本期债券由中国国际金融股份有限公司担任牵头主承销商，招商证券股份有限公司与中信建投 （601066）证券股份有限公司担任联席主承销商。 本期债券分两个品种发行。品种一(债券简称：25招商银行科创债01，代码：2528029)为3年期浮动利率 债券，实际发行总额35亿元，首期票面利率为1.82%，利率每3个月根据基准利率重定价调整。品种二 (代码：2528030)为5年期固定利率债券，实际发行总额15亿元，票面利率为1.82%。 经济观察网中国货币网12月4日消息，招商银行（600036）股份有限公司于2025年12月3日成功发 行"2025年招商银行股份有限公司第一期科技创新债券(债券通)"，本期债券发行总额合计50亿元，为首 批面向科技创新领域并通过债券通机制发行的专项金融债券之一。 ...

本期证券总规模为人民币650,645,000元(约6.51亿元)，其中通过公开簿记建档方式发行的优先档证券规 模为465,000,000元(4.65亿元)。优先档证券(证券简称：25恒润1优先，证券代码：2589454)票面利率定 为1.80%，采用固定利率计息，预期到期日为2026年5月26日。次级档证券(证券简称：25恒润1C，证券 代码：2589455)规模为185,645,000元。 本期证券由华能贵诚信托有限公司担任受托人及发行人，招商证券股份有限公司作为主承销商及簿记管 理人。 经济观察网中国货币网12月4日消息，恒丰银行作为发起机构的"恒润2025年第一期微小企业贷款资产支 持证券"于2025年12月3日成功发行。 ...

经济观察网中国货币网12月4日披露信息显示，江西银行股份有限公司将于2025年12月9日发行"江西银 行股份有限公司2025年金融债券"。 本期债券发行规模为人民币40亿元，期限3年。经东方金诚国际信用评估有限公司评定，发行人江西银 行的主体信用等级及本期债券信用等级均为AAA级。本期债券的牵头主承销商及簿记管理人为中国国 际金融股份有限公司。 ...

Core Points - Jiangsu Bank issued a new financial bond on December 3, 2025, with a total issuance amount of 5 billion yuan and a coupon rate of 1.87% [1] Group 1 - The bond is a 3-year floating rate bond [1] - The issuance is part of Jiangsu Bank's ongoing financing strategy [1]

经济观察网根据TrendForce集邦咨询最新发布的存储现货价格趋势报告，DRAM方面，现货市场市况持 续波动，DDR4的颗粒报价持续上扬，整体报价仍高于DDR5。虽然价格已经处于高位，但尚未观察到 价格回跌迹象。主流颗粒DDR41Gx83200MT/s在本周(11月26日–12月2日)的价格涨幅为10.73%。NAND 现货市场，在预期供应将极度吃紧且后续价格仍会上涨的心理驱动下，现货市场已出现单日多次调整报 价的情况。本周512Gb TLC wafer现货价格上涨5.90%，单价达9.607美元。 ...

Core Insights - The Hong Kong Investment Company has officially released its first annual report for 2024, marking a significant milestone since its establishment [1] Financial Performance - As of December 31, 2024, the total asset size of the company is HKD 64.007 billion, with less than 20% of the initial capital invested in projects [1] - The company achieved investment income of HKD 2.345 billion and recorded an operating profit of HKD 2.252 billion [1] Investment Allocation - The investment allocation in the hard technology sector is notably high at 71%, while investments in life sciences and new energy/green technology account for 13% and 11% respectively [1]

Core Insights - The seminar titled "Trade Compliance 'Pitfall Guide' - From Policy Interpretation to Practical Implementation, Responding to Sanctions and Supply Chain Compliance Risks" was successfully held by King & Wood Mallesons and LCOUNCIL in Beijing, attracting nearly 100 corporate legal and compliance professionals [1] - The evolving global trade landscape presents challenges such as sanction risks, supply chain restructuring pressures, and export control challenges, making compliance a critical issue for international business survival and development [1] Group 1: Opening Remarks - Xu Ping, Managing Partner of King & Wood Mallesons, emphasized the need for companies to systematically review their equity, business, and supply chain structures in light of increasing geopolitical and supply chain risks [2] - She introduced the recently published "Overseas Greenfield Investment Legal and Practical Guide," which provides practical guidance for risk identification and rights protection during the overseas expansion process [2] Group 2: Keynote Presentations - Jing Yunfeng, Partner at King & Wood Mallesons, reviewed key dynamics and enforcement trends in U.S. sanctions and export controls for 2025, advocating for a proactive risk assessment mechanism [3] - Yao Lijuan, Partner at King & Wood Mallesons, discussed strategies for global investment layout and supply chain adjustments, highlighting the importance of optimizing structures for risk diversification and business resilience [3] - Zheng Yinying, Partner at King & Wood Mallesons, focused on recent enforcement trends in China's export controls, emphasizing the core requirements of the legal framework and the importance of local compliance [3] - Hou Peng, Partner in the Dispute Resolution Department, analyzed representative cases of counter-sanction litigation, providing insights on how companies can use legal tools to defend their rights against unfair sanctions [3] Group 3: Interactive Session - Participants engaged in in-depth discussions with lawyers about specific challenges faced in their businesses, finding the seminar's content practical and comprehensive [4] - The seminar showcased King & Wood Mallesons' expertise and leading position in cross-border compliance, international trade, and dispute resolution [4] - The firm aims to continue supporting businesses in identifying risks and seizing opportunities in uncertain environments [4]

经济观察网 据央视财经，英国媒体2日报道，英国多个养老基金正在缩小对美国股票的风险敞口，原因 是担忧美国人工智能领域泡沫已经过大。据英国《金融时报》报道，近几个月来，英国多个养老金项目 一直在把投资转向美国以外的市场，或针对美股可能下跌而增强保护措施。这些养老金项目为数百万英 国储户管理着总计超过2000亿英镑（约合1.9万亿元人民币）的资产。《金融时报》的报道指出，美国 纳斯达克综合指数今年以来上涨超20%，自2023年初以来已上涨一倍以上。纳斯达克综合指数主要由英 伟达、谷歌母公司字母表和Meta等大型科技企业的股价推动。英国央行行长贝利日前警告，这些美国 科技股估值过高。 ...

Core Viewpoint - The new mandatory national standard for electric bicycles (GB17761—2024) has been implemented, leading to the prohibition of the sale of old models, while the market supply of new standard vehicles is still in its early stages, resulting in limited model choices and price increases for consumers [1][2]. Group 1: New National Standard Requirements - The new standard imposes stricter requirements on speed, fire resistance, and positioning systems compared to the 2018 version, with a maximum speed limit of 25 km/h for electric bicycles [2]. - Manufacturers are now required to implement anti-tampering mechanisms to prevent speed modifications, and vehicles exceeding the speed limit will automatically cut off power [2]. - The new standard mandates the use of higher-grade flame-retardant materials for key components and sets clear technical specifications for battery safety, including thermal runaway protection and short-circuit protection [2]. Group 2: Market Supply and Pricing - Many stores in Shanghai report low inventory levels of new standard electric bicycles, with most displaying only one model and stock often limited to around 10 units [3]. - Prices for new standard electric bicycles have increased by 300 to 500 yuan compared to old models, with some high-end models seeing price hikes of up to 1,000 yuan due to upgraded materials and features [3]. - The transition period between old and new standards is causing delays in the availability of more new models, with many stores indicating that additional models may not be available until next year [3][4]. Group 3: Online Sales and Consumer Behavior - Online sales channels reflect a tight supply of new standard vehicles, with many brands offering only 1-2 models and showing "out of stock" in various regions [4]. - The transition period has led to a temporary surge in sales of old models before the new standard took effect, but current sales of new standard vehicles are low [5][6]. Group 4: Market Trends and Company Responses - The market is witnessing a shift towards electric motorcycles, which are selling better than new standard electric bicycles, indicating a potential new opportunity for dealers [7]. - Companies like Ninebot and Aima are adapting to the new standard by focusing on electric motorcycles and emphasizing the need for quality control and smart features in their new products [8]. - Aima believes that the new standard will concentrate market share among leading companies and accelerate the industry's upgrade towards higher quality and smart products [8].

手机屏幕亮度参数再高，还要看真实体验。近日，有媒体在新疆喀什发起了一场手机屏幕强光挑战。在帕米尔高原户外强光直射下，12款2025年主流手机同 台竞技。结果显示，华为Mate 80 Pro Max无论是在模拟看图片玩游戏的全局亮度测试，以及模拟视频高光的峰值亮度测试中，均做到了画面通透、细节尽 显，领先于其他参与机型。#Mate80超透亮灵珑屏#以双层OLED结构，实现了亮度与功耗的双重飞跃，真正做到了在各种极端光照环境下，都能提供清晰舒 适体验的#Mate80神级好屏#。 ...