Core Viewpoint - The interview with Sun Yuemeng highlights her approach to investment management, emphasizing the importance of aligning investment solutions with clients' real-life scenarios rather than relying solely on quantitative models [2][3]. Group 1: Investment Philosophy - Sun Yuemeng's background in mathematics and financial engineering allows her to deconstruct complex systems, but she recognizes the need for a broader perspective in investment beyond academic models [3]. - She has developed a "three-layer adjustment" framework that incorporates tactical adjustments based on quantitative signals while maintaining flexibility in investment style [3][4]. - The ultimate goal of her investment strategies is to enhance clients' real wealth experiences, focusing on stability and reassurance in their investment journeys [4][5]. Group 2: Client-Centric Approach - Sun Yuemeng views her role as a "solution provider" rather than merely a "product seller," emphasizing the importance of accompanying clients through market volatility [5][6]. - She believes that the core challenge for investors is not a lack of knowledge but the need to adapt psychologically to market fluctuations, advocating for a mindset that sees manageable volatility as a pathway to long-term returns [5][6]. - Her investment strategy includes a dual-track framework that balances strategic odds with macro factors to assess tactical probabilities, aiming to minimize unnecessary losses during uncertain market conditions [5][6]. Group 3: Gender Perspective in Investment - As a female fund manager, Sun Yuemeng perceives her gender traits as a characteristic that influences her decision-making style, favoring a balanced approach rather than extreme style shifts [6]. - She seeks to connect with investors who appreciate a steady investment style and are focused on long-term holding experiences, fostering a mutual growth journey [6]. - Sun Yuemeng emphasizes the need for investors to transition from a mindset of guaranteed returns to an understanding of the necessity of tolerating controlled volatility for achieving reasonable long-term returns [6].

Core Viewpoint - The competition in the OLED 8.6 generation line is intensifying, with Chinese manufacturers aiming to challenge Samsung's dominance in the display industry, particularly in the mid-size OLED market, which is projected to see significant investment and growth by 2025 [2][3][24]. Group 1: Industry Dynamics - The OLED 8.6 generation line competition is set to involve nearly 150 billion yuan in investments from Chinese manufacturers, including BOE, TCL, and Visionox, as they seek to capture market share from Samsung [3][5][6]. - Samsung's revenue from OLED displays is projected to be 44% of the global market, while BOE's share is only 12%, indicating a significant gap that Chinese companies aim to close [10][24]. - The shift from LCD to OLED technology is driven by the increasing demand for mid-size screens in devices such as laptops and tablets, with OLED penetration rates expected to rise significantly by 2026 [7][24]. Group 2: Key Players and Investments - TCL is investing 29.5 billion yuan in the world's first G8.6 generation printed OLED production line, with plans for mass production by 2027 [5][6]. - BOE has announced that its B16 production line will begin mass production in the second half of 2026, ahead of Samsung's A6 line, marking a significant shift in the competitive landscape [8][10]. - Visionox and Hefei Guoxian are also entering the G8.6 generation OLED market, with substantial investments aimed at establishing a foothold in this emerging sector [6][24]. Group 3: Historical Context and Future Outlook - The historical rivalry between Chinese manufacturers and Samsung has evolved, with Chinese companies now positioned to directly compete in the OLED market, a shift from their previous focus on LCD technology [13][24]. - The upcoming competition in the OLED 8.6 generation line is expected to be fierce, with industry experts predicting that the first major battle for market dominance will occur between 2027 and 2028 [16][24]. - The capital-intensive nature of the OLED industry requires significant investment and strategic planning, as companies navigate the cyclical nature of the display market [17][20].

文/刘佳 12月22日，中国人民银行授权全国银行间同业拆借中心公布最新一期LPR报价，其中1年期LPR报 3.0%，上月为3.0%；5年期以上LPR报3.5%，上月为3.5%。至此，两个期限品种的LPR报价均连续7个月 保持不变。 业内人士分析认为，自6月以来LPR报价一直按兵不动，背后的根本原因是受年初以来出口持续超预 期、国内新质生产力领域较快发展等支撑，今年宏观经济顶住外部环境剧烈波动压力，增长韧性超出普 遍预期；下半年以来经济增长动能有所弱化，但实现全年"5.0%左右"的经济增长目标已没有悬念。因 此，年底前逆周期调节加力的迫切性不高，货币政策保持较强定力。 "往后看，着眼于稳定2026年一季度经济运行，货币政策有望结束观察期，进入发力阶段。"东方金诚首 席分析师王青对《华夏时报》记者表示，2026年一季度央行有可能实施新一轮降息降准，不排除春节前 靠前落地的可能。这将带动两个期限品种的LPR报价跟进下调，引导企业和居民贷款利率更大幅度下 行，激发内生性融资需求。这是现阶段促消费扩投资、有效对冲外需放缓的一个重要发力点。 编辑：冯樱子 ...

文/刘佳 12月22日，据中国人民银行官微消息，央行对外发布一次性信用修复政策有关安排。根据安排，一次性 信用修复政策实行"免申即享"，个人无需申请和操作，也无需提交证明材料，由中国人民银行征信系统 对符合条件的逾期信息进行自动识别和统一处理。 政策适用对象上，央行表示，限定于个人在中国人民银行征信系统中展示的信贷逾期信息；适用时间区 间要求逾期信息产生于2020年1月1日至2025年12月31日期间；适用金额为单笔逾期金额不超过1万元； 适用前提是个人在2026年3月31日（含）前足额偿还逾期债务。符合上述条件的逾期信息，将不会在个 人信用报告中予以展示。 央行相关人士介绍，根据个人逾期债务的结清时间，符合条件的逾期信息将分两种情形完成调整处理、 发生展示变化。第一种情形，个人已经于2025年11月30日（含）前足额偿还逾期债务的，征信系统自 2026年1月1日起不予展示相关逾期信息。第二种情形，个人于2025年12月1日至2026年3月31日之间足额 偿还逾期债务的，征信系统于次月月底前不予展示相关逾期信息。 此外，央行还提醒公众，一次性信用修复政策不收取任何费用、不需要第三方代理，任何以该政策名义 索要 ...

Core Insights - The humanoid robot sector is experiencing a surge in investment as companies approach year-end, with significant funding rounds being announced, including a recent $300 million round by Galaxy General, setting a record for single-round financing in embodied intelligence [3][4][6] - Galaxy General has transitioned from a laboratory phase to commercial operations, with thousands of orders in the smart city service sector, indicating a shift in market valuation towards commercial viability [3][6] Financing and Valuation - The recent financing round raised over 4.5 billion yuan, led by China Mobile's Chain Long Fund, with participation from major investment platforms and international investors [4] - Following this round, Galaxy General's valuation has reached 19.5 billion yuan, reflecting a significant increase in market confidence [6] Corporate Structure and IPO Plans - Galaxy General has completed a corporate restructuring, changing its name and type, which is often seen as a precursor to an IPO, although the company has denied immediate plans for going public [5][7] - The company has raised a total of over 4.5 billion yuan since its establishment in May 2023, indicating strong investor interest and support [7] Market Trends and Future Outlook - The humanoid robot industry has seen a rapid increase in investment activity, with 160 investment events reported in 2023 alone, compared to only 14 in 2022, suggesting a growing interest in this sector [8] - Experts predict a potential capital winter in the humanoid robot sector in the coming years, prompting companies to secure funding while advancing commercialization efforts [9] Commercialization Efforts - Galaxy General is focusing on industrial-grade humanoid robots, achieving significant partnerships with major companies across various sectors, including manufacturing and smart city services [9][10] - The company has developed solutions for multiple fields, including industrial manufacturing, smart city services, and healthcare, with ongoing projects demonstrating practical applications of humanoid robots [9][10] Future Development and Challenges - While Galaxy General is exploring opportunities in the consumer market, the complexity of home environments poses challenges for robot integration, necessitating gradual advancements in technology [10] - The emphasis is shifting towards practical applications and real-world integration of humanoid robots in various sectors, moving beyond theoretical advancements to tangible value creation [10]

本报（chinatimes.net.cn）记者王兆寰 北京报道 近日，在中央经济工作会议结束后的一周里，监管层着实忙碌，一周两次对外发声，从传达学习会议精 神，到研究部署，最后到组织专家座谈听取资本市场"十五五"规划编制和2026年资本市场工作的意见建 议。 中国证监会主席吴清指出，证监会将持续深化资本市场投融资综合改革，稳步扩大制度型高水平对外开 放，持续提高资本市场制度包容性吸引力，更好服务经济高质量发展和中国式现代化大局。 南开大学金融发展研究院院长田利辉在接受《华夏时报》记者采访时表示，2026年深化资本市场改革 是"十五五"实体经济提质的关键抓手，对A股核心是"筑基赋能"。 田利辉指出，改革将聚焦"三提升"：提升市场稳定性，完善基础制度与监管机制，减少非理性波动；提 升包容性，推进注册制改革向纵深发展，让创新企业更便捷上市；提升吸引力，优化投资者结构，吸引 长期资金入市。 田利辉认为，短期以改革信号稳预期、降波动，中期通过制度优化提升标的质量、引入中长期资金，长 期将夯实市场韧性。 提高制度包容性吸引力 2025年12月召开的中央经济工作会议指出，做好2026年经济工作要坚持稳中求进工作总基调，纵深 ...

Core Viewpoint - The large model sector is transitioning from explosive growth to a critical phase, with the value of "water sellers" being tested as Zhiyu prepares for its IPO, potentially becoming the first global large model stock [1][2]. Group 1: Company Overview - Zhiyu is positioned to be the first large model company to go public in Hong Kong, having initiated its listing process over six months ago [1]. - The company has achieved rapid revenue growth, with projected revenues of 57.4 million yuan in 2022, 124.5 million yuan in 2023, and 312.4 million yuan in 2024, reflecting a compound annual growth rate of 130% [2]. - As of 2024, Zhiyu holds a 6.6% market share among independent large model developers in China, ranking second overall [2]. Group 2: Financial Performance - Zhiyu has reported significant losses, with figures of 143.7 million yuan in 2022, 788 million yuan in 2023, and projected losses of 2.958 billion yuan in 2024 [3]. - The company's gross margins have fluctuated, with rates of 54.6% in 2022, 64.6% in 2023, and 56.3% in 2024, indicating challenges in profitability [3]. - Research and development expenditures have been substantial, amounting to 84.4 million yuan in 2022, 528.9 million yuan in 2023, and projected at 2.195 billion yuan in 2024 [3]. Group 3: Business Model and Strategy - Zhiyu has adopted a dual business model, combining a scalable MaaS (Model as a Service) approach with high-margin enterprise services tailored for the Chinese market [5][6]. - The company has established a robust MaaS platform with over 2.7 million developers and enterprise users, making it one of the most active large model API platforms in China [5]. - Zhiyu's international model business has generated over 100 million yuan in annual recurring revenue, with rapid growth in developer engagement [6]. Group 4: Market Position and Future Outlook - The company has a strong presence in the B2B market, particularly among large enterprises, which has helped validate its business model and support its IPO ambitions [7]. - Analysts predict that if Zhiyu successfully lists as the "first global large model stock," it will attract significant attention and investment, especially given the lack of pure AI stocks in the Hong Kong market [7]. - Long-term success will depend on sustained growth in MaaS revenue and a reduction in losses, with a clear path to profitability being crucial for its status as a quality tech stock [7].

Core Viewpoint - Corporate philanthropy in China is a significant and undervalued force, contributing 76.85% of total social donations, with private enterprises being the main contributors [2][4] Group 1: Corporate Philanthropy and Social Value - Corporate donations accounted for 76.58% of total social donations in 2023, with private enterprises contributing 80% of this amount [3][4] - The economic foundation of China's philanthropic efforts is primarily established by private enterprises and entrepreneurs [4] - A report indicates that the total donations from the 34 most active Chinese philanthropists over the past decade exceed 230 billion [4] Group 2: Strategic Opportunities for Enterprises - Chinese enterprises are transitioning from a focus on scale growth to social value innovation, which is expected to be a core competitive advantage during the 14th Five-Year Plan [3] - Digital technology is reshaping sustainable development pathways, making charitable actions more quantifiable and manageable [3] - With the advancement of China's dual carbon goals, the country is transitioning from being a standard executor to a co-developer of global standards, enhancing its international influence [3] Group 3: Trends in Corporate Philanthropy - Six new trends in corporate philanthropy have emerged, including deeper involvement of entrepreneurs in charitable activities and a focus on using core business capabilities to address social issues [4] - There is an increasing emphasis on the exit strategies of philanthropic projects, and scientific philanthropy is gaining traction, particularly in higher education and technological innovation [4] Group 4: Collaborative Ecosystems - The consensus among industry leaders is to move from isolated efforts to collaborative ecosystems to tackle complex social issues [6] - Tencent, along with other companies, has established a "Sustainable Social Value Ecosystem" to pool resources and capabilities for greater social impact [6][7] - The foundation of ecosystem building is the core capabilities of enterprises, which must be transformed into social value production [7] Group 5: Technological Empowerment - Technology is viewed as a bridge to enhance the efficiency and inclusivity of charitable efforts, with companies developing solutions for underserved communities, such as the hearing-impaired [9][10] - Innovations in AI and smart devices are being utilized to provide personalized care in childcare and elderly care sectors [10] Group 6: Future of Corporate Social Responsibility - The future of corporate growth is expected to balance self-interest with altruism, integrating efficiency with meaningful social contributions [11] - The success of enterprises will increasingly be measured not just by financial metrics but also by their contributions to a better society [11]

签约仪式上，华夏银行10家分行与中荷人寿10家分公司同步签署了合作协议，标志着双方合作从顶层战 略设计全面下沉至基层落地执行，确保协同效应贯通服务客户的"最后一公里"。 本报（chinatimes.net.cn）记者李明会 北京报道 12月19日，华夏银行与中荷人寿正式签署战略合作协议。华夏银行党委书记、董事长杨书剑在签约仪式 上表示，面向未来，双方将共建综合服务生态，充分发挥华夏银行在客户和渠道方面的优势，结合中荷 人寿在人身保障和养老服务领域的专业能力，为客户提供一站式全生命周期的综合金融服务方案。 中荷人寿党委书记李建营表示，未来，中荷人寿将充分利用在保险精算、健康管理、养老生态领域的专 业能力，持续深化与华夏银行的战略协同，特别是在私人银行客户、家庭财富规划、资产配置与风险管 理等领域提供更精准、更有温度的保险服务方案与增值服务，助力提升客户粘性与整体体验。 深化银保渠道布局 华夏银行与中荷人寿正式签署战略合作协议，标志着银保合作进入深度融合、共谋高质量发展的全新阶 段。 据介绍，双方将重点聚焦三大方向，共同打造"银行+保险"深度融合的服务新范式。一是共建综合服务 生态。依托华夏银行的客户基础与渠道， ...

Group 1 - The core viewpoint of the article emphasizes the importance of systematic models in capturing excess returns while maintaining strategy robustness and transparency in the volatile market environment [2] - The article discusses the essential differences between quantitative investment and active equity investment, clarifying misconceptions about quantitative strategies being opaque or solely high-frequency trading [3][4] - Quantitative fund managers focus on mathematical model construction and programming, with a more dispersed portfolio compared to active equity fund managers, aiming for clear risk-return matching and strict trading discipline [4] Group 2 - AI has been fully integrated into the investment research process, enhancing work efficiency and playing a crucial role in multi-strategy systems, particularly in factor discovery and identifying non-linear relationships [5] - The most significant challenge for quantitative strategies is extreme market conditions that have not been previously encountered, which can lead to strategies behaving similarly under stress, potentially harming product net values [6] - The article highlights the application of multi-strategy approaches in product design to achieve diversification, especially during extreme market conditions, enhancing overall product resilience [6] Group 3 - For the STAR 100 index, which consists of small and medium-sized technology growth companies, the strategy focuses on maintaining a positive correlation with the index's Beta, ensuring that excess returns do not come primarily from market downturns [6][7] - The strategy for the CSI A500 index is more diverse, utilizing over ten strategies, including multi-factor strategies based on fundamental logic and machine learning models, tailored to its inherent style [7] - The article advises investors to align their product choices with their risk tolerance, suggesting that those with moderate risk preferences consider broader index-enhanced products, while those with higher risk tolerance may look at the STAR 100 index [8] Group 4 - The company plans to expand its quantitative product matrix, including active quantitative products such as growth and value style quant strategies, to provide suitable tools for investors in both bullish and cautious market phases [8] - The article anticipates that with clearer national guidelines, the investment operations in China's capital market will become more standardized, and the quantitative fixed income+ business will be a significant development direction for the domestic quantitative industry [8]