| 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 ...

资本搭桥"蜀道"变"通途"，四川充分发挥资本市场功能作用，让曾经的"蜀道难"跃迁为资本融通、产业升级的"蜀 道通"。 四川证监局相关负责人表示，"十四五"时期，该局坚决贯彻落实证监会和省委、省政府决策部署，助力四川经济 社会高质量发展。 截至2025年第三季度末，四川省境内上市公司总数达179家，较2020年底增长32%，总市值达3.4万亿元，形成规 模可观、结构多元的上市公司群体，成为区域经济发展的支柱性力量。 "十四五"时期，四川全省各类市场主体通过资本市场直接融资超2.1万亿元，有效满足实体经济多元化融资需求。 全省新增46家境内上市公司，首发募集资金超360亿元，资金主要投向先进制造、医药健康、绿色能源等实体领 域。 通过五年深耕，四川资本市场实现规模与质量双飞跃，形成多层次、广覆盖、差异化的资本服务体系，成为西部 资本市场发展的"标杆样本"。 站在"十五五"规划的新起点，四川资本市场正锚定科技创新与产业融合核心方向，向着打造西部金融中心、赋能 新质生产力发展的目标奋勇前行。 政策驱动铺就"通途"基石 "十四五"时期，四川将资本市场发展纳入全省经济社会发展大局，以政策创新破除制度障碍，以机制协同破解服 ...

Core Viewpoint - Sichuan is leveraging its capital market to transform the historically challenging "Shudao" into a smooth "Tongtu," facilitating capital flow and industrial upgrades [1]. Group 1: Capital Market Development - During the 14th Five-Year Plan, Sichuan has integrated capital market development into its broader economic and social development strategy, using policy innovation to eliminate institutional barriers and enhance capital flow efficiency [5]. - By the end of Q3 2025, Sichuan is expected to have 179 listed companies, a 32% increase from the end of 2020, with a total market capitalization of 3.4 trillion yuan [5]. - Sichuan's capital market has achieved significant growth, with direct financing exceeding 2.1 trillion yuan during the 14th Five-Year Plan, supporting various sectors such as advanced manufacturing and green energy [8]. Group 2: Quality and Structure of Listed Companies - Sichuan's listed companies have not only increased in number but also improved in quality and structural diversity, with total revenue reaching 823.1 billion yuan and net profit of 82.15 billion yuan in the first three quarters of 2025 [12]. - The industry structure of listed companies shows a clear trend of traditional industries stabilizing while emerging industries lead growth, with the market capitalization of industrial and information technology sectors rising from 26.69% to 51.76% [12]. Group 3: Mergers and Acquisitions - Sichuan's capital market has utilized mergers and acquisitions to optimize resource allocation, with 136 M&A transactions totaling 81.3 billion yuan during the 14th Five-Year Plan [13]. - The cash dividend mechanism has been enhanced, with listed companies distributing over 230 billion yuan in cash dividends, reflecting a commitment to shareholder returns [14]. Group 4: Innovation and Financing Tools - Sichuan is focusing on innovation-driven development, with 79 companies listed on the Sci-Tech Innovation Board, accounting for 44% of the total listed companies [16]. - The province has issued 168 innovative bonds, including Sci-Tech bonds and green bonds, raising over 100 billion yuan to support various projects [17]. Group 5: Risk Management and Investor Protection - Sichuan has established a comprehensive investor protection and risk prevention system, with significant achievements in risk monitoring and management during the 14th Five-Year Plan [19][21]. - The regulatory framework has been strengthened to combat financial fraud and ensure accountability among listed companies [22]. Group 6: Future Outlook - Looking ahead to the 15th Five-Year Plan, Sichuan aims to deepen the integration of its capital market with local economic development, focusing on nurturing core technology enterprises and enhancing the competitiveness of listed companies [24]. - The province plans to accelerate the construction of a Western financial center, enhancing the capital market's role in regional development [25].

Core Viewpoint - Cloud Intelligent Asset Holdings (Singapore) Private Limited has applied for a patent related to video transmission methods and systems, indicating a focus on improving video transmission efficiency and reducing lag in video streaming [1]. Summary by Relevant Sections Patent Application - The patent application, titled "Video Transmission Method, Video Transmission System, Computing Device, Computer-Readable Storage Medium, and Computer Program Product," was published under CN121078251A with an application date of June 2024 [1]. - The patent describes a method that involves obtaining transmission information for a target video frame in response to a video transmission request, determining the initial redundancy of the target video frame, and adjusting this redundancy based on the receiving end's status [1]. Technical Details - The method generates a redundancy package for each video frame, allowing the receiving end to start recovering video packets for each frame, which effectively reduces video transmission stuttering [1]. - The approach utilizes single-frame redundancy determination and adjusts the initial redundancy based on reception status information, enhancing the reliability of video transmission [1].

Core Viewpoint - Annie Co., Ltd. has signed a share transfer agreement with Beijing Shengshi Tianan Technology Co., Ltd., resulting in Shengshi Tianan becoming the controlling shareholder with a 15.92% voting power in the company [1][6]. Group 1: Share Transfer Details - The share transfer involves Lin Xuxi and Zhang Jie transferring a total of 15.92% of their shares to Shengshi Tianan at a price of 8.361 yuan per share, totaling 772 million yuan (including tax) [1][7]. - After the transfer, the actual controllers of Annie Co. will change from Lin Xuxi and Zhang Jie to Li Ning and Wang Lei [1][6]. Group 2: Company Profiles - Annie Co. specializes in anti-counterfeiting traceability system solutions, copyright services, and business information paper [2][7]. - Shengshi Tianan focuses on integrated solutions for "industry intelligence computing and embodied intelligent applications," providing high-performance computing infrastructure and software development for key sectors like government, healthcare, and education [2][8]. Group 3: Financial Performance and Future Outlook - Shengshi Tianan's revenue for January to November 2025 reached 918 million yuan, with a net profit of 71 million yuan, showing significant growth compared to 284 million yuan in revenue for 2024 [4][10]. - The share transfer is seen as a strategic move by Shengshi Tianan, which recognizes the intrinsic value of Annie Co. and aims to enhance its management and resource allocation for better profitability [3][8]. Group 4: Ownership and Management - Li Ning and Wang Lei collectively control 98.32% of the voting rights in Shengshi Tianan, with Li Ning serving as the general manager responsible for the company's overall development [5][10].

二、大类资产&海外事件&数据：美国公布《国家安全战略》 多数发达国家国债利率大幅上行，有色价格大涨。 当周，标普500上涨0.3%，纳指上涨0.9%；10Y美债收 益率上行12.0bp至4.14%；美元指数下跌0.5%至98.98，离岸人民币升至7.0691；WTI原油上涨2.6%至60.1 美元/桶，COMEX黄金下跌0.6%至4197.6美元/盎司。 美国公布《国家安全战略》，系统阐述特朗普政府第二任期的外交与安全优先事项。 新战略将把保护美 国国土与西半球安全置于首位。对欧洲的衰落、人口变化持批评态度，要求欧洲必须为自身国防承担主 要成本；中东重要性被下调，强调避免再次卷入长期地面战争。 二、大类资产&海外事件&数据：美国公布《国家安全战略》 （一）大类资产：多数发达国家国债利率大幅上行，有色价格大涨 当周，发达市场股指多数上涨、新兴市场股指多数上涨。发达市场股指方面，德国DAX、纳指、恒生 指数各上涨0.9%，英国富时100、法国CAC40分别下跌0.6%、0.1%；新兴市场股指方面，韩国综合指数、开 罗CASE30、胡志明指数分别上涨4.4%、3.6%、3.0%，巴西IBOVESPA指数、伊斯坦布尔 ...

证券研究报告 | 债券市场专题研究 | 债券研究 债券市场专题研究 报告日期：2025 年 12 月 07 日 关注成长板块的配置价值 ——债市专题研究 核心观点 中期维度，政策催化下慢牛预期依然稳固，权益市场风险偏好近期逐步回升，科技板 块转债作为高弹性品种，其股性价值有望得到进一步巩固。在资产荒格局延续的背景 下，"固收+"资金对转债，特别是具备成长确定性的科技品种，配置需求依然旺盛。 ❑ 转债市场走势先下后上，整体呈现成交缩量、区间震荡，估值压缩。 近期在债券市场的持续调整下，纯债基金的赎回规模明显放大，市场流动性收缩 明显，带动固收+基金赎回规模同步扩大，但转债市场通过估值波动熨平债券市场 震荡影响，总体持仓体验更优。中期维度，虽然转债供给持续缩量，但市场增量 资金充足，预计转债估值回调空间有限，同时随着投资者止盈预期接近尾声，权 益慢牛预期下市场对于高估值的标的容忍度有所提升。 ❑ 近期市场缩量盘整，但科技板块成交依旧活跃，量价均已呈现企稳态势。 10 月以来，科技板块跟随股市同步调整，虽然板块转债估值被动收缩，但依旧呈 现较为明显的抗跌性；万得可转债信息技术指数近两月回调 2.43%，表现整体优 ...

- The report tracks the performance of various stock market indices, including A-shares, Hong Kong stocks, and US stocks, with a focus on the relative performance of different styles such as growth vs. dividend, small-cap vs. large-cap, and micro-cap vs. CSI 800[1][2][7] - The report highlights the valuation and equity-bond cost-effectiveness of A-shares, noting that the current PE_TTM of A-shares is at a historically high percentile, with marginal increases over the past week[41][42][46] - The report discusses the relative crowding and cost-effectiveness of different styles, with growth vs. dividend and micro-cap vs. CSI 800 being at historically high levels, while small-cap vs. large-cap is at a historically balanced level[72][75][78] - The report examines the impact of US Treasury yields on the performance of different styles, noting that the recent rise in US Treasury yields has led to growth outperforming dividends and large-cap underperforming small-cap, which is consistent with long-term trends[83][85][86] - The report tracks the performance of major funds, noting that most major fund indices have outperformed the Wind All A index over the past week, with the social security heavy index and the national team index leading the gains[89][93][95] - The report provides an overview of the bond market, noting that both Chinese and US Treasury yields have risen over the past week, with the China-US spread at a historically high level[112][113][114] - The report tracks the performance of the commodity market, noting that both Chinese and US commodity markets have risen over the past week, with the Nanhua Precious Metals Index and the CRB Metals Index leading the gains[123][124][125]

Group 1 - The core focus of the news is on Changsha's efforts to build a global R&D center city and a technology innovation highland during the "14th Five-Year Plan" period, highlighting significant achievements in various sectors [1][2][4] - Changsha has seen a remarkable increase in its strategic technology capabilities, with over 100 major research outcomes from the "4+4" innovation projects and the establishment of 55 new national-level innovation platforms, bringing the total to 152 [2] - The city has added 1,796 R&D institutions, doubling the total to 3,823, thereby accelerating its integration into the global innovation network [3] Group 2 - Over the past five years, Changsha has achieved breakthroughs in over 400 key core technologies, including more than 60 globally leading and independently controllable technologies, driving industrial upgrades [4] - The technology contract transaction amount as a percentage of GDP has increased significantly from 2.79% to 8.97%, indicating a substantial enhancement in the efficiency of technology transfer [5][6] - The number of valid invention patents in the city has reached 85,400, with a growth of 154%, and the per capita valid invention patent ownership is 80.46, reflecting a continuous improvement in the quality of innovation [7] Group 3 - Talent attraction has become a key resource for innovation, with Changsha ranking 9th nationally and 1st in Central China for talent retention, being recognized as one of the most attractive cities for foreign talent for six consecutive years [8] - The city has established a robust innovation ecosystem with over 24 billion yuan in various innovation funds and has implemented local regulations to protect intellectual property rights [8] - Changsha's digital economy is thriving, with nearly 88,000 core digital economy enterprises and an annual growth rate exceeding 24%, positioning it as a hub for digital innovation [11] Group 4 - Changsha has made significant strides in digital infrastructure, with its smart city indicators ranking among the top ten nationwide, driven by initiatives such as the establishment of a data resource management platform and comprehensive e-government services [9][10]

Core Viewpoint - Cloud Intelligent Asset Holdings (Singapore) Private Limited has applied for a patent related to data transmission methods and devices, indicating a focus on enhancing data transfer technologies in the digital landscape [1]. Group 1: Patent Application Details - The patent application, titled "Data Transmission Method and Device, Computing Device, Storage Medium," was published under CN121077983A with an application date of June 2024 [1]. - The patent outlines a method for data transmission that includes receiving a data transmission request from a first node to a second node, which carries data to be transmitted and an identifier for the second node [1]. - The method determines a data transmission channel between the first and second nodes based on the identifier, along with multiple data storage units corresponding to that channel [1]. Group 2: Data Handling and Prioritization - The method prioritizes the data to be transmitted based on its priority level and the priority levels of the data storage units [1]. - It identifies a target data storage unit for the data to be transmitted and stores the data in that unit before transmitting it through the established data transmission channel to the second node [1].