乌克兰法律禁止在国家战时状态下举行选举。乌总统选举本应于2024年3月举行，但2022年2月俄罗 斯发动特别军事行动以来，乌克兰进入并一再延长国家战时状态。 此外，泽连斯基9日表示，经过多方商改，美国方面先前提出的俄乌"和平计划"已被拆分成三个文 件，他希望10日向美方提交这一更新后的版本。 泽连斯基表示，初版28点"和平计划"已经被拆分成三个文件，分别是一份20点框架协议、一份美欧 对乌安全保障文件，以及一份关于乌克兰战后重建的文件。 另据乌克兰国际文传电讯社9日援引泽连斯基的话报道，目前乌美讨论的双边安全保障或"类 同"《北大西洋公约》第五条关于集体防御的条款。今后几天或几周内，乌方将能够详细了解美国所能 提供的安全保障。 此外，泽连斯基承认，虽然乌克兰非常希望加入北约，但乌方清楚，"不论美国，还是其他几个国 家"，眼下都不希望乌克兰加入北约。俄罗斯更是永远不会同意乌克兰加入北约。 今年年初，特朗普及其团队与乌克兰政府就"战时选举""泽连斯基支持率"等问题爆发激烈口水战。 特朗普呼吁乌方尽快停火并举行总统选举。2月25日，乌最高拉达通过有关"战时无法举行选举"的议 案，支持泽连斯基继续履职。 泽连斯基及其 ...

12月9日，A股量价齐跌，缩量分化，亏钱效应显著，4058只个股收绿。CPO（光电共封装）、电子元件等科技股延续 强势，带动创业板指逆市收涨。 受访人士表示，年末机构落袋为安、增量资金观望，市场情绪趋谨慎。A股正处于政策观察期，大概率延续震荡向 上。建议采取"回调低吸+分批配置"策略，科技热门赛道仍值得关注。 超4000只个股收跌 31个申万一级行业板块中，综合、通信板块继续走高：东阳光涨停，恒信东方、线上线下、德科立"20cm"涨停。电 子、商贸零售、国防军工板块微红，天通股份、超声电子、骏亚科技涨停，陕西华达、雷科防务、航天长峰涨停。 商贸零售板块逆市抬头，中央商场、茂业商业、东百集团、五矿发展、南京商旅、永辉超市、美凯龙7只相关个股涨 停。 盘面上，科技股仍是资金偏爱方向。CPO概念继续走高，通信设备、电子元件、光电子器件、新型工业化、英伟达概 念大涨。但基本金属、黄金概念、航空机场、贵金属、化肥农药、建筑施工、钢铁、机器人等概念跌幅明显。 | 代码 | 名称 . | 张媚% ↓ | 最新 | 总市值 | 成交额 | 年初至今涨幅% | 周涨幅% | | --- | --- | --- | --- | ...

扎堆上报 临近年末，多家公募向监管部门上报了指数型基金。 据《国际金融报》记者统计，截至12月9日，12月以来已有70余只新基金上报，其中指数型占比近半， 且多只聚焦科技赛道。 从发行端看，12月在发的指数型基金亦超三成，包括聚焦成长赛道的创业板、科创板指数基金，以及科 技类ETF（交易型开放式指数基金）等。 业内人士向《国际金融报》记者表示，国内指数化投资正处高速发展阶段，相较成熟市场仍有显著空 间。 持续扩容 近几年，国内指数投资不断扩容。2003年首只完全复制指数的基金诞生，公募指数产品规模用16年突破 了1万亿元；到2024年，仅5年便站上5万亿元关口。截至今年三季度末，全市场非货币ETF、ETF联接 基金及其他场外指数基金规模合计已逼近8万亿元，年内增长达2.1万亿元。 站在8万亿元规模的新起点上，业内人士指出，指数投资正从"规模增长"向"质量提升"转型，专业能力 已成为基金管理人构建指数业务"护城河"的核心。比如，在严控跟踪误差的基础上，如何通过精细化管 理创造超额收益，既是指数投资专业化的进阶方向，也是提升投资者体验的关键。 "国内的指数化投资正处高速发展阶段，参考成熟市场被动投资的市场占比，国 ...

Core Viewpoint - PIANO announced a suspension of trading due to its controlling shareholder, Ma Libin, planning a change in company control, with the suspension expected to last no more than two trading days [1] Group 1: Company Overview - PIANO, established in 2005, specializes in high-end customized cabinets, wardrobes, doors, and related home products, and was successfully listed in 2017 [5] - The company experienced significant growth during the real estate boom, with a compound annual growth rate (CAGR) of 23.5% in revenue and 20.5% in net profit from 2015 to 2018 [5] - In 2021, PIANO achieved a record revenue of 1.824 billion yuan, a year-on-year increase of 22.1%, but faced a drastic decline in net profit, which plummeted by 470.05% to a loss of approximately 729 million yuan [5][6] Group 2: Financial Performance - The decline in net profit in 2021 was attributed to impairment provisions related to certain developers, with a net profit of 266 million yuan when excluding these provisions, reflecting a 35.02% year-on-year increase [6] - By the end of 2021, PIANO reported significant impairment losses: 466 million yuan for notes receivable, 377 million yuan for accounts receivable, and 137 million yuan for other receivables [8] - The company's revenue fell by 20.4% in 2022 to 1.452 billion yuan, continuing to decline in subsequent years, with projected revenue of only 886 million yuan in 2024 [13] - PIANO's net profit turned from profit to loss, recording a loss of 375 million yuan in 2024, with a 44% decline in net profit to 86 million yuan in 2023 [13] - In the first three quarters of the current year, PIANO's revenue was 420 million yuan, a decrease of 37.27% year-on-year, and net profit was negative at -8 million yuan [13] Group 3: Cost Management and Cash Flow - In response to declining performance, PIANO reduced its marketing and R&D expenses, with sales expenses down 36.4% to 52 million yuan and R&D expenses down 36.2% to 18 million yuan [13] - The company has shifted its focus to financial investments to generate cash flow, resulting in a net cash flow from investing activities of -84 million yuan, with investment income of only approximately 2.23 million yuan [14]

Core Viewpoint - Pianao is undergoing a change in control as its major shareholder, Ma Libin, is planning to transfer ownership, leading to a temporary suspension of its stock trading [2] Group 1: Company Overview - Pianao, established in 2005, specializes in high-end customized cabinets, wardrobes, doors, and related home products, and was successfully listed in 2017 [4] - The company experienced significant revenue and net profit growth from 2015 to 2018, with compound annual growth rates of 23.5% and 20.5%, respectively [4] - In 2021, Pianao achieved a record revenue of 1.824 billion yuan, a year-on-year increase of 22.1%, but faced a drastic decline in net profit, which fell by 470.05% to a loss of approximately 729 million yuan [4][5] Group 2: Financial Performance - By the end of 2021, Pianao reported significant impairment losses, including 466 million yuan for notes receivable, 377 million yuan for accounts receivable, and 137 million yuan for other receivables [5] - The company's revenue declined by 20.4% in 2022 to 1.452 billion yuan, continuing a downward trend with projected revenue of only 886 million yuan in 2024 [9] - Pianao's net profit turned from profit to loss, recording a loss of 375 million yuan in 2024, with a significant drop in revenue of 37.27% in the first three quarters of the current year [9][10] Group 3: Shareholder Actions - Ma Libin has been reducing his stake in Pianao, transferring a total of 37.3086 million shares to Zhuhai Honglu, making it the second-largest shareholder with a 12.75% stake [6][7] - Subsequent attempts to transfer additional shares were halted due to external economic conditions and shareholder arrangements [8] - Ma Libin's decision to exit may be linked to the deteriorating fundamentals of Pianao [8]

Core Insights - Alibaba has intensified its focus on the AI sector, particularly in the consumer (To C) market, by establishing the "Qianwen C-end Business Group" to enhance its AI offerings [1][2] Group 1: Organizational Changes - The "Qianwen C-end Business Group" was formed by merging the original Intelligent Information Business Group and the Intelligent Connectivity Business Group, with a clear goal to develop "Qianwen" into a super app for AI services [1] - Wu Jia, a vice president at Alibaba, has been appointed to lead the new group, indicating a strategic shift towards consumer-focused AI applications [2] - The restructuring is seen as a culmination of previous organizational adjustments aimed at consolidating AI efforts within the company [2] Group 2: Strategic Goals - The core objective of the Qianwen C-end Business Group is to create a leading AI application that serves as the primary entry point for various AI services in the consumer market [1][6] - Alibaba's long-term vision includes expanding the Qianwen app into a cross-device AI assistant, integrating with smart glasses, personal computers, and automobiles [1] Group 3: AI Product Development - In March, Alibaba launched the "New Quark," an AI flagship application that integrates multiple intelligent functions, moving away from traditional search models [4] - The Quark app aims to provide a comprehensive AI experience, with plans for continuous updates based on advancements in AI models [4] - The company has also introduced six models of AI glasses, enhancing its hardware offerings and integrating them with various Alibaba ecosystem services [4] Group 4: Market Positioning - The rebranding of the dialogue application "Tongyi" to "Qianwen" reflects a strategic pivot towards positioning the app as a key player in the AI consumer market [5][6] - The Qianwen app is designed to be a personal AI assistant capable of both conversation and task execution, aligning with the company's vision of becoming a leader in AI-driven consumer applications [6]

Core Viewpoint - The resignation of the president of Swire Coca-Cola China, Zhang Jian, has been approved, and he will officially leave by the end of March 2026, amid increasing competition and changing consumer preferences in the beverage industry [1][2]. Group 1: Company Overview - Swire Coca-Cola is the fifth-largest bottling group for Coca-Cola globally, holding exclusive rights in eight markets, including Greater China, the Midwest of the United States, and Southeast Asia [1]. - Zhang Jian has been with the company since 1995, rising through the ranks to lead the China operations [1][2]. Group 2: Industry Context - The beverage industry is experiencing intensified competition and a restructuring of product categories, with a notable shift towards healthier options like sugar-free tea and functional drinks, leading to a decline in the carbonated soft drink market [2][3]. - The company's revenue for the previous year was HKD 25.234 billion, reflecting a 6% year-on-year increase, primarily driven by price hikes, while both sales volume and active retail points saw a 1% decline [4]. Group 3: Leadership Transition - Hunter Jin, who will succeed Zhang Jian, has extensive experience within Swire Coca-Cola, having joined in 2004 and held various positions, including regional manager at a young age [5]. - Jin's management philosophy emphasizes a "family culture" and practical actions to enhance performance, such as energy-saving initiatives and meticulous sales practices [5]. Group 4: Market Dynamics - The beverage industry is witnessing significant personnel changes, with other companies like Wahaha and China Resources Beverage also undergoing leadership transitions, indicating a broader trend of transformation within the sector [6].

海光信息公告，公司于2025年12月9日召开第二届董事会第十七次会议，审议通过了《关于终止换股吸 收合并曙光信息产业股份有限公司并募集配套资金暨关联交易的议案》，决定终止通过向中科曙光全体 A股换股股东发行A股股票的方式换股吸收合并中科曙光并募集配套资金。公司表示，本次交易自启动 以来，由于规模较大、涉及相关方较多，且市场环境发生较大变化，实施条件尚不成熟，为维护公司和 投资者利益，决定终止本次交易。 ...

Core Viewpoint - The incident involving a live mouse found in a sealed mochi box from Sam's Club has sparked significant public outcry and raised concerns about food safety and brand reputation [1][10]. Group 1: Incident Details - A consumer ordered various products, including a 24-pack of Member's Mark original mochi, through the Sam's Club app, and discovered a live mouse inside the sealed plastic box upon delivery [4][7]. - The consumer reported the incident on the platform, receiving a one-star rating and expressing shock at the discovery [7]. - The company acknowledged the incident and stated that it was caused by pest intrusion from the surrounding area of the pickup point, which was outdoors and had conditions favorable for pests [9][10]. Group 2: Company Response - Sam's Club has engaged a professional pest control company to conduct a thorough investigation and has communicated with the affected consumer to resolve the issue [9][10]. - The company expressed apologies for the inconvenience caused to its members and plans to enhance packaging management and delivery services in the future [10]. Group 3: Legal and Financial Implications - Legal experts indicated that the presence of a live mouse in food packaging constitutes a serious violation of food safety standards, potentially leading to significant legal repercussions for the company [10]. - Since entering the Chinese market, Sam's Club has attracted a large number of middle-class consumers, with paid membership numbers expected to exceed 9 million by June 2025, generating over 2.34 billion yuan in membership fees alone [10][12]. Group 4: Brand Reputation and Market Impact - The incident has further damaged Sam's Club's brand image, which has already faced scrutiny over quality issues and product recalls earlier in the year [12]. - Public sentiment is divided, with some consumers questioning the integrity of the incident while others express disappointment in the brand's perceived decline in quality [7][12].

Core Viewpoint - The insurance industry is facing multiple challenges, including interest rate fluctuations, climate change, and the sustainability of business models, which require strategic adjustments and regulatory focus [1][4]. Group 1: Interest Rate Management - Insurance companies must manage interest rate fluctuations as a fundamental operational logic, especially given the recent significant increases in rates by central banks to combat inflation [1][2]. - Historically, interest rates have been subject to continuous adjustments influenced by economic growth and inflation, indicating that a long-term unidirectional interest rate trend is unrealistic [2]. Group 2: Climate Change Impact - Climate change presents dual challenges for the insurance industry, necessitating recalibration of actuarial assumptions and pricing of coverage and investment assets, which requires extensive data and model improvements [2]. - The industry may face supply-demand imbalances due to reduced supply, leading to coverage gaps, while reliance on reinsurance markets may increase as a risk diversification strategy [2][3]. Group 3: Business Opportunities from Climate Change - If the insurance sector can effectively manage the risks associated with climate change, it may also uncover new business opportunities and growth points, particularly in health management within life insurance [3]. - Government investments in climate change mitigation can further support the growth of the insurance industry by reducing losses and stabilizing growth [3]. Group 4: Non-Bank Financial Asset Investment - The correlation between insurance investments and non-bank financial assets has increased, with the global private credit market exceeding $2 trillion, presenting both opportunities and heightened credit risks for insurance companies [3]. - Insurance companies, as significant capital providers, can enhance their asset-liability structures and yield, but they also face challenges due to the complexity and opacity of these asset classes [3]. Group 5: Regulatory Considerations - Stricter regulatory frameworks for banking and insurance institutions necessitate higher standards for customer and investment asset ratings, which can lead to intertwined risks that are harder to manage [4]. - Regulatory focus on capital requirements and risk exposure limits is crucial to prevent insurance companies from pursuing short-term high returns at the expense of asset stability [4]. Group 6: Sustainable Business Model Assessment - The sustainability of insurance companies' business models should be a regulatory priority, emphasizing the need for long-term strategic alignment and adaptability to external variables [4][5]. - Key areas for evaluation include the alignment of company strategy, asset-liability matching, and the support of internal and external resources to ensure a robust business model [5][6]. - Companies must maintain operational flexibility to adapt to changing environments while ensuring their business models remain stable and resilient [6].