【大河财立方消息】12月26日，央行发布的数据显示，初步统计，2025年三季度末，我国金融业机构总 资产为531.76万亿元，同比增长8.7%，其中，银行业机构总资产为474.31万亿元，同比增长7.9%；证券 业机构总资产为17.05万亿元，同比增长16.5%；保险业机构总资产为40.4万亿元，同比增长15.4%。 金融业机构负债为485.85万亿元，同比增长8.8%，其中，银行业机构负债为435.95万亿元，同比增长 8%；证券业机构负债为13.25万亿元，同比增长19.2%；保险业机构负债为36.65万亿元，同比增长 15.3%。 责编:陶纪燕 | 审核:李震 | 监审:古筝 ...

金融业机构负债为485.85万亿元，同比增长8.8%，其中，银行业机构负债为435.95万亿元，同比增长 8%；证券业机构负债为13.25万亿元，同比增长19.2%；保险业机构负债为36.65万亿元，同比增长 15.3%。 12月26日，央行发布数据，初步统计，2025年3季度末，我国金融业机构总资产为531.76万亿元，同比 增长8.7%，其中，银行业机构总资产为474.31万亿元，同比增长7.9%；证券业机构总资产为17.05万亿 元，同比增长16.5%；保险业机构总资产为40.4万亿元，同比增长15.4%。 ...

央行数据显示，初步统计，2025年3季度末，我国金融业机构总资产为531.76万亿元，同比增长8.7%， 其中， 银行业机构总资产为474.31万亿元，同比增长7.9%； 证券业机构总资产为17.05万亿元，同比增 长16.5%； 保险业机构总资产为40.4万亿元，同比增长15.4%。金融业机构负债为485.85万亿元，同比增 长8.8%，其中，银行业机构负债为435.95万亿元，同比增长8%；证券业机构负债为13.25万亿元，同比 增长19.2%；保险业机构负债为36.65万亿元，同比增长15.3%。 ...

股票频道更多独家策划、专家专栏，免费查阅>> 中央财经大学金融学院教授、证券期货研究所名誉所长贺强 贺强以近期市场为例分析：此前A股两次冲击4000点关口，首次突破时全市场单日成交额达2.3万亿元，而第二次突破时仅为1.95万亿元。成交额萎缩往往难 以站稳高位，因此引发了回调。他认为，后续可能出现第三次冲击，但关键在于突破后能否有效站稳，并实现向5000点的稳步攀升。 如何实现这一目标？贺强强调，必须引入更多增量资金入市。若要突破2015年的历史高点，市场日成交额至少需达到2.5万亿元，甚至3万亿元。"目前市场 成交量仍显不足，这也是监管部门持续出台政策、着力引入中长期资金的原因。"贺强表示，监管方面的持续努力，正说明中国股市未来充满希望。 12月26日，由金融界主办的"启航·2025金融年会"在北京举行。本次年会以"新开局、新动能、新征程"为主题，来自政、商、学、研等领域的100多位嘉宾、 500余家金融机构和上市公司齐聚一堂，共赴这场思想盛宴。 中央财经大学金融学院教授、证券期货研究所名誉所长贺强在演讲中表示，上市公司业绩的持续提升，是支撑股市持续上行的核心条件。但仅此还不够，还 必须满足第二个关键条件， ...

为更好地满足广大投资者的理财需求，经与国元证券股份有限公司（以下简称"国元证券"）协商一致， 根据有关法律法规及相关产品公告，汇丰晋信基金管理有限公司（以下简称"本公司"）决定自2025年12 月26日起调整本公司旗下开放式基金在国元证券的交易限额。现将有关事宜公告如下： 二、 调整内容 自2025年12月26日起，投资者通过国元证券申（认）购（含定期定额投资）上述基金时，首次申（认） 购（含定期定额投资）最低金额调整为1元，追加申（认）购每次最低金额调整为1元。 自2025年12月26日起，投资者通过国元证券赎回上述基金时，最低赎回份额调整为1份，每个交易账户 的最低基金份额余额调整为1份，基金份额持有人赎回时或赎回后将导致在国元证券保留的基金份额余 额不足1份的，需一次全部赎回。如因分红再投资、非交易过户、转托管、巨额赎回、转换等原因导致 在国元证券的账户余额少于1份的，不受此限，但再次赎回时必须一次性全部赎回。 自2025年12月26日起，投资者通过国元证券进行基金转换的，基金转换的最低申请份额调整为1份，每 个交易账户的最低基金份额余额调整为1份，如投资者办理基金转换转出后导致该基金份额不足1份时， ...

Group 1 - The announcement states that Changjiang Securities Co., Ltd. will start selling certain funds managed by Jianxin Fund Management Co., Ltd. from December 26, 2025 [1] - Investors can conduct business related to these funds at the sales outlets of the mentioned institutions, following their specific rules and processes [1] - Jianxin Fund Management Co., Ltd. has also signed a sales agreement with CITIC Bank, which will begin selling some of its funds on the same date [4] Group 2 - The announcement includes contact information for both Changjiang Securities and Jianxin Fund Management, providing customer service numbers and websites for further inquiries [2][5] - Investors are advised to read the relevant legal documents such as the fund contract and prospectus before investing [2][5]

Core Viewpoint - The report from CITIC Securities suggests that the macro asset environment in 2026 may exhibit characteristics of marginal liquidity easing and moderate economic recovery, recommending commodities > equities > bonds [1] Equities - CITIC Securities forecasts a 5%-10% annual increase for the Wind All A-share index in 2026 [1] - Hong Kong stocks are expected to experience a performance bottom rebound and a second round of valuation recovery, referred to as a "Davis Double-Click" market [1] - US stocks are likely to maintain fundamental growth momentum under a backdrop of "fiscal + monetary" easing during the mid-term election year [1] Bonds - The 10-year Chinese government bond yield is projected to fluctuate within a range of 1.5%-1.8%, with a pattern of initially declining and then rising [1] - The 10-year US Treasury yield is expected to remain within a range of 3.9%-4.3% [1] Commodities - The oil supply-demand balance is shifting from surplus to equilibrium, with Brent crude oil projected to oscillate between $58 and $70 per barrel throughout the year [1] - Gold is anticipated to maintain strength supported by liquidity easing and geopolitical risks, with a potential to reach $5,000 per ounce, although the rate of increase may slow [1] - Copper is expected to have strong support driven by supply constraints and electricity demand, with an average price forecasted to rise to $12,000 per ton [1] Currency - The Chinese yuan is likely entering a period of mild appreciation, with the USD/CNY exchange rate expected to gradually approach 6.8 [1]

Core Viewpoint - The capital market plays a crucial role in enhancing the financing efficiency of technology innovation enterprises, promoting regional economic collaboration, and necessitating securities firms to deeply integrate into industry chains and regional innovation ecosystems [2][3]. Group 1: Securities Firms' Role - Securities firms are required to evolve from being mere financing channels to becoming "full lifecycle partners" for technology innovation, reshaping their valuation systems and embedding themselves within industry chains and regional innovation ecosystems [3][4]. - The services provided by securities firms must address various financing needs at different stages of enterprise development, including efficient, convenient, and low-cost financing strategies [2][4]. - Strategic partnerships through equity ties and mergers and acquisitions are essential for technology enterprises to achieve scale expansion and industry chain integration [2][4]. Group 2: Focus Areas for Development - The company will focus on emerging sectors to support the growth of technology innovation enterprises, emphasizing mergers and acquisitions and industry chain integration [4]. - There will be an enhancement of comprehensive service capabilities throughout the entire lifecycle of clients, with customized solutions that integrate investment banking value into critical business development stages [4][6]. - The company aims to deepen regional collaboration by leveraging the industrial strengths of Wuxi and the financial resources of Shanghai, improving the collaborative service system in the Yangtze River Delta region [4]. Group 3: Support for Unprofitable Enterprises - The company recognizes the potential of unprofitable enterprises with solid "hard technology" foundations and verifiable "growth curves," viewing support for these firms as a new opportunity for value discovery [5][6]. - A dedicated team of industry experts will be constructed to accurately identify enterprises with genuine growth potential, requiring knowledge in law, finance, and industry-specific strategies [6]. - Comprehensive financial services will be enhanced to provide integrated support for unprofitable enterprises, ensuring compliance and risk management throughout the project lifecycle [6].

Group 1 - The core point of the article highlights a significant talent exodus at Guosheng Securities Research Institute, particularly in the fields of pharmaceuticals, computers, and media, as multiple analysts have recently left the firm, indicating a potential "brain drain" crisis [2][3][4] - The trend of analyst departures has been ongoing since September, with key figures such as the co-director and chief analysts from various sectors submitting their resignations, suggesting a deeper issue within the firm [4][5] - Guosheng Securities has experienced a notable decline in commission income, with a reported 28.35% year-on-year drop in the first half of the year, reflecting broader challenges faced by sell-side research amid increasing competition and changing market dynamics [6][8] Group 2 - The sell-side research industry is undergoing profound changes due to multiple pressures, including commission rate reforms and the rise of buy-side research capabilities, leading to a shrinking "cake" of commission income that previously supported rapid expansion [5][6] - The year-end talent migration is exacerbated by the "New Fortune Best Analyst Awards," which incentivizes analysts to switch firms for better career prospects and higher salaries, creating a competitive environment for talent acquisition [8][9] - Analysts are increasingly prioritizing personal brand and research quality over the brokerage platform itself, as buy-side institutions focus their budgets on analysts who can deliver tangible value, further complicating the talent retention landscape for smaller brokerages [6][7]

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