□ 时刻牢记个人投资者占绝大多数这个最大市情，进一步强化证券公司交易主渠道综合优势，自觉维护 市场交易秩序和"三公"原则。要带头践行价值投资理念，强化跨周期逆周期布局，提升投资稳健性和价 值判断力 □ 对优质机构适当"松绑"，进一步优化风控指标，适度打开资本空间和杠杆限制 □ 夯实投行内控"三道防线"，从把好IPO入口关向"全程护航"加快转型，引导上市公司规范经营、提升 价值 □ 对于加密资产等新业态要深入研判、稳慎对待，看不清、管不住的坚决不展业，违法违规的坚决不做 ◎记者 梁银妍 12月6日，中国证券业协会第八次会员大会在北京举行。中国证监会主席吴清在会上发表讲话，对"十五 五"期间证券行业如何加快打造一流投行和投资机构作出系统性阐述。 吴清表示，"十五五"是全面深化资本市场改革、加快打造一流投行和投资机构的战略机遇期。证券行业 作为直接融资的主要"服务商"、资本市场的重要"看门人"、社会财富的专业"管理者"，要自觉担负四个 使命责任，在行业功能发挥、专业服务能力、差异化特色化发展、合规管理和风险防控、行业文化建设 等五方面有所作为。 吴清强调，只有始终胸怀"国之大者"，牢牢践行资本市场工作的政治性、人民 ...

Core Viewpoint - The speech by Wu Qing emphasizes the mission and responsibilities of the securities industry during the "14th Five-Year Plan" period, focusing on high-quality development and the need for the industry to adapt to the evolving economic landscape [1][2][3]. Group 1: Mission and Responsibilities - The securities industry must strengthen its mission in serving the real economy and the development of new productive forces [1]. - There is a need to enhance services for investors and assist in optimizing the allocation of residents' assets [1]. - The industry should accelerate the construction of a strong financial nation and promote high-level institutional openness [1]. Group 2: Business Structure and Innovation - The industry is urged to optimize its business structure and innovate financial products based on the needs of real enterprises and industrial development [2]. - There is a focus on enhancing the precision and adaptability of product services in response to changes in financial service demands from enterprises [2]. - The importance of protecting investors' rights and maintaining market order is highlighted, with a call for value investment practices [2]. Group 3: Technological Innovation and Market Adaptation - The securities industry is at the forefront of the market economy and must innovate financial products and services while managing risks [3]. - Financial technology innovations, such as AI, big data, and blockchain, are transforming the financial market ecosystem, and the industry should actively explore these technologies [3]. - There is an emphasis on resource integration and the use of mergers and acquisitions to create influential leading institutions in the industry [3].

Core Insights - Donghua Software (Tacheng) Co., Ltd. has been established with a registered capital of 50 million yuan, and its legal representative is Cui Yulu [1][2] Company Overview - The company is co-owned by Donghua Software and Donghua Cloud Computing Co., Ltd. [1][2] - The business scope includes software development, technical services, technical consulting, software sales, network and information security software development, and various other technology-related services [1][2] Business Activities - The company engages in the manufacturing and sales of computer hardware and software, cloud computing equipment, and information security devices [1][2] - It also provides services in smart control system integration, smart agriculture management, big data services, data processing, and internet data services [1][2] - Additional activities include the sale of second-class medical devices, information system maintenance, system integration services, and IoT technology services [1][2]

企业名称上海菜贸通供应链科技有限公司法定代表人谢斌注册资本10000万人民币国标行业批发和零售 业>批发业>其他批发业地址上海市青浦区朱家角镇康业路388弄1-14号18幢1层S区1317室企业类型有限 责任公司（非自然人投资或控股的法人独资）营业期限2025-12-5至无固定期限登记机关青浦区市场监 督管理局 来源：市场资讯 天眼查显示，近日，上海菜贸通供应链科技有限公司成立，法定代表人为谢斌，注册资本10000万人民 币，由湖北中关国际贸易有限公司全资持股。 经营范围含技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；新鲜蔬菜批发；新鲜蔬 菜零售；食用农产品零售；食用农产品批发；鲜蛋零售；鲜蛋批发；水产品收购；水产品批发；水产品 零售；初级农产品收购；农副产品销售；互联网销售（除销售需要许可的商品）；日用品销售；日用品 批发；办公用品销售；厨具卫具及日用杂品批发；低温仓储（不含危险化学品等需许可审批的项目）； 谷物销售；供应链管理服务；单位后勤管理服务；国内贸易代理；采购代理服务；软件开发；网络与信 息安全软件开发；人工智能基础软件开发；互联网数据服务；数据处理服务；互联网安全服务；大数据 服务 ...

Group 1 - The core point of the article is that Jiahua Technology plans to acquire 90% of Shudun Technology through a combination of issuing shares and cash payments, which is expected to constitute a significant asset restructuring [2][4] - Jiahua Technology's stock will resume trading on December 8 after being suspended since November 24, with a closing price of 48 yuan per share and a market capitalization of approximately 3.7 billion yuan as of November 21 [2][4] - The company has seen its stock price increase by over 130% this year [2] Group 2 - The transaction involves an issuance price of 31.05 yuan per share, which is not less than 80% of the average trading price over the previous 120 trading days [4] - After the transaction, some of the trading counterparties are expected to hold more than 5% of the company's total shares, indicating that it will constitute a related party transaction [4] - Jiahua Technology is a leading enterprise in the domestic IoT big data sector, focusing on the integration of AI, blockchain, cloud computing, and big data technologies [4] Group 3 - Shudun Technology specializes in domestic cryptography technology research and information security solutions, recognized as a key enterprise in the field [5] - The acquisition is expected to create synergies in business, technology, and customer relations, enhancing Jiahua Technology's market competitiveness and service capabilities [5] Group 4 - Jiahua Technology reported a revenue of 166 million yuan for the first three quarters of the year, a decrease of 30.72% year-on-year, and a net loss of 67.24 million yuan [8] - The decline in revenue is attributed to reduced income from certain projects, a decrease in gross margin, and increased credit impairment losses [8]

Group 1 - JiaHua Technology (688051) plans to acquire 90% of ShuDun Technology, which is expected to constitute a major asset restructuring for the listed company. The company's stock will resume trading on December 8 [1][5] - The acquisition will be executed through the issuance of shares and cash payments to 49 transaction parties, making ShuDun Technology a subsidiary of JiaHua Technology upon completion [1][5] - JiaHua Technology is a leading enterprise in the domestic IoT big data sector, focusing on the research and application of IoT big data technology, integrating AI, blockchain, cloud computing, and other core technologies [3][7] Group 2 - ShuDun Technology specializes in domestic cryptography technology research and information security solutions, recognized as a key "little giant" enterprise and a potential enterprise in commercial cryptography by the Ministry of Industry and Information Technology [3][7] - The transaction is a strategic move for JiaHua Technology to enhance its IoT big data industry layout, aiming for resource integration and the establishment of a comprehensive IoT big data platform centered on data security [4][8] - Post-transaction, JiaHua Technology expects growth in total assets, net assets, operating income, and net profit, enhancing its ongoing operational capabilities [4][8]

Group 1 - The China Securities Regulatory Commission (CSRC) emphasizes the need for the securities industry to enhance its role in supporting the high-quality development of the capital market, advocating for a shift from price competition to value competition and urging securities firms to take on the responsibility of being "gatekeepers" for IPOs [2][10] - The CSRC also calls for a cautious approach to new asset classes like cryptocurrencies and encourages securities firms to provide products that support long-term and value investing [2][10] - The total assets, net assets, and net capital of the securities industry reached 14.51 trillion yuan, 3.27 trillion yuan, and 2.39 trillion yuan respectively by September 2025, showing significant growth compared to 2021 [6] Group 2 - The draft guidelines for the performance assessment of fund management companies have been released, which require higher investment from executives and fund managers in their own funds, with performance pay linked to fund performance [3] - The Shenzhen Stock Exchange aims to support the development of the Guangdong-Hong Kong-Macao Greater Bay Area by expanding cross-border ETFs and promoting REITs inclusion in the Shenzhen-Hong Kong Stock Connect [6] - The recent report indicates that the securities industry has seen a cumulative operating income exceeding 2 trillion yuan and a net profit exceeding 800 billion yuan [6] Group 3 - The Ministry of Natural Resources has issued a notice regarding the minimum price for mining rights, stating that it should reflect market value and remain confidential until the end of the transaction [5] - The recent performance of the automotive market shows a stabilization trend, although challenges remain, particularly for companies with high leverage and debt [4] - The report on the futures market indicates a significant increase in trading volume and value, with a total of 81.17 billion contracts traded and a transaction value of 67.545 trillion yuan from January to November [16]

全球半导体设备市场正在悄然发生深刻变革，而光刻机作为半导体制造的核心设备，被誉为"工业皇冠 上的明珠"。 长期以来，光刻机技术的缺失被认为是中国芯片产业发展的最大短板。 尽管取得了显著进展，但中国光刻机产业仍面临巨大挑战。目前，全球市场对先进制程芯片的需求持续 增长，而ASML的技术优势在高端领域难以撼动。 以上海芯上微装科技股份有限公司（AMIES）推出的AST6200型350nm步进光刻机为例，这款设备虽然 制程节点不及国际顶尖水平，但其技术指标精准击中了第三代半导体市场的核心需求。 其刻蚀精度达到正面80纳米、背面500纳米，兼容碳化硅（SiC）、氮化镓（GaN）等多种化合物半导体 材料，广泛应用于5G基站、新能源汽车电控系统等领域。更值得关注的是，该设备核心零部件几乎实 现了全链条的"中国制造"。 这种差异化竞争策略不仅帮助中国企业在细分市场站稳脚跟，也为后续技术追赶积累了宝贵的资金和经 验。 除了硬件技术的突破，中国光刻机产业还在研发范式上实现了创新。国内研发团队通过引入大数据和人 工智能技术，部署高密度传感器网络，构建高精度数字孪生模型。 这种数据驱动的研发模式显著提升了设备良率，同时缩短了设备调 ...

Core Viewpoint - The speech by Wu Qing at the China Securities Association's eighth member conference emphasizes the high-quality development of the securities industry, outlining seven key points that define the future direction of the sector [4]. Group 1: Capital and Regulatory Environment - The capital space and leverage restrictions will be moderately relaxed for high-quality institutions, optimizing risk control indicators and enhancing capital utilization efficiency [4]. - Differentiated regulation will be explored for small and medium-sized brokerages and foreign brokerages in terms of classification evaluation and business access [4]. Group 2: Industry Responsibilities and Market Performance - The industry is tasked with four major responsibilities during the 14th Five-Year Plan period, including better service to the real economy, enhancing investor services, contributing to the construction of a financial powerhouse, and promoting high-level institutional openness [4]. - The A-share market has shown resilience, with a total market value exceeding 100 trillion yuan, and the total assets of 107 securities companies reaching 14.5 trillion yuan, with net assets growing over 40% in four years [4][5]. Group 3: Mergers and Acquisitions - The mergers among leading brokerages have shown initial success, with notable cases like the Guotai Junan and Haitong merger achieving a "1+1>2" effect [5]. - Smaller institutions are focusing on niche markets to differentiate themselves from larger firms, while foreign institutions are accelerating their domestic business expansion [5]. Group 4: Reputation and Cultural Management - The industry must prioritize reputation management and cultural development, addressing past issues of extravagance among some professionals that have harmed the industry's image [6]. - Companies are encouraged to integrate cultural values into their development strategies and enhance brand building through effective public relations [6]. Group 5: Investor Protection and Risk Management - Strengthening investor protection is crucial, with a focus on maintaining market order and promoting value investment principles [6]. - The industry should enhance risk prevention in key areas such as margin trading and private asset management, ensuring compliance and liquidity [6]. Group 6: Financial Technology Innovation - Financial technology innovation is essential for the industry's evolution, with a focus on AI, big data, and blockchain applications [7]. - The regulatory framework will be improved to monitor and manage risks associated with financial innovations, particularly in emerging sectors like cryptocurrency [7].

吴清表示，证券行业机构整体实力仍有待提升，专业水平和创新能力还存在短板，合规风控体系还有待 完善，行业文化建设亟待加强，距离国际一流水准和社会各方期待还有不小差距 文｜《财经》记者 郭楠 编辑 | 陆玲 同时，吴清也指出，证券行业机构整体实力仍有待提升，专业水平和创新能力还存在短板，合规风控体 系还有待完善，行业文化建设亟待加强，距离国际一流水准和社会各方期待还有不小差距。 对于"十五五"时期证券行业的使命责任，吴清表示，要在服务实体经济和新质生产力发展、更好服务投 资者助力居民资产优化配置、加快建设金融强国、促进高水平制度型开放等四方面强化使命担当。 "当前中国居民资产中股票基金等资产合计占比约15%，大致相当于美国30年前水平。伴随经济和人口 结构转型，叠加利率中枢下移和国际金融格局变化，资产管理和财富管理服务的需求和潜力巨大。证券 公司和行业投资机构在权益投资、价格发现、风险管理等方面专业优势明显，要顺应时代发展需要，主 动对接多元化理财需求，提供更加丰富、更加精准、更有利于长期投资、价值投资的产品服务，与投资 者共进共赢，共同参与并共享经济和资本市场发展成果。" 吴清认为。 打造一流投行和投资机构是资 ...