在这样的背景下，企业对财资管理数字化、智能化的需求日益迫切。为加速推进司库体系建设，兴 业数金于2020年自主研发"兴业管家财资管理平台"，并于2021年正式上线。 记者了解到，兴业管家财资管理平台以"系统预警、用户体验、智能决策"为核心亮点，助力企业优 化资金管理流程、提高资金管理能力。截至目前，兴业管家财资管理平台累计上线客户数超4900户，交 易金额突破5.2万亿元。"下一步，我们将持续升级平台功能生态，为加快推动企业财务数字化转型提供 科技赋能。"上述负责人表示。 2022年，国务院国资委先后印发《关于推动中央企业加快司库体系建设进一步加强资金管理的意 见》《关于中央企业加快建设世界一流财务管理体系的指导意见》，明确要构建"统一管理、分级授 权"的司库管理模式，形成"分工明确、职责清晰、协同高效"的管理机制。随后，山东、海南、湖南、 江苏、贵州等地相继推出落地细则，进一步明确数字化司库体系建设的方向与要求。 然而，随着全球经济一体化的深入和企业规模的不断扩大，企业的财资管理面临着前所未有的挑 战。上述负责人指出，首先，企业往往在多家银行拥有多个账户，且境内外、本外币资金分散，难以实 现统一管理与实时监 ...

Core Viewpoint - The introduction of strategic placements in IPOs aims to attract long-term, stable strategic shareholders, but the current practice has allowed non-strategic investors to benefit, potentially undermining the original intent of the system [1][2][3] Group 1: Strategic Placement Mechanism - New IPOs have generated significant wealth effects, with some investors seeing profits exceeding 240,000 yuan on the first day of trading [1] - Strategic investors are allocated 20% of new shares at the IPO stage, with some receiving more shares than traditional institutional investors [1] - The intention behind strategic placements is to bring in investors with important strategic resources that can enhance the company's competitiveness and long-term value [2] Group 2: Current Issues with Strategic Placement - Current practices have allowed entities that do not meet the criteria of strategic investors, such as financial investors and related parties, to participate in strategic placements [2] - This situation raises concerns about the potential for strategic placements to become a channel for利益输送 (benefit transfer), rather than serving the intended purpose of supporting the company's development [2] - There is a call for stricter regulations to ensure that only genuine strategic investors are allowed to participate in strategic placements, thereby protecting the interests of smaller investors and maintaining market fairness [3]

Group 1 - The Japanese stock market is experiencing a strong rise, with the Tokyo Stock Price Index surpassing 3000 points and the Nikkei 225 Index exceeding 50000, driven by optimistic sentiments following the election of Prime Minister Sanae Takaichi and her growth-promoting policies [1] - The implementation of "Sanaenomics," which includes loose fiscal and monetary policies to stimulate domestic demand and enhance Japan's industrial competitiveness, is crucial for investors in 2026 [1] - Despite significant nominal wage increases driven by the "Shunto" labor negotiations, real wage growth remains below expectations due to inflationary pressures, particularly from rising food prices [1] Group 2 - Household consumption is gradually stabilizing, contributing to GDP growth and indicating rising wage growth expectations, supported by ongoing policy measures [2] - The anticipated "wage-price" cycle is expected to emerge, driven by labor shortages and increased participation of elderly and female workers, which will support domestic demand and household consumption in 2026 [2] - The Tokyo Stock Exchange has accelerated market restructuring since 2023 to enhance capital efficiency and improve stock prices, with a focus on growth markets and startups starting in 2025 [2] Group 3 - The Financial Services Agency of Japan is revising the Corporate Governance Code to strengthen accountability and effective capital allocation, which is expected to improve capital efficiency and profitability in the long term [3] - The Japanese stock market's rise has been primarily driven by AI and semiconductor-related stocks, with a few companies dominating the returns of the Nikkei 225 Index [3] - A market rotation is anticipated, shifting focus from overheated stocks to individual companies' fundamentals, with investment opportunities expected to arise from companies with robust long-term profit prospects across various sectors [4]

Group 1 - The central economic work conference emphasizes the importance of boosting consumption as a primary support for expanding domestic demand, with a plan to create three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots by 2027 [1] - The trillion-level sectors include elderly products, smart connected vehicles, and consumer electronics, while the hundred-billion-level hotspots cover baby products, smart wearables, cosmetics, fitness equipment, outdoor products, pet food, civilian drones, trendy toys, jewelry, and domestic fashion [1] - By 2030, the goal is to establish a high-quality development pattern characterized by a virtuous interaction between supply and consumption [1] Group 2 - The latest data from the National Bureau of Statistics shows that the total retail sales of consumer goods in the first three quarters of 2025 increased by 4.5% year-on-year, contributing 53.5% to economic growth, which is a 9% increase compared to the previous year [3] - There is a noticeable trend towards quality and personalized consumption among residents, shifting from "universal functionality" to "spiritual recognition" [3] Group 3 - The supply side is adjusting in terms of both quantity and quality, with over 230 million types of consumer goods available, and a significant increase in the supply of innovative products such as smart home devices and drones [5] - Despite improvements, there remains a mismatch between supply and demand, particularly in terms of personalized and high-end products, leading to a situation where desired products are not available [6] Group 4 - The current mismatch in supply and demand is characterized by three main issues: standardized products failing to meet personalized demands, a lack of high-end quality supply, and insufficient supply in emerging hotspots [6] - The new plan aims to address these mismatches by enhancing product variety, quality, and responsiveness, marking a shift from passive adaptation to proactive leadership in policy [6] Group 5 - The plan promotes flexible manufacturing and customization, encouraging the establishment of a digital system that connects user demand with intelligent design and flexible production across various industries [9] - The integration of artificial intelligence is highlighted as a key factor in reducing supply-demand mismatches and enhancing consumer experience [10] Group 6 - The plan emphasizes the importance of diversifying and personalizing supply in emerging sectors, particularly in rural areas, where there is a growing demand for high-quality products [12] - Innovations in leisure, sports, and health products are identified as new consumption opportunities, with a focus on multi-functional smart fitness equipment and health management products [13] Group 7 - The plan also aims to enhance the influence of traditional culture by promoting historical classic products and supporting the development of local specialty foods and traditional crafts [14] - New consumer interests in areas such as pets, anime, and trendy products are addressed, with strategies for expanding low-altitude tourism and automotive-related consumption [15]

Core Viewpoint - The exemption policy for new energy vehicle purchase tax, in place for ten years, will end on December 31, 2025, transitioning to a 50% tax reduction starting January 1, 2026, with the maximum exemption amount decreasing from 30,000 yuan to 15,000 yuan [1] Group 1: Policy Changes - The new purchase tax rate for new energy vehicles will be 5% after the adjustment, down from full exemption [1] - For vehicles priced at 300,000 yuan, the tax payable will be 15,000 yuan, while for those priced at 500,000 yuan, the tax will be 35,000 yuan after applying the maximum exemption [1] Group 2: Industry Response - Over twenty car manufacturers, including Li Auto, NIO, Chery, and others, have introduced "purchase tax guarantee" subsidy plans to mitigate consumer hesitation due to the policy change [4] - Xiaomi Auto has launched a year-end purchase tax subsidy plan, promising up to 15,000 yuan for users who lock in orders by November 30, 2023, if delivery is delayed to 2026 [4] - GAC Group and XPeng have also announced similar subsidy plans, with varying deadlines and subsidy amounts [4] Group 3: Market Trends - Despite the introduction of subsidy plans, the expected surge in market activity has not materialized, with a reported 8.1% year-on-year decline in retail sales of passenger vehicles in November [8] - The retail sales of fuel vehicles dropped by 22%, while pure electric vehicle sales increased by 9.2% [8] - Sales personnel have noted a general slowdown in consumer activity, attributing it to the cessation of national subsidies and a wait-and-see attitude regarding future policies [8] Group 4: Sales Performance - Some manufacturers are facing challenges in meeting their sales targets, with companies like NIO and Li Auto showing low completion rates of 62.6% and 56.6%, respectively [10] - In contrast, XPeng has met its annual sales target, while other companies like Leap Motor and BYD have exceeded 90% of their targets [10]

Regulatory Actions - The China Banking and Insurance Regulatory Commission (CBIRC) has imposed strict penalties on Anxin Property Insurance Co., Ltd. for multiple violations, including failure to use approved insurance terms and rates, and submitting false claims data [1] - Anxin Insurance is prohibited from accepting new credit guarantee insurance business for 36 months, short-term health insurance for 24 months, and vehicle insurance for 6 months [1] - A total of 14 individuals received warnings and fines amounting to 770,000 yuan, with several individuals banned from the insurance industry for periods ranging from 6 to 11 years [1] Financial Performance - Anxin Insurance's business income from 2016 to 2021 showed significant fluctuations, with net losses recorded each year, culminating in a loss of 276 million yuan in 2021 [2] - The company has faced stagnation in business development, with negative insurance income reported in 2022, 2023, and the first three quarters of 2024 [2] - As of the end of Q3 2024, Anxin Insurance reported a net asset value of -735 million yuan and a solvency ratio of -871.59%, indicating severe financial distress [2] Corporate Changes - In March 2024, Anxin Insurance relocated its registered office from Beijing to Suzhou, Jiangsu Province, amid speculation of potential state-owned enterprise involvement [2] - In September 2024, the CBIRC approved the establishment of Suzhou Dongwu Property Insurance Co., Ltd., which is believed to be related to the risk management efforts concerning Anxin Insurance [3] - Dongwu Insurance has a registered capital of 2 billion yuan and will operate under the supervision of the Jiangsu Financial Regulatory Bureau, with a broad range of insurance services planned [3]

Regulatory Actions - The Financial Regulatory Bureau has imposed penalties on Anxin Property Insurance Co., Ltd. for multiple violations, including failure to use approved insurance terms and rates, and submitting false claims data [1] - Anxin Insurance is prohibited from accepting new credit guarantee insurance business for 36 months, short-term health insurance for 24 months, and vehicle insurance for 6 months [1] - A total of 14 individuals received warnings and fines totaling 770,000 yuan, with several individuals banned from the insurance industry for periods ranging from 6 to 11 years [1] Company Performance - Anxin Insurance has experienced stagnation in business development, with insurance revenue and net losses fluctuating significantly from 2016 to 2021, culminating in a net loss of 276 million yuan in 2021 [2] - In recent years, the company reported negative insurance revenues and continued net losses, with figures of -17.86 million yuan in 2022, -4.3 million yuan in 2023, and -0.134 million yuan in the first three quarters of 2024 [2] - As of the end of Q3 2024, Anxin Insurance's net assets were -735 million yuan, with a core solvency ratio of -871.59%, indicating severe insolvency [2] Corporate Restructuring - In March 2024, Anxin Insurance relocated its registered office from Beijing to Suzhou, with market speculation about potential state-owned capital involvement [2] - In September 2024, the Financial Regulatory Bureau approved the establishment of Suzhou Dongwu Property Insurance Co., Ltd., which is believed to be related to the risk management of Anxin Insurance [3] - Dongwu Insurance has a registered capital of 2 billion yuan and is set to operate under the supervision of the Jiangsu Financial Regulatory Bureau, with a wide range of insurance services planned [3]

Core Viewpoint - The Financial Regulatory Bureau is seeking public opinion on the draft "Insurance Company Asset-Liability Management Measures" to enhance asset-liability management capabilities and regulatory oversight in the insurance industry [1]. Group 1: Asset-Liability Management Goals and Principles - Insurance companies must assume primary responsibility for asset-liability management, adhering to principles of comprehensive coverage, reasonable matching, prudent stability, and coordinated management to effectively prevent asset-liability mismatch risks [5]. Group 2: Governance Structure - The governance structure for asset-liability management should include a board of directors with ultimate responsibility, senior management leading directly, and a coordinating department for asset-liability management, with functional departments collaborating and internal audit overseeing [5]. Group 3: Policies and Procedures - Insurance companies are required to develop asset-liability management plans that enhance linkage across business planning, product development, pricing, insurance management, asset allocation policies, and major investments, including conducting stress tests and back-testing [5]. Group 4: Regulatory and Monitoring Indicators - New regulatory indicators will be established, including effective duration gap, comprehensive investment yield coverage ratio, net investment yield coverage ratio, and liquidity coverage ratio under stress scenarios, with clear threshold values [7]. Group 5: Supervision and Management - The measures will enhance supervision by clarifying information reporting, third-party audits, and capability assessments, allowing regulators to take necessary actions or impose administrative penalties as needed [5][7]. Group 6: Changes Compared to Previous Regulations - The new measures integrate previous regulations into a more complete regulatory framework, addressing the evolving external environment and internal conditions of the insurance industry, with new accounting standards set to be implemented by 2026 [6].

与此同时，丁德胜、赵瑜纲、崔勇、张洪涛、蒋健等被撤销任职资格；丁德胜、赵瑜纲、崔勇、梁 志勇、蒋健等遭终身禁止进入保险业，张洪涛被禁止进入保险业15年，陈慧被禁止进入保险业5年，于 凌雁、张洪新、郭滨、谢民等被禁止进入保险业1年。 又有保险资管收罚单。 12月19日，金融监管总局披露的行政处罚信息公示列表显示，华夏久盈资产管理有限责任公司（下 称"华夏久盈资产"）因未按照规定运用保险公司资金等违法违规行为，被处罚款70万元，陈淑翠被禁止 10年进入保险业。 这并非华夏久盈资产年内第一次被罚。今年6月，该公司因关联方报告中存在虚假记载和重大遗 漏、协助其他机构违规大幅虚增偿付能力、违规运用资金造成重大损失等违法违规行为，25名责任人员 被金融监管总局警告，并罚款共计266万元。 2020年7月，原银保监会依法对天安人寿、华夏人寿、天安财险、易安财险等4家"明天系"保险机构 实施接管，接管期限一年。2021年7月，原银保监会发布公告称，决定延长上述接管期限一年，至2022 年7月止。 在被接管的4家险企中，华夏人寿是体量最大的一家，风险处置情况也一直备受市场关注。 2025年5月，华夏久盈资产披露公告称，原股东华 ...

张毅君现场表示，"市场收入与用户规模同步增长主要原因：一是移动游戏品质提升，新品市场表 现出色；二是多款头部长青游戏创新玩法、优化运营；三是小程序游戏增长强劲；四是产品多端互通， 玩家数量得以扩张。" 作为中国游戏产业的风向标，中国游戏产业年会一期一会，系统性梳理了行业前沿动态，并深入探 讨未来发展路径。 整体而言，当前游戏行业已进入政策与市场协同驱动的发展新阶段。政策端，国家层面持续释放对 游戏行业的积极信号——游戏产业被定为文化与科技融合的重要载体；各地方政府积极推出专项扶持政 策与资源配套；与此同时，游戏版号发放也实现常态化、稳定化。 而结合与会嘉宾分享，可以窥见，行业层面，围绕"精品化"与"全球化"两大战略的深度布局正在持 续——各大游戏厂商一面在积极布局出海，"掘金"海外市场；一面加速引入AI等前沿技术，提升生产效 率与内容品质…… 出海需因地制宜 12月19日，2025中国游戏产业年会大会在上海市徐汇区举办，中国音像与数字出版协会第一副理事 长、游戏工委主任委员张毅君在会上发布了《2025年中国游戏产业报告》。 2025年，国内游戏市场实际销售收入3507.89亿元，同比增长7.68%；用户规模6 ...