【导读】A股多个重要指数迎重大调整 中国基金报记者 莫琳 12月15日（周一），深证成指、创业板指等指数的样本定期调整将正式实施。 根据深圳证券交易所及深圳证券信息有限公司公告，深证成指更换17只样本股，创业板指更 换8只样本股，深证100更换7只样本股，创业板50更换5只样本股。 "新质生产力"成主线 市场人士认为，追踪这些指数的庞大被动资金（包括各类ETF），将会按照新的成 份 股进行 配置。这意味着，所有调入名单上的公司，将在短期内迎来实实在在的增量买盘，而调出公 司则面临被动卖压。 深交所在公告中提到，本次调整后，创业板指战略性新兴产业权重占比 为 93%，新一期样本 公司前三季度研发费用同比增速为13%，研发费用占营业收入 的 比重为5%，其中30家公司 研发强度超10%。深证100新质蓝筹属性更加突出，战略性新兴产业权重提升至81%，先进 制造、数字经济、绿色低碳等重点领域权重提升至79%。创业板50战略性新兴产业权重达 98%，其中以人工智能、芯片、光模块等为代表的新一代信息技术产业占比达45%。 其中，深证成指将调入德明利、沃尔核材、拓维信息、四方精创等，调出国药一致、中国天 楹、海德股份、洽 ...

Group 1 - The core adjustment of various indices, including the Shanghai 50, STAR 50, and CSI A50, will take effect after the market closes on December 12, with further adjustments for the Shenzhen Component Index and ChiNext Index on December 15 [1] - The Shanghai 50 Index will replace 4 samples, the Shanghai 180 Index will replace 7 samples, the Shanghai 380 Index will replace 38 samples, and the CSI 500 Index will replace 50 samples among others [1] - New additions to the Shanghai 50 Index include SAIC Motor, Northern Rare Earth, Huadian New Energy, and Zhongke Shuguang [1] Group 2 - The Shenzhen Component Index will add Demingli, Wolong Nuclear Material, Tuowei Information, and Sifang Chuangxin, while removing China National Pharmaceutical, China Tianying, Haide Shares, and Qiaqia Food [2] - The ChiNext Index will add Shuanglin Shares, Changshan Pharmaceutical, Fulian Precision, and Changxin Bochuang, while removing Biyuan, Yihualu, and Tianhua New Energy [3] Group 3 - The Shenzhen 100 Index will add Cangge Mining, Guohuo Aviation, and Dongshan Precision, while removing Tianshan Shares, Shanxi Coking Coal, and Jingao Technology [4] - The ChiNext 50 Index will add Changshan Pharmaceutical, Feiliwa, and Changxin Bochuang, while removing Terui De, Mango Super Media, and Guanghong Technology [5] Group 4 - The adjustments are part of a regular periodic update, enhancing the representation of emerging industry leaders and increasing the technology attributes of the indices [6] - After the adjustments, the strategic emerging industry weight in the ChiNext Index will reach 93%, with a 13% year-on-year growth in R&D expenses for the new sample companies [6] - The weight of strategic emerging industries in the ChiNext 50 Index will reach 98%, with new generation information technology industries, including AI and chips, accounting for 45% [6]

Group 1 - Microsoft CEO Satya Nadella announced plans to release a new AI model aimed at enhancing AI interactions and collaboration for both personal and enterprise users [1] - The exact functions and technical details of the new model have not been disclosed, but it is expected to provide a more efficient and disruptive AI experience [1] - According to CICC, leading companies in the global AI Agent ecosystem, such as OpenAI and Anthropic, are currently the core players, generating annual revenues in the billions [1] Group 2 - The AI Agent market is characterized as a supply-driven demand sector, with existing market demand not yet fully met by available products [2] - The recent launch of Doubao AI phone highlights the importance of mobile devices as core hardware in the AI era, similar to the collaboration between Huawei and Seres in the smart driving sector [2] - AI Agents are anticipated to transform user interaction with smartphones, potentially driving a new wave of smartphone upgrades [2] Group 3 - Naxing Co., through its subsidiary, has partnered with Microsoft to provide AIGC application products and solutions based on AI model technology [3] - Sifang Jingchuang has collaborated with Microsoft to launch Banking Copilot, an AI compliance application platform for financial institutions utilizing ChatGPT [3]

Core Viewpoint - The three major indices showed mixed performance, with the Shanghai Composite and Shenzhen Component continuing to decline, while the ChiNext Index experienced a pullback after an initial rise. The financial sector faced significant losses, particularly in financial technology stocks [1] Financial Technology ETF Performance - The Huaxia Financial Technology ETF (516100) fell by 1.48%, with most of its holdings declining, including Hengyin Technology which dropped over 8%. Other notable declines were seen in Airong Software, Zhinan Zhen, Yinzhijie, and Yingshisheng [1] - The Huaxia Financial Technology ETF has seen a continuous inflow of funds for six consecutive trading days, totaling 27.63 million yuan. Leveraged funds have been actively investing, with the ETF receiving net purchases of leveraged funds for five days in a row, peaking at a net buy of 2.07 million yuan in a single day. The latest financing balance reached 13.71 million yuan [1] Index Composition - The Huaxia Financial Technology ETF closely tracks the CSI Financial Technology Theme Index. As of November 28, 2025, the top ten weighted stocks in the index include Tonghuashun, Dongfang Caifu, Hengsheng Electronics, Zhinan Zhen, Runhe Software, Donghua Software, Newland, Yinzhijie, Guangdian Yuntong, and Sifang Jichuang, which collectively account for 53.31% of the index [1]

Core Viewpoint - The A-share market experienced a rebound on December 8, with the financial technology ETF Huatai (159103) opening higher and achieving a three-day consecutive increase, closing up by 1.03% after rising over 2% at one point [1]. Group 1: Financial Technology ETF Performance - The financial technology ETF Huatai (159103) showed strong performance, with significant gains in its component stocks, including Sifang Jingchuang and Yinzhijie, which rose over 3%, and Hengsheng Electronics, which increased over 2% [6]. - The index of the financial technology ETF covers various sectors, including internet brokerage, financial IT, AI applications, and cross-border payments, highlighting its high elasticity and growth potential in a favorable liquidity environment [7]. Group 2: Regulatory Changes Impacting Insurance Companies - Recent adjustments to the risk factors for insurance companies' stock investments aim to enhance their solvency and encourage long-term capital investment in the equity market. The risk factor for stocks held over three years has been reduced from 0.3 to 0.27, and for stocks held over two years, it has been lowered from 0.4 to 0.36 [4]. - The adjustments are expected to release a minimum of 326 billion yuan in capital, with potential market inflows of 1,086 billion yuan if the insurance funds increase their allocation to the CSI 300 index stocks [5].

Group 1 - The core viewpoint is that the financial technology sector is experiencing strong growth, with the China Securities Finance Technology Theme Index rising by 2.48% and several constituent stocks showing significant gains [1] - The China Securities Regulatory Commission (CSRC) announced on December 6 that it will enhance classified regulation, optimize evaluation indicators for quality institutions, and moderately expand capital space and leverage limits to improve capital utilization efficiency [1] - Non-bank financials are currently undervalued, providing a safety margin, with the insurance sector benefiting from economic recovery and rising interest rates, particularly in health and pension insurance [1] Group 2 - The Financial Technology ETF closely tracks the China Securities Finance Technology Theme Index, which reflects the overall performance of listed companies in the financial technology sector [2] - As of November 28, 2025, the top ten weighted stocks in the index account for 53.31% of the total, including companies like Tonghuashun and Dongfang Caifu [2]

Core Viewpoint - Financial technology sector is experiencing significant gains due to favorable news, with major stocks like WinTimes rising over 15% and several others increasing by more than 5% [1] Group 1: Market Performance - Financial technology stocks opened high, with notable increases in companies such as WinTimes, Zhongke Jincai, and Chuangshi Technology [1] - The largest financial technology ETF (159851) rebounded over 2%, with a trading volume exceeding 200 million yuan and a net subscription of 87 million units [1] - The financial technology ETF has a current scale exceeding 9 billion yuan, with an average daily trading volume of 800 million yuan over the past six months, leading among similar ETFs [2] Group 2: Regulatory Impact - The recent reduction of risk factors for insurance companies by the financial regulatory authority is expected to expand the scale of insurance capital investment in A-shares, indicating a positive signal for the A-share market and potential influx of new capital [1] Group 3: Investment Strategy - The financial technology sector is anticipated to benefit from improved liquidity, with internet brokerages expected to see continued fundamental improvements [2] - Investment strategies for 2026 focus on two main lines: short-term market activity and mid-term performance elasticity of financial IT companies, driven by policy support and steady progress in brokerage innovation [2] - Recommendations include focusing on financial technology ETFs (159851) and related funds, which cover a wide range of themes including internet brokerages and AI applications [2]

北京市金杜（深圳）律师事务所 关于深圳四方精创资讯股份有限公司 2025 年第二次临时股东会 的法律意见书 致：深圳四方精创资讯股份有限公司 北京市金杜（深圳）律师事务所（以下简称本所）接受深圳四方精创资讯股份有 限公司（以下简称公司）的委托，根据《中华人民共和国证券法》（以下简称《证券 法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委 员会《上市公司股东会规则》（以下简称《股东会规则》）等中华人民共和国境内 （以下简称中国境内，为本法律意见书之目的，不包括中国香港特别行政区、中国澳 门特别行政区和中国台湾省）现行有效的法律、行政法规、规章和规范性文件及现行 有效的公司章程有关规定，指派律师出席了公司于 2025 年 12 月 1 日召开的 2025 年 第二次临时股东会（以下简称本次股东会），并就本次股东会相关事项出具本法律意 见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2025 年第一次临时股东会审议通过的《深圳四方精创资讯股份有限公 司章程》（以下简称《公司章程》）； 2. 公司于 2025 年 11 月 15 日刊登于巨潮资讯网 ...

证券代码：300468 证券简称：四方精创 公告编号：2025-052 深圳四方精创资讯股份有限公司 2025 年第二次临时股东会决议公告 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。 特别提示： 一、召开会议的基本情况 现场会议时间：2025 年 12 月 01 日下午 15:00； 网络投票时间为： （1）通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 12 月 01 日上午 9:15-9:25，9:30-11:30，下午 13:00-15:00 （2）通过深圳证券交易所互联网投票系统投票的具体时间为：2025 年 12 月 01 日 9:15 至 2025 年 12 月 01 日 15:00 期间的任何时间。 1、 本次股东会未出现否决议案的情形； 2、 本次股东会不涉及变更以往股东会已通过的决议； 3、 本次股东会采用现场投票与网络投票相结合的方式召开。 1、 会议召集人：公司第五届董事会 2、 会议召开时间： 3、 会议主持人：董事长周志群先生 4、 现场会议召开地点：深圳市南山区粤海街道高新区社区高新南七道 8 号四方精创资讯大 ...

Core Viewpoint - The trend of A-share companies planning to list in Hong Kong continues, with 18 companies disclosing their intentions to issue H-shares and list on the Hong Kong Stock Exchange in November [1] Group 1: Companies Planning to List - 18 A-share listed companies have announced plans to issue H-shares and list in Hong Kong from November 1 to November 29 [1] - Zhongji Xuchuang announced on November 10 its intention to issue H-shares and list on the Hong Kong Stock Exchange [1] Group 2: Specific Company Announcements - Runjian Co., Ltd. announced on November 25 its plan to issue H-shares and list in Hong Kong [2] - Ningbo Yunsheng authorized management on November 24 to initiate preparations for issuing H-shares and listing in Hong Kong [2] - Igor announced on November 24 its plan to issue H-shares and list in Hong Kong [2] - Miao Exhibition announced on November 24 its intention to issue H-shares and list in Hong Kong [2] - Zhuoyi Information announced on November 20 its plan to issue H-shares and list in Hong Kong [2] - Yuanjie Technology announced on November 19 its intention to issue H-shares and list in Hong Kong [2] - Dashang Co., Ltd. announced on November 18 its plan to issue H-shares and list in Hong Kong [2] - Sifang Jingchuang announced on November 14 its intention to issue H-shares and list on the main board of the Hong Kong Stock Exchange [2] - Zejing Pharmaceutical announced on November 14 its plan to issue H-shares and list in Hong Kong [2] - Juxin Technology announced on November 14 its intention to issue H-shares and list in Hong Kong [2] - Deye Co., Ltd. announced on November 13 its plan to issue H-shares and list in Hong Kong [2] - Tuosida announced on November 12 its intention to issue H-shares and list in Hong Kong [2] - Marumi Bio announced on November 12 its plan to issue H-shares and apply for listing in Hong Kong [2] - Transsion Holdings announced on November 12 its intention to issue H-shares and list in Hong Kong [2] - Anker Innovations announced on November 11 its plan to issue H-shares and list in Hong Kong [2] - Visual China announced on November 4 that it is planning to issue H-shares [2] - Juhe Materials announced on November 3 its plan to issue FF shares and list in Hong Kong [2]