政府债券对社融增长形成显著支撑 初步统计数据显示，2025年11月末社会融资规模存量为440.07万亿元，同比增长8.5%。其 中，今年新增政府债务总规模11.86万亿元，比去年增加2.9万亿元，普通国债、特别国债和 地方政府专项债额度都明显增加。 【导读】央行重要数据出炉：M2和社会融资规模增速均保持在较高水平，持续为经济回升向 好创造适宜的货币金融环境 中国基金报记者 李树超 张玲 12月12日，中国人民银行披露的最新金融统计数据显示，11月末，社会融资规模存量、广义 货币（M2）分别同比增长8.5%、8%。前11个月，社会融资规模增量同比多3.99万亿元，政 府债券对社融增长形成了显著支撑。 业内专家表示，当前社会融资规模和M2增速比名义GDP增速高出约一倍，充分体现了适度宽 松的货币政策状态，为经济高质量发展营造了适宜的金融总量环境。 2025年前11个月，社会融资规模增量累计33.39万亿元，比上年同期多3.99万亿元，政府债 券对社融增长形成了显著支撑。 业内专家表示，今年以来，宏观政策加大逆周期调节力度，对提振内需、稳定经济发挥了积 极作用，也为金融总量合理增长提供了支撑。特别是随着财政赤字率提 ...

【导读】事关元宇宙产业创新发展，重磅文件来了！ 中国基金报记者 张舟 元宇宙，是数字与物理世界融通作用的沉浸式互联空间，是新一代信息技术集成创新和应用 的未来产业，具有高度沉浸、实时永续、自主创造、开放互联的特征。 12 月 12 日，工信部公开征求《元宇宙产业综合标准化体系建设指南（ 2026 版）》（征求 意见稿）意见（以下简称《征求意见稿》）。 《征求意见稿》中提到，元宇宙作为数字经济与实体经济融合的高级形态，对推动制造业高 端化、智能化、绿色化转型升级，完善现代化产业体系具有重要支撑作用。 根据《征求意见稿》总体要求，到 2028 年，制定国家标准和行业标准 20 项以上，初步构 建支撑元宇宙产业创新发展的标准体系。 到 2028 年初步构建支撑 元宇宙产业创新发展的标准体系 1. 基础标准主要包括术语和定义、参考架构、分类与标识、管理、测试评价等标准。 2. 支撑能力标准主要包括基础设施、使能技术等标准。 3. 通用服务标准包括数字主体、数字身份、数字内容、数字资产、数字场景、数实交互等标 准。 到 2030 年，制定国家标准和行业标准 50 项以上，适度超前布局一批支撑未来产业高质量 发展需要的关 ...

【导读】金融监管总局发布《商业银行托管业务监督管理办法（试行）》 中国基金报记者 晨曦 事关商业银行托管业务，重磅来了！ 12 月 12 日，国家金融监督管理总局发布《商业银行托管业务监督管理办法（试行）》（以 下简称《办法》）。 据介绍，商业银行托管业务在强化市场监督制衡、规范产品投资运作、防范道德风险等方面 发挥了积极作用，成为建设高标准金融市场体系的重要基础保障。 近年来，随着商业银行托管业务规模的增长和托管资产的多元化，亟需弥补针对商业银行托 管业务的基础性监管制度空白。金融监管总局在总结各方经验的基础上，制定并发布实施 《办法》，对推动商业银行进一步规范发展托管业务，加强风险管理，具有重要意义。 《办法》共五章 49 条，包括总则、托管职责、管理要求、监督管理和法律责任、附则等部 分。《办法》明确了商业银行托管业务的概念和开展业务的基本原则，规定了商业银行开展 托管业务应当符合的要求。同时，《办法》也进一步强化了持续监管措施、监管处罚、数据 报送和自律管理等相关制度安排。 《办法》指出，托管是商业银行作为独立第三方，为各类金融产品及专项资金形成的投资组 合等提供财产保管及相关服务的行为。商业银行开展 ...

【导读】中国工商银行甘肃分行党委委员、副行长吕红晓接受纪律审查和监察调查 中国基金报记者 李智 金融反腐仍在继续。 今年 8 月份，吕红晓仍活跃在工作岗位上。据兰州市七里河区法院信息，吕红晓曾带领团队 向七里河区法院送锦旗并参观座谈。 公开简历显示，吕红晓，男，中共党员，大学学历，郑州大学行政管理硕士。吕红晓在工商 银行系统内工作多年，曾任中国工商银行安阳市分行行长、洛阳市分行行长； 2020 年 5 月，任中国工商银行甘肃省分行副行长。 值得注意的是，吕红晓在洛阳分行任职期间，中国工商银行洛阳分行曾因涉及贷后管理未尽 职，信贷资金未按约定用途使用，未在贷后管理报告中反映使用情况等违法违规行为，被处 罚款 30 万元。 无障碍浏览 | 繁 | 区 国家金融监督管理总局 | 河南省局 诸瑜入您要搜索的内容 个 统计数据 当前位置:首页 > 政务信息 > 行政处罚 > 监管分局本级行政处罚 来源:河南监管局 文章类型:原创 冒打印 发布时间:2020-06-16 6 微博 4 微信 (1)更多 河南银保监局洛阳分局行政处罚信息公开表 (洛银保监罚决字〔2020〕14号） (中国工商银行洛阳分行) 洛银保监罚决字〔 ...

【导读】央行将开展 6000 亿元买断式逆回购操作 中国基金报记者 张玲 12 月 12 日，央行发布消息称，为保持银行体系流动性充裕， 2025 年 12 月 15 日，中国 人民银行将以固定数量、利率招标、多重价位中标方式开展 6000 亿元买断式逆回购操作， 期限为 6 个月（ 182 天）。 数据显示， 12 月有 4000 亿元 6 个月期买断式逆回购到期。由此，央行 12 月 15 日开展 6000 亿元买断式逆回购操作，意味着当月 6 个月期买断式逆回购加量续作，加量规模 2000 亿元，为 6 个月期买断式逆回购连续第四个月加量续作。 此前，央行于 12 月 5 日开展 10000 亿元 3 个月期买断式逆回购，结合当月 10000 亿元 到期量， 12 月 3 个月期买断式逆回购为等量续作。综合来看， 12 月两个期限品种的买断 招联首席研究员、上海金融与发展实验室副主任董希淼也表示，央行通过加量操作，将继续 向市场注入中短期流动性，更好地维护市场流动性充裕，保障岁末年初金融市场平稳运行。 中国邮政储蓄银行研究员娄飞鹏认为， 12 月 15 日的操作将进一步强化对跨年资金面的支 撑，避免流动 ...

Core Viewpoint - The article discusses the issuance of a draft regulation aimed at standardizing the sales behavior of publicly offered securities investment funds in China, focusing on investor protection and the prevention of misleading practices [2]. Group 1: Fund Sales Behavior Regulations - The draft regulation prohibits excessive promotion of fund managers for the purpose of rapid fundraising and requires clear differentiation between a fund manager's years of service and actual investment management experience [2][6]. - Fund managers and sales institutions must adopt a long-term sales philosophy centered on the best interests of investors and fulfill obligations related to risk preference and capacity identification [2]. Group 2: Fund Performance and Promotion Standards - Fund performance must be presented objectively and comprehensively, with specific requirements such as a minimum performance display period of six months and the use of data from recognized evaluation agencies for rankings [4]. - The use of terms like "positive return" or "probability of positive return" is prohibited to prevent investors from overlooking risks, although some industry experts suggest allowing objective displays of past performance with appropriate risk disclosures [5]. Group 3: Live Streaming Regulations - The draft outlines compliance requirements for fund managers and sales institutions conducting live streaming, including the necessity for qualified personnel and agreements with streaming platforms to ensure compliance with sales regulations [8][10]. - Live streaming personnel must have relevant qualifications and adhere to advertising laws, while platforms must disable tipping features to prevent conflicts of interest [9]. Group 4: Disclosure of Fees and Costs - Fund managers and sales institutions are required to ensure that investors can access and understand fund product information, including various fees such as subscription, redemption, and service fees [13]. - Different share classes must have their fee structures disclosed, and sales institutions must clarify the definition and collection methods of service fees [13]. Group 5: Performance Assessment Optimization - The draft aims to shift the focus of performance assessments away from short-term aggressive sales towards long-term value creation, incorporating factors like compliance and risk management into the evaluation criteria [15][16]. - Sales performance metrics should include long-term investor outcomes and avoid prioritizing sales revenue or scale as primary indicators [16].

Core Viewpoint - CITIC Securities emphasizes the importance of wealth management and aims to enhance investor returns and customer experience through its new "Xin 100" wealth management brand launch [1][4]. Group 1: Company Development and Achievements - As of September 2015, CITIC Securities' global financial product holdings reached 800 billion yuan, showcasing significant progress in wealth management transformation [2][3]. - Over the "14th Five-Year Plan" period, CITIC Securities completed equity financing of 3.1 trillion yuan, bond financing of 56.9 trillion yuan, and mergers and acquisitions totaling 2.4 trillion yuan, while also adding 60 billion yuan in equity investments [3]. - By the end of September 2025, the asset management scale of CITIC Securities is projected to reach 4.7 trillion yuan, a 56% increase from the end of the "13th Five-Year Plan" period [3]. Group 2: Wealth Management Strategy - The company aims to become a major service provider for direct financing and a professional manager of social wealth, focusing on enhancing core functions in the financial sector [4]. - CITIC Securities plans to provide a diverse range of investment products and services to meet various financial needs, thereby improving wealth management and asset allocation levels [4]. - The "Xin 100" brand is designed to address the wealth preservation and appreciation needs of residents, establishing a professional service system for high-quality wealth management [4][7]. Group 3: Platform Strategy - CITIC Securities has adopted a "Platform as a Service" strategy, allowing clients to access various services such as investment banking, financial markets, and asset management in a streamlined manner [7]. - The company has surpassed 17 million clients and achieved a buy-side advisory scale of over 130 billion yuan [7]. - The "Xin 100" brand includes four sub-brands: "Xin Ju" (cash management), "Xin Ying" (investment appreciation), "Xin You" (insurance and retirement protection), and "Xin Fu" (wealth inheritance), catering to different stages of personal and family wealth management [7].

2025年12月12日，辽宁省沈阳市中级人民法院一审公开宣判中国中信集团有限公司原党委委 员、副总经理徐佐受贿、非法经营同类营业案，对被告人徐佐以受贿罪判处无期徒刑，剥夺政治 权利终身，并处没收个人全部财产；以非法经营同类营业罪判处有期徒刑七年，并处罚金人民币 一千万元，决定执行无期徒刑，剥夺政治权利终身，并处没收个人全部财产。对徐佐犯罪所得财 物及孳息依法予以追缴，上缴国库。 经审理查明：1999年至2024年，被告人徐佐利用担任中信戴卡股份有限公司副总经理、总经 理、党委书记、副董事长、董事长，中国中信集团有限公司党委委员、副总经理等职务上的便 利，为有关人员在承接项目、业务合作等方面谋取利益，非法收受财物共计折合人民币1.47亿余 来源： 人民日报客户端 元。2012年至2024年，徐佐利用担任中信戴卡股份有限公司总经理、副董事长、董事长的职务 便利，经营与所任职公司同类的营业，获利特别巨大。 沈阳市中级人民法院认为，被告人徐佐的行为构成受贿罪、非法经营同类营业罪。其受贿数额特 别巨大，并使国家和人民利益遭受特别重大损失；非法经营同类营业，获取非法利益数额特别巨 大，均应依法惩处，并予数罪并罚。鉴于其受 ...

Core Viewpoint - The Zhejiang Securities Regulatory Bureau has imposed a record fine of 35.25 million yuan on Youce Investment for serious violations, including the misappropriation of fund assets and submission of false information, leading to the lifetime market ban of its actual controller [1][4][6]. Summary by Sections Administrative Penalties - Youce Investment was fined 21 million yuan, while three responsible individuals were fined a total of 14.25 million yuan. The actual controller, Huang Wei, received a lifetime ban from the securities market [4][7][12]. Violations Identified - The investigation revealed that Youce Investment and its actual controller engaged in the misappropriation of fund assets and submitted false information, which severely violated private fund regulations [6][11]. - Specific violations included the misreporting of the actual controller's identity and the unauthorized transfer of 9.55 billion yuan from fund accounts to other accounts [11][12]. Regulatory Actions - The China Securities Investment Fund Industry Association has revoked Youce Investment's management registration, preventing it from conducting further private fund activities [18]. - The firm was also found to have mixed its operations with related entities and failed to meet investor risk assessment requirements [18].

Core Viewpoint - Nova Coffee has surpassed 10,000 stores, becoming the fourth local coffee brand in China to achieve this milestone, following Luckin Coffee, Kudi Coffee, and Lucky Coffee. However, its brand presence among consumers is relatively weak compared to its competitors due to its "parasitic store" model [2][4]. Group 1: Business Model - Nova Coffee operates under a "parasitic store" model, embedding its coffee business into existing commercial entities like convenience stores and esports cafes, rather than establishing independent stores. This approach allows for rapid expansion with minimal costs [4][5]. - As of November 3, 2025, 7,235 of Nova Coffee's stores (91.9%) are parasitic stores, with convenience stores being the primary location type. Notably, 3,635 of these stores are embedded within the 40,000+ locations of the convenience store chain Meiyijia, accounting for 46.2% of Nova's total stores [5]. Group 2: Brand Image Challenges - The "parasitic store" model presents a dual-edged sword, creating rapid expansion while hindering brand identity. The brand's perception is heavily influenced by the host stores, making it difficult to establish a distinct and high-quality brand image [7][9]. - Consumer purchasing behavior is primarily driven by location or price rather than brand loyalty, resulting in low customer retention and minimal brand premium [10]. Group 3: Strategic Initiatives - In response to brand image challenges, Nova Coffee is implementing a "light store" strategy, maintaining a large number of parasitic stores while gradually opening a few delivery-focused and brand image stores to enhance brand recognition [10]. - The company has completed multiple rounds of financing since its establishment in 2019, with the latest B++ round in September 2024 raising several hundred million yuan, aimed at building a coffee industry base and dedicated factory in Ningbo [13][15]. Group 4: Future Outlook - As Nova Coffee achieves its store count goals, the focus is shifting from the number of stores to the profitability and long-term brand value of each location. The challenge lies in transforming its extensive network into a brand with strong consumer loyalty and mental connection [16].