第十九届深圳国际金融博览会于2025年11月19日至21日在深圳会展中心举行。以"产业金融新高地，科 创赋能向未来"为主题，全球近300家金融机构共同勾勒金融服务实体经济的新图景。作为扎根深圳的国 有大行主力军，建设银行深圳市分行携科技金融、绿色金融、普惠金融、养老金融、数字金融"五篇大 文章"的丰硕实践成果亮相展会，用一组组亮眼数据、一个个鲜活案例，诠释了国有商业银行践行金融 强国战略、服务高质量发展的责任与担当。 在国务院办公厅《关于做好金融"五篇大文章"的指导意见》指引下，建行深圳市分行立足深圳"双区"建 设战略定位，紧扣深港携手打造全球金融科技中心的发展契机，将"五篇大文章"作为经营发展的核心战 略，建立"一把手"挂帅的统筹推进机制，构建前中后台协同、总分行联动的工作格局。通过资源倾斜、 产品创新、服务升级、风控优化的全链条发力，在科技自立自强、绿色低碳转型、普惠精准滴灌、养老 保障升级、数字金融创新等领域持续深耕，形成了特色鲜明、成效显著的实践路径，为深圳区域经济发 展注入强劲动能，书写了一份具有建行特色的金融答卷。 科技金融 全周期赋能科创企业 激活产业新动能 科技创新是引领发展的第一动力，科技金 ...

进入年尾，券商并购重组再下一城，中金公司（601995.SH，03908.HK）吸并信达证券 （601059.SH）、东兴证券（601198.SH）的"1+2"重整提上日程。 对于此次重组，中金公司表示，这将有助于公司加快建设一流投行，支持金融市场改革与证券行业高质 量发展，力争在合并后实现规模经济和协同效应。该公司同时提到，重组涉及A+H股两地上市公司同 时吸收合并两家A股上市公司，涉及事项较多、流程较为复杂。 从交易方式来看，此次重大资产重组采用换股吸收合并的方式。据开源证券测算，参考国泰海通的整合 情况，若以停牌前60个交易日均价确定换股价，中金公司、东兴证券、信达证券的60个交易日均价分别 为37.12元/股、12.07元/股和19.07元/股，预计中金公司和东兴证券的换股比例为0.33：1，中金公司和信 达证券的换股比例为0.51：1。 从三方背景来看，中金公司是"A+H"券商，2015年在H股上市，2020年11月"回A"。信达证券、东兴证 券均是"AMC（资产管理公司）"系券商，控股股东分别为中国信达、东方资产，分别于2023年2月、 2015年2月登陆A股。 从规模和行业排名来看，中金公司是第 ...

本报记者 周尚伃 近期，中信证券、中信建投、国泰海通等头部券商，以及东吴证券、开源证券等特色中小券商相继召开 2026年度策略会。综合来看，券商正围绕全球市场机遇、实体经济服务路径、行业转型方向等核心议题 展开深度研讨。在策略会上，各家券商"掌舵人"的发言所透露的战略洞察与市场判断，备受市场关注。 资本市场肩负重要使命 券商"掌舵人"普遍认为，2026年资本市场将迎来多重积极因素交织孕育的新机遇，这些机遇既源于全球 产业与金融格局的重构，也来自国内科技突破与制度完善的双重驱动，共同构成中国资本市场迈向高质 量发展的底层逻辑。 从全球视野来看，中信证券总经理邹迎光表示，"十五五"时期，中国资本市场面临的全球背景、科技趋 势、制度环境将呈现新的特征，全球产业与金融格局深刻重构，有望带来外部破局的新契机。 科技突破与制度完善构成了机遇的核心内核。邹迎光认为，从科技趋势看，更多中国产业迎来关键突 破，中国经济新旧动能转换成效显著，有望带来资本市场的新机遇。从制度环境看，中国资本市场制度 包容性和适应性的提升，以及投资和融资功能的协调，有望带来市场生态的新气象。 国泰海通总裁李俊杰认为："新一轮资本市场改革聚焦提升制度 ...

Core Views - During the "14th Five-Year Plan" period, Dongxing Securities aims to transform from a traditional intermediary to a comprehensive service provider, focusing on direct financing expansion and guiding capital towards key areas such as technology innovation and green finance [1][2] Business Strategy - Dongxing Securities aligns its development strategy with national high-quality development goals, emphasizing reform and innovation to build core competitive advantages [2] - The company has established a comprehensive business layout including investment banking, asset management, wealth management, and trading, with a customer-centric approach [2][3] Investment Banking and Asset Management - In investment banking, Dongxing Securities focuses on supporting the real economy and addressing financing challenges for enterprises [2] - The asset management business is undergoing transformation, with innovative products and steady progress in asset-backed securities (ABS) [2][3] Wealth Management and Investment Trading - The company is enhancing its wealth management capabilities by increasing the distribution of financial products and improving digital management [3] - In investment trading, Dongxing Securities is expanding its asset allocation capabilities and exploring new business strategies [3] Digital Transformation - Dongxing Securities is implementing a digital transformation strategy to improve service efficiency, utilizing AI and data-driven applications [4] Focus on National Strategic Areas - The company is actively supporting national innovation-driven development strategies, particularly in emerging industries like renewable energy and artificial intelligence [5][6] Financial Support and Social Responsibility - Dongxing Securities has provided significant financial support, including over 1.2 billion yuan in investments in specialized and high-tech enterprises [3][6] - The company is committed to social responsibility through various initiatives, including training programs and financial support for rural development [7][8] Investor Relations and Returns - Dongxing Securities prioritizes investor rights and returns, with a commitment to stable dividends and transparent governance [9][10] - The company has distributed over 1.8 billion yuan in cash dividends from 2021 to 2024, maintaining a payout ratio exceeding 30% of net profits [10][11] Future Outlook - The company plans to deepen its "quality improvement and return enhancement" mechanism, integrating social responsibility into its strategic decision-making and operations [12]

Core Insights - The construction of Shanghai International Financial Center is entering a critical phase during the "14th Five-Year Plan" period, aiming for a transformation from a "flow center" to a "functional center" through institutional breakthroughs, functional upgrades, open cooperation, and technological revolutions [1][7]. Challenges Facing Shanghai International Financial Center - Geopolitical factors are creating shocks, leading to increased volatility and uncertainty in international financial markets, complicating the international trade and investment environment [8]. - Emerging technologies such as AI, blockchain, and digital currencies are reshaping the global financial landscape, presenting both opportunities and regulatory challenges [9]. - Competition from established financial centers like New York and London, as well as emerging financial hubs, is intensifying, necessitating a clear positioning for Shanghai [10]. - Financial risks and regulatory challenges are heightened due to market volatility, technological advancements, and the emergence of innovative financial products [11]. Strategic Opportunities for Shanghai International Financial Center - The financial power strategy is accelerating, with ongoing policy support for the development of Shanghai as an international financial center [14]. - Institutional openness is expanding, with initiatives like the internationalization of the Renminbi and the establishment of cross-border financial services [15][16]. - The development of green finance is progressing, with Shanghai aiming to enhance its global leadership in this area [17]. - The financial technology revolution is gaining momentum, with significant advancements expected in areas like digital currencies and smart investment [18][19]. - The asset management center has promising prospects, driven by increasing demand for digital inclusive finance and ESG investments [20]. Collaborative Development - The synergy among the "five centers" in Shanghai is expected to enhance financial capabilities and support high-quality economic development [21]. - The integration of the Yangtze River Delta region is deepening, with Shanghai positioned as a leading city to facilitate financial services across the region [22]. Policy Recommendations - Optimizing the financial system structure is crucial for enhancing competitiveness, focusing on multi-level capital market development and improving the quality of capital asset circulation [23]. - Improving the financial regulatory framework is essential for maintaining stability, requiring a coordinated regulatory mechanism across markets and regions [24]. - Strengthening financial risk prevention and control measures is necessary to ensure the safe and stable operation of the financial center [25]. - Enhancing the legal environment for finance will provide a solid foundation for the development of the Shanghai International Financial Center [26].

Core Viewpoint - Dongxing Securities has launched the 2025 "Quality Improvement and Efficiency Enhancement" action plan, aiming for higher quality, efficiency, and sustainable development while enhancing investor satisfaction and rights protection [1][3] Group 1: Business Strategy - The company emphasizes its commitment to "serving the country through finance" and focuses on customer-centric and research-driven approaches to optimize its business structure and strengthen core business advantages [1] - In 2024, Dongxing Securities achieved a net profit attributable to shareholders of 1.544 billion yuan, an increase of 88.39% year-on-year, with a significant improvement in return on equity [1] - The company plans to leverage the synergy of its integrated financial service platform, which includes investment research, investment banking, asset management, and wealth management [1] Group 2: Shareholder Returns - Since its listing in 2015, Dongxing Securities has prioritized shareholder returns, with cumulative cash dividends reaching 4.81 billion yuan (including tax) and a dividend payout ratio exceeding 30% for nine consecutive years [2] - In 2024, the company implemented a mid-term dividend totaling 465 million yuan (including tax), representing 30.14% of the annual net profit attributable to shareholders [2] - For 2025, Dongxing Securities plans to enhance its dividend mechanism, increasing frequency and transparency, with a proposed cash dividend of 0.76 yuan (including tax) per 10 shares [2] Group 3: National Strategy Support - Dongxing Securities is actively implementing the financial "Five Major Articles" to support national strategies, including technology finance, green finance, inclusive finance, pension finance, and digital finance [2] - In 2024, the company underwrote technology innovation bonds worth 4.714 billion yuan and supported innovation enterprises in AI and new energy sectors through equity investments [2] - The company successfully issued the country's first dual-originator green ABS with a scale of 400 million yuan and has engaged in various projects to enhance financial inclusivity and pension strategies [2]

Core Insights - The strategic investment by Zhongmiao Holdings in Kexinrongxin marks a significant transition from an insurance technology company to a comprehensive financial technology service provider, indicating a new phase in the company's development [1][2] Industry Overview - The Chinese financial technology industry is experiencing historic growth opportunities driven by the dual forces of the financial power strategy and domestic substitution trends, with a projected compound annual growth rate of 13.3% over the next five years [1] - By 2028, the market size is expected to exceed 650 billion yuan, reflecting the potential for financial technology integration [1] Strategic Collaboration - The acquisition is based on complementary business scenarios and customer resource synergy, allowing for the integration of Zhongmiao's insurance technology capabilities with Kexinrongxin's banking system management experience [2] - This collaboration aims to develop cross-industry financial digital products and enhance customer resource sharing, potentially increasing revenue streams for both companies [2] Resource Synergy - For Zhongmiao Holdings, this acquisition is a key step in its "financial technology ecosystem" strategy, reducing reliance on a single business and facilitating entry into the banking sector [3] - Kexinrongxin will benefit from Zhongmiao's support, gaining access to enhanced technology resources and the potential to expand its market reach beyond banking [3] Future Outlook - If the transaction is successfully completed, it could elevate Zhongmiao Holdings' valuation in the capital market and reshape the competitive landscape within the financial technology sector [4] - There is speculation about Kexinrongxin's potential to list on the Beijing Stock Exchange and Zhongmiao's possible market expansion strategies [4]

Group 1 - The event organized by HuLong Securities and MingChuang Investment aimed to enhance financial literacy among university students, aligning with the State Council's initiative to incorporate investor education into the national education system [1][8] - The research team from Lanzhou University visited the Shanghai Securities News headquarters, gaining insights into the vibrant financial activities in Shanghai, including various events held in the building [3][5] - Zhang Yongjun, a senior expert in investor education, emphasized the importance of financial literacy for university students and the opportunities available for them to enhance their financial skills through various educational resources [8][10] Group 2 - The Shanghai Securities News has played a significant role in the development of China's capital market since its establishment in 1991, witnessing and documenting key milestones in the industry [5][6] - The transformation of financial media in China reflects the broader economic reforms and the evolving relationship between media technology and capital market growth [10] - The collaboration between Lanzhou University and HuLong Securities aims to foster talent development and enhance the quality of the capital market, with students actively participating in competitions and educational initiatives [13][14]

Group 1 - The core viewpoint of the news is the collaboration between Zhengzhou Commodity Exchange (郑商所) and China Agricultural University (中国农业大学) to establish an "off-campus talent training base," marking a significant milestone in the deep cooperation between the futures industry and higher education [1][3] - The establishment of the training base is part of a broader initiative to integrate investor education into the national education system, as outlined in a memorandum by the China Securities Regulatory Commission and the Ministry of Education [1][3] - Zhengzhou Commodity Exchange has achieved notable success in promoting futures knowledge through various activities, including the "Zhengzhou Commodity Exchange Cup" and collaborations with universities to develop educational materials [1][3] Group 2 - China Agricultural University is recognized as a key institution in China's higher education landscape, with strong research capabilities and a commitment to cultivating high-quality, interdisciplinary talent in the field of futures and financial derivatives [2] - The university has actively participated in investor education activities organized by Zhengzhou Commodity Exchange, receiving awards for its contributions, including the "Zhengzhou Commodity Exchange Cup" and the "Demonstration Award for Teaching Achievements in Futures Industry-Academia-Research" [2] - The collaboration aims to enhance the financial practical skills, risk awareness, and professional competitiveness of university faculty and students, while also fostering the development of skilled professionals for the futures industry [3]

Core Viewpoint - The forum emphasizes the importance of developing a robust capital market in China as part of the financial power strategy, highlighting the need for investors to adapt their investment approaches to the new normal [1][2]. Group 1: Economic and Market Context - The current global economic and geopolitical landscape is undergoing significant changes, necessitating a stable and active capital market, which has become a top-level design priority [1]. - The recent secondary listing of CATL in Hong Kong set a record for the largest IPO in nearly three years, indicating a critical moment for the development of direct financing and capital markets in China [2]. Group 2: Expert Insights - Liu Jipeng argues that revitalizing the stock market is essential for reversing economic downturns and that a strong financial sector will enhance China's position in global power dynamics [2]. - Xiao Lisheng expresses optimism about the medium to long-term development of China's stock market, noting signs of stabilization in consumer spending and the real estate sector [3]. - Hu Xianghui discusses the journey of China's technological self-sufficiency and its importance in overcoming the middle-income trap, emphasizing sectors like AI and biotechnology as future investment opportunities [3]. Group 3: Strategic Outlook - Hou Wentao provides insights into the A-share market, identifying external tariffs and internal policies as key variables affecting market performance, and suggests that there are many tools available to support the market [4]. - The forum collectively aims to contribute to the high-quality development of China's financial market, encouraging investors to learn and adapt their strategies accordingly [4].