Core Viewpoint - The event highlighted the critical role of venture capital in promoting the "technology-industry-finance" cycle, with policies supporting the growth of venture capital as a key driver for technological innovation and high-quality development in China [1][2]. Group 1: Event Overview - The "Venture Capital Development Conference" was held on November 20, organized by the Beijing Financial Street Research Institute and other institutions, featuring key figures from the venture capital industry and technology enterprises [1]. - The conference emphasized the alignment of venture capital with the 14th Five-Year Plan, underscoring its importance in strengthening the real economy and driving innovation [1]. Group 2: Policy and Market Dynamics - Policies have been introduced to enhance venture capital, including the establishment of a national venture capital guidance fund and the development of secondary market funds [1]. - The next five years are expected to see significant support for venture capital from policies, market dynamics, and industry capabilities, fostering a conducive environment for innovation [1]. Group 3: Banking and Venture Capital Integration - The integration of banking and venture capital is seen as a vital pathway for activating innovation and promoting industrial upgrades, with Beijing Bank focusing on a comprehensive service model that combines equity and debt financing [2]. - Beijing Bank plans to establish a strategic alliance for equity-debt linkage, creating a new ecosystem for high-quality development in technology finance [2]. Group 4: Research and Collaboration - The China Venture Capital Association, Beijing Financial Street Research Institute, and other organizations released the "China Venture Capital Market Development Index Report," which includes various indices to track the dynamics of the venture capital market [4]. - A strategic cooperation agreement was signed between Beijing Bank and the China Venture Capital Association to enhance collaboration and provide integrated solutions for technology innovation enterprises [5]. Group 5: Beijing Bank's Commitment - Beijing Bank has committed to serving technology innovation as a core strategy, having provided over 1.4 trillion yuan in credit to more than 58,000 technology SMEs [5]. - The bank has developed a comprehensive service system tailored to the needs of technology enterprises, including innovative credit products and extensive support for specialized and innovative companies [5].

盘面上，大型科技股、大金融股(银行、保险、券商)、中字头等权重股集体承压拖累市场情绪，其中， 百度跌近6%，阿里巴巴跌4.65%，中国太平、中国财险、工商银行、中国银行、招商证券、中国银河证 券等行业龙头皆下跌；由于对人工智能泡沫的担忧再度抬头，半导体芯片板块跌幅居前，光伏股、濠赌 股、生物科技股、黄金股、锂电池股、苹果概念股、汽车股、煤炭股纷纷下跌。 另一方面，惟零售股个别板块飘红，受传言影响，内房股部分上涨，富力地产、碧桂园、龙湖集团逆势 上涨。此外，全市场仍有超40个股涨幅在10%以上，细价股融太集团盘中涨幅翻倍。(格隆汇) 全球多个主要股市都出现了显著下跌，这背后是美联储降息预期降温引发的全球流动性担忧，以及投资 者对人工智能泡沫的担忧，叠加风险市场比特币大跌。导致港股三大指数大幅下挫，尤其是恒生科技指 数一度跌至3.8%，最终收跌3.21%，恒生指数、国企指数分别下跌2.38%及2.45%，三者均刷新阶段新低 位。 ...

Core Viewpoint - The article discusses the shift in investment strategies among private equity investors, highlighting a growing interest in dividend stocks as a safer investment option amidst market uncertainties [3][5][11]. Group 1: Market Sentiment and Investment Strategies - There is a noticeable shift from the initial enthusiasm for quantitative strategies to a more rational approach, with investors seeking more certainty in their investments [3]. - Concerns about market beta and the potential for high valuations in small-cap stocks have led to a preference for dividend-paying stocks [4][5]. - The Shanghai Composite Index faces a resistance level at 4000 points, prompting cautious behavior among investors as year-end approaches [4]. Group 2: Dividend Stocks as a Safe Haven - Dividend stocks are viewed as a natural hedge due to their higher dividend yields, providing stable cash flow and a safety net for investors [5]. - Companies that offer stable high dividends typically have lower valuations and stable cash flows, making them more resilient during market downturns [5][6]. - Historical trends show that during market volatility, funds tend to flow into dividend stocks as a defensive strategy [5][8]. Group 3: Portfolio Diversification and Risk Management - Dividend stocks can effectively hedge against aggressive investment styles, particularly those concentrated in small-cap stocks [6][11]. - The current market environment suggests an acceleration in sector rotation, which may further enhance the appeal of dividend stocks [8]. - Investors are increasingly adopting a "barbell" strategy, combining small-cap holdings with dividend strategies to balance their portfolios [8]. Group 4: Future Outlook for Dividend Stocks - The A-share premium for traditional dividend sectors is expected to rise, with the market anticipating a recovery in the AH premium index [10]. - Policies aimed at reducing competition and optimizing supply structures are likely to benefit high-dividend traditional industry leaders [10]. - Long-term confidence in A-shares is growing, with a focus on reducing volatility in investment returns [11].

智通财经APP获悉，11月21日，香港金融管理局助理总裁(银行操守)区毓麟于2025 年海峡两岸暨香港澳 门财富管理论坛暨第十四届杰出财富管理师技能竞赛结果发布会上发言称，国际金融机构发布的《证券 服务演变2025》研究报告显示，全球五百多名金融业界的领袖中，86%的受访者表示他们的公司正在进 行生成式人工智能试点，反映全球金融机构在采用生成式人工智能，已经进入了有意义、可产生实际效 益的阶段。香港金管局也透过进行调查和邀请银行参与沙盒测试，了解到香港银行目前已经在不同业务 领域，开始利用生成式人工智能。 第二个领域是销售及市场推广。香港有银行已经把生成式人工智能整合至市场推广功能，以支持多个数 码渠道提供创作内容、翻译及总结材料，以及优化搜寻引擎结果。展望未来，生成式人工智能还可以为 银行产品识别客户群，并为客户创作量身定制的市场推广活动。 另一个领域是投诉处理。香港有一家银行正在使用生成式人工智能，协助员工摘要投诉内容，并识别有 关政策及程序，以便利调查过程。最终按照调查结果，拟定合适的回复内容。 区毓麟举例如下： 第一个最具潜力的领域是利用客户聊天机器人，即时处理大量客户查询。多家在香港的银行正在积极测 ...

Market Overview - The market experienced significant fluctuations on November 21, with the Shanghai Composite Index falling over 2% and the ChiNext Index dropping over 4% [2] - By the end of the trading day, the Shanghai Composite Index decreased by 2.45%, the Shenzhen Component Index fell by 3.41%, and the ChiNext Index declined by 4.02% [2] - Nearly 5,100 stocks in the market declined, with 99 stocks hitting the daily limit down [2] - The total trading volume in the Shanghai and Shenzhen markets reached 1.97 trillion yuan, an increase of 257.5 billion yuan compared to the previous trading day [2] Stock Performance - Only 354 stocks in the entire A-share market rose, which is slightly higher than the 106 stocks that rose on April 7 this year [3][4] - The market saw a significant increase in trading volume during specific time periods, particularly at the market open and between 10:30 and 11:30, indicating heightened trading activity [4][8] Market Sentiment - The market sentiment shifted towards fear, with panic selling observed as the indices continued to decline [6][9] - The previous days had shown a lack of significant panic, but the current market conditions indicated that "panic funds" had finally emerged [11] - The market's ability to recover or continue to decline remains uncertain, with ongoing debates about whether the current situation represents a rebound or a continuation of the downtrend [11] Influencing Factors - Concerns regarding the U.S. stock market, particularly technology stocks, have influenced market sentiment, with traders worried about whether AI can generate sufficient revenue to justify investments [14] - The potential for a "independent market" in A-shares, supported by protective funds and internal logic, is being closely monitored [14] - The "national team" of funds has increased its holdings in 222 A-share stocks, with a total market value of 3.911 trillion yuan, indicating a strategic focus on stabilizing the market [19]

中信银行党委委员、副行长谢志斌表示："金融的本质在于链接价值。此次携手，我们以场景金融为核心导向，将双方优势深度绑定，把普惠金融的温度注 入每一个消费场景，让'不出国门 海购全球'的美好体验触手可及、落地生根。" 中免集团党委委员、副总经理周领军指出，旅游零售行业的未来，在于创新，在于对用户价值的不懈追求。中免集团与中信银行的全面合作，是双方核心资 源的深度整合、创新模式的大胆探索，以联名信用卡为起点，必将开启一段共赢发展的崭新旅程。 中国银联党委委员、执行副总裁胡浩中强调，立足海南自贸港封关运营的战略机遇，中国银联将持续深化三方创新合作，以更优质的支付产品、更完善的服 务网络、更丰富的权益生态，共同助力全国消费升级，赋能海南自贸港高质量发展的崭新篇章。 权益设计紧扣消费闭环，提升转化与留存效率 公司动态 在海南自贸港建设全面提速、离岛免税政策持续加码的背景下，金融与品质消费场景的深度融合正迎来关键突破。2025年11月19日，中信银行携手中免集 团、中国银联在三亚正式发布联名信用卡，标志着"金融+旅游零售"生态合作进入实质性落地阶段。 该产品依托中免集团全国免税网络、中信银行综合金融服务能力及中国银联安全高 ...

近日，由北京市委网信办主办、新京报贝壳财经承办的"京彩不设限·经济热力站"月度主题走访活动在 北京举办，本期活动以"金融支撑京筑梦想"为主题，聚焦北京智能制造企业开展线下集体采访，12家市 属新闻网站、财经类网站等媒体记者，4家财经领域网络大V参与活动。 时代浪潮下，北京已成为绿色金融、科技金融、数字金融等前沿领域的引领者。本次活动深度走访调研 了北京绿色交易所、中国邮政储蓄银行北京分行、北京银行顺义科技研发中心，发现北京金融的不同剖 面。 在北京银行顺义科技研发中心，科技带给金融的赋能正在变得具体可触。 金融之美：银行网点变身城市会客厅 步入中国邮政储蓄银行北京通州区运河商务区支行，有别于传统银行网点的科技感迎面而来。 在运河商务区支行客户经理尤肖璇的指引下，大堂入口处设置的多语种AI透明屏翻译设备可为客户提 供包括粤语在内的多语种即时翻译；正面的"邮你相伴"智慧屏则汇聚了多种特色服务，可针对教育、创 业、结婚、养老等多种生活场景提供多元化个人理财服务，也可通过与客户的互动展示副中心周边人文 景观。 高科技的体验不止于此。作为邮储银行北京分行首家鸿蒙生态银行，运河商务区支行基于鸿蒙操作系统 的分布式特性，将 ...

证券ETF（512880）11月20日小幅震荡，收跌0.33%。金融ETF（510230）延续上涨态势，收涨0.64%。 基金资产投资于科创板和创业板股票，会面临因投资标的、市场制度以及交易规则等差异带来的特有风险，提请 投资者注意。 板块/基金短期涨跌幅列示仅作为文章分析观点之辅助材料，仅供参考，不构成对基金业绩的保证。 资料来源：wind 信达证券、东兴证券原为AMC系券商，在投行、资管等领域具备差异化特色，或可对中金公司多个业务条线实现 强化。合并后中金公司在辽宁、福建的网点覆盖密度将进一步提升，实现区域优势的互补。此外，中金旗下中金基 金、信达证券旗下信达澳亚、东兴证券旗下东兴基金或将迎来整合。三家券商拟停牌不超过25个工作日，可持续关注 合并进展与复盘后业绩表现。（仅用作行业分析，不构成个股投资建议） 近年来券商行业内部并购重组浪潮迭起。在政策支持下，券业供给侧格局优化持续推进，进一步提高行业运营效 率。大中型券商通过行业整合强化优势地位，业绩基本面有望持续优化。感兴趣的投资者可适当关注证券ETF （512880）。 银行方面，2025年A股上市银行中期分红、三季度分红规模再创新高。根据Wind数据 ...

日元贬值加速的背后有多重因素。首先是市场相关人士预测的美国降息概率的下降及作为其结果的买入 美元、卖出日元。 11月19日，美国联邦储备委员会（FRB）公布的美国联邦公开市场委员会（FOMC）会议纪要（10月28 ～29日召开）显示，多数与会者认为，年内维持政策利率不变更为恰当的可能性较大。市场上越来越多 观点认为下次会议（12月9～10日）将推迟降息。 另外，美国政府停摆导致经济的实际情况难以看清，这也导致了降息预期的消退。美国劳工部19日表 示，不会公布10月份的美国就业数据，11月份数据的公布也将从12月5日推迟到16日。在12月的会议 上，只有9月的数据成为判断依据。 日元对美元汇率徘徊在157.5～157.9日元区间（20日上午，东京都中央区） 日元对美元汇率20日一度贬值至10个月以来的最低点。在美国，由于12月降息预期的消退，美元被重新 买入，日元贬值势头加强。市场对日本银行（央行）12月的加息也仍持怀疑态度，日本政府的牵制姿态 也偏弱…… 外汇市场上日元持续贬值。11月20日，日元对美元汇率一度贬值至157.5～157.9日元区间，创出10个月 以来的最低点。在美国，由于12月降息预期的消退， ...

大盘这些天"跌跌不休"，很多人心里打鼓，甚至想割肉离场。但在牛散和游资眼里，这分明是市场开着 卡车来"倒车接人"了！现在不仅不该怕，反而应该兴奋，该拿着钱袋子里外找了！还记得巴菲特说的那 句名言吗？——价格是你付出的，价值是你得到的。现在市场恐慌抛售的，很多正是那些因为短期利 空、情绪宣泄而被错杀的"烟屁股"——它们的内在价值，远高于当前的市场价格。1.市场情绪冰点，正 是烟蒂密集出现的黄金时刻当市场恐慌性抛售时，很多质地优良的公司也会被泥沙俱下地错杀。这些公 司的核心资产（品牌、技术、渠道、现金流）并未受损，但股价却跌到了极具安全边际的区间。这就像 在地上捡到了一个还能抽一口的雪茄烟蒂，虽然不长，但免费且有滋有味。格雷厄姆强调的"安全边 际"，在当下尤为重要。我们寻找那些：——市净率（PB）远低于历史均值的公司，尤其是破净 （PB<1）的优质龙头。这意味着你用低于公司净资产的价格在买入。——股息率极具吸引力的公司。 在市场动荡时，高股息不仅提供现金流回报，更是公司财务健康的"压舱石"。当股息率超过6%甚至更 高时，其防御性和吸引力不言而喻。——现金流充沛、负债率低的公司。这类公司在经济下行期更具韧 性，抗风 ...