革故鼎新，鉴证不凡！ 2025年12月18日，"2025年度资本市场卓越执业英才盛典"活动在苏州隆重举办，2025资本市场"卓越执 业英才"全名单揭晓，共212位大咖、36个团队和机构、18只债券类产品获殊荣！ 完整名单如下： 年度卓越保荐代表人 卓越执业英才 C 全景 Q 全景投 教基地 2025年度资本市场卓越执业英才盛典 名名与公服艺仪表 1 2417457 17 者 张帅 华泰联合证券 曲娱 _ 李浩森 RECEE 当杨华川道 recess 线 杨利国影 头吴同欣 影 teces 国金证券 国泰海通证券 中信证券 华泰联合证券 广发证券 Access recess 戴劲 ices 蒋迪 recess 星世英 成燕 reces 蔡锐 recess resear recess 顾培培 ori 国泰海通证券 国联民生证券 广发证券 兴业证券 广发证券 国泰海通证券 *排名不分先后 NEWS 63 全景网 杰出专精特新保荐代表人 ○ 全景投教基地 卓越执业英才 2025年度资本市场卓越执业英才盛典 | 朱 舟 | 开源证券 | | --- | --- | | 朱凤军 | 申万宏源证券 | | 郑 媛 | 开源 ...

具体来看，今日上榜营业部中，第一大买入营业部为国信证券股份有限公司深圳互联网分公司，买入金 额为1677.88万元，第一大卖出营业部为中信证券(山东)有限责任公司济南分公司，卖出金额为2369.47 万元。（数据宝） 田野股份（920023）今日涨停，全天换手率42.91%，成交额6.35亿元，振幅30.18%。龙虎榜数据显示， 营业部席位合计净卖出485.55万元。 北交所公开信息显示，当日该股因日涨跌幅达到29.89%、日价格振幅达30.18%、日换手率达42.91%上 榜，营业部席位合计净卖出485.55万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交1.29亿元，其中，买入成交额为6220.20 万元，卖出成交额为6705.75万元，合计净卖出485.55万元。 田野股份12月22日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 国信证券股份有限公司深圳互联网分公司 | 1677.88 | 485.51 | | 买二 | 国泰海通证券股份有限公司上海 ...

原标题：清算总中心召开数字供应链金融服务平台2025年度运行会议 来源：央行清算 2025年12月19日，中国人民银行清算总中心组织召开数字供应链金融服务平台（以下简称平台）2025年 度运行会议。本次会议通过线上形式召开。中国人民银行支付结算司和清算总中心的有关负责同志出席 会议并讲话，中国支付清算协会、中国互联网金融协会、成方金科、成方金信以及180余家金融机构代 表近300人参加本次会议。 会议通报了2025年平台运行情况，介绍了下一年度工作计划。会议强调，平台要持续提升行业数字化水 平，通过数字化手段进一步加强风险控制能力，持续强化对中小微企业的金融支持。支付结算司有关同 志充分肯定了平台取得的成绩，指出平台各方应坚守合规安全底线，筑牢行业稳健发展根基，坚持统筹 发展和安全，在业务发展的同时加强风险防控。 会议还向一年来在平台建设和推广方面做出重要贡献的参与者表达了感谢。如，工商银行、农业银行、 中国银行、建设银行、浙商银行、宁波银行、平安银行、光大银行等积极推动平台各类业务健康发展； 招商银行、中信银行、邮储银行、交通银行、江苏银行、重庆富民银行、无锡锡商银行、常熟农商银 行、浙江农商联合银行等在电 ...

12月19日，由《中国证券报》主办的"2025财富配置与资产管理大会"暨"第六届银行业金牛奖"颁奖典礼在深圳举办。凭借着专业精进的投研能力、富有竞争 力的产品矩阵、持续迭代的数字科技等优势，平安理财荣获"金牛创新理财公司"，旗下"启航增强稳盈（180天持有）1号"摘得"固收类金牛理财产品"荣誉。 作为平安银行的全资理财子公司，平安理财围绕母行"零售做强、对公做精、同业做专"的战略方向，构建多元化人才队伍和数据科技创新"双擎驱动"的竞争 优势。一直以来，平安理财始终坚持审慎稳健的风险偏好，打造以"稳"为特色、聚焦绝对收益目标的产品体系，致力于以更强的责任担当、更扎实的投研能 力守护老百姓的钱袋子。 连续五年荣获"金牛奖"系列荣誉，充分彰显了权威机构对于平安理财资产管理能力和经营成果的充分肯定，更是对公司服务实体经济高质量发展、积极践 行"金融为民"理念的高度认可。 平安理财秉持追求绝对收益的理念，围绕价值创造的主线，持续强化以资产配置和组合投资为"双支柱"的投研能力体系，打造了"工业化、平台化"的投资管 理模式，多资产多策略投研能力稳步提升。在产品布局方面，平安理财构建了覆盖"安心"（现金管理类）、"安稳"（固 ...

■■■■ 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 Insights - The 2025 Shenzhen Xiangmi Lake Financial Annual Conference focused on promoting a virtuous cycle of technology, industry, and finance in the Guangdong-Hong Kong-Macao Greater Bay Area, emphasizing the theme of making finance smarter and more humane [1][3] Report Overview - The "Xiangmi Lake Intelligent Finance Development Report (2025)" was released, led by former China Securities Regulatory Commission Chairman Xiao Gang, featuring contributions from over 30 experts. The report includes six chapters: technology, application, special topics, exploration, Hong Kong-Macao, and governance, providing a comprehensive view of China's intelligent finance development [3][4] Technological Developments - The report highlights significant achievements in the financial system's support for artificial intelligence (AI) and related technologies, while also addressing challenges such as the rapid depreciation of existing technologies and the impact on traditional valuation systems [3][4] Financial Support System - Xiao Gang proposed a financial support system tailored for AI development, which includes enhancing product adaptability, increasing early-stage investment, improving risk management capabilities, and enhancing post-investment services [4] AI Industry Landscape - As of November 1, 2025, China has registered 611 generative AI services, with 306 applications or functions documented. However, the AI sector faces challenges such as governance difficulties, a shortage of skilled professionals, weak intellectual property protection, and funding issues for startups [5] Application Trends - The report identifies five key trends in intelligent finance applications for 2025, including the expansion of complex financial business scenarios, reduced reasoning costs, automation of financial services, breakthroughs in multi-modal capabilities, and the role of AI models in supporting financial development [6] Data Governance Transformation - The transition from traditional data governance to intelligent governance is emphasized, with a focus on adapting to the increasing volume of heterogeneous real-time data. The need for a new governance framework that prioritizes value creation over cost is highlighted [7] Regulatory Framework - The Hong Kong-Macao section of the report discusses the importance of a regulatory framework that balances innovation and safety, with a focus on using AI for risk management rather than front-end services [8] Global Governance and Opportunities - The governance chapter outlines the need for a balanced approach to innovation and regulation, with specific recommendations for small and medium-sized financial institutions to enhance their AI capabilities through collaboration and resource allocation [10] Industry Consensus - The conference concluded with a call for collaboration among government, industry, academia, and research sectors to address challenges in intelligent finance development, aiming to transition China from a "financial power" to a "financial stronghold" [11]

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]

2025 年 12 月 20 日 总量研究 信用债发行量环比下降，各行业信用利差涨跌互现 ——信用债周度观察（20251215-20251219） 要点 1、 一级市场 注：本篇报告的信用债口径包括定向工具、短期融资券、公司债、金融债（不含 同业存单和政金债）、中期票据、企业债。 2025 年 12 月 15 日至 12 月 19 日（以下简称"本周"），信用债共发行 347 只，发行规模总计 3705.49 亿元，环比减少 19.36%。 发行规模方面，本周，产业债共发行 170 只，发行规模达 1633.10 亿元，环比 减少 12.44%,占本周信用债发行总规模的比例为 44.07%；城投债共发行 138 只， 发行规模达 879.59 亿元，环比减少 0.96%,占本周信用债发行总规模的比例为 23.74%；金融债共发行 39 只，发行规模达 1192.80 亿元，环比减少 35.24%, 占本周信用债发行总规模的比例为 32.19%。 发行期限方面，本周信用债整体的平均发行期限为 2.63 年，其中，产业债平均 发行期限为 2.38 年、城投债平均发行期限为 3.14 年、金融债平均发行期限为 1. ...

Core Viewpoint - The announcement details the interest payment schedule for the convertible bonds issued by the company, highlighting the terms and conditions related to the bonds and their interest payments [2][11]. Group 1: Bond Issuance Overview - The company issued 24.40 billion RMB worth of convertible bonds, with a total of 24.4 million bonds at a face value of 100 RMB each [2]. - The bonds have a maturity period of six years, from December 28, 2020, to December 27, 2026 [2]. - The coupon rates for the bonds are structured to increase over the years, starting from 0.2% in the first year to 2.0% in the sixth year [2]. Group 2: Interest Payment Details - The interest payment for the fourth year will be 1.8 RMB per bond (including tax), applicable for the period from December 28, 2024, to December 27, 2025 [11][14]. - The interest payment date is set for December 29, 2025, with the record date for interest entitlement being December 26, 2025 [12][6]. - Holders who convert their bonds into shares before the record date will not receive interest for the current and future periods [3][11]. Group 3: Taxation and Regulatory Information - Individual investors are subject to a 20% tax on interest income, resulting in a net payment of 1.44 RMB per bond after tax [14]. - The bonds are rated AA+ by Shanghai New Century Credit Rating Co., Ltd. [8]. - The bonds are not secured by any collateral [9]. Group 4: Administrative and Contact Information - The bonds are managed by China Securities Depository and Clearing Corporation Limited, Shanghai Branch [10]. - The issuer's contact information includes the address and phone number for inquiries related to the bonds [15].