公告提示，本次交易事项能否最终实施完成及实施结果尚存在不确定性，敬请广大投资者注意投资风险。 嘉亨家化（300955）股票将停牌。 12月24日晚间，嘉亨家化（300955）发布公告称，公司控股股东曾本生正在筹划控制权变更相关事宜，该事项可能导致公司控股股东、实际控制 人发生变更。经公司向深圳证券交易所申请，公司股票（证券简称：嘉亨家化，证券代码：300955）自2025年12月25日（星期四）开市起停牌， 预计停牌时间不超过2个交易日。 资料显示，今日（12月24日），嘉亨家化股价盘中大涨，一度涨超13%，截至收盘，公司股价报41.51元/股，涨幅为8.32%。 公开资料显示，嘉亨家化主要从事日化产品OEM/ODM及塑料包装容器的研发设计、生产，具备化妆品和家庭护理产品的研发、配制、灌装及塑料 包装容器设计、制造的一体化综合服务能力。公司以日化产品OEM/ODM与塑料包装业务协同发展为策略，可为国内外知名日化企业提供日化产品 及配套塑料包装的一站式服务。业绩方面，今年前三季度，公司实现营业收入8.6亿元，同比增长24.42%；实现归母净利润-2950.05万元，同比转 亏。 | | 本报告期 | 本报告期比 ...

Core Viewpoint - The A-share market is experiencing a "new normal" in cash dividends, with an increasing number of companies adopting quarterly cash dividends and multiple distributions within a year, reflecting a shift towards enhancing investor returns and optimizing market ecology [1][5]. Group 1: Increase in Cash Dividends - As of December 23, 2025, the number of companies in the A-share market that distributed cash dividends in the third quarter reached 270, with expectations for further increases [2]. - The trend of quarterly cash dividends has been growing, with the number of companies distributing dividends in the third quarter rising from fewer than 10 before 2019 to 60 in 2023, and projections indicate a surge to over 300 in 2024 [2]. Group 2: Generosity in Dividend Payments - Companies are showing significant generosity in their cash dividends, with some, like Gigabit (603444), announcing a cash dividend of 6.00 yuan per share, totaling approximately 431 million yuan [3]. - Several companies reported cash dividend yields exceeding 2% for the third quarter of 2025 [3]. Group 3: Increase in Dividend Frequency - The number of companies conducting multiple cash dividends within a year has also increased, indicating a developing ecosystem for more frequent distributions [4]. - For instance, Yuyin Co. (002177) and 37 Interactive Entertainment (002555) have both implemented multiple cash dividend plans in 2025, showcasing the trend of increased distribution frequency [4]. Group 4: Impact on Market Ecology - Analysts believe that the enhancement of cash dividends will fundamentally change the A-share market's previous focus on financing over returns, promoting balanced development in investment and financing [5][6]. - Increased cash dividends are expected to reduce speculative trading and encourage long-term value investment, creating a virtuous cycle of financing, development, and returns [5][6]. - The rise in cash dividends is seen as a sign of market maturity and prosperity, with more companies participating in this trend likely to enhance the overall investment value in the market [6].

12月24日晚，嘉亨家化（300955）公告，公司于2025年12月24日收到控股股东曾本生的通知，获悉控股 股东曾本生正在筹划控制权变更相关事宜，该事项可能导致公司控股股东、实际控制人发生变更。 嘉亨家化表示，目前，该事项尚处于筹划中，存在重大不确定性，各方主体正在就具体方案、协议等相 关事项进行论证和磋商，具体情况以各方签订的相关协议为准。 该公司主要产品包括护肤类、洗护类、香水等化妆品，香皂、消毒液、洗手液等家庭护理产品，以及配 套的塑料包装容器，产品主要用于个人美容护肤、家庭清洁等领域，公司的主要客户为科赴、贝泰妮、 上海家化、郁美净、利洁时、维多利亚的秘密、多特瑞、宝洁、壳牌等国内外知名公司。 2025年前三季度，嘉亨家化营收8.596亿元，同比增长24.42%，净亏损2950万元。 国家统计局数据显示，2015—2024 年期间，我国化妆品零售总额总体保持增长趋势，2024 年我国化妆 品行业零售总额实现4356.5亿元，同比下降1.1%。2025年1—6 月我国社会消费品零售总额 245,458.4亿 元，同比上升5.0%，其中国内限额以上化妆品零售额2290.8亿元，同比上升2.9%。2025 ...

Core Viewpoint - The Shanghai Stock Exchange has released the first specialized guideline for bond trustee management, aiming to enhance proactive credit management by trustees throughout the bond product lifecycle, emphasizing the importance of credit as the lifeline of corporate bonds [1][3]. Group 1: Guideline Overview - The guideline outlines a roadmap for proactive credit management, detailing processes from monitoring to implementation and incentives, and provides tools and case studies for trustees [3]. - It encourages trustees to utilize market-based tools such as bond buybacks and communication with credit enhancement entities to improve issuer credit [3][4]. Group 2: Industry Impact - Since 2025, the corporate bond market has been active, with issuance reaching nearly 4.5 trillion yuan, a 20% year-on-year increase, indicating robust growth in innovative bond types [6]. - The total outstanding bonds in the Shanghai Stock Exchange market reached approximately 14 trillion yuan by the end of November 2025, making it one of the largest exchange bond markets globally [6]. Group 3: Role of Trustees - Trustees are transitioning from compliance supervisors to value discoverers, leveraging their unique advantages in identifying credit risks and opportunities [5][8]. - The guideline supports trustees in tailoring proactive credit management strategies based on the credit characteristics of different issuers [8]. Group 4: Organizational Mechanisms - The guideline encourages brokerages to develop internal business mechanisms that suit their organizational structures, with some teams located in investment banking and others in quality control [10]. - Effective incentives for proactive credit management are crucial for the transformation of traditional trustee models, with some firms considering performance-based rewards [10]. Group 5: Future Directions - The Shanghai Stock Exchange plans to further enhance the quality and efficiency of trustee management services, promoting a win-win situation for all market participants through market-oriented approaches [11].

（原标题：【24日资金路线图】电子板块净流入202亿元居首 龙虎榜机构抢筹多股） 12月24日，A股市场整体上涨。 1. A股市场全天主力资金净流入3.81亿元 5. 龙虎榜机构抢筹多股 今日A股市场主力资金开盘净流出16.46亿元，尾盘净流入1.29亿元，全天净流入3.81亿元。 2. 沪深300今日主力资金净流出32.72亿元 沪深300今日主力资金净流出32.72亿元，创业板净流入5.12亿元，科创板净流出14.48亿元。 3. 电子行业净流入202.38亿元居首 申万一级行业中，23个行业实现资金净流入，其中电子行业净流入202.38亿元居首。 4.德明利主力资金净流入9.55亿元居首 （注：此表为主力资金净流入统计，与上一张表及下一张表的机构净买入统计口径均不同） 截至收盘，上证指数收报3940.95点，上涨0.53%，深证成指收报13486.42点，上涨0.88%，创业板指收 报3229.58点，上涨0.77%，北证50指数上涨0.39%。A股市场合计成交18973.81亿元，较上一交易日减少 241.46亿元。 盘后龙虎榜数据显示，机构现身多股，其中天银机电等股票呈现机构资金净买入，章源钨业等股 ...

12月24日，北京进一步优化调整住房限购政策，其中提出，非京籍家庭购买五环内住房，连续社保或个 税缴纳年限从"3年"调减"2年"；购买五环外住房，年限则从"2年"调减为"1年"。多子女家庭在五环内购 买住房可再增加一套。同时，商业性住房贷款利率将不再区分首套住房和二套住房；公积金贷款二套房 最低首付比例由30%改为25%。 业内人士认为，此次北京新政在需求端精准破局，分层释放购房潜力成为政策核心发力点，将有效提振 市场信心。短期来看，五环外新房市场有望率先迎来成交回暖，二手房市场咨询量与成交量也将逐步回 升，形成"新房带动二手房、核心区域辐射外围区域"的修复格局。 北京优化调整房地产政策 12月24日，北京市住建委、市发改委、人民银行北京分行、北京住房公积金管理中心等4部门联合印发 《关于进一步优化调整本市房地产相关政策的通知》，自2025年12月24日起施行。 继中央经济工作会议提出"着力稳定房地产市场"后，北京出台了落实政策。 中原地产首席分析师张大伟认为，此次北京房地产新政是对中央经济工作会议精神的精准落实，通过需 求端与供给端的协同发力，为楼市注入积极动能。 在需求端，张大伟指出，分层释放购房潜力成为 ...

继中央经济工作会议提出"着力稳定房地产市场"后，北京出台了落实政策。 12月24日，北京进一步优化调整住房限购政策，其中提出，非京籍家庭购买五环内住房，连续社保或个 税缴纳年限从"3年"调减"2年"；购买五环外住房，年限则从"2年"调减为"1年"。多子女家庭在五环内购 买住房可再增加一套。同时，商业性住房贷款利率将不再区分首套住房和二套住房；公积金贷款二套房 最低首付比例由30%改为25%。 一是放宽非京籍家庭购房条件。将非京籍家庭购买五环内商品住房的社保或个税缴纳年限，由现行的"3 年"调减为"2年"；购买五环外商品住房的，由现行的"2年"调减为"1年"。 二是支持多子女家庭住房需求。二孩及以上的多子女家庭，可在五环内多购买一套商品住房，即：京籍 多子女家庭，可在五环内购买3套商品住房；在京连续2年缴纳社保或个税的非京籍多子女家庭，可在五 环内购买2套商品住房。 同时，进一步优化个人住房信贷政策，银行业金融机构根据北京地区市场利率定价自律机制要求和本机 构经营状况、客户风险状况等因素，在利率定价机制安排方面不再区分首套住房和二套住房，合理确定 每笔商业性个人住房贷款的具体利率水平。 另外，加大公积金支持住房 ...

Core Viewpoint - The People's Bank of China and eight other departments have jointly issued an opinion to enhance financial support for the construction of the Western Land-Sea New Corridor, focusing on improving the financial service system and increasing cross-regional and cross-border financial resource allocation [1] Group 1: Financial Resource Coordination - The opinion emphasizes increasing financial resource coordination, encouraging financial institutions to establish special service mechanisms and joint credit mechanisms for the corridor [3] - It supports the establishment of foreign financial institutions in the corridor region and encourages international financial organizations to set up operational centers [3] - The opinion calls for ensuring funding supply for infrastructure construction and enhancing support for logistics enterprises through diversified financial products [3] Group 2: Infrastructure and Trade Financing - Chongqing will establish a fund to support infrastructure and industrial park construction along the corridor, seeking strategic resource support from institutions like the Asian Development Bank [4] - The opinion aims to enhance the inclusiveness of financial services for small and medium-sized trade enterprises by developing specialized credit products and simplifying processes [4] Group 3: Cross-Border RMB Usage - The opinion proposes measures to facilitate cross-border trade settlement and expand the use of RMB, supporting banks in handling compliant trade settlements for quality enterprises [5] - It encourages banks to facilitate new types of offshore international trade settlement and simplifies foreign exchange registration procedures for qualified non-financial enterprises [5][6] Group 4: Digital Financial Services - A comprehensive financial service platform named "Central Bank Western Land-Sea Smart Integration" will be established to support the digital transformation of financial services [7] - The platform will include functions for financial policy promotion, enterprise financing matching, and financial data statistics [8] - The opinion also explores international cooperation in digital finance and supports the construction of cross-border e-commerce digital service platforms [8]

12月24日，A股市场整体上涨。 截至收盘，上证指数收报3940.95点，上涨0.53%，深证成指收报13486.42点，上涨0.88%，创业板指收 报3229.58点，上涨0.77%，北证50指数上涨0.39%。A股市场合计成交18973.81亿元，较上一交易日减少 241.46亿元。 1.A股市场全天主力资金净流入3.81亿元 | | 各板块最近五个交易日主力资金净流入数据(亿元) | | | | --- | --- | --- | --- | | 日期 | 沪深300 | 创业板 | 科创板 | | 2025-12-24 | -32.72 | 5.12 | -14. 48 | | 2025-12-23 | -76.96 | -89.34 | -15. 25 | | 2025-12-22 | 28. 91 | 20. 31 | -12. 07 | | 2025-12-19 | 9.88 | -38. 81 | 9.25 | | 2025-12-18 | -152.56 | -101. 40 | -7.88 | | | | 尾盘资金净流入数据(亿元) | | | 2025-12-24 | 4. 00 | 3 ...

Core Points - The release of the "Encouragement Directory for Foreign Investment (2025 Edition)" aims to optimize the direction of foreign investment in China, effective from February 1, 2026, replacing the 2022 version [1] Group 1: Encouragement of Foreign Investment - The new directory emphasizes encouraging foreign investment in advanced manufacturing, adding sectors such as nucleic acid drug development, zero-magnetic medical equipment, smart detection equipment, and key components for robotics [1] - It also promotes foreign investment in modern service industries, including new material technology platforms, high-end shipping services, virtual power plant operations, and various consumer services like pet care and sports tourism [1] - The directory encourages foreign investment in the central and western regions, northeastern areas, and Hainan Province, tailored to local resources and industrial advantages [2] Group 2: Policy Benefits and Implementation - Industries included in the directory will benefit from significant policy incentives, such as tax exemptions on imported equipment and preferential land supply for industrial projects [3] - In western regions and Hainan, foreign investors can enjoy a reduced corporate income tax rate of 15% [3] - The government plans to enhance the business environment for foreign investment by addressing issues faced by companies and facilitating investment cooperation [4]