中国证券投资基金业协会(下称"中基协")最新月报显示，私募基金总规模在2025年11月末历史性地突破 22.09万亿元。不过，深入数据肌理可发现，此次行业规模"新高"并非普惠式地全面扩张，而是呈现出 结构性变化。 不过，在这串标志行业体量的数字背后，还有一场更为复杂和深刻的叙事。根据私募排排网数据统计， 私募机构股票仓位飙升至年内顶峰，头部私募近乎"满弓"运行；但另一面则是对年末行情的研判出现分 歧，以及在此分歧下衍生出的多元甚至矛盾的战术动作。 根据中基协披露的数据，在11月新备案的私募证券产品中，量化策略产品占比显著提升，备案产品共计 565只，占比为44%，较10月环比提升，成为吸纳资金的主力。 从备案的私募机构来看，11月新登记的私募管理人数量仅为14家，注销的则有67家，"进出"之间的巨大 差额持续推动行业出清。 在数量收缩的表象下，是新入局者"成色"的十足。11月新设的证券类私募虽仅有3家，但其核心人物均 拥有从头部券商、公募基金到知名私募的跨界、复合背景。 例如，北京垦禾基金的李昆和杭州青燊基金的关家雄，均任职过多家资管机构。 一名长期观察行业发展的法律合规专家对记者表示："'公奔私'现象从未停 ...

Core Viewpoint - Major photovoltaic component manufacturers have started to raise prices due to a sudden increase in silver prices, with price hikes ranging from 0.02 to 0.05 yuan/W for various types of components [1][2]. Price Adjustments - As of December 17, 2023, leading manufacturers like Longi Green Energy and JinkoSolar have announced price increases for their photovoltaic components, with the adjusted prices approximately at 0.75 yuan/W [1][2]. - The price adjustments were accelerated due to unexpected silver price hikes, which were initially planned for January 2024 [2]. Silver Price Impact - The global silver price has seen a significant increase this year, rising from around 220 yuan/ounce at the beginning of the year to over 450 yuan/ounce, with the most notable increase occurring in the fourth quarter [4]. - Silver paste has become the largest cost component in photovoltaic modules, surpassing silicon materials, with silver paste accounting for 17% of total costs, while silicon materials account for 14% and photovoltaic glass for 13% [4]. Industry Responses - Manufacturers are attempting to mitigate the impact of rising silver prices by optimizing the silver content in silver paste and exploring alternative materials, although these alternatives are still in the development phase [5]. - Analysts suggest that companies should enhance supply chain management and consider component recycling to reduce raw material costs and create a closed-loop supply chain [5]. Future Price Expectations - Analysts predict that if effective price control measures are implemented, photovoltaic component prices could continue to rise, potentially reaching between 0.88 yuan/W and 0.99 yuan/W in 2024 [5]. - A low operating rate may be necessary for profitability across the industry, which could lead to increased fixed costs and further elevate component prices due to rising commodity prices [5].

0:00 编者按： 2025 年，经济观察报以 " 我们的四分之一世纪 " 为年终特刊主题，旨在通过数十位时代亲历者的故事，共绘一幅属于这段岁月的集体记忆图谱。 12月的上海还没有入冬，简光洲穿着西装白衬衫，商务装成了他转行后的标配。在做媒体人时，他常穿的是T恤。相比做记者时，他的身材有些发福，"各 种应酬太多了，为了生活"。 17年前爆发的"三鹿奶粉三聚氰胺事件"是中国食品安全史上最严重的危机之一。简光洲正是该事件的吹哨人，也是中国首批调查记者之一。 2008年9月11日，《东方早报》A20版以半版篇幅，刊登了简光洲的调查报道《甘肃14婴儿同患肾病 疑因喝"三鹿"奶粉所致》。由此，当时的中华人民共和 国卫生部查出三鹿奶粉里含有三聚氰胺，随之也改写了中国奶业的发展进程，推动了《中华人民共和国食品安全法》（下称《食品安全法》）的提前出台。 报道刊发当年，简光洲被《新周刊》评为年度新锐人物。评委会的颁奖词如是写道：真相因良知而显露，黑幕因勇气而洞开。他打破媒体"某"规则，直接说 出了"三鹿"两个字，引发了中国奶制品行业的地震，间接挽救了无数婴幼儿的生命健康。在蝼蚁撼大象的背后，他和他所供职的《东方早报》的诚实和勇 ...

Core Insights - The article highlights the journey of a prominent industrial designer, Shi Xiaoxi, who transitioned from designing mobile phones at Nokia to exploring broader design concepts, emphasizing the importance of materials and manufacturing processes in design [1][2][19]. Group 1: Background and Early Career - Shi Xiaoxi, a 44-year-old industrial designer, was one of the youngest design experts at Nokia, leading the design of the Nokia 1200, which sold over 150 million units globally, making it one of the best-selling phones in history [1][7]. - In 2006, Nokia was at its peak, with annual sales exceeding 400 million units and a market share of 40%, nearly double that of its closest competitor, Motorola [6][14]. - The design environment at Nokia was unique, integrating design with engineering and marketing, allowing designers like Shi to have significant influence over product decisions [6][8]. Group 2: Design Philosophy and Challenges - Shi's design philosophy evolved to encompass not just aesthetics but also supply chain, cost, craftsmanship, and cultural considerations, recognizing that design is a product of its environment [8][10]. - The introduction of the iPhone in 2007 marked a turning point for the mobile industry, but Nokia's management was slow to adapt, leading to missed opportunities in the smartphone market [10][12]. - Despite efforts to innovate, Nokia's reliance on outdated systems and processes ultimately led to its decline, with a significant loss of market share and eventual acquisition by Microsoft in 2013 [13][14]. Group 3: Transition and Current Work - After leaving Nokia, Shi shifted his focus from mobile phones to a broader range of design projects, emphasizing the importance of material exploration and manufacturing capabilities [19][20]. - His notable work includes the Amazfit smart band, which features a minimalist design inspired by traditional Chinese aesthetics, showcasing his ability to blend cultural elements with modern technology [17][18]. - Shi advocates for a design approach that prioritizes collaboration with manufacturers and embraces new materials and technologies, moving away from traditional design paradigms [19][20]. Group 4: Industry Reflections and Future Outlook - The article reflects on the changing landscape of the mobile industry, where design has become secondary to software and ecosystem considerations, contrasting the past focus on hardware aesthetics [15][21]. - Shi emphasizes the need for designers to maintain a broad perspective and adapt to new trends, warning against the dangers of becoming insular in thought and practice [20][21]. - The narrative concludes with a poignant reminder of the past, as Shi encounters a Nokia 5000, a product he once designed, symbolizing the legacy of an era that has since transformed [22].

关于《程序化户外广告投放曝光测量技术要求》 该要求以德高集团全球数据部门开发的受众测量系统为核心技术依据，直接指导地铁和机场的户外广告曝光测量方法。 其中针对地铁广告的"地铁受众测量系统"(MAM)，依托专业算法和权威数据，算出核心指标曝光量(Impression)——即特定广告位在乘客面前的实际展示次 数。测算逻辑是结合车站人数、客流动线、媒体尺寸、广告播放时长得出结果。 前言：户外广告业长期无统一曝光测量标准，数据口径不一、品牌方决策难。应行业刚需，德高主导的《程序化户外广告投放曝光测量技术要求》获CCSA 发布，填补空白、规范行业测量，推动行业迈入标准化新纪元。 2025年12月1日，中国通信标准化协会(CCSA)正式发布《程序化户外广告投放曝光测量技术要求》(标准号：T/CCSA738-2025，T/CAAAD006-2025)。该标 准由德高中国全程主导立项、推动与建设，并成功获CCSA权威认可发布。 这一成果不仅标志着德高中国作为标准的发起方和定制方，成为行业内领先获得权威机构认可的企业，更宣告户外广告行业迎来标杆性的程序化户外广告投 放曝光测量行业团体标准——其为程序化户外广告投放与效果分析提供 ...

Core Insights - The article highlights the growth trajectory of Jiabiou, a pioneer in China's food biotechnology sector, emphasizing its strategic alignment with national policies and global technological trends [2][4][42] - Jiabiou has transitioned from a focus on nutritional ingredient development to becoming a key player in supporting the national biomanufacturing strategy, showcasing its commitment to innovation and industry leadership [6][10][42] Financial Performance - Jiabiou's revenue has steadily increased from 312 million yuan in 2019 to an expected 555 million yuan in 2024, reflecting a compound annual growth rate of 12.2% [2][13] - In the first three quarters of 2025, the company achieved revenue of 428 million yuan and a net profit of 129 million yuan, marking a significant year-on-year growth of 54.16% [2][14] Innovation and R&D - The company has invested heavily in R&D, with expenditures reaching 47.9 million yuan in 2024, accounting for 8.6% of its revenue, and a total of 119 million yuan over the past three years [16][17] - Jiabiou has developed a comprehensive technology platform that integrates various biological manufacturing techniques, significantly enhancing production efficiency and product quality [17][27] Global Expansion and Market Position - Jiabiou has established three international-standard production bases and has received key certifications, enabling it to penetrate major global markets [18][19] - The company has formed strategic partnerships with leading distributors, enhancing its market reach and establishing a robust sales network [18][19] Social Responsibility and Industry Impact - Jiabiou actively participates in setting industry standards and promoting sustainable practices, aligning its operations with national carbon reduction goals [20][19] - The company has been recognized for its contributions to the biomanufacturing sector, including being listed among the first batch of "biomanufacturing landmark products" by the Ministry of Industry and Information Technology [5][26] Strategic Positioning - Jiabiou has built a competitive advantage through a combination of policy alignment, technological barriers, and comprehensive supply chain capabilities, positioning itself favorably for future growth [7][9][42] - The company is poised to leverage the opportunities presented by the "14th Five-Year Plan" and the emerging biomanufacturing sector, aiming to become a leader in high-quality development [10][29]

Core Viewpoint - Shanxi and Qinghai provinces in China will implement a tax refund policy for overseas travelers starting January 1, 2026, following the approval from relevant authorities [1] Group 1: Policy Implementation - The tax refund policy for overseas travelers is based on several official announcements from the Ministry of Finance, the General Administration of Customs, and the State Taxation Administration [1] - The policy aims to enhance the shopping experience for international visitors and stimulate local economies in Shanxi and Qinghai [1] Group 2: Regulatory Framework - The implementation plan has been submitted for record-keeping to the Ministry of Finance, the General Administration of Customs, and the State Taxation Administration, and has received approval [1] - The policy aligns with existing regulations regarding tax refunds for overseas travelers, ensuring compliance with national standards [1]

经济观察网12月19日，兴业数金在新闻通气会上公布，其自主研发的"兴业管家财资管理平台"交易金额 已突破5.2万亿元，累计服务客户超4900户。该平台于2021年正式上线，致力于助力企业财务数字化转 型，通过提供智能化、一体化的财资管理管家服务，帮助企业降低财务成本、防控资金风险，并优化资 金管理流程。平台功能持续完善，目前已接入超160家银行及渠道，覆盖支付、票据管理等多元需求， 并面向科创企业、国企及多个行业龙头企业提供专项解决方案。 ...

Core Insights - The article highlights the launch and significance of Yili's "28-Day Fresh Purchase" program, which aims to ensure that infant formula is delivered to consumers within 28 days of production, addressing consumer concerns about freshness and expiration dates [3][4][17] - Yili has achieved a historic breakthrough in the infant formula market, securing the number one market share while focusing on enhancing freshness and consumer experience [3][17] Group 1: Consumer Insights - Many parents, like Ms. Li, express anxiety over the freshness and expiration of infant formula, leading to increased demand for products with shorter shelf lives [2][3] - Yili's customer service has effectively captured consumer feedback, transforming it into actionable insights that drive product and service improvements [3][4] Group 2: Supply Chain Innovations - The "28-Day Fresh Purchase" program represents a significant shift in the supply chain, optimizing product freshness from production to delivery [3][6] - Yili has implemented a sophisticated logistics strategy, allowing for rapid delivery and ensuring that even remote areas receive products within the promised timeframe [7][8] Group 3: Production and Technology - Yili's production process has been restructured to support high-frequency, small-batch production, enabling the company to meet the demands of the "28-Day Fresh Purchase" initiative [9][10] - The introduction of an Advanced Planning and Scheduling (APS) system has enhanced production efficiency, allowing for real-time adjustments based on demand and supply chain conditions [10][11] Group 4: Market Position and Future Outlook - Yili's commitment to freshness and quality is expected to drive significant sales growth for the "28-Day Fresh Purchase" products by 2025 [15][16] - The initiative positions Yili as a leader in redefining industry standards, shifting the focus from merely selling products to providing comprehensive parenting services [17][18]

除了并购热潮、业绩集体高增的关键词之外，2025年证券业一个不容忽视的关键词是："换帅"。 12月15日，互联网券商龙头东方财富发布换届选举暨高管聘任公告，董事长其实继续掌舵，原财务总监、董秘黄建海接任总经理一职，卸任总经理的郑立坤 将专注于子公司东方财富证券的管理工作。 12月15日，国联民生证券完成第六届董事会换届，新高管团队正式亮相，顾伟任董事长，葛小波任总裁。在完成合并之前，葛小波为国联证券的董事长，顾 伟则是国联证券大股东无锡市国联发展（集团）有限公司的总裁。 据经济观察报不完全统计，2025年至今，已有54家券商"换帅"，占151家券商总数的三分之一还多。其中，29家券商的董事长出现变更，25家券商迎来了新 任总经理或总裁。从人事更迭的原因来看，既涵盖头部券商高管们到龄退休后年轻派"接棒"，也有地方国资入股、券商合并潮下股东变更带来的高管入驻。 除了已经落定的高管变更，还有正在等待官宣的重磅调整。 12月8日，东方证券董事长龚德雄辞去董事长等职务，其原定任期至2027年11月21日，因工作调动提前辞任。在新任董事长上任前，副董事长鲁伟铭代为履 行董事长、法定代表人等职责。 此外， 由于华泰证券第六 ...