21世纪经济报道 记者 崔文静 伴随股市持续企稳，A股IPO生态正呈现出五大新变化。 变化一：IPO撤单量骤减。 2026年开年57天内，仅6家企业撤回申请，与2024年高峰时月均33家的水平相去甚远。 变化二，排队企业质量显著提升。 主板43家排队企业中，超九成最近一年净利润突破2亿元，是基准线的两倍；创业板超六成企业净利润达到主板1亿元的利润门槛。 变化三，监管问询细化，分类严查。 证监会2025年现场检查显示，20家被查企业无一撤回，六成仅存在信息披露规范性瑕疵。监管对小瑕疵予以包容，但对重大违法违规行为立案稽查，倒逼中 介机构在申报阶段就将模糊地带清晰化。 变化四，IPO质量为先，平稳提速。 尽管自2024年"924行情"以来股市持续回升，但2025年全年仅111家新股上市，比2024年多出12家，综合质量是IPO审核严抓重点。 变化五，北交所近期明显提速。 2026年开年57天已有11家新股上市，接近2025年全年一半，背后是换手率、市盈率等数据的全面改善。 据投行保代预测，2026年北交所IPO节奏有望恢复至年上市80家左右的水平，而其他板块短期内明显提速的空间有限。 ...

Founded in 1869, New York-based The Goldman Sachs Group, Inc. (GS) is a financial institution that provides a range of financial services for corporations, financial institutions, governments, and individuals in the Americas and internationally. Valued at a market cap of $270.6 billion, the company operates through Global Banking & Markets, Asset & Wealth Management, and Platform Solutions segments. Companies with a market cap of $200 billion or more are typically referred to as "mega-cap stocks." GS fir ...

Looking into the current session, Carlyle Group Inc. (NASDAQ:CG) shares are trading at $50.79, after a 0.20% drop. Over the past month, the stock fell by 15.63%, but over the past year, it actually went up by 2.58%. With questionable short-term performance like this, and great long-term performance, long-term shareholders might want to start looking into the company's price-to-earnings ratio. How Does Carlyle Group P/E Compare to Other Companies?The P/E ratio measures the current share price to the company' ...

TOP 10 EVENTS 作与基础量发展 中央金融委对外发布重磅意见 金融中心建设央地协作全面深化 2025年 上海国际金融中心建设 十大事件 THE TOP 10 EVENTS IN THE DEVELOPMENT OF SHANGHAI AS AN INTERNATIONAL FINANCIAL CENTER IN 2025 TOP 10 EVENTS 科创板设立成长层并实施"1+6"改革 资本市场服务新质生产力效能凸显 智通浦江 创领未来 债券市场"科技板"启动并配套创新工具 科创金融生态持续优化 跨境金融服务便利化水平全方位优化 离岸金融体系与市场开放稳慎推进 头部券商合并重组引领行业变革 金融机构体系能级显著提升 TOP 10 EVENTS 捕遊 啊 09:07:06 6个工 重组及期级上市 （文章来源：新华财经） TOP 10 EVENTS ff: 国际货币基金组织上海中心正式开业 国际交流合作取得新进展 ...

最近，求是网发布了一篇题为"健全投资和融资相协调的资本市场功能"的重要文章，引发了广泛关注。这篇文章虽然听起来像是专业金融人士的读物，但其 中蕴含的政策信号却与每一位企业老板的未来息息相关。 今天，我就用最直白的大白话，为大家深度解读这篇文章的精华内容，以及它将如何影响你和你的企业。 简单来说，就是要让融资者和投资者都能在这个市场中获得应有的回报，不再是一方受益、一方受损的零和游戏。这对于想要通过资本市场发展的企业来 说，意味着游戏规则正在发生深刻变化。 对企业老板意味着什么？ 1. 上市不再是"一锤子买卖" 过去有些企业把上市当作终点站，敲钟那天就是最高光的时刻，之后就"放飞自我"了。新政策明确强调，上市公司必须更加注重自身质量的提升和投资价值 的创造。 这意味着作为企业老板，你需要思考的不再仅仅是"如何上市"，而是"上市后如何持续创造价值"。监管层会通过严格的信息披露、常态化的退市机制等手 段，督促上市公司不断提升质量。 老板行动指南： 如果你的企业有上市计划，现在就要开始建立健全的公司治理结构，培养透明规范的运营习惯。别等到上市前夕才临时抱佛脚，那样很容 易在越来越严格的审核中暴露问题。 2. 融资渠道 ...

Core Insights - Euronext achieved double-digit growth in 2025, with underlying revenue and income increasing by 12.1% to €1,823.2 million, driven by non-volume-related businesses and resilient trading performance [2][14][24] - The company plans to accelerate the execution of its strategic initiatives in 2026, including diversifying its commodities franchise and enhancing its European capital market infrastructure [8][10][11] Financial Performance - Full year 2025 underlying revenue and income rose to €1,823.2 million, a 12.1% increase from 2024, with non-volume-related revenue accounting for 59% of total revenue [3][16] - Adjusted EBITDA for 2025 was €1,143.1 million, up 13.6%, with an adjusted EBITDA margin of 62.7%, reflecting disciplined cost management [4][19] - Reported net income increased by 9.8% to €642.9 million, resulting in a reported EPS of €6.34 [24][25] Revenue Breakdown - Securities Services revenue grew to €330.7 million, a 6.9% increase, driven by strong growth in custody and settlement services [4][13] - Capital Markets and Data Solutions revenue reached €669.3 million, up 12.1%, supported by contributions from Admincontrol and Advanced Data Solutions [4][30] - FICC Markets revenue increased by 16.2% to €342.8 million, while Equity Markets revenue grew by 11.7% to €410.0 million, reflecting robust trading activity [4][36] Cost Management - Underlying operating expenses (excluding D&A) were €680.1 million, a 9.6% increase, aligning with revised guidance [6][17] - Euronext expects stable underlying expenses for 2026 at around €720 million, with additional costs from acquisitions and strategic growth investments [7] Strategic Initiatives - Euronext made significant progress in its "Innovate for Growth 2027" strategic plan, including the acquisition of Admincontrol and the establishment of an integrated ETF market in Europe [9][11] - The company plans to enhance its European CSD model and expand its retail offerings, aiming to improve liquidity and access across European markets [53][54] Dividend Proposal - A dividend of €321.5 million will be proposed at the 2026 Annual General Meeting, representing 50% of 2025 reported net income, marking a 9.8% increase from 2024 [5]

Group 1 - The Value Lab focuses on long-only value investment strategies, aiming to identify mispriced international equities with a target portfolio yield of approximately 4% [1][2] - The Valkyrie Trading Society, a team of analysts, shares high conviction investment ideas that are downside limited and expected to yield non-correlated and outsized returns in the current economic environment [2] - The Value Lab provides members with real-time portfolio updates, 24/7 chat support, regular global market news reports, feedback on stock ideas, monthly new trades, quarterly earnings write-ups, and daily macro opinions [2]

Core Viewpoint - Main Street Capital Inc. (NYSE:MAIN) is currently experiencing a stock price of $59.88, reflecting a 0.74% increase, but has seen a decline of 5.85% over the past month and 4.31% over the past year, raising questions about its valuation despite current performance [1]. Group 1: P/E Ratio Analysis - The P/E ratio serves as a tool for long-term shareholders to evaluate the company's market performance relative to market data, historical earnings, and industry standards [2]. - Main Street Capital Inc. has a P/E ratio of 10.08, which is significantly lower than the Capital Markets industry's aggregate P/E ratio of 51.52, suggesting that shareholders may perceive the stock as underperforming compared to its peers or potentially undervalued [3]. - While a lower P/E ratio can indicate undervaluation, it may also reflect a lack of expected future growth, highlighting the need for a comprehensive analysis that includes other financial metrics and qualitative factors [4].

Core Viewpoint - The People's Bank of China, along with other regulatory bodies, has issued guidelines to establish a normalized financial support mechanism aimed at preventing poverty and promoting rural revitalization, in line with the directives from the 20th National Congress of the Communist Party of China [1][2]. Group 1: Financial Support Mechanism - The guidelines emphasize the need to develop a long-term financial support mechanism for key populations, optimize microcredit for impoverished individuals, and provide ongoing support to prevent poverty [1][2]. - Financial institutions are encouraged to create loans for specialized industries and increase the upper limit for entrepreneurial guarantee loans in eligible regions [2]. Group 2: Investment in Key Areas - There is a strong focus on enhancing financial resource allocation in critical sectors, particularly in grain and oil production, to improve agricultural productivity and quality [2]. - The guidelines call for increased long-term funding for rural infrastructure and support for the integration of agriculture, culture, and tourism [2]. Group 3: Financial Services and Innovation - The guidelines advocate for the development of supply chain financial services, such as accounts receivable financing, to meet the financial needs of the entire agricultural industry chain [2]. - Financial technology initiatives will be implemented to empower rural revitalization, including the promotion of mobile payment systems and the establishment of credit rating systems for rural entities [2]. Group 4: Collaborative Financial Strategies - The guidelines stress the importance of multi-faceted financial collaboration, encouraging local financial institutions in underdeveloped areas to issue special bonds for small and micro enterprises and agriculture [2]. - A comprehensive capital market support system will be constructed, continuing the "green channel" policy for company listings [2]. Group 5: Monitoring and Evaluation - The People's Bank of China will enhance collaboration with regulatory bodies to summarize effective practices in financial support and monitor the implementation of policies aimed at rural revitalization [3].

Ares is partnering with lenders including Park Square Capital and Sumitomo Mitsui Banking Corp. to provide the debt package https://t.co/TFh3zts46i ...