2025.12.21 本文字数：2933，阅读时长大约5分钟 作者 |第一财经 周楠 2025年即将收官，两家老牌证券投顾机构却在年末遭遇"摘牌"。 证监会官网近期披露，对青岛大摩证券投资有限公司（下称"大摩投资"）罚款300万元并撤销其证券投 资咨询业务许可，处罚原因是该机构存在未按规定保存且毁损有关文件和资料等行为。 披露显示，在长达两年时间里，大摩投资向监管报送的资产负债表等存在重大遗漏，导致累计漏报营收 4.85亿元。 在此之前，11月初，另一家老牌投顾机构也被"摘牌"。据披露，北京中方信富投资管理咨询有限公司 （下称"中方信富"）被撤销证券投资咨询业务许可，公司与时任董事长被合计罚款360万元。 大摩投资、中方信富均成立超20年，如今为何被逐出投顾行业？第一财经关注到，近年来，2家机构及 旗下分公司均屡屡被罚，中方信富在去年曾被暂停新增客户12个月，监管直指该机构存在员工无证执 业、误导营销、承诺收益等问题。 今年以来，A股在结构性震荡中走出"慢牛"行情，得益于市场活跃度提升，证券投顾机构迎来一波"冲 业绩"的好机会，然而，违法违规行为却令多家机构招致重罚。据记者初步统计，年内超10家投顾机构 曾被 ...

Core Viewpoint - China's goods trade surplus reached a historic milestone of 1.08 trillion USD in the first eleven months of 2025, marking the first time it has surpassed 1 trillion USD, despite facing challenges from U.S. tariffs and global trade restructuring [1] Group 1: Trade Performance - China's exports amounted to 3.41 trillion USD in the first eleven months, reflecting a year-on-year growth of 5.9% [1] - The trade surplus is primarily from goods trade, with a service trade deficit of approximately 230 billion USD, indicating that the overall trade imbalance may not be as significant as perceived [9][11] - The current account surplus as a percentage of GDP remains below the 4% threshold, suggesting that the trade surplus is manageable [9][10] Group 2: Economic Policy and Strategy - The Central Economic Work Conference emphasized the need for structural reforms to boost domestic demand while addressing external pressures, highlighting the importance of balancing internal stability with external challenges [7][15] - The strategy of "external pressure promoting internal reform" is crucial, as external challenges can drive necessary domestic structural changes [7] - The focus on expanding domestic demand has been prioritized, with a clear policy framework for the service sector, which is essential for economic resilience [4][15] Group 3: Manufacturing and Competitiveness - China's manufacturing sector has not been adversely affected by the trade war, maintaining and even increasing its global market share outside the U.S. [4][5] - There is a need for Chinese enterprises to enhance their competitiveness by transitioning from manufacturing to setting industry standards, which will help in establishing a more resilient supply chain [5][6] - The increase in value-added exports is critical, as it reflects the benefits derived from exports, including profits, wages, and taxes [11] Group 4: Future Outlook - The geopolitical landscape is shifting, with increased economic pressure expected from non-U.S. countries, necessitating a focus on regional economic integration [8][14] - The outlook for foreign trade remains stable, but its contribution to economic growth may diminish, necessitating a greater emphasis on domestic consumption and investment in 2026 [18][19] - The potential for inflation in the U.S. could impact global markets, including China's trade dynamics, highlighting the need for vigilance in economic forecasting [16][17]

2025年即将收官，2家老牌证券投顾机构却在年末遭遇"摘牌"。 证监会官网近期披露，对青岛大摩证券投资有限公司（下称"大摩投资"）罚款300万元并撤销其证券投 资咨询业务许可，处罚原因是该机构存在未按规定保存且毁损有关文件和资料等行为。 披露显示，在长达两年时间里，大摩投资向监管报送的资产负债表等存在重大遗漏，导致累计漏报营收 4.85亿元。 在此之前，11月初，另一家老牌投顾机构也被"摘牌"。据披露，北京中方信富投资管理咨询有限公司 （下称"中方信富"）被撤销证券投资咨询业务许可，公司与时任董事长被合计罚款360万元。 大摩投资、中方信富均成立超20年，如今为何被逐出投顾行业？第一财经关注到，近年来，2家机构及 旗下分公司均屡屡被罚，中方信富在去年曾被暂停新增客户12个月，监管直指该机构存在员工无证执 业、误导营销、承诺收益等问题。 今年以来，A股在结构性震荡中走出"慢牛"行情，得益于市场活跃度提升，证券投顾机构迎来一波"冲 业绩"的好机会，然而，违法违规行为却令多家机构招致重罚。据记者初步统计，年内超10家投顾机构 曾被暂停新增客户。 大摩投资被"摘牌"前屡吃罚单 大摩投资此次被"摘牌"，事发两项严重违法 ...

Core Viewpoint - The Financial Regulatory Administration has released a draft for the "Insurance Company Asset-Liability Management Measures," aiming to enhance the regulatory framework for asset-liability management in the insurance industry, particularly in the context of a low-interest-rate environment [2][4]. Group 1: Regulatory Framework - The draft consolidates existing regulations and introduces new indicators for asset-liability management, emphasizing the importance of maintaining a reasonable match between assets and liabilities to mitigate risks [3][4]. - The new measures are part of a broader effort to improve the resilience of the insurance industry and ensure prudent regulatory practices [4]. Group 2: Asset-Liability Management Goals - Effective asset-liability management is crucial for sustainable operations, focusing on matching the duration, cost, and liquidity of assets and liabilities [3][5]. - The draft outlines the need for insurance companies to develop comprehensive asset-liability management policies that align with their business strategies and risk preferences [5]. Group 3: New Regulatory Indicators - The draft introduces several new regulatory indicators, including effective duration gap for life insurance companies and liquidity coverage ratios for both life and property insurance companies, with specific threshold requirements [6][7]. - For property insurance, the minimum regulatory standard for new indicators is set at no less than 100%, while life insurance companies have specific duration gap requirements [7][8]. Group 4: Reporting and Compliance - Insurance companies are required to submit quarterly and annual reports on their asset-liability management, with annual reports needing independent verification [8]. - Non-compliance with the new regulatory indicators may result in various regulatory actions, including supervisory discussions and adjustments to business structures [8].

虽然年末行情获得历史数据支撑，今年的情况似乎并不明朗，外界正在持续关注人工智能股票的市场情 绪变化，相关标的因估值过高和资金担忧承受了不小压力。与此同时，年末交易量下滑，波动性风险或 上升。 美联储降息预期稳定 受科技板块波动以及增长担忧的影响，周初美股一度走低，随后在通胀降温以及企业业绩向好的提振 下，AI交易回暖助力市场尾盘冲高结束了震荡的一周。 他认为，总体而言就业岗位增长速度正在放缓，招聘需求仅集中在少数几个行业；随着劳动力议价能力 的削弱，薪资上涨压力也在逐步缓解。通胀的驱动因素（尤其是与劳动力成本挂钩的服务业通胀）正不 断消退，即便消费者物价指数（CPI）中的住房成本指标，很可能夸大了近期的通胀回落幅度。失业率 的攀升，源于大量劳动力重新涌入就业市场，这恰恰表明，推动更多美国人重返求职大军的动因，是财 务压力而非对经济前景的信心。 市场能否迎来反弹 过去一周美股先扬后抑，科技股经历短暂抛售，随着通胀报告低于预期，以及美光科技发布强劲财报， 这两大因素重新点燃了投资者对人工智能领域投资的乐观情绪，市场止跌回升。 本周投资者迎来了一系列喜忧参半的经济数据。美国劳工统计局公布，11月美国非农就业总人数新 ...

Core Viewpoint - The article discusses the recent IPO application of Guangdong-based Yu Xin Semiconductor Technology Co., Ltd. (referred to as "Yu Xin Semiconductor"), which is the second unprofitable company to apply for an IPO on the ChiNext board, following Da Pu Wei Electronics Co., Ltd. [2][4] Group 1: Company Overview - Yu Xin Semiconductor provides 12-inch wafer foundry services and specialized process solutions for chip design, with applications in consumer electronics, industrial control, automotive electronics, and artificial intelligence [3]. - The company currently operates two 12-inch wafer fabs with a combined planned capacity of 80,000 wafers per month, and plans to build a third fab with an additional capacity of 40,000 wafers per month, bringing total planned capacity to 120,000 wafers per month [3]. Group 2: Financial Performance - The company reported revenues of 1.545 billion, 1.044 billion, 1.681 billion, and 1.053 billion yuan for the years 2022 to the first half of 2025, with a significant year-on-year revenue decline of 32.46% in 2023, followed by a projected growth of 61.09% in 2024 [4]. - Net losses for the same period were 1.043 billion, 1.917 billion, 2.253 billion, and 1.2 billion yuan, indicating a trend of increasing losses [4]. - The company has a cumulative undistributed profit of -8.936 billion yuan, reflecting significant accumulated losses [4]. Group 3: Industry Context - The semiconductor industry is characterized by strong cyclicality influenced by global economic fluctuations, demand changes in downstream markets, and inventory cycles [6]. - In 2023, Yu Xin Semiconductor's sales revenue from integrated circuit foundry products decreased by 40.70%, with an average selling price decline of 32.32% [6]. - The company’s gross profit margins were negative, with figures of -21.83%, -114.90%, -71.00%, and -57.01% during the reporting period, significantly lower than the average gross margins of comparable listed companies [6][7]. Group 4: Funding and Support - Yu Xin Semiconductor has received substantial government support, with grants totaling 424 million, 535 million, 241 million, and 144 million yuan during the reporting period [5]. - The company has engaged in agreements with investors that include special rights clauses, which were terminated before the IPO application [5]. Group 5: IPO and Market Implications - Yu Xin Semiconductor is applying for an IPO under the third standard of the ChiNext board, which requires a market value of no less than 5 billion yuan and revenue of at least 300 million yuan in the most recent year [4][10]. - The company is expected to achieve profitability by 2029, which raises concerns about its ability to meet the financial thresholds set by the ChiNext board, potentially leading to delisting risks if it fails to achieve profitability post-IPO [10].

Core Viewpoint - The news highlights the upcoming IPO application of Guangdong-based Yu Xin Semiconductor Technology Co., Ltd. (referred to as "Yu Xin Semiconductor"), marking it as the second unprofitable company to apply for an IPO on the ChiNext board, following Da Pu Wei. Unlike Da Pu Wei, which expects to turn profitable by 2026, Yu Xin Semiconductor anticipates achieving profitability by 2029, raising concerns about its financial sustainability and potential delisting risks due to its unprofitable status [1][9]. Group 1: Company Overview - Yu Xin Semiconductor provides 12-inch wafer foundry services and specialized process solutions for chip design, with applications in consumer electronics, industrial control, automotive electronics, and artificial intelligence [2]. - The company operates two 12-inch wafer fabs with a combined planned capacity of 80,000 wafers per month and plans to build a third fab with an additional capacity of 40,000 wafers per month, bringing the total to 120,000 wafers per month upon completion [2]. - The company's shareholder structure is diverse, with no single controlling shareholder, and major shareholders include Yu Xin Zhong Cheng (16.88%), Guangdong Semiconductor Fund (11.29%), and others [2]. Group 2: Financial Performance - Yu Xin Semiconductor's revenue for the reporting period (2022 to mid-2025) is projected to be 1.545 billion, 1.044 billion, 1.681 billion, and 1.053 billion yuan, with a significant year-on-year revenue decline of 32.46% in 2023, followed by a projected growth of 61.09% in 2024 [3]. - The company has reported increasing net losses, with figures of 1.043 billion, 1.917 billion, 2.253 billion, and 1.2 billion yuan, indicating a trend of escalating financial losses [3]. - As of the end of the reporting period, the company had accumulated undistributed losses of 8.936 billion yuan, reflecting its ongoing financial challenges [3]. Group 3: Industry Context - The semiconductor industry is characterized by strong cyclicality influenced by global economic fluctuations, demand changes in downstream markets, and inventory cycles [5]. - The industry has entered a downcycle due to global economic downturns and geopolitical conflicts, with a recovery expected in 2024, as indicated by rising consumer electronics indicators [6]. - Yu Xin Semiconductor's sales revenue from integrated circuit foundry products decreased by 40.70% in 2023, with a sales price drop of 32.32%, but is expected to recover in 2024 with over 70% growth in both sales revenue and volume [6]. Group 4: Financial Risks - The company's asset-liability ratio reached 76.08%, significantly higher than the industry average, primarily due to high fixed costs and reliance on bank and shareholder loans for funding [7]. - Yu Xin Semiconductor's R&D expense ratio is notably high, averaging 37.28% to 57.31% during the reporting period, reflecting its focus on innovation despite financial losses [7]. - The company faces potential delisting risks if it fails to meet the financial criteria set by the ChiNext board, including negative net profit and insufficient revenue [9].

Core Insights - The article discusses the development and growth of the HarmonyOS ecosystem, highlighting the collaboration between major Chinese internet companies and the challenges faced in building this ecosystem [2][3]. Group 1: Ecosystem Development - The number of devices running HarmonyOS has surpassed 27 million, with an ecosystem adaptation rate exceeding 95% [3]. - The success of HarmonyOS is not solely based on its technical capabilities but on the ability to attract developers, manufacturers, and users to create a thriving ecosystem [3][10]. - The transition from 0 to 10 million devices took nearly 10 months, while reaching 20 million took only 2 months, indicating rapid growth [4]. Group 2: Collaboration Challenges - Major internet companies like Tencent, Alibaba, and ByteDance faced significant challenges in adapting their applications to HarmonyOS, with Tencent's WeChat undergoing 9 major and 83 minor updates since development began [4][5]. - The development process involved intense collaboration, with teams working long hours and coordinating with over 70 technical experts from HarmonyOS [5][7]. - Companies like Meituan and Qunar faced unique challenges in adapting their services to HarmonyOS, requiring extensive testing and collaboration with HarmonyOS teams to overcome technical hurdles [7][9]. Group 3: Developer Engagement - The number of developers in the HarmonyOS ecosystem has exceeded 10 million, with over 300,000 applications and services available [10]. - The ecosystem still needs to attract a more diverse range of developers, particularly in gaming and creative tools, to enrich the application matrix [10]. - Successful collaborations, such as QQ Music's song separation feature and Alipay's screen-off payment, demonstrate the potential for deep co-creation within the ecosystem [10].

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) has released the "Implementation Measures for Accountability in Violation of Operating Investments by Central Enterprises," effective from January 1, 2026, to enhance accountability and responsibility in state-owned enterprises [2][3]. Group 1: Accountability Measures - The new measures specify 98 scenarios across 13 categories where management personnel of central enterprises can be held accountable for losses or adverse outcomes related to state assets, including financial operations, technological innovation, fixed asset investments, and equity investments [2][4]. - Losses are categorized as follows: general asset losses below 5 million yuan, significant losses between 5 million and 50 million yuan, and major losses exceeding 50 million yuan [2][4]. Group 2: Financial Business Regulations - In the financial sector, the measures outline six types of violations that will lead to accountability, including improper conduct in trust, leasing, factoring, and fund operations, as well as illegal public deposit absorption and participation in informal lending [3][4]. Group 3: Historical Context and Revisions - The new measures build upon the previous "Implementation Measures for Accountability in Violation of Operating Investments (Trial)" issued in 2018, which had 72 scenarios across 11 categories, now expanded to 98 scenarios [4]. - The revisions were made after extensive consultations with central enterprises, local state-owned asset supervision commissions, and relevant government departments, emphasizing a problem-oriented approach [4]. Group 4: Future Directions - SASAC aims to further refine the accountability process to ensure clarity in responsibilities and procedures, fostering an environment where accountability is emphasized, and high-quality development within central enterprises is promoted [5].

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) has released the "Implementation Measures for Accountability in Violation of Operating Investments by Central Enterprises," effective from January 1, 2026, to strengthen accountability and responsibility in state-owned enterprises [1][2]. Group 1: Accountability Measures - The new measures specify 98 scenarios across 13 categories where management personnel of central enterprises can be held accountable for losses or adverse outcomes due to non-compliance with regulations [1][3]. - Losses are categorized as follows: general asset losses below 5 million yuan, significant losses between 5 million and 50 million yuan, and major losses exceeding 50 million yuan [1]. Group 2: Financial Business Regulations - In the financial sector, specific violations include engaging in trust, leasing, factoring, and fund businesses contrary to regulations, as well as illegal public deposit absorption and participation in private lending [1]. Group 3: Enhancements Over Previous Regulations - Compared to the previous version (No. 37), the new measures have expanded the accountability scenarios from 72 to 98, focusing on common issues faced by enterprises [3]. - The new measures also introduce compliance exemption clauses to encourage exploration in strategic emerging industries and technological innovation while ensuring accountability [3]. Group 4: Future Directions - SASAC aims to enhance the standardization, precision, and legality of accountability work, creating a clear and orderly mechanism that promotes high-quality development within central enterprises [2][3].