新元肇启，万象更新。在这辞旧迎新的美好时刻，我谨代表财通基金，向长期信任我们的投资者、携手同行的合作伙伴，致以最诚挚的新春问候和最深切 的感谢！ 回望2025，我们共同经历不平凡。站在"十四五"规划收官与"十五五"规划谋篇的历史衔接点上，宏观经济在内外变局交织中展现强大韧性，中国金融市场 则立足高质量发展，以政策协同为笔、以改革创新为墨，核心领域亮点频现：从年内上证指数创下近十年新高，到新"国九条"实施周年；从"金融强国"首 次写入五年规划，到货币政策"灵活高效"精准发力；从金融"五篇大文章"系统推进，到行业并购重组浪潮重塑格局……每一个关键节点，都深刻塑造着市 场的今天与未来。 与时偕行，我们更加坚定变革的决心。面对外部环境的复杂演变与公募行业的内生变革，我们毅然将2025年定义为财通基金的"变革重塑年"，围绕着"以 客户为中心"这一核心命题，系统性梳理了前中后台所有业务流程，将客户需求嵌入产品设计、投资决策、客户服务、风险管理、品牌建设等全生命周期 各个环节，并设立五大重点工程，从战略规划、组织机构、业务体系、客户运营、制度机制等方面协同发力、固本强基。 躬身笃行，以实干实绩兑现客户信赖。我们深知，公募行 ...

Core Insights - The capital market in 2025 is characterized by resilience amidst complex changes, with China's economy demonstrating strong growth stability and a shift towards high-quality development [2] - The public fund industry is transitioning from a "scale competition" to a "investor-centric" high-quality development phase, emphasizing the importance of professional capabilities and social responsibility [3] - In 2026, the focus will be on enhancing active management and long-term value investment, with a strong emphasis on integrating party leadership into corporate governance [4] Group 1: Market Trends - The total market value of A-shares has surpassed one trillion yuan, reflecting the maturation of the capital market and the increasing share of the technology sector [2] - The public fund industry is moving towards high-quality development guided by the "Action Plan for Promoting High-Quality Development of Public Funds" [3] Group 2: Company Strategy - The company aims to deepen the integration of party leadership with business operations, enhancing governance and driving product innovation and customer service [4] - The company will focus on solid fixed-income investment strategies, optimizing cash and bond product layouts to provide stable returns amidst interest rate fluctuations [5] Group 3: Research and Development - The company is committed to reforming its research and investment system, emphasizing absolute return principles and aligning with national strategic priorities [5] - The investment research team is enhancing macro, meso, and micro-level analysis to identify valuable targets in emerging sectors [3][5] Group 4: Risk Management - The company is upgrading its risk control and compliance systems to ensure transparent and standardized business operations, in line with national financial security strategies [6] - A comprehensive risk prevention mechanism will be established to monitor risks across markets and industries [6] Group 5: Customer Engagement - The company is enhancing customer service experiences by offering customized support and improving communication effectiveness [5] - Investment education initiatives are being expanded to help investors develop long-term investment philosophies [3]

新 春 快 乐 作为中央金融工作会议与新"国九条"后首单成功的券商市场化并购案例，我们深刻体会到"国资背景+市场化机制"所带来的活力与韧性。这一年，我们不仅明确 了打造一流投资银行的战略愿景，更实现了业务整合的"加速度"，资本实力与经营业绩双双跃升，彰显出协同之力。这让我们更加坚信：在高质量发展的道路 上，唯有脚踏实地，方能行稳致远。 展望2026，恰逢"十五五"开局之年，亦是中国传统的马年。马象征着奔腾、奋进与担当。证券行业肩负金融强国使命，更应以专业守护价值，以创新驱动成长。 新的一年，国联民生证券将继续为企业客户，提供全生命周期综合金融服务，助力产业升级；在低利率环境下为零售客户构建多策略配置组合，守护财富稳健增 值；为金融机构客户，定制综合解决方案和风险可控的结构化产品，共筑稳健回报。 顺流逆流，皆为行路的风景；心有罗盘，便有笃定的方向。券商中国微信平台粉丝总量已强势突破600万大关，值此2026年新春佳节来临之际，我们深深感恩每一位读 者朋友长久的信任与陪伴。在此，券商中国、券中社APP诚邀各大金融机构共同录制新春寄语视频，一起回顾2025年的精彩历程与深刻洞察，携手展望2026年的崭新蓝 图与无限 ...

Core Viewpoint - The public fund industry is entering a phase of high-quality development, with significant reforms and a shift from scale-oriented to return-oriented strategies, as highlighted by the implementation of the "Action Plan for Promoting High-Quality Development of Public Funds" [3][4]. Industry Overview - In 2025, the total scale of public funds exceeded 37 trillion yuan, with ETF scale surpassing 6 trillion yuan, ranking first in Asia. The market value of REITs reached 200 billion yuan, and fixed income plus products became a core asset allocation for residents [3][4]. - The public fund industry demonstrated resilience and vitality, with a notable increase in asset management scale by 23.78% year-on-year [4]. Company Performance - In 2025, the company launched nine new public funds, exceeding the industry median, and achieved the first nationwide public REITs in Northeast revitalization [4]. - The company maintained a leading position in the Beijing Stock Exchange fund category and had several products ranked in the top 20% and top 10% of market performance [4]. Strategic Outlook - The year 2026 is seen as a critical year for advancing the construction of a financial power and deepening high-quality development in the public fund industry [5]. - The company aims to leverage its parent company's full industry chain advantages to create a professional, collaborative, digital, and distinctive development pattern [5]. Investment Focus - The company emphasizes long-term investment strategies, focusing on technology innovation, high-end manufacturing, and green low-carbon sectors, aligning with national strategic areas [6]. - The product matrix is being optimized to include fixed income plus, equity index products, and public REITs, enhancing asset allocation options for investors [6]. Collaborative Growth - The company is building a collaborative development system by leveraging the full business chain advantages of its parent company, enhancing resource sharing and market insight [7]. - Collaboration with research, investment banking, and wealth management lines is aimed at improving service experience and driving growth [7]. Technological Integration - The company is advancing digital infrastructure and integrating AI and big data into research, risk control, and operations to enhance efficiency and compliance [8]. - A comprehensive digital risk control system is being developed to ensure rigorous compliance and risk management [8]. Brand Differentiation - The company is focusing on public REITs as a core business, managing existing projects effectively and preparing for new project launches [9]. - High-value specialty products are being developed to create competitive advantages and differentiate from peers [9]. Compliance and Responsibility - Compliance is prioritized as a fundamental aspect of development, with a robust risk management system in place [10]. - The company integrates ESG principles into investment decisions and product design, promoting responsible investment practices [10].

Core Viewpoint - The article emphasizes the achievements and future aspirations of the company, highlighting its commitment to supporting economic development and contributing to the common prosperity strategy in China as it enters 2026 [5][9]. Group 1: Company Achievements in 2025 - The company reported a significant increase in its operational scale, with a focus on supporting "specialized, sophisticated, and innovative" enterprises, achieving nearly 90% of its IPO guidance projects from such companies [7]. - The company facilitated the listing and refinancing of six "specialized and innovative" enterprises on the New Third Board, with a notable increase in the scale of its science and technology bond underwriting, reaching 7.5 billion yuan, which is over five times the previous year [7][8]. - The company completed a share buyback of 300 million yuan, reflecting its commitment to long-term value investment and market stability [8]. Group 2: Commitment to Common Prosperity - The company manages 1.4 trillion yuan in resident assets, which reflects the trust of millions of families and their aspirations for a better life [9]. - It issued 56.6 billion yuan in common prosperity-related products, directly benefiting numerous households and contributing to regional development through targeted financial support [9]. - The company conducted over a thousand investor education activities, promoting financial literacy and security, thereby reinforcing its commitment to ensuring that no one is left behind in the journey towards common prosperity [9]. Group 3: Future Outlook for 2026 - The company aims to become a leading provincial securities firm and a top modern investment bank, emphasizing its responsibility in the financial sector as it enters a critical year for financial strength and development [10]. - It plans to continue integrating financial services with the real economy, enhancing its role as a supportive partner for local businesses and contributing to the stability of the capital market [6][10]. - The company will uphold its mission of fostering innovation and development in Zhejiang, aligning with national strategies for economic growth and modernization [6][10].

2月13日，省委常委会召开会议，认真学习习近平总书记近期重要讲话重要指示精神，研究贯彻落 实举措。省委书记信长星主持会议并讲话。 会议学习了习近平总书记在《求是》杂志发表的重要文章《走好中国特色金融发展之路，建设金融 强国》、对国家自然科学基金委员会工作作出的重要指示精神，强调，要锚定金融强省建设目标，统筹 防风险、强监管、促发展，为"十五五"高质量发展提供有力金融支撑。要坚持"四个面向"战略导向，优 化我省基础研究布局，支持科研人员勇攀科学高峰、产出更多原创性成果。 会议审议了推动我省城市高质量发展的有关文件，指出，要深入学习贯彻习近平总书记关于城市工 作的重要论述，把握我省城市发展的阶段性特点，树立和践行正确政绩观，加强规划统筹、深化改革创 新、增强工作合力，优化现代化城市布局，高水平建设富有活力的创新城市、舒适便利的宜居城市、绿 色低碳的美丽城市、安全可靠的韧性城市、崇德向善的文明城市、便捷高效的智慧城市。 会议强调，春节即将到来，全省各地各部门要用心用情关心困难群众生产生活，组织好重要民生商 品供应，切实兜牢民生底线。要强化底线思维、极限思维，加强节日期间应急值守，紧盯重点领域、重 点场所、重点部位和 ...

雄关漫道，星河璀璨。卅载风雨，铸就金融脊梁。自1995年于改革春潮中破土而生，长城证券便如一道 蜿蜒于资本市场的金融长城，以深圳为原点，将服务的血脉延伸至大江南北。 从首批综合类券商到深交所挂牌上市，其名"长城"，早已超越了地理符号，升华为一种深耕产业、固本 培元的战略定力。当"十五五"的号角吹响，金融强国建设的时代命题如巍峨关山矗立眼前，这家根植于 电力央企沃土、深谙能源产业脉搏的券商，如何在百舸争流中走出一条特色鲜明的"长城之路"？其掌舵 者，长城证券党委书记、董事长王军，给出了他的思考与答案：以产融深度融合服务国家能源战略。 "中型券商的使命不在于规模模仿，而在于将自身资源禀赋转化为不可替代的专业价值。"王军直言。在 他看来，唯有深度融入国家能源战略，深耕电力、能源等关键产业链，坚定不移走产业金融特色发展之 路，才能在服务实体经济主战场中找准定位、扛牢责任，切实践行"国家兴衰，金融有责"的历史担当。 ● 本报记者 赵中昊 葛瑶 活水润泽 沿产业经脉向实而行 金融活水，唯沿产业经脉流淌，方能润泽实体经济之良田。一座现代化电厂的轰鸣，一条完整产业链的 贯通，离不开金融工具的全周期护航。长城证券正以产融协同为 ...

Group 1 - The meeting emphasized the importance of adhering to the spirit of Xi Jinping's important speeches and writings, particularly regarding financial development and maintaining political security and social stability [2][3] - The focus is on integrating technological and industrial innovation, deepening reform and opening up, and advancing the construction of a modern financial province [2] - There is a strong emphasis on ensuring safety in production, particularly in key sectors such as mining, transportation, and construction, with strict accountability measures for negligence [3] Group 2 - The meeting highlighted the need for dynamic assessment of holiday traffic and ensuring public safety during peak travel times, alongside guaranteeing the supply of essential goods [3] - Talent development is a priority, with plans to enhance the integration of education and technology to attract and cultivate innovative talent [3]

Core Viewpoint - The Chinese stock market is expected to show a stable and positive development trend by 2026, driven by multiple positive factors such as improved economic competitiveness, the rise of new productive forces, and supportive macro policies [1][2]. Economic Competitiveness - China's overall international competitiveness is continuously improving, which is reflected in the rising valuations of Chinese assets in the capital market [3]. - The economy has shifted from investment-driven to innovation-driven, with technological innovation evolving from following to leading, creating new investment opportunities in the capital market [3]. Policy Environment - Major economies worldwide are adopting fiscal expansion and monetary easing policies, which historically lead to better performance in capital markets [3]. - The institutional environment for the Chinese stock market is expected to improve gradually, providing a more solid foundation for healthy capital market development [3]. Long-term Capital Inflow - Since September 24, 2024, the Chinese stock market has entered an upward channel, supported by policy and institutional frameworks [4]. - To attract long-term capital, three areas of focus are suggested: 1. Cultivating stronger long-term institutional investors by enhancing their operational space and supporting their net asset growth [4]. 2. Expanding investment scope to include overseas ETFs, commodities, and derivatives for institutional investors [4]. 3. Improving the delisting mechanism to ensure a competitive market environment [4]. Asset Allocation Strategy - For 2026, the focus is on assets with long-term value, particularly RMB-denominated assets, with optimism for A-shares and Hong Kong stocks [5]. - While equity assets are expected to perform well in the long term, there is a need to lower return expectations due to significant valuation increases since September 2024 [5]. - Specific sectors to watch include innovative technology stocks, traditional manufacturing companies with global competitiveness, and high-dividend blue-chip assets represented by state-owned enterprises [5]. Investment Strategy - The recommended asset allocation strategy shifts from the traditional "721" model to the "442" strategy, which includes 40% stable assets (fixed income, insurance products), 40% equity (A-shares, Hong Kong stocks), and 20% alternative assets (such as commodities) [7].

Core Viewpoint - The article highlights the strategic initiatives and achievements of Caitong Securities in enhancing its role as a leading investment bank while focusing on serving the real economy and promoting high-quality economic development [1][2]. Group 1: Strategic Development - Caitong Securities aims to build a "Four-Type Caitong" model, focusing on being innovative, service-oriented, platform-based, and transformative to support high-quality economic growth [2][4]. - The company is committed to deepening the "Four-Type Caitong" construction during the 14th Five-Year Plan period, translating top-level financial design into practical actions in Zhejiang [3][4]. Group 2: Service to the Real Economy - The company is accelerating its "Science and Technology Innovation-Type Caitong" construction by enhancing investment banking services for innovative enterprises and expanding its bond financing capabilities [4][5]. - Caitong Securities has achieved significant milestones, including underwriting a total of 75 billion yuan in science and technology bonds by 2025, representing nearly a threefold increase [4]. Group 3: Financial Inclusion and Community Welfare - The company emphasizes its commitment to inclusive finance, having supported over 500 billion yuan in direct financing for local enterprises and maintaining a leading market share in IPO services in Zhejiang [5][6]. - Caitong Securities has implemented a "3510" common prosperity initiative to enhance wealth management capabilities for residents, targeting an 11% increase in customer numbers and a 28% increase in asset scale by 2025 [6]. Group 4: Platform Development - The company is expanding its "Platform-Type Caitong" framework by establishing a comprehensive financial service ecosystem that covers both domestic and international markets [6][7]. - Caitong Securities has achieved full coverage of city cooperation within Zhejiang and is accelerating the establishment of business headquarters in major cities like Beijing and Shanghai [7]. Group 5: Innovation and Digital Transformation - The company is focusing on green finance and digital transformation, having launched the first nationwide clean energy ABS and developed an "AI*(1+4+N)" digital innovation system [7][14]. - Caitong Securities aims to enhance operational efficiency through technology integration, targeting improvements in service effectiveness and management efficiency [14]. Group 6: Financial Performance - For the first three quarters of 2025, Caitong Securities reported a consolidated revenue of 5.063 billion yuan, a year-on-year increase of 13.99%, and a net profit of 2.038 billion yuan, up 38.42% [8]. - The company achieved a significant growth in brokerage fee income, with a year-on-year increase of 66.32% [8]. Group 7: Global Expansion - Caitong Securities is building a multi-layered cross-border financial service system, focusing on international investment banking and financing needs of domestic enterprises [9][10]. - The company has successfully facilitated several IPOs and bond issuances in international markets, enhancing its role as a bridge for local enterprises to access global capital [10][11]. Group 8: Future Vision - The company is committed to a "Five Transformation" strategy, aiming to enhance governance, service capabilities, and professional strength in alignment with national strategies [12][15]. - Caitong Securities plans to deepen its integration with local economic development while expanding its international presence, striving to become a first-class modern investment bank [15].