Core Viewpoint - The US SEC is advancing proceedings to consider Nasdaq's proposal for trading tokenized securities, which includes stocks, on its exchange, following a no-action letter to the DTCC regarding real-world asset tokenization services [1][2]. Group 1: SEC Proceedings and Comments - The SEC is seeking additional comments to evaluate whether to approve or deny Nasdaq's proposed rule change for listing and trading tokenized securities, citing legal and policy issues [2]. - Support for the proposed rule change has been received from the Securities Industry and Financial Markets Association, while opposition has come from Cboe Global Markets, Better Markets, and Ondo Finance [3]. Group 2: Benefits and Concerns of Tokenization - Tokenization of securities is expected to enhance transparency, accelerate settlement times, and improve market efficiency for issuers and investors [4]. - The SEC is requesting comments on investor protection, market integrity, and technological safeguards, emphasizing the need to maintain existing regulatory standards and mitigate risks such as fraud and market manipulation [4]. Group 3: DTCC and Market Developments - The SEC has issued a no-action letter to the DTCC, allowing it to tokenize certain custody assets, which is seen as a step towards bridging traditional finance and decentralized finance [5]. - Securities transactions on Nasdaq will clear and settle in tokenized form at the DTC upon SEC approval, marking a significant advancement towards potential approval [6]. - The U.S. Commodity Futures Trading Commission has also agreed to allow tokenized assets as collateral in derivatives markets, indicating a broader acceptance of digital assets [6].

转自：新华财经 新华财经北京12月15日电（王柘）上周（2025年12月8日至12月12日）两大重要会议落地，政治局会议延续"适度宽松的货币政策"基 调，中央经济工作会议提出"灵活高效降准降息"，提振债市收益率连续多日连续震荡下行。至周五，债市再度转弱，对年末政府债供给 的担忧上升，叠加止盈盘涌出，收益率大幅上行。周五尾盘公布的11月偏弱金融数据及央行公告开展6000亿元买断式逆回购操作也未能 提振债市情绪。全周来看，10年期国债活跃券收益率走高1.4BP至1.84%。 本周资金面面临税期走款、存单到期量大，以及买断式逆回购净投放量较前期减少等扰动因素，资金波动或环比加大，还需关注央行短 期流动性投放态度。 行情回顾 2025年12月12日，中债国债到期收益率1年期、2年期、3年期、5年期、7年期、10年期、30年期、50年期较2025年12月5日分别变 动-1.37BP、-0.85BP、-0.44BP、-0.43BP、-0.39BP、-0.84BP、-0.84BP、0.5BP。 | | | 中债国债收益率曲线(到期)$ | | | --- | --- | --- | --- | | 标准期限(年) | 12 ...

December 12, 2025 06:27 AM GMT China Financials | Asia Pacific Implications for financials: Positive for stable loan yield and NIM in 2026, given likely modest rate cuts, if any, which could be offset by more rational loan pricing, especially as policy continues to de-emphasize quantitative TSF and M2 target. Credit demand could be cushioned to prevent sharp decline, to be supported by government bond issuance and infrastructure investments, which we believe will be more balanced between efficiency and scal ...

Core Viewpoint - The new Federal Reserve Chair's hawkish stance on interest rate cuts has led to a shift in market expectations, indicating a lower likelihood of extreme hawkishness in future monetary policy, which is expected to support a strong spring rally in Hong Kong stocks due to liquidity easing and potential excess capital inflow [1][18]. Group 1: Spring Rally in Hong Kong Stocks - The spring rally in Hong Kong stocks (from Christmas to before the Spring Festival) is expected to occur, with historical data showing a high probability of gains for the Hang Seng Technology Index and the Hang Seng Index during this period, at 72.7% and 80.0% respectively, with median gains of 6.3% and 4.7% [2][17]. - The current market conditions suggest that the spring rally will not be hindered by liquidity concerns, as the peak of stock unlocks has passed, and the market is not overly worried about the impact of Japanese interest rate changes [18]. Group 2: Historical Performance and Trends - Over the past 15 years, the spring rally has consistently shown strong performance, with the Hang Seng Technology Index achieving an average gain of 4.7% and the Hang Seng Index 3.8% during this period [2][17]. - The occurrence of a spring rally is often linked to factors such as liquidity easing and positive macroeconomic data, as seen in strong years like 2021 and 2023 [16][18]. Group 3: Market Sentiment and Future Expectations - The market's expectation of a dovish Federal Reserve Chair, following a significant drop in the probability of the hawkish candidate, suggests that the upcoming monetary policy will likely support market stability and growth [1][18]. - Anticipation for developments in DeepSeek's model and advancements in domestic internet companies' consumer applications is expected to positively influence the fundamentals of the Hang Seng Technology Index in the near future [18].

一、适用基金及业务范围 ■ 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 为了更好地满足广大投资者的理财需求，根据融通基金管理有限公司（以下简称"融通基金"）与华泰证 券股份有限公司（以下简称"华泰证券"）签署的销售协议，从2025年12月15日起，融通基金旗下融通新 能源灵活配置混合型证券投资基金新增华泰证券为销售机构，并开通定期定额投资业务、转换业务，以 及参加前端申购费率优惠活动。现将有关事项公告如下： 二、费率优惠内容 1.自本公告日起，投资者通过上述销售机构申购（含定期定额申购，如有）上述基金，其申购费率享有 优惠，基金具体折扣费率以上述销售机构活动公告为准。若申购费率是固定费用的，则按固定费用执 行，不再享有费率折扣。 1.华泰证券股份有限公司 网址：www.htsc.com.cn 2.申购费率优惠活动仅适用于处于正常申购期的基金产品的前端收费模式的申购手续费，不包括基金的 后端收费模式的申购手续费和处于基金募集期的基金认购费及基金其他业务的基金手续费。 3.费率优惠活动的具体结束日期以上述销售机构公告为准，本公司不再另行公告。 4.上述适用基金的原相关费率参见基金的相 ...

根据金元顺安基金管理有限公司（以下简称"本公司"）与中信建投证券股份有限公司（以下简称"中信 建投"）签署的销售服务协议，自2025年12月16日起，中信建投将销售本公司旗下部分基金。具体公告 如下： 一、适用基金 ■ （1）中信建投证券股份有限公司 公司网站：www.csc108.com 二、业务范围 自2025年12月16日起，投资者可在中信建投办理上述基金的开户、认购、申购、赎回、定期定额投资及 基金转换等业务。今后本公司发行的其它开放式基金均适用于上述业务，本公司不再另行公告，具体业 务的办理请参照本公司及中信建投的相关业务规则和流程。 三、费率优惠 经与中信建投协商一致，本公司决定旗下基金参加中信建投的费率优惠。具体折扣费率、业务办理的流 程、费率优惠期限以中信建投页面公示为准。基金原费率请详见基金合同、招募说明书（更新）等法律 文件，以及本公司发布的最新业务公告。如本公司新增通过中信建投销售的基金产品或者对已通过中信 建投销售的基金产品新增、变更份额类别，则自该基金产品或该类份额开放申购当日起，将同时开通该 基金或该类份额上述优惠活动。 重要提示： 1、基金定期定额投资业务是指投资者通过本公司指定 ...

平安证券股份有限公司 关于北京北土城西路证券营业部业务客户迁移的公告 2.北京望京证券营业部地址：北京市朝阳区望京SOHO塔1A座8层801室 特此公告 尊敬的投资者： 平安证券股份有限公司 为进一步提升客户服务质效，根据经营管理需要，自2025年12月15日零时起，平安证券股份有限公司北 京北土城西路证券营业部客户服务关系调整转入平安证券股份有限公司北京望京证券营业部。 2025年12月15日 本次客户服务关系调整，不影响证券交易及资金划转。客户账户信息、第三方存管银行、交易密码和资 金密码、交易方式、委托电话及交易软件等均保持不变。 北京北土城西路证券营业部柜面服务保留至2025年12月29日，北京望京证券营业部正常开展各项柜面服 务。 如有疑问，可选择以下联系方式进行咨询： 1.公司统一客服热线：95511-8-2 ...

Group 1 - The central economic work conference has set a positive tone for policies in 2026, which is expected to boost corporate profits and market confidence, leading to a gradual unfolding of the year-end market rally [2][3] - The conference emphasized the continuation of a "more proactive fiscal policy" and "moderately loose monetary policy," focusing on enhancing domestic demand and improving consumer sentiment [2][3] - The market has completed its adjustment phase, and the year-end rally is anticipated as liquidity improves and institutional repositioning occurs [4] Group 2 - The technology sector remains a key focus for the upcoming spring market, with specific attention on areas such as robotics, nuclear power, and small satellites [6] - Growth stocks are expected to rebound during the year-end rally, with high-quality segments in consumer electronics, gaming, wind power, and batteries being highlighted for their investment value [6] - The long-term logic of the AI industry continues to evolve, suggesting that if more growth stocks can deliver on performance, the technology growth sector may experience a second wave of accelerated growth [6]

Group 1 - The report "Inclusive Finance: Breaking the Deadlock and New Situations" highlights the latest policy achievements in inclusive finance and the transition from "broad coverage" to "precision" in financial services, focusing on the needs of vulnerable groups [1] - As of Q3 2025, the balance of consumer loans excluding personal housing loans reached 21.29 trillion yuan, a year-on-year increase of 4.2%, with an addition of 306.2 billion yuan in the first three quarters [3] - The balance of inclusive small and micro enterprise loans surpassed 30 trillion yuan by March 2024 and reached 36.5 trillion yuan by Q3 2025, showing a cumulative growth rate of 241.3% over six years [3] Group 2 - The insurance sector has achieved 100% coverage of insurance services in towns, with an average of one insurance outlet per town, addressing diverse protection needs through inclusive insurance [3] - The public fund industry reached a historical high of 36.74 trillion yuan by the end of September 2025, benefiting from the ongoing development of inclusive finance [3] - The challenges faced by inclusive finance include product homogenization, pricing competition, and overlapping customer bases, particularly affecting banks and insurance companies [4] Group 3 - The consumer finance sector is experiencing intense competition, leading to issues such as "multiple borrowing" and "excessive credit" due to some institutions lowering loan rates and relaxing risk control standards [5]

Group 1 - The core viewpoint of the report indicates that the November CPI continues to rise year-on-year, while the PPI shows a slight widening of its decline [1] - Exports have turned positive year-on-year and exceeded expectations, indicating a potential recovery in trade [1] - M1, M2, and social financing metrics have all shown a decline, suggesting a tightening in liquidity [1] Group 2 - The upcoming December Politburo meeting and Central Economic Work Conference are expected to provide a positive evaluation of this year's work and set a "two-wide" tone for next year's initiatives [1] - The market is anticipated to be in a performance vacuum and policy negotiation period until March, which may lead to a new trading pulse [1]