Core Insights - The automotive finance market in China is experiencing intensified competition due to various favorable policies, leading to unconventional financial offerings such as "0 down payment" and "0 interest" loans [1][3] Group 1: Market Dynamics - Financial institutions are collaborating with both traditional fuel and new energy vehicle manufacturers to lower car purchase costs and simplify loan processes, especially during the peak sales season in December [1][2] - There is a notable increase in promotional financing options, including significant discounts on vehicle prices and attractive loan terms, such as "loan for 5 years, pay back in 2 years" [1][2] - The market is seeing a rise in "0 down payment + 0 interest" financing schemes, which were previously not available simultaneously, indicating a shift in strategy to boost year-end sales [3][4] Group 2: Financial Institution Strategies - Banks are increasing auto loan incentives to expand credit scale and compensate for declines in other lending areas, while also aiming to drive inventory sales for car manufacturers [5] - Financial institutions are transitioning from being mere credit providers to "ecosystem service providers," focusing on compliance, risk control, and long-term customer value rather than short-term high returns [6] - The automotive finance sector is undergoing significant transformation, with a shift towards customized financial solutions that cater to specific purchasing scenarios, such as new energy vehicles and used car transactions [6]

Core Insights - The automotive finance market in China is experiencing intensified competition due to various favorable policies, leading to unconventional financial offerings such as "0 down payment + 0 interest" [1][3][4] - Financial institutions are collaborating with both traditional fuel vehicle manufacturers and new energy vehicle producers to lower purchase costs and simplify loan processes, aiming to capture market share during peak sales seasons [1][2][5] Group 1: Market Dynamics - December is identified as a critical month for sales, with automakers and financial institutions increasing consumer incentives to boost vehicle sales [1][2] - Financial institutions are strategically increasing auto loan offerings to compensate for declines in other lending areas, such as housing loans, while also aiming to expand their market presence [5][6] Group 2: Financial Offerings - Various auto loan options are being presented, including significant discounts on vehicle prices and flexible repayment terms, such as "loan for 5 years, pay back in 2 years" [1][2] - Some dealerships are offering "0 down payment + 0 interest" financing options, which have become more common since the new auto loan regulations were implemented in 2024 [3][4] Group 3: Industry Transformation - The automotive finance sector is undergoing a transformation, moving from a focus on high commissions and short-term incentives to a more compliant and customer-oriented service model [5][6] - Financial institutions are expected to develop customized financial solutions tailored to specific purchasing scenarios, such as for new energy vehicles and used car transactions, while enhancing digital and online service capabilities [6]

（1）在恢复中国建设银行股份有限公司、中国银行股份有限公司、平安银行股份有限公司办理宝盈货 币市场证券投资基金非个人投资者的申购（转换转入及定期定额投资）业务期间，本基金在其他销售机 构的非个人投资者将继续暂停申购（转换转入及定期定额投资）业务，对于非个人投资者提交的申购 （含转入和定投）申请，本基金管理人有权拒绝。 （2）根据此前公告，本基金对于个人投资者申购（含转换转入、定期定额投资）限制金额依然为5000 万元，具体限制规则为：单日单个基金账户累计申购（含转换转入及定期定额投资）本基金份额的最高 金额为5000万元（含），累计申请金额等于或低于上限的，全部确认成功；如单日单个基金账户累计申 购（含转换转入及定期定额投资）本基金份额的金额超过5000万元，本基金管理人有权拒绝该类份额的 申请。 （3）在本基金暂停部分销售机构办理非个人投资者的申购（含转换转入、定期定额投资）业务期间， 本基金的赎回及个人投资者的大额申购等其他业务正常办理。取消或调整上述申购、转换转入、定期定 额投资等业务限制的具体时间将另行公告。 公告送出日期：2025年12月24日 1 公告基本信息 ■ 注：自2025年12月24日起， ...

Core Insights - As of December 22, a total of 86 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for 5 consecutive days or more [1] - The stocks with the longest streak of net buying are Sichuan Shuangma, Chongqing Water, and *ST Taihe, each with 13 consecutive trading days of net inflow [1] - Other notable stocks with significant net buying days include Weiteng Electric, Wujin Stainless Steel, Hangzhou High-tech, Innotek, Jiebang Technology, Meike Home, Huaxing Yuanchuang, and Ping An Bank [1]

证券时报记者谢忠翔 低利率环境下，上市银行赎回存量"高息"优先股以节省付息成本的动力愈发增强。近日，长沙银行公告 称，将于12月25日赎回60亿元优先股"长银优1"，并终止挂牌。 证券时报记者注意到，12月以来，包括长沙银行在内，已有北京银行、上海银行、杭州银行和南京银行 等5家银行先后宣布对旗下优先股进行赎回，合计规模达458亿元。若加上此前的工商银行、中国银行、 兴业银行和宁波银行，2025年以来赎回优先股的银行数量已增加至9家。 多位研究人士表示，优先股作为银行资本工具，自2020年以后银行对其新发已几乎停滞。同时，伴随着 存量银行优先股的加速赎回并退市，存量规模愈发减少。近年来，商业银行为优化资本结构，赎回优先 股的意愿更是不断强化。在资管机构看来，银行优先股的配置稀缺性也进一步凸显。 9家银行年内赎回超1000亿 12月19日，长沙银行公告显示，该行于2019年12月非公开发行的60亿元优先股"长银优1"，将于2025年 12月25日派发优先股息后全部赎回，并终止挂牌。 据证券时报记者统计，今年以来已有2家国有大行、1家股份行和6家城商行对优先股进行赎回，包括境 内优先股7期共1118亿元、2期境外 ...

■■■■ 二、重要提示 根据前海开源基金管理有限公司（以下简称"本公司"）与平安银行股份有限公司（以下简称"平安银 行"）等多家公司签署的基金销售服务协议，自2025年12月22日起，平安银行等多家公司将销售本公司 旗下前海开源安和债券型证券投资基金（以下简称"本基金"，A类基金代码：026097；C类基金代码： 026098）。现将有关事项公告如下： 一、新增销售机构信息 2、前海开源基金管理有限公司 客服电话：4001-666-998 网址：www.qhkyfund.com 四、风险提示 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利，也不保证 最低收益。投资者投资于本公司旗下基金前应认真阅读各基金的基金合同、招募说明书、基金产品资料 概要及其更新等文件，了解所投资基金的风险收益特征，并根据自身风险承受能力选择适合自己的基金 产品。敬请投资者注意投资风险。 1、销售机构具体销售安排以各销售机构规定为准，敬请投资者留意销售机构的相关公告或通知。 2、本公司可根据有关法律法规的要求，增减或变更本基金销售机构，并在本公司官方网站公示。 3、本公告解释权归本公司所有。 三、投资者 ...

Core Viewpoint - The year 2026 is projected to be a turning point for China's economy, moving away from low inflation and establishing a "new equilibrium" as per the consensus among major securities firms [1]. Group 1: Macroeconomic Growth and Price Recovery - Major securities firms, including China Merchants, Ping An, and West Securities, agree that the Chinese economy will emerge from the low inflation phase, with expectations of nominal GDP growth recovery driven by price factor improvements [1][5]. - The "anti-involution" policy is expected to limit supply, combined with the pig cycle bottoming out and PPI turning positive, which will be key in improving corporate profitability and nominal GDP [1][5][6]. Group 2: Structural Transition and New Growth Drivers - 2026 is seen as a critical juncture for the transition between old and new growth drivers, with real estate investment entering a bottoming phase while AI, data center energy demand, and high-end manufacturing are expected to become substantial growth engines [1][5][21]. - The consensus is that the economy will experience a "new-old relay" with significant changes in investment structures, particularly in manufacturing and real estate [1][21]. Group 3: Demand-Side Drivers - There is a divergence in views regarding demand-side drivers; some firms like Minsheng and Northeast Securities believe external demand will outperform internal demand, while others like West Securities and Shenwan Hongyuan predict a shift towards internal demand dominance [1][5][21]. Group 4: Asset Allocation and Market Style Predictions - Opinions on asset allocation and market style are highly varied, with Haitong International being the most optimistic, predicting a 40% increase in the Shanghai Composite Index based on "value re-evaluation" logic [2][50]. - China Merchants Securities anticipates a shift from "policy-driven" to "profit-driven" market dynamics, while others suggest a more balanced focus on both growth and cyclical opportunities [2][21]. Group 5: Key Predictions from Securities Firms - China Merchants Securities predicts a recovery in corporate profits and a shift in policy focus towards enhancing development quality, with manufacturing investment expected to grow by 5% and real estate investment's decline narrowing to -8% [5][10]. - Ping An Securities emphasizes the importance of price recovery, forecasting CPI to rise to 0.6% and PPI to narrow its decline significantly [16][18]. - West Securities expects nominal GDP growth to accelerate, driven by inflation recovery and the emergence of new growth forces [21][23]. Group 6: External Environment and Trade Dynamics - The external environment is expected to improve, with strong export performance contributing significantly to GDP growth, projected to be around 40%-50% from actual export growth [11][44]. - The report from Northeast Securities highlights that external demand will recover before internal demand, with exports expected to grow by approximately 7% [44][45].

数据简介 会计稳健性原则又称谨慎性原则。根据国际财务报告准则的规定，稳健性原则是指企业对交易或事项进 行会计确认、计量和报告时保持应有的谨慎，不应高估资产或收益，低估负债或费用。 会计稳健性，也称为会计保守性，是指企业在财务报告中对损失和收益的确认存在不对称的延迟。具体 来说，企业倾向于尽早确认潜在的损失或坏消息，而对收益或好消息则采取延迟确认的策略。这种处理 方式有助于提高财务报告的透明度和可靠性，从而增强投资者对企业的信任。 本数据通过ACF模型、CScore模型、Basu模型来分析会计稳健性。 数据名称：上市公司-会计稳健性指标-ACF模型、CScore模型、Basu模型 【號】：Paper数据分析 【公】 【粽】 数据指标： 证券代码 统计截止日期 是否剔除北交所上市公司 是否剔除ST或*ST股 是否剔除当年新上市，已经退市 或被暂停上市的公司 证券简称 期初股票价格 每股收益 股票回报率 市值账面比 资产负债率 资产总额 系 数1-Gscore 系数2-CScore 系数1+系数2 股票个数 交易状态 行业代码 行业名称 数据截图 | ST Symbol EndDate ISBSE IsNewOrS ...

证券代码：000001 证券简称：平安银行 公告编号：2025-066 优先股代码：140002 优先股简称：平银优01 平安银行股份有限公司关于 2025 年科技创新债券（债券通）发行完毕的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 经相关监管机构批准，平安银行股份有限公司于近日在全国银行间债券市场 发行了平安银行股份有限公司 2025 年科技创新债券（债券通）（以下简称本期 债券）。 本期债券于 2025 年 12 月 17 日簿记建档，于 2025 年 12 月 19 日发行完毕。 本期债券发行规模为人民币 65 亿元，期限为 3 年期，票面利率挂钩 1 年期 LPR 下浮 115BPs，首期票面利率 1.85%。 本期债券的募集资金将投向《金融"五篇大文章"总体统计制度（试行）》 中规定的科创领域，包括发放科技贷款、投资科技创新企业发行的债券等，专项 支持科技创新领域业务。 特此公告。 平安银行股份有限公司董事会 2025 年 12 月 20 日 ...

12月19日金融一线消息，平安银行今日发布公告称，经相关监管机构批准，该行于近日在全国银行间债 券市场发行了平安银行股份有限公司 2025 年科技创新债券（债券通）（以下简称本期债券）。 本期债券于 2025 年 12 月 17 日簿记建档，于 2025 年 12 月 19 日发行完毕。本期债券发行规模为人民币 65 亿元，期限为 3 年期，票面利率挂钩 1 年期 LPR下浮 115BPs，首期票面利率1.85%。本期债券的募 集资金将投向《金融"五篇大文章"总体统计制度（试行）》中规定的科创领域，包括发放科技贷款、投 资科技创新企业发行的债券等，专项支持科技创新领域业务。 责任编辑：曹睿潼 12月19日金融一线消息，平安银行今日发布公告称，经相关监管机构批准，该行于近日在全国银行间债 券市场发行了平安银行股份有限公司 2025 年科技创新债券（债券通）（以下简称本期债券）。 本期债券于 2025 年 12 月 17 日簿记建档，于 2025 年 12 月 19 日发行完毕。本期债券发行规模为人民币 65 亿元，期限为 3 年期，票面利率挂钩 1 年期 LPR下浮 115BPs，首期票面利率1.85%。本期债 ...