银座股份公告，公司控股股东山东省商业集团有限公司自2025年8月22日起6个月内计划增持公司股份 520万股～1040万股，占总股本1%～2%。截至公告披露日，商业集团通过集中竞价已累计增持550.66万 股，占总股本1.06%，累计耗资3163.1万元。增持结束后，不会导致控股股东及实际控制人发生变化， 公司将继续关注增持进展并及时披露。 ...

Core Insights - The central theme of the news is the emphasis on innovation-driven economic growth in 2026, particularly through the enhancement of technology financial services as a key focus of the Central Economic Work Conference [1] Group 1: Innovation in Financial Services - The core of innovative technology financial services is to establish a virtuous cycle between technology, industry, and finance, ensuring that financial resources are accurately matched to the development needs of hard technology enterprises throughout their lifecycle [2] - In 2025, significant explorations were made in technology financial services, including the launch of the National Venture Capital Guidance Fund, which has reached a scale of one trillion yuan, focusing on seed, startup, and early-stage enterprises [1][2] - The expansion of financial asset investment company (AIC) equity investment trials to 18 cities nationwide aims to guide bank capital to invest early, small, and in hard technology [1][2] Group 2: Financing Mechanisms - The establishment of a knowledge property pledge financing mechanism is crucial, with initiatives such as trial programs for "pre-compensation" loans for light asset technology enterprises to gain more financing support [2][4] - The exploration of innovative financing tools includes the promotion of knowledge property pledge financing, which has shifted from being merely feasible to being more practical, with standardized processes for patent and trademark pledges [3][5] - The introduction of a bond market "technology board" has seen nearly 100 institutions issue over 250 billion yuan in technology innovation bonds within seven months [3] Group 3: Long-term Capital Cultivation - The government is focused on cultivating "patient capital" to guide long-term investments into early and mid-stage hard technology sectors, establishing a closed-loop system for fundraising, investment, management, and exit [9] - The National Venture Capital Guidance Fund is designed with a 20-year duration, directing 70% of its funds towards seed and startup phases, alongside optimizing state-owned capital assessments [9][10] - The capital market is expected to support hard technology enterprises in their IPO processes, with measures to enhance the inclusivity of unprofitable, high-R&D companies [10][11] Group 4: Collaborative Financial Models - The "investment-loan linkage" model encourages collaboration between banks and investment institutions, integrating credit lending with equity investment to share risks and returns [6][7] - The "insurance-investment linkage" model aims to combine insurance with investment to mitigate risks associated with technology financing, enhancing banks' willingness to lend [7][8] - In 2026, the expansion of the "investment-loan linkage" and "insurance-investment linkage" trials will prioritize regions with concentrated technology enterprises and active equity investment [8]

Core Viewpoint - The reform of small and medium-sized financial institutions in China is accelerating, with a focus on reducing quantity while improving quality, as highlighted by the central economic work conference's directive for 2025 [1][5]. Group 1: Reform Progress - By the end of 2025, over 100 small and medium-sized banks are expected to close, paving the way for reform, with seven provincial-level "giant" banks opening [1]. - As of December 30, 2025, 13 provincial-level associations have completed the establishment of provincial legal entities, with seven provinces launching new financial institutions [2]. - The restructuring of village banks has led to a significant reduction, with 99 village banks closed in 2024, accounting for nearly 50% of the total reduction in banking institutions that year [2]. Group 2: Challenges and Strategies - The small and medium-sized banks face challenges such as high risk concentration in economically lagging regions, with some institutions still having high non-performing loan rates [4]. - The government emphasizes a dual approach of risk management and transformation for local small and medium-sized financial institutions, aiming for both quantity reduction and quality enhancement [5]. - Experts suggest that successful reform hinges on improving corporate governance and operational stability within these institutions [5][6]. Group 3: Future Outlook - The reform of small and medium-sized banks is expected to deepen in 2026, with a focus on risk prevention becoming a regular practice [5]. - Recommendations for 2026 include completing provincial-level association reforms, optimizing ownership structures, and enhancing risk monitoring mechanisms [5]. - There is a call for a collaborative financial ecosystem where various types of financial institutions work together effectively, avoiding the pitfalls of focusing solely on larger entities [6].

两家外资保险资管公司获批落地上海！ 12月31日，上海金融监管局发布两则批复，同意友邦保险资产管理有限公司（下称"友邦保险资管"）、荷全保险资产管理有限公司（下称"荷全保险资 管"）开业，标志着我国金融业对外开放又一重要举措在沪落地，上海国际金融中心机构集聚性持续增强。 国家金融监督管理总局 新闻资讯 _ 政务信息 1 4 - 2 当前位置： 首页 > 政务信息 > 行政许可 > 派出机构 上海金融监管局关于荷全保险资产 沪金复〔2025〕 荷全保险资产管理有限公司筹备组: (六) 国家金融监督管理总局批准的其他业务; (七）国务院其他部门批准的业务。 《关于荷全保险资产管理有限公司开业的请示》及相关 一、同意荷全保险资产管理有限公司开业。 二、核准荷全保险资产管理有限公司英文名称为： Limited; 住所为： 上海市虹口区东大名路501号17层01-08 球人寿保险集团认缴并以货币资金方式一次性足额缴纳。 三、核准荷全保险资产管理有限公司业务范围如下: (一) 受托管理保险资金及其形成的各种资产; (二) 受托管理其他资金及其形成的各种资产; (三) 管理运用自有人民币、外币资金; (四) 开展保险资产管 ...

双林股份公告，董事、副总经理陈有甫持有公司48.13万股占0.08%，计划自公告披露后15个交易日后的 3个月内通过集中竞价方式减持不超过12.03万股，占公司总股本0.02%，减持原因为自身资金需求，所 减持股份来源于个人二级市场买卖、股权激励获授及权益分派送转所得。 ...

从"深化"到"持续深化"，资本市场投融资综合改革已连续两年跻身中央经济工作会议重点任务清 单。这一表述的升级，不仅标志着改革进入"深水区"，更彰显了国家在"十五五"开局之年推动资本市场 向纵深突破的坚定决心。 站在2026年的门槛上回望，A股总市值突破百万亿元、科技板块市值占比超四分之一、各类中长期 资金持有流通市值逾21万亿元——这一连串数字背后，是资本市场从"单向融资通道"向"投融资协同生 态"的历史性转变。 展望新的一年，随着注册制从"全面落地"走向"精细优化"、退市制度从"常态化"迈向"高效化"、多 层次市场体系从"成型"走向"成势"，资本市场将在服务科技创新、培育新质生产力、推动经济高质量发 展中扮演更加关键的角色。 持续深化资本市场投融资综合改革，其核心要义在于破解投融资结构失衡的深层矛盾。 刘斌对记者表示，当前以银行为主的间接融资仍占绝对主导，直接融资比重偏低，难以满足科技创 新和产业升级的多元化资金需求。改革的核心是打通"融资—投资—退出"全链条，从"融资主导"转 向"投融资并重"：既要提升资本市场对科技创新、新质生产力的融资适配性，扩大直接融资占比；也要 强化投资者保护、吸引长期资金入市，扭 ...

Core Viewpoint - The central economic work conference in 2025 emphasizes financial support for key areas such as expanding domestic demand, technological innovation, and small and micro enterprises, marking a shift from "total stability" to "structural reshaping" in financial regulation [1][2]. Financial Support Focus - Financial institutions will focus on addressing the "technology-industry-finance" bottlenecks, transitioning from "blood transfusion" support to "blood production" empowerment, ensuring that financial resources are precisely allocated to stimulate the economy [1][3][4]. Macro Perspective - Financial regulation is shifting from "total stability" to "structural reshaping," guiding funds away from over-concentrated real estate and traditional infrastructure towards higher marginal output areas like domestic demand, technological innovation, and small enterprises [4][5]. Micro Perspective - Differentiated financial tools will assist small and micro enterprises and tech companies in overcoming financing challenges, ensuring that financial resources effectively reach the economy's micro-level and innovation hubs [4][14]. Expanding Domestic Demand - The expansion of domestic demand faces structural bottlenecks on both the demand and supply sides, including high thresholds for consumer credit and insufficient financial support for specific consumption [7][8]. - The core of expanding domestic demand is "scenario-based empowerment + inclusive downscaling," focusing on customized financial products and enhancing financial infrastructure in rural areas [7][8]. Supporting Technological Innovation - Financing for technological innovation encounters three main challenges: light assets, long cycles, and high risks, necessitating a comprehensive financial service chain that covers all stages of enterprise development [11][12]. - The focus should be on "growth" rather than "assets," providing full-cycle financial services to tech companies and facilitating the integration of technology and industry [12][13]. Assisting Small and Micro Enterprises - Small and micro enterprises face financing barriers due to credit gaps, information asymmetry, and weak risk resistance, requiring a focus on digital credit empowerment and the integration of various data sources to enhance credit evaluation [14][15]. - The strategy should shift from "funding blood transfusion" to "capacity building," emphasizing cost reduction, resilience enhancement, and direct financing options [15].

Core Viewpoint - The reform of small and medium-sized financial institutions in China is accelerating, with a focus on reducing quantity while improving quality, as highlighted by the central economic work conference's emphasis on "deepening the reduction and quality improvement of small and medium financial institutions" [1][7]. Group 1: Reform Progress - By the end of 2025, over a hundred small and medium-sized banks are expected to close, paving the way for reform, with seven provincial-level "giant" banks opening [1]. - As of December 30, 2025, 13 provincial-level associations have completed the establishment of provincial legal entities, with significant progress in reforms across various provinces [3]. - The restructuring of village banks has led to a reduction of 99 village banks in 2024, accounting for nearly 50% of the total reduction in banking institutions that year [3]. Group 2: Risk Management and Structural Reforms - The reform paths for small and medium-sized financial institutions are becoming increasingly diverse, with various models being tested, such as the "village reform branch" initiated by major banks [4]. - The central government has set higher requirements for the reform of small and medium-sized financial institutions, emphasizing the need for both quantity reduction and quality enhancement [7]. - Experts suggest that the key to improving quality lies in enhancing the institutions' operational stability and service capabilities, with a focus on sound corporate governance [7][8]. Group 3: Future Outlook - The reform of small and medium-sized banks is expected to deepen in 2026, with ongoing risk prevention becoming a norm [7]. - Recommendations for future reforms include optimizing the ownership structure of small banks, enhancing risk monitoring mechanisms, and improving policy support to create a favorable external environment [7].

Counterpoint Research此前预测，长鑫存储2025年DRAM出货量将同比增长50%，在整体DRAM市 场的出货份额预计将从第一季度的6%提升至第四季度的8%，其中DDR5和LPDDR5产品占比将分别增 至7%和9%，公司有望成为全球增长最快的存储芯片厂商。 财务数据显示，2022年至2024年，长鑫科技营收分别为82.87亿元、90.87亿元及241.78亿元。而 2025年前三季度，营收同比增长近100%至320.84亿元。不过，长鑫科技仍在亏损中，据招股书披露， 公司至2025年6月30日累计未弥补亏损达408.57亿元。长鑫科技解释称，其未盈利原因主要来源于 DRAM行业规模导向显著，公司持续提升产能规模，厂房及产线建设等需要高额固定资产投入，而新增 产能带来的规模效应尚未完全显现。同时，DRAM行业具有极高技术门槛，公司研发投入增加。 历时两个多月，国内"内存一哥"长鑫科技集团股份有限公司（简称"长鑫科技"）冲刺科创板取得关 键进展。 12月30日，上交所官网显示，长鑫科技的科创板IPO申请已获受理。根据招股说明书（申报稿）， 公司拟募集资金295亿元。从募资规模来看，长鑫科技IPO ...

值得一提的是，一个多月前，"超盒算NB"在官网上线加盟通道，这也是其首次正式对外开放加盟。根据官方介绍，超盒算NB第一批开放加盟的城市为 上海、杭州、嘉兴和湖州四个城市，品牌加盟费为5万元每年（不含门店的装修、设备和保证金等费用）。加盟选址要求在大型居住社区或者成熟商圈，面 积为500平方米至650平米；加盟商需自行负责初步选址，品牌方将在此基础上协助进行评估把关。 在商品结构上，超盒算NB主打"精而全"。600～800平方米的门店内，精选约1500款高频刚需商品，涵盖生鲜、3R（即食即烹）、标品、冻品四大类， 覆盖了"开火做饭、即食即烹、休闲悦己、居家日用"四大核心场景，相当于"升级版菜市+零食店+水果店+烘焙店"的全能小超市，全方位满足社区居民的日 常所需。 马云飞/摄 年末将至，华南零售市场迎来重磅新玩家。12月31日，《国际金融报》记者获悉，盒马旗下平价社区超市品牌"超盒算NB"宣布正式进军华南市场，首 选东莞与深圳落子布局。三家新店均计划于2026年春节前正式开门营业。 据盒马方面透露，此次华南首秀，超盒算NB在东莞与深圳双城同步推进。深圳首店选址于宝安区沙井街道，东莞则将同时开出两家新店，分别位于 ...