Core Insights - The real estate market in November showed significant recovery, particularly in second-hand housing, with first-tier cities experiencing a notable increase in transaction volumes, indicating a shift from "price for volume" to "stable volume and price" [1][5][6] Group 1: Market Performance - In November, the second-hand housing market across 30 key cities recorded a transaction area of approximately 17.04 million square meters, a month-on-month increase of 14%, with a year-to-date positive growth of 3% [1] - First-tier cities saw a total transaction area of 4.02 million square meters, reflecting a month-on-month growth of 10% [1] - Shanghai's second-hand housing transactions reached 22,943 units, a month-on-month increase of about 24%, marking the highest transaction volume in nearly seven months [2] Group 2: Demand Dynamics - The demand for both first-time buyers and high-end properties is rising simultaneously, with core urban areas showing strong interest and price increases [3][4] - In Shanghai, the proportion of second-hand housing transactions below 3 million yuan has risen to 60%, indicating a sustained increase over three months [3] - In Shenzhen, the second-hand housing market has shown a structural characteristic of both first-time and luxury demand being active, with second-hand transactions accounting for 63% of total residential transactions in November [4] Group 3: Policy and Future Outlook - The real estate regulatory policies have largely been exhausted, with over 560 policies introduced this year, and a focus on targeted measures to stabilize the market [5] - Analysts predict that the real estate market will continue to stabilize, with a shift towards a "stable volume and price" phase in the second-hand housing market, supported by improved buyer confidence and increased transactions [6]

此前，美国政府曾叫停向中国销售这类芯片，但在今年夏季开始重新审核相关申请。AMD在今年早些 时候表示，美国对MI308芯片的出口限制将给公司造成约8亿美元的损失。 另外，在被问及科技行业是否处于AI泡沫中时，苏姿丰明确回应道："从我的角度来看，绝对不是。"她 表示，AI行业将需要大量来自AMD等公司的芯片，关于泡沫的担忧"有点被夸大了"。(作者/箫雨) 苏姿丰周四出席了连线举行的《高端访谈》(Big Interview)会议。当被问及向中国销售芯片的问题时， 苏姿丰确认，AMD计划恢复对中国的MI308芯片销售，并在这些芯片真正销售时向美国政府支付15%的 税款。 今年8月，美国总统特朗普表示，美国政府已与英伟达和AMD达成协议，允许两家公司在支付15%费用 后恢复向中国出口部分芯片。但是，部分法律专家指出，此举可能违反美国宪法关于禁止对出口产品征 税的规定。 苏姿丰 凤凰网科技讯北京时间12月5日，据《连线》杂志报道，AMD CEO苏姿丰(Lisa Su)周四表示，公司准备 就对华芯片销售向美国政府支付15%的税款。 ...

12月5日，证监会主席吴清在人民日报发表署名文章《提高资本市场制度的包容性适应性（学习贯彻党 的二十届四中全会精神）》指出，着力提升资本市场监管的科学性、有效性。金融创新更新迭代快，具 有明显的顺周期性和强外溢性。要适应市场的快速发展变化，加快构建全方位、立体化的证券期货监管 体系，完善对金融创新活动的监测监管和风险应对机制。加强战略性力量储备和稳市机制建设，强化重 点领域风险和跨市场跨行业跨境风险防范化解，持续提升资本市场内在稳定性。运用好大数据、人工智 能等现代信息技术手段，高效识别违法违规线索和风险隐患。坚持依法监管、分类监管，严厉打击财务 造假、欺诈发行、市场操纵和内幕交易等恶性违法行为，维护公开公平公正的市场秩序。 ...

Core Viewpoint - The article emphasizes the need to cultivate more high-quality listed companies in the capital market, highlighting the importance of optimizing the structure of listed companies and enhancing their investment value [1] Group 1: Market Structure and Reform - There is a call for deeper reforms in the mergers and acquisitions market to enhance the flexibility and convenience of refinancing mechanisms [1] - Support is needed for listed companies to transform and upgrade, aiming to develop new productive forces and foster world-class enterprises [1] Group 2: Incentives and Returns - The article suggests improving the incentive and constraint mechanisms for listed companies to stimulate entrepreneurial spirit and innovation [1] - Companies are urged to strengthen their awareness of returning value to investors through cash dividends and share buybacks [1] Group 3: Market Ecology - The establishment of a normalized delisting mechanism is emphasized, along with the need for diverse exit channels to ensure an orderly market ecology that promotes survival of the fittest [1]

Core Viewpoint - The article emphasizes the need to create a standardized, inclusive, and vibrant capital market ecosystem, highlighting the importance of legal construction and regulatory reforms in the capital market [1] Regulatory Reforms - The article calls for the revision of key laws including the Securities Law and the Securities Investment Fund Law, as well as the formulation and revision of administrative regulations such as the Listing Company Supervision Management Regulations and Securities Company Supervision Management Regulations [1] Investor Protection - There is a push to enhance investor protection mechanisms, including the establishment of representative litigation for investors and strengthening investor education and advocacy for rational, value, and long-term investment [1] Talent and Research Development - The article stresses the importance of building high-end think tanks and talent teams in the capital market, focusing on strategic, foundational, and forward-looking research [1] Public Sentiment and Innovation - It advocates for improving expectation management mechanisms and fostering a societal atmosphere that encourages innovation and accepts failure [1]

Group 1 - Apple has appointed Jennifer Newstead, former Chief Legal Officer at Meta, as its new General Counsel, effective March 1 [1] - Newstead's recruitment is notable as it marks a rare instance of Apple hiring from Meta, where she had recently achieved a significant legal victory against the FTC regarding antitrust allegations [1] - Newstead expressed that working at Apple presents a unique opportunity to shape legal and policy issues globally [1] Group 2 - Lisa Jackson, Apple's head of government affairs, will retire in late January, with her responsibilities transitioning to Newstead [2] - Jackson has played a crucial role in reducing Apple's greenhouse gas emissions by over 60% in the past decade, as praised by CEO Tim Cook [2] - The environmental and social affairs team will report to COO Sabih Khan following Jackson's departure [2]

Core Viewpoint - The recent controversies surrounding the new national standard electric bicycles, such as "metal seats" and "prohibition of carrying passengers," are largely due to misunderstandings of the standard's implementation, according to Yadea Technology Group's statement [1][2]. Group 1: Company Response - Yadea clarified that the reported "odd" configurations are not representative of the industry and only appear in specific models from certain companies [1]. - The company has launched 68 new models that comply with the new national standard, ensuring comfort and safety for carrying children [1][2]. Group 2: Industry Context - The transition period for the mandatory national standard, "Electric Bicycle Safety Technical Specification" (GB17761—2024), ended on November 30, leading to some new vehicle configurations that do not align with consumer habits [1]. - The Ministry of Industry and Information Technology indicated that the issues stem from a lack of comprehensive understanding of the new standard by some companies, not a widespread industry problem [1]. - Over 100 companies have had more than 600 models certified by CCC and are gradually entering the market [1]. Group 3: New Standard Features - The new standard does not mandate "metal seats" or prohibit carrying passengers; it instead removes the requirement for mandatory footrests and optimizes safety features such as fire resistance, braking distance, and dynamic safety monitoring [2]. - Yadea's compliant models have been optimized for various travel scenarios, maintaining comfortable seat designs and including rearview mirrors to meet consumer needs [2].

《消费者报告》汽车测试高级总监Jake Fisher表示："特斯拉确实面临不少挑战，但通过持续优化、避免 对车型进行大幅度改动，他们能够生产出更可靠的车辆，因此在我们的排名中不断上升。" Fisher补充称，特斯拉的排名提升源于其车辆可靠性在时间推移中不断改善，尤其是公司不像传统车企 那样频繁大幅改款。 特斯拉主要依赖OTA（空中软件更新）来调整车辆的大量功能。《消费者报告》指出，特斯拉的动力系 统可靠性在电动车中依然十分突出。 Fisher说："他们通过坚持现有架构并不断改良而有所提升。但如果你看路上那些已经有5到10年车龄的 特斯拉，可靠性方面仍在所有品牌里垫底。" 12月5日，特斯拉在美国《消费者报告》（Consumer Reports）年度汽车品牌排名中取得了显著进步，成 功跻身汽车品牌总排名前十。 《消费者报告》一向以严厉闻名，是美国权威的评估机构之一。这份年度品牌评分榜基于道路测试，同 时参考车主调查中得出的可靠性、安全性以及整体顾客满意度进行评定。 在去年30多个汽车品牌中，特斯拉排名第18位。而在最新的榜单，特斯拉在31个品牌中排名第10。前9 名分别为斯巴鲁、宝马、保时捷、本田、丰田、雷克萨 ...

12月5日，最新消息显示，大宗商品贸易巨头摩科瑞（Mercuria）已发出通知，计划从伦敦金属交易所（LME）的亚洲仓库提取大 量铜。 自11月以来，现货升水一路走高，并在周三触及每吨88美元，为10月13日以来最高。相比之下，11月19日市场还处在约35美元"期 货升水"（contango） 的状态。 分析认为，离开LME体系的大部分铜被运往了美国。先前，特朗普政府给予了精炼铜关税豁免。但之后，美国通过《国防生产法 案》将铜列为关键矿产，试图保障自身铜资源供应。 上周，摩科瑞高管Kostas Bintas再度发表看多铜价的预测。他还提到，近期向美国运送金属的热潮可能会抽干世界其他地区的库 存，进而导致全球铜价不停攀升。 四位知情人士透露，摩科瑞已于12月2日取消了仓单，预定提取LME存放在亚洲仓库中的、超过4万吨铜金属。按当前价格计算，这 批铜的价值约为4.6亿美元。 LME当天的数据也显示，其追踪的仓库的铜提货申请量激增50575吨（按吨数计，这是2013年以来的最大增幅），达到56875吨，占 LME总库存的35%。 摩科瑞的行动使得现货铜合约相对于三个月期铜期货价格的溢价（即"现货升水"、现货对期货溢 ...

Core Points - The EU has reached an agreement on new regulations that pave the way for the use of gene editing technology in agriculture, aimed at helping farmers cultivate healthier plant and animal varieties to address climate change challenges [1][3] - The new regulations exempt gene-edited organisms from the EU's GMO regulatory framework, distinguishing gene editing from traditional genetic modification by simulating natural breeding processes without introducing cross-species DNA [1][3] Industry Impact - The agricultural protection industry views this technology as essential for enhancing crop and livestock resilience against extreme weather, pests, and diseases, providing EU farmers a competitive edge against countries like the US that already permit gene editing [3][4] - The EU Council stated that the new regulations will make the EU food system safer and more sustainable, enabling the cultivation of crops that are more resilient to climate change and pests, with higher yields and reduced reliance on fertilizers and pesticides [3][4] Regulatory Changes - The new measures are expected to reduce administrative burdens while enhancing the competitiveness of breeding companies and farmers [4] - The regulations still require formal approval from the European Parliament and the EU Council before coming into effect [3] Stakeholder Reactions - The EU agricultural association Copa-Cogeca welcomed the agreement as a historic advancement and the only practical solution for farmers under the EU's Green Deal framework [5] - Environmental organization "Friends of the Earth" criticized the regulatory relaxation, labeling it as a deregulation of new genetically modified organisms and a "pass" for the biotechnology industry [6]