Core Viewpoint - The banking sector experienced a rebound on December 18, with all banks in the sector showing positive performance, indicating a potential recovery trend in the market [1]. Group 1: Stock Performance - Shanghai Bank saw an increase of 2.75%, reaching a price of 10.08 with a rise of 0.27 [2]. - Suzhou Bank increased by 2.60%, with a current price of 8.28, up by 0.21 [2]. - Xiamen Bank rose by 2.53%, now priced at 7.70, an increase of 0.19 [2]. - Hangzhou Bank's stock went up by 2.30%, reaching 15.58, with a rise of 0.35 [2]. - Construction Bank increased by 2.13%, priced at 9.12, up by 0.19 [2]. - Other notable increases include: - Chongqing Bank +1.73% to 11.15 [3] - Agricultural Bank +1.34% to 7.55 [3] - Industrial and Commercial Bank +1.02% to 7.89 [3]. Group 2: Overall Market Sentiment - The overall positive sentiment in the banking sector suggests a favorable environment for investment, as multiple banks reported gains exceeding 2% [1][2]. - The performance of various banks indicates a broad-based recovery, which may attract further investor interest in the sector [1].

香港交易所于12月18日刊发《优化香港证券市场每手买卖单位框架》的咨询文件。香港交易所致力于持 续优化市场结构，以及根据香港特别行政区政府"促进股票市场流动性专责小组"提出的建议，香港交易 所现正提出一个新的每手买卖单位框架，旨在透过提高市场效率和降低市场投资门槛以提升市场竞争 力。 建议的新每手买卖单位框架适用于股票和房地产投资信托基金，并包含以下三个部分： 1.将每手价值的指引下限从2000港元降至1000港元。 2.增设50000港元的每手价值指引上限。 3.将每手股数的种类减至八种标准化的选项：1股、50股、100股、500股、1000股、2000股、5000股和 10000股。 咨询期将于2026年3月12日结束。 来源｜香港交易所官网 编辑｜钉钉 ...

Core Insights - PwC has launched a new brand positioning and identity, marking its first major global brand update since 2010, aimed at enhancing its market presence and attracting talent [1] Group 1: Brand Strategy - The brand refresh is driven by the need to adapt to technological changes and reinforce core values of trust and quality, which are fundamental to the brand's foundation [1] - The new brand design, featuring an orange "dynamic logo," is intended to convey a sense of growth and forward-thinking [1] Group 2: Strategic Importance of China Market - The Chinese market plays a crucial role in PwC's global network, being the second-largest economy and vital for global clients [2] - PwC has been in China for over 120 years, with significant contributions to helping Chinese companies access capital markets, auditing 55% of US-listed Chinese companies by market value [2] - 57% of multinational executives believe their investments in China enhance operational efficiency, indicating the market's potential [2] Group 3: Business Operations and Competitive Advantage - PwC's competitive edge lies in its high-quality service and extensive experience, supported by a culture of continuous improvement and substantial investment in employee training [3] - The firm has four main service areas: auditing, tax services, transaction services, and consulting, with a strong market presence in each [3] - PwC has facilitated over 2,000 transactions in the past three years, participating in 40% of cross-border deals in the Chinese market [3] Group 4: Talent Strategy - PwC focuses on providing excellent career development paths and has recruited over 1,000 graduates in mainland China and 500 in Hong Kong this year [4] - The company invests in technology and training to ensure employees remain at the forefront of industry skills, offering global career opportunities [4] Group 5: Corporate Social Responsibility - PwC integrates environmental, social, and governance responsibilities into its mission, committing to net-zero greenhouse gas emissions [5] - The firm has established the Beijing PwC Zhongtian Charity Foundation to support social initiatives, particularly in rural revitalization and youth skill development [5] - Over 11,000 employees have contributed more than 100,000 hours to various volunteer projects [5] Group 6: Artificial Intelligence Utilization - PwC is investing significantly in artificial intelligence, developing tools like ChatPwC to enhance employee access to various language models in a secure environment [6] - The firm emphasizes responsible AI usage, aligning with its mission to enhance societal trust [6]

Core Viewpoint - The securities sector experienced a decline on December 18, with related indices showing a drop of 0.8% as of the report time [1]. Market Performance - The broker index opened at 11,415.07 and closed at 11,321.83, reflecting a decrease of 90.82 points or 0.80% [2]. - The trading volume reached 13 billion, with a turnover of 8.6 billion [2]. - The highest price recorded was 11,426.34, while the lowest was 11,306.22 [2]. Individual Stock Movements - China International Capital Corporation (CICC) and Xinda Securities saw their gains narrow to below 5%, after initially opening at the daily limit and nearly 7% higher, respectively [2]. - Dongxing Securities led the gainers with a price of 14.44, reflecting a rise of 9.98% [3]. - Xinda Securities and CICC reported increases of 4.89% and 4.84%, respectively [3]. - On the downside, Zhongyin Securities fell over 4%, with other firms like CITIC Securities, Huatai Securities, and China Galaxy also experiencing declines [4].

沐曦股份于12月17日登陆A股科创板，上市首日大涨692.95%，收盘价报829.9元/股，跻身至A股股价第 三位。 编辑｜钉钉 12月18日，沐曦股份开盘走低，盘初股价一度跌破800元，截至发稿，该股跌3.48%，报801元/股。 | C) > | C沐曦-U(688802) | | | | | --- | --- | --- | --- | --- | | | 交易中 12-18 09:44:57 融 成 | | | | | 801.00 | 额 19.8亿 股本 4.00亿 市盈 -329 | | | 万得 盘口 | | -28.90 -3.48% | 换 13.86% 市值 3205亿 市净 23.84 | | | | | 时间 9:40 | 价格 810.82 | 涨跌 -19.08 | | | | 涨跌幅 -2.30% | 均价 784.72 | 成交量 440 | | | | 叠加 09:40 | | | 盘口 | 负罪 | | 903.80 | | 8.90% 卖五 808.00 | | 4 | | | | SE 74 | 805.00 | 13 | | | | - 25 | 803.00 | ...

中金公司、东兴证券、信达证券今日复牌，中金公司A股开盘涨停，H股涨逾7%。东兴证券涨停，信达 证券高开6.8%。 | 38 38 +3.49 +10.00% | | | 中金公司 (1) 立即 601995 交易 | | --- | --- | --- | --- | | SSE CNY 9:25:01 交易中 查看L2全景 | | | 通融/ ● 十 | | 20.300(+7.07%)I/A :- 52.01% Wind ESG评级 | | | 详情 | | 委比-97.52% 委差 -74227 | | | 今年 14.19% 120日 6.81% | | 图 | - | IC | 5日 10.00% 250日 4.24% | | 卖口 | 1 | 12 | 20日 10.00% 52周高 39.91 | | 25 60日 | | - | 3.03% 52周低 30.24 | | 三三 | 1 | - | 2023 20242025Q3 | | EPS | 38.38 | 75170 | 1.14 1.04 1.24 | | BPS | 38.37 | 856 | 18.27 19.15 20.22 | ...

Market Overview - The Hang Seng Index opened lower by 0.54%, closing at 25,330.83, down 137.95 points [2] - The Hang Seng Tech Index fell by 1.11%, reaching 5,397.34 [2] - The Hang Seng China Enterprises Index decreased by 0.62%, ending at 8,788.92 [2] - The Hang Seng Composite Index dropped by 0.48%, closing at 3,872.27 [2] Sector Performance - Most technology stocks experienced a pullback, with SenseTime down over 3%, and Xiaomi Group and Xpeng Motors both declining over 2% [2] - Alibaba saw a decrease of nearly 2%, while Kuaishou, Baidu Group, SMIC, NetEase, and JD Group also fell [2] Notable Stock Movements - SenseTime (1.900) decreased by 3.55% [3] - Xpeng Motors (70.600) fell by 2.35% [3] - Xiaomi Group (40.380) dropped by 2.04% [3] - Alibaba (143.100) declined by 1.99% [3] - Li Auto (63.000) decreased by 1.72% [3] - Kuaishou (64.100) fell by 1.69% [3] - Baidu Group (116.900) decreased by 1.43% [4] - SMIC (64.000) dropped by 1.16% [4] - JD Group (111.400) fell by 0.80% [4] Company News - China International Capital Corporation (CICC) saw a rise of over 7% following the announcement of a stock swap merger with Dongxing Securities and Xinda Securities [4]

12月18日，海南自由贸易港（下称"海南自贸港"）全岛封关运作正式启动。这是海南自贸港建设进程中 具有里程碑意义的大事，是中国坚定不移扩大高水平开放、推动建设开放型世界经济的标志性举措。 截至12月10日，海南全省有7080家主体预申报"零关税"进口货物享惠主体资格，通过审核5011家；全省 加工增值免关税政策试点企业136家，已实际开展业务的企业有54家。 而在"双15%"所得税优惠方面，目前海南鼓励类产业条目已扩至1100多个，涵盖生物医药、海上风电等 领域，符合条件企业可享15%企业所得税优惠；高端人才和紧缺人才个人所得税实际税负超15%部分免 征，且居住时间核算更趋人性化，合理离岛时间可计入居住天数。 封关后的海南将承担多重战略角色。北京大学苏剑教授近日指出，海南将成为引领新时代对外开放的重 要门户、促进国内国际双循环的战略枢纽、制度型开放的高地以及现代化产业体系的示范区。 对外经济贸易大学教授崔凡则指出，相较于传统优惠政策，海南的制度设计更注重稳定性和可预见性。 "封关后的第一年，相关政策如何落地执行对企业信心非常关键。"上述在海南建厂投资的企业相关负责 人对第一财经记者说。 打造海南自贸港始于20 ...

Core Viewpoint - The upcoming November Consumer Price Index (CPI) report is expected to provide insights into future policy directions for Wall Street and the Federal Reserve, amid concerns about the U.S. economy's momentum and the impact of tariffs on inflation [2][3]. Data Outlook - The CPI saw a year-on-year increase of 2.3% in April, the lowest in nearly four years, but inflation rose to 3% by September, significantly above the Federal Reserve's 2% target due to increased tariffs [3][4]. - The November CPI report is anticipated to show a slight increase in overall CPI from 3.0% to 3.1%, with core CPI expected to remain stable at 3% [4]. - Service prices, a major driver of inflation, increased by 3.5% year-on-year as of September, but this is the smallest increase since the pandemic began, indicating potential for inflation to decline if service price growth slows [4]. Federal Reserve Internal Disagreements - Recent surveys indicate that U.S. economic growth is facing obstacles, with rising prices due to tariffs suppressing consumer demand and leading to tighter hiring policies [5][6]. - Retail sales showed no growth in October, particularly affecting low-income households, while high-income households continue to drive non-essential spending, highlighting a widening economic gap [5]. - The Federal Reserve has cut interest rates three times since September, but Chairman Powell indicated that further cuts are unlikely until labor market and inflation trends are clearer [5][6]. Future Projections - The Federal Reserve's updated dot plot suggests only one rate cut may occur this year, while futures markets indicate a nearly 80% probability of a cut by June [7]. - The complexity of future rate cuts will depend on employment and inflation performance, with potential resistance from hawkish members of the Fed if the labor market remains stable [7]. - The impact of a new Federal Reserve chair is uncertain, with expectations that significant rate cuts may only occur in response to rising recession fears, which could negatively affect the Republican midterm election outlook [7].

Core Viewpoint - The article emphasizes the importance of combining investments in physical assets and human capital to promote overall investment and economic growth [2][4]. Group 1: Investment in Physical and Human Capital - Investment in physical assets includes infrastructure, housing, and machinery, which provide a solid material and technical foundation for economic development [2][4]. - Investment in human capital focuses on enhancing the capabilities and potential of individuals throughout their life cycle, including areas such as childcare, elderly care, health, education, and skills training [2][4][5]. - Current trends indicate that investment growth in physical assets is slowing, suggesting that the human capital investment sector presents significant opportunities for expansion [2][6]. Group 2: Direction of Investment - The "15th Five-Year Plan" suggests strengthening human resource development and increasing investment in social welfare sectors like elderly care, childcare, and healthcare to build a people-centered social security system [4][6]. - A combination of "hard investment" (infrastructure) and "soft construction" (knowledge and skills enhancement) is necessary to create a sustainable human capital dividend [5][6]. Group 3: Sources of Investment - Fiscal investment is a crucial source of funding, with the government allocating significant resources to healthcare, including 416.6 billion yuan for various medical insurance and support funds for 2026 [7]. - There is a need to encourage social capital investment in human capital, supported by favorable policies and a conducive environment for private sector involvement [7][8]. Group 4: Policy Implementation and Assurance - Effective implementation of human capital investment policies requires robust assessment mechanisms, including integrating human investment into statistical accounting [8]. - Local governments must adopt a long-term perspective on performance evaluation, moving away from the traditional focus on immediate returns from physical investments [8].