Core Viewpoint - Nasdaq plans to submit a proposal to the SEC for nearly round-the-clock stock trading, extending trading hours from 16 hours to 23 hours during the five trading days of the week [1] Group 1: Trading Hours Structure - Currently, Nasdaq operates three trading sessions on weekdays: pre-market from 4:00 AM to 9:30 AM, regular trading from 9:30 AM to 4:00 PM, and after-hours from 4:00 PM to 8:00 PM [1] - The proposed "23/5" trading model will feature two trading sessions: a daytime session from 4:00 AM to 8:00 PM, followed by an hour for maintenance and clearing, and a nighttime session from 9:00 PM to 4:00 AM [1] Group 2: Trading Session Details - The daytime session will continue to include pre-market, regular, and after-hours trading, maintaining the opening bell at 9:30 AM and closing bell at 4:00 PM [1] - In the nighttime session, trades executed between 9:00 PM and midnight will be counted towards the next day's trading [1] - The trading week will commence on Sunday at 9:00 PM and conclude on Friday at 8:00 PM after the daytime trading session [1]

在酒店业加速绿色转型的当下，ESG已不再是可选项，而是关乎长期竞争力的核心命题。2025年，锦江 酒店（中国区）主动融入全球可持续发展大局，结合运营实际，以更高标准推进多方面的可持续发展举 措，致力于打造更具韧性、更可持续的酒店产业生态，为全球酒店行业可持续发展贡献锦江智慧与力 量，日前在第一财经主办的中国企业社会责任典范评选中荣获"可持续责任典范"奖。 其获奖并非偶然，而是中国酒店业从"被动响应环保要求"迈向"主动构建可持续生态"的一个缩影。 2025年，锦江酒店（中国区）在坚实的基础体系搭建之上，围绕锦江酒店"共赴锦程"的ESG战略愿景， 实现了环境、社会及治理（ESG）工作的全面深化与规模化落地。 当ESG领域普遍面临着成本与收益的矛盾时，锦江酒店（中国区）坚持长期主义视角，通过"制度-工具- 场景-生态"四维驱动，将ESG深度融入运营肌理，以多维实践诠释可持续发展价值，不仅实现了环境效 益与经营效率的双赢，更在包容性服务、循环经济、生物多样性等前沿领域树立了可借鉴的行业范式。 将"绿色"植根运营DNA 2025年，锦江酒店（中国区）持续推进基础性绿色运营工作的同时，在2024年规模化推进"酒店可持续 ...

2025.12.16 黑马胜出？ 预测市场平台Kalshi数据显示，前美联储理事沃什的提名概率目前升至47%，而在周日这一数字为 39%，12月3日更是仅为11%。白宫国家经济委员会主任哈塞特的提名概率则下滑至41%，较周日的 51%、12月3日的81%大幅回落。 报道指出，哈塞特的候选资格正遭到特朗普亲信的反对，这一消息似乎是沃什支持率反超的关键原因。 反对声浪源于外界担忧哈塞特与特朗普的关系过于密切。 本文字数：1890，阅读时长大约3分钟 作者 |第一财经 樊志菁 近期华尔街关注度最高的热门话题于周一出现突发转折。前美联储理事沃什（Kevin Walsh）取代哈塞 特（Kevin Hassett），成为下任美联储主席提名的领跑者。对于美国总统特朗普而言，随着各地方联储 主席连任获得通过，其对美联储施加影响力的尝试正面临严峻挑战。 美国总统特朗普上周三在白宫会见沃什，明确询问对方是否会支持降息，能否获得自己的信任。"我并 非要求他完全按我们的话行事，但……我具备独到的见解，他应当予以听取。"特朗普指出，他期望一 年内利率能降至1%，甚至可能更低。 这则报道令华尔街颇感意外。此前市场几乎一边倒地看好哈塞特， ...

Core Viewpoint - Tesla's stock has rebounded significantly after a nearly 50% drop earlier this year, with market optimism surrounding its advancements in artificial intelligence and autonomous driving, leading to a potential market valuation target of $3 trillion [2][3]. Group 1: Stock Performance and Market Valuation - Tesla's market capitalization is approximately $1.6 trillion, having rebounded over 70% since its March low [3]. - Analysts predict that Tesla's valuation could double by the end of next year, with a target stock price of $600, corresponding to a $2 trillion market cap [3]. - A more optimistic scenario suggests Tesla could reach a $3 trillion valuation, driven by its investments in AI and autonomous driving, which are valued at "at least" $1 trillion [3]. Group 2: Autonomous Driving and Business Expansion - Tesla is operating a ride-hailing service in Austin and the San Francisco Bay Area, aiming to create a fully autonomous taxi platform [4]. - The company has begun testing fully autonomous driving without safety drivers in Austin, with plans to remove safety personnel by the end of the year [5]. - Expansion plans include increasing the fleet size and entering new markets in Florida, Nevada, Arizona, and Texas, although regulatory compliance may slow this process [5]. Group 3: Future Growth Drivers - The sales of Tesla's Full Self-Driving (FSD) system are expected to provide significant growth, with over half of Tesla owners likely to purchase or subscribe to the software in the future [6]. - Tesla is developing two core products: the Cybercab for autonomous taxi services and the Optimus humanoid robot, both expected to launch by 2026 [6]. Group 4: CEO's Wealth and Company Performance - Elon Musk has become the first person to reach a net worth of $600 billion, largely due to Tesla's stock performance [7]. - Tesla is facing challenges in the automotive market, with a 39% year-over-year decline in EU sales from January to October, and a projected 9% drop in Q4 deliveries [7][8]. - To counteract declining sales, Tesla has introduced lower-priced versions of its Model Y and Model 3 vehicles in key markets [8]. Group 5: Broader Business Ventures - Musk's wealth may further increase with SpaceX's upcoming IPO, which is expected to value the company at approximately $800 billion [9]. - Musk's AI company, xAI, is reportedly negotiating new funding that could value it at $230 billion, significantly higher than its previous valuation [10].

Core Viewpoint - The US stock market experienced a decline influenced by ongoing pressure on key AI stocks, with investors awaiting upcoming economic data and insights into Federal Reserve policy [2][3][5] Group 1: Market Performance - The Dow Jones Industrial Average fell by 41.49 points, or 0.09%, closing at 48,416.56 points, while the Nasdaq dropped by 0.59% to 23,057.41 points, and the S&P 500 decreased by 0.16% to 6,816.51 points [2] - Notable tech stocks showed mixed results, with Tesla rising by 3.6% after CEO Elon Musk announced the testing of autonomous taxis without safety drivers, while other major companies like Apple and Amazon saw declines of 1.5% and 1.6%, respectively [2] - The Nasdaq China Golden Dragon Index fell over 2%, with significant drops in stocks such as Alibaba (down 3.6%) and Baidu (down 4.9%) [3] Group 2: Sector Rotation - Investors shifted focus from AI stocks to sectors more sensitive to economic cycles, such as non-essential consumer goods and industrials, while also increasing positions in healthcare stocks [3] - The S&P 500 technology sector experienced a decline of 2.3%, with Oracle and Broadcom seeing significant weekly drops of 12.7% and over 7%, respectively [3] Group 3: Economic Data and Federal Reserve Outlook - Upcoming economic data, including November non-farm payrolls and October retail sales, is expected to influence market direction, with predictions of a 40,000 increase in non-farm payrolls, a significant drop from the previous month's 119,000 [4] - Speculation regarding the next Federal Reserve chair is rising, with expectations of a dovish candidate potentially increasing bets on rate cuts for the following year [5] - The current yield on the 2-year Treasury note decreased by 2.1 basis points to 3.51%, while the 10-year Treasury yield remained stable at 4.18% [5]

Core Viewpoint - Tesla's stock has rebounded significantly after a nearly 50% drop earlier this year, with the company now focusing on its advancements in artificial intelligence and autonomous driving, leading to optimistic market projections for its future valuation [1][3]. Group 1: Stock Performance and Market Valuation - Tesla's market capitalization is approximately $1.6 trillion, having rebounded over 70% since its low in March [3]. - Analysts predict that Tesla's valuation could double by the end of next year, with a target price set at $600 per share, potentially reaching a market cap of $2 trillion [3]. - A more optimistic scenario suggests that Tesla could achieve a market cap of $3 trillion, driven by its investments in AI and autonomous driving, which are valued at "at least" $1 trillion [3]. Group 2: Autonomous Driving and Business Expansion - Tesla is operating ride-hailing services in Austin and the San Francisco Bay Area, aiming to create a fully autonomous taxi platform [4]. - The company plans to test fully autonomous driving without safety drivers in Austin by the end of the year, with expansion to additional cities in Florida, Nevada, and Arizona [4][5]. - Regulatory pressures are expected to ease by early 2026, potentially allowing for more streamlined operations in the autonomous driving sector [5]. Group 3: Financial Performance and Challenges - Tesla's sales in the EU have dropped by 39% year-over-year from January to October, with market share decreasing from 2.2% to 1.3% [6]. - The company is facing a second consecutive year of declining vehicle sales, with Q4 delivery estimates at 450,000 units, a 9% year-over-year decrease [6]. - To counteract declining sales, Tesla has introduced lower-priced versions of its Model Y and Model 3 vehicles in key markets [7]. Group 4: Elon Musk's Wealth and Future Prospects - Elon Musk has become the first person to reach a net worth of $600 billion, with further increases expected as Tesla's AI and robotics initiatives progress [6][8]. - Musk's wealth is also tied to SpaceX, which is preparing for an IPO, and xAI, which is negotiating new funding that could significantly increase its valuation [8].

*三大股指齐跌，能源板块承压； *中长期美债收益率窄幅波动，2年期交投于3.50%附近； *纳斯达克中国金龙指数跌超2%。 受人工智能板块核心个股持续承压影响，美股周一下挫，投资者等待本周晚些时候将公布一系列经济数 据，梳理美联储主席候选人相关报道及政策制定者的言论，试图从中捕捉利率前景的线索。截至收盘， 道指跌41.49点，跌幅0.09%，报48416.56点，纳指跌0.59%，报23057.41点，标普500指数跌0.16%，报 6816.51点。 【热门股表现】 明星科技股分化，特斯拉涨3.6%，此前该公司首席执行官马斯克表示，其自动驾驶出租车已开启无前 排安全员的测试。英伟达涨0.7%，Meta涨0.6%，谷歌跌0.4%，微软跌0.8%，苹果跌1.5%，亚马逊跌 1.6%，甲骨文跌2.7%，博通跌超5%。 赛富时旗下企业服务公司ServiceNow暴跌近12%，有报道称这家网络安全公司正就收购初创企业Armis 进行深入谈判。 扫地机器人制造商iRobot重挫72%并触发熔断。此前该公司于上周日晚间宣布，已启动美国《破产法》 第十一章破产重组程序，预计该程序将于明年2月前完成。 纳斯达克中国金龙指数跌 ...

12月15日，北京同仁堂健康药业股份有限公司发布声明称，针对上述情况，公司立即责令四川健康药业 停止经销该产品，并对涉事产品开展全流程核查与追溯。北京同仁堂健康药业还称，这款产品未经授权 擅自突出使用"北京同仁堂"字样，涉嫌违法，公司已启动司法程序，对涉事企业进行起诉。 2025.12.15 本文字数：1026，阅读时长大约2分钟 作者 |第一财经 钱童心 近日，上海市消保委称一款标注"安徽哈博药业有限公司生产、北京同仁堂（四川）健康药业有限公司 经销"的"99%高纯南极磷虾油"产品，相关成分涉嫌虚假标注。为此，上海市消保委已约谈生产厂家及 产品经销商。 此外，对于虚标质量成分的产品，游云庭表示，消费者可以向产品生产者及经销商要求索赔，依据有两 个：一是按照《消费者保护法》，如果是涉嫌欺诈消费者，可以要求退一赔三；二是如果食药监部门认 为产品涉及食品安全问题，根据《食品安全法》，生产商和经销商可以被要求退一赔十，并且如果赔偿 金额不足1000元的，至少要赔偿1000元。 微信编辑| 小羊 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@yi ...

Core Insights - The smartphone market is increasingly competitive, with young consumers seeking devices that not only perform well but also resonate with their lifestyle and emotions [1][14] - The launch of vivo's S50 series aims to address the evolving needs of young users by combining aesthetic appeal with robust functionality, positioning itself as an indispensable companion [2][6] Group 1: Market Trends - The average smartphone replacement cycle in China is projected to be around 33 months by mid-2025, driven by an oversaturated market with minimal differentiation among products [1] - Young consumers are becoming more discerning, looking for a comprehensive "sense of assurance" that products understand their lifestyle needs [1][14] Group 2: Product Development - The S50 series represents a strategic evolution, focusing on enhancing both traditional strengths in design and photography while improving overall user experience [6][14] - The series incorporates advanced imaging algorithms and features aimed at lowering the barrier for creating high-quality content, aligning with social media trends [6][10] Group 3: Technological Integration - The S50 series utilizes Qualcomm's Snapdragon 8 series platform to ensure smooth performance for complex computational photography tasks, addressing user pain points in everyday scenarios [7][10] - The integration of high-end technologies, such as ultrasonic fingerprint recognition, aims to enhance user experience in practical situations [7][10] Group 4: Emotional Value Creation - The S series aims to build a "system of emotional value" that transcends mere functionality, focusing on how the product can facilitate self-expression and social interaction for young users [11][13] - The design and imaging capabilities are crafted to resonate with the emotional and cultural contexts of young consumers, fostering deeper connections with the brand [11][14] Group 5: Competitive Landscape - As the smartphone industry matures, differentiation is increasingly reliant on emotional connections and unique value propositions rather than just hardware specifications [14] - The success of the S50 series will test the effectiveness of a model driven by deep user insights and system experience innovation in maintaining appeal among young consumers [14]

Core Viewpoint - The recent sell-off in AI concept stocks was triggered by significant declines in shares of Broadcom and Oracle, leading to a market correction reminiscent of the "AI bubble" discussions in November [1] Group 1: Oracle's Performance and Concerns - Oracle's Q2 FY2026 revenue was $16.058 billion, a 14% year-over-year increase, but at the lower end of guidance and below market consensus [2] - The company expects capital expenditures to reach $50 billion for FY2026, a 136% increase year-over-year, raising concerns about cash flow as it represents 75% of projected revenue [2][4] - Investor skepticism about Oracle's ability to convert its large order backlog into sustainable revenue has intensified, particularly given its declining gross margin and increasing capital expenditure [3][4] Group 2: Broadcom's Market Position and Reactions - Broadcom is viewed as a key player in AI infrastructure, with a backlog of $73 billion, but its recent earnings report led to a 12% drop in stock price due to insufficient upward revisions in AI revenue forecasts [5][6] - Despite the drop, several investment banks have raised Broadcom's target price, indicating continued confidence in its long-term prospects [6][7] - Concerns remain regarding Broadcom's profitability and valuation, particularly as it enters more complex product offerings that may pressure margins [7] Group 3: Market Sentiment and Future Outlook - The market is currently in a profit-taking phase, with investors shifting focus to industrial and financial sectors as they protect gains from AI stocks [1] - Analysts express caution about the potential for a "Christmas rally," noting that any signs of delayed spending could suppress risk appetite [8] - Despite short-term volatility, there is optimism about the mid-term outlook for U.S. equities, with expectations of upward adjustments in earnings forecasts [8]