当"十四五"规划收官进入冲刺阶段，中国资本市场在服务实体经济与驱动产业升级的征程上再添思想动 能。 11月28日，由每日经济新闻主办的2025资本市场高质量发展论坛在成都圆满落幕。这场汇聚业界领军 者、资深专家与标杆企业的年度盛会，以"稳质强基 向新而行"为核心，通过主旨演讲与圆桌对话的深 度碰撞，解码了资本市场夯实根基、创新突破的实践路径，为行业高质量发展凝聚了广泛共识。 本次论坛作为资本市场年度思想盛宴，吸引了证券、基金、资管等领域头部机构代表齐聚蓉城。现场氛 围热烈，嘉宾观点交锋激荡，充分彰显了市场对"稳质强基 向新而行"主题的深度共鸣，也印证了每日 经济新闻在资本市场领域的行业影响力。论坛不仅回顾了中国资本市场在"十四五"期间的亮眼表现，更 聚焦当下机遇与挑战，为2026年行业发展指明了方向。 主旨演讲环节，国联民生（601456）证券执行副总裁熊雷鸣、东吴证券党委委员、副总裁、董秘郭家安 等嘉宾结合行业实践，分享了证券行业在助力资本市场高质量发展中的探索与思考，传递出对行业未来 的坚定信心。 两场重磅圆桌对话更是成为论坛的"思想高地"。在"把握财富管理机遇，拥抱ETF大时代"圆桌中，中信 证券、易方 ...

Core Viewpoint - Anshuo Information Technology Co., Ltd. has responded to the Shenzhen Stock Exchange regarding its plan to raise up to 600 million yuan through a private placement, emphasizing the necessity and technological pathways of its fundraising projects [1] Group 1: Fundraising Projects - The company plans to raise a total of up to 600 million yuan, with 353 million yuan allocated to an AI-based smart credit system project, 71.93 million yuan for a comprehensive risk digital management platform, and 62.4 million yuan for upgrading its digital finance R&D center, with the remainder for working capital [1] - The fundraising projects address the pain points of financial institutions' intelligent transformation, such as optimizing credit processes, enhancing risk identification, and improving model iteration efficiency [1] Group 2: R&D Center Upgrade - The upgrade of the R&D center is necessary due to aging equipment that limits the company's ability to meet AI research and development demands, with the net value of electronic equipment at 6.4769 million yuan as of June [2] - The upgraded R&D center will serve as a unified technical base, enhancing computational support, data processing capabilities, and management of the research environment, which is crucial for maintaining competitiveness in the financial sector [2] Group 3: Technological Feasibility - Anshuo Information has developed the A3 Cloud technology architecture, holding 490 software copyrights and 2 patents, which provide a solid technical foundation for project implementation [3] - The company's strategic approach to expanding its existing architecture helps mitigate R&D risks, reflecting a systematic layout in the AI field [3] - The financial technology industry is evolving towards intelligent decision-making, with competition increasingly reliant on underlying architecture capabilities, model effectiveness, and data governance levels [3]

Regulatory Dynamics - New credit repair regulations will be implemented starting April 1, 2025, categorizing credit information into "minor, general, and severe," with minor infractions generally not disclosed [2] - Beijing has launched a three-month campaign to address six types of online financial misconduct, focusing on misleading information and illegal financial activities [2] - Six government departments have jointly issued a plan to enhance consumer finance products and services, aiming to improve their adaptability and convenience [2] Industry Dynamics - Over 260 billion yuan in mid-term dividends have been distributed by 13 banks, with the six major state-owned banks contributing over 70% of the total [4] - Several banks have withdrawn long-term deposit products, focusing on shorter-term offerings, with interest rates also being reduced [4] - Insurance companies and banks are providing support for the recent fire incident in Hong Kong, with various institutions mobilizing resources for relief efforts [4] - Insurance companies have seen a record number of stake acquisitions this year, with 37 instances reported, the highest in nearly a decade [4] Corporate Dynamics - Guiyang Bank's acquisition of a loss-making village bank faced opposition from over 27% of minority shareholders, raising concerns about dilution of equity value and risk exposure [5] - Two banks in Shaanxi have been approved for dissolution, with all operations and assets being transferred to the local rural commercial bank [5] - Ant Consumer Finance reported a revenue of 10.041 billion yuan and a net profit of 1.460 billion yuan for the first half of 2025, marking year-on-year growth of 67.77% and 57.84% respectively [5] - Quantitative Technology Co. debuted on the Hong Kong Stock Exchange, with shares rising 88.78% on the first day, achieving a market capitalization of nearly 9.5 billion HKD [5] - New Guodu has submitted an application for an IPO in Hong Kong, aiming to enhance its global strategy and expand overseas operations [5]

中经记者 郝亚娟 夏欣 上海、北京报道 再如，中国银行携手各方构建"政府+银行+协会+商户"的四维服务体系，借助"小个专"基层党组织等机 制，持续开展"兴商助业普惠行"个体工商户提升发展质量专场活动，紧扣当地商户发展需求，围绕经营 主体登记注册流程、"名特优新"申报及认定标准、财税扶持政策措施、普惠金融产品支持等内容提供咨 询解答。同时，为上百名个体工商户设置一对一沟通洽谈环节，结合商户经营特点及融资需求，在贷款 额度、用款方式、还款计划等方面为其量身定制专属授信方案，有效提升客群获得感和满意度。 金融科技提升服务可得性 12月1日，我国首个面向个体工商户的全国统一信用评价标准——《个体工商户信用评价指标》国家标 准正式实施。 该标准适用于开展个体工商户信用评价活动，助力金融机构开发和提供适合个体工商户发展特点的金融 产品和服务，扩大个体工商户贷款规模和覆盖面，提高贷款精准性和便利度。 星图金融研究院副院长薛洪言接受《中国经营报》记者采访时指出，基于《个体工商户信用评价指标》 建立的新型评价体系，银行可从产品设计和服务模式两方面进行创新。一方面，可通过整合经营流水、 纳税记录、订单数据等多源信息，构建更精准的 ...

Core Viewpoint - The article discusses the innovative application of financial technology in the change quality management of core trading systems at Changjiang Securities, highlighting the transition from experience-driven to data-driven management through the implementation of an AI-native intelligent change quality management platform [2][37]. Group 1: Research Background - The core trading system is essential for securities companies, directly impacting market stability and investor rights, facing unprecedented operational pressures and change challenges due to market reforms and technological advancements [3]. - From 2014 to 2024, regulatory bodies issued 49 IT-related penalties to 33 securities firms, with 34 related to information security, indicating vulnerabilities in core trading systems [3]. - Strengthening change quality management in core trading systems is crucial for the digital transformation of the securities industry, with Changjiang Securities leading the exploration of financial technology applications in this area [3][4]. Group 2: Company Overview - Changjiang Securities, established in 1991 and listed in 2007, is a comprehensive financial service provider in China, offering a wide range of services including wealth management, investment banking, and asset management [4][5]. - The company operates a financial holding group structure with subsidiaries across various sectors, aiming to enhance its service model and drive business innovation [5][6]. Group 3: Technology Empowerment and System Construction - The company emphasizes the importance of robust and secure core systems, viewing change quality management as critical for business continuity and customer experience [7]. - In 2024, the company faced over 13,400 modification points in system upgrades, highlighting the inadequacy of traditional quality management methods reliant on manual experience [7][8]. Group 4: Research Findings - Traditional change quality management faces significant limitations in efficiency, precision, and coverage due to reliance on personal experience and lack of systematic support [8][9]. - The complexity of the core trading system, with millions of lines of code and thousands of interfaces, hampers efficient understanding and problem identification [10][11]. - Manual evaluation of numerous change points is insufficient for comprehensive risk assessment, leading to potential oversights [11][12]. Group 5: Intelligent Change Quality Management Solutions - Changjiang Securities developed an AI-native intelligent change quality management platform, integrating various technologies to enhance the entire change lifecycle [14][19]. - The platform includes a layered evaluation model, standardized management processes, and intelligent technology support to improve risk assessment and operational efficiency [15][17][19]. Group 6: Practical Outcomes and Value - The application of financial technology has led to significant improvements in change risk assessment accuracy, system stability, and operational efficiency [27][29]. - The automated and intelligent management of change processes has reduced implementation cycles by approximately one-third and testing time by 70% [30][31]. - The platform has enabled the creation of high-quality data assets from various system-generated data, driving business innovation and enhancing market competitiveness [32]. Group 7: Experience Summary and Outlook - The intelligent transformation of change quality management is a complex process involving technology, processes, and organizational culture, requiring continuous optimization and collaboration [33]. - Future efforts will focus on establishing a feedback loop for continuous improvement, enhancing human-machine collaboration, and promoting industry standards [34][36].

Core Insights - The article discusses the transition of Chinese cities from a policy and capital-driven phase to an application and industrial output phase in the financial technology sector, emphasizing the importance of converting investments into outputs and creating a feedback loop for continuous growth [1] Group 1: Financial Technology Development - The Shanghai Financial Technology Industry Alliance released the "Global Financial Technology Center Development Index (2025)" and the "Shanghai Financial Technology Development White Paper (2025)," which optimize financial technology development indicators and explore the construction of sub-indices for measuring AI financial development [3][4] - The index reveals a tiered structure of global financial technology centers, with New York, Shanghai, Beijing, and San Francisco ranking as the top four, indicating a strong coupling of finance and technology as a core competitive advantage [4] Group 2: Shanghai's Position and Trends - Shanghai has achieved global leadership in areas such as AI wealth management, digital credit for small enterprises, and cross-border digital currency payments, marking it as a benchmark for the transformation of traditional financial centers into technology-driven hubs [4] - The financial technology industry in Shanghai is projected to reach approximately 440.5 billion RMB by 2024, with significant trends showing a decline in financing amounts and numbers from 2022 to 2024, reflecting a broader adjustment in the global tech industry [6][7] Group 3: Future Predictions - The focus of competition in financial technology, particularly in AI, is expected to shift from model and scale to application efficiency, with AI penetration in finance projected to increase from 25% to 45% by 2029 [7][8] - A four-tiered competitive structure is anticipated to emerge in China, with Beijing as a regulatory technology hub, Shanghai as the main application battlefield, Shenzhen as a hardware and industrial base, and Hangzhou as a fintech AI hub [8] - The timing of the dual-circulation flywheel's activation will be crucial for future competition, with the U.S. expected to start in 2024-2025 and China in 2026-2028, making the period from 2025 to 2027 a critical window for determining competitive advantage [8]

21世纪经济报道记者 吴霜 "中国城市呈现典型的政策引领，资本先行产出发展路径，正处于从政策和资本起步阶段向应用和产业 产出的加速阶段过渡。未来的竞争关键就是要把投入转化成产出，同时要把这双向的产出反哺新的投 入，让两个飞轮真正的转动起来，"华东师范大学上海人工智能金融学院院长、教授邵怡蕾在第七届上 海金融科技国际论坛上表示。 近日，上海金融科技产业联盟（简称"联盟"）主办的第七届上海金融科技国际论坛在沪开幕。本届论坛 以"数智无界，共创未来——以金融科技赋能上海国际金融中心能级跃升"为主题。 邵怡蕾介绍，全球金融科技中心呈现了一个4+4+8+6的梯队格局，首先顶尖城市四座，纽约第一，上海 第二，北京第三，旧金山第四，中国的两城进入了前三，而上海是第一次升到了第二位。第二梯队定位 为核心城市，有包括伦敦、巴黎、深圳和新加坡。第三梯队八城，是重要的区域金融中心，金融科技中 心城市，包括东京、中国香港、首尔、洛杉矶、杭州、波士顿、芝加哥多个地方，而第四梯队有六城潜 力城市。 主论坛上，上海金融科技产业联盟发布了"全球金融科技中心发展指数（2025）"和《上海金融科技发展 白皮书（2025）》（以下简称"白皮书"） ...

Core Viewpoint - The stock of Beijing Zhina Technology Development Co., Ltd. (指南针) has shown significant performance, with a year-to-date increase of 89.10% and a recent trading volume indicating strong investor interest [1][2]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 1.402 billion yuan, representing a year-on-year growth of 80.54%. The net profit attributable to shareholders was 116 million yuan, marking a substantial increase of 205.48% [2]. - Cumulatively, the company has distributed 60.75 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders reached 144,700, an increase of 55.31% from the previous period. The average number of circulating shares per shareholder decreased by 35.61% to 4,136 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited as the second-largest shareholder, holding 17.0322 million shares, an increase of 4.3873 million shares from the previous period [3]. Stock Market Activity - On December 1, the stock price rose by 2.05% to 125.13 yuan per share, with a trading volume of 1.277 billion yuan and a turnover rate of 1.72%. The total market capitalization reached 76.106 billion yuan [1]. - The stock has appeared on the "龙虎榜" (a list of stocks with significant trading activity) three times this year, with the most recent appearance on August 18 [1].

Core Viewpoint - The stock of Walden Materials has shown fluctuations in trading performance, with a recent increase in share price and significant trading volume, indicating active market interest [1][2]. Company Overview - Walden Materials, established on June 19, 1998, and listed on April 20, 2007, is located in Shenzhen, China. The company specializes in the research, manufacturing, and sales of polymer nuclear radiation modified new materials and various electronic, power, and wire products [2]. - The company's revenue composition includes: electronic materials (33.79%), communication cables (31.58%), new energy vehicle products (18.06%), power products (12.34%), and others (2.22%) [2]. Financial Performance - For the period from January to September 2025, Walden Materials achieved a revenue of 6.082 billion yuan, representing a year-on-year growth of 26.17%. The net profit attributable to shareholders was 822 million yuan, with a growth of 25.45% [2]. - The company has distributed a total of 779 million yuan in dividends since its A-share listing, with 433 million yuan distributed in the last three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders of Walden Materials was 203,300, an increase of 2.43% from the previous period. The average circulating shares per person decreased by 2.37% to 5,628 shares [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 60.8337 million shares as a new shareholder. The Southern CSI 500 ETF is the sixth-largest circulating shareholder, holding 14.6809 million shares, a decrease of 287,700 shares from the previous period [3]. Market Activity - On December 1, the stock price of Walden Materials increased by 2.03%, reaching 25.59 yuan per share, with a trading volume of 505 million yuan and a turnover rate of 1.74%. The total market capitalization is 32.241 billion yuan [1]. - Year-to-date, the stock price has risen by 1.90%, with a 4.66% increase over the last five trading days, but a decline of 7.58% over the last 20 days and 3.29% over the last 60 days [1].

Core Insights - The People's Bank of China announced the winners of the 2024 Financial Technology Development Award, with CITIC Futures and CITIC Securities receiving second and third prizes for their innovative projects, highlighting their commitment to technological innovation in the financial sector [1][3]. Group 1: Award Recognition - CITIC Futures and CITIC Securities were awarded the second and third prizes for their projects "Intelligent Futures Service Platform Based on Multi-Modal Large Models" and "Omni-Channel Hyper-Converged Intelligent Communication Platform" respectively [1]. - This recognition reflects the companies' adherence to the central government's strategy on technological innovation and their efforts to enhance digital financial services [1][3]. Group 2: Project Details - The "Intelligent Futures Service Platform" integrates AI and large model technologies to achieve intelligent management of the entire futures business process, ensuring compliance, data security, and operational convenience [1][2]. - The platform's intelligent customer service module enhances service efficiency by integrating comprehensive financial service capabilities, including intelligent Q&A and knowledge base functions [1][2]. Group 3: Technological Advancements - The "Omni-Channel Hyper-Converged Intelligent Communication Platform" addresses challenges in the futures communication business, such as redundant module construction and data silos, by creating an innovative solution with industry demonstration significance [2][3]. - The project employs a full-stack self-innovation architecture and multi-layered security defense systems to enhance information security and business intelligence levels [3]. Group 4: Future Outlook - CITIC Futures aims to continue driving development through technological innovation, enhancing its ability to serve the real economy, and contributing to the high-quality development of the futures industry [3].