Core Viewpoint - The insurance sector in A-shares has shown significant strength this year, with multiple stocks reaching new highs, driven by external policy benefits and internal asset-liability resonance [1][2][6]. Performance Summary - As of December 25, the A-share insurance sector index closed at 1554.89 points, the highest since mid-April 2021 [2]. - The insurance sector has increased by 30.54% this year, outperforming the banking sector's 11.74% and the overall non-bank financial sector's 13.74% [2]. - From September of last year to now, the cumulative increase in the A-share insurance sector has reached 58.7% [2]. Individual Stock Performance - On December 25, China Pacific Insurance reached a new high of 43 CNY per share, while Ping An Insurance hit 71.98 CNY per share, the highest since March 2021 [4]. - New China Life Insurance also reached a new high of 73.45 CNY per share on December 23 [4]. - Year-to-date, New China Life and Ping An have recorded increases of 50% and 40%, respectively, leading the sector [4]. Policy Support and Asset-Liability Resonance - The rise in insurance stock prices is attributed to the highlighting of their allocation value, supported by policy backing and asset-liability resonance [6]. - Regulatory policies have been favorable, with recent guidelines promoting high-quality development in health insurance and improving profitability in non-auto insurance [7]. - The asset side has seen increased investment in A-shares by large state-owned insurance companies, with a significant rise in stock investments [8]. Future Outlook - Analysts predict that the insurance sector will enter a golden development period starting in 2026, driven by synchronized improvements in asset and liability sides [10]. - The demand for insurance products remains high, and regulatory policies are expected to continue to support the sector, leading to potential valuation recovery [10][12]. - The P/EV (price to embedded value) ratio for major listed insurance companies is currently low, ranging from 0.6 to 0.8, with expectations for gradual recovery towards 1.0 by 2026 [12].

Core Viewpoint - The People's Bank of China (PBOC) introduced measures to enhance financial support for the construction of the Western Land-Sea New Corridor, emphasizing the importance of financial services in facilitating domestic and international economic circulation [1] Group 1: Financial Support Measures - The PBOC, along with eight other departments, issued 21 key measures to improve financial organization collaboration, establish a high-quality capital circulation system, promote institutional reforms, enhance financial openness, and deepen cross-regional financial regulatory cooperation [1] - The measures aim to leverage the core financial functions of "financing" and "settlement" to support the high-quality development of the Western Land-Sea New Corridor [1] Group 2: Regional and International Connectivity - The Western Land-Sea New Corridor connects 12 provinces in western China, Hainan Province, and cities like Huaihua and Zhanjiang, reaching ASEAN countries and covering 583 ports in 127 countries and regions, facilitating the transport of over 1,300 types of goods [2] - The measures focus on breaking regional barriers by exploring integrated credit systems among financial institutions along the corridor and establishing joint credit and syndicate loan mechanisms [2] Group 3: Capital Market Support - The China Securities Regulatory Commission (CSRC) supports eligible enterprises along the corridor in initial public offerings (IPOs), refinancing, and mergers and acquisitions [3] - In the first 11 months of the year, the Shanghai and Shenzhen stock exchanges supported 4 corridor enterprises in IPOs, raising nearly 7 billion yuan, and assisted 17 listed companies in refinancing, raising approximately 25 billion yuan [3]

广东省公安厅经济犯罪侦查总队总队长朱嘉伟表示，这类案件存在三个特点：一是犯罪团伙组织化、专 业化。犯罪团伙通过成立多家关联公司伪装身份，形成完整的组织架构和人员分工。充分利用消费者迫 切想"解除债务"的心理，设计复杂的"服务"与合同陷阱，编制诱人话术，线上线下同步"洗脑"，专业化 程度高。二是名为"解债"，实为骗新还旧。涉案公司并无实际经营活动，公司资质和宣称的项目为虚 构，不法分子往往打着与相关资产处置公司有合作、可以"打折解债""债务调解"等旗号行骗，其实是通 过骗新还旧的庞氏骗局模式维持，以"解债"之名行诈骗之实。三是迷惑性大，发展迅速。 "只要征信良好、凭身份证明就可获得银行贷款，贷款到账后再和贷款公司比例分成，个人不需要还 钱。"这样听起来"天上掉馅饼"的好事，背后实际上暗藏着一条吞噬金融秩序的"黑灰产"链条。 在贷款行业里，一些"征信正常，无房、无车、无资产"的人员，通常被称为"征信白户"。这些"征信白 户"多居住在农村，平常没有银行贷款，但由于法律意识淡薄，诈骗团伙常以"低风险、高回报"为诱 饵，诱使他们充当"背债人"，规模性套取巨额银行贷款。 12月25日，公安部联合国家金融监督管理总局召开专 ...

2025.12.25 在加利福尼亚州生活的萨利（化名）对记者表示，2023年底，开市客开始销售1盎司的金条产品，有两 种选择：PAMP Suisse Lady Fortuna Veriscan金条和Rand Refinery金条，在2023年底的价格大概在1950- 1980美元/盎司，尽管价格不菲，她还是果断购入，截至12月，以她购买的PAMP Suisse Lady Fortuna Veriscan金条为例，售价已经跟随黄金市场的走势上涨到了4200美元左右，涨幅超过100%了。 开市客首席财务官米勒奇普（Gary Millerchip）在本月早些时候的财报电话会议上表示，在截至11月23 日的季度中，黄金与珠宝、健康和美容产品一样，是销售额实现两位数增长的产品类别之一。虽然开市 客没有透露具体销售额，但富国银行此前估计，每月金条和银币的销售额达到1亿至2亿美元。 开市客所售金条 （来源：开市客网站） 开市客的"淘金热" 本文字数：1360，阅读时长大约3分钟 作者 |第一财经 冯迪凡 "每个会员每次交易最多购买4件，每24小时最多购买4件"，这是美国开市客（Costco ）网站上对黄金产 品的限购条款。 ...

Group 1 - The core point of the article is the signing of a framework agreement between Deutsche Bahn and BYD for the production of 200 electric buses, highlighting the push for green public transport in Germany and the importance of cost-effectiveness in procurement decisions [2] - The agreement comes at a time when the EU is easing restrictions on fuel vehicles, with German officials emphasizing the need for electric vehicle adoption while also expressing a desire for patriotic purchasing practices [2][3] - Despite a decline in Germany's economic performance, foreign investment interest, including from Chinese companies, remains strong, with a slight decrease in foreign investment projects in 2024 compared to the previous year [3][4] Group 2 - Germany is implementing the "Growth Opportunities Act" to attract more foreign investment through tax incentives and structural reforms, including a gradual reduction of corporate tax rates from 15% to 10% by 2032 [4] - The bilateral trade volume between Germany and China reached €185.9 billion in the first three quarters of the year, with China remaining Germany's largest trading partner [4] - Chinese companies are increasingly focusing on greenfield investments in Germany, particularly in sectors like electric vehicles and digitalization, moving away from previous trends of mergers and acquisitions [5] Group 3 - Chinese enterprises face challenges in Germany due to increased scrutiny on foreign investments, including foreign investment reviews and data protection regulations, which can lead to longer approval times for transactions [6] - The German business community emphasizes the importance of the Chinese market, with many companies relocating operations to China to better align with local demands [7] - The trend of German companies moving operations to China reflects a strategic focus on local market needs, indicating a deep reliance on the Chinese market for future growth [7]

2025.12.25 本文字数：554，阅读时长大约1分钟 来源 | 大象新闻、南方周末 西贝风波已经过去100天。近日，西贝创始人贾国龙接受媒体采访。贾国龙接受采访时表示，这次风波 对西贝影响比以往所有的经营危机量级都要大。他表示自己连续40天靠吃安眠药入睡，每天有"处理不 完的事"，憋了一肚子的心里话。 采访中，他表达对这次风波的深刻反思。贾国龙表示当时不应该选择硬刚，未来会耐心听每位顾客的意 见。"我认错，向顾客认错，向员工认错，也向我自己认错"。贾国龙坦言，自己不应该和顾客硬刚，人 都是吃一堑长一智，未来不能再独断专行，并表示自己"长期忽视了顾客的声音""未来要耐心听每位顾 客的意见"。贾国龙称，风波开始至今，西贝全国门店接受了各级政府监管部门的八十多次检查，没有 一起违法违规处罚。 爱企查App显示，贾国龙名下关联超20家企业，涉及餐饮、投资、科技等领域，其中大多数为开业状 态，包括内蒙古西贝餐饮集团有限公司、北京西贝餐饮管理有限公司、内蒙古赛诺种羊科技有限公司 等。在上述为开业状态的企业中，贾国龙担任法定代表人、董事长、执行董事等职务。 | | 石酸菌下空设值病平台 置老板 ▼ 图国龙 专业资企业 ...

记者｜陆涵之 编辑｜钉钉 12月25日，京东发布了2025年终奖公告，京东全集团92%的员工拿满甚至拿到超额年终奖，年终奖总投 入同比增幅超过70%。 公告显示：在今年提前实现20薪的部门内，年度绩效B+的员工即可拿满8倍月薪年终奖，即全年20薪， 年度绩效A+将直接获得12倍年终奖，全年24薪。京东采销今年将实现平均25薪，上不封顶。 ...

12月25日，据中国政府采购网发布的公告显示，上海微电子装备（集团）股份有限公司中标 zycgr22011903采购步进扫描式光刻机项目，设备数量为一台，成交金额10999.985万元。供应商地址为 上海市张江高科技园区张东路1525号。 编辑 ｜ 钉钉 （头图由AI生成） | | 供应商名称 | 货物名称 | 货物品 | 货物型号 | 货物数 | 货物单价(元) | | --- | --- | --- | --- | --- | --- | --- | | | | | 版 | | 13 21 | | | | 上海微电子装备(集团) 股份 有限公司 | 步进扫描式光 刻机 | SMEE | SSC800/10 | 1 | 109,999,850 | | 115 름 | | | | | | | 张江高科盘中一度大幅拉升涨超8%，截至收盘，涨幅收窄至4.81%，最新股价报42.48元/股。 ...

Core Viewpoint - The release of the "Encouragement Directory for Foreign Investment (2025 Edition)" aims to attract and utilize foreign investment more effectively, focusing on advanced manufacturing, modern services, high-tech, and environmental protection sectors, as well as promoting investment in the central and northeastern regions of China [2][3]. Group 1: Changes in the Encouragement Directory - The new directory includes a total of 1,679 entries, with a net increase of 205 entries and 303 modifications compared to the 2022 version [3]. - The national directory has 619 entries, with 100 new additions and 131 modifications, while the regional directory has 1,060 entries, with 105 new additions and 172 modifications [3]. - The expansion of the directory signals a proactive approach to attract foreign investment amidst increasing global competition and protectionist measures from other countries [3][4]. Group 2: Focus Areas for Foreign Investment - The new directory encourages foreign investment in advanced manufacturing by adding or expanding entries related to end products, components, and raw materials to enhance the development of supply chains [4]. - It promotes investment in modern services, with new or expanded entries in business services, technical services, scientific research, and service consumption to foster high-quality development in the service sector [4]. - The directory also emphasizes investment in the central and northeastern regions of China, tailoring entries to local resources and industrial advantages, such as new projects in various provinces [4][5]. Group 3: Impacts on Industry Structure and Economic Growth - The revision of the directory is expected to support industrial structure upgrades and improve efficiency, responding to the rapid technological revolution and industrial transformation [5]. - It aims to attract global innovation factors and enhance international investment cooperation, benefiting both supply and demand sides of the economy [5][6]. - The directory continues to prioritize technology innovation as a key area for foreign investment, supporting advanced manufacturing and high-tech sectors to foster new productive forces [6]. Group 4: Future Directions and Implementation - The National Development and Reform Commission plans to strengthen guidance and coordination to ensure the effective implementation of the new policies [7]. - Efforts will be made to create a market-oriented, law-based, and international business environment to attract more multinational companies to invest in China [7]. - The government will expedite the launch of major foreign investment projects and address issues related to land use, environmental assessments, and energy consumption [7].

Core Viewpoint - The liquor stocks experienced a significant upward trend in the afternoon of December 25, with notable gains in several companies, indicating a positive market sentiment in the sector [1]. Group 1: Stock Performance - Shuijingfang (水井坊) reached the daily limit with a gain of 10.01%, trading at 39.80 [2] - Huangtai Liquor (皇台酒业) increased by 5.00%, with a current price of 13.23 [2] - Jiugui Liquor (酒鬼酒) rose by 3.92%, priced at 57.53 [2] - Jinhui Liquor (金徽酒) saw a 3.23% increase, trading at 20.46 [2] - Shede Liquor (舍得酒业) gained 2.59%, with a price of 58.96 [2]