得益于市场对美联储降息的预期不断升温，本周风险资产持续获得买盘支撑，而这场年末最关键事件的 倒计时已进入尾声。 市场方面，美股小幅上涨，道指周涨0.50%，纳指周涨0.91%，标普500指数周涨0.31%，欧洲三大股指 分化，英国富时100指数周跌0.55%，德国DAX 30指数周涨0.80%，法国CAC 40指数周跌0.10%。 下周看点颇多。市场普遍预期美联储将启动降息，点阵图及美联储主席鲍威尔的表态同样至关重要。澳 大利亚储备银行、加拿大央行及瑞士央行也将召开议息会议。大宗商品价格可能有所波动，黄金与原油 价格走势需关注俄乌局势进展；和平协议的达成可能依旧遥遥无期。 美联储决议看点颇多 美联储将于当地时间10日公布利率决议，市场预计联邦公开市场委员会（FOMC）将实施连续第三次 25个基点的降息。此前公布的数据显示美国劳动力市场表现疲软，尽管市场对通胀的潜在担忧仍未消 散。 荷兰国际集团（ING）经济学家奈特利（James Knightley）在报告中表示："当前市场趋势已明确指向继 续25个基点的宽松操作。虽然市场担忧关税引发的物价上涨可能导致通胀居高不下，但就业市场传来的 消息正越发令人忧心。" 投 ...

Core Viewpoint - The regulatory body is introducing a new guideline aimed at addressing the industry pain point of "funds making money while investors do not," focusing on performance assessment and compensation reforms in the public fund industry, which manages over 36 trillion yuan in assets [1] Group 1: Performance Assessment Changes - The new guideline emphasizes a performance assessment system centered on fund investment returns, moving away from the previous focus on management scale and sales revenue [2] - Long-term performance metrics will now account for at least 80% of the assessment, effectively curbing short-term speculative behavior [2] - New quantitative assessment indicators will include "fund profit margin" and "percentage of profitable investors," directly reflecting the actual gains and losses of investors [2] Group 2: Fund Manager and Executive Accountability - Fund managers managing multiple funds will have their performance evaluated based on fund size and management duration, with products managed for less than a year excluded from assessments [3] - The guideline mandates that the investment return metric for senior management must account for at least 50% of their performance evaluation [3] Group 3: Compensation Structure - A clear accountability and compensation adjustment mechanism is established, allowing for the recovery of performance bonuses if personnel fail to fulfill their duties [4] - For active equity fund managers, a tiered performance compensation adjustment mechanism is introduced, with a potential decrease of at least 30% in performance pay if their products underperform by over 10 percentage points against benchmarks [4] - The guideline emphasizes fairness and efficiency in compensation distribution, with a focus on increasing pay for frontline and grassroots employees [4] Group 4: Performance Pay Binding - Senior management and key department heads are required to invest at least 30% of their performance pay in funds managed by the company, with a minimum of 60% allocated to equity funds [5] - Fund managers must invest at least 40% of their performance pay in the public funds they manage, with a holding period of no less than one year [6] Group 5: Transition Period - A transition period is set, requiring at least 50% of products to meet performance assessment standards by 2025, and 100% by 2026 [6]

Group 1 - The new leadership of the China Securities Association (CSRC) was elected during the eighth member congress held on December 6, with Zhu Jian appointed as the new chairman [3][4] - Zhu Jian, born in June 1971, has extensive experience in regulatory roles and previously served as the vice president of Guotai Junan Securities and the vice chairman and president of Shanghai Bank [4][5] - The new leadership team includes Wu Yunhao as executive vice president and several others as vice presidents, indicating a diverse representation within the association [5] Group 2 - The CSRC has had seven previous chairpersons, many of whom held positions in regulatory bodies, highlighting a trend of leadership continuity from regulatory to industry roles [3][4] - The current chairman emphasized the need for the association to enhance member recognition, cohesion, and participation, reflecting a shift towards a more industry-representative approach [5]

Group 1 - A significant number of Porsche vehicles in Russia have suddenly become inoperable, particularly in cities like Moscow and Krasnodar, with issues including engine shutdowns and fuel supply interruptions [2] - Porsche attributes the problem to a malfunction in the vehicle's safety system, specifically the VTS module, which can lock the vehicle via satellite positioning [2] - To unlock the vehicles, it is necessary to remove the anti-theft system's control unit and restart the vehicle's system [2] Group 2 - Automotive experts speculate that the malfunction may be linked to the deployment of artificial intelligence by a major European telecommunications operator within its infrastructure [3] - This deployment is believed to have caused errors in satellite positioning signals, leading the vehicle systems to mistakenly assess a theft risk and enter anti-theft mode, resulting in the vehicles being locked [3]

Core Viewpoint - The performance-based compensation for fund managers is closely tied to fund performance, with new guidelines proposed to adjust their salaries based on specific performance metrics [1] Summary by Categories Performance Metrics - Fund managers whose products underperform the benchmark by more than 10 percentage points and have negative profit margins over the past three years will see their performance compensation significantly reduced, with a minimum decrease of 30% [1] - If the fund underperforms the benchmark by more than 10 percentage points but maintains a positive profit margin, their performance compensation will also decrease [1] - For funds that underperform the benchmark by less than 10 percentage points and have negative profit margins, their performance compensation will not increase [1] - Conversely, if a fund significantly exceeds the benchmark and has a positive profit margin, the performance compensation can be reasonably and moderately increased [1]

12月4~6日，首届全球智能机械与电子产品博览会（下称博览会）在珠海和澳门两地举行。第一财经记 者现场走访发现，在AI技术快速发展的背景下，安防等多个领域的科技企业正加大对该领域的研发力 度，去强化自身的业务竞争力。在软件层面，AI技术有助于企业去实现更智能的决策。而在硬件层 面，AI技术推动了产品形态变化，进而拓展了产品的应用空间。 除数字化服务外，硬核科技产品的功能实现也有了AI技术的深度参与。新技术对产品竞争力的带动， 主要体现在实体硬件与云端软件的紧密结合，这一点在安防赛道尤为明显，AI技术的应用能帮助安防 系统减少对人力的依赖，降低运行过程中的风险。 博览会举办期间，杰创智能（301248.SZ）带来了国内首创的AI电磁网捕系列产品。该系列产品可在10 米范围内对移动目标实现瞬时安全抓捕，其中电磁网捕器与AI电磁网捕巡防机器狗Pro已成功应用于十 AI技术赋予业务更智能的决策能力 在软件层面，从通用大模型到面向细分行业的垂直大模型，AI技术的发展有望帮助企业实现更智能化 的决策。 就数字化服务来看，AI驱动的全球增长数字化服务商广州钛动科技股份有限公司（下称"钛动"）带来了 首个全球增长大模型钛极大 ...

Core Insights - SINOCARE has successfully established a presence in the African market, exporting an average of 40,000 blood glucose monitoring devices and 40,000 boxes of test strips monthly, covering over 40 countries including Egypt, Nigeria, and Kenya [2] - The company began its expansion into Africa around 2017, facing initial challenges due to negative perceptions of Chinese products and strong competition from established Western brands [2][3] - SINOCARE's strategy focuses on product quality and affordability, exemplified by its blood glucose meter achieving a low error rate of ±3%, which helped it gain entry into the Algerian market [3] Market Dynamics - The demand for diabetes monitoring in Africa is increasing, with the World Health Organization predicting that there will be 60 million diabetes patients in sub-Saharan Africa by 2050, reflecting a compound annual growth rate of over 140% [4] - The company is set to launch its AI-driven "Aikan" series of Continuous Glucose Monitoring (CGM) products in Africa in 2024, which will allow users to monitor their blood glucose levels continuously via a connected app [3] - Challenges such as weak local infrastructure are being addressed by SINOCARE through offline storage and scheduled data uploads [4] Competitive Landscape - The acceptance of Chinese products in Africa is gradually improving, with increasing competition from other Chinese companies entering the market, which poses challenges for SINOCARE [4]

2025.12.06 本文字数：800，阅读时长大约2分钟 解放日报记者从复旦大学获悉，12月5日，中国共产党的优秀党员、著名物理学家、中国科学院院士、 复旦大学物理学系教授王迅，因病医治无效，于上海逝世，享年91岁。 目前，复旦大学官网已变为黑白色，悼念王迅院士。 复旦大学物理系发布讣告，官网已变黑白色 王迅，1934年生于上海，1960年以复旦大学物理学系副博士身份毕业，同年留校任教。1999年当选中国 科学院院士。历任复旦大学半导体物理教研室副主任，微电子教研室副主任，表面物理研究室副主任、 主任，应用表面物理国家重点实验室主任、学术委员会主任，复旦大学学术委员会副主任，复旦大学研 究生教育指导委员会主任等职。曾担任国际纯粹与应用物理联合会(IUPAP)半导体委员会委员（1993— 1999年）、国际学术刊物《Surface Science》顾问编委。 在复旦，王迅的名字与几个身份紧密相连，谢希德先生的学生、表面物理的奠基人、亲切的"王老师"。 始于一场与物理的相遇，成于对教育事业的坚守，最终化为一种甘为人梯的精神传承。 王迅（图源复旦大学物理学系官网） 据公开报道，被誉为"当代毕昇"的中国科学院院士、 ...

Group 1 - The chairman of New Oriental Group, Yu Minhong, addressed concerns regarding the recent public letter from employees and the associated "Antarctic incident," assuring that employees are safe and continuing their work [1] - Yu Minhong emphasized that the issues raised by employees will be taken seriously, with investigations initiated to listen to their concerns and rectify any genuine problems [1]

Core Viewpoint - BYD emphasizes its commitment to maintaining industry integrity and avoiding negative competition, even at the cost of short-term market share loss, to build long-term reputation and recognition from the state and industry [1] Group 1 - During a recent shareholder meeting, a shareholder raised concerns about malicious rumors targeting the company in recent years [1] - Wang Chuanfu, the company's leader, stated that as an industry leader, BYD must endure challenges and not undermine competitors, which may result in sacrificing one or two quarters of performance growth [1] - The company aims to win long-term goodwill by focusing on technology and consumer engagement, positioning itself as a role model in the industry [1]