2025.12.20 本文字数：2368，阅读时长大约4分钟 作者 |第一财经 杨倩雯 在低利率环境下，资产负债管理这一保险公司的重要课题即将迎来监管新规。 金融监管总局近日发布《保险公司资产负债管理办法（征求意见稿）》（下称"征求意见稿"），根据目 前行业内外部环境变化整合现有资产负债管理监管体系，并针对寿险及财险行业的管理要点新设了一系 列监管指标，明确指标阈值，对不达标的公司将采取监管措施。 "当前行业经营进入新周期，利率环境、产品结构、会计准则均有重大变化，资产负债管理的重要性进 一步凸显。本次征求意见稿是对现有监管体系的完善，有利于进一步强化险企风险管理、保障行业稳健 经营。"东吴证券首席战略官、非银金融首席分析师孙婷团队表示。 整合资负管理监管体系 "有效的资产负债管理是金融机构可持续经营的基础。"金融监管总局有关司局负责人在答记者问中表 示。 根据征求意见稿内容，资产负债管理是指保险公司根据公司发展战略、经营目标和风险偏好，制定、执 行、评估和调整资产负债相关的政策和程序，维持资产与负债的合理匹配，降低资产负债错配风险。保 险公司资产负债管理目标包括期限结构匹配、成本收益匹配、流动性匹配等。 2 ...

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].

本周国际市场风云变幻，美国CPI好于预期，科技股一度遭遇抛售。美股涨跌互现，道指周跌0.67%， 纳指周涨0.48%，标普500指数周涨0.10%，欧洲三大股指走强，英国富时100指数周涨2.57%，德国DAX 30指数周涨1.07%，法国CAC 40指数周涨0.57%。 本周看点颇多，此前美国政府停摆导致多项关键经济数据陆续公布，眼下投资者正通过新发布的数据评 估美国经济表现，并试图从中寻找美联储下一次降息时机的线索。日本央行、澳大利亚联储会议纪要值 得关注，或给出更多政策路径信息。不过，受圣诞及新年假期影响，市场交易料将趋于清淡。 美国GDP数据揭晓 本周公布的数据显示，美国劳动力市场依然显露疲态，通胀虽回落但数据质量存疑。 下周二发布的三季度国内生产总值（GDP）预估值被认为是未来两周美国公布的所有经济数据中的重中 之重。近期各项指标已证实美国劳动力市场正在走弱。这一趋势很可能对整体经济形成拖累，并增加美 联储再次降息的可能性。 法国巴黎银行分析师在一份报告中指出："我们认为最新数据表明美国经济目前基本面尚佳，但风险依 然存在。多项调查显示，家庭对就业市场前景心存担忧，同时已有多家知名企业以人工智能技术 ...

Group 1 - The new round of domestic fuel price adjustments in China will begin in December [1] - The 19th meeting of the 14th National People's Congress Standing Committee will take place from December 22 to December 27 [1] - The Nasdaq 100 index will undergo annual component stock adjustments effective before market opening [1] Group 2 - The Australian Reserve Bank will release the minutes of its December monetary policy meeting [1] - The U.S. Bureau of Economic Analysis will publish the preliminary report of the third quarter GDP [1] - The Bank of Japan will release the minutes of its October monetary policy meeting [1] Group 3 - The 23rd China Food Safety Conference and the 2025 National Food Industry Technology Progress Conference will be held from December 24 to December 28 [1] - The 16th Internet of Things Industry and Smart City Development Annual Conference will take place in Beijing [1] - The Honor WIN series product launch event is scheduled for December 26 [1]

借助创新创业大赛的形式，广州持续推动科创中小企业对接资本市场。 在比赛现场，广州市科技局局长谢明在接受第一财经等媒体采访时表示，当前正在推动广州创新基金的 重组，接下来会打造一个200亿元规模的科技创新基金。通过这些基金的作用，联动更多投资者聚焦广 州的科技企业与项目，推进"投早、投小、投硬科技"，让更多耐心资本助力广州科创企业的成长。 广州双创大赛创办了"政府引导+市场主导"的办赛模式。自2015年设立独立赛区以来，该赛事已从单一 赛事演进为覆盖企业全生命周期的创新生态平台，累计吸引超过3.5万家科技企业参赛，助力一千多家 企业获得近500亿元股权融资，1300家企业获得155亿元银行授信。大湾区科技创新服务中心董事长秦海 鸥在接受采访时表示，第一年办赛的时候，金融机构里只有一家银行愿意参与，到现在已吸引了二十多 家银行共同参与。 当聊到今年的比赛亮点时，秦海鸥表示，今年比赛设置了直投基金，并细分了19个专业赛道，赛道设置 是围绕着广州"12218"代化产业体系来开展的。细分赛道对参赛企业有较大的意义，因为有些企业在大 赛道里很难凸显自身优势，在细分赛道里更可能获奖。同时，大赛还引入了不同细分赛道的专业投资 ...