编者按： 时代之笔擘画新章，金融活水润泽实体。在金融"五篇大文章"铺就的壮阔画卷中，证券业正以创新之墨 挥毫作答。这是服务国家战略的使命担当，更是深化金融供给侧改革的生动实践。证券业以"国之大 者"为经，以"民之关切"做纬，让金融血脉与实体经济同频共振，奏响中国式现代化的资本强音。证券 时报联合中国证券业协会，推出"做好'五篇大文章' 证券业作答进行时"系列专栏， 本篇为系列报道之 五十二，敬请垂注。 党和国家高度重视金融行业在赋能新质生产力发展、构建现代化产业体系和服务实体经济高质量发展中的 重要作用。 在推动科技金融落实发展的过程中，证券公司也会遇到一些困难，主要表现在对基础研究重点领域颠覆性 技术突破的认识和理解不足、科技金融产品及服务与实际需求之间的匹配度不足、科技金融资源的配置精 准度不足等。为此，申万宏源证券重点服务以新质生产力为代表的科技金融领域，全方位、全过程、全生 命周期打造综合金融服务链条。 一是通过精准化投行服务、投资业务驱动，有力提升对新质生产力的"多维度识别"。 重点支持关键技术 和"卡脖子"领域薄弱环节，以投研、投资和投行之间的积极联动和有机协同，持续提升对关键核心技术领 域项目的 ...

Core Viewpoint - The cryptocurrency market experienced a significant downturn following the Federal Reserve's interest rate cut, with Bitcoin dropping over $3,500 and falling below the $110,000 mark, leading to a total liquidation of nearly $588 million in contracts within 24 hours [1][3][5]. Cryptocurrency Market Summary - Bitcoin fell by 2.58% to $109,900, Ethereum decreased by 2.45% to $3,882, and XRP also saw a decline of over 2% [3]. - A total of 133,600 traders were liquidated, with long positions accounting for $455 million and short positions for $133 million [3][4]. - The largest single liquidation occurred on Bybit-BTCUSD, valued at $11 million [3]. Federal Reserve Actions Summary - The Federal Reserve cut interest rates by 25 basis points, marking the second cut of the year, which was in line with market expectations [5][10]. - Chairman Jerome Powell indicated that the market's expectations for a December rate cut are "far from certain," which negatively impacted market sentiment [5][6]. - The internal discussions within the Fed revealed differing views on employment and inflation, highlighting a growing divide among policymakers [6][10]. Market Reactions Summary - Following the Fed's announcement, U.S. Treasury bonds experienced their largest single-day drop in nearly five months, reflecting a shift in market expectations regarding future rate cuts [8][9]. - Analysts noted that Powell's comments were aimed at resetting market expectations for December, suggesting that the likelihood of further rate cuts may be limited [8][9]. - The probability of a 25 basis point cut in December is currently estimated at 67.8%, with a 32.2% chance of maintaining the current rate [6].

Core Viewpoint - The Federal Reserve announced a 25 basis point interest rate cut, lowering the federal funds rate from 4.00%-4.25% to 3.75%-4.00%, marking the second rate cut of the year and the second consecutive cut since September [1][3][5]. Summary by Sections Interest Rate Decision - The decision to cut rates was not unanimously supported by the Federal Open Market Committee (FOMC), with two members voting against the cut, highlighting increasing internal divisions within the Fed [5]. - The Fed will end its balance sheet reduction (quantitative tightening) on December 1, after three and a half years of implementation [5][6]. Economic Indicators - Current indicators suggest that the U.S. economy is expanding at a moderate pace, with employment growth slowing and a slight increase in the unemployment rate, although it remains low [6][9]. - Inflation has shown signs of recovery and remains slightly elevated, with the Fed closely monitoring risks to its dual mandate of employment and price stability [6][11]. Powell's Statements - Powell indicated that the economic outlook has not changed significantly, but the government shutdown could temporarily hinder economic activity [9][10]. - He emphasized that the decision for a rate cut in December is not guaranteed and that the Fed may need to be cautious due to a lack of data during the government shutdown [10][11]. Market Reactions - Following Powell's press conference, U.S. stock indices experienced volatility, with the Nasdaq initially dropping but later recovering, while the Dow and S&P 500 saw reduced losses [13][14]. - The dollar index rose sharply, reflecting market adjustments to the Fed's announcements and Powell's comments [16][19]. Bond Market Impact - The yield on the two-year U.S. Treasury note increased by 10 basis points, while the yield on the ten-year note also rose, indicating market reactions to Powell's "hawkish" remarks [19].

Core Viewpoint - The article discusses the recent policy initiative in Beijing aimed at promoting mergers and acquisitions (M&A) to enhance the quality of listed companies and stimulate economic development through strategic industry integration [1][2]. Group 1: Policy Framework - The "Opinions" issued by Beijing focus on activating the capital market through M&A, emphasizing market-driven transactions while respecting the autonomy of market participants [1]. - The policy encourages the integration of resources towards new productive forces, particularly in strategic emerging industries such as AI, healthcare, and advanced manufacturing [2][3]. Group 2: Market Dynamics - Since the introduction of the "M&A Six Guidelines," there has been a notable increase in M&A activities in Beijing, with 18 major asset restructuring plans disclosed from September last year to July 2025 [3]. - A significant portion of these restructuring projects (16 out of 18) aims to strengthen core business operations and promote industry chain integration, indicating a shift towards high-value sectors [3]. Group 3: Government and Market Collaboration - The policy emphasizes the collaboration between government and market forces, aiming to enhance transaction efficiency and effectiveness while maintaining market leadership [4][5]. - It supports the establishment of a service platform for M&A, facilitating connections between listed companies and potential targets, and providing comprehensive support services [6][12]. Group 4: Risk Management - The "Opinions" highlight the importance of regulatory oversight in M&A activities, focusing on compliance, risk monitoring, and the prevention of fraudulent practices [7][16]. - There is a call for a balanced approach to ensure both market activity and regulatory compliance, addressing potential risks associated with M&A transactions [7][16]. Group 5: Ecosystem Development - The article outlines the need for a conducive business environment for M&A, including streamlined administrative processes and enhanced financial support mechanisms [8][14]. - It encourages the establishment of M&A funds and the innovation of financial products to support the growth of listed companies through strategic acquisitions [15].

Group 1 - The article highlights the achievements of young female mathematician Wang Hong, who won the 2025 Salem Prize, regarded as a precursor to the Fields Medal, the highest award in mathematics [1] - Wang Hong also received the ICCM Mathematics Award the day before, which is known as the "Fields Medal for Chinese mathematicians" [1] - Born in 1991 in Guilin, Guangxi, Wang graduated from Peking University and obtained her master's degree from École Polytechnique and Paris-South University, followed by a PhD from MIT in 2019 [1] Group 2 - In February of this year, Wang and her colleagues published a 127-page paper proving the long-standing mathematical problem known as the "Hanging Garden Conjecture," which created a significant impact in the mathematics community [1] - In June, Wang gave a lecture at Peking University that attracted a full audience, including notable attendees such as researcher Wei Dongyi [1]

Core Viewpoint - The recent developments in the merger between Xibu Securities and Guorong Securities indicate a strategic shift aimed at enhancing capital strength and business scale, with significant personnel changes in the management team following the completion of the acquisition [1][2][6]. Group 1: Management Changes - On October 28, Guorong Securities held a board meeting where Huang Bin was elected as the chairman, while Zhang Zhihe transitioned to vice chairman, and Liu Xiang continued as president [1][3]. - Huang Bin, a veteran in the securities industry, has a long history with Xibu Securities and has held various leadership roles within the company [3][4]. - Zhang Zhihe, the former chairman, has extensive experience, having previously served as the general manager of CITIC Wanjun Securities and president of Datong Securities [4]. Group 2: Financial Performance - Xibu Securities reported a revenue of 4.335 billion yuan for the first three quarters, a decrease of 2.17% year-on-year, while the net profit attributable to shareholders increased by 70.63% to 1.243 billion yuan [2][7]. - The company’s total assets reached 110.583 billion yuan, reflecting a growth of 15.23% compared to the end of the previous year [7]. - The brokerage and investment banking segments showed significant growth, with brokerage fees increasing by 78% and investment banking fees rising by 75.3% year-on-year [7]. Group 3: Acquisition Details - The acquisition process was completed swiftly, taking 14 months from the initial announcement to receiving regulatory approval, with the transfer of 1.151 billion shares to Xibu Securities [5][6]. - Following the acquisition, Xibu Securities now holds 64.60% of Guorong Securities, which is expected to enhance resource allocation and market competitiveness [6][8]. - Guorong Securities has expressed optimism about its growth trajectory under the new ownership, emphasizing the need for all business units to leverage shareholder advantages [8].

Core Viewpoint - The establishment of the Central Enterprise Strategic Emerging Industry Development Fund (referred to as "Central Enterprise New Fund") is a significant initiative aimed at accelerating the development of strategic emerging industries in China, with a first-phase fundraising target of 51 billion yuan [2][5]. Group 1: Fund Overview - The Central Enterprise New Fund has successfully raised an initial capital of 51 billion yuan, with contributions from over ten central enterprises including China Mobile, Sinopec, and China National Petroleum [2][6]. - The fund is managed by China Guoxin, which is responsible for its fundraising and operational management [2][5]. - The fund's management structure is established as a company, with a newly formed private equity fund management company overseeing its operations [7]. Group 2: Strategic Focus - The fund will primarily support industries such as artificial intelligence, high-end equipment, quantum technology, and future energy, information, and manufacturing sectors [5][6]. - The initiative aims to create a strategic innovation ecosystem that integrates technology innovation, capital operation, and industrial empowerment, fostering a multiplier effect in the industry [4][5]. Group 3: Government and Corporate Support - The initiative is backed by the State-owned Assets Supervision and Administration Commission (SASAC), emphasizing the importance of the fund in optimizing the layout and structure of state-owned enterprises [4][5]. - Beijing's government is committed to providing support and services for the development of the Central Enterprise New Fund, aligning with the spirit of the 20th National Congress of the Communist Party [4].

Core Viewpoint - The rapid growth of index fund products is becoming a core engine for the stock market, driving market trends and capital market growth, with major public funds emerging as significant beneficiaries [2][3]. Group 1: Index Fund Growth - As of October 28, the total scale of public index products has approached 8 trillion yuan, with non-monetary ETFs at nearly 5.5 trillion yuan, ETF-linked funds at 0.9 trillion yuan, and other off-market index funds at nearly 1.6 trillion yuan [3]. - Leading public fund companies, such as E Fund and Huaxia Fund, have emerged as major winners in the index fund market, with E Fund's index product scale reaching approximately 1.11 trillion yuan and Huaxia Fund at about 1.08 trillion yuan [3]. - The surge in index fund scale is driven by the performance of sectors like innovative pharmaceuticals and technology, which have attracted significant investment [3][4]. Group 2: Shift from Star Managers - The rapid development of index funds indicates a shift away from reliance on star fund managers, emphasizing the importance of platform capabilities for asset scale growth [5][6]. - Large public funds are increasingly focusing on index funds to reduce dependence on individual managers, which can limit growth potential and introduce risks associated with manager turnover [6]. Group 3: Market Demand and Future Trends - The core factor behind the rapid growth of index funds is market demand, as they offer low fees, high transparency, and risk diversification compared to actively managed funds [7]. - The trend towards index funds is supported by data showing that in mature markets like the U.S., index funds have outperformed many active funds over the past decade, suggesting a potential shift in the Chinese market as well [7]. - The wealth management market is transitioning from scale expansion to quality enhancement, with long-term capital represented by ETFs continuously injecting liquidity into the stock market [8].

Core Viewpoint - The article highlights the significant recovery in the asset management scale of major brokerage firms' public funds, driven by a strong performance in the A-share market during the third quarter of 2023 [1][2]. Summary by Sections Asset Management Scale - As of September 30, 2025, four brokerage asset management firms have public fund management scales exceeding 100 billion yuan: Dongfanghong Asset Management (2039.15 billion yuan), Huatai Securities Asset Management (1723.18 billion yuan), Bank of China International Securities (1318.28 billion yuan), and Caitong Asset Management (1050.23 billion yuan) [1][2]. - Dongfanghong Asset Management's public fund management scale increased by over 24 billion yuan compared to the end of June 2023, surpassing 200 billion yuan [1]. Fund Performance - In the third quarter, several funds managed by Dongfanghong Asset Management saw net value growth exceeding 40%, with some funds achieving nearly 50% returns [3]. - Caitong Asset Management's advanced manufacturing fund, managed by Xu Jingze, recorded a net value increase of 46.59% in the third quarter [3]. - Zhongtai Asset Management's funds also performed well, with net value growth of 37.3% and 25.31% for specific funds managed by Gao Lanjun and Tian Yu, respectively [3]. Investment Insights - Fund manager Fu Yixiang from Dongfanghong Asset Management emphasized the long-term trend of artificial intelligence as a key driver for global economic growth, highlighting its potential to reduce costs and improve return on equity (ROE) [4]. - Fund manager Miao Yu noted the scarcity of high-quality manufacturing in the global market, suggesting that the market should assign reasonable valuations to these stocks [5]. - Jiang Cheng from Zhongtai Asset Management pointed out that the current market uptrend is supported by positive fundamentals rather than merely liquidity-driven factors [6]. Sector Focus - Xu Jingze from Caitong Asset Management identified the smart robotics industry as a core growth area for the next decade, indicating a shift towards companies with genuine competitive advantages [9]. - Bao Zaiwen, also from Caitong Asset Management, adjusted his fund's focus towards semiconductor and digital economy sectors, emphasizing the importance of safety margins and performance certainty in stock selection [10].

10月29日，北大医药股份有限公司发布公告称，公司于近日得到有关部门通知，获悉公司董事长、总裁 徐晰人被刑事拘留，正在配合相关部门调查，暂时无法正常履职。 北大医药表示，截至目前，公司控制权未发生变化，公司董事会运作正常，公司财务及生产经营管理情况 正常。 天眼查App显示，徐晰人控制的企业有59家，业务涉及投资管理、文化演出、机电设备、公关顾问、交通 科技等多个领域。 北大医药股份有限公司的前身为始建于1965年的西南合成制药厂，1997年于深圳证券交易所成功上市。 2022年，中国平安通过平安人寿控股新方正集团，北大医药成为旗下成员企业。 2024年12月，徐晰人通过新优势国际以1元的象征价格收购方正商业管理持有的西南合成100%股权，同 时支付3300万元受让约23.92亿元债权，从而间接掌控北大医药22.22%的股份，成为北大医药实际控制 人。公司主营业务为药品研发、生产及销售。 来源：长安街知事 责编： 刘珺宇 校 对： 杨舒欣 25日，北大医药发过一次公告，称公司于近日收到徐晰人的书面《授权委托书》，他因个人原因暂时无 法履职，授权公司董事陈岳忠代为行使董事长职责，授权公司常务副总裁余孟川代为行使 ...