NeuralFin作为德林证券在数位服务端深度协同的科技金融平台，此前已完成B 轮融资，估值约5.46亿港 元，并正稳步推进建议美国上市的筹备工作。 智通财经APP讯，德林控股(01709)公布，德林证券近日已向合资格客户开放虚拟资产交易服务。凡已在 德林证券开立帐户并完成相关专业投资者认证的合资格客户，现可通过与德林证券合作的科技金融平 台--NeuralFin使用有关服务。客户无需切换平台，即可使用于德林证券开立的同一证券帐户无缝交易主 流数位资产。德林证券将通过证监会持牌平台处理所有交易指令，资金清算、资产托管及合规监控均于 证监会监管框架下进行。 数位资产交易服务的商用落地，是该集团科技金融战略从规划走向落地的里程碑。此项虚拟资产交易服 务的落地，旨在回应投资者对受监管虚拟资产交易管道日益增长的需求，同时亦是集团拓展财富管理及 经纪产品组合的策略的重要环节。董事会认为，此项服务将：(i)在受监管框架下扩展为合资格客户提供 的产品及服务范畴;(ii)通过现有证券帐户安排实现虚拟资产交易，从而提升客户体验;及(iii)为集团创造 潜在新业务及收益的机会(惟须视乎市场状况及监管要求而定)。此计划有助集团实现 ...

大家新春好！ 值此辞旧迎新、万家团圆的美好时刻，我谨代表东亚前海证券有限责任公司，并应中国基金报之邀，向长期以来关心与支持公司发展的广大投资者、合作 伙伴及各界朋友，致以最诚挚的节日问候和最美好的新春祝福！祝愿大家在新的一年里，龙马精神，万事胜意，阖家安康！ 三、锚定航向：八方聚力，乘势而上 对于东亚前海证券而言，马年我们将紧扣"八方聚力，乘势而上"的年度主题，以坚定的步伐迈向高质量发展新征程。 "八方聚力"是我们的发展路径。对内，我们将进一步打破部门壁垒，推动跨业务、跨团队协同联动，激发内部发展活力；对外，深化与股东、合作伙伴及 广大客户的战略合作，整合各方资源、凝聚发展共识，形成上下同心、内外协同的强大发展合力。 "乘势而上"是我们的行动目标。我们将以更加积极主动的姿态，牢牢把握中国经济转型升级与资本市场深化改革的时代机遇，聚焦主责主业，持续提升客 户服务、资产配置、专业研究、合规和风险管理四大核心能力。我们将立足"五篇大文章"战略指引，持续发力财富管理业务，助力客户资产保值增值；强 化投资银行业务，精准服务实体经济直接融资需求；依托股东资源禀赋与协同联动，打造具有鲜明特色的跨境业务体系；稳健开展自营投资 ...

Group 1: Macro Economic Outlook - The global economic environment is becoming increasingly complex, with the Federal Reserve's monetary policy easing nearing its end and a restructuring of global liquidity patterns [1] - China's economic stability and continued openness are expected to enhance the attractiveness of RMB assets in global allocations [1] - The "14th Five-Year Plan" is set to inject continuous industrial momentum into the capital market through strategies like technological innovation, green transformation, and rural revitalization [1] Group 2: Capital Market Opportunities - The stock market presents structural opportunities, particularly in sectors like technology independence, energy transition, and consumer recovery, where companies with real competitiveness will continue to be revalued [2] - Key sectors expected to remain active include high-tech manufacturing and digital economy, with cross-border investment opportunities arising from the linkage between Hong Kong and A-shares [2] - The focus for 2026 will be on fundamental analysis, embracing "new demand" and "new supply" driven by national development and industrial upgrades [2] Group 3: Fixed Income Market Insights - The bond market retains allocation value, with interest rates likely to remain relatively low, supporting the stabilizing role of government bonds and high-grade credit bonds [3] - Investment opportunities will arise from detailed exploration of term spreads and credit spreads, as well as the flexible application of "fixed income plus" strategies [3] - Attention should be given to sub-sectors with low correlation to macro cycles and assets like REITs that provide stable cash flow characteristics [3] Group 4: Asset Allocation Strategy - Asset allocation should emphasize balance and flexibility, transitioning from "single Beta" to "multiple Alpha" strategies to mitigate risks associated with increased market volatility in 2026 [3] - A dynamic allocation approach across equities, fixed income, and alternative assets is recommended to find low-correlation combinations [3] - Strategic emphasis on alternative assets such as gold and certain commodities is advised for diversification, alongside the use of ETFs for efficient and precise risk management [3] Group 5: Financial Sector Developments - The "14th Five-Year Plan" emphasizes the acceleration of building a financial powerhouse, with significant focus on developing technology finance, green finance, inclusive finance, pension finance, and digital finance [4] - The company aims to deepen research and enhance services to support national goals and create greater value for society and clients [4]

Core Viewpoint - The year 2026 is anticipated to be a period of opportunity and transformation for China's capital market, with a focus on high-quality development and technological innovation [5][12]. Group 1: Economic Outlook - The Chinese economy is expected to transition from "quantity" to "quality," with new productive forces emerging to support stable GDP growth [5][12]. - Internal demand potential will be deeply explored, particularly in technology innovation and green development, which are set to replace traditional growth drivers [5][12]. Group 2: Capital Market Dynamics - The capital market ecosystem is predicted to continue optimizing, with regulatory emphasis on improving the quality and efficiency of listed companies [5][12]. - There is an expectation for stronger resilience in the capital market, with funds increasingly directed towards high-quality enterprises that possess core technological barriers and sound governance [5][12]. Group 3: Technological Integration - 2026 is viewed as the "explosion period" for AI applications in finance, moving from experimental phases to full integration across business processes [6][13]. - The company plans to enhance its investment in proprietary technology platforms and AI tools, aiming for a blend of artificial intelligence and human insight in wealth management [6][14]. Group 4: Investment Recommendations - Investors are encouraged to maintain confidence and focus on long-term value, despite short-term market fluctuations [7][15]. - Suggested sectors for investment include hard technology, semiconductors, and life sciences, which represent future directions [8][16]. - Utilizing digital financial tools is recommended to aid decision-making and balance risk and return in an information-overloaded environment [8][17].

2026年2月14日 旧岁已展千重锦,新年再进百尺竿。面向 党的二十届四中全会擘画的宏伟蓝图,让我们 以泰山"挑山工"的坚韧、以骏马驰骋的豪 情,携手并肩,逐光而行,推动全行经营发展 再上新台阶,为新时代社会主义现代化强市建 设贡献更多金融力量! 祝愿大家新春快乐、龙马精神、阖家幸 福、万事如意! 泰安银行 党委书记、董事长 岁序更迭,华章日新。丙午新春的钟声即 将敲响,在这万象更新的美好时刻,我谨代表 泰安银行党委,向长期以来信任支持我们的广 大客户、各界朋友,向辛勤奉献的全行员工及 家属,致以最诚挚的问候和最美好的祝福! 刚刚过去的2025年,泰安银行在市委、市 政府正确领导下,坚持"稳中求进"工作总基 调,以"服务地方"为笔,以"金融为民"为 墨,在泰汶大地上奋力书写着地方金融机构的 责任与担当,交出了一份主业更强、绩效更 优、贡献更大、经营更稳的答卷。一年来,我 们积极融入泰安市经济社会发展大局,持续加 大对绿色金融、科技金融、普惠金融、养老金 融、数字金融等领域的信贷投放,精准服务重 点项目、民营小微和乡村振兴,切实发挥地方 金融主力军作用,以源源不断的金融活水,为 泰安市新型工业化强市建设注入了强 ...

Core Viewpoint - The "Kehuitong" policy facilitates the cross-border transfer of research funds for non-enterprise research institutions in Guangdong, enhancing the efficiency of cross-border capital flow for technological innovation [1][2]. Group 1: Policy Implementation - The first "Kehuitong" transaction in Guangdong Province (excluding Shenzhen) was successfully completed under the guidance of the State Administration of Foreign Exchange [1]. - The policy addresses the institutional bottleneck of "no basis for incoming foreign funds" for non-enterprise research institutions, allowing them to handle all foreign exchange business in a one-stop manner at banks [1]. - The policy will be expanded nationwide by September 2025, promoting a smoother channel for foreign research funds to enter China [1]. Group 2: Institutional Impact - The research institution involved is an innovation technology research institute initiated by a Macau university, serving as a key platform for collaborative development between Zhuhai and Macau [2]. - The "Kehuitong" policy significantly improves the convenience of receiving and utilizing foreign research funds, effectively addressing the challenges of cross-border fund circulation [2]. - China Bank's Guangdong branch is committed to enhancing cross-border financial services, leveraging its comprehensive strengths to support high-quality development in the technology sector [2].

Group 1 - The core focus is on optimizing the innovation environment to foster new development possibilities in technology [1][3] - The "Hangzhou Six Little Dragons" have gained a competitive edge in artificial intelligence, with a goal to become the leading city for AI innovation [3] - There is a significant issue of "data scarcity" in the AI industry, which hinders the transition of technological achievements from laboratories to large-scale applications [3] Group 2 - The importance of technology finance as a crucial part of the innovation environment has been emphasized, with suggestions to cultivate patient capital and support the establishment of innovation consortiums [5] - The 2025 initiative by the Hangzhou Municipal Committee of the Jiusan Society aims to promote the transfer and transformation of scientific and technological achievements [5] - Recommendations will be brought to the National People's Congress to adjust state-owned capital investment assessments to encourage innovation and tolerate failure [5] Group 3 - There are challenges in technology education in primary and secondary schools, particularly in equipment configuration and teacher training [6] - A call for better planning and resource consolidation to enhance technology education and establish a curriculum that fosters student innovation capabilities [6] - Continuous efforts are expected to expand high-quality development opportunities through strengthened innovation ecosystems at both national and local levels [6]

一、数字金融 注：2023年中央金融工作会议提出了要做好金融"五篇大文章"，分别为科技金融、绿色金融、养老金融、普惠金融与数字金融。尽管笔者团队的主要研究 领域是国际金融，但近年来我们还是沿着五篇大文章的方向做了一些相关研究。在此做一个梳理总结。点击文章下面的超链接，可以直接阅读相关文章。 1、张明、包宏：《加密货币突破数字边界：全球博弈与中国方略》，中信出版集团，2026年1月版。 2、陈卫东、张明、李成威、马昀（2025）："全球货币治理：稳定币的影响、风险与对策"，《国际经济合作》，第5期，第1-18页。本文被中国人民大学 复印报刊资料《世界经济导刊》2025年第11期全文转载。 3、包宏、张明、王瑶（2025）："私人数字货币与金融风险：关联、分类与监管"，《国际贸易》，第8期，第73-85页。 4、张明、包宏、王瑶（2025）："稳定币对国际货币体系的影响：基于货币流通域的分析"，《国际经贸探索》，第8期，第88-103页。 5、张明、陈胤默、王喆："数字货币对国际货币体系的冲击"，《数字经济发展与治理》，2025年第2辑，中信出版集团，2025年7月，第168-181页。 6、张明、杨芸淞、包宏（ ...

2月13日，市委市政府召开2026年金融机构迎春座谈会，邀请部分在宁金融主管、监管部门和金融 机构负责人共迎新春、共话发展。市委书记周红波、市长李忠军出席。 周红波代表市委市政府对各金融主管监管部门和金融机构给予南京的大力支持表示感谢。他说，过 去一年，南京经济发展向新向好、成绩来之不易，离不开金融业的有力支撑，离不开上级金融管理部门 和在宁金融机构的鼎力支持。特别是各部门和机构聚焦重点领域优化金融供给，积极助力南京科创金融 改革，持续强化政策支持、机制协同，有力有效防范化解风险，全方位赋能实体经济，为南京发展大局 作出了重要贡献。 会上，省委金融办常务副主任、省地方金融管理局局长巩海滨，中国人民银行江苏省分行行长周诚 君，江苏金融监管局局长秦汉锋，江苏证监局副局长毕庆锋，以及华泰证券、省信用增进公司、交通银 行江苏省分行、南京银行、人保财险南京市分公司等金融机构负责人分别发言，介绍了去年与南京的合 作情况和在宁业务发展情况，展望和谋划了新一年政金合作重点，表示将发挥金融增量和存量政策集成 效应，全力支持南京建设重要金融中心，为高质量发展赋能增效。 市委常委、常务副市长霍慧萍，各在宁金融机构负责人参加。 周红 ...

Core Viewpoint - The company is focusing on "industrial finance, technology finance, and green finance," leveraging the integrated core advantages of China Minmetals' entire industrial chain to optimize its business structure and resource allocation, thereby solidifying its value development and creation foundation [1] Group 1: Business Strategy - The company is enhancing its business structure by concentrating on advantageous sectors and optimizing resource allocation [1] - Minmetals Trust is advancing its "three classifications" business transformation, emphasizing wealth management and asset allocation systems while steadily promoting high-quality transformation [1] - Minmetals Financial Leasing is adhering to a stable operation and innovative transformation approach, actively exploring high-quality development paths for industrial financial leasing companies [1] Group 2: Service and Product Development - Minmetals Securities is focusing on the metal mining and upstream and downstream new materials and new energy industry chains, upgrading its comprehensive financial service model that integrates research, investment banking, investment, and strategic clients [1] - Minmetals Futures is committed to its industrial finance positioning, accelerating the transformation of its business characteristics, and enhancing financial technology empowerment to create a distinctive brand in industrial risk management services [1] Group 3: Future Outlook - The company plans to further concentrate on the metal mineral industry chain, leveraging the main responsibilities and advantages of China Minmetals to extend into upstream and downstream industries, strategic emerging industries, and traditional industry upgrades [1] - The goal is to continuously optimize the business structure, cultivate new growth drivers, and establish a unique competitive advantage as a central enterprise financial platform, thereby enhancing market position and promoting steady market value growth [1]