Group 1 - The core point of the article is that Guolian Minsheng Securities (01456.HK) has received approval from the China Securities Regulatory Commission (CSRC) to conduct a pilot program for optimizing account management functions [1] - The CSRC has no objections to the company's application for the pilot program related to account management function optimization [1] - The company will strictly adhere to laws, regulations, and regulatory requirements while conducting the pilot program [1] Group 2 - Guolian Minsheng Securities has been granted permission to initiate the account management function optimization pilot program [2] - The company is also monitoring the stability of port coal prices and emphasizes the need for demand release to sustain future price increases [2]

新华财经北京11月25日电（王菁）债市周二（11月25日）小幅走弱，国债期货全线收跌，银行间现券收 益率小幅回升0.5BP左右；公开市场单日净回笼1054亿元，多项扰动已过、资金利率多数回落。 机构认为，年内货币政策缺乏想象空间对债市形成压制，在此前修复行情过后，市场机构普遍做多信心 不足。亦有观点指出，债市情绪依然脆弱，在12月中央经济工作会议之前，债市行情或仍延续震荡。 【行情跟踪】 国债期货收盘多数下跌，30年期主力合约跌0.33%报115.16，10年期主力合约跌0.08%报108.22，5年期 主力合约持平于105.98，2年期主力合约涨0.01%报102.422。 银行间主要利率债收益率普遍上行，30年期国债"25超长特别国债06"收益率上行0.85BP报2.1685%，10 年期国开债"25国开15"收益率上行0.45BP报1.878%，10年期国债"25附息国债16"收益率上行0.45BP报 1.8175%。 中证转债指数收盘上涨0.22%，报485.08点，成交金额624.32亿元。欧通转债、振华转债、大中转债、 国城转债、利扬转债涨幅居前，分别涨9.35%、8.19%、7.85%、7.79 ...

| 债券名称 | 南阳交通产业投资控股有限公司2025年面向专业投资者非公开发行公司债券（第 二次) | | --- | --- | | 债券类别 | 私募 | | 申报规模 (亿元) | 10.00 | | 发行人 | 南阳交通产业投资控股有限公司 | | 地区 | 河南 | | 承销商/管理人 | 华泰联合证券有限责任公司,东方证券股份有限公司,中德证券有限责任公司,华安证 券股份有限公司,西部证券股份有限公司 | | 项目状态 | 日受理 | | 交易所确认文件文号 | | | 受理日期 | 2025-11-24 | | 更新日期 | 2025-11-24 | 责编:王时丹 | 审核:李震 | 监审:古筝 【大河财立方消息】11月25日消息，南阳交通产业投资控股有限公司2025年面向专业投资者非公开发行公司债券（第二次）项目获深交所受理。 本期债券拟发行金额10亿元，承销商/管理人为华泰联合证券、中德证券、华安证券、西部证券。2025年5月23日，经中证鹏元综合评定，南阳交 通产业投资控股有限公司获得AA+主体信用评级，评级展望为稳定。 ...

Core Insights - The recent launch of standard bond forward and RMB interest rate swap centralized clearing business by Mengshang Bank and Hengtai Securities, supported by the People's Bank of China (PBOC) Inner Mongolia Branch, marks a significant step for local financial institutions in utilizing interest rate derivatives for risk management [1][2] Group 1: Business Development - The RMB interest rate swap centralized clearing business, introduced in 2014, allows for the clearing of fixed-to-floating interest rate swap transactions, covering benchmark rates such as FR007, Shibor O/N, Shibor 3M, and LPR 1Y, offering low counterparty risk and high liquidity [1] - Since 2025, the nominal principal of RMB interest rate derivatives cleared by the Shanghai Clearing House has exceeded 50 trillion yuan, reflecting a nearly 70% year-on-year growth, with participation from various market entities including banks, securities firms, and insurance companies [1] Group 2: Regulatory Support and Market Development - The PBOC Inner Mongolia Branch has collaborated closely with the Shanghai Clearing House to enhance the use of basic derivatives for effective interest rate risk management, providing comprehensive policy guidance and support to local institutions [2] - The Shanghai Clearing House aims to deepen collaboration with the PBOC branches, enhance market cultivation, optimize business mechanisms, and improve service quality to facilitate the high-quality development of the interbank RMB derivatives market [2]

积极利用云计算、大数据、人工智能以及区块链等技术手段提升平台的服务与安全性，依靠科技资源和 数据优势进行创新，强化用户体验，赋能金融发展。 深圳农商银行 富德生命人寿保险股份有限公司 东方证券股份有限公司 颁奖词 获奖机构 中国工商银行股份有限公司深圳市分行 中国农业银行股份有限公司深圳市分行 中国国际金融股份有限公司 招商银行股份有限公司深圳分行 近年来，中金公司对大模型进行了一系列前瞻性布局，建设多个核心应用场景。2021年启动智能平 台"九章"的建设；2022年推出了AI数字员工Jinn；2024年落地多个大模型关键应用；今年完成DeepSeek 本地化部署，并融合至应用体系，实现了智能投顾助手的升级迭代，更构建投顾服务领域"热点发现-资 讯处理-策略生成"的三位一体服务生态。 招商银行股份有限公司深圳分行 招商银行深圳分行依靠专业化的跨境融资、并购金融、债券承销等特色产品，提供"本外币、境内外、 投商行、股债权"的全方位金融服务；大力发展金融科技，打造手机银行App开放服务平台，以及覆盖 企业核心经营环节的场景化服务能力。 获奖理由 中国工商银行股份有限公司深圳市分行 工行深圳市分行推进数字工行（D- ...

Group 1 - The company has decided to close four branches: Shanghai Pudong New District Zhangyang Road Securities Branch, Shenzhen Tairan Ninth Road Securities Branch, Hubei Branch, and Changzhou Branch, effective immediately [1] - The three branches, excluding Changzhou Branch, will transfer their clients to other branches of Guolian Minsheng Securities Co., Ltd. by December 6, 2025, ensuring that clients' accounts and services remain unchanged [1] - Clients who do not agree to the transfer must complete the necessary procedures by November 28, 2025, to avoid automatic migration to the new branches [2] Group 2 - After the transfer, existing agreements with the closed branches will be inherited by the new branches, ensuring continuity in service [2] - Clients can still access services through the Guolian Securities Zunbao APP or the official website for any business needs after the migration [2] - The company expresses gratitude for clients' support and aims to maintain high service standards despite the inconvenience caused by branch closures [2]

智通财经APP讯，华泰证券(06886)发布公告，华泰证券股份有限公司2025年面向专业投资者公开发行公 司债券(第十期)发行工作已于2025年11月24日结束。本期债券最终品种一发行规模为28.3亿元，票面利 率为1.88%，认购倍数为2.48倍;品种二发行规模为8.7亿元，票面利率为1.99%，认购倍数为4.00倍。 （原标题：华泰证券(06886)完成发行37亿元公司债券） ...

Core Insights - The forum titled "Tide Rising in the East, Intelligent Allocation Globally" was successfully held by Guotai Junan (Chongqing) on November 22, 2023, with participation from over ten financial institutions [1] Group 1: Market Trends and Strategies - Zhang Qian, General Manager of the Asset Allocation Department at Guotai Junan Securities, emphasized the need for upgrading traditional "fixed income +" models in the context of a "low interest rate era" and highlighted the consensus on diversified asset allocation to address market uncertainties and pursue long-term stable returns [4] - Fang Yi, Chief Analyst at Guotai Junan Securities, noted that the underlying logic of the Chinese stock market is undergoing a transformation, characterized by the "transformation bull" where capital market reforms and economic structural transitions mutually reinforce each other, driven by enhanced certainty in China's transformation, deepening capital market reforms, and declining risk-free returns [4] - Zuo Xiuhai, Deputy General Manager, suggested that the "fixed income +" strategy should focus more on investment win rates rather than odds, serving as a stable income base in portfolios, while the equity portion should target areas with medium to long-term logic such as AI and anti-involution, utilizing quantitative strategies to seek excess returns [4] Group 2: Forum Structure and Discussions - The forum featured a main venue and three sub-forums focused on asset allocation, private equity allocation, and wealth allocation, inviting industry experts and leading financial institutions to discuss hot topics such as A-share equity investment strategies, overseas investments, and asset allocation strategies in a low interest rate environment [5]

Core Insights - The report from Qiu Xiang's team at CITIC Securities highlights that the volatility of global risk assets is primarily due to liquidity issues, but fundamentally stems from an over-reliance on a single narrative surrounding AI [1] - The release of U.S. non-farm payroll data and the downward adjustment of interest rate cut expectations by the Federal Reserve have triggered a correction in high asset valuations, amplifying concerns about the sustainability of AI infrastructure in North America [1] - The current market environment presents an opportunity for investors to reallocate towards A-shares and Hong Kong stocks, particularly in light of the risk release ahead of year-end and the potential for a "sharp drop and slow rise" market pattern similar to that of the U.S. stock market [1] Investment Strategy - The report suggests that the core allocation direction should focus on the re-evaluation of pricing power in resource and traditional manufacturing sectors, as well as the continued expansion of enterprises overseas [1] - The strategy of high-cut low investment may face increased difficulty in timing rotations due to overly consistent expectations among investors [1]

Core Viewpoint - The recent adjustment in A-shares is seen as a consolidation phase for a bullish market, with a focus on the recovery of trading activity in the future [1] Group 1: Market Trends - The market has experienced a rotation since November, moving through different phases including mainline trends, large-cap value, and sentiment indices/micro-boards [1] - Trading activity has decreased from a high of 12% in October to around 10% recently, indicating a potential decline in financing balance [1] Group 2: Future Outlook - Based on past experiences from December 2024 to January 2025 and March to April 2025, a decline in trading activity typically precedes a drop in financing balance [1] - The next month may be a consolidation period, with attention on confirming the bottom of trading activity [1] Group 3: Industry Recommendations - The third phase of the "Saidian 2.0" initiative is expected to face challenges, and fluctuations are likely [1] - Emphasis is placed on the importance of the Hang Seng Internet sector [1]