近日，中国人民银行、国家外汇管理局联合发布《关于境内企业境外上市资金管理有关问题的通知》 (以下简称《通知》)，《通知》构建了"便利化+规范化"并重的管理框架，核心内容涵盖四大维度，系 统性优化境内企业境外上市资金管理政策，进一步便利企业在境外金融市场高效融资，为资本市场高水 平开放注入强劲动力。该通知自2026年4月1日起实施，标志着境内企业境外上市资金管理进入新阶段。 管理程序简化提升办理效率 管理程序简化是本次新政的一大亮点。《通知》将境外上市相关登记的办理主体由外汇管理部门调整为 银行直接办理，大幅提升业务办理效率。同时放宽登记时限要求，发行上市、增发登记时限由15个工作 日延长至30个工作日，减持登记时限由拟减持前20个工作日调整为减持后30个工作日，有效缓解企业操 作压力。 在募集资金规范管理方面，《通知》坚持"原则汇回、例外留存"的原则。明确境外上市募集资金、减持 或转让股份所得资金原则上应及时调回境内，股东因增持汇出的资金如有剩余或交易未达成，须及时汇 回且不得改变用途。同时兼顾企业实际需求，允许在境外上市前已获得发改、商务等部门批复或备案文 件的企业，将募集资金留存境外用于境外直接投资、境外 ...

Core Viewpoint - The article highlights the successful implementation of a one-year pilot program for the construction of a credit system for business entities in Jiangsu, which has resulted in the completion of five key tasks and the creation of replicable "Jiangsu experience" [1][2] Group 1: Pilot Program Overview - The pilot program was initiated by the State Administration for Market Regulation, focusing on five tasks: improving credit commitments, enhancing credit evaluation, creating a credit identification system, strengthening the use of credit information, and promoting credit compliance management [1] - Jiangsu led the nation in both the number of participating regions and the number of tasks undertaken, with all five tasks now fully completed [1] Group 2: Implementation and Innovations - The Jiangsu Market Supervision Bureau developed a comprehensive list of credit commitment items, including six types of licensing commitments and nine types of declarations, along with reference templates for credit commitment letters [1] - Various regions innovated service models, such as Nanjing establishing 16 credit compliance service stations serving 1,500 enterprises and developing an AI assistant "Xiao Yu" to assist over 3,000 businesses [1][2] - Lianyungang launched credit loan services "Crystal Easy Loan" and "Jia Easy Loan," issuing over 20 million yuan in loans and reducing complaints in the crystal industry by 42% year-on-year [2] Group 3: Credit Value Utilization - Changshu introduced the "Changxin You" module, collaborating with 13 financial institutions to offer over 40 credit loan products, achieving a total credit of over 400 million yuan for 1,079 enterprises [2] - Wuxi expanded the functionality of the "Cloud Credit Archive" to assist 1,000 enterprises in decision-making and launched a "Pocket Credit Archive" covering 30 headquarters and over 6,000 branches [2] - Kunshan implemented precise reminders for credit repair and automatically generated annual inspection lists for special equipment, promoting the "Kun Ruyi" service brand [2]

Group 1 - The core initiative "Ganyin Project" in Xining's Chengxi District focuses on enhancing financial support for enterprises, with a total of 7,260 loans issued amounting to 5.793 billion yuan as of December 9 [1] - The project has evolved through three versions, from broad coverage of inclusive policies to precise services addressing financing difficulties, and now to a model emphasizing ecological empowerment and collaborative development [1] - The integration of a credit system and data sharing has led to the collection of 288 core public credit information data points across 22 categories, facilitating a more efficient financial environment for businesses [1] Group 2 - Chengxi District has pioneered the transformation of data asset value, achieving the first instance in the province of county-level state-owned enterprises registering data assets, thus creating a full-cycle management process for data rights and financing [2] - The establishment of a trusted data space project, utilizing privacy computing and blockchain technology, aims to create a secure and efficient data circulation environment while maximizing data value for financial innovation [2] - The district has successfully launched an online financing channel for government procurement contracts, facilitating the first fully online "government procurement loan" process in the province, providing a new financing pathway for small and micro enterprises [2]

分组1 - The company announced a mid-term profit distribution plan, proposing a cash dividend of 0.55 RMB per 10 shares, totaling approximately 695.31 million RMB [1][4][5] - The total share capital used for the distribution is 12,642,079,079 shares, and the distribution will not include stock bonuses or capital increases from reserves [1][4] - The record date for shareholders is set for January 6, 2026, and the ex-dividend date is January 7, 2026 [4][5] 分组2 - The company approved the acquisition of 100% equity in Yingda Futures for approximately 1.13 billion RMB, with the transaction not constituting a related party transaction [49][50] - The acquisition aims to enhance the company's financial service capabilities and integrate investment and financing within the energy and chemical sectors [80] - The transaction is subject to approval from the State-owned Assets Supervision and Administration Commission and the China Securities Regulatory Commission [52][80] 分组3 - The company plans to transfer 379,262,372 shares, representing 3.00% of its total share capital, from China National Petroleum Corporation to State Grid Yingda International Holdings Group [33][37] - This transfer will not change the controlling shareholder or actual controller of the company [35][39] - The transfer is part of a strategy to improve the quality of the listed company and expand cooperation [40]

公司公告汇总 当日关注点 交易信息汇总资金流向 12月26日主力资金净流出832.52万元；游资资金净流出92.94万元；散户资金净流入925.46万元。 截至2025年12月26日收盘，电投产融(000958)报收于6.57元，上涨0.92%，换手率0.51%，成交量27.66万 手，成交额1.81亿元。 国家电投集团产融控股股份有限公司关于公司重大资产置换及发行股份购买资产并募集配套资金暨关联 交易获得中国证券监督管理委员会同意注册批复的公告 国家电投集团产融控股股份有限公司于2025年12月26日收到中国证监会批复，同意公司发行股份购买资 产并募集配套资金。公司拟通过资产置换和发行股份方式购买国电投核能有限公司100%股权，同时置 出国家电投集团资本控股有限公司100%股权，并募集配套资金不超过50亿元。证监会同意公司向国家 核电技术有限公司发行7,578,062,467股股份、向中国人寿保险股份有限公司发行4,411,647,740股股份购 买相关资产。批复自下发之日起12个月内有效。 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 ...

Group 1 - The sixth Jiangbeizui New Financial Conference was held in Chongqing, focusing on the theme "New Finance, New Opportunities: Intelligent Integration for Building a Western Financial Center" with over 500 industry experts and representatives attending [1] - The construction of the Western Financial Center in the Chengdu-Chongqing area is a key deployment in the "Chengdu-Chongqing Economic Circle Construction Plan" [1] - Chongqing has implemented the "Intelligent Integration" project to enhance financial support, leveraging the advantages of financial institutions and talent in Jiangbeizui to strengthen the core area of the Western Financial Center [1] Group 2 - The "Intelligent Integration" project aims to activate the integration of four chains through financial services, promote innovation, and enhance inclusive finance coverage [1] - A cluster of private equity funds was officially launched in Jiangbeizui, with over 12 private equity funds introduced this year, totaling more than 10 billion yuan in committed capital to support industrial upgrades [1] - A signing ceremony for technology-finance cooperation was held, with local tech companies partnering with financial institutions to build a new ecosystem for technology finance [2] Group 3 - The establishment of the Luhai New Corridor Jiangbeizui Financial Service Base aims to create a hub for financial service supply and demand, as well as an important platform for reform and innovation [2] - The conference featured speeches from prominent figures in economics and finance, discussing topics such as "AI + Finance" and the construction of the Western Financial Center [2] - An exhibition showcasing the achievements in building the Western Financial Center was set up during the conference [2]

我问你个问题，你最近上网冲浪的时候，有没有发现一种特别解气的说法，很多人都在传美国早晚会把那几十万亿的美债直接赖掉，两手一 摊宣布作废。 这话听着确实痛快，甚至有点大仇得报的爽感，毕竟咱们辛苦赚的外汇换成美债，要是真被赖了确实憋屈，但转念一想，美国要是真敢这么 干，它自己那个霸权体系也就彻底完了。 但我这几天闲着没事，特意去翻了翻美国财政部和几家华尔街机构的最新报表，看完之后我反倒冷静了。我也在想，这事儿真有那么简单 吗，美国人是不是傻，不知道赖账的好处。结果数据摆在那，我才发现这哪里是赖账，这简直就是对着自己的大动脉动刀子。 如果这块石头碎了，美元这张网也就破了。美联储的官员自己在公开场合都承认，债务规模逼近临界点，一旦出现违约风险，10年期美债收 益率会直接飙升。这可不是闹着玩的，收益率飙升意味着全社会的借贷成本爆炸，房贷、车贷、企业债利息全部翻倍，股市估计得跌得惨不 忍睹，这对于靠金融吃饭的美国经济来说，就是要了亲命。 我也查了下咱们这边的情况，心里其实挺踏实的。央行副行长邹澜之前就明确说过，我国的外汇储备配置是分散化的，单一资产的变动影响 非常有限。这话不是随便说说的，是有实打实的操作在支撑。看看美国 ...

Market Overview - The Shanghai Composite Index has achieved an "eight consecutive days" rally, with a rise of 1.88%, while the CSI 300 increased by 1.95%, and the ChiNext Index rose by 3.90% [1][17] - The market sentiment remains bullish despite the absence of significant positive news during the rally, indicating a strong expectation for the upcoming cross-year market [1][11] - The average daily trading volume in the A-share market has increased to 19,569 billion, showing a rise compared to the previous week [1][17] Historical Context - Historically, the Shanghai Composite Index has recorded "eight consecutive days" only 17 times since 2000, primarily during bull markets [2][34] - The median increase in the index following previous "eight consecutive days" has been 2.6% in the following week, 2.3% in the following month, and 6.3% over three months [2][35] - The current rally's increase of only 2.8% during the "eight consecutive days" is lower than the historical median, suggesting a higher probability of market consolidation rather than accelerated growth [2][35] Structural Analysis - The current market structure shows that small-cap indices such as the CSI 2000, CSI 500, and CSI 1000 have reached new highs, indicating a trend where small caps outperform large caps [4][11] - Key sectors that have achieved new highs include non-ferrous metals, military industry, communications, insurance, machinery, and chemicals, reflecting a "new and old coexistence" structural feature [4][11] - The report anticipates a shift in 2026 from a "new surpassing old" narrative to a "new and old coexistence" theme, with a focus on traditional industries benefiting from global pricing resources and cyclical recovery [4][11] Investment Focus - For AI technology investments, the report emphasizes a focus on core sectors with strong fundamentals, suggesting a cautious approach until significant breakthroughs in AI applications occur [5] - The traditional industries, particularly those involved in overseas expansion and global pricing resources, are expected to see profit growth in 2026, with a focus on sectors like chemicals, machinery, and electrical equipment [5] - The report highlights the recent surge in silver prices and the significant drop in the gold-silver ratio, indicating potential investment opportunities in precious metals [5]

CONTENTS 01 国泰君安期货研究所· 海 外 研 究 联系人 杨藤 F03151619 国泰君安期货·君研海外 海外宏观及大类资产周度报告 戴璐 Z0021475 刘雨萱 Z0020476 日期：2025年12月28日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 02 03 大类资产周度表现及市场高频数据 周度重点宏观逻辑追踪及资产观点 • 固定收益 – 海外固收周度表现 • 汇率市场 – 主要汇率周度表现 • 汇率市场 – 中国货币政策框架演进 • 汇率市场 – 人民币汇率月频指标 • 汇率市场 – 人民币汇率高频指标 • 大宗商品 – 主要大宗商品周度表现 宏观数据全息图及基本面高频数据 • 海外权益 – 波动率与风险情绪指标 2 • 周度海外宏观要点：宏观清淡平稳搭台，贵金 属、有色爆发 二为交割制度 • FICC-人民币：人民币破七，贸易账为基石，利 差和结汇配合 • FICC-人民币：政策态度较为明确，短期升值空 间或有限 • 周度 ...

Core Viewpoint - The current market is experiencing a "cross-year + spring" rally, driven by significant institutional investment in A500 ETF and other broad-based products, which brings stable incremental capital to the market. The continuous appreciation of the offshore RMB is expected to attract foreign capital back to the Chinese market, further improving the liquidity situation [1][2][21]. Fund Flows and Market Dynamics - Major institutional investors are increasing their holdings in A500 ETF, contributing to stable incremental capital in the market. Despite the large net subscriptions of A500 ETF potentially being influenced by quarter-end dynamics, the impact on liquidity is considered limited. Following the surge in A500 subscriptions, financing capital has also seen accelerated net inflows [2][6][21]. - In the first four trading days, financing capital saw a net inflow of 413.4 billion yuan, while new equity public funds increased by 100.4 million units, up by 31.9 million units from the previous period. The net inflow from ETF subscriptions reached 330.5 billion yuan [4][42][51]. Sector and Industry Focus - The market is likely to focus on blue-chip indices represented by the CSI 300 and SSE 50, with an emphasis on cyclical sectors. Key sectors to watch include industrial metals, non-bank financials, and hotel aviation, as well as the new energy industry chain and semiconductor sectors [2][7][22]. - Recent price increases have been concentrated in sectors such as non-ferrous metals, crude oil, chemicals, and new energy. For instance, platinum prices rose by 32.92%, silver by 14.38%, and nickel by 9.25% due to global liquidity easing and geopolitical tensions [22][40]. Market Sentiment and Technical Indicators - The A-share market has shown a strong upward trend, attributed to the offshore RMB breaking the 7.0 mark, creating a 15-month high, alongside expectations of a Federal Reserve rate cut, which has led to improved market liquidity. The central bank's commitment to maintaining a moderately loose monetary policy has also stabilized market expectations regarding future liquidity [3][28]. - The three major indices have broken through and stabilized above the 60-day moving average, forming a bullish arrangement, providing an opportunity for positioning ahead of the cross-year rally [3][28]. Investment Opportunities - The ongoing net inflow into A500 ETF reinforces a structural market rally, with significant capital flowing into high-weighted industries such as electronics, power equipment, and banking, which collectively account for over 45% of the index weight [12][17]. - The anticipated launch of options for A500 ETF in 2026 is expected to attract more capital, as historical data suggests that once an ETF is selected as an options underlying, its shares typically see a 40% to 60% increase in the short term [15][21]. Conclusion - The current market is gradually accumulating upward momentum, with a sustained "cross-year + spring" rally expected to continue. The focus remains on the inflow of incremental capital, the performance of cyclical sectors, and the potential for foreign capital to return to the Chinese market [6][26][21].