1月9日，财达证券（600906）披露变更公司总经理公告，根据工作调整，董事长张明不再兼任总经理职 务，聘任胡恒松为总经理。履历显示，胡恒松为博士研究生学历，于2018年6月正式加入财达证券，历 任总经理助理兼固定收益融资总部总经理，副总经理，常务副总经理，分管投资银行业务委员会。 据了解，胡恒松深耕资本市场近20年，拥有丰富的投行工作经验。自2007年进入证券行业以来，先后就 职于原宏源证券（000562）、申万宏源证券以及兴业证券。2014年9月至2016年8月，在中国人民大学经 济学院从事博士后研究。2015年6月至2016年6月，挂职广西壮族自治区钦州市金融工作办公室副主任。 公开数据显示，胡恒松2018年加盟财达证券之后，公司投行业务取得一定发展，特别是公司债和企业债 承销规模排名连续多年提升，跻身行业前列。 据悉，自2018年起，财达证券已先后四次通过公开"海选"补充高管及业务核心岗位，2018年11月招聘两 名副总经理，2021年11月再招三名副总，2024年8月聚焦子公司层面选聘三家子公司总经理，2025年9月 则进一步将招聘范围扩大至公司总经理、分管证券投资业务副总经理及财达研究院（研究所） ...

1月9日，财达证券披露变更公司总经理公告，根据工作调整，董事长张明不再兼任总经理职务，聘任胡恒 松为总经理。履历显示，胡恒松为博士研究生学历，于2018年6月正式加入财达证券，历任总经理助理兼固 定收益融资总部总经理，副总经理，常务副总经理，分管投资银行业务委员会。 据了解，胡恒松深耕资本市场近20年，拥有丰富的投行工作经验。自2007年进入证券行业以来，先后就职于原 宏源证券、申万宏源证券以及兴业证券。2014年9月至2016年8月，在中国人民大学经济学院从事博士后研究。 2015年6月至2016年6月，挂职广西壮族自治区钦州市金融工作办公室副主任。 公开数据显示，胡恒松2018年加盟财达证券之后，公司投行业务取得一定发展，特别是公司债和企业债承销规 模排名连续多年提升，跻身行业前列。 据悉，自2018年起，财达证券已先后四次通过公开"海选"补充高管及业务核心岗位，2018年11月招聘两名副总 经理，2021年11月再招三名副总，2024年8月聚焦子公司层面选聘三家子公司总经理，2025年9月则进一步将招 聘范围扩大至公司总经理、分管证券投资业务副总经理及财达研究院（研究所）总经理三席核心岗位。 胡恒松的任 ...

Core Viewpoint - The company has achieved significant results in the Qingdao area by implementing the "Five Ones" youth employee capability enhancement project, guided by Xi Jinping's Thought on Socialism with Chinese Characteristics for a New Era [2][6] Group 1: Strategic Planning - The business team consists of 7 employees with an average age of 33, all graduates from renowned domestic and international institutions, including 2 with CPA certificates and 3 with legal qualifications [2][6] - The team focuses on high-quality development goals and regional characteristics, employing strategies such as "intensive reading + sharing" to strengthen business foundations and encourage professional certification [2][6] - The establishment of research groups targeting the province's "top ten industries" has led to the development of 2 special projects in high-end equipment manufacturing and new materials, enhancing the practical level of equity business [2][6] Group 2: Innovation and Business Model - The team actively engages in frontline work, responding to the call to "complete a project" and exploring new business models in key risk areas [3][6] - The company has been involved in risk resolution for small and medium-sized financial institutions since the issuance of regulatory guidelines, contributing to regional financial stability [3][7] - The company has successfully revitalized approximately 4 billion yuan of inefficient assets through its first state-owned enterprise "two non" and "two assets" separation business and S fund business [3][7] Group 3: Achievements and Impact - The implementation of the "Five Ones" project has led to three breakthroughs: team building, business quality, and industry influence [4][8] - Half of the young employees are now capable of independent work, and the coverage of professional certificates within the team has increased [4][8] - In 2024, the company plans to execute 4 projects related to real estate restructuring and revitalization of inefficient assets, achieving a market share of over half in regional bank transfers [4][8]

专题：中央经济工作会议在北京举行 业内解读 专题：中央经济工作会议在北京举行 业内解读 12月10日至11日，中央经济工作会议在北京举行。泓德基金表示，本次会议高度肯定今年和"十四五"期 间的发展成果，并在过去5年应对各种冲击挑战下，首次系统提出做好新形势下经济工作"五个必须"， 构成后续政策的"思想基石"。 会议认为，当下经济面临的问题是发展中、转型中的问题，所以政策相对保持战略定力，更多是托而非 举。财政政策方面，措辞更加温和，注重改革。货币政策方面，维持适度宽松，新增关注物价合理回 升，降准降息仍是政策选项，不过表述从去年从"适时降准降息"调整为"灵活高效运用降准降息等多种 政策工具"，更加注重政策边际上的效果。 泓德基金分析，会议坚持内需主导，并注重供给端的问题。从需求侧看，定调内需主导。一是消费方 面，政策部署增量。明年的首要工作仍是"坚持内需主导，建设强大国内市场"。同时，提出要扩大优质 商品和服务供给。优化"两新"政策实施，后续关注"两新"补贴规模和补贴范围的扩容。二是投资方面， 会议定调推动止跌回稳。后续政策可能会在投资止跌回稳、"反内卷"之间结构性再平衡。三是房地产方 面，会议对房地产的定调 ...

中央经济工作会议是确定未来一年工作重点和方向的会议，对经济走势和资本市 场走势具有关键影响，因而受到广泛关注。而 2025 年 12 月 11 日公布的今年中 央经济工作会议全文，是判断明年经济工作重点的重要窗口。 坚持稳中求进，做好统筹工作。相对于去年，今年会议对经济的判断更为乐观，相 对于去年强调国内需求不足、部分企业生产经营困难等，今年会议表述为经济发 展中老问题、新挑战依然不少……国内供强需弱矛盾突出。对明年政策的总基调 继续确定为稳中求进，同时要求统筹国内经济工作和国际经贸斗争、统筹发展和 安全等。作为"十五五"开局之年，明年需要实现良好开局。 货币政策需更注重经济稳定与物价，灵活高效运用降准降息等多种政策工具。货 币政策方面，会议定调依然是适度宽松，这与去年中央经济工作会议一致。但将经 济增长和稳定物价放在更为重要位置。会议要求把促进经济稳定增长、物价合理 回升作为货币政策的重要考量。这意味着在当前物价相对偏低压力之下，货币政 策可能加大宽松，以推动物价的回升。在具体政策方面强调灵活高效运用降准降 息等多种政策工具。虽然去年中央经济工作会议也有适时降准降息的表述，今年 表述并未更积极，但考虑到当前 ...

Group 1 - The core viewpoint of the Central Economic Work Conference emphasizes a positive policy orientation, focusing on "stability while seeking progress" and "quality improvement and efficiency enhancement" [1][2] - The conference highlights the importance of stabilizing employment, enterprises, markets, and expectations, introducing new expressions such as "flexible and efficient" monetary policy tools [1][2] - The meeting indicates that macroeconomic policies will be more proactive and effective to achieve "qualitative improvement and reasonable growth" [2][3] Group 2 - The conference stresses "quality improvement and efficiency enhancement," repeatedly mentioning high-quality development across various sectors [3][4] - It aims to integrate traditional and innovative policy tools to promote high-quality economic growth while maintaining reasonable growth rates [3][5] - The focus on high-quality development reflects a higher demand for development quality and efficiency, especially as 2026 marks the beginning of the 14th Five-Year Plan [3][4] Group 3 - The meeting prioritizes "domestic demand" as the main driver for economic growth, indicating a shift towards relying more on domestic consumption [4][5] - This approach is in response to the anticipated decline in export growth due to external factors, such as high tariffs from the U.S. [4][5] - The conference plans to expand the supply of quality consumer goods and services, fostering new consumption growth points [4][5] Group 4 - The conference reiterates the commitment to a proactive fiscal policy and moderately loose monetary policy, emphasizing policy coordination [5][6] - It highlights the need for comprehensive use of fiscal, monetary, industrial, and employment policies to enhance economic support [6][7] - The focus is on maintaining necessary fiscal deficits while addressing local fiscal difficulties and ensuring stable monetary policy [6][7] Group 5 - The meeting emphasizes the importance of innovation-driven growth and the cultivation of new economic drivers [7][8] - It includes plans for developing a comprehensive education and technology talent development strategy and establishing international technology innovation centers [7][8] - The shift from "project-driven" to "systematic construction" in technology policy aims to improve the sustainability of technology investments [7][8] Group 6 - The conference signals support for the real estate market, focusing on stabilizing the market and addressing risks in key areas [8][9] - It encourages policies to stabilize the real estate market and improve financing channels for affordable housing [8][9] - The emphasis on resolving local government financing platform debt risks indicates a shift in focus towards managing operational debt [8][9] Group 7 - The meeting underscores the importance of maintaining openness to foreign trade and investment, balancing domestic and international priorities [9][10] - It aims to enhance the quality of foreign trade and expand bilateral investment cooperation [9][10] - The strategy includes high-quality development of the Belt and Road Initiative, reflecting a proactive approach to international economic engagement [9][10]

专题：中央经济工作会议在北京举行 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：中新经纬 中央经济工作会议（下称"会议"）12月10日至11日在北京举行。会议释放哪些信号？ 东方金诚王青：财政政策将"一平三升" 东方金诚首席宏观分析师王青表示，2026年更加积极的财政政策将体现为"一平三升"。 会议要求，"保持必要的财政赤字、债务总规模和支出总量，加强财政科学管理，优化财政支出结构， 规范税收优惠、财政补贴政策。重视解决地方财政困难，兜牢基层'三保'底线。"对此，王青判断， 2026年更加积极的财政政策将体现为"一平三升"，主要是指财政赤字率会与今年持平，而新增专项债、 超长期特别国债、准财政政策工具规模会上升。 货币政策方面，王青认为，2026年适度宽松的货币政策有两个主要发力点：一是总量政策。综合明年经 济金融形势以及物价走势，政策性降息幅度有可能达到0.2至0.3个百分点，降准幅度有望达到1个百分 点，上、下半年分别实施一次。从稳定明年一季度宏观经济运行等角度出发，也不排除今年底明年初降 息降准落地的可能。着眼于推动房地产市场止跌回稳，2026年有可能单独引导5年期以上 ...

中国财政科学研究院院长杨志勇对经济观察报表示，中央经济工作会议提出继续实施更加积极的财 政政策，加强财政科学管理。其中"更加积极财政政策"，意味着明年财政会保持必要的支出力度 和强度。加强财政科学管理，更是"必须坚持政策支持和改革创新并举"的具体体现，融财政政 策、财政改革，财政管理于一体，从总量政策、保持支出力度，到提高财政支出效率相结合，这些 事项又与财政改革链接一起，比如"深化零基预算"，可以大大提升财政政策效能，这也是破解地 方财政问题的一项改革系统性工作。 财政、货币力度几何？ 2026年财政货币政策力度如何？ 中央经济工作会议提出继续实施更加积极的财政政策，加强财 政科学管理。其中"更加积极财政政策"，意味着明年财政会保 持必要的支出力度和强度。 作者：杜涛 封图：图虫创意 中央经济工作会议12月10日至11日在北京举行。会议指出，明年经济工作在政策取向上，要坚持 稳中求进、提质增效，发挥存量政策和增量政策集成效应，加大逆周期和跨周期调节力度，提升宏 观经济治理效能。 在财政政策方面，会议提出，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，加强财政科学管理，优化财政支出 ...

Core Viewpoint - Jilin Province has achieved a historic breakthrough in risk prevention and is set to exit the list of high-risk debt provinces, following Inner Mongolia, with a nearly 90% reduction in hidden debt by September 2025 [1][5]. Group 1: Debt Management and Economic Impact - Jilin's local government financing behavior will face fewer restrictions, promoting economic development and providing a replicable model for other provinces [1][5]. - The province's public budget revenue for the first ten months of 2025 reached 1110.7 billion yuan, a year-on-year increase of 12.6%, indicating robust fiscal growth [5][6]. - The local government debt balance is projected to be 9993.4 billion yuan by the end of 2024, with a debt ratio of 202.9%, remaining within the debt limit [7][8]. Group 2: Policy and Structural Changes - The central government has increased support for Jilin's debt resolution, with over 100 billion yuan allocated from a total of 6 trillion yuan for debt management [5]. - Jilin has conducted a comprehensive asset assessment, resulting in over 1000 billion yuan in activated assets, which supports risk prevention and economic stability [6]. - The exit from the high-risk debt list will enhance the flexibility and initiative of local governments and state-owned enterprises in investment and financing activities [6][7]. Group 3: Future Outlook and Challenges - While exiting the high-risk debt list reduces policy restrictions, it may also lead to decreased support for debt management, necessitating a balance between debt resolution and economic growth [7]. - Experts emphasize the need for improved local government debt management mechanisms to align with high-quality development goals [7][8]. - Other provinces, such as Ningxia, are also moving towards exiting the high-risk debt list, indicating a broader trend in debt management across the country [8].

Report Industry Investment Rating No information provided in the report. Core Viewpoints - The clearance of financing platforms is an important measure to resolve local debt risks, aiming to achieve sustainable development of the local economy and state - owned enterprises. It involves the separation of government financing functions, decoupling of government credit, and structural adjustment of the government - enterprise relationship. - In the short term, the overall credit quality of financing platforms will not decline significantly, but attention should be paid to the differentiation of credit risks. In the long term, the credit risk level of financing platforms after clearance depends more on their own cash flow and solvency, which are greatly affected by the process and effect of their market - oriented transformation. [3][20] Summary by Directory Introduction - Local financing platforms have contributed to China's local economic development and urbanization, but with the end of the urbanization process, the increasing debt burden of local governments, and the decreasing marginal benefit of investment, it is urgent to resolve local debt risks. - As of the end of 2024, China's government debt balance was 92.6 trillion yuan, with a government debt - to - GDP ratio of 68.7%, which is in a reasonable range and the debt risk is controllable. However, there are prominent structural and liquidity problems in government debt, and the debt of financing platforms is also an important source of local debt risks. [5][6] Necessity of Financing Platform Clearance Essence of Financing Platform Clearance - The formation of financing platform debt risks is due to factors such as the mismatch of local government's powers and financial resources, the expansion of infrastructure investment, and the high dependence on land finance. - The central government has introduced a series of policies to regulate financing platforms, and financing platform clearance involves not only formal "exiting the platform" and "zeroing out implicit debt" but also deeper - level reforms. [7][10][13] Purpose of Financing Platform Clearance - It is a necessary measure to support the high - quality development of the real economy, helping to release the inefficient occupation of financial resources and promote the transformation of the economic development model. - It is a basic requirement to adapt to the transformation of the urbanization development stage, as the historical mission of financing platforms is basically completed. - It is a direct means to close the back - door financing channels of local governments, curbing the disorderly expansion of local debt. - It is a prerequisite for enhancing the market competitiveness of local state - owned enterprises, forcing them to pursue market - oriented development. [14][15][16] Connotation of "Powerful, Orderly, and Effective" Promotion of Financing Platform Clearance - Powerful means having a firm attitude in implementing debt - resolution policies and strengthening the cleaning and standardization of financing platforms. - Orderly means arranging the clearance rhythm reasonably to avoid new risks during the process. - Effective means achieving the expected short - term, medium - term, and long - term effects, such as functional transformation, relationship adjustment, and the growth of high - quality state - owned enterprises. [17][18][19] Credit Risk Changes after Financing Platform Clearance Changes in Government - Enterprise Relationship, Functional Positioning, and Main Business - After clearance, financing platforms will be divided into three categories: transforming into market - oriented operating entities, retaining public - welfare functions, and liquidating and exiting. - In the short term, the relationship between financing platforms and local governments remains close, but in the long term, it will gradually weaken. - The functional positioning of financing platforms will change from urban investment and construction to urban comprehensive operation and regional industrial cultivation. - The business operations of financing platforms will gradually shift to market - oriented businesses, and they need to develop core competitiveness based on regional resource endowments. [21][22][23] Credit Risk Changes - In the short term, the overall credit quality of financing platforms will not decline significantly, but there is a differentiation of credit risks among different regions and platforms. - In the long term, the credit risk of financing platforms depends on their market - oriented transformation, and platforms in economically underdeveloped regions may face difficulties in refinancing and debt repayment. [24][25][26] Issues to be Noted - There are still few successful transformation cases of financing platforms, and "true clearance" requires the separation of historical debts, integration of operating resources, innovation of mechanisms and systems, and guarantee of reasonable financing needs. - Attention should be paid to issues such as the integration of operating resources, innovation of mechanisms and systems, and the guarantee of reasonable financing needs. In the second half of the ten - year debt - resolution period, the difficulty of resolving implicit debts and clearing financing platforms increases, and various forms of false clearance should be prevented. [27][28] Summary - To fundamentally prevent and resolve local debt risks, it is necessary to change the economic development concept, accelerate the reform of the fiscal and taxation system, and establish a long - term mechanism for local debt risk management. - The clearance of financing platforms is an important measure to resolve local debt risks and a key to deepening state - owned enterprise reform and stimulating the endogenous power of the local economy. [29][30]