21世纪经济报道 记者 崔文静 实习生 张长荣 第五届21世纪金牌分析师评选榜单出炉。本届评选在设立33个行业分析师奖项的同时，特备设立8大特色奖项，旨在表彰在综合 影响力或关键战略研究方向上有突出贡献的机构与个人。 特色奖项包括"年度践行金融五篇大文章最佳研究机构""年度智库研究最佳机构""年度ESG研究最佳机构""年度海外研究最佳机 构""年度影响力券商研究所"五大机构奖项，以及面向个人的"年度影响力券商研究所所长""年度服务高质量发展最佳首席经济学 家""年度成长性分析师"三大个人奖项。 谁能在激烈角逐中脱颖而出？谁又将成为引领行业前行的标杆力量？ 今天，两大重量级荣誉揭晓——"年度影响力券商研究所所长"与"年度影响力券商研究所"！ 2025年度影响力券商研究所所长 （排名不分先后） 邬博华 长江证券邬博华： 长江证券研究所联席所长、机构客户部总经理、电新行业首席分析师，13年行业研究经验。清华大学学士、中国人民银行研究 生部硕士。 董广阳 华创证券董广阳： 华创证券执委会委员，副总裁兼研究所所长、大消费组组长，15年食品饮料研究经验。曾任职于招商证券，瑞银证券。 任志强 华福证券任志强： 华福证券总裁 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：五道口江湖 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 责任编辑：宋雅芳 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 前几天我们曾发文：截止到12月18日，民生证券石油石化研究团队 （首席分析师：刘海荣；团队成 员：费晨洪、李家豪、刘隆基、曾佳晨、李金凤） ，6人的信息已经全部查不到。当时不太确定是民生 证券系统人员信息临时注销，重新在国联民生系统更新，还是集体离任。 12月23日，证券从业系统更新。刘海荣、曾佳晨、李家豪、刘隆基、费晨洪、李金凤6人已经全部跳槽 中邮证券。 ps：上月国联和民生人员系统合并的时候，民生证券这边剩余了26名分析师信息，目前还有11人，多数 是离任了。 来源：五道口江湖 原标题：又一分析师团队集体跳槽！ 前几天我们曾发文：截止到12月18日，民生证券石油石化研究团队 （首席分析师：刘海荣；团队成 员：费晨洪、李家豪、刘隆基、曾佳晨、李金凤） ， ...

《银行间债券市场企业资产证券化业务规则》重新明确了ABN的定义：ABN是指发起机构通过特定目的 载体发行的，由基础资产所产生的现金流作为偿付支持的证券化融资工具。ABN产品通过对流动性较弱的 资产进行"打包"，将其转化为可在市场自由交易的标准化证券，进而实现资产的流动性转化与价值盘活。 2、ABN发展与市场现状 点击注册小程序 初步探索阶段（2012年-2015年）：2012年8月，银行间市场交易商协会发布《银行间债券市场非金融企业 资产支持票据指引》，ABN产品被正式推出。该阶段尚未强制要求引入特定目的载体（SPV），导致ABN 产品的破产隔离功能有限，整体产品结构相对简单。 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 1、ABN基础概念与产品特点 持有人结构：根据银行间市场交易商协 ...

Core Viewpoint - Since July 1, 2017, financial institutions in China have been implementing due diligence for non-resident financial accounts under the Common Reporting Standard (CRS), with the first reporting completed the following year. Recently, tax authorities have intensified scrutiny of these institutions to ensure compliance with CRS procedures [2][3]. Group 1: CRS Due Diligence Overview - The CRS due diligence process requires financial institutions to identify the tax residency status of account holders and collect relevant tax information for non-resident accounts [3]. - All financial institutions established within the People's Republic of China, including banks, investment firms, and insurance companies, are required to conduct CRS due diligence [4][6]. Group 2: Information Collection Requirements - Financial institutions must collect and report various information, including account holder names, addresses, tax residency countries, taxpayer identification numbers, and account balances [4]. - For accounts controlled by non-residents, additional information about the controlling persons must also be reported [4]. Group 3: Compliance Reporting - Financial institutions must register for CRS and submit data through designated platforms, with banks using a centralized system and non-banks utilizing a multi-lateral tax data service platform [7]. - Even if no non-resident information is identified, institutions are still required to submit a zero report [7]. Group 4: Key Focus Areas for Tax Authority Scrutiny - Tax authorities will examine whether financial institutions have established comprehensive CRS management systems and whether these systems are effectively implemented and regularly updated [8]. - The execution of due diligence processes, including the verification of account holder declarations and ongoing monitoring of accounts, will be critical areas of focus [9][10]. Group 5: Information Reporting Compliance - Institutions must maintain accurate records for non-resident account holders and ensure timely and complete submission of annual CRS reports [11]. - Compliance with data accuracy and retention requirements is essential, including the proper handling of zero reports and the safeguarding of collected information [11][12]. Group 6: Recommendations for Financial Institutions - Financial institutions are advised to transition their CRS compliance efforts from merely meeting requirements to enhancing the quality of their processes [12]. - Regular self-assessments against CRS due diligence execution are recommended to ensure readiness for potential tax authority audits [12].

Core Insights - The 14th Annual Financial Industry Evaluation event was successfully held in Guangzhou, focusing on the theme "Innovative Services Benefit the Public, Financial Empowerment Starts Anew" [2] - The event aimed to showcase exemplary practices in product innovation and service upgrades among financial institutions by 2025, awarding five major categories including "New Service New Momentum Pioneer Cases" and "New Wealth New Investment Pioneer Awards" [2] Banking Sector: Activating New Growth Momentum - The "New Service New Momentum Pioneer Cases" award specifically recognized banking institutions that adhere to the essence of financial services for the real economy, expanding service breadth, depth, and precision [3] - A total of 14 cases won this award, featuring both national and regional banks, including major players like China Merchants Bank and Ningbo Bank, as well as local branches [5] - The awarded cases highlighted innovative practices that meet the needs of the real economy, such as digital transformation and supply chain finance, demonstrating the banking sector's commitment to supporting economic growth [5] Capital Markets: Restructuring the Wealth Ecosystem - The event introduced the "New Wealth New Investment Pioneer Cases" award to reflect the ongoing transformation in capital markets towards enhancing investor returns and strengthening services for the real economy [6] - Notable examples from securities, fund, and wealth management institutions included innovative practices in investment advisory and diversified asset allocation strategies in a low-interest-rate environment [8] Insurance Sector: Strengthening New Social Security - The insurance industry plays a fundamental role in improving livelihoods and maintaining social equity, with awards for "New Value New Protection Pioneer Cases" and "New Service New Consumer Protection Exemplary Cases" focusing on innovation in insurance products and services [9] - Award-winning cases included initiatives targeting specific demographics such as women and the elderly, showcasing the industry's responsiveness to social needs and commitment to consumer protection [11] Consumer Finance: Digital Intelligence Breaking New Ground - The introduction of the "New Digital Intelligence New Scenarios Pioneer Cases" award aimed to highlight the transformation in the consumer finance sector through technological innovation and practical applications [12] - Winning cases demonstrated the use of technology for risk management and service enhancement, with examples of localized services for small businesses and AI-driven customer support [14] Overall Significance - The Annual Financial Industry Evaluation serves as a significant platform for dialogue between the public and financial institutions, reflecting the industry's commitment to responsibility and mission [15] - Over the past 14 years, the event has evolved to document the financial sector's development and its service to the real economy, continuing to play a leading role in promoting high-quality growth [15]

Core Insights - The annual strategy meeting of Guotai Junan Futures for 2026 was held in Hangzhou, focusing on macro trends, industrial upgrades, asset allocation, and the development of the derivatives market [1] - Experts emphasized the need for continuous policy support for economic recovery and highlighted the potential impact of RMB appreciation on asset performance [1][2] - There is an optimistic outlook for the A-share market starting in 2025, with expectations of significant growth driven by capital market reforms and reduced economic uncertainty [1] Group 1 - Guotai Junan Futures' chairman, Jiang Tao, and other industry experts participated in discussions on macroeconomic trends and asset allocation strategies [1] - Professor Sheng Songcheng pointed out that while the economy is stable, further recovery requires sustained policy efforts, advocating for a balance between investment and consumption [1][2] - Fang Yi expressed a positive outlook for the A-share market, predicting a major growth cycle beginning in 2025, supported by changes in the underlying logic of the stock market [1] Group 2 - Wang Xiao indicated that the economic structure's recovery in 2026 will depend on policy guidance and the natural recovery of the economy, with significant changes expected by 2027 [2] - The roundtable forum discussed various perspectives on macroeconomic positioning and asset allocation opportunities for 2026, focusing on cross-border arbitrage and diversified strategies [2]

India’s capital markets regulator is opening more investigations than ever, even as it focuses on building detailed, watertight cases to survive increasing scrutiny at the appellate tribunal. The Securities and Exchange Board of India (Sebi) took up 400 investigations and completed 301 in the financial year 2024-25, according to data from Sebi’s Handbook of Statistics for the year. That compares with 342 fresh probes and 197 completed in FY24, and 144 new investigations and 152 finished in FY23. While the ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：金石杂谈 12月22日消息，近期因为新财富榜单出炉而在朋友圈表达不满的知名固收分析师覃汉今日被传出停职。 不过，据每日经济新闻，浙商证券方面予以否认。 彼时，该分析师表示，本以为自己能拿到前三，谁知竟然是第五，今天哭了，最对不起的是女二，关键 还想了2小时的获奖感言。 还有他提到的翻空言论，彼时金石表示，他的三季度翻空应该是三季度对债市看空。虽然10月有所上 涨，三季度以来，债市确实持续阴跌，12月以来跌幅扩大。 就固收奖项来说，第一名华泰的张继强实至名归；第二名华西的刘郁也很知名，第三名是黄卫平，第四 名周冠男，第五名覃汉。 至于他的表述，引发争议：为了拉票，卖方观点不客观。不过，有业内人士解读为：因为有较大影响 力，怕转空，对客户影响较大，带了更大的损失。 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 责任编辑：宋雅芳 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：金 ...

券商ETF（159842）紧密跟踪中证全指证券公司指数，前十大重仓股包括中信证券、东方财富、国泰海 通等龙头券商。当前管理费率仅0.15%、托管费率为0.05%，不仅是跟踪中证全指证券公司指数的ETF产 品中费率最低的ETF之一，也属于行业最低费率组合，有效降低了投资者的持有成本！ 12月17日，沪深两市午后集体拉升。截至14点15分，券商ETF(159842)涨2.73%，热门个股中，华泰证 券涨超6%，广发证券涨超3%，东方证券、兴业证券、国泰海通等涨超2%。 风险提示：基金有风险，投资需谨慎。 消息面上，随着监管层持续引导上市公司强化股东回报，证券公司今年积极响应。进入12月，长城证 券、兴业证券、首创证券等多家上市券商陆续发布分红实施公告，派息日集中于12月18日至19日之间。 资讯所属栏目还有更多独家策划、专家专栏，免费查阅>> 国金证券指出，当前我国证券公司的经营环境已显著改善，随着资本市场投融资综合改革持续深化，资 本市场韧性增强，券商的业绩韧性也有望提高。推荐质地优但估值仍与业绩错配的券商、建议关注AH 溢价率较高、有收并购主题的券商，业绩增速亮眼的多元金融。 摩根大通建议，投资者应重点关注资 ...

Core Viewpoint - The bond market showed weakness on December 22, with long-term bonds experiencing a decline while short-term bonds remained stable. The central bank is expected to potentially implement a new round of interest rate cuts in Q1 2026, with concerns about structural supply and demand for long-term bonds persisting [1][5]. Market Performance - The closing prices for government bond futures showed a decline across all maturities, with the 30-year contract down 0.28% to 111.98, the 10-year down 0.09% to 107.98, the 5-year down 0.06% to 105.86, and the 2-year down 0.02% to 102.464 [2]. - The yield on the 30-year government bond rose by 1.7 basis points to 2.244%, while the 10-year government bond yield increased by 1.7 basis points to 1.909% [2]. Overseas Market Trends - In North America, U.S. Treasury yields increased across the board, with the 2-year yield rising by 2.76 basis points to 3.483% and the 10-year yield up by 2.74 basis points to 4.147% [3]. - In the Eurozone, the 10-year French bond yield rose by 5.5 basis points to 3.610%, and the 10-year German bond yield increased by 4.6 basis points to 2.894% [3]. Funding Conditions - The central bank conducted a 7-day reverse repo operation of 673 billion yuan at a rate of 1.40%, resulting in a net withdrawal of 636 billion yuan for the day [4]. - The Shibor rates showed mixed performance, with the overnight rate declining to 1.272%, the lowest since August 2023, while the 14-day and 1-month rates increased [4]. Institutional Insights - Huatai Securities noted that the bond market is becoming desensitized to fundamentals, with increased zero-sum competition under low interest rates. They suggest focusing on short-term credit bonds and 5-7 year government bonds [5]. - CITIC Securities highlighted increased volatility in long and ultra-long bond yields due to pressure on bank liabilities, suggesting that long-term bonds still hold value for allocation despite current market conditions [5][6].