Core Viewpoint - Mainland Chinese industry associations have issued a warning to real-world asset (RWA) tokenisation providers, indicating a tightening of regulations by Beijing against digital-asset activities, contrary to earlier expectations of a potential easing of restrictions [1][5]. Industry Associations' Warning - Seven industry bodies, including the National Internet Finance Association of China, the China Banking Association, and the Securities Association of China, have stated that tokenising real-world assets involves risks such as fake assets, business failure, and speculative trading, and that no such activities have been approved by Chinese authorities [2][4]. - This warning marks the first explicit targeting of RWA tokenisation by Chinese authorities, which is seen as a method to facilitate faster and cheaper transactions through blockchain technology [4]. Regulatory Oversight - The industry associations are under the supervision of key regulators, including the People's Bank of China (PBOC) and the China Securities Regulatory Commission (CSRC) [3]. - The PBOC and other regulators have emphasized that stablecoins do not comply with mainland requirements regarding customer identification and anti-money laundering [5][6]. Implications for the Market - The warning from industry associations has raised concerns about Hong Kong's aspirations to become a regulated hub for digital assets, as the mainland's strict stance could impact regional ambitions [7].

Core Viewpoint - The chairman of the China Securities Regulatory Commission, Wu Qing, emphasized the need for securities institutions to enhance their cross-border financial services capabilities and steadily advance internationalization, particularly in the "Belt and Road" markets [1] Group 1 - Securities institutions are encouraged to strengthen domestic and international collaboration and introduce international best practices to facilitate cross-border resource matching [1] - A strong financial institution is identified as a core element of a financial power, requiring global capital allocation capabilities, asset pricing authority, top talent reserves, and leadership in international financial governance [1] - Industry institutions should benchmark against these goals to accelerate the enhancement of core competitiveness, thereby solidifying the industrial foundation for building a financial power [1]

三是着力提升上市公司质量。修订完善新的上市规则和规范运作指引，强化独董履职保障的机制，提升 了上市公司治理透明度和市场公信力，发布了可持续发展报告的编制指南，编制操作的实务手册，并通 过常态化的专业培训等措施，全方位助力上市公司提升规范运作的水平和持续发展能力，引导上市公司 可持续发展理念深度融入经营管理的实践。 21世纪经济报道 赵云帆 广州报道 由南方财经全媒体集团主办，21世纪经济报道承办，渣打银行战略支持，东方证券等支持的"南方财经 论坛2025年会"12月5日-6日在广州南方财经大厦举办。 上海证券交易所副理事长霍瑞戎就上交所深耕科创板改革试验田，服务科技创新实践基本情况，以 及"十五五"期间上交所的重点工作方向发表了演讲。 霍瑞戎表示，上交所以科创板改革为引擎，助力加快提高高水平科技自立自强。七年来上交所坚守科创 板硬科技定位，围绕服务高水平科技自立自强，服务新质生产力发展，全方位提升了资本市场支持科技 强国建设和中国式现代化能级。 一是立足科创企业成长规律和发展特点，构建多元包容的发行上市制度体系，先后出台了科创板八条 和"1+6"系列政策措施，从IPO、再融资、并购等各个环节全面发力，系统提升 ...

【环球网财经综合报道】世界黄金协会日前展望2026年黄金前景认为，黄金价格大致反映了宏观经济的 共识预期，如果目前的情况持续下去，金价可能保持区间波动。但从今年的情况来看，2026年可能会继 续令人惊讶，有望从当前位置再上涨15%到30%。 另据世界黄金协会数据，黄金ETF总持有量在11月底增至3932吨，连续第六个月录得增长。其中超过 700吨是在2025年买入的，使得持仓量有望创下历来最大的年度增幅。 东吴证券近日撰文详细分析认为，11月初因通胀与就业数据延迟发布，政策预期更依赖美联储表态，部 分官员偏鸽讲话使降息概率上调，金价获得支撑；月中就业数据高于预期、美元阶段性走强，使金价自 区间上沿回落；月下旬政策口径再度转向温和，市场对 2025年12 月降息的定价进一步上行，叠加全球 风险偏好波动，金价呈现修复态势。 东吴证券判断，后续在政策预期配合下突破区间上沿并伴随成交量放大，将增强中期上行动能；若美元 指数阶段性反弹，则可能推动金价再度测试下方支撑带。 西南证券近日发布研报认为，在财政主导初期，美国的财政风险溢价主要通过黄金的极致上涨进行定 价，黄金的飙升实质上映射了隐含实际利率的深度下行。中信建投证 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 东吴证券股份有限公司（以下简称"公司"）于2025年7月17日成功发行东吴证券股份有限公司2025年度 第五期短期融资券，发行总额为人民币10亿元，票面利率为1.58%，期限为140天，兑付日期为2025年 12月4日。 2025年12月4日，公司完成兑付本期短期融资券本息共计人民币1,006,060,273.97元。 特此公告。 东吴证券股份有限公司董事会 2025年12月6日 证券代码：601555 股票简称：东吴证券 公告编号：2025-059 东吴证券股份有限公司 2025年度第五期短期融资券兑付完成的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 ...

| 索引 号 | bm56000001/2025-00014116 | ਦੇ 線 | 行政监管措施;综合政务 | | --- | --- | --- | --- | | 发布机构 | | 发文日期 | 2025年12月05日 | | ਸਮ | 关于对华泰联合证券有限责任公司、刘伟、于兆祥采取出具警示函措施的决定 | | | | 文 특 | 中国证券监督管理委员会安徽监管局行政监管措施决定书〔2025〕70号 | 主题词 | | 北京商报讯（记者 刘宇阳）12月5日，安徽证监局发布公告表示，经查，华泰联合证券作为2025年度安徽富煌钢构股份有限公司发行股份及支付现金购买 资产并募集配套资金暨关联交易项目的财务顾问，在接受委托出具财务顾问专业意见过程中，未对标的公司合肥中科君达视界技术股份有限公司（以下简 称"中科视界"）收入确认跨期问题保持充分的职业审慎、未充分核查中科视界与部分经销类客户的交易实质，导致制作、出具的独立财务顾问报告存在不 实记载。刘伟、于兆祥作为项目主办人，对以上违规行为负有主要责任。 安徽证监局表示，上述情形违反了相关规定，决定对华泰联合证券、刘伟、于兆祥采取出具警示函的行政监管措施，并记入 ...

Core Viewpoint - The 19th Shanghai Financial Services Entity Economy Conference highlighted the role of Shenwan Hongyuan in supporting the high-quality development of Shanghai as an international financial center and a technology innovation center through various initiatives [1][2]. Group 1: Direct Financing Role - Shenwan Hongyuan aims to fulfill its role as a direct financing "service provider" by aligning with the industrial planning needs of Shanghai and its districts, continuously introducing financial resources to key areas of technological innovation [1]. - The company has launched the "Shenwan Hongyuan Listed Company Value Management Evaluation System" to support industrial mergers, restructuring, and enhance the capital market's ability to support structural upgrades in the real economy [1]. Group 2: Capital Market Oversight - The company emphasizes its role as a "gatekeeper" of the capital market, using "scientific content" as a core project evaluation metric, ensuring high project quality, and maintaining an A-class rating in investment banking services [1][2]. Group 3: Wealth Management Function - Shenwan Hongyuan is committed to enhancing its role as a "manager" of social wealth by focusing on customer-centric strategies, advancing buy-side advisory transformations, and improving asset allocation efficiency for clients [2]. - The company plans to deepen collaboration with various technology innovation parks and industry platforms to improve service quality for major projects in Shanghai's technology innovation sector [2].

Core Insights - The cross-border wealth management scheme, known as the Cross-Border Wealth Management Connect, has evolved to version 2.0, allowing brokerages to transition from traditional product channels to cross-border wealth management platforms, although challenges remain in market awareness and regulatory compliance [1][2]. Group 1: Institutional Evolution - The launch of the Cross-Border Wealth Management Connect marks a significant step in financial market connectivity within the Guangdong-Hong Kong-Macao Greater Bay Area, creating a funding loop through the banking system for residents to invest in each other's markets under compliance [2]. - Initially, the program was bank-led, focusing on low to medium-risk products, but the upgrade to version 2.0 has included qualified brokerages, creating a dual-channel system that expands product offerings to include medium to high-risk public funds [2]. Group 2: Brokerages' Role - Currently, only 14 brokerages are participating in the pilot, and their business volume is significantly lower than that of banks, but this presents an opportunity for brokerages to transform into central platforms for cross-border asset allocation and global capital markets [4]. - Brokerages are well-positioned to act as buy-side advisors for cross-border asset allocation, especially as the variety of investable products increases, catering to high-net-worth clients focused on long-term asset growth [4][5]. Group 3: Current Challenges - Despite rapid growth in participation, overall market awareness and engagement remain low, with significant disparities in fund usage between southbound and northbound channels, indicating a lack of understanding and accessibility [6][7]. - Strict compliance regulations hinder proactive outreach and investor education, limiting the ability of institutions to effectively communicate and engage with potential clients [7]. Group 4: Optimizations in 2.0 Pro Version - The Hong Kong Securities and Futures Commission's recent measures in the 2.0 Pro version allow for improved communication between institutions and clients, enabling brokerages to explain product details more effectively under a compliant framework [8][9]. Group 5: Future Recommendations for 3.0 Version - For the future 3.0 version, it is recommended to enhance suitability and information disclosure, allowing for a more comprehensive explanation of products based on asset allocation and risk budgeting [10]. - Exploring mutual recognition of advisory licenses between mainland and Hong Kong professionals could facilitate a shift from product sales to professional consulting services [10]. - Introducing a dynamic quota management mechanism could attract more high-net-worth clients by allowing for tiered limits based on financial capacity and risk tolerance [12].

Group 1 - The core point of the article is that Industrial Securities has provided a total guarantee of RMB 234.06 billion, all to its subsidiaries, with a significant portion of this amount representing 40.48% of the company's latest audited net assets [1] - As of the announcement date, the total guarantee provided by the company to its controlling subsidiaries amounts to RMB 55.48 billion, which constitutes 9.6% of the company's latest audited net assets [1] - The revenue composition for Industrial Securities for the first half of 2025 is as follows: securities investment business accounts for 32.21%, securities and futures brokerage business for 30.96%, asset management business for 26.54%, other main businesses for 13.81%, and institutional service business for 10.54% [1] Group 2 - The market capitalization of Industrial Securities is reported to be RMB 62.2 billion [1]

China's top securities regulator has pledged to widen foreign investors' access to the mainland's capital market while further lowering the fundraising threshold for technology firms, after a key indicator slumped nearly 4 per cent from a 10-year high in mid-November. Wu Qing, chairman of the China Securities Regulatory Commission (CSRC), set out guidance for the equity and bond markets in an article published by the Communist Party mouthpiece People's Daily on Friday, three weeks after he was reported to ...