Core Viewpoint - Jiaao Environmental Protection has been penalized for financial misconduct in its annual reports for 2022 and 2023, leading to administrative penalties and a change in stock status to "ST Jiaao" [2][10]. Financial Misconduct - The Zhejiang Securities Regulatory Bureau found that Jiaao Environmental Protection failed to properly account for its environmental plasticizer project, resulting in false financial data in its 2022 and 2023 annual reports [7]. - In 2022, the company understated operating costs by 13.44 million yuan, understated financial expenses by 5.77 million yuan, and overstated total profit by 19.21 million yuan, which constituted 28.91% of the reported total profit [7]. - For 2023, the company understated operating costs by 13.56 million yuan and overstated total profit by 13.56 million yuan, which was 63.72% of the reported total profit, and net profit was overstated by 10.44 million yuan, representing 200.38% of the reported net profit [7]. Administrative Penalties - The company and its responsible individuals face warnings and fines: Jiaao Environmental Protection will be fined 5.5 million yuan, the former chairman will be fined 2.5 million yuan, and the former CFO will be fined 2 million yuan [8]. - The stock will be suspended for one day starting December 10 and will be subject to risk warnings from December 11, with a trading limit reduced from 10% to 5% [9][10]. Historical Context - This is not the first instance of financial misconduct for Jiaao Environmental Protection; the company was previously penalized for similar issues in 2020, where it overstated revenue by 179 million yuan in its 2019 annual report [13]. - The company has faced continuous financial struggles, recording declining revenues and net losses for three consecutive years, with revenues of 3.211 billion yuan, 2.666 billion yuan, and 1.274 billion yuan from 2022 to 2024 [14]. Recent Performance - In the first three quarters of 2025, the company reported a revenue increase of 189.39% to 3.005 billion yuan, although it still recorded a net loss of 25.37 million yuan [16]. - The company's debt levels have risen significantly, with the debt-to-asset ratio increasing from 63.70% in 2022 to 81.06% in the third quarter of 2025 [16].

【 导读 】 建设银行官宣，注册资本获批增至 2616 亿元 中国基金报记者 嘉合 12 月 9 日，建设银行发布公告称，该行于 2025 年 6 月完成向特定对象发行约 115.89 亿 股 A 股股票，注册资本由人民币 2500.11 亿元增加至人民币 2616 亿元。 建设银行表示，该行于近日收到国家金融监督管理总局行政批复，同意该行注册资本增加 115.89 亿元人民币，由 2500.11 亿元增加至人民币 2616 亿元。 这也标志着，建设银行此前定向增发的 115.89 亿股 A 股股票正式完成资本登记程序，同时 也是四大国有银行中率先完成资本登记的商业银行。 据悉，今年政府工作报告明确提出，拟发行特别国债 5000 亿元，支持国有大型银行补充资 本。同时，在 3 月 30 日，中国银行、建设银行、交通银行、邮储银行相继发布公告称，董 事会已通过了向特定对象发行 A 股股票的议案，四家银行合计募集资金不超过 5200 亿元。 具体来看，中国银行拟募集资金规模不超过 1650 亿元，建设银行拟募集资金规模不超过 1050 亿元，两者发行对象均为财政部；交通银行拟募集资金规模不超过 1200 亿元，发 ...

Core Viewpoint - Dongwu Securities has approved several strategic initiatives, notably increasing the credit limit for its margin financing and securities lending business to 600% of its net capital, and plans to inject 500 million yuan into its subsidiary, Dongwu Futures [2][4][10]. Group 1: Margin Financing and Securities Lending Business - Dongwu Securities has raised the credit limit for its margin financing and securities lending business to a maximum of 600% of its net capital, which translates to approximately 1,689.72 billion yuan based on its reported net capital of 281.62 billion yuan [4][6]. - The management committee is authorized to adjust this limit based on business development and market conditions, provided it remains compliant with regulatory requirements and risk management [4]. Group 2: Capital Injection into Dongwu Futures - Dongwu Securities plans to increase its investment in Dongwu Futures by 500 million yuan, with Dongwu Securities contributing 403.3 million yuan [10]. - This capital injection aims to enhance Dongwu Futures' net capital, expand its business scale, and strengthen its market position [10]. - Following this investment, Dongwu Futures' registered capital will rise from 1.0318 billion yuan to 1.5318 billion yuan [10]. Group 3: Industry Context and Competitive Landscape - Dongwu Securities is the seventh brokerage firm this year to increase its margin financing business limits, following similar moves by firms like Huatai Securities and others [8]. - The increase in financing limits is driven by strong market demand for margin financing, allowing brokerages to capture more market share and enhance revenue amid competitive pressures [8]. - Analysts suggest that leading brokerages with enhanced leverage capabilities are likely to benefit from policy optimizations, leading to improved return on equity (ROE) growth [8].

【导读】白银暴涨，见证历史了 中国基金报记者 泰勒 大家好，今晚继续股关注海外市场的表现。 白银创历史新高 12月9日晚间，黄金小幅走高，白银则攀升至历史新高。 Global X ETFs高级投资分析师Trevor Yates表示，在美联储会议召开前夕，市场几乎笃定本次将降息25个基点，"白银今 天早盘与黄金一起受到追捧"。 截至发稿， 现货白银首次站上60美元/盎司的心理关口， 纽约期银也首次站上60美元/盎司， 沪银主力合约现涨幅超过3%，最 高涨至14086元/千克，续创历史新高。 纽约白银 CFD(2603) < ◀ ▶ 期 SI 60.38 +1.98 +3.39% 12-09 23:49:18 今开 持仓量 最高 60.55 58.52 == 振幅 最低 57.99 4.37% 美元指数 99.2432 +0.1444% > 周K 月K 更多 分时 五日 日K (0) 均价:59.26 最新:60.39 +1.98 +3.39% 60.54 3.66% 0.00% 58-40 56.26 -3.66% 07:00 18:30 06:00 4 4 4 2 +1.11% 13632 0.00% 134 ...

据中国基金报记者了解，近日，包括北上广深在内的多家基金公司接到通知，需要对照《公 开募集证券投资基金业绩比较基准指引（征求意见稿）》，提交存量产品业绩比较基准修订 计划摸排统计方案，提交时间截至 12 月 15 日。 " 业绩基准修订涉及很多指标的计算和论证，公司旗下投资部、产品部、运营部、风险部都在 为这事忙碌。 " 一位基金公司人士称，为了保证方案如期提交，预计上述部门相关负责人本 周每天都得加班。 存量基金产品需提交 业绩比较基准摸排统计 为落实《推动公募基金高质量发展行动方案》工作部署，强化业绩比较基准约束，保护投资 者合法权益，据中国基金报记者了解，近期，多家基金公司已经接到通知，启动存量产品业 绩比较基准修订计划摸排统计工作，相关方案需要在 12 月 15 日提交。 【导读】多家基金公司启动存量基金业绩比较基准摸排统计工作 中国基金报记者 陆慧婧 方丽 各家基金公司需要梳理统计除了指数基金和公募 REITs 之外的存量基金业绩比较基准情况， 其中，主动权益基金分为全市场基金、主题型基金、泛主题型基金三种类型。分类之后，基 金公司再根据目前实际持仓情况，分析哪些基金需要调整业绩比较基准，哪些基金不需 ...

【导读】中科曙光、海光信息 12 月 9 日晚同时公告，终止重大资产重组 中国基金报记者 卢鸰 筹划半年之后，备受市场关注的中科曙光与海光信息的重大资产重组宣告终止。 中科曙光 12 月 9 日晚发布公告称，公司当日召开第五届董事会第二十六次会议，审议通过 了《关于公司终止重大资产重组的议案》，同意终止海光信息通过向中科曙光全体 A 股换股 股东发行 A 股股票的方式换股吸收合并中科曙光并募集配套资金，并授权公司管理层办理本 次终止的相关事宜。 海光信息也同时公告称，公司 12 月 9 日召开董事会会议，同意终止上述重大资产重组，并 授权公司管理层办理本次终止事项的相关事宜。 中科曙光、海光信息称，本次交易自启动以来，公司及相关各方积极推动本次交易的各项工 作，由于本次交易规模较大、涉及相关方较多，使得重大资产重组方案论证历时较长，目前 市场环境较本次交易筹划之初发生较大变化，本次实施重大资产重组的条件尚不成熟，为切 实维护上市公司和广大投资者的长期利益，经公司与交易各相关方友好协商、认真研究和充 分论证，基于审慎性考虑，决定终止本次交易。 公告强调，目前中科曙光与海光信息生产经营情况正常，本次重大资产重组的 ...

Core Viewpoint - The recent restructuring of Changjiang Securities' board and management team reflects a normal internal governance process following the acquisition of shares by Hubei state-owned assets, leading to improved performance metrics in 2025 [1][3][4]. Group 1: Board and Management Restructuring - Liu Zhengbin continues as Chairman, with new appointments including Liu Yuanrui as President and several representatives from Hubei state-owned assets joining the board [1][3]. - The board now includes both non-independent and independent directors, with a focus on maintaining stability while optimizing functional roles within the management team [3][4]. - The restructuring is part of a regulatory compliance effort and aims to inject fresh talent into the management while ensuring continuity in strategic direction [4]. Group 2: Performance Metrics - In the first three quarters of 2025, Changjiang Securities reported record-high operating revenue of 8.49 billion yuan and net profit of 3.37 billion yuan, ranking 15th and 13th among listed brokerages respectively [6]. - The weighted average return on equity reached 9.23%, an increase of 5.21 percentage points, marking the first position among listed brokerages [6]. - The company has emphasized its role in supporting the real economy, exemplified by the establishment of a 10 billion yuan humanoid robot fund, which is the first of its kind in the securities industry [6]. Group 3: Future Outlook - With a new shareholding structure and stable governance, Changjiang Securities is expected to leverage its strengths in research, wealth management, investment, and investment banking to enhance its service quality for the real economy [7].

【导读】龚德雄出任上海国际集团总裁 中国基金报记者 含章 卸任东方证券董事长后，龚德雄去向落定。 12 月 9 日，上海国际集团 " 官宣 " ，龚德雄出任集团党委副书记、总裁一职。据悉，龚德 雄早些年曾任上海国际集团金融管理总部总经理，并长期深耕上海国有金融体系，如今又回 归上海国际集团。 就在今年初，时任海通证券董事长周杰调任至上海国际集团，担任董事长一职。 龚德雄出任上海国际集团总裁 记者注意到， 12 月 9 日，上海国际集团更新 " 集团领导信息栏 " 显示，龚德雄担任党委副 书记、总裁一职。 龚德雄拥有丰富的金融从业经历，涵盖了证券、投资、期货、资产管理等多个领域。他曾任 上海国际信托投资公司证券部浦东营业部副主任、证券部投资调研科科长、证券部副经理， 上海证券有限责任公司党委副书记、纪委书记、副总经理兼海证期货有限公司董事长，上海 国际集团有限公司金融管理总部总经理，上海证券有限责任公司总经理、党委书记、副董事 长、董事长，上海国泰君安证券资产管理有限公司董事长、 CEO 。 龚德雄自 2023 年 4 月起担任申能（集团）有限公司副总裁， 2023 年 9 月担任东方证券 党委书记， 2024 ...

Core Viewpoint - Geely Automobile has made significant progress in the privatization of Zeekr, marking the final stage of its "One Geely" strategy, with the merger expected to be completed by December 29 [5][11]. Summary by Sections Privatization Details - Approximately 70.8% of eligible Zeekr shareholders chose stock compensation, while about 29.2% opted for cash compensation [7]. - Geely will issue approximately 777 million shares to shareholders choosing stock, granting them equal rights including dividends and voting [7]. - For those opting for cash, Geely will pay a total of approximately $701 million, with each Zeekr share convertible to $2.687 in cash or 1.23 shares of Geely [8]. Strategic Implications - The completion of the merger will allow Geely to cover mainstream, mid-to-high-end, and luxury segments, creating a diverse power system including fuel, pure electric, plug-in hybrid, and hydrogen electric vehicles [11][12]. - Zeekr is positioned as a global luxury tech brand, while Lynk & Co targets the global high-end new energy market, and Geely Galaxy and China Star focus on mainstream branding [12]. Financial Performance - In the first three quarters of 2025, Geely achieved revenue of 239.5 billion yuan, a year-on-year increase of 26%, and a core net profit of 10.62 billion yuan, up 59% [13]. - As of September 2025, Geely's total cash level reached 60.1 billion yuan, with a net cash level of 45.2 billion yuan [13].

Group 1 - Trump indicated he may consider lowering tariffs on certain U.S. goods while emphasizing that his use of import tariffs is attracting investments and revitalizing long-dormant industries like automotive and semiconductor manufacturing [4] - He mentioned that approximately $18 trillion is flowing into the U.S., referring to investment commitments made by governments and companies seeking tariff exemptions [4] - Trump stated that the decision to approve recent tariff exemptions was influenced by voter dissatisfaction with high grocery prices, describing them as "very small exemptions" [4] Group 2 - Trump suggested that the immediate lowering of interest rates would be a key criterion for selecting the new Federal Reserve Chairman, signaling to potential candidates the need to be prepared for rate cuts [5] - Current Federal Reserve Chairman Jerome Powell is viewed unfavorably by Trump, who has previously called for the benchmark interest rate to be reduced below 2%, while the current target range is 3.75% to 4% [5][6] - Market expectations indicate that the Federal Reserve may lower the benchmark interest rate by 25 basis points in the upcoming decision [5] Group 3 - Trump has reportedly decided on his preferred candidate for the new Federal Reserve Chairman but will not announce it until early next year, with potential candidates including Kevin Hassett, Christopher Waller, Michelle Bowman, Kevin Walsh, and Rick Rieder [6]