工银平衡回报6个月持有期债券的三季报显示，该基金主要资产为国债和金融债，前五大持仓债券为25 国债08、25国债13、25国债01、21邮储银行（601658）永续债01、20浦发银行永续债，少部分股票资产 同样以航空股为主。 富国臻利纯债定开债券作为纯债基金，其三季度基金资产净值的49.52%都为金融债，其次为中期票 据、企业债。前五大持仓债券为22中行二级资本债02A、23浙商01、25农行TLAC非资本债02A(BC)、 25内蒙古债24、24中国人寿（601628）资本补充债01BC。 中国经济网北京12月4日讯 （记者 康博） 根据同花顺（300033）数据显示，在刚过去的11月份里，剔 除净值异动的债券型基金后，在7431只（各份额分开计算，下同）有可比业绩的债基中，实现业绩上涨 的共有3193只，占比43%。另有254只持平，3984只下跌。 工银平衡回报6个月持有期债券A、富国臻利纯债定期开放债券型发起式、工银平衡回报6个月持有期债 券C、人保鑫利债券A、人保鑫利债券C涨幅领先，单月上涨分别为2.25%、2.24%、2.23%、2.11%、 2.01%。 工银平衡回报6个月持有期债券A、工银平 ...

本届峰会的突出亮点在于推动体育产业与金融资本的深度融合。江苏省体育局与中国建设银行江苏省分 行签署战略合作协议，意味着体育产业与金融资本的融合进入实质性阶段。"新华江苏100指数"两年来 的研究成果亮相峰会，该指数精选100家江苏优质上市公司，自2023年7月运行至2025年11月底，累计收 益率达33.92%，跑赢沪深300指数17.64个百分点，年化收益率13.41%。会上，基于该指数的"江苏20大 金股"同步揭晓。 此外，峰会还发布了"优秀投资价值企业""上市公司优秀服务机构""ESG金茉莉"等案例，以及"江苏金牌 董秘"名单。同时，走进江苏体育领域专精特新"小巨人"企业全媒体新闻行动同步启动，将深入调研30 余家体育领域国家级专精特新"小巨人"企业，推动资本与产业需求精准对接。 峰会上，《江苏700+上市公司高质量发展报告》正式发布。截至目前，江苏上市公司总数达717家，公 司数与总市值分别占A股全国总量约13.12%和8.01%，广泛覆盖高端装备制造、生物医药等战略性新兴 产业，科技创新能力和高成长潜力显著，勾勒出江苏经济高质量发展的生动图景。 本报讯 （记者 李达） 12月3日，由新华报业传媒集团 ...

二、构建科学稳健的货币政策体系 习近平总书记指出，千招万招，管不住货币都是无用之招；要始终保持货币政策的稳健性。构建科学稳 健的货币政策体系旨在不断完善货币政策的体制机制安排，动态实现币值稳定、经济增长、充分就业和 国际收支平衡的优化组合，从源头上促进金融稳定。 （一）准确把握科学稳健的内涵和要求。要把握好货币政策的力度、时机和节奏，更加注重做好跨周期 和逆周期调节，保持货币条件与支持经济潜在增长和物价基本稳定的要求相匹配，提升金融支持经济结 构调整和高质量发展的适配性和精准性。重点需要处理好三方面关系。 一是短期与长期的关系。根据经济金融运行需要，综合运用各种货币政策工具，加强逆周期调节，有力 有效平滑经济波动。同时，关注跨周期平衡，避免政策大放大收，防止政策过度导致效果衰减和长期副 作用，更好支持重点领域和薄弱环节，在中长期促进经济转型和可持续增长。 党的二十届四中全会通过的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出， 构建科学稳健的货币政策体系和覆盖全面的宏观审慎管理体系。这是"十五五"时期推动金融高质量发 展、加快建设金融强国的战略举措，为完善中央银行制度指明了方向。 一、构建科 ...

《上市公司公告电子化规范》标准实施效果评估结果 2025上市公司董事会办公室 湖北宜化化工股份有限公司: 荣获2025年上市公司董事会办公室最佳实践, 特发此证。 为促进证券期货业标准应用实施,根据2025年证券期货业标准实施效果评估工作安排,秘书处组织开展了《上市公司公 告电子化规范》标准实施效果评估工作。经证标委批准,现予以发布。 | 序号 | 申报单位 | 评估结果 | | --- | --- | --- | | | 华泰证券股份有限公司 | 示范单位 | | 2 | 东方财富信息股份有限公司 | 示范单位 | | 3 | 国泰海通证券股份有限公司 | 示范单位 | | ਵੀ | 湖北宣化化工股份有限公司 | 示范单位 | | 5 | 吉林省金冠电气股份有限公司 | 示范单位 | 近日，全国金融标准化技术委员会证券分技术委员会（简称"证标委"）发布《上市公司公告电子化规范》标准实施效果评估结果， 湖北宜化获评"2025上市公司公告电子化规范示范单位"荣誉称号。证标委受证监会领导，为促进证券期货业标准应用实施，建立健 全证券期货业标准评估机制，开展首届《上市公司公告电子化规范》标准实施效果评估。本次评估聚 ...

1. 公开市场操作 央行公告称， 12 月 2 日以固定利率、数量招标方式开展了 1563 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 1563 亿元，中标量 1563 亿元。 Wind 数据显示，当日 3021 亿元逆回购到期，据此计算，单日净回笼 1458 亿元。 2. 资金面 （*数据来源：Wind-央行动态PBOC） 央行 在公开市场连续净回笼，但银行间资金市场仍稳中偏宽， D R001 加权平均利率降近 1bp 至 1.3% 下方。匿名系统上，隔夜报价维持在 1.28% ，供给 充裕；非银机构以信用债为抵押融入隔夜资金，报价小降至 1.43%-1.46% 区间。交易员称，匿名系统上隔夜稳在 1.28% ，或说明 1.3% 的"隐形下限"已告 终结。另外，需要关注 央行 后续公开市场操作，以及对本周到期的买断式逆回购续做规模等。 海外方面，最新美国隔夜融资担保利率为 4.12% 。 （IMM） // 债市综述 // （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在 1.65% 附近，较上日上行近 1bp 。 30 年 ...

□ 杨成长 龚 芳 陆铭俊 □ 以可得性、适配性、综合性为代表的"三性"是衡量金融服务效能的重要维度。"十五五"期间，金融机 构应转变发展理念，以客户真实需求为导向，通过全面提升金融服务的可得性、适配性与综合性，最终 推动金融与实体经济形成共生共荣的新格局 □ 金融服务的可得性旨在让各类经营主体都能便捷获取基础金融服务。破解金融服务可得性难题需要从 创新服务模式、优化产品设计、丰富数字渠道和完善信息披露等多个维度协同推进 □ 金融服务的适配性是提升金融市场资源配置效率的关键。破解金融服务适配性难题要求金融机构从企 业真实财务需求、治理需求、风险需求、运营需求出发，提供更有针对性的金融服务 □ 金融服务的综合性是金融机构之间通过加强合作，更好满足企业多元综合金融需求的能力。提升金融 服务综合性亟需金融机构在现有分业监管的要求下，加大合作，探索大项目联合服务、园区金融共同体 等机制，更好满足企业的综合金融服务需求 "十四五"期间我国金融机构以做好"五篇大文章"为导向，持续提升对实体经济的服务能力。银行业和保 险业通过多元融资渠道累计为实体经济提供新增资金170万亿元，交易所市场股债融资总额达到57.5万 亿元，直 ...

Group 1: Federal Reserve and Interest Rates - Bank of America predicts a 25 basis point rate cut by the Federal Reserve in December, with two additional cuts expected in June and July 2026, bringing the final rate to a range of 3.00%-3.25% [1] - The expectation of a rate cut is influenced by a weak labor market and recent comments from policymakers suggesting an earlier-than-expected easing [1] - Most major global investment banks anticipate a 25 basis point cut next week, with only a few, such as Morgan Stanley and Standard Chartered, predicting rates will remain unchanged [1] Group 2: Silver Market Outlook - Spartan Capital Securities forecasts that silver prices could exceed $75 per ounce, driven by optimistic market sentiment and expectations of a Federal Reserve rate cut [1] - Silver has seen a significant increase, more than doubling in price this year, and is expected to outperform gold in the upcoming trading sessions [1] Group 3: Japanese Yen and Bank of Japan Policy - Analysts from Mitsubishi UFJ highlight that the Japanese yen may strengthen further due to rising expectations of a Bank of Japan interest rate hike, following comments from the bank's governor [1] - Barclays notes an increased likelihood of a rate hike in December rather than January, with a terminal rate forecast of 1.0% by January 2027 [2] - Analysts from OCBC Bank emphasize that while the yen is being supported by rate hike expectations, sustained recovery will require more decisive actions from the Bank of Japan [3] Group 4: AI Industry and Investment Trends - CITIC Securities identifies a 60% probability that OpenAI will face operational challenges and that investment in the AI sector will slow down, marking this as the baseline scenario [4] - The report suggests that discussions around an "AI bubble" are becoming unavoidable due to increasing investment sizes and unclear return rates [4] Group 5: New Energy Sector - Galaxy Securities indicates that the new energy sector is poised to open a second growth space, particularly as competitive pricing mechanisms are introduced [5] - The report suggests that integrating new energy with green hydrogen and computing capabilities could enhance efficient utilization [5] Group 6: Metal Industry Outlook - Huatai Securities predicts that supply-demand improvements will characterize the metal industry in 2026, with potential increases in LME gold prices above $4,800 per ounce [5] - The report anticipates a stronger performance for silver compared to gold, driven by global monetary easing and economic recovery [5]

Core Viewpoint - Russia is issuing sovereign bonds denominated in RMB as a solution to being excluded from USD and EUR financing channels due to Western sanctions, while simultaneously benefiting from a significant trade surplus with China [1][7]. Group 1: Bond Issuance Details - The Russian Ministry of Finance announced the issuance of two tranches of federal government bonds denominated in RMB, with maturities of 3 to 7 years and a face value of 10,000 RMB per bond [3]. - The target coupon rates for the bonds are set between 6.25% and 6.5% for the 3.2-year tranche, and up to 7.5% for the 7.5-year tranche, with the final rates determined based on subscription results [5]. - Investors can purchase the bonds using either RMB or RUB, enhancing investment flexibility [5]. Group 2: Economic Context - The issuance is a strategic decision in response to an expanding budget deficit and the need for new financing avenues due to the cutoff from USD and EUR channels [7]. - Russia's trade surplus with China has surged, with a reported trade deficit of 19.106 billion USD for China against Russia in the first ten months, leading to a significant accumulation of RMB by Russian exporters [7]. Group 3: Global Trends in RMB Internationalization - Russia is not the first country to issue RMB-denominated sovereign bonds; other countries like the UK, South Korea, and Poland have previously done so, indicating a growing trend [9][11]. - The total issuance of RMB bonds by foreign governments reached a record 13 billion RMB this year, with offshore RMB bond issuance also seeing significant growth [11]. - The increasing demand for RMB borrowing among sovereign entities reflects a broader trend towards RMB internationalization and diversification of the global monetary system [13]. Group 4: Future Outlook - Analysts predict that the issuance of RMB sovereign bonds by Russia will serve as an important demonstration of RMB's internationalization and may contribute to a structural shift away from reliance on the USD [13]. - The global monetary landscape is expected to evolve towards a tripartite system dominated by the USD, stable EUR, and a more prominent RMB, particularly in commodity pricing [19][21].

11月下旬，彭博社和路透社接连发表了题为"抛售日本"的文章，提及日本的财政困境。日本政府的债务规模目 前已超国内生产总值（GDP）的200%，在发达国家中最为严重。 "都给我闭嘴！把钱都投到我这儿来！"在12月1日东京举行的国际投资会议上，日本首相高市早苗援引了动漫 《进击的巨人》中主角的一句台词。报道称，虽然她的本意是鼓励对日投资，但鉴于当前形势，这番话也存在 被错误解读的风险。 据参考消息援引《日本经济新闻》网站12月2日报道，日本央行行长植田和男1日强烈暗示将于12月加息，当天 日经指数应声下跌近1000点，随后开市的美股同样延续震荡行情。 百万用户都在看 美国战斗机，紧急出动！ 超级赛道，重磅定调！ 深夜，集体大涨！芯片，重大利好传来！ 盘中，集体涨停！利好，突然引爆！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 看券商中国 知天下财经 用 券中社 12 券商中国 × 券 中 社 扫码关注券商中国公众号 扫码下载 券 中 社 A P P quanshangcn 舞#t 券中社APP qzs.stcn.com 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 ...

Core Viewpoint - The article emphasizes the need for China's financial system to transition from real estate finance to movable asset finance, driven by the shift in economic development from traditional factor-driven models to innovation-driven models during the "14th Five-Year Plan" and "15th Five-Year Plan" periods [2][3]. Group 1: Economic Transition and Financial System Challenges - During the "14th Five-Year Plan," the financial system explored ways to improve the market-oriented allocation of factors and promote the development of innovative factors, but it still faces challenges in serving new asset types [2][4]. - The transition to an innovation-driven economy will require financial institutions to adapt their service models to support new asset structures, focusing on technology, data, and green resources [5][6]. Group 2: New Asset Characteristics and Financial Service Requirements - New factors and assets are characterized by intangibility, high liquidity, and value increment, which pose challenges for traditional financial service models based on collateral and stable cash flows [7][8]. - The financial system must develop new service models that cater to movable asset characteristics, addressing the difficulties in rights confirmation, valuation, pricing, and investment [8][9]. Group 3: Current Challenges in Financial Services for New Factors - The financial system faces three main challenges: difficulty in incorporating new factors into financial statements, challenges in valuation due to lack of stable cash flows, and investment difficulties stemming from differing investor logic [8][9][10]. - New factors struggle with rights confirmation and accounting, as existing frameworks do not adequately address the unique characteristics of technology and data assets [9][10]. Group 4: Strategies for Financial Service Improvement - Financial institutions should enhance their capabilities in confirming rights and integrating new assets into financial statements, developing modern accounting systems that reflect the changes brought by technological and green transformations [16][17]. - A multi-dimensional evaluation framework should be established to improve the valuation and pricing capabilities for new factors and assets, involving industry experts and investment institutions [18][19]. - The construction of a unified national market for movable assets should be prioritized to facilitate the trading and circulation of new factors, enhancing market efficiency [20][21]. Group 5: Investment Tools and Financial Product Innovation - There is a need to diversify investment tools for movable assets, encouraging the development of patient capital and innovative financial products that align with the risk-return characteristics of new factors [23][24]. - Financial institutions should innovate their service models to better support the development of new factors, focusing on long-term investment strategies and enhancing risk management capabilities [25].