Group 1: RCEP Origin Certificates Impact - Shenzhen Zhaochi Co., Ltd. benefited from 544 RCEP origin certificates, resulting in a tax reduction of over 16.458 million yuan [1] - From January to November, Shenzhen Customs issued 384,000 RCEP origin certificates to over 5,170 enterprises, involving a total value of 104.64 billion yuan [1] - The RCEP tariff reduction policy has lowered export costs, enhancing product competitiveness in international markets [1] Group 2: BYD's Performance and RCEP Benefits - BYD has sold 464,300 new energy vehicles overseas in the first half of the year, a year-on-year increase of 128.25%, making the overseas market a key growth driver [2] - In the first 11 months, BYD applied for over 4,600 origin certificates from Shenzhen Customs, involving export value exceeding 10.1 billion yuan [2] - The RCEP origin certificates have opened doors for BYD in foreign markets, enhancing product competitiveness and driving sales growth [2] Group 3: RCEP Overview - RCEP, the world's largest free trade agreement, was initiated by ASEAN and signed by 10 ASEAN countries along with China, South Korea, and others [2] - RCEP origin certificates serve as proof of regional origin for goods, allowing companies to enjoy tariff reductions and customs facilitation under the RCEP agreement [2] - The continuous release of RCEP policy benefits has made origin certificates a vital tool for companies to reduce costs and enhance international competitiveness [2]

【深圳商报讯】(记者陈燕青)北京时间11日凌晨，美联储结束为期两天的货币政策会议，宣布将联邦基 金利率目标区间下调25个基点至3.5%至3.75%之间。这也是美联储自今年9月以来连续第3次降息，幅度 均为25个基点。 美联储同时宣布，将启动短期国债购买计划，以此调节市场流动性水平，确保央行对自身利率目标体系 保持稳定控制。受此影响，美国股市三大指数12月10日全线收涨，美元指数则下跌0.43%。 美联储主席鲍威尔在新闻发布会上表示，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 双重使命为指导。目前联邦基金利率已处于中性利率的大致预估区间内，完全有条件静观经济走势的变 化。货币政策并非遵循预设路径，将在每次会议上根据实际情况作出决策。 浙商证券（601878）首席经济学家李超指出，即便美联储主席换人，在通胀压力制约下，2026年超预期 降息空间仍然有限，不宜有过高期待。伴随美国经济动能的转向，AI、美股、美国经济真正实现三位 一体，互相形成正反馈。继续看多未来美股走势。 中金公司（601995）宏观团队认为，美联储或将在2026年降息两次，但节奏趋于放缓，1月可能按兵不 动，下一次降息可能在3月。 摩 ...

Core Insights - The new fund issuance market is experiencing a surge, with over 110 new funds currently being launched and nearly 20 more set to start this month [1] - A total of 1,531 new funds have been established this year, marking a record high since 2022, with a total issuance scale of approximately 1.1 trillion yuan [2] Fund Categories - More than half of the new funds being issued are equity funds, including 26 passive index stock funds, 20 equity mixed funds, and 18 enhanced index stock funds [1] - The number of newly established stock funds this year is 795, an increase of 341 compared to the previous year, with an issuance scale of 401.92 billion yuan, reflecting a growth of 61.44% [2] - The number of newly established mixed funds is 298, with an issuance scale of 152.57 billion yuan, showing a significant increase of 129.7% [2] - The number of newly established bond funds has decreased to 307, with an issuance scale of 440.64 billion yuan, a decline of nearly 47% [2] - There are 82 newly established FOF funds, which have seen a substantial increase in issuance scale to 80.04 billion yuan, a growth of 653.68% [2] Market Trends - The proportion of equity funds in the new fund issuance has increased, with their share rising from 21.24% to 36.66% of the total new fund issuance scale [2] - The issuance scale of REITs and QDII funds has experienced a decline [2]

【深圳商报讯】（记者 陈燕青）今年以来，国元证券投行业务屡收监管罚单，多位保荐人受到监管处 罚。 除了收到监管罚单，国元证券的IPO保荐业务也表现不佳。根据统计，2024年初至今，国元证券保荐的 IPO项目撤否率超过四成，位居中等券商前列。记者近日表达采访国元证券投行业务存在的问题，但截 至记者发稿时，未能收到公司的回复。 根据Wind统计，2024年以来，国元证券保荐了22个IPO项目，其中9家撤回，撤否率高达40.91%。 近年来，国元证券投行业务屡次蒙上阴影，从持续督导的频频失职收罚单，到IPO保荐的接连失利，一 系列问题冲击着公司的投行业务。 数据显示，2021年至2024年，公司投行业务手续费净收入分别为9.50亿元、7.77亿元、2.06亿元和2.02亿 元，呈下滑趋势。 ...

Group 1 - Shenzhen Zhaochi Co., Ltd. benefited from RCEP origin certificates, reducing tariffs by over 16.458 million yuan through 544 certificates, with a total export value of 460 million yuan [1] - Shenzhen Customs issued 384,000 RCEP origin certificates to over 5,170 enterprises, involving a total value of 104.64 billion yuan, enhancing international market competitiveness [1] - The RCEP tariff reduction policy lowers export costs and improves product competitiveness in international markets, facilitating efficient customs clearance [1] Group 2 - BYD Auto Industry Co., Ltd. is a significant beneficiary of the RCEP policy, with overseas sales of new energy vehicles reaching 464,300 units in the first half of the year, a year-on-year increase of 128.25% [2] - BYD applied for over 4,600 origin certificates from Shenzhen Customs, involving an export value exceeding 10.1 billion yuan, enhancing its competitiveness in foreign markets [2] - The RCEP origin certificate serves as a "golden paper" in international trade, providing companies with tariff reductions and customs facilitation, thus supporting high-quality exports [2]

Core Viewpoint - The actual controller of Zhongwei Electronics is changing from the Xinxiang Municipal Government to Fu Yingbo, while the controlling shareholder remains Xinxiang Industrial Fund No. 1. The stock will resume trading on December 12, 2025 [1]. Group 1: Shareholder Changes - Xinxiang Industrial Fund No. 1 signed an agreement with Jinan Jun Chuan to transfer 55.00% of its partnership interest for approximately 354 million yuan [1]. - Jinan Mengruisi plans to acquire 15,140,302 shares from the second-largest shareholder, Shi Xugang, representing 5.00% of the total share capital, for a total price of about 189 million yuan [1]. - Shi Xugang has agreed to relinquish voting rights corresponding to 7.90% of his shares, which were previously entrusted to Xinxiang Industrial Fund No. 1 [1]. Group 2: Financial Performance - In the first three quarters of 2025, the company reported revenue of 71.10 million yuan, a year-on-year decline of 34.47%, and a net loss attributable to shareholders of 43.32 million yuan, an increase in loss of 14.00% compared to the previous year [5][6]. - The company has experienced continuous losses over the past two years, with net profits of 4.4 million yuan in 2022, -75.94 million yuan in 2023, and -62.81 million yuan in 2024 [3]. - The operating cash flow has significantly decreased by 407% to -47.01 million yuan, primarily due to reduced sales collections and the return of deposits [6]. Group 3: Industry Context - The security industry is facing significant challenges due to government policies aimed at mitigating local debt risks, leading to a halt in infrastructure projects in high-risk debt provinces [7]. - The company has struggled with pricing advantages and profitability, with project profit margins severely compressed, contributing to ongoing losses [7]. - The subsidiary, Huaxia Tianxin (Beijing) Robot Co., Ltd., has also been unprofitable for years, complicating business expansion and increasing management costs [7].

Core Viewpoint - The company, 华设集团, has issued a correction regarding the date of its upcoming shareholder meeting, which was mistakenly stated in a previous announcement [1][4]. Financial Performance - In the first three quarters of the year, the company reported total revenue of 2.543 billion CNY, a year-on-year decrease of 5.52% [6]. - The net profit attributable to shareholders was 186 million CNY, down 19.99% year-on-year [6]. - The net profit after deducting non-recurring gains and losses was 176 million CNY, a decline of 22.62% [6]. - The net cash flow from operating activities was -429 million CNY, an improvement from -612 million CNY in the same period last year [6]. - For the year 2024, the company faced a significant decline in both revenue and net profit, with total revenue of 4.428 billion CNY, down 17.28%, and net profit of 383 million CNY, down 45.17% [6]. Market Performance - As of December 11, the company's stock price closed at 7.38 CNY, down 0.94%, with a total market capitalization of 5.046 billion CNY [6]. - The stock has a price-to-earnings ratio (TTM) of 15.01 and a price-to-book ratio of 0.96 [7]. - The stock's 52-week high and low are 9.63 CNY and 6.95 CNY, respectively [7].

Core Insights - Nanjing Wanda Mao Investment Co., Ltd. underwent a business change on December 10, with the original shareholder, Kunhua (Tianjin) Equity Investment Partnership, exiting and Shanghai Wanda Ruichi Enterprise Management Co., Ltd. becoming the sole shareholder [1] - The company was established on December 24, 2014, with a registered capital of 1.442 billion yuan, primarily engaged in the development and operation of commercial complexes, with a total investment of 15 billion yuan for the Nanjing Wanda Mao project, which includes 304,000 square meters of commercial space and a 520-meter indoor pedestrian street that opened in 2018 [1] - Shanghai Wanda Ruichi has also taken over Yantai Zhifu Wanda Plaza Co., Ltd. and subsequently transferred its shares to Suzhou Lianshang Jiuhao Commercial Management Co., Ltd. [1] Company Transactions - The analysis indicates that the recent asset transactions involving fixed assets are common, and if insurance capital directly transfers assets to state-owned Suzhou Lianshang Jiuhao, it may face issues regarding fair pricing and compliance [2] - Wanda is expected to continue divesting non-core, low-margin, and low-growth projects while potentially repurchasing core, high-traffic, and high-rent projects for a possible overall listing of commercial management or expansion of consumer infrastructure REITs by 2026 [2] - From 2023 to 2025, Wanda Commercial Management plans to sell over 80 Wanda Plazas to alleviate financial pressure, including a significant sale of 48 plazas in May 2025 [2] Investment Activities - Kunhua Investment was established in December 2023, with a fund size of 10 billion yuan, where New China Life Insurance holds 99.99% and CICC Capital holds 0.01% [3] - Other insurance capital entities have shown strong interest in investing in Wanda Plaza projects, with Sunshine Insurance acquiring six plazas in various cities and Dajia Insurance taking over multiple plazas, including those in Shanghai and Xining [3]

12月11日，东软集团公告，公司董事会获悉，公司高级副总裁陈宏印因突发疾病于2025年12月10日辞世。 公告显示，陈宏印于1996年加入公司，在近30年的工作生涯中，始终恪尽职守，勤勉尽责，开拓创新，为公司发展倾注了全部心血，并做出了重要贡献，董 事会对此深表敬意和感谢。董事会对陈宏印的辞世表示沉痛哀悼，并向其家人致以深切慰问。 东软集团同时表示，公司董事、高级管理人员将继续致力于公司发展，公司生产经营活动不会因此受到影响。 陈宏印于1996年7月加入公司，曾于1997年起担任大连分公司副总经理，1999年起历任公司电力事业部总经理、能源事业部总经理、能源与民航事业部总经 理等职，2002年始任公司副总裁，2023年2月始任公司副CTO。2023年7月始任高级副总裁兼首席解决方案官。 资料显示，东软集团是行业领先的全球化信息技术、产品和解决方案公司，是产业创新变革的推动者和数字化转型的赋能者。东软成立于1991年，是中国第 一家上市的软件公司。 今年前三季度，公司实现营业总收入74.91亿元，同比增长8.72%；归母净利润5108.18万元，同比下降66.47%；扣非净利润亏损4377.08万元，上年同期盈 ...

Core Viewpoint - Luokai Co., Ltd. announced a plan for major shareholders to reduce their holdings due to personal funding needs, which may impact the company's stock performance and investor sentiment [1][3]. Shareholder Reduction Plans - The largest shareholder, Luohui Investment, along with its concerted actions (Luoteng Investment and Luosheng Investment), plans to reduce their holdings by up to 5.588 million shares, representing no more than 3% of the company's total share capital, between January 7 and April 6, 2026 [1][2]. - Luohui Investment holds 35.9 million shares (19.27%), Luoteng Investment holds 32.3 million shares (17.34%), and Luosheng Investment holds 19.4 million shares (10.42%), collectively owning 47.03% of the company [2]. Financial Performance - For the first three quarters of 2025, Luokai Co., Ltd. reported a revenue of 1.675 billion yuan, a year-on-year increase of 9.60%, while the net profit attributable to shareholders decreased by 14.93% to 71.42 million yuan [5][6]. - The company attributed the profit pressure to a decline in product prices, which affected gross margin and gross profit [6]. Market Performance - As of December 11, the stock price of Luokai Co., Ltd. increased by 1.22% to 33.14 yuan per share, with a total market capitalization of approximately 6.173 billion yuan, reflecting a year-to-date increase of 147.65% [7].