具体来看： 大型科技股多数呈现下跌行情但总体跌幅较小，腾讯、京东、网易、小米、京东跌幅在1%以内，阿里巴巴、快手、携程控股跌超 1%，百度逆市大涨3.45%。 | 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 √ | | --- | --- | --- | --- | --- | | 09888 | 百度集团-SW.) | 125.800 | +4.200 | 3.45% | | 03690 | 美团-W | 99.500 | +0.450 | 0.45% | | 09626 | 時陣時陣-W | 203.600 | -0.200 | -0.10% | | 02015 | 理想汽车-W | 69.650 | -0.250 | -0.36% | | 01810 | 小米集团-W | 42.580 | -0.200 | -0.47% | | 099999 | 网易-5 | 216.800 | -1.200 | -0.55% | | 09618 | 京东集团-SW | 116.200 | -0.800 | -0.68% | | 00700 | 腾讯控股 | 605.000 | -5.000 | -0.82% ...

银河证券则指出，险资股票投资风险因子下调落地，加力引导中长期资金入市，有望为银行板块带来增 量资金，相关指数权重股将受益。万科债券展期暂属个体事件，且银行房地产相关风险敞口占比低，资 产质量受影响基本可控，但房地产信用风险仍需关注。四大行中期分红派息在即，上市银行整体中期分 红力度不减、节奏提前，将于12月迎来一轮集中派息窗口期，红利价值凸显。 内银股全线走低，截至发稿，建设银行（601939）(00939)跌3.38%，报7.71港元；工商银行（601398） (01398)跌2.69%，报6.16港元；中国银行（601988）(03988)跌2.2%，报4.45港元；招商银行（600036） (03968)跌1.96%，报52.65港元。 中邮证券发布研报称，今年12月至次年3月末或将仍有大量定期存款到期，居民存量资产无风险利率将 进一步下行，居民存款或将继续向保险资产迁移，同时受益于新型政策性金融工具支持，重点省市固定 资产投资增速或将明显改善。 ...

Core Viewpoint - The implementation of the "Trial Measures for Upgrading the Functions of Free Trade Accounts in the Shanghai Free Trade Pilot Zone" aims to enhance the level of cross-border trade and investment liberalization and facilitation in China [1] Group 1: Policy Implementation - The trial measures were officially implemented on December 5, with participation from major Chinese banks such as ICBC, Agricultural Bank of China, Bank of China, China Construction Bank, and foreign banks like HSBC and Citibank [1] - The Agricultural Bank of China quickly established a dedicated service team to support pilot enterprises in adapting to the new policy and enhancing cross-border financial services [1] Group 2: Key Features of the Policy - The most significant breakthrough of the upgraded free trade account is the transition from "separate account management" to "integrated management of domestic and foreign currencies" [2] - The new policy allows enterprises to complete free conversion and allocation of domestic and foreign currency funds within a unified account management framework, significantly simplifying operational processes [2] - The policy enhances the efficiency of fund utilization, particularly in cross-border fund pool management and cross-border dual-currency fund pools [2] Group 3: Impact on Enterprises - Zhongman Petroleum, a high-tech enterprise in Shanghai, successfully completed its first transaction under the new policy, highlighting the importance of the upgrade in optimizing cross-border fund allocation [2] - The policy is expected to provide financial support for China's high-end engineering technology services and equipment manufacturing to expand globally [2] Group 4: Selection Criteria for Pilot Enterprises - The selection of pilot enterprises focuses on multinational corporate groups, prioritizing those registered in the new area, including state-owned, private, and foreign enterprises [3] - The selection process adheres to strict policy standards, emphasizing overall operational capability, business duration, financial performance, and compliance records [3] Group 5: Foreign Bank Participation - HSBC announced its participation as one of the first foreign banks to open upgraded free trade accounts for multinational enterprises in the Shanghai Free Trade Zone [3] - The new policy is seen as a significant step in China's high-level financial opening, expected to create a multiplier effect for the liberalization and facilitation of cross-border trade and investment [3]

Core Viewpoint - The "Hundred Counties, Thousand Towns, and Ten Thousand Villages High-Quality Development Project" (referred to as "Hundred Thousand Project") is a core strategy initiated by Guangdong Province in December 2022 to address the imbalance in urban and rural development [1] Group 1: Project Overview - The "Hundred Thousand Project" aims for a phased approach with goals set for one year, three years, five years, and ten years to achieve significant changes in urban-rural coordination [1] - Financial support is emphasized as a crucial element in the implementation of the "Hundred Thousand Project," with a focus on creating a comprehensive policy framework to direct financial resources towards rural areas [1] Group 2: Financial Sector Involvement - The Guangdong branch of the Bank of China is leveraging its financial resources across various sectors, including securities, insurance, and leasing, to provide diversified financing solutions for participants in the "Hundred Thousand Project" [2] - The bank is also utilizing its global operational advantages to support agricultural foreign trade enterprises, addressing their financing needs while promoting the expansion of county-level SMEs and specialty industries into overseas markets [2]

资本界金控发布截至2025年9月30日止6个月的中期业绩，该集团取得其他收入520.2万港元，同比减少 31.81%；公司拥有人应占亏损5013.4万港元，同比增加373.1%；每股亏损0.57港仙。公告称，亏损主要 由于按公平值计入在损益处理的财务资产的已变现亏损净额。 香港联交所最新资料显示，12月5日，资本界金控(00204)股东将股票由中国银行(香港)转入香港上海汇 丰银行，转仓市值288.04万港元，占比6.70%。 ...

智通财经APP获悉，香港联交所最新资料显示，12月5日，资本界金控(00204)股东将股票由中国银行(香 港)转入香港上海汇丰银行，转仓市值288.04万港元，占比6.70%。 资本界金控发布截至2025年9月30日止6个月的中期业绩，该集团取得其他收入520.2万港元，同比减少 31.81%；公司拥有人应占亏损5013.4万港元，同比增加373.1%；每股亏损0.57港仙。公告称，亏损主要 由于按公平值计入在损益处理的财务资产的已变现亏损净额。 ...

Core Insights - The 2026 China (Guangzhou) International Smart Finance Industry Exhibition will take place from June 27 to June 29, 2026, at the Poly World Trade Center in Guangzhou, highlighting the evolution of traditional financial services into a more advanced stage known as smart finance [1] - Smart finance is characterized by high efficiency and lower service costs compared to traditional finance, driven by large-scale real data analysis and the integration of artificial intelligence with financial services [1][2] Industry Trends - The financial industry is experiencing a surge in demand for data technology applications due to the widespread adoption of internet technology, marking a new stage in financial development [2] - The ability to leverage data assets has become a core competitive advantage for financial enterprises, with a pressing need for real-time monitoring, intelligent interaction, and visualization applications [2] - A global technological revolution is rapidly spreading across the financial sector, prompting forward-thinking financial companies to prepare for the next wave of technological competition [2] Exhibition Scope - The exhibition will cover various areas including commercial and financial technology, banking management information systems, risk management platforms, and integrated financial solutions [6] - It will also feature supply chain finance solutions, logistics, and financial technology equipment, showcasing the latest innovations in the financial sector [6] Target Audience - The event aims to attract a wide range of financial institutions, including major banks and insurance companies such as the People's Bank of China, Industrial and Commercial Bank of China, and China Life Insurance [6][7]

Group 1 - The core viewpoint of the news is the strategic partnership between Bank of China Guangdong Branch and Guangdong Yueke Financial Group, aimed at addressing the financing challenges faced by technology enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area through the launch of the "Zhongyin Yueke Investment and Loan Connection" product [1][4]. - The Greater Bay Area is focused on building a globally influential international technology innovation center, with technology finance being a key driver for the development of the region's scientific and technological innovation [1][4]. - The "Zhongyin Yueke Investment and Loan Connection" product offers a full life-cycle service solution combining equity investment and credit follow-up, with plans to provide over 100 billion yuan in funding support during the 14th Five-Year Plan period [3]. Group 2 - Technology enterprises, especially early-stage companies, face significant financing difficulties due to their reliance on intangible assets and high-risk profiles, which traditional credit approval processes struggle to assess accurately [2]. - There is a lack of efficient collaboration mechanisms between financial institutions and investment entities, exacerbating the mismatch between financial resources and technology innovation needs, which hinders the healthy cycle of "technology-industry-finance" [2]. - The partnership aims to create a complementary ecosystem for technology finance services, enhancing collaboration in investment and loan linkage, financial services, fund development, and brand promotion [3].

Group 1 - The core viewpoint of the news is the strategic collaboration between China Bank Guangdong Branch and Yueke Financial Group, marked by the launch of the "Zhongyin Yueke Investment and Loan Connection" product, which signifies a new phase of deep integration of technology, industry, and finance in Guangdong Province [1][2][3] - The "Zhongyin Yueke Investment and Loan Connection" product aims to provide a comprehensive financing solution for technology enterprises, combining equity and debt financing to address the challenges of "difficult and expensive financing" faced by these companies [2][3] - The partnership is expected to enhance the technology financial ecosystem in the Greater Bay Area, focusing on key sectors such as integrated circuits, artificial intelligence, and low-carbon energy during the "14th Five-Year Plan" period [3] Group 2 - Guangdong Bank has established a three-tiered technology financial service system over the past decade, serving approximately 20,000 technology enterprises and leading the market in credit balance [1] - Yueke Financial Group, as one of the earliest venture capital institutions in China, has successfully facilitated over 2000 units in project matchmaking, with a total intended financing scale exceeding 70 billion yuan, and has implemented 108 projects [2] - The collaboration is set to create a "closed-loop support" system for enterprises from seed to growth stages, leveraging Yueke's early project database and China Bank's technical evaluation model [2]

证券研究报告·固定收益·固收点评 固收点评 20251206 二级资本债周度数据跟踪 （20251201-20251205） [Table_Tag] [Table_Summary] 观点 ◼ 一级市场发行情况： 本周（20251201-20251205）银行间市场及交易所市场共新发行二级资本 债 3 只，发行规模为 500.00 亿元。发行年限为 10Y；发行人性质为地方 国有企业、中央金融企业；主体评级为 AAA；发行人地域为安徽省、北 京市、四川省。 ◼ 二级市场成交情况： 本周（20251201-20251205）二级资本债周成交量合计约 1949 亿元，较 上周增加 164 亿元，成交量前三个券分别为 25 中行二级资本债 02BC （118.26 亿元）、25 工行二级资本债 02BC（87.73 亿元）和 25 长沙银 行二级资本债 01（85.56 亿元）。 分发行主体地域来看，成交量前三为北京市、上海市和湖南省，分别约 为 1410 亿元、100 亿元和 88 亿元。 从到期收益率角度来看，截至 12 月 5 日，5Y 二级资本债中评级 AAA-、 AA+、AA 级到期收益率较上周涨跌幅分别为 ...