Group 1 - The core point of the announcement is that Huatai Baoxing Fund Management Co., Ltd. has signed a fund sales and service agreement with Huaxi Securities Co., Ltd., allowing the latter to sell certain funds starting from December 22, 2025 [1] Group 2 - Investors will be able to perform various fund-related operations such as account opening, subscription, redemption, regular investment, and conversion through Huaxi Securities from the specified date [1] Group 3 - Investors will enjoy corresponding fee rate discounts when conducting fund-related transactions through Huaxi Securities, with specific rules and duration subject to Huaxi Securities' regulations [2] Group 4 - The interpretation rights of the fee discount activities belong to Huaxi Securities, and any changes to the specific regulations should be monitored by investors through Huaxi Securities' announcements [3] - The process for conducting business during the fee discount period will follow Huaxi Securities' regulations [4] Group 5 - Investors can consult various channels to understand or inquire about related situations [5]

五年少了580万人，但你的银行柜员岗位可能更稳了——这不是玩笑，而是金融行业剧变下最反直觉的现实。 2023年底，全行业只剩下1235.5万从业者，比 五年前足足缩水了582.5万人。 朋友圈里那些光鲜的金融精英头像，好多已经悄悄灰了。 但奇怪的是，当你点开招聘软件，银行和券商的职位依然挂在那里。 数据揭示了答案：人，其实没全跑，只是换了个地方待着。 银行系统甚至多了7000 人，券商和基金多了5.9万人。 那五百多万的窟窿，几乎全来自一个地方：保险。 578.2万保险从业者的消失，成了这场大缩编的绝对主角。 以前，经济一下行，保险公司面试点外就排长队，成了社会就业的"蓄水池"。 2024年，这个景象基本消失了。 保险代理人队伍在2023年锐减了69%，那些 靠人情、靠话术、靠"偷袭"卖保单的人，正被快速清退。 行业正在执行一场残酷的"刮骨疗毒"，目标是从"人海战术"转向精英化。 留下来的，必须是真正 懂产品、能提供专业规划的人。 一个明显的信号是，现在想进头部保险公司的核心销售团队，学历和专业门槛已经高得让很多大学毕业生需要掂量一下。 刮骨很疼，但脓包必须挤掉。 过去保险行业的口碑，某种程度上就是被无限扩张 ...

Investment Rating - The report assigns a "Buy" rating for CICC-H with a 12-month target price of HK$25.10, indicating an upside potential of 29.1% from the current price of HK$19.44 [8][10]. - For CICC-A, a "Neutral" rating is given with a 12-month target price of Rmb46.05, reflecting an upside of 27.3% from the current price of Rmb36.18 [8][10]. Core Insights - The proposed merger between CICC, Dongxing Securities, and Cinda Securities is expected to enhance CICC's capital base and leverage, improving capital utilization efficiency and boosting ROE levels [1]. - The merger is anticipated to create significant synergies across various business lines, including wealth management, investment banking, and investment, while also unlocking new opportunities in non-performing asset and restructuring sectors [1][6]. - Post-merger, CICC's financial metrics are projected to improve significantly, with revenue expected to increase by 32%, net profit by 45%, and net assets by 48%, enhancing its industry rankings [6][7]. Transaction Plan - CICC plans to absorb and merge with Dongxing Securities and Cinda Securities through the issuance of A-shares [1]. - The shareholding structure will see Central Huijin's stake diluted to 24.4%, while China Cinda AMC and China Orient AMC will hold 16.7% and 8.1%, respectively [6]. Financial Metrics - The transaction is expected to increase CICC's total assets to Rmb1,010 billion, total equity to Rmb175 billion, and net profit to Rmb9.5 billion [5][6]. - The net capital leverage ratio is projected to increase to a maximum of 20%, with a potential injection of approximately Rmb40 billion in net capital [6]. Business Synergies - The investment business is expected to contribute around 40% to revenue in 2024, with the merger enhancing its scale and efficiency [7]. - The wealth management sector will see an 80% increase in business outlets, growing from 245 to 436, and a 52% increase in retail clients [7]. - The investment banking business is expected to expand its team significantly, improving project execution capabilities and market share [7]. - The merger will also enhance CICC's capabilities in non-performing asset management and debt restructuring, transitioning to a "service + investment" model [7]. Cost Savings - The merger is expected to yield cost savings by sharing existing capabilities in IT and AI, avoiding redundant investments and improving ROE [7].

转自：新华财经 【重点关注】 •李强主持召开国务院常务会议 对贯彻落实中央经济工作会议决策部署作出安排 •事关汽车以旧换新、消费贷额度等事项 商务部等三部门：加强商务和金融协同，更大力度提振消费 •中央财办：2025年我国经济总量预计达到140万亿元 明年将根据形势变化出台实施增量政策 •中央财办：支持民营企业参与铁路、核电等领域重大项目，引导民间投资向高技术、服务业等新赛道 拓展 •证监会：全面推动落实中长期资金长周期考核机制，大力发展权益类公募基金，推动指数化投资高质 量发展 •工业和信息化部：坚定不移推进新型工业化 为包括AMD在内的外资企业提供更多合作机遇 •中国证监会党委书记、主席吴清主持召开党委（扩大）会议，传达学习中央经济工作会议精神，结合 全国金融系统工作会议要求，研究部署证监会系统贯彻落实举措。会议指出，坚持固本强基，持续增强 市场内在稳定性。积极培育高质量上市公司群体，开展新一轮公司治理专项行动，引导优质公司持续加 大分红回购力度。全面推动落实中长期资金长周期考核机制，大力发展权益类公募基金，推动指数化投 资高质量发展。 •近日市场监管总局修改《禁止垄断协议规定》，明确不予禁止的纵向垄断协 ...

Group 1 - Shanghai Municipal Party Committee emphasized the need for strategic focus on key industries and core technologies to achieve substantial breakthroughs in financial services and global supply chain management [1] - The Shanghai financial system launched a special exhibition to promote and practice Chinese financial culture, attended by key financial leaders [2] - The Shanghai International Trust completed the first full-process registration of a will trust in the country, marking a significant step in the standardization of the trust industry [9] Group 2 - The Shanghai Stock Exchange established the first consumer-oriented inter-institutional REITs, with a scale of 616 million yuan, providing a new financing channel for commercial real estate [10] - The launch of the "Hushang Batch Loan" service aims to enhance financial support for foreign trade enterprises, transitioning from a reactive to a proactive service model [11] - The Shanghai Equity Custody Trading Center introduced an AI-based account opening system, enhancing digital services in the regional equity market [12] Group 3 - The People's Bank of China and financial regulatory bodies issued new regulations to improve cash payment services and ensure the legal status of the renminbi [22] - The Ministry of Commerce and financial regulators released a notice to strengthen collaboration in boosting consumption through targeted financial measures [21] - The China Securities Regulatory Commission and the State Administration of Foreign Exchange held meetings to discuss the implementation of central economic work conference directives [15][17]

以下文章来源于债券人 ，作者光大证券固收研究 债券人 . 唯有进行扎实的基本面研究，方能行稳致远。 报告摘要 1、市场行情 本周（2025年12月15日至2025年12月19日，共5个交易日）中证转债指数涨跌幅为+0.48%（上周涨跌幅为 +0.20%），中证全指变动为-0.18%（上周涨跌幅为+0.19%）。2025年以来中证转债涨跌幅为+17.06%，中 证全指涨跌幅为+21.62%。 分评级来看，债项评级高评级券（评级为AAA）、中高评级券（评级为AA+）、中评级券（评级为 AA）、中低评级券（评级为AA-）和低评级券（评级为AA-及以下）本周涨跌幅分别为+0.14%、 +0.26%、+1.18%、+0.83%和+1.16%，中评级券涨幅最高。 分转债规模看，大规模转债（债券余额大于20亿元）、中大规模转债（余额在15至20亿元之间）、中规模 转债（余额在10至15亿元之间）、中小规模转债（余额在5至10亿元之间）、小规模转债（余额小于5亿 元）本周涨跌幅分别为+0.39%、+0.28%、+0.33%、+1.40%和+1.40%，中小规模转债和小规模转债涨幅较 高。 分平价来看，超高平价券（转股价值大于 ...

研究所 国泰海通 固定收益 债期货系列研究 2026年国债期货策略展望 《多资产的传感器,债市波动的放大器》 -- 2026年用好国债期货等衍生品工具可有效突破收益瓶颈、放大盈利弹性,其中 趋势格局下可借力杠杆博弈单边行情或套保,震荡市中聚焦曲线、跨期及套利等低 风险策略,还可结合地方债、信用债等进行跨品种搭配。 国债期货专题研究 1、国债期货技术分析专题 《从五浪到M顶调整:技术分析视角下的本轮回调》 《从技术指标看,债市止跌有哪些先行指示》 《量价因子在应对突发新闻波动时的表现》 2、国债期货机构行为专题 《国债期货机构行为分析框架》 《再论股债同向:国债期货与权益市场关系进入新阶段》 《TS合约的持仓集中度如何解读》 《"可执行"的国债期货基差交易:三个核心要素》 《国债期货也有"春节效应":基差收窄与曲线变换》 3、国债期货策略探索专题 1套保策略系列 《资金收紧行情下的套保策略:殊途同归,不宜过早入场》 《复盘本轮回调中的套保信用债的三个要点》 《信号、成本和灵敏度:国债期货套保信用债的时机分析》 2套利策略系列 《国债期货跨期价差的倒挂与修复的背后》 本订阅号所载内容仅面向国泰海通证券研究服务签约 ...

Core Viewpoint - The article highlights a case of investment fraud where an individual was lured into a scam by impersonators posing as investment advisors, emphasizing the need for vigilance in financial transactions and the importance of recognizing fraudulent schemes [1][4]. Group 1: Fraud Mechanism - Fraudsters impersonate employees of legitimate securities firms, using promises of "insider information" and guaranteed profits to gain victims' trust [10]. - Victims are directed to download fake investment applications through unofficial links, which are controlled by the scammers [10]. - Initial small profits are fabricated to build trust, leading victims to invest larger sums, after which the scammers disappear under various pretexts [10]. Group 2: Case Study - An individual, referred to as Mr. Li, received a call from someone claiming to be an investment advisor offering free upgraded services, requiring him to sign a "confidentiality agreement" [4][9]. - Mr. Li was persuaded to invest over 30,000 yuan initially and was later encouraged to increase his investment to 500,000 yuan [9]. - Bank staff, noticing suspicious activity, alerted the police, who intervened and helped Mr. Li avoid losing his funds [10]. Group 3: Police Warnings - The police advise individuals to only use official platforms for stock trading and to avoid downloading unfamiliar applications [11]. - They caution against promises of guaranteed returns, as such claims are often bait for scams [11]. - Immediate reporting to authorities is recommended if fraud is suspected, to facilitate quick action [11].

Economic Reforms - The Indian Parliament approved significant bills to open the nuclear industry to private firms and allow full foreign ownership of insurance companies, aiming to modernize the financial framework and encourage market participation [1][2] - The finance minister proposed unifying India's securities market laws under a single code, which is expected to attract more investments [1][2] Investment Potential - These reforms could unlock hundreds of billions of dollars in investments, supporting Prime Minister Modi's goal of transforming India into a developed nation within the next two decades [2] - The Adani Group is already planning to capitalize on these changes by developing a commercial nuclear energy project in northern India [2] Economic Growth Projections - Economists predict a growth rate of 6.9% for 2026, with a steady pace of 6.5% expected for the fiscal year through March, although this is below the 8% growth needed for India to achieve developed-nation status by 2047 [6][7] - The recent policy actions are seen as a shift towards diversification and structural reforms, aimed at attracting long-term capital [6] Trade Relations - India's exports to the US have weakened due to higher tariffs imposed by the Trump administration, with ongoing negotiations for a trade deal lacking clarity [8] - Tamil Nadu, a key export-reliant state, has reported significant losses due to high tariffs, highlighting the impact on local businesses [10] Legislative Activity - December's parliamentary session was the most productive in five years, with 61.7 hours spent on legislation and eight bills passed, indicating a proactive legislative environment [11][14] - The burst of policy action is expected to energize Modi's Bharatiya Janata Party ahead of upcoming state elections [12][14]

转自：云南日报 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昆明举行。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介 绍了"十四五"期间云南金融高质量发展有关工作情况，并回答记者提问。 "十四五"以来，全省金融系统认真落实中央金融工作会议部署，根据中央金融管理部门和省委、省政府 工作要求，坚持和加强党对金融工作的全面领导，统筹推进防风险、强监管、促高质量发展各项工作， 金融事业迈出新步伐，为全省经济社会发展提供了有力支撑。 责任编辑：罗宇 我省多层次资本市场体系加快建设，云南省股权交易中心挂牌运营，沪深北交易所和全国股转公司服务 基地落地，三四板衔接"绿色通道"顺利开通，全省新增上市公司6家。截至今年11月末，全省共有境内 上市公司39家、全国排第23位，香港上市公司5家，新三板挂牌公司45家，拟上市辅导备案企业9家，区 域性股权市场服务企业379家。"十四五"以来，全省企业通过交易所市场股债融资合计1726.9亿元。 我省牢牢守住不发生系统性金融风险底线。"十四五"以来，全省银行业资本充足率、不良贷款率，保险 业偿付能力 ...