Core Viewpoint - The Chinese new energy vehicle (NEV) market is experiencing a significant shift as the long-standing purchase tax exemption policy is set to change, prompting automakers to introduce "tax guarantee" schemes to encourage consumers to purchase vehicles before the policy change takes effect [3][5][6]. Group 1: Policy Changes and Market Reactions - The purchase tax exemption for NEVs, in place since September 2014, will transition to a 50% reduction starting January 1, 2026, with a cap of 15,000 yuan per vehicle [5][9]. - Over 17 major automotive brands have launched "tax guarantee" programs, promising to cover the tax difference for consumers who place orders before the end of 2025 but receive their vehicles in 2026 due to manufacturer delays [3][6][7]. - The cost difference for consumers purchasing NEVs is significant; for example, a vehicle priced at 300,000 yuan will save approximately 26,500 yuan in taxes if purchased in 2025, compared to 13,300 yuan in 2026, resulting in a 13,200 yuan increase in cost [5][6]. Group 2: Industry Dynamics and Consumer Behavior - The introduction of "tax guarantee" programs is a strategic response to potential consumer hesitation due to the impending tax changes, with many customers now preferring to order vehicles this year to avoid higher costs [6][7]. - The average delivery time for popular models is around 10 weeks, which could lead to order cancellations without the tax guarantee, thus stabilizing orders for manufacturers [8][9]. - The market is witnessing a shift from reliance on policy incentives to a focus on internal market dynamics, with NEV sales surpassing 50% of total new car sales for the first time in October 2025 [9][10]. Group 3: Future Market Outlook - The reduction of policy support indicates a transition to competition based on technological innovation, cost control, and brand value rather than subsidies and price wars [12]. - The new regulations set to take effect in 2026 will raise the bar for qualifying NEVs, potentially affecting around 30% of current plug-in hybrid models that may not meet the new standards [10][11]. - Industry experts predict a slowdown in sales growth for 2026, with wholesale volumes expected to increase by only 3% compared to 11% in 2025, reflecting the challenges posed by the changing subsidy landscape [11][12].

投资方代表吴永捷告诉《华夏时报》记者，此次引进是"哈利·波特或华纳对于大湾区战略布局的重要一 步"。他向记者透露，外方最看重的是"湾区整体经济实力以及中国市场约8000万哈迷的消费潜力"，尤 其是涵盖香港、澳门的忠实粉丝群体。尽管未透露具体授权费用，但业内人士向《华夏时报》记者分 析，此类全球顶级IP的授权成本通常高达数千万元，且对运营标准、场景还原、内容审核等方面均有严 格限制。 "我们受外方限制因素较多，但也在尽可能还原原著场景。"运营总监吴桐向《华夏时报》记者表示，从 悬浮蜡烛到圣诞布景，均需严格遵循IP规范。这也意味着，项目的启动成本不仅包括硬件建设、场景搭 建，更隐含高昂的合规与内容维护成本。 然而，高门槛的背后，恰是深圳"首店经济"战略中尤为看重的一环。近年来，深圳龙华通过引入具有全 球影响力的IP首店，不仅能提升区域的文旅能级，更在实质上推动本地运营团队与国际版权方的深度接 轨，为后续同类项目积累经验。 12月的深圳，夜幕降临时，龙华牛湖水碧道一侧悄然亮起一片暖黄光影。沿着1.2公里的小径向里走， 悬浮的灯光在树梢微微摇曳，圣诞主题的装饰与电影中几乎无异的圣诞树旁，不少游客举着魔杖造型的 手灯拍 ...

Core Insights - In Q3 2025, the A-share growth style significantly outperformed the value style, with the National Growth Index achieving an excess return of 30.27%, marking a historical peak [1] - However, since Q4, market styles have rapidly converged, with value logic regaining dominance [1] - Resource assets, due to their strong cyclical attributes, have become a focal point for capital [1] Resource Sector Analysis - The prices of industrial and precious metals in China have remained stable at high levels since 2020, coupled with a rebound in corporate profits, creating a "price support + demand recovery" scenario [1] - Precious metals, particularly gold, have shown unique hedging value against market volatility, with gold-related companies' stock prices closely aligning with gold prices, consistently outperforming the Wind All A Index [1] - Despite major metal prices being at historical highs, the overall valuation of the resource sector remains attractive, with the CSI Mainland Resource Theme Index's latest PE at 15.73, significantly lower than the Wind All A Index's average of 21.85 [2] Investment Opportunities - The Shangyin Resource Selected Mixed Fund has demonstrated long-term value potential, with its A-class share achieving a cumulative return of 58.67% since its inception on March 21, 2025, outperforming its benchmark [2] - The fund focuses on investment opportunities in non-ferrous metals, coal, precious metals, rare metals, and petrochemicals, indicating a positive outlook on resource products [2] - The fund aims to strategically allocate to specific sub-sectors based on economic cycles, highlighting the demand for industrial metals due to U.S. manufacturing return and China's production reforms, as well as the increasing demand for gold amid rising recession risks and global conflicts [2]

Core Viewpoint - Linping Development is progressing towards its IPO on December 11, aiming to raise approximately 1.2 billion yuan for new material projects, despite facing significant operational challenges and revenue declines [2][3]. Financial Performance - Linping Development's revenue has shown a continuous decline, with figures of approximately 2.879 billion yuan in 2022, 2.8 billion yuan in 2023, and projected 2.485 billion yuan in 2024, alongside fluctuating net profits of 154 million yuan, 212 million yuan, and 153 million yuan respectively [3][5]. - In the first half of 2025, the company reported revenue of about 1.224 billion yuan, a year-on-year decrease of 7.8%, while net profit was approximately 91.42 million yuan, down 26.8% year-on-year [3]. Product Pricing and Market Dynamics - The average selling prices of the company's main products, corrugated paper and boxboard, have decreased during the reporting period, with prices of 3,131.39 yuan/ton, 2,506.84 yuan/ton, and 2,362.15 yuan/ton for corrugated paper, and 3,407.95 yuan/ton, 2,707.46 yuan/ton, and 2,509.68 yuan/ton for boxboard [5]. Raw Material Cost and Management - The cost of raw materials, primarily waste paper, accounted for a significant portion of the main business costs, with percentages of 77.11%, 73.68%, and 75.00% during the reporting period, indicating vulnerability to price fluctuations [6]. - The company is actively managing raw material procurement and inventory to mitigate risks associated with price volatility [6]. Taxation and Profitability Concerns - The company has heavily relied on tax incentives, which accounted for 63.02%, 68.65%, and 80.58% of net profits during the reporting period, raising concerns about sustainability if policies change [7]. - Linping Development asserts that the tax benefits are expected to remain stable due to the nature of its business as a resource utilization enterprise [7]. Accounts Receivable Management - The company has a higher accounts receivable turnover rate compared to industry peers, attributed to strict management and short aging of receivables, resulting in low bad debt risk [8]. Governance and Control Risks - The controlling shareholder holds 88.40% of voting rights, raising concerns about potential governance issues and the risk of decisions that may not align with minority shareholders' interests [9]. - Linping Development claims to have established a robust governance structure to ensure compliance with laws and protect shareholder rights [9]. Employee Benefits and Compliance Issues - The company has faced issues regarding the non-payment of social insurance and housing funds for some employees, with amounts of 8.282 million yuan, 6.951 million yuan, and 4.4329 million yuan during the reporting period [10]. - Linping Development has received assurances from local authorities that it will not face penalties for these issues, and the controlling shareholder has committed to compensating the company for any future liabilities [10].

本报（chinatimes.net.cn）记者张智 北京报道 "下半年以来，消费增长势头回落、投资需求陷入收缩区间，导致中国经济下行压力显著加大，呈现 出'前高后低'的走势。这意味着，扩大内需迫在眉睫。"中国人民大学国家发展与战略研究院副院长刘 晓光表示。 本次会议提出，要持续"扩大内需、优化供给，做优增量、盘活存量"，"扩大内需"依然被排在了各项工 作的第一位，新增表述"优化供给"。同时提出，"要坚持内需主导，建设强大国内市场"，"持续扩大内 需""坚持内需主导"。 事实上，过去三年以来，中央政治局会议对"扩大国内需求"的期待与日俱增。 在国务院发展研究中心原副主任刘世锦看来，当前，需求不足已经成了中国经济增长的主要痛点。 政策抓手上，此次会议首次提出"坚持内需主导"，也首次提出"优化供给"，意在增强国内大循环的内生 动力和可靠性。 "扩大内需不只是需求侧的改革，还需要新的消费产品和新的消费场景供给，推动新质生产力的发展成 果在市场中变现，对扩大消费形成引领性的作用。"远东资信研究院副院长张林对《华夏时报》记者表 示。 精准发力内需痛点 扩大内需再次被放到重要位置上！ 12月8日，中共中央政治局召开会议分析 ...

Core Viewpoint - The major asset restructuring plan between Haiguang Information and Zhongke Shuguang has been officially terminated due to changes in market conditions and the complexity of the transaction, which was deemed not mature enough for implementation [5][6]. Group 1: Termination of Restructuring - Both companies announced the termination of the major asset restructuring plan on December 9, 2025, with Haiguang Information and Zhongke Shuguang holding board meetings to approve the decision [1][3]. - The termination was based on extensive discussions and research, with both companies emphasizing that the decision was made in the interest of maintaining long-term benefits for the companies and their investors [5][6]. Group 2: Background of the Restructuring - The restructuring plan began in May 2025, with Haiguang Information suspending trading on May 26 and resuming on June 10, during which time they disclosed progress updates [5]. - The original plan involved Haiguang Information issuing A-shares to all A-share shareholders of Zhongke Shuguang at a swap ratio of 0.5525:1, with the intention of absorbing Zhongke Shuguang and raising additional funds [6]. Group 3: Market Impact and Future Plans - Prior to the termination, Haiguang Information had a market capitalization of 315.8 billion yuan, while Zhongke Shuguang was valued at approximately 90.3 billion yuan, totaling over 400 billion yuan [6]. - Following the announcement of the merger, both companies experienced significant increases in market capitalization, with Haiguang Information reaching 509.7 billion yuan and Zhongke Shuguang 146.5 billion yuan, leading to a combined market value of 656.2 billion yuan [7]. - Both companies have committed to not planning any major asset restructuring for at least one month following the termination announcement and will hold an investor briefing on December 10, 2025, to address market concerns [5].

不过，中国人民大学副校长郑新业表示，"十五五"时期，我国依然面对全球经济复苏乏力，地缘政治冲 突持续，国际产业链、供应链重构等问题，从内部看，经济转型过程中的结构性矛盾尚未完全解决，科 技创新的"卡脖子"问题仍需突破，区域发展不平衡、城乡差距等问题仍需持续破解，高质量发展的内涵 式增长路径仍需进一步探索。 对此，会议强调，做好明年经济工作，要加快构建新发展格局，着力推动高质量发展，坚持稳中求进工 作总基调，更好统筹国内经济工作和国际经贸斗争，更好统筹发展和安全，实施更加积极有为的宏观政 策，增强政策前瞻性针对性协同性。 华夏时报记者 张智 北京报道 12月8日，中共中央政治局召开会议，分析研究2026年经济工作。这是中央经济工作会议的前瞻会议， 为明年中国经济发展确定方向。 2025年是中国式现代化进程中具有重要意义的一年，过去5年，我们有效应对各种冲击挑战，我国经 济、科技、国防等硬实力和文化、制度、外交等软实力明显提升，"十四五"即将圆满收官，第二个百年 奋斗目标新征程实现良好开局。 会议指出，明年经济工作要坚持稳中求进、提质增效，继续实施更加积极的财政政策和适度宽松的货币 政策，发挥存量政策和增量政策集 ...

华夏时报记者石飞月北京报道 "向商业客户供应H200是一种值得肯定的举措。"12月9日，在被问及H200被美国政府解禁一事时，英伟达方面这样回复《华夏时报》记者。当日，环球网 引述外媒报道称，美国总统特朗普在社交媒体上发文宣布，美国政府将允许英伟达向中国出售其H200人工智能芯片。 受此利好消息影响，当地时间12月8日，英伟达股价在盘后涨2.34%，目前其市值为4.51万亿美元，仍居全球第一。然而这次解禁是有条件的，美国政府将 从英伟达销售所得收益中抽取分成。在业内人士看来，H200如果能够回归中国市场，英伟达还会在整个产业中占据重要地位，但市场份额或很难再回到 曾经的高峰。 有条件解禁高端芯片 其实在上个月，就有消息传出，称特朗普政府正考虑批准向中国出口英伟达的H200人工智能芯片。H200芯片被称为英伟达已面世芯片中"性能第二 强"的，英伟达更领先的芯片是Blackwell和即将面世的Rubin。 由于这几年对华出口芯片政策的不断收紧，英伟达的AI芯片接连被迫"舍弃"中国市场，从一开始的A100、H100，再到"阉割版"的A800和H800，今年轮到 了进一步的"阉割版"H20。H200发布于2023年1 ...

Core Insights - The core point of the article is that Mixue Group's fresh beer brand, Xianpi Fulujia, is launching an aggressive expansion strategy by opening up its franchise opportunities and eliminating previous approval processes, aiming to capitalize on the backing of its parent company, Mixue Group [2][3]. Expansion Strategy - Xianpi Fulujia has announced a new franchise policy that will fully open franchise channels from December 1 to December 31, 2025, eliminating the previous "old recommend new" approval process [3]. - The new franchise policy includes incentives such as waiving the annual franchise fee of 10,000 yuan for the first three years and exempting 1,500 yuan in fees for three winter months [3]. - The initial investment required to start a franchise is approximately 60,000 yuan, excluding store renovation and rent [3]. Financial Backing - Mixue Group plans to invest 286 million yuan to acquire 51% of the registered capital of Xianpi Fulujia's parent company, Fulu Jia (Zhengzhou) Enterprise Management Co., Ltd., making it a non-wholly owned subsidiary [3][4]. - Following the acquisition, Xianpi Fulujia's financial performance will be consolidated into Mixue Group's financial results [3]. Market Positioning - Xianpi Fulujia's pricing strategy aligns with Mixue Group's low-cost model, with products priced significantly lower than competitors, such as 5.9 yuan for 1 kg of Fulu Fresh Beer [4]. - The average consumer spending at Xianpi Fulujia is reported to be 16.55 yuan, which is considerably lower than other fresh beer brands [4]. Growth Metrics - The number of Xianpi Fulujia stores has rapidly increased from over 1,400 to more than 1,500 within approximately one month [5]. - The brand's expansion strategy is characterized by low entry barriers and high support for franchisees, mirroring the successful model of Mixue Ice City [5]. Industry Context - The craft beer segment, including fresh beer, is still in its early development stage, with no clear market leader established yet [6]. - The overall chain store density in the industry is low, with 57.9% of brands having five or fewer locations, while only 5.1% have over 100 locations [6]. - Compared to established daily consumer products like tea and coffee, craft beer still faces challenges in terms of market penetration and consumer frequency [6]. Competitive Landscape - The entry of Mixue Group into the craft beer market is expected to change the dynamics of the industry, promoting a low-cost and franchise-based expansion model [7]. - This move may intensify competition, forcing smaller brands to either optimize their supply chains or pursue differentiation strategies [7].

会议肯定了今年以来我国经济运行"总体平稳、稳中有进"的态势，新质生产力稳步发展，改革开放迈出 新步伐，重点领域风险化解取得积极进展，民生保障更加有力，社会大局保持稳定。 对明年的经济工作，会议指出要坚持稳中求进、提质增效，继续实施更加积极的财政政策和适度宽松的 货币政策，发挥存量政策和增量政策集成效应，加大逆周期和跨周期调节力度，切实提升宏观经济治理 效能。 在多位受访人士看来，今年宏观经济在复杂多变的内外部环境下依然展现出一定的韧性，"十四五"平稳 收官，"十五五"蓄势待发。从政策基调看，明年的政策基调在于既有政策框架内执行的"质"和"效"，将 政策效力落到实处。从"以进促稳"到"提质增效"，政策重心从稳增长走向调结构。 稳增长与提质增效并重 回溯去年12月召开的政治局会议，彼时已明确实施更加积极的财政政策和适度宽松的货币政策，充实完 善政策工具箱。货币政策方面，告别沿用十多年的"稳健"，"适度宽松"重回政策视野。在财政政策方 面，"实施更加积极的财政政策" 为狭义财政赤字和广义赤字提升释放了预期信号。 而在今年12月政治局会议中再次明确，2026年经济工作要坚持稳中求进、提质增效，继续实施更加积极 的财政 ...