11月28日，由中国证券报主办，华鑫证券、西岸集团联合承办，深圳数据经济研究院提供独家学术支持 的"2025量化行业高质量发展大会暨金融科技·量化机构金牛奖颁奖典礼"在上海徐汇西岸举行。大会 以"创新驱动·责任担当"为主题，深入探讨人工智能（AI）等新技术如何重塑量化投资生态。 会上同步揭晓了作为2025证券业金牛奖重要组成部分的"金融科技·量化机构金牛奖"获奖名单，48家机 构凭借卓越表现脱颖而出。 从"速度"到"智能"演进 在论坛上，华鑫证券副总经理、首席信息官王习平分享了证券公司视角下的金融科技实践路径。他介 绍，自2017年提出"金融科技引领业务发展"战略以来，公司选择从提升二级市场投资效率切入，以"速 度"为突破口打造量化投资基础设施。 "在打造极速系统时，我们更注重系统性度量与全局优化，而非单一指标的竞争。"王习平表示，公司通 过平衡速度、容量与延时等指标，最终实现整体投资效率的提升。基于速度优势，公司进一步构建了包 含仿真演练平台在内的技术体系，通过低成本试错机制推动系统持续迭代升级。同时，通过与智能终 端、数字分析等领域的合作伙伴协同，华鑫证券实现了从单一系统到完整投资生态的演进。 王习平透露 ...

Core Insights - The conference themed "Innovation Driven, Responsibility Undertaken" highlighted the significant role of quantitative investment in reshaping the financial ecosystem through the integration of technology and finance [1][4] - The industry is entering a golden development period characterized by innovation and responsibility, with a focus on enhancing financial service quality and supporting the real economy [1][2] Industry Trends - Quantitative investment is seen as a core engine for improving financial service efficiency, driven by advancements in AI, big data, and high-performance computing [1][3] - The shift from human-driven to AI-enabled investment research is transforming the industry's foundational logic, emphasizing the need for a balance between speed, capacity, and latency in investment efficiency [2][3] Technological Integration - The integration of AI technology into the investment research process is crucial for enhancing decision-making quality rather than replacing human judgment [3] - Companies are encouraged to pursue a "chemical fusion" of technology and investment expertise to create a differentiated competitive advantage in the digital era [3] Event Highlights - The conference served as an effective dialogue platform for the quantitative industry, fostering discussions on innovation pathways and consensus on key issues such as AI governance and compliance risk management [4]

Group 1 - The conference highlighted the theme of "Innovation Driven, Responsibility Undertaken," focusing on the integration of financial technology and quantitative investment to enhance business development and promote high-quality growth in the capital market [1][2] - The quantitative investment sector in China is experiencing a golden development period characterized by innovation and responsibility, driven by a large market capacity, advancing financial technology, and an improving regulatory environment [2][3] - AI technology is reshaping the foundational logic of financial research and investment, transitioning the industry from human-driven processes to intelligent empowerment, with firms like Huaxin Securities launching AI-enabled platforms to enhance research and investment workflows [2][3] Group 2 - The conference featured discussions on the impact of AI on quantitative investment and the importance of integrating technology deeply into business processes to create a competitive advantage [3] - The 2025 Financial Technology and Quantitative Institution Golden Bull Awards were announced, recognizing 48 institutions across various categories, including macro quantitative strategies and fundamental quantitative strategies [4][5] - The awards aim to build a professional evaluation ecosystem in the financial technology sector, focusing on the development needs of the domestic quantitative industry and establishing a scientific evaluation system [5]

Market Overview - On November 24, the securities sector rose by 0.22% compared to the previous trading day, with Guolian Minsheng leading the gains [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Top Gainers - Guolian Minsheng (601456) closed at 10.40, up 2.87% with a trading volume of 297,600 shares and a turnover of 304 million yuan [1] - Guosheng Securities (002670) closed at 17.86, up 2.76% with a trading volume of 444,300 shares and a turnover of 788 million yuan [1] - Industrial Securities (601377) closed at 6.69, up 2.14% with a trading volume of 941,000 shares and a turnover of 625 million yuan [1] Top Losers - Shouchao Securities (601136) closed at 20.20, down 2.27% with a trading volume of 375,700 shares and a turnover of 757 million yuan [2] - Changjiang Securities (000783) closed at 7.92, down 1.12% with a trading volume of 849,100 shares and a turnover of 679 million yuan [2] - Sihai Securities (600369) closed at 4.40, down 0.90% with a trading volume of 642,200 shares and a turnover of 284 million yuan [2] Fund Flow Analysis - The securities sector experienced a net outflow of 1.283 billion yuan from institutional investors, while retail investors saw a net inflow of 914 million yuan [2] - Among individual stocks, Guosheng Securities had a net inflow of 48.03 million yuan from institutional investors, while it faced a net outflow of 22.88 million yuan from speculative funds [3] - Dongfang Securities recorded a net inflow of 31.53 million yuan from institutional investors, with a net outflow of 10.96 million yuan from speculative funds [3]

证券代码：600621 证券简称：华鑫股份 编号：临2025-042 上海华鑫股份有限公司关于全资子公司 华鑫证券有限责任公司2025年面向专业投资者 公开发行短期公司债券（第二期）发行结果的公告 上海华鑫股份有限公司 董 事 会 2025年11月21日 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。 根据中国证券监督管理委员会《关于同意华鑫证券有限责任公司向专业投资者公开发行公司债券注册的 批复》（证监许可[2024]636号），详见上海华鑫股份有限公司（以下简称"公司"）于2024年4月25日披 露的《公司关于收到中国证监会同意华鑫证券有限责任公司向专业投资者公开发行公司债券注册的批复 的公告》，公司全资子公司华鑫证券有限责任公司于2025年11月20日完成了2025年面向专业投资者公开 发行短期公司债券（第二期），实际发行规模为人民币8亿元，期限为330天，票面利率为1.75%。华鑫 证券有限责任公司将按规定履行相关手续。 按照债券相关规定，华鑫证券有限责任公司在上海证券交易所网站（https://www.sse.com ...

Core Points - Huaxin Co., Ltd. announced the completion of the issuance of short-term corporate bonds aimed at professional investors, with a total issuance size of RMB 800 million [1] - The bonds have a maturity of 330 days and a coupon rate of 1.75% [1] - The approval for this issuance was granted by the China Securities Regulatory Commission [1]

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。 根据中国证券监督管理委员会《关于同意华鑫证券有限责任公司向专业投资 者公开发行公司债券注册的批复》（证监许可[2024]636 号），详见上海华鑫股份 有限公司（以下简称"公司"）于 2024 年 4 月 25 日披露的《公司关于收到中国 证监会同意华鑫证券有限责任公司向专业投资者公开发行公司债券注册的批复 的公告》，公司全资子公司华鑫证券有限责任公司于 2025 年 11 月 20 日完成了 2025 年面向专业投资者公开发行短期公司债券（第二期），实际发行规模为人民 币 8 亿元，期限为 330 天，票面利率为 1.75%。华鑫证券有限责任公司将按规定 履行相关手续。 按照债券相关规定，华鑫证券有限责任公司在上海证券交易所网站 （https://www.sse.com.cn）披露《华鑫证券有限责任公司 2025 年面向专业投 资者公开发行短期公司债券（第二期）发行结果公告》。 特此公告 证券代码：600621 证券简称：华鑫股份 编号：临 2025-042 上海华鑫股份有限公 ...

Core Viewpoint - The long-term advantages of gold as a safe-haven and investment asset are becoming more prominent, driven by expectations of continued interest rate cuts by the Federal Reserve and trade tensions, leading to sustained growth in gold and jewelry demand [1] Group 1: Gold and Jewelry Market Trends - The demand for gold jewelry is expected to continue growing, influenced by the rise of ancient-style gold and IP gold jewelry, which are leading new trends [1] - The consumption logic in the industry is being restructured, with a decline in wedding-related demand and a rise in self-indulgent consumption, alongside a shift in investment demand [1] - Adjustments in gold tax policies are expected to optimize the market's investment and consumption structure, encouraging regulated trading and promoting a transition from "off-market dispersion" to "on-market concentration" [1] Group 2: Economic Indicators and Price Outlook - In the non-ferrous metals sector, policies aimed at expanding domestic demand are showing effectiveness, with the Producer Price Index (PPI) in October rising by 0.1% month-on-month, marking the first increase of the year [1] - The medium to long-term outlook for gold prices remains bullish, with investors advised to consider participating in subsequent pullbacks and gradually building positions [1] Group 3: Investment Opportunities - Investors are encouraged to focus on direct investments in physical gold and tax-exempt gold fund ETFs (518800), as well as gold stock ETFs (517400) that cover the entire gold industry chain [1]

证券代码：600621 证券简称：华鑫股份 编号：临 2025-041 根据上海证券交易所《关于对华鑫证券有限责任公司非公开发行科技创新公 司债券挂牌转让无异议的函》（上证函[2025]3395 号），详见上海华鑫股份有限 公司（以下简称"公司"）于 2025 年 10 月 24 日披露的《公司关于全资子公司华 鑫证券有限责任公司收到非公开发行科技创新公司债券挂牌转让无异议函的公 告》，公司全资子公司华鑫证券有限责任公司于 2025 年 11 月 10 日完成了 2025 年面向专业投资者非公开发行科技创新公司债券（第一期），实际发行规模为人 民币 3 亿元，期限为 1 年，票面利率为 1.77%。华鑫证券有限责任公司将按规定 履行相关手续。 按照债券相关规定，华鑫证券有限责任公司在上海证券交易所网站 （https://www.sse.com.cn）披露《华鑫证券有限责任公司 2025 年面向专业投 资者非公开发行科技创新公司债券（第一期）发行结果公告》。 特此公告 上海华鑫股份有限公司 董 事 会 2025 年 11 月 11 日 上海华鑫股份有限公司 关于全资子公司华鑫证券有限责任公司 2025 年面向专 ...

Market Overview - The securities sector increased by 1.31% on November 10, with Northeast Securities leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Individual Stock Performance - Northeast Securities (000686) closed at 10.20, with a rise of 10.03% and a trading volume of 2.0144 million shares, totaling a transaction value of 2.001 billion [1] - Other notable performers include: - GF Securities (000776) at 23.60, up 3.74% with a transaction value of 2.286 billion [1] - Dongxing Securities (601198) at 12.97, up 3.10% with a transaction value of 996 million [1] - Changjiang Securities (000783) at 9.10, up 2.82% with a transaction value of 1.197 billion [1] Fund Flow Analysis - The securities sector saw a net inflow of 1.097 billion from institutional investors, while retail investors experienced a net outflow of 1.037 billion [1] - Key net inflows from major stocks include: - Northeast Securities with a net inflow of 353 million, accounting for 17.65% of total inflow [2] - Dongfang Caifu (300059) with a net inflow of 199 million, representing 3.67% [2] - Industrial Securities (601377) with a net inflow of 183 million, making up 12.23% [2] Summary of Stock Flows - The table indicates significant net outflows from retail investors in several stocks, including: - Northeast Securities with a retail net outflow of 240 million [2] - Dongfang Caifu with a retail net outflow of 130 million [2] - Industrial Securities with a retail net outflow of 1.20 billion [2]