证券代码：601878 证券简称：浙商证券 公告编号：2025-076 2、上海清算所网站，http://www.shclearing.com。 特此公告。 浙商证券股份有限公司董事会 2025年12月17日 浙商证券股份有限公司2025年度第十一期短期融资券已于2025年12月15日发行完毕，相关发行情况如 下： ■ 本期发行短期融资券的相关文件已在以下网站上刊登： 1、中国货币网，http://www.chinamoney.com.cn； 浙商证券股份有限公司2025年度 第十一期短期融资券发行结果公告 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、准确性和完整性承担个别及连带责任。 ...

Core Viewpoint - The market is experiencing fluctuations as the year-end approaches, with a focus on policy dividends and economic trends for the upcoming year [3]. Group 1: Market Performance - As of December 17, the Shanghai Composite Index rose by 0.06%, the Shenzhen Component Index increased by 0.62%, and the ChiNext Index gained 0.92% [1]. - The liquid cooling server concept continues to show strength, with stocks like Feilong Co. and Yingweike hitting the daily limit, while Yidong Electronics leads the gains [1][2]. - Lithium mining stocks are also on the rise, with Jinyuan Co. reaching the daily limit and other companies like Guocheng Mining and Dazhong Mining following suit [1]. Group 2: Sector Insights - The liquid cooling server sector is gaining traction, driven by the upcoming International AIDC Liquid Cooling Supply Chain Conference, highlighting the shift from air cooling to liquid cooling among major AI companies [2]. - Investment strategies are shifting towards low-value sectors, with a focus on non-bank financials, electric equipment, and AI applications [2]. Group 3: Future Outlook - Galaxy Securities anticipates that the market's fluctuating structure will continue, with a focus on policy dividends and economic trends for the next year [3]. - Key investment themes include the acceleration of global changes, the shift towards new productive forces, and the recovery of manufacturing and resource sectors [3]. - According to招商证券, investment opportunities will revolve around domestic demand recovery and technological self-reliance, with a balanced focus on cyclical stocks [4].

履历显示，张涛曾在华泰证券、华泰期货、东兴证券、首创证券（601136）等担任要职。现任首创证券 党委书记、董事长。 2025-12-17，中邮创业基金发布公告，原董事长毕劲松年满退休，于12月16日离任，张涛新任公司董事 长。 ...

11月银行理财规模延续上涨态势。业内人士认为，季节性规律与存款利率下行驱动的资金搬家成为 其核心增长动力。尽管12月季末银行考核带来的资金回表压力可能引发理财规模阶段性回调，但机构普 遍预计年底这一数字仍将站上33万亿元关口。 与规模增长形成反差的是，11月现金管理类、纯固收类理财产品收益率同步承压，同时年底前完成 估值整改的监管时限日趋临近，银行理财净值化转型进一步深化。在此背景下，理财机构积极调整策 略，通过多资产配置提升收益弹性，同时拉长封闭式产品期限以适应净值化转型。 季节性规律叠加资金搬家 面对收益端持续承压的局面，理财公司积极调整策略，"固收+"产品成为行业发力的核心方向。例 如，今年以来，多家理财公司明确表态，将通过直接投资或间接参与的方式，持续增持交易型开放式指 数基金（ETF），并布局指数策略、指数增强策略等含权理财产品，在提升收益弹性的同时助力资本市 场发展。 "我们的权益投资以ETF为核心工具，并在此基础上，灵活运用个股直接投资、其他基金配置及委 托投资等多种方式。去年以来，ETF已成为理财公司布局权益市场的重要手段。在选择ETF时，我们重 点考量估值水平、市场风格以及对后市的展望。目前 ...

Core Viewpoint - The economic data released by the National Bureau of Statistics indicates a mixed performance in industrial production, fixed asset investment, and retail sales for November 2025, suggesting underlying economic challenges and a need for cautious optimism in investment strategies [4][5][6][7]. Industrial Production - In November 2025, the industrial added value for large-scale enterprises grew by 4.8% year-on-year, a slight decrease from 4.9% in October. However, the month-on-month growth rate improved to +0.44%, indicating a positive trend in short-term production [5]. - Among the three major sectors, the mining industry saw an increase in year-on-year growth, while the manufacturing and utilities sectors experienced a decline [5]. Fixed Asset Investment - From January to November 2025, the cumulative year-on-year growth rate of fixed asset investment decreased by 2.6%, marking a widening decline. However, the month-on-month growth rate for November showed a smaller decline of -1.03% [6]. - Investment in real estate, manufacturing, and broad infrastructure remained weak, contributing to the overall decline in fixed asset investment [6]. Retail Sales - The year-on-year growth rate of social consumer goods retail sales in November was 1.3%, down from 2.9% in the previous month. The month-on-month growth rate was -0.42%, which was weaker than seasonal expectations [7]. - Sales growth across different types of consumer goods also showed a decline compared to the previous month [7]. Bond Market Insights - Since August 2025, the yield on government bonds has shown a clear divergence, with short-term yields remaining stable and declining, while long-term yields, particularly the 30-year yield, have been on an upward trend, resulting in a steeper yield curve [8]. - The current liquidity in the market is relatively loose, and despite weak fundamentals, there is a growing optimism among investors regarding the bond market, with expectations for the 10-year government bond yield to stabilize around 1.75% [8]. - In the convertible bond market, as of December 12, 2025, the performance of convertible bonds has lagged behind the equity market, with a year-to-date increase of 16.5% compared to 21.8% for the broader index. However, convertible bonds are still considered relatively high-quality assets in the long term [8].

Core Viewpoint - The growth of bank wealth management scale in November is driven by seasonal patterns and the downward trend in deposit rates, with expectations that the year-end figure will exceed 33 trillion yuan despite potential short-term adjustments due to regulatory pressures [1][2] Group 1: Wealth Management Scale Growth - As of the end of November, the total wealth management scale reached 34 trillion yuan, an increase of 0.35 trillion yuan from the end of October [1] - Another report indicated that the wealth management scale was 33.57 trillion yuan, reflecting a slight increase of 729 billion yuan compared to the end of October [1][2] - The growth is attributed to seasonal factors and a noticeable trend of funds moving towards bank wealth management and non-money market funds due to declining deposit rates [2] Group 2: Yield Pressure - In contrast to the growth in scale, the yields of cash management and pure fixed-income wealth management products faced downward pressure in November [1] - The average annualized yield for cash management products was 1.23% as of December 7, still above the 1.10% average yield of money market funds, but expected to decline further in a loose monetary environment [2] - Pure fixed-income products saw their average annualized yield drop to 2.42% in November, influenced by fluctuations in the bond market [3] Group 3: Strategic Adjustments - Wealth management companies are actively adjusting strategies to enhance yield flexibility, with a focus on "fixed income plus" products [3] - Many firms are increasing their investments in exchange-traded funds (ETFs) and related strategies to improve yield while supporting capital market development [3] - The trend of extending the duration of closed-end products is emerging as a response to the regulatory deadline for valuation adjustments [4] Group 4: Long-Term Product Trends - The reliance on valuation methods suitable for short-term products is decreasing, as longer-term closed-end products can mitigate short-term redemption risks and provide stability [4] - The supply of long-term closed-end wealth management products is expected to continue expanding, driven by the need for stability in valuation and alignment with long-term retirement financial needs [4]

Group 1 - The core point of the announcement is that the Guotai Fund Management Co., Ltd. has observed a significant premium in the secondary market trading price of its Guotai S&P 500 ETF, which is notably higher than the fund's reference net asset value [1] - The fund management company warns investors about the risks associated with the premium in the secondary market trading price, indicating that if the premium does not decrease by December 17, 2025, the fund may apply for a temporary trading suspension [1] - The fund is currently operating normally with no undisclosed significant information, and the management will adhere to legal regulations and fund contracts in its investment operations [1] Group 2 - The announcement includes details about the participation of certain funds managed by Guotai Fund in the offline subscription of Jiangsu Xihua New Energy Technology Co., Ltd.'s initial public offering, with an issue price of RMB 10.10 per share [4] - The announcement also mentions the dividend distribution for the Guotai Juying Three-Year Regular Open Bond Fund, indicating that the fund management can adjust the distribution plan based on actual conditions [5][6] - The announcement specifies the minimum subscription amount for investors, which is set at RMB 1.00, and outlines the fee structure for both A and C class fund shares [9][10]

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Market Overview - A-shares have seen a significant decline, with the Shanghai Composite Index dropping from a high of 4034 points in mid-November to near 3800 points [1] - The Hang Seng Technology Index fell by 1.74%, while the Hang Seng Index and the China Enterprises Index dropped by 1.54% and 1.79%, respectively, marking recent lows [1] - Bitcoin has recently fallen below $86,000 for the first time in two weeks, and gold prices ended a five-day increase, with COMEX gold down by 0.61% [1] ETF Performance - Gold-themed ETFs have experienced notable declines, with the Yongying Gold Stock ETF dropping by 4.16%, leading the market [2] - Other ETFs in sectors such as semiconductor, new energy, photovoltaic, and artificial intelligence also saw declines exceeding 3% [1][2] Reasons for Market Adjustment - The recent downturn in A-shares is attributed to three main factors: a significant drop in the AI sector of the US stock market, a hawkish stance on interest rate cuts, and increased liquidity demands as the year-end approaches [4] - The AI sector's decline was highlighted by major US tech stocks losing substantial market value, impacting the A-share technology index [4] Future Market Outlook - Despite recent volatility, several brokerages suggest that the spring market rally may still be anticipated, supported by policy measures and liquidity improvements as year-end approaches [6] - There is a consensus among institutions that the current market conditions may present opportunities for a "spring rally," particularly in sectors aligned with the "14th Five-Year Plan" such as quantum technology and biomanufacturing [7] 2026 Market Predictions - Looking ahead to 2026, institutions are optimistic about the equity market, particularly in technology, which is expected to remain a key focus [9] - The return of foreign capital to the Chinese market is anticipated, with sectors such as high-end manufacturing and biotechnology expected to offer significant investment opportunities [10]

无独有偶，湘财证券、广发证券、中信证券、信达证券、东吴证券等多家券商相继发布了关于"取 消监事会"的公告。 据不完全统计，已有超过40家上市券商进行了撤销监事会的改革，将核心职责向董事会审计委员会 全面移交。 值得注意的是，改革浪潮正快速扩散至整个金融行业。 银行业的动作尤为密集。12月10日，浙商银行与渝农商行便同步官宣拟取消监事会计划。据不完全 统计，年内已有工商银行、建设银行、招商银行等超20家银行陆续披露撤销监事会方案或完成调整。 基金业改革亦破冰。7月，英大基金率先撤销监事会，成为公募行业首家撤销监事会的基金公司。 随后，益民基金、方正富邦基金等中小型公募纷纷跟进。 监管大限倒计时，金融业监督体系改革全力冲刺。 近日，山西证券发布公告称，董事会审议通过了《关于取消监事会及相关事项的议案》，同意公司 不再设置监事会，原监事会的法定职权由董事会审计委员会行使。 山西证券撤销监事会并非孤例。据不完全统计，目前已有超过40家上市券商进行监事会撤销改革， 将核心职责向董事会审计委员会全面移交。与此同时，银行、基金等领域的机构也正密集跟进，一场覆 盖全金融行业的治理结构优化浪潮已然成型。 集中撤销监事会 山西证 ...