Group 1 - Shenzhen has launched 7 bank-affiliated AIC funds in 2025, with a total scale of 24 billion yuan, ranking first in the country [2] - The city has also added 156 new VC/PE funds this year, leading the nation in quantity [2] - The financial industry in Shenzhen has shown significant growth, with an average annual increase of 6.9% during the 14th Five-Year Plan period, contributing approximately 14% to the GDP [2] Group 2 - The financial sector in Futian District accounts for 49% of the city's financial value added, with a growth rate of 21.4%, maintaining the top position in both total volume and growth rate [4] - Futian District hosts 60% of Shenzhen's licensed financial institutions and 62% of its wealth management scale [4] - The district is developing the Xiangmi Lake New Financial Center, aiming to match global financial hubs like London and Manhattan [4] Group 3 - Qianhai has become a national pilot zone for financial industry openness and cross-border RMB business innovation, with actual foreign investment accounting for half of Shenzhen's total [6] - The region has seen an average GDP growth of over 10% during the 14th Five-Year Plan, with financial value added maintaining double-digit growth [6] - Qianhai has attracted 518 financial institutions, with 30% being Hong Kong and foreign capital [6]

Core Viewpoint - Shenzhen has established itself as a leading financial hub in China, with significant growth in various financial sectors, including the launch of multiple AIC funds and a high number of VC/PE funds, indicating a robust financial ecosystem [5][6]. Group 1: Financial Growth and Achievements - In 2025, Shenzhen launched 7 bank-affiliated AIC funds with a total scale of 240 billion yuan, ranking first in the country [6]. - The city added 156 new private equity and venture capital funds in 2025, also the highest in the nation [6]. - Over the past five years, Shenzhen's financial industry has shown impressive growth, with an average annual increase of 6.9% during the 14th Five-Year Plan period, contributing approximately 14% to the city's GDP [6]. Group 2: Strategic Goals and Future Plans - Shenzhen aims to become a globally influential industrial financial center by 2030, focusing on integrated innovation in technology, industry, and finance [7]. - The city plans to enhance its financial ecosystem by optimizing the business environment and attracting global financial talents and enterprises [11]. Group 3: Regional Financial Strength - Futian District is recognized as one of the top three financial districts in the country, accounting for 49% of the city's financial value added and achieving a growth rate of 21.4% [9]. - Qianhai serves as a national pilot for financial openness and innovation, with actual foreign investment accounting for half of Shenzhen's total [11].

论坛现场（浦发银行苏州分行供图） 在苏州区域实践中，浦发银行苏州分行始终与区域经济发展同频共振。今年8月，分行与苏州市政府签 署战略合作协议，未来五年将为苏州高质量发展提供总额度约3000亿元的融资支持，重点打造具有苏州 特色的科技金融与财富管理服务模式。 在科技金融领域，截至2025年9月末，苏州分行科技贷款余额达459亿元，稳居苏州股份制同业第一；累 计服务科技金融客户近9900户，科创板上市公司覆盖率95%、专精特新"小巨人"客群覆盖率61%，成为 科创企业创新旅程的"合伙人"。在财富管理领域，通过"企明星服务平台"与"浦和人生账户""浦发寰球 平台"，为企业家提供"家业、家财、家族"综合解决方案，助力实现企业成长、财富保全与代际传承的 多重目标。 12月2日，由21世纪经济报道长三角工作室与浦发银行苏州分行联合主办的"破局增长，智驭未来——企 业家财富战略与金融动能"企业家论坛在浦发银行苏州分行二楼会议厅举行。 浦发银行苏州分行党委副书记、副行长何荣表示，2025年作为浦发银行"数智化战略提升年"，银行以科 技金融、供应链金融、普惠金融、跨境金融、财资金融"五大赛道"为核心抓手，聚焦"超级平台、超级 ...

Core Viewpoint - Morgan Stanley has upgraded its outlook on Ping An Insurance, believing the group can capitalize on key opportunities in wealth management, healthcare, and eldercare services, while investor concerns are dissipating, paving the way for a revaluation [1] Group 1 - The firm reiterated its "Overweight" rating for both H-shares and A-shares of Ping An Insurance [1] - The target price for H-shares has been raised by 27% to HKD 89 [1] - The target price for A-shares has been increased by 21% to RMB 85 [1]

Core Viewpoint - Morgan Stanley has upgraded its outlook on China Ping An (02318, 601318.SH), believing the group can seize key opportunities in wealth management, healthcare, and elder services, while investor concerns are dissipating, paving the way for a revaluation [1] Group 1: Ratings and Price Targets - Morgan Stanley reiterated its "Overweight" rating for both H-shares and A-shares of China Ping An, raising the target price for H-shares by 27% to HKD 89 and for A-shares by 21% to RMB 85 [1] Group 2: Financial Projections - The group’s return on equity (ROE) is expected to reach 14% to 15% by 2028 [1] - The compound annual growth rate (CAGR) of core new business value (VNB) is projected to rebound to 21% over the next two years [1] - The balance of the contract service margin (CSM) for life insurance is anticipated to recover to a growth rate of 1.9% by 2026 [1] - The group's operating profit is expected to improve with a CAGR of 11% over the next two years, indicating a transformation within the group [1] Group 3: Market Positioning - Morgan Stanley considers China Ping An's H-shares as a top pick and has added the company to its focus list for China/Hong Kong [1] - The firm believes that with a projected ROE of 14% to 15% and a cost of capital below 10%, the company's price-to-earnings (P/E) ratio can rebound from approximately 7 times to a double-digit figure [1] - The group aims to expand its market through enhanced integrated financial services and value-added services [1]

公告表示，本次增资是为了更好地满足麦高证券业务发展的资金需要，有助于麦高证券业务的稳定推 进，符合公司长远规划和核心利益，为公司未来发展打下坚实基础。增资完成后，公司将继续保持对麦 高证券的全资控股，不会因此导致公司财务合并报表范围发生变化。本次增资的资金来源为公司自有资 金，不会对公司当前财务状况和经营成果产生重大影响，不存在损害公司和全体股东利益的情形。 12月4日晚间，指南针发布公告称，根据麦高证券经营发展需要，公司拟对麦高证券以自有资金增资1亿 元。 据悉，麦高证券为指南针的全资子公司，在业界有"小东财"之称。此前，指南针拟定增募资30亿元，将 全部用于增资麦高证券，但今年10月底这笔定增终止了。 指南针向麦高证券增资1亿元 指南针于2025年12月4日召开第十四届董事会第十二次会议，审议通过了《关于向全资子公司麦高证券 有限责任公司增资的议案》，董事会同意公司向全资子公司麦高证券增资，并同意授权公司经营管理层 具体决定和办理上述增资相关事项。 根据麦高证券经营发展需要，公司拟对麦高证券以自有资金增资1亿元。本次增资完成后，麦高证券的 注册资本将由14 亿元变更为15亿元，麦高证券仍为公司全资子公司。 ...

Core Viewpoint - The banking industry is facing challenges due to narrowing net interest margins, with the net interest margin recorded at 1.43%, 1.42%, and 1.42% for the first three quarters of the year, indicating a need for transformation towards diversified revenue sources and value-driven strategies [1][2] Group 1: Net Interest Margin and Revenue Structure - The net interest margin is at historical lows, prompting banks to adjust their asset-liability management and revenue structures to overcome profitability challenges [1] - Non-interest income has been gradually increasing, particularly through investment income, which has become a key driver for banks in a declining interest rate environment [1] - The proportion of loans in total assets has risen from 45% at the end of 2016 to 58% by the end of 2024, reflecting effective asset structure adjustments [1] Group 2: Credit Allocation and Loan Growth - Recent policies have directed bank credit towards technology, green, and inclusive finance sectors, which are expected to yield stable returns, optimizing the loan allocation structure [1] - Loans for inclusive small and micro enterprises, green projects, and technology-oriented SMEs have been growing faster than total loan growth, with technology loans leading since 2025 [1] Group 3: Liability Structure and Deposit Management - Deposits remain a cornerstone for banks, with their proportion in total liabilities stabilizing around 81% by the end of 2024, aided by ongoing financial deleveraging [2] - Banks are adjusting deposit term structures to manage liability costs, including controlling long-term deposit interest rates and implementing quota restrictions [2] Group 4: Business Strategies for Revenue Enhancement - Banks are focusing on wealth management by creating a "product supermarket" to diversify offerings and enhance customer loyalty, thereby increasing revenue contributions [3] - Customized payment and settlement services are being developed to serve clients' supply chain needs, facilitating bulk customer acquisition [3] - In the capital market, banks are adjusting trading strategies and may invest in overseas high-yield bonds to address asset shortages [3] - Investment banking services are being sought in both domestic and international markets, particularly in sectors benefiting from policy support, such as technology [3]

156亿美元神秘消失， 爱马仕老板再也买不起爱马仕 文 | 雾满拦江 又或者，你每次让你的男朋友，给你买一个爱马仕包包，尼古拉的户头上，也会多出一笔钱。 只要你买爱马仕，就是给尼古拉送钱。 因为他是爱马仕的第五任财产继承人，拥有5.7%爱马仕股份。 尼古拉•皮埃尔 （01） 你每给女朋友买一个爱马仕包包，尼古拉的户头上，都会多出一笔钱。 全球买家一起用力，把尼古拉的资产，拉升到156亿美元。 156亿美元，约合1100亿人民币。 尼古拉，全名尼古拉•皮埃尔，坐拥家族五世品牌资源，真正的躺着赚钱。 前些天他正躺着，花匠来了：老爷在家吗？ 尼古拉：谁让你进来的？你不知道我有社恐症，害怕见人吗？ 花匠：老爷，别扯你的社恐症了，我上个月薪水还没发呢。 怎么可能？尼古拉乐了：我个人资产156亿美金，怎么会欠你的钱？ 告诉财务，马上把花匠的工资给付了。 尼古拉吩咐下去之后，司机，门童，厨娘全都来了：老爷，拖欠工资不是好老板，快点把我们的欠薪付了。 尼古拉：有没有搞错？我已经吩咐财务给你们打钱了。 仆佣：可我们一分钱没收到。 不仅如此，就连老爷你，这个月的伙食费也没了。 你得自己出门去买菜。 还要跟摊贩侃价。 （02） 正 ...

12月3日，存款利率处于历史低位情况下，银行一年一度的"开门红"又该如何开展？财联记者近日采访 多家机构了解到，多地银行"开门红"营销较往年有所提前，以便提前锁定优质客户和发力中收业务。 与此同时，银行"开门红"营销差异化也日趋明显。虽然不少地方性银行依然将揽储作为重点来做，但部 分银行需求有所减弱，而多数大行策略更是明显转变，重点发力财富管理业务，在营销上也更显低调。 此外，智通财经记者注意到，相较于往年，今年部分银行对揽储需求有所减弱。在为明年"开门红"做准 备，部分银行甚至要先进行"排水"，即要求客户暂时先将资金转出。 受访业内人士指出，银行业正在经历一场深刻的转型，从传统的存贷业务向综合金融服务转变，而"开 门红"正是这种转型的缩影，映射出银行在变化的市场环境中寻找新增长点的努力。 净息差收窄压力下，银行提早发力"开门红"营销 据了解，往年银行"开门红"大多集中在第一季度，而今年市场节奏明显前置。自11月下旬起，已有多家 银行通过召开"专项启动会"等形式，在内部下达了针对资管产品销售的冲刺任务。 "最近接到的培训通知特别密集，都是关于新产品推介和营销技巧的。"一位城商银行客户经理向智通财 经记者透露， ...

陈莉认为，基金行业的数字化转型是一个漫长持续的过程，需要持续投入资源，不断创新迭代。目前头 部基金公司的数智化建设主要聚焦在平台建设和AI场景应用方面，未来既需要进一步提升平台的广度 和质量，也需要强化AI的全方位应用，力争做到覆盖业务更加全面、使用体验更加智能、场景融合更 有深度，实现更高层次的业务和科技融合。 陈莉认为，公募基金做好"投资于物"和"投资于人"的关键在于锻造系统性投研能力，建立基于国家重点 战略方向的长期投研框架，这不仅体现在资产配置的广度，更体现在对国家战略意图的深刻理解。陈莉 强调，基金公司需要不断加强平台化、一体化、多策略投研体系建设，聚焦前沿科技、新型消费、绿色 低碳、区域协调、民生保障等重点领域，形成更具深度的产业洞察力和对一线需求的感知力，更好识别 技术革新的爆发点。 陈莉表示，公募基金服务民生的关键在于全面围绕投资者最佳利益谋篇布局，融入公募基金行业全业务 链条，进一步彰显金融服务的适配性、可及性。比如，主动型产品需要具有鲜明的投资风格和提升客户 体验的创新设计；被动型产品需要注重高质量指数研发和高跟踪精度把控，提供丰富完善的指数产品 库；配置型产品需要注重产品的收益风险特征， ...