招商银行 公告称，"25深圳特发MTN005"申购结束前一小时内出现投资人撤标， 中信证券 撤标规模 2000万元，申购价位2.32%，撤标时间17:59:27。 ...

北京商报讯（记者 李海媛）12月8日，招商证券发布第八届董事会第二十五次会议决议公告提到，董事 会会议同意由招证国际向其全资子公司分次增资不超过90亿港元。首次增资对象为招商证券（香港）有 限公司，增资规模不超过40亿港元。同意授权招证国际董事会根据实际情况决定对其全资子公司分次增 资并办理增资相关事宜。 ...

格隆汇12月8日丨苏州银行(002966.SZ)公布，收到大股东苏州国际发展集团有限公司（简称"国发集 团"）出具的《关于权益变动的告知函》。国发集团及其一致行动人东吴证券股份有限公司（简称"东吴 证券"）于2025年7月1日至2025年12月5日期间通过深圳证券交易所交易系统集中竞价交易合计增持本行 股份4,470.6654万股，占总股本的1.00%。本次增持后，大股东国发集团及其一致行动人东吴证券合计 持有本行股份71,530.5978万股，占本行总股本的16.00%，权益变动触及1%整数倍。 ...

12月8日金融一线消息，苏州银行今日发布公告称，该行于2025年12月8日收到大股东苏州国际发展集团 有限公司（以下简称"国发集团"）出具的《关于权益变动的告知函》。国发集团及其一致行动人东吴证 券股份有限公司（以下简称"东吴证券"）于2025年7月1日至2025年12月5日期间通过深圳证券交易所交 易系统集中竞价交易合计增持本行股份4470.6654万股，占总股本的1.00%。本次增持后，大股东国发集 团及其一致行动人东吴证券合计持有本行股份71，530.5978万股，占该行总股本的16.00%，权益变动触 及1%整数倍。 | 1. 基本情况 | | | | --- | --- | --- | | 信息披露义务人 1 | | 苏州国际发展集团有限公司 | | 住所 | | 江苏省苏州市人民路 3118 号国发大厦北楼 | | 信息披露义务人2 | | 东吴证券股份有限公司 | | 住所 | | 苏州工业园区星阳街5号 | | 权益变动时间 | | 2025年7月1日至2025年12月5日 | | 权益变动过程 | | 国发集团与东吴证券于 2025年7月1日至 2025年12 | | | | 月 5 日期间 ...

Core Viewpoint - The SEC is planning to introduce an "innovation exemption" next month, allowing companies to conduct controlled innovation experiments, while emphasizing the need for a clear regulatory framework for cryptocurrency and digital assets [2][7]. Group 1: SEC's Vision and Regulatory Changes - SEC Chairman Paul Atkins highlighted the significant transformation in the U.S. capital markets over the past 30 years, driven by technological advancements and the shift from manual trading to electronic systems [3][4]. - The SEC aims to modernize the financial services landscape by embracing new technologies, ensuring that the U.S. remains at the forefront of cryptocurrency regulation [6][7]. - The SEC has rebranded its "Crypto Task Force" to "Project Crypto" and is working on a new classification framework to define which assets qualify as securities, with a focus on tokenized securities [7][8]. Group 2: Tokenization and Market Dynamics - Tokenization is described as using smart contracts or blockchain tokens to represent underlying securities, enhancing transparency in ownership structures [4][5]. - The potential for "T+0" settlement through blockchain technology could replace the current "T+1" settlement cycle, reducing market risks and increasing transparency [5][6]. - The SEC is coordinating with the CFTC to create a more efficient regulatory environment, addressing historical discrepancies that have hindered the development of potential products [8]. Group 3: Legislative Developments - The passage of the Genius Act marks a significant step in recognizing digital products like stablecoins, with ongoing discussions about further legislative measures for digital assets [7][8]. - The SEC is committed to providing a clear compliance framework for investors while ensuring a stable environment for innovators to develop new products [7].

东方证券公告称，近日收到龚德雄辞职报告，因其工作调动，申请辞去董事长等职务，2025年12月8日 离任，原定任期至2027年11月21日，离任后不再任职。其离任不会使董事会成员低于法定人数，辞职报 告送达生效。龚德雄任职期间推动公司发展，业绩和地位提升。在新任董事长到岗前，由副董事长鲁伟 铭代行董事长等职责。 ...

长沙晚报掌上长沙12月8日讯（全媒体记者 周丛笑）今天三大指数集体高开，沪指高开0.16%，深成指 高开0.24%，创业板指高开0.32%。量能上，开盘半小时，沪深两市成交额突破6600亿，较上一日此时 放量超1700亿，预计全天成交金额超2万亿。行业板块上，商业航天、证券等板块指数涨幅居前，固态 电池概念震荡走强。 长江证券资深投资顾问刘浪表示，大金融板块拉升。消息面上，6日中国证券业协会第八次会员大会表 示，证监会将着力强化分类监管、扶优限劣，对优质机构适当松绑，进一步优化风控指标，适度打开资 本空间和杠杆限制，提升资本利用效率。以国泰君安吸收合并海通证券获批，及中金公司拟整合东兴、 信达为标志，行业迈入"航母级"整合新阶段。头部机构通过资本扩容与牌照资源的深度互补，旨在构建 跨境金融、衍生品定价及风险管理等高壁垒业务的护城河，头部"马太效应"显著增强。 消息面，国家金融监管总局近日发布《关于调整保险公司相关业务风险因子的通知》。其中提到，保险 公司持仓时间超过三年的沪深300指数成分股、中证红利低波动100指数成分股的风险因子从0.3下调至 0.27；保险公司持仓时间超过两年的科创板上市普通股的风险因子 ...

Core Viewpoint - The bond market is experiencing significant fluctuations, particularly in the long-end yields, influenced by macroeconomic narratives and policy expectations, while the equity market remains relatively stable [1][19]. Market Overview - The liquidity in the market was relatively loose at the beginning of December 2025, with the central bank conducting a net bond purchase of 500 billion yuan in November, indicating a "short-term collection and long-term release" strategy [1][14]. - The yield curve has steepened, with the 30-year government bond yield rising over 7 basis points, reflecting a correction in pricing logic for ultra-long bonds [1][4]. Yield Changes - As of December 5, 2025, the yields for various maturities showed mixed movements compared to November 28, 2025, with the 30-year yield increasing by 7.2 basis points to 2.2571% [2][3]. - The 10-year government bond yield also saw fluctuations, closing at 1.8285% after a series of adjustments throughout the week [4][6]. Issuance and Market Activity - In the primary market, a total of 78 bonds were issued, amounting to 430.717 billion yuan, including 4 government bonds worth 223 billion yuan [8][9]. - The issuance of a 30-year government bond at a bidding rate of 2.30% was noted to be higher than the secondary market level, indicating a potential divergence in market expectations [9]. International Context - The U.S. bond market saw a rise in yields, with the 10-year Treasury yield increasing by over 12 basis points to 4.14%, influenced by expectations of interest rate changes from the Federal Reserve [10][12]. - Japan's central bank signaled a potential interest rate hike, leading to a rise in Japanese government bond yields, which may affect capital flows and investor sentiment in the global bond market [12][19]. Institutional Insights - Analysts from CITIC Securities expect the central bank to maintain liquidity support through a combination of short and long-term operations, especially as year-end cash withdrawal demands increase [18]. - Industry experts from Industrial Securities highlighted a fundamental shift in macro narratives affecting ultra-long bonds, suggesting a decrease in the certainty of capital gains from such investments [19].

消息面上，中国人民银行于5日以固定数量、利率招标、多重价位中标方式开展1万亿元买断式逆回购操 作，期限为3个月（91天）。鉴于月内将有同等规模的3个月期品种到期，本次操作后将实现3个月期买 断式逆回购等量续作。 华西证券认为，从近期操作看，已公布的12月3个月期买断式逆回购继续等额续作（投放与当日到期均 为1万亿元），参考11月续作结果，此举或并不代表央行投放力度缩减，而是更多反映了央行对资金投 放期限结构的调整，预计后续6M期将延续加量续作，以维护跨年流动性合理充裕。 天风证券也表示，综合9月、11月资金面表现来看，买断式逆回购等量续作或反映月初银行通过买断式 逆回购补充流动性的意愿不高，更倾向于等待月中、月末等流动性需求更为明晰的时点进行主动管理。 天风证券指出，上周DR001下破1.3%创下新低，显示央行在跨年期间对资金面的呵护意图，但这并非货 币政策进一步宽松的信号，需关注资金防空转诉求，下破1.3%状态可能非常态。与DR001下破1.3%并 存的是两个现象：金融时报刊文提及"收短放长"的央行流动性组合拳；11月国债净买入规模不及市场预 期。自6月以来，资金利率处于低位低波状态，但上周首次打破1.3% ...

Group 1 - The Hong Kong IPO market has shown strong momentum in the first three quarters of 2025, benefiting from global investors' interest in Chinese technology companies, making Hong Kong a preferred listing destination for AI enterprises [1] - An event titled "Mosu Acceleration Camp | Decoding the Path to Listing in Hong Kong" was held to help companies understand the listing rules, processes, and opportunities in the Hong Kong Stock Exchange, featuring participation from leading institutions like CITIC Securities and Jingtian Gongcheng Law Firm [1][3] - Key speakers at the event included KPMG partners who discussed the advantages of the Hong Kong capital market and its role as a connection between international finance and the mainland capital market, highlighting the impact of new listing regulations on technology companies [3] Group 2 - The event facilitated discussions among numerous AI companies' founders, CFOs, and investors, allowing them to engage directly with experts on their specific concerns regarding the Hong Kong listing process [3] - Future collaborations aim to empower AI enterprises through professional services and insights in capital markets and overseas development, sharing expertise to support the growth of businesses and entrepreneurs [7]