文/梧桐小编 经查,方正证券承销保荐有限责任公司(以下简称方正证券)作为江苏京源环保股份有限公司(以下简称京源环保)2022年可转债持 续督导保荐机构,在履行持续督导职责过程中未尽到勤勉尽职义务,未发现京源环保存在违规使用募集资金支付非募投项目费 用、募集资金信息披露不准确等问题。方正证券上述行为违反了《证券发行上市保荐业务管理办法》(证监会令第207号)第五 条第一款、第二十八条的规定,保荐代表人袁鸿飞、杨日盛应当对上述违规行为承担主要责任。我局决定对方正证券和袁鸿 飞、杨日盛采取出具警示函的行政监管措施, 根据《证券发行上市保荐业务管理办法》(证监会令第207号)第六十四条的规定,我局决定对方正证券和袁鸿飞、杨日盛采取出 具警示函的行政监管措施,并记入证券期货市场诚信档案。你们应充分吸取教训,提高执业质量,杜绝此类事件再次发生,并于收 到本决定书之日起30个工作日内向我局报送书面整改报告。 如对本监督管理措施不服,可在收到本决定书之日起60日内向中国证券监督管理委员会提出行政复议申请,也可以在收到本决定 书之日起6个月内向有管辖权的人民法院提起诉讼。复议与诉讼期间,上述监督管理措施不停止执行。 江苏证监局 ...

Core Viewpoint - The securities industry is undergoing a digital transformation driven by technology and AI, with increasing regulatory scrutiny on compliance in IT operations [1][4]. Group 1: Digital Transformation and Investment - The securities industry has significantly increased its investment in information technology, with 44 firms disclosing a total expenditure of 28.11 billion yuan in 2023, where 14 firms invested over 1 billion yuan, accounting for 70.46% of total investments [2]. - The focus of IT investment is shifting from quantity to quality, emphasizing optimization and application rather than mere expansion, with efficiency and output becoming key metrics [2]. - The introduction of domestic AI models like DeepSeek has accelerated the localization of AI deployment in the financial sector, with firms exploring AI applications across various business scenarios [2]. Group 2: Role of Chief Information Officers (CIOs) - The role of Chief Information Officers (CIOs) has become increasingly critical in securities firms, with many firms appointing new CIOs who possess strong backgrounds in both IT and securities management [3]. - CIOs are seen as key figures in driving digital transformation, responsible for coordinating IT strategy, governance, and risk management within the firm [3]. Group 3: Regulatory Environment and Compliance - Regulatory scrutiny in the IT sector has intensified, with several firms receiving penalties for inadequate risk management and compliance failures, highlighting the importance of system security and data compliance [4][5]. - The regulatory focus includes zero tolerance for system failures that affect investor rights, strict penalties for IT-related misconduct, and accountability measures extending to individual CIOs [5]. - The need for enhanced compliance management is emphasized, with firms required to adapt their IT departments from a purely operational role to one that integrates business management and compliance [6][7]. Group 4: Upgrading Compliance Management - The rapid development of financial technology necessitates a stronger emphasis on data permissions and compliance, with regulatory bodies stressing the importance of information isolation and monitoring [6]. - Firms are encouraged to improve their IT governance capabilities, enhance service continuity, and strengthen defenses against information security risks [7].

Group 1 - The core objective of the meeting was to assist agricultural and cultural tourism enterprises in Meilan District to leverage the policy opportunities presented by the Hainan Free Trade Port's closure operations, addressing challenges in brand internationalization and market expansion, and promoting the high-quality development of "Meilan Good Products" [1] - The meeting featured a presentation on the development status and 2026 plans for the "Meilan Good Products" brand by the Agricultural and Rural Affairs Bureau of Haikou City, along with practical measures to support agricultural industry upgrades and the construction of the Free Trade Port [1] - A key discussion point was the interpretation of the core policy of "opening up the first line and controlling the second line," which included an analysis of the 74% expansion of the zero-tariff list, providing cost benefits and customs declaration practices for the internationalization of "Meilan Good Products" [1] Group 2 - The meeting established a high-quality platform for government-enterprise interaction and enterprise-enterprise communication, receiving widespread recognition from participating companies for its practical and instructive content [2] - Meilan District plans to continue focusing on the opportunities presented by the Free Trade Port's closure operations, aiming to enhance the cultivation of the "Meilan Good Products" brand, industry upgrades, and market expansion through more targeted service initiatives [2] - The event facilitated a lively exchange where representatives from participating enterprises actively engaged in discussions regarding policy implementation, customs declaration, and e-commerce operations, indicating a strong interest in the practical guidance provided [2]

Group 1 - The core viewpoint of the article suggests that the equity market's year-end rally may have started, influenced by a strong commodity market led by precious metals, which could further impact the logic of asset scarcity in the bond market [1][14]. - The report indicates that the 10-year government bond yield has remained stable, with recent fluctuations reflecting a broader trend of liquidity in the market [2][18]. - The equity market has shown signs of a year-end rally, with the Shanghai Composite Index experiencing a series of gains, suggesting a potential upward trend similar to past market behaviors [3][6][13]. Group 2 - The article highlights that the core asset rally has driven the Shanghai Composite Index, with historical comparisons showing significant gains during previous year-end rallies [6][9]. - Multiple factors are driving the strength of the equity market, including a globally accommodative monetary policy, a K-shaped economic recovery, and increased investor preference for stable earnings from leading companies [9][10][13]. - The article notes that the current low interest rate environment is favorable for equity market valuations, and there is a potential for a positive feedback loop in the market as funds flow into core assets [13][14]. Group 3 - The bond market is facing challenges as the equity market gains momentum, with the article suggesting that the logic of asset scarcity may weaken, leading to potential outflows from bonds [14][18]. - The report emphasizes that the importance of coupon income is increasing in the current volatile bond market, making a buy-and-hold strategy for high-coupon credit bonds more attractive [18][19]. - The average yield of pure bond funds for the year is reported at 1.44%, indicating that achieving standout performance in the bond market is becoming increasingly difficult [18][19].

Group 1: Economic Outlook - The year 2026 will mark the beginning of the "14th Five-Year Plan," with high-quality development as the main focus of economic work, emphasizing quality, efficiency, and sustainability over mere speed of growth [1] - Significant growth momentum has been observed in high-tech manufacturing, green energy, and the digital economy, with the contribution of equipment manufacturing to industrial growth continuing to rise [1] - 2025 is expected to be a year of concentrated technological innovation in China, with breakthroughs in areas such as commercial aerospace, quantum computing, solid-state batteries, and synthetic biology transitioning into real productive forces [1] Group 2: Market Predictions - ETF fund flows are seen as a leading indicator for market trends, with a focus on "domestic substitution + AI computing power" and the industrial cycle as key themes for 2026 [2] - A recovery in A-share revenue and profit growth is anticipated in 2025, with an increase in private equity and margin financing, leading to a notable rise in A-share valuations [2] - The A-share market is expected to continue leading in stock investments, supported by changes in the attractiveness of real estate and fixed income investments [2] Group 3: Sector Focus - Continued optimism is expressed for sectors such as lithium batteries, power equipment, PCB, and semiconductor storage, particularly in relation to solid-state batteries and AI advancements [3] - The AI industry chain is viewed as a long-term market focus, with investment logic shifting from infrastructure to application side, highlighting the importance of components like optical modules and storage chips [3] Group 4: Interest Rate Outlook - The certainty of growth and inflation in 2026 will depend on policy expansion, accelerated transition of old and new driving forces, and a sustained low inflation environment [3] - There is potential for further monetary easing, with short-term interest rates likely to decrease, while long-term rates may be influenced by the pace of economic recovery and inflation [3] Group 5: Convertible Bond Market - The convertible bond market is expected to maintain a tight supply-demand balance, with strong institutional demand but limited new issuance due to many individual bonds being redeemed [4] - The median price of convertible bonds is at a historically high level, suggesting limited room for further valuation expansion, with future returns likely relying more on the performance of underlying stocks [4]

转自：太原新闻网 （来源：太原新闻网） 金融业机构负债为485.85万亿元，同比增长8.8%。其中，银行业机构负债为435.95万亿元，同比增长 8%；证券业机构负债为13.25万亿元，同比增长19.2%；保险业机构负债为36.65万亿元，同比增长 15.3%。 26日，中国人民银行发布数据显示，初步统计，2025年三季度末，我国金融业机构总资产为531.76万亿 元，同比增长8.7%。其中，银行业机构总资产为474.31万亿元，同比增长7.9%；证券业机构总资产为 17.05万亿元，同比增长16.5%；保险业机构总资产为40.4万亿元，同比增长15.4%。 ...

Group 1: Bond Custody Total and Structure - The total bond custody increased month-on-month, reaching 178.25 trillion yuan by the end of November 2025, with a net increase of 1.48 trillion yuan compared to the previous month [4] - By category, the custody of interest rate bonds, credit bonds, and financial bonds increased, while interbank certificates of deposit saw a decrease [4] - The custody of interest rate bonds was 123.94 trillion yuan, with a net increase of 1.46 trillion yuan; credit bonds reached 19.13 trillion yuan, increasing by 0.27 trillion yuan; and financial bonds totaled 12.80 trillion yuan, up by 0.10 trillion yuan [4] Group 2: Bond Holder Structure and Changes - Among major institutions in the bond market, only securities companies and foreign institutions saw a decrease in bond custody, while other institutions reported increases [5] - Policy banks, commercial banks, and non-legal entity products increased their holdings in interest rate bonds and credit bonds, while reducing interbank certificates of deposit [5] - The custody of government bonds continued to increase, with policy banks and commercial banks consistently adding to their holdings, while securities companies significantly reduced theirs [5] Group 3: Bond Market Leverage Observation - The balance of repurchase agreements decreased month-on-month, leading to a decline in the bond market leverage ratio [6] - As of the end of November 2025, the estimated balance of repurchase agreements was 11.05 trillion yuan, down by 360.125 billion yuan, with a leverage ratio of 106.61%, a decrease of 0.29 percentage points month-on-month [6]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601456 证券简称：国联民生 公告编号：2025-079号 国联民生证券股份有限公司发行股份购买资产并募集配套资金暨关联交易之 发行股份购买资产部分限售股上市流通公告 本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、准确性和完整性依法承担法律责任。 重要内容提示： ● 本次股票上市类型为非公开发行股份；股票认购方式为网下，上市股数为1,770,705,604股。 本次股票上市流通总数为1,770,705,604股。 ● 本次股票上市流通日期为2026年1月5日。 一、本次限售股上市类型 国联民生证券股份有限公司（以下简称"公司"或"国联民生"）本次限售股上市流通类型为发行股份购买 资产并募集配套资金暨关联交易之发行股份购买资产部分限售股，具体如下： （一）发行股份购买资产股份注册情况 2024年12月27日，公司收到中国证券监督管理委员会出具的《关于同意国联证券股份有限公司发行股份 购买资产并募集配套资金注册、核准国联证券股份有限公司和民生证券股份有限公司变更主要股东、民 生基金管理有限公司和 ...

国元证券 第一创业 长江证券 景顺长城基金 中海基金 华夏基金 嘉实基金 建信基金 兴业基金 华安证券 ...

Core Viewpoint - The article discusses a case involving two analysts from a brokerage firm who were convicted of accepting bribes to produce biased research reports, which contributed to stock price manipulation of a listed company, Jiangsu Litong Electronics Co., Ltd. [1][2] Group 1: Case Details - Analysts Zou and Cheng were sentenced to ten months and eight months in prison, respectively, with a one-year probation and a fine of 100,000 yuan each for accepting bribes [1][2] - Zou received 180,000 yuan for writing a report to boost market interest in Jiangsu Litong Electronics, while Cheng facilitated communication and received 50,000 yuan [2] - The case highlights a complete chain of interest transfer, from the company paying bribes to analysts producing tailored reports that inflated stock prices, allowing major shareholders to cash out at peak prices [1][2] Group 2: Stock Price Movement - Jiangsu Litong Electronics' stock price surged from 12.20 yuan per share in early April 2023 to a peak of 40.51 yuan per share by mid-November 2023, marking a 232% increase [3] - Following the price surge, major shareholders began to sell their shares, with the third-largest shareholder reducing their holdings by 2.2231 million shares at an average price of 32.7 yuan per share, cashing out approximately 73 million yuan [3] Group 3: Regulatory Implications - The incident underscores the need for independent and impartial research reports, as the practice of paid reports undermines analyst integrity and violates legal standards [4] - Regulatory authorities have maintained a stringent stance against violations in brokerage research, with recent actions categorizing paid reports as criminal offenses [5] - The case is part of a broader context where Jiangsu Litong Electronics was previously implicated in stock manipulation schemes, indicating ongoing scrutiny of its market activities [5]