Group 1 - The forum focused on the role of finance in promoting new productive forces and discussed how to build a capital ecosystem that supports technological innovation and global collaboration [1] - The Director-General of the World Intellectual Property Organization emphasized the foundational role of intellectual property in stimulating innovation and attracting investment, acknowledging China's significant achievements in this area [1] - The former Chairman of China Construction Bank highlighted the need for China's financial system to adapt to technological innovation and market changes, advocating for deeper structural reforms in financial supply [1] Group 2 - A professor from Peking University discussed how the insurance industry can empower technological innovation and new productive forces through collaboration within the industry and across sectors [2] - The Director of International Strategy and Cooperation at the Hungarian Central Bank expressed the importance of international financial cooperation in sharing financial innovation outcomes and addressing global challenges [2] - The Deputy General Manager of HSBC China explored how international financial institutions can promote green economic transformation through sustainable finance during a critical period for global climate action [2] Group 3 - The President of Postal Savings Bank of China emphasized the need for financial institutions to enhance inclusivity and technological capabilities in serving small and micro enterprises, thereby facilitating industrial transformation [3] - Participants at the forum expressed commitment to further integrating finance and technology to support the development of new productive forces and contribute to high-quality economic growth in China [3]

为积极响应广东省委省政府号召，助力"百县千镇万村高质量发展工程"和"绿美广东"全面落地，近日， 中国平安（601318）在潮州、汕头两地开展了以"金融守护产业强 科技赋能振兴路"为主题的三村工程 调研活动。活动中，平安集团董事长马明哲一行先后调研了潮州"红绿灯"道路安全风险减量项目、古茶 树救治保险、汕头蔬菜生产基地等项目。这是马明哲第五次去广东省内机构调研访谈，也是平安集团高 管层数十场在全国各地推动乡村振兴调研的一部分。 据悉，自广东省推动城乡区域协调发展、开展"百千万工程"以来，中国平安以自身的"三村工程"为支 点，围绕"金融支持、绿美广东、乡村治理、消费帮扶"四大重点方向，累计服务"百千万工程"项目超 450个，直接投入资金超6000万，向广东省普惠小微客户提供4亿元利率补贴，融资授信超135亿元支持 广东涉农、县域、基建等方面发展，累计减费让利金额超1亿元。 此外，平安还深化警保联动机制，通过乡间讲堂、案例解析、互动体验等方式，构建农村"交通安全+金 融反诈"风险教育双线守护体系。截至10月底，道路安全知识普及活动已覆盖国内多个区县的超500个村 庄、11万人次村民，切实守护人民群众出行平安。 支持 ...

底部强 call 非银：曙光初现 20251207 摘要 券商板块 2025 年表现不佳，大幅跑输上证综指，但估值处于历史低位， PB/ROE 指标显示其具备向上空间，若 2026 年 ROE 提升，PB 有望突 破两倍。 证监会释放积极信号，表示将适当提升优质券商杠杆水平并鼓励金融创 新，这在当前估值较低、基础良好的情况下，可能放大政策利好效果。 若券商板块近期回调，应采取左侧交易策略，把握投资机会。当前市场 类似于 2025 年 4 月，券商股或将在短期内迎来上涨。 推荐关注东方证券和兴业证券，因其估值较低、基本面弹性较好、资管 业务强劲，且有并购预期。中信证券和国泰君安可作为板块走势参考。 判断减仓或清仓时机，需关注两市成交额和个股表现。成交量萎缩至 2.5 万亿以下或涨停个股数量减少是减仓信号。预计 2026 年一季度或 有明显行情。 2026 年市场风格预计均衡化，一季度首选券商，全年来看保险板块更 具持续性和配置价值，受益于红利股票增配和自身红利逻辑。 非车险报行合一政策全面落地将压降保险行业费用率，利好头部险企。 A 股首推中国太保，H 股首推中国平安，关注中国太平、中国人寿等低 估值 H 股。 ...

非银金融 非银金融 2025 年 12 月 07 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 2024-12 2025-04 2025-08 非银金融 沪深300 相关研究报告 《大国崛起需建设金融强国，券商海 外业务迎发展良机—券商海外业务深 度研究》-2025.11.30 《公募 REITs 试点纳入商业不动产， 险企开门红向好 — 行 业 周 报 》 -2025.11.30 《开门红展望乐观，人身险产品费用 分摊指引发布—行业周报》-2025.11.23 ——吴清主席在中证协大会的致辞学习 | 高超（分析师） | 卢崑（分析师） | | --- | --- | | gaochao1@kysec.cn | lukun@kysec.cn | | 证书编号：S0790520050001 | 证书编号：S0790524040002 | | 事件：12 月 6 | 日吴清主席在中证协第八次会员大会致辞。 | 监管态度转向积极，对优质机构监管"松绑"，鼓励金融创新，鼓励并购 （1）杠杆放松，中小券商差异化监管："对优质机构监管'松绑'，进一步优化 风控指标，适度 ...

2025年，一场总额高达24.5亿美元的跨境并购贷款角逐落下帷幕。面对激烈的银行同业竞 争，北京银行上海自贸区业务管理中心（以下简称"自贸中心"）团队夜以继日，在一周内 完成审批，成为第一家拿到批单的银行，落地13.95亿元跨境人民币贷款，让国内最大的互 联网生活服务平台见证了"京行速度"。 这场漂亮的"闪电战"，是北京银行自贸中心成立十周年之际交出的答卷之一。从零起步， 勇于探索，北京银行依托自贸中心，成功开辟了服务企业跨境发展的新航路，打造了服务企 业走出去的重要"出海口"。 责任与担当，在政策的土壤里扎下根基 2013年的秋天，上海自贸试验区正式挂牌。自贸区是金融改革的"试验田"，提供配套服务 的金融业机构也必须成为勇于探索的"探路先锋"。 彼时，对大多数银行而言，"分账核算单元"等专业术语还停留在概念层面，至于如何把政 策吃透，如何让概念落地到业务层面，要各家银行八仙过海各显神通。 自此，创新的火花不断迸发。一家航空公司的境外子公司希望通过跨境融资购置一架空客 A320飞机，一个棘手的难题产生了，飞机在境外运营，不能按传统的思路进行境内资产抵 押获得贷款。面对这类难题，北京银行创新采用《开普敦公约》框 ...

Core Insights - The leasing industry is transitioning from "wild growth" to "regulated stability," with Haier Leasing at the forefront of this transformation [1][4][9] Industry Evolution - The leasing industry has undergone three key phases: a surge in new company registrations around 2013, accumulation of risks from 2016 to 2018, and stricter regulations post-2018, leading to a reduction in the number of companies from nearly 13,000 to under 8,000 by 2024 [4][9] - The focus of Haier Leasing is on guiding capital into the real economy, particularly supporting small and micro enterprises [4][6] Business Model and Strategy - Haier Leasing maintains a "zero platform business" positioning, distinguishing itself as a pure industry-oriented leasing institution, which has garnered recognition in the market [5][6] - The company has achieved several industry firsts in financial innovation, including being the first to pilot ABS+CDS credit protection certificates and issuing the first social responsibility bond compliant with international standards [6][9] Talent Development - The company has established an "internal" talent cultivation system to address the industry's talent shortage, focusing on specialized training and clear career paths for employees [7][9] - A star rating system and dynamic assessments are implemented to enhance management capabilities among younger leaders [7] Digital Transformation - Haier Leasing emphasizes the importance of digitalization in its operations, aiming for comprehensive digital coverage across all processes to enhance efficiency and decision-making [8][9] - The company promotes a culture of continuous learning and professional development to keep pace with industry changes [8] Future Outlook - The leasing industry is expected to enter a deep transformation phase, with a focus on industrial deepening, digital transformation, and sustainable development as core trends [9][10] - Haier Leasing plans to deepen its industrial leasing layout, innovate financial products, and participate in industry ecosystem development to support regulatory alignment and industry standardization [9][10]

12月5日，证监会主席吴清在人民日报发表署名文章《提高资本市场制度的包容性适应性（学习贯彻党 的二十届四中全会精神）》指出，着力提升资本市场监管的科学性、有效性。金融创新更新迭代快，具 有明显的顺周期性和强外溢性。要适应市场的快速发展变化，加快构建全方位、立体化的证券期货监管 体系，完善对金融创新活动的监测监管和风险应对机制。加强战略性力量储备和稳市机制建设，强化重 点领域风险和跨市场跨行业跨境风险防范化解，持续提升资本市场内在稳定性。运用好大数据、人工智 能等现代信息技术手段，高效识别违法违规线索和风险隐患。坚持依法监管、分类监管，严厉打击财务 造假、欺诈发行、市场操纵和内幕交易等恶性违法行为，维护公开公平公正的市场秩序。 ...

Group 1 - Recent illegal activities are being conducted under the guise of "financial innovation" and "blockchain," involving the issuance of so-called "virtual currencies," "virtual assets," and "digital assets" to absorb funds and infringe upon public rights [1][3] - These activities are characterized by significant networked and cross-border operations, utilizing the internet and chat tools for transactions, which broadens the risk exposure and accelerates the spread of these activities [1][3] - Many perpetrators rent overseas servers to set up websites targeting domestic residents, making it difficult for regulatory bodies to track and manage these illegal activities [1][3] Group 2 - The deceptive, enticing, and concealed nature of these schemes is strong, as they exploit trending concepts and fabricate various high-profile theories, often using endorsements from influential figures to promote their schemes [2][4] - Perpetrators manipulate the prices of virtual currencies and set thresholds for profit and withdrawal to illegally extract profits, while also using various methods like ICOs, IFOs, and IEOs to issue tokens [2][4] - These activities present multiple legal risks, as they attract public investment through promises of "static returns" (profit from currency appreciation) and "dynamic returns" (profits from recruiting others), resembling illegal fundraising, pyramid schemes, and fraud [2][4] Group 3 - Such activities are essentially Ponzi schemes disguised as "financial innovation," making it difficult to sustain the flow of funds over the long term [2][4] - Public awareness is urged to critically assess blockchain claims and avoid blindly believing in extravagant promises, while also encouraging reporting of any discovered illegal activities to relevant authorities [2][4]

在上个月28日，中国人民银行突然召开高规格虚拟货币监管协调会议。 这次会议不一般，来了14个部门的负责人，阵容强大得让人有点意外。 这种级别的联合行动，在虚拟货币监管史上还真不多见。 监管升级，十四部门联手织密防护网 这次会议的背景其实不复杂，最近虚拟货币市场又开始活跃，各种地下交易渠道换着花样出现。 就像去年破的那个12亿USDT洗钱案，要是搁以前，单靠一个部门还真未必能这么快破案。 技术手段也跟上了，听说现在有了专门的区块链溯源系统，虚拟货币的流向能追到小数点后八位。 这种分工协作，比之前单打独斗效率高多了。 有个做技术的哥们透露，他们开发的监测平台，连暗网的交易信息都能扒下来一些。 不过这活儿也挺难，那些搞投机的人，反侦察能力比想象中强。 有朋友在金融圈工作，他跟我说，现在场外交易搞得跟谍战片似的，微信转账加线下见面，隐蔽性特别强。 十四部门联手可不是简单凑数，央行管总协调，公安部负责打击犯罪，网信办盯着网络平台，外汇局严防资金外流。 数字人民币的推进也给监管加了码，本来想，虚拟货币和数字人民币都是数字形式，应该差不多吧？后来发现完全不是一回事。 数字人民币背后是国家信用，虚拟货币说白了就是一串代码。 ...

Core Insights - The article highlights the leadership of Wang Xiuli in the financing leasing industry, emphasizing her commitment to development and risk control as fundamental principles [1][4][5] - It outlines the strategic direction and operational management of the company under her guidance, focusing on the integration of technology, finance, and industry [4][6] Group 1: Strategic Development - Since its establishment in 2011, the company has focused on aligning with national strategic initiatives, particularly in Shanghai's "Five Centers" and the Yangtze River Delta integration [4] - The company has concentrated on strategic emerging industries and essential sectors, with over 90% of investments directed towards artificial intelligence, advanced manufacturing, and life sciences [4][5] - The company has facilitated the introduction and delivery of over 70 multi-purpose aircraft and more than 150 vessels, supporting low-altitude economy and national shipbuilding initiatives [4] Group 2: Financial Innovation - The company has developed a comprehensive financial service system addressing the entire lifecycle of enterprises, launching customized solutions like "Sci-tech Quick Loan" and "Low-carbon Flash Rental" [4][6] - It has achieved nearly 100 billion yuan in leasing asset investments and generated over 5 billion yuan in tax revenue, connecting with over a thousand enterprises across numerous cities [5][6] - The company has been proactive in green finance, with 63.96% of leasing assets in the green sector, and has established the first cross-strait green low-carbon project in the industry [6][7] Group 3: Risk Management - The company has transitioned its risk management approach from passive to proactive, developing a credit risk quantification management system certified by Moody's [7] - It has implemented a dual protection system for property and debt rights, enhancing the balance between business innovation and compliance risk control [7] - The company has maintained high asset quality for several consecutive years through effective organizational restructuring and process reengineering [7] Group 4: Talent Development - The company recognizes talent as a core competitive advantage and has established a comprehensive talent cultivation and incentive system [8] - It prioritizes selecting individuals with strong curiosity, self-drive, and a commitment to lifelong learning [8] - The company has built a professional team that embodies the spirit of excellence and has become a talent hub in the leasing industry [8] Group 5: Industry Outlook - The company believes that financing leasing aligns with market efficiency principles, with increasing demand as the market economy develops [8] - It emphasizes the importance of adapting to market needs and enhancing service depth and breadth to support the modernization of industrial chains [8]