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！ 12月5日下午，由智通财经、香港中资证券业协会主办的第七届"2025・金中环论坛暨金融机构榜颁奖典礼"在香港中环圆满落幕。会上重磅揭晓了第七届"金 中环"金融机构榜单，招银国际证券有限公司凭借在经纪领域的卓越执行能力与客户服务水平，从众多参评机构中脱颖而出，成功斩获"经纪业务最佳表现 奖"，彰显了业界对其专业能力的高度认可。 本次论坛由全球领先的港美股资讯平台智通财经、香港中资证券业协会和新智基金网联合主办。由建银国际、久期财经协办。由冬日暖阳独家承办。同时由 多家权威金融机构提供战略合作：招银国际证券有限公司、香港中国金融协会、中国首席经济学家论坛、香港河北金融专业委员会等。 历经七届沉淀，"金中环"论坛已成为汇聚行业智慧、见证金融创新的重要平台，其评选结果基于机构业务规模、项目质量、市场影响力等多维度指标，具有 广泛公信力。此次获奖，是对招银国际证券有限公司经纪业务"一站式"服务成效的高度认可。据悉，招银国际证券是一家立足香港、深植内地、面向全球的 综合金融服务机构。作为招商银行全资附属机构——招银国际金融有限公司旗下的重要成员企业 ...

Core Viewpoint - The digital renminbi is gradually changing payment habits and is backed by national credit, reflecting a deep consideration for the modernization of the financial system [1][3]. Group 1: Characteristics of Digital Renminbi - Digital renminbi is fundamentally different from third-party payment tools like Alipay and WeChat Pay, as it falls under the M0 category, meaning it is cash in circulation and must be accepted by all entities [3]. - It features a "dual-layer operation" architecture, allowing the central bank to manage it through commercial banks, ensuring centralized control while leveraging market vitality [3]. - The digital renminbi offers several advantages, including payment convenience with "dual offline payment" capabilities, privacy protection through a "controllable anonymity" principle, and low transaction costs without extra fees for interbank or cross-region transactions [3]. Group 2: Implications for Financial Inclusion - The promotion of digital renminbi is significant for financial inclusion, providing easier access to financial services for remote residents and the elderly [5]. - It enables innovative applications such as directed payments and conditional payments through smart contracts, showcasing unique value in areas like fiscal subsidies and consumption vouchers [5]. - The acceptance of digital renminbi is increasing, with major banks launching digital renminbi wallets and improving merchant acceptance environments [5]. Group 3: Future Outlook - The development of digital renminbi is expected to be gradual, complementing existing payment tools rather than replacing them, contributing to a diversified payment system [5]. - As technology matures and application scenarios expand, digital renminbi is anticipated to play a larger role in promoting financial innovation, enhancing payment efficiency, and ensuring financial security [5]. - Users are encouraged to try digital renminbi to experience the benefits of digital finance [5].

Core Insights - Shenyang Financial and Trade Economic and Technological Development Zone has been upgraded to a national-level economic and technological development zone, marking a significant transition from "urban renewal" to "industrial landmark" [1] Group 1: Strategic Planning and Resource Activation - The development zone is located in the core area of Shenyang, benefiting from a robust transportation network, including the Shenyang North Station and multiple subway lines, facilitating efficient connectivity [2] - It houses over 20,000 enterprises and accounts for more than 60% of the city's financial institutions, totaling 726, creating a vibrant financial ecosystem [2] - The zone generates nearly half of the city's financial value-added and manages over 70% of the city's loan resources, dominating sectors like securities and insurance [2] - A comprehensive financial service system has been established, supporting various financing needs, including over 200 billion yuan in credit through innovative financial solutions [2] Group 2: Reform and Development Enhancement - The upgrade to national-level status opens new opportunities, with initiatives like the Northeast Asia Financial Conference aimed at fostering regional cooperation [3] - Plans for the 14th Five-Year Plan include exploring "technology finance demonstration zones" and "cross-border financial cooperation zones" to deepen the integration of finance and the real economy [3] - The development zone aims to enhance trade through new business models, including cross-border e-commerce and high-end supply chain management, while promoting digital product and technology trade [3] Group 3: Talent Acquisition and Development - The development zone is focused on innovative talent management and incentive mechanisms to enhance performance and service efficiency [4] - Initiatives like the "Xingliao Talent Plan" and "Xingshen Talent Plan" aim to create a comprehensive talent development ecosystem, emphasizing the cultivation of skills relevant to industry and management [4] - The zone is committed to empowering its development through talent, positioning itself as a leader in the revitalization of Northeast China [4]

Group 1 - The forum focused on the role of finance in promoting new productive forces and discussed how to build a capital ecosystem that supports technological innovation and global collaboration [1] - The Director-General of the World Intellectual Property Organization emphasized the foundational role of intellectual property in stimulating innovation and attracting investment, acknowledging China's significant achievements in this area [1] - The former Chairman of China Construction Bank highlighted the need for China's financial system to adapt to technological innovation and market changes, advocating for deeper structural reforms in financial supply [1] Group 2 - A professor from Peking University discussed how the insurance industry can empower technological innovation and new productive forces through collaboration within the industry and across sectors [2] - The Director of International Strategy and Cooperation at the Hungarian Central Bank expressed the importance of international financial cooperation in sharing financial innovation outcomes and addressing global challenges [2] - The Deputy General Manager of HSBC China explored how international financial institutions can promote green economic transformation through sustainable finance during a critical period for global climate action [2] Group 3 - The President of Postal Savings Bank of China emphasized the need for financial institutions to enhance inclusivity and technological capabilities in serving small and micro enterprises, thereby facilitating industrial transformation [3] - Participants at the forum expressed commitment to further integrating finance and technology to support the development of new productive forces and contribute to high-quality economic growth in China [3]

为积极响应广东省委省政府号召，助力"百县千镇万村高质量发展工程"和"绿美广东"全面落地，近日， 中国平安（601318）在潮州、汕头两地开展了以"金融守护产业强 科技赋能振兴路"为主题的三村工程 调研活动。活动中，平安集团董事长马明哲一行先后调研了潮州"红绿灯"道路安全风险减量项目、古茶 树救治保险、汕头蔬菜生产基地等项目。这是马明哲第五次去广东省内机构调研访谈，也是平安集团高 管层数十场在全国各地推动乡村振兴调研的一部分。 据悉，自广东省推动城乡区域协调发展、开展"百千万工程"以来，中国平安以自身的"三村工程"为支 点，围绕"金融支持、绿美广东、乡村治理、消费帮扶"四大重点方向，累计服务"百千万工程"项目超 450个，直接投入资金超6000万，向广东省普惠小微客户提供4亿元利率补贴，融资授信超135亿元支持 广东涉农、县域、基建等方面发展，累计减费让利金额超1亿元。 此外，平安还深化警保联动机制，通过乡间讲堂、案例解析、互动体验等方式，构建农村"交通安全+金 融反诈"风险教育双线守护体系。截至10月底，道路安全知识普及活动已覆盖国内多个区县的超500个村 庄、11万人次村民，切实守护人民群众出行平安。 支持 ...

底部强 call 非银：曙光初现 20251207 摘要 券商板块 2025 年表现不佳，大幅跑输上证综指，但估值处于历史低位， PB/ROE 指标显示其具备向上空间，若 2026 年 ROE 提升，PB 有望突 破两倍。 证监会释放积极信号，表示将适当提升优质券商杠杆水平并鼓励金融创 新，这在当前估值较低、基础良好的情况下，可能放大政策利好效果。 若券商板块近期回调，应采取左侧交易策略，把握投资机会。当前市场 类似于 2025 年 4 月，券商股或将在短期内迎来上涨。 推荐关注东方证券和兴业证券，因其估值较低、基本面弹性较好、资管 业务强劲，且有并购预期。中信证券和国泰君安可作为板块走势参考。 判断减仓或清仓时机，需关注两市成交额和个股表现。成交量萎缩至 2.5 万亿以下或涨停个股数量减少是减仓信号。预计 2026 年一季度或 有明显行情。 2026 年市场风格预计均衡化，一季度首选券商，全年来看保险板块更 具持续性和配置价值，受益于红利股票增配和自身红利逻辑。 非车险报行合一政策全面落地将压降保险行业费用率，利好头部险企。 A 股首推中国太保，H 股首推中国平安，关注中国太平、中国人寿等低 估值 H 股。 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights a positive shift in regulatory attitudes, encouraging financial innovation and mergers, which is expected to catalyze market performance [5][7] - Three main development lines for the industry are identified: serving technological innovation, wealth management, and international business [6][7] - The report emphasizes the potential for significant growth in wealth management services, as current asset allocation in China is low compared to historical levels in the U.S. [6] - The valuation of the sector remains low, presenting strategic investment opportunities, particularly in firms with strong overseas and institutional business advantages [8] Summary by Sections Regulatory Environment - The regulatory framework is becoming more favorable, with a focus on differentiated supervision for quality institutions and encouragement for financial innovation and mergers [5][7] Industry Development Lines - The industry is focusing on three key areas: 1. Supporting technological innovation through capital market functions [6] 2. Expanding wealth management services to meet growing demand [6] 3. Enhancing international investment banking capabilities to support cross-border financing [6] Market Outlook - The report suggests that the improved regulatory stance may act as a catalyst for the sector's performance, with expectations for enhanced return on equity (ROE) for brokerage firms [7] - Specific firms are recommended for investment based on their strengths in overseas and institutional business, as well as wealth management [8]

Core Viewpoint - The article highlights Beijing Bank's rapid response and innovative approach in securing a significant cross-border merger loan, showcasing its evolution into a key player in facilitating international business for Chinese enterprises [2][12]. Group 1: Achievements and Milestones - In 2025, Beijing Bank's Shanghai Free Trade Zone (FTZ) Business Management Center became the first bank to secure approval for a cross-border loan, amounting to 1.395 billion RMB, amidst intense competition [2]. - The establishment of the FTZ center marked a decade of growth, transforming Beijing Bank into a pioneer in supporting enterprises' cross-border development [4]. - The bank's journey began in 2013 with the launch of the Shanghai FTZ, where it aimed to explore new financial services and management systems [6][7]. Group 2: Strategic Initiatives and Innovations - The bank undertook a comprehensive system overhaul to obtain FT business qualifications, involving the modification of over 100 core systems to ensure compliance and security in cross-border transactions [8]. - In 2016, the Shanghai FTZ center was officially established, creating a specialized team that gained valuable experience in financial service innovation and risk management [8]. - Beijing Bank's innovative "internal memory FT loan" model allowed clients to secure cross-border loans by depositing RMB, enabling it to stand out in a competitive market [12]. Group 3: Global Expansion and Support - The bank aims to be an essential "outbound port" for Chinese enterprises seeking to enter global markets, aligning its strategy with national initiatives for high-level openness [13]. - Beijing Bank has expanded its service network in line with the Belt and Road Initiative, providing significant financial support for key projects in countries like Pakistan and Indonesia [13][14]. - The bank has established stable partnerships with over 60 international financial institutions, facilitating comprehensive cross-border financial services for enterprises [14].

Core Insights - The leasing industry is transitioning from "wild growth" to "regulated stability," with Haier Leasing at the forefront of this transformation [1][4][9] Industry Evolution - The leasing industry has undergone three key phases: a surge in new company registrations around 2013, accumulation of risks from 2016 to 2018, and stricter regulations post-2018, leading to a reduction in the number of companies from nearly 13,000 to under 8,000 by 2024 [4][9] - The focus of Haier Leasing is on guiding capital into the real economy, particularly supporting small and micro enterprises [4][6] Business Model and Strategy - Haier Leasing maintains a "zero platform business" positioning, distinguishing itself as a pure industry-oriented leasing institution, which has garnered recognition in the market [5][6] - The company has achieved several industry firsts in financial innovation, including being the first to pilot ABS+CDS credit protection certificates and issuing the first social responsibility bond compliant with international standards [6][9] Talent Development - The company has established an "internal" talent cultivation system to address the industry's talent shortage, focusing on specialized training and clear career paths for employees [7][9] - A star rating system and dynamic assessments are implemented to enhance management capabilities among younger leaders [7] Digital Transformation - Haier Leasing emphasizes the importance of digitalization in its operations, aiming for comprehensive digital coverage across all processes to enhance efficiency and decision-making [8][9] - The company promotes a culture of continuous learning and professional development to keep pace with industry changes [8] Future Outlook - The leasing industry is expected to enter a deep transformation phase, with a focus on industrial deepening, digital transformation, and sustainable development as core trends [9][10] - Haier Leasing plans to deepen its industrial leasing layout, innovate financial products, and participate in industry ecosystem development to support regulatory alignment and industry standardization [9][10]

12月5日，证监会主席吴清在人民日报发表署名文章《提高资本市场制度的包容性适应性（学习贯彻党 的二十届四中全会精神）》指出，着力提升资本市场监管的科学性、有效性。金融创新更新迭代快，具 有明显的顺周期性和强外溢性。要适应市场的快速发展变化，加快构建全方位、立体化的证券期货监管 体系，完善对金融创新活动的监测监管和风险应对机制。加强战略性力量储备和稳市机制建设，强化重 点领域风险和跨市场跨行业跨境风险防范化解，持续提升资本市场内在稳定性。运用好大数据、人工智 能等现代信息技术手段，高效识别违法违规线索和风险隐患。坚持依法监管、分类监管，严厉打击财务 造假、欺诈发行、市场操纵和内幕交易等恶性违法行为，维护公开公平公正的市场秩序。 ...