2025.12.09 本文字数：1458，阅读时长大约3分钟 作者 |第一财经 陈君君 近日，浙江金融资产交易中心（下称"浙金中心"）相关产品密集出现兑付问题后，投资人的线下维权陆 续展开。12月9日，第一财经记者连续走访杭州与浙金中心办公相关的地点，发现东站服务点已连续多 日关门；而总部所在大楼虽仍在运作，但警力与安保明显加强。同时，距离总部约4公里的章家坝运河 公园被设为临时维权登记点，连续多日均有大批投资者前往登记。 东站服务点：前台空无一人，关门多日无人接待 12月9日，第一财经记者首先来到位于杭州东站候车大厅内的"浙江金融资产交易中心"服务点。现场玻 璃门紧闭，前台无人值守。门上张贴的营业时间仍显示"周一至周日 8:00-20:00"，但显然服务点并未按 照公告正常开放。 多位东站服务台工作人员告诉记者，该服务点此前一直保持运营状态，"上周还开着"，但从最近三四天 开始未再营业。一名值班站长表示："可能是上周六关的，我们没有收到任何通知，是旅客问了之后才 发现已经关了。" 工作人员同时强调，并不清楚该网点是否为临时调整或永久停业，也没有来自运营方的正式说明。 总部所在地：安保明显加强，前台公司标识已 ...

Core Viewpoint - The "Xiangyuan System" default event is causing significant stock price declines for its three listed companies, leading to a substantial market value loss of approximately 3.2 billion yuan over two trading days [2][3]. Group 1: Stock Performance - On December 9, Xiangyuan Cultural Tourism (600576.SH) fell by 7.51%, Haichang Ocean Park (02255.HK) dropped by 12%, and Jiaojian Co. (603815.SH) hit the daily limit down [2]. - The market capitalization of the three companies has evaporated by 3.2 billion yuan over two trading days due to the stock price declines [2][3]. - Jiaojian Co. reported a closing price of 9.78 yuan per share on December 9, with a market value of 60.53 billion yuan, down 1.424 billion yuan from December 7 [4]. - Xiangyuan Cultural Tourism's stock price fell by 20.67% from December 4 to 9, with a closing price of 5.91 yuan per share and a market value of 62.32 billion yuan, down 759 million yuan from December 7 [4]. - Haichang Ocean Park's stock price dropped 36.23% from December 4 to 9, closing at 0.44 HKD per share, with a market value of 58.14 billion HKD, down approximately 1.057 billion yuan from December 7 [4]. Group 2: Default Event Details - The rumors of the "Xiangyuan System" default began in late November, with reports of overdue products surfacing around December 4 [3]. - The financial products in question were traded on the Zhejiang Financial Asset Trading Center, with a total trading scale exceeding 10 billion yuan [5]. - On December 8, meetings were held between representatives from the Zhejiang provincial government and investors, where it was revealed that the company had been using a "borrow new to repay old" model, leading to a cash flow crisis [5][6]. Group 3: Financial Position of Xiangyuan Holdings - As of the end of Q3, Xiangyuan Holdings held 2.74 billion shares of Jiaojian Co., with 2.29 billion shares pledged, leaving a market value of approximately 442 million yuan for the unpledged shares [7]. - The direct holdings of Yu Faxiang in Jiaojian Co. amounted to 15.73 million shares, with a market value of about 154 million yuan [7]. - Xiangyuan Holdings had total assets of 599.78 billion yuan and equity of 215.90 billion yuan as of the end of 2024, with a net profit of 5.75 billion yuan [10].

Core Viewpoint - The company, Dream Ice Cream, has officially announced its listing in Amsterdam, London, and New York, with a total share capital of 612 million shares. The company was previously part of Unilever and is set to operate independently starting July 2025 [2]. Group 1: Company Overview - Dream Ice Cream is the largest ice cream company globally, with projected revenue of €7.9 billion in 2024, capturing a 21% market share. Competitor Froneri holds an 11% market share, while eight other companies, including Mengniu, Yili, Nestlé, and Mars, collectively account for 12% [2]. - The Chinese market is one of Dream Ice Cream's top ten core markets and ranks second in retail sales for 2024, while other core markets hold the first position in market share [2]. Group 2: Market Dynamics - Despite Dream Ice Cream's strong global position and significant share in China, the overall ice cream market is facing challenges with slowing growth. The average price per 100 grams of ice cream has decreased from ¥3.94 in 2023 to ¥3.65 in the first eleven months of this year [3]. - Analysts suggest that Dream Ice Cream, as a foreign brand, has a higher overall gross margin and will benefit from brand, scale, and fan effects, as well as a complete supply chain after its separation from Unilever [3][4].

Market Overview - On December 9, U.S. stock indices opened mixed, with the Dow Jones Industrial Average up by 0.15%, the S&P 500 down by 0.01%, and the Nasdaq Composite down by 0.23% [1]. Index Performance - Dow Jones Industrial Average is currently at 47,813.11, up by 73.79 points, reflecting a 0.15% increase [2]. - Nasdaq Index stands at 23,492.51, down by 53.39 points, showing a decrease of 0.23% [2]. - S&P 500 is at 6,846.08, down by 0.43 points, indicating a slight decline of 0.01% [2]. Chinese Stocks Performance - Most popular Chinese stocks experienced declines, with the Nasdaq China Golden Dragon Index down by 1.45% [2]. - Li Auto fell over 4%, while Bilibili, Baidu, and Xpeng Motors dropped over 3% [2]. - Alibaba and JD.com also saw declines of over 2% [2]. Nvidia Update - Nvidia shares decreased by 0.3%, but U.S. President Trump announced via social media that the government will allow Nvidia to sell H200 AI chips to China [2].

Core Viewpoint - The trend of "physical dividends" is gaining momentum in the A-share market, with over 30 companies offering unique shareholder rewards that integrate their business and products in 2025 [2] Group 1: Overview of Physical Dividends - Companies are increasingly engaging in shareholder reward activities, with examples including tickets, food items, and discounts, reflecting a wave of "creative rewards" in the capital market [2][5] - The concept of "physical dividends" is popular among investors, who refer to these stocks as "wool stocks" that can be passed down through generations [2] - Experts warn that while this trend can strengthen shareholder relationships if aligned with long-term strategies, it risks becoming a short-term marketing gimmick if it deviates from core business [2] Group 2: Examples of Shareholder Rewards - Emei Mountain A (000888.SZ) offers tickets, cable cars, hotels, hot springs, skiing, and tea as rewards for shareholders holding over 500 shares [4] - Qianwei Central Kitchen (001215.SZ) provides product gift packages for shareholders holding 100 shares or more [4] - Other companies like Hainan Airlines (600221.SH) and Xiangxiang Cultural Tourism (600576.SH) offer various discounts and free access to attractions for all shareholders [4][5] Group 3: Industry Trends and Patterns - The consumer sector, particularly food and beverage, remains the primary driver of "creative rewards," with companies like Wufangzhai (603237.SH) giving out rice dumpling gift boxes [5] - Many companies have established regular "physical dividend" mechanisms, such as Xiangyuan Cultural Tourism (600576.SH), which has been rewarding shareholders for three consecutive years [6] - Continuous rewards are seen in companies like Zhongjing Food (300908.SZ), which provides mushroom sauce annually, and Jiahua Food (605300.SH), which has been giving coffee products for five years [7] Group 4: Strategic Implications - The trend of "physical dividends" represents a shift in investor relations management from a focus on financial returns to a more interactive value creation approach [8][9] - This strategy allows companies, especially small to mid-cap consumer firms, to reduce financial pressure while enhancing shareholder loyalty and market reach [10] - However, the sustainability of this model is questioned, as it relies heavily on the event's popularity and lacks fundamental support, which may lead to stock price volatility [10]

Core Insights - The article reflects on the evolution of China's capital market, highlighting its growth to become the world's second-largest market with a total market value exceeding 100 trillion yuan and over 5,000 listed companies [1] - It emphasizes the ongoing challenge for ordinary investors to navigate information asymmetry and knowledge gaps, which remains relevant despite the passage of time [1][2] Group 1: Investment Education and Market Development - The proportion of residents' equity assets is only about 15%, indicating a significant potential for asset management and wealth management needs [3] - The regulatory framework is increasingly focused on investor education, aiming to cultivate a mature and rational investor base as a foundation for a transparent and resilient capital market [3] - The intersection of policy direction and market demand has led to the emergence of new solutions, with a shift from fragmented learning to systematic and intelligent education becoming essential [3] Group 2: Technological Integration in Investment - The integration of finance and technology is not just about efficiency but represents a profound revolution in investor cognition, exemplified by innovative products like the AI stock machine from Jiufang Zhitu [5] - The AI stock machine aims to address the challenges of information, knowledge, and cognitive gaps faced by investors, transforming previously exclusive research and data analysis capabilities into accessible services [5][7] - This product features a comprehensive ecosystem that includes hardware, software, content, and services, designed to enhance users' financial literacy and practical skills through various modules [7] Group 3: Future of Capital Markets - The emergence of tools like the AI stock machine signifies a response to the deep-seated rules of financial markets, contributing to the healthy development of capital markets and ensuring that investors can share in economic growth [9] - The article posits that technology, particularly AI, is becoming a crucial force in balancing market efficiency and fairness, fostering a more rational and robust capital market ecosystem [9]

Group 1 - The conference "Investing in Humanity: United to End Polio" raised a total of $1.9 billion for polio eradication, with the Gates Foundation contributing $1.2 billion [4] - The global effort to eradicate polio has seen a 99.9% reduction in cases since 1988, with only 28 new cases reported this year, all in Afghanistan and Pakistan [3] - The CEO of the Gates Foundation expressed cautious optimism about achieving zero cases in the next one to two years, despite challenges in Afghanistan and Pakistan [3][5] Group 2 - The World Health Organization's Director-General highlighted the potential for polio to become the second human disease eradicated, emphasizing the importance of this achievement for future generations [3] - A report from the Gates Foundation indicated a concerning trend, predicting an increase in global child mortality rates for the first time this century, with an estimated 4.8 million children under five expected to die in 2024 [5]

贵州茅台（600519.SH）原董事长张德芹去向终于正式公布，贵州省工商业联合会公布的官方领导介绍 中显示，张德芹就任党组副书记，分管会员部、经济部。 今年10月底，茅台集团宣布重大人事调整，原贵州省能源局局长陈华接任茅台集团和贵州茅台股份有限 公司董事，并未明确张德芹的去向。不过记者注意到，贵州省工商联并未公布张德芹的任命通知。 2025.12.09 本文字数：394，阅读时长大约1分钟 作者 |第一财经 五年内，茅台已经四度更换董事长。2020年3月，高卫东接替李保芳担任茅台集团董事长，但2021年8 月，茅台董事长又更换为丁雄军，2024年4月，张德芹接替丁雄军出任集团董事长。高卫东与丁雄军交 班、丁雄军与张德芹交班都同步公布了前任的去向。 微信编辑| 夏木 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。专 用邮箱：bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） ...

2025.12.09 红蚁资本投资总监李泽铭向第一财经记者表示，腾讯近期表现相对疲弱，股价跌破600港元后，已位于 多条均线下方，同时跌破10月中旬及11月中旬的低点。 "近日相较于大盘，腾讯走势明显偏弱，恒生指数尚未跌破10月及11月的低点，而腾讯作为权重股已失 守过去两个月的支撑区间。"他认为，这种调整更多受投资情绪影响，腾讯自身业务并未受到平台经济 竞争加剧或芯片入口竞争等因素冲击。无论是社交媒体、游戏、广告，还是企业云服务，除企业服务 外，其余三大业务领域均具备较高行业壁垒，腾讯在相关赛道竞争优势显著，业务增长相对稳定。 李泽铭称，展望后市行情，市场期待的外部催化则包括美联储进一步降息、流动性预期改善，美国总统 特朗普提名美联储新任候选人，以及人工智能AI应用落地带来的投资回报。在科技板块整体调整过程 中，若寻求风险较低、具备反弹潜力的标的，腾讯控股依然是比较好的选择。 光大证券国际策略师伍礼贤向第一财经分析，近期港股整体回落过程中，恒生科技指数表现相对稳健， 此前科技股已提前调整，因此在大盘进一步回落阶段，科技指数跌幅相对温和。中长期来看，科技股仍 具备表现机会。港交所当日推出"科技100"新指数也 ...

继国务院指导地方规范存量政府和社会资本合作（PPP）项目后，部分省份也根据本地实际情况出台具 体解决方案，这将有助于解决当前存量PPP项目遇到的诸多难题。 12月9日，云南省人民政府办公厅公开了《规范政府和社会资本合作存量项目建设和运营实施方案》 （下称《方案》），将在2026年6月底完成对全省PPP存量项目全面摸底排查，并建立"一项目一策"台 账和分类处理方案。到2027年底，基本解决PPP存量项目突出问题。目前云南省存量PPP项目投资额全 国领先。 PPP模式被认为有利于充分发挥市场机制作用，提升公共服务的供给质量和效率，实现公共利益最大 化。中国早在2014年大力推广PPP模式，各地PPP项目数量和投资额快速增长，虽改善了民生但野蛮生 长也带来不少问题。 因此2023年国务院出手规范了PPP模式，构建PPP新机制，将PPP模式范围缩窄至基于使用者付费特许 经营模式等。在这一PPP新机制下，原先PPP制度相继被废止，海量的存量PPP项目一度陷入困境。比 如银行等金融机构"不敢贷、不愿贷"，存量在建PPP项目融资困难。 为解决总投资额超10万亿元的存量PPP项目诸多问题，今年8月20日，国务院办公厅转发财政 ...