Core Insights - The banking wealth management market has reached a historic high, with the total scale of existing wealth management products surpassing 32 trillion yuan as of September 2025, marking a significant growth in the sector [1][2]. Group 1: Market Growth - As of the end of Q3 2025, the total scale of wealth management products reached 32.13 trillion yuan, an increase of 2.18 trillion yuan since the beginning of the year and a net increase of 1.46 trillion yuan since the end of Q2 2025 [2]. - The number of wealth management companies with assets exceeding 2 trillion yuan has increased from 3 to 6 compared to the previous year, indicating a robust growth in the market [2]. - The number of investors holding wealth management products has reached 139 million, reflecting a year-on-year growth of 12.70% [2]. Group 2: Product Composition and Performance - Wealth management products have generated a total return of 568.9 billion yuan for investors in the first three quarters of the year, with 179.2 billion yuan generated in Q3 alone [3]. - Fixed income products dominate the wealth management market, accounting for 97.14% of the total scale, while mixed and equity products make up less than 3% [3]. - The mixed product category has seen a growth of nearly 1 trillion yuan since the beginning of the year, reversing a trend of decline in previous years [3]. Group 3: Regulatory Changes and Market Dynamics - As of September 2025, 32 wealth management companies have been approved to operate, indicating a potential expansion in the market after years of stagnation in new license approvals [5]. - Some small and medium-sized banks are transitioning from self-operated wealth management to agency sales due to limitations in talent and technology [6]. - A few small banks are still pursuing the establishment of their own wealth management companies, with applications for licenses being processed by regulatory authorities [5]. Group 4: Future Outlook - The market may see a reduction in the number of smaller banks by the end of 2026, as regulatory requirements push many to cease self-operated wealth management [6]. - The trend of agency sales is expected to grow, with 583 institutions involved in cross-bank sales of wealth management products as of September, an increase from the previous year [6].

这地注册会计师协会出手！ 近日，深圳市注册会计师协会（以下简称"深注协"）公告称，为进一步加强行业自律监督行动，面向深圳市注 册会计师行业开展治理低价无序竞争行为的专项行动。 此次专项行动包括业务成本调研评估；强化投标报价合规管控；将涉嫌严重低于成本报价的会计师事务所纳入 当年执业质量检查名单等。上述专项行动开展时间为2025年11月至2026年1月，为期三个月，后续将转入常态 化监管。 业内人士认为，低价竞争是审计行业高质量发展的"沉疴痼疾"，容易导致审计程序执行不到位、质量管控放 松，甚至可能引发审计失败；同时也影响注册会计师职业的吸引力。 扩大涉嫌低价竞争的检查范围 近日，深注协表示，业务合理收费是事务所稳定运营的核心支撑。"内卷式"低价竞争不仅严重侵蚀会计师事务 所的生存根基，更会制约行业高质量发展，难以保障专业服务的质量与价值。 记者注意到，深注协还设立多个投诉举报方式，将建立线索台账并逐一核查，对核查属实的线索将作为重点治 理依据，依法依规对相关事务所及责任人严肃处理。 多地注协采取行动 "低价竞争"是会计行业长期存在的突出问题。有业内人士曾表示，低价导致审计程序简化、人员配置不足，增 加重大错报 ...

10月26日，国务院关于2024年度国有资产管理情况的综合报告提请十四届全国人大常委会第十八次会议 审议，国有资产最新"家底"公布。 截至2024年末，全国国有企业（不含金融企业）资产总额401.7万亿元、国有资本权益109.4万亿元。国 有金融企业资产总额487.9万亿元、国有金融资本权益33.9万亿元。报告还公布了行政事业性国有资产和 国有自然资源资产的情况。 报告称，各地区各部门持续提升国有资产管理水平，坚决管好、用好全体人民的共同宝贵财富。 来源：新华社 责编： 刘珺宇 校 对： 许欣 百万用户都在看 A股，重磅来袭！ 重大突破！芯片，大消息！ 利好来了！广东，重磅发布！ 突遭"断供"！美联储，大消息！ 杨振宁遗体告别仪式举行 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 看券商中国 知天下财经 用 券中社 12 券商中国 × 券 中 社 扫码关注券商中国公众号 扫码下载 券 中 社 A P P quanshangcn 舞#t 券中社APP qzs.stcn.com 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 , ...

据路透社10月25日报道，巴基斯坦国防部长阿西夫当天表示，如果巴基斯坦与阿富汗在伊斯坦布尔举行 会谈期间未能达成协议，将意味着开战。 来源：参考消息 百万用户都在看 A股，重磅来袭！ 重大突破！芯片，大消息！ 利好来了！广东，重磅发布！ 突遭"断供"！美联储，大消息！ 杨振宁遗体告别仪式举行 券商中国 × 券 中 社 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 看券商中国 知天下财经 用 券中社 12 阿西夫说："如果我们无法达成协议，我们就与他们全面开战。但我也看到他们希望和平。" 在阿富汗和巴基斯坦最近的边境冲突造成人员伤亡后，双方代表目前正在土耳其伊斯坦布尔举行谈判。 责编： 刘珺宇 校 对： 许欣 扫码关注券商中国公众号 扫码下载 券 中 社 A P P quanshangcn 舞#t 券中社APP qzs.stcn.com 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 ...

Core Viewpoint - The six major state-owned banks in China are aligning their strategies with the spirit of the 20th National Congress, focusing on supporting economic stability and high-quality development while enhancing risk management and financial services [1][2][3][4][5][6][7][8]. Group 1: Industrial Bank Strategies - Industrial Bank emphasizes the importance of integrating domestic and international strategies, supporting high-quality development, and enhancing risk management while fulfilling its responsibilities as a major bank [2]. - Agricultural Bank focuses on serving the rural economy, increasing financial supply in rural areas, and supporting the modernization of agriculture while ensuring financial risk management [3]. - Bank of China aims to enhance its global competitiveness, optimize financial resource allocation, and support the development of a modern industrial system while promoting the internationalization of the RMB [4]. - Construction Bank is committed to supporting the development of advanced manufacturing and enhancing its financial service system to promote new quality productivity [6]. - Bank of Communications emphasizes the importance of public engagement in strategic planning and aims to contribute to economic recovery while ensuring a smooth transition between the 14th and 15th Five-Year Plans [7]. - Postal Savings Bank prioritizes high-quality development, focusing on effective financial supply to meet the evolving needs of the economy and society [8].

Core Viewpoint - The article highlights the accelerated pace of Chinese innovative pharmaceuticals entering international markets, with a comprehensive recovery in the healthcare industry observed in both primary and secondary markets this year [1]. Group 1: Market Dynamics - Overseas investors are showing a steady increase in interest towards Chinese healthcare companies, with more institutions willing to participate as cornerstone investors in Hong Kong IPOs [2][6]. - The capital market is experiencing a revival, with frequent financing activities and an increase in out-licensing projects, providing strong support for industry development [6][10]. - In the first half of the year, there were 677 financing transactions in the domestic healthcare primary market, totaling over 50 billion yuan, a year-on-year increase of 10% [6]. Group 2: Investment Trends - Investment focus is shifting from financial metrics to technological innovation capabilities, particularly in innovative drugs, medical devices, and artificial intelligence [6][10]. - The return of global funds is partly driven by the successful IPO of Ningde Times and the strong performance of companies like Hengrui Medicine, which has boosted investor confidence [7][10]. Group 3: Challenges in International Expansion - Chinese innovative pharmaceutical companies face challenges in their international expansion, including the risk of collaboration termination and regulatory hurdles, particularly in adapting to FDA requirements [8][10]. - Intellectual property issues are also critical, as some transactions have failed due to IP concerns [8]. Group 4: Enhanced Bargaining Power - Chinese pharmaceutical companies have significantly improved their bargaining power in the global value chain, with international collaborations expanding in breadth and depth [10]. - This enhanced bargaining power is reflected in improved deal terms, including higher upfront payments and more diverse transaction models [10]. Group 5: Future Outlook - The investment and financing activity in the healthcare sector is expected to continue, supported by the ongoing development of the industry and the increasing value of international investment banks' services [11][12]. - The trend of overseas funding returning is still in its early stages, with potential for further liquidity improvements [12]. - The industry is moving towards maturity and globalization, with a growing number of local companies transitioning from followers to key players on the global stage [13].

华为官网更新余承东职位。 10月26日，记者查询华为官网发现，华为官网更新管理层信息，余承东增任 产品投资委员会主任 。同时，余 承东仍然担任华为常务董事、终端BG董事长。 | HUAWEI | 个人及家庭产品 商用产品及方案 服务支持 合作伙伴与开发者 关于华为 | 台 Q | | --- | --- | --- | | 关于华为 公司简介 | | | 今年9月底，证券时报记者从权威渠道获悉，华为内部最新发布任命文件，华为常务董事、终端BG董事长余承 东被任命为华为产品投资评审委员会（IRB）主任，任命文件由任正非亲自签发。 据记者了解，IRB（投资评审委员会）是华为产品投资决策的最高机构，负责公司级资源分配、跨业务协同和 长期战略规划。IRB主任需协调产品线、研发、供应链等多部门，直接参与核心投资决策，IRB控制华为研发 预算与重大投资，主任拥有项目否决权。"这意味着余承东将负责整个华为公司的投资决策。"知情人士对记者 表示。有媒体引述内部人士话语称，余承东增任IRB主任，主要使命是带领华为打赢人工智能（AI）关键战 役，取得全球领先地位。 10月20日，华为招聘官微发布"全球顶尖AI人才招募令"，称正在 ...

俄乌冲突，又有新消息传来！ 俄罗斯国防部25日通报称，俄军对乌克兰国防工业企业和能源基础设施发动了密集打击。同日，乌克兰国家电 力公司称，受俄军针对乌克兰能源设施的大规模导弹和无人机袭击影响，10月26日9时至22时将对部分地区实 施临时限电措施。 俄罗斯别尔哥罗德州州长格拉德科25日称，乌克兰袭击了当地一座水库的水坝，造成破坏。 另据央视新闻26日报道，应俄罗斯联邦外交部和白俄罗斯共和国外交部邀请，朝鲜民主主义人民共和国外务相 崔善姬将访问俄罗斯和白俄罗斯。 大规模袭击 据央视新闻消息，当地时间25日，俄罗斯国防部通报称，俄军对乌克兰军工和能源设施发动了密集打击。乌克 兰军方同一天通报称，乌军在多个方向上击退俄军进攻，基辅等多地遭遇空袭。 俄罗斯国防部25日通报称，为回应乌克兰对俄罗斯境内民用设施的袭击，俄武装力量24日夜间至25日凌晨使用 陆基远程高精度武器及攻击型无人机，对乌克兰国防工业企业和能源基础设施实施集群打击。 过去一天，俄军继续在苏梅、哈尔科夫等方向向乌军防御纵深推进，打击了154个区域的乌武装部队及外国雇 佣兵临时部署点，击落281架固定翼无人机。 另据俄罗斯媒体报道，俄罗斯别尔哥罗德州州长 ...

责编： 刘珺宇 校 对： 许欣 "清风北京"10月26日消息，日前，北京市纪委监委公布今年1月至9月查处违反中央八项规定精神问题统计指 标表。截至9月30日，累计查处违反中央八项规定精神问题987起，批评教育帮助和处理1006人，其中局级 21人、处级214人、科级及以下771人。 | 2025年9月30日) | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日 10 3 25 | 级 别 | 形式主义、官僚主义问题 | 享乐主义、奢靡之风问题 | | | | | | | | | | | | | | | | | 违规收送2 | 违规吃喝 | 产和礼 | | | | | | | | | | | | | | | | | | 时期 | 项目 | 总计 | 局 | 发编 | | | | | | | | | | | | | | | | 其他 | 收费 | 级 | ...

Core Viewpoint - The article discusses the recent downgrade of the United States' sovereign credit rating by Scope Ratings from "AA" to "AA-", citing deteriorating public finances and declining government governance standards as primary reasons [1][2]. Group 1: Credit Rating Downgrade - Scope Ratings downgraded the U.S. sovereign credit rating due to ongoing deterioration in public finances and governance standards [2][3]. - The report indicates that the U.S. fiscal situation is characterized by high fiscal deficits, rising interest expenditures, and limited budget flexibility, which are driving the government debt level higher [2][3]. - The report projects that without substantial reforms, the U.S. government debt-to-GDP ratio could reach 140% by 2030, significantly higher than most sovereign nations [2][3]. Group 2: Government Shutdown Impact - The U.S. government has been in a shutdown for 24 days, affecting over 500,000 federal employees who have not received full salaries [5][6]. - The shutdown has led to significant disruptions, including delays and cancellations of flights due to a shortage of air traffic controllers, which raises concerns about aviation safety [5][6]. - The ongoing political deadlock between the Republican and Democratic parties over healthcare spending has prevented the passage of a temporary funding bill, prolonging the shutdown [6]. Group 3: Debt Levels and Future Projections - The total U.S. national debt has surpassed $38 trillion, with a notable increase from $37 trillion just two months prior [1][3]. - The Peterson Foundation estimates that U.S. debt interest payments could surge to $14 trillion over the next decade, compared to $4 trillion in the past decade, which will significantly crowd out public and private spending in critical economic areas [4].