当地时间25日，加拿大总理办公室发布了关于乌克兰问题的联合声明。据了解，乌克兰联合加拿大、英 国、法国、德国、意大利等14国，以及欧盟和欧洲理事会等17方共同发表了此声明。 声明称，各方渴望乌克兰享有公正、持久的和平。各方坚决支持立即停火，并以现有接触线为谈判的起 点。各方始终坚持国际边界不得以武力改变的原则。 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 声明称，各方正在制定措施，充分利用俄罗斯已冻结的主权资产，来确保乌克兰获得所需的资源。 俄对乌获第三方安全保障持开放态度 俄罗斯总统特别代表德米特里耶夫10月24日访美期间表示，他认为各方已"十分接近"达成解决乌克兰问 题的外交方案，俄罗斯对未来乌克兰获得第三方"安全保障"持开放态度。按照德米特里耶夫的说法，俄罗 斯不仅希望达成停火，更希望达成结束俄乌冲突的"最终方案"。不过，他没有透露更多细节。 综合自：央视新闻、CCTV国际时讯 责编： 刘珺宇 校 对： 许欣 百万用户都在看 A股，重磅来袭！ 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 ...

10月23日，环球银行金融电信协会（SWIFT）发布的人民币追踪（RMB Tracker）月度报告和数据统计显 示，2025年9月，在基于金额统计的全球支付货币排名中，人民币为全球第五大最活跃货币，占比3.17%。 与8月相比，排名上升一位，人民币支付金额总体增加了15.53%。 SWIFT公布的是月度报告，更新频率高，因此全球货币的榜单排名时常起起伏伏。今年以来，SWIFT统计的人 民币在全球支付货币中的份额排名就在第四位到第六位之间波动，占比从去年7月4.74%的高点降至今年9月的 3.17%。SWIFT统计口径下人民币排名波动有何原因？SWIFT公布的人民币排名又能在多大程度上反映人民币 国际化进展？这些问题一直受到市场关注。 受访人士表示，衡量货币的国际化程度是多维度的，SWIFT排名只是从货币的支付功能角度呈现。人民币国际 化必然是一个长期过程，不会一蹴而就。 SWIFT统计范围受限，人民币被低估 要想了解SWIFT公布的人民币排名为何波动，就要先从SWIFT的统计口径说起。 首先，SWIFT是全球最重要的金融报文传输网络，连接了200多个国家和地区的1.1万多家银行、证券机构和企 业，为成员间提供 ...

Core Viewpoint - The recent trend in the mutual fund market shows a significant increase in demand for newly launched funds, with several funds completing their fundraising targets in a remarkably short time due to a recovering market sentiment and strong performance of floating rate products [1][3][5]. Fundraising Trends - On October 24, 2023, the Jiashi Growth Sharing Mixed Fund announced an early end to its fundraising, achieving a target size of approximately 30 billion yuan in just about 5 days [1][3]. - The China Europe Value Navigator Fund also completed a fundraising of 20 billion yuan in just one day prior to this [2][3]. - Multiple new funds, including FOF, ETF, and QDII types, have also announced early closures, indicating a robust demand across various fund categories [3][4]. Performance of Floating Rate Products - The initial performance of the first batch of floating rate products has been strong, with an average increase of 12.47% since their launch, and some funds seeing gains exceeding 40% within three months [2][5]. - The successful performance of these products is expected to positively influence the fundraising and operation of subsequent batches of floating rate funds [5][6]. Market Outlook - Several mutual fund companies express optimism about the market outlook, citing a potential "slow bull" trend driven by improving macroeconomic conditions and corporate earnings recovery [7][8]. - The overall market valuation is considered reasonable, and there is an expectation for more investment opportunities driven by fundamentals, particularly in growth sectors like new energy and technology [7][8].

Core Viewpoint - The article discusses the psychological aspects of speculation in the stock market, highlighting the risks and temptations that lead investors to engage in high-risk trading despite potential losses [1][2][3]. Group 1: Speculation and Investor Psychology - Many investors are drawn to the excitement of speculative trading, often leading to significant financial losses when market conditions change [2][3]. - Historical examples illustrate how even successful investors can fall victim to the allure of speculation, as seen in the story of a trader who lost a substantial fortune despite initially being successful [3][4]. - The article emphasizes that understanding one's own psychological tendencies is crucial in avoiding the pitfalls of speculation [3][5]. Group 2: Investment vs. Speculation - The distinction between investment and speculation is highlighted, with investment being a more stable approach focused on long-term gains, while speculation is characterized by high risk and potential for quick profits [6][7]. - Value investors are portrayed as those who remain disciplined and avoid the temptations of speculative trading, understanding that true wealth accumulation comes from consistent, long-term strategies [7][8]. - The article notes that while short-term gains from speculation may be enticing, they often lead to greater losses, reinforcing the idea that sustainable wealth is built through value investing [7][8].

Group 1 - The core viewpoint of the article is that President Trump announced a 10% additional tariff on Canada in response to perceived misleading advertising that misrepresented former President Reagan's stance on tariffs [1][3]. - Trump accused Canada of using a "forged" video of Reagan's speech to mislead the public and influence the U.S. Supreme Court's decision on tariff issues [1][3]. - The Canadian government, represented by Prime Minister Carney, expressed readiness to resume trade negotiations with the U.S. but stated it cannot control U.S. trade policies [3].

Core Viewpoint - China Mobile has increased its stake in Shanghai Pudong Development Bank (SPDB) by converting convertible bonds into common shares, reflecting confidence in the bank's future performance and capital strength [1][2][3]. Group 1: China Mobile's Actions - On October 24, China Mobile converted 14.83 million SPDB convertible bonds into 118.6 million common shares, raising its ownership from 17.88% to 18.18% [1][2]. - This is part of a series of conversions, with China Mobile having converted bonds on October 13, 17, and 24, totaling 56.31 million, 18.74 million, and 14.83 million bonds respectively, increasing its total shares to 6.053 billion [2][3]. - As of June 30, China Mobile was the third-largest shareholder of SPDB, holding 5.335 billion shares, and remains the largest holder of SPDB convertible bonds with 90.85 million bonds [3]. Group 2: Impact on SPDB - The conversion of bonds is expected to enhance SPDB's core Tier 1 capital and risk resilience, aligning with the interests of both China Mobile and its shareholders [3]. - Following the conversions, China Mobile is projected to hold approximately 60.61 billion shares if it converts the remaining bonds at the latest conversion price of 12.51 yuan per share [4]. - As of October 24, only about 164 million yuan of SPDB convertible bonds remain unconverted, indicating a significant acceleration in conversion activity [7]. Group 3: Market Context - The SPDB convertible bonds are set to be delisted after October 28, with a total redemption value of 110 yuan per bond [5][6]. - The overall market for bank convertible bonds has been under pressure, with many banks facing challenges in triggering redemption clauses due to stock price performance [8]. - The exit of SPDB convertible bonds from the market may lead to a restructuring of the convertible bond market, with potential shifts in institutional investment towards other sectors [9].

党的二十届四中全会公报（下文称"《公报》"）的发布，让资本市场和公募行业备受鼓舞，其所传递的信 号也成为基金投资的核心依据。 两大产业抓手鼓舞公募 多个基金公司从经济增长、产业核心、投资路径等角度，深度剖析与梳理四中全会的核心内涵，挖掘资本市场 高质量发展中的关键抓手与驱动引擎，紧密抓住科技创新、绿色转型、扩大内需、健康养老等投资布局关键 词。 基金看好经济增长态势 在经济增长上，基金公司普遍认为"稳"是未来经济增长的内涵。 长城基金认为， 在五年规划中重提"以经济建设为中心"，预示着"十五五"期间可能设定更具象的预期性经济 增速目标，与当前潜在增长水平相匹配。与五年前不同，本次会议专门对经济形势作出研判，并强调"坚决实 现全年经济社会发展目标"。考虑到提振消费、地方化债等任务已在《公报》中明确，且实现全年"5%左右"增 长目标压力不大，预计四季度政策或以渐进式宽松和落实为主。 永盈基金分析 ， 本次会议明确坚持以经济建设为中心，延续强调"到2035年人均GDP达到中等发达国家水 平"，暂未提出具体的GDP量化目标，可能会在后续规划全文中明确。预计"十五五"期间年均GDP增速需要达 到、也有望达到4.8%左右 ...

Core Viewpoint - The latest evaluation results of securities firms' professional quality reveal significant changes in rankings, with Guojin Securities taking the top spot, indicating a shift in competitive dynamics within the industry [1][2]. Group 1: Evaluation Results - A total of 103 securities firms participated in the third quarter evaluation, with the scoring based on professional service quality, compliance quality, and other influential factors [2]. - The top ten rankings saw a major reshuffle, with only four firms maintaining their positions from the previous quarter, while six new firms entered the top ten [2][4]. - Notable improvements were seen in the rankings of Northeast Securities (from 29th to 2nd), Zheshang Securities (from 65th to 6th), and Minsheng Securities (from 97th to 7th) [2][4]. Group 2: Business Performance - The evaluation results indicate a divergence in the strengths of large and small securities firms, with large firms excelling in brokerage and market-making, while smaller firms are more active in research [1][6]. - The top five firms in market-making for the Beijing Stock Exchange were dominated by large firms, while the New Third Board market-making was led by smaller firms [6]. - In brokerage services, large firms like Dongfang Caifu and Huatai Securities performed significantly well, while smaller firms excelled in research services [6]. Group 3: Compliance Quality - Guojin Securities had the highest compliance quality deductions but still ranked first overall due to strong performance in underwriting and advisory services [7]. - The firms with the most compliance quality deductions included Guojin Securities, CITIC Securities, and Zhongjin Securities, primarily due to issues in their underwriting and advisory services for the Beijing Stock Exchange and New Third Board [7].

Core Viewpoint - Recent advancements in China's semiconductor industry, particularly in photoresist technology, are expected to significantly enhance the manufacturing process and reduce defects in integrated circuits [2][3][5]. Group 1: Breakthrough in Photoresist Technology - A research team from Peking University has utilized cryo-electron tomography to analyze the micro-3D structure and behavior of photoresist molecules in liquid environments, leading to a new industrial solution that reduces lithography defects [2][3]. - The study revealed that traditional assumptions about photoresist behavior were incorrect, showing that most polymers are adsorbed at the gas-liquid interface rather than dispersed in the liquid [4]. - The research identified that aggregated particles, averaging about 30 nanometers in size, are potential sources of defects, which can lead to circuit patterns merging unintentionally [4]. Group 2: Market Growth and Demand - The photoresist market in China is projected to grow from approximately 109.2 billion yuan in 2023 to over 114 billion yuan in 2024, with expectations to reach 123 billion yuan by 2025 [2][6]. - The demand for semiconductor photoresists is increasing due to the rise of domestic semiconductor manufacturers and expanding downstream needs, accelerating the localization of mid-to-high-end products like KrF photoresists [6]. - The photoresist market has historically been dominated by international giants, but recent technological breakthroughs in China's semiconductor supply chain are changing this landscape [6]. Group 3: Importance of Lithography in IC Manufacturing - Lithography is the most time-consuming and challenging process in integrated circuit manufacturing, accounting for about 50% of the manufacturing time and approximately one-third of production costs [5]. - The quality of photoresist directly impacts the lithography process, which is critical for transferring circuit patterns onto silicon wafers [5]. - As integrated circuit feature sizes shrink, the requirements for photoresists are becoming increasingly stringent, necessitating advancements in resolution, contrast, and sensitivity [5].

在职工录用工作中弄虚作假，无偿借用管理服务对象钱款，利用职务便利非法占有公共财物，非法收受财物， 故意泄露国家秘密…… 10月25日，重庆市纪委监委发布消息，城口县政协原副主席刘海被开除党籍，涉嫌贪污、受贿、故意泄露国 家秘密犯罪问题移送检察机关依法审查起诉。 公开报道显示，刘海出生于1964年3月，重庆开州人，2025年5月被查。 通报显示，刘海丧失理想信念，背离初心使命，对抗组织审查； 无视中央八项规定精神，接受可能影响公正执行公务的宴请； 违反组织原则，在职工录用工作中弄虚作假、为他人谋利； 廉洁底线失守，违规收受礼金，无偿借用管理服务对象钱款，违规从事营利活动； 腐化堕落，搞权钱交易，利用职务便利非法占有公共财物，为他人在工程承揽、证书办理等方面谋利并非法收 受财物； 依据有关规定，经重庆市纪委常委会会议研究并报市委批准，决定给予刘海开除党籍处分；按规定取消其退休 待遇；收缴其违纪违法所得；将其涉嫌犯罪问题移送检察机关依法审查起诉，所涉财物一并移送。 来源：长安街知事 责编： 刘珺宇 校 对： 李凌锋 百万用户都在看 A股，重磅来袭！ 利好来了！广东，重磅发布！ 突遭"断供"！美联储，大消息！ 杨振宁 ...