（原标题：中阿企业家论坛在上海开幕） fund ZAWYA新闻网12月6日消息，中阿企业家论坛在上海开幕。会议指出，重点依托科技创新、人工 智能、机器人、初创企业及先进制造等领域合作，中阿双边贸易预计将从2024年的1018亿美元增长至 2030年的2000亿美元。论坛共吸引60余家中国高科技初创公司参会，并围绕人工智能、金融科技、可持 续发展及先进制造等主题开展高层讨论，展现两国技术合作持续升温的趋势。论坛由阿联酋企业家协会 与Vertix控股主办，并获得阿联酋驻上海总领馆及多家中方创新机构支持。 ...

证券研究报告 非银金融 | 保险Ⅱ 港股|首次覆盖报告 hyzqdatemark 2025 年 12 月 18 日 证券分析师 陆韵婷 SAC：S1350525050002 luyunting@huayuanstock.com 沈晨 SAC：S1350525090002 shenchen@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 12 | 月 17 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 3.21 | | | 一年内最高/最低（港 | | | | 7.36/0.87 | | | 元） | | | | | | | 总市值（百万港元） | | | | 13,030.33 | | | 流通市值（百万港元） | | | | 13,030.33 | | | 资产负债率（%） | | | | 84.60 | | | 资料来源：聚源数据 | | | | | | 云锋金融(00376.HK) 投资评级： 买入（首次） ——新业务价值高增，投资管理能力独特 投资要点： 联系人 扎根香港寿险市场，兼具强 ...

Core Viewpoint - The establishment of the Academic Committee of the China Capital Market Society is a significant step to enhance theoretical research and serve as a think tank for the development of China's capital market [5][6]. Group 1: Importance of Theoretical Research - Strengthening theoretical research in the capital market is essential for understanding the development laws of the capital market and promoting high-quality development [6]. - The focus will be on creating a theoretical framework that aligns with both market principles and China's specific conditions, emphasizing marketization, rule of law, and internationalization [6]. Group 2: Key Issues and Suggestions for the 14th and 15th Five-Year Plans - The 14th Five-Year period has seen a stable and healthy development of the capital market, while the 15th Five-Year period is viewed as critical for enhancing quality and functionality [7]. - Suggestions include improving the inclusiveness and adaptability of listing and trading systems to attract high-quality enterprises from new productive sectors [7]. - There is a call to expand patient, long-term, and strategic capital supply, and to actively engage in mergers and acquisitions while enforcing regular delisting [8]. Group 3: Regulatory and Governance Enhancements - The application of artificial intelligence in capital market governance and regulation needs to be improved [8]. - There is a strong emphasis on combating financial fraud and enhancing investor protection and education [8].

Core Viewpoint - The green technology industry in China is experiencing rapid growth driven by the "dual carbon" goals, with a current market value of approximately 11 trillion yuan, but faces challenges such as funding imbalances and technological development issues [1][9]. Group 1: Industry Growth and Challenges - China's green low-carbon industry has achieved significant breakthroughs in clean energy generation, with installed capacity for wind and solar power exceeding 1.67 billion kilowatts, accounting for about 45.8% of total power generation capacity by June 2025 [1]. - There is a notable "supply-demand imbalance" in the green technology sector, where policy-driven funds tend to favor state-owned enterprises and large projects, leaving private and small-scale innovative companies underfunded [1][9]. - The investment landscape is characterized by a concentration of funds in the primary market, with limited total capital available for green technology, leading to a mismatch between investment supply and demand [9]. Group 2: Technological Support for Green Finance - Advances in artificial intelligence, big data, and blockchain technology are improving the accuracy of data collection and measurement in green finance, helping to track carbon footprints and monitor emissions [4]. - Blockchain technology enhances data integrity, reducing the occurrence of "greenwashing" by ensuring that data and indicators are immutable and verifiable [5]. - The integration of green finance and technology can drive innovation in environmental technologies, helping companies reduce carbon emissions and pollution [4]. Group 3: Corporate Dynamics in Green Transition - Companies exhibit uneven motivation and resources in pursuing green finance and transformation, with some viewing it as a cost burden rather than a value-creating opportunity [6]. - Delaying transformation may lead to higher costs in the future, and companies can achieve energy efficiency improvements through technology upgrades rather than complete equipment replacement [7]. - The perception of sustainability as either proactive or reactive influences corporate decisions on green transformation, affecting their long-term value focus versus short-term cash flow [7]. Group 4: Role of Institutions in Green Technology Development - The collaboration between academia, financial institutions, and technology companies is crucial for advancing green technology [10]. - Universities focus on foundational technology research, while companies drive practical applications, creating a feedback loop that fosters innovation [11][12]. - Financial institutions, particularly venture capital and private equity funds, play a key role in early-stage investments in green technology, but face challenges in understanding business models and lack of successful case studies [13].

从融资能力维度来看，长三角、京津冀、粤港澳大湾区人工智能企业对风险资本的吸引力最大，其中北 京、上海、杭州、深圳人工智能企业获风险投资次数最多。人工智能各领域投融资热度持续上升，2024 年投融资次数是2014年的近15倍，自然语言处理类人工智能企业平均每家获得的投资次数最多，显著领 先于其他技术方向。 人工智能产业呈现出"高投入、高增长"的突出特征。汪勇表示，人工智能企业数量持续快速增长， 2011-2024年，人工智能企业总数由0.45万家增加到3.30万家，年均复合增长率超过15%。人工智能企业 融资大幅提升，近十年来，人工智能企业获得的风险投资次数大幅增长，C轮及以上投融资占比稳步上 升。 从创新能力维度来看，2024年，长三角、京津冀、粤港澳大湾区人工智能企业的新专利申请量位列前 3，占到59个城市新增专利量的76%；北京、深圳、杭州、上海、广州、济南、青岛的新申请专利数靠 前。 中证报中证网讯(记者连润)12月17日，《中国金融科技燃指数报告(2025)》发布会暨第五届"金融科技指 数论坛"在国家金融与发展实验室举办。金融科技燃指数项目执行负责人、中国社会科学院金融研究所 金融科技研究室汪勇副研究 ...

从融资能力维度来看，长三角、京津冀、粤港澳大湾区人工智能企业对风险资本的吸引力最大，其 中北京、上海、杭州、深圳人工智能企业获风险投资次数最多。人工智能各领域投融资热度持续上升， 2024年投融资次数是2014年的近15倍，自然语言处理类人工智能企业平均每家获得的投资次数最多，显 著领先于其他技术方向。 此外，京津冀地区金融科技稳步发展。汪勇表示，自2021年《中国金融科技燃指数报告》发布以 来，京津冀地区金融科技发展连续五年位居全国前三位。具体而言，2020-2024年，北京连续五年燃指 数全国领先，要素基础、智力支撑和企业实力指标均保持领先；天津市燃指数得分位居全国前列。2024 年，石家庄市燃指数中的要素基础和资源环境快速增长，对京津冀地区燃指数增长的贡献率接近50%； 唐山市则在企业实力增速方面表现突出。 "良好要素条件、完善的政策引领和区域协同创新的辐射作用是推动京津冀金融科技稳步发展的核 心动力。未来京津冀地区有望形成'北京研发—天津转化—河北应用'的金融科技产业链协同模式。"汪 勇说。 中证报中证网讯（记者 连润）12月17日，《中国金融科技燃指数报告（2025）》发布会暨第五 届"金融科技指数 ...

Group 1: Fund Sales Regulation - The China Securities Investment Fund Industry Association issued a draft regulation aimed at improving fund sales practices, focusing on investor interests and addressing issues like "heavy sales, light service" [1] - Key measures include prohibiting the display of annualized performance for funds with a duration of less than one year, banning the promotion of fund managers' personal achievements, and requiring certified personnel for live sales [1] - The regulation emphasizes a shift towards a sales philosophy centered on the real long-term returns for investors [1] Group 2: Hong Kong Stock Exchange Technology Index - The Hong Kong Stock Exchange launched the Hang Seng Tech 100 Index, which tracks the performance of the 100 largest technology companies listed in Hong Kong [2] - The index covers six major innovation themes: artificial intelligence, biotechnology and pharmaceuticals, electric vehicles and smart driving, information technology, internet, and robotics [2] Group 3: QDII Product Subscription Limits - Recent adjustments to subscription limits for certain QDII products have raised market attention, with thresholds changing from 100,000 yuan to as low as 100 yuan within three days [3] - Many QDII products are now imposing very low subscription limits, with some set at 100 yuan or below [3] - Experts advise investors to avoid blindly chasing QDII products with opened quotas, as this does not guarantee good performance or optimal investment timing [3] Group 4: Market Outlook - Huatai Securities suggests focusing on structural clues from the Central Economic Work Conference, emphasizing domestic demand, innovation in AI, and the importance of financial technology [4] - The report highlights the need for risk management in real estate and encourages investment in energy and construction sectors [4] - The upcoming Federal Reserve meeting is expected to influence market liquidity, with a dovish outlook anticipated [4] Group 5: Investment Recommendations - Following recent economic meetings, the focus is on sector-specific investment opportunities, particularly in AI, lithium batteries, military, and certain consumer goods [5] - The report suggests adjusting investment strategies to increase exposure to seasonal, industrial, and policy-driven themes while reducing allocations to domestic cyclical assets [5] Group 6: Focus on Consumer and Cyclical Sectors - Dongfang Securities identifies a potential resurgence in mid-cap blue-chip stocks, particularly in the consumer sector, which has been undervalued [6] - The cyclical sector is also highlighted for its potential due to technological empowerment and supply constraints, with a focus on new materials and strategic metals [6] - The report recommends monitoring themes such as aerospace, nuclear fusion, and semiconductor sectors for investment opportunities [6]

本报讯 （记者苏诗钰）12月17日，《中国金融科技燃指数报告（2025）》发布会——暨第五届"金融科技指数论坛"在国家 金融与发展实验室举办。发布会由中国社会科学院金融研究所、国家金融与发展实验室联合主办，中国社会科学院金融研究所 金融科技研究室、中国社会科学院金融政策研究中心承办，WEMONEY研究室提供特别支持。 金融科技燃指数项目执行负责人、中国社会科学院金融研究所金融科技研究室汪勇副研究员代表课题组发布《中国金融科 技燃指数报告（2025）》，并做题为《2025中国金融科技发展洞察》的主题演讲。 （编辑 张伟） 从发布的报告来看，自2021年《中国金融科技燃指数报告》发布以来，京津冀地区金融科技发展连续五年位居全国前三 位。2020年至2024年，京津冀地区金融科技燃指数得分累计增长20%。 2020年至2024年，北京连续五年燃指数全国领先，要素基础、智力支撑和企业实力指标均保持领先；天津市燃指数得分位 居全国前列。2024年，石家庄市燃指数中的要素基础和资源环境快速增长，对京津冀地区燃指数增长的贡献率接近50%；唐山 市则在企业实力增速方面表现突出。 汪勇表示，良好要素条件、完善的政策引领和区域协 ...

Core Viewpoint - Qilu Bank's stock price has shown fluctuations, with a current price of 5.73 CNY per share and a market capitalization of 35.26 billion CNY, reflecting a year-to-date increase of 7.63% and a recent decline over the past 20 days [1] Group 1: Stock Performance - On December 18, Qilu Bank's stock rose by 2.14%, with a trading volume of 173 million CNY and a turnover rate of 0.50% [1] - The stock has experienced a 1.06% increase over the last five trading days, a 5.91% decrease over the last 20 days, and a 2.87% increase over the last 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Qilu Bank reported operating revenue of 9.92 billion CNY, representing a year-on-year growth of 4.63%, and a net profit attributable to shareholders of 3.96 billion CNY, reflecting a year-on-year increase of 15.14% [2] - Cumulatively, Qilu Bank has distributed dividends totaling 4.87 billion CNY since its A-share listing, with 3.21 billion CNY distributed over the last three years [3] Group 3: Shareholder Information - As of September 30, 2025, Qilu Bank had 56,100 shareholders, an increase of 30.16% from the previous period, with an average of 109,647 circulating shares per shareholder, a decrease of 7.07% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, holding 128 million shares, which is a decrease of 876,500 shares compared to the previous period [3] Group 4: Business Overview - Qilu Bank, established on June 5, 1996, and listed on June 18, 2021, is headquartered in Jinan, Shandong Province, and its main business segments include corporate banking (59.83%), personal banking (22.81%), and fund operations (16.05%) [1]

Core Viewpoint - Chongqing Rural Commercial Bank has shown a mixed performance in stock price and financial metrics, with a notable increase in stock price year-to-date but a decline over the past 20 days [1][2]. Group 1: Stock Performance - On December 18, the stock price increased by 2.08%, reaching 6.38 CNY per share, with a trading volume of 2.21 billion CNY and a turnover rate of 0.40%, resulting in a total market capitalization of 72.458 billion CNY [1]. - Year-to-date, the stock price has risen by 11.05%, with a slight increase of 1.11% over the last five trading days, but a decline of 5.62% over the last 20 days and 1.09% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, the bank reported operating revenue of 21.658 billion CNY, reflecting a year-on-year growth of 0.67%, and a net profit attributable to shareholders of 10.694 billion CNY, which is a 3.74% increase compared to the previous year [2]. - Since its A-share listing, the bank has distributed a total of 17.819 billion CNY in dividends, with 9.818 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders stood at 115,300, a decrease of 6.84% from the previous period, with an average of 0 shares per shareholder, unchanged from the previous period [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 268 million shares, a decrease of 111 million shares from the previous period, while Huatai-PB CSI 300 ETF holds 105 million shares, down by 3.7996 million shares [3].