据"国防部发布"微信公众号12月17日消息，国防部新闻发言人蒋斌就菲律宾国防部炒作仙宾礁水炮事件 答记者问。 百万用户都在看 "黑天鹅"突袭！刚刚，全线大跌！ 港股，突发！ 今夜！A股，利好！ A股，重要调整！ A股突发！芯片大牛股，终止重组！ 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 , 未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 法 律 责 任 。 看券商中国 知天下财经 有记者提问，12月16日，菲律宾国防部长在社交媒体平台发表声明，诬称中国海上管控力量在仙宾礁附 近海域对菲渔民采取"危险且不人道"行为，否认菲渔民持刀威胁中国海警等。请问中方对此有何评论？ 蒋斌回应，中国对包括仙宾礁在内的南沙群岛及其附近海域拥有无 ...

Macro Dynamics - The National Development and Reform Commission (NDRC) and other departments have released the "Benchmark Levels and Baseline Levels for Clean and Efficient Utilization of Coal (2025 Edition)", aiming to align with the strictest domestic and international pollutant emission standards for coal [2][3] - The document emphasizes the need for dynamic adjustments to benchmark and baseline levels based on industry development and standard revisions, enhancing the guiding role of benchmark levels and the constraining role of baseline levels [2] Industry Initiatives - Six departments, including the NDRC and the Ministry of Industry and Information Technology, are promoting the clean and efficient utilization of coal in new and existing projects, encouraging upgrades to meet benchmark levels [3] - Existing projects that fall below baseline levels are urged to undergo orderly upgrades, with a general deadline of no more than three years for compliance [3] Financial Data - From January to November, the national general public budget revenue reached 200,516 billion yuan, a year-on-year increase of 0.8%, with tax revenue at 164,814 billion yuan, up 1.8% [4] Company Dynamics - Zhong Fu Li has resigned from key positions in Hangzhou Wahaha Food Co., marking her complete exit from core management roles within the Wahaha Group [10] - The company, established in 1992, is a significant player in the pre-packaged food sector and holds 387 trademarks valued over 90 billion yuan [10] Market Data - On December 17, A-shares saw a collective rise, with the Shanghai Composite Index up 1.19% and the ChiNext Index up 3.39%, indicating a strong market performance [8] - In Hong Kong, the Hang Seng Index increased by 0.92%, with notable gains in the metals and semiconductor sectors [9] Technology Developments - Moer Thread has announced the open-sourcing of its 3DGS base library LiteGS, which can achieve up to 10.8 times training acceleration while reducing parameter volume by over 50% [11] Business Contracts - Shanghai Airport has signed contracts for the transfer of duty-free shop operating rights at both Pudong and Hongqiao International Airports, expected to positively impact revenue from 2026 to 2033 [12]

Core Viewpoint - Amazon is negotiating to invest at least $10 billion in OpenAI, potentially raising OpenAI's valuation to over $500 billion, which boosts confidence in the global AI market and alleviates concerns about an AI bubble [1][3][4]. Group 1: Investment and Market Impact - The news of Amazon's potential investment has led to a significant rally in A-shares, with major indices rising over 1% to 3%, particularly in sectors like insurance, semiconductors, and AI hardware [1]. - The computing hardware sector saw a strong comeback, with the Wind CPO index rising over 6.5%, and individual stocks like LianTe Technology and YiDong Electronics hitting the 20% limit up [2][3]. Group 2: OpenAI and Amazon Collaboration - The negotiations include OpenAI possibly using Amazon's self-developed Trainium chips, which would deepen the relationship between OpenAI and Amazon Web Services (AWS) [4]. - OpenAI plans to lease servers from AWS for $38 billion over the next seven years, making AWS one of its primary cloud service providers [4]. Group 3: AI Industry Outlook - Analysts predict that the AI computing industry will experience significant growth, with a focus on the supply-demand imbalance and technological advancements in the coming years [7]. - Major internet companies like Alibaba and ByteDance are expected to leverage their user bases and AI technologies to create comprehensive AI business ecosystems [8].

Group 1: Overall Rankings - The top-ranked research team is from GF Securities with a total score of 43316.423 [1] - The second place is held by Zheshang Securities with a score of 38987.917 [2] - The third position is occupied by Dongwu Securities with a score of 33427.801 [2] Group 2: Fixed Income Research - Huatai Securities ranks first in fixed income research with a score of 40340.296 [3] - Huaxi Securities follows in second place with a score of 31481.596 [3] - Yongan Securities is in third place with a score of 29564.247 [3] Group 3: Banking Sector - Zheshang Securities leads the banking sector with a score of 39943.811 [6] - Zhongtai Securities is in second place with a score of 32853.243 [6] - CITIC Construction Investment Securities ranks third with a score of 27210.612 [6] Group 4: Real Estate Sector - GF Securities ranks first in the real estate sector with a score of 46820.521 [7] - Changjiang Securities follows closely in second place with a score of 46290.409 [7] - Industrial Securities is in third place with a score of 31067.83 [7] Group 5: Electronics Sector - Zhongtai Securities leads the electronics sector with a score of 43237.391 [8] - Changjiang Securities is in second place with a score of 42166.206 [8] - GF Securities ranks third with a score of 29990.201 [8] Group 6: Chemical Sector - Shenwan Hongyuan Securities ranks first in the chemical sector with a score of 47658.726 [11] - Changjiang Securities follows in second place with a score of 46460.716 [11] - Guohai Securities is in third place with a score of 28746.495 [11] Group 7: Energy Sector - Changjiang Securities leads the energy sector with a score of 53802.76 [12] - Guosheng Securities is in second place with a score of 37234.974 [12] - GF Securities ranks third with a score of 26264.694 [12] Group 8: Transportation Sector - Changjiang Securities ranks first in the transportation sector with a score of 60044.382 [13] - Shenwan Hongyuan Securities is in second place with a score of 49153.183 [13] - Huachuang Securities ranks third with a score of 27952.359 [13] Group 9: Consumer Sector - Changjiang Securities leads the consumer sector with a score of 233982.376 [26] - Guotai Junan Securities is in second place with a score of 155271.877 [26] - GF Securities ranks third with a score of 140598.215 [26] Group 10: Best Research Teams - GF Securities is recognized as the best research team overall with a total score of 95012.572 [22] - Changjiang Securities follows in second place with a score of 92236.472 [22] - Guotai Haitong Securities ranks third with a score of 67717.896 [22]

12月17日，上述三家上市券商齐发公告：每股东兴证券、信达证券能换取中金公司股票的比例，分别确定为 1:0.4373、1:0.5188。此外，三家公司股票将于12月18日复牌。 合并后，中金公司将成为行业第四家总资产跨入"万亿俱乐部"的券商。业内人士普遍认为，中金公司合并东兴 证券、信达证券，正是剑指国际一流投行建设的决心体现。 然而，规模跃升只是表象。有非银分析师指出，此次合并的关键逻辑并非简单的资产叠加，而是资源与能力的 结构性互补。在业内人士看来，中金公司在资本运用、财富管理、跨境业务等方面的领先优势，将与东兴、信 达在区域网络、特殊资产投行等领域的布局形成协同，强化竞争优势。 定价细节明确，交易提升核心竞争力 11月19日，中金公司公告筹划重大资产重组，拟同时吸收合并东兴证券、信达证券，预计停牌时间不超过25个 交易日。如今备受关注的合并预案方案终于出台，要早于原预计复牌时间。 根据公告，中金公司拟通过向东兴证券全体A股换股股东发行A股股票、向信达证券全体A股换股股东发行A股 股票的方式，换股吸收合并东兴证券、信达证券。 其中，中金公司换股吸收合并的定价基准日前20个交易日的A股股票交易均价，考虑 利 ...

Core Viewpoint - The article discusses the self-regulatory inspection results of mobile financial apps conducted by the China Internet Finance Association, highlighting compliance issues and the progress of rectification among various financial institutions [1][5]. Group 1: Rectification Progress - As of December 16, five institutions have completed rectification for their respective apps, including:掌上紫金, 银盛通, 本溪银行, 黑龙江农信, and 黄河银行 [2][3]. - Three institutions have basically completed rectification, namely: 宁夏银行, 哈密市商业银行, and 泰康在线, with their corresponding apps being 宁夏银行, 哈密市商业银行, and 泰康在线 [2][3]. - Two institutions are still in the process of rectification: 韩亚银行 and 国华人寿, with their apps being 韩亚银行 and 国华人寿 [2][3]. Group 2: Issues Identified - The self-regulatory inspection identified major issues in three areas: personal information protection, security protection, and data security [6]. - In the area of personal information protection, significant violations were found, including the lack of clear rules for collecting and using personal information, and failure to obtain user consent before data collection [7][8][9]. - Security protection issues were noted in identity authentication, logical security, and password management, such as displaying sensitive information like names and bank card numbers without masking [9]. Group 3: Industry Context - The financial sector is increasingly reliant on big data for user profiling and targeted marketing, raising concerns about excessive personal information collection and compliance risks [10]. - Public awareness regarding the protection of biometric data, such as facial recognition, remains low, with many consumers prioritizing convenience over privacy [11].

Core Viewpoint - The article discusses the recent guidelines issued by the State Administration for Market Regulation (SAMR) regarding antitrust compliance for internet platforms, highlighting potential monopolistic behaviors and risks associated with platform operations [1][2]. Group 1: Antitrust Compliance Guidelines - The SAMR has introduced the "Antitrust Compliance Guidelines for Internet Platforms (Draft for Comments)" which outlines eight new types of monopolistic risks for platform enterprises [1]. - One significant risk identified is the requirement for merchants to sell products at "the lowest price across the internet," which may constitute abuse of market dominance or collusion [1]. - The guidelines emphasize the importance of transparency in algorithms, warning against "algorithm black boxes" that could harm the interests of merchants and consumers [1]. Group 2: Enforcement and Risk Management - The SAMR has taken action against multiple cases of monopolistic practices, particularly the "choose one from two" behavior, and the guidelines aim to summarize enforcement experiences to help platforms avoid such practices [1]. - Liu Jian, a deputy director at SAMR, stated that the platform economy has unique business logic and behavior patterns, making it complex to delineate behavioral boundaries [2]. - The regulatory body encourages platform enterprises to enhance risk identification, management, and compliance to effectively mitigate antitrust compliance risks and promote healthy development of the platform economy [2].

Core Viewpoint - Artificial intelligence (AI) is a strategic force driving the current technological revolution and industrial transformation, becoming the core engine for high-quality development in the securities industry. Guotai Haitong actively implements the "All in AI" strategy, focusing on optimizing asset allocation for residents and leading a "dual reconstruction" in wealth management [1]. Group 1: AI Application and Development - On December 17, Guotai Haitong launched the upgraded version of its AI-native intelligent app, Lingxi APP 2.0, at the "7th International Financial Technology Forum" [2]. - Lingxi APP 2.0 features an "all-AI interactive experience" and aims to provide "full lifecycle companionship," marking a transition from an "AI native application" to an "AI investment partner" throughout the user journey [2]. - The upgrade from version 1.0 to 2.0 includes significant improvements in underlying capabilities, service closure, and customer experience, achieving a 135% increase in the replacement rate of AI service scenarios and a 105% improvement in the accuracy of AI Q&A capabilities [2]. Group 2: User Experience and Interaction - Lingxi APP 2.0 offers a fully integrated interface for "market watching, trading, dialogue, and live streaming," embedding AI services deeply into the investment decision-making process [3]. - The app introduces six different persona-based intelligent investment assistants, providing 24/7 companionship and support tailored to user preferences, marking a shift from "tool" to "partner" [3]. - The dialogue system has been upgraded to provide deep understanding and multi-turn reasoning capabilities, enhancing the user experience with intelligent stock selection, market monitoring, and risk assessment [5]. Group 3: Comprehensive Investment Support - Lingxi APP 2.0 provides a full-cycle AI support system, offering wisdom companionship and strategy tracking throughout the investment process, thereby enhancing long-term investment success rates [8]. - The app integrates a one-stop investment decision engine that combines market analysis, personal diagnostics, and strategy tracking, allowing users to make informed decisions based on their investment personality and market conditions [8]. Group 4: Trading Innovations - The app features a dual-layout trading interface that enhances user experience and trading efficiency, transitioning from manual execution to intelligent direct access for trading services [9]. - Users can perform trading queries, settings, or orders through natural language, with advanced features like intelligent conditional orders, enabling quick and precise responses in a dynamic market [9]. Group 5: Ecosystem and Future Development - Guotai Haitong is committed to an open securities philosophy, collaborating with various AI platforms to expand service scenarios and meet diverse user needs [12]. - The company aims to deepen AI innovation in wealth management, transforming AI applications into tangible benefits for users and contributing to the high-quality development of the industry [12].

Core Viewpoint - The investment strategy for 2026 emphasizes a balanced economic environment in China, with a focus on moderate inflation recovery and the importance of supply-side adjustments to enhance economic performance [2][3][4]. Group 1: Macroeconomic Outlook - China's inflation is expected to recover moderately by the end of 2026, potentially approaching positive territory, supported by supply-demand gap adjustments under the "new supply" framework [2][3]. - The economic environment in 2026 is projected to be more balanced, with a shift in policy focus from traditional adjustments based on unemployment and growth fluctuations to synchronized supply-demand adjustments around economic goals [3][4]. Group 2: Investment Strategies - The 2026 investment strategy for the Hong Kong stock market suggests a patient and steady approach, with expectations of the RMB appreciating against the USD, potentially returning to the "6" range [2][5][6]. - Key investment opportunities in 2026 include sectors such as AI, military industry, energy technology, new consumption, and innovative pharmaceuticals, alongside traditional industries benefiting from supply chain restructuring [6][8]. Group 3: A-Share Market Insights - The A-share market is viewed positively for 2026, with limited negative external impacts and potential boosts from global AI trends and favorable liquidity conditions [7]. - The recovery of corporate earnings is anticipated to be a significant highlight, supported by a shift in domestic wealth allocation towards the stock market and the return of foreign capital [7][8]. Group 4: Sector Performance - The performance of various sectors in 2026 is expected to transition from a "淘汰赛" (elimination race) to a "竞速赛" (speed race) as more high-growth industries enter a recovery phase [6][7]. - Key drivers of sector performance will include trends in AI, new energy, military, and innovative pharmaceuticals, as well as traditional industries adapting to global competition [8].

近年来，银行理财代销已经成为理财公司规模快速增长的重要来源。 近日，券商中国记者从业内独家获得的数据显示，截至11月末，在管理规模超万亿元的理财公司中，至少有3 家的理财产品行外代销（即非母行渠道代销）规模占比突破50%；另有4家理财公司2025年前11个月的行外代 销规模较年初增幅超50%，其中2家的代销规模实现翻倍增长。 今年以来，多家理财公司密集官宣与地方中小银行达成理财代销业务合作，城商行、农商行成为其拓展代销渠 道的核心合作对象。理财行业人士认为，中小银行覆盖的县域等下沉市场，已成为驱动理财行业规模增长的新 增量来源。 理财跨行代销迅速崛起 2025年以来，银行理财公司明显加大母行以外银行销售渠道的布局力度，对母行渠道的依赖度逐步降低。 券商中国记者从行业内获取的独家数据显示，在管理规模超过1万亿元的14家国有行和股份行理财公司中，已 有华夏理财、光大理财、交银理财等公司行外代销规模占比超过50%，在众多理财公司中脱颖而出。 具体来看，华夏银行及华夏理财行外代销理财产品规模已超7000亿元，占该公司理财总规模近60%；交通银行 及交银理财行外代销规模突破1万亿元，占该公司理财规模近57%；同样行外代 ...