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15日 1.公告基本信息 ■ 2.日常申购、赎回业务的办理时间 投资人在开放日办理基金份额的申购和赎回，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（若该工作日为非港股通交易日，则本基金不开放），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特殊情况，基 金管理人将视情况对前述开放日及开放时间进行相应的调整，但应在实施日前依照《公开募集证券投资 基金信息披露管理办法》的有关规定在规定媒介上公告。 3.日常申购业务 3.1申购金额限制 （1）投资人申购的基金份额需为最小申购单位的整数倍。本基金目前最小申购单位为150万份。基金管 理人可根据基金运作情况、市场情况和投资者需求，在法律法规允许的情况下，调整最小申购单位。 （2）基金管理人可设定申购份额上限，以对当日的申购总规模进行控制，具体规定详见申购赎回清 单。 （3）基金管理人可以规定单个投资人累计持有的基金份额上限、单日或单笔申购份额上 ...

Group 1 - The core viewpoint emphasizes the integration of finance and consumption as a key support for expanding domestic demand and stabilizing economic growth, with a focus on quality improvement rather than mere scale expansion [1][3] - The 2025 Beijing Commercial Brand Conference highlighted the importance of financial empowerment in enhancing consumption quality, with ten major financial brands recognized for their contributions [1] - The forum discussed the evolving relationship between finance and consumption, indicating that financial services are becoming more crucial in driving consumer spending and economic stability [3][4] Group 2 - The macroeconomic outlook for 2026 suggests a significant increase in the resident consumption rate, with financial policies expected to focus on service consumption and enhancing residents' income [3][4] - The transition from traditional factor-driven growth to innovation-driven growth is identified as a key transformation in the next five years, with an emphasis on high-quality development and technological innovation [4][6] - Financial institutions are expected to play a larger role in supporting emerging industries and facilitating the shift from real estate-driven growth to new economic drivers [6][9] Group 3 - The rise of new consumer segments, such as new citizens and the elderly economy, presents opportunities for financial services to innovate and meet diverse consumer needs [9][10] - The demand for inclusive financial services is growing, particularly among younger consumers and new labor groups, highlighting the need for tailored financial products [9][10] - The insurance sector is leveraging technology to enhance service delivery and expand coverage, particularly for traditionally underserved populations [10][11] Group 4 - The wealth migration from traditional assets like real estate to diversified financial products is reshaping the investment landscape, with a focus on wealth management and financial planning [13][14] - Financial technology is being utilized to provide personalized services to clients, enhancing customer experience and engagement in wealth management [14][15] - The dual function of life insurance as both risk protection and asset growth is emphasized, positioning it as a vital component in comprehensive asset planning [16]

中信证券：内外兼顾，寻求交集 从此次中央经济工作会议内容来看，做大内循环仍是重心，定位和去年相似。但对于股票市场而言，内需品种 和外需品种的预期和定价与去年存在巨大差异：去年底，投资者对外需普遍谨慎，对内需充满期待，但最终外 需的表现大超预期；今年是重仓布局外需敞口品种，预期相对充分，但对内需品种欠缺信心。实际上，明年外 需继续超预期的难度在加大，但内需可期待的因素在增多。 从这些角度来看，海外敞口品种业绩兑现力强，但估值继续提升难度大；内需敞口品种景气度一般，但一旦超 预期修复，估值弹性不小。配置上要寻求交集，即海外敞口为基底、内需积极变化也会产生催化的品种。 国泰海通：当下是布局春季行情的重要窗口 对于后市，我们比市场共识更乐观：部分投资者以政策表述从"超常规"到"跨周期"解读政策不积极，但这存在 谬误，2025年超常规是相较于2024年尾部风险暴露而言。面向2026年，中央经济工作会议明确"巩固拓展经济 稳中向好势头"，并要求财政政策"更加积极"与"内需主导"，首次提出"推动投资止跌回稳"，并时隔十年重提 房地产"去库存"；中财办副主任韩文秀表示将根据形势变化出台实施增量政策，继续实施"国补"与靠前实 ...

【大河财立方消息】2025年A股已进入收官倒计时，步入年末，市场正处于全年业绩兑现与2026年开局 衔接的关键节点。来年如何布局？跨年行情怎么看？大河财立方记者梳理了6家券商最新解读。 中信建投：跨年行情蓄势待发 中信建投分析师夏凡捷、何盛发表研报认为，从9月初至12月初，AH两地市场经历了较长时间的调整， 投资者情绪趋于谨慎，而近期，多项关键事件与数据相继公布，整体基调符合或略好于市场预期。 中信建投认为，牛市底层逻辑仍在，主要由结构性行情和资本市场改革政策推动。目前市场已经基本完 成调整，叠加基金排名基本落地，跨年有望迎来新一波行情。 中期行业配置方面，中信建投建议重点关注具有一定景气催化的有色金属和AI算力，主题上以商业航 天为主，可控核聚变和人形机器人为辅；港股也具有投资机会，潜在热点板块主要有互联网巨头、创新 药。重点关注：有色、商业航天、AI、人形机器人、可控核聚变、创新药、非银金融等。 中信证券：内外兼顾，寻求交集 中信证券裘翔、刘春彤等人发表研报认为，从此次中央经济工作会议内容来看，做大内循环仍是重心， 定位和去年相似。 研报中提到，但对于股票市场而言，内需品种和外需品种的预期和定价与去年存在 ...

证券研究报告 2025 年 12 月 14 日 湘财证券研究所 行业研究 证券行业周报 市场交投保持活跃，关注券商估值修复机会 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -3 -8 -20 绝对收益 -4 -5 -3 -30% -20% -10% 0% 10% 20% 2024/12/12 2025/2/12 2025/4/12 2025/6/12 2025/8/12 2025/10/12 2025/12/12 沪深300 证券Ⅱ(申万) 注：相对收益与沪深 300 相比 分析师：张智珑 证书编号：S0500521120002 Tel：(8621) 50295363 Email：zzl6599@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： ❑ 市场回顾：本周券商指数跑赢沪深 300，头部大型券商领涨 相关研究： | 1.《行业周报：券商估值持续回落， | | --- | | 关注配置价值》 2025.12.7 | 根据 Wind 数据，本周（12.8-12.12）上证指数下跌 0.3%，沪深 300 指数下 跌 0.1% ...

扫描二维码查阅公告全文 北京昂瑞微电子技术股份有限公司 首次公开发行股票科创板 上市公告书提示性公告 保荐人（主承销商）：中信建投证券股份有限公司 本公司及全体董事、高级管理人员保证信息披露的内容真实、准确、完整、 及时，没有虚假记载、误导性陈述或重大遗漏。 经上海证券交易所审核同意，北京昂瑞微电子技术股份有限公司（以下简称 "昂瑞微""公司""本公司"或"发行人"）发行的人民币普通股股票将于 2025 年 12 月 16 日在上海证券交易所科创板上市，上市公告书全文和首次公开发行股 票的招股说明书在上海证券交易所网站（http://www.sse.com.cn/）和符合中国证 监 会 规 定 条 件 网 站 （ 中 证 网 ， https://www.cs.com.cn/ ； 中 国 证 券 网 ， https://www.cnstock.com/；证券时报网，https://www.stcn.com/；证券日报网， http://www.zqrb.cn/；经济参考网：http://www.jjckb.cn/）披露，并置备于发行人、 上交所、本次发行保荐人（主承销商）中信建投证券股份有限公司的住所，供公 众 ...

中央经济工作会议定调明年经济政策 1、中央经济工作会议定调明年经济政策。 中央经济工作会议在北京举行，定调明年经济工作，强调要继续实施更加积极的财政政 策，保持必要的财政赤字、债务总规模和支出总量，重视解决地方财政困难。要继续实施适度宽松的货币政策，灵活高效运用降准降 息等多种政策工具。会议确定8方面重点任务，提出要优化"两新"政策实施，清理消费领域不合理限制措施。推动投资止跌回稳，适 当增加中央预算内投资规模。坚持创新驱动，深化拓展"人工智能 "。深入整治"内卷式"竞争。加快新型能源体系建设，扩大绿电应 用。倡导积极婚育观，努力稳定新出生人口规模。着力稳定房地产市场，因城施策控增量、去库存、优供给，鼓励收购存量商品房重 点用于保障性住房等。多措并举化解地方政府融资平台经营性债务风险。 2、商务部将出台加快零售业创新发展意见。 旨在通过统筹规划、合理布局，提升商品和服务质量，协同优化存量和增量，推动线上 线下公平竞争，以实现新供给与新需求的良性互动。这一政策有望为零售行业带来新的发展机遇，促进市场活力提升。 3、11月中国汽车产销同比增长，新能源汽车占比超五成。 中国汽车工业协会数据显示，11月汽车产销分别完 ...

Core Viewpoint - The recent criminal judgment against Guangdong Ziqing Information Storage Technology Co., Ltd. (Ziqing Storage) highlights the consequences of financial fraud, resulting in prison sentences for the actual controllers and significant fines for the company [2][3]. Summary by Sections Criminal Judgment - Ziqing Storage received a criminal judgment from the Meizhou Intermediate People's Court, with the company fined 37 million RMB for fraudulently issuing securities [2]. - Ten individuals, including the actual controllers Zheng Mu and Luo Tiewei, were sentenced to prison, with the longest term being seven years and six months [2]. Financial Fraud Details - The company was accused of fraudulently issuing securities to achieve its listing goals, involving inflated revenue and profits through fake contracts and documents from 2016 to 2018 [2]. - The total amount raised through three rounds of capital increases was approximately 413.4 million RMB, with significant profit inflation reported: 34.83% in 2017, 32.25% in 2018, and 42.97% in the first half of 2019 [2]. Violations of Information Disclosure - After going public, Ziqing Storage continued to misrepresent its financial performance, leading to false disclosures in annual reports from 2019 to 2021, which harmed shareholders and investors [3]. Investor Compensation - Nearly 17,000 investors have received over 1 billion RMB in compensation due to the company's fraudulent activities, with a high percentage of claims processed within a short timeframe [4][5]. - The China Securities Regulatory Commission (CSRC) has taken measures to ensure that affected investors can continue to claim compensation [5]. Involvement of Intermediaries - Four intermediary institutions, including CITIC Securities and accounting firms, were implicated in the case and agreed to pay a total of approximately 1.275 billion RMB in commitment funds to cover investor losses and ensure compliance [6]. - The CSRC has concluded its investigation into these intermediaries after they fulfilled their obligations under the commitment agreement [6]. Future Legal Actions - Investors who did not apply for compensation within the designated period may pursue civil litigation against Ziqing Storage and related parties for damages [7].

Core Viewpoint - The Guangdong Zijing Information Storage Technology Co., Ltd. has been sentenced for securities fraud, resulting in the imprisonment of 10 individuals, including the actual controllers, with the longest sentence being seven years and six months [2][11]. Group 1: Legal Proceedings and Sentencing - The company was found guilty of fraudulently issuing securities and was fined 37 million yuan [2][11]. - The actual controllers, Zheng Mu and Luo Tiewei, along with the former financial director, Li Yanzha, received prison sentences, with the maximum being seven years and six months [2][11]. - The company has ceased operations following the court's ruling [12]. Group 2: Financial Misconduct Details - The company was accused of inflating revenue and profits through false contracts and forged documents from 2017 to 2019, leading to significant misrepresentation in financial statements [3][4]. - The total amount raised through three rounds of capital increases from 2016 to 2018 was approximately 413.4 million yuan [3][14]. - The inflated profits accounted for 34.83% of total profits in 2017 and 32.25% in 2018, with 42.97% of revenue in the first half of 2019 being falsely reported [14]. Group 3: Investor Compensation - Nearly 17,000 investors have received over 1 billion yuan in compensation due to the company's fraudulent activities [5][16]. - The total loss for affected investors was estimated at approximately 1.097 billion yuan, with 16,986 investors compensated, representing 97.22% of the total affected [7][16]. - The compensation process involved a combination of administrative commitments and advance payments from the investor protection fund [7][17]. Group 4: Regulatory Actions and Future Implications - The company was delisted from the Shanghai Stock Exchange due to severe violations of listing rules [6][16]. - Four intermediary institutions involved in the case have paid a total of approximately 1.275 billion yuan in commitment funds and have undergone self-inspection and rectification [8][17]. - The deadline for eligible investors to apply for compensation has ended, and those who missed the deadline may pursue civil litigation for damages [9][18].

Core Viewpoint - The recent criminal judgment against Guangdong Ziqing Information Storage Technology Co., Ltd. (Ziqing Storage) highlights the severe consequences of financial fraud, with the actual controllers and several executives sentenced to prison, and the company facing significant penalties and operational cessation [1][4][5]. Group 1: Criminal Judgment and Penalties - Ziqing Storage was found guilty of fraudulently issuing securities, resulting in a fine of RMB 37 million [3][6]. - The actual controllers, Zheng Mu and Luo Tiewei, along with eight others, received prison sentences, with the longest being seven years and six months [4][6]. - The company has ceased operations following the judgment [5]. Group 2: Financial Fraud Details - From 2016 to 2018, Ziqing Storage raised a total of RMB 413.4 million through three rounds of capital increases, while engaging in fraudulent activities to inflate revenue and profits [6]. - The fraudulent profit inflation was significant, with 34.83% of the 2017 profit being artificially inflated, and 42.97% of the revenue in the first half of 2019 being falsely reported [6][7]. - The company failed to disclose external guarantees amounting to RMB 125 million, further compounding the fraudulent activities [6]. Group 3: Investor Compensation - Nearly 17,000 investors have received over RMB 1 billion in compensation due to the fraud, with a high percentage of claims processed within a short timeframe [8][10]. - The China Securities Regulatory Commission (CSRC) has taken steps to ensure that affected investors can continue to seek compensation through the Investor Protection Fund [10][12]. Group 4: Regulatory Actions - Following the fraud, Ziqing Storage's stock was delisted from the Shanghai Stock Exchange due to severe violations of listing rules [10]. - Four intermediary institutions involved in the case have agreed to pay a total of approximately RMB 1.275 billion in commitment funds as part of their accountability [11][12].