Core Viewpoint - The A-share market has experienced significant fluctuations in 2023, characterized by a structural bull market driven by policy changes, technological revolutions, and macroeconomic shifts, with the Shanghai Composite Index reaching a peak of 4034 points [2][11]. Group 1: Market Performance - The Shanghai Composite Index rose from a low of 3040 points to a peak of 4034 points within the year, reflecting a volatile market influenced by major events such as the introduction of the DeepSeek technology and various policy measures [2][11]. - The market saw a notable recovery after a period of decline, with the index hitting a low of 2689 points in August 2022 before rebounding significantly due to policy interventions [2][4]. Group 2: Investment Strategies - Investors are advised to focus on stocks with strong performance metrics and to avoid speculative trading, as the market has shown a clear distinction between stocks with solid fundamentals and those driven purely by hype [3][12]. - The importance of aligning investment choices with policy directions, industry trends, and company performance is emphasized, indicating that successful investors are those who adopt a value investment approach [3][12]. Group 3: Sector Insights - The technology sector, particularly in AI and computing power, has emerged as a key area for investment, with companies like DeepSeek leading the charge in innovation and market disruption [8][12]. - The commercial aerospace sector is highlighted as a promising investment area, benefiting from a confluence of policy support, technological advancements, and capital investment [12][13]. Group 4: Lessons Learned - The experience of investors in 2023 underscores the necessity of long-term investment strategies over short-term trading, with a focus on companies that demonstrate core technological capabilities and sustainable growth paths [13][12]. - The shift in market dynamics from a policy-driven narrative to an emphasis on industrial execution and performance is noted, suggesting a more mature investment landscape moving forward [11][13].

每经头条（nbdtoutiao）——直击茅台经销商大会：2000多人周末齐聚！重大变革公布：涉及茅台酒价 格、分销等，董事长陈华：经销商不能再"躺着赚钱" （记者 曾健辉） 每经AI快讯，赢时胜（SZ 300377，收盘价：23.74元）12月29日晚间发布公告称，深圳市赢时胜信息技 术股份有限公司（以下简称"公司"）于近日通过中国证券登记结算有限责任公司系统查询，获悉公司控 股股东、实际控制人之一唐球先生持有的部分公司股份已解除冻结，本次解除冻结股份数量为172万 股。截至本公告披露日，股东唐球累计被冻结股份500万股，占其所持股份比例的6.36%，占公司总股 本的0.67%。 2025年1至6月份，赢时胜的营业收入构成为：金融行业占比98.68%，非金融行业占比1.32%。 截至发稿，赢时胜市值为178亿元。 ...

证券代码：300377 证券简称：赢时胜 公告编号：2025-059 深圳市赢时胜信息技术股份有限公司 关于控股股东部分股份解除冻结的公告 截至本公告披露日，唐球先生所持股份累计被冻结情况如下： | 股东名称 | 持股数量（股） | | 持股比例 | | 累计被冻结数 | 占其所持 | 占公司总 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 量（ 股） | 股份比例 | 股本比例 | | 唐球 | | 65,803,131 | | 8.76% | 5,000,000 | 6.36% | 0.67% | 三、其他说明 公司将积极、持续关注上述事项的进展情况，并督促相关方依照相关法律法 规的规定及时履行信息披露义务，敬请广大投资者注意投资风险。 四、备查文件 股东 名称 是否为控股股 东或第一大股 东及其一致行 动人 本次解除 冻结股份 数量（股） 占其所 持股份 比例 占公司 总股本 比例 冻结起始 日期 解除冻结 日期 申请人 唐球 是 1,718,158 2.61% 0.23% 2025 年 11 月 21 日 2025 年 ...

Core Viewpoint - The People's Bank of China has introduced an action plan to strengthen the management and service system for digital RMB, with a new framework set to launch on January 1, 2026 [2][4]. Group 1: Digital Currency Developments - The digital currency sector has seen significant stock price movements, with companies like Yuyin Co. hitting the daily limit and *ST Tianyu rising over 10% [2][6]. - As of November 2025, digital RMB has processed 3.48 billion transactions, amounting to 16.7 trillion yuan, with 230 million personal wallets opened through the digital RMB app [5]. - The multi-central bank digital currency bridge (mBridge) has handled 4,047 cross-border payment transactions, totaling approximately 387.2 billion yuan, with digital RMB accounting for about 95.3% of the transaction volume [5]. Group 2: Challenges and Opportunities - The Deputy Governor of the People's Bank of China highlighted four key challenges in the development of digital currencies, including the impact of modern digital payment tools on monetary control and the risks associated with financial disintermediation [4]. - The recent policy from eight departments supports international cooperation in digital finance, particularly in cross-border payments using central bank digital currencies with countries like Thailand and Singapore [8]. - Predictions suggest that by 2030, the global cross-border payment market could reach $290 trillion, with the RMB's share estimated at 10%-20% and digital currency penetration at 20%-40%, translating to a market potential of 40.6 trillion to 162.4 trillion yuan [8]. Group 3: Industry Growth - As of December 25, 2025, China has registered 74,600 blockchain-related companies, marking a record high in the past five years, with the South China region accounting for 32.5% of new registrations [8]. - The stock of blockchain-related companies in China has been steadily increasing over the past decade, with a notable acceleration in growth since 2019, totaling 289,400 existing companies as of December 25 [8]. - The development of digital RMB is viewed as a strategic asset that integrates finance, technology, and data, enhancing trade efficiency through blockchain technology [8].

Market Overview - The Shanghai Composite Index closed at 3952.09 points, slightly below the previous day with a change of -0.19% [1] - The total trading volume of A-shares reached 17367.28 billion yuan [1] Stocks Breaking the Annual Line - A total of 27 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - Baiana Qiancheng (300291) with a deviation rate of 13.64% and a daily increase of 20.08% [1] - Pioneer Precision (688605) with a deviation rate of 6.29% and a daily increase of 6.72% [1] - Jikai Co., Ltd. (002691) with a deviation rate of 5.66% and a daily increase of 9.95% [1] Stocks with Smaller Deviation Rates - Stocks with smaller deviation rates that have just crossed the annual line include: - Zheshang Bank (601916) with a deviation rate of 0.03% and a daily increase of 0.33% [2] - Electric Investment and Financing (000958) with a deviation rate of 0.03% and a daily increase of 0.31% [2] - West Securities (603776) with a deviation rate of 0.07% and a daily increase of 0.12% [2]

Core Insights - The main market saw a net inflow of 1.042 billion yuan as of December 19, with significant capital flowing into various sectors [1] Group 1: Sector Performance - The top sectors by net inflow were: - Automotive Parts with 3.279 billion yuan and a price increase of 2.56% [2] - General Equipment with 1.841 billion yuan and a price increase of 1.75% [2] - Commercial Retail with 1.030 billion yuan and a price increase of 3.83% [2] - Communication Equipment with 0.874 billion yuan and a price increase of 1.28% [2] - Specialized Equipment with 0.710 billion yuan and a price increase of 1.41% [2] - Software Development with 0.541 billion yuan and a price increase of 1.19% [2] - Tourism and Hotels with 0.517 billion yuan and a price increase of 1.45% [3] - Power Equipment with 0.395 billion yuan and a price increase of 1.46% [3] - Insurance with 0.337 billion yuan and a slight decrease of 0.17% [3] - Professional Services with 0.310 billion yuan and a price increase of 1.89% [3] Group 2: Notable Companies - Leading companies by net inflow in their respective sectors included: - Shanzi Gaoke in Automotive Parts [2] - Xue Ren Group in General Equipment [2] - Yonghui Supermarket in Commercial Retail [2] - Xinye Sheng in Communication Equipment [2] - Aerospace Power in Specialized Equipment [2] - Yingshisheng in Software Development [2] - China Duty Free in Tourism and Hotels [3] - Hailu Heavy Industry in Power Equipment [3] - Ping An Insurance in Insurance [3] - Aerospace Engineering in Professional Services [3]

构建全链路可控清算体系 资金清算系统，作为资产管理行业的"核心动脉"与"基础设施"，不仅是连接投资者与管理人的资金纽 带，更直接决定着资管机构在分秒必争的资本市场中的运行效率与安全边界。 然而，随着互联网理财带来订单量的爆发式增长，传统单体架构清算系统逐渐暴露性能瓶颈。"手工操 作多、接口维护难、资金流转不透明等问题，已成为行业共同痛点。"鹏华基金首席信息官聂连杰坦 言。 在此背景下，鹏华基金与赢时胜达成战略协同，成功构建并上线全新一代AI+信创版TA资金清算平台。 据了解，鹏华基金与赢时胜自2025年10月起展开深度协同，仅用不到三个月时间，便完成新一代TA资 金清算平台的全栈信创实施落地、平台JDK17升级、资金清算AI场景应用等开发与测试上线。系统的首 要突破在于实现了资金流转的"去黑盒化"。"我们构建了统一业务台账，通过业务流水驱动自动生成凭 证，彻底告别手工记账。每一笔资金都被赋予唯一数据标识，在申购、赎回、分红等全场景中实现正向 推导与反向溯源，确保资金流动全程可解释、可控制。"聂连杰指出。 赢时胜副总经理、新一代大资管产品中心PMO程霞表示，新系统带来的变革不仅提升了运营效率，更 强化了风险防控 ...

Group 1 - The software development sector increased by 1.23% on December 24, with Guangdao Tui leading the gains [1] - The Shanghai Composite Index closed at 3940.95, up 0.53%, while the Shenzhen Component Index closed at 13486.42, up 0.88% [1] - Guangdao Tui's stock price rose by 29.41% to 1.32, with a trading volume of 217,600 shares and a transaction value of approximately 24.94 million yuan [1] Group 2 - The software development sector saw a net inflow of 210 million yuan from institutional investors, while retail investors contributed a net inflow of 554 million yuan [2] - The top gainers included Pinming Technology, which rose by 13.10% to 144.37, and Zhizhen Technology, which increased by 9.99% to 35.46 [1][2] - The overall trading volume for the software development sector was significant, with multiple stocks experiencing notable price changes and trading activities [1][2] Group 3 - Major stocks like Yingshisheng and Duolun Technology also showed positive performance, with increases of 5.74% and 6.09% respectively [1] - The data indicates a mixed sentiment among different investor types, with institutional investors showing a preference for certain stocks while retail investors were more active in others [3] - The overall market dynamics reflect a competitive environment within the software development sector, highlighting potential investment opportunities [2][3]

Group 1 - Cuiwei Co., Ltd. experienced a sharp increase, hitting the upper limit of its trading range [1] - Yingshi Sheng saw a nearly 10% rise in its stock price [1] - Other companies such as Zhongke Jincai, Dongxin Heping, Sifang Jichuang, and Hengbao Co., Ltd. also saw significant gains [1]

Core Viewpoint - The internet finance sector experienced significant fluctuations during trading, with notable gains in several companies, indicating a positive market sentiment towards this industry [1] Company Performance - Winning Time (赢时胜) saw its stock price increase by over 10% during the trading session [1] - Cuiwei Co., Ltd. (翠微股份) reached its daily limit up, reflecting strong investor interest [1] - Other companies such as Landi Information (联迪信息), Zhisheng Information (志晟信息), Sifang Chuangxin (四方精创), Zhongke Jincai (中科金财), and Dongxin He Ping (东信和平) also experienced upward movement in their stock prices [1]