Group 1 - Jiangsu Securities Regulatory Bureau issued a warning letter to Founder Securities for failing to fulfill due diligence obligations during the continuous supervision of Jiangsu Jingyuan Environmental Protection Co., Ltd.'s convertible bonds, which included not detecting the improper use of raised funds and inaccurate disclosures [1] - Founder Securities and its representatives Yuan Hongfei and Yang Risheng are held primarily responsible for the violations of the Securities Issuance and Listing Sponsorship Business Management Measures [1] - The company is required to submit a written rectification report to the Jiangsu Securities Regulatory Bureau within 30 working days of receiving the decision [1] Group 2 - This is not the first time Founder Securities has been warned by regulators since 2025 [2] - The China Securities Regulatory Commission (CSRC) found that Founder Securities had inadequate due diligence in certain corporate bond projects, with issues related to incomplete disclosures and improper fee charging [3] - The CSRC also issued warning letters to individuals Qu Fankai and Shi Guangnan for their responsibilities in the inadequate due diligence and failure to verify the accuracy of financial statements [4]

Core Insights - The core viewpoint of the article is that Huiyan Zhito, a financial technology service provider, has launched the "Huiyan Zhito Fundamental Intelligent System" to make quantitative investment technology accessible to a broader audience, addressing the complexities of the market and data overload [1] Group 1: Product Features - The system encapsulates complex quantitative logic into a visual data dashboard, integrating key functions such as intelligent conditional orders, grid trading assistance, and multi-factor stock selection pools [1] - The design emphasizes "explainable investment logic," providing users with risk warnings, financial report diagnostics, and valuation analysis to help them understand the methodology behind strategies rather than just receiving trading signals [1] Group 2: User Support and Future Development - The system aims to assist users in overcoming information overload and decision anxiety, helping them return to the essence of investing through a combination of tools, strategies, and investment education [1] - Huiyan Zhito plans to continue deepening the integration of AI and finance, breaking down the boundaries between data, tools, services, and investment education, evolving towards a personalized and intelligent service platform [1]

转自：中国证券报·中证网 值得注意的是，易控智驾所布局的"不持车"轻资产模式，使得公司营收与活跃矿卡数量已全面反超传统 的"持车"模式，公司不仅获得了紫金矿业、宁德时代、兖矿资本、德赛西威等产业巨头的战略投资与深 度合作，更在商业化落地与技术创新层面持续突破，展现出强劲的发展潜力。 车队规模及营收双增 更新后的招股书显示，易控智驾在运行的无人矿卡车队规模从6月份的1400余台增长到2000台以上，公 司已占据中国L4级矿区无人驾驶解决方案市场的近半份额。截至2025年9月末，公司解决方案已部署在 中国按年核定产能计12个最大露天煤矿中的7个。截至最后可行日期，公司已于中国西北地区两个露天 矿山运输项目分别部署了509台和488台无人矿卡，刷新了行业最大规模无人矿卡车队纪录。 从收入规模看，进入2025年，易控智驾基本面持续优化。2025年前三季度，公司实现收入9.21亿元，同 比增长103.76%；毛利达到6532.8万元。 业绩攀升背后，是易控智驾商业模式的成功蜕变：公司从持车模式向不持车模式的商业化转型，正带领 矿区无人驾驶产业从"资产运营"到"技术赋能"深刻转向。 一般来说，目前矿区无人驾驶解决方案主要 ...

据介绍，中信期货上海湖滨路分公司作为中信期货深耕区域市场的业务单元，此次落地项目是其践行普 惠金融责任、赋能县域产业的具体举措。项目的顺利推进，既发挥了期货市场的风险管理功能，也让金 融活水真正滴灌至田间地头，为兰坪县生猪养殖产业的稳定发展提供了专业支撑。 展望未来，中信期货相关人士表示，公司将持续深化"保险+期货"模式的落地应用，扩大项目覆盖范 围、丰富保障品类，以更精准的金融服务对接乡村产业需求，为巩固脱贫成果、推进乡村振兴贡献期货 力量。 中证报中证网讯(记者胡雨王超)近日，中信期货有限公司上海湖滨路分公司联合中国太平洋财产保险股 份有限公司，启动了在云南省怒江州兰坪县落地的"保险+期货"价格险项目，力争为当地生猪养殖产业 送上金融"定心丸"。 此次项目聚焦兰坪县生猪养殖户的核心经营风险，以饲料价格为保障标的，通过引入援滇资金覆盖项目 核心成本，实现了"政策资源+金融工具"的精准联动：一方面借助"保险+期货"模式，将饲料价格上涨风 险转移至期货市场，帮助养殖户锁定养殖成本、稳定经营预期；另一方面，项目依托援滇资金的加持， 大幅降低了当地农户的参与门槛，让金融保障服务真正"轻负担、广覆盖"地触达产业一线。 ...

Core Viewpoint - The company, Zhihua Technology, is launching its IPO with an expected total fundraising of HKD 4.3 billion, aiming to be the first global stock focused on general AI models, with a market capitalization projected to exceed HKD 51.1 billion [1][3]. Group 1: IPO Details - Zhihua plans to issue 37.42 million H-shares, with 1.87 million shares for public offering in Hong Kong and 35.55 million shares for international offering, priced at HKD 116.20 per share [1]. - The IPO is set to begin on December 30, 2025, and is expected to conclude on January 5, 2026, with the listing on the Hong Kong Stock Exchange scheduled for January 8, 2026 [1]. Group 2: Investment and Market Position - Zhihua has completed eight rounds of financing totaling over HKD 8.3 billion, attracting notable investment institutions as cornerstone investors, who plan to subscribe for HKD 2.98 billion, accounting for nearly 70% of the offering [3]. - The company ranks first among independent general model developers in China and second among all general model developers based on projected revenue for 2024 [3]. Group 3: Fund Utilization - Approximately 70% of the net proceeds from the IPO (around HKD 2.9 billion) will be allocated to research and development of general AI models to strengthen the company's competitive edge [4]. - About 10% (approximately HKD 420 million) will be used to optimize the company's MaaS platform, enhancing its foundational models and infrastructure [4]. Group 4: Revenue Growth and Business Model - Zhihua's revenue primarily comes from its MaaS (Model as a Service) model, which has shown exponential growth since its launch in 2021, with a significant increase in revenue contribution from this segment [5][6]. - The company reported revenues of HKD 57.4 million, HKD 124.5 million, and HKD 312.4 million for 2022, 2023, and 2024 respectively, achieving a compound annual growth rate of 130% [6]. Group 5: R&D Investment and Technological Leadership - Zhihua has consistently increased its R&D investment, with expenditures of HKD 84.4 million, HKD 528.9 million, and HKD 2.1954 billion for 2022, 2023, and 2024 respectively, totaling around HKD 4.4 billion [7]. - The company has developed the GLM series of models, which are updated every 3-6 months, maintaining a leading position globally [7]. Group 6: Market Outlook - The global AI market is projected to exceed USD 500 billion by 2027, with generative AI and related services expected to account for over 30% of this growth [8]. - Zhihua's listing marks a significant milestone for the AI model industry in China, entering a new phase driven by both technology and capital [8].

Group 1 - The core theme of the article is the emphasis on "reform" as a key driver for the development of the fund industry, aiming to enhance the overall competitiveness and attractiveness of public funds, thereby promoting high-quality industry growth [1] - The "Reform and Restructuring - 2025 High-Quality Development Conference for Public Funds and the 22nd Fund Industry Golden Bull Award Ceremony" was held on December 30 in Hongkou District, Shanghai, gathering representatives from government, finance, industry, academia, and research to discuss the new landscape of China's asset management industry [1] - The conference focused on the restructuring and opportunities within the fund industry under the main theme of high-quality development [1]

政银企协同搭建高效服务体系 中证报中证网讯(记者张鹏飞)"还旧贷"与"借新贷"之间的短期资金缺口，曾是不少中小微企业续贷路上 的"拦路虎"。如今，由济南市财政专项资金设立的中小微企业转贷引导基金，正通过政银企协同发力、 标准化服务升级与持续模式创新，为企业架起资金衔接的"桥梁"。记者获悉，自2017年启动以来，该基 金已累计为1093家次企业提供118.75亿元资金支持，以微利运营显著降低企业续贷成本，成为当地优化 营商环境、支持实体经济发展的重要金融支撑。 作为济南市创新金融举措的重要载体，中小微企业转贷引导基金由市财政安排专项资金设立，采用微利 市场化运营模式，旨在引导社会资本共同参与中小微企业金融服务。该基金由济南产发资本控股集团全 资子公司——济南经发中小企业服务有限公司(下称"经发中小")具体实施，凭借国有背景的公信力与专 业运营能力，构建起权责清晰、协同高效的管理架构。 据了解，这一转贷服务体系形成了"三位一体"的联动机制：济南市中小企业公共服务中心作为管理平 台，履行申请受理与监督考核等核心职能；经发中小作为实施机构，承担资金管理与合规审查等具体职 责；同时联合43家合作机构与30家合作银行，织 ...

Core Insights - The number of companies listed on the STAR Market reached 600, with a total market capitalization exceeding 10 trillion yuan [1] - The total funds raised through IPOs amount to 95.57 billion yuan, while refinancing raised 21.39 billion yuan, totaling over 110 billion yuan [1] - Among the 600 companies, 389 are recognized as national-level "specialized and innovative" enterprises, and 65 are designated as "single champion" demonstration enterprises in manufacturing [1] Company and Industry Summary - The STAR Market has continuously optimized its system to support the listing of more specialized "hard technology" companies [1] - As of now, the STAR Market has supported 60 unprofitable companies, 9 with special equity structures, 7 red-chip companies, and 22 companies listed under the fifth set of standards [1] - Among the 22 unprofitable companies, 22 have achieved profitability post-listing and have "delisted" from the unprofitable category [1] - There are 38 companies in the growth tier, with 6 new entrants including Moer Line, Muxi Co., and Heyuan Bio [1] - Of the 22 companies listed under the fifth set of standards, 21 have launched 48 drug or vaccine products, with one company having submitted a product listing application [1] - Nine companies have achieved their first profitability post-listing and have "delisted" from the unprofitable category [1]

Core Viewpoint - The strategic partnership between 361° and Tianjin University of Sport aims to enhance sports technology innovation and high-level talent cultivation, contributing to the development of a strong sports nation in China [1][2]. Group 1: Strategic Collaboration - 361° and Tianjin University of Sport signed a strategic cooperation agreement to share resources and complement each other's strengths [1]. - The collaboration will focus on the integration of education, research, and industry, establishing a comprehensive ecosystem for sports development [1][2]. - A "Tianjin University of Sport 361° Sports Technology Innovation Center" was launched to bridge academic research and industry practice [1]. Group 2: Youth Health and Product Development - The partnership includes a "1 Academy + 1 Platform + 4 Projects" initiative aimed at promoting youth physical health [2]. - 361° showcased creative products designed in collaboration with Tianjin University of Sport, merging campus culture with professional sports technology [2]. - A "Tianjin University of Sport Creative Products & 361° Brand Experience Center" will be established to enhance brand influence in the professional sports sector [2]. Group 3: Innovation and Quality Development - The collaboration reflects 361°'s brand strategy of prioritizing technology and brand [2]. - The partnership is expected to inject continuous innovation into China's sports industry, providing superior product experiences for sports enthusiasts [2][3]. - Both parties will explore areas such as public fitness promotion, event economy development, and brand co-creation to contribute long-term value to the sports strong nation strategy [3].

Core Viewpoint - Haimer Technology has announced a restricted stock incentive plan for 2025, aiming to strengthen the alignment of interests between its core team and the company's long-term development [1][2]. Group 1: Incentive Plan Details - The company plans to grant restricted stocks to no more than 107 individuals, totaling up to 41.065 million shares, which represents 8.05% of the company's total share capital at the time of the announcement [1]. - The grant price is set at 4.82 yuan per share, indicating a strategic move to enhance organizational cohesion and execution capabilities [1]. Group 2: Organizational Adjustments - Concurrently with the incentive plan, the company has optimized its organizational structure, establishing a new M&A Investment Department to enhance its professional capabilities in industrial investment and due diligence [2]. - Key personnel adjustments include the appointment of Liu Miao as the head of strategic investment management and the focus of former Vice President Ma Jun on international business expansion [2]. Group 3: Strategic Implications - The incentive plan is seen as a critical institutional arrangement in the company's strategic transformation, aimed at providing talent support for its dual-driven strategy of consolidating its main business and expanding into emerging sectors [1][2]. - Industry insiders believe that by binding the interests of the core team with the company's medium- to long-term goals, Haimer Technology is positioned to enhance operational efficiency and accelerate its layout in emerging fields [3].