智通财经APP讯，华泰证券(06886)发布公告，华泰证券股份有限公司2025年面向专业投资者公开发行公 司债券(第十期)发行工作已于2025年11月24日结束。本期债券最终品种一发行规模为28.3亿元，票面利 率为1.88%，认购倍数为2.48倍;品种二发行规模为8.7亿元，票面利率为1.99%，认购倍数为4.00倍。 （原标题：华泰证券(06886)完成发行37亿元公司债券） ...

Core Insights - The forum titled "Tide Rising in the East, Intelligent Allocation Globally" was successfully held by Guotai Junan (Chongqing) on November 22, 2023, with participation from over ten financial institutions [1] Group 1: Market Trends and Strategies - Zhang Qian, General Manager of the Asset Allocation Department at Guotai Junan Securities, emphasized the need for upgrading traditional "fixed income +" models in the context of a "low interest rate era" and highlighted the consensus on diversified asset allocation to address market uncertainties and pursue long-term stable returns [4] - Fang Yi, Chief Analyst at Guotai Junan Securities, noted that the underlying logic of the Chinese stock market is undergoing a transformation, characterized by the "transformation bull" where capital market reforms and economic structural transitions mutually reinforce each other, driven by enhanced certainty in China's transformation, deepening capital market reforms, and declining risk-free returns [4] - Zuo Xiuhai, Deputy General Manager, suggested that the "fixed income +" strategy should focus more on investment win rates rather than odds, serving as a stable income base in portfolios, while the equity portion should target areas with medium to long-term logic such as AI and anti-involution, utilizing quantitative strategies to seek excess returns [4] Group 2: Forum Structure and Discussions - The forum featured a main venue and three sub-forums focused on asset allocation, private equity allocation, and wealth allocation, inviting industry experts and leading financial institutions to discuss hot topics such as A-share equity investment strategies, overseas investments, and asset allocation strategies in a low interest rate environment [5]

Core Insights - The report from Qiu Xiang's team at CITIC Securities highlights that the volatility of global risk assets is primarily due to liquidity issues, but fundamentally stems from an over-reliance on a single narrative surrounding AI [1] - The release of U.S. non-farm payroll data and the downward adjustment of interest rate cut expectations by the Federal Reserve have triggered a correction in high asset valuations, amplifying concerns about the sustainability of AI infrastructure in North America [1] - The current market environment presents an opportunity for investors to reallocate towards A-shares and Hong Kong stocks, particularly in light of the risk release ahead of year-end and the potential for a "sharp drop and slow rise" market pattern similar to that of the U.S. stock market [1] Investment Strategy - The report suggests that the core allocation direction should focus on the re-evaluation of pricing power in resource and traditional manufacturing sectors, as well as the continued expansion of enterprises overseas [1] - The strategy of high-cut low investment may face increased difficulty in timing rotations due to overly consistent expectations among investors [1]

天风证券研报表示，A股近期调整为攻坚牛蓄力，后续关注交易热度回升。与8-10月份主线行情强势领 涨不同，11月至今行情也在轮动：依次经历主线行情、大盘价值、情绪指数/微盘的阶段表现。参照 2024年12月-2025年1月、2025年3月-4月的这两波经验来看，交易热度回落领先于融资余额回落。近期 交易热度从10月的高点12%已经回落至近期的10%附近，后续融资余额也将出现回落，同样参照前两段 来看，后续的1个月或是处于整理期，关注交易热度右侧确认底部。行业配置建议：赛点2.0第三阶段攻 坚不易，波折难免，重视恒生互联网。 ...

网址：www.gtht.com 客户服务电话：4008888666 2.融通基金管理有限公司 网址：www.rtfund.com 为了更好地满足广大投资者的理财需求，根据融通基金管理有限公司（以下简称"融通基金"）与国泰海 通证券股份有限公司（以下简称"国泰海通证券"）签署的销售协议，从2025年11月24日起，融通基金旗 下融通中国概念债券型证券投资基金(QDII)C类新增国泰海通证券为销售机构。现将有关事项公告如 下： 一、适用基金及业务范围 ■ 二、咨询方式 1.国泰海通证券股份有限公司 客户服务电话：400-883-8088（免长途话费）；0755-26948088 三、风险提示 本基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利，也不保 证最低收益。基金的过往业绩及其净值高低并不预示其未来业绩表现。投资有风险，敬请投资者在投资 基金前认真阅读《基金合同》和《招募说明书》等基金法律文件，了解基金的风险收益特征，并根据自 身的风险承受能力选择适合自己的基金产品。敬请投资者在购买基金前认真考虑、谨慎决策。 特此公告。 融通基金管理有限公司 2025年11月24日 融通基金管 ...

光大证券发布研报称，市场当前位置有望是长期牛市的起点。基本面的逐步好转与产业亮点仍然是市场 长期牛市的基础，居民资金的流入与"十五五"开局之年的政策支持将决定市场的斜率与节奏。与往年全 面牛市相比，当前指数仍然有相当大的上涨空间，但是在政府对于"慢牛"的政策指引之下，牛市持续的 时间或许要比涨幅更加重要。展望2026，价格变化或许将成为盈利的主要拉动因素。在经历了一轮政策 端显著拉动之后，2026年国内经济或将重新进入到平稳运行阶段，价格因素对于盈利的影响或许将更加 明显。预计2026年A股盈利将逐步修复，全部A股非金融增速将修复到10%左右，同时盈利结构上或许 将会有更多亮点。 ...

Group 1 - The 19th Shenzhen International Financial Expo attracted 47,400 professional visitors from 25 countries and regions, marking a 58% increase in attendance compared to the previous year [1] - A total of 288 institutions participated in the expo, representing an 80% year-on-year growth, including major financial institutions such as China Bank, Agricultural Bank, and various foreign banks [2] - The expo featured over 50 thematic events and 33 investment and financing project roadshows, with a total intended investment amount reaching 1.055 billion yuan [4] Group 2 - More than 30 fintech companies showcased their innovations, with notable participants including WeBank and Huawei, which highlighted core system transformations and AI developments [3] - The expo introduced a government-guided fund exhibition area for the first time, showcasing 29 star enterprises and integrating various industry funds and associations [4] - The event served as a platform for the release of 18 significant industry policies and products, covering areas such as cross-border finance and green bonds [4]

智通财经APP获悉，光大证券发布研报称，市场当前位置有望是长期牛市的起点。基本面的逐步好转与 产业亮点仍然是市场长期牛市的基础，居民资金的流入与"十五五"开局之年的政策支持将决定市场的斜 率与节奏。与往年全面牛市相比，当前指数仍然有相当大的上涨空间，但是在政府对于"慢牛"的政策指 引之下，牛市持续的时间或许要比涨幅更加重要。 核心观点如下： 长期牛市的基础 本轮牛市无论在时间还是空间之上，都仍然值得期待。牛市持续需要的不仅是流动性的好转，历史来 看，时间周期越长，市场与基本面的相关性就越高。因此在我们展望长期牛市可能性的时候，基本面的 稳健改善仍然是基础，政策往往提供了预期改善的拐点，资金决定斜率与节奏。牛市至此，未来更需要 关注基本面预期的兑现。 盈利总量稳定，关注结构亮点 展望2026，价格变化或许将成为盈利的主要拉动因素。在经历了一轮政策端显著拉动之后，2026年国内 经济或将重新进入到平稳运行阶段，价格因素对于盈利的影响或许将更加明显。预计2026年A股盈利将 逐步修复，全部A股非金融增速将修复到10%左右，同时盈利结构上或许将会有更多亮点。 关注居民资金与"十五五"规划建议 市场当前位置有望是长期牛 ...

证券代码：601878 证券简称：浙商证券 公告编号：2025-070 自2025年第三次临时股东会当日起，钱文海先生正式履行公司董事长、法定代表人、董事会战略发展与 ESG 委员会主席职务，同时兼任公司总裁、代行财务负责人。 近日，公司完成法定代表人变更登记手续，并取得浙江省市场监督管理局换发的《营业执照》，现公司 法定代表人为钱文海先生。除上述事项外，公司《营业执照》的其他登记事项不变。 特此公告。 浙商证券股份有限公司董事会 2025年11月22日 浙商证券股份有限公司 关于完成法定代表人工商变更登记的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 2025 年 10 月 24 日，浙商证券股份有限公司（以下简称"公司"）召开第四届董事会第三十六次会议， 审议通过了《关于选举公司董事长的议案》，同意选举公司董事、总裁、财务负责人（代行）钱文海先 生为公司董事长、法定代表人，并召集和主持公司董事会战略发展与 ESG 委员会会议。具体内容详见 公司于2025 年11 月11日披露的《浙商证券股份有限公司关于公司董 ...

Core Points - The company completed the repayment of its fourth short-term financing bond for 2024 on November 21, 2025, with a total principal and interest amounting to RMB 5,095,178,082.19 [2] Group 1 - The company issued the fourth short-term financing bond for 2024 on November 26, 2024, with a total issuance amount of RMB 5 billion and a coupon rate of 1.93% for a term of 360 days [1] - The repayment date for the bond was set for November 21, 2025 [1] - The company and its board guarantee the accuracy and completeness of the announcement regarding the bond issuance [1][3]