Core Viewpoint - The article discusses the recent payment delays of investment products by the gold company Jinyafu, raising concerns among investors and highlighting the company's financial instability [2][9][12]. Company Overview - Jinyafu, founded in 2006 and headquartered in Shenzhen, specializes in the gold and jewelry industry, offering a comprehensive range of services including creative research and development, smart manufacturing, personalized customization, smart retail, gold recycling, refining, and logistics [4]. Investment Issues - Investors reported that they purchased gold from Jinyafu and entrusted it to Shenzhen Boyao for investment returns, with an annual yield of around 8%. However, starting from November 2025, many investors experienced delays in receiving their returns [9][11]. - One investor mentioned investing over 7 million yuan, including a 2 million yuan investment that was not returned as scheduled, leading to significant financial distress [9]. Company Relations and Delays - It was revealed that Shenzhen Boyao, initially perceived as a third party, has various connections with Jinyafu, including shared shareholders and management [11]. - Reports indicate that Jinyafu had begun experiencing payment delays as early as May and June of this year, with a significant concentration of delays occurring in late November [11]. Company Relocation - Following the payment issues, Jinyafu's headquarters was found to be nearly empty, with signs indicating that the company had vacated its office space in the World Financial Center [12][15]. - The property management announced that Jinyafu had terminated its lease for multiple floors in the building as of December 12, 2025 [15]. Regulatory Intervention - Regulatory authorities have intervened, appointing an accounting team to audit the company's assets, while police are overseeing the situation. Investors have been advised to report to the police and provide relevant documentation [17]. Proposed Solutions - Jinyafu has proposed several solutions to investors, including project extensions and converting funds into shares of related companies. However, some investors are skeptical about the actual value and future prospects of these companies [18][19].

【导读】 白酒2025："深水区"探底与价值回归 【编者按】2025年接近尾声，中国基金报推出"2025年终报道"，梳理总结2025年公募基金、券商行业、热门产业发展变化和大事件，展 望2026年股市机会和基金行业发展前景，以飨读者。 中国基金报记者 郑俊婷 "当下白酒行业过得不容易'有目共睹'，这一现状与白酒发展模式的快速转变有关。"在12月初举办的2025汾酒全球经销商大会上，山西汾 酒董事长袁清茂的一句话，道出了无数从业者的心声。 2025年，白酒行业在深度调整中持续"探底"。受宏观政策与消费需求收缩双重冲击，行业面临价格体系、市场结构与经营信心的多重考 验。这不仅体现在名优白酒批价接连"失守"重要关口，更表现为部分中小酒企罕见"爆雷"。同时，从区域酒企到头部酒企，频繁的高层人 事更迭也映射出企业面对转型压力的焦灼。 面对挑战，主流酒企正展现出反思的态度和积极应变的姿态，从被动承压转向主动破局。价格层面，多家头部企业果断收紧投放节奏，强 化市场秩序管控，严守价格生命线，稳定市场信心。产品层面，低度化、高质价比成为关键词和潮流。营销层面，品牌纷纷告别过往的"爹 味说教"式营销，转向年轻化、交互式沟通，重塑 ...

Core Viewpoint - The securities industry in China has shown significant recovery in 2025, with a focus on enhancing its capabilities to serve the real economy and new productive forces, alongside a notable increase in investor asset allocation and satisfaction. The merger of Guotai Junan and Haitong Securities marks a step towards building a first-class investment bank, while the industry continues to strengthen its overseas subsidiaries and deepen high-level openness [2][4][5]. Industry Development - The securities industry has increasingly demonstrated its functional capabilities, with total assets of 107 securities firms reaching 14.5 trillion yuan, a growth of over 10% from the end of 2024. Net assets rose to 3.3 trillion yuan, showing steady growth [5]. - In the first three quarters of 2025, 43 listed securities firms reported a combined operating income of 419.56 billion yuan, with an average year-on-year increase of 40%, and a net profit of 169.29 billion yuan, reflecting an average increase of 88.68% [5]. - The merger of Guotai Junan and Haitong Securities has been completed, achieving a "1+1>2" effect, while other mergers, such as CICC with Dongxing Securities and Xinda Securities, are in progress [4][5]. Investment Banking - The investment banking sector has shown signs of recovery, focusing on serving the real economy through equity financing, mergers and acquisitions, and cross-border service upgrades. The A-share IPO market saw over 100 companies listed, with total fundraising reaching 110 billion yuan [7][8]. - The Hong Kong IPO market has rebounded, with 91 companies completing IPOs and raising a total of 259.89 billion HKD, marking a significant recovery [8]. - Mergers and acquisitions have become a key avenue for investment banks to deepen their services to the real economy, with policies guiding the market towards industrial integration and transformation [8]. Wealth Management - The wealth management business of securities firms has seen significant growth, with a total revenue of approximately 145.03 billion yuan in the first three quarters of 2025, a year-on-year increase of about 37.4% [11]. - Brokerage fee income reached 111.78 billion yuan, up 74.64%, while asset management fees were 33.25 billion yuan, showing a modest increase [11]. - The transition from earning trading commissions to management and service fees is evident, with over 90% of new accounts opened online and more than 80% of transactions conducted via mobile apps [13]. Asset Management - The asset management industry is undergoing a restructuring, with the total scale of private asset management products reaching 5.79 trillion yuan, an increase of 5.95% from the beginning of the year [15]. - The pursuit of public fund licenses has been paused, with several firms withdrawing their applications, indicating a shift in focus towards private asset management strategies [16]. - Collaboration between asset management and wealth management is emerging as a new development path, with firms expected to enhance their offerings in active management and client service [17]. Mergers and Acquisitions - The wave of mergers and acquisitions in the securities industry has intensified, with significant deals such as the merger of Guotai Junan and Haitong Securities and the absorption of Dongxing and Xinda Securities by CICC [18][19]. - Policies supporting the consolidation of leading firms aim to enhance core competitiveness and encourage differentiated development among smaller firms [19]. - The industry is expected to see a clearer new structure by 2026, with a focus on integrating resources and enhancing the international competitiveness of Chinese securities firms [19].

Core Viewpoint - The company *ST Dongyi has entered a restructuring plan approved by the Beijing First Intermediate Court, which aims to improve its financial health and sustainability, impacting its financial data for 2025 [3][4]. Group 1: Restructuring Process - On December 21, the company received a civil ruling from the Beijing First Intermediate Court approving its restructuring plan and terminating the restructuring process [3]. - The restructuring plan was approved by the company's investor meeting on December 19, and the first creditors' meeting on December 21 also approved the plan [4]. - The company will execute the restructuring plan while a designated management team will supervise its implementation, which is expected to improve the company's asset-liability structure [4]. Group 2: Risks and Challenges - The company has highlighted multiple risks, including the potential for bankruptcy if the restructuring plan is not executed, and the risk of stock delisting due to negative net assets and uncertain operating capabilities [5]. - Even if the restructuring is completed successfully, the company may still face delisting risks if it fails to meet the Shenzhen Stock Exchange's requirements [5]. Group 3: Capital Increase and Investment - The restructuring plan includes a capital increase where existing shareholders will not receive new shares, with a total of 5.32 billion shares to be issued, raising the total share count to 9.51 billion [5]. - The restructuring investors, including Beijing Huazhu Technology Co., Ltd. and Yunnan International Trust Co., Ltd., will provide an investment of 1.412 billion yuan [6]. - Huazhu Technology, controlled by Zhang Jianhua, will not transfer its shares for 36 months, while financial investors will not transfer theirs for 12 months [6]. Group 4: Business Strategy Post-Reconstruction - After the restructuring, the company will focus on its core home decoration business and upgrade its digital home decoration services [7]. - The restructuring investors will leverage their resources in the computing power industry to assist the company in expanding its integrated service and operation services for computing power centers [7]. - Zhang Jianhua will remain the actual controller of the company post-restructuring, with plans to inject equity from a computing center into the company to facilitate business transformation [7]. Group 5: Market Performance - Since the announcement of the restructuring investor selection on September 26, the company's stock has experienced significant volatility, achieving 24 trading limits in 29 days, with a peak price of 18.6 yuan on November 20 before a subsequent decline [7].

【导读】 金价"一骑绝尘"，有色"夺冠在望"，金属行业迎来高光时刻 【编者按】2025年接近尾声，中国基金报推出"2025年终报道"，梳理总结2025年公募基金、券商行业、热门产业发展变化和大事件，展 望2026年股市机会和基金行业发展前景，以飨读者。 林薇的自信来自白银的大幅上涨。2025年，白银堪称贵金属市场的最大"黑马"——年内涨幅超过100%，刷新历史高点。 中国基金报记者 赵心怡 2025年的交易时钟已来到尾声，金属市场从未像今年这样，能源革命、产业升级与全球宏观政策的博弈同时展开，整体呈现"贵金属领 涨、工业金属分化、小金属底部抬升"的格局，并以惊人的涨幅震撼投资者。 黄金、白银、铜三大金属自1980年以来首次在同一个日历年度内创下新高。黄金价格年内50次刷新纪录，累计涨幅超60%，成为年内表现 最亮眼的资产之一；白银、铂金等贵金属紧随其后，工业金属和小金属在供需紧平衡中孕育机会。 惊人的涨幅、分化的格局、重估的逻辑……2025年的金属市场以其极致表现载入史册。然而，当狂欢的钟声渐息，新的问题随之浮现：在 历史性高点之后，是盛宴的尾声，还是新周期的起点？2026年的投资时钟，又将指向何方？ "金属 ...

据德新社12月20日报道，乌克兰总统泽连斯基用尖锐的批评回应了俄罗斯总统普京提出的在 乌克兰举行新选举的要求。 来源：参考消息 他在基辅举行的记者会上说："普京无权决定乌克兰何时及以何种形式举行选举。"他发誓， 普京无法影响可能举行的选择乌克兰未来总统的选举。 泽连斯基回应说："生活在乌克兰境内的乌克兰控制区的乌克兰公民可以投票。" 他说，只有这些地方可以保证选举的诚实和透明。 3 7 万 亿 行 业，大 消 息！年 度 " 十 大 " 来 了 引发批评的是普京19日在年度记者会上发表的声明，他不仅再次要求乌克兰举行总统选举并 批评现任乌克兰领导层不合法，还坚称在俄罗斯生活的乌克兰人应该参加投票。 普京说，俄罗斯目前有500万至1000万乌克兰人。俄罗斯境内没有乌克兰外交机构，海外公 民通常可以在这些外交机构投票。普京的选举官员埃拉·帕姆菲洛娃说，俄罗斯当局可以在俄 组织投票。 ...

37万亿行业，大消 息！年度"十大"来了 当天，乌克兰总统泽连斯基在社交媒体上表示，本周，敖德萨州及乌克兰南部地区受灾尤为严重，基础 设施损毁严重，民生受到显著影响，相关部门正展开救灾与重建工作。 泽连斯基还表示，乌克兰与美国的谈判团队仍在持续沟通，聚焦如何以"体面方式"推动结束冲突。 俄罗斯方面对此暂无回应。 来源：央视新闻客户端 当地时间21日，乌克兰敖德萨州州长奥列格·基佩尔通报称，过去一天，俄罗斯对敖德萨州南部地区的 交通、港口和工业基础设施发动大规模空袭。袭击引发多处火灾，造成财产损失，但未造成人员伤亡。 ...

Core Viewpoint - The Hong Kong International AI Art Festival represents a significant fusion of technology and culture, showcasing the potential of AI in redefining artistic expression and cultural heritage [2][5]. Group 1: Highlights of the Festival - The festival is seen as a manifestation of Hong Kong's dual advantages, combining its unique cultural heritage with a robust legal and business environment to foster innovation [5]. - The event features over a hundred robots that are not merely automated tools but are integrated into the artistic experience, enhancing audience engagement through immersive technology [6]. - The festival aims to create a platform for youth, igniting their passion for creativity and technology through workshops and lectures, thereby serving as a crucial growth opportunity for the younger generation [6][8]. Group 2: Future Directions - The Hong Kong Arts Development Council is committed to promoting the integration of art and technology, as well as supporting the synergy between technology, art, and tourism [8]. - The council recognizes the natural alignment between tourism and technology, suggesting that many tourism experiences can be transformed through artistic and technological enhancements [8]. - There is a call for a balanced approach to technological advancement and copyright protection, emphasizing the need for a robust legal framework to support the evolving landscape of art and technology [8].

【导读】公募基金行业发展十大展望：明年规模将冲击40万亿元大关 【编者按】2025年接近尾声，中国基金报推出"2025年终报道"，梳理总结2025年公募基金、券商行业、热门产业发展变化和大事件，展 望2026年股市机会和基金行业发展前景，以飨读者。 中国基金报记者 李树超 张玲 王思文 2025年接近尾声，2026年即将起航。 过去的一年，证监会印发《推动公募基金高质量发展行动方案》，发布指数化投资高质量发展行动方案，出台基金管理公司绩效考核管理 指引；业绩比较基准新规落地，公募费率改革三阶段收官……行业生态不断优化。 展望2026年，公募基金行业将有哪些新动向、新发展？中国基金报采访了多位业内人士，共同展望即将到来的2026年行业变迁。 展望一： 公募基金规模冲击40万亿元大关 低利率环境下，资管行业将持续受益。行业机构和人士预计，2026年公募基金规模有望保持增长。 博时基金认为，2026年公募基金规模继续增长的核心逻辑在于三个方面：一是保险、个人养老金、社保基金等长期资金持续入市，形成增 量支撑；二是低利率推动储蓄"搬家"，ETF、固收类等多元产品精准承接居民与理财资金；三是费率改革、长周期考核等政策红 ...

Core Viewpoint - The article discusses the significant developments in the public fund industry in China throughout 2025, highlighting key reforms, growth in fund sizes, and the shift towards high-quality development in the sector [2]. Group 1: High-Quality Development Action Plan - The China Securities Regulatory Commission (CSRC) issued the "Action Plan for Promoting High-Quality Development of Public Funds," which includes 25 measures aimed at reshaping the industry ecosystem [3]. - The plan emphasizes investor-centric development, strong regulation, and risk prevention, encouraging fund companies to shift focus from scale to returns [3][4]. Group 2: Fee Rate Reform - The public fund fee rate reform has entered its final phase, with annual savings for investors exceeding 500 billion yuan [5]. - The reform consists of three stages: reducing management and custody fees, lowering trading commission rates, and decreasing subscription and purchase fees [5][6]. Group 3: Fund Size and Structure - By October 2025, the total size of public funds reached 36.96 trillion yuan, marking a continuous increase over seven months [6][7]. - The proportion of equity products has significantly increased, with stock and mixed funds reaching a combined scale of 10.18 trillion yuan, reflecting a shift towards quality development [7]. Group 4: ETF Market Growth - The ETF market size surged to 5.7 trillion yuan by October 2025, a 53% increase from the end of 2024, with stock ETFs becoming a core component of equity allocation [8]. - Bond ETFs have also seen substantial growth, with total sizes exceeding 700 billion yuan, driven by innovative products like the Sci-Tech Bond ETFs [9]. Group 5: Performance Assessment Reforms - New performance assessment guidelines for fund management companies were released, focusing on long-term value creation and reducing homogeneous competition [10][11]. - The introduction of performance benchmarks aims to enhance accountability and align fund managers' interests with investors [11][12]. Group 6: AI Integration in Fund Management - The fund industry is accelerating its intelligent transformation driven by AI, enhancing investment decision-making, risk assessment, and client services [12][13]. - AI technologies are being integrated into core investment processes, providing data-driven insights and improving operational efficiency [14][15]. Group 7: Expansion of Public REITs - The public REITs market has experienced significant growth, with 77 products listed and a total market value of 216.03 billion yuan by December 2025 [17]. - The asset types for REITs have diversified beyond traditional infrastructure to include commercial real estate, expanding investment opportunities [18]. Group 8: Cross-Border Investment Innovations - The public fund industry is enhancing its international presence, with the number of cross-border ETFs reaching 200 and total sizes nearing 920 billion yuan [19][20]. - The establishment of overseas subsidiaries by multiple fund companies indicates a strategic push towards global asset allocation [20].