Core Viewpoint - The recent actions taken by the National Internet Information Office and the China Securities Regulatory Commission aim to address the spread of false information related to the capital market, which has negatively impacted market stability and investor confidence [1][2]. Group 1: Regulatory Actions - The National Internet Information Office and the China Securities Regulatory Commission have jointly cracked down on accounts that disseminate false information about the capital market, including illegal stock recommendations and fabricated market data [1][2]. - A number of typical cases have been reported, highlighting the involvement of accounts in spreading rumors about regulatory policies and manipulating stock prices for personal gain [1]. Group 2: Impact of False Information - False information in the capital market has distorted public understanding and investor expectations, disrupted the normal trading order of securities and futures markets, and hindered the implementation of policies [1]. - For listed companies, such misinformation has led to attacks on their reputation, negatively affecting their operations and the overall industry ecosystem [1]. - Investors have been misled by sensationalized topics, which have harmed their legitimate rights and interests due to emotional manipulation and reckless speculation [1]. Group 3: Ongoing Initiatives - Since 2021, the China Listed Companies Association has collaborated with various government departments to conduct a special campaign against misinformation, establishing a "green channel" for reporting false information [2]. - Over a hundred reports have been received, leading to the deletion of false information, closure of accounts or websites, and public apologies from responsible parties [2].

"惠民保"覆盖15个州（市） 为提升金融服务的直达性和便利性，云南创新建立一系列工作机制。例如，建立重大产业项目"融资供 需对接协调工作机制"，截至11月末，已为914个项目提供授信3506.34亿元。建立"小微企业融资协调工 作机制"，累计走访经营主体超600.74万户，发放贷款2321.46亿元。 同时，强化省级金融基础设施"融信服平台"功能，通过数据共享破解银企信息不对称，目前平台注册企 业182万家，累计促成银行授信5600亿元。 12月19日，云南省"高质量完成'十四五'规划"系列新闻发布会·金融专场在云南海埂会堂举行。省委金融 办、中国人民银行云南省分行、国家金融监督管理总局云南监管局、中国证券监督管理委员会云南监管 局等部门负责人出席发布会，全面介绍"十四五"期间云南金融高质量发展的工作情况与成效。 全省银行业机构资产超6万亿元 "十四五"期间，云南金融综合实力迈上新台阶。截至2025年11月末，全省共有银行业机构223家，资产 规模6.38万亿元、"十四五"以来增长33%；保险机构45家，资产规模2036.63亿元、"十四五"以来增长 58%；证券期货法人机构4家，资产规模807.91亿元、" ...

随后，会议组织全体参会人员专题学习了中国证监会主席吴清关于"加快打造一流投资银行和投资机构 更好助推资本市场高质量发展"的重要讲话精神。与会人员结合自身机构实际与厦门资本市场发展现 状，围绕如何贯彻落实全会部署、如何更好服务实体经济与高质量发展等议题展开了热烈而深入的交流 研讨。大家一致认为，要深刻认识"十五五"时期证券期货行业所肩负的时代使命与重大责任，坚决将二 十届四中全会关于金融机构"专注主业、完善治理、错位发展"的部署要求落到实处；要主动把握发展机 遇，勇于担当作为，着力提升专业能力与核心竞争力，在服务国家战略和区域经济社会发展中展现更大 作为，努力争创一流、勇立潮头。 本次培训既是思想洗礼，更是行动号角。下一步，厦门证券期货基金业协会将继续发挥好桥梁纽带与行 业引领作用，坚持以党的二十届四中全会精神为指导，持续引导辖区证券期货机构凝心聚力、全力以赴 推动资本市场高质量发展和金融强国建设，为"十五五"经济社会发展贡献更大力量。(胡敏) 2025年12月19日，在厦门证监局指导下，厦门证券期货基金业协会顺利举办学习贯彻党的二十届四中全 会精神专题培训会，辖区证券期货经营机构负责人共计180余人参与。本次 ...

股指早报 美非农低于预期，A 股二次探底 2025 年 12 月 17 日 股指期货早报 2025.12.17 报告摘要： 股指研究员：刘钇含 邮箱：liuyh@cyqh.com.cn 投资咨询资格号：Z0015686 请务必阅读正文后的声明及说明 1 海外方面，美 10 月季调非农就业人口录得-10.5 万人，大幅低 于前值 10.8；11 月季调非农就业人口录得 6.4 万人，高于预期 5 万 人；11 月失业率录得 4.6%，高于预期 4.4%；美国 10 月零售销售月 率录得零增长，不及预期 0.1%，前值由 0.2%下修为 0.1%。数据指向 美劳动力市场和消费的走弱。周二公布的数据使得市场对于美联储 1 月的降息概率提高，但并未改变 1 月不降息的整体预期。从隔夜市场 走势来看，市场对于周二重视的数据反映不够明显，在数据公布前市 场预期就业是小幅走弱，并且该预期已经在资产走势中反映，但从隔 夜市场走势来看，美元指数下跌之后反弹最终收跌；美债收益率短端 长端均回落；黄金上涨后回落，最终收跌；而美股中道指和标普收跌， 而代表科技的纳指收涨，美股的波动率却延续上涨。虽然经济数据使 得市场降息预期小幅抬高 ...

转自：新华财经 新华财经香港12月17日电（记者林迎楠）香港证券及期货事务监察委员会17日发表2025年7月至9月《季 度报告》显示，香港资本市场在深化内联外通、推动金融创新和多元发展方面均取得重大进展。 报告指出，香港持续深化联通内地及海外市场，从而巩固其超级联系人的角色。外通方面，香港证监会 从年初至今共签订了六份谅解备忘录（包括季内签署三份），以加强资产管理方面的国际联系。 内联方面，互换通作为内地与香港衍生工具市场的互联互通机制，在9月拓展了产品种类，截至11月的 交易量同比增长56%。自2023年启动以来，互换通的交易总额已突破人民币9.3万亿元。 新投资产品方面，截至11月底，香港证监会认可的虚拟资产现货交易所买卖基金（ETF）的总市值同比 上升33%至54.7亿港元，总数增至11只。此外，该会认可的代币化零售货币市场基金自今年推出以来， 截至11月底其管理资产总值已增长557%至54.8亿港元，基金总数增至八只。 为巩固香港作为领先的离岸人民币业务枢纽的持续发展，香港证监会与香港金融管理局在9月联合发布 路线图，将香港定位成为全球固定收益及货币中心。香港证监会表示，现正拟定详细的工作计划，为落 ...

格隆汇12月17日｜香港证券及期货事务监察委员会今天发表2025年7月至9月《季度报告》，显示香港资 本市场在深化内联外通、推动金融创新和多元发展方面均取得重大进展。香港持续深化联通内地及海外 市场，从而巩固其超级联系人的角色。证监会行政总裁梁凤仪女士表示："尽管全球市场面对不少不利 因素及波动不定，香港资本市场于季内依然保持稳步增长及多元发展。为了巩固香港的国际金融中心地 位，我们必须以适切的监管框架及健全的投资者保障为基础，持续提升本港市场应对未来挑战的能力和 强化韧性。" ...

Market Overview - The A-share market experienced a volatile decline, with the TMT sector showing weak performance. The Wind All A index fell by 1.45%, with a trading volume of 1.75 trillion yuan. The CSI 1000 index decreased by 1.74%, the CSI 500 index by 1.58%, the CSI 300 index by 1.2%, and the SSE 50 index by 1.08% [2][4] - The Central Political Bureau meeting was held to outline economic work for 2026, with a focus on boosting domestic demand. The Central Economic Work Conference is expected to convene soon [2][4] - Upcoming meetings include the Federal Reserve's interest rate decision and potential interest rate hikes from the Bank of Japan, which may temporarily boost liquidity and increase index volatility [2][4] Economic Policy - The central government is expected to continue implementing a moderately loose monetary policy in 2026, emphasizing stable economic growth and reasonable price recovery as key considerations [6] - The market is currently cautious due to high valuations and the lack of a closed-loop profit model in the technology sector, despite strong performance expectations [2][6] Bond Market - The bond futures market showed mixed results, with the 30-year main contract down by 0.19%, while the 10-year and 5-year contracts rose by 0.05% and 0.03%, respectively [6] - The People's Bank of China conducted a 135.3 billion yuan reverse repurchase operation with a bid rate of 1.4%, maintaining the same rate as the previous operation [6] Precious Metals - Gold prices fluctuated, with the gold-silver ratio dropping to around 67.3 and the platinum-palladium spread widening to approximately 240 USD/ounce [7] - The U.S. non-farm payrolls added 64,000 jobs in November, exceeding expectations, but the unemployment rate rose to 4.6%, the highest since 2021, indicating a cooling job market [7] - The preliminary Markit Composite PMI for December was 53, below expectations, with both manufacturing and services sectors underperforming [7]

Group 1: Index Movements - On December 15th, the Shanghai Composite Index dropped by 0.55% to close at 3867.92 points, with a trading volume of 764.605 billion yuan; the Shenzhen Component Index fell by 1.1% to close at 13112.09 points, with a trading volume of 1008.835 billion yuan [1]. - The CSI 1000 Index decreased by 0.84%, with a trading volume of 372.659 billion yuan, opening at 7324.48, closing at 7309.08, reaching a high of 7375.61 and a low of 7305.83 [1]. - The CSI 500 Index declined by 0.78%, with a trading volume of 301.024 billion yuan, opening at 7121.38, closing at 7113.96, reaching a high of 7177.15 and a low of 7110.68 [1]. - The SSE 50 Index dropped by 0.25%, with a trading volume of 111.134 billion yuan, opening at 2979.76, closing at 2987.07, reaching a high of 3015.39 and a low of 2978.13 [1]. Group 2: Impact of Sector Movements on Indexes - The CSI 1000 Index dropped 61.86 points from the previous close, with sectors such as Medicine & Biology, Communication, and Electronics significantly dragging down the index [2]. - The CSI 500 Index fell 55.83 points from the previous close, with National Defense & Military Industry pulling the index up, while Electric Equipment, Machinery, and Electronics dragging it down [2]. - The SSE 50 Index decreased 7.57 points from the previous close, with Non - Banking Finance, Food & Beverage, and Basic Chemicals pulling the index up, while Machinery, Medicine & Biology, and Electronics dragging it down [2]. Group 3: Stock Index Futures Basis and Annualized Opening Costs - For IM contracts, IM00 had an average daily basis of - 8.87, IM01 of - 85.92, IM02 of - 246.25, and IM03 of - 490.68 [13]. - For IC contracts, IC00 had an average daily basis of - 2.63, IC01 of - 57.67, IC02 of - 174.09, and IC03 of - 377.5 [13]. - For IF contracts, IF00 had an average daily basis of - 5.33, IF01 of - 22.13, IF02 of - 48.54, and IF03 of - 92.24 [13]. - For IH contracts, IH00 had an average daily basis of - 2.95, IH01 of - 9.76, IH02 of - 10.95, and IH03 of - 26.66 [13]. Group 4: Stock Index Futures Roll - over Point Differences and Annualized Costs - For the IF contract, at 09:45, the point differences for IF00 - 01, IF00 - 02, and IF00 - 03 were - 15.1878, - 37.2969, and - 81.8414 respectively [24]. - For the IH contract, at 09:45, the point differences for IH00 - 01, IH00 - 02, and IH00 - 03 were - 5.45767, - 9.03133, and - 23.7498 respectively [25]. - For the IM contract, at 09:45, the point differences for IM00 - 01, IM00 - 02, and IM00 - 03 were - 75.8461, - 236.345, and - 480.077 respectively [27]. - For the IC contract, at 09:45, the point differences for IC00 - 01, IC00 - 02, and IC00 - 03 were - 55.5207, - 175.242, and - 383.666 respectively [28].

Group 1: Regulatory Developments - Shanghai Arbitration Commission is set to release the "Shanghai Arbitration Committee Securities and Futures Arbitration Rules" on December 26, 2024, marking a significant step in the establishment of a local arbitration framework for securities and futures [1] - The Ministry of Industry and Information Technology has granted conditional access for the first L3-level autonomous driving vehicles in China, allowing two models to conduct road trials in designated areas of Beijing and Chongqing [1] Group 2: Market Trends - Counterpoint Research reports a 10% year-on-year increase in global cellular IoT module shipments in Q3 2025, driven by strong demand in smart meters, asset tracking, routers/CPE, and automotive applications, with India showing a remarkable 40% growth [2] - McDonald's has raised prices on various menu items by 0.5 to 1 yuan, including popular items like the Big Mac and McNuggets, indicating a trend of price adjustments in the fast-food sector [3] Group 3: Corporate Actions - HashKey Holdings Ltd. has set its IPO price close to the upper limit of the range, aiming to raise 1.6 billion HKD (approximately 206 million USD) [7] - Gold Ham announced the resignation of its president, Guo Bo, who will continue to serve as vice chairman and a member of the board's strategic committee [8] - KWH Holdings plans to repurchase shares worth 20 to 40 million yuan, with a maximum price of 95 yuan per share, aimed at employee stock ownership plans or equity incentives [14] Group 4: Financial Performance - Air China reported a 10.1% year-on-year increase in passenger turnover for November 2025, with a 4.9% rise in passenger capacity and an average seat occupancy rate of 83.3%, up by 4 percentage points [15]

（文章来源：第一财经） 第一财经记者获悉，上海仲裁委将在中国（上海）证券期货仲裁中心成立一周年时正式出台《上海仲裁 委员会证券期货仲裁规则》（下称《规则》）。该中心于2024年12月26日正式揭牌设立，这意味着上海 版证券期货仲裁规则的出台进入倒计时。就在12月14日，该《规则》的专家论证会在北京召开，以提升 《规则》的科学性、合理性以及可操作性。 ...