"在加强监管上，央行采取了三类措施，包括：人民银行及分支机构负责执法检查，外汇交易中心实时 对一线数据监测，银行间市场交易商协会进行自律管理的多层次监管主体协作；在大数据和区块链应用 下的科技赋能穿透和高违规成本的监管；同时处罚机构与直接责任人，对涉嫌犯罪的行为追究刑事责任 的严厉违规惩戒。"周海滨说。 金融机构需重新筛选经纪机构 根据《办法》，银行开展银行间市场经纪业务必须要同时满足"机构准入、业务隔离、客户尽调、协议 签署、报价与撮合规范、信息披露、数据报送、通讯留痕、禁止性清单"等合规要求。 中国人民银行正式发布《银行间市场经纪业务管理办法》（以下简称"《办法》"），自2026年1月1日起 实施。 《办法》共六章二十五条，从经纪业务范围、内控管理、委托方责任到监督管理等方面构建起全面监管 框架，标志着银行间市场经纪业务步入制度化、规范化的新阶段。 业内分析认为，《办法》将有效遏制银行间经纪机构的违规操作。同时，金融机构也需注意配合经纪机 构办理相关手续，做好风险防控和经纪机构管理工作。 强化人员与内控管理 《银行间市场经纪业务管理办法（征求意见稿）》曾于2025年7月18日至8月17日向社会公开征求意见 ...

这一转变的核心逻辑在于资本的价值发现功能。 当A股市场因投资者情绪或流动性因素导致估值偏离基本面，股价估值明显低于内在价值时，国际资本 与长期资金却能够认识到上市公司的发展潜力，并通过港股市场进行买入并持有，从而推动估值回归理 性。 对比去年同期来看，AH股溢价出现明显收窄，目前也有宁德时代、招商银行、恒瑞医药、美的集团等 多股出现了AH股溢价倒挂的现象，这是中国优质资产受到国际资本青睐的结果，同时也是南向资金的 理性选择。未来不排除有更多两地上市公司的港股股价超越A股的可能。 过去，AH股溢价长期存在，主要源于两地市场流动性差异、投资者结构分化等原因。A股市场以散户 为主，流动性充沛且风险偏好较高，推动估值中枢上移；而港股市场机构投资者占比更高，定价更趋理 性，于是H股估值通常都会较A股更低。然而，这一格局在今年发生了显著变化：国际资本对中国优质 资产的配置需求上升，叠加南向资金持续流入，港股市场的流动性与估值水平逐渐提升，部分上市公司 的H股股价开始反超A股股价。 AH股溢价倒挂的直接原因是国际资本的重点青睐。随着全球资产配置向新兴市场倾斜，中国优质资产 因其稳定的基本面与成长性成为重点买入对象。外资机构 ...

面对经济下行压力，日本预计本周将通过总额超过十七万亿日元的经济刺激方案。在货币政策方面，日本央行上月将利率维持在百分之零点五的水平。日本 央行此前曾表示，若经济运行符合预期将考虑进一步收紧政策，但鉴于第三季度经济可能出现收缩，市场普遍预期日本央行或将避免在十二月的政策会议上 作出加息决定。当前日本经济形势正考验着政策制定者的平衡能力，他们需要在支持经济增长与控制通胀之间寻求恰当路径。 外部需求转弱是本季度日本经济收缩的主要因素。外需对日本经济增长的贡献度由上一季度的正零点二个百分点转为负零点二个百分点。美国上调部分进口 商品关税对出口导向型的日本经济冲击明显，其中九月份对美汽车出口同比大幅下滑百分之二十四点二。尽管日美在日月达成协议将关税水平统一下调至百 分之十五，但在全球需求整体疲软的背景下，季度出口额仍环比下降百分之一点二。汽车产业作为日本对美出口的核心板块，其表现低迷对整体经济产生了 直接拖累。 日本内需方面则呈现分化态势。占其经济总量过半的个人消费支出仅微增百分之零点一，较上季度百分之零点四的增幅明显放缓，持续高企的食品价格继续 抑制日本家庭消费意愿。企业设备投资增长百分之一点零，表现显著优于市场预估 ...

来源：环球市场播报 尽管行业整体遇冷，Alphabet 仍是个例外：截至 12 月季度（当前季度），其股价已上涨近 14%，全年 涨幅达 46%，成为 "七大科技巨头"（Magnificent Seven）中表现最佳的股票。 从估值来看，Alphabet 也更具优势 —— 其未来 12 个月预期市盈率约为 25 倍，低于微软的 29 倍，更低 于华尔街 "宠儿" 英伟达近 30 倍的市盈率。 多位分析师表示，Alphabet 在人工智能领域占据领先地位，原因包括：持续加大基础设施投资、人工智 能搜索工具早期 adoption（应用普及）成效显著，以及庞大的广告业务能为其数据中心大规模支出提供 资金支持。 上月 Alphabet 发布财报，显示人工智能投资正推动谷歌云（Google Cloud）业务转型 —— 该业务曾长 期处于行业二线，如今已成为公司核心增长引擎。财报发布后，投资者纷纷涌入，推动其股价上涨。 值得一提的是，巴菲特拟于 2025 年底将首席执行官职位移交格雷格・阿贝尔（Greg Abel），而此次增 持 Alphabet 股份，或可弥补他与已故副董事长查理・芒格（Charlie Munger）长 ...

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 美联储副主席Jefferson：不清楚能在12月FOMC货币政策会议之前掌握多少官方数据。众多风险凸显出 需要缓慢地推进（货币政策）。 ...

Group 1: Policy and Economic Context - The "14th Five-Year Plan" emphasizes optimizing incremental growth and revitalizing existing assets to promote sustainable economic development[1] - Central policies have established a comprehensive framework for asset revitalization, enhancing the efficiency of state-owned enterprises and optimizing fiscal resource allocation[1][10] - Local governments are implementing unique "three assets" (resources, assets, funds) management strategies, with provinces like Hubei, Hunan, and Anhui leading innovative practices[1][14][17] Group 2: Financial Performance and Market Trends - The total market capitalization of A-share listed central enterprises is 35.8 trillion yuan, accounting for 30.2% of the A-share market[22] - The Chengtong Central Enterprise Dividend Index rose by 2.5% in the last two weeks, outperforming the Shanghai and Shenzhen 300 Index by 2.7 percentage points[23] - Over the past year, the best-performing index was the Guoxin Central Enterprise Small Cap, with a growth of 12.1%[23] Group 3: Regional Case Studies - Hunan province achieved a total revenue of approximately 150 billion yuan from asset revitalization between 2022 and 2023, contributing over 50 billion yuan to fiscal income[17] - Anhui province's "large asset" management approach aims to integrate asset revitalization with local government debt resolution and effective investment expansion[21] - Shanxi province generated about 684.83 billion yuan in fiscal revenue through market-oriented mining rights transfers from January to November 2024[21]

中新网西宁11月17日电 (记者 孙睿)17日，记者从青海省"'十四五'发展成就"系列金融监管专场新闻发布 会获悉，自全国支持小微企业融资协调工作机制建立以来，青海快速构建省、市(州)、区(县)三级联动 工作体系，通过清单化管理、精准化对接、高效化服务，打通小微企业融资"最后一公里"，为全省小微 企业纾困发展注入金融活水。 青海金融监管局党委书记、局长赵江说，"十四五"期间，青海省小微企业金融服务实现增量扩面、提质 增效。全省普惠型小微企业贷款余额从277.39亿元增加到523.4亿元，同比增长了88.69%，连续5年保持 增长；贷款余额户数从4.89万户增加到12.87万户，同比增长了1.63倍；贷款利率从5.25%下降到3.96%， 连续5年保持下降。 "为进一步破解融资堵点，青海去年10月迅速响应国家部署，建立三级支持小微企业融资协调工作机 制，构建了央地协同、上下联动的工作格局，集中力量解决小微企业融资难题。"青海金融监管局普惠 金融处处长李天然说。 李天然介绍，机制运行中，青海以"两张清单"夯实对接基础，地毯式摸排经营主体融资需求，通过"青 信融"平台形成"申报清单"，经审核筛选后生成"推荐清单"推 ...

此次发行计划标志着苏格兰金融战略迈出了大胆的一步。 激石集团市场分析师迈克尔·布朗称，预计苏格兰将因靠近英国而受益其成熟的债券市场和良好的评 级。 新华财经北京11月17日电据外媒17日报道，苏格兰政府上周宣布，计划在截至2027年3月的财政年度发 行债券。标普全球评级对该国的评级为AA，穆迪评级（Moodys Ratings）对该国的评级为Aa3，展望为 稳定，与英国相同穆迪的信用评级。 分析人士说，苏格兰的首次债券发行可能会吸引投资者，他们被苏格兰强劲的信用评级、与值得信赖的 英国市场的密切联系以及基础设施支出计划所吸引。 蒂克米尔集团的帕特里克·芒内利表示，高评级反映了强劲的财务健康状况，使这些债券具有吸引力。 这些债券被称为"kilts"，与苏格兰民族服装有关，而英国政府债券则被称为"金边债券"（gilts）。 芒内利称："市场预计，在该国稳健的信用评级和战略投资计划的推动下，需求强劲。" 苏格兰政府领导人斯文尼周四表示，债券发行所得将用于基础设施项目融资。 他说："从长远来看，我们有建立苏格兰在债券市场信誉的政治意愿。" 苏格兰政府计划在下一届议会任期内，通过发行债券筹集15亿英镑（19.8亿美元） ...

Core Viewpoint - The article discusses the shift in China's monetary structure from a credit-driven model to a new model characterized by "debt supplementing loans" and a focus on direct financing, highlighting the implications for the real economy and capital markets [2][3][16]. Group 1: Monetary Structure Changes - The People's Bank of China (PBOC) emphasizes the increasing importance of direct financing in its recent reports, indicating a significant shift in the financing structure [3][8]. - As of October, the balance of M2 was 335.13 trillion yuan, growing by 8.2% year-on-year, while the social financing scale reached 437.72 trillion yuan, up 8.5% year-on-year, suggesting a "reasonably loose" monetary condition [5]. - The proportion of RMB loans in the social financing scale has decreased, with government bonds and other debt instruments taking a more prominent role, indicating a transition to a "wide currency, weak credit" scenario [5][6]. Group 2: Capital Market Dynamics - The Shanghai Composite Index reached a 10-year high, reflecting a bullish sentiment in the market, driven by ample liquidity in the banking system and a need to stimulate effective financing demand [12]. - The report indicates that the increase in direct financing is expected to influence the total monetary volume and financial regulation deeply, suggesting a structural uplift in the financial capital market's weight [12][14]. - However, the article warns that this does not guarantee a complete transition to a market-driven capital structure, as several challenges remain, including the need for stable corporate earnings and changes in household asset allocation behavior [14][16]. Group 3: Future Outlook - The article posits that China is at an early stage of rewriting the relationship between monetary policy, fiscal policy, and capital markets, with a structural shift underway but a long way to go before a paradigm shift from credit-driven to capital-driven growth is achieved [17]. - Future observations should focus not only on the macro indicator of direct financing but also on micro-level changes, such as consumer spending behavior and the stability of producer incomes, to assess the effectiveness of this structural transition [17].

Core Viewpoint - The article emphasizes the importance of county-level development in China's modernization, highlighting its role as a foundation for the national economy and a potential area for future domestic demand growth [2]. Group 1: County-Level Economic Significance - Counties connect urban and rural areas, covering over 90% of China's land and housing more than 600 million people, contributing nearly 40% to the national GDP [2]. - Understanding county dynamics is essential for grasping the resilience and potential of the Chinese economy [2]. Group 2: Financial Support for Agriculture - Agricultural Bank of China is focusing on long-term investment needs in agricultural technology and industrial upgrades, introducing specialized financial products like "Technology e-loan" and "Agricultural Machinery Loan" [9]. - The bank's support has enabled companies like Zhongyu Food to enhance their production capabilities, transforming wheat into high-value functional ingredients [6][9]. Group 3: Innovations in Agricultural Production - Innovations in agricultural machinery, such as hybrid power tractors and unmanned tractors with navigation systems, are being developed to improve efficiency and sustainability [7]. - Financial support is crucial for these technological advancements, enabling the transformation of agricultural productivity [7][9]. Group 4: Seed Industry Development - The seed industry is likened to the "chip" of agriculture, with significant financial backing needed for seed breeding and production [11]. - Agricultural Bank has provided substantial loans to seed companies, facilitating their growth and operational efficiency [12][13]. Group 5: Supply Chain Financing - Agricultural Bank's "Agricultural Bank Smart Chain" platform integrates financial services with supply chain management, providing financing solutions based on real-time data [16][18]. - This model has successfully supported companies like Wuzheng Group, enabling them to manage cash flow and enhance production capabilities [18]. Group 6: Digital Transformation in Agriculture - The formation of new agricultural productivity relies on digital support across the entire supply chain [21]. - Agricultural Bank is actively embedding financial services into local government initiatives, enhancing the alignment between financial resources and regional development goals [21][22]. Group 7: Community and Credit Building - The concept of "credit" is evolving into a digital asset for farmers, promoting responsible borrowing and community accountability [23]. - Initiatives like "whole village credit" have been implemented, resulting in significant loan disbursements and improved community dynamics [23]. Group 8: Post-Harvest Financial Solutions - Financial services are being tailored to address post-harvest challenges, such as grain drying and storage, ensuring efficient operations during critical periods [25][26]. - The integration of data-driven financial solutions is enhancing the efficiency of agricultural production and supply chain management [26].