安记食品8日晚间发布风险提示称，经自查，公司目前日常经营活动正常，市场环境、行业政策没有发 生重大变化或调整，内部生产经营秩序正常，不存在应披露而未披露的重大信息。公司股票交易存在市 场情绪过热情形及较高的炒作风险，可能存在短期涨幅较大后的大幅下跌风险。敬请广大投资者注意二 级市场交易风险，理性决策，审慎投资。 福建板块持续爆发。 12月9日，A股走势分化，创业板指逆势拉升；港股两大股指双双走低，恒生科技指数一度跌超2%。 具体来看，沪指盘中窄幅震荡，尾盘加速下探；创业板指逆势拉升，盘中一度涨超1%。截至收盘，沪 指跌0.37%报3909.52点，深证成指跌0.39%，创业板指涨0.61%，北证50指数跌1.72%，沪深北三市合计 成交19179亿元，较此前一日减少逾1300亿元。 全市场超4000股飘绿，有色、煤炭、石油等资源股集体下挫，保险、券商板块回落；福建板块再度活 跃，安记食品、龙洲股份、舒华体育分别收获6连板、5连板、4连板，此外，厦门港务、东百集团、昇 兴股份等实现3连板；CPO概念再度爆发，中际旭创突破600元大关续创新高，全日成交221.8亿元，成 交额位居A股首位。值得注意的是，摩尔线程尾 ...

Group 1 - The company Aerospace Development (SZ 000547) held a temporary board meeting on December 8, 2025, to review the proposal for amending the internal control regulations [1] - For the first half of 2025, the revenue composition of Aerospace Development was as follows: defense equipment accounted for 54.06%, equipment manufacturing industry 32.72%, information technology industry 12.38%, and other civilian tertiary industries 0.84% [1] - As of the report date, the market capitalization of Aerospace Development is 35.4 billion yuan [1]

Core Insights - The 2025 Global Shandong Business Billionaires List was released, featuring 300 Shandong entrepreneurs with a total wealth valuation of 2.05 trillion yuan, an average wealth of 6.834 billion yuan, and a minimum threshold of 345 million yuan to be included on the list [1][3]. Group 1: Top Billionaires - The richest individual on the list is Zhang Bo from Weiqiao Venture, with a wealth valuation of 77.53 billion yuan [3]. - Cai Haoyu, co-founder of Mihayou, ranks second with a wealth of 73.8 billion yuan, having created popular games like "Honkai Impact" and "Genshin Impact" [5]. - Other notable billionaires in the top ten include the Niu Yishun family from Huqin Group, Wang Weixiu family from Zhongji Xuchuang, and Zhang Gang from Xinfeng Group, all with wealth exceeding 40 billion yuan [7]. Group 2: Wealth Distribution - There are 51 entrepreneurs with wealth exceeding 10 billion yuan, collectively generating 790.944 billion yuan, accounting for 38.58% of the total wealth created by the listed entrepreneurs [7]. - The list includes 40 individuals with wealth between 5 billion and 10 billion yuan, and 144 individuals with wealth between 1 billion and 5 billion yuan [7]. Group 3: Geographic and Demographic Insights - Among the listed entrepreneurs, 56 have their core enterprises headquartered outside Shandong, collectively creating approximately 328.987 billion yuan in wealth [7]. - The oldest entrepreneur is Li Guangtai, aged 84, while the youngest are three individuals born in the 1990s, all aged 35 [8]. - Entrepreneurs aged 60 to 69 represent the largest age group, comprising 35% of the total [8]. Group 4: Industry Representation - A significant majority, 231 entrepreneurs, are engaged in the manufacturing sector, making up 77% of the group [8]. - Key industries include basic chemicals, machinery, pharmaceuticals, information technology, petroleum, and food and beverage, contributing over 60% of the total number of entrepreneurs on the list [8]. Group 5: Global Expansion - Increasingly, Chinese enterprises are expanding internationally, with North America and the Guangdong-Hong Kong-Macau Greater Bay Area becoming crucial hubs for Shandong entrepreneurs [9].

12月7日，在2025上证（巢湖）上市公司高质量发展大会上，深交所副总经理李辉表示，深交所将持续优化发行上市、并 购重组、再融资等制度机制，不断提高制度包容性、适应性，着力完善市场功能，大力培育符合新质生产力发展方向的上 市公司群体，奋力打造一批世界一流创新龙头企业。 O记者 祁夏夏 上交所着力发挥科创板"试验田"功能意 优势,打造了五级动能体系,为上市公司高质量发 限保整学前, 下一步, 上交所将兼用新加生产力发 展方向,高级国建设科创板,更好服务高术平台 自立目强，更好服务高质量发展和中国国际机构 全局、" 12月7日,上空所副总经理或多数在2 上证(期因)上市公司高质量发展大会上表示 上市公司品则持创新的地区 E和产业绩和 升级的市力量,最高太市场服务高质量分展的形 要教观基础。列多熬介绍，"十四五" 期间,上充 所坚守科创板"硬科技" 定位,推动上市公司加 量時被式提升,五年泉,上交所引导资金加快向 和创新城汇聚 利创新新媒上市公园381家 首发 重要总裁达8400亿元,已度为"感到我"全面 市首选地;单先推出科技创新债券,累计发行业 1.7万亿元。 上交所也积极助力安徽省"三地一区"战略 加快赢拍_ ...

Group 1 - The core difference in market participation roles between A-shares and Hong Kong stocks is evident, with A-shares seeing increased trading volume while Hong Kong stocks experienced a decrease, indicating that foreign capital has significant pricing power in the Hong Kong market [4][7] - The Hang Seng Index saw a decline of over 1.2%, while the China A50 index recorded a small gain, reflecting the contrasting market dynamics and expectations between the two markets [6][16] - The composition of the indices shows a significant difference, with the financial sector making up nearly one-third of the Hang Seng Index, while the A50 index is more heavily weighted towards sectors like new energy and technology [10][12] Group 2 - The performance of individual stocks within the indices highlights the disparity, with stocks like China Ping An and SMIC performing similarly, but sectors such as new energy and pharmaceuticals showing stronger performance in the A50 index compared to declines in major Hong Kong stocks [8][10] - The lack of active pricing from domestic institutions in the Hong Kong market has led to a situation where it is primarily driven by foreign capital, which has different expectations and strategies compared to local investors [7][16] - The focus of foreign investors on macroeconomic factors and specific themes, such as AI breakthroughs, indicates a divergence in investment strategies compared to local investors who may have different expectations for sectors like pharmaceuticals [17][18]

这一调仓建议直指包括英伟达、Meta和Alphabet在内的科技巨头。自2019年底以来，"Mag7"指数已 累计上涨超600%，而同期标普500涨幅为113%。 Yardeni同时表示，在全球配置中继续超配美国市场的理由也已不再充分，尤其是在全球其他市场今年 表现优于美国的背景下。 华尔街资深策略师Ed Yardeni结束15年科技股超配，建议大幅减持"Mag7"，因竞争加剧将削弱巨头 利润优势，盈利增长正向金融、工业与医疗等板块转移。他同时下调美国在全球指数中的超配评级，认 为其他市场估值更具吸引力、表现亦更强劲。 "华尔街老兵"、华尔街资深策略师亚德尼（Ed Yardeni）终结了长达15年的科技股超配策略，转而建 议在标普500指数配置中对"Mag7"巨型科技股采取实质性减持立场。这一转变标志着这位市场老兵对 美股领涨板块的重大判断调整。 Yardeni Research在上周日发布的研究报告中宣布， 不再建议在标普500投资组合中超配信息技术和 通信服务板块，这一推荐立场自2010年以来首次改变。 该机构预计，未来盈利增长动能将发生转 移。 Yardeni还指出，在MSCI全球指数配置中继续超配美国 ...

可转债风险重构与应对—基于风险案例 与退市新规视角 联合资信 工商评级二部 杨学慧 王阳 2024 年成为可转债市场的重要转折点，长期以来的零违约格局被打破；2024-2025 年，5 只转债相继发生实质 性违约，多行业评级下调事件频发，5 只转债随正股同步退市，信用风险集中凸显。可转债风险根植于"债性"与 "股性"的双重属性，核心源于主体资质短板与市场政策变化的叠加。经营端，受外部环境波动、周期行业错配、 并购商誉减值及公司治理缺陷等因素影响，经营承压；市场端，权益疲软削弱转股逻辑叠加退市新规收紧，弱资质 主体出清加速，信用风险与退市风险深度绑定。双重风险相互传导，需聚焦业绩亏损、小市值、财务瑕疵及治理缺 陷类主体，警惕违约与退市连锁反应。可转债风险处置呈现"常规化解-极端处置"的梯度路径体系，条款博弈为主 流常规路径，其成效取决于下修幅度、合规约束与市场信心维护的协同；提前赎回与引入战投依赖现金流储备或外 部资源注入；债务重组、破产清算及退市联动属极端情形，易引发显著损失或违约，路径选择本质是基本面、条款 设计与外部支持的综合权衡。展望未来，市场或将在 2027 年迎来转债集中到期高峰，转股比例下滑削弱转 ...

Core Viewpoint - The current surge in the STAR Market, particularly in the semiconductor sector, is driven by technological advancements, policy support, and increased market recognition, making it a key investment area for technology self-sufficiency [3][4][6]. Group 1: Market Performance - As of December 8, 2025, the STAR Market Index (000680) saw an intraday increase of over 2%, with a current rise of 1.98% [1]. - Notable stocks such as Aikesaibo (688719) and Ruikeda (688800) both surged by 20%, while Liyuanheng (688499) rose by 18.59% [1]. Group 2: Investment Opportunities - The TaiKang STAR Market Comprehensive Index Enhanced A Fund (023970) achieved a cumulative increase of 6.43% over the past three months, ranking among the top in its category [3]. - The fund employs a dual strategy of "full sector coverage + quantitative enhancement," allowing investors to participate in the recovery of the technology sector, particularly in semiconductors and new energy [5][7]. Group 3: Industry Developments - The national integrated circuit industry investment fund, with a scale of 344 billion yuan, has officially launched its third phase, focusing on advanced packaging, storage chips, and high-end GPUs, providing direct support for the industry [3][4]. - Significant progress has been made in domestic photolithography machines, with the 28nm immersion DUV photolithography machine entering mass production and the successful development of 13.5nm wavelength EUV light sources [4]. Group 4: Fund Strategy and Risk Management - The TaiKang STAR Market Comprehensive Index Enhanced Fund aims to control tracking error while seeking to achieve excess returns over the benchmark index through a quantitative model that dynamically tracks changes in company fundamentals and industry conditions [5][7]. - The fund's strategy allows for diversified exposure to core assets in the STAR Market, reducing individual stock volatility and capitalizing on policy support and technological breakthroughs [5][6].

12月5日至6日，南方财经论坛2025年年会在广州新启用的南方财经大厦隆重举行。本届年会以"共识的 力量"为主题，聚焦"创新涌动与中国资产重估"这一时代议题，设置了"1+5+X"议程，汇聚政府、产 业、学术、研究及金融界的顶尖智慧，旨在通过深度交流凝聚发展共识。 （原标题：韩交所芮兑昊：半导体+AI驱动韩股，中韩资本市场合作空间广阔） 21世纪经济报道记者雷晨 广州报道 面向2026：交易时间延长、数字资产与AI监管成发展重点 在主论坛"全球资本市场对话"环节，来自纽约、伦敦、韩国等全球主要金融中心的交易所代表齐聚一 堂，以全球化视角共同审视中国资产在国际舞台上的机遇与吸引力。 论坛上，韩国交易所北京代表处首席代表芮兑昊系统分享了韩国资本市场在2025年的表现、政策推动、 IPO动态以及未来规划，特别强调了技术创新与国际合作，尤其是与中国资本市场协同发展的重要性。 韩国股市2025年表现强劲：政策、产业与治理协同发力 芮兑昊回顾了2025年韩国资本市场的整体表现。他指出，代表韩国股市的KOSPI指数持续创下历史新 高，截至11月底较年初上涨64%，涨幅位居全球主要股指首位。这一成绩的取得主要得益于三方面因素 ...

| 创业板ETF 低费率 | | | | | --- | --- | --- | --- | | 跟踪创业板指数 | | | | | 该指数由创业板中市值大、流 | 截至午间收盘 | 该指数 | 该指数自2 | | 动性好的100只股票组成,战 | 该指数涨跌 | 滚动市盈率 | 发布以来估 | | 略新兴产业占比较高,电力设 | | | | | 备、通信、电子行业合计占比 | 3.0% | 39.8倍 | 32. 1 | | 近60% | | | | | 创业板200ETF易方达 低费率 | | | | | 跟踪创业板中盘200指数 | | | | | 该指数由创业板中市值中等、 | 截至午间收盘 | 该指数 | | | 流动性较好的200只股票组成, | 该指数涨跌 | 滚动市盈率 | 该指 | | 反映创业板市场中盘代表性公 | | | | | 司的整体表现,信息技术行业 | 1.7% | 107.4倍 | 2023年11 | | 占比超40% | | | 发布 | | 创业板成长ETF易方达 | | | | | 跟踪创业板成长指数 | | | | | 该指数由创业板中成长风格突 | | | | | 出 ...