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 ...

Core Viewpoint - The Chinese government is taking steps to regulate existing Public-Private Partnership (PPP) projects, with specific measures introduced by provinces like Yunnan to address challenges faced by these projects, which have accumulated significant investment but also encountered various issues [1][2]. Group 1: Government Actions and Regulations - The State Council has issued guidelines to ensure the smooth construction of existing PPP projects and the stable operation of those already in place, with a focus on providing policy support [2]. - Yunnan Province has released a detailed implementation plan to conduct a comprehensive review of all PPP projects by June 2026, aiming to resolve prominent issues by the end of 2027 [1][2]. - The new PPP mechanism introduced by the State Council narrows the scope of PPP projects, focusing on user-pay models, which has led to the discontinuation of previous PPP systems and left many existing projects in financial distress [1][2]. Group 2: Project Transformation and Financial Management - A significant strategy for addressing issues in existing PPP projects involves converting some of these projects into government-funded initiatives, particularly those lacking core PPP elements [3]. - The plan mandates that any project transitioning to government investment must undergo thorough evaluation and adhere to legal procedures, with compensation to private partners limited to reasonable construction costs [3]. - Financial support for these projects will be prioritized through local government special bonds and other funding sources, ensuring that budget allocations for PPP projects are strictly managed [5][7]. Group 3: Risk Assessment and Management - For PPP projects that retain core PPP characteristics, Yunnan will implement dynamic risk assessments to identify and categorize risks associated with construction, contract performance, and evaluation [4]. - A classification management system will be established to monitor risks and develop tailored solutions for each project, ensuring effective risk mitigation [4]. Group 4: Financial Support and Operational Efficiency - The plan emphasizes the need for increased financial support from local governments to address the funding challenges faced by existing PPP projects [6][7]. - A communication mechanism between the government and financial institutions will be established to facilitate lower interest rates and loan extensions for PPP projects [7]. - Social capital partners are encouraged to enhance service quality and efficiency while reducing operational costs, thereby alleviating the financial burden on local governments [7].

Core Viewpoint - The trust in "Zhejiang Financial Asset Trading Center" (now "Zhejiang Zhejin Asset Operation Co., Ltd.") has collapsed after the "Xiangyuan System" products faced a crisis, leading to significant financial losses for investors who believed in the stability and government backing of the platform [2][9]. Group 1: Investor Trust and Experience - Investors had a long-standing belief in the stability of the Zhejin Center, which operated for over 10 years with a steady return of around 5% [2][3]. - Many investors, including those who invested significant amounts, were unaware that the products they purchased were from the "Xiangyuan System" until the crisis occurred [4][6]. - The initial appeal of the Zhejin Center was its government backing and the perception of safety associated with its financial products, which were often linked to government projects [5][10]. Group 2: Product Details and Performance - A significant portion of the products on the Zhejin platform originated from the "Xiangyuan System," with one investor reporting an investment of 4.2 million yuan across 17 products, yielding annual returns between 4.4% and 5.1% [4][6]. - Specific products, such as "Financial Asset Income Rights (Maozheng Shaoxing)" and "Financial Asset Income Rights (Haihong Lishui)," were mentioned, with some already overdue for payment [4][7]. Group 3: Changes in Company Structure and Operations - The Zhejin Center's ownership structure has shifted, with private enterprises taking over from state-owned entities, leading to concerns about the platform's reliability [10][12]. - By the end of 2024, the Zhejin Center lost its financial asset trading business qualification, which raised alarms among some investors, although many remained unaware of this change [10][11]. - The new major shareholder, a private company, has connections to the "Xiangyuan System," which has led to increased scrutiny and concern among investors [12].

| ਖਿਨੇ | | 两日图 | 现价 | 流歧大 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | | 3909.52 | -14.56 | -0.37% | | 399001 | 深证成指 | | 13277.36 c | -52.63 | -0.39% | | 399006 | 创业板指 | min | 3209.60 c | 19.33 | 0.61% | 盘面上，有色金属板块全线回调，铝业、黄金领跌；地产、钢铁、化工、煤炭、券商跌幅居前。算力硬 件产业链走强，CPO方向反复活跃；福建本地股大涨。 具体来看，商业航天概念继续活跃，陕西华达、航天长峰、龙洲股份等多股涨停。 12月9日，A股三大指数涨跌互现。截至收盘，沪指跌0.37%，深成指跌0.39%，创业板指涨0.61%。 【资金流向】 主力资金全天净流入电子、船舶制造、医疗服务等板块，净流出有色金属、房地产、证券等板块。 具体到个股来看，胜宏科技、工业富联、雷科防务获净流入14.18亿元、9.93亿元、8.06亿元。 净流出方面，航天发展、贵州茅台、兴业证券遭抛售14.4 ...

Core Viewpoint - The trust in "Zhejiang Financial Asset Trading Center" has collapsed after the "Xiangyuan System" products faced a crisis, leading investors to realize that their long-held belief in the stability and security of the platform was misplaced [1][2]. Group 1: Company Background - "Zhejiang Financial Asset Trading Center" was established in December 2013 and was initially backed by state-owned enterprises, providing a platform for the trading of various financial assets [8]. - The company has undergone significant changes, with state-owned shareholders withdrawing and private enterprises, such as Hangzhou Minzhi Investment Management Co., becoming the largest shareholder [8][10]. - As of December 2024, the company was renamed "Zhejiang Zhejin Asset Operation Co., Ltd." and experienced changes in its legal representative and management [10]. Group 2: Investor Experience - Investors believed in the platform's stability due to its state-owned background, with many investing significant amounts, such as 4.2 million yuan and 6 million yuan, in "Xiangyuan System" products with expected annual returns between 4.4% and 5.1% [3][4]. - Many investors were unaware that the products they purchased were from the "Xiangyuan System" and felt a false sense of security due to the platform's long-standing reputation [2][4]. - The crisis was first noticed when products failed to pay out after their maturity dates, leading to a realization of the underlying issues with the platform [5]. Group 3: Product and Financial Details - Over 90% of the products on the platform were from the "Xiangyuan System," with a total trading scale exceeding 12 billion yuan as of December 8, 2023 [11]. - The products were initially marketed as secure investments tied to government projects, which contributed to the investors' trust [3][4]. - The financial products offered were designed to be transferable, allowing investors to sell their holdings, although this became problematic as the crisis unfolded [7].

Group 1 - The core point of the news is that Tai Long Pharmaceutical experienced significant stock price volatility, opening with a limit increase before dropping sharply and then recovering slightly by the end of the trading day [1] - After a week of suspension, Tai Long Pharmaceutical announced that its controlling shareholder, Tai Rong Investment, had reached an agreement with relevant parties regarding a potential change in company control, leading to the resumption of trading on December 9 [3] - On December 8, Tai Rong Investment and Zhengzhou Zhongsheng Industrial Group, a shareholder with over 5% stake, reached an agreement with Jiang Pharmaceutical Holdings regarding a share transfer and governance matters, which includes the transfer of 8.73% of the company's shares at a price of 11.043 yuan per share, totaling 553 million yuan [4] Group 2 - The agreement will establish a consistent action relationship between Tai Rong Investment and Jiang Pharmaceutical Holdings regarding major company decisions, solidifying Jiang Pharmaceutical Holdings' control over Tai Long Pharmaceutical [4] - If the share transfer and related agreements proceed smoothly, Jiang Pharmaceutical Holdings will hold 7.37% of the shares after the first transfer, and through the agreement, will control a total of 14.37% of the shares, resulting in a change of the controlling shareholder from Tai Rong Investment to Jiang Pharmaceutical Holdings [4]

Group 1 - The commercial aerospace sector is experiencing a strong resurgence, with Aerospace Electromechanical hitting the daily limit up and achieving five consecutive trading days of gains [1] - Qianzhao Optoelectronics surged over 14%, reaching a historical high, while other companies like Longzhou Co., Taiyong Changzheng, Aerospace Changfeng, and Dahua Intelligent also hit the daily limit up [3] Group 2 - Notable stock performances include: - Shaanxi Huada up 17.76% at 61.60 - Qianzhao Optoelectronics up 14.46% at 27.00 - Zais Technology up 10.09% at 6.33 - Longzhou Co. up 10.03% at 9.54 - Taiyong Changzheng up 10.02% at 19.44 - Aerospace Changfeng up 10.00% at 20.46 - Dahua Intelligent up 9.96% at 7.84 - Leike Defense up 9.00% at 9.69 - Aerospace Power up 7.60% at 33.40 - Xinyin Electronics up 7.14% at 25.50 [4]

| G | 中国中冶(601618) | | | | | --- | --- | --- | --- | --- | | | 交易中 12-09 10:05:12 融 通 | | | | | 3.05 | 额 14.6亿 股本 207.24亿 市盈 16.3 | | | 万得 2 | | | -0.34 -10.03% 换 2.66% 市值 594亿 市净 0.61 | | | | | 港股 1.900 -0.480 -20.17% | | | 溢价(H/A) -43.32% | | | 分时 | 五日 日K 周K | 目K | 更多 ○ | | | 叠加 | | 均价:3.09 | | 盘口 资金 | | 3.73 | | 10.03% 卖五 | | 3.102.70万 | | | | | | 3.09 1.50万 | | | | | | 3.08 1.60万 | | | | | | 3.07 1.20万 | | 3.39 | | 0.00% 买一 | | 3.063.00万 | | | | | | 3.054.60万 | | | | at ho -10.03% | | | | 9:30 | 11:30/1 ...

Group 1 - The core viewpoint of the article highlights significant stock price increases in the Chinese film and media industry, with several companies experiencing notable gains [2][3] - Ciwen Media saw a maximum increase of 10.02%, reaching a price of 8.89 [3] - Bona Film Group experienced a rise of 9.40%, with its current price at 10.59 [3] - Other companies such as China Film, Huanrui Century, Jinyi Media, Happy Blue Ocean, and Hengdian Film also reported increases in their stock prices, ranging from 2.49% to 3.83% [2][3]