8月18日，A股总市值首次突破100万亿元大关。今年以来，上证指数、深证成指、创业板指、北证50等 指数迭创阶段或历史新高。资本市场坚持稳中求进、提质增效，基础制度不断完善，市场韧性和抗风险 能力明显增强，投资者信心和预期明显改善。其中，新上市企业中九成以上是科技企业或科技含量比较 高的企业；截至今年11月底，公募基金规模37.02万亿元，私募基金规模22.09万亿元，存续私募证券投 资基金规模7.04万亿元，均创下历史新高；以股权登记日计算，A股上市公司年度合计分红金额已经超 过2.6万亿元，再创历史新高。 8月18日，A股总市值首次突破100万亿元。 ...

转自：新华财经 •财政部：扩大财政支出盘子、优化政府债券工具组合 2026年继续实施更加积极的财政政策 •"上市早、质量好" 全国秋粮收购已超2亿吨 为近年同期最高水平 •贺岁档电影票房突破50亿元大关 创近八年来同期票房新高 •财政部网站12月28日消息，12月27日至28日，全国财政工作会议在北京召开。会议指出，2026年继续实施更加积极的财政政策。一是扩大财政支出盘子， 确保必要支出力度。二是优化政府债券工具组合，更好发挥债券效益。三是提高转移支付资金效能，增强地方自主可用财力。四是持续优化支出结构，强化 重点领域保障。五是加强财政金融协同，放大政策效能。（新华社） •十四届全国人大常委会第十九次会议27日表决通过新修订的渔业法，将于2026年5月1日起施行。这部新修订的法律，将进一步促进渔业提质增效、绿色发 展。（新华社） •国家粮食和物资储备局27日发布数据，截至目前全国各类粮食经营主体累计收购秋粮已超2亿吨，比去年同期增加3200万吨，为近年同期最高水平。据介 绍，今年秋粮上市早、质量好。秋粮旺季收购开始以来，农民踊跃售粮，企业积极收粮，收购进度显著快于上年同期。（新华社） •增量资金仍在积极入市 ...

证券代码：600446 证券简称：金证股份 公告编号：2025-063 深圳市金证科技股份有限公司 关于关联交易的公告 公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的 真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ● 基于公司日常经营及业务发展需要，深圳市金证科技股份有限公司（以下简称"公司"）与参股公司港 融科技有限公司（以下简称"港融科技"）签订《业务合作框架协议》，参考市场价格及预计的工作量， 2026年1月1日至2026年12月31日预计公司向港融科技采购服务费用金额预计不超过6,000万元（人民币 元，以下同），港融科技向公司采购服务费用金额预计不超过2,800万元，定价原则上不高于同类业务 市场价格，实际结算金额以双方实际签署的业务合同为准。 ● 基于公司日常经营及业务发展需要，公司与参股公司深圳市钐烽科技有限公司（以下简称"钐烽科 技"）签订《业务合作框架协议》，参考市场价格及预计的工作量，2026年1月1日至2026年12月31日公 司向钐烽科技采购服务费用金额预计不超过3,000万元，钐烽科技向公司采购服务费用金额预计不超过 1,40 ...

日前，证券时报社与国联期货战略合作签约仪式在国联上海金融运营中心隆重举行。双方将基于各自核心优势展开深度合作，着力推动资本市场高质量发展，共 同构建具有行业影响力、公信力的私募财富管理新生态。证券时报社党委委员、副总编辑汤泳与国联期货总经理徐炜中等双方代表出席签约仪式。 此次合作的达成，源于私募证券投资基金行业的快速发展与生态体系建设的现实需要。近年来，随着机构投资者与高净值客户对资产配置认知不断深化，我国私募 证券投资基金已成为财富管理领域的核心配置标的之一。中国证券投资基金业协会数据显示，截至2025年10月末，我国私募证券投资基金存续规模已达7.01万亿 元。虽然行业发展已初具规模，但整体仍然处于规模扩张向质量提升的初级阶段。特别在私募基金的策略研究、数据分析、业绩评价与品牌传播等核心环节，市场 亟须兼具公信力与专业能力的权威机构参与引导，以推动行业进一步迈向高质量发展阶段。 在此背景下，证券时报社与国联期货的战略合作是在财富管理市场尤其是私募证券投资基金领域的一次创新合作，形成了精准的优势互补。作为资本市场的权威媒 体，证券时报社拥有深厚的行业资源沉积、强大的品牌影响力与公信力。国联期货自市场化改革以 ...

Core Viewpoint - The implementation of the "Implementation Opinions on Promoting Long-term Funds to Enter the Market" aims to enhance the quality of listed companies in Beijing and encourage long-term investment strategies among various financial institutions [1][2][3]. Group 1: Market Ecosystem Optimization - The initiative focuses on optimizing the market ecosystem by establishing a long-term performance evaluation mechanism for commercial insurance funds and promoting share buybacks among qualified listed companies [1][2]. - There is a strong emphasis on developing equity public funds and supporting the stable growth of private equity investment funds, shifting the focus from scale to investor returns [1][2]. Group 2: Investment Policy Environment - The policy environment for commercial insurance funds and pension investments is being improved, with increased flexibility for enterprise annuities and personal pensions [2]. - Encouragement is given to banks and trust funds to actively participate in the capital market, optimizing incentive mechanisms and enhancing investment scale [2]. Group 3: Implementation Effectiveness - The quality of listed companies in Beijing has improved, with 45 companies executing buybacks totaling 19.33 billion yuan and 285 companies distributing cash dividends amounting to 605.4 billion yuan [3]. - Public fund fee reforms have been effective, with 838 actively managed equity fund products reducing fees, potentially saving investors 10 billion yuan annually [3]. - The actual proportion of equity investments has significantly increased, with 1,090 equity funds managed in Beijing, a year-on-year growth of 19%, and a total scale of 1.94 trillion yuan, up 25.56% [3]. Group 4: Long-term Assessment Mechanisms - Long-term assessment mechanisms for various types of long-term funds are being gradually established, with public funds in Beijing implementing three-year assessment systems [4]. - The city’s occupational pension funds and enterprise annuities have set long-term assessment indicators, while state-owned commercial insurance companies are also developing similar mechanisms [4].

Core Viewpoint - The introduction of new policies in Beijing aims to establish a long-term mechanism to promote the entry of medium- and long-term funds into the capital market, which is crucial for maintaining market stability and health [1][2] Group 1: Policy Initiatives - The Beijing Securities Regulatory Bureau, in collaboration with various local government departments, has issued the "Implementation Opinions on Promoting Medium- and Long-term Funds to Enter the Market" [1] - The policy includes measures such as optimizing the market ecosystem, developing equity public funds, supporting the stable development of private equity funds, and encouraging bank wealth management and trust funds to participate actively in the capital market [1][2] Group 2: Fund Development - The policy emphasizes the need to shift fund companies from a scale-oriented approach to one focused on investor returns, aiming to create long-term stable returns for investors and increase the scale and proportion of equity funds [2] - It encourages private equity funds to diversify their product types and investment strategies, enhancing the proportion of equity private asset management business [2] Group 3: Investment Environment Optimization - The policy supports the relaxation of personal investment choices for enterprise annuities and encourages fund managers to explore differentiated investment strategies [2] - The Beijing Securities Regulatory Bureau plans to strengthen policy coordination and information sharing among relevant departments to ensure the effective implementation of these measures [2]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In H1 2025, the global stock market showed an overall upward trend despite geopolitical conflicts and US tariff policies. The A-share market presented an "N-shaped" trend, the Hong Kong stock market was stronger, and the US stock market experienced a "V-shaped" reversal. The bond market was active with significant growth in issuance, and the futures market also saw increases in trading volume and turnover. The development of China's private securities investment fund industry showed mixed trends, with a decline in the number of registered fund managers but an increase in the number and scale of private securities investment fund filings in H1 2025. In terms of performance, the stock strategy had the strongest average return in H1 2025, while the futures and derivatives strategy was more dominant in the past 3 and 5 years [4][5][6]. Summary According to the Table of Contents Chapter 1: Overview of China's Securities Investment Foundation Market Stock Market - As of the end of June 2025, the number of A-share listed companies reached 5,420, an increase of 37 from the end of 2024, and the total market value exceeded 100 trillion yuan, up 6.5% from the end of 2024, hitting a record high. The growth was mainly due to the recovery of the IPO market [12][15]. - In H1 2025, the A-share market showed an "N-shaped" trend. The Shanghai Composite Index rose 2.76%, the Shenzhen Component Index rose 0.48%, the ChiNext Index rose 0.53%, and the North Exchange 50 Index soared 39.45%. The Hong Kong stock market was stronger, and the US stock market experienced a "V-shaped" reversal [16][17]. - As of the end of H1 2025, the Sci-Tech Innovation Comprehensive Index had the highest price-to-earnings ratio, and the North Exchange 50 and CSI 2000 were at historical high valuations, while the CSI 300 and Shanghai Composite Index were at medium to low historical levels [18][19]. - In H1 2025, the A-share trading volume reached 13 trillion shares, and the turnover reached 162.65 trillion yuan, with year-on-year increases of 37.64% and 59.9% respectively. The daily average turnover was 13,902 billion yuan, up about 61% year-on-year [20][24]. - In H1 2025, 23 out of 35 industries in the Wind secondary industry classification rose. The non-ferrous metals, enterprise services, and household products industries led the gains, while the coal, real estate, and daily consumer retail industries led the losses [32][35]. - In H1 2025, the small-cap growth style index of A-shares performed the strongest, followed by the large-cap value index. As of June 30, the margin trading balance of A-shares was 18,504.53 billion yuan, indicating the dominance of the long side [36][41]. Bond Market - In H1 2025, the total number of bond issuances in the market was 24,267, with an issuance amount of 44.6 trillion yuan. The issuance of interest rate bonds reached 16.9 trillion yuan, and short-term and medium-short-term bonds dominated the issuance [43][44]. - From March to June 2025, due to weak economic recovery momentum, the bidding interest rate of government bonds and the issuance interest rate of policy bank bonds declined [47][49]. - In H1 2025, the issuance interest rate of credit bonds showed a "first rising then falling" trend, mainly affected by liquidity tightening and policy uncertainty at the beginning of the year and then declining under the influence of loose monetary policy and improved market supply and demand [53][57]. - In H1 2025, the interbank bond market was the most active in the secondary market. Among different types of bonds, government bonds in interest rate bonds and financial bonds in credit bonds had the highest trading volumes [59][63]. - In H1 2025, the 1-year government bond yield rose 26BP to 1.34%, and the 10-year government bond yield fell 3BP to 1.65%. The yield curve showed different trends in different periods [65][66]. - In H1 2025, the Wande Short-term Pure Bond Fund Index and the Wande Medium and Long-term Pure Bond Fund Index both showed a "first falling then rising" trend, with an overall upward trend in oscillation. The short-term bond fund index had better gains and volatility than the medium and long-term pure bond fund index [67][69]. Futures Market - In H1 2025, the cumulative trading volume of the national futures market was 4.076 billion lots, and the cumulative turnover was 339.73 trillion yuan, with year-on-year increases of 17.82% and 20.68% respectively. The precious metals sector had the highest turnover, reaching 59.57 trillion yuan, up 66.05% year-on-year [70][74]. - As of the end of H1 2025, the domestic commodity futures market's settled funds were 428.366 billion yuan, a year-on-year increase of 16.05%. The precious metals industry had the largest inflow of funds, while the chemical industry had the largest outflow [76][81]. - In H1 2025, the commodity futures market showed a significant differentiation trend. Precious metals and some non-ferrous metals performed strongly, while coal, coke, steel, and energy and chemical products were dragged down by weak demand [82][86]. Chapter 2: Development Status of China's Private Securities Investment Fund Industry Private Securities Investment Fund Managers - The number of registered private securities investment fund managers in China has shown a significant downward trend in recent years, from 1,605 in 2017 to 49 in 2024, mainly due to tightened regulatory policies and intensified industry competition. In H1 2025, 25 managers were registered, an increase of 4 from the same period last year [88][92]. - The number of existing private securities investment fund managers in China has shown a trend of "first increasing then decreasing," from 8,467 in 2017 to 7,761 at the end of June 2025, due to tightened regulation and intensified market competition [93][97]. - Private securities investment fund managers in China are highly concentrated in economically developed and policy-advantaged regions. The top six regions in terms of managed fund scale are Shanghai, Beijing, Shenzhen, Zhejiang (excluding Ningbo), Guangdong (excluding Shenzhen), and Ningbo, with a CR6 of 88.7% [98][100]. Private Securities Investment Funds - The number and scale of private securities investment funds filed for approval in China have shown a trend of "first increasing then decreasing" in recent years. In H1 2025, both the number and scale increased significantly compared to the same period last year, mainly due to the recovery of the market environment [101][107]. - In H1 2025, the number of private securities products filed for approval reached 5,461, a year-on-year increase of 53.6%. The stock strategy was the mainstream strategy. The number of quantitative private products filed for approval was 2,448, a year-on-year increase of 67.1%, and the quantitative long strategy in the stock strategy was the mainstream [108][112]. - The number of existing private securities investment funds in China has shown a trend of "first increasing then decreasing," while the fund scale has fluctuated. In H1 2025, the number of existing funds continued to decrease, while the scale increased with the recovery of the A-share market [113][118]. Chapter 3: Performance of China's Private Securities Investment Funds Private First-level Strategies - According to investment targets and methods, private funds can be divided into 5 first-level strategies and 17 second-level strategies. In H1 2025, the stock strategy had the strongest average return. In the past 3 and 5 years, the futures and derivatives strategy was more dominant [120][123]. Stock and Bond Strategies - In H1 2025, among private companies meeting the ranking rules of Simuwang, the average return rate of stock strategy products was 14.04%, and small and medium-sized private funds performed better. In 2024, the average return of private bond strategy products was 11.89%, and the bond enhancement strategy performed the best [125][126]. Private Second-level Strategies - In H1 2025, the stock quantitative long strategy performed the best, with an average return of 16.31%. In the past 1 year, the quantitative long strategy was still the best, and in the past 3 years, the subjective CTA and other derivatives strategies had the best returns [127].

Group 1 - The company, Lianyang Intelligent Holdings (01561), announced that its indirect non-wholly owned subsidiary, Lianyang Guorong (Beijing), subscribed to units of a fund with a principal amount of RMB 20 million each on April 15, 2025, and May 7, 2025 [1] - The subscription is recorded as financial assets measured at fair value through profit or loss [1] - The relevant fund units were redeemed on July 8, 2025, and August 20, 2025, generating a profit of approximately RMB 1.06 million [1] Group 2 - The fund involved is named "Fuxi Bond No. 3 Private Securities Investment Fund" [1]

Group 1 - China Pacific Insurance (Group) Co., Ltd. has launched two funds with a total scale of 50 billion yuan, including a 30 billion yuan private equity fund focused on mergers and acquisitions and a 20 billion yuan private securities investment fund [2] - The private equity fund aims to support the reform of state-owned enterprises in Shanghai and enhance the development of strategic emerging industries [2] - The private securities investment fund is designed to respond to national calls for expanding private equity fund trials by insurance institutions, focusing on long-term investment strategies [2] Group 2 - China Pacific Insurance has been actively involved in the financial sector, covering over 200 million people with inclusive insurance and achieving a green insurance coverage of over 360 trillion yuan [3] - The company has invested over 260 billion yuan in green investments and has provided insurance services to more than 10,000 enterprises, focusing on strategic emerging industries such as healthcare, advanced manufacturing, and artificial intelligence [3] - The National Financial Regulatory Administration has emphasized the role of insurance funds as patient and long-term capital, increasing their investment limits in equity assets to inject more capital into the market [4]