Core Viewpoint - The article emphasizes the importance of enhancing financial services to support the real economy, aligning with national strategic goals, and fostering a harmonious labor relationship to ensure sustainable development in the securities industry [2]. Group 1: Human Resource Management - The company adheres to labor laws and continuously improves its human resource management system, ensuring that key processes such as recruitment, labor relations, performance evaluation, and compensation are well-regulated [3]. - The effective implementation of these systems not only enhances management efficiency but also safeguards employee rights, contributing to the company's stable growth [3]. Group 2: Employee Welfare and Work Environment - The company enhances employee welfare by providing diverse benefits beyond the statutory requirements, such as supplementary medical insurance and holiday bonuses, aiming to upgrade employee welfare from "comprehensive" to "experiential" [4]. - Initiatives like the "Changyuan Action" during the Mid-Autumn Festival demonstrate the company's commitment to employee care, especially for those away from home [4]. Group 3: Talent Development - The company focuses on talent development as a core competitive advantage, implementing strategies to attract, cultivate, and retain high-quality talent through optimized structures and an open, innovative culture [6]. - A dual-directional interaction mechanism is established to facilitate internal and external talent exchanges, enhancing employee capabilities and broadening their perspectives [6]. Group 4: Labor Relations Stability - The company prioritizes the establishment of harmonious labor relations, which are crucial for stimulating employee motivation and creativity, thereby reducing instability and fostering innovation [7]. - By creating a transparent system and clear development paths, the company aims to ensure that employees feel valued and engaged, contributing to a cycle of growth that benefits both the organization and society [7].

Core Viewpoint - The company emphasizes the importance of financial culture in enhancing core competitiveness and achieving high-quality development, focusing on integrity, service to the real economy, and compliance with regulations [1][2][5] Financial Culture Construction - Integrity is highlighted as the foundation of the financial industry, with the company integrating integrity requirements into governance and business processes through a three-pronged system of institutional constraints, technical monitoring, and personnel education [2][3] - The company has established strict management measures, including the implementation of the "Integrity Management Measures" and "Reputation Risk Management Measures," embedding integrity into core management systems [2][3] - The company has completed nearly 90 billion yuan in equity and debt financing by October 2025, with significant contributions to technology innovation and rural revitalization projects [3] Risk Management - The company has developed a comprehensive risk management system, incorporating risk awareness into its operations and enhancing efficiency through technology, including AI applications for risk assessment [4][5] - A revised "Comprehensive Risk Management Measures" was published in 2025, detailing responsibilities and performance evaluation standards for risk management [4][5] Compliance Management - Compliance is deemed essential for financial institutions, with the company focusing on optimizing systems and building a professional compliance team, achieving a significant number of experienced compliance personnel by November 2025 [5][6] Innovation and Development - The company adopts a "guarding innovation" approach, ensuring that innovations align with actual needs and regulatory requirements, as demonstrated by the successful IPO of Zhejiang Jinhua New Materials [7] - A strict pre-approval mechanism for new products and services is in place to mitigate risks associated with innovation, ensuring that all new initiatives undergo thorough risk assessments and compliance checks [7]

Market Overview - Asia-Pacific markets opened December mostly in the red, influenced by fresh manufacturing data from China and rising expectations of a U.S. Federal Reserve rate cut this month [1] - Traders are pricing in an 87.4% chance of a quarter-point rate cut for the upcoming Fed meeting on December 10 [1] China Manufacturing Data - China's factory activity unexpectedly contracted in November, as indicated by a private survey, reflecting soft domestic demand [2] - The RatingDog China General Manufacturing PMI dropped to 49.9 in November, missing analysts' expectations of 50.5, indicating contraction [3] - Official data showed China's factory activity improved slightly to 49.2 in November, marking the eighth consecutive month of contraction [3] Hong Kong Market Reaction - Hong Kong-listed firms with exposure to digital assets saw significant declines after the People's Bank of China warned of illegal activities related to digital currencies [4] - Stocks of Yunfeng Financial and Bright Smart Securities & Commodities Group tumbled more than 7%, while Guotai Junan fell as much as 3% [4] Japan and South Korea Market Performance - Japan's Nikkei 225 index fell 1.3%, with notable declines in companies such as Fujikura (down 8.11%) and Sumitomo Pharma (down 5.82%) [5] - South Korea's Kospi index decreased by 0.66%, while the small-cap Kosdaq advanced by 1.29% [5] - Australia's ASX/S&P 200 declined by 0.23% [5]

瘦身版适合苹果X等全面屏 六出飞花入户时，坐看青竹变琼枝。 光大研究财经月历，一览重点经济数据发布时间表。两款 尺寸手机屏保，全球财经大事尽在掌握。 丰满版适合多数非全面屏 N F TV 2 3 4 5 6 美国11月 十三 十七 十四 十五 美国11月 中国11月 制造业PMI 非农就业/失业率 外汇储备 12 13 14 9 甘四 甘五 二十 中国11月 中国11月 = 1 进出口 M2 /社融 议息会议 美国11月CPI 20 21 16 18 19 甘九 中国11月 工业/投资/社消 甘七 三十 冬月 冬至 美国11月 零售 23 24 25 26 28 初六 中国11月 CPI 初四 初五 初七 初九 中国 11 = 工业企业利润 29 30 初十 + 中国12月 官方制造业PMI ...

Core Viewpoint - The article discusses how brokerage asset management is adjusting product strategies and optimizing research systems in response to a low interest rate environment and increased market volatility, with a focus on "fixed income plus" (固收+) business and future market outlook [1]. Group 1: Product Strategy Adjustments - Brokerage firms are actively adjusting their product strategies to cope with market fluctuations, emphasizing a proactive approach rather than reactive adjustments [3]. - Companies are increasing their allocation to multi-asset and all-weather strategies, incorporating stock-linked options, gold, commodities, and volatility strategies into their "fixed income plus" products to differentiate from public offerings [3]. - Firms are promoting a balanced allocation philosophy to reduce over-reliance on fixed income products and achieve diversified internal and client holdings [3]. Group 2: Research and Capability Development - The rapid market changes demand higher adaptability and resilience in brokerage asset management research systems, leading firms to build tailored research frameworks [6]. - Companies are integrating internal and external research resources to enhance stock selection and market trend analysis capabilities [6]. - A three-tier research structure is being established to facilitate cross-asset and cross-strategy business needs, focusing on cultivating multi-strategy talent and integrating AI technology into investment processes [6][8]. Group 3: Advantages of "Fixed Income Plus" Business - "Fixed income plus" has become a core focus for brokerage asset management in the low interest rate environment, with discussions on how to leverage institutional advantages [9]. - The success of "fixed income plus" relies on a scientific research system, effective decision-making mechanisms, and stringent risk control measures [10]. - Brokerage firms possess unique advantages in "fixed income plus" due to their comprehensive service capabilities, allowing them to cover nearly all available investment tools [11]. Group 4: Market Outlook - Industry experts express a long-term positive outlook on the Chinese economy and capital markets, with expectations for the equity market to outperform the bond market in the next 6-12 months [12][14]. - The equity market is anticipated to enter a consolidation phase in the fourth quarter, necessitating a balanced approach across various asset classes and strategies [14]. - Companies are expected to continue issuing high-yield strategy products and focus on absolute return attributes to enhance product performance in the evolving market [14][15].

Core Insights - The forum held in Huizhou focused on the financial reform and development during the "14th Five-Year Plan" period, emphasizing the importance of talent cultivation in the financial sector [5]. Group 1: Event Overview - The Huizhou Financial Executive Forum (2025) took place at Huizhou University, gathering over 20 executives from the financial sector to discuss the future of financial reform and development in China [1]. - The event featured a report on the operation of the Huizhou Financial Education Demonstration Base and a lecture on macroeconomic outlook and asset allocation analysis for 2026 [3]. Group 2: Educational Collaboration - Huizhou University has established a comprehensive cooperation model with local financial institutions, including monthly lectures by bank executives and various educational initiatives [3]. - The Huizhou Securities and Futures Industry Association has been actively collaborating with the university to enhance the integration of industry and academia, focusing on cultivating high-quality financial talent [5].

2025年即将收官，市场在结构性行情中寻找新的方向。新质生产力主线持续凸显，硬科技领域展现出蓬 勃生机，资本市场正以更加理性的目光审视中国资产的内在价值。 在这个关键节点，"共识"的价值愈发凸显。如何理解当前市场的估值逻辑？如何把握新一轮资产重估中 的投资机遇？这些问题亟待深入探讨。 2025年12月6日下午，广州南方财经大厦将迎来一场思想盛宴——证券业年会暨2025年21世纪金牌分析 师颁奖典礼。 21世纪经济报道 记者 崔文静 时序更迭，中国资本市场正迎来新一轮价值重估的重要窗口。 研究所长层面，长江证券邬博华、浙商证券邱冠华、华创证券董广阳等负责人将齐聚一堂。他们带领的 研究团队，每天都在市场最前沿进行深入分析，他们的集体智慧值得期待。 本次年会汇聚十位知名首席经济学家、多家券商掌门人及研究所所长，围绕"中国资产重估——A股趋 势"展开深度对话。这是一次市场声音的集中呈现，也是一次专业智慧的集体碰撞。 同时，第五届21世纪金牌分析师评选榜单也将揭晓。这份经过严格评选产生的榜单，将为市场提供专业 的参考坐标。 本次证券业年会的一大亮点，是众多首席经济学家的集体亮相。他们将围绕"中国资产重估——A股趋 势" ...

Core Insights - Shenzhen Stock Exchange and Huawei Technologies jointly launched a regulatory model based on Huawei's Pangu large model at the "2025 Exchange Technology Conference" [1][3] - The initiative aims to leverage AI technology to enhance the intelligent transformation of compliance services in the capital market [1] Group 1: Model Development - The regulatory model utilizes Huawei's Pangu Reasoner 38B as its core technology, integrating the Shenzhen Stock Exchange's regulatory knowledge system [3] - The model combines Huawei's proprietary fine-tuning technology and scenario-based training capabilities to create an accurate, efficient, and scalable intelligent regulatory service platform [3] Group 2: Future Collaboration - Huawei's Vice President and CEO of Digital Finance, Cao Chong, emphasized the collaboration's validation of the Pangu model's potential in vertical fields [3] - There are plans for ongoing innovation exploration with the Shenzhen Stock Exchange in areas such as issuance review and regulatory technology, aiming to build a smart compliance ecosystem [3]

Group 1 - The 2025 Greater Bay Area Exchange Technology Conference will be held on November 28-29, focusing on the theme "Towards the Era of Artificial Intelligence+" [1] - Key attendees include leaders from Shenzhen Stock Exchange, Hong Kong Stock Exchange, and Guangxi Futures Exchange, along with representatives from regulatory bodies, financial institutions, technology companies, and academic institutions [1] - Eight technological achievements were announced at the conference, including intelligent monitoring technology for abnormal trading behavior and a regulatory model from Shenzhen Stock Exchange, with contributions from major industry players like CITIC Securities and CICC [1] Group 2 - The Chief Engineer of Shenzhen Stock Exchange, Yu Huali, emphasized the commitment to implementing the spirit of the 20th Central Committee's Fourth Plenary Session, focusing on risk prevention, strong regulation, and promoting high-quality development [2] - The goal is to create a safe, efficient, and intelligent digital exchange to inject new momentum into the healthy and high-quality development of the capital market [2]

比赛现场，参赛证券从业人员精神抖擞、意气风发，"速度与激情"贯穿全程，乒乓球赛场，选手们时而精准快攻，时而凌 厉扣杀，每一轮攻防都展现出扎实的基本功与敏捷的应变能力。在羽毛球比赛中，选手们挥拍如电，一次次精彩救球引发全场 观众阵阵欢呼。充分展现了运动员过硬的竞技实力与顽强的拼搏精神。 下一步，青海证券业协会将继续以服务行业发展、凝聚队伍力量为宗旨，积极搭建多元化文体交流平台，切实提升从业人 员身体素质与团队协作能力，汇聚行业发展正能量，为推动青海证券业高质量发展注入更强动能。 （编辑 张伟） 本报讯 （记者李立平）为丰富辖区证券从业人员精神文化生活，搭建会员单位间沟通互动平台，切实提升业余文化生活质 量，增强行业凝聚力。11月28日，青海证券业协会举办"2025乒羽先锋"对决赛，辖区各会员单位组成28支代表队，共计90余人 踊跃参赛。 ...