Core Viewpoint - Commercial banks are proactively preparing for the 2026 credit season by focusing on project reserves and customer management, indicating a strategic shift to enhance their operational foundations in a complex environment [1][2][3]. Group 1: Credit Strategy and Project Preparation - Several listed banks have begun to lay out their credit strategies for 2026, with some starting as early as the second half of 2025 to ensure a robust project reserve [2][3]. - Banks are conducting investor surveys to discuss their "early bird" strategies, credit focus areas, and measures to manage net interest margins and funding costs [3][4]. - Suzhou Bank and Jiangsu Bank have initiated project reserves and are aligning their credit strategies with regional economic transformations and key sectors [3][4]. Group 2: Net Interest Margin and Profitability Outlook - Analysts expect a positive trend in net interest margins for 2026, with many banks indicating that the pressure on margins is likely to ease, leading to a recovery in net interest income [2][6][7]. - Institutions like Ping An Securities predict that net interest income growth will rise to 4% due to improved pricing dynamics and reduced funding costs [6]. - The overall financial performance of listed banks is anticipated to surpass that of 2025, driven by a combination of interest margin stabilization and improved non-interest income [6][7]. Group 3: Sectoral Focus and Competitive Landscape - The "14th Five-Year Plan" is expected to guide banks towards focusing on manufacturing, technological innovation, and green finance, with a significant emphasis on digital infrastructure and sustainable energy [7][8]. - There is a notable divergence in the competitive landscape, with state-owned banks benefiting from their scale and lower funding costs, while joint-stock banks face increasing pressure from both state-owned and city commercial banks [8].

"芳茶冠六清，溢味播九区"，位于浙西南群山深处的遂昌县蔡源乡，正以一片绿叶为介，在金融赋能之下，奏响产业升级与文化激活的"双乐章"。 2019年末，财通证券资产管理有限公司（浙江省属券商财通证券的全资子公司，下称财通资管）以"授人以渔"的理念叩响山门，与蔡源乡永兴村携手结对，一场以 金融智慧激活乡村振兴的实践就此展开。 在"金融为民"价值观的指引下，财通资管积极发挥金融机构整合资源的优势，从最初投入帮扶资金到推动产业链建设，实现公益支农项目由"输血"转向"造血"的阶 段性跃迁。六年后的今天，永兴村村集体经济的年收入从彼时不足3万元增长至逾50万元，蔡源乡联合财通资管投产共建的"共富农场"、"共富茶厂"等项目正在成为 多方协作的示范载体，蹚出了一条有特色、有温度的共富新路径。 "茶厂在2025年投产，整合了周边四个行政村的茶青资源，通过统一的加工、品控、包装和营销，降低了加工环节损耗率。"据蔡源乡共富茶厂负责人吴存发介绍， 除此之外，茶厂还优先雇佣本地村民从事生产工作，并通过"租金+分红"的模式，每年为村集体经济创收10万余元。 产业"造血"效应不限于茶叶。2022年，财通资管公益支农项目由"一亩茶园"升级为" ...

Core Viewpoint - The A-share merger and acquisition market is becoming increasingly active, with significant transactions announced by companies such as Pulutong and Fengxing Co., indicating a trend towards major asset restructuring in the industry [1]. Group 1: Pulutong's Major Asset Restructuring - On December 17, Pulutong announced plans to acquire 100% of Leqi Cayman and 8.26% of Hangzhou Lemai, while raising funds through a share issuance to Zhidu Group and Huadu No.1, which is expected to constitute a major asset restructuring [2][3]. - The transaction is anticipated to help Pulutong leverage opportunities in the digital economy, enhance industrial synergy, and build a new ecosystem of "supply chain + e-commerce services" [3]. - The target company is a leading partner in digital and e-commerce services in China, with a projected revenue exceeding 5 billion yuan and a net profit exceeding 200 million yuan for 2024 [3]. Group 2: Fengxing Co.'s Acquisition Plans - On the same day, Fengxing Co. announced plans to acquire 75% of Baiyin Huaxin from Guangdong Huaxin, also through a share issuance to a limited number of specific investors, which is expected to constitute a major asset restructuring [6][9]. - Baiyin Huaxin specializes in hazardous waste disposal and resource recycling, with a licensed disposal capacity of 755,000 tons per year, which will enhance Fengxing's service offerings in the mining and non-ferrous metal sectors [9]. - Following the acquisition, Fengxing aims to transition from traditional metal products to the emerging green circular economy, establishing a new growth point and enhancing business synergy [10].

Group 1 - The article reports that U.S. and Russian officials are expected to meet in Miami over the weekend, with plans still being finalized [1] - The Russian delegation is anticipated to include Dmitryev, the president of the Russian Direct Investment Fund, while the U.S. delegation will feature Middle East envoy Witte and Jared Kushner, son-in-law of former President Trump [1]

在行情短线切换剧烈的背景下，部分基金的 减仓 或调仓的动作随之显现，部分产品在震荡市中波动有限， 不难推测有的基金经理"见好就收"， 减仓 保存年内收益，也有基金经理旗下产品与三季度重仓风格背道而 驰，或调仓布局跨年行情。 对于后市行情，基金经理多数保有乐观展望。有基金经理表示，估值偏高后的调整对市场是健康的，为后续行 情"跌出"新的操作空间，此外还有不少高位股通过震荡夯实了基础，也会考虑重新买入。 部分基金疑似 减仓 保收益 以广发鑫益为例，12月16日，A股各大指数大幅回调，然而该基金跌幅仅0.22%。拉长时间来看，这只产品在 相当长的时间里净值表现非常平稳，自从10月27日创下历史新高后至今回撤幅度仅有2.57%，与三季报中的持 仓数据并不契合。数据显示，截至三季度末，该基金股票仓位超过了九成，且重仓股中包括了立讯精密、兆易 创新、天孚通信、中际旭创等高弹性个股，此外，基金经理费逸管理的广发聚瑞、广发瑞安精选等与广发鑫益 均有类似走势。 此外，益民基金旗下多只权益类产品在10月末至今波动均不如此前明显，个别产品近期净值甚至拉成了一条直 线。如益民服务领先的基金经理关旭就在三季报中表示："从市场情绪来看， ...

Group 1 - The core message is that Russia's President Putin announced the new "Hazel" medium-range hypersonic missile will be operational by the end of this year [1]

Core Viewpoint - Hainan Free Trade Port is set to officially launch its full island closure operation on December 18, 2025, marking a significant milestone in its development [1]. Financial Policy and System Development - Since the release of the "Overall Plan for Hainan Free Trade Port Construction" in 2020, a preliminary financial policy system has been established, positioning Hainan as a leader in financial openness and innovation in China [2]. - The People's Bank of China has been continuously improving financial policies and systems compatible with Hainan Free Trade Port, completing all preparations for the financial operations required for the closure [2]. Cross-Border Capital Flow - Hainan aims to achieve "free and convenient cross-border capital flow," with the establishment of the multi-functional free trade account (EF Account) system facilitating high-level cross-border capital movement [2]. - From January to November 2025, Hainan's cross-border payment and receipt scale reached $101.61 billion, with an average annual growth rate of 55% since 2020 [2]. - The cross-border RMB settlement scale reached 484.5 billion yuan during the same period, reflecting a year-on-year increase of 7.8% [2]. EF Account Implementation - The EF Account officially launched on May 6, 2024, with 11 banks in Hainan having adopted the system by the end of October 2025, facilitating transactions amounting to 268.9 billion yuan [3]. - The EF Account allows for convenient cross-border fund transfers and provides significant regulatory advantages for enterprises engaging in capital transactions with foreign accounts [3]. - As of October 2025, over 650 EF Accounts have been opened, with transactions occurring with 80 countries and regions, covering various business scenarios such as foreign exchange settlement and cross-border trade [4]. Growth in Foreign Trade and Investment - By the end of 2024, Hainan's foreign-related income and expenditure scale is projected to reach $108.63 billion, which is 2.9 times that of the end of 2021 [4]. - The number of enterprises involved in foreign trade and foreign exchange transactions in Hainan has increased to nearly 10,000 by October 2025, reflecting a 1.4 times growth since the end of 2021 [4].

Core Viewpoint - The fiscal revenue and expenditure data for the first 11 months of 2025 indicates stable growth in public budget revenue, with tax revenues from key sectors like equipment manufacturing and modern services performing well [1][2]. Revenue Summary - Total public budget revenue reached 20.05 trillion yuan, growing by 0.8%, maintaining the same growth rate as the previous 10 months [2]. - Tax revenue amounted to 16.48 trillion yuan, with a growth of 1.8%, an increase of 0.1 percentage points compared to the first 10 months [2]. - Key tax categories showed positive growth: domestic VAT increased by 3.9%, domestic consumption tax by 2.5%, and personal income tax by 11.5% [2]. - The active capital market contributed to the notable performance of personal income tax, with significant increases in capital market-related tax revenues, including a 70.7% rise in securities transaction stamp duty [2][3]. Corporate Income Tax Insights - Corporate income tax revenue reached 402.34 billion yuan, reflecting a year-on-year growth of 1.7% [2]. - The recovery in corporate income tax is attributed to economic recovery, policy effects, and a low base from previous years [3]. - The manufacturing sector continues to play a stabilizing role, with tax revenue from this sector maintaining around 30% of total tax revenue [3]. Sector Performance - The equipment manufacturing and modern services sectors showed strong tax revenue performance, with specific growth rates: computer and communication equipment manufacturing at 14.1%, electrical machinery at 7.9%, and scientific research and technical services at 14.6% [3]. - High-tech industries reported a sales revenue increase of 14.7%, with smart device manufacturing sales growing by 28.2% [3]. Expenditure Summary - Total public budget expenditure reached 24.85 trillion yuan, growing by 1.4%, with significant spending in social security and employment (8.1% growth), education (4.4% growth), and health (4.7% growth) [4]. - Expenditures related to infrastructure showed a declining trend, with urban and rural community spending and agricultural spending decreasing year-on-year [4]. - Government fund budget revenue was 4.03 trillion yuan, down by 4.9%, while expenditures increased by 13.7%, driven by accelerated use of bond funds [4]. Fiscal Policy Impact - The central government allocated 500 billion yuan to support local government debt, which is expected to inject new momentum into economic development and assist localities in achieving their annual economic and social development goals [4].

从黄金、白银，到铂、钯，国内贵金属市场掀起一轮涨价潮。 12月17日，上期所白银期货主力合约大涨超5%，再度刷新历史新高；广期所铂、钯期货主力合约午后强势拉 升，双双封住涨停板，价格均创上市以来新高。放眼全年，现货白银、铂金、钯金今年累计涨幅分别达到 128%、112%、80%，走出了一轮波澜壮阔的牛市行情。 业内人士指出，在宏观宽松预期升温、现货供应持续偏紧、资金情绪共振等多重因素推动下，贵金属市场的上 涨逻辑正在不断强化。其中，白银被认为正经历一轮典型的"逼空式"行情，而铂、钯则在供应缺口与工业需求 支撑下迎来价值重估。 铂、钯期货联袂涨停，三日累计涨幅超16% 周三，国内铂族金属市场再度爆发。广期所铂期货主力合约全天呈现单边上行态势，午后涨幅明显扩大，尾盘 强势封板，收涨7%，报527.55元/克，成交量放大至9.33万手，持仓量增至2.7万手；钯期货主力合约同样在尾 盘涨停，涨幅6.99%，收报455.15元/克。 值得注意的是，过去三个交易日，铂、钯期货连续大涨，其中铂主力合约累计涨幅达到16.70%，钯主力合约 累计涨幅达16.87%，市场做多情绪高涨。 国信期货指出，铂、钯期货双双涨停，呈现出资 ...

Core Viewpoint - The cancellation of Yongtuo Accounting Firm's qualification to provide securities services has significant implications for the market, leading to a wave of companies changing their auditing firms and potential loss of clients for Yongtuo [2][4][6]. Group 1: Regulatory Actions - On December 16, the Ministry of Finance and the China Securities Regulatory Commission (CSRC) announced the cancellation of Yongtuo Accounting Firm's registration for securities services due to serious deficiencies in their auditing work [2][4]. - Yongtuo was found to have engaged in fraudulent activities during audits for companies like Hongda Xingye, including fabricating audit adjustments and altering financial statements [6][5]. Group 2: Market Reactions - Following the regulatory actions, approximately 20 listed companies initiated the process to change their auditing firms this year, with 9 of these changes occurring in December alone [2][8]. - Notably, two of Yongtuo's clients, *ST Shengxun and *ST Jingang, announced their decision to switch to other accounting firms on December 15 [8]. Group 3: Financial Impact - Yongtuo's total revenue for 2024 was reported at 323 million yuan, with securities business revenue accounting for 131 million yuan [8]. - The firm had 30 listed company clients at the end of 2024, primarily in the pharmaceutical and specialized equipment manufacturing sectors [8]. Group 4: Client Transition - As of December 16, 12 other accounting firms have taken over Yongtuo's clients, with Zhongshen Zhonghuan Accounting Firm taking the most, handling 6 clients [9]. - The loss of clients is compounded by a significant reduction in Yongtuo's workforce, with a decrease of nearly 16% in registered accountants, from 350 to 295 [9].