Group 1 - The court ruled that CITIC Securities must compensate Fuanna for a principal loss of nearly 29.3 million yuan due to a financial dispute related to a wealth management product [2][7] - The case, which began in 2022, has seen significant developments, culminating in this first-instance judgment [3] - Fuanna had invested 120 million yuan in CITIC Securities' customized asset management plan, but only managed to recover 14.3 million yuan, with the remaining principal of 106 million yuan and expected fixed income unrecovered [6][7] Group 2 - The asset management plan primarily invested in problematic real estate projects, leading to substantial losses, including a 100 million yuan bad debt from a project associated with a well-known "unfinished building" [6] - The court's decision also stated that Fuanna and CITIC Securities would split any future recoveries from the asset management plan equally [7] - The overall trend in the industry shows a decline in the scale of wealth management product purchases by listed companies, with a 34% drop in 2023 and a further 5.45% decrease in 2024 [8]

Core Viewpoint - The court ruled in favor of Fuanna, ordering CITIC Securities to compensate nearly 29.3 million yuan for losses related to a financial management contract dispute, marking a significant development in a case that has persisted since 2022 [1][2][6]. Group 1: Case Background - In 2021, Fuanna invested 120 million yuan in a customized asset management plan from CITIC Securities, expecting stable returns, but the product faced overdue payments starting March 19, 2022 [5]. - By the end of 2024, Fuanna had only recovered 14.3 million yuan from the investment, with 106 million yuan and expected fixed returns still unrecovered [5]. - The main holdings of the asset management plan included problematic real estate projects, leading to significant losses due to defaults [5]. Group 2: Court Ruling Details - The court's ruling requires CITIC Securities to compensate Fuanna nearly 29.3 million yuan within 10 days of the judgment, with future recoveries from the asset management plan split equally between Fuanna and CITIC Securities [6]. - The court dismissed Fuanna's other claims and noted that Fuanna had already withdrawn 5.59 million yuan from a dedicated asset account, with additional recoveries pending [6]. Group 3: Industry Trends - There has been a noticeable decline in the scale of financial products purchased by listed companies, with a total investment of 966.8 billion yuan in 2023, down 18.64% year-on-year [8]. - This marks the third consecutive year of decline in the scale of financial product purchases by listed companies, with a 34% drop in 2023 and a smaller decline of 5.45% in 2024 [8]. - Companies are becoming more cautious and diversified in their investment choices, with structured deposit products being the most popular, accounting for nearly 60% of total subscriptions [9].

根据中信证券提供的"富安1号"管理报告，截至2025年9月30日，"富安1号"期末资产净值为7782.05万 元。对于富安娜而言，目前"富安1号"产品剩余本金1.06亿元及相关预期固定收益未到期收回，其中包 含资产专用账户中尚未提取的投资回款合计3583.71万元。 富安娜踩雷中信证券理财产品事件曾经引起市场高度关注，一度被认为是"资管产品嵌套纠纷"中的代表 性案例。 经过多年的追讨，一审判决支持中信证券向富安娜支付2928.63万元，加上专户中已提取和未提取的款 项，意味着"富安1号"产品可收回将近7成的本金。此前，富安娜已就富安1号逾期未收回事项共计提减 值2787.72万元。 对于本次判决的影响，富安娜方面表示，本判决为一审判决，上诉期尚未届满，并非终审判决，公司高 度重视相关诉讼案件，并聘请了专业法律团队积极处理，尽最大努力维护公司及全体股东的合法权益。 证券时报记者联系富安娜，公司相关人士表示，对这一判决结果并未完全满意，不排除继续上诉。 （文章来源：证券时报网） 认购中信证券理财产品逾期超三年，富安娜(002327)追回款项的工作取得进展。 12月25日，富安娜公告，公司诉中信证券、招商银行广州分 ...

Core Viewpoint - The court ruled that CITIC Securities must compensate Fuanna for a principal loss of nearly 29.3 million yuan due to a financial dispute over a wealth management product, marking a significant development in a case that has lasted nearly three years [2][3]. Group 1: Case Background - In 2021, Fuanna invested 120 million yuan in a customized asset management plan from CITIC Securities, expecting stable returns, but the product faced overdue payments starting March 19, 2022 [7]. - By the end of 2024, Fuanna had only recovered 14.3 million yuan from the CITIC product, with 106 million yuan in principal and expected fixed returns still unrecovered [7]. - The main holdings of the product included investments in problematic real estate projects, leading to significant losses [7]. Group 2: Court Ruling - The court ordered CITIC Securities to compensate Fuanna nearly 29.3 million yuan within ten days of the ruling, with future recoveries from the asset management plan split equally between Fuanna and CITIC [8]. - The court also noted that Fuanna had previously withdrawn 5.59 million yuan from the asset account and received additional returns from West Trust, which have not yet been withdrawn [8]. Group 3: Industry Trends - There has been a notable decline in the scale of wealth management products purchased by listed companies, with a total subscription amount of 966.8 billion yuan in 2023, down 18.64% year-on-year [10]. - This decline marks the third consecutive year of reduced investment in wealth management products by listed companies, with a significant drop of 34% in 2023 [10]. - Companies are becoming more cautious and diversified in their investment choices, with structured deposit products being the most popular, accounting for nearly 60% of total subscriptions [10].

随着A股市场在2025年逐渐回暖，券商投行的IPO业务也迎来了显著改善。然而，繁荣的承销数字背后，一场深刻的行业变局正 在上演：头部券商间的座次正在洗牌，而曾经被视为"金饭碗"的投行收费模式，也悄然步入了理性回归的新阶段。 谁是这场变局中的赢家？Wind数据显示，2025年券商IPO承销总金额同比近乎翻倍，但"强者恒强"的马太效应也愈发明显。新 合并而成的"巨无霸"国泰海通，在承销家数上力压老牌龙头中信证券，但在承销金额、承销及保荐收入上，仍与"券业一哥"存 在明显差距。 与此同时，中金公司IPO承销金额凭借近三倍的惊人增速强势回归前五。头部阵营的激烈角逐，勾勒出投行业务格局的新图 谱。 更深刻的变化在于行业的盈利模式。尽管募资规模回升，但投行收费水平已大远不及往日。一个募资规模30多亿的大项目，承 销保荐费可能仅有5000万元；而作为行业标杆的中信证券，其收入过亿的"王牌项目"数量也大幅缩水。 | | | 近三年以来IPO承销金额前十券商一览 | | | --- | --- | --- | --- | | 排名 | 2025年(1月1日—12月24日) | 2024年(1月1日-12月31日) | 2023 ...

盘面消息 A股三大指数今日集体小幅上扬，沪指日线七连阳。截止收盘，沪指涨0.47%，收报3959.62 点；深证成指涨0.33%，收报13531.41点；创业板指涨0.30%，收报3239.34点。 沪深两 市成交额达到19245亿，较昨日放量443亿。 水皮杂谈 一家之言 兼听则明 偏听则暗 六亲不认 老水看盘 上证指数七连阳， 步态走得有点 "六亲不认" ，但上涨过程中 "患得患失" ，始终伴随试探 与突破。尤其 今天 面对 3950 点关键压力位，这一特征更为明显。 午后开盘，在宁德时代与 中际旭创 回升的带动下，深成指与创业板指逐步翻红，随后借助东 方财富的拉升，于 14 ： 06 触及 今天 高点，彼时深成指最大涨幅达 0.56% ，最终收盘回 落至 0.33% 的涨幅。 从个股表现来看， 今天上涨个股 较为理想。全天上涨个股 3647 家，下跌个股 1386 家， 涨幅中位数为 0.50% ，较午盘收盘时明显改善 —— 上涨个股增加 500 家，中位数提升约 0.3 个百分点。成交量是 今天 市场最大亮点，全天成交额达 1.92 万亿元，较昨 天 增加 500 亿元。值得注意的是，这一成交量是在北 ...

富安娜公告称，2021年公司购买中信证券"富安1号"理财产品，2022年逾期兑付。2023年8月公司起诉， 2024年法院三次开庭审理。截至2025年，"富安1号"期末资产净值7782.05万元，已计提减值2787.72万 元，剩余本金10,569.77万元及收益未收回。近日一审判决，中信证券10日内赔偿本金损失2928.63万 元，后续清算收回款项双方按50%比例平分，上限为赔偿款，驳回其他诉求。判决非终审，对利润影响 待定。 ...

随着"国产GPU双子星"摩尔线程、沐曦股份接连登陆科创板，A股"最赚钱新股"的纪录在短短数日内被两度刷新。 在股民计算着一签能赚多少时，陪伴公司"闯关"上市的承销保荐券商，已然成为这场盛宴中隐形的"座上宾"。 摩尔线程上市首日，盘中一度冲高到688元/股，涨幅超过500%，投资者中一签最高浮盈达28.68万元；紧随其后的沐曦股份，将这一数字推高至39.52万元， 成为A股新的纪录保持者。 摩尔线程由中信证券担任保荐人、主承销商，其余三家券商即招商证券、中银国际证券、广发证券担任副主承销商。 据招股书，本次发行承销保荐费用包括保荐费300万元，由保荐人中信证券收取，承销费3.8898亿元由四家机构共同收取，保守估计，主承销商中信证券能 分得1亿元。 | 人烈川八九十人 八九七日六十六十六十六十八 | | --- | | 承销方式 | 余额包销 | | --- | --- | | 募集资金总额 | 799.960.00 万元 | | 募集资金净额 | 757.605.23 月元 | | 募集资金投资项目 | 摩尔线程新一代自主可控 AI 训推一体芯片研发项目 | | | 摩尔线程新一代自主可控图形芯片研发项目 | ...

截至2025年12月25日 13:41，中证800证券保险指数(399966)强势上涨1.09%，成分股中国平安(601318)上 涨2.81%，中国太保(601601)上涨2.55%，财通证券(601108)上涨2.36%，中国人保(601319)，华安证券 (600909)等个股跟涨。保险证券ETF(515630)上涨1.17%， 冲击3连涨。最新价报1.47元。 3、权益市场增厚净利润：25年至今保险公司权益收益在20%-30%，且随着中长期试点和明年全行业的 oci切换， 预计继续利好险资收益； 4、当前大部分上市公司pev估值为0.5-0.7倍，处于历史40-50%估值区间。 保险证券ETF紧密跟踪中证800证券保险指数，中证800证券保险指数是在中证800指数的基础上，选择 证券保险行业内对应的证券作为指数样本，为投资者提供更多样化的投资标的。 数据显示，截至2025年11月28日，中证800证券保险指数(399966)前十大权重股分别为中国平安 (601318)、东方财富(300059)、中信证券(600030)、国泰海通(601211)、中国太保(601601)、华泰证券 (601688)、中 ...

人民币为何走强 进入四季度，尤其是11月下旬以来人民币对美元汇率持续小幅升值。 申万宏源宏观团队指出，10月下旬的汇率升值或与央行逆周期调节有关，12月或是美元走弱的助力。10月至11月，在"三价合一"的背景下，央行 重启逆周期因子、不断调升的中间价对升值有一定引导；12月以来，美元再度走弱，人民币与美元的1个月动态相关性快速回升至0.95。 时隔近15个月首次，离岸人民币对美元汇率升破"7"这一整数关口。 12月25日，更多反映国际投资者预期的离岸人民币对美元汇率升破"7"，这是去年10月以来首次收复这一整数关口。 | < W | | 美元兑离岸人民币 | | | O | | --- | --- | --- | --- | --- | --- | | | | USDCNH.FX | | | | | 6.99955 | | 前收 | 7.00760 | 开盘 | 7.00720 | | -0.00805 -0.11% | | 英品 | 6.99984 | 买入 | 6.99926 | | 最高 | 7.01200 | 今年来 | -4.60% | 20日 | -0.98% | | 最低 | 6.99898 | ...