"从白银今年的价格走势来看，真正向上突破长期震荡区间的时点是在7月，个人投资者加速入场推动的 价量结构拉升也出现在这一时点，市场大幅交易美国货币与财政双宽松预期，再通胀的交易逻辑与金银 比回归的驱动下，白银价格开始补涨。个人投资者（多数是投机投资者）进场的节奏的确会晚于机构， 从持有成本来说的确会高一些。"赵复初称。 与此同时，截至12月11日现货黄金与现货白银之间的金银比报68.22，创2024年5月30日以来新低，金价 相对银价被低估。对此，资深期货交易员王先生表示，金银比快速收敛，说明白银在以比黄金更快的速 度上涨，市场正在快速修复前期高估的比价，一方面白银的工业属性受到光电产业扩张叙事的支撑，在 当前低库存的背景下，驱动银价加速上涨。另一方面黄金缺乏新的避险和抗通胀叙事，美元短期内的强 势，压制金价上行空间。因而，存在银强金弱的强回归预期。 美联储内部分歧严重 本报（chinatimes.net.cn）记者叶青 北京报道 12月11日，纽约白银期货延续强势走势，盘中最高触及63.25美元/盎司，截至15时31分报62.355美元/盎 司，较前一交易日上涨1.326美元，涨幅达2.17%。今年以来，纽约 ...

Core Viewpoint - The investment by Shangwei Co., Ltd. in Sichuan Zhongfu Taihua New Material Technology Co., Ltd. marks the initiation of a dual-driven strategy combining "cables + chemicals," aiming to enhance its market position in emerging industries such as new energy and semiconductor sectors [1][5]. Group 1: Investment and Strategic Layout - Shangwei Co., Ltd. will hold a 51% stake in Zhongfu Taihua after the capital increase, solidifying its strategic layout in the electronic chemicals and related basic chemicals sector [1]. - The investment aligns with national strategies and regional industrial development, particularly in the context of the "14th Five-Year Plan," which emphasizes the growth of emerging industries [1][7]. Group 2: Business and Product Development - Shangwei Co., Ltd. is recognized as the largest special cable enterprise in Southwest China, with a diverse product range including cables for nuclear power, rail transit, and renewable energy applications [5]. - Zhongfu Taihua's projects, including a 200,000 tons/year hydrogen peroxide project and electronic-grade chemicals, are set to commence production by Q1 2026, contributing to the supply chain for new energy and semiconductor industries [5][6]. Group 3: Market Potential and Synergy - The dual business model is expected to create a synergistic effect, enhancing overall performance and establishing a second growth driver for Shangwei Co., Ltd. [5][6]. - The electronic chemicals produced by Zhongfu Taihua are crucial for applications in solar panels, semiconductors, and food packaging, indicating significant market potential [6]. Group 4: Regional Development Impact - The investment is strategically positioned within Leshan's robust chemical industry, which aims to transition towards high-end and differentiated products, targeting a green chemical industry output of 600 billion yuan by 2027 and over 1 trillion yuan by 2029 [8].

Core Viewpoint - In November, China's macroeconomic policies began to show positive effects, leading to a notable increase in the Consumer Price Index (CPI) and a recovery in consumer spending [2] CPI Analysis - The CPI rose by 0.7% year-on-year in November, an increase of 0.5 percentage points from the previous month, marking the highest level since March 2024 and matching the peak since February 2023 [2] - The core CPI, excluding food and energy, also increased by 1.2% year-on-year, remaining above 1.0% for three consecutive months, indicating a steady recovery in consumer willingness and capacity [2] - Food prices shifted from a decline of 2.9% in October to an increase of 0.2% in November, contributing positively to the CPI [3] Food Price Dynamics - Fresh vegetable prices rose by 14.5% year-on-year after nine months of decline, significantly impacting the CPI [4] - Beef and lamb prices continued to rise, with increases of 6.2% and 3.7% respectively, while pork prices, although still down 15.0%, showed a narrowing decline from 16.0% [4] - Egg prices further declined to -12.5% year-on-year, indicating reduced internal deflationary pressure on food prices [4] Non-Food Price Trends - Service prices and industrial consumer goods prices (excluding energy) increased by 0.7% and 2.1% respectively, contributing approximately 0.29 and 0.53 percentage points to the CPI [5] - Core consumer goods prices rose by 2.1%, marking the seventh consecutive month of growth, with notable increases in gold jewelry (over 50%), household appliances (4.9%), and clothing (2.0%) [5] - Housing rental prices showed a slight decline of 0.2% year-on-year, reflecting a weak real estate market [5] PPI Insights - The Producer Price Index (PPI) decreased by 2.2% year-on-year, but showed a month-on-month increase of 0.1%, indicating a stabilization in industrial prices [6] - The reduction in price declines for certain industries, such as coal mining and photovoltaic equipment, suggests improvements in market competition and pricing structures [7] - New industries, including new materials and intelligent manufacturing, are driving price increases in related sectors, with significant year-on-year rises in external storage devices (13.9%) and integrated circuit manufacturing (1.7%) [7] Consumer Demand and Seasonal Effects - Seasonal demand increases due to winter preparations and supply constraints have led to significant price increases in coal mining and washing industries, with a month-on-month rise of 4.1% [8] - The overall price level remains moderate, with life material prices showing a year-on-year decline of 1.5%, indicating a stable inflation environment [9]

本报（chinatimes.net.cn）记者刘凯 北京报道 近日，德国豪华汽车制造商宝马集团宣布了一项重大人事决议，现任生产业务负责人米兰·内德利科维 奇将于2026年5月14日正式接替奥利弗·齐普策，担任集团管理董事会主席（即首席执行官），任期至 2031年。 在业内看来，此次领导层更迭计划提前近两年公布，为市场与内部提供了明确的过渡预期。它并非应对 危机的仓促之举，而是宝马在电动化转型进入最为关键的"深水区"时，一次主动的战略性人事布局。内 德利科维奇的核心使命是确保公司史上最大规模的"新世代"（Neue Klasse）电动化战略，从宏伟蓝图转 化为全球市场，特别是中国市场上的量产成功与商业胜利。 即将在2026年接棒的米兰·内德利科维奇，现年56岁，是一位在宝马生产体系内成长起来的工程师和管 理者。他于1993年以生产规划培训生身份加入宝马，职业生涯历经工艺工程师、工厂规划、质量管理等 关键岗位，并曾成功领导莱比锡工厂和慕尼黑工厂的运营。2019年，他进入集团董事会，全面执掌生产 部门。 内德利科维奇的核心业绩是构思并全球落地了宝马的"iFactory"生产战略。该战略的三大支柱"精益、绿 色、数字化 ...

本报（chinatimes.net.cn）记者帅可聪 北京报道 美联储在政策声明中称，美国经济活动在温和扩张，但新增就业放缓，失业率在9月升高，通胀依然在 一定程度上处于高位，经济前景仍面临较高不确定性。与此同时，美联储表示将根据需要启动短期美国 国债购买操作。 值得注意的是，此次降息25个基点，美联储12名票委中有9人投票赞成、3人投票反对。芝加哥联储主席 古尔斯比和堪萨斯城联储主席施密德认为没有理由降息，而美联储理事斯蒂芬·米兰赞成更大幅度的降 息50个基点。 美联储主席鲍威尔在会后讲话中表示，美联储的货币政策行动以促进美国民众充分就业和物价稳定的双 重使命为指引，后续将视情况再采取进一步行动，但基本排除加息可能。他将通胀归咎于关税影响，认 为通胀仍处于较高水平，如果抛开关税因素，通胀率在2%左右偏低水平。 财通证券分析师孙彬彬认为，鲍威尔的发言整体未见超乎寻常的鹰派表述，反而是强调了当前绝不存在 加息的可能，预计后续美联储的决策依旧是数据依赖的，只要就业市场恶化情况没有显著缓解，降息趋 势会延续。 最新发布的点阵图预测显示，多数美联储官员预计在2026年和2027年各有一次25个基点的降息。美联储 的中 ...

本报（chinatimes.net.cn）记者张斯文 于娜 北京报道 甘李药业股份有限公司（下称"甘李药业"，股票代码：603087.SH）近日宣布，其全资子公司甘李药业 山东有限公司已获得国家药品监督管理局下发的《药物临床试验批准通知书》，同意在研药品GLR1044 注射液开展临床试验。 该药物是原研药达必妥®（度普利尤单抗）的生物类似药，瞄准了一个全球年销售额高达130.72亿欧元 的重磅产品市场，旨在切入特应性皮炎这一广阔赛道——该疾病全球患者约2.04亿，其中中国成人患病 率约为10.6%，预计2025年国内患者总数将突破7500万。截至2025年9月30日，公司在此项目上已累计 投入研发费用6572.45万元。 然而，纵观整个赛道，甘李药业在研发进度、市场竞争及未来商业化层面可能都面临不小的挑战。公告 显示，公司GLR1044目前仅获得临床试验批件，意味着其尚未开始患者入组，后续需完成I期、Ⅲ期临 床试验，整个周期预计至少需要3至5年。而目前国内已有包括齐鲁制药、信达生物在内的多家企业的同 类药物临床进展领先，甘李药业作为"追赶者"，其GLR1044的临床进度已显著落后于头部同行。与此同 时，国内目 ...

Core Insights - The Shanghai second-hand housing market experienced a significant increase in transaction volume in November 2025, reaching 22,943 units, the highest since May of the same year, with a growth rate of approximately 24% compared to October [3][5] - The "Six Policies" implemented in August have positively impacted the market, leading to a structural shift where demand for lower-priced properties is driving transactions, while higher-end properties face more pressure [5][9] - There is a notable trend of landlords withdrawing listings, with reports suggesting a withdrawal rate of 15.3%, although this figure has been disputed by industry experts [3][7] Market Dynamics - The transaction volume in November ranked third in the past year, only behind the peak periods of March and April, indicating a "small tail" market trend [5] - The market is characterized by a clear division between core areas, which are seeing price stability and increased demand, and suburban areas, which are under more price pressure [6][9] - The average price of second-hand homes in Shanghai decreased by 1.24% month-on-month and 5.56% year-on-year, with the average price recorded at 56,708 yuan per square meter [6][9] Supply and Demand Trends - The supply of second-hand homes is decreasing, with a 2.6% drop in listings in November, particularly in core areas where the withdrawal of quality listings is more pronounced [8] - Landlords are increasingly reluctant to sell at lower prices, leading to a rise in rental listings as they opt to convert properties from sale to rental [8][9] - The proportion of transactions for properties priced below 3 million yuan reached 60%, highlighting the dominance of demand from first-time buyers [6][9] Future Outlook - Predictions for December suggest continued high transaction volumes, potentially reaching annual peaks, supported by the ongoing effects of the "Six Policies" and the traditional year-end market activity [9] - The market is expected to maintain a trend of price differentiation, with the "price-for-volume" strategy continuing to dominate [10] - Long-term forecasts indicate resilience in the second-hand housing market in first-tier cities, driven by the recognition of quality assets and adjusted price levels [10]

李云鹏/摄 本报（chinatimes.net.cn）记者王敬 广州摄影报道 当呐喊助威成为竞技赛场的标配，广州市残疾人体育运动中心却沉浸在一片精心守护的寂静里。走进场 馆，安静到可以听到呼吸的声音。 在全国第十二届残疾人运动会暨第九届特殊奥林匹克运动会（下称"残特奥会"）的盲人门球赛场上，没 有震耳欲聋的呐喊助威，只有球体滚动、球员扑救的摩擦声与时不时响起的清脆铃声。这是一项需要极 度安静环境的运动，观众的每一次掌声都恰到好处，这是对这项特殊运动与运动员们最深刻的理解与尊 重。 "我们这个项目的特殊之处是，观众不能像其他赛事一样太过于热情。希望观众能够更多的是理解，不 要发出干扰我们判断的声音。"12月10日，盲人门球上海队队长胡晓挺在赛后接受《华夏时报》记者采 访时表示。 这份"安静的支持"成为观赛礼仪的核心。胡晓挺还补充道："无论我们进球还是对手进球，都希望观众 能给予掌声。虽然我们在赛场上是对手，但是私下都是很好的朋友。" 无声战场：对抗，在绝对的黑暗中 "盲人门球是一项为视觉障碍运动员设计的项目。运动员需要戴上双层眼罩——一层内眼罩、一层外眼 罩。" 残特奥会盲人门球竞委会技术代表郝国华介绍道，"这 ...

近期，平安系与华夏幸福的分歧持续发酵，双方的博弈再添新动向。天眼查信息显示，中国平安人寿保 险股份有限公司及平安资产管理有限责任公司起诉华夏幸福基业控股股份公司（下称"华夏幸福"）及王 某，案由为申请确认仲裁协议效力。该案件将于12月17日14时在上海金融法院开庭。 文/董红艳 同时值得留意的是，平安方面原计划2025年9到11月通过大宗交易或集中竞价方式，减持华夏幸福3%股 份，截至11月30日减持期限届满，仅完成0.2%的减持。减持后，平安系仍持有华夏幸福24.99%股权， 仍是其第一大股东。 编辑：张蓓 此前华夏幸福被债权人申请预重整并获廊坊中院受理后，平安系通过派驻董事公开质疑预重整程序合规 性，且作为华夏幸福债委会主席单位，牵头主张对华夏幸福开展专项财务尽职调查；而华夏幸福方面回 应称预重整程序符合规定，已配合法院指定的临时管理人开展资产负债调查，无义务配合债委会另行组 织的尽调。 ...

本报（chinatimes.net.cn）记者方凤娇 上海报道 告别联合利华"单飞"将近一年之后，全球市占率第一的冰淇淋巨头梦龙冰淇淋如期上市了。市值在640 亿元人民币以上，2024年营收接近80亿欧元，从独立到上市，梦龙将在一定程度上重塑全球冰淇淋市场 格局。 餐宝典研究院院长、餐饮分析师汪洪栋对《华夏时报》记者表示，梦龙独立上市后，公司资金会更充 裕，这或将加速其在全球市场的扩张，在营销、产品以及资本运作等方面加大投入，进一步加剧市场竞 争。同时，决策链条将进一步缩短，拥有更大的自主性，能更灵活地应对区域市场的竞争，比如推出一 些针对性的产品或者营销策略，以便能进一步融入本地市场。 但不容忽视的是，中国市场始终是梦龙战略布局里的"核心高地"，但中国市场竞争激烈，面对现制冰淇 淋与新茶饮跨界玩家不断挤压市场空间，梦龙也面临挑战。 梦龙"单飞"上市 12月8日，梦龙冰淇淋公司正式宣布在阿姆斯特丹、伦敦与纽约三地上市，公司总股本6.12亿股，成为 全球少数选择多地挂牌的消费品公司之一。这也意味着，联合利华的冰淇淋业务拆分终于画上句号。 "作为联合利华家族的一部分，我们成为全球冰淇淋的领导者。现在，作为一家独立 ...