转自：新华财经 基于上述思考，吴松凯介绍了招商基金构建长期竞争力的具体实践。在顶层设计上，公司在投顾业务创 立之初便确立了独立的考核体系，着重关注客户盈利体验、复购率等，引导团队真正站在客户视角。在 客户服务层面，招商基金已构建起一套多层次、高频更新的客户画像体系，为开展精准化与个性化服务 奠定了数据基础。在科技应用方面，公司较早布局智能投顾，认为科技不仅是提升运营效率、降低成本 的工具，更是实现高质量、个性化服务的有效手段。 吴松凯特别谈到，生成式AI等技术的突破是近年来科技赋能财富管理领域显著的变量，有望从根本上 改变行业的服务模式。他分析说，过去专业而有温度的深度服务受限于高水平理财师的个人服务边界与 成本，大多仅能覆盖高净值客户。随着大语言模型等技术的发展，未来高质量的个性化投教与陪伴将变 得更具可得性，能够普惠至更广泛的客户群体。 吴松凯认为，对个体机构而言，主动推动解决行业共性矛盾的过程，本身就是构建自身长期竞争力的过 程。面对费率下行与模式重构的挑战，坚定长期主义、深度践行客户立场、积极将前沿科技转化为服务 能力，将是财富管理机构实现可持续发展、赢得未来的坚实路径。 在公募基金费率改革持续深化、 ...

Core Viewpoint - Xu Sheng Group, a leading manufacturer of precision aluminum alloy components for electric vehicles, is undergoing a significant ownership change as founder Xu Xudong seeks to transfer control to Guangzhou Industrial Control Group for a total consideration of 4.295 billion yuan, pending regulatory approval [1][2]. Group 1: Company Overview - Xu Sheng Group specializes in the research, production, and sales of precision aluminum alloy components, focusing on lightweight solutions and mastering three aluminum alloy forming processes: die casting, forging, and extrusion [2]. - The company was established in 2003 and became a key supplier for Tesla in 2013, which significantly boosted its performance and led to its listing on the Shanghai Stock Exchange in 2017 [2]. - The company's revenue grew from 155 million yuan in 2013 to over 4.8 billion yuan in 2023, achieving a compound annual growth rate of over 40% [3]. Group 2: Financial Performance - Despite the revenue growth, Xu Sheng Group has faced a decline in net profit, with a projected decrease of 41.71% for the full year of 2024 and a further decline of 7.16% in the first three quarters of 2025 [3]. - The company attributes its challenges to strong cost-cutting demands from clients and fluctuations in end-user demand, leading to unmet order expectations [3]. - East Wu Securities has revised its net profit forecasts for 2025-2027 downwards, now predicting 455 million yuan, 556 million yuan, and 683 million yuan respectively, citing intense industry competition [3].

产品业态创新活跃，多元化供给体系加速形成。丽江积极培育旅居、研学、观星、婚庆、旅拍、民谣、 文创、户外运动等新产品、新场景。2021年至2025年10月，累计新增文旅项目467个，完成投资超220亿 元。成功创建国家级夜间文化和旅游消费集聚区、大研花巷成功创建省级夜间文化和旅游消费集聚区， 形成多元化夜间经济形态。打造"月月有活动"品牌，开发"一滴水经过丽江"主题研学线路，培育研学新 产品；艺术旅居、体育旅居、度假旅居等7大旅居业态快速发展。低空经济实现突破，开辟低空游览航 线，建成高海拔滑翔伞训练认证中心；2024年全市婚拍市场规模突破10亿元。 转自：新华财经 "十四五"时期，丽江文化旅游产业加快转型升级，交出了一份亮眼的成绩单。五年来，聚焦建设世界文 化旅游名城目标，丽江市推动旅游产业加快发展，推进丽江旅游创新业态、创优服务、创美形象。 据介绍，丽江文旅发展持续呈现游客增多、消费增加、体验向好以及环境向优、贡献突出的良好态势。 主要体现在以下五个方面： 文旅产业支柱地位更加巩固，对经济社会发展的贡献突出。"十四五"期间，丽江文旅产业规模持续壮 大，国际品牌酒店、星级饭店及特色民宿数量位居云南省首位。旅游 ...

Market Overview - The market experienced a morning rally with the ChiNext Index rising nearly 1%. As of the midday close, the Shanghai Composite Index was at 3930.87 points, up 0.34%, with a trading volume of 518 billion yuan; the Shenzhen Component Index was at 13419.60 points, up 0.65%, with a trading volume of 720.1 billion yuan; the ChiNext Index was at 3217.02 points, up 0.78%, with a trading volume of 328.9 billion yuan [1]. Sector Performance - The battery, photolithography, and precious metals sectors saw significant gains, while tourism, education, and film industry sectors experienced notable declines [2]. Market Hotspots - The lithium battery industry chain showed rapid strength, with stocks like Tianji Co. and Tianci Materials hitting the daily limit. The non-ferrous tungsten concept also performed actively, with Xianglu Tungsten and Zhangyuan Tungsten both hitting the daily limit. The semiconductor equipment concept continued its strong performance, with Shenghui Integration achieving a historical high with two consecutive limit-ups. Conversely, the commercial aerospace concept retreated after a peak, with Aerospace Machinery hitting the daily limit down. The film industry concept saw multiple stocks decline, with Bona Film Group experiencing two consecutive limit-downs [3]. Institutional Insights - According to Furuang Fund, following the Federal Reserve's recent 25 basis point rate cut, the Bank of Japan raised rates by 25 basis points (as expected), while the European Central Bank remained unchanged. This policy divergence has caused short-term fluctuations in global capital markets. Looking ahead, with the Fed's December rate cut and the implementation of domestic policies, the medium-term trend for A-shares remains positive. Notably, at last week's market low, there was a significant net subscription for broad-based ETFs like CSI 300 and A500, indicating strong market resilience. In a volatile market, structural rotation is accelerating, and there is a need to be cautious of a potential style shift from growth to value. The current recommendation is to focus on high-growth sectors for next year, particularly in AI computing and applications, semiconductors, and pharmaceuticals, as well as sectors benefiting from "anti-involution" policies, such as new energy, steel, and non-ferrous metals, which are expected to see valuation recovery due to improved policy environments [4]. - According to Yinhua Fund, the current position in the profit cycle is low, with ROE declining for 18 consecutive quarters, although the downward trend is showing signs of slowing. The inventory cycle has also reached an inflection point. The number of sectors showing signs of recovery is increasing. Short-term trading activity has decreased significantly, with trading volumes around 1.8 trillion yuan, indicating a phase of low market sentiment. The outlook remains optimistic under the assumption of weak recovery by 2026. In terms of style/sector, the preference remains for growth over value, with small caps slightly outperforming large caps throughout the year. If recovery expectations strengthen, large-cap stocks may see a temporary return to favor. Key sectors to watch include TMT (Technology, Media, and Telecommunications), military industry, resource products, new energy, and pharmaceuticals [5]. News Highlights - In Fujian Pingtan, a new round of customs operations is entering a critical phase, with three major sectors being accelerated. The new customs operations will clarify the main island of Pingtan as a customs supervision area, facilitating more convenient customs measures. The approach has shifted from "loosening" to "opening," allowing for easier movement of people and goods, thereby enhancing the level of openness. The industrial orientation is also clearer, aligning with the construction of an international tourism island and the demand for opening up [6]. Trading Volume Milestone - The A-share market has set a new record, with total trading volume exceeding 405 trillion yuan as of December 22, 2025, marking the first time annual trading volume has surpassed 400 trillion yuan. The overall turnover rate has also improved, with an average turnover rate close to 1.74%, potentially reaching a new high since 2016. Notably, 19 individual stocks have seen annual trading volumes exceeding 1 trillion yuan, with stocks like Zhongji Xuchuang, Dongfang Fortune, and Xinyisheng exceeding 20 trillion yuan; while stocks like Hanwujishi-U, Ningde Times, and Shenghong Technology have exceeded 18 trillion yuan [7].

分类别看，北方国际集装箱运价指数快速上涨后缓步上行。其中，欧洲主要港口拥堵严重，班轮周转效率持续下滑，船公司征收滞期费、滞箱费等，带动运 价周环比上涨1.29%。地中海航线年末市场货量集中释放，运价涨幅较大，天津至地中海东部、天津至地中海西部航线运价指数分别上涨12.44%和10.63%。 美国航线由于我国2026年元旦启动钢铁及相关制品出口许可制度，国内工厂贸易商加快出货，市场货量回暖，运价震荡上涨，天津至美西、天津至美东航线 运价指数分别上涨5.48%和9.27%。最终，TCI收于1199.61点，相比12月12日累计上涨3.50%。 北方国际干散货运价指数止跌企稳。粮食市场运价延续弱势，累计跌幅为2.61%。北方国际煤运价指数小幅上涨0.73%。北方国际金属矿石运价指数累计上 涨2.00%。TBI最终收于1125.43点，相比12月12日上涨0.40%。 新华财经天津12月23日电（记者李亭） 记者从天津国际贸易与航运服务中心获悉，2025年第51周（12月15日-19日），中国北方内外贸海运价格的风向标 ——天津航运指数周初上涨后窄幅波动，最终收于1066.88点，相比12月12日（第50周最后一个发 ...

Core Viewpoint - During the "14th Five-Year Plan" period, China Merchants Bank Chengdu Branch has focused on providing financial services to the real economy, achieving significant results through continuous deepening of financial supply-side structural reforms [1] Group 1: Financial Services to Enterprises - The Chengdu Branch has established a partnership with a local biopharmaceutical company, providing comprehensive financial services including account opening and settlement, especially during the company's critical IPO preparation phase [2] - The bank leverages its group advantages to offer asset management support during the IPO process and continues to provide overseas fund management services post-listing, enhancing the company's capital returns [2] - As the company expands, the Chengdu Branch promptly offers project loans to support its research and expansion efforts, demonstrating a full-cycle, one-stop financial service model [2] Group 2: Focus on Key Industrial Chains - The Chengdu Branch plans to continue its focus on 16 key industrial chains in Chengdu, refining services for park enterprises and creating a detailed industrial map to assist more small and micro enterprises in integrating into the industrial chain [2] - The bank aims to build a new financial service ecosystem that integrates "circle-chain fusion" to support local economic development [2] Group 3: Green Finance Initiatives - The Chengdu Branch integrates green and low-carbon concepts into its development strategy, providing targeted financial support to the green industry in Sichuan to accelerate local "dual carbon" goals [3] - The bank has established a special support plan for carbon reduction bill rediscounting, aiding enterprises in clean energy and environmental protection sectors [3] - As an underwriter, the bank has participated in the issuance of green bonds for various enterprises, successfully lowering financing costs while supporting the development of the green economy [3] Group 4: Inclusive Finance and Support for SMEs - The Chengdu Branch focuses on the six advantageous industries in Sichuan and the "8+28" key industrial chains in Chengdu, innovating supply chain finance to alleviate financing difficulties for small and micro enterprises [4] - The bank enhances support for specialized, innovative, and strategic emerging industry SMEs, providing various financial products to improve the success rate of financing [4] Group 5: Pension and Elderly Financial Services - The Chengdu Branch is developing a comprehensive pension service system, focusing on the needs of elderly clients through various initiatives, including facility upgrades and tailored product offerings [4] - The bank aims to create a one-stop personal pension service experience that is simple, easy to use, and highly efficient [4] Group 6: Digital Financial Solutions - The Chengdu Branch actively supports local enterprises in digital transformation by launching various digital solutions, including payment services and real-time bill payments through its app [5] - The bank focuses on providing tailored financial solutions for upstream and downstream SMEs, promoting digital products to enhance their operational efficiency [5] Group 7: Future Outlook - As the "14th Five-Year Plan" concludes and the "15th Five-Year Plan" begins, the Chengdu Branch will continue to strengthen its efforts in serving the real economy, promoting industrial upgrades, ensuring policy implementation, and improving people's livelihoods [7]

Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) has launched a comprehensive service product for private equity funds, covering all stages from fund establishment to exit, aiming to optimize equity services and enhance client management systems [1] Group 1: Service Offerings - ICBC is the first in the industry to introduce a systematic service product for private equity funds, which includes fund creation, fundraising, investment, management, and exit phases [1] - The bank has established a tiered client management system for private equity funds, focusing on basic management, evaluation, cooperation access, and credit rating [1] - To date, ICBC has served over 10,000 private equity funds and management institutions, as well as more than 30,000 invested enterprises [1] Group 2: Strategic Initiatives - ICBC recently held a roadshow event for technology innovation enterprises, leveraging its "ICBC Innovation Finance - Equity Financial Services" brand to support the growth of strategic emerging industries and future industries [1] - The event provided a full-service process for enterprises and investors, showcasing nearly 20 profitable technology innovation companies and attracting around 30 national-level funds, state-owned enterprises, and leading market institutions [1]

Group 1: New Stock Offerings - This week (December 8 to 12), there are five new stocks available for subscription, including one from the Shenzhen main board, one from the Shanghai main board, two from the ChiNext board, and one from the Sci-Tech Innovation board [1] - The subscription dates are as follows: Nabai Chuan and Youxun Co., Ltd. on December 8, Yuanchuang Co., Ltd. on December 9, and Tiansu Measurement and Xihua Technology on December 12 [1] Group 2: Company Highlights - Nabai Chuan focuses on thermal management systems for power batteries in electric vehicles and has become a benchmark enterprise in the domestic battery liquid cooling plate sector, benefiting from over ten years of technological accumulation [2] - Youxun Co., Ltd. is a leading enterprise in the optical communication chip sector, recognized for providing comprehensive optical communication chip solutions and has achieved significant market presence in both domestic and global markets [3][4] - Yuanchuang Co., Ltd. is a major player in the rubber track industry, offering over a thousand types of rubber track products and recognized for its technical strength and industry position [4] - Xihua Technology specializes in the research, manufacturing, and sales of components for large high-end equipment, particularly wind power gearbox components, and is a leader in the global industry [4] - Tiansu Measurement, established in 2009, is a national independent third-party measurement and testing service provider, recognized as a national high-tech enterprise and a champion in the manufacturing sector [5]

Core Viewpoint - Agricultural insurance has become a key component in supporting the high-quality development of rural areas in Shanghai's Minhang District, facilitated by collaboration among various stakeholders including government departments, agricultural agencies, meteorological services, insurance companies, and farmers [1][2]. Group 1: Agricultural Insurance Innovations - The introduction of the first "Rural Collective Asset Rent Loss Insurance" policy in Shanghai aims to protect the rental income of collective assets, enhancing the value preservation and growth of rural collective economies [2][3]. - The insurance product is designed to address risks associated with the management of collective assets, providing coverage for potential rental income losses due to specific unforeseen circumstances [2][3]. - The "insurance + service" model will be implemented to offer risk reduction services, such as safety assessments and repairs for rental properties, thereby lowering operational costs for rural collective assets [3]. Group 2: Support for Specialty Crop Insurance - The central government's recent directives encourage the development of specialty agricultural product insurance, which aligns with the ongoing efforts in Minhang to create tailored insurance products for local crops [4]. - A new weather index insurance for rice has been introduced, allowing farmers to receive compensation based on specific weather conditions, thus focusing on quality assurance rather than just yield [4]. - The Minhang District is working on subsidy policies for specialty crop insurance, which will enhance risk coverage for various crops, including rice and vegetables [4]. Group 3: Efficient Claims Processing - Minhang District has established a rapid claims processing system, having completed all vegetable and greenhouse claims following last year's typhoons, with a total payout of 1.62 million yuan to 61 operating entities [6][7]. - A collaborative mechanism among insurance companies, government departments, and agricultural operators has been developed to ensure accurate data collection and timely claims processing [7]. - The deployment of IoT sensors in the field allows for real-time monitoring of agricultural data, creating a comprehensive service system that enhances risk management throughout the agricultural production cycle [7]. Group 4: Strengthening Agricultural Insurance Functions - The collaboration between government and enterprises has strengthened the role of agricultural insurance in supporting production, serving rural areas, and benefiting the public [8]. - Ongoing efforts are focused on developing personalized insurance products for new agricultural entities, ensuring that diverse needs are met through multi-party cooperation [8].

坚定深化"四贷联动"服务模式 工行苏州分行坚持"金融为民"，以满足小微企业需求为服务宗旨，做好首贷、信用贷、无还本续贷、转 贷"四贷联动"，深化支付结算、经营流水、知识产权等大数据应用，完善行内信用评价模型，构建大数 据模型科学测算授信额度，推动风险控制前移，为广大小微企业提供预授信。创新推出挖机e贷、国网 电力贷、太仓农贸贷、科创企业贷等产品，降低小微企业融资对抵押担保的过度依赖，显著扩大服务覆 盖面。今年以来，该行服务小微企业首贷户近1500户，较上年同期多增350余户。信用贷款发放金额和 户数显著增长，截至2025年11月末，该行小微企业信用贷款余额超350亿元，较年初增长超100亿元，增 幅达40%。 坚定秉持"政策+服务"双轮驱动 转自：新华财经 近年来，苏州市延续"工业立市"传统，着力打造1030现代产业体系，通过智转数改网联和绿色发展，推 动制造业向高端化、智能化、绿色化转型，赋能新质生产力发展。 在此进程中，工商银行苏州分行始终秉持金融服务实体经济的宗旨，以金融为笔墨，提升服务能力，做 到"五个坚定"，重点加大民营企业、制造业等领域信贷支持，当好服务实体经济主力军，为民营企业稳 健发展注入信心 ...