2025年12月4日，由中诚信国际主办的"智驭风险·信立新篇——中诚信2026年信用风险展望年会"在上海圆满落幕。中诚信国际的分析师和市场投资机构代表 在会上分享了关于十五五时期经济发展趋势、低利率时代下金融机构的多维洞察、科技创新下的产业信用新生态、AI在金融服务中的实践、国际标准在现 代企业治理中的实践、ESG赋能可持续发展供应链等专业观点。会上发布了中诚信公募REITs 指数·数据库·终端及中诚信·海尔鑫海汇绿色产融数科生态暨绿 E供应链票据通1.0。作为中诚信国际年度的重要研讨会议和市场品牌活动，本次峰会吸引了来自国内外各大工商企业、金融机构、专业研究机构、新闻媒体 的代表和投资人现场参与。会议上午场由中诚信国际执行副总裁邓大为主持。 中诚信国际总裁岳志岗在致辞中表示，当前全球格局深度调整，新一轮科技革命与产业变革为我国带来新机遇，国内经济虽处结构调整关键期、存在有效需 求不足等问题，但经济结构优化、新旧动能转换推进、科技创新驱动增强，为"十五五"高质量发展创造条件。宏观层面，财政政策提质增效、货币政策适度 宽松，我国债券存量超190万亿元，年内公司信用类债券发行15.1 万亿元，有力支持实体经济融资 ...

资本搭桥"蜀道"变"通途"，四川充分发挥资本市场功能作用，让曾经的"蜀道难"跃迁为资本融通、产业 升级的"蜀道通"。 站在"十五五"规划的新起点，四川资本市场正锚定科技创新与产业融合核心方向，向着打造西部金融中 心、赋能新质生产力发展的目标奋勇前行。 政策驱动铺就"通途"基石 "十四五"时期，四川将资本市场发展纳入全省经济社会发展大局，以政策创新破除制度障碍，以机制协 同破解服务堵点，为资本市场高质量发展筑牢根基，让资本要素在川蜀大地高效流动。 截至2025年第三季度末，四川省境内上市公司总数达179家，较2020年底增长32%，总市值达3.4万亿 元，形成规模可观、结构多元的上市公司群体，成为区域经济发展的支柱性力量。 "十四五"时期，四川全省各类市场主体通过资本市场直接融资超2.1万亿元，有效满足实体经济多元化 融资需求。全省新增46家境内上市公司，首发募集资金超360亿元，资金主要投向先进制造、医药健 康、绿色能源等实体领域。 上市公司的蓬勃发展，有政策的精准有力支撑。四川创新建立职能部门与各市州联动的定期会商协调机 制，加强各级干部资本市场能力培训，推动市（州）政府组建"一企一专班"，"一企一策"解决 ...

Core Viewpoint - The article highlights the recent policy incentives for cross-border mergers and acquisitions (M&A) in China, indicating a significant increase in the willingness of Chinese companies to engage in such activities, driven by supportive government measures and market dynamics [1][2][3]. Policy Support for Cross-Border M&A - The "Guangdong Province Financial Support for Enterprises to Carry Out Industrial Chain Integration and M&A Action Plan" proposes initiatives such as exploring the establishment of cross-border integration and M&A funds with Hong Kong and Macau capital [2]. - Various local governments, including Shenzhen and Shanghai, have released supportive policies for M&A, emphasizing the connection between Hong Kong capital markets and domestic resources [2][3]. Market Trends in Cross-Border M&A - There is a noticeable shift towards more rational selection of targets, with Chinese companies focusing on high-quality assets that provide strategic value, particularly in sectors like high-end manufacturing, new energy, and biomedicine [3][5]. - The M&A models are becoming more flexible, with an increase in joint ventures, minority stake investments, and greenfield projects, moving beyond traditional controlling stake acquisitions [5][6]. Growth in M&A Activity - From early October 2024, Chinese companies disclosed 182 outbound M&A events totaling 177.25 billion yuan, with 142 events in 2025 alone, reflecting a year-on-year doubling in scale [3][5]. - The article notes that listed companies are playing a significant role in this surge, driven by the need for international business expansion and sustainable growth [6]. Challenges for Chinese Investment Banks - Despite the growth in cross-border M&A, Chinese investment banks face challenges in navigating complex regulatory environments and understanding local market dynamics [7][8]. - There is a need for investment banks to enhance their capabilities in managing intricate cross-border transactions and to provide tailored services to meet the evolving needs of Chinese enterprises [7][8].

Core Viewpoint - Deleja (603092) experienced a decline of 0.69% today, with a trading volume of 5.72 billion yuan and a turnover rate of 22.91% [2] Trading Activity - The stock was listed on the Shanghai Stock Exchange's "龙虎榜" due to its turnover rate reaching 22.91%, with institutional net purchases amounting to 15.40 million yuan [2] - The top five trading departments had a total transaction volume of 190 million yuan, with buying transactions of 81.31 million yuan and selling transactions of 109 million yuan, resulting in a net selling of 27.84 million yuan [2] - Over the past six months, the stock has appeared on the "龙虎榜" six times, with an average price increase of 1.13% the day after being listed and an average decline of 0.51% in the following five days [2] Fund Flow - The stock saw a net outflow of 43.67 million yuan in principal funds today, with a significant outflow of 7.29 million yuan from large orders and 36.38 million yuan from major orders [2] - In the last five days, the stock experienced a net inflow of 154 million yuan in principal funds [2] Financial Performance - The company reported a revenue of 4.06 billion yuan for the first three quarters, representing a year-on-year growth of 66.37%, and a net profit of 630 million yuan, reflecting a year-on-year increase of 64.96% [2] Analyst Ratings - In the past five days, one institution rated the stock as a buy, with the highest target price set at 95.96 yuan by Guosen Securities on November 23 [3]

Group 1 - China's inbound tourist volume has surged over 100% year-on-year, with significant increases in spending from American tourists (up 50%) and French tourists (up 160%) [2] - Macquarie Asset Management has proposed to acquire Qube Holdings Ltd. at a valuation of AUD 11.6 billion (USD 7.5 billion), offering AUD 5.20 per share, which is a 28% premium over the last closing price [3] - The low-altitude economy market in China is expected to reach CNY 1.5 trillion by 2025 and potentially exceed CNY 2 trillion by 2030, indicating strong growth in the sector [4] Group 2 - The securities industry has seen a net outflow of over 6,800 professionals this year, although the number of investment advisors has significantly increased, with 84,800 advisors and 5,932 analysts reported as of November 23 [5][6] - BHP has announced it will no longer pursue a merger with Anglo American, despite believing in the strategic advantages of such a merger [7] - Tim Cook's potential resignation as CEO of Apple has been denied, with reports suggesting that succession planning efforts are not yet mature [8] Group 3 - Nvidia has become a focal point of market concerns regarding AI, with a recent article questioning the integrity of the AI industry's financing, leading to a decline in its stock price and broader tech market [9] - China's national railway has sent 3.378 billion tons of goods in the first ten months of the year, a 3% increase year-on-year, marking a historical high for the same period [10] - Marriage registrations in China increased by over 400,000 in the first three quarters of the year, with 29 provinces extending marriage leave [11] Group 4 - Over 1,200 5G factories have been established in China, with investments exceeding CNY 50 billion, leading to improvements in product quality and operational efficiency in manufacturing [12] - The semiconductor industry in China is undergoing a new wave of transformation driven by advancements in AI, intelligent connected vehicles, and quantum computing, necessitating a comprehensive innovation ecosystem [13] - Xiaomi's vice president has refuted rumors linking the company to a fatal accident, emphasizing the importance of verifying information [14]

Core Insights - Since 2025, China's capital market has seen a surge in mergers and acquisitions (M&A), driven by favorable policies and capital empowering industrial transformation [1][2] - A total of 222 M&A transactions have been disclosed in the A-share market as of October 30, 2025, involving 244 listed companies, with over 100 events reported in October alone [1] - The focus of these M&A activities is on "industry orientation," with significant horizontal and vertical integrations aimed at enhancing competitiveness and expanding growth opportunities [1][3] M&A Activity Overview - There are currently 120 ongoing M&A transactions, with 54 completed deals amounting to over 370 billion yuan, and 48 cases officially terminated [2] - Private enterprises dominate the M&A landscape with 147 participants, followed by local state-owned enterprises (59) and central state-owned enterprises (25), particularly in key sectors like semiconductors and high-end manufacturing [2] Notable M&A Cases - Major industry-impacting M&A cases include China Shenhua's integration of 13 energy companies, Guotai Junan's merger with Haitong Securities, and Fulin Precision's joint investment with CATL in a subsidiary [2] - The "A-controlled A" M&A cases are becoming more frequent, indicating a shift from fragmented competition to concentrated development within industries [3] Market Transformation - The Chinese M&A market is entering a significant transformation phase, characterized by efficient review mechanisms and diverse payment methods that enhance operational flexibility [3] - The focus is shifting from scale growth to quality optimization and from short-term financial investments to long-term industrial collaboration, highlighting the role of M&A in driving economic transformation [3]

Core Viewpoint - The article discusses the current market trends, particularly focusing on the performance of growth and value styles, the recovery of the A-share market, and the potential for consumer sector recovery in the future. Group 1: Market Performance - The overall market opened low but closed higher, reaching a rating of 4.2 stars, close to 4.1 stars [1] - Growth style saw a significant increase today, while value style experienced a slight decline [2][7] - The ChiNext index experienced a correction of over 10% after reaching high valuations post the National Day holiday [3] - Recent earnings reports from leading companies in the ChiNext indicate good profit growth, contributing to the index's rise [4] Group 2: Style Rotation - The A-share market is characterized by style rotation, with growth style recently outperforming value style [5][6] - In the past few days, growth style had declined while value style was on the rise [6] Group 3: Consumer Sector Analysis - The current low performance in the consumer sector is attributed to a weak fundamental backdrop, similar to the period from 2013 to 2017 [10] - The consumer sector's valuation is at historical lows, comparable to the lowest levels seen in 2013 [12][13] - If the economic fundamentals improve and the consumer sector enters a growth cycle, profit growth for listed companies in this sector is expected to rise, leading to a potential recovery [32][35] Group 4: Future Outlook - The timing of a potential recovery in the consumer sector remains uncertain, with predictions ranging from this year to the next two years [34] - Investors looking at consumer stocks should be prepared for long-term investments, as the sector may experience significant volatility [36] Group 5: Hong Kong Market Insights - The Hong Kong stock market has also seen an overall increase, with technology stocks leading the gains [8] - The article provides a summary of the valuation of Hong Kong stock indices for reference [9][37]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The scale of science - innovation bond ETFs has been fluctuating around 250 billion yuan in the past three weeks, with the latest scale on October 17th being 246.9 billion yuan, and 15 out of 24 ETFs having a scale of over 10 billion yuan [1]. - The weekly issuance of science - innovation bonds has picked up, but the trading volume remains low. The net issuance reached its peak in the first week of July and then declined. The net issuance from October 13th - 17th was 45.9 billion yuan, an increase of 32.8 billion yuan compared to the previous week before the holiday [1]. - This week, science - innovation bond ETFs continued to increase their holdings of new bonds issued in September 2025, mainly in the power, energy, and brokerage sectors, with maturities concentrated between 2 - 3 years. The bonds with relatively large reductions in holdings are from diverse industries, and the reduction behavior is more dispersed [2]. - The buying power of science - innovation bond ETFs has created a spread between non - component bonds and component bonds of the same issuer. As of October 17th, the central spread was 10.9bp, slightly down 0.4bp from October 10th. Attention should be paid to bonds with relatively high or low spreads [3]. 3. Summary by Related Content Science - innovation Bond ETF Scale and Issuance - As of October 17th, the total scale of science - innovation bond ETFs was 246.9 billion yuan, a decrease of 5.2 billion yuan from last Friday. Among the two batches of 24 science - innovation bond ETFs, 15 had a scale of over 10 billion yuan [1][13]. - The net issuance of science - innovation bonds reached its peak in the first week of July and then fluctuated downward. From October 13th - 17th, the net issuance was 45.9 billion yuan, an increase of 32.8 billion yuan compared to the previous week before the holiday, mainly due to the concentrated bond issuance of central enterprises [1]. Science - innovation Bond ETF Trading Volume - The trading volume of science - innovation bonds reached its peak in July and then cooled down. The trading volume this week was relatively low but still higher than before the listing of science - innovation bond ETFs. In the first week of the ETF listing (July 14th - 18th), the trading volume of science - innovation bonds and the trading volume of component bonds of science - innovation bond ETFs accounted for 18% and 14% of credit bonds respectively, and in the past three weeks, they have fluctuated around 10% and 5% [1]. Science - innovation Bond ETF Holdings Adjustment - This week, the increase in holdings of science - innovation bond ETFs continued the pattern of the previous week before the holiday, mainly focusing on new bonds issued in September 2025, involving industries such as power, energy, and brokerage, with maturities concentrated between 2 - 3 years. Among the top 15 component bonds with increased holdings this week, 9 were new bonds issued in September 2025, and 2 were new bonds issued in August 2025 [2]. - The component bonds with relatively large reductions in holdings are from diverse industries such as industrial investment, ports, brokerage, automobiles, and construction, with maturities concentrated between 2 - 3 years. The reduction behavior is more dispersed compared to the increase in holdings [2]. Spread between Non - component Bonds and Component Bonds - The buying power of science - innovation bond ETFs has led to a spread between non - component bonds and component bonds of the same issuer. As of October 17th, the central spread was 10.9bp, slightly down 0.4bp from October 10th. The spread was not obvious before the issuance of the first batch of science - innovation bond ETFs (end of June), only 0 - 2bp, and then increased to 10.0bp after listing (July 18th), narrowed to 9bp at the end of July, and increased again to 9.9bp when the second batch of ETFs started the application process (August 8th), and has since fluctuated around 10bp [3]. - In terms of the term difference of the spread, the spreads for bonds with maturities of 0 - 1 year and over 5 years are relatively low, with a central spread of around 8bp, while the spreads for bonds with maturities of 1 - 5 years are relatively high, ranging from 10 - 13bp [3]. - In terms of individual bond strategies, attention should be paid to bonds with relatively high or low spreads between non - component bonds and component bonds. As of October 17th, 7 issuers had spreads higher than 20bp, indicating that their component bonds were over - bought and the cost - effectiveness of non - component bonds increased. 4 issuers had spreads lower than 8.5bp, suggesting that the valuation of component bonds may still have room for compression [3][4].

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the upcoming "15th Five-Year Plan" (2026-2030) in China, focusing on the transition from land finance to new productive forces, emphasizing technological innovation and artificial intelligence, and enhancing consumer roles to address complex international situations [1][2][3]. Core Insights and Arguments 1. **Economic Growth Target**: The "15th Five-Year Plan" is expected to set an economic growth target of around 4.5%, aligning with previous five-year plans that typically included specific targets [9]. 2. **Investment Focus**: Key investment areas include promoting price recovery to expand domestic demand, developing emerging industries such as commercial aerospace, low-altitude economy, marine economy, and biomedicine, and addressing "bottleneck" technologies [10][11]. 3. **Real Estate Development Model**: The plan aims to establish a new real estate development model, transitioning from land sales to equity investments, and enhancing the capital market's quality [12][36]. 4. **Banking Sector Reforms**: The banking industry will undergo reforms to strengthen risk control, accelerate digital transformation, and optimize credit structures, with increased support for technological innovation and green sectors [37][38]. 5. **Securities Industry Development**: The securities sector will focus on supply-side optimization, improving service quality, and enhancing capital market system construction to meet the needs of new productive forces [2][50]. Additional Important Content 1. **Consumer Demand Expansion**: Expanding domestic demand is crucial, with a focus on traditional and new consumption areas, including household appliances and emerging sectors like pet economy and domestic beauty products [17][18]. 2. **Fixed Income Market Changes**: The fixed income market will be reshaped due to the decline of land finance and the rise of new productive forces, with potential risks in the municipal bond market and opportunities in technology innovation bonds [20][22]. 3. **New Quality Productive Forces**: This concept encompasses the transformation of traditional industries, the development of strategic emerging industries, and the cultivation of future industries, aiming to enhance overall productivity [15]. 4. **Real Estate Market Dynamics**: The real estate sector faces challenges in meeting rigid demand, necessitating a new model that links people, housing, land, and finance [28][30]. 5. **Digital Transformation in Banking**: The banking sector is expected to leverage AI and digital technologies to enhance risk management and operational efficiency, aligning with the trends of the digital economy [40][41]. Conclusion The "15th Five-Year Plan" represents a critical juncture for China's economic development, focusing on innovation, consumer demand, and structural reforms across various sectors, including banking, real estate, and securities. The emphasis on new productive forces and digital transformation indicates a strategic shift towards sustainable and high-quality growth in the coming years.

Summary of Key Points Core Viewpoint - Sichuan Jian'nanchun (Group) Co., Ltd. plans to reduce its holdings in Huaxi Securities by up to 26,250,000 shares, representing no more than 1% of the company's total share capital [1] Group 1: Share Reduction Details - The reduction will occur through two methods: a centralized bidding method and a block trading method [1] - Up to 13,125,000 shares will be sold via centralized bidding, accounting for 0.5% of the total share capital [1] - An additional 13,125,000 shares may be sold through block trading, also representing 0.5% of the total share capital [1]