12月31日晚间，海尔智家公告称，董事会近日收到副总裁李攀书面辞职报告，其因工作变动于2025 年12月30日提前离任，原定任期至2028年5月28日。李攀离任自报告送达董事会之日生效，工作已交 接，不影响公司运作。截至公告披露日，李攀直接持股688,586股，占总股本0.007%。 公开资料显示，李攀生于1976年，1997年毕业于武汉大学，获得经济学和国际企业管理学双学位， 1997 年加入海尔集团，历任海尔集团亚太事业部部长助理、海尔东盟中心经理、海外品牌营销中心经 理、海外战略中心经理、海外市场运营总监等多个职务。近年来，李攀多次以海尔集团副总裁、海尔海 外市场总经理的身份出席活动、接受采访。 记者注意到，今年3月，海尔集团董事局主席、首席执行官周云杰在社交平台上走红后，快速在各 大社交平台上线并打造个人IP。不仅仅是周云杰，海尔各大业务板块的高管集体"出道"，入驻抖音、视 频号、微博、小红书等平台。 李攀同样也开通了公开社交平台账号，从其个人发布的视频内容来看，李攀经常奔赴海尔在全球各 地的市场。今年11月，李攀现身西班牙暖通制冷展，海尔智家携多元场景解决方案亮相这一行业展会。 海尔智家公告称，李攀 ...

2025年临近收官，根据猫眼专业版数据，全年电影票房突破517亿元，总观影人次12.35亿次，上映总场次1.43亿场。 从全年上映的电影来看，2025年累计上映超400部影片，题材类型丰富多元，涌现了一批"叫好又叫座"的国产优质电影作品。其中，年初春节档上映的 《哪吒之魔童闹海》掀起观影热潮，截至目前累计票房154.46亿元，打破百余项纪录，包括中国影史总票房冠军、中国影史观影人次冠军。 全年票房超过10亿元的影片共计8部，除了《哪吒之魔童闹海》外，还包括《唐探1900》《南京照相馆》《731》《浪浪山小妖怪》《捕风捉影》《封神 第二部：战火西岐》这六部国产影片。 引进片方面，进入年末岁尾，迪士尼动画电影《疯狂动物城2》狂揽超40亿元票房，冲上今年票房榜第二的位置，并带动2025年贺岁档票房冲破52亿 元，创下近八年来新高。 12月31日，随着2025年进入收官阶段，元旦档期顺势启动。2026年元旦假期共有3天，档期内有多部新片上映，涵盖动作、悬疑、喜剧、爱情等多种类 型。 已有多部影片于12月31日上映，包括悬疑犯罪片《匿杀》、战争动作片《用武之地》、爱情奇幻片《他年她日》、动作奇幻片《寻秦记》等。截至发稿 ...

Core Insights - The RuStore platform has seen a significant increase in the influence of Asian game developers, with Chinese developers expected to grow in number by 2.5 times, revenue by 3.5 times, and application count by 40% by the end of 2025 [1] - RuStore's CEO Dmitry Pankrushov highlighted the strong growth potential of the Russian mobile application market for international developers, with over 50% of the overseas applications on the platform being published by Chinese studios this year [1] - RuStore, developed by Russian IT company VK, is one of the largest Android app stores in Russia, currently hosting over 100,000 applications and games from developers in 70 countries, with monthly active users exceeding 65.5 million [1] Market Trends - Since the beginning of 2025, there has been a 15% increase in Russian users' demand for Asian content, making this category a core driver for the RuStore platform [2] - Asian games contribute to more than half of the total payment revenue from overseas applications on the RuStore platform [2] - In response to user demand, RuStore is actively expanding partnerships with developers from China, Japan, Vietnam, and South Korea [2]

此外，何捷被聘任为财务负责人，全面负责公司财务工作的日常经营；甘玲被聘任为董事会秘书，负责 公司信息披露及投资者关系管理工作；曾静被聘任为证券事务代表，刘国华被聘任为内审部负责人。 上述人员任期自2025年12月30日起至第七届董事会届满为止。 从董事会和管理团队成员具体情况来看，王卫作为顺丰控股创始人及实际控制人，继续担任董事长、执 行董事、总经理、首席执行官。何捷自2021年9月至今任副总经理兼财务负责人，此次续任财务负责 人；甘玲于2015年加入顺丰，自2016年12月起任公司副总经理、董事会秘书，此次亦为续任。 黄偲海、孙海金为新聘任公司副总经理，二人分别执掌顺丰旗下快运业务与顺丰同城公司。 2025年接近尾声，顺丰控股董事会换届和管理层尘埃落定。 12月30日，顺丰控股发布第七届董事会第一次会议决议公告。董事会确认公司第七届董事会董事角色： 王卫、何捷、徐本松为公司执行董事，其中王卫为董事长；陈尚伟、李嘉士、丁益为公司独立非执行董 事。 在高层管理人员聘任方面，王卫被聘任为公司总经理，负责日常经营管理工作。何捷、黄偲海、耿艳 坤、李胜、孙海金、甘玲被聘任公司副总经理，负责公司的日常经营管理工作。 其 ...

站在2026年的门槛上回望，A股总市值突破百万亿元、科技板块市值占比超四分之一、各类中长期资金 持有流通市值逾21万亿元——这一连串数字背后，是资本市场从"单向融资通道"向"投融资协同生态"的 历史性转变。 从"深化"到"持续深化"，资本市场投融资综合改革已连续两年跻身中央经济工作会议重点任务清单。这 一表述的升级，不仅标志着改革进入"深水区"，更彰显了国家在"十五五"开局之年推动资本市场向纵深 突破的坚定决心。 展望新的一年，随着注册制从"全面落地"走向"精细优化"、退市制度从"常态化"迈向"高效化"、多层次 市场体系从"成型"走向"成势"，资本市场将在服务科技创新、培育新质生产力、推动经济高质量发展中 扮演更加关键的角色。 向纵深推进 近年来，推进投融资综合改革已成为资本市场改革发展的主线。 2024年中央经济工作会议提出，深化资本市场投融资综合改革，打通中长期资金入市卡点堵点，增强资 本市场制度的包容性、适应性。2025年中央经济工作会议在部署明年经济工作时，在"深化"前再加"持 续"二字，明确提出"持续深化资本市场投融资综合改革"，既延续方向，又升级力度，标志着改革正式 迈入纵深推进的新阶段。 在中国 ...

Core Insights - The Chinese government is focusing on addressing deep-seated issues in the economy, particularly in real estate and local government debt, as part of its 2026 economic strategy [1][2] - The central economic work meeting emphasizes the need to stabilize the real estate market and manage local government debt risks in a coordinated manner [2][3] Group 1: Economic Strategy and Risk Management - The 2025 Central Economic Work Conference outlined eight key tasks, with a strong emphasis on risk management in critical areas [1] - The shift in policy focus from "stabilizing growth" to "stabilizing expectations and preventing systemic risks" reflects a strategic commitment to market-oriented and legal approaches to risk resolution [3][4] - The interconnectedness of real estate and local debt issues necessitates simultaneous solutions to prevent worsening conditions [2][3] Group 2: Policy Changes and Local Government Initiatives - The approach to real estate regulation is shifting from demand-side stimulation to supply-side management, focusing on controlling new supply, reducing inventory, and optimizing supply [4][5] - The central government is encouraging local governments to take proactive measures in managing their debts, marking a significant policy shift [4][5] - The need for local governments to improve investment effectiveness is highlighted, as past blind investments have led to unsustainable debt accumulation [4][5] Group 3: Financial Institutions and Market Dynamics - Financial institutions are expected to adopt a layered and categorized management approach to effectively address risks associated with real estate and local debts [7][8] - The challenges faced by financial institutions include mismatched risk-return profiles, limited resources in weaker regions, and profit pressures due to interest rate reductions [8][9] - Innovations in financial tools, such as debt-to-equity swaps and asset securitization, are anticipated to enhance the management of local government debts and stabilize the real estate market [10][11] Group 4: Long-term Implications for Financial Stability - Addressing the risks in real estate and local government debt is crucial for achieving financial stability and is seen as a foundational step towards becoming a "financial power" [11] - The resolution of these risks is expected to enhance the transparency and resilience of the Chinese financial system, making it more immune to external shocks [11][12] - The transition from a scale-driven to an efficiency-driven economic model is essential for achieving sustainable modernization in China [11][12]

Core Insights - The Chinese government is focusing on addressing deep-seated issues in the economy, particularly in real estate and local government debt, as part of its 2026 economic strategy [1][2] - The central economic work meeting emphasizes the need to stabilize the real estate market and manage local government debt risks in a coordinated manner [1][2] Group 1: Economic Strategy - The 2025 Central Economic Work Conference outlined eight key tasks, with a strong emphasis on risk management in critical areas [1] - The shift in policy focus from "stabilizing growth" to "stabilizing expectations and preventing systemic risks" reflects a strategic change in addressing economic challenges [3] Group 2: Real Estate and Local Debt Risks - The interconnection between real estate prices and local government debt is highlighted, indicating that declining property values exacerbate debt issues [2] - Local government debt is primarily linked to infrastructure projects that often lack adequate returns, leading to increased risk of defaults as property values fall [2] Group 3: Policy Changes - The approach to real estate management is shifting from demand-side stimulation to supply-side management, focusing on controlling new supply and reducing inventory [4] - The central government is encouraging local governments to take proactive measures in managing their debts, marking a significant policy shift [4] Group 4: Financial Institutions' Role - Financial institutions are expected to adopt a more nuanced approach to risk management, focusing on categorization and management of risks associated with real estate and local debts [7] - The need for financial institutions to transition from reliance on collateral to assessing cash flow is emphasized, particularly in urban renewal projects [7] Group 5: Long-term Implications - Addressing real estate and local government debt risks is seen as crucial for achieving a "financially strong nation" and realizing "Chinese-style modernization" [11] - The resolution of these risks is expected to enhance the transparency and resilience of the financial system, making it more robust against external shocks [11]

Group 1 - The core viewpoint of the recent central bank meeting is the commitment to maintain an accommodative monetary policy to support the ongoing economic recovery in China [1][2]. - The meeting emphasized the implementation of a moderately loose monetary policy, utilizing tools such as open market operations and reserve requirement ratio cuts to ensure ample liquidity in the banking system [1]. - The central bank aims to enhance counter-cyclical and cross-cyclical adjustments to align monetary credit growth with economic growth targets, indicating a supportive environment for economic rebound in the upcoming phases [1]. Group 2 - Structural policy tools will continue to be emphasized, with increased financial credit support directed towards key industries and sectors, including technology innovation, manufacturing upgrades, green development, inclusive finance, and pension finance [2]. - The meeting highlighted the importance of balancing interest rate policies with funding efficiency, aiming to improve the market-based interest rate formation mechanism and enhance the effectiveness of monetary policy transmission [2]. - There will be a focus on the synergy between monetary and fiscal policies, leveraging tools like fiscal interest subsidies and risk compensation to better support small and medium-sized enterprises and technological innovation [2].

近期，多只欲转型或清盘的"迷你"基金因持有人大会召集失败而不得不继续运作，其中不乏多只产 品连续多次尝试召集持有人大会而失败的案例。个人以为，"迷你"基金遭遇转型难清盘难凸显出现行机 制的短板。 据统计，截至12月21日，今年以来清盘的公募基金多达275只。其中，混合型基金126只，债券型基 金51只，股票型基金50只。此三种类型的基金合计227只，占比82.55%，也成为基金清盘的"重灾区"。 尽管2025年清盘的基金产品并不少，但遭遇清盘难的也比比皆是。其中的原因，主要表现为"零登 记""零投票"或投票不足等。比如，深圳某大型基金公司旗下某产品欲召开持有人大会，最终的权益登 记结果显示，参与表决的基金份额持有人及代理人所持份额为0份。另一家基金公司的旗下产品，12月 19日持有人大会因"零投票"而失败，此前该产品曾先后召开三次召集持有人大会，但都因投票不足而夭 折。 出现"零登记""零投票"或投票不足的现象，市场其实不应感到奇怪。在网络投票实施以前，上市公 司召开股东大会，投资者"零登记""零投票"的并不少见。这既与实地参加股东大会需要时间、财力等方 面的支持有关，也与投资者参会意识淡薄有关。即使在网络投 ...

也有必要从制度层面寻找原因。目前制度并未禁止上市公司投资私募基金，因此上市公司购买私募 基金并不奇怪，这也导致相关踩雷消息频繁出现。由于投资失败最终涉及广大中小投资者利益，市场不 能等闲视之，有必要为上市公司投资私募基金立规。 相关报道显示，该私募基金确有违规之嫌。基金原设风控要求：投资同一资产不得超过净资产的 25%；并承诺当净值≤0.8元时，存款、证券保证金、备付金、货币基金及债券逆回购市值合计不低于资 产净值50%；当净值≤0.7元时，管理人需在2个工作日内将非活期存款投资全部变现。基金亏损 81.54%，显然未严格遵守承诺。因此，公司向公安机关报案并向证监会举报，是维护自身权益的正确 举措。 此事也值得反思。在国家队大举买入公募基金的背景下，该公司为何选择信息披露不透明、管理不 规范的私募基金？若购买公募基金ETF，不仅信息透明、安全可靠，今年行情下或能获利，而公司却偏 偏选择了风险更高的私募产品。 同时，私募基金是重要的市场力量，不能一味打压，而应规范其发展。因此，上市公司投资私募基 金的行为不宜一刀切禁止，而应通过规则加以管理。 近日，又一家上市公司因投资私募基金"爆雷"引发关注。今年，该公司以6 ...