12月8日金融一线消息，苏州银行今日发布公告称，该行于2025年12月8日收到大股东苏州国际发展集团 有限公司（以下简称"国发集团"）出具的《关于权益变动的告知函》。国发集团及其一致行动人东吴证 券股份有限公司（以下简称"东吴证券"）于2025年7月1日至2025年12月5日期间通过深圳证券交易所交 易系统集中竞价交易合计增持本行股份4470.6654万股，占总股本的1.00%。本次增持后，大股东国发集 团及其一致行动人东吴证券合计持有本行股份71，530.5978万股，占该行总股本的16.00%，权益变动触 及1%整数倍。 | 1. 基本情况 | | | | --- | --- | --- | | 信息披露义务人 1 | | 苏州国际发展集团有限公司 | | 住所 | | 江苏省苏州市人民路 3118 号国发大厦北楼 | | 信息披露义务人2 | | 东吴证券股份有限公司 | | 住所 | | 苏州工业园区星阳街5号 | | 权益变动时间 | | 2025年7月1日至2025年12月5日 | | 权益变动过程 | | 国发集团与东吴证券于 2025年7月1日至 2025年12 | | | | 月 5 日期间 ...

Core Viewpoint - The SEC is planning to introduce an "innovation exemption" next month, allowing companies to conduct controlled innovation experiments, while emphasizing the need for a clear regulatory framework for cryptocurrency and digital assets [2][7]. Group 1: SEC's Vision and Regulatory Changes - SEC Chairman Paul Atkins highlighted the significant transformation in the U.S. capital markets over the past 30 years, driven by technological advancements and the shift from manual trading to electronic systems [3][4]. - The SEC aims to modernize the financial services landscape by embracing new technologies, ensuring that the U.S. remains at the forefront of cryptocurrency regulation [6][7]. - The SEC has rebranded its "Crypto Task Force" to "Project Crypto" and is working on a new classification framework to define which assets qualify as securities, with a focus on tokenized securities [7][8]. Group 2: Tokenization and Market Dynamics - Tokenization is described as using smart contracts or blockchain tokens to represent underlying securities, enhancing transparency in ownership structures [4][5]. - The potential for "T+0" settlement through blockchain technology could replace the current "T+1" settlement cycle, reducing market risks and increasing transparency [5][6]. - The SEC is coordinating with the CFTC to create a more efficient regulatory environment, addressing historical discrepancies that have hindered the development of potential products [8]. Group 3: Legislative Developments - The passage of the Genius Act marks a significant step in recognizing digital products like stablecoins, with ongoing discussions about further legislative measures for digital assets [7][8]. - The SEC is committed to providing a clear compliance framework for investors while ensuring a stable environment for innovators to develop new products [7].

东方证券公告称，近日收到龚德雄辞职报告，因其工作调动，申请辞去董事长等职务，2025年12月8日 离任，原定任期至2027年11月21日，离任后不再任职。其离任不会使董事会成员低于法定人数，辞职报 告送达生效。龚德雄任职期间推动公司发展，业绩和地位提升。在新任董事长到岗前，由副董事长鲁伟 铭代行董事长等职责。 ...

长沙晚报掌上长沙12月8日讯（全媒体记者 周丛笑）今天三大指数集体高开，沪指高开0.16%，深成指 高开0.24%，创业板指高开0.32%。量能上，开盘半小时，沪深两市成交额突破6600亿，较上一日此时 放量超1700亿，预计全天成交金额超2万亿。行业板块上，商业航天、证券等板块指数涨幅居前，固态 电池概念震荡走强。 长江证券资深投资顾问刘浪表示，大金融板块拉升。消息面上，6日中国证券业协会第八次会员大会表 示，证监会将着力强化分类监管、扶优限劣，对优质机构适当松绑，进一步优化风控指标，适度打开资 本空间和杠杆限制，提升资本利用效率。以国泰君安吸收合并海通证券获批，及中金公司拟整合东兴、 信达为标志，行业迈入"航母级"整合新阶段。头部机构通过资本扩容与牌照资源的深度互补，旨在构建 跨境金融、衍生品定价及风险管理等高壁垒业务的护城河，头部"马太效应"显著增强。 消息面，国家金融监管总局近日发布《关于调整保险公司相关业务风险因子的通知》。其中提到，保险 公司持仓时间超过三年的沪深300指数成分股、中证红利低波动100指数成分股的风险因子从0.3下调至 0.27；保险公司持仓时间超过两年的科创板上市普通股的风险因子 ...

Core Viewpoint - The bond market is experiencing significant fluctuations, particularly in the long-end yields, influenced by macroeconomic narratives and policy expectations, while the equity market remains relatively stable [1][19]. Market Overview - The liquidity in the market was relatively loose at the beginning of December 2025, with the central bank conducting a net bond purchase of 500 billion yuan in November, indicating a "short-term collection and long-term release" strategy [1][14]. - The yield curve has steepened, with the 30-year government bond yield rising over 7 basis points, reflecting a correction in pricing logic for ultra-long bonds [1][4]. Yield Changes - As of December 5, 2025, the yields for various maturities showed mixed movements compared to November 28, 2025, with the 30-year yield increasing by 7.2 basis points to 2.2571% [2][3]. - The 10-year government bond yield also saw fluctuations, closing at 1.8285% after a series of adjustments throughout the week [4][6]. Issuance and Market Activity - In the primary market, a total of 78 bonds were issued, amounting to 430.717 billion yuan, including 4 government bonds worth 223 billion yuan [8][9]. - The issuance of a 30-year government bond at a bidding rate of 2.30% was noted to be higher than the secondary market level, indicating a potential divergence in market expectations [9]. International Context - The U.S. bond market saw a rise in yields, with the 10-year Treasury yield increasing by over 12 basis points to 4.14%, influenced by expectations of interest rate changes from the Federal Reserve [10][12]. - Japan's central bank signaled a potential interest rate hike, leading to a rise in Japanese government bond yields, which may affect capital flows and investor sentiment in the global bond market [12][19]. Institutional Insights - Analysts from CITIC Securities expect the central bank to maintain liquidity support through a combination of short and long-term operations, especially as year-end cash withdrawal demands increase [18]. - Industry experts from Industrial Securities highlighted a fundamental shift in macro narratives affecting ultra-long bonds, suggesting a decrease in the certainty of capital gains from such investments [19].

消息面上，中国人民银行于5日以固定数量、利率招标、多重价位中标方式开展1万亿元买断式逆回购操 作，期限为3个月（91天）。鉴于月内将有同等规模的3个月期品种到期，本次操作后将实现3个月期买 断式逆回购等量续作。 华西证券认为，从近期操作看，已公布的12月3个月期买断式逆回购继续等额续作（投放与当日到期均 为1万亿元），参考11月续作结果，此举或并不代表央行投放力度缩减，而是更多反映了央行对资金投 放期限结构的调整，预计后续6M期将延续加量续作，以维护跨年流动性合理充裕。 天风证券也表示，综合9月、11月资金面表现来看，买断式逆回购等量续作或反映月初银行通过买断式 逆回购补充流动性的意愿不高，更倾向于等待月中、月末等流动性需求更为明晰的时点进行主动管理。 天风证券指出，上周DR001下破1.3%创下新低，显示央行在跨年期间对资金面的呵护意图，但这并非货 币政策进一步宽松的信号，需关注资金防空转诉求，下破1.3%状态可能非常态。与DR001下破1.3%并 存的是两个现象：金融时报刊文提及"收短放长"的央行流动性组合拳；11月国债净买入规模不及市场预 期。自6月以来，资金利率处于低位低波状态，但上周首次打破1.3% ...

Group 1 - The Hong Kong IPO market has shown strong momentum in the first three quarters of 2025, benefiting from global investors' interest in Chinese technology companies, making Hong Kong a preferred listing destination for AI enterprises [1] - An event titled "Mosu Acceleration Camp | Decoding the Path to Listing in Hong Kong" was held to help companies understand the listing rules, processes, and opportunities in the Hong Kong Stock Exchange, featuring participation from leading institutions like CITIC Securities and Jingtian Gongcheng Law Firm [1][3] - Key speakers at the event included KPMG partners who discussed the advantages of the Hong Kong capital market and its role as a connection between international finance and the mainland capital market, highlighting the impact of new listing regulations on technology companies [3] Group 2 - The event facilitated discussions among numerous AI companies' founders, CFOs, and investors, allowing them to engage directly with experts on their specific concerns regarding the Hong Kong listing process [3] - Future collaborations aim to empower AI enterprises through professional services and insights in capital markets and overseas development, sharing expertise to support the growth of businesses and entrepreneurs [7]

21世纪经济报道 记者 崔文静 北京报道 服务实体经济的效能显著提升。吴清透露，四年多来，证券行业助力近1200家科技创新企业成功上市， 服务各类企业境内股债融资规模突破51万亿元。同时，在承销科创债、绿色债券等创新产品方面，规模 也超过了2.5万亿元。 行业结构也在持续优化。标志性的合并重组案例平稳落地，头部机构引领作用增强，部分中小机构则在 细分领域找到了差异化发展路径。对外开放方面，已有11家外资独资或控股证券公司在内地市场展业。 在肯定成绩的同时，吴清也坦言，对标高质量发展要求和国际一流标准，行业在专业能力、创新能力、 合规风控及文化建设等方面仍有提升空间。 展望"十五五"，吴清为证券行业厘清了四重时代使命，发展空间与责任并重。 首要使命是强化服务实体经济与新质生产力的能力。在新一轮科技革命重塑全球竞争格局的背景下，证 券公司凭借其研究、定价和产业纽带优势，在发现创新价值、匹配融资需求、促进产业整合上作用关 键。 其次，是助力居民财富管理需求的升级。吴清引用数据指出，当前我国居民资产中股票、基金等占比约 15%，大致相当于美国三十年前的水平。伴随经济结构转型与利率环境变化，资产管理和财富管理市场 潜力 ...

与此同时，第五届21世纪金牌分析师评选全面升级特色奖项体系，新增包括"年度践行金融五篇大文章 最佳研究机构"、"年度智库研究最佳机构"等在内的响应政策需求的特色奖项，同时保留"年度影响力券 商研究所"、"年度影响力券商研究所所长"、"年度服务高质量发展最佳首席经济学家"等奖项。旨在更 精准地发现与研究新时代资本市场高质量发展的核心力量。 12月6日，南方财经论坛分论坛证券业年会暨2025年21世纪金牌分析师发布典礼上，2025年第五届21世 纪金牌分析师评选榜单发布，25家机构载誉而归。 本届评选于今年10月启动，吸引了包括广发证券、长江证券、国泰海通中信建投等30余家机构参与。 评选在行业分析师奖项方面，新增机器人、创新药等当前市场高度关注的细分方向，吸引力数十个团报 名。 0:00 在本次评选中，包括广发证券、长江证券、国泰海通、东吴证券、申万宏源、兴业证券、华创证券等在 内的多家券商均取得了不错的成绩。 21世纪经济报道 记者 崔文静 实习生 张长荣 北京报道 具体榜单可以通过21财经APP、21经济网、21世纪经济报道官方微信公众号、官方微博等进行查看。 ...

Core Insights - The discussion highlights the evolution of the New York Stock Exchange and the transition from traditional trading to a digital marketplace, emphasizing the efficiency and reduced costs associated with this change [6][11]. Market Dynamics - The U.S. markets now account for 50% of the total global market capitalization, a significant increase from 30% a few years ago, indicating a robust market position [11][13]. - There is a noted decline in the number of public companies, with the current count being half of what it was 30 years ago, prompting calls for reforms to revitalize IPOs [12]. Trading Environment - The transformation of trading practices is evident, with a shift from physical trading floors to electronic trading, resulting in a more diverse trader demographic [6][7]. - The efficiency of the markets has improved, with fewer brokerage commissions and a more streamlined trading process [6]. Global Perspective - The U.S. markets are viewed as the envy of the world, with other countries looking to adopt the American investment ethos that encourages risk-taking and innovation [14].