Core Viewpoint - Under the low interest rate environment, listed banks are increasingly motivated to redeem existing "high-yield" preferred shares to save on interest costs [1] Group 1: Bank Actions - Changsha Bank announced it will redeem 6 billion yuan of its preferred shares "Changyin You 1" on December 25 and terminate its listing [1] - In December alone, five banks, including Changsha Bank, Beijing Bank, Shanghai Bank, Hangzhou Bank, and Nanjing Bank, have announced the redemption of preferred shares, totaling 45.8 billion yuan [1] - Including previous redemptions by Industrial and Commercial Bank of China, Bank of China, Industrial Bank, and Ningbo Bank, the number of banks redeeming preferred shares since 2025 has increased to nine [1] Group 2: Market Trends - Since 2020, the issuance of new preferred shares by banks has nearly stagnated, indicating a shift in capital management strategies [1] - The accelerated redemption and delisting of existing preferred shares have led to a significant reduction in their outstanding volume [1] - The willingness of commercial banks to redeem preferred shares to optimize their capital structure has been continuously reinforced [1] - Asset management institutions view the scarcity of bank preferred shares as increasingly prominent [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 公告送出日期：2025年12月23日 1 公告基本信息 ■ 注：本基金单一投资者持有基金份额比例可达到或者超过基金份额总数的50%，且本基金不向个人投资 者公开销售。 2 申购、赎回业务的办理时间 2.1开放日 根据本基金《基金合同》、《招募说明书》的规定，本基金以定期开放的方式运作，本基金的封闭期为 自基金合同生效之日起（包括基金合同生效之日）或自每一开放期结束之日次日起（包括该日）至该封 闭期首日所对应的一年年度对日的前一日止。本基金封闭期内不办理申购与赎回业务，也不上市交易。 本基金自每个封闭期结束之后第一个工作日起（包括该日）进入开放期，期间可以办理申购与赎回业 务。本基金每个开放期不少于2个工作日且最长不超过20个工作日，开放期的具体时间以基金管理人届 时公告为准，且基金管理人最迟应于开放期前2日进行公告。如封闭期结束后或在开放期内发生不可抗 力或其他情形致使基金无法按时开放申购与赎回业务，或依据基金合同需暂停申购或赎回业务的，开放 期时间顺延，直至满足开放期的时间要求，具体时间以基金管理人届时公告为准。在不违反法律法规的 前提下，基金管理人可以对封 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 公告送出日期：2025年12月23日 1 公告基本信息 ■ 2日常申购、赎回、转换业务的办理时间 根据东方臻萃3个月定期开放纯债债券型证券投资基金（以下简称"本基金"）《基金合同》 《招募说明 书》的规定，本基金的每个封闭期为3个月，即自基金合同生效日（含该日）或自每一开放期结束之日 次日（含该日）起至三个月后对应日（如该对应日不存在或为非工作日，则顺延至下一工作日）前一日 止的期间。本基金自每个封闭期结束后进入开放期，开放期时长原则上为5至20个工作日。本次开放期 （2025年12月24日至2025年12月30日，共计5个工作日）；下一个封闭期自本次开放期结束之日次日 （含该日）起至三个月后对应日（如该对应日不存在或为非工作日，则顺延至下一工作日）前一日止的 期间。 投资人在开放期的开放日办理基金份额的申购和赎回、转换业务，具体办理时间为上海证券交易所、深 圳证券交易所的正常交易日的交易时间，但基金管理人根据法律法规、中国证监会的要求或基金合同的 规定公告暂停申购、赎回时除外。 基金合同生效后，若出现新的证券/期货交易市场、证券/期货交易所交易时间变更或其他 ...

New Stock Listings - One new stock listed today: Muxi Co., Ltd. (688802) with an issue price of 104.66 yuan [1] Industry News - The Ministry of Commerce announced the imposition of anti-dumping duties on imported pork and pork products from the EU for a period of five years starting today [1] - The 2025 Xiaomi Human-Vehicle Home Ecosystem Partner Conference is being held today [1] - The 2025 China Artificial Intelligence Industry Innovation and Development Conference is taking place today [1] - The Second Global Data Technology Conference (GDTC) is being held in Beijing from today until the 18th [1] - The Fourth Computing Power Network and Digital Economy Forum, along with the 2025 "Computing Power Puxiang" Conference, is being held today [1] - Dell announced a price increase for all its commercial product lines starting today, attributed to demand for memory chips [1] - The U.S. Trade Representative's office warned of potential retaliatory measures against the EU's service industry and may initiate a Section 301 investigation [1] - The U.S. FDA approved a twice-a-year asthma medication from GlaxoSmithKline [1] - Autonomous driving company Waymo is reportedly discussing raising several billion dollars at a valuation exceeding $100 billion [1] - Tesla's stock price reached a historic high, with a market capitalization exceeding $1.6 trillion, reflecting growing optimism about autonomous driving [1] - Level 3 autonomous driving has been approved, with Changan Automobile and BAIC Blue Valley models receiving pilot approval [1] - Apple plans to expand its iPhone product line from five to seven models before fall 2027 [1] - OpenAI appointed former UK Chancellor Osborne to lead the "OpenAI for Countries" initiative [1] - AI data platform Databricks is reportedly raising over $4 billion at a valuation of $134 billion [1] - The European Commission plans to issue approximately €90 billion in bonds in the first half of next year [1] Economic Data - A total of 189.8 billion yuan in 7-day reverse repos is maturing today [1] - Various economic indicators are being released, including Japan's trade balance, export and import amounts for November, and the UK's core CPI [1] - Germany's Ifo Business Climate Index for December and HICP data for November are being published [1] - Italy's HICP data for November is also being released [1] - Eurozone's November CPI and core CPI data are being reported [1] - U.S. retail inventory adjustments and EIA crude oil inventory changes for the week ending December 12 are being released [1] A-Share Market Dynamics - Six listed companies are facing stock unlocks, including Oke Technology with 70 million shares (74.99% of total shares) and Meino Biological with 13.88 million shares (9.86%) [1] - Several companies announced dividend distributions, with Chongqing Brewery (10 shares for 13 yuan) and Wuliangye (10 shares for 25.78 yuan) among those with significant payouts [1] - Dongjie Intelligent is planning to acquire a controlling stake in Aobo Intelligent, leading to a stock suspension [1] - Multiple companies released important announcements, including 360 clarifying rumors of financial fraud and Longping High-Tech planning a 1 billion yuan investment in production bases in Vietnam and Malaysia [1] - Lianhua Holdings' subsidiary plans to purchase acceleration cards for intelligent computing business for 200 million yuan [1] - Hualing Cable intends to acquire 70% of San Zhu Technology for 183 million yuan [1] - Xiechuang Data signed a strategic cooperation framework agreement to enter the optical chip and module industry [1]

Core Insights - The article highlights the increasing pressure on banks, particularly small and medium-sized banks, to attract deposits as the year-end approaches, leading to various promotional strategies and potential compliance risks [1][2][3]. Group 1: Deposit Strategies - Banks are employing strategies such as raising deposit interest rates, offering gifts, and promoting wealth management products to attract new customers and funds [2][3]. - For instance, Jiangsu Bank has raised the annual interest rate on a three-year fixed deposit product to 1.9%, a 15 basis points increase from the standard rate [2]. - Other banks, including Jilin Bank and Hangzhou Bank, have also increased their deposit rates, with Jilin Bank's three-year fixed deposit rate rising from 1.75% to 2% [2]. Group 2: Wealth Management Focus - Many banks are shifting their focus towards wealth management products as part of their year-end strategies, launching fixed-income products and promotional activities [3]. - For example, China Post Life has introduced three products targeting year-end bonuses, with one offering a maximum annualized yield of 1.52% [3]. - This shift is seen as a way for banks to stabilize liabilities and attract new funds while also increasing non-interest income [3]. Group 3: Compliance Risks - The phenomenon of "deposit rush" has resurfaced, where banks engage in practices to meet performance targets, potentially leading to compliance risks and market disturbances [4][6]. - There are reports of intermediaries advertising "end-of-year deposit rush" services, where funds are concentrated to meet performance metrics, raising concerns about regulatory compliance [4]. - Such practices may violate regulations and could expose banks to legal risks, as well as jeopardize customer funds [6]. Group 4: Internal Pressure and Ethical Concerns - The pressure on bank employees to meet performance targets has led to the normalization of purchasing performance indicators through online platforms [5]. - Employees may resort to these practices to avoid penalties and secure bonuses, indicating a culture of performance-driven behavior that could harm the bank's reputation [5][6]. - The reliance on such practices raises ethical concerns and could lead to internal corruption and a loss of customer trust [6].

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 ...

Core Viewpoint - The banking sector is tightening regulations on personal precious metals trading, with multiple banks enhancing management of their agency services for the Shanghai Gold Exchange since December 2023 [1][3]. Group 1: Recent Bank Announcements - Industrial and Commercial Bank of China (ICBC) announced that starting December 19, it will transfer the balances of margin accounts with no positions, inventory, or debts to the clients' settlement accounts and close related business functions [1]. - China Construction Bank (CCB) stated that from December 15, it will also transfer similar account balances and automatically close related business functions [1]. - Other banks, including Agricultural Bank of China, Postal Savings Bank, Everbright Bank, Citic Bank, and Ningbo Bank, have made similar announcements regarding the management of personal precious metals trading [3]. Group 2: Business Adjustments and Historical Context - The adjustments primarily target existing accounts, with banks having previously restricted new account openings and other operational changes since 2022 [4]. - The adjustments are seen as a continuation of a trend that began in July 2022, where major banks halted new account openings for leveraged derivative products related to precious metals trading [4]. - The recent changes are also linked to significant fluctuations in precious metal prices, with gold prices rising by 60% and silver prices increasing by over 120% this year [4]. Group 3: Market Implications and Investor Guidance - The adjustments aim to encourage investors to recognize the risks associated with market volatility and to shift from short-term speculation to long-term investment strategies [5]. - Banks have raised the thresholds for accumulating gold and issued market risk warnings, advising investors to enhance their risk awareness and manage their positions prudently [5].

Core Viewpoint - Lito Electronics (603629.SH) has received a registration notice from the National Association of Financial Market Institutional Investors, allowing the company to register its technology innovation bonds for a total amount of 500 million yuan [1] Group 1 - The registration is for medium-term notes, with a validity period of two years from the date of the notice [1] - The lead underwriter for the bond issuance is Ningbo Bank Co., Ltd. [1] - The company can issue the technology innovation bonds in installments during the registration validity period [1] Group 2 - Any issuance after registration must be filed with the association in advance [1] - The company is required to manage the issuance according to the resolutions of authorized institutions and relevant management requirements [1] - Upon completion of the issuance, the results must be disclosed through channels recognized by the association [1]

中国银行间市场交易商协会《接受注册通知书》，通知书称：决定接受公司科技创新债券注册。公司本 次注册基础品种为中期票据，注册金额为5亿元，注册额度自通知书落款之日起2年内有效，由宁波银行 股份有限公司主承销。 公司在注册有效期内可分期发行科技创新债券，接受注册后如需备案发行，应事前先向交易商协会备 案。公司应按照有权机构决议及相关管理要求，进行发行管理。发行完成后，应通过交易商协会认可的 途径披露发行结果。 格隆汇12月22日丨利通电子(603629.SH)公布,近日，公司收到交易商协会出具的《接受注册通知书》， 交易商协会同意接受公司科技创新债券注册。具体内容如下： ...

来源：Y趣理说 2025年的公募基金行业热点频出，但同时在短期内释放业绩、规模与人事信号的霸榜机构，永赢基金显 得尤为突出。 一边是混合型基金规模排名从年初的行业第30位迅速冲进前10；一边是新人基金经理"出道即巅峰"，凭 借重仓AI赛道拿下全市场收益冠军；与此同时，多位老将淡出舞台，员工持股计划落地、股权结构微 调同步推进等。永赢基金，几乎踩中了主动权益最激进的一条增长路径。 这究竟是一次产品与人才的有效重构，还是一场建立在高波动之上的扩张式豪赌，答案远未明朗。 新老更替加速，用赛道换时间？ 如果把永赢基金近两年的投研变化拉长来看，一个趋势非常清晰：经验在让位，赛道在加权。 | 姓名 | 任职日期 | ↑ 任职年限 | | --- | --- | --- | | 陈方圆 | 2025-07-21 | 0.42 | | 张博然 | 2025-07-02 | 0.47 | | 沈平虹 | 2025-01-10 | 0.95 | | 连冰洁 | 2024-12-31 | 0.98 | 这种结构变化，并非偶然，而是一次主动选择。 以任桀为代表的"内部培养型"新人，正是这一策略的缩影。2018年进入公司从事TMT研究 ...