Group 1 - The core viewpoint of the article highlights the significant allocation value of high-dividend Hong Kong stocks in the current low-interest-rate environment, driven by global interest rate cut expectations and declining domestic 10-year government bond yields [1] - The cumulative net inflow of Hong Kong Stock Connect reached a historical high of 1.38 trillion HKD since the beginning of 2025, indicating increased interest from insurance companies in high-dividend assets [1] - The State-owned Assets Supervision and Administration Commission (SASAC) has incorporated market value management into its assessment, promoting high dividend payouts from central state-owned enterprises as a trend, reflecting a commitment to revitalizing existing assets [1] Group 2 - The Hong Kong Dividend ETF (159331) tracks the Hong Kong Stock Connect High Dividend Index (930914), which selects 30 high-dividend securities with good liquidity and consistent dividend payments from the Hong Kong Stock Connect universe, using a dividend yield-weighted approach [1] - The constituent stocks cover multiple industry sectors, with a particular focus on the financial and traditional industry sectors, aiming to reflect the overall performance of quality securities under a high-dividend strategy [1] - The Hong Kong Dividend ETF (159331) has assessed dividends monthly and has consistently paid dividends for 16 consecutive months, making it noteworthy for investors [1]

Core Viewpoint - The People's Bank of China (PBOC) released the "China Financial Stability Report (2025)", projecting a GDP of 134.91 trillion yuan for 2024, with a growth rate of 5.0% amidst a challenging external environment [1][2]. Economic Outlook - The report indicates that employment and prices will remain stable, with international payments balanced and foreign exchange reserves stable at over 3.2 trillion USD [1]. - The focus on new productive forces and key areas such as green and technology sectors will see enhanced financial support, contributing to orderly risk resolution in these sectors [1]. Policy Directions - The report outlines a policy direction to promote long-term capital investment in the stock market, with various regulatory bodies collaborating to improve the investment environment for long-term funds [1][7]. - The aim is to significantly increase the scale and proportion of long-term capital investments in A-shares, fostering a virtuous cycle between capital market stability and high-quality economic development [7]. Risk Management - The financial system will continue to prevent and resolve risks in key areas, including managing the debt risks of financing platforms and addressing risks in small and medium-sized financial institutions [2][11]. - The PBOC's rating of 3,529 banks shows that the overall financial risk is controllable, with a significant reduction in the number of high-risk small banks [2][4]. Bank Ratings - Among the rated banks, 3,217 are classified as low to moderate risk (levels 1-7), accounting for 98% of total assets, with 1,831 banks in the green zone holding 421 trillion yuan in assets [4][5]. - The report highlights that national banks are stable and serve as a "ballast" for the financial system, while local banks show varied performance [5]. Future Financial Strategies - The PBOC plans to enhance the macro-prudential management framework and strengthen monitoring of systemic financial risks [11]. - The report emphasizes the importance of maintaining liquidity and supporting stable economic growth while managing inflation expectations [10].

Core Viewpoint - The People's Bank of China (PBOC) released the "China Financial Stability Report (2025)", indicating that the financial system is generally stable, with overall risks under control and financial institutions operating within reasonable parameters [1]. Group 1: Financial System Stability - The report emphasizes the need for increased counter-cyclical and cross-cyclical adjustments to continuously prevent and mitigate risks in key areas, aligning with the directives from the Central Economic Work Conference and the Central Financial Work Conference [3]. - It highlights the importance of maintaining ample liquidity and promoting stable growth in social financing costs, while ensuring the stability of the RMB exchange rate [3]. Group 2: Long-term Capital Market Development - The report outlines a collaborative effort among various regulatory bodies to enhance the institutional environment for long-term investments, aiming to significantly increase the scale and proportion of long-term capital invested in A-shares [2][16]. - It stresses the importance of a healthy cycle between the preservation and appreciation of long-term capital, stable capital market operations, and high-quality development of the real economy [2][16]. Group 3: Support for Technology and Innovation - The PBOC plans to deepen financial supply-side structural reforms to support technology finance, focusing on early, small, long-term, and hard technology investments [6]. - It aims to enhance credit support for technology SMEs and promote high-quality development in the venture capital sector [6][7]. Group 4: Financing Platform Risk Mitigation - The report indicates that significant progress has been made in mitigating financing platform debt risks, with a notable reduction in the scale of operating financial debt by approximately 25% compared to the beginning of 2023 [8]. - It emphasizes the need for continued support for debt restructuring and maintaining financing for key areas and projects [9]. Group 5: Interest Rate Marketization - The PBOC is committed to advancing interest rate marketization reforms, focusing on improving the pricing capabilities of financial institutions and ensuring a balance between supporting the real economy and sustainable operations [10][11]. Group 6: Market Value Management for Listed Companies - The China Securities Regulatory Commission (CSRC) has introduced a market value management system to guide listed companies in enhancing their quality and investment value [12]. - The report outlines four key areas for future work, including regular visits to listed companies, promoting quality improvements, enforcing management responsibilities, and increasing regulatory oversight to prevent market risks [12][14]. Group 7: Liquidity Risk Monitoring - The PBOC has conducted liquidity stress tests on open-ended bank wealth management products, finding that overall liquidity risks are manageable [15]. - It plans to enhance daily monitoring of liquidity risks and address potential risks arising from external shocks [15]. Group 8: Macro-Prudential and Financial Stability Functions - The PBOC aims to expand its macro-prudential and financial stability functions, continuously optimizing existing tools and exploring new financial instruments to maintain market stability [17][18].

21世纪经济报道记者 唐婧 北京报道 12月26日，中国人民银行（下称"央行"）发布《中国金融稳定报告（2025）》（下称《报告》），对中国金融体系的稳健性状况进行全面评 估。《报告》指出，当前，我国金融业运行总体稳健，金融风险整体收敛、总体可控，金融机构经营指标和监管指标处于合理区间。 《报告》共设有十三个专栏和四个专题，谈及了金融支持融资平台债务风险化解、防范化解保险业风险、公募基金流动性压力测试、拓展中央 银行宏观审慎与金融稳定职能等金融领域的热点问题。 备受关注的是，《报告》在"推动中长期资金入市"的专栏中表示，下一步，中国证监会、财政部、人力资源社会保障部、中国人民银行、金融 监管总局等相关部门将立足大局，加强协作，形成合力，在中央金融办统筹协调下，进一步提升工作的前瞻性、主动性和针对性，着力健全有 利于"长线长投"的制度政策环境，显著提高各类中长期资金实际投资A股的规模和比例，努力实现中长期资金保值增值、资本市场平稳健康运 行与实体经济高质量发展的良性循环。 21世纪经济报道记者注意到，《报告》还在"做好科技金融大文章 精准支持科技创新重点领域""金融支持融资平台债务风险化解取得阶段性成 效""建 ...

12月26日，中国人民银行发布《中国金融稳定报告（2025）》（下称《报告》），对中国金融体系的稳健性状况进行全面 评估。《报告》指出，当前，我国金融业运行总体稳健，金融风险整体收敛、总体可控，金融机构经营指标和监管指标处 于合理区间。 2025年上半年，央行对3529家银行机构开展央行金融机构评级，结果显示，我国银行机构整体经营稳健，金融风险整体收 敛、总体可控。 《报告》还在多篇专栏中回顾金融系统推动上市公司投资价值持续提升，推动中长期资金入市有关情况。在推动中长期资金 入市专栏中，《报告》指出，下一步，中国证监会等相关部门将着力健全有利于"长钱长投"的制度政策环境。 我国银行机构金融风险整体收敛、总体可控 展望未来，《报告》提出，金融系统将防范化解重点领域金融风险，坚定推进金融支持融资平台债务风险化解工作，积极稳 妥处置中小金融机构风险，做好房地产金融宏观审慎管理，牢牢守住不发生系统性金融风险的底线。 2025年上半年，央行对3529家银行机构开展央行金融机构评级（下称"央行评级"）。3529家参评银行包含21家全国性银行及 3508家地方法人银行。从评级结果来看，我国银行机构整体经营稳健，金融风险整体 ...

日前召开的中央企业负责人会议明确，2026年要加强上市公司质量和市值管理。这一表态恰逢国资委 《关于改进和加强中央企业控股上市公司市值管理工作的若干意见》印发满一年之际。 一年来，在政策持续催化下，央企市值管理正加速从监管要求转化为企业的系统性行动与真金白银的市 场承诺。业内人士认为，随着制度体系不断完善，回购增持等举措密集落地，市值管理已日益成为衡量 国企改革成效、提升国有资本效能、稳定资本市场预期的重要综合尺度，以提升价值创造能力为核心的 国企改革新图景正加速铺展。 央企市值管理步入常态化 地方国资发力市值管理 增持方面，新集能源公告称，截至9月末控股股东中国中煤持股比例由30.31%增至31.72%，目前增持计 划正在实施中。 更多央企将市值管理纳入系统性工程。中国石化集团近期启动"中国石化上市公司市值提升专项行动"， 着力提升投资价值，增强股东回报；大秦铁路、招商南油等公司陆续制定并实施市值管理制度和股份回 购方案，以真金白银向市场传递发展信心。 国资委数据显示，目前，央企控股上市公司市值超过22万亿元，较"十三五"末增长了近50%，"十四 五"以来，累计实施现金分红2.5万亿元，成为维护资本市场平稳 ...

增持方面，新集能源公告称，截至9月末控股股东中国中煤持股比例由30.31%增至31.72%，目前增持计 划正在实施中。 更多央企将市值管理纳入系统性工程。中国石化集团近期启动"中国石化上市公司市值提升专项行动"， 着力提升投资价值，增强股东回报；大秦铁路、招商南油等公司陆续制定并实施市值管理制度和股份回 购方案，以真金白银向市场传递发展信心。 国资委数据显示，目前，央企控股上市公司市值超过22万亿元，较"十三五"末增长了近50%，"十四 五"以来，累计实施现金分红2.5万亿元，成为维护资本市场平稳运行的重要力量。 ● 本报记者 刘丽靓 日前召开的中央企业负责人会议明确，2026年要加强上市公司质量和市值管理。这一表态恰逢国资委 《关于改进和加强中央企业控股上市公司市值管理工作的若干意见》印发满一年之际。 一年来，在政策持续催化下，央企市值管理正加速从监管要求转化为企业的系统性行动与真金白银的市 场承诺。业内人士认为，随着制度体系不断完善，回购增持等举措密集落地，市值管理已日益成为衡量 国企改革成效、提升国有资本效能、稳定资本市场预期的重要综合尺度，以提升价值创造能力为核心的 国企改革新图景正加速铺展。 央企市 ...

证券日报网讯 12月26日，中国交建在互动平台回答投资者提问时表示，股价低迷影响公司品牌与流动 性，这并非管理层愿见的结果。公司已制定市值管理办法，推出提质增效重回报专项计划，正通过优化 分红政策、研究股份回购等多措并举维护市值。建筑行业市场环境修复需投资者与企业共同参与，公司 也将聚焦主业提质增效，通过压降应收、提升资产效率夯实经营质量，打通境内外资本市场价值传导， 以实际行动回馈投资者期待。 （文章来源：证券日报） ...

证券日报网讯12月26日，鑫铂股份（003038）在互动平台回答投资者提问时表示，公司目前正在研究市 值管理的相关制度，并尽快出台相关措施提升公司市场价值。 ...

（文章来源：证券日报） 证券日报网讯 12月26日，振华科技在互动平台回答投资者提问时表示，公司高度重视市值管理工作， 致力于打通价值创造与价值经营的关键闭环，对内，公司筑牢价值根基，心无旁骛地聚焦电子元器件主 业，通过持续优化经营质效，构筑坚实的内在价值基础；对外，公司强化价值传导，主动研判并回应市 场关切，通过多元化沟通渠道与精准信息披露，清晰传递投资亮点。未来，公司将持续推动内在价值与 市场价值的动态平衡，通过夯实价值基石与畅通价值传递的良性循环，赢得市场的长期信任。 ...