编辑 ｜ 钉钉 11月25日晚间， 国际原油走低， 美、布两油日内跌幅扩大至2%，现分别报57.40美元/桶和61.42美元/ 桶。 现货黄金短线跳水15美元，日内跌0.3%，现报4123.18美元/盎司。 ...

本文字数：1110，阅读时长大约2分钟 据证券时报，11月25日，*ST东通(300379.SZ)公告称，公司收到中国证券监督管理委员会北京监管局下 发的《行政处罚决定书》，认定公司2019年至2022年年度报告信息披露存在虚假记载，同时构成欺诈发 行。该行为触及《创业板股票上市规则》规定的重大违法强制退市情形，公司股票可能被终止上市。根 据相关规定，公司股票自2025年11月26日起停牌。 *ST东通及相关当事人在9月12日收到中国证监会下发的《行政处罚事先告知书》（简称"《告知 书》"），告知书称公司2019年至2022年度报告存在虚假记载、公司2022年向特定对象发行股票构成欺 诈发行。 2025.11.25 《告知书》指出，*ST东通在2019年至2022年分别虚增收入6145.10万元、8485.06万元、12550.58万元、 16052.95万元；2019年至2022年分别虚增利润5222.79万元、5877.42万元、7948.22万元、12369.20万 元，其中2022年虚增利润金额占公司当期披露利润总额的219.43%。 据估算，*ST东通在2019年至2022年期间，累计虚增收入4.3 ...

Legal Issues - Danghong Technology is involved in a lawsuit with Guangxi Broadcasting Network Technology Development Co., Ltd., with a counterclaim amounting to RMB 35.9495 million, excluding legal fees and other costs [3] - Zhangjiajie faces a court ruling in a contract dispute with Zhuzhou CRRC Engineering, with the amount in question being RMB 20.144 million plus related penalties [12] Regulatory Actions - Keres received an administrative regulatory decision from the Guangdong Securities Regulatory Bureau for violations related to accounts receivable aging calculations and related party transactions [4] Business Developments - Dongfang Yuhong acquired mining rights for limestone in a bid worth RMB 267 million, valid from November 24, 2025, to November 24, 2045 [5] - Saikexide has received approval for three medical device products, enhancing its product range in the in vitro diagnostics sector [6] - Huayou Cobalt signed a supply agreement with Yiwei Lithium Energy for high-nickel ternary cathode materials, with an estimated supply of 127,800 tons from 2026 to 2035 [7] Stock Performance and Corporate Actions - Mengtian Home experienced a five-day stock price increase, with a total rise of 61.08%, significantly outpacing the Shanghai Composite Index [9] - Jiumuwang's stock showed abnormal fluctuations, with a revenue decline of 6.02% year-on-year for the first three quarters [10] - Huafeng shares are suspended due to a potential change in control, with a stock suspension expected to last no more than three trading days [11] - Baiyun Electric conducted its first share buyback, acquiring 86,500 shares for a total of RMB 1.0034 million [13] - Mercury Home Textiles plans to repurchase and cancel 137,200 restricted shares due to employee departures and performance issues [14] - Petty Co. announced a share buyback plan of RMB 50 million to 70 million, with a maximum price of RMB 26 per share [15] - Century Huatong obtained a loan commitment of up to RMB 900 million from China Merchants Bank for stock repurchase purposes [17] Shareholding Changes - Tongding Interconnection's major shareholder plans to reduce its stake by up to 0.49% [18] - Wanrun Co.'s controlling shareholder plans to increase its stake by no less than RMB 365 million and no more than RMB 730 million [19]

11月25日，摩尔线程发布首次公开发行股票并在科创板上市网下初步配售结果及网上中签结果公告，本 次发行战略配售的缴款及配售工作已结束，本次发行的参与战略配售的投资者均按承诺参与了本次发行 的战略配售。 | के | 参与战略配售的投资 | | | 获配股数 | | | | --- | --- | --- | --- | --- | --- | --- | | | | 参与战略配售的投资者 | 获配股数 | 占本次发 | 获配金额 | 曝售期 | | ਵੇ | 著名称 | 炭型 | (股) | 行数量的 | (元) | (月) | | | | | | 比例 | | | | 1 | 中信证券投资有限公 | 参与科创板课按的保荐 | 1.400.000 | 2.00% | 159,992,000.00 | 24 | | | 间 | 人相关子公司 | | | | | | | 中信证券资管学尔线 | 发行人的高级管理人员 | | | | | | 2 | 程员工参与科创板战 | 与核心员工参与本次战 | 2,911,095 | 4.16% | 332.679.936.60 | 12 | | | 旺盛如果你一脚蛋糕 | 儿 ...

2025.11.25 本文字数：2447，阅读时长大约4分钟 作者 |第一财经 周楠 针对上市公司的强监管持续进行，又有一批A股公司被立案或吃罚单。 11月24日晚间，龙佰集团（002601.SZ）、东江环保（002672.SZ）、*ST创兴（600193.SH）均公告称， 公司或子公司收到行政处罚。其中，*ST创兴被查明存在财务数据虚假记载、关联交易披露不实，公司 及9名相关责任人被出具警示函。 厦门绿洲此次被罚事发偷税。披露显示，该公司于2015年9月至10月期间，向个人销售方收购旧家电， 取得销售方以外的第三方开具的增值税专用发票350份，认证抵扣税额385.56万元，列支主营业务成本 2268.02万元，造成少缴税款，已构成偷税。 最终，厦门绿洲被处以所偷税款的0.5倍罚款，合计202.42万元。 另一家披露罚单的上市公司*ST创兴，涉及年报虚假记载、关联交易信息披露不实。 几天前，就有多家公司被集中立案或处罚。公告显示，21日晚间，豪尔赛（002963.SZ）、聚石化学 （688669.SH）披露了立案公告，嘉应制药（002198.SZ）等公司收到行政处罚决定。 另据第一财经初步统计，月内，已有超1 ...

2025.11.25 本文字数：1966，阅读时长大约4分钟 作者 |第一财经 黄思瑜 "今年中国股市是全球表现最好的市场，到年末难免有一些获利回吐的压力，我们投的是中国公司在全 球地位不断上升的趋势。"莲华资产管理公司管理合伙人兼首席投资官洪灝称。 洪灝是在11月21日举办的"2025第一财经金融价值年会"上作出上述表述的。对于今年中国股市的上涨， 有观点认为没有基本面支撑，但洪灝持反对意见。他认为，中国股市的运行有基本面支撑，支撑经济基 本面的核心力量由房地产转变为新能源、半导体、高端制造等新兴产业。 在洪灝看来，"9.24"以来的行情没有修复完，随着工业利润不断修复，将支持上证指数继续创新高。中 国股市最值得期待的"第五浪"刚刚开始，涨幅可能超出普遍预期。 通缩预期有望修复 近三年，中国的上游行业基本处于通缩状态，今年通缩压力开始向下游传导，具体体现在需求不振、内 卷等方面。 "今年我觉得最有意义的事情，就是反内卷的具象化。反内卷讲了一年多，但是一直没有具体落地，导 致产能继续过剩和无序价格竞争升级，下游也出现通缩现象。"洪灝说。 "我们看到的上游反通缩工作，在未来几个月会逐渐传导到下游。"洪灝的逻辑在 ...

Core Insights - The traditional method of wealth management through bank deposits is becoming less viable as one-year fixed deposit rates fall below 1%, indicating a shift towards a low-interest-rate environment [1] - Financial institutions are adapting to this change by offering diversified wealth management strategies that balance returns, security, and global asset allocation [1][3] Wealth Management Demand Changes - There are three significant changes in wealth management demand: a rational adjustment of return expectations, an increased demand for protective products, and a growing awareness of global asset allocation [3] - The insurance market reflects this trend, with a 20% year-on-year growth in premium income from insurance channels, particularly in long-term dividend insurance products related to retirement [3] Fund Market Trends - The fund market is also showing a shift in demand, with a recovery in the issuance of equity funds and a notable increase in "fixed income plus" products, which saw a net buying volume of 460 billion yuan in the third quarter [5][6] Multi-Asset Strategies - Financial institutions are employing dual-track strategies of "core assets + opportunity assets" to navigate the low-interest environment, focusing on products like "fixed income plus," structured products, and dividend insurance [6] - The emphasis on multi-asset investment strategies is seen as essential for achieving higher returns while managing risks [6] Asset Management Era - The low-interest environment presents both challenges and opportunities, marking the beginning of a true asset management era in China, where equity assets are becoming central to wealth growth [7] - There is a positive long-term outlook for Chinese assets, particularly in sectors like AI, new energy, and innovative pharmaceuticals, which are gaining global competitiveness [7][8]

Group 1 - The core point of the article is that the fitness brand Super Monkey is undergoing significant store adjustments, including opening new locations while closing others in major cities like Beijing, Shanghai, Shenzhen, and Chengdu [2] - Super Monkey has recently opened new stores in Chengdu, but has also closed eight stores in Fuzhou and Xiamen within a year of their opening, resulting in no remaining stores in those cities [2] - The company currently operates nearly 300 stores nationwide, an increase from over 260 at the end of last year, indicating a net growth despite the closures [2] Group 2 - Super Monkey was established in June 2014, with a registered capital of approximately 1.089 million RMB, and its business scope includes fitness services and management consulting [3] - The company has completed multiple rounds of financing, with investors including CICC Capital, Sequoia China, and Fosun RZ Capital [3] - Super Monkey has made direct investments in 16 enterprises across various cities, with 13 currently operational, and holds control over nearly 30 companies through direct or indirect means [3]

"提高居民消费率，比简单的促消费难度更大，它要求消费增速持续跑赢GDP增速。"11月21日，粤开证 券首席经济学家、研究院院长罗志恒在"2025第一财经金融价值年会"上发表主旨演讲时称。 他指出，这是国家五年规划建议中首次把居民消费率明显提高纳入经济社会发展主要目标。把居民消费 率从目前的40%推向更高水平，不仅关系到国内大循环能否畅通，更关系到中国在全球经济治理中能否 把"世界工厂"升级为"世界市场"。 40%的消费率"低不低"？ 面对需求不足和外部不确定性，扩大内需成为必答题。 "横向比，我们比美国低28个百分点；纵向比，我们比自己上世纪70年代的高点低30个百分点；结构 比，服务消费占比较低，改善型消费仍待发展。"罗志恒用三组对比勾勒出中国消费的"三维缺口"。 罗志恒认为，我国居民消费率目前处于较低水平，与美国等发达国家相比差距明显。2024年我国居民消 费率仅为39.6%，而美国则长期保持在60%以上，即使剔除医疗和住房因素，我国居民消费率仍低于美 国约24个百分点。 "不过，当前约40%的水平是工业化中后期投资—消费再平衡的必经阶段，不能再简单用低或高评价， 而要看到背后发展阶段转换的客观规律。"他 ...

Core Viewpoint - The "14th Five-Year Plan" emphasizes the need for China to accelerate high-level technological self-reliance and lead the development of new quality productivity, driven by both internal and external factors [1] Micro Level - To stimulate technological innovation and develop new quality productivity, a tolerant environment that embraces individuality and accepts failure is essential [3][4] - Characteristics of successful entrepreneurs include being young, driven, imaginative, and persistent, but also having traits that may be seen as negative, such as being unconventional and difficult to work with [4] - Early-stage venture capital is crucial for driving new quality productivity, but the shorter lifespan of Chinese private equity funds (5-7 years) compared to U.S. funds (10-12 years) limits investment in early-stage projects [5] Medium Level - A "not overly active" secondary market is necessary to allow tech companies to focus on long-term innovation without the pressure of short-term performance [7][9] - Mechanisms such as anti-takeover provisions can help protect companies from hostile takeovers, allowing founders to concentrate on long-term goals [8][9] Macro Level - A stable macro policy environment and a sound legal framework are vital for encouraging technological innovation [10][11] - Countries with better investor protection tend to have higher R&D income and investment efficiency, while stable and consistent policies foster a conducive environment for innovation [11]