Core Viewpoint - The announcement by the Interbank Market Dealers Association regarding the evaluation results for member applications to engage in underwriting non-financial corporate debt financing tools for 2025 highlights the approval of several institutions for relevant business qualifications [1][2]. Group 1: Institutions Approved - Institutions such as Huatai United Securities, JPMorgan Chase Bank (China), DBS Bank (China), Shanxi Securities, and Caitong Securities have received qualifications as general underwriters for non-financial corporate debt financing tools [1][2]. - Eight new members, including Caitong Securities and Huatai United Securities, have been designated as general underwriters for non-financial corporate debt financing tools [2]. - Bank of China International Securities has been approved as a special underwriter for technology innovation non-financial corporate debt financing tools [2]. Group 2: Application Process - The evaluation process for the 2025 underwriting business qualifications began on November 14, 2025, with a deadline for applications set for November 28, 2025, during which 37 members submitted their application materials [2]. - The evaluation results were approved by the fifth Bond Market Professional Committee and the fourth Board of Directors of the Association, and subsequently reported to the People's Bank of China [2]. Group 3: Regulatory Requirements - Underwriters are required to establish dedicated departments for underwriting business, appoint specialized personnel, and develop operational procedures, risk management, and internal control systems [4]. - Main underwriters must collaborate with independent main underwriters to conduct underwriting business and can independently engage in underwriting after gaining sufficient experience [4]. Group 4: Membership Classification - The Association classifies underwriters into main underwriters, underwriting members, and intending underwriting members, with main underwriters further divided into general and specialized categories [6][7]. - General main underwriters can engage in all categories of non-financial corporate debt financing tools, while specialized main underwriters can only handle specific categories [6].

A-share Market Insights - The market is expected to transition from "consolidation" to "spring rally" as the year-end approaches, with high-quality A-share assets offering attractive value globally [1][2] - Key investment directions include: 1) long-term opportunities in technology growth assets, 2) cyclical sectors with strong pricing power driven by supply-demand imbalances, and 3) blue-chip assets favored by long-term institutional investors [2] Hong Kong Market Insights - The influx of southbound capital is accelerating, providing solid financial support for the Hong Kong market [2] - The easing of US-China trade tensions is likely to boost market risk appetite, while the anticipated December interest rate cut and balance sheet expansion by the Federal Reserve will enhance global liquidity, benefiting Hong Kong stocks [2] US Market Insights - Despite stable earnings projections for US stocks in 2025, valuation and market concentration have returned to historical highs, indicating potential for increased volatility [2] - Earnings growth in 2026 is expected to continue, driven by sustained AI demand, reduced tariff risks, and accommodative monetary and fiscal policies [2] - Investment strategies may focus on two main themes: 1) ongoing narratives in technology stocks, particularly in AI, and 2) recovery opportunities in cyclical sectors, especially in midstream manufacturing and essential consumer goods [2] Domestic Bond Market Insights - The domestic bond market is entering a phase characterized by "weak economic recovery, stable yet easing policies, and central bank caution against excessive moves" [3] - The central bank's commitment to maintaining stable interest rates will limit the downward movement of long-term rates, leading to a range-bound market [3] - Investors are advised to shift focus from capital gains to coupon income and liquidity management, while closely monitoring potential signals from the central bank regarding long-term yield guidance [3] Commodity Market Insights - The ongoing anti-involution policies warrant attention to the actual implementation of capacity reduction measures [4] - Oil prices are under short-term pressure due to geopolitical tensions easing and OPEC+ shifting towards supply expansion [4] - Industrial metals are expected to see demand recovery driven by improved global economic growth forecasts, with supply-side disruptions likely to reshape the supply-demand landscape [4] - Gold's monetary attributes may continue to be favorable amid ongoing government leverage, particularly in the US, where long-term deficit rates are challenging to reduce [4]

Core Viewpoint - The announcement by the Interbank Market Dealers Association regarding the evaluation results for member applications to engage in underwriting related to non-financial corporate debt financing tools for 2025 highlights the expansion of qualified institutions in this sector [1][4]. Group 1: Qualified Institutions - Several institutions, including Huatai United Securities, JPMorgan Chase Bank (China), DBS Bank (China), Shanxi Securities, and Caitong Securities, have obtained relevant business qualifications [2][4]. - A total of 37 members submitted applications for underwriting qualifications, with 8 new members recognized as general lead underwriters for non-financial corporate debt financing tools [4][5]. - Bank of China International Securities Co., Ltd. has been designated as a lead underwriter for technology innovation non-financial corporate debt financing tools [4]. Group 2: Underwriting Business Regulations - The announcement outlines that lead underwriters and underwriters must establish dedicated departments for underwriting business, appoint specialized personnel, and develop operational procedures, risk management, and internal control systems [7]. - Lead underwriters must collaborate with independently qualified lead underwriters to conduct underwriting business, and may independently engage in underwriting after gaining sufficient experience [7]. - The Association will suspend or revoke underwriting qualifications for lead underwriters or underwriters found guilty of significant legal or regulatory violations [7]. Group 3: Membership Classification - The Association categorizes underwriters into lead underwriter members, underwriting members, and intending underwriting members, with lead underwriter members further divided into general and specialized categories [8][9]. - General lead underwriter members can engage in all categories of non-financial corporate debt financing tool underwriting, while specialized members can only handle specific categories [8]. - Intending underwriting members are those interested in participating in underwriting but are not yet classified as underwriters [9].

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]

【大河财立方消息】12月30日，中国银行间市场交易商协会发布《关于2025年非金融企业债务融资工具 承销业务相关会员申请从事承销相关业务市场评价结果的公告》，增加8家非金融企业债务融资工具一 般主承销商、1家科技创新非金融企业债务融资工具主承销商、15家非金融企业债务融资工具承销商。 主承销商及承销商应按照相关要求，设立主承销及承销业务相关部门，配备专职主承销及承销业务人 员，建立健全主承销及承销业务操作规程、风险管理和内部控制制度，规范开展非金融企业债务融资工 具主承销及承销业务。 新增财通证券股份有限公司、第一创业证券承销保荐有限责任公司、华创证券有限责任公司等8家会员 为非金融企业债务融资工具一般主承销商。 | | 新增非金融企业债务融资工具一般主承销商名单 | | --- | --- | | 序号 | 机构名称 | | 1 | 财通证券股份有限公司 | | 2 | 第一创业证券承销保荐有限责任公司 | | 3 | 华创证券有限责任公司 | | 4 | 华泰联合证券有限责任公司 | | 5 | 山西证券股份有限公司 | | 6 | 西部证券股份有限公司 | | 7 | 摩根大通银行(中国)有限公司 | ...

登录新浪财经APP 搜索【信披】查看更多考评等级 重要提示 1、工银瑞信盈泰稳健6个月持有期混合型基金中基金（FOF）（以下简称"本基金"）的募集已获中国证 券监督管理委员会2025年11月6日证监许可【2025】2479号文注册。中国证券监督管理委员会（以下简 称"中国证监会"）对本基金募集的注册，并不表明其对本基金的投资价值和市场前景作出实质性判断或 保证，也不表明投资于本基金没有风险。 2、本基金是混合型基金中基金、契约型开放式证券投资基金。投资者可在每个开放日进行申购；对于 每份基金份额，最短持有期指基金合同生效日（对认购份额而言，下同）或基金份额申购确认日（对申 购份额而言，下同）起，至基金合同生效日或基金份额申购确认日的第6个月的月度对应日（如无该对 应日的，则顺延至下一日）止的期间。投资者可以在最短持有期到期日后的开放日内进行基金份额的赎 回，具体办理时间为上海证券交易所、深圳证券交易所的正常交易日的交易时间，但基金管理人根据法 律法规、中国证监会的要求或基金合同的规定公告暂停申购、赎回时除外。 3、本基金的管理人和注册登记机构为工银瑞信基金管理有限公司（以下简称"本公司"或"工银瑞 信"），基 ...

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].