Core Viewpoint - The resumption of land reserve special bonds is a significant measure to stabilize the land market and alleviate the pressure on local government financing and real estate companies, with over 540 billion yuan issued this year [1] Group 1: Special Bonds Issuance - A total of over 540 billion yuan in land reserve special bonds has been issued this year, with announced land acquisition projects exceeding 600 billion yuan, indicating a slight delay in bond issuance [1] - As of the latest data, 27 provinces and cities have publicly announced specific information on acquiring idle land projects, covering 5,314 plots with a total funding scale of 6,034.33 billion yuan [1] - The issuance of land reserve special bonds has been relatively slow, with only over 200 billion yuan issued in the first half of the year compared to nearly 500 billion yuan in announced projects [2] Group 2: Project Characteristics - Over 80% of the land acquisition projects involve local state-owned enterprises or city investment subsidiaries, with a minimal share from private enterprises, and the land types primarily include comprehensive, residential, and commercial properties [2] - The average negotiation period for project pricing has exceeded four months, indicating challenges in pricing agreements between government and enterprises [3] Group 3: Future Outlook - The issuance of land reserve special bonds is expected to accelerate in the second half of the year as more regions join the program, with 26 provinces and cities having issued or planned to issue bonds totaling 545.15 billion yuan [2] - Despite operational challenges, local governments are gradually implementing policies tailored to regional land market conditions, indicating a proactive approach to land reserve projects [3]

Core Viewpoint - The report from Everbright Securities indicates that the electricity trading results for Guangdong Province in 2026 are in line with expectations, with potential profitability pressure on thermal power units, while the spot market is expected to provide performance increments [1]. Group 1: Electricity Pricing and Trading - The average transaction price for thermal power is 372.14 cents/kWh, down 5.03% year-on-year, which is close to the market reference price's downward adjustment of 20% [1]. - The green electricity transaction price is 372.21 cents/kWh, with an environmental premium of 4.93 cents/kWh, leading to a comprehensive price of 377.14 cents/kWh, down 3.88% year-on-year, but higher than the mechanism price of 360 cents/kWh [1]. - The trading volume of green electricity in 2026 is expected to increase by 17.74% year-on-year, reaching 4.779 billion kWh compared to 4.059 billion kWh in 2025 [1]. Group 2: Capacity Pricing and Overall Electricity Price - Starting from January 2026, the coal power capacity subsidy in Guangdong will increase from 100 yuan/kW to 165 yuan/kW, resulting in a capacity price increase of 0.016 yuan/kWh year-on-year [2]. - The annual comprehensive electricity price for coal power units in Guangdong is projected to be 0.414 yuan/kWh, down 0.78% year-on-year, indicating stability [2]. Group 3: Market Conditions and Future Outlook - The electricity supply-demand situation in Guangdong is expected to remain loose in 2026, continuing the trend from 2025, with an anticipated increase in installed capacity [3]. - The spot market prices are expected to exhibit greater volatility due to the large-scale entry of green electricity, allowing operators to profit through flexible strategies [3]. - The functional premium of thermal power is expected to be highlighted through the spot market as green electricity enters the market in large quantities [3].

Core Viewpoint - The "2025 China SME Financing Forum" was held in Beijing, focusing on enhancing financing services for small and medium-sized enterprises (SMEs) in China [1] Group 1: Event Overview - The forum was organized by the SME Development Promotion Center of the Ministry of Industry and Information Technology [1] - The event introduced three key service platforms: "Location Service Sector," "Innovation Achievement Launch Platform," and "Financial Credit Enhancement Service Platform" [1] Group 2: Partnerships and Collaborations - The SME Development Promotion Center has established an innovative partnership mechanism with various institutions, including Zhejiang Merchants Securities, Beijing Fund Industry Association, Renmin Financial, and Fushi Technology [1]

齐鲁晚报.齐鲁壹点张如意 12月25日，省政府新闻办举行新闻发布会，邀请省财政厅主要负责同志等介绍"十四五"时期山东深化财 政改革发展情况。记者在会上了解到，近年来，省财政厅坚持有效市场和有为政府相结合，主动更新理 财观念，创新投入方式，跨前一步、主动作为，携手各方金融机构，创新实施"财金协同联动提升行 动"，在更大空间、更广领域集聚要素资源，为高质量发展注入了强劲动能。 在工作思路上，重点做到"三个坚持"：一是坚持市场理念，让资源配置更高效。用好财政奖补、贷款贴 息、引导基金、股权投资等市场化手段，变"行政选择"为"市场遴选"，让专业的人干专业的事，最大程 度调动市场积极性。二是坚持互利共赢，让资金投入更聚焦。找准财政政策和金融政策的结合点，精准 引导金融"活水"流向，既有力推动决策部署落实落地，也让参与机构在支持高质量发展、推进重大战略 实施中获得预期收益，达到联动和双赢的效果。三是坚持系统设计，让支持发展的力量更集成。打 通"政策+机构+项目"全过程各环节，穿透到基层和市场主体，推动生产要素畅通流动、市场潜力充分 释放，达到"1+1＞2"的效果。 具体工作推进中，主要加强了"四个联动"：一是加强机构联动 ...

Core Viewpoint - The offshore RMB against the US dollar has reached a 15-month high, breaking the 7.0 yuan mark, driven by various factors including reduced external pressures, enhanced internal resilience, precise policy adjustments, and shifting market expectations [1][3]. Group 1: RMB Exchange Rate Dynamics - As of December 25, the offshore RMB was reported at 6.9999 yuan per US dollar, up 77 basis points from the previous close, with an intraday high of 6.9981 yuan [1]. - The onshore RMB was reported at 7.0073 yuan per US dollar, increasing by 88 basis points from the previous close, with an intraday high of 7.0061 yuan [4]. - Analysts suggest that the recent RMB appreciation is primarily driven by a changing dollar environment, with expectations of continued Fed rate cuts suppressing the dollar's long-term outlook, thus providing room for RMB appreciation [3]. Group 2: Future Outlook and Expert Opinions - Experts predict that the RMB exchange rate may maintain a moderate appreciation trend towards 2026, influenced by a weaker dollar index and stable monetary policy from the central bank [6]. - The core variables affecting the exchange rate in 2026 are expected to be the dollar's performance and changes in US-China trade relations, with a potential for the RMB to continue appreciating moderately due to narrowing interest rate differentials [6]. - The analysis indicates that the decoupling of the RMB exchange rate from the dollar index may become a norm, supported by both fundamental and policy factors [3].

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！ 来源：兴业证券发布 近期，在由中国人民银行、中国证监会等监管机构主导的"2024年度金融科技发展奖"评选中，兴业证券 及子公司兴证全球基金，凭借自主研发的前沿成果，从全国681项顶尖成果中脱颖而出，双双荣获三等 奖。 兴业证券此次获奖的"基于指标体系的数智化运维治理平台"项目，是公司前瞻性打造的新一代智能运维 体系的核心。该体系以"巡天平台"为基，取意"巡天遥看一千河"，旨在以全局视野驾驭复杂系统。 平台以指标体系为抓手，集监控、自动化、管理与分析于一体，推动运维从"被动保障"迈向"主动赋 能"，深度助力业务与技术融合提质增效。同时，公司积极参与行业共建，作为主要起草单位参与了智 能运维国家标准的制定，牵头多项金融科技监管课题、证标委行业标准及团体标准研究，将自身优秀实 践转化为行业共享的方案与标准。 兴证全球基金 深度融合场景，以技术重塑业务价值 兴证全球基金自主研发的"千询固收智能交易平台"，实现了固收交易从人工到智能全流程的突破，平台 通过AI智能解析等技术，每日为每位交易员节省约3小时，询价效率提升超50%，成功将前沿科技与核 ...

2025年的证券业，进行了一场全方位变革。并购重组与新老交接重塑治理生态，为行业转型注入决策动 能；6185名分析师搭建起资本与产业的链接桥梁，让行业告别"佣金依赖"转向"专业赋能"；11家券商密 集增资出海，跨境投行、数字金融多点突破，令行业向国际一流投行目标稳步迈进。这场涵盖治理、人 才、业务的全维度变革，既是行业应对市场竞争的主动求变，更是服务实体经济高质量发展、服务金融 强国建设的必然选择。变革之下，证券业的竞争版图与发展路径正被重新定义。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 公告送出日期：2025年12月25日 一、公募REITs基本信息 ■ 二、2025年11月主要运营数据 本基金以获取基础设施项目收费等稳定现金流为主要目的，通过积极主动运营管理基础设施项目，力求 提升基础设施项目的运营收益水平，实现基础设施项目现金流长期稳健增长。 1、日均收费车流量计算方法：当月总收费车流量/当月自然天数； 2、收费车流量口径说明：均为自然车流（veh）口径； 3、以上为广东省联网收费清分结算机构提供的当期清分数据，未经审计，最终以经审计后的数据为 准。 以上披露内容已经过本项目运营管理实施机构广州高速运营管理有限公司确认。 三、其他说明事项 投资者可登陆平安基金管理有限公司网站fund.pingan.com或拨打客户服务电话：400-800-4800进行相关 咨询。 截至目前，本基金投资运作正常，无应披露而未披露的重大信息，基金管理人将严格按照法律法规及基 金合同的规定进行投资运作，履行信息披露义务。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利，也不保证 最低收益。基金的过往业绩及其净值高低并不预示其未 ...

值得一提的是，一级市场的活跃，带来了存续债券规模的快速增长。截至2025年11月末，上交所公司债 券市场存量规模接近14万亿元，不论是从发行还是存续规模来看，上交所都已成为全球最大的交易所债 券市场之一。 记者发现，目前债券发行人大多为持续滚动的融资主体——通过建立长期性的信用关系实现"持续再融 资"。这意味着，构建信用基础已经成为存续期管理的"生命线"——即在债券存续期阶段，如何准确、 客观、有效地反映信用、修复信用、增强信用，优化长期"信用曲线"，显得尤为重要。 新华财经上海12月24日电（记者杨溢仁）记者获悉，为积极引导受托管理人发挥主动信用管理功能，上 交所于12月24日发布《上海证券交易所债券存续期业务指南第5号——公司债券受托管理》（以下简称 《指南》）。 《指南》首次将信用管理的理念贯穿债券产品的全生命周期，再次强调公司债券以信用为生命线的特 征，还设专章鼓励支持主动信用管理工作，旨在引领受托管理人角色转变，带来行业新气象，同时细化 了券商在受托业务实践中的信用监测、信息披露、持有人会议等工作环节。 激活"价值引擎" 信用驱动债市行稳致远 2025年以来上交所公司债市场发行活跃，发行规模近4.5 ...

Core Viewpoint - The non-bank financial sector is currently undervalued, with a significant potential for valuation recovery as the price-to-book (PB) ratio has declined faster than the return on equity (ROE) from 2021 to 2023 [1] Group 1: Non-Bank Financial Sector - The valuation level of the non-bank financial industry is below the long-term trend, indicating a large room for recovery [1] - The basic fundamentals are expected to bottom out in 2024, leading to noticeable recovery and increased price elasticity [1] - The new regulations for public funds may lead to a return to benchmark styles, with banks and non-banks likely to see a flow of funds back into these sectors [1] Group 2: Brokerage Sector - Despite weak excess returns over the past year, the current valuation remains low, and a breakthrough in the index could trigger a beta rally [1] - Industry mergers and acquisitions are expected to provide thematic opportunities within the brokerage sector [1] Group 3: Insurance Sector - The insurance sector is likely to benefit from policy catalysts, such as the reduction of equity investment risk factors by insurance funds, and improvements in fundamentals [1] - This sector is expected to demonstrate elasticity ahead of others due to these factors [1] Group 4: Securities ETF - The Securities ETF (512880) tracks the securities company index (399975), which includes listed companies in the securities industry, reflecting the overall performance of the sector [1] - The index has a high industry concentration and effectively captures market dynamics and performance trends within the securities industry [1]