Core Viewpoint - The China Securities Regulatory Commission (CSRC) has taken serious action against Changjiang Pharmaceutical Holdings Co., Ltd. (*ST Changyao) for significant financial fraud, leading to potential delisting procedures by the Shenzhen Stock Exchange [2][5][10]. Group 1: Financial Fraud Details - *ST Changyao has been found to have inflated revenue and profits for three consecutive years, violating securities laws [5][8]. - The company is facing a proposed fine of 10 million CNY, with 14 responsible individuals facing a total fine of 31 million CNY, including a lifetime ban for the former general manager, Luo Ming [5][9]. - The inflated revenues reported were 215.32 million CNY, 283.74 million CNY, and 233.63 million CNY for the years 2021 to 2023, representing 9.12%, 17.57%, and 19.51% of the disclosed revenues respectively [8]. Group 2: Company Performance and Market Impact - As of September 30, 2025, *ST Changyao reported a net profit of -210 million CNY, a year-on-year decrease of 15.89% [11][12]. - The company's stock price has been in decline, closing at 1.47 CNY per share on December 26, 2023, with a total market value of only 515 million CNY [13]. - The company has also announced the suspension of operations for its wholly-owned subsidiary, Yiheng Technology, due to financial difficulties and ongoing losses [11][12].

Core Viewpoint - The People's Bank of China and the State Administration of Foreign Exchange have announced the nationwide promotion of the integrated currency pool business for multinational companies, aimed at enhancing cross-border fund management and supporting high-quality economic development [1][4]. Group 1: Overview of the Integrated Currency Pool Business - The integrated currency pool business is a cross-border fund management policy jointly launched by the People's Bank of China and the State Administration of Foreign Exchange, with pilot programs starting in March 2021 in cities like Beijing and Shenzhen [3]. - As of September 2023, 98 multinational companies and over 5,000 member enterprises have participated in the pilot, with a cross-border payment scale of approximately $150 billion in the first nine months of the year [4]. Group 2: Key Features of the New Policy - The new policy establishes a unified management framework for the integrated currency pool business, encouraging enterprises to conduct operations in local currency and reducing operational costs for companies [4]. - It facilitates the collection and transfer of funds for multinational companies by setting external debt and overseas loan limits linked to the equity of member enterprises [4]. - The policy also emphasizes improved supervision and management of the currency pool business, requiring local branches of the People's Bank of China and the State Administration of Foreign Exchange to enhance monitoring and conduct inspections to mitigate cross-border fund flow risks [4]. Group 3: Eligibility and Requirements - Multinational companies must meet specific criteria to engage in the currency pool business, including having a genuine business need, a robust cross-border fund management structure, and a minimum annual international payment scale of 7 billion RMB for domestic members [9][10]. - The companies must also have a combined annual revenue of at least 10 billion RMB for domestic members and 2 billion RMB for overseas members [9]. Group 4: Operational Guidelines - The policy outlines that multinational companies must select a domestic bank with international settlement capabilities as their cooperating bank for managing the currency pool business [12]. - The domestic fund master account can be a multi-currency account, allowing overdrafts for external payments, with specific income and expenditure ranges defined [35][42]. Group 5: Compliance and Monitoring - The cooperating banks are required to establish management systems for the currency pool business, ensuring compliance with regulations and timely reporting of relevant data [52]. - The People's Bank of China and the State Administration of Foreign Exchange will enhance supervision and risk assessment of the currency pool business, ensuring compliance with laws and regulations [53][54].

Core Viewpoint - The article discusses the management change at Nord Fund Management Co., with Mr. Luo Kai stepping down as General Manager for personal reasons and Mr. Liu Xiang being appointed as the new General Manager, highlighting the company's commitment to long-term investment strategies and performance [1][4]. Group 1: Management Change - Mr. Luo Kai has resigned from his position as General Manager of Nord Fund due to personal reasons [1]. - Mr. Liu Xiang, with nearly 30 years of financial industry experience and 21 years in the fund industry, has been appointed as the new General Manager [4]. - Liu Xiang previously served as General Manager of Everbright Prudential Fund, where he achieved top rankings in fixed income investment performance [4]. Group 2: Company Overview - Nord Fund Management Co. was established in 2006 and is headquartered in Lujiazui, Shanghai, with branches in Beijing, Shenzhen, Jinan, and Chengdu [4]. - The company is owned by Tianfu Qingyuan Holdings Co., Ltd. and Beijing Tianlang Yunchuang Information Technology Co., Ltd. [4]. Group 3: Product and Performance - As of November 2025, Nord Fund manages 44 public fund products, including 14 bond funds, 29 equity products, and 1 money market fund, aiming to meet diverse investor needs [5]. - The company emphasizes a long-term investment philosophy, with a focus on sustainable and stable returns for clients [5]. - As of Q3 2023, Nord Fund's equity performance over the past 10 years has exceeded 200%, ranking 7th in the industry [5]. Group 4: Future Outlook - Nord Fund aims to enhance its research capabilities, optimize risk control systems, and improve customer service while focusing on talent development [6]. - The company is committed to high-quality development and fulfilling its responsibilities towards the real economy and social development while creating sustainable returns for investors [6].

中国基金报记者 孙越 12 月 26 日，国网英大公告，全资子公司英大证券拟将其持有的英大期货 100% 股权以 11.293 亿元的价格出售给中国石油集团资本有限责任公司（简称中油资本有限）。 【导读】英大证券拟以 11.293 亿元出售英大期货 100% 股权 交易完成后，英大期货将不再纳入国网英大的合并报表范围。公告明确指出，本次交易不构 成关联交易，也不构成重大资产重组。此外，本次交易尚需取得国有资产监督管理部门的批 准，中油资本有限作为英大期货控股股东的资格尚需中国证监会的核准。 公开资料显示，英大期货是英大证券的全资控股子公司，注册地在北京，注册资本为 6.58 亿 元。公司拥有期货经纪业务、自有资金投资业务和风险管理公司业务三条主要业务线。公司 在全国多地设有分支机构，并依托英大证券的营业网点构建了面向全国的营销服务网络。 本次交易的买方中油资本有限作为中国石油天然气集团有限公司金融业务管理的专业化公 司，是中石油金融资产监管、金融业务整合、金融股权投资、金融风险管控的平台，业务范 围涵盖财务公司、银行、信托、保险经纪、证券等多项金融业务。 业内人士分析，此次交易可能是中油资本有限完善其金融全牌 ...

Core Viewpoint - Over 80% of public REITs products experienced an increase this week, with the China Securities REITs Total Return Index rising by 1.56% from December 22 to 26, 2023 [2][5] Market Performance - The China Securities REITs Total Return Index saw a slight decline of 0.18% on December 26, closing at 1014.80 points. During the week, 67 out of 79 listed public REITs recorded a rise, with the highest increase being 7.86% for the Zhongjin Chongqing Liangjiang REIT [5][6] - The top-performing REITs included Zhongjin Chongqing Liangjiang REIT (7.86%), Huaxia Fund Huayun REIT (5.99%), and Bosera Jinkai Industrial Park REIT (5.94%). Conversely, 10 products experienced declines, with one falling over 5% [5][6] New Developments - The highly anticipated Xinjiang first hydropower REIT, Huaxia Zhongke Clean Energy REIT, successfully concluded its issuance, attracting over 1616 billion yuan in subscription funds, with a public investor subscription multiple of approximately 392 times [3][8][9] - The underlying asset of Huaxia Zhongke Clean Energy REIT is the Bopona Hydropower Station, the largest in the Hotan region, which has maintained stable revenue and power generation for over 14 years [9] Market Insights - Analysts suggest that the recent price fluctuations in the public REITs market are largely unrelated to the underlying fundamentals, but rather influenced by discussions surrounding the accounting treatment of OCI principal and interest [5][7] - The market is still in a policy dividend period, and it is recommended to gradually focus on low-priced opportunities in relatively stable projects [7]

Core Viewpoint - Shengyuan Environmental Protection's subsidiary has reported a loss exceeding 46.92 million yuan from an investment in a private equity fund, leading the company to file a police report [2][6]. Group 1: Investment Details - The subsidiary, Xiamen Jinlingji Construction Engineering Co., Ltd., invested 60 million yuan in a private equity fund product in March 2025 [4][8]. - As of December 25, the fund's net asset value plummeted to 0.1846 yuan, reflecting a cumulative net value growth rate of -81.54%, resulting in a loss of approximately 46.92 million yuan [6][3]. Group 2: Fund Management Issues - The fund manager, Shenzhen Shenboxin Investment Management Co., Ltd., is accused of unauthorized trading, failure to disclose information, and even falsifying net asset value information, leading to significant losses for investors [11]. - The fund management company has been in operation since 2014, with a registered capital of 10 million yuan and a management scale ranging from 0 to 500 million yuan [12]. Group 3: Recovery Efforts - Shengyuan Environmental Protection has initiated a redemption process for the fund and has taken measures to recover losses, including filing a police report and notifying the China Securities Regulatory Commission [6][11]. - The company has received a partial repayment of 2 million yuan from an individual responsible for the investment losses, but further payments have not been received [10][11].

【导读】中国人民银行修订《人民币跨境支付系统业务规则》 中国基金报记者 忆山 12 月 26 日，央行官网发布消息称，为适应跨境人民币业务发展需要，加强人民币跨境支付 系统（ CIPS ）业务管理，中国人民银行修订了《人民币跨境支付系统业务规则》，自 2026 年 2 月 1 日起施行。 | | | | 中国人民银行 THE PEOPLE'S BANK OF CHINA | | 条法司 Legal Affairs Department | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 信息公开 | 新闻发布 | 法律法规 | 货币政策 | 宏观审慎 | 信贷政策 | 金融市场 | 金融稳定 | 调查统计 | 银行会计 | 支付体系 | | | 金融科技 | 人民币 | 经理国库 | 国际交往 | 人员招录 | 学术交流 | 征信管理 | 反洗钱 | 党建工作 | | | 服务互动 | 政务公开 | 政策解读 | 公告信息 | 图文直播 | 央行研究 | 音频视频 | 市场动态 | 网上展厅 | 报 ...

【导读】百花医药或易主，自 12 月 29 日开市起停牌 中国基金报记者 闻言 12 月 26 日晚间，百花医药发布公告称，公司控股股东、实际控制人米在齐、米恩华、杨小 玲正在筹划公司股份协议转让事宜，可能导致公司控制权发生变更。 2024 年 12 月 2 日，米在齐、米恩华、杨小玲及其一致行动人李建城签署《一致行动人协 议书》，有效期一年，合计持有百花医药 24.58% 的股份。 百花医药计划自 12 月 29 日开市起停牌，预计停牌时间不超过 2 个交易日。 12 月 26 日 收盘，百花医药股价报 12.24 元 / 股，涨幅达 5.88% ，总市值为 47.07 亿元。 筹划股份转让前解除一致行动关系 公告显示， 2025 年 12 月 1 日，米在齐、米恩华、杨小玲及其一致行动人李建城确认不再 续签《一致行动人协议书》，一致行动关系自动解除。 如今，米在齐、米恩华、杨小玲仍为百花医药控股股东、实际控制人，李建城不再是百花医 药控股股东、实际控制人之一致行动人，其所持百花医药股份不再合并计算。 米在齐是米恩华、杨小玲夫妇之子。截至 2025 年 12 月 1 日，米在齐、米恩华、杨小玲合 计持有百花 ...

【导读】央行发布《银行间外汇市场管理规定》 中国基金报记者 忆山 12 月 26 日，央行官网发布消息称，为规范和发展外汇市场，扩大高水平对外开放，保障各 方合法权益，防范相关风险，促进外汇市场 更好服务 实体经济，中国人民银行对《银行间外 汇市场管理暂行规定》（银发〔 1996 〕 423 号）进行修订，发布《银行间外汇市场管理规 定》（中国人民银行令 〔 2025 〕第 13 号 ），自 2026 年 2 月 1 日起施行。 第二条 本规定所称银行间外汇市场是指通过中国外汇交易中心（以下简称外汇交易中心）进 行人民币与外币交易的市场。 据介绍，新规定立足我国银行间外汇市场发展变化和监管实践，统筹整合有关制度规定，形 成系统性的监管框架和监管要求。 主要内容包括：第一，加强银行间外汇市场监管，从交易场所、资质条件、报价规范、交易 清算规则、信息管理、数据服务、自律管理等领域明确相应要求，实现业务监管全覆盖。第 二，维护外汇市场稳健运行，规范银行间外汇市场基础设施、境内外金融机构、货币经纪公 司、金融信息服务商权利和义务，要求遵循公开、公平、公正和诚实信用原则，保护市场参 与者合法权益。第三，推动银行间外汇市 ...

中国基金报记者 晨曦 沪深交易所，重磅消息来了！ 【导读】沪深交易所发布通知，推出 2026 年度系列降费措施 12 月 26 日，上交所、深交所均发布通知，公布 2026 年度系列降费措施。 其中，上交所预计 2026 年降费让利金额约 11.13 亿元，深交所预计整体降费金额超过 8 亿 元。也即，两大交易所预计降费总金额将超过 19 亿元。降费内容涉及股票、基金、债券等品 种，覆盖上市、交易、服务等环节，为股民切实 " 送福利 " 。 深交所发布《关于减免 2026 年度相关费用的通知》，推出多项 2026 年降费措施。该次降 费涉及深市股票、基金、债券等品种，覆盖上市、交易、服务等环节，共 6 项措施，包括： 免收上市公司上市费，免收基金上市费，免收债券（不含可转债）及资产支持证券的交易经 手费，免收基金、债券（不含可转债）及资产支持证券等产品的交易单元流量费，减免深市 交易通信及深证云相关费用，减半收取 股东大会 网络投票服务费。 近年来，深交所认真贯彻落实党中央、国务院有关减税降费政策要求，实施多项惠企利民的 降费措施，降费力度逐年加大。先后调降基金、股票等产品交易经手费收费标准，连续多年 免收基 ...