炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：五道口江湖 12月8日证券从业系统已经查不到东北证券固收首席刘哲铭的信息，应该是已经离任，今年固定收益行 业流动相当频繁，我统计了下固收首席的跳槽及离任情况： 1、25年2月，天风证券（维权）固收首席分析师孙彬彬跳槽财通证券 2、25年3月，国投证券固收首席分析师尹睿哲团队跳槽国金证券 3、25年5月，财通证券固收首席分析师房铎离任 4、25年5月，国联证券固收首席李清荷跳槽方正证券 5、25年7月，华福证券固收首席分析师徐亮团队跳槽民生证券【国联民生】 6、25年7月，民生证券固收首席分析师谭逸鸣团队跳槽天风证券 7、25年9月，国海证券固定收益首席分析师靳毅离任 9、25年12月，信达证券固收首席分析师李一爽团队跳槽华福证券 天风去了财通，民生去了天风，华福去了民生，信达去了华福，财通原首席离任。 责任编辑：何俊熹 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：五道口江湖 12月8日证券从业系统已经查不到东北证券固收首席刘哲铭的信息，应该是已经离任，今年固定收益行 业流动相当频繁，我统计了下固 ...

Group 1 - The core viewpoint of the article highlights that Jiaxin Silk (SZ 002404) has engaged in investor research, with the company secretary participating in the discussions [1] - For the first half of 2025, Jiaxin Silk's revenue composition shows that silk and clothing-related businesses account for 99.9% of total revenue, while other businesses contribute only 0.1% [1] - As of the report, Jiaxin Silk's market capitalization stands at 4.1 billion yuan [1] Group 2 - The article also mentions a significant issue in the pharmaceutical industry, specifically the abuse of pregabalin leading to addiction cases, marking the first report of such incidents in the domestic market [1] - It points out vulnerabilities in online platforms that allow the purchase of medications without proper medical records, raising concerns about regulatory oversight [1]

此外，专家呼吁加快标准细化与生态协同，建议围绕智能风控、合规审查、数据治理等场景，制定更具 操作性的实践指南、检查清单与评测数据集。同时，建设可共享的最佳实践案例库与开源工具生态，降 低机构落地成本，促进行业协同发展。多位专家表示，将持续推动该团体标准的落地实施，形成分层、 可量化的评测认证机制，并探索与行业准入、采购标准挂钩的激励模式，助力金融AI在可信、稳健的 轨道上实现规模化应用。 2025中关村论坛系列活动由中关村金融科技产业发展联盟与中关村互联网金融研究院联合主办，聚焦人 工智能、大模型、可信框架等前沿技术在金融场景的创新落地。 12月4日，"2025中关村论坛系列活动——数字金融与科技金融大会"在北京举行。会上，国内26家机构 联合发布国内首个金融领域大模型团体标准——《大模型金融领域可信应用参考框架》。该标准首次以 系统化、工程化方式提出了金融领域大模型可信治理的参考路径，为行业解决了落地过程中大模型金融 应用"如何建、如何管、如何评"的关键难题，推动AI从技术可行走向规模化可信，也标志着大模型金融 应用进入标准化治理的新阶段。 在同期举行的研讨会上，多位专家指出，大模型的"可信"并非一成不变的 ...

传统宏观因子、宏观周期的高维度体系构建 2025 年 12 月 08 日 金 融 工 程 高维宏观周期驱动风格、行业月报(2025/11):经济 景气下行、通胀细分项下行看好大盘价值风格 投资要点： 金 融 工 程 定 期 报 告 宏观因子变量的构建：将宏观指数分别对宽基指数、代理宏观变 量做回归，选取 t 值显著的细分宏观变量，用过去一年标准差倒数加权 构建宏观因子变量。采用单边 HP 滤波器对宏观经济数据进行调整，消 除短期波动对长期趋势判断的影响。基于滤波变量，分别用因子动量 划分宏观趋势（上行、下行）和用时序百分位划分宏观状态（高、中、 低位）。 宏观因子升维的必要性：宏观因子 A 对宽基、风格和行业的价格 传导在 A 的不同边际变化不一致，且宏观因子 A 在宏观因子 B 的不同 状态下驱动宽基、风格和行业的收益方向也不同。同一状态及其边际 变化所对应的周期混乱，我们需要将宏观变量的边际与状态结合，综 合考虑宏观变量的变化趋势和所处的时序排位。 多信号驱动下的指数择时、风格轮动 小盘全指择时：在库存处于中等向上水平时预测值最高，因此推 荐配置中证全指。 2012 年 1 月末起至 2025 年 11 ...

Core Viewpoint - The newly released "Guidelines for Performance Evaluation of Fund Management Companies (Draft for Comments)" aims to deeply bind the interests of fund companies, management, and fund managers with those of investors, promoting a shift in the fund industry from a focus on scale to a focus on returns [1] Group 1: Importance of the Guidelines - The guidelines systematically reinforce the principle of "prioritizing the interests of holders," aiming to achieve a deep binding of interests between management and investors through quantifiable and actionable indicators, thus promoting healthy industry development [2] - The guidelines represent a significant upgrade in regulatory thinking from "patching" to "building a system," marking a new phase in the governance of the public fund industry [2] - The guidelines are a further refinement and implementation of the "Action Plan for Promoting High-Quality Development of Public Funds" issued on May 7, 2025, addressing the pain point of insufficient investor returns [2] Group 2: Focus on Long-Term Performance - The guidelines balance the evaluation of both product and sales sides, guiding public investment from short-term ranking pursuits to long-term return creation [3] - The guidelines stipulate that the weight of long-term indicators (over three years) in fund investment return metrics must not be less than 80%, with performance indicators for active equity fund managers also requiring a minimum weight of 80% [3] - The guidelines aim to bind sales behavior to actual client returns, shifting the focus from "pursuing sales scale" to "focusing on client account profitability," which may help convert short-term trading funds into long-term allocated assets [3] Group 3: Reform of the Evaluation System - The reform emphasizes long-term performance orientation, aiming to address the industry's issues of "guaranteed returns" and "heavy scale, light returns" [4] - The guidelines create a closed-loop evaluation system that emphasizes long-term returns and equitable rights and responsibilities, promoting a return to the essence of fiduciary duty in fund management [4] Group 4: Binding Interests through Compensation Structures - The guidelines introduce deferred compensation, co-investment, and performance-linked pay to bind fund interests with actual investor returns, replacing vague trust with transparent rules [5] - The guidelines increase the co-investment ratio for senior management and key business leaders from 20% to 30%, and for fund managers from 30% to 40%, enhancing the alignment of interests between staff and fund holders [5] - The guidelines require a minimum holding period of one year to prevent short-term selling behavior, establishing a "long cycle, strong binding, hard constraint" incentive mechanism [5][6] Group 5: Accountability and Incentive Mechanisms - The guidelines stipulate that performance-based compensation must have a deferral period of no less than three years, with a minimum deferral ratio of 40%, and establish a clear market mechanism for rewards and penalties [6] - The guidelines allow fund management companies to use various long-term incentive tools, such as equity, options, and restricted stock, to align with the long-term interests of fund shareholders [6] - The design of the reward and punishment mechanisms aims to address the industry's short-term incentive issues and weak accountability, promoting a dynamic balance between constraints and vitality [6]

中国基金报记者 曹雯璟 近日，《基金管理公司绩效考核管理指引（征求意见稿）》（以下简称《指引》）下发。 【导读】机构解读《基金管理公司绩效考核管理指引（征求意见稿）》 多位业内人士表示，此次《指引》将基金公司、管理层、基金经理的利益与投资者利益深度 绑定，一系列"组合拳"将有效推动基金行业生态进一步从"重规模"向"重回报"转变。 直击投资者获得感不足等痛点 进一步促进行业健康发展 对于《指引》发布的意义，多位业内人士表示，《指引》系统性强化了"持有人利益优先"原 则，通过一系列可量化、可操作的具体指标，致力于实现管理人与投资者利益的深度绑定， 进一步促进行业健康发展。 东吴证券研究所联席所长、非银金融首席分析师孙婷表示，《指引》从薪酬结构、绩效考 核、支付机制、问责制度等多个维度作出系统性规定，通过一系列量化指标和刚性约束，引 导基金管理公司将员工激励与基金长期业绩深度绑定，进一步促进行业健康发展。 华南一位公募人士表示，《指引》构建了精细化、差异化的考核生态系统，从单一的薪酬管 理扩展至薪酬总额管理、绩效考核机制、持基回购制度、追索问责机制和中长期激励方式等 全方位管理，体现出监管思路从"打补丁"向"建系统 ...

Core Viewpoint - The satellite ETF (159206) has seen significant growth, with a 2.7% increase in value and a record high in both scale and shares, driven by positive developments in the commercial space industry [1][3][5]. Group 1: ETF Performance - The satellite ETF (159206) opened high and rose by 2.7%, with constituent stocks such as Tianyin Electromechanical up by 7.52%, Mengtai Electronics up by 7.05%, and Zhenlei Technology up by 6.74% [1]. - The latest scale of the satellite ETF reached 1.947 billion yuan, marking a new high since its establishment [2]. - The latest share count for the satellite ETF reached 1.513 billion shares, also a new high since its inception [3]. Group 2: Fund Inflows - The satellite ETF has experienced six consecutive days of net inflows, with the highest single-day net inflow reaching 95.6827 million yuan, totaling 255 million yuan over the period, averaging 42.4994 million yuan per day [3]. Group 3: Industry Developments - A new super factory capable of producing 1,000 satellites annually is set to begin operations in Wenchang International Space City, facilitating seamless satellite launches [5]. - On December 6, China successfully launched 14 low-orbit satellites using the Long March 8 rocket, marking a successful mission [5]. - The establishment of a dedicated Commercial Space Administration signifies a new phase in China's commercial space development, alongside advancements in reusable rocket technology [5].

Core Viewpoint - The General Aviation ETF (159378) has shown a significant increase, reflecting a strong growth trend in the low-altitude economy and drone manufacturing sector in China [1][3]. Group 1: Market Performance - As of December 8, 2025, the General Aviation ETF (159378) rose by 2.22%, marking its third consecutive increase [1]. - Key component stocks such as Tianyin Electromechanical (300342) increased by 11.99%, Aerospace Electronics (600879) by 10.01%, and China Satellite (600118) by 8.49% [1][2]. Group 2: Industry Growth - The low-altitude economy market in China is projected to reach 1.5 trillion yuan by 2025 and is expected to exceed 2 trillion yuan by 2030 [2]. - China holds a 70% share of the global consumer drone market, with 969 companies registered in the civil unmanned aerial vehicle product information system [2][3]. - The first four-seat electric aircraft has received a type certificate from the Civil Aviation Administration of China [2]. Group 3: Policy and Infrastructure - The Central Committee of the Communist Party of China has emphasized accelerating the development of strategic emerging industries, including the low-altitude economy [3]. - Local governments have been expediting the planning of low-altitude flight routes and airspace division since the second half of 2025, with ongoing policy support [3]. - Drones are rapidly expanding in both military and civilian sectors, particularly in logistics and emergency rescue applications [3]. Group 4: Investment Opportunities - The General Aviation ETF (159378) focuses on the low-altitude economy and drone sector, benefiting from the rapid development of integrated air, space, and ground capabilities [3]. - The ETF is the first and largest of its kind in the market, tracking the National Index of General Aviation Industry [3].

近日，上海开庭公告显示，华福证券被XX起诉，缘由是劳动合同纠纷，浦东区12月31日开庭。 我查了下，证券从业系统已经查不到曾经入职过华福证券的同名员工，而2024年8月份，华福证券研究 所曾有一名同名员工，跟同事一起调研中国海油，并发布了研报。不知道是不是同一人。 来源：五道口江湖 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ | | | 来源：五道口江湖 责任编辑：何俊熹 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 我查了下，证券从业系统已经查不到曾经入职过华福证券的同名员工，而2024年8月份，华福证券研究 所曾有一名同名员工，跟同事一起调研中国海油，并发布了研报。不知道是不是同一人。 责任编辑：何俊熹 近日，上海开庭公告显示，华福证券被XX起诉，缘由是劳动合同纠纷，浦东区12月31日开庭。 ...

据记者多方了解， 42家上市券商已全部进行撤销监事会的改革， 将核心职责向董事会审计委员会全面移交。这意味着，这一场覆盖全行业 上市主体的内部监督机制调整，在证券业悄然落定。 "整个流程完全遵循合规要求，从议案起草、董事会审议，到股东大会表决，每一步都有完整的信息披露。"有华东地区上市券商董办人士向 记者表示，公司已于近期完成全部改革程序，目前内部监督架构已按新机制运行。 记者关注到，远不止券商，银行、基金公司等股东方也正陆续撤销监事会。目前英大基金、益民基金、方正富邦基金、招商证券资管也都纷 纷撤销监事会，由董事会审计委员会行使监事会职权。 也可以预见，从2026年起，在董事会的建设与运行过程中，审计委员会的工作将变得最为繁忙、最具挑战性，且任务最为繁重。 42家上市券商进行监事会改革 这是券商等金融机构对政策导向的积极响应，尤其是对新公司法的施行以及金融监管部门的政策导向。 券商撤销监事会步入尾声。 一是原监事会承担的内部监督职权，包括对公司董事、高级管理人员履职行为的监督，对公司重大决策程序的合规性监督等； 2024年7月1日，新修订的《中华人民共和国公司法》正式生效，其中第一百二十一条规定，股份有限公 ...