Core Viewpoint - The approval of 18 new brokerage firms for non-financial corporate debt financing tool underwriting qualifications enhances the competitive landscape in the fixed income market in China [1] Group 1: New Brokerage Firms Approved - The China Interbank Market Dealers Association has released the list of 2025 non-financial corporate debt financing tool underwriting qualifications, adding 18 new brokerages this year [1] - Among the new additions, six brokerages, including Caitong Securities and First Capital Securities, are designated as general lead underwriters for non-financial corporate debt financing tools [1] - Zhongyin Securities has been approved as the lead underwriter for technology innovation non-financial corporate debt financing tools, which includes the underwriting of bonds supporting technological innovation [1] Group 2: Implications for Brokerage Firms - The approval of these qualifications is expected to assist brokerages in enhancing their fixed income business layout and improving their comprehensive bond business system [1]

Core Viewpoint - The China Interbank Market Dealers Association announced the results of market evaluations for members applying to engage in underwriting non-financial corporate debt financing tools, adding 8 general lead underwriters, 1 technology innovation lead underwriter, and 15 underwriters [1]. Group 1: New General Lead Underwriters - Eight new members have been added as general lead underwriters for non-financial corporate debt financing tools, including Caitong Securities Co., Ltd., First Capital Securities Co., Ltd., and Huachuang Securities Co., Ltd. [2] - The complete list of new general lead underwriters includes: 1. Caitong Securities Co., Ltd. 2. First Capital Securities Co., Ltd. 3. Huachuang Securities Co., Ltd. 4. Huatai United Securities Co., Ltd. 5. Shanxi Securities Co., Ltd. 6. Western Securities Co., Ltd. 7. JPMorgan Chase Bank (China) Co., Ltd. 8. DBS Bank (China) Ltd. [2] Group 2: New Technology Innovation Lead Underwriter - Zhongyin International Securities Co., Ltd. has been added as the lead underwriter for technology innovation non-financial corporate debt financing tools, which includes supporting technology innovation bonds [2]. Group 3: New Underwriters - Fifteen new members have been added as underwriters for non-financial corporate debt financing tools, including Jiangsu Zhangjiagang Rural Commercial Bank Co., Ltd., Bohai Securities Co., Ltd., and Founder Securities Co., Ltd. [3] - The complete list of new underwriters includes: 1. Jiangsu Zhangjiagang Rural Commercial Bank Co., Ltd. 2. Luzhou Bank Co., Ltd. 3. Rizhao Bank Co., Ltd. 4. Weifang Bank Co., Ltd. 5. Bohai Securities Co., Ltd. 6. Debon Securities Co., Ltd. 7. Founder Securities Co., Ltd. 8. Guohai Securities Co., Ltd. 9. Guolian Minsheng Securities Co., Ltd. 10. Guoxin Securities Co., Ltd. 11. Huaxin Securities Co., Ltd. 12. Huayuan Securities Co., Ltd. 13. Shanghai Securities Co., Ltd. 14. Shiji Securities Co., Ltd. 15. Southwest Securities Co., Ltd. [3] Group 4: Regulatory Requirements - The qualifications for engaging in non-financial corporate debt financing tool underwriting are limited to legal entities participating in the market evaluation [4]. - Lead underwriters and underwriters are required to establish relevant departments, equip dedicated personnel, and develop operational procedures, risk management, and internal control systems for underwriting activities [4]. - Lead underwriters must collaborate with independent lead underwriters to conduct underwriting business and may independently engage in underwriting after gaining sufficient experience [4].

Group 1 - The fund is named "ICBC Credit Suisse Ying Tai Stable 6-Month Holding Period Mixed Fund of Funds (FOF)" and has been registered with the China Securities Regulatory Commission (CSRC) [1][2] - The fund will be publicly offered from January 19, 2026, to January 30, 2026, through designated sales institutions [2][16] - The minimum subscription amount for individual investors is set at 1 RMB, including subscription fees [3][23] Group 2 - The fund manager is ICBC Credit Suisse Fund Management Co., Ltd., and the custodian is China Merchants Bank [2][44] - The fund's investment scope includes various financial instruments, such as publicly offered securities investment funds, stocks, bonds, and cash [7][8] - The fund aims to maintain a minimum of 80% of its assets in publicly offered securities investment funds [8] Group 3 - The fund's expected return and risk level are lower than equity funds but higher than bond funds and money market funds [9] - Investors can only open one fund account, and the interest generated from effective subscription funds during the fundraising period will be converted into fund shares [3][41] - The fund's subscription fee structure is based on the subscription amount, and the fund's face value is set at 1.00 RMB per share [10][19]

Group 1 - Jiangsu Securities Regulatory Bureau issued a warning letter to Founder Securities for failing to fulfill due diligence obligations during the continuous supervision of Jiangsu Jingyuan Environmental Protection Co., Ltd.'s convertible bonds, which included not detecting the improper use of raised funds and inaccurate disclosures [1] - Founder Securities and its representatives Yuan Hongfei and Yang Risheng are held primarily responsible for the violations of the Securities Issuance and Listing Sponsorship Business Management Measures [1] - The company is required to submit a written rectification report to the Jiangsu Securities Regulatory Bureau within 30 working days of receiving the decision [1] Group 2 - This is not the first time Founder Securities has been warned by regulators since 2025 [2] - The China Securities Regulatory Commission (CSRC) found that Founder Securities had inadequate due diligence in certain corporate bond projects, with issues related to incomplete disclosures and improper fee charging [3] - The CSRC also issued warning letters to individuals Qu Fankai and Shi Guangnan for their responsibilities in the inadequate due diligence and failure to verify the accuracy of financial statements [4]

近日，江苏证监局披露关于对方正证券承销保荐有限责任公司、袁鸿飞、杨日盛采取出具警示函措施的 决定。经查，方正证券承销保荐有限责任公司作为江苏京源环保股份有限公司（以下简称京源环保） 2022年可转债持续督导保荐机构，在履行持续督导职责过程中未尽到勤勉尽职义务，未发现京源环保存 在违规使用募集资金支付非募投项目费用、募集资金信息披露不准确等问题。方正证券承销保荐有限责 任公司上述行为违反了《证券发行上市保荐业务管理办法》相关条款之规定，保荐代表人袁鸿飞、杨日 盛应当对上述违规行为承担主要责任。江苏证监局表示，根据《证券发行上市保荐业务管理办法》第六 十四条的规定，决定对方正证券承销保荐有限责任公司和袁鸿飞、杨日盛采取出具警示函的行政监管措 施，并记入证券期货市场诚信档案。方正证券承销保荐有限责任公司及相关保代应充分吸取教训，提高 执业质量，杜绝此类事件再次发生，并于收到本决定书之日起30个工作日内向江苏证监局报送书面整改 报告。 ...

央广网北京12月30日消息（记者 樊瑞）近日，又有券商收到监管函。 12月25日，江苏证监局披露2张罚单。其中一张直指方正证券承销保荐有限责任公司（以下简称方正证券）在持续督导工作中未尽到勤勉尽职义务，公司及 两名保代袁鸿飞、杨日盛被出具警示函的行政监管措施；江苏京源环保股份有限公司（以下简称京源环保）被采取责令改正措施，公司董事长兼总经理李武 林、副总经理季献华、董秘苏海娟、财务负责人钱烨被采取出具警示函措施。 | 索 引 号 | | bm56000001/2025-00015051 | | --- | --- | --- | | 发布机构 | | | | ਸਮ | 标 | 江苏证监局关于对方正证券承销保荐有限责任公司、袁鸿飞、杨日盛采取出具鲁 | | 文 | 름 | (2025) 222号 | 央广财经梳理公开信息发现，方正证券在年内已有多次被罚记录，包括投行业务和旗下营业部。 2025年3月28日，证监会对方正证券采取责令改正的行政监督管理措施，指出方正证券承销保荐存在个别公司债项目中尽职调查不到位；内核重点关注问题 披露不全面、对外报送资料审核把关不严；部分项目收费不规范等问题。瞿凡凯作为时任固定收益 ...

Core Viewpoint - The A-share market is expected to recover steadily in 2026, driven by policy support, profit recovery, and global liquidity easing, with a focus on new trends and opportunities in various sectors [1][2]. Group 1: Market Outlook - Institutions generally hold a positive outlook for the A-share market in 2026, anticipating a "slow bull" market supported by increased domestic and foreign capital inflows, corporate profit recovery, and enhanced policy measures [1][2]. - The expected net profit growth for listed companies in 2026 is around 4.8%, with a potential for an additional 10% valuation expansion under optimistic scenarios [3]. Group 2: Industry Allocation Recommendations - Key investment themes for 2026 include technology and consumer sectors, with a consensus on the growth potential from overseas expansion [1][2]. - Specific focus areas include resource and traditional manufacturing upgrades, globalization of Chinese companies, and the expansion of AI applications [2][4][6]. - The "old economy" sectors, particularly high-quality leading companies in energy, consumption, and real estate, are also seen as having significant investment value [12]. Group 3: Strategic Insights from Analysts - Analysts from various firms emphasize the importance of a balanced approach to investment, with a focus on both growth and value strategies, particularly in technology and traditional sectors [12][14]. - The ongoing AI revolution and its commercialization are highlighted as critical drivers for future growth, with specific attention to sectors like machinery, renewable energy, and innovative pharmaceuticals [5][6][10].

登录新浪财经APP 搜索【信披】查看更多考评等级 运营商财经网 付桢/文 江苏证监局在近期对方正证券旗下的投行公司及相关责任人，出具了一份警示函。公司因江苏京源环保 股份有限公司（简称京源环保）的相关项目，违反了相关规定，和京源环保一起被点名处罚了。运营商 财经网将做以下梳理。 江苏证监局也要求公司充分吸取教训，提高执业质量，杜绝此类事件再次发生。而运营商财经网梳理发 现，方正证券当时的投行业务线发现了较多调整。首先本次被点名的两位保荐代表人，并非一直负责京 源环保的项目，杨日盛在2023年4月初开始担任。 其次在时任责任人上，京源环保项目早期一直是由方正证券的老将徐子兵负责。徐子兵曾是方正承销保 荐的董事长、总经理，他直到2023年3月才卸任该职。接任他的是从平安证券来的袁玉平，但不到两 年，他在今年1月1日更新的信息中就卸任了该职。 目前分管方正证券投行业务的是公司副总裁孙斌。虽然孙斌早先已经在公司工作多年，但是京源环保被 处罚项目发生时，他只是公司的首席风险官。孙斌对本次罚单的具体内容，又知道多少呢？ 运营商财经网金融部主任刘庆指出，本次处罚中，京源环保收到的另一份警示函原因更多，相比之下， 方正承销保 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：深圳商报 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：深圳商报 责任编辑：杨赐 责任编辑：杨赐 ...

Market Overview - On December 29, the securities sector declined by 0.64% compared to the previous trading day, with Bank of China Securities leading the decline [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] Individual Stock Performance - Notable performers included: - Caitong Securities (601108) with a closing price of 8.76, up 1.04% and a trading volume of 578,300 shares [1] - Changcheng Securities (002939) closed at 10.32, up 0.39% with a trading volume of 371,200 shares [1] - Bank of China Securities (601696) closed at 15.29, down 2.49% with a trading volume of 1,381,300 shares and a transaction value of 2.116 billion [2] Capital Flow Analysis - The securities sector experienced a net outflow of 2.801 billion in main funds, while retail funds saw a net inflow of 1.794 billion [2] - The individual stock capital flow showed: - CITIC Securities (600030) had a main net inflow of 24.5348 million, but retail saw a net outflow of 23.0071 million [3] - Caitong Securities (601108) had a main net inflow of 21.1596 million, with retail inflow of 1.2096 million despite a net outflow from speculative funds [3]