关于控股股东之一致行动人股份解除质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: 证券代码：600095 证券简称：湘财股份 公告编号：临 2025-085 湘财股份有限公司 湘财股份有限公司（以下简称"公司"）控股股东的一致行动人衢州信 安发展股份有限公司（以下简称"衢州发展"）持有公司股份 464,427,406 股， 占公司总股本的 16.24%，本次解除质押后衢州发展累计质押股份数量为 302,150,000 股，占其持股数量的 65.06%，占公司总股本的 10.57%。 衢州发展及其一致行动人合计持有公司股份 1,154,282,767 股，占公司 总股本的 40.37%，本次解除质押后衢州发展及其一致行动人累计质押股份数量 为 991,941,893 股，占其持股数量的 85.94%，占公司总股本的 34.69%。 公司于近日接到衢州发展通知，获悉其所持有本公司的股份办理了解除质押 业务，具体事项如下： | 剩余被 | 剩余被质 | 质押股 | | | | | | | | | | | | ...

南财智讯12月22日电，湘财股份公告，公司于近日接到控股股东的一致行动人衢州信安发展股份有限公 司通知，获悉其所持有本公司的1.23亿股股份已办理了解除质押业务，解除质押时间为2025年12月19 日。本次解除质押后，衢州信安发展累计质押股份数量为3.0215亿股，占其持股数量的65.06%，占公司 总股本的10.57%。 ...

Core Insights - The report indicates that the A-share indices experienced a downward trend during the week of December 15-19, 2025, with most indices showing fluctuations [2][11][14] - The decline in A-share indices is attributed to weak macroeconomic data related to investment and consumption, as well as external factors such as the Federal Reserve's interest rate decisions [4][14] - The report anticipates that 2026 will be a pivotal year for China's economic development, with supportive policies expected to foster a favorable environment for industrial upgrades and a "slow bull" market [4][9] Economic Data Summary - Fixed asset investment in China showed a cumulative year-on-year decline of 2.60% for the first eleven months of 2025, marking three consecutive months of negative growth [7][27] - Infrastructure investment has decreased significantly from a high of 11.50% in March 2025 to just 0.13% by November 2025, while manufacturing investment also fell from 9.10% to 1.90% in the same period [7][27] - Real estate development investment has consistently been negative, with a cumulative decline of 15.90% for the first eleven months of 2025 [7][27] Industry Performance Summary - Among the 31 first-level industries, the retail and non-bank financial sectors showed the highest weekly gains of 6.66% and 2.90%, respectively, while the electronics and power equipment sectors faced declines of -3.28% and -3.12% [5][21] - In the second-level industry categories, aerospace equipment II and general retail led with weekly increases of 14.33% and 9.67%, while the film and television sector and other electronics II saw declines of -5.68% and -4.63% [5][24] - The third-level industries saw aerospace equipment III and supermarkets with the highest weekly gains of 14.33% and 14.18%, while the film and animation production sector and photovoltaic processing equipment faced the largest declines of -6.84% and -6.37% [6][26] Investment Recommendations - The report suggests a long-term positive outlook for 2026, emphasizing the importance of supportive policies for industrial upgrades and the entry of long-term capital into the market [9][32] - In the short term, it is recommended to focus on sectors benefiting from long-term capital inflows, traditional sectors related to "anti-involution," and consumer areas supported by policy [9][32]

本报讯 （记者金婉霞）12月18日，第六届金融科技应用与服务大会（以下简称"大会"）在上海召开。 本次大会以"AI赋能金融创新"为主题，会议深入聚焦人工智能驱动下金融业的根本性变革，包括业务范 式重构、治理体系现代化以及全球竞争力的重塑。 本次大会由上海现代服务业联合会、上海金融业联合会联合主办，浦发银行、上海数据集团、天弘基 金、湘财证券协办，上海现代服务业联合会金融科技服务专委会、上海金融业联合会金融科技专委会、 上海数据集团金融科技有限公司承办，上海现代服务业发展研究基金会支持。 荣获"领军企业奖"的企业有花旗银行（中国）有限公司、深圳平安综合金融服务有限公司、天弘基金管 理有限公司（以下简称"天弘基金"）、上海申银万国证券研究所有限公司、上海国际信托有限公司、浦 银金融租赁股份有限公司、海通恒信国际融资租赁股份有限公司、上海合合信息科技股份有限公司、珠 海金智维人工智能股份有限公司、上海复深蓝软件股份有限公司、通联支付网络服务股份有限公司、空 中云汇（上海）网络科技有限公司。 此外，大会还颁发了"智能金融服务体验奖"、"服务模式创新奖"、"优秀品牌价值奖"、"行业生态贡献 奖"、"ESG先锋典范奖"、 ...

Group 1: ETF Market Overview - As of December 12, 2025, there are 1,379 ETFs in the Shanghai and Shenzhen markets, with a total asset management scale of 57,806.33 billion yuan [2] - The breakdown of ETFs includes 1,073 equity ETFs (36,774.09 billion yuan), 53 bond ETFs (7,222.06 billion yuan), 27 money market ETFs (1,895.76 billion yuan), 17 commodity ETFs (2,436.83 billion yuan), 200 cross-border ETFs (9,430.76 billion yuan), and 9 unlisted ETFs (46.83 billion yuan) [2] Group 2: Recent ETF Listings and Performance - Four new equity ETFs were listed from December 8 to December 12, 2025, including two AI-focused ETFs and two others related to banking and technology [3] - The total issuance scale of newly established ETFs during the same period was 2.901 billion yuan [3] - The median weekly return for equity ETFs was 0.10%, with the communication equipment ETF showing the highest increase of 7.30%, while the coal and energy ETFs experienced declines of 3.98% [4] Group 3: PB-ROE Framework and Strategy - The PB-ROE framework categorizes industries into six quadrants, focusing on high PB and high ROE industries in the third quadrant and low PB and medium ROE industries in the fifth quadrant as key areas of interest [5] - Backtesting results from 2017 to February 2024 indicate that only the third and fifth quadrants achieved excess returns, with annualized excess returns of 4.27% and 1.55%, respectively [5] - A combined ETF rotation strategy based on the PB-ROE framework yielded an annualized return of 11.93% and an annualized excess return of 13.22% [6] Group 4: Investment Recommendations - The report recommends focusing on the automotive, beauty care, and agriculture sectors, with corresponding ETFs for each industry [7][8]

Core Insights - The implementation of the "Merger Six Guidelines" has significantly increased the activity level of mergers and acquisitions (M&A) in the A-share market, with over 800 new asset mergers in 2025, marking an 11% year-on-year increase, and 90 major asset restructurings, a 55% increase [2][4] Group 1: M&A Activity and Trends - The majority of new mergers are focused on industrial acquisitions and shareholder injections, with over 50% of major asset restructurings being industrial mergers and 20% involving shareholder injections [2] - A significant 60% of the targets belong to new productivity sectors with strong hard technology attributes, particularly in the semiconductor and automotive industries [2] - The M&A landscape has seen the emergence of various landmark and innovative cases, including the first cross-border mergers, acquisitions of unprofitable assets, and diversified payment methods [5][6] Group 2: Policy and Regulatory Environment - The China Securities Regulatory Commission's revision of the "Major Asset Restructuring Management Measures" in May 2025 has shifted the focus from an "audit-oriented" to an "efficiency-oriented" and "industry-oriented" approach, enhancing the M&A market's activity [4] - Since the introduction of the new policies, the Shanghai Stock Exchange has recorded 1,177 new asset restructuring cases, with 125 being major asset restructurings, indicating a robust market response [4] Group 3: Long-term Value Focus - The current M&A wave emphasizes optimizing existing assets, with various stakeholders, including local governments and companies, shifting their focus towards quality improvement and long-term value [7] - Major state-owned enterprises and hard technology companies are increasingly prioritizing long-term effects in their M&A strategies, with 15 major asset restructurings completed by central state-owned enterprises in 2025 [7][8] - The trend of "stock integration" is evident, with 77% of disclosed major asset restructurings being industrial mergers, reflecting a growing consensus on the importance of long-term value enhancement [7]

Investment Rating - The report indicates a positive outlook for the insurance sector, recommending specific companies such as China Pacific Insurance, China Ping An, China Life (H), and China Taiping, while also recommending New China Life Insurance [4][17]. Core Insights - The financial industry experienced a mixed performance, with the non-bank financial index rising by 0.81%, outperforming the CSI 300 index by 0.89 percentage points. The insurance sector showed a notable increase of 2.36%, while the banking sector declined by 1.77% [2][11]. - The central economic work conference emphasized a proactive fiscal policy, which is expected to benefit the insurance sector by increasing infrastructure asset supply and improving credit risk perceptions [14][15]. - The report highlights the potential for valuation recovery in the brokerage sector, driven by regulatory changes that align public fund interests with long-term investor returns [18][19]. Summary by Sections 1. Weekly Performance and Sector Insights - The non-bank financial index rose by 0.81%, with the insurance sector outperforming the CSI 300 index by 2.44 percentage points [2][11]. - The banking sector underperformed, with a decline of 1.77%, attributed to macroeconomic policy expectations [3][21]. 2. Insurance Sector Data Tracking - The insurance sector's premium income showed steady growth, with life insurance and property insurance premiums increasing by 9.6% and 4.0% year-on-year, respectively [17][26]. - The report notes that the 10-year government bond yield decreased to 1.84%, which is favorable for the insurance sector's investment strategies [31]. 3. Brokerage Sector Data Tracking - The brokerage sector's PB valuation stands at 1.37x, indicating potential for valuation recovery as earnings improve [19][42]. - Regulatory changes in public fund sales are expected to enhance the industry's focus on long-term investor interests [18][19]. 4. Banking Sector Data Tracking - The banking sector's PB valuation is at 0.54x, suggesting it remains undervalued [21][25]. - The central economic work conference's focus on domestic demand and flexible monetary policy is expected to support the banking sector's growth [22][23].

Group 1 - The core viewpoint of the news highlights the significant growth in the Securities ETF (159841), with a turnover of 5.38% and a transaction volume of 578 million yuan as of December 5, 2025, alongside a strong performance of the underlying index, which rose by 2.54% [1] - The Securities ETF has seen a notable increase in scale, growing by 19.2 million yuan over the past two weeks and 514 million shares in the last month, reaching a total of 9.999 billion shares [1] - In terms of capital inflow, the Securities ETF attracted a total of 562 million yuan over the last 20 trading days, indicating strong investor interest [2] Group 2 - The Securities sector is characterized by a strong beta attribute, closely linked to the performance of the capital market, and is often referred to as the "flag bearer of bull markets" [3] - A recent notification from the National Financial Regulatory Administration aims to enhance the role of insurance funds as "patient capital," which is expected to further open up space for insurance capital in the market [4] - The notification includes adjustments to risk factors for insurance companies, such as reducing the risk factor for stocks held over three years from 0.3 to 0.27, which is anticipated to encourage long-term investments and positively impact the capital market [5][7] Group 3 - According to Zhongyuan Securities, the overall performance of the equity market is expected to remain relatively strong in 2026, with the securities industry continuing to be in an upward cycle [8] - It is anticipated that the brokerage sector will experience wide fluctuations in 2026, with leading listed brokerages likely to play a pivotal role during the next market rally [8]

Group 1 - The financial sector continues to strengthen, with notable gains in stocks such as Ruida Futures, which has achieved two consecutive trading limits [1] - Other securities firms, including Industrial Securities, Guosen Securities, Huatai Securities, Xiangcai Securities, and Guotai Junan, opened higher [1]

中国基金报主办的第九届中国券商英华奖评选近日揭晓，湘财证券金泽1号集合资产管理计划凭借其卓 越的长期业绩和稳定的风险收益表现脱颖而出，成功斩获2025年"券商资管英华产品示范案例（五年期 FOF）"荣誉。 中国基金报主办的英华奖系列评选是国内资产管理行业最具影响力的活动之一，其评选标准严格，重点 评选具有资产管理业务的领先优势和长期投资理念的优秀产品。 金泽1号能够从众多产品中脱颖而出，体现了业内对湘财资管投资管理能力的高度认可。而此次湘财证 券斩获大奖的背后，更是湘财证券资管团队专业的资产配置能力、严谨的风险控制体系和持续创新精神 共同作用的结果。这一权威奖项不仅彰显了湘财证券资管团队打造产品的硬实力，更体现了湘财资管在 资产管理和财富管理双轮驱动战略下的卓越成效。 产品卓越表现：多维策略构建稳健收益 湘财证券金泽1号FOF集合资产管理计划成立于2018年4月27日，是湘财资管FOF系列产品中的旗舰产 品，也是公司FOF产品中存续时间最久的代表性产品。 目前金泽1号由倪文磊博士担任投资经理进行投资管理，主要配置策略为多头策略+类固收策略。 据了解，该产品中的多头策略以股票多头和CTA为主，跟随强势指数并捕获 ...