在广西河池凤山县的油茶林下，一群黑猪正在跑山，它们的主人是五位肢体残疾的养殖户。1500公里外 的深圳，企业主王克信在"圳帮扶"平台上刚刚完成了一头年猪的认购。连接这两端的，是一家名为"双 助未来"的深圳企业所搭建的桥梁。这并非简单的消费帮扶，而是一场旨在将残疾人重塑为"数字新农 人"，并探索社会问题市场化解决方案的深度实验。 这些天，《华夏时报》记者走访广西凤山与深圳龙华，深入剖析这个名为"五个养猪人"的全国首个助残 助农一体化项目。2019年的非洲猪瘟让五位残疾养殖户血本无归，"当时所有的猪加在一起一共赔了30 本报（chinatimes.net.cn）记者胡梦然 见习记者 黄海婷 深圳摄影报道 万元。这对我们农户来说，不是短短几年就能赚得到的。"广西"五个养猪人"残疾人代表林先生回忆 道。2020年，在粤桂两地政府与残联的牵线下，深圳市双助未来科技贸易有限公司介入，项目得以重 启。 "我们不想因为别人怜悯他们……做公益或做慈善为了做而做是不能形成一个闭环的。"双助未来董事长 陈健对《华夏时报》记者强调。公司的初衷，是探索一条超越同情、依靠市场价值的可持续发展路径。 从"输血"到"造血" "五个养猪人"项 ...

业内分析指出，封关运作后，"零关税"商品范围大幅扩容、离岛免税政策进一步优化，不仅将显著降低 岛内消费品价格、推动消费回流，更将直接为免税运营商、文旅（含酒店、旅游）、基建、交通运输等 领域企业注入发展动能。12月17日晚，复星国际联席首席执行官、复星旅游文化集团（下称"复星旅 文"）董事长徐晓亮向《华夏时报》记者表示："自贸港建设带来更开放的政策、更便捷的往来，我们着 力提供更丰富的产品和更具吸引力的消费环境。" 华夏时报记者 李贝贝 上海报道 12月18日，海南自由贸易港全岛封关运作正式启动，实施"一线放开、二线管住、岛内自由"政策，海南 岛成为我国最大海关特殊监管区域。 截至12月17日收盘，A股"海南自贸"板块表现活跃，钧达股份（002865）（002865.SZ）、三羊马 （001317）（001317.SZ）强势涨停，金盘科技（688676.SH）、中钨高新（000657）（000657.SZ）涨 幅超9%；岭南控股（000524）（000524.SZ）、海南矿业（601969）（601969.SH）、海南机场 （600515）（600515.SH）等36只个股同步飘红，反映出市场对封关政策落地的 ...

Core Viewpoint - Changyu Group's IPO application has raised concerns due to discrepancies in financial data between two prospectuses released four months apart, leading to regulatory inquiries and market skepticism about the reliability of the company's financial information [2][3][4]. Financial Data Discrepancies - The updated prospectus from September shows changes in key financial figures compared to the May version, with 2022-2024 revenues reported as 1.669 billion, 1.608 billion, and 1.638 billion yuan, and net profits as 263 million, 195 million, and 212 million yuan respectively [3][4]. - The differences in reported figures have raised questions about the company's financial data reliability, as such significant changes within the same IPO application period are uncommon [4]. Core Product Performance - Changyu Group, the world's largest zirconium oxychloride producer, has seen its core product prices decline, impacting revenue and profit levels post-2022 [5]. - The revenue contribution from zirconium products has decreased from 76.17% in 2022 to 69.78% in 2025, with sales prices dropping from approximately 24,000 yuan/ton in 2022 to 18,000 yuan/ton in 2024, a decline of over 25% [5][6]. Production Capacity and Utilization - The company has a zirconium production capacity of 75,000 tons per year, but the utilization rates for specialty nylon products have been low, with rates of 34.32%, 40.96%, and 49.64% from 2022 to 2024 [7][8]. - Despite the low utilization rates, Changyu Group plans to raise 700 million yuan through its IPO to expand production capacity, which raises questions about the necessity and feasibility of such expansion given current underutilization [7][8]. Market Strategy and Future Outlook - The company aims to break foreign monopolies and achieve domestic substitution through its expansion projects, but the potential for absorbing new capacity remains uncertain [8].

不止于"更聪明"，而在于"可生产" 百融云创认为，随着模型能力的快速提升，企业级智能服务的爆发点将锚定AI纳入企业生产体系之后 带来的长期价值。 近日，百融云创荣获由北京商报评选的"2025年度北京金融业十大品牌之年度技术突破标杆机构"。这一 奖项是对百融云创在过去一年的技术投入、产品演进及产业落地能力的一次系统性检验与认可，也折射 出公司驱动AI参与业务增长的实践价值。 推动智能体走向生产线，让AI真正进入业务流程 "硅基员工"——这是百融云创2025年技术演进路径的直观表征。 在百融云创看来，人工智能的价值不应停留在工具层面的效率提升，而应成为能够参与业务执行、融入 组织结构的生产要素。围绕这一目标，公司持续推进以智能体（Agent）为核心的技术架构，驱动AI 从"辅助决策"走向"参与执行"，以硅基员工的形态真正进入企业的业务流程之中。 走进生产线的"硅基员工"可以承担起清晰、稳定的职责，与人类员工协同完成任务。比如：在智能出行 车联网场景中，百融云创打造的"硅基质检专员"能够听懂对话中的成交信号与流失风险，实现质检相关 运营成本直接降低60%–70%，潜在服务风险与违规行为的识别、发现与预警时效平均提前 ...

持仓结构主导业绩，制造业与周期股表现悬殊 本报（chinatimes.net.cn）记者栗鹏菲 叶青 北京报道 在基金行业薪酬改革持续推进的背景下，基金经理的业绩表现与薪酬考核成为市场焦点。近期，创 金合信基金经理李游因管理产品业绩显著分化受到关注。 Wind数据显示，截至12月17日，李游管理的三只公募基金近三年业绩表现呈现明显差异：创金合 信产业智选A与创金合信工业周期精选A跑输业绩比较基准的幅度分别为26.86%和19.49%，而创金合信 资源主题A则取得24.75%的超额收益。 薪酬考核压力：新规下的直接挑战 针对旗下产品业绩分化的市场关注，创金合信基金在回复《华夏时报》记者的采访函中指出，相关 产品近一年的超额收益已有所改善。具体数据显示，截至2025年12月15日，创金合信产业智选近一年涨 幅为30.97%，其业绩比较基准涨幅为11.95%，产品超额收益达19.02%；创金合信工业周期近一年涨幅 为19.39%，业绩比较基准涨幅为16.04%，超额收益为3.35%。公司强调，这两只产品最近一年相对业绩 基准的超额收益改善明显。 对于后续安排，创金合信基金表示，产品投资策略将基于当前市场特征和投资组 ...

12月12日，由华夏时报社主办的第十九届华夏机构投资者年会暨华夏金融（保险）科技论坛在北京举 行。 本届年会以"活力与韧性 拓新与赋能"为核心主题，由中央财经大学数字经济融合创新发展中心、华夏 时报金融思想荟、华夏时报金融研究院联合提供智力支持，意在回应时代之问，凝聚发展共识，探寻未 来路径。 天津银行副行长郑可在大会作主题演讲，阐述天津银行抒写金融"五篇大文章"、赋能实体经济高质量发 展的实践与路径。 本报（chinatimes.net.cn）记者张萌 卢梦雪 北京报道 绿色金融方面，天津银行促转型，发放天津市首笔节能评价环保贷款，绿色债券投资与成交规模均实现 同比大规模增长。天津银行推出的两款创新型绿色金融产品——节能评价等级挂钩贷款与绿色知识产权 挂钩贷款，成功完成首笔业务投放，标志着其绿色金融产品体系进一步丰富完善。 普惠金融方面，天津银行惠民生，落实"千企万户大走访"活动，截至2025年9月末，授信金额近63亿， 新增授信金额位列天津地区城商行首位，同时积极推动法人普惠业务发展，普惠法人贷款同比增长 51.7%，创历史新高。 养老金融方面，天津银行打造生态，升级"金秋港湾"养老金融品牌，发行专属理财 ...

Core Viewpoint - Wealth Trend (688318.SH) plans to use idle self-owned funds not exceeding RMB 1.7 billion for external investments, raising market concerns about cash flow and compliance with regulations [1][4]. Investment Authorization - The board approved an investment authorization for the general manager to use up to RMB 1.7 billion for external investments within 12 months, ensuring fund safety and compliance [2][4]. Compliance and Fund Composition - The investment authorization complies with relevant regulations and does not require shareholder approval, as it involves self-owned funds, not raised funds [4][3]. The total assets exceed RMB 3.8 billion, and the investment does not exceed 50% of total assets or market value [4]. Investment Strategy - The investment will focus on fixed income products, non-fixed income products, and equity assets, with strict risk control measures in place [4][5]. A funds management committee oversees the investment process to ensure safety and compliance [5]. Financial Performance - For Q3 2025, the company reported total revenue of RMB 198 million, a year-on-year decline of 5.71%, while net profit increased by 27.91% to RMB 184 million [6][7]. The revenue drop is attributed to reduced demand from financial institutions, while net profit growth is due to increased cash management income and cost control [7]. Cash Flow Concerns - Operating cash flow decreased by 40.75% year-on-year, raising concerns about potential cash flow crises due to ongoing large-scale investments [8]. The decline is linked to lower bank deposit income and increased upfront cash expenditures for business growth [8]. Market Reaction - The company's stock price fell over 27% from its peak of RMB 180.86 in late August to RMB 131.92 by mid-December, influenced by broader market trends in the fintech sector [10][11]. Future Development Strategy - In 2026, the company aims to expand its B-end business, enhance product development in bonds, and strengthen its securities information service, with a focus on AI as a strategic direction [12]. The company plans to leverage its advantages to enhance user engagement and competitive strength [12].

Core Viewpoint - The Central Economic Work Conference highlighted that there is still significant room for high-quality development in China's real estate sector, focusing on rigid and improvement demands, with an emphasis on urban renewal, particularly in dilapidated housing and urban village transformations [2][3]. Group 1: Market Stability and Development - The real estate market has shown stability in new and second-hand housing transactions, with a narrowing decline in housing prices and varied regional market trends [3]. - As of November, the total real estate development investment reached 78,591 billion yuan, a year-on-year decrease of 15.9%, compared to a 9.8% decline at the beginning of the year [3]. - The inventory of unsold commercial housing decreased by 3.01 million square meters from October, with residential unsold area down by 2.84 million square meters [3]. Group 2: Demand Analysis - The rigid housing demand is expected to continue, driven by urbanization, with the urbanization rate projected to reach 67% for the resident population by 2024, while the registered population's urbanization rate is below 50% [3]. - Improvement demand is rising, with an increase in the willingness of residents to sell old homes for new ones, as the proportion of second-hand home transactions rose from 28% in 2021 to 45% this year [4]. Group 3: Strategies for High-Quality Development - The Central Financial Office proposed three strategies to promote high-quality development in real estate: stabilizing the market from both supply and demand sides, supporting the transformation of real estate companies, and accelerating the establishment of a new development model [6]. - On the supply side, there is a focus on controlling new developments and revitalizing existing stock, while the demand side will see targeted measures to release rigid and improvement demands [6]. - Real estate companies are encouraged to shift from primarily new home sales to holding properties and providing diverse living services, with a focus on light asset management and service-oriented business models [6]. Group 4: Sales and Regulatory Reforms - The promotion of a current housing sales system aims to prevent delivery risks, ensuring that buyers receive what they see [7]. - The article emphasizes the need for regulatory reforms in real estate development, financing, and sales, including the establishment of a main bank system for project financing [7]. - The rental market is also highlighted, with a call for the development of a market-oriented and professional rental sector to protect the legal rights of both landlords and tenants [8].

Core Viewpoint - The performance of fund managers and their compensation assessment have become focal points in the context of ongoing reforms in the fund industry, highlighted by the significant performance divergence of fund manager Li You's products [2][5]. Performance Discrepancy - The stark differences in performance among the funds managed by Li You stem from their contrasting portfolio structures, with the underperforming funds heavily invested in manufacturing sectors like new energy and semiconductors, which faced valuation adjustments and competitive pressures from 2022 to 2024 [3]. - The fund "Chuangjin Hexin Industry Smart Selection A" lagged its benchmark by 26.86%, while "Chuangjin Hexin Industrial Cycle Selection A" underperformed by 19.49%, whereas "Chuangjin Hexin Resource Theme A" achieved a 24.75% excess return [2][3]. Impact of Market Conditions - The decline in lithium prices in 2023 pressured the profitability of midstream material companies within the new energy sector, leading to a delayed adjustment in the fund's holdings compared to market trends [3]. - The fund manager acknowledged a mismatch between their foresight regarding the cyclical nature of new energy and the actual timing and extent of the market adjustments [3]. Fund Size and Investor Confidence - The performance pressure has directly affected the stability of fund sizes, as seen with "Chuangjin Hexin Industry Smart Selection A," which experienced net outflows despite a significant rebound in net value in Q3 2025 [4]. - Rebuilding investor trust is a major challenge for fund managers, especially after prolonged periods of underperformance [4]. Resource Stocks vs. Manufacturing Stocks - In contrast, "Chuangjin Hexin Resource Theme A" benefited from strong performance in resource stocks, with top holdings like Xinyi Silver, Zijin Mining, and Luoyang Molybdenum seeing gains exceeding 20% in three months, driven by global inflation expectations and supply-demand gaps [4]. - The allocation decisions made by fund managers significantly influence the degree of performance divergence among funds [4]. Compensation Assessment Reforms - The fund company noted improvements in excess returns for its products over the past year, with "Chuangjin Hexin Industry Smart Selection A" achieving a 30.97% increase compared to its benchmark's 11.95% [5]. - New assessment guidelines emphasize sustainability and a holistic view of fund managers' performance across all products, which may lead to stricter evaluations for those with significant performance disparities [6]. Long-term Focus for Fund Managers - Fund managers are now required to reassess their investment capabilities within a more comprehensive and long-term evaluation framework, which may encourage them to focus on areas where they can consistently generate alpha [7]. - The core objective of the industry’s compensation reform is to align individual capabilities, product positioning, and investor interests more accurately through optimized incentive mechanisms [7].

Core Viewpoint - The sudden resignation of fund manager Zhang Tianwen from four funds at Baoying Fund has raised concerns in the industry, especially given his previous success in managing funds focused on technology sectors [2][3]. Group 1: Fund Manager's Performance - Zhang Tianwen managed funds that achieved significant returns, with the Baoying Semiconductor Industry Mixed Fund A (017075) returning 93.18% and the Baoying Basic Industry Mixed Fund A (010383) returning 85.51% during his tenure [3]. - Other funds under his management, such as Baoying Artificial Intelligence Stock A (005962) and Baoying Smart Life Mixed A (011170), also showed strong performance, with returns of 75.79% and 51.30% respectively [3]. Group 2: Concerns Over Investment Strategy - There are concerns regarding a potential "style drift" and "betting-style investment" in Zhang's managed funds, as they heavily overlap in the TMT (Technology, Media, Telecommunications) and hard technology sectors [5][6]. - The concentrated holding strategy in these funds amplifies risks associated with a single sector, making performance highly dependent on market trends rather than the fund manager's active management skills [6]. Group 3: Company Response - Baoying Fund stated that each fund managed by Zhang Tianwen adhered to its specific investment logic and strategy, emphasizing that the funds are not merely overlapping but have distinct focuses within the technology sector [7].