2025年即将收官，市场在结构性行情中寻找新的方向。新质生产力主线持续凸显，硬科技领域展现出蓬 勃生机，资本市场正以更加理性的目光审视中国资产的内在价值。 在这个关键节点，"共识"的价值愈发凸显。如何理解当前市场的估值逻辑？如何把握新一轮资产重估中 的投资机遇？这些问题亟待深入探讨。 2025年12月6日下午，广州南方财经大厦将迎来一场思想盛宴——证券业年会暨2025年21世纪金牌分析 师颁奖典礼。 21世纪经济报道 记者 崔文静 时序更迭，中国资本市场正迎来新一轮价值重估的重要窗口。 研究所长层面，长江证券邬博华、浙商证券邱冠华、华创证券董广阳等负责人将齐聚一堂。他们带领的 研究团队，每天都在市场最前沿进行深入分析，他们的集体智慧值得期待。 本次年会汇聚十位知名首席经济学家、多家券商掌门人及研究所所长，围绕"中国资产重估——A股趋 势"展开深度对话。这是一次市场声音的集中呈现，也是一次专业智慧的集体碰撞。 同时，第五届21世纪金牌分析师评选榜单也将揭晓。这份经过严格评选产生的榜单，将为市场提供专业 的参考坐标。 本次证券业年会的一大亮点，是众多首席经济学家的集体亮相。他们将围绕"中国资产重估——A股趋 势" ...

Core Insights - Shenzhen Stock Exchange and Huawei Technologies jointly launched a regulatory model based on Huawei's Pangu large model at the "2025 Exchange Technology Conference" [1][3] - The initiative aims to leverage AI technology to enhance the intelligent transformation of compliance services in the capital market [1] Group 1: Model Development - The regulatory model utilizes Huawei's Pangu Reasoner 38B as its core technology, integrating the Shenzhen Stock Exchange's regulatory knowledge system [3] - The model combines Huawei's proprietary fine-tuning technology and scenario-based training capabilities to create an accurate, efficient, and scalable intelligent regulatory service platform [3] Group 2: Future Collaboration - Huawei's Vice President and CEO of Digital Finance, Cao Chong, emphasized the collaboration's validation of the Pangu model's potential in vertical fields [3] - There are plans for ongoing innovation exploration with the Shenzhen Stock Exchange in areas such as issuance review and regulatory technology, aiming to build a smart compliance ecosystem [3]

Group 1 - The 2025 Greater Bay Area Exchange Technology Conference will be held on November 28-29, focusing on the theme "Towards the Era of Artificial Intelligence+" [1] - Key attendees include leaders from Shenzhen Stock Exchange, Hong Kong Stock Exchange, and Guangxi Futures Exchange, along with representatives from regulatory bodies, financial institutions, technology companies, and academic institutions [1] - Eight technological achievements were announced at the conference, including intelligent monitoring technology for abnormal trading behavior and a regulatory model from Shenzhen Stock Exchange, with contributions from major industry players like CITIC Securities and CICC [1] Group 2 - The Chief Engineer of Shenzhen Stock Exchange, Yu Huali, emphasized the commitment to implementing the spirit of the 20th Central Committee's Fourth Plenary Session, focusing on risk prevention, strong regulation, and promoting high-quality development [2] - The goal is to create a safe, efficient, and intelligent digital exchange to inject new momentum into the healthy and high-quality development of the capital market [2]

比赛现场，参赛证券从业人员精神抖擞、意气风发，"速度与激情"贯穿全程，乒乓球赛场，选手们时而精准快攻，时而凌 厉扣杀，每一轮攻防都展现出扎实的基本功与敏捷的应变能力。在羽毛球比赛中，选手们挥拍如电，一次次精彩救球引发全场 观众阵阵欢呼。充分展现了运动员过硬的竞技实力与顽强的拼搏精神。 下一步，青海证券业协会将继续以服务行业发展、凝聚队伍力量为宗旨，积极搭建多元化文体交流平台，切实提升从业人 员身体素质与团队协作能力，汇聚行业发展正能量，为推动青海证券业高质量发展注入更强动能。 （编辑 张伟） 本报讯 （记者李立平）为丰富辖区证券从业人员精神文化生活，搭建会员单位间沟通互动平台，切实提升业余文化生活质 量，增强行业凝聚力。11月28日，青海证券业协会举办"2025乒羽先锋"对决赛，辖区各会员单位组成28支代表队，共计90余人 踊跃参赛。 ...

Core Insights - The financial industry has a high demand for specialized talent who understand both business and technology, which is currently hard to find [1] - Guotai Junan Securities aims to develop a self-cultivation system for talent, encouraging business personnel to actively participate in AI application implementation [1] - The company believes that composite talent will play a crucial role in the large-scale application of future model products [1] Group 1 - The financial sector requires professionals who are proficient in both business and technology, highlighting a gap in traditional educational models [1] - Guotai Junan is exploring a "Finance + AI" talent cultivation model to better align with industry needs [1] - The firm has designed a "business personnel participation mechanism" to lower the technical barriers for employees [1] Group 2 - The initiative aims to empower business personnel to independently address practical issues in their work through AI [1] - Guotai Junan seeks to continuously expand its talent pool by fostering internal practices and innovative mechanisms [1] - The emphasis on composite talent is seen as vital for the future scalability of AI applications within the company [1]

Core Points - The Chongqing Municipal People's Congress approved the "Chongqing Local Financial Regulations," which will take effect on March 1, 2026, marking a significant step in local financial governance [1][2][3] - The regulations consist of seven chapters and fifty-one articles, covering the establishment and change of local financial organizations, consumer rights protection, compliance operations, and prohibited activities [1][2] - The regulations aim to enhance the regulatory framework for local financial organizations, improve risk warning and prevention mechanisms, and support the construction of a western financial center [1][2][3] Summary by Sections Regulatory Framework - The regulations establish a comprehensive regulatory system for local financial organizations, addressing the entire lifecycle from entry to exit [1] - They clarify the regulatory responsibilities at both municipal and district levels, aiming to eliminate "lost" and "shell" financial organizations [2][3] Financial Development - The regulations are designed to support the development of the western financial center, aligning with the goals of the Chengdu-Chongqing economic circle [2][3] - They provide a clear path for financial institutions, including banks and securities firms, to contribute to regional economic development and high-quality growth [2][3] Legal Responsibilities - The regulations specify legal responsibilities for illegal financial activities and violations, ensuring effective implementation of the regulatory framework [2] - They fill a legislative gap in local financial governance in Chongqing, marking a new phase of legal and high-quality development in local financial regulation [3]

Core Insights - The annual Greater Bay Area Exchange Technology Conference opened in Shenzhen, focusing on the theme "Towards the Era of Artificial Intelligence+" and showcasing eight technological achievements [1] Group 1: AI Applications in Capital Markets - The application of artificial intelligence in capital markets is expanding, with 2025 being referred to as the "Year of AI Agents" as AI technology evolves from traditional perception and generation to proactive execution [2] - Shenzhen Stock Exchange (SZSE) has integrated intelligent technology across all business processes, including listing review and risk management, and has developed a comprehensive smart regulatory platform for listed companies [2][5] - Hong Kong Stock Exchange (HKEX) has implemented AI in daily operations, significantly improving efficiency in document processing and compliance monitoring [2] Group 2: Technological Achievements - Eight technological achievements were announced at the conference, with two from SZSE and six from various securities and fund companies [4] - A key project led by SZSE, focusing on intelligent monitoring of abnormal trading behaviors, has been successfully demonstrated in collaboration with 15 industry institutions [4] - Notable contributions from other firms include comprehensive risk compliance applications and AI-driven platforms for financial services [4] Group 3: SZSE's AI Development Roadmap - SZSE's roadmap for the "14th Five-Year Plan" emphasizes risk prevention, regulatory strength, and high-quality development through AI integration across six key areas [5][6] - The plan includes building intelligent infrastructure, enhancing user experience through cloud applications, and improving internal operational efficiency with AI technologies [6] - The roadmap also focuses on strengthening governance in AI applications to ensure high-quality development in the industry [6]

Core Viewpoint - Shenwan Hongyuan Securities Co., Ltd. successfully issued short-term corporate bonds aimed at professional investors, with a total issuance scale of RMB 3 billion [1] Group 1: Bond Issuance Details - The total issuance scale of the bonds is RMB 3 billion [1] - Type one bonds have an issuance scale of RMB 1.9 billion, a term of 97 days, and a coupon rate of 1.64% [1] - Type two bonds have an issuance scale of RMB 1.1 billion, a term of 335 days, and a coupon rate of 1.70% [1] Group 2: Listing Information - The bonds are set to be listed and traded on the Shenzhen Stock Exchange after registration is completed [1]

Core Insights - The 2025 Greater Bay Area Exchange Technology Conference focuses on the theme "Towards the Era of Artificial Intelligence+" [1][2] - The conference highlights the transition of artificial intelligence from traditional perception and generation to intelligent agents, emphasizing proactive execution and deep integration into workflows [2] Group 1: Conference Overview - The conference was attended by key figures including Shenzhen's Vice Mayor and executives from various exchanges, aiming to foster consensus on AI applications in capital markets [1] - The event showcased eight technological achievements related to AI applications in the financial sector, indicating significant progress in cost reduction, efficiency enhancement, value creation, compliance risk control, and market governance [2] Group 2: Future Directions - The conference emphasized the need to align AI capabilities with the governance requirements of capital markets, advocating for systematic planning of AI empowerment strategies [3] - There is a call for strengthening AI security capabilities to better support market development, regulatory enforcement, and internal management, contributing positively to the construction of a strong financial nation [3]

Core Insights - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Awards Ceremony took place on November 28, gathering over 300 authoritative scholars, public and private fund leaders, listed company chairpersons, top fund managers, and chief analysts in Shanghai to discuss future opportunities in the Chinese capital market [1] Group 1: Event Overview - The event highlighted the future opportunities in the Chinese capital market [1] - The results of the 7th Sina Finance Golden Unicorn Outstanding Research Institution evaluation were announced [1] Group 2: Award Rankings - The top research institutions recognized were as follows: - 1st: Huachuang Securities - 2nd: Guojin Securities - 3rd: Guohai Securities - 4th: Guolian Minsheng Securities - 5th: Zhongtai Securities - 6th: Huayuan Securities - 7th: Dongwu Securities - 8th: Minsheng Securities - 9th: China Merchants Securities - 10th: Kaiyuan Securities [1]