Core Viewpoint - The company has announced a profit distribution plan for the mid-year of 2025, which includes a cash dividend of 0.05 yuan per share, totaling approximately 431.8 million yuan before tax [1][2][3]. Distribution Plan - The profit distribution plan was authorized at the annual general meeting on June 23, 2025, and approved by the board meeting on October 30, 2025 [1]. - The distribution is based on a total share capital of 8,635,987,294 shares, with a cash dividend of 0.05 yuan per share, amounting to a total cash distribution of 431,799,364.70 yuan [1][2]. Eligible Shareholders - The distribution is applicable to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the day before the equity registration [1]. Implementation Method - The cash dividends will be distributed through the clearing system of the China Securities Depository and Clearing Corporation Limited, with shareholders who have completed designated transactions able to receive their dividends on the payment date [1][2]. Taxation Details - For individual shareholders holding shares for over one year, the dividend income is exempt from personal income tax, resulting in an actual cash dividend of 0.05 yuan per share [3]. - For shares held between one month and one year, a 50% reduction applies to taxable income, leading to an effective cash dividend of 0.045 yuan per share after a 20% tax rate [3]. - For shares held for one month or less, the full amount is subject to tax, resulting in an effective cash dividend of 0.04 yuan per share [3]. - Qualified Foreign Institutional Investors (QFII) will have a 10% withholding tax applied, resulting in a cash dividend of 0.045 yuan per share after tax [4]. Consultation Information - For inquiries regarding the profit distribution implementation, shareholders can contact the board office at the provided phone number [4].

Core Viewpoint - The Central Economic Work Conference held on December 10-11 in Beijing has outlined key tasks for economic work in the coming year, emphasizing the need for "continuous deepening of comprehensive reforms in capital market investment and financing" to enhance the quality of capital market development during the "14th Five-Year Plan" period [1] Group 1: Investment and Financing Reform - Continuous deepening of investment and financing reforms is crucial for facilitating a virtuous cycle in the capital market [2] - As of June 2025, direct financing is expected to account for 31.1%, indicating significant room for improvement in the financing structure [2] - The shift from a "financing-led" approach to a "balanced investment and financing" strategy is essential for enhancing investor confidence and market resilience [3][4] Group 2: Market Resilience and Quality - Recent reforms have led to a notable increase in the total refinancing amount of A-share listed companies, surpassing 800 billion yuan, a year-on-year increase of 258% [5] - The reforms have improved market resilience and risk tolerance, with the total market capitalization of A-shares exceeding one trillion yuan [5] - Regulatory measures are being implemented to enhance the quality and investment value of listed companies, promoting a more active merger and acquisition market [4] Group 3: Mechanism Construction - The capital market reforms are expected to advance into a "deep water zone" by 2026, introducing new measures such as a refinancing shelf issuance system [6] - There is a focus on enhancing the inclusiveness and adaptability of the multi-tiered market system to better serve new industries and future investment needs [6] - Recommendations include improving the regulatory environment for long-term investments and ensuring a robust risk management framework [7]

中新网上海12月11日电 (记者 许婧)上财浦发金融创新研究院与上海科创银行联合主办的"科创金融 研究中心成立暨(潮涌东方论坛)科创新格局下的金融创新"活动10日在上海举办。活动上，科创金融研 究中心(以下简称"中心")正式落成。 当天的论坛上，上海财经大学商学院教授、国际文化交流学院院长董静以"创投视角下的科创金 融"为主题，详细解读了当前科创投资的最新动态与未来发展趋势。 信诺维首席战略官周智敏、矩量光启创始人于文龙、国盛证券具身智能研究院院长张一鸣分别就生 物医药、量子计算、具身智能等前沿科技领域的发展趋势进行了精彩分享，通过独家深度洞察展现了前 沿科技领域的无限潜力。 圆桌论坛上，科创伙伴联盟成员单位代表围绕"科创新格局下的金融创新"展开了深入探讨。与会嘉 宾一致认为，当前科技创新呈现出多学科交叉融合、应用场景不断拓展等显著特点，这对金融行业提出 了更高的要求。金融行业需要不断创新服务模式和产品，以满足科创企业多样化的融资需求。 上海财经大学方面表示，未来，上财浦发金融创新研究院依托科创金融研究中心这一优质平台，深 化双方紧密合作；同时，不断整合各方资源，优化金融服务流程，提升金融服务科技创新的能力与 ...

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！ 证券代码：601555 股票简称：东吴证券 公告编号：2025-062 东吴证券股份有限公司 东吴证券股份有限公司（以下简称"公司"）于2025年5月19日成功发行东吴证券股份有限公司2025年度 第二期短期融资券,发行总额为人民币15.7亿元，票面利率为1.65%，期限为205天，兑付日期为2025年 12月10日。 2025年12月10日，公司完成兑付本期短期融资券本息共计人民币1,584,549,383.56元。 特此公告。 东吴证券股份有限公司董事会 2025年12月12日 2025年度第二期短期融资券兑付完成的公告 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法律责任。 ...

Group 1 - The core viewpoint of the article highlights the ongoing competition and collaboration among asset management institutions, with a shift from traditional "fixed income" strategies to "fixed income + multi-asset multi-strategy" approaches [4][5][17] - The scale of bank wealth management products reached 32.13 trillion yuan by the end of September, marking a 4.76% increase from the second quarter [6] - The structural changes in the bank wealth management market are evident, with a significant shift towards multi-asset allocation as investors seek stable returns in a low-interest-rate environment [5][6] Group 2 - The implementation of new asset management regulations is reshaping the valuation practices of wealth management products, moving towards a more transparent net asset value system [7][9] - The demand for diversified wealth management solutions is increasing among residents, with 18.5% of individuals preferring to invest more, particularly in non-guaranteed bank wealth management products [9][10] - The collaboration between various financial institutions and insurance companies is intensifying, driven by the need for stable investment channels and the regulatory environment that encourages such partnerships [11][12][13] Group 3 - The public offering transformation of large collective products in the securities asset management industry is nearing completion, leading to a potential reshaping of the industry landscape [18][24] - The recent trend of "non-affiliated transfers" in public offering transformations indicates a shift from traditional internal transfers to collaborations with external public funds [20][21] - The competition for public fund licenses has become increasingly challenging, with many institutions withdrawing their applications, reflecting a saturated market [23][24]

申万宏源证券首席经济学家赵伟表示，会议在延续积极财政与适度宽松货币基调的基础上，明确提出"增强政策前瞻性针对性协同性"，"发挥存量政策和 增量政策集成效应"。新增表述或意味着，后续政策更注重财政与货币、总量与结构、存量盘活与增量优化的协同发力，更注重避免碎片化，通过强化政 策协同与存量增量联动，实现稳增长与提质增效的双重目标。 会议部署了八大重点任务，包括坚持内需主导，建设强大国内市场；坚持创新驱动，加紧培育壮大新动能；坚持改革攻坚，增强高质量发展动力活力；坚 持对外开放，推动多领域合作共赢；坚持协调发展，促进城乡融合和区域联动；坚持"双碳"引领，推动全面绿色转型；坚持民生为大，努力为人民群众多 办实事；坚持守牢底线，积极稳妥化解重点领域风险。 中金公司研究部首席宏观经济分析师张文朗表示，中央经济工作会议针对社会普遍关注的经济热点问题都有明确回应，扩大内需放在了明年工作的第一 位，明确提出"坚持内需主导，建设国内强大市场"，从居民收入、清理消费限制、优化两新政策等方面多管齐下，还提出"制定城乡居民增收计划"，未来 的落地值得关注。 中信证券指出，防风险方面，本次会议对重点领域风险化解的部署坚持"标本兼治、协同 ...

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters. State securities regulators are urging lawmakers to vote against legislation that would broaden the rules on who can invest in private markets. In a letter to Speaker of the House U.S. Rep. Mike Johnson (R-La.) and Democratic Leader U.S. Rep. Hakeem Jeffries (D-N.Y.), Marni Rock Gibson, the president of the North American Securities Administrators Association, advised lawmakers to vote ‘no’ on the ...

登录新浪财经APP 搜索【信披】查看更多考评等级 特此公告。 西部证券股份有限公司董事会 西部证券股份有限公司（以下简称"公司"）于2025年6月10日发行了公司2025年度第五期短期融资券， 发行金额为人民币15亿元，票面利率为1.67%，发行期限为181天，兑付日为2025年12月9日。 2025年12月9日，公司兑付了2025年度第五期短期融资券本息共计人民币1,512,422,054.79元。 2025年12月10日 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 ...

Group 1 - The bond market continues to show a warming trend, with government bond futures rising across the board and interbank bond yields declining, indicating a stable liquidity environment [1][2] - The People's Bank of China (PBOC) is expected to maintain a relatively loose monetary policy framework, with a net withdrawal of 62.2 billion yuan in the open market on December 11 [1][6] - Market expectations for monetary easing have decreased, suggesting that significant increases in bond purchases by the central bank in December may be unlikely [1][7] Group 2 - In the primary market, the China Development Bank's financial bonds had winning yields of 1.5295%, 1.7571%, and 1.9358% for 1-year, 5-year, and 10-year terms, respectively, with bid-to-cover ratios indicating strong demand [5] - The short-term Shibor rates mostly declined, with the overnight rate dropping to 1.283%, the lowest since August 2023, reflecting a shift in market liquidity conditions [6] - Analysts from Huafu Securities and Huatai Fixed Income highlight a structural transformation in the economy, moving from "city investment-real estate" to "industry-consumption" driven growth, which may require adjustments in analytical frameworks [7][8]

新华财经北京12月11日电（记者刘玉龙）中央经济工作会议12月10日至11日在北京举行。会议强调，实 施更加积极有为的宏观政策，增强政策前瞻性针对性协同性，持续扩大内需、优化供给，做优增量、盘 活存量，因地制宜发展新质生产力，纵深推进全国统一大市场建设，持续防范化解重点领域风险，着力 稳就业、稳企业、稳市场、稳预期，推动经济实现质的有效提升和量的合理增长，保持社会和谐稳定， 实现"十五五"良好开局。 业内人士分析，中央经济工作会议政策取向定调稳中求进、提质增效，为资本市场平稳健康运行夯实基 础和条件。未来，纵深推进板块改革、提高上市公司质量、推动中长期资金入市、提升投资者权益保护 质效等将是"持续深化资本市场投融资综合改革"的重点。 政策取向定调稳中求进、提质增效，为资本市场平稳健康运行夯实基础和条件 会议指出，明年经济工作在政策取向上，要坚持稳中求进、提质增效，发挥存量政策和增量政策集成效 应，加大逆周期和跨周期调节力度，提升宏观经济治理效能。 中金公司研究部首席宏观经济分析师张文朗表示，会议提出"提质增效"这个要求的内涵是让财政、货 币、产业等政策协同配合，把传统工具和创新工具结合起来，把周期政策和改革政 ...