Core Viewpoint - China Great Wall Asset Management Co., Ltd. acquired shares of Caitong Securities for approximately 300 million yuan, resulting in a 7.29% paper profit based on the latest closing price [1][7]. Group 1: Acquisition Details - China Great Wall was the sole bidder in the auction, successfully acquiring the shares at a starting price of 296 million yuan, which translates to approximately 7.91 yuan per share [4][6]. - The shares were previously valued at around 303 million yuan based on a 95% calculation of the average closing price over the 20 trading days prior to November 17, 2025 [6]. - The shares were auctioned due to a court ruling against Huiyinbi Group Co., Ltd., which failed to fulfill a payment obligation of 426 million yuan plus interest [7]. Group 2: Strategic Implications - China Great Wall holds a 67% stake in Changjiang Guorui Securities, which is now under the unified management of Central Huijin, indicating potential future consolidation in the securities industry [2][9]. - The current low valuation of the A-share securities industry suggests that the acquisition may primarily be a financial investment rather than a strategic move for consolidation [2][10]. - Caitong Securities is controlled by Zhejiang Provincial Financial Holdings, emphasizing its local ties and the likelihood of limited integration with Changjiang Guorui Securities due to differing asset sizes [10].

据央视新闻，十四届全国人大常委会第十九次会议12月27日上午表决通过了关于召开十四届全国人大四 次会议的决定。根据决定，十四届全国人大四次会议于 2026年3月5日 在北京召开。 政协第十四届全国委员会日前召开第四十五次主席会议，审议通过了关于召开政协第十四届全国委员会第 四次会议的决定（草案），建议全国政协十四届四次会议于 2026年3月4日 在北京召开。 来源：央视新闻 责编：王璐璐 校对：杨立林 百万用户都在看 利好突袭！上交所，重大发布！ 见证历史！凌晨，全线大涨！发生了什么？ 重大资产重组！A股公司，深夜公告！ 凌晨！全线大涨！美联储，突发警告！ 2026年A股休市安排来了 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 券中社 × 券商中国 券 中 社 扫码下载券中社APP 扫码关注券商中国公众号 quanshangcn qzs.stcn.com 舞中 券中社APP 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 , 券 商 中 国 对 该 平 台 所 刊 载 的 原 创 内 容 享 有 著 作 权 , F 未 经 ...

Core Viewpoint - Japan's defense budget has exceeded 9 trillion yen for the fiscal year 2026, marking a historic high and indicating a shift from a "defensive" to a "proactive deterrence" military strategy, which could significantly alter the regional security landscape [2][3][4]. Group 1: Defense Budget Details - The Japanese government approved a budget that includes a defense budget surpassing 9 trillion yen, which is part of a broader plan to increase total defense spending to approximately 43 trillion yen from 2023 to 2027 [3]. - The budget will fund long-range missiles and the development of a coastal defense system centered around attack drones, with an investment of about 100.1 billion yen for the "SHIELD" project [3]. - The Japan Air Self-Defense Force will be renamed the Japan Aerospace Self-Defense Force, and a new "Space Operations Group" will be established with around 880 personnel [3]. Group 2: Strategic Implications - The increase in defense spending signifies a fundamental change in Japan's military posture, moving towards capabilities for long-range operations and offensive capabilities, which could destabilize post-war military positioning [4]. - Japan's plans to develop nuclear-powered submarines and engage in joint development of next-generation fighter jets with the UK and Italy, with an investment of over 160 billion yen, further illustrate its shift towards a more aggressive military stance [4]. Group 3: Domestic and International Reactions - There is growing domestic opposition to the military expansion, with protests against the government's defense spending plans, highlighting concerns over the economic burden on ordinary citizens [6]. - The Chinese government has criticized Japan's military developments, suggesting they reflect a dangerous trend towards militarization and a revival of militaristic policies [5][6].

据第一财经报道，近日，有网友晒出一张"竹山县生育二孩奖励资格凭证"和一张"竹山县生育三孩奖励资格凭 证"，称湖北十堰竹山县针对生育二孩、三孩家庭给予购房奖补。 12月25日，竹山县卫生健康局工作人员表示，当地的确有该政策，具体是二孩奖补25平方米、三孩奖补50平方 米，两项还可叠加使用，具体要求以官方文件为准，目前市民反响普遍较好。 经过查询，记者看到，早在2024年，竹山县政府官网就发布了"购房补贴、生育奖补 ... ...黄金十条助力竹山城 镇化发展！"的文件，其中在鼓励生育措施一项中提到，2021年6月1日至2026年6月1日期间生育的二孩、三孩 家庭，从发文之日（2023年11月9日）起至2024年12月31日期间，在竹山县城区指定楼盘购买新建商品住房 的，生育二孩购房奖补25平方米，生育三孩购房奖补50平方米，可叠加计算。 今年3月，竹山县政府官网又发布一则关于印发《竹山县以县城为重要载体就地城镇化2025年政策措施》的通 知。其中生育二孩、三孩家庭奖补措施一项指出，自2021年6月1日起至2025年12月31日，夫妻一方属竹山户籍 且生育二孩、三孩家庭，在竹山县城区指定楼盘购买新建商品住房的，生育 ...

Core Viewpoint - The article discusses the recent developments in the CITIC Securities asset management default case, highlighting a court ruling that requires CITIC Securities to compensate Fuanna for losses incurred from a failed investment product [1][5]. Group 1: Legal Proceedings - On December 25, Fuanna announced it had filed a lawsuit against CITIC Securities and China Merchants Bank Guangzhou Branch regarding a financial trust contract dispute, receiving a first-instance judgment that mandates CITIC Securities to compensate Fuanna for a principal loss of 29.3 million yuan [2][5]. - The court ruling states that CITIC Securities must pay Fuanna within 10 days of the judgment's effectiveness, and any subsequent recovery from the asset management plan will be split equally between Fuanna and CITIC Securities [5]. Group 2: Investment Details - In 2021, Fuanna invested 120 million yuan in a customized asset management plan from CITIC Securities, which defaulted on repayment after its maturity in March 2022 [3]. - The main holdings of the investment included products from Dongfanghong Money B and Beida Resources Hangzhou Haigang City, the latter being associated with a well-known "unfinished building" project that has defaulted [3]. Group 3: Financial Impact - As of the end of 2024, Fuanna had withdrawn 14.3023 million yuan from the management account of the investment product, with a remaining principal of 105.6977 million yuan and expected fixed income yet to be recovered [4]. - CITIC Securities reported that the net asset value of the investment product was 77.7261 million yuan at the end of 2024, and Fuanna has recognized a total impairment of 27.9716 million yuan related to the overdue amounts [4]. Group 4: Clarifications and Market Reactions - Following the default incident, there were market rumors suggesting that CITIC Securities might only act as a channel for the investment, which Fuanna clarified was untrue, asserting that CITIC was the actual investment manager and that there were no connections to the underlying assets [6].

Core Viewpoint - The People's Bank of China released the "China Financial Stability Report (2025)", indicating that the financial system is generally stable, with financial risks under control and operating indicators within a reasonable range [1][2]. Group 1: Financial Institution Ratings - In the first half of 2025, the central bank rated 3,529 banking institutions, showing that the overall operation of banks is stable and financial risks are manageable [2][3]. - The rating system categorizes institutions into 11 levels, with levels 1-7 considered safe ("green zone") and levels 8-D indicating higher risk ("red zone"). A total of 3,217 banks fall within the safe range, accounting for 98% of total assets [3]. - Specifically, 1,831 banks are in the "green zone" with an asset scale of 421 trillion yuan (94.6% of total), while 312 banks are in the "red zone" with assets of 9.4 trillion yuan (2.1% of total) [3]. Group 2: Institutional Type Analysis - National banks have better ratings, with 71% of their assets in the safe range, serving as a stabilizing force for the financial system. In contrast, local small and medium banks show some risk [4]. - Among national banks, 21 banks have 93% in the "green zone", while city commercial banks have 68% in the same zone. Rural financial institutions have less than 1% of their assets in the "red zone" [4]. Group 3: Long-term Investment Environment - The report emphasizes the need to create a favorable policy environment for long-term investments, with the China Securities Regulatory Commission (CSRC) promoting the enhancement of listed companies' investment value [5][6]. - The CSRC plans to conduct regular visits to listed companies to address challenges in market value management and operational development, aiming to improve company quality and prevent market risks [6]. Group 4: Risk Prevention and Management - The report outlines future strategies for preventing and resolving key financial risks, including maintaining exchange rate stability and enhancing macro-prudential management [7]. - Specific measures include supporting major national strategies and sectors, improving the macro-prudential management system, and ensuring that systemic financial risks do not occur [7].

Core Viewpoint - Precious metals have experienced a historic surge, with gold, silver, platinum, and palladium all seeing significant price increases, driven by geopolitical tensions, a weakening dollar, and low market liquidity [2][5]. Group 1: Market Performance - On December 26, precious metals saw a substantial rise, with COMEX gold futures increasing by 1.31% to $4,562 per ounce, and spot gold rising by 1.12% to $4,531.1 per ounce, marking a weekly increase of 3.98% and 4.44% respectively [3]. - COMEX silver futures surged by 11.15% to $79.68 per ounce, with spot silver up 10.24% to $79.196 per ounce, reflecting a weekly increase of 18.06% and 17.87%, and an annual increase of 175% [3]. - Palladium and platinum also saw significant gains, with palladium rising by 14.24% to $1,923.4 per ounce and platinum increasing by 10.31% to $2,450.91 per ounce, with weekly increases of 12.63% and 24.31% respectively [3]. Group 2: Market Drivers - Analysts attribute the strength in precious metals to escalating geopolitical tensions, a weakening dollar, and low market liquidity, which amplifies price volatility [5]. - Recent geopolitical events include the U.S. blocking sanctioned oil tankers in Venezuela and airstrikes in Yemen, which have contributed to increased demand for safe-haven assets like gold and silver [5]. - The performance of silver has been particularly notable, driven by speculative inflows and ongoing supply mismatches following a historic short squeeze in October [5]. Group 3: Market Dynamics - There is a significant amount of paper trading in the market, with a need for physical silver to hedge against these positions, but the supply for delivery is limited [6]. - The silver market is experiencing extreme physical shortages, with the one-year silver swap rate falling to -7.18%, indicating a supply crunch [7][8]. - The disparity between silver swap rates and U.S. rates suggests that traders are willing to pay premiums to obtain physical silver, leading to a potential squeeze in the London silver market [8][9].

据"网信中国"微信公众号12月26日消息， 中央网信办发布《 关于规范网络名人账号行为管理的通知》。 以下为全文： 各省、自治区、直辖市党委网信办，新疆生产建设兵团党委网信办： 网络名人账号粉丝数量大、社会关注度高，在互联网上有较强影响力和示范效应。为加强网络名人账号常态化 管理，引导其自觉规范网上行为，防范不当网络言行造成负面影响，我办制定了网络名人账号行为负面清单， 对行为边界作出明确规定。 各网站平台要认真落实法律法规要求，以及《网络信息内容生态治理规定》《互联网用户账号信息管理规定》 《关于加强"自媒体"管理的通知》等相关规定，对照负面清单，严格落实主体责任，进一步健全涉及网络名人 账号管理的社区规则、用户协议，依法依约加强对网络名人账号发布信息、直播互动、开设话题等行为管理， 引导网络名人账号运营者合理使用影响力，规范网上言行。各地网信部门要履行属地管理责任，强化指导监 管，督促相关网站平台做好网络名人账号行为规范管理工作。 附件：网络名人账号行为负面清单 中央网信办秘书局 2025年12月25日 网络名人账号行为负面清单 （六）鼓动群体对立。 不当关联地域、民族、性别、职业等信息，标签化、污名化炒 ...

12月26日，金融监管总局公开发布《银行业保险业数字金融高质量发展实施方案》（下称《方案》），提 出银行业保险业高质量推进数字金融服务的8个重点领域，涵盖支持科技型企业创新成长、服务先进制造业 发展、深化小微企业金融服务等；同时，要求金融机构充分发挥人工智能等新技术创新引领作用、有效激 发数据要素潜能。 2022年1月，原银保监会印发《关于银行业保险业数字化转型的指导意见》（下称《意见》），明确了银行保 险机构数字化转型的指导思想和基本原则，其核心在于为金融机构提供监管指引。金融监管总局有关司局负责 人指出， 《意见》与《方案》构成递进关系，后者是前者的深化与升级， 两者共同构建了数字金融发展的监 管政策框架。 支持科技型企业创新成长位列八大领域首位 具体来看，本次《方案》首先要求金融机构科学统筹制定数字金融发展规划、建设数字化运营体系、建设数字 型组织体系、建立数字人才体系等，建立健全数字金融治理机制。 同时，进一步明确了推进数字金融服务的8个重点领域：支持科技型企业创新成长、服务先进制造业发展、助 力绿色经济发展、深化小微企业金融服务、在民生服务领域开发有针对性的数字金融产品、服务乡村振兴、支 持落实国家 ...

Core Viewpoint - The article discusses the significant losses incurred by Shengyuan Environmental Protection due to investments in a private equity fund, highlighting the potential impact on the company's financial performance and the measures taken to recover losses [1][2]. Group 1: Investment Loss Details - Shengyuan Environmental Protection's wholly-owned subsidiary, Xiamen Jinlingji Construction Engineering Co., Ltd., invested 60 million yuan in a private equity fund, which has seen a cumulative net value decline of over 81%, resulting in a loss of approximately 46.92 million yuan, exceeding 10% of the company's audited net profit for the last fiscal year [1][2]. - The fund's net value plummeted from 0.9215 yuan per share to 0.2596 yuan per share within a week, indicating a staggering weekly decline of 71.83% [4][5]. Group 2: Company Response and Actions - Upon discovering the significant losses, Shengyuan Environmental Protection established a special task force to investigate the matter and began documenting insider information [7]. - The company has taken legal actions, including reporting to law enforcement and the China Securities Regulatory Commission, and has initiated a redemption process for the fund [8]. - Shengyuan has also demanded the fund manager to cease trading and liquidate the remaining assets, while ensuring the security of the fund's remaining properties [8].