12月18日，上交所发布关于南京河西投资资产管理有限公司2025年面向专业投资者非公开发行科技创新 公司债券（第一期）（数字经济）挂牌的公告。 依据《上海证券交易所非公开发行公司债券挂牌规则》等规定，上交所同意南京河西投资资产管理有限 公司2025年面向专业投资者非公开发行科技创新公司债券（第一期）（数字经济）于2025年12月19日起 在上交所挂牌，并采取点击成交、询价成交、竞买成交、协商成交交易方式。该债券证券简称为"25河 西K1"，证券代码为"281055"。 来源：市场资讯 ...

二、分论坛：解码中国量化策略的下一增长曲线 在全球宏观格局深度演变、AI重构投研逻辑、新质生产力重塑产业格局的背景下，中国资管行业正站在"逻辑重塑"的十字路口。2026年1月15 日，由财视中国主办的第十九届HED中国峰会·深圳暨"第十九届介甫荣耀之夜"将于深圳盛大启幕，超过400位海内外金融机构掌舵人、顶尖投 资人与行业专家将齐聚一堂，共探2026年市场破局之道。 中国量化行业正站在一个鲜明的分水岭上，呈现出"量质齐升"与"竞争加剧"并行的新格局。规模上，百亿级量化私募数量已历史性地超越主观 多头同行；质量上，其超额收益能力日益稳健，2025年跑赢业绩基准的比例显著高于市场均值。但与此同时，赛道拥挤、AI技术竞赛加剧等挑 战也随之而来，出海寻求第二增长曲线已成为不少头部机构的共同选择——中资量化机构如何构建可持续的全球竞争力，成为行业亟待解答的 新课题。 针对这一背景，峰会特设分论坛"中国量化策略的下一阶段"，集结量化领域"梦之队"：千朔投资总经理丁志强、广金美好总经理罗山、大岩资 本总经理黄铂、优美利投资总经理贺金龙等重磅嘉宾，将围绕"量化股票策略的创新与前沿趋势""中资海外基金的生态构建"等核心议题深度 ...

Core Viewpoint - Haide Co., Ltd. has experienced a significant decline in stock price and financial performance, indicating potential challenges in its business operations and market perception [1][2][3]. Financial Performance - As of November 28, 2025, Haide Co., Ltd. reported a revenue of 457 million yuan, a year-on-year decrease of 46.54%, and a net profit attributable to shareholders of 171 million yuan, down 66.96% year-on-year [3]. - The company's stock price has dropped 12.30% year-to-date, with a 12.17% decline over the last five trading days and a 22.21% drop over the last 20 days [2]. Shareholder and Market Activity - The number of shareholders as of November 28, 2025, was 48,000, a slight decrease of 0.05%, while the average circulating shares per person increased by 0.05% to 40,589 shares [3]. - The company has appeared on the trading leaderboard once this year, with a net purchase of 10.1 million yuan on December 1, 2025 [2]. Business Overview - Haide Co., Ltd. specializes in the management of non-performing assets, with its main business revenue composition being 86.95% from asset management, 10.89% from other services, and 2.17% from financial technology services [2]. - The company is classified under the non-bank financial sector, specifically in diversified finance and asset management [2]. Dividend Distribution - Since its A-share listing, Haide Co., Ltd. has distributed a total of 1.463 billion yuan in dividends, with 1.144 billion yuan distributed over the past three years [4]. Institutional Holdings - As of September 30, 2025, the largest circulating shareholder was Hong Kong Central Clearing Limited, holding 14.18 million shares, an increase of 1.8088 million shares from the previous period [4].

Core Insights - The total scale of asset management products by fund management companies, securities companies, futures companies, and private fund management institutions is projected to reach 80.03 trillion yuan by the end of Q3 2025 [1] Group 1: Asset Management Breakdown - Public fund scale is expected to be 36.74 trillion yuan [1] - Private asset management products by securities companies and their subsidiaries are projected to be 6.37 trillion yuan [1] - Private asset management products by fund management companies and their subsidiaries are estimated at 5.70 trillion yuan [1] - Pension funds managed by fund management companies are anticipated to reach 6.85 trillion yuan [1] - Private asset management products by futures companies and their subsidiaries are expected to be 0.39 trillion yuan [1] - The scale of private funds is projected to be 21.99 trillion yuan [1] - Asset-backed special plans (ABS) are expected to reach 2.18 trillion yuan [1]

Core Viewpoint - Hainan United Asset Management Co., Ltd. has achieved an "AAA" credit rating with a stable outlook, reflecting its strong financial performance and asset management capabilities [1]. Group 1: Credit Rating Achievement - The company has placed significant emphasis on credit rating work, systematically reviewing its strategy, operations, finance, and management to enhance its rating [1]. - Hainan United established a regular communication mechanism with rating agencies, demonstrating its strengths in economic benefits, asset quality, governance, and growth potential [1]. - The credit rating upgrade was completed within two months after initiating the rating process in October, showcasing the company's efficient response [1]. Group 2: Financial Performance - As of October 2025, Hainan United's total assets reached 7.112 billion yuan, with total equity amounting to 4.049 billion yuan [1]. - The company's solid fundamentals and excellent financial performance contributed to the successful attainment of the "AAA" credit rating [1]. Group 3: Future Strategy - Hainan United plans to adopt an investment banking mindset, focusing on value discovery and precise investment in high-quality assets with long-term growth potential [2]. - The company aims to strengthen synergies with its core business and establish a sustainable development foundation [2]. - The business model is set to evolve from single asset management to an integrated development approach encompassing "asset operation + capital operation + industrial empowerment" [2].

Group 1 - The company, Zhongshi Jinqiao (00623), announced a cornerstone investment agreement on December 17, 2025, with Shenzhen Xunzhi and the exclusive sponsor and overall coordinator, agreeing to subscribe for shares at the issue price [1] - The cornerstone investment amount is set at 10 million USD, excluding brokerage commissions and fees related to the investor's shares [1] - On the same date, the company entered into a discretionary investment management agreement with Oriental Asset Management, appointing them as the manager to provide services [1]

自2006年启动"牵手公益"计划以来，兴证全球基金便确立了系统性的慈善战略。这一战略明确写入《公 益项目管理办法》，旨在切实履行企业公民责任、追求公益行为社会价值最大化，并最终服务于公司的 可持续发展与品牌建设。战略核心聚焦于四大板块："牵手教育""牵手人文""牵手健康""牵手环境"，形 成了全面而深入的行动框架。十九年间，公司累计开展慈善项目200余个，目前每年稳定运作项目约50 个，构建了稳健而活跃的公益生态。 在专注于为投资者创造长期回报的资产管理行业，兴证全球基金管理有限公司同时将金融的专业能力系 统转化为持久的社会价值。 在专注于为投资者创造长期回报的资产管理行业，兴证全球基金管理有限公司同时将金融的专业能力系 统转化为持久的社会价值。历经十九年的持续投入与实践，兴证全球基金已累计向公益事业投入资金超 过1.9亿元，逐步构建起一条融合金融禀赋、战略规划与人文关怀的特色公益路径。 为确保公益活动的公信力，兴证全球基金同时建立了严格的内部制度与双重审计机制，所有项目均依据 《公益项目管理办法》规范运作，从立项到资金使用全程透明，并接受内外部独立审计监督。 教育是兴证全球基金最具代表性的长期投入方向。截至 ...

Core Viewpoint - Guangfa Fund has been awarded the "Sustainable Responsibility Model" award for its outstanding practices in green finance and inclusive finance, reflecting its commitment to ESG investment and social responsibility [1] Group 1: ESG Investment Practices - Guangfa Fund integrates ESG factors into its investment decision-making process, combining traditional financial metrics with environmental, social, and governance assessments [2] - Since joining the UN Principles for Responsible Investment (UNPRI) in 2021, the company has systematically embedded sustainable investment research into its investment framework [2] - The fund manages 13 ESG public products, with a total market value of ESG assets reaching 847.8 billion, a 24% increase from the previous year [3] Group 2: Investor Education Initiatives - Guangfa Fund has established a comprehensive investor education network that aims to make financial knowledge accessible to the public [4] - The company has launched over 480 educational programs, attracting more than 1.75 million followers, utilizing various formats such as micro-films and interactive activities [5] Group 3: Social Responsibility and Philanthropy - The company actively engages in philanthropic activities focusing on rural revitalization, education support, and disaster relief, extending its social responsibility efforts [6] - Guangfa Fund has contributed to infrastructure, healthcare, and tourism projects in various regions, enhancing local living conditions and supporting economic development [6][7] - The firm encourages employee participation in volunteer services, reinforcing its commitment to social welfare and community support [7]

Core Viewpoint - Huazhang Technology (01673) has engaged in a strategic acquisition of creditor rights through a public bidding process, involving a total debt of approximately 74.79 million RMB from two companies undergoing bankruptcy restructuring [1][2] Group 1: Acquisition Details - The acquisition involves a debt transfer contract with a total consideration of 20 million RMB, which includes 25.66 million RMB in unpaid principal and accrued interest from Baoshan Xinsengtai Paper Industry, and 10 million RMB from Zhaotong Junchi Trading [1] - The collateral for the debt from Baoshan Xinsengtai includes approximately 97,000 square meters of land and 21,000 square meters of factory buildings [1] Group 2: Strategic Rationale - The board believes that acquiring secured debt from a company in bankruptcy restructuring is a strategic move, as the group will need to pay an amount similar to the debt transfer consideration according to the restructuring plan [2] - By participating in the public bidding, the company aims to gain effective control over the collateralized assets, which are critical for securing the debts owed to the seller [2] - The seller is one of five secured creditors of the debtor company and holds significant voting rights in the upcoming creditors' meeting to approve the restructuring plan, with a confirmed debt claim value of approximately 38.32 million RMB, representing about 26.1% of the total secured debt in the bankruptcy process [2]

Core Viewpoint - The market is reassessing the value of "time" as the era of "free" yen and "abundant" dollars comes to an end, leading to a potential revaluation of risk premiums based on current cash flows and valuation safety nets [2][15]. Group 1: Market Dynamics - On December 15, a "global liquidity variation" was observed, with mixed signals: U.S. Treasury yields fell and the dollar weakened, indicating a marginal easing of liquidity, while the yen strengthened and risk appetite contracted [3][4]. - Despite a decline in major U.S. stock indices, certain sectors like consumer ETFs showed resilience, suggesting a shift in market dynamics towards undervalued areas such as value stocks and small-cap stocks [4][5]. - The market is experiencing a transition where investors are less willing to pay high premiums for distant narratives, focusing instead on current cash flows and valuation safety [5][20]. Group 2: Central Bank Policies - The Federal Reserve's recent decision to lower interest rates by 25 basis points signals a shift in monetary policy, with an emphasis on maintaining liquidity through short-term Treasury purchases [6][8]. - The Fed's actions are not traditional quantitative easing but are aimed at ensuring sufficient liquidity in the banking system, indicating a complex approach to managing interest rates and market expectations [7][10]. - The Bank of Japan is expected to continue its normalization process, with market anticipation of further interest rate hikes, which could impact yen financing costs and exchange rate volatility [10][13]. Group 3: Risk Assessment - The potential for a stronger yen could lead to a chain reaction affecting global risk assets, prompting a shift from high-leverage, high-volatility investments to more stable cash flow assets [14][19]. - The current environment suggests that while liquidity remains, the cost of "time" has increased, leading to a re-evaluation of risk premiums across various asset classes [15][22]. - Investors are advised to focus on quality earnings, risk control, and opportunities in the Chinese market, rather than blindly chasing high beta assets [22].