转自：新华财经 新华财经圣保罗2月21日电（记者杨家和）美国最高法院20日裁定特朗普政府大规模关税政策违法后，巴西主要股指Ibovespa指数当日强势上涨，收盘创 历史新高，同时巴西雷亚尔兑美元汇率显著走强。 截至20日收盘，Ibovespa指数上涨1.06%至190534.42点，首次突破190000点大关。该指数当日最高曾达到190726.78点，交易量达到约361.6亿雷亚尔。 "从边际效应来看，关税的取消强化了全球外汇投资组合的重新配置，这有利于巴西雷亚尔和股市，但主要后果应该是汇率波动加剧，因为美国政府下一 步的举措存在不确定性。即便如此，美元贬值的全球趋势依然存在。"国际货币基金组织高级经济学家安德烈·瓦莱里奥表示。 市场预测，随着外资流入预期增强和巴西国内宏观经济基本面稳健，巴西金融市场短期内维持积极走势的动力较为充足。 编辑：王姝睿 受狂欢节假期影响，本周交易时间减少，但本周股指累计上涨2.18%。 市场分析认为，美国最高法院20日裁定特朗普政府大规模关税政策违法，这一判决对全球贸易环境产生广泛影响，提振了投资者对风险资产的信心，成为 推动巴西股市上涨的主要因素之一。 在汇市方面，雷亚尔兑美元 ...

Core Viewpoint - The article discusses the evolving economic landscape of Funing, Jiangsu, highlighting changes in population dynamics, consumer behavior, and the local economy during the Spring Festival period. Group 1: Population Dynamics - Funing is transitioning from a traditional labor-exporting county to a region with bidirectional population flow, with more young people settling in major cities and bringing their families to celebrate the New Year with them [2] - The decrease in returning visitors during the Spring Festival is attributed to this shift in family dynamics rather than a decline in population attraction [2] Group 2: Consumer Behavior - The consumer market in Funing has seen a notable increase in service prices during the Spring Festival, with demand remaining strong, indicating a "price increase and volume rise" scenario [6] - Specific examples include KTV prices nearing 800 yuan for two hours, cinema tickets ranging from 60 to 80 yuan, and an increase in average spending at hotpot restaurants from around 50 yuan to 80 yuan [6][9] - The rise in prices is linked to a combination of limited supply in high-quality entertainment options and a surge in demand from both local residents and returning visitors [9] Group 3: Tourism and Cultural Development - Funing aims to enhance its tourism sector with the development of the金沙湖 National Tourism Resort, but actual visitor numbers during the Spring Festival were lower than expected compared to local attractions [13] - The preference for local, interactive, and low-cost leisure activities over standardized tourist attractions indicates a mismatch between product offerings and consumer demand [13] - The article suggests that the key to successful tourism development lies in leveraging existing resources and creating engaging local experiences rather than solely focusing on high-end projects [16]

文/飞云 第一部分 上市规则 1、香港上市条件、流程及中介机构费用预估 2、香港上市审核与发行：企业赴港IPO的核心要点与最新趋势 3、港股上市指南：适合企业类型、上市标准、流程与费用全景解析 4、港股上市标准全解析：通用规则+特殊章节（8A/18A/18B/18C/19C）附PPT 5、境内企业赴港上市中介机构构成及费用预估 6、境内企业赴港上市的三大核心环节 7、港股上市的工作流程以及相关成本的分析 8、专业解读：港股IPO发售机制、初始公众持股量和自由流通量之新规 9、港股IPO新规如何重塑中概股回归于新能源车企上市路径？ 10、港股IPO定价及公开市场咨询文件新规解读 11、港联交所优化首次公开招股机制，持续吸引新一代优秀企业在港上市 12、港股IPO投资者（基石、锚定、散户）角色解析与2025新股分配新规解读 13、港股IPO再迎新规：优化公开市场及首次公开招股市场定价的规定 14、要点简评！香港IPO新规正式落地 15、香港联交所优化新股市场定价及公开市场规定梳理及解读 16、从定价到分配：看懂港股IPO新规三大核心变化 17、香港上市制度再优化，安永深度解读 18、港交所推出"科企专线"助力科技 ...

Core Viewpoint - The Chinese capital market is entering a new era of functional restructuring and value enhancement, driven by policy guidance, institutional improvement, and capital support, leading to a stable upward trend in the A-share market [5][13]. Group 1: Economic Environment - The global economic environment is complex and variable, while the domestic economy is recovering but facing structural adjustments [5][13]. - Policies supporting technological innovation and green development are becoming clearer, indicating that new economic momentum is accelerating [5][13]. Group 2: Future Outlook - The year 2026 represents a critical juncture with unprecedented opportunities and responsibilities, as the long-term positive fundamentals of the Chinese economy remain unchanged [6][14]. - A new round of technological revolution and industrial transformation is reshaping the global competitive landscape, integrating the capital market more deeply into the national rejuvenation journey [6][14]. Group 3: Strategic Actions - Financial institutions must internalize compliance and risk control, embedding values of compliance, integrity, professionalism, and stability into their cultural DNA [6][14]. - There is a need to focus on creating sustainable value through financial services that meet national and public needs, achieving a balance between economic and social benefits [6][14]. - Building a healthy market requires collaboration among regulators, institutions, enterprises, intermediaries, media, and investors to create a transparent, standardized, vibrant, and resilient ecosystem [6][14]. Group 4: Institutional Commitment - Financial institutions are tasked not only with generating economic returns but also with fulfilling the mission assigned by the times, contributing to high-quality economic development and the construction of a financial power [7][15]. - The commitment to long-term support for the real economy and value discovery is emphasized, with a focus on responsible and pragmatic actions [7][15].

Core Viewpoint - The company emphasizes its commitment to serving the real economy and enhancing its role in the capital market, while also focusing on risk management and high-quality development as it enters 2026, a pivotal year for China's economic modernization [6][8]. Group 1: Company Strategy and Goals - The company aims to build a first-class service-oriented investment bank, aligning its operations with national economic strategies and focusing on risk prevention while promoting high-quality development [6][13]. - The company will continue to expand its underwriting scale in stocks and bonds, enhance its intermediary service competitiveness, and deepen its comprehensive financial service ecosystem [6][13]. Group 2: Support for the Real Economy - The company plays a crucial role as a bridge between the capital market and the real economy, increasing support for key sectors such as technological innovation, advanced manufacturing, and green energy [7][13]. - It is committed to improving the full lifecycle service system for innovative enterprises and fostering a virtuous cycle of "technology-industry-finance" [7][13]. Group 3: Social Responsibility and Investor Protection - The company actively responds to the "one company, one county" pairing assistance initiative, focusing on rural revitalization and innovating projects that cover more market entities and farmers [7][14]. - It prioritizes investor protection by standardizing marketing practices and enhancing information disclosure to safeguard investor rights [7][14]. Group 4: Outlook for 2026 - As the start of the "15th Five-Year Plan" and a critical year for achieving socialist modernization by 2035, the company recognizes the increased responsibility of the capital market in supporting high-quality development [8][14]. - The company plans to deepen its focus on technology finance, green finance, inclusive finance, pension finance, and digital finance, while enhancing its core capabilities in underwriting, research, and wealth management [8][14].

中国经济网北京2月21日讯 中国证监会网站13日发布《关于对财通证券股份有限公司采取警示函措 施的决定》（以下简称《警示函》）。 (责任编辑：华青剑) 江苏证监局网站2025年12月17日发布对陈炯采取出具警示函行政监管措施的决定。经查，陈炯在财 通证券无锡永乐路证券营业部从业期间，存在在微信群中提供、传播误导客户的信息，未向客户充分提 示证券交易的风险、操作客户账户等行为，违反了《证券公司和证券投资基金管理公司合规管理办法》 (证监会令第166号)第十条第二款，《证券经纪人管理暂行规定》(证监会公告〔2020〕20号)第十一条、 第十二条第一项、第二项以及第二十六条第一款的规定。根据《证券公司和证券投资基金管理公司合规 管理办法》第三十二条第一款，《证券经纪人管理暂行规定》第二十四条、第二十六条第一款规定，江 苏证监局决定对陈炯采取出具警示函的行政监管措施，并记入证券期货市场诚信档案。 浙江证监局网站2025年11月7日发布关于《对财通证券股份有限公司采取责令改正措施的决定》和 《关于对裴根财采取出具警示函措施的决定》。经查，财通证券场外衍生品业务存在以下问题：标的管 理机制不健全，未对挂钩标的实施及时动态 ...

2024年"924"行情以来，A股市场经历了波澜壮阔的一年半。转眼间，我们已站在2026年的起点。随着上证指数创下近十年新高，市场在欢呼声中也开始出 现分歧：这轮牛市还能涨多久？是"烟花"将尽，还是"慢牛"刚启？ 作为自媒体创作者，我结合近期方正证券、国泰海通、高盛、中信建投等机构的官方核心观点，为你抽丝剥茧，聊聊我对这轮牛市终局的深度思考。 3. 科技的突破：重塑估值体系的引擎如果说资金是血液，那么科技就是心脏。2025年DeepSeek、机器人、集成电路等新技术的出现，打开了市场对未来增 长的预期空间 2026年初的A股，已经不是那个在绝望中重生的少年，而是一位步入壮年的奔跑者。 方正证券在2026年初的研报中明确指出，A股已经进入牛市第三年 这意味着什么？意味着 "闭眼买入都能涨"的阶段可能已经过去。2026年的市场，大概率不会再是单纯的普涨，而是对节奏把握和结构选择的巨大考验。 国泰海通首席策略分析师方奕将这轮牛市定义为 "转型牛" 。他认为，这轮行情的典型特征是经济结构转型与资本市场改革交相辉映。虽然市场在2025年经 历了大幅波动，但这头"牛"远未结束，2026年甚至有望挑战十年前的高位 要判断牛 ...

重要新闻提示 港交所主席唐家成指出，2026年以来，已有24只新股上市，集资额超过870亿港元，目前排队上市的企 业有488家。港交所今年将全力推进各项工作，包括公布提升上市制度和T+1的咨询文件。 特区政府财经事务及库务局副局长陈浩濂在香港黄金交易所农历年黄金启市日暨2026年新春开市仪式上 表示，为进一步多元发展香港的国际金融业务，特区政府正全力推动香港成为国际黄金交易中心。陈浩 濂说，将以三年超越2000吨为拓展在港黄金仓储的目标，打造香港成为区域黄金储备枢纽。在推动大宗 商品交易方面，目前已有15个伦敦金属交易所认可的仓库在香港营运。港交所也会深化与广州期货交易 所及内地其他大宗商品市场的联通发展。 春节假期商品消费需求旺盛，智能眼镜、智能血糖仪等智能产品备受青睐 国家发展改革委将重点从四方面推动现代化首都都市圈建设 2026春节档档期总票房（含预售）突破39亿元；2026年年度电影总票房（含预售）突破60亿元 1. 据央视新闻2月20日报道，商务大数据显示，春节假期前四天，全国重点零售和餐饮企业日均销售额 较2025年假期前四天增长8.6%。 商品消费需求旺盛。以旧换新政策效应持续显现，截至2月19 ...

Core Viewpoint - The latest bull-bear ratio for the Hang Seng Index (HSI) is 78:22, indicating a predominance of bearish sentiment among investors [1]. Group 1: Bull and Bear Certificates Distribution - The heavy zone for bear certificates is in the range of 27,000 - 27,099, with a total of 602 bear certificates, an increase of 139 from the previous trading day [1]. - The heavy zone for bull certificates is in the range of 26,200 - 26,299, with a total of 2,567 bull certificates, a decrease of 109 from the previous trading day [1]. - The most significant increase in bull certificates occurred in the range of 25,800 - 25,899, totaling 1,215 certificates, an increase of 167 from the previous trading day [1]. Group 2: Market Data Overview - The current price of the Hang Seng Index is 26,413.35, reflecting a decrease of 292.59 points or 1.1% [2]. - The distribution of bull and bear certificates shows that 77.54% are bear certificates while 22.46% are bull certificates, based on relative index certificate numbers [2]. - The range of 27,000 - 27,099 has the highest concentration of bear certificates at 36.2%, while the range of 25,800 - 25,899 has the highest increase in bull certificates [2].

周五，南非富时/JSE非洲领先40可交易指数收涨1.04%，逼近11.5万点，本周累计上涨2.02%。尼日利亚 证交所全部股指收涨0.99%，接近19.5点，连续三个交易日创收盘历史新高，本周累涨6.95%。本周，毛 里求斯证交所SEMDEX指数累涨0.18%，肯尼亚内罗毕证交所全股指数累跌3.14%。 ...