Core Viewpoint - Zhongke Chuangxing Technology Investment Co., Ltd. announced the completion of the final fundraising for its Zhongke Chuangxing Pioneer Venture Capital Fund, with a total scale of 4.08 billion yuan [1] Group 1 - The fund's final closing attracted new limited partners (LPs) including diverse institutions such as Taibao Capital Changhang Mother Fund, Haidian District Zhongguancun Science City Technology Growth Fund, Ant Group, Guangzhou Industrial Investment, Zhuhai Technology Industry Group, Nanjing Venture Capital Group, Fudan Science and Technology Mother Fund, and Guolian Minsheng [1]

Core Viewpoint - The Federal Reserve, led by Chairman Powell, has not shown a more hawkish stance contrary to market expectations, indicating a cautious approach to monetary policy moving forward [1] Group 1: Federal Reserve Actions - Powell announced the repurchase of short-term bonds and maintained a dovish tone regarding interest rate cuts, suggesting decisions will be made based on economic data at each meeting [1] - The dot plot has shown a more dovish distribution compared to September, indicating a shift in the Fed's outlook [1] Group 2: Market Reactions - Following the Fed's announcements, U.S. stocks and precious metals experienced significant gains, while the U.S. dollar and Treasury yields weakened temporarily [1] Group 3: Future Outlook - The threshold for interest rate cuts has notably increased at current rate levels, with the Fed expected to enter a period of observation in the first half of next year, leading to a slower pace of policy changes [1] - Political discussions surrounding the independence of the Federal Reserve are anticipated to intensify [1]

川阅全球宏观 作为今年美联储的收官会议，市场肯定会尽一切可能"窥探"联储明年政策取向和空间。结合纽约联储行 长威廉姆斯等官员此前的鸽派信号，以及市场对降息的高度一致预期，本次会议如期降息25个基点几乎 没有悬念。而市场核心分歧在于，鲍威尔在会议上的表态将为后续的政策路径提供何种指引。 但与市场预期相反的是，无论是鲍威尔还是点阵图等并未展现出更明显的"鹰"派倾向。鲍威尔宣布重新 购买短债，并且延续此前降息论调，美联储将根据经济数据逐次会议作出决策，货币政策并未设定固定 路径；而点阵图相较9月也呈现一定的"鸽"派分布。会议后，美股和贵金属受到提振大涨，美元和美债 收益率则一度走弱。但无论如何，就当前的利率水平来看，美联储的降息门槛已经明显提高，明年上半 年美联储将进入一定的观望期，节奏将明显放缓，而围绕美联储独立性的政治大戏也将正式拉开帷幕。 首先，本次会议最值得关注的地方在于，美联储将重新购买短债。美联储将于12月12日开始的30天内购 买400亿美元国库券，购买规模预计会在几个月内保持高位。尽管美联储已宣布于12月1日停止缩表，但 银行体系准备金水平仍显不足，货币市场利率维持高位。美联储此举有助于为货币市场重 ...

Core Viewpoint - The company has successfully integrated its investment banking operations and trading systems, enhancing its service capabilities for clients [1] Group 1: Company Operations - Starting from September 23, the investment banking projects of Minsheng Securities have been migrated to the company's investment banking subsidiary [1] - In October, the company completed the overall switch of the Minsheng Securities brokerage business to the UF2.0 trading system, allowing seamless access for 1.92 million brokerage clients [1] - The management rights and obligations of the asset management products previously under Minsheng Securities have been transferred to the company's asset management subsidiary [1] Group 2: Future Plans - The company will continue to advance the integration work in an orderly manner in accordance with regulatory requirements [1]

（文章来源：证券日报） 证券日报网讯 12月8日，国联民生在互动平台回答投资者提问时表示，截至2025年9月30日，公司股东 总数为91934户。 ...

证券日报网讯 12月8日，国联民生在互动平台回答投资者提问时表示，证券公司作为资本市场的重要桥 梁和纽带，承担着服务新质生产力，为新质生产力赋能的重要使命。公司将以金融资源为纽带，深度融 入国家战略，从融资业务、投资业务、研究业务等方面，积极助力新质生产力发展。公司国际化布局稳 步推进，香港子公司已取得香港证监会1、4、6、9号业务牌照，为公司多元金融服务体系注入持久动 能。 （文章来源：证券日报） ...

证券日报网讯 12月8日，国联民生在互动平台回答投资者提问时表示，公司已常态化召开业绩说明会， 包括年度、半年度和季度业绩说明会，并积极参加无锡上市公司投资者集体接待日活动，加强与投资者 的沟通。 （文章来源：证券日报） ...

证券日报网讯 12月8日，国联民生（601456）在互动平台回答投资者提问时表示，公司正在稳妥有序地 推进与民生证券的业务整合工作，目前没有应披露而未披露的并购重组重大事项。 ...

Core Viewpoint - Guolian Minsheng (601456) emphasizes its commitment to "deeply cultivating regions and meticulously focusing on industries" as part of its development strategy, aiming to enhance its service capabilities across the entire lifecycle of enterprises and the full wealth cycle of clients [1] Group 1 - The company is developing three main business lines: "industrial investment banking," "technology investment banking," and "wealth investment banking" [1] - The strategy is supported by a comprehensive layout of "large investment banking + large investment + large research + large wealth + large asset management," which aims to create synergy and promote internal growth [1] - There is a focus on strengthening refined management and digital empowerment to drive high-quality development [1]

Core Viewpoint - The company's stock price is influenced by multiple factors including macroeconomic environment, capital market fluctuations, and overall industry valuation [1] Group 1 - The company aims to enhance its competitiveness and investment value through effective management [1] - The company is committed to maintaining active communication with the capital market [1] - The company is advancing the integration with Minsheng Securities to improve its industry position and overall strength [1]