此外，本次募集配套资金总额不超过人民币80亿元，扣除中介机构费用及交易税费等本次交易相关费用 后，拟用于金融大模型与证券数字化建设项目、大数据工程及服务网络建设项目、财富管理一体化项 目、国际化金融科技项目、补充流动资金及偿还债务等用途。 本次交易双方主营业务存在显著协同效应。本次交易完成后，存续公司的主营业务将在证券服务业的基 础上，新增境内和境外的证券信息服务、大数据及数据工程服务等金融信息服务。本次交易能够充分发 挥交易双方的业务优势，实现用户和资源共享、技术合作和市场协同、重塑内部管理、强化优势业务领 域竞争力。湘财股份通过与金融科技行业领先企业大智慧融合，整合成熟的产品体系、技术实力及用户 资源，进一步完善业务布局，强化双方在金融产品、信息科技、用户资源等领域的协同价值，提升综合 金融服务能力，全面打造差异化、特色化竞争优势，致力于通过双方业务整合实现"1+1>2"的效果从而 实现湘财股份的跨越式发展。 智通财经APP讯，9月25日晚间公告，湘财股份(600095.SH)拟换股吸收合并大智慧(601519.SH)。湘财股 份将向换股对象发行A股股份，作为向其支付吸收合并的对价。截至换股实施股权登记日 ...

Group 1 - The core point of the news is that Dazhihui is planning a share swap merger with Xiangcai Co., where Xiangcai will issue A-shares to all A-share shareholders of Dazhihui [1] - The share swap price for Xiangcai's A-shares is set at 7.51 yuan per share, while Dazhihui's A-share price is 9.53 yuan per share [1] - The total amount of funds to be raised through this merger is not to exceed 8 billion yuan, which will be used for various projects including financial models, digital securities construction, big data engineering, wealth management integration, international fintech projects, working capital, and debt repayment [1] Group 2 - Upon the completion of the share swap, Dazhihui will terminate its listing and cancel its legal entity status, while Xiangcai will inherit all assets, liabilities, businesses, personnel, contracts, qualifications, and other rights and obligations of Dazhihui [1] - The registered capital and business scope of Xiangcai will be adjusted accordingly following the merger [1]

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) have jointly released a "Roadmap for the Development of Fixed Income and Money Markets," aiming to position Hong Kong as a global hub for fixed income and currency markets through strategies that enhance demand, liquidity, and innovation [2][7]. Group 1: Four Pillars and Ten Measures - The roadmap outlines four pillars and ten measures to enhance Hong Kong's fixed income and money markets [4]. - Pillar One: Promote Issuance - Lead market development through government bond issuance [4]. - Promote Hong Kong's advantages to target market issuers and investors [4]. - Expand the investor base, including family offices, funds, and corporate treasury centers [4]. - Pillar Two: Increase Liquidity - Implement an over-the-counter fixed income and currency derivatives system [4]. - Promote the development of a central counterparty for repurchase transactions in Hong Kong [4]. - Pillar Three: Expand Offshore RMB Business - Broaden the application of offshore RMB [5]. - Improve the connectivity mechanism to enhance offshore RMB liquidity and increase the supply of RMB-related products [5]. - Pillar Four: New Generation Infrastructure - Prepare infrastructure for the future of fixed income and money markets [5]. - Support the development of new electronic trading platforms [5]. - Promote market innovation and implement use cases for tokenized fixed income and currency products [5]. Group 2: Implementation and Future Plans - The roadmap was developed after extensive consultation with industry participants and will serve as a blueprint for the SFC and HKMA's policy-making and implementation over the coming years [7][8]. - The SFC plans to promote repurchase transactions, particularly for offshore government bonds, and is working on establishing a central clearing counterparty system for these transactions [11]. - The HKMA aims to enhance the primary market for bonds, continuing to attract issuers to use Hong Kong as a fundraising hub [12]. - The HKMA will also focus on expanding offshore RMB business and improving liquidity arrangements, while developing future-oriented digital financial infrastructure [13].

9月25日，香港证券及期货事务监察委员会（以下简称香港证监会）与香港金融管理局（以下简称香港金管局）联合发布《固定收益及货币市场发展路线 图》（以下简称《路线图》），通过促进需求、流动性及创新，推进香港成为全球固定收益及货币中心的策略性定位。 《路线图》提出四大支柱十大措施 《路线图》提出了提升香港固定收益及货币市场的四大支柱和十项措施，包括： 支柱二：增加流动性 4.落实推行场外固定收益及货币衍生工具制度 5.促进在香港发展回购交易中央对手方 支柱三：扩展离岸人民币业务 6.扩大离岸人民币的应用 支柱一：促进发行 1.透过发行政府债券引领市场发展 2.向目标市场的发行人和投资者推广香港的优势 3.扩大投资者基础（如家族办公室、基金和企业财资中心等） 7.完善互联互通机制，以提升离岸人民币流动性及增加人民币相关产品供应 《路线图》经深入咨询业界参与者后制定，将成为香港证监会与香港金管局未来数年制定和推行相关政策工作的蓝图，以支持香港资本市场的多元和可持 续发展。 《路线图》提出十项倡议，旨在巩固香港的现有优势，包括进一步吸引发行人以香港作为集资枢纽，并为发行人及投资者提供风险管理及流动性管理工 具；同时，强调 ...

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) have jointly released a "Roadmap for the Development of Fixed Income and Money Markets," aiming to position Hong Kong as a global hub for fixed income and currency markets through strategies that enhance demand, liquidity, and innovation [1][5]. Group 1: Key Pillars and Measures - The roadmap outlines four key pillars and ten measures to enhance Hong Kong's fixed income and money markets [2]. - Pillar 1: Promote Issuance - Lead market development through government bond issuance [2]. - Promote Hong Kong's advantages to target issuers and investors [2]. - Expand the investor base, including family offices, funds, and corporate treasury centers [2]. - Pillar 2: Increase Liquidity - Implement an over-the-counter fixed income and currency derivatives system [2]. - Promote the development of a central counterparty for repurchase transactions in Hong Kong [2]. - Pillar 3: Expand Offshore RMB Business - Increase the application of offshore RMB [2]. - Improve connectivity mechanisms to enhance offshore RMB liquidity and increase the supply of RMB-related products [2]. - Pillar 4: New Generation Infrastructure - Prepare infrastructure for the future of fixed income and money markets [2]. - Support the development of new electronic trading platforms [2]. - Promote market innovation and implement use cases for tokenized fixed income and currency products [2]. Group 2: Implementation and Future Plans - The roadmap, developed after extensive consultation with industry participants, will serve as a blueprint for the SFC and HKMA's policy-making and implementation over the coming years [5]. - The SFC is working on facilitating the listing of government bond futures in Hong Kong and is collaborating with the industry to establish a central counterparty clearing system for repurchase transactions [6][7]. - The HKMA aims to enhance the primary market for bonds, expand offshore RMB business, and develop future-oriented digital financial infrastructure [8].

新华财经北京9月25日电（王菁）在国际金融格局深刻变革的背景下，香港正以创新姿态擘画固收市场 发展新篇章。9月25日，香港证券及期货事务监察委员会与香港金融管理局联合发布《固定收益及货币 市场发展路线图》（以下简称《路线图》），为债券市场高质量对外开放标记重要注脚。 《路线图》围绕四大支柱提出关键措施：促进一级市场发行、增强二级市场流动性、拓展离岸人民币业 务及构建新一代市场基础设施，并包含十项具体倡议，旨在通过促进需求、流动性和创新，策略性定位 香港成为全球固定收益及货币中心。 业内人士表示，这是香港巩固国际金融中心地位的关键举措，未来将显著提升香港在全球固定收益市场 的竞争力和影响力，同时为人民币国际化提供新的动力。 跨境互联互通深化发展四大支柱构建新生态系统 《路线图》的制定经历了深入业界的漫长过程，成为香港证监会与香港金管局未来数年制订和推行相关 政策工作的总图。香港证监会主席黄天祐指出，这份《路线图》将引领市场迈步向前，为发行人、投资 者及中介机构带来长远裨益。 香港金管局总裁余伟文在当日论坛上强调，为发展香港成为全球固定收益及货币中心，以及进一步巩固 香港作为领先离岸人民币业务枢纽的地位，"我们将 ...

综合开发研究院(中国·深圳)副院长刘国宏博士作发布。综研院供图 GFCI报告显示，全球金融中心发展预期良好，整体评分小幅上升。全球金融中心整体平均评分较上期 上升0.6%，其中50个金融中心排名有所上升，19个保持不变，51个出现下降，全球金融从业人员对金 融业发展的预期保持稳定乐观。 本期GFCI报告共有120个金融中心进入榜单，全球前十大金融中心排名依次为：纽约、伦敦、香港、新 加坡、旧金山、芝加哥、洛杉矶、上海、深圳、首尔。 该指数从营商环境、人力资本、基础设施、金融业发展水平、声誉等方面对全球主要金融中心进行了评 价和排名。 来源：中国新闻网 中新网深圳9月25日电 (索有为 张炜童)英国智库Z/Yen集团与综合开发研究院(中国·深圳)25日同步发 布"第38期全球金融中心指数报告(GFCI38)"。报告显示，中国内地金融中心表现突出，西安排名上升9 位。 在分项排名方面，上海、深圳在营商环境、人力资本、基础设施、金融业发展水平、声誉5个方面几乎 全部位列全球前15行列，其中，深圳金融业发展水平已达到全球第5。 中美金融科技优势明显，香港、深圳、纽约位列前三甲。GFCI根据金融科技领域表现，对116个 ...

该指数从营商环境、人力资本、基础设施、金融业发展水平、声誉等方面对全球主要金融中心进行了评 价和排名。本期GFCI报告共有120个金融中心进入榜单，全球前十大金融中心排名依次为：纽约、伦 敦、中国香港、新加坡、旧金山、芝加哥、洛杉矶、上海、深圳、首尔。 | | | | 表 1 GFCI 38 全球十大金融中心 | | | | | --- | --- | --- | --- | --- | --- | --- | | 金融中心 | | GFCI 38 | GFCI 37 | | 较上期变化 | | | | 排名 | 评分 | 排名 | 评分 | 排名 | 评分 | | 纽约 | 1 | 766 | 1 | 769 | 0 | A3 | | 伦敦 | 2 | 765 | 2 | 762 | 0 | ▲3 | | 香港 | 3 | 764 | 3 | 760 | 0 | ▲4 | | 新加坡 | 4 | 763 | 4 | 750 | 0 | ▲ 13 | | 旧会山 | 5 | 754 | 5 | 749 | 0 | ▲5 | | 芝加哥 | 6 | 753 | 6 | 746 | 0 | ▲7 | | 洛杉矶 ...

Group 1 - The core viewpoint of the articles highlights a significant decline in the fintech sector, particularly in digital currencies and related stocks, while a major fintech ETF (159851) experienced a drop of over 4% but saw a net subscription of over 190 million shares, indicating strong investor interest [1] - Capital market activity is expected to benefit To C stock trading software companies and create rigid construction demand for To B fintech companies due to comprehensive regulatory measures [1] - Current fundamentals and valuations in the fintech sector are at low levels, presenting significant allocation value, with expectations of a gradual upward trend driven by policy support and economic stabilization [1][2] Group 2 - The fintech ETF (159851) and its linked fund (013477) cover a wide range of themes including internet brokerages, financial IT, cross-border payments, and AI applications, with the ETF's latest scale exceeding 11.2 billion and an average daily trading volume of over 1.3 billion in the past month [2] - The fintech ETF (159851) has the highest scale and liquidity among five ETFs tracking the same index, indicating its leading position in the market [2]

Core Insights - The 20th China Small and Medium Enterprises (SME) Annual Conference is set to address the financing challenges faced by SMEs, emphasizing the need for a transformation in the financing ecosystem through "financial technology, industrial finance, and sustainable finance" [1][4] Financing Strategies - The white paper suggests a dual strategy of "internal exploration and external support" for SMEs to reduce financing costs [2] - The first step involves optimizing credit assets by enhancing financial internal controls and building a robust financial management system to ensure transparency and credibility in financial data [2] - The second step focuses on leveraging government and market tools to lower financing thresholds, including utilizing policy-based finance and exploring innovative financing models such as supply chain finance and intellectual property pledge financing [2] Compliance Importance - Compliance is highlighted as a critical factor for SMEs to mitigate hidden financing risks and stabilize financing channels, necessitating adherence to relevant laws and regulations [3] - SMEs are advised to ensure informed consent in big data credit assessments and comply with foreign direct investment (FDI) registration and profit remittance declarations for cross-border financing [3] Upcoming Events - The 20th China SME Annual Conference will take place from December 20 to 22 in Beijing, focusing on solving problems, promoting development, and strengthening confidence among SMEs [3][4] - The conference aims to create a collaborative platform to support SMEs in seizing opportunities and overcoming challenges during the critical period of the 14th Five-Year Plan [4]