川财证券研究所所长陈雳在接受《证券日报》记者采访时表示，这是中德资本市场互通的重要进步，方 便两国优质企业互相到对方市场融资，也能让两地资本更顺畅流动，是双方金融合作深化的体现。 资讯数据显示，截至11月18日，剔除11家终止发行的企业，已有23家A股上市公司在英国或瑞士成功发 行GDR。其中，6家在伦敦证券交易所上市，17家在瑞士证券交易所上市。 "从资本市场层面来看，这是中德资本市场双向开放、制度型合作的重要突破，标志着我国资本市场对 外开放进入新阶段，不仅为中国企业'走出去'提供了新渠道，也为德国企业'走进来'创造了机会，实现 真正意义上的互利共赢。"中航证券首席经济学家董忠云对《证券日报》记者表示，在当前全球经济不 确定性增加的背景下，中德两大经济体加强资本市场合作，对稳定全球金融市场、提升中国在全球金融 市场的话语权具有重要意义。 第四次中德高级别财金对话联合声明中提到，进一步提高中德资本市场互联互通水平 据财政部官网消息，11月17日，第四次中德高级别财金对话联合声明中提到，双方欢迎符合条件的上海 证券交易所、深圳证券交易所上市公司在法兰克福证券交易所发行全球存托凭证（GDR），欢迎符合 条件的法 ...

11月18日，第二十届中国经济论坛平行论坛——2025大湾区科技与金融创新发展大会在广州南沙成功举办。 当前，全球科技竞争格局深度调整，产业链加速重构，科技创新已成为大国博弈的核心战场。近年来，国家层面发布的有关政策多次明确提出，要构建同科技创新 相适应的科技金融体制，加强对国家重大科技任务和科技型中小企业的金融支持，完善长期资本"投早、投小、投长期、投硬科技"的支持政策。作为金融"五篇大文 章"之首，科技金融的发展既呼应我国现代化产业体系建设导向，也为新质生产力培育注入关键动能。 此次活动会聚了券商、基金、银行、期货、上市公司、科技企业等领域近250名从业人士、专家、学者，以重磅嘉宾主题分享，传递了行业生态前沿洞察与深度思 考；以精彩的"头脑风暴"展现了"科技+金融"的一线创新实践。 洞见风向：探路科技金融新方向 总结"十四五"期间，金融创新赋能科技发展有哪些丰硕成果？展望"十五五"，科技与金融创新的融合发展将如何进一步走深走实？ 证券时报社党委书记、社长兼总编辑程国慧在致辞中指出，当前百年变局加速演进，新一轮科技革命和产业变革正向纵深推进，科技与金融创新如同车之两轮、鸟 之两翼，形成双向奔赴，共生共融的良 ...

Core Viewpoint - The article discusses a new investment product called "An Wo Gu Bao," which claims to provide insurance coverage for stock investments, promising high returns while minimizing risks. However, investigations reveal significant doubts about its legitimacy and the underlying business model [2][11][18]. Group 1: Product Overview - "An Wo Gu Bao" is marketed as the first insurance product for stock investments, offering a monthly return of 60% to 100% [3][5]. - The product allows users to invest with minimal effort, as it is managed by a strategic partnership with CITIC Securities, which handles stock trading on behalf of the investors [5][10]. - Users can invest amounts ranging from 100 yuan to 1 million yuan, with the option to choose investment durations of 1, 3, or 5 days [5][7]. Group 2: Profit and Loss Mechanism - The product claims that if an investment results in a loss, the insurance company will cover the entire loss, while profits will incur a fee of 30% [7][10]. - An example provided shows a user investing in a technology stock, resulting in a profit after deducting the insurance fee [8][9]. Group 3: Regulatory Concerns - Experts express skepticism about the viability of insuring stock investments, as stock trading is considered speculative risk and not typically insurable [11][18]. - The Hong Kong Insurance Authority does not recognize stock insurance as a valid category, raising questions about the product's legitimacy [11][12]. - Both Hong Kong An Wo Insurance and CITIC Securities have denied any association with "An Wo Gu Bao," indicating it may be a fraudulent scheme [12][14]. Group 4: Marketing and Recruitment Strategy - The product employs a multi-level marketing strategy, offering rewards for referrals and promoting a "star customer" program that incentivizes recruitment [14][16]. - The structure resembles a Ponzi scheme, relying on new investments to pay returns to earlier investors, which is a hallmark of such fraudulent schemes [18][19]. Group 5: Expert Opinions - Industry experts warn that the promised returns far exceed reasonable market expectations, indicating a high likelihood of fraud [18][20]. - Investors are advised to remain cautious and skeptical of any investment promising guaranteed returns, especially those lacking transparency and regulatory approval [20].

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 《国投资本股份有限公司内部审计管理办法》 《国投资本股份有限公司九届三十一次董事会决议公告》 《国投资本2025年第三次临时股东会会议资料》 《国投资本股份有限公司关于提名董事候选人的公告》 《国投资本股份有限公司关于召开2025年第三次临时股东会的通知》 《国投资本股份有限公司关于续聘2025年度财务报表审计机构和内部控制审计机构的公告》 截至2025年11月18日收盘，国投资本（600061）报收于7.59元，较前一交易日下跌0.52%，最新总市值 为485.3亿元。该股当日开盘7.62元，最高7.65元，最低7.57元，成交额达2.3亿元，换手率为0.47%。 近日，国投资本发布关于2025年第三次临时股东会会议资料的公告，宣布拟选举张琛先生为公司第九届 董事会董事，任期自股东会审议通过之日起至本届董事会任期届满。资料显示，张琛先生现任中国证券 投资者保护基金有限责任公司党委委员、副董事长，曾任财政部金融司副巡视员。其与公司董事、高管 及持股5%以上股东无关联关系，未持有公司股票 ...

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 最新公告列表 《华安证券股份有限公司2025年度第一期短期融资券兑付完成公告》 截至2025年11月18日收盘，华安证券（600909）报收于6.77元，较前一交易日上涨2.11%，最新总市值 为316.73亿元。该股当日开盘6.61元，最高6.82元，最低6.6元，成交额达7.42亿元，换手率为2.35%。 公司近日发布公告称，华安证券股份有限公司于2025年2月20日发行2025年度第一期短期融资券，发行 金额为人民币15亿元，票面利率2.00%，期限271天，兑付日为2025年11月18日。公司已于2025年11月 18日完成本期短期融资券本息兑付，兑付总额为人民币1,522,273,972.60元。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 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！ 出品：新浪财经上市公司研究院 作者：IPO再融资组/郑权 11月21日，国元证券保荐的铜陵兢强电子科技股份有限公司（兢强科技）即将上会接受审核 值得关注的是，兢强科技已经是二次IPO。前次主板IPO，兢强电子在上会前"临阵脱逃"，市场质疑其持续盈利能力及现金流状况。此次IPO，兢强 科技的现金流状况整体上仍不太乐观。 中科视界财务造假的方式是提前或延迟确认收入。提前确认收入的包括：（1）中科视界2024年12月确认与某物理研究所4笔合同（涉案金额1761 万元），但在2024年未能全部履行发货义务，直至2025年3月完成发货、验收；（2）中科视界于2024年10月确认与上海某公司收入187万元，但上 述合同于2025年3月完成验收；（3）中科视界于2024年12月确认与新疆某公司收入530，973.45元，但2024年度中科视界未将合同清单中的所有货 物全部交付。 近期国元证券投行执业质量备受质疑，比如作为富煌钢构（维权）重组事项的独立财务顾问，未发现重组标的明显的财务造假。又比如在安徽 ...

Group 1: Asset Overview - The Federal Reserve's interest rate cut expectations have reversed, leading to volatile movements in gold and silver prices during the week of November 10-14, with the Nasdaq experiencing significant sell-offs [1] - The Brazilian IBOVESPA index has seen a monthly increase of 10% [1] Group 2: Investment Highlights - As of the week ending November 14, commodities have outperformed equities and bonds, with COMEX silver and Shanghai gold leading in gains. Oil prices have also risen, while global stock market performance has shown significant divergence [6][19] - The correlation between A-shares and Hong Kong, US, and Indian stocks has marginally decreased, indicating a weakening relationship [6][7] - The risk premium of A-shares relative to 10-year government bonds has increased, while the risk premium of US stocks relative to 10-year US Treasuries has decreased [9][12] Group 3: Equity Market Performance - Hong Kong and Brazilian stocks continue to rise, with the IBOVESPA up 10% over the past month. The global stock market overall increased by 0.4% as of November 14, with developed markets showing slight rebounds [19][24] - In emerging markets, A-share indices generally declined, with the ChiNext 50 and the ChiNext index experiencing the most significant pullbacks of -3.8% and -3.0%, respectively [19][24] Group 4: Bond Market Analysis - The Chinese bond market is characterized by a "bull steep" yield curve, with the 10Y-2Y yield spread widening. The 10-year yield remains stable at 1.81% [37][39] - In contrast, the US bond market exhibits a "bear flat" yield curve, with the probability of a December rate cut by the Federal Reserve dropping to 44.4% from 66.9% [37][39] Group 5: Commodity and Currency Trends - Silver and copper have led commodity gains, with the CRB commodity index rising by 0.5%. The dollar index has decreased by 0.3%, while major currencies like the euro and pound have appreciated against the dollar [6][12] - The gold-to-oil ratio has increased, while the gold-to-silver and gold-to-copper ratios have decreased, indicating changing dynamics in the precious metals market [12][18]

Core Viewpoint - Victory Co., Ltd. experienced a significant increase in stock price, reaching the daily limit with a turnover rate of 32.52% and a transaction volume of 1.907 billion yuan, indicating strong market interest and trading activity [2] Trading Activity - The stock's daily price deviation reached 11.04%, and the average turnover rate over the last three trading days was 30 times higher than the average of the previous five trading days [2] - The stock was listed on the exchange's watchlist due to its high turnover and price movement [2] Institutional Buying and Selling - The top five trading departments accounted for a total transaction volume of 395 million yuan, with a net buying amount of 111 million yuan [2] - The largest buying department was Huaxin Securities, which purchased 66.2047 million yuan worth of shares, while the largest selling department was Dongxing Securities, which sold 40.0385 million yuan [2] Fund Flow - The stock saw a net outflow of 90.6149 million yuan in main funds, with large orders showing a net inflow of 53.7407 million yuan and large orders experiencing a net outflow of 144 million yuan [2] - Over the past five days, the net inflow of main funds amounted to 18.8333 million yuan [2]

本报讯 （记者周尚伃）11月18日，申万宏源2026资本市场投资年会在上海举办。申万宏源证券党委书 记、董事长在主论坛致开幕词，申万宏源证券执委会成员，申万宏源研究党委书记、董事长周海晨主持 主论坛，公司各事业部、相关业务条线负责人参会交流。 本次会议以"乘势而上"为主题，设置了1场主论坛及12个分论坛，从资产配置、高端制造、人工智能+、 消费、周期等多领域出发，邀请政界人士、专家学者、公司高管、一二级投资机构，与投资者一起探讨 经济动能、市场大势，挖掘投资机会，做好明年的投资布局。 在宏观经济层面，申万宏源证券首席经济学家赵伟表示，2026年是"十五五"开局之年，亦将是改革与发 展"全面发力"年。与以往改革相比，"十五五"期间的改革更强调系统性与实效性，党的二十届四中全会 将"完善宏观经济治理"升级为"完善宏观经济治理体系"，凸显了改革的全局思维。党的二十届四中全会 将"科技自立自强水平大幅提高"列为核心目标，《中共中央关于制定国民经济和社会发展第十五个五年 规划的建议》进一步明确要"采取超常规措施，全链条推动集成电路、工业母机、高端仪器、基础软 件、先进材料、生物制造等重点领域关键核心技术攻关取得决定性突 ...

Core Insights - The 2025 Greater Bay Area Technology and Financial Innovation Development Conference highlighted the importance of technology innovation as a core battleground in global competition, emphasizing the need for a supportive financial system for technology-driven enterprises [1][2] - The integration of technology and finance is seen as a dual spiral, where both sectors mutually enhance each other, particularly in the context of the Greater Bay Area [2] Financial Innovation and Support - The conference showcased the achievements of financial innovation in empowering technological development during the 14th Five-Year Plan, with expectations for deeper integration in the upcoming 15th Five-Year Plan [2] - The Guangdong Futures Exchange has introduced various futures and options to support green and low-carbon transitions, indicating a focus on sustainable financial products [3] Economic Growth and Financial Sector Performance - Nansha District has demonstrated rapid economic growth, with a GDP growth rate ranking second in the city, and the financial sector contributing over 11% to the district's GDP [3] - The capital market has seen significant fundraising activities, with A-share market fundraising reaching 1.64 trillion yuan, a 31% increase from the previous five-year period [10] Investment Trends and Capital Market Dynamics - The venture capital landscape is evolving, with over 25,000 active funds and a total management scale of 3.48 trillion yuan, highlighting the growing role of venture capital in supporting technological innovation [10] - Financial institutions are increasingly directing loans towards technology, green, and inclusive sectors, with technology-focused SMEs seeing a 22.3% year-on-year increase in loan balances [11] Case Studies and Best Practices - The conference introduced a report on exemplary financial innovation cases, showcasing 95 benchmark cases that highlight innovative practices across various dimensions [9] - Investment institutions are not only providing capital but also resource integration and governance support, which is crucial for the growth of technology enterprises [7][8]