Core Viewpoint - The stock market appears to be largely unfazed by the recent geopolitical developments in Venezuela, particularly the arrest of Nicolás Maduro, with investors focusing on broader market themes such as AI and corporate earnings [1][2]. Group 1: Market Reactions - The positive response in stocks indicates that the market is not particularly concerned about the geopolitical situation in Venezuela, suggesting a focus on potential positive outcomes like "peace through strength" [2]. - Investors are assessing the implications of the US incursion into Venezuela but are currently prioritizing established market themes from 2025, including a resurgence in AI investments [2][3]. Group 2: Economic Impact - Portfolio managers believe that the current geopolitical climate will not significantly impact company fundamentals or the global economy, indicating a perception of the situation as manageable [3]. - The market's reaction may be interpreted as a "risk-on" event, suggesting that investors are willing to take on more risk in light of the geopolitical developments [3]. Group 3: Geopolitical Context - The year 2026 is anticipated to be a significant geopolitical year, potentially acting as a catalyst for market rallies similar to those seen in 2016 during major regime shifts [4]. - Concerns are raised about China, the largest buyer of Venezuelan oil, as a potential source of greater risk due to its economic interests in Venezuela [4][5]. Group 4: Venezuela's Oil Reserves - Venezuela possesses the world's largest proven oil reserves, but its output has dwindled to less than 1% of global supply due to mismanagement, underinvestment, and US sanctions [5]. - The US administration's focus on reparations and reclaiming oil rights from Venezuela may lead to legal battles, particularly as China seeks to protect its economic interests [5].

Core Viewpoint - The article discusses the implications of special refinancing bonds for debt management and infrastructure financing, highlighting the expected changes in the issuance schedule of local government bonds and the impact of policy adjustments on project funding efficiency [1]. Group 1: Special Refinancing Bonds - The use of special refinancing bonds for debt management is expected to accelerate the issuance of infrastructure-related bonds, thereby speeding up construction timelines [1]. - The issuance schedule for infrastructure bonds is primarily influenced by local project preparation and willingness to construct [1]. Group 2: Bond Issuance Forecast - The peak issuance period for the first quarter is anticipated to occur in late January and early March, with the overall peak for the year likely in the second quarter [1]. - A decline in issuance is expected in the third quarter, although the supply will remain at a high level, with the fourth quarter seeing a tapering off of local bond issuance [1]. Group 3: Policy Adjustments - The Central Economic Work Conference's proposal to "optimize the management of local government special bond usage" has garnered market attention [1]. - The deepening of the "self-examination and self-issuance" pilot program has expanded the areas where local special bonds can be directed, significantly shortening project application cycles and enhancing local autonomy in bond issuance [1]. Group 4: Future Expectations - It is expected that the optimization direction will allow for broader use of special bonds as capital, increasing their catalytic effect [1]. - The expansion of the "self-examination and self-issuance" pilot program is anticipated to enhance the efficiency of special bond issuance as pilot regions mature in project review, fund management, and risk prevention [1].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002673 证券简称：西部证券 公告编号：2025-099 西部证券股份有限公司 关于获得非金融企业债务融资工具 一般主承销业务资格的公告 近日，中国银行间市场交易商协会发布《关于2025年非金融企业债务融资工具承销业务相关会员申请从 事承销相关业务市场评价结果的公告》（〔2025〕25号）。根据上述公告，西部证券股份有限公司（以 下简称"公司"）可开展银行间债券市场非金融企业债务融资工具一般主承销业务（以下简称"主承销业 务"）。 公司将按照《银行间债券市场非金融企业债务融资工具管理办法》《银行间债券市场非金融企业债务融 资工具中介服务规则》及其他相关自律规则，设立主承销业务相关部门，配备专职主承销业务人员，建 立健全主承销业务操作规程、风险管理和内部控制制度，并将规范开展非金融企业债务融资工具主承销 业务。 特此公告。 西部证券股份有限公司董事会 2025年12月31日 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 ...

Market Performance - On January 5, the A-share market experienced a strong opening, with the Shanghai Composite Index rising by 1.38% to reclaim the 4000-point mark, marking a 12-day consecutive increase, the longest since March 1992 [1] - The Shenzhen Component Index increased by 2.24%, the ChiNext Index by 2.85%, and the Northbound 50 Index by 1.80%, with total market turnover reaching 25,672 billion yuan, an increase of 5,015 billion yuan from the previous trading day [1] Fund Issuance - In the first week of January 2026, a total of 84 new funds were launched in the market, with 52 debuting on the first trading day [3] - In 2025, a record 1,549 funds were established, raising a total of 12,041.39 billion yuan, with stock funds accounting for 54.29% of the total number and 35.26% of the total raised amount [3] Investment Outlook - Huatai Securities predicts a stable and sustainable "slow bull" market in 2026, focusing on technology innovation and shareholder return strategies to meet diverse investor needs [4] - According to Hualong Securities, the overall performance of listed companies is expected to improve, supported by proactive fiscal policies and a resilient global economy, with market valuations remaining reasonable and potential for expansion [5]

Core Insights - In 2025, a total of 116 companies were listed on the A-share market, representing a 16% increase from 100 companies in the same period last year [1] - The net fundraising amount for these 116 newly listed companies reached 122.025 billion yuan, a significant increase of 104.25% compared to 59.743 billion yuan in the previous year [1] - The total fees charged by IPO intermediaries for these companies amounted to 9.156 billion yuan, with underwriting and sponsorship fees accounting for 6.704 billion yuan, legal fees for 0.821 billion yuan, and audit fees for 1.631 billion yuan [1] Segment Analysis Underwriting and Sponsorship Fees - The total underwriting and sponsorship fees ranked by board are as follows: Sci-Tech Innovation Board (21.54 billion yuan), Shanghai Main Board (15.37 billion yuan), Growth Enterprise Market (15.11 billion yuan), Shenzhen Main Board (9.24 billion yuan), and Beijing Stock Exchange (5.78 billion yuan) [2][3] - The average underwriting fee is highest for the Sci-Tech Innovation Board at 11.337 million yuan, while the lowest is for the Beijing Stock Exchange at 2.222 million yuan [4] Legal Fees - The total legal fees ranked by firms are led by Shanghai Jintiancheng (1.14 billion yuan), followed by Beijing Zhonglun (1.05 billion yuan), and Zhejiang Tiance (0.57 billion yuan) [7][8] - The average legal fee is highest for the Sci-Tech Innovation Board at 832.01 thousand yuan, and lowest for the Beijing Stock Exchange at 364.62 thousand yuan [4] Audit Fees - The top three audit firms by total fees are Rongcheng (4.17 billion yuan), Tianjian (2.86 billion yuan), and Lixin (2.19 billion yuan) [10][11] - The average audit fee is highest for the Shanghai Main Board at 1.8518 million yuan, and lowest for the Beijing Stock Exchange at 632.39 thousand yuan [4]

Group 1 - The Japanese government, led by Prime Minister Sanae Takaichi, has approved a budget totaling 122.3 trillion yen (approximately 780 billion USD), with defense spending set to reach a record level next year [4] - The 10-year Japanese government bond yield rose by 5 basis points to 2.12%, marking the highest level since 1999, amid concerns over fiscal expansion and inflationary pressures [1] - Market analysts indicate that the government's fiscal policy is a key factor pushing up long-term yields, with expectations of "re-inflation" policies contributing to ongoing upward pressure on Japanese government bond yields [5] Group 2 - The volatility in the Japanese bond market is influenced by global macroeconomic conditions, particularly following a sell-off in U.S. long-term bonds, which has steepened the yield curve [6] - The Japanese Ministry of Finance plans to reduce the issuance of ultra-long bonds in the upcoming fiscal year starting in April, which may help balance supply and demand in the bond market [5] - Despite high current yield levels, market caution prevails ahead of the upcoming 10-year Japanese government bond auction, as concerns about the Bank of Japan lagging behind inflation persist [5]

Group 1 - The core viewpoint of the news highlights the strong performance of the securities sector, with the Guozheng Securities Leading Index rising by 1.84% and individual stocks like Hualin Securities and GF Securities showing significant gains [1] - The China Interbank Market Dealers Association has released a list of 18 newly qualified underwriters for non-financial corporate debt financing tools, indicating an expansion in the underwriting capacity of the securities industry [1] - New additions to the underwriting qualifications include notable firms such as Caitong Securities and Huatai United, which will serve as general underwriters for non-financial corporate debt financing tools [1] Group 2 - Guojin Securities recommends focusing on undervalued securities firms that may experience a rebound during the spring market, particularly those with high AH premium rates and strong performance in mergers and acquisitions [2] - The Guozheng Securities Leading Index tracks the performance of quality listed companies in the securities theme, providing investors with diversified index investment tools [2] - As of December 31, 2025, the top ten weighted stocks in the Guozheng Securities Leading Index account for 79.13% of the index, with companies like Dongfang Fortune and CITIC Securities among the leaders [2]

智通财经APP获悉，中信建投发布研报称，2025年12月31日，证监会修订发布《公开募集证券投资基金 销售费用管理规定》。《规定》共6章29条，旨在落实《推动公募基金高质量发展行动方案》，进一步 降低基金投资者投资成本，规范公募基金销售市场秩序，保护基金投资者合法权益。相较此前9月5日发 布的征求意见，正式稿进一步明确主动偏股、指数基金认购费率上限，在债基、个人持有指数基金惩罚 性赎回费要求上作出放宽，新增条款禁止基金产品在销售渠道上的排他性安排，以及将整改时限延长到 12个月等。 中信建投主要观点如下： 2025年12月31日，证监会修订发布《公开募集证券投资基金销售费用管理规定》 2025年12月31日，证监会修订发布《公开募集证券投资基金销售费用管理规定》，相较此前9 月5 日发 布的征求意见，正式稿进一步明确主动偏股、指数基金认购费率上限，在债基、个人持有指数基金惩罚 性赎回费要求上作出放宽，新增条款禁止基金产品在销售渠道上的排他性安排，以及将整改时限延长到 12个月等，其余条款变动不大。 聚焦新规正式稿相较征求意见的几大核心变化： 变化一：明确对主动偏股基金、指数基金认(申)购费率上限要求。征求意见 ...

"我的征信被修复了"，许多网友近日在社交平台称，个人征信报告中的贷款逾期记录已自动 减少甚至清零。 实际上，出现上述征信更新的情况，得益于央行近期出台的一次性信用修复政策。去年12月 22日，央行发布《关于实施一次性信用修复政策有关安排的通知》（以下简称"《通 知》"），符合相关条件的逾期信息将不会在个人信用报告中展示。与此同时，贷款人本身 无需申请和操作，"免申即享"支持信用受损但积极还款的个人高效便捷重塑信用。 今年1月1日，部分贷款人晒出了其个人信用报告在一次性信用修复新政落地前后的对比图， 相关图片显示，与此前相比，"信息概要"中的"发生过逾期的账户数"等栏目均已清零。 一次性信用修复新政正式落地， 多地网友晒逾期清零截图 2026年1月1日，许多网友在社交平台称，自己的个人征信报告中的贷款逾期记录已自动减少 甚至清零。 其中，有贷款人晒出了其个人信用报告在一次性信用修复新政落地前后的对比图，相关图片 显示，与去年8月相比，如今的个人信用报告"信息概要"中的信用卡"发生过逾期的账户 数"栏目已清零。 除了上述网友，另有网友元旦期间在社交平台上表示："简直是天降喜讯，征信记录居然自 动清零，真是赶上好时 ...

近日，证监会发布《关于修改〈证券期货行政执法当事人承诺制度实施规定〉的决定》，对《证券期货 行政执法当事人承诺制度实施规定》进行了修改完善，自2026年2月1日起施行。 此外，决定还完善了办理程序、加强了对当事人的诚信约束等。 来源：新华网 决定完善受理条件，规定有下列情形之一的，中国证监会对适用行政执法当事人承诺的申请不予受理： 当事人拒绝、阻碍中国证监会或其派出机构依法对其涉嫌违法行为进行调查；当事人缺乏交纳承诺金的 能力；当事人被列入证券期货市场严重失信主体名单且未修复；当事人曾因涉嫌证券期货违法行为适用 行政执法当事人承诺制度，自承诺认可协议履行完毕之日起未逾1年；中国证监会基于审慎监管原则认 为不适用行政执法当事人承诺制度的其他情形。 编辑：吴迪 校对：刘蕴娇 审核：金崇无 ...