新华财经晚报：顶格重罚！证监会对私募机构优策投资开罚单

Domestic News - The National Financial System Work Conference emphasized the need to prevent and resolve risks associated with local small and medium financial institutions, real estate enterprises, and local government financing platform debts, while maintaining strict control over new risks and managing existing ones [1] - The China Securities Regulatory Commission (CSRC) imposed a record fine of 21 million yuan on Zhejiang Youce Investment Management Co., along with fines totaling 14.25 million yuan on three responsible individuals, and a lifetime ban on the actual controller from the securities market [2] - The CSRC is seeking industry opinions on a draft regulation aimed at standardizing public fund sales behavior, which includes clear requirements for promotional activities and performance disclosures [2] - The People's Bank of China reported that the social financing scale increased by 3.99 trillion yuan year-on-year, totaling 33.39 trillion yuan in the first eleven months of 2025 [3] Financial Market Updates - The People's Bank of China will conduct a 600 billion yuan reverse repurchase operation on December 15, 2025, to maintain liquidity in the banking system [3] - The Shanghai Stock Exchange revised its bond trading guidelines to facilitate market participants, clarifying procedures for emergency transactions and non-trading transfers [2] International News - The Japanese yen fell to a record low against the offshore yuan, raising concerns about imported inflation in Japan as the Bank of Japan's normalization process remains slow [6] - Germany's October export data showed a 0.1% month-on-month increase and a 4.2% year-on-year increase, although analysts noted significant structural changes in exports [6] - Sweden's unemployment rate rose to 8.2% in November 2025, with youth unemployment reaching 23.8%, indicating pressure on the labor market [6]