格隆汇12月16日丨浙商证券(601878.SH)公布，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。短期融资券名称：浙商证券股份有限公司 2025 年度第十一期短期融资 券，短期融资券发行简称：25 浙商证券 CP011，短期融资券流通代码：072510312，债券期限：276D， 兑付日期：2026年9月17日，实际发行总额：15亿元人民币，票面利率：1.74%，发行价格：100元/张。 ...

Report Industry Investment Rating No relevant information provided. Report Core View - As of the end of November 2025, there were 469 fund investment advisor portfolios on the Tiantian Fund APP, an increase of 4 from the end of the previous month. Among them, there were 2 new balanced, 1 new aggressive, and 1 new consumer-themed portfolio [2][8]. - In terms of performance, over the past year, the median returns of aggressive and balanced portfolios outperformed similar FOF products, while the median return of the stable portfolio underperformed. In November, the median returns of aggressive, balanced, and stable portfolios outperformed both similar FOF products and their benchmarks. Among the track-type portfolios, only the gold track had a positive median return in November. For the regional portfolios, both the Hong Kong stock strategy and overseas strategy portfolios had median returns that underperformed their benchmarks in November [2][17][24]. - Regarding position changes, stable portfolios reduced bond funds and increased QDII funds; balanced portfolios reduced bond funds and increased money market funds; aggressive portfolios reduced hybrid funds and increased QDII funds. In terms of individual fund positions, consumer-themed, small-cap strategy, and real estate-themed funds were significantly increased [2][33][42]. - In November 2025, there were 91 portfolio adjustments, an increase of 1 from the previous month. Stable portfolios increased commodity funds and reduced active bond funds; balanced portfolios increased fixed-income + funds and reduced QDII funds; aggressive portfolios increased passive equity funds and reduced QDII funds [2][65]. Summary by Directory Fund Investment Advisor Portfolio Overall Situation - **Portfolio Structure**: As of the end of November 2025, there were 412 stock-bond central, 36 track-type, and 21 regional investment advisor portfolios. The number of stock-bond central portfolios dominated, with the aggressive type being the most numerous among them. Track-type portfolios were concentrated in growth industries, and regional portfolios mainly targeted global overseas markets including Hong Kong and US stocks [8]. - **Investment Advisor Institution Distribution**: Institutions such as Huabao Securities, Guolian Securities, Southern Fund, and Zhongou Fortune had a relatively large number of portfolios on the platform. The top ten institutions accounted for 66% of the total. Most of the portfolios were established between February and May 2022, with 2 new portfolios launched in November 2025 [12]. Investment Advisor Portfolio Performance Tracking - **Stock-Bond Central Investment Advisor Portfolio Performance**: Over the past year, the median returns of aggressive and balanced portfolios outperformed similar FOF products, while the stable portfolio underperformed. In November, all three types outperformed similar FOF products. Compared with the benchmark, the median returns of aggressive portfolios underperformed the benchmark over the past year, while the other three types outperformed. In November, all three types outperformed the benchmark. The Anxin Aggressive 90 of Guolian Securities, Taoli Buyan of Guolian Securities, and Shendu Stable of Shenwan Hongyuan Fund had the highest returns this year. The Huaxia All-Weather Multi-Aggressive Allocation of Huaxia Fortune, Zhongou Multi-All-Weather of Zhongou Fortune, and China Merchants Spare Money Best of China Merchants Fund had the highest Sharpe ratios this year [16][17][21]. - **Track-Type and Regional Investment Advisor Portfolio Performance**: Over the past year, all track-type portfolios had positive median returns, with most outperforming the benchmark except for the intelligent manufacturing and gold tracks. In November, only the gold track had a positive median return, and several tracks outperformed the benchmark. For regional portfolios, the Hong Kong stock strategy portfolio outperformed the benchmark over the past year, while both the Hong Kong stock strategy and overseas strategy portfolios underperformed in November. The top-performing track-type portfolios this year were mainly in the medical and technology sectors, and the top-performing regional portfolios were mainly in the Hong Kong stock strategy, with some overseas strategy portfolios also performing well [23][24][28]. Investment Advisor Portfolio Position Adjustment Tracking - **Holding Fund Position Change Tracking**: When analyzing the position changes of 449 portfolios, stable portfolios decreased bond funds and increased QDII funds; balanced portfolios decreased bond funds and increased money market funds; aggressive portfolios decreased hybrid funds and increased QDII funds. Among the 77 portfolios that disclosed individual fund positions, stable portfolios decreased active bond funds and increased fixed-income + funds; balanced portfolios decreased active bond funds and increased money market funds; aggressive portfolios decreased quantitative funds and increased passive equity funds [33][36]. - **Investment Advisor Portfolio Individual Fund Holding Tracking**: - **Active Equity Funds**: Value-style, quantitative strategy, dividend strategy, and technology-themed fund managers were favored. Consumer-themed, small-cap strategy, and real estate-themed funds were significantly increased [38][42]. - **QDII Funds**: Products such as Southern Asia US Dollar Bond A RMB, Huaxia Hang Seng Technology ETF Link A, and Tianhong S&P 500 A were favored. Global allocation products like Huatai-PineBridge Global Medical RMB and China Merchants Pusu Global Allocation A, as well as products tracking the Hang Seng Technology Index in the Hong Kong market, were significantly increased [43][47]. - **Passive Index Funds**: Dividend low-volatility strategy index funds and industry index funds such as Hong Kong Stock Connect Internet, gold stocks, liquor, and chemicals were favored. Industry-themed index products such as banks, coal, and gold stocks were significantly increased [49][52]. - **Fixed-Income + Funds**: Products such as Invesco Great Wall Jingyi Double Dividend, Zhongou Jintong, and Yongying Stable Enhancement were favored. Products such as China Merchants Anben Zengli and Huatai-PineBridge Zunli were significantly increased [54][57]. - **Active Bond Funds**: Products managed by fund managers such as Wang Xiaochen, Wang Shuai, Fang Chang, Song Qianqian, and Ji Lingyun were favored. Products such as Zhongou Pure Bond and Fullgoal Short Bond were significantly increased [59][62]. - **Fund Investment Advisor Position Adjustment Situation Tracking**: In November 2025, there were 91 portfolio adjustments, mainly in aggressive and stable portfolios. Stable portfolios increased commodity funds and reduced active bond funds; balanced portfolios increased fixed-income + funds and reduced QDII funds; aggressive portfolios increased passive equity funds and reduced QDII funds. A total of 13 funds had a net increase of 5 or more investment advisor portfolios, including 3 active equity funds, 4 passive equity funds, 2 active bond funds, 3 QDII funds, and 1 commodity fund [65][70].

Core Viewpoint - The bond market is experiencing slight differentiation, with expectations for monetary easing reignited by recent economic data, leading to a mixed performance in government bond futures and a modest decline in interbank bond yields [1][2]. Market Performance - Government bond futures showed mixed results, with the 30-year main contract down 0.19% to 111.39, while the 10-year and 5-year contracts saw slight increases of 0.05% and 0.03%, respectively [2]. - Interbank bond yields generally declined, with the 30-year special government bond yield down 1.55 basis points to 2.2675%, and the 10-year government bond yield down 1 basis point to 1.849% [2]. Overseas Bond Market - In North America, U.S. Treasury yields were mixed, with the 2-year yield down 1.86 basis points to 3.504% and the 30-year yield up 0.31 basis points to 4.847% [3]. - In Asia, Japanese bond yields mostly fell, with the 10-year yield down 0.2 basis points to 1.956% [4]. Primary Market - In Heilongjiang Province, the results of the local bond auction showed a bid-to-cover ratio exceeding 16 times, with the 5-year bond yield at 1.75% and the 10-year bond yield at 2.09% [5]. Liquidity Conditions - The central bank conducted a 135.3 billion yuan reverse repurchase operation at a rate of 1.40%, resulting in a net injection of 18 billion yuan for the day [6]. - Shibor rates showed mixed performance, with the overnight rate up 0.2 basis points to 1.276% and the 7-day rate down 0.3 basis points to 1.429% [6]. Institutional Views - Citic Securities noted that the overall liquidity in the market is currently loose, with expectations for potential interest rate cuts and reserve requirement ratio reductions in the first half of next year [7]. - Huaxi Fixed Income suggested that the bond market sentiment remains cautious due to concerns over redemption fee regulations and long-term bond supply, despite the expectation of monetary easing [8].

Shares of VPS Securities declined in their trading debut on Tuesday, tracking a broader market downturn that has pushed Vietnamese stocks toward their longest losing streak since 2022 https://t.co/PYR2IVZtSM ...

Group 1 - Guolian Minsheng has appointed Gu Wei as Chairman and Ge Xiaobo as President, indicating an optimization of the company's governance structure and potential strengthening of strategic execution [1] - The new management team includes five non-independent directors and three independent directors, with a focus on enhancing business adjustment expectations in the brokerage sector [1] - The changes in the financial sector's senior management are seen as positive signals, increasing market expectations for deeper financial reforms and highlighting structural investment opportunities [1] Group 2 - Dongfang Caifu has completed a management restructuring aimed at creating a flatter organizational structure, enhancing operational efficiency and market responsiveness [2] - Huang Jianhai, the new General Manager, is expected to strengthen the company's risk control and resource allocation capabilities due to his financial background [2] - The restructuring is likely to invigorate the internet brokerage sector and may lead to a reassessment of strategic transformation potential in financial technology firms [2] Group 3 - Over 60% of QDII funds are currently under purchase restrictions or have suspended subscriptions, reflecting a sustained high demand for overseas asset allocation [3] - The total scale of restricted funds amounts to 507.997 billion yuan, indicating a structural imbalance in global asset allocation [3] - This situation may lead to increased price volatility in the secondary market for certain products and could affect cross-border investment sentiment [3] Group 4 - A total of 138 public fund institutions have actively engaged in self-purchase, with a net subscription amount reaching 255.087 billion yuan, marking a significant increase compared to the previous year [4] - The surge in self-purchase activity, exceeding 17 times the previous year's figures, demonstrates institutions' confidence in the long-term value of the market [4] - This behavior is expected to boost market attention on related fund products and support equity assets, potentially leading to a valuation recovery in the broader financial sector [4]

Core Viewpoint - Qianhai is leveraging its position as a financial hub to attract foreign investment, particularly from Hong Kong, aiming for significant advancements in financial openness and resource aggregation by 2025 [2][3]. Group 1: Financial Institutions - Seven key licensed financial institutions have been established in Qianhai, accounting for 60% of the city's new additions, including banks, securities, and futures companies [3]. - Notable new entrants include Fubon Bank (Hong Kong) Shenzhen Branch, which is the first branch of Fubon Bank in mainland China, enhancing the international financial landscape in Qianhai [3]. Group 2: Insurance and Private Equity - Four insurance fund projects initiated by companies like Ping An and Taiping have been launched in Qianhai, representing 80% of the city's new insurance projects, with a total scale of 47.8 billion yuan [4]. - The newly established private equity and venture capital funds in Qianhai account for 30% of the city's total new additions, with a management scale of 40% [4]. Group 3: Financial Technology - Qianhai has established a financial technology research and development center by Future Asset Group, marking a significant step in the smart finance sector [5]. - Major financial institutions such as HSBC and East Asia Bank have set up fintech subsidiaries in Qianhai, facilitating deep integration between Hong Kong capital and mainland innovation [5]. Group 4: Policy and Ecosystem - A total of 518 financial institutions have settled in Qianhai, with foreign capital accounting for approximately 30%, creating a diverse financial ecosystem [6]. - The financing leasing sector has surpassed 250 billion yuan in asset scale, with significant projects like the leasing of China's first domestically produced C919 aircraft [6]. Group 5: Voices and Perspectives - Experts highlight that Qianhai's success in attracting quality financial resources is due to its integrated approach of policy foundation, Hong Kong-mainland collaboration, and industry-finance synergy [7]. - Qianhai is viewed as a practical policy environment that serves as a model for financial openness and a testing ground for RMB internationalization [7].

多家公司被暂停新增客户 漫画：王建明 【深圳商报讯】(记者陈燕青)今年以来，证券投顾机构违规频频，监管层也接连开出罚单。根据同花顺 （300033）统计，截至12月14日，今年以来监管层已累计开出罚单76张，涉及49家投顾机构，罚单数量已超 去年全年水平。从处罚类型来看，逾六成投顾机构被要求责令改正，10多家投顾机构被警示，还有机构被暂 停新增客户。 4月3日，黑龙江证监局发文称，容维证券因存在虚假陈述行为，被处以3万元罚款。该公司在监管调查中，4 次向黑龙江证监局提交的情况说明中，对员工黄某琴、刘某、楚某及叶某生的在职情况进行了虚假陈述。 类似容维证券这样年内多次收罚单的投顾机构还有爱赢证券、慧研智投、山东神光、港澳资讯、中方信富 等。从机构被处罚次数来看，爱赢证券及分公司合计被罚5次，天相财富、中方信富、慧研智投、容维证券、 港澳资讯紧随其后，年内5家公司及分公司均分别领罚单4张。 记者注意到，部分投顾机构被监管层暂停新增客户。如慧研智投、科德投顾、百瑞赢被暂停新增客户6个月， 汇正财经、金证投顾、港澳资讯、中富金石、顶点财经、珞珈投资、启富投顾等被暂停新增客户3个月。此 外，四川钱坤云智能科技有限公司被 ...

Core Insights - Qianhai has emerged as a significant financial hub, attracting over 500 financial institutions, making it one of the highest concentrations of Hong Kong and foreign financial entities in China [1][3][8] - By 2025, Qianhai aims to deepen financial openness, focusing on high-quality financial resource aggregation and the construction of a distinctive financial ecosystem [1][3] Financial Institutions and Investments - Seven key licensed financial institutions have recently settled in Qianhai, including Fubon Bank (Hong Kong) and Huatai Securities, accounting for 60% of the city's new additions [3][4] - The total scale of four insurance fund projects initiated by companies like Ping An and Taiping in Qianhai reaches 47.8 billion yuan, representing 80% of the city's new insurance fund projects [4] Financial Technology Development - Qianhai has established a financial technology R&D center by Future Asset Group, indicating a strategic extension into smart finance [5] - Major financial institutions such as HSBC and East Asia Bank have set up fintech subsidiaries in Qianhai, enhancing the integration of Hong Kong capital with mainland tech innovation [5] Policy and Regulatory Framework - The implementation of the "30 Measures for Financial Support in Qianhai" has achieved over 90% execution, leading to six national firsts and eight initial results [7] - The establishment of the first foreign-controlled securities company in Qianhai reflects the region's commitment to innovative financial practices and deepening cross-border cooperation [7] Ecosystem and Collaboration - Qianhai has attracted 518 financial institutions, with about 30% being foreign, creating a symbiotic ecosystem that includes leading fintech companies and international insurance groups [8] - The integration of finance and industry in Qianhai is exemplified by the leasing of China's first domestically produced C919 aircraft, showcasing collaborative breakthroughs [8] Systematic Upgrades and Future Outlook - Qianhai's financial development has transitioned from isolated breakthroughs to systematic upgrades, focusing on institutional innovation and deepening Hong Kong-Shenzhen collaboration [9] - The region is positioned as a critical support for the high-quality development of Shenzhen and the new financial openness framework of the Guangdong-Hong Kong-Macao Greater Bay Area [9]

Group 1: Market Outlook - The global equity markets are experiencing a general decline, primarily due to fluctuating investor expectations regarding the Federal Reserve's interest rate cuts and concerns about potential bubbles in AI assets. The AI technology revolution and energy revolution are expected to create solid demand support for growth industries, leading to continuous improvement in listed companies' performance [5]. - Attention should be paid to policy signals related to real estate promotions and other relevant sectors as the year-end approaches [6]. - In November, prices across various segments of the photovoltaic industry remained stable month-on-month, while the traditional consumer goods sector is awaiting a boost in consumption sentiment [7]. - Within the financial sector, industry banks are attracting medium to long-term capital allocation due to their high dividend yields [8]. Group 2: Macro Fixed Income Insights - The Federal Reserve announced a 25 basis point interest rate cut, lowering the target range for the federal funds rate to 3.5% to 3.75%, aligning with market expectations. The Fed has also restarted its Treasury bond purchasing program to maintain ample reserves, continuing to focus on the risks to employment [11]. - Fed Chair Powell has raised the economic growth forecasts for this year and next while lowering inflation expectations, with one rate cut anticipated in each of the upcoming meetings [12]. - The outlook for U.S. Treasury yields indicates that the two-year yield may fluctuate between 3.34% and 3.74%, while the ten-year yield could range from 3.9% to 4.3%. The dollar index is expected to remain weak, oscillating between 97 and 101 [13]. - The Fed's interest rate cuts are favorable for the external environment, and domestic policy easing may help expand the overall policy space [14]. - The bond market is focused on the sustainability of inflation recovery, with economic growth remaining stable in the first three quarters of the year, easing pressure on growth targets. Attention will shift to actual growth indicators in the first half of next year [15].

人民银行15日开展1309亿元7天期逆回购操作，操作利率为1.40%，与此前持平；鉴于当日有1223亿元7 天期逆回购到期，公开市场实现净投放86亿元。 上周（12月8日-12日）央行公开市场操作影响有限，全周7天逆回购仅净投放47亿元，月初资金需求不 高，叠加政府债缴款压力减弱，资金面总体维持宽松。隔夜利率缓步下行，R001由周初的1.37%连续下 行至周五的1.35%，DR001也再度下破1.3%，迎来新低，收于1.27%水平，打破了今年以来隔夜利率的 下限，即DR001始终在1.30%以上徘徊，宽松状态下也多位于1.31%附近。7天利率方面，随着税期（15- 17日）扰动渐近，7天资金价格的波动加大。周初R007同步下行，于周三触及1.49%的周内低点，自11 日起，拆借7天资金可完整跨税期，R007转为上行，于周五收至1.51%。 本周（12月15日-19日）7天逆回购到期规模小幅升至6685亿元；政府债净缴款规模将下降至-39亿元， 整体规模相对有限。12月15日为12月缴税截止日，同时也是中旬缴准日，当日央行将开展6M买断式回 购6000亿元，净投放2000亿元。尽管此前DR001中枢处于政策利率 ...