Online Finance Department, and Assistant General Manager of Wealth Management Center [1][3] Group 2 - Zuo Xiuhai joined Shanghai Haitong Securities Asset Management Co., Ltd. in May 2021 as Investment Director and Head of Portfolio Investment Department [1][3] - He holds a master's degree and has qualifications in securities and fund management [3] - The appointment took effect on December 24, 2025, and he is also the Deputy Secretary of the Party Committee at the company [1][3]