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].

Group 1 - The core concept of accounting conservatism is that companies should exercise caution in recognizing, measuring, and reporting transactions, avoiding overestimation of assets or income and underestimation of liabilities or expenses [1] - Accounting conservatism leads to asymmetric recognition of losses and gains, where companies tend to recognize potential losses or bad news sooner than gains or good news, enhancing the transparency and reliability of financial reports [1] - The analysis of accounting conservatism is conducted using ACF model, CScore model, and Basu model, covering data from 2000 to 2024 [1] Group 2 - The dataset includes various indicators such as stock code, end date, whether to exclude companies listed on the Beijing Stock Exchange, ST or *ST stocks, newly listed or delisted companies, stock name, initial stock price, earnings per share, stock return rate, market-to-book ratio, debt-to-asset ratio, total assets, and other coefficients [1] - Specific data points include stock return rates and market-to-book ratios, which are essential for evaluating the financial health and performance of listed companies [2]

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 ...

Core Viewpoint - Ping An Bank has appointed Wu Leiming as the Chief Compliance Officer, pending approval from the National Financial Supervision Administration, marking a trend of banks appointing compliance officers in response to regulatory requirements [1][3][12]. Group 1: Appointment Details - Wu Leiming, a veteran of Ping An Bank, has held various key positions since joining the bank during its time as Shenzhen Development Bank [4]. - The appointment of Wu Leiming as Chief Compliance Officer is part of a broader trend, with 12 banks having their compliance officer qualifications approved this year, including Huaxia Bank and Harbin Bank [1][6][8]. Group 2: Regulatory Context - The regulatory framework for compliance officers was strengthened with the release of the "Compliance Management Measures for Financial Institutions" in December last year, which mandates the establishment of Chief Compliance Officer positions at the headquarters of financial institutions [1][12][13]. - The measures emphasize the independence of compliance management and outline the responsibilities of Chief Compliance Officers, including overseeing compliance management systems and reporting to regulatory authorities [13][14]. Group 3: Industry Trends - The trend of appointing compliance officers is characterized by internal promotions or current executives taking on dual roles, reflecting a shift towards more integrated compliance management within banks [8][10]. - Several banks have opted for a diverse appointment model, with some appointing their Chief Compliance Officers from existing senior management, while others are conducting open recruitment for the position [11][12].

| 688146 | 中船特 | 6 | 1.13 | 6.76 | 2.62 | | --- | --- | --- | --- | --- | --- | | | 气 | | | | | | 300469 | 信息发 | 5 | 1.13 | 4.81 | 1.19 | | | 展 | | | | | | 688788 | 科思科 | 10 | 0.92 | 4.62 | 23.64 | | | 技 | | | | | | 000007 | 全新好 | 9 | 0.87 | 4.44 | 18.81 | | 001359 | 平安电 | 6 | 0.83 | 5.44 | 17.13 | | | 工 | | | | | | 300948 | 冠中生 | 5 | 0.74 | 4.16 | 7.02 | | | 态 | | | | | | 002020 | 京新药 | 7 | 0.74 | 4.51 | 3.31 | | | 业 | | | | | | 600863 | 内蒙华 | 6 | 0.70 | 3.89 | 0.21 | | | 电 | | | | | | 603225 | 新凤鸣 | 6 | 0 ...

Group 1 - The core viewpoint of the article emphasizes the successful launch of the "Shanghai Clearing House Ping An Bank Liquidity Core 50 Credit Bond Index," marking a significant step in China's bond market for price discovery, liquidity management, and investment tool innovation [2] - The index is developed through a collaboration between Ping An Bank and the Shanghai Clearing House, utilizing a proprietary model to provide a liquidity reference benchmark for the interbank bond market [4] - The index comprises 50 issuers with excellent credit quality and liquidity, with a total market value of 6.0 trillion yuan and an average yield of 1.8523% as of December 1, 2025 [4] Group 2 - The partnership between Ping An Bank and the Shanghai Clearing House represents a model for deepening financial supply-side reform, offering diverse bond pricing indicators and investment targets to market participants [6] - Ping An Bank plans to continuously optimize model algorithms and expand index application scenarios to provide smarter and more efficient trading strategies and risk management solutions for institutional clients [6] - The launch of this index is seen as a starting point for Ping An Bank to uphold its commitment to "finance for the people" and collaborate with market peers to shape the future of the bond market [6]