记者丨唐婧 编辑丨张星 中央政治局会议定调， 2026年的货币政策基调仍是适度宽松。 中共中央政治局12月8日召开会议，分析研究2026年经济工作。会议指出，明年经济工作要坚 持稳中求进、提质增效，继续实施更加积极的财政政策和适度宽松的货币政策，发挥存量政 策和增量政策集成效应，加大逆周期和跨周期调节力度，切实提升宏观经济治理效能。 对于适度宽松的货币政策如何落实，中国人民银行行长潘功胜在不久前的2025金融街论坛年 会上已有所表态。潘功胜当时表示，央行将继续坚持支持性的货币政策立场，实施好适度宽 松的货币政策， 综合运用多种货币政策工具 ，提供短期、中期、长期流动性安排，保持社会 融资条件相对宽松。同时， 继续完善货币政策框架 ，强化货币政策的执行和传导。 "加大逆周期和跨周期调节力度"的提法也颇受市场关注。 多名受访经济学家告诉记 者，逆周期调节与跨周期调节是宏观经济调控中两种互补的政策工具，前者侧重短期 经济波动的对冲，后者则更注重长期结构性问题的化解。此次重提跨周期调节，可见 经济的长期稳定发展更多地被纳入考量，未来政策重心或从短期稳增长转向兼顾中长 期结构优化。 继续实施适度宽松的货币政策 青岛银行 ...

21世纪经济报道记者唐婧 北京报道 中央政治局会议定调，2026年的货币政策基调仍是适度宽松。 中共中央政治局12月8日召开会议，分析研究2026年经济工作。会议指出，明年经济工作要坚持稳中求进、提质增效，继续实施更加积极的财 政政策和适度宽松的货币政策，发挥存量政策和增量政策集成效应，加大逆周期和跨周期调节力度，切实提升宏观经济治理效能。 "此外，本次会议还重点强调了'提质增效'，"芦哲认为，这意味着2026年货币政策将更加注重在多目标间寻求平衡，既要保持流动性充裕和融 资条件适度宽松，也要防范资产价格大幅波动，并引导金融资源更多流向国民经济薄弱环节，提升货币政策传导的精准性与有效性。 青岛银行首席经济学家刘晓曙向记者表示，12月中央政治局会议中的货币政策定调呈现出两个"不变"与三大"调整"。"不变"主要体现在两个方 面：一是延续"适度宽松"的总体基调，降准降息等总量型工具仍有运用空间；二是结构性工具支持重点领域的导向未发生改变。 对于适度宽松的货币政策如何落实，中国人民银行行长潘功胜在不久前的2025金融街论坛年会上已有所表态。潘功胜当时表示，央行将继续坚 持支持性的货币政策立场，实施好适度宽松的货币政策 ...

Core Viewpoint - International precious metal prices experienced significant volatility on December 9, with COMEX gold futures dropping sharply below the $4200 mark before recovering slightly to around $4232 per ounce, reflecting a gain of over 0.3% [1] Price Movements - COMEX gold futures reported at $4230.8, up by $13.1 or 0.31% from the previous close [2] - COMEX silver prices fluctuated, initially dropping below $59 per ounce but later rebounding to approximately $58.96, reflecting an increase of $0.555 or 0.95% [2] - The highest price for COMEX gold during the day reached $4242.3, while the lowest was $4197.8, indicating a trading range of $44.5 [3] Economic Indicators - The Bank of Japan's Governor, Kazuo Ueda, indicated a potential interest rate hike due to low real interest rates, which could impact the economic outlook [3] - Analysts from Huatai Securities noted that an early rate hike by the Bank of Japan could help avoid the risk of inflation "de-anchoring," but it may also lead to increased Japanese government bond yields and pressure on gold prices due to potential asset sell-offs [4] Historical Context - The previous rate hike by the Bank of Japan on July 31, 2022, led to a rapid appreciation of the yen and significant market volatility, including a 12.4% drop in the Nikkei 225 index and a nearly 4% fluctuation in New York gold futures prices [5] Market Outlook - Despite potential rate hikes, institutions believe the impact on the gold bull market may be limited, as the long-term macroeconomic drivers for gold prices remain intact [6] - Analysts from Ping An Securities maintain a bullish outlook on gold prices, citing ongoing concerns about the weakening of the US dollar's credit and the potential for continued central bank gold purchases [7] - As of the end of November, China's gold reserves reached 74.12 million ounces, marking a continuous increase for 13 months, which supports the underlying demand for gold [7]

Core Insights - The development of HarmonyOS has gained significant attention, with over 27 million terminal devices for HarmonyOS 5 and 6, and daily new device additions exceeding 100,000. Daily application downloads or updates reach 88 million, with over 300,000 searchable applications and more than 10 million registered developers in the HarmonyOS ecosystem [1] Financial Industry Progress - The financial sector is rapidly adopting HarmonyOS, with over 1,000 financial applications launched on Huawei's app market, including major banks and insurance institutions. These applications cover essential services such as mobile banking, securities trading, and insurance [1] - Financial applications are not merely adapted to HarmonyOS but are deeply integrated with its innovative features, enhancing security, convenience, and intelligence. For instance, the HarmonyOS version of the Bank of Communications supports voice commands for quick transfers, while China Life Insurance allows voice inquiries for policy details [1] Multi-Device Integration - Various HarmonyOS financial applications are accelerating their integration across multiple devices, including smartphones, computers, tablets, and wearables. For example, Dongfang Caifu has successfully adapted its applications to HarmonyOS, enabling seamless collaboration across devices and enhancing the overall financial service experience [2] Intelligent Upgrades - The introduction of HarmonyOS application intelligent agents is a notable advancement. These agents can be activated by voice and provide timely, professional feedback by accessing underlying data and market information [2] Developer Support - Huawei offers three flexible development modes for developers to join the HarmonyOS intelligent agent ecosystem, including a no-code LLM mode, a visual workflow mode, and an A2A standard protocol for existing intelligent agents [3] - Huawei has initiated a 1 billion yuan "Tiangong Plan" to support AI ecosystem innovation, with individual intelligent agents eligible for cash incentives up to 750,000 yuan [3] Security Features - The security of financial applications is a critical factor driving the rapid development of HarmonyOS in the financial sector. HarmonyOS's unique security capabilities, such as the Hongmeng Star Shield architecture, enhance the safety and user experience of financial applications [4] - Collaboration with 23 financial institutions has led to the implementation of advanced security measures, including 3D ToF facial recognition for secure logins and FIDO-compliant biometric payment options [4] Future Directions - The future of HarmonyOS in the financial sector will focus on "full scene" and "intelligent" innovations, aiming to deepen the adaptation and optimization of financial applications across multiple devices and accelerate the application of AI intelligent agents in the financial domain [4]

东吴证券公告称，公司第四届董事会第三十四次（临时）会议审议多项议案。一是同意与关联人共同向 东吴期货有限公司增资，公司增资金额40330万元，授权经营管理层办理相关事宜；二是同意融资融券 业务授信总规模不超净资本600%，授权管理委员会后续调整上限；三是审议通过高级管理人员年度履 职及考核情况议案，关联董事回避表决。 ...

（扫码观看直播） （1）北交所市场核心特点 （2）北交所未来投资机会 （3）北交所投资存在风险 "投教领航"投资者教育网络课程是由陕西证监局指导，陕西投资者教育领航者联盟主办，21家成员单位 共同参与，深圳市全景网络有限公司、全景投资者教育基地承办的公益性投教网络课程。 本期是2025年系列投资者教育网络课程第三季第11期，将于12月10日（星期三）15:00开播。本期课程 主题是：北交所市场持续扩容，活力不断增强。将由招商证券股份有限公司财富管理部行业比较与配置 首席卢国昆为各位投资者对以下内容进行介绍： 据了解，陕西投资者教育领航者联盟（以下简称"联盟"）是由辖区行业自律组织、投资者教育基地、证 券期货经营机构、上市公司、媒体共21家单位联合成立的致力于提高辖区投教工作水平的公益性合作机 构。在监管部门和行业协会指导下，通过联盟成员间的优势互补、资源共享，促进投资者教育质量和服 务成效的共同提高，实现投资者教育工作的共同进步、共同成长，为辖区资本市场健康持续稳定发展服 务。为进一步帮助投资者了解规则、辨识风险，持续引导投资者树立理性、价值、长期投资理念，培育 理性、成熟的投资者，2025年联盟成员开展投教 ...

Group 1 - The China Securities Association held its eighth member congress on December 6, where Zhu Jian, Chairman of Guotai Junan, was unexpectedly elected as the new president, marking a shift from previous presidents who were typically from regulatory bodies [1][2] - The China Securities Regulatory Commission (CSRC) Chairman Wu Qing highlighted significant changes in the securities industry over the past four years, with total assets of 107 securities firms reaching 14.5 trillion yuan and net assets at 3.3 trillion yuan, representing growth of over 60% and 40% respectively [3] - The industry has entered a critical phase during the 14th Five-Year Plan, presenting new development requirements and opportunities for deepening capital market reforms and enhancing investment banking capabilities [3] Group 2 - As the new president of the association, Zhu Jian faces significant responsibilities, with an emphasis on enhancing member engagement and governance quality [4] - The association's total assets are projected to be 334 million yuan with total liabilities of approximately 39.71 million yuan, and total revenue for 2024 is expected to be 135 million yuan, including membership fees of 94.96 million yuan [4] - Guotai Haitong, as a leading brokerage firm, has shown remarkable profitability post-merger, with a net profit of 22.07 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 131.8% [5][6] - The company achieved a revenue of 45.89 billion yuan in the same period, marking a 101.6% increase, attributed to the merger and growth in various business segments [5][6] - Following the merger, Guotai Haitong is actively integrating its business and management strategies to ensure a smooth transition for clients [7]

Core Viewpoint - The central financial work meeting in October 2023 emphasized the importance of early identification, warning, exposure, and resolution of risks in the financial sector, highlighting the need for effective pressure testing as a proactive risk management method [1] Group 1: Building a Pressure Testing Management System - The foundation of pressure testing involves creating and continuously improving a risk factor library, stress scenario library, and transmission model library, ensuring unified management of models and parameters [2] - A comprehensive support system comprising organization, regulations, data, models, and information technology is essential for the effective implementation of pressure testing [2] Group 2: Systematic Advancement of Pressure Testing Mechanisms - A comprehensive coverage mechanism for pressure testing should be established, encompassing all business areas and subsidiaries, while considering the interrelation of various risks [3] - The company should conduct annual and semi-annual comprehensive pressure tests, including all key businesses, and ensure that subsidiaries are integrated into the group’s comprehensive pressure testing [3] Group 3: Establishing a Normalized Mechanism - A proactive trigger mechanism for pressure testing should be set up to identify potential risks and effectively prevent and resolve them [4] - Specific triggering conditions and standards should be established, including quantitative thresholds related to net assets and significant market fluctuations [6] Group 4: Enhancing Model Quantification Capabilities - The scientific effectiveness of pressure testing relies on rigorous measurement methods and precise valuation techniques, necessitating a comprehensive modeling system that combines quantitative and qualitative analyses [7][8] - Continuous optimization of model evaluation and validation is crucial to ensure that the models accurately reflect market risks [9] Group 5: Building an Integrated Information System - An integrated information system is vital for enhancing the quality and efficiency of pressure testing, featuring modules for parameter management, factor management, scenario management, model management, testing management, and report management [10][11] Group 6: Strengthening Result Application and Transformation - The core value of pressure testing lies in applying results to risk management and business decision-making, establishing a layered reporting process to ensure relevant stakeholders receive appropriate information [12] - Results from pressure testing should inform business decisions, risk limit settings, and proactive risk management strategies [13] Conclusion - The construction of a pressure testing mechanism is a crucial step for securities companies to enhance risk management capabilities and achieve high-quality development, contributing positively to the stability and healthy development of the capital market [14]

Core Viewpoint - The article discusses the conclusions from the Central Political Bureau meeting on December 8, which emphasizes a stable economic outlook for 2026, advocating for proactive macroeconomic policies to enhance governance effectiveness and address key risks [1][2]. Economic Policy Direction - The meeting highlights the need for a balanced approach to domestic economic work and international trade, focusing on stability and progress, with an emphasis on implementing more proactive fiscal and moderately loose monetary policies [1][2]. - The concept of "enhancing policy foresight, targeting, and coordination" is introduced, indicating a shift towards more anticipatory and tailored macroeconomic measures [2]. Fiscal Policy Insights - It is suggested that fiscal policy will need to be more robust to counteract the negative effects of real estate downturns and debt repayment, with a proposed increase in new debt issuance to approximately 15 trillion yuan for 2026, up from 11.86 trillion yuan in 2025 [3][5]. - The fiscal deficit is expected to remain above 4%, with general public budget expenditures aimed to align with nominal GDP growth of around 5% [3]. Monetary Policy Outlook - The monetary policy is projected to focus on stabilizing expectations while supporting growth, with potential adjustments in liquidity management through tools like reserve requirement ratio cuts and government bond transactions [4][6]. - The central bank is expected to be cautious with interest rate cuts, prioritizing liquidity management through short-term instruments [6]. Long-term Strategy and Coordination - The meeting indicates a shift from "extraordinary counter-cyclical adjustments" to a more integrated approach that considers long-term strategic planning and regional coordination [5]. - The anticipated fiscal and monetary policy combination for 2026 will emphasize coordinated efforts to ensure effective transmission of fiscal expansion to the real economy [4][5].

招商银行 公告称，"25深圳特发MTN005"申购结束前一小时内出现投资人撤标， 中信证券 撤标规模 2000万元，申购价位2.32%，撤标时间17:59:27。 ...