北京市网信办、北京金融监管局要求各网站平台严格履行主体责任，强化账号资质核验，全面清理违规 信息，对违规账号依法依约采取禁言、暂停更新、限制营利权限、关闭账号等处置措施，坚决阻断网上 非法金融活动及"黑灰产"获利渠道。 此次专项行动聚焦短视频、社交、直播等重点网站平台，集中整治假冒仿冒专业人员误导公众、以隐蔽 方式违规引流、为非法存贷款中介提供推介服务、开展非法代理维权"黑灰产"活动、恶意抹黑诋毁金融 机构、捏造虚假信息唱衰经济等六类突出问题。 新京报讯据网信北京消息，当前，部分金融领域"黑灰产"借助网络平台滋生蔓延，通过假冒身份、隐蔽 引流、非法推介等手段误导公众、欺诈敛财，严重侵害人民群众财产安全，扰乱金融市场秩序。为有效 遏制金融领域突出网络乱象，11月26日，北京市网信办会同北京金融监管局联合部署开展为期3个月 的"清朗京华.金融守护"金融领域网络乱象治理专项行动，以高压态势严打网上非法金融活动及"黑灰 产"乱象。 下一步，北京市网信办、北京金融监管局将以此次专项行动为契机，深化跨部门联动机制，强化日常巡 查力度，从严打击网上金融领域突出乱象，切实守护人民群众财产安全，营造清朗网络环境，助力首都 经济 ...

Group 1: Fiscal Policy Outlook - The fiscal policy in 2025 has shown significant expansion without improving fixed asset investment growth, which declined by 1.7% from January to October due to resources being allocated to debt repayment and other non-immediate projects [2] - For 2026, a more proactive fiscal policy is anticipated, with a projected fiscal deficit rate of around 4% and an increase in special bond issuance to approximately 5 trillion [2] Group 2: Aerospace and Defense Industry - The military's "14th Five-Year Plan" aims for modernization and includes a new structure of "4 military branches + 4 combat arms," focusing on mechanization, information technology, and intelligence [4] - In 2024, the revenue of 119 listed defense companies reached 419.43 billion, a 25.24% increase from 2020, with a compound annual growth rate of 5.79% [4] - By Q3 2025, these companies reported a total revenue of 280.18 billion, reflecting a year-on-year growth of 3.23% [4] Group 3: Internet Industry - NetEase - NetEase's game "Yanyun" launched overseas on November 15 and quickly reached the top 4 on Steam's bestseller list, with expected revenue contributions of 2 to 3 billion in 2026 [5] - The game "Dream of Fantasy" is projected to generate an additional 4 to 6 billion in revenue in 2025, indicating strong market performance [5] - Current valuations for NetEase remain low, with expectations for revenue and profit growth in the second half of the year [5] Group 4: Financial Services - Lexin - Lexin reported a net profit of 510 million in Q3 2025, a year-on-year increase of 68% [6] - The net profit take rate improved to 2.0%, attributed to reduced marketing expenses following a decrease in loan issuance [6] - The company is facing potential challenges in Q4 2025 due to tightening liquidity in the lending market, which may impact loan quality and profitability [6][7]

Core Viewpoint - Qudian's revenue continues to decline significantly, while net profit shows substantial growth due to increased interest and investment income [1] Financial Performance - As of September 30, Qudian reported cumulative revenue of 37.802 million, a year-on-year decline of 76.98% [1] - In Q3, Qudian achieved revenue of 8.523 million, down 84.5% year-on-year, primarily due to the gradual cessation of last-mile delivery services [1] - Net profit for Q3 increased by 210.74% to 410 million, driven by growth in interest and investment income [1] - Interest and investment income for Q3 was 421 million, up 84.46% year-on-year, with cumulative income for the first three quarters reaching 1.027 billion, a year-on-year increase of 176.08% [1] - As of September 30, 2025, Qudian's cash and cash equivalents totaled 7.011 billion, with restricted cash and cash equivalents at 1.519 billion [1] Company Background - Qudian was established in April 2014, initially focusing on small loans for college students, achieving rapid growth [2] - After regulatory changes in 2016, Qudian shifted its target demographic to young adults and expanded into cash loans and consumer installment services [1][2] - Qudian went public on the New York Stock Exchange in October 2017, raising nearly 1 billion and reaching a market value exceeding 10 billion [3] - From 2017 to 2019, Qudian experienced rapid revenue growth, with revenues of 4.775 billion, 7.692 billion, and 8.84 billion, and net profits of 2.164 billion, 2.491 billion, and 3.264 billion respectively [3] - Since 2019, Qudian has sought to diversify into various sectors, including online education and e-commerce, but many initiatives have failed [3] - Recently, Qudian announced a name change to "High Templar Tech Limited" and a new stock code "HTT" [3]

Core Viewpoint - The launch of the ChiNext 50 ETF-DR in Thailand marks a significant step for public funds going overseas, providing Thai investors with access to the ChiNext 50 Index, which focuses on innovative sectors in China [1][4]. Group 1: Product Launch - The ChiNext 50 ETF-DR, based on the Invesco Great Wall ChiNext 50 ETF, was officially listed on the Thailand Stock Exchange on November 25, making it the first depository receipt linked to a Chinese ETF in Thailand [1][5]. - The underlying asset, the Invesco Great Wall ChiNext 50 ETF, was established in December 2022 and had a fund size of 4.962 billion yuan as of November 21 [5]. Group 2: Market Context and Strategy - The ChiNext 50 Index targets key sectors such as new energy vehicles, biomedicine, electronics, photovoltaics, and internet finance, focusing on leading companies in these industries [5]. - The top three weighted sectors in the ChiNext 50 Index as of November 6 are batteries, communication equipment, and photovoltaic equipment, accounting for 29.76%, 18.62%, and 8.22% respectively [5]. Group 3: International Expansion - Public funds are increasingly expanding overseas, with recent activities in Thailand, Brazil, and South Korea, aiming to share the benefits of China's economic growth with global investors [4][6]. - The successful launch of the ChiNext 50 ETF-DR is expected to enhance the internationalization of Chinese assets and attract long-term investments from Thailand [6][7]. - Other recent collaborations include partnerships between various Chinese fund companies and international firms to develop ETF products in markets like Singapore, Brazil, and the UAE [7].

Core Insights - Lexin (NASDAQ: LX) reported solid performance in its Q3 financial results, achieving revenue of 3.42 billion yuan and a Non-GAAP EBIT of 675 million yuan [1] Financial Performance - The company maintained stable business scale with a transaction volume of 50.89 billion yuan in Q3 [1] - The managed loan balance reached 101.84 billion yuan, and the user base increased to 240 million, reflecting a year-on-year growth of 7.7% [1] - Asset quality continued to improve, with the overall asset 90+ delinquency rate decreasing both sequentially and year-on-year [1] Shareholder Returns - In addition to the dividends already distributed in the first half of the year, the company confirmed that the dividend payout ratio for the second half will increase to 30% [1] - The previously announced $60 million share repurchase and buyback plan is progressing rapidly, with over half of the plan already completed [1]

Group 1 - The event "Clear and Bright Pujiang: Joint Governance of Online Financial Information" was held in Shanghai, focusing on creating a good ecosystem for online financial information dissemination [1] - A guideline titled "Shanghai Guide for Handling Bad Financial Information Online" was released, outlining standards for identifying and processing bad financial information [1] - The event was attended by key officials from various regulatory bodies and financial institutions, emphasizing the importance of collaboration in governance [1] Group 2 - An initiative titled "Proposal for Regulating Online Financial Information Dissemination Order" was launched by internet companies including Qifu Technology, Alipay, Xiaohongshu, and Bilibili, proposing seven specific measures to enhance industry self-discipline [2] - The initiative focuses on building a joint governance system, fulfilling platform responsibilities, and strengthening educational guidance [2] Group 3 - Qifu Technology shared its experience in combating financial black and gray industries, emphasizing its commitment to financial security and consumer protection through technological innovation and collaborative efforts [4] - The company developed a "Fraud Prevention Expert Strategy System" that integrates four core modules for comprehensive governance, processing 89,000 incidents related to black and gray industries [6] - Qifu Technology established a dedicated department for black and gray industry governance, collaborating with law enforcement to initiate 23 cases and arrest over 260 criminals [6] Group 4 - The event aimed to enhance the joint governance mechanism for online financial information, promoting a model of "regulatory guidance, corporate responsibility, and industry co-governance" [6] - Qifu Technology plans to continue leveraging technology and deepening collaboration with various stakeholders to strengthen financial security and protect consumer rights [6]

Core Insights - The article highlights the dual nature of growth and risk faced by Qifu Technology, emphasizing its reliance on traditional credit matching and traffic distribution rather than technological barriers or ecosystem capabilities [3][5] - Qifu Technology has faced multiple regulatory penalties due to issues such as illegal debt collection and data misuse, raising concerns about its strategic direction and operational integrity [2][4][10] Company Overview - Qifu Technology has completed a brand upgrade from 360 Borrowing to Qifu Borrowing and has partnered with 159 financial institutions, boasting over 240 million registered users [2] - The company’s core business revolves around internet consumer finance, particularly through products like 360 Borrowing, but it has encountered significant complaints related to aggressive debt collection practices [4][6] Competitive Landscape - Qifu Technology's growth contrasts sharply with competitors like Ant Group, Tencent, and JD Technology, which have established robust ecosystems based on technology, social engagement, and supply chain finance [3][8] - The competitive environment has shifted, with players focusing on building sustainable business models and compliance in a tightening regulatory landscape, making Qifu's previous strategies less viable [9][10] Regulatory Challenges - The departure of founder Zhou Hongyi from the board raises concerns about Qifu Technology's future amid increasing regulatory scrutiny, particularly regarding debt collection methods and user privacy [6][7] - The company has been labeled as a "penalty-heavy" entity due to its regulatory issues, which could impact its valuation and fundraising capabilities [7][12] Strategic Recommendations - To achieve sustainable growth, Qifu Technology must focus on rebuilding trust with users and regulators by enhancing compliance mechanisms and transparency in operations [10][11] - The company should leverage technology not just for cost reduction but also to innovate financial products and improve risk assessment models [10][11] Future Outlook - The future of Qifu Technology hinges on its ability to balance rapid expansion with compliance, as prioritizing growth could lead to further regulatory penalties [12] - The company possesses valuable assets such as technological capabilities and a large user base, but it must cultivate a culture of respect for financial regulations and user trust to succeed in the long term [12]

Group 1 - The "Clear and Bright Pujiang · e Enterprise Co-Governance" initiative aims to establish a good ecological environment for online financial information dissemination, emphasizing the need for continuous efforts and collaboration [1] - Since March, various Shanghai authorities have been working together to combat illegal financial intermediaries, stock market manipulation, and the misuse of AI technology in financial activities, ensuring the protection of citizens' rights [3] - The Shanghai Financial Regulatory Bureau has guided key financial institutions to collaborate with major online platforms, utilizing big data and AI for precise monitoring and identification of financial misconduct [3] Group 2 - The rapid development of financial technology has led to an increase in hidden and intelligent financial black and gray market activities, prompting companies like Qifu Technology to innovate in fraud prevention and case management [4] - Qifu Technology has developed a "Fraud Prevention Expert Strategy System" that integrates fraud detection, strategy formulation, intelligence analysis, and case handling, creating a comprehensive process for addressing financial misconduct [4] - As of October, Qifu Technology has collaborated with various media platforms to address nearly 2,300 instances of illegal content, contributing to a cleaner online environment and maintaining financial order [4] Group 3 - The "Shanghai Guidelines for the Disposal of Bad Financial Information" has been officially released, providing standardized procedures for identifying and handling bad financial information [5] - An initiative was launched by several internet companies, including Qifu Technology and Alipay, to strengthen industry self-regulation and promote responsibility in the dissemination of financial information [5] - The initiative outlines seven specific measures to enhance accountability and maintain a clear and orderly online space for financial information [5]

Market Overview - A-shares experienced a significant decline, with the Shanghai Composite Index falling below 3900 points and the ChiNext Index dropping sharply [1][3] - A total of 5072 stocks closed lower, with 99 hitting the daily limit down, while only 354 stocks managed to rise [2][8] Contributing Factors - Multiple factors contributed to the market downturn, including delayed expectations for Federal Reserve interest rate cuts, concerns over an AI bubble, and internal market correction pressures [1][11][12] - The decline in U.S. tech stocks and negative comments from Japanese officials also impacted market sentiment [11][12] Sector Performance - All 31 sectors in the Shenwan classification saw declines, with 24 sectors dropping over 2%. Notably, sectors such as comprehensive, non-ferrous metals, and power equipment experienced declines exceeding 5% [5][7] - Defensive sectors like media, household appliances, food and beverage, and banking showed relatively better performance, with declines not exceeding 1% [7][8] Investment Recommendations - Investors are advised to optimize their portfolio structure by reducing holdings in high-priced stocks lacking performance support and shifting focus to undervalued, high-dividend sectors [1][18] - Short-term strategies may include focusing on sectors with logical support that have been unjustly punished, while long-term strategies should monitor economic data for potential recovery signals [11][12][19] Future Outlook - The market is expected to continue its volatile consolidation pattern in the short term, with potential for a rebound as selling pressure eases [1][14][15] - Key indicators for market stabilization include observing panic selling, inflows from northbound capital, and clear policy support [15][16]

据上观新闻，11月21日，"清朗浦江・e企共治"整治网上金融信息乱象专项行动总结交流活动举行。今 年3月以来，上海市委网信办会同上海金融监管局、上海证监局、市委金融办、市检察院、市公安局等 部门联合开展"清朗浦江·e企共治"整治网上金融信息乱象专项行动，打击非法金融中介、非法荐股、股 市黑嘴等突出问题，对滥用AI技术从事非法金融活动、无资质从业、传播不实虚假信息等扰乱金融市 场秩序的违法违规行为开展综合治理，切实保障网民合法权益。以专项整治行动为抓手，上海市委网信 办会同上海金融监管局等部门形成常态化协同机制，联合开展专题会商、行业指导、宣传普法等，进一 步提升网上金融信息乱象治理效能，形成工作合力。为有效做好乱象整治工作，上海金融监管局指导辖 内重点金融机构与主要网络平台建立对接协作机制，利用大数据、人工智能等技术开展精准监测识别， 组织开展多场"金融消保网络治理旬主题日"活动，并立足"3·15""金融教育宣传周"等关键时点，加强对 不良金融信息危害性宣讲和风险提示。同时，上海金融监管局强化央地协同和部门协作，一体推进非法 金融中介治理工作。2025年以来，上海金融监管局联合公安机关共破获银行保险领域相关案 ...