继12月5日股价单日大涨5.88%之后，中国平安再次引领保险股上涨。 今天上午，中国平安A、H股齐涨，截至午间收盘，中国平安A股上涨4.98%，H股上涨2.9%，股价分别触及67.9元/股和65.6港元/股，均创下2021年6月以来的股价新 高。截至券商中国发稿， 中国平安A、H股分别涨4.98%、2.51%。 个股层面，中国平安作为保险龙头股之一， 受益于低利率时代分红险畅销等负债驱动，以及资产端大幅提升权益仓位收益可观，同时还有稳定分红，目前股息率还 在4%以上，属于攻守兼备的品种。 行业消息层面，国家金融监管总局近日下调保险公司相关业务风险因子，为险企释放更多长期投资资金；资金层面，摩根士丹利、中金公司、中信证券等国内外卖 方机构先后发布研报，将中国平安重新列入"推荐""买入"，预测中国平安将引领保险行业下一轮的估值修复。 中国平安A、H股大涨 今日上午，中国平安A股上涨4.98%，中午收盘价触及67.9元/股；H股上涨2.9%，股价触及65.6港元/股，股价均创下四年新高，并引领了保险板块集体上涨。 值得注意的是，保险板块今日股价继续走强，尤其以中国平安为代表，继12月5日A股股价单日大涨5.88%之 ...

Core Viewpoint - The article emphasizes the importance of the Central Economic Work Conference's spirit and its implications for the capital market, highlighting the need for the China Securities Regulatory Commission (CSRC) to align its actions with the central government's directives for economic stability and high-quality development [1][2]. Group 1: Economic Development and Policy Direction - The meeting recognized that under the leadership of the Communist Party of China, the economy has made significant progress despite challenges, with the main goals of the 14th Five-Year Plan expected to be achieved [2]. - The conference outlined the necessity for the CSRC to implement the central government's economic work directives, focusing on risk prevention, regulatory strength, and promoting high-quality development [2][3]. Group 2: Strategic Initiatives for Capital Market - The CSRC is tasked with preparing and implementing the 15th Five-Year Plan for the capital market, ensuring that future development goals and measures are systematically planned [3]. - There is a commitment to enhance the stability of the market by fostering high-quality listed companies and promoting long-term investment mechanisms [3][4]. Group 3: Regulatory and Reform Measures - The article discusses the need for ongoing reforms to improve the inclusiveness and attractiveness of the capital market, including the implementation of new regulations for the ChiNext and the development of private equity funds [4][5]. - Strengthening regulatory enforcement is highlighted, with a focus on combating financial fraud and market manipulation to ensure a fair trading environment [4][5]. Group 4: Party Discipline and Governance - The meeting underscored the importance of maintaining strict party discipline within the CSRC, emphasizing the need for effective oversight and accountability in capital market operations [5]. - There is a call for a balanced approach to regulation that combines strict oversight with supportive measures to foster a robust regulatory environment [5].

Core Viewpoint - Yipin Hong (一品红) experienced a sudden 20% drop in stock price despite a favorable announcement regarding its product Qinxiang Qingjie Oral Liquid being approved as a national second-level protected traditional Chinese medicine [1][5]. Group 1: Company Developments - Yipin Hong's stock price fell to the limit down after a significant rise of over 500% from September last year to July this year, indicating a market correction following excessive valuation [3][4]. - The company announced that its stake in the U.S. company Arthrosi was subject to a buyout offer totaling up to $1.5 billion (approximately ¥10.6 billion), which analysts believe reflects a shift in market expectations regarding business development (BD) transactions [1][3]. - Despite the approval of Qinxiang Qingjie Oral Liquid, which is expected to enhance its market competitiveness in pediatric medicine, this positive news did not mitigate the negative market reaction [5]. Group 2: Market Impact - The decline in Yipin Hong's stock negatively affected the overall performance of the innovative drug sector, with the Hong Kong innovative drug index dropping over 2% and several companies experiencing declines of more than 5% [7]. - Analysts suggest that the recent transaction involving Yipin Hong may alter market expectations, highlighting a potential shift in how BD transactions are perceived in the industry [7]. - The innovative drug market in China is projected to grow significantly, with estimates suggesting a market size increase from approximately ¥819.8 billion in 2020 to over ¥1.22 trillion by 2025, driven by supportive policies and an expanding drug approval system [8].

Core Viewpoint - The new housing price index shows a positive trend in November, with an increase in the number of cities experiencing price rises, which is expected to improve market expectations further [2][5][7]. Summary by Sections New Housing Prices - In November, the number of cities with rising new housing prices increased among 70 major cities, while the decline in second and third-tier cities narrowed [1][3]. - First-tier cities saw a month-on-month decline of 0.4% in new housing prices, with Shanghai increasing by 0.1% and Beijing, Guangzhou, and Shenzhen decreasing by 0.5%, 0.5%, and 0.9% respectively [3]. - Second and third-tier cities experienced month-on-month declines of 0.3% and 0.4%, respectively, with a narrowing of the decline by 0.1 percentage points [3]. Second-hand Housing Prices - In November, first-tier cities' second-hand housing prices fell by 1.1%, with Beijing, Shanghai, Guangzhou, and Shenzhen decreasing by 1.3%, 0.8%, 1.2%, and 1.0% respectively [3][4]. - Second-tier cities' second-hand housing prices remained unchanged with a decline of 0.6%, while third-tier cities saw a decline of 0.6% with a narrowing of the decline by 0.1 percentage points [3][4]. Year-on-Year Changes - Year-on-year, first-tier cities' new housing prices fell by 1.2%, with Shanghai increasing by 5.1% and other cities like Beijing, Guangzhou, and Shenzhen decreasing by 2.1%, 4.3%, and 3.7% respectively [3][4]. - Second and third-tier cities' new housing prices fell by 2.2% and 3.5%, with declines widening by 0.2 and 0.1 percentage points respectively [3][4]. Market Outlook - The increase in the number of cities with rising new housing prices indicates a more solid foundation for price stabilization and a clearer trend of recovery [6][7]. - Analysts suggest that the positive performance in November is attributed to the release of year-end housing demand and improved buyer expectations, particularly due to significant discounts on new homes [6][7]. - Looking ahead to 2026, there is an emphasis on stabilizing the real estate market, with policies aimed at controlling inventory and addressing the current high levels of new housing stock and second-hand listings [7].

Core Viewpoint - The influx of various funds into the Beijing Stock Exchange (BSE) new shares has significantly increased, with industrial capital, including listed companies and New Third Board enterprises, actively participating in new share subscriptions [1][2][3]. Group 1: Industrial Capital Participation - Companies like LeEco, Diens, Jufeng, and Huachuang have announced plans to use idle funds for subscribing to BSE new shares, indicating a strategic shift towards enhancing investment returns [2][4][5]. - LeEco plans to invest no less than 150 million yuan in BSE new shares and government bond reverse repos [4]. - Diens intends to use up to 12 million yuan of idle funds for BSE new share subscriptions, with the flexibility to roll over the funds [4]. - Jufeng announced an additional investment of 25 million yuan, bringing the total investment limit to 40 million yuan for various securities, including BSE new shares [4]. Group 2: Surge in Subscription Scale - The average subscription scale for BSE new shares has skyrocketed from 26.7 billion yuan in 2022 to 650 billion yuan in 2025, with a peak exceeding 860 billion yuan [3][10]. - The participation of industrial capital is just one segment of a broader trend, with total frozen subscription funds surpassing 800 billion yuan [9]. Group 3: Unique Characteristics of BSE New Share Subscriptions - BSE new share subscriptions are characterized by a cash-only requirement, allowing participation without needing a stock collateral, which is a significant advantage over the Shanghai and Shenzhen exchanges [6][8]. - The allocation of new shares is based on a proportional distribution rather than a lottery system, meaning that larger subscription amounts lead to higher chances of allocation, often resulting in a near 100% success rate for maximum subscriptions [6][7]. Group 4: Market Performance and Trends - In 2023, 24 new stocks were listed on the BSE, with none experiencing a price drop below the issue price, and the lowest first-day increase was 133%, while the highest was 1211% [8]. - The trend of increasing funds entering BSE new shares is accelerating, with the average subscription amount for new stocks rising significantly year-on-year [10].

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 , 涉案被告包括黎智英、苹果日报有限公司、苹果日报印刷有限公司及苹果日报互联网有限公司，4被告被 控一项串谋发布煽动刊物罪及一项串谋勾结外国势力罪。黎智英另单独被控一项串谋勾结外国势力罪。 本案在2023年12月18日正式开审，由3名香港国安法指定法官审理。至2024年6月11日，控方正式完成 举证，法庭于7月25日裁定所有控罪表证成立。黎智英在2024年11月20日开始作供，至2025年3月结 束。2025年8月18日至28日，各方进行结案陈词。 来源：新华社 责编：罗晓霞 校对： 彭其华 百万用户都在看 "黑天鹅"突袭！刚刚，全线大跌！ A股，重要调整！ 杀疯了！半小时500亿元！刚刚，重磅利好彻底引爆！ A股突发！芯片大牛股，终止重组！ 房地产，突传重磅！ AI，突传重磅！特 ...

百万用户都在看 杀疯了！半小时500亿元！刚刚，重磅利好彻底引爆！ A股突发！芯片大牛股，终止重组！ 房地产，突传重磅！ AI，突传重磅！特朗普，正式签署！ 黑天鹅突袭！"AI交易"，全线重挫！ 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 , 据新华社消息，澳大利亚总理内阁部15日发表声明说，根据总理阿尔巴尼斯要求，当天澳大利亚全国降 半旗，以悼念14日悉尼邦迪滩枪击事件遇难者。 澳大利亚警方15日说，悉尼邦迪滩发生的枪击事件已造成包括1名作案嫌疑人在内的16人死亡、40人受 伤，两名嫌疑人为一对父子。 这是自1996年塔斯马尼亚州亚瑟港枪击事件造成35人死亡以来，澳大利亚发生的最严重的大规模枪击事 件。 来源：新华社 责编：罗晓霞 校对：彭 ...

随着大宗商品价格波动加剧，A股上市公司对风险管理的意识不断提升，参与期货套期保值的数量大幅增 长。 券商中国记者发现，近日佛燃能源、新奥股份、隆基股份、三一重工等多家上市公司陆续发布拟开展套期保值 的公告，并且套保额度都不小。数据显示，今年前11个月累计共有1782家上市公司发布了套期保值相关公告， 较去年全年增加279家。 此外，保险资金也在加速布局期货市场，积极运用国债期货、股指期货等工具开展套期保值，有效管理利率风 险与权益市场波动。 大额套保公告频现 越来越多的上市公司将衍生品套期保值作为公司稳健经营的重要手段。 券商中国记者发现，包括佛燃能源、新奥股份、隆基股份、三一重工在内的多家行业龙头企业，近期均审议通 过了高额度的套期保值业务计划。 12月10日，佛燃能源公告，其2026年度商品及外汇套期保值业务的最高合约价值不超过120亿元人民币，保证 金上限达41.7亿元。交易品种包括天然气、油品、化工产品、有色金属等商品。 同一天，新奥股份也通过了《关于2026 年度大宗商品套期保值额度预计的议案》，预计动用的交易保证金和 权利金上限为47亿美元，该额度在授权期限内可循环使用，交易的商品主要包括BREN ...

今日，日韩股市开盘后，各大指数全线大跌，韩国KOSPI指数一度大跌近3%，AI概念股普跌。A股开盘 后，三大指数亦是全线低开，沪指跌0.62%，深成指跌0.81%，创业板指跌1.16%。港股主要指数也集 体低开，恒生指数跌1%，恒生科技指数跌1.34%。 另外，加密货币市场亦全线崩跌，比特币大跌超2%。有分析指出，受甲骨文推迟建设OpenAI数据中心的 消息影响，市场的主基调是避险。 与此同时，日本央行的加息预期进一步加剧了市场谨慎情绪。目前，外界普遍预期日本央行将在本周五召开的 议息会议上，宣布加息25个基点。 全线大跌 美股科技股抛售潮持续蔓延，12月15日，日韩股市全线低开，日经225指数开盘跌0.91%，韩国KOSPI指数大跌 2.72%，截至北京时间09:00，日经225指数大跌1.31%，韩国KOSPI指数大跌1.45%。 其中，日韩AI概念股普跌，软银集团一度暴跌超7%，Fujikura一度大跌超6%，SK海力士、爱德万测试大跌近 5%，三星电子大跌超3%。 与此同时，加密货币市场亦全线崩跌，比特币、FIL币、XRP币、SOL币等均大跌超2%，狗狗币、艾达币、 ADA币大跌超3%。 Coingl ...

中国驻悉尼总领馆发布通知提醒领区中国公民注意安全 澳大利亚报警和紧急求助电话：000 澳大利亚非紧急案件报警电话：131444 中国外交部全球领事保护与服务应急呼叫中心热线：+86-10-12308或+86-10-65612308 中国驻悉尼总领馆领事保护与协助热线：+61-2-95505519 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 12月14日，悉尼东部邦迪海滩发生枪击事件，造成多人死伤，当地警方呼吁民众避免前往案发区域。 驻悉尼总领馆提醒居住在新州的中资企业和机构人员、华侨、留学生及游客等中国公民，密切关注当地 安全形势，提高个人安全防范意识，做好个人安全防护，保持手机通信畅通，如遇危险情况第一时间拨 打 ...