刘晨明认为，投资黄金的关键在于"拿得住"。为克服人性弱点并规避择时风险，定投是一个很好的参与 方式。通过分批买入平摊成本，在低位积累筹码，通过定投以时间换空间，耐心等待每一次脉冲带来的 资产跃升，才是稳健的取胜之道。 中证报中证网讯(记者王鹤静)12月30日晚间，广发证券发展研究中心所长助理、首席策略分析师刘晨明 在中国证券报"金牛来了"直播间分享了对于黄金投资的思考。 刘晨明提示，投资者需要认清，黄金主要呈现急涨慢跌的走势特征，金价往往在经历漫长的盘整或缓慢 阴跌后，才会出现短时间的脉冲式拉升。这意味着市场大部分时间是枯燥甚至煎熬的，如果试图频繁做 波段，可能极易"卖飞"错过主升浪。 ...

Core Viewpoint - The eighth session of the Risk Management Professional Committee of the China Securities Association aims to enhance the industry's risk management capabilities and ensure sustainable development while preventing systemic financial risks [1][3]. Group 1: Committee Meeting Outcomes - The first plenary meeting of the new committee was held on December 24, 2025, in Beijing, discussing key work for 2026 and announcing the appointment of new committee members [1]. - The previous committee achieved significant results in improving the comprehensive risk management system and enhancing the industry's risk management capabilities [1]. Group 2: 2026 Key Work Focus - The committee emphasizes the need to respond proactively to the current era and align with the strategic deployment of the "14th Five-Year Plan" in the financial sector, focusing on risk prevention, regulatory strengthening, and promoting high-quality development [2]. - Continuous improvement of the self-regulatory rule system is prioritized, with a focus on revising risk management regulations to create a comprehensive and efficient self-regulatory framework [2]. - The committee will strengthen risk prevention in key areas by identifying risk control challenges and promoting advanced experiences to enhance overall industry risk management capabilities [2]. - There is a push for exploring emerging technologies like artificial intelligence and blockchain in risk management to improve the industry's ability to handle new and complex risks [2]. - Establishing a regular communication platform for industry training and information sharing is essential to foster a collaborative risk management ecosystem [2]. Group 3: Future Directions - The China Securities Association will continue to implement the spirit of the 20th Central Committee's Fourth Plenary Session and the Central Economic Work Conference, enhancing the committee's role in improving the comprehensive risk management system [3]. - The focus will be on guiding securities firms towards proactive risk control and elevating the industry's risk management standards to support high-quality development during the "14th Five-Year Plan" period [3].

Core Viewpoint - The article emphasizes the importance of financial culture in driving the healthy development of the economy, highlighting HuLong Securities' commitment to social welfare, customer wealth creation, shareholder returns, and employee value realization [1] Group 1: Financial Services and Innovation - HuLong Securities focuses on serving the real economy, particularly in the technology innovation sector, by participating in initiatives like the "Yuruyi Plan" in Gansu Province, investing over 1.3 billion yuan in advanced manufacturing and biomedicine through various financial instruments [1] - The company has successfully assisted in the listing of cloud-based technology companies on the Beijing Stock Exchange and has issued innovation bonds and established industry funds to support local tech enterprises [1] Group 2: Green Finance - HuLong Securities integrates the concept of "green mountains and clear waters are invaluable assets" with a prudent financial culture, supporting regional green transformation [2] - The company acted as a financial advisor in the major asset restructuring of Gansu Energy, completing a 7.6 billion yuan asset transfer and 1.9 billion yuan financing, facilitating its transition to a comprehensive energy company [2] Group 3: Inclusive Finance - The company emphasizes its commitment to inclusive finance as a means to enhance social welfare, empowering small and micro enterprises through diverse channels and innovative educational models [2] - HuLong Securities has invested over 7.5 million yuan in support initiatives for regions like Gannan and Tianshui, and its team won second place in a national investor rights knowledge competition [2] Group 4: Pension Finance - In response to societal aging demands, HuLong Securities has initiated a fund for the development of the pension service industry, investing 450 million yuan to support the construction of the pension system [3] - The company has introduced financial products tailored for elderly needs and developed a comprehensive pension finance service system, including educational initiatives for seniors [3] Group 5: Digital Finance - HuLong Securities embraces digital transformation while maintaining compliance, enhancing service efficiency through initiatives like "one machine handles all" and local deployment of financial AI models [3] - The company applies cutting-edge technology in risk management and investment decision-making, ensuring high-quality development while adhering to risk management principles [3] Group 6: Future Outlook - Looking ahead, HuLong Securities aims to uphold the banner of Chinese financial culture, focusing on compliance, integrity, professionalism, and win-win cooperation, while enhancing service capabilities to support the real economy [4] - The company is committed to preventing systemic risks and contributing to the modernization of Gansu Province through its financial initiatives [4]

Group 1 - The core collaboration between Fangda Carbon and Beijing University of Science and Technology focuses on the research and development of electric arc furnace direct reduction iron technology, aiming to address key technological bottlenecks in the low-carbon transition of the steel industry [1] - The project aims to provide low-carbon, clean, and high-quality iron source solutions for electric furnace steelmaking by evaluating energy consumption, energy utilization efficiency, metal recovery rate, carbon emissions, and iron water quality [1][3] - Fangda Carbon has established a complete industrial chain with an annual production capacity of 260,000 tons of carbon products, exporting to over 60 countries and regions globally [2] Group 2 - The electric arc furnace direct reduction iron (DRI) technology is expected to reduce carbon dioxide emissions by approximately 75% compared to traditional steelmaking processes [3] - The company plans to leverage this project to enhance collaborative innovation between industry and academia, contributing to the deep decarbonization of the steel industry [3] - Fangda Carbon has developed high-performance graphite electrodes and carbon bricks that improve melting efficiency and operational continuity, supporting the economic scalability of DRI production [2]

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]