Core Points - The eighth member conference of the China Securities Association was held on December 6, where the new leadership was announced [1] - Zhu Jian from Guotai Junan Securities was appointed as the Executive Director and President [1] - Wu Yunhao from the China Securities Association was appointed as the Executive Director and Vice President [1] Group 1 - The new leadership includes several prominent figures from major securities firms, such as Liu Cheng from CITIC Securities and Lin Chuanhui from GF Securities, who were appointed as Executive Directors and Vice Presidents [1] - Other notable appointments include Liu Jian from Shenwan Hongyuan Securities, Zhou Yi from Huatai Securities, Zou Yingguang from CITIC Securities, Huo Da from China Merchants Securities, Zhang Nashan from Guosen Securities, Zeng Shan from Yimeng Co., and Chen Liang from China International Capital Corporation [1] - Supervisory roles were filled by Wang Sheng from Galaxy Securities as Chairman and Su Junliang from Industrial Securities as Vice Chairman [2]

Core Viewpoint - The chairman of the China Securities Regulatory Commission, Wu Qing, emphasized the need for securities firms to shift from price competition to value competition, leveraging their unique resources and advantages [1] Group 1: Industry Trends - Securities firms are encouraged to enhance their competitiveness in market services, client relations, and risk management, aiming to set benchmarks in these areas [1] - There is a call for leading institutions to maintain a sense of urgency, as the market is competitive and requires continuous improvement [1] Group 2: Strategic Development - The importance of resource integration and the effective use of mergers and acquisitions is highlighted, aiming for complementary advantages and efficient allocation of resources [1] - The goal is to develop several securities firms with significant international influence during the 14th Five-Year Plan period [1] Group 3: Opportunities for Smaller Firms - Smaller institutions are encouraged to focus on their strengths and develop in niche markets, targeting specific client groups and regions [1] - The aim is to create boutique investment banks and specialized service providers that excel in their respective areas [1]

新京报贝壳财经讯 12月6日，央行网站显示，2025中国金融学会学术年会暨中国金融论坛年会在北京开 幕。中国人民银行党委委员、副行长陆磊出席开幕论坛并发表致辞。陆磊表示，强大的货币以币值稳定 为计量标准，以全球金融市场共识公认为客观标志，以面向智能化数字化为时代要求。人民币已体现上 述特征，并具备持续提升优势地位的潜质。期待各方利用好中国金融学会的平台，在全球金融治理改 革、经济发展潜力因素、人工智能发展影响等领域形成更多有影响力的新成果。 校对 赵翀琳 ...

新京报贝壳财经讯 12月6日，央行网站显示，2025中国金融学会学术年会暨中国金融论坛年会在北京开 幕。中国金融学会理事会会长易纲作题为《锚定高质量发展 构建中国特色现代金融体系》的主旨演 讲。他指出，在党中央的坚强领导下，中国金融业始终坚持以人民为中心，服务经济建设和社会发展大 局，实现了历史性跨越，取得卓越成就。在全面建设社会主义现代化国家新征程中，普惠金融发展要继 续体现包容性，充分做到"以人民为中心"，坚持商业可持续的原则，以金融活水惠及普通百姓。绿色金 融发展要逐步减少碳排放的负外部性并不断收窄绿色溢价，以市场化方式动员社会资本积极参与，共同 推动全经济领域绿色低碳转型。 校对 赵翀琳 ...

Core Viewpoint - The Chinese securities industry has demonstrated steady growth and enhanced capital strength over the past four years, with significant increases in total assets, net assets, and net capital by September 2025 compared to 2021 [1] Group 1: Industry Performance - As of September 2025, the total assets of the securities industry are projected to reach 14.51 trillion yuan, net assets to 3.27 trillion yuan, and net capital to 2.39 trillion yuan, all showing substantial growth from 2021 [1] - Cumulative operating revenue for the industry is expected to exceed 2 trillion yuan, with cumulative net profit surpassing 800 billion yuan [1] Group 2: Regulatory Environment - The industry adheres to the "Two Strengths and Two Stricts" regulatory spirit, emphasizing compliance as a value creator [1] - Continuous enhancement of compliance and risk control measures has led to the industry's main risk control indicators being overall better than regulatory and warning standards, ensuring the avoidance of systemic risks [1]

新京报贝壳财经讯 12月6日，生态环境部网站显示，近日，生态环境部部长黄润秋主持召开部常务会 议。会议指出，核安全在国家安全中具有极其特殊的地位，严格监管是对核安全事业持续健康发展的最 大支持。要坚持严字当头、依法监管，督促营运单位、工程总承包单位、监理单位等落实各方职责，加 强设计、采购、建安等活动管理，有效运转质量保证体系和经验反馈体系，推动核电工程高标准高质量 建设。要加强事中事后监管，确保核电厂建造活动符合生态环境保护各项法律法规标准。 校对 赵翀琳 ...

Core Viewpoint - The Ministry of Ecology and Environment emphasizes the importance of building ecological industrial parks as a means to implement green development concepts in the industrial sector and promote the development of new productive forces [1] Group 1: Ecological Industrial Parks - The construction of ecological industrial parks is identified as a strong tool for advancing green development in the industrial field [1] - High standards are to be adopted in the construction of ecological industrial parks, with a focus on enhancing departmental collaboration [1] - The Ministry plans to summarize and promote construction experiences to set examples for the green, low-carbon, and high-quality development of industrial parks nationwide [1]

【元宇宙失宠？#Meta拟大砍业务预算最高30%#，累计亏损超700亿美元】#Meta旗下元宇宙或失宠# 社交媒体巨头Meta旗下元宇宙（Metaverse）业务或将彻底"失宠"。 当地时间12月4日，据外媒报道，Meta的CEO马克·扎克伯格将要改变元宇宙业务的发展策略。据知情人 士透露，公司管理层已在讨论将明年元宇宙团队的预算削减高达30%，旗下虚拟世界产品Meta Horizon Worlds（地平线世界）和Quest虚拟现实头显业务将受到影响，最早可能于明年1月启动裁员。 Meta的元宇宙团队隶属于Reality Labs（现实实验室）部门，自公司开始重点发展元宇宙的2021年初以 来，该部门已累计亏损超过700亿美元。 知情人士表示，本次削减计划是公司2026年度预算规划的一部分。和过去几年一样，扎克伯格要求管理 层全面削减10%的预算。由于Meta未能看到元宇宙行业的竞争热度，相关业务被要求进行更深度的削 减。预计Meta的VR（虚拟现实）团队预算将被大量削减，因为这部分是公司元宇宙相关支出的大头。 对此，Meta方面证实称，元宇宙项目的部分资源将用于支持现实实验室部门内的其他项目："在我们现 实 ...

Core Insights - The brand "YONNY" has successfully established itself as the leading Chinese restaurant chain in Kuala Lumpur, Malaysia, by December 2023, following its market entry in February 2023 [1][2] - The brand received the "Most Popular Sauerkraut Fish Brand 2025" award at the seventh "Yuzhong Different - Malaysia-China Cultural and Food Festival" [1][9] - The founder, Wei Tongrong, was honored as the "Cultural Promotion Ambassador for Malaysia-China Cuisine," highlighting the brand's effective globalization strategy [6][7] Brand Expansion and Cultural Integration - The festival, organized by the Malaysia Chinese Restaurant Association, signifies a shift in Chinese cuisine's international presence from mere product export to deeper cultural integration and industry collaboration [3] - Wei Tongrong emphasized a clear strategy of "global brand, localized operation," which includes adopting an international brand identity and collaborating with local designers to enhance brand recognition [7] Market Performance and Consumer Engagement - The brand's rapid establishment in Malaysia is attributed to a well-defined menu structure of "70% classic dishes + 30% local innovations," catering to local tastes while maintaining brand identity [7] - In September 2025, YONNY opened six stores simultaneously in Malaysia, achieving a total of 2,834 diners on the first day, with a 56% increase in average daily revenue per store [11] Industry Trends and Future Outlook - The international Chinese cuisine market is projected to grow from $227.55 billion in 2020 to $359.39 billion by 2024, with expectations to reach $577.68 billion by 2030 [10] - The brand's approach to avoid either excessive adaptation or strict adherence to original flavors reflects a broader trend in the industry, emphasizing flavor inclusivity and standardized production [10] Supply Chain and Industry Collaboration - The brand's success is linked to its proactive supply chain management and standardized operations, aligning with China's "14th Five-Year Plan" for promoting integrated trade and investment [12] - Wei Tongrong advocates for the role of Chinese cuisine in global supply chain development, emphasizing the export of agricultural and food products as a means to support domestic industries [12]

Core Insights - Shenzhen Bay Yunxi set a new record for single project sales in China, achieving a sales amount of 13 billion yuan on its opening day, with a sales rate of approximately 70% [1][2] Group 1: Project Details - Shenzhen Bay Yunxi launched 348 units ranging from 209 to 1150 square meters, with an average price of 168,800 yuan per square meter, and an average total price exceeding 50 million yuan per unit [1] - The project is built on a "land king" site, acquired for 18.512 billion yuan with a premium rate of 46.31%, making it the highest total price land in Shenzhen [2] Group 2: Market Dynamics - The project benefits from its prime location in Nanshan District, surrounded by major tech companies and high-end talent, contributing to strong purchasing power [2][3] - There is a significant price gap between new and second-hand properties in the area, with the average price of second-hand homes in the vicinity reaching 193,200 yuan per square meter, indicating a structural market trend favoring new luxury properties [3] Group 3: Luxury Market Trends - The trend of luxury properties selling well is not limited to Shenzhen; other cities like Guangzhou and Shanghai have also seen high sales figures for luxury projects, indicating a broader trend in first-tier cities [4][6] - In Guangzhou, the Poly Yuexi Bay project achieved over 10.6 billion yuan in sales on its opening day, while in Shanghai, several luxury projects have also reported significant sales figures, reinforcing the demand for high-end real estate [5][6] Group 4: Factors Driving Demand - The luxury market's appeal is attributed to clear capital flow towards assets that offer value preservation and risk defense, alongside strong demand for improved housing in prime locations [7]