Core Viewpoint - The official launch of the Hainan Free Trade Port's full island closure operation on December 18 marks a new development phase characterized by "first-line openness, second-line control, and internal freedom" [1] Financial Support and Policy Development - The People's Bank of China has been actively promoting financial policies and institutional frameworks since the release of the Hainan Free Trade Port construction plan in June 2020, effectively supporting the port's development [1] - Three key financial preparations for the closure have been completed, including the improvement of cross-border capital flow management systems and the introduction of the multi-functional free trade account (EF account) [2][5] EF Account and Cross-Border Transactions - By the end of October 2025, 11 banks in Hainan had launched EF accounts, with a total of 658 accounts opened and a transaction volume of 2,689 billion RMB [2][5] - The EF account facilitates cross-border capital flow with transactions occurring with 80 countries and regions, enhancing the efficiency of cross-border financial operations [3] Financial Monitoring and Risk Management - A cross-border capital flow monitoring and early warning mechanism has been established to enhance the ability to prevent financial risks [2][3] - The financial system's total loan balance in Hainan reached 14,101 billion RMB by the end of November, with significant growth in loans for key sectors such as technology and green finance [2] Financial Service Upgrades - The digital RMB pilot program is being actively implemented across Hainan, covering various sectors and contributing to the growth of digital payment solutions [4][7] - The launch of the "Hainan Wallet" project and the establishment of comprehensive service centers at major airports have significantly improved payment convenience for foreign visitors [7] Cross-Border Financial Opportunities - The closure is seen as an opportunity for financial institutions to expand their market presence, particularly in cross-border settlement, financing, and asset management [8][9] - Financial institutions are encouraged to leverage the EF account for dual-direction investment and financing, while also exploring digital RMB applications in key industries [9] Conclusion - The Hainan Free Trade Port's closure operation is expected to enhance trade and investment liberalization, providing a fertile ground for financial innovation and international cooperation [8][9]

12月18日午后，银行股反弹，板块内全线飘红。上海银行涨近3%，苏州银行、厦门银行、杭州银行涨 超2%，建设银行、渝农商行、南京银行、江阴银行涨幅居前。 随着2026年日益临近，银行股的业绩走向与结构分化逻辑再次成为机构研报的核心议题。 作为"十五五"规划的开局之年，银行业的经营环境与投资逻辑将如何演变？对于投资者而言，机会藏于 何处？ 近期，多家券商密集发布年度展望，普遍认为在宏观政策托底、息差有望筑底以及存量风险持续缓释的 背景下，2026年上市银行整体业绩大概率将步入温和修复通道。 然而，几乎所有机构都同时强调，行业内部的结构性分化将成为未来一年的主旋律，马太效应加剧，具 备独特客户优势、负债成本管控能力或特定区域禀赋的银行，将有望领跑新一轮周期。 综合各家观点，一个明确的预期正在形成，即行业净息差有望在2026年触底并逐步趋稳。支撑这一判断 的共同逻辑在于，存款成本在监管引导与自然重定价下有改善空间，而资产端收益率的下行压力预计将 有所减缓。 机构普遍指出，这一改善过程将更利好于负债基础扎实、活期存款占比高的大型银行，以及部分存款成 本改善空间较大的中小银行。 业绩温和修复成共识，内部分化已成定局 对 ...

Core Viewpoint - The 19th Huaxia Institutional Investor Annual Conference emphasized the themes of "vitality and resilience, innovation and empowerment," focusing on the future paths for financial development and the role of financial institutions in supporting the real economy [2]. Group 1: Financial Innovation - Tianjin Bank has successfully issued the first batch of technology-oriented innovative bonds in the country and the first in Hebei Province, with technology innovation loans growing by 26.21% year-on-year as of September 2025 [3]. - The bank has developed a specialized product system including equity, debt, loans, funds, and guarantees, and has successfully launched its first leasing business for computing power equipment and private satellite leasing [3]. Group 2: Green Finance - Tianjin Bank has issued the first energy-saving evaluation environmental loan in Tianjin, with significant year-on-year growth in both green bond investments and transactions [3]. - The introduction of innovative green financial products, such as energy evaluation-linked loans and green intellectual property-linked loans, marks an expansion of its green finance product system [3]. Group 3: Inclusive Finance - The bank has implemented the "thousand enterprises and ten thousand households" outreach initiative, with a total credit amount nearing 6.3 billion, leading in new credit issuance among city commercial banks in Tianjin [3]. - Inclusive corporate loans have increased by 51.7% year-on-year, reaching a historical high [3]. Group 4: Pension Finance - Tianjin Bank has upgraded its "Golden Autumn Harbor" pension finance brand and is issuing dedicated financial products, with steady growth in loans for the pension industry [4]. - The bank is integrating financial services into elderly care communities, creating a comprehensive product matrix for pension finance [4]. Group 5: Digital Finance - The bank's digital transformation has been recognized with 26 awards and 37 approved intellectual property rights, providing data support to the National Bureau of Statistics [4]. - The digital transformation efforts have received high praise from the National Bureau of Statistics [4].

■"夯实文化软实力 积极履责显担当"系列专题报道 党的二十届四中全会提出，"实现人民对美好生活的向往是中国式现代化的出发点和落脚点"。"十五 五"规划建议将"人民生活品质不断提高"作为经济社会发展的主要目标。国新证券党委书记、董事长张 海文日前在接受中国证券报记者专访时表示，加入中国国新以来，国新证券坚定传承央企红色基因，深 刻把握金融工作的政治性和人民性，坚决扛起央企社会责任，通过做好金融"五篇大文章"、开展ESG咨 询特色业务、认真做好帮扶工作、强化投资者教育和保护及加强对员工的关心关爱，将履行社会责任与 公司经营管理有机融合，推动经济价值与社会价值共创共享，促进可持续发展。 积极践行国家战略 认真做好金融"五篇大文章" 张海文表示，国新证券始终把功能性放在首要位置，坚持立足国新、服务央企、助力国家战略的发展定 位，在深化国有资本运营改革、培育发展新质生产力的时代命题中找准金融服务的切入点与着力点，助 力科技、产业、金融的良性循环。科技金融方面，完成铜冠矿建、科隆新材等IPO发行，孚能科技、国 新健康等定向增发，川力智能、奉加科技等新三板挂牌，助力科技创新企业利用资本市场做大做强。加 大科创债发行力度，完 ...

金融可信数据空间是全省可信数据空间"123+"项目库的重点项目之一。此次设立实验室，旨在破解 数据孤岛与流通壁垒，助力中小微企业融资，促进数字技术与实体经济深度融合。该实验室将围绕"数 据资源交互融合、流通过程可信可控、场景应用价值共创"的目标，打造可信、安全、合规的金融数据 共享基础设施。具体来说，实验室利用隐私计算、区块链、数据沙箱等前沿技术打通数据流通堵点，构 建"多级共治、权责清晰、安全可控"的跨机构协作网络，发挥数据要素价值。在此基础上，通过强化数 据要素赋能、创新数字金融产品、打造开放协同平台，全面提升金融服务实体经济质效。 12月16日，江苏省金融可信数据空间实验室在南京正式揭牌。该实验室由江苏省数据集团有限公 司、江苏省联合征信有限公司、江苏省金科数字与科技金融研究院和苏州企业征信服务有限公司共同发 起设立，标志着江苏在数字金融领域迈出关键一步，为金融强省建设提供"硬核支撑"。 ...

Core Viewpoint - The 20th Central Committee of the Communist Party of China emphasizes that "realizing people's aspirations for a better life is the starting point and goal of Chinese-style modernization" and that improving the quality of people's lives is a primary goal of economic and social development during the 14th Five-Year Plan [1] Group 1: Financial Services and National Strategy - The company positions itself to serve state-owned enterprises and assist national strategies by focusing on functional financial services, particularly in the context of state-owned capital operation reform and the cultivation of new productive forces [2] - The company has completed IPOs and directed placements for various technology and innovation enterprises, facilitating their growth through capital market access [2] - The issuance of technology innovation bonds and the establishment of a bond basket for state-owned enterprises are aimed at enhancing liquidity and value discovery in the market [2] Group 2: Green Finance Initiatives - The company has issued multiple green bonds and provided financial services to over ten enterprises in the energy-saving and environmental protection sectors, investing nearly 200 million yuan in green bonds [3] - It actively supports clean energy development and addresses financing needs in the green and environmental sectors [3] Group 3: Inclusive Finance and Digital Transformation - The company is focused on supporting small and micro enterprises by underwriting bonds that meet their funding needs and enhancing digital customer operations [3] - It has launched a new APP with advanced features to improve customer service and operational efficiency, significantly enhancing transaction capabilities [4] Group 4: ESG Commitment and Sustainable Development - The company is building a local ESG ecosystem by providing comprehensive ESG consulting services and assisting over 300 companies in ESG reporting [5][6] - It has developed an ESG evaluation system and is involved in creating standards and guidelines for ESG disclosures and management [6][7] Group 5: Social Responsibility and Community Engagement - The company emphasizes a people-centered development approach, engaging in targeted assistance for rural revitalization and community welfare [8] - It has established a multi-faceted support system for local communities, including financial, intellectual, and consumer assistance [9] - The company is committed to investor education and protection, enhancing public awareness of investment risks and rights [9] Group 6: Employee Welfare and Corporate Culture - The company prioritizes employee care and has implemented various initiatives to enhance team cohesion and morale [10][11] - It has established a supportive environment through cultural and health initiatives, reinforcing the company's commitment to employee well-being [11]

金融可信数据空间是全省可信数据空间"123+"项目库的重点项目之一。此次设立实验室，旨在破解数据 孤岛与流通壁垒，助力中小微企业融资，促进数字技术与实体经济深度融合。该实验室将围绕"数据资 源交互融合、流通过程可信可控、场景应用价值共创"的目标，打造可信、安全、合规的金融数据共享 基础设施。具体来说，实验室利用隐私计算、区块链、数据沙箱等前沿技术打通数据流通堵点，构 建"多级共治、权责清晰、安全可控"的跨机构协作网络，发挥数据要素价值。在此基础上，通过强化数 据要素赋能、创新数字金融产品、打造开放协同平台，全面提升金融服务实体经济质效。 本报讯(记者何钰)12月16日，江苏省金融可信数据空间实验室在南京正式揭牌。该实验室由江苏省数据 集团有限公司、江苏省联合征信有限公司、江苏省金科数字与科技金融研究院和苏州企业征信服务有限 公司共同发起设立，标志着江苏在数字金融领域迈出关键一步，为金融强省建设提供"硬核支撑"。 ...

Core Viewpoint - The core viewpoint emphasizes that the modernization of China is centered around the people's aspirations for a better life, with a focus on improving the quality of life as a primary goal of economic and social development [1] Group 1: Financial Services and National Strategy - The company positions itself to support state-owned enterprises and national strategies by enhancing financial services, particularly in technology and innovation sectors [2][3] - It has successfully completed multiple IPOs and bond issuances, including the first "ESG + Technology Innovation" corporate bond in the national chemical industry [2][3] - The company has invested over 1.6 billion yuan in more than 30 projects focused on early-stage and hard technology investments [2] Group 2: Green Finance Initiatives - The company has issued seven green bonds, providing financial services to over ten enterprises in the energy-saving and environmental protection sectors [2] - It has invested nearly 200 million yuan in green bonds and has actively supported financing needs for clean energy development [2] Group 3: Inclusive Finance and Digital Transformation - The company has focused on issuing bonds to support small and micro enterprises, enhancing digital customer operations and offering a wide range of financial products [2] - It has developed a new generation app that integrates AI technology to improve customer service and operational efficiency [3] Group 4: ESG (Environmental, Social, and Governance) Initiatives - The company provides comprehensive ESG consulting services, having assisted over 300 companies in preparing ESG reports to enhance compliance and market recognition [3][4] - It has established an ESG evaluation system and has been involved in creating national standards for ESG disclosures [4][5] Group 5: Social Responsibility and Community Support - The company actively engages in rural revitalization efforts, providing financial and intellectual support to various regions [6][7] - It has implemented investor education programs to enhance public awareness of investment risks and rights [6][7] - The company prioritizes employee welfare, establishing a supportive work environment and providing assistance to employees in need [7]

Group 1 - HashKey Holdings Limited (HASHKEY HLDGS) successfully listed on the Hong Kong Stock Exchange, becoming the first cryptocurrency stock in Hong Kong [1] - The company issued 241 million new shares, raising approximately HKD 1.607 billion [1] - The IPO was well-received, with a subscription rate of 393.71 times for the public offering, and the final offer price set at HKD 6.68 per share [3] Group 2 - Approximately 40% of the funds raised will be allocated to technology and infrastructure upgrades, another 40% for market expansion and ecosystem partnerships, 10% for operations and risk management, and the remaining 10% for working capital and general corporate purposes [3] - The listing is seen as a significant step in bridging traditional finance and digital finance, with HashKey Holdings positioned as a key player in the digital financial sector in Hong Kong [3]

Core Insights - HashKey Holdings Limited (HASHKEY HLDGS) has successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 1.607 billion through the issuance of 241 million new shares, marking it as the "first cryptocurrency stock in Hong Kong" [1][4] Group 1: Company Overview - HASHKEY HLDGS is a comprehensive digital asset company with a solid foundation in Asia, offering a range of services including digital asset trading facilitation, on-chain services, and asset management [5] - As of September 30, 2025, HASHKEY HLDGS supports 80 types of digital asset tokens across various categories, including major Layer-1 assets, decentralized finance (DeFi) tokens, stablecoins, and emerging ecosystem projects [5] - According to Frost & Sullivan, HASHKEY HLDGS is the largest regional onshore platform in Asia by trading volume projected for 2024, and it is also the largest on-chain service provider and digital asset management institution in Asia by staked assets and assets under management, respectively [5] Group 2: Market Position and Financials - During the IPO, HASHKEY HLDGS received significant investor interest, with the public offering portion being oversubscribed by 393.71 times, and the final offer price set at HKD 6.68 per share [4] - The funds raised from the IPO will be allocated as follows: approximately 40% for technology and infrastructure upgrades, 40% for market expansion and ecosystem partnerships, 10% for operations and risk management, and 10% for working capital and general corporate purposes [4] Group 3: Financial Services Context - Adept Financial, a seasoned financial services institution in the Hong Kong and US markets, played a crucial role in facilitating HASHKEY HLDGS's listing, emphasizing the integration of traditional and digital finance [3] - The company aims to provide a standardized path for global digital financial enterprises to capitalize, leveraging its extensive experience in underwriting and listing coordination [3]