发言人陈斌华表示，台湾同胞是我们的家人、亲人。多年来，公安机关始终依法依规为符合条件的台胞 办理大陆相关身份证件，以保护其合法权利。民进党当局不断为两岸交流和人员往来设置障碍，阻挠干 扰台胞申领大陆相关身份证件，不得人心，不会得逞。 经济观察网 据央视新闻客户端消息，12月10日，国务院台办举行例行新闻发布会。有记者就民进党当 局发表涉台胞申领大陆证件谬论提问。 ...

Core Insights - The "2025 Xianyu Card Annual Report" indicates a 21% year-on-year growth in card trading volume for the first three quarters of the year, reflecting a stable growth trend in the industry [1] - Trading volume for high-end cards, such as collectible cards and star cards, surged over 84%, indicating a shift towards premium card consumption [1] - Notable performance from domestic IP cards and three-dimensional cards from film and television, with the Nezha card selling over 100 million yuan and a 130% increase in order volume for film and television cards [1] Industry Trends - The report highlights that Pokémon reclaimed the top position in card IP trading volume, while popular anime IPs like My Little Pony, Yeluo Li, and Ultraman continue to dominate the trading landscape [1] - Domestic game IPs such as Identity V and Love and Deep Space have entered the trading volume rankings on Xianyu, with a 63% increase in trading scale for game IP cards [1] Consumer Demographics - Over 75% of card consumers on the Xianyu platform are female, indicating a significant demographic trend [1] - Despite the majority being female, male consumers exhibit stronger purchasing power, with annual per capita spending on cards being 3.8 times that of female consumers [1]

Core Insights - The report indicates that measures taken by various countries to reduce dependency on Chinese supply chains have not led to the anticipated "decoupling," but rather have prompted Chinese companies to initiate a new round of deeper global expansion [1][2]. Group 1: Industry Transformation - The report analyzes four key industries: electric vehicles, solar energy, apparel, and medical equipment, highlighting how geopolitical tensions, AI technology applications, and mandatory ESG regulations are fundamentally altering global manufacturing and procurement patterns [2]. - Chinese companies are transitioning from being the "world's factory" to "global production organizers," actively establishing manufacturing bases, R&D centers, and logistics hubs in regions such as Southeast Asia, South Asia, the Middle East, North Africa, Europe, and the Americas [3]. Group 2: Sector-Specific Developments - In the electric vehicle sector, Chinese manufacturers are investing in factories in Europe and ASEAN while securing upstream mineral resources through projects in Indonesia and Africa [3]. - In the solar industry, leading companies are relocating the entire vertical supply chain from polysilicon to components to Southeast Asia and North Africa to mitigate trade risks [3]. - In apparel and medical equipment, Chinese firms are building overseas industrial parks, creating proprietary brands, and establishing R&D laboratories to ascend the value chain and compete directly with international giants [3]. Group 3: Technological Innovations - The report emphasizes that the reshaping of supply chains is driven not only by AI and automation but also by rapid iterations of materials and core components [4]. - Innovations in battery chemistry and rare-earth-free motor designs in the electric vehicle sector aim to reduce reliance on countries that monopolize key minerals, while new battery technologies and efficient manufacturing processes in solar energy could reshape critical nodes in the value chain [4]. Group 4: ESG Regulations Impact - ESG requirements have shifted from optional to mandatory, influencing market entry and profitability, with the EU leading this trend through regulations like the Digital Product Passport and Carbon Border Adjustment Mechanism [5]. - The traditional cost-driven site selection logic is becoming obsolete, as companies must now prioritize regions that can provide verifiable low carbon footprints and robust ESG infrastructure [5]. - The report suggests that compliance with ESG standards is increasingly becoming a "passport" for entering high-end markets, fundamentally altering global industry regional layouts [5]. Group 5: Nearshoring Trends - Nearshoring has shown significant progress in certain sectors, such as medical device manufacturing in Central America and the automotive industry in Mexico, driven by geographical proximity, mature infrastructure, and favorable trade agreements [6]. - However, structural limitations exist, particularly in the apparel sector, where replicating Asia's decades-long accumulated textile ecosystem and supply network is challenging [6]. - The report highlights that successful nearshoring requires solid industrial infrastructure, a stable policy environment, and high logistical efficiency, while uncertainties in tariff policies have led many investors to adopt a wait-and-see approach [6].

Core Insights - China Investment Corporation (CIC) reported a ten-year cumulative annualized net return of 6.92% as of December 31, 2024, surpassing the benchmark by 61 basis points [2] - Since its establishment in 2007, CIC's total assets have reached approximately $1.57 trillion [1] - The investment strategy has shifted towards alternative assets, which now account for 48.49% of the portfolio, while public market equities and fixed income have decreased in proportion [3] Investment Performance - The ten-year cumulative annualized net return of 6.39% since inception indicates consistent performance, with most years falling between 6% and 7% [2] - The annualized net investment return was significantly higher at 17.41% in 2019, reflecting a previous focus on stock investments [3] Asset Allocation - As of the end of 2024, the asset allocation is as follows: alternative assets (48.49%), public market equities (34.65%), fixed income (15.53%), and cash (1.33%) [3] - The shift from a higher allocation in equities in previous years to a greater focus on alternative assets suggests a strategic response to market volatility [3] Future Outlook - The global macroeconomic environment remains complex, with opportunities and challenges arising from AI and green transformation trends [5] - CIC aims to enhance its investment capabilities and optimize asset allocation to effectively navigate the uncertainties in the investment landscape [5]

Group 1 - The core focus of the recent US-Ukrainian talks was on territorial and security guarantees amid the ongoing challenges in the Russia-Ukraine peace process [1] - The US National Security Strategy report highlights Europe's declining share of global GDP, dropping from 25% in 1990 to 14% today, indicating a significant economic shift [2] - The report identifies two main reasons for Europe's decline: unstable minority governments undermining democracy and regulatory systems that stifle creativity and industriousness [3][4] Group 2 - The report expresses concerns about the future of NATO members potentially becoming majority non-European within a few decades, reflecting demographic shifts [3] - It critiques Europe's unrealistic expectations regarding the war and a lack of confidence in facing Russia, despite European allies having a significant hard power advantage over Russia [3][7] - The report suggests that continued conflict could strengthen ties between China and Russia, as evidenced by German companies building processing plants in China using Russian gas [3][7] Group 3 - Ukrainian President Zelensky has requested a legally binding security guarantee agreement with the US, indicating a shift in Ukraine's approach to security [8] - Trump's perspective on Europe is critical, labeling it as a "decaying group of weak leaders," which reflects a broader sentiment of frustration with European leadership [4][5] - The Trump administration believes that promoting peace in Ukraine aligns with both US and European interests, aiming to stabilize the European economy and facilitate Ukraine's post-war recovery [7]

Core Insights - Seyound Tuda Technology successfully listed on the Hong Kong Stock Exchange via De-SPAC, raising approximately HKD 1.027 billion and achieving a market capitalization of HKD 13.962 billion, marking a new development phase in the global automotive-grade LiDAR sector [1][3] Company Overview - Founded in 2016 by CEO Dr. Bao Junwei and CTO Dr. Li Yimin, Seyound initially operated in the U.S. before establishing a strong presence in China, with R&D and manufacturing bases in Silicon Valley, Suzhou, and Shanghai [3] - The company is recognized as the first global supplier to achieve mass production of automotive-grade high-performance LiDAR solutions, ranking second globally in cumulative sales revenue for ADAS LiDAR solutions from 2022 to 2024 [3][4] Product Development - Seyound is the first company to achieve large-scale production of 1550nm high-performance LiDAR and also has the capability for 905nm high-cost performance LiDAR, creating a comprehensive product matrix that spans from high-end to mainstream markets [4] - The "Falcon" series, based on the 1550nm platform, has delivered over 600,000 units, validating its high performance and reliability for L3 and above autonomous driving applications [4] Financial Performance - The company reported steady revenue growth and improving profitability, with approximately 181,000 automotive-grade LiDAR units delivered in the first nine months of 2025, a year-on-year increase of 7.7% [5] - For the first five months of 2025, Seyound achieved a gross margin of 12.9%, indicating a positive cycle in product profitability [5] - Total revenue grew from USD 66.3 million in 2022 to USD 159 million in 2024, with a compound annual growth rate of 55.1% [5] Market Outlook - The global automotive-grade LiDAR market is experiencing rapid growth, with the market size projected to increase from USD 3.5 billion in 2025 to USD 41.3 billion by 2030, reflecting a compound annual growth rate of 63.7% [6] - The ADAS application market is expected to grow from USD 1.9 billion in 2025 to USD 19.7 billion by 2030, with a compound annual growth rate of 59.8% [6] - Seyound's experience in 1550nm LiDAR production and semi-solid-state scanning architecture positions it well for maintaining a competitive edge in long-range scenarios, while the "Lynx" series addresses mid-range needs, creating a product combination advantage [6] Expansion and Future Growth - Seyound has expanded its product applications beyond passenger vehicles to commercial vehicles and robotics, securing large orders from leading industry players [8] - The company aims to leverage its three-dimensional perception technology to connect digital and physical worlds, contributing to the development of physical world AI and enhancing market opportunities [8]

Group 1 - The core viewpoint of the article highlights the successful listing of Seyound on the Hong Kong Stock Exchange through a De-SPAC process, raising approximately 1.027 billion HKD and marking a new development phase in the automotive-grade LiDAR sector [1] - Seyound is the third company to successfully list via SPAC on the Hong Kong Stock Exchange, indicating a growing trend in this method of going public [1] - The CEO of Seyound emphasized the essential nature of LiDAR technology, stating it is not an option but a necessity, with its importance and growth potential expected to exceed common expectations [1]

经济观察网 据国家统计局数据，11月份，居民消费持续恢复，居民消费价格指数（CPI）环比略降 0.1%，同比上涨0.7%，扣除食品和能源价格的核心CPI同比上涨1.2%。受国内部分行业供需结构优化、 国际大宗商品价格传导等因素影响，工业生产者出厂价格指数（PPI）环比上涨0.1%，同比下降2.2%。 ...

这笔交易的潜在总交易额为20.85亿美元，规模与同类交易相当。2023—2025年，翰森制药（03692.HK）、石药集团（01093.HK）等多家中国药企与外国药 企就GLP-1药物达成许可协议，潜在总交易额均在20亿美元左右。 在GLP-1药物的开发路上，辉瑞走得并不顺遂。 2023—2025年，辉瑞陆续终止开发3款口服小分子GLP-1，目前只有一款处在临床II期。2025年9月，辉瑞试图以73亿美元的价格收购Metsera公司，以期获得 其多款GLP-1候选药物。由于诺和诺德中途"截胡"，两家公司竞相抬高收购价。最后辉瑞在11月胜出，但整体交易价值已超过100亿美元。 经济观察报记者注意到，辉瑞与药友制药达成的合作协议，多次用括号特殊注明了授权领域，即"人类、动物所有适应证的治疗、诊断及预防"。记者尚未发 现其他GLP-1许可交易对动物适应证做出过类似特殊约定。 根据宠物肥胖协会（APOP）的数据，2022年，美国有61%的猫和59%的狗超重或肥胖。另外根据美国宠物用品协会（APPA）的调查，2025年，美国有4900 万只猫、6800万只狗。尼尔森IQ的研报显示，全球宠物数量已经超过10亿。 辉瑞在协 ...

经济观察网 据央视新闻客户端消息，朝鲜劳动党第八届中央委员会第十三次全体会议扩大会议于12月9 日召开。朝鲜劳动党总书记、国务委员长金正恩主持会议。 会议批准5项议程，包括2025年度朝鲜党和国家政策执行情况总结、朝鲜劳动党中央检查委员会工作情 况、有关劳动党九大筹备工作的主要问题等，并对相关议题进行了讨论。 ...