Core Insights - The Southern Finance Forum 2025, themed "The Power of Consensus," focuses on "Innovation Surge and China's Asset Revaluation," attracting over 300 financial experts in Guangzhou [1] Group 1: Event Overview - The forum is organized by Southern Finance Media Group and hosted by 21st Century Digital Media [1] - The event includes the "21st Century Excellence Board Annual Meeting," where 65 exemplary cases in high-quality development are announced [1] Group 2: Awarded Cases - The awarded entities include 46 companies, 8 banks and branches, 7 securities firms, and 4 other financial institutions [1] - Categories for the awards encompass 19 projects, including Annual Excellence Board, Annual Excellence ESG Practicing Listed Companies, Annual Technology Value Listed Companies, and more [1][2] Group 3: Purpose of Awards - The purpose of the 21st Century High-Quality Development Research Excellent Cases is to recognize companies that lead industry thinking, innovation, and future trends [2] - The focus is on benchmark enterprises in corporate governance, information disclosure, ESG practices, and investor relations management, particularly in the context of capital market reforms [2]

Core Viewpoint - The article discusses the development and transformation of Tianjin's capital market during the "14th Five-Year Plan" period, emphasizing the integration of capital market reforms with economic needs and technological innovation. Group 1: Market Growth and Structure - During the "14th Five-Year Plan," Tianjin's capital market has seen a steady expansion, with the number of listed companies increasing to 71, an 18% growth compared to the end of the "13th Five-Year Plan" [7] - By the end of November 2025, the total market capitalization of listed companies in Tianjin is projected to reach approximately 1.66 trillion yuan, an 80% increase [7] - The bond financing channel has become prominent, with 109 bond issuers and a total bond scale of 1.28 trillion yuan, ranking among the top in the country [7] Group 2: Technological Innovation and R&D - The capital market in Tianjin has deeply integrated with technological innovation, with 14 new companies listed on the A-share market in the past five years, nearly 80% of which are technology-oriented [11] - Cumulatively, listed companies in Tianjin have invested over 100 billion yuan in R&D, an increase of nearly 80% compared to the "13th Five-Year Plan" [11] - The overall R&D intensity of key industry chain listed companies reached 7.64%, while companies on the "Two Innovation Boards" and the Sci-Tech Innovation Board had R&D intensities of 13.53% and 28.16%, respectively [11] Group 3: Mergers, Acquisitions, and Risk Management - Tianjin's capital market has introduced policies to support listed companies in accelerating technological upgrades and extending industrial chains through mergers and acquisitions [12] - In 2024, the "Six Merger Guidelines" were released, leading to over 26 billion yuan in merger and acquisition activities among listed companies [12] - Nearly 4,800 industrial enterprises have actively utilized the futures market for risk management, with participation increasing 2.3 times compared to the "13th Five-Year Plan" [12] Group 4: Financing and Investment - Over the past five years, enterprises in Tianjin have utilized multi-level capital markets for direct financing totaling 1.6 trillion yuan, 1.6 times the total financing amount during the "13th Five-Year Plan" [14] - The public fund fee reform has been fully implemented in Tianjin, with significant growth in the scale of equity funds managed by Tianhong Fund, reaching 213.4 billion yuan, a 173% increase [14] - Listed companies in Tianjin have implemented cash dividends exceeding 170 billion yuan, 7.5 times that of the "13th Five-Year Plan," with an average annual dividend yield of 3.08% [15] Group 5: Regulatory and Ecological Improvements - The regulatory framework for Tianjin's capital market has been established, with a "1+N" policy system guiding further reforms [17] - The Tianjin Securities Regulatory Bureau has strengthened collaboration with various departments to enhance enforcement and regulatory measures, resulting in significant penalties for financial misconduct [18] - The market has seen a reduction in key risks, with effective measures taken to address issues in the private equity sector and the exit of underperforming companies [18]

东莞证券认为，白银行业正迎来金融属性凸显与工业需求爆发的双轮驱动，白银价格呈现震荡上行态 势。当前白银价格在宏观情绪向好、供需缺口扩大及金银比加速修复的共振下，中长期上涨具备动能。 1)金融属性逐步凸显。白银在金融领域兼具货币与投资属性，在历史上承担着重要的货币职能，如今仍 是抗通胀的储备资产，且因市场规模相对黄金较小，白银价格对宏观环境、市场情绪及资金走向更为敏 感，其风险与收益潜力较高；2)工业需求稳步提振。据世界白银协会统计，2024年全球白银消费结构 中，工业需求占比59%，珠宝首饰占18%，银币银条占16%。工业领域中光伏需求为197.6百万盎司，占 总需求约17%。 兴业证券认为，银价长期中枢抬升，工业属性放大弹性。美元周期定方向，金银长期中枢上移的趋势不 变；工业属性扩弹性，当经济周期上行或者宽财政、宽流动性时，金银比的阶段性修复行情会彰显白银 价格的弹性。当前，外国投资者持有美国国债占比持续下降，根据特里芬悖论，美元无法保持长期的稳 定性，货币属性的回摆将持续抬升金银的价格中枢。 12月18日，国内白银期货价格再度上涨。截至收盘，国内白银期货主力合约价格上涨3.44%，盘中价格 一度创出历史新 ...

人民财讯12月19日电，华泰证券研报称，12月《基金管理公司绩效考核管理指引（征求意见稿）》下 发，强化长期业绩导向、提高强制跟投比例，并明确量化降薪问责机制等，将基金公司及其核心投研人 员的利益与投资者的长期利益深度绑定。资本市场中长期稳步向上趋势不改，奠定资管产品发展基础。 建议把握优质个股，银行推荐零售及财富管理标杆，财富管理战略地位提升的公司；券商推荐大财富管 理产业链具备较强优势的公司。 ...

Macquarie's Australian securities business admitted to misleading conduct in misreporting millions of short sales over several years and agreed to pay a $23 million fine https://t.co/fCgIPvuC1b ...

处于封闭期的产品，自开放申购之日起适用于上述申购、转换补差及定期定额投资申购费率优惠。 如本公司新增通过国元证券销售的基金产品，该基金产品适用于上述优惠，具体费率优惠时间及内容以 国元证券的规定为准。 三、重要提示 为更好地满足广大投资者的理财需求，经恒生前海基金管理有限公司（以下简称"本公司"）与国元证券 股份有限公司（以下简称"国元证券"）协商一致，自2025年12月19日起，本公司旗下基金参加国元证券 开展的基金认购、申购、转换补差及定期定额投资申购费率优惠活动，具体的活动时间、优惠费率以国 元证券的规定为准。相关优惠方案公告如下： 一、适用基金 ■ 二、优惠活动内容 活动期间，投资者通过国元证券认购、申购及定期定额投资申购上述基金、及转出与转入基金的申购费 补差的（仅限前端收费模式），享有费率折扣优惠，具体费率折扣以国元证券的业务规则或公告为准。 本次优惠活动解释权归国元证券股份有限公司所有，有关本次活动的具体事宜，敬请投资者留意国元证 券股份有限公司的有关公告。 1、本优惠活动仅适用于处于正常申购期的基金的一次性申购手续费、定期定额投资申 购手续费及转出与转入基金的申购费补差（仅限前端收费模式），不 ...

12月17日，中邮创业基金管理股份有限公司（下称"中邮基金"）发布公告称，公司董事长毕劲松因年满 退休，于12月16日正式离任；同日，首创证券党委书记、董事长张涛正式接任中邮基金董事长一职。此 次高管变更与股东方首创证券的人事调整一脉相承，引发市场对中邮基金未来战略布局的关注。 | 基金管理人名称 | 中邮创业基金管理股份有限公司 | | --- | --- | | 公告依据 | 《公开募集证券投资基金信息披露管理办 | | | 法》、《证券基金经营机构董事、监事、高 | | | 级管理人员及从业人员监督管理办法》等 | | | 相关法律法规 | | 高管变更类型 | 新任基金管理公司董事长,离任基金管理 | | | 公司董事长 | 张涛履新： 深耕金融二十余载，证券期货经验丰富 公开资料显示，张涛生于1972年，现年53岁，拥有博士研究生学历，正高级经济师职称。其职业履历横 跨证券、期货及综合金融领域，具备丰富的机构管理经验。 过往从业经历显示，张涛早期任职于华泰证券，从总裁办公室总裁秘书起步，历任投资银行一部业务经 理、福州办事处副主任、上海总部投资银行业务部副总经理（主持工作）、深圳总部副总经理（主持工 ...

Core Viewpoint - The self-regulatory investigation announced by the Interbank Market Dealers Association highlights ongoing violations in the bond underwriting process, indicating that non-compliant practices still exist in project solicitation, due diligence, and issuance sales [1][4]. Group 1: Regulatory Actions - On December 16, the Dealers Association initiated a self-regulatory investigation against a bank for alleged violations of fairness and diligence principles during debt financing tool underwriting [1]. - As of December 18, there have been 19 cases of bond underwriting violations or self-regulatory investigations disclosed by the Dealers Association and exchanges this year [4]. - The Dealers Association has been increasingly using self-regulatory investigations as a standard regulatory measure in the bond market [4]. Group 2: Market Dynamics - The bond underwriting market has seen intensified competition among underwriting institutions due to the expansion of the credit bond market and the diversification of issuers [4]. - There are notable differences in market strategies between securities firms and banks in the bond underwriting sector, with banks having advantages in interest rate bonds and interbank bonds [4]. - The prevalence of low-price underwriting, underwriting fees below cost, and self-financing behaviors are significant issues in the current bond underwriting landscape [5][7]. Group 3: Compliance and Future Outlook - The Dealers Association has strengthened supervision of underwriting business processes since 2023, with new regulations targeting low-price underwriting and other market irregularities set to be released by June 2025 [7][8]. - Institutions that are rated as D-class for two consecutive years will lose their main underwriting qualifications, reflecting the increasing regulatory scrutiny on underwriting capabilities [8]. - The number of institutions signing the self-regulatory convention has increased to 168, indicating a growing focus on compliance and market reputation among bond underwriting institutions [8].

Core Insights - The "2025 Annual Capital Market Outstanding Practitioners" ceremony was held on December 18 in Suzhou, revealing a comprehensive list of professionals across various sectors in China's capital market [1] - The list includes categories such as long-term companionship, innovative empowerment, merger integration, financing expansion, IPO support, and leadership guidance, showcasing a diverse array of expertise [1] Group 1: Debt Financing Products - The "Outstanding Debt Financing Products" category features distinguished bond products, ABS products, REITs products, and specialty bond products [1] - Notable entries include the "Outstanding ABS Products" such as Xinhua Insurance's policy loan series and the special asset-backed plans from various securities firms [3] - The "Outstanding REITs Products" include infrastructure asset-backed plans and real estate asset-backed plans from firms like Guotai Junan Securities and Huatai United Securities [3] Group 2: Specialty Bond Products - The "Specialty Bond Products" category highlights innovative bonds aimed at rural revitalization and green financing, with entries from Huatai United Securities and other firms [4] - Specific products include the 2024 Haoji Railway Green Rural Revitalization Bond and the 2025 Nanning Rural Revitalization Group Bond [4] - Additional notable products are the 2025 Guangdong Green Financing Leasing Bond and the 2025 Suzhou Hengtai Holdings Carbon Neutrality Support Bond [4]

Group 1 - CICC has announced a merger with Dongxing Securities and Cinda Securities, creating an entity with combined assets exceeding 900 billion yuan (approximately US$127.8 billion) [1] - The merger will result in CICC becoming China's fourth-largest investment bank, with total assets around 930 billion yuan, following a trend of consolidation in the securities industry [4] - The transaction involves the issuance of approximately 3.1 billion new A shares at 36.91 yuan to acquire all outstanding shares of the two smaller firms [1][6] Group 2 - CICC's shares rose by 3.7% to 36.18 yuan after trading resumed, following a suspension on November 19 pending the merger announcement [2] - The merger reflects a strategic move to optimize resource allocation within China's securities industry, aligning with national strategies to support the real economy [3] - Under the merger agreement, Dongxing A-shares will convert to 0.4373 CICC shares, while Cinda shares will convert to 0.5188 CICC shares, with specific pricing terms for shareholders [6]