编者按 当前，资本市场改革持续深化，证券行业正处在乘势而上、建设一流投资银行和投资机构的关键战略机 遇期，学习、宣传、贯彻党的二十届四中全会精神是当前和今后一个时期的重要政治任务。为此，中国 证券报联合中国证券业协会推出"证券公司学习宣传贯彻党的二十届四中全会精神"系列专题报道，聚焦 证券公司在强化功能发挥、提升专业能力、推进差异化发展、筑牢合规风控底线、厚植行业文化底蕴等 方面的实践探索与丰硕成果，生动展现证券公司作为资本市场重要践行者、改革排头兵、服务主力军的 责任担当与时代作为。本篇为系列报道第三十篇。 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 （002939）便如一道蜿蜒于资本市场的"金融长城"，以深圳为原点，将服务的脉络延伸至大江南北。 棋局新开 于产融共生中落子 善弈者谋势，不争一子之得失；善融者聚力，贵在全局之共生。长城证券正于产业金融的棋盘上，布下 一局共生共荣的大棋。 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 ...

Core Viewpoint - The article emphasizes the importance of "善本金融" (Good Financial Practices) in the context of the AI era, highlighting its role in empowering high-quality economic development in China, particularly through the initiatives in the Qiantang River Financial Bay area [1][5]. Group 1: Good Financial Practices - The "善本金融白皮书（2025）" was released, summarizing the theoretical, institutional, and practical breakthroughs in good financial practices in recent years [1][5]. - Good financial practices are defined as a deep integration of two new financial paradigms: configuration finance, which utilizes AI to enhance resource allocation efficiency, and social value finance, which aims to balance profit and social responsibility [5][7]. - The implementation of good financial practices has led to tangible results, such as the establishment of a financial advisor system with 5,200 advisors nationwide, helping to resolve over 30,000 financing issues amounting to over 2,000 billion yuan by 2025 [7]. Group 2: Qiantang River Financial Bay Development - The Qiantang River Financial Bay core area is recognized as one of the most concentrated regions for financial elements in Zhejiang province, aiming for high-quality financial industry development [2][9]. - The core area has attracted nearly 170 licensed financial institutions and has an asset management scale of 15 trillion yuan, supporting significant projects like a 500 billion yuan social security technology innovation fund [9]. - The area has established a symbiotic ecosystem of new finance and new technology, with a focus on differentiated development in financial technology and wealth management [9][10]. Group 3: Future Directions and Innovations - The Qiantang River Financial Bay aims to become a hub for good financial practices and digital finance, emphasizing the need for a cultural brand that integrates social values and technological advancements [10][17]. - Future initiatives will focus on building a provincial financial data sharing platform to enhance data flow across various sectors, breaking down existing data silos [10]. - The financial sector is expected to undergo significant transformations, with a shift towards wealth management and the emergence of world-class private equity firms in China [16].

Core Insights - Hong Kong is emerging as a hub for asset management institutions that combine professional expertise with innovative capabilities, with Yuhua Oriental Asset Management leading the way in both traditional finance and digital asset sectors [1][3]. Group 1: Company Overview - Yuhua Oriental was established in 2025 and has developed a dual-track investment ecosystem that integrates traditional finance and digital assets, covering global capital markets and various asset classes [3]. - The company focuses on institutional clients and high-net-worth individuals, offering customized asset management solutions that balance traditional and digital asset allocations [5]. Group 2: Investment Strategy - Yuhua Oriental employs a comprehensive investment strategy that includes macroeconomic analysis and industry tracking to identify value opportunities across different asset classes [3]. - The firm utilizes a "technology-driven asset management closed loop" that incorporates high-frequency trading systems, alternative data integration, and a multi-layered risk management framework [4]. Group 3: Leadership and Innovation - Chen Zhuoran, the Managing Director and Chairman of the Digital Finance Innovation Committee, plays a pivotal role in the company's strategic direction, leveraging his extensive experience in global finance [6][8]. - Under Chen's leadership, Yuhua Oriental has successfully executed innovative projects, such as the tokenization of assets for a century-old jewelry group, raising $50 million and winning awards for financial innovation [7]. Group 4: Future Outlook - The company aims to establish a digital financial innovation framework and develop blockchain-based trade finance and asset tokenization platforms, positioning itself at the intersection of traditional and digital finance [8][9]. - Yuhua Oriental is expected to create sustainable value for global investors by leveraging its dual-driven approach of traditional and digital assets, thus leading the asset management industry into a new investment paradigm [9].

Group 1 - Star Chain Group (00399) saw its stock price surge over 50%, with a current increase of 45.46%, trading at HKD 0.080 and a transaction volume of HKD 789.94 million [1][5] - The company announced a strategic cooperation framework agreement with China International Digital Finance Group for a gold real-world asset tokenization project, effective February 12, 2026 [1][5] - The board believes this collaboration aligns with the company's strategic development in blockchain infrastructure and digital asset technology, allowing it to join a large-scale asset-backed digital reserve ecosystem [1][5] Group 2 - The agreement aims to leverage Hong Kong's regulatory framework to enhance the company's international standing in digital finance and cross-border settlement applications [1][5] - The partnership is expected to create new revenue streams and diversify income sources through the provision of technical services, participation in ecosystem operations, and RWA-related business [1][5]

Core Viewpoint - Xing Tai Chain Group (00399) experienced a significant stock price increase of over 50%, reaching HKD 0.083, with a trading volume of HKD 7.7567 million, following the announcement of a strategic cooperation framework agreement with China International Digital Finance Group for a gold-backed real-world asset tokenization project [1] Group 1 - The company has entered into a strategic cooperation framework agreement aimed at a gold-backed real-world asset tokenization project, scheduled for February 12, 2026 [1] - The board believes this collaboration aligns with the company's strategic development in blockchain infrastructure and digital asset technology [1] - The framework agreement allows the company to join a large-scale asset-backed digital reserve ecosystem, enhancing its international position in digital finance and cross-border settlement applications through the utilization of Hong Kong's regulatory framework [1] Group 2 - The partnership is expected to create new revenue streams and diversify income sources by providing technical services, participating in ecosystem operations, and engaging in RWA-related businesses [1]

Core Viewpoint - Star Chain Group (00399) experienced a significant stock price increase of over 50%, reaching HKD 0.083, with a trading volume of HKD 7.7567 million following the announcement of a strategic cooperation framework agreement with China International Digital Finance Group for a gold real-world asset tokenization project [1] Group 1 - The board believes that this cooperation aligns with the company's strategic development in blockchain infrastructure and digital asset technology [1] - The framework agreement allows the company to join a large-scale asset-backed digital reserve ecosystem [1] - The collaboration is expected to enhance the company's international standing in digital finance and cross-border settlement applications through the utilization of Hong Kong's regulatory framework [1] Group 2 - The partnership is anticipated to create new revenue streams and diversify income sources by providing technical services, participating in ecosystem operations, and engaging in RWA-related businesses [1]

政策引领、科技赋能 在政策引领与技术革新浪潮的双重驱动下，我国期货行业正加速迈向以科技赋能为核心、服务实体经济 为导向的高质量发展新阶段。2024年，国务院印发《关于加强监管防范风险推动资本市场高质量发展的 若干意见》（即"新国九条"）及配套文件《关于加强监管防范风险促进期货市场高质量发展的意见》， 明确将"高质量发展"确立为期货行业的核心目标，其中"数字金融"是实现这一目标的关键路径。在此背 景下，数字化已从行业发展的"可选项"转变为关乎生存与竞争力的"必选项"。 政策引领行业数字化转型 2024年，"新国九条"及配套政策的出台，标志着期货行业进入以高质量发展为主线的新周期。其 中，"数字金融"被明确列为金融"五篇大文章"之一，成为推动期货行业转型升级的核心引擎。政策引导 期货行业通过科技赋能，全面提升交易、结算、风控、合规、研究等全链条运行效率，构建智能化风险 监测预警体系，增强服务实体经济的适配性与穿透力。这一政策导向正在重塑行业格局：期货市场从价 格发现与风险对冲的场所，正逐步演进为覆盖采购、生产、销售等全产业链环节的综合风险管理平台。 期货行业的发展目标也更加清晰——"以科技驱动为核心、以服务实体经 ...

是什么促使内外资机构突然变得如此乐观？ 2026年2月9日股市复盘：攻势如虹，价值领航 今日A股气势如虹，大盘高歌猛进，开盘即奠定了全天强势基调。沪指以超过4100点的高位开盘，三大指数集体飘红。与以往冲高回落的走 势不同，今日大盘稳扎稳打，步步攀升，如同拾阶而上。午后虽有短暂横盘，但抛压轻微，显示市场惜售情绪浓厚。尾盘时段，甚至出现资 金主动抢筹的迹象。最终，三大指数均以接近全天最高点收盘，尤其是上证指数，收出一根气势逼人的光头阳线，技术上呈现出强势多头信 号，预示买盘力量占据绝对优势。 此轮上涨行情中，大金融板块尤其是券商股，扮演了核心驱动角色。锦龙股份率先封板，华泰证券、中信证券等头部券商纷纷大幅跟涨。券 商股素有"行情风向标"和"发动机"之称，它们的集体发力，极大地提振了市场信心，直接拉动指数上行，为市场注入了一剂强心剂。 除了券商板块，科技成长和新能源无疑是今日盘面上的耀眼明星。半导体、通信设备、光伏设备等板块成为资金重点涌入的领域。数据显 示，仅半导体板块就吸金53.19亿元，通信设备板块紧随其后，净流入52.95亿元，光伏设备板块也获得了48.71亿元的资金注入。这三大板块 合计吸引了超过150 ...

Core Insights - The total balance of RMB loans in Anhui Province reached 93,317.52 billion yuan by the end of December 2025, with an increase of 7,309.01 billion yuan for the year, reflecting a year-on-year growth of 8.50% [3][4] - The growth in loans indicates a positive trend in the real economy, with corporate loans being the primary driver, accounting for 94.20% of the total loan increase [5][6] Loan Distribution and Focus Areas - The new loans exceeding 7,000 billion yuan are directed towards key sectors such as technology, manufacturing, green initiatives, and inclusive microfinance, all of which are growing faster than the overall loan growth rate [2][8] - The balance of loans in the "Five Major Financial Articles" reached 40,945.57 billion yuan, with a year-on-year growth of 14.86%, indicating a strong focus on these sectors [8] Manufacturing and Long-term Loans - The balance of loans for the manufacturing sector reached 11,064.67 billion yuan, growing by 10.71%, which is higher than the overall loan growth rate [9] - Over 60% of loans to the manufacturing sector are long-term, amounting to 6,937.55 billion yuan, which supports the capital-intensive nature of manufacturing [9] Support for Small and Agricultural Enterprises - The balance of inclusive microfinance loans reached 15,415.19 billion yuan, with a year-on-year growth of 13.34%, while agricultural loans totaled 26,915.99 billion yuan, growing by 8.09% [10] - The financial support is facilitating the rapid development of industries such as artificial intelligence and high-end equipment manufacturing, contributing to the overall economic growth in Anhui [10]

Core Viewpoint - The China Securities Regulatory Commission's action plan emphasizes investor-centric principles and the importance of developing five key financial areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, which are essential for building a strong financial nation [1][12]. Group 1: Inclusive Finance - The public fund industry in China has developed diverse products and sales channels to serve a growing number of investors, making it a significant tool for inclusive finance [2][13]. - The company has actively responded to fee reforms in the public fund industry by lowering management fees for multiple products since 2023 and has launched three floating fee products to align interests with investors [2][13]. - The company has seen explosive growth in the number of fund investors and has conducted research to understand investor behavior, releasing reports to enhance investor education and support [2][13]. Group 2: Technology Finance - The company believes that technological innovation is crucial for high-quality economic development and has increased its investment in technology-related sectors, with a focus on new energy, materials, semiconductors, biotechnology, and clean energy [3][15]. - As of June 30, 2025, the company's holdings in technology stocks reached 83.7 billion yuan, accounting for 48% of its total portfolio [3][15]. - The company has expanded its technology research team, increasing the number of technology growth researchers by 70% since the end of 2020, and has formed a dedicated technology team of 12 fund managers [4][15]. Group 3: Product Innovation - The company has developed 40 technology-themed funds with a total scale of 94.372 billion yuan as of September 30, 2025, including active and passive products related to strategic emerging industries [5][16]. - The company is promoting the internationalization of the A-share technology index, collaborating with international partners to enhance global recognition of Chinese technology and attract foreign investment [6][17]. Group 4: Pension Finance - In response to the aging population, the company has strategically positioned itself in the pension finance sector, managing six pension target funds with a total scale of 1.731 billion yuan as of September 30, 2025 [8][19]. - The company emphasizes pension education through community outreach and specialized lectures to enhance public understanding of personal pension planning [8][19]. Group 5: Green Finance - The company has been involved in ESG-related research and has launched multiple ESG-themed funds, managing six green finance funds with a total scale of 11.022 billion yuan as of September 30, 2025 [9][20]. - The company has established a local ESG rating system and a governance structure to oversee its ESG initiatives, ensuring responsible investment practices [9][20]. Group 6: Digital Transformation - The company has strengthened its information technology capabilities, enhancing digital governance through AI and big data applications to improve operational efficiency [11][21]. - The company has developed digital platforms for investment management and market operations, ensuring secure and efficient data handling [11][21]. Group 7: Commitment to Quality Development - The company is committed to meeting the growing wealth management needs of the public while adhering to its core values and continuously improving its investment capabilities [22].