战斗民族俄罗斯，彪悍的民风是刻进骨子里的，寒冷恶劣的地理环境锻造了他们彪悍、多元、硬核的民 族性格… 在俄罗斯西伯利亚地区，低气温记录为-50℃，被称为地球上有人居住的"冷极"。 在这里， 如果冬天不注意防寒防冻，冻伤都是有可能的。 然而在这种天气，他们身体力行地说明了一件事： 比俄罗斯冬天更硬核的，还有俄罗斯人，乌拉！ 尽管每年都要面对这样的气温挑战， 但俄罗斯人却很少出现手脚皲裂…… 反观我们，尤其是像我们妈妈这个年纪的人， 天一冷，手脚皲裂就成了常态，有时候连走路都很困 难！ 你以为是战斗民族的皮肤天生就比我们好？ 其实主要的原因，可能就在干裂防冻膏的差异上！ 今天我们就给大家推荐一款防干裂膏—— 俄罗斯进口PANNAKISS干裂膏。 俄罗斯四十多年历史的护理品牌 ——防冻修护膏。 点击下图即可购买 俄罗斯鬼才配方， 1瓶=身体乳➕护手霜➕护足霜！ 缓解秋冬干裂！ ▼ 与普通膏的药材味不同的是， 俄罗斯进口PANNAKISS干裂膏，打开盖子有股很好闻的花香味。 一 抹 滋 润，修 护 软 化 老 茧 。 相比于其他产品， PANNAKISS干裂膏的渗透力好，滋润度强， 抹在肌肤上，就像是水滴在棉花中， ...

"台积电董事长要来大陆了！" 这则消息，近日在中国半导体圈引发广泛关注。 此前有知情人士透露，台积电董事长魏哲家"有望于12月4日现身南京，出席台积电开放创新平台（OIP）生态系统 论坛，并计划密集拜访多家本土芯片设计公司"。 若行程属实，这将是他自 2023年上海技术论坛后，两年来首次踏足大陆。 这场论坛作为台积电2025年OIP全球巡回的压轴场，此前已走过硅谷、东京、新竹、阿姆斯特丹四站。 尽管台积电官方已第一时间否认相关传闻，且公开信息显示，此次活动仅有台积电院士、设计暨技术平台副总经 理鲁立忠公开发言，并未出现总裁魏哲家的身影及相关媒体报道，但一个不争的事实是：从市场布局到供应链支 撑，台积电始终离不开大陆。 另一边，美国早已盯上半导体产业这块 "蛋糕"。 卢特尼克3日接受美国媒体采访时指出，台积电宣布将增加投资1000亿美元，总投资额达1605亿美元。他说："当 然，他们（台湾）也会训练美国劳工。最终目标是将供应链转移到美国，在美国生产半导体及药品，训练美国人 从事这些工作。让整个供应链都留在美国。这就是我们全部的目的。" 这家芯片巨头再次站上地缘政治的十字路口。 01 主动布局 2016年7月6日 ...

Core Viewpoint - The article discusses the newly released "Guidelines for Performance Assessment and Compensation Management of Fund Management Companies (Draft for Comments)", which aims to standardize performance assessment and compensation management in the fund industry, ensuring long-term incentives are aligned with the interests of fund shareholders [3][9]. Summary by Sections Performance Assessment and Compensation Structure - The guidelines emphasize strengthening performance assessments, requiring that the weight of long-term performance indicators (over three years) in overall quantitative assessments should not be less than 80% [4][10]. - For senior management, the weight of investment return indicators in performance assessments should be at least 50% [11]. Investment in Own Funds - Senior management and key personnel are required to invest a minimum of 30% of their total performance compensation in their company's funds, with at least 60% of that in equity funds [5][15]. - Fund managers must invest at least 40% of their total performance compensation in the funds they manage, excluding non-equity products [5][15]. Salary Adjustments Based on Performance - Fund managers whose performance lags behind the benchmark by more than 10% over three years and have negative profit margins will see a minimum 30% reduction in their performance compensation [6][16]. - The guidelines establish a tiered adjustment mechanism for performance compensation based on the fund's performance relative to benchmarks [16]. Long-term Incentives and Accountability - The guidelines allow for the use of equity, options, and other long-term incentives to align employee interests with the long-term benefits of fund shareholders [9][18]. - A strict accountability mechanism is introduced, which includes salary stoppage, recovery, and clawback provisions applicable even to departing employees [19]. Overall Compensation Management - Fund management companies are encouraged to manage total compensation budgets effectively, linking changes in total compensation to fund performance and company profitability [17]. - The structure of compensation should include basic salary, performance pay, benefits, and long-term incentives, ensuring a balanced approach to avoid risks associated with unreasonable compensation structures [18].

来源：凤凰网财经《公司研究院》 得天独厚的优势，却并没有给智己带来光明的前景。与智己几乎同期诞生的上汽飞凡，让"双生"陷 入出道即相杀的状态。 按照上汽集团最初的设想，智己汽车和飞凡汽车作为品牌向上的左右手各有分工，飞凡主攻20万级 市场，智己则朝着30万以上市场进攻。但这份规划很快被汽车市场激烈的竞争态势搅散。 伴随价格战态势持续，降价几乎成为所有品牌的共同选择。智己的境遇则更为尴尬，价格下探注定 会与飞凡的定位重叠，影响自身高端定位。 上汽集团的一号工程智己汽车， 单月销量持续突破历史记录，却 还是 没能冲进安全区 。 作为上汽集团的"亲儿子"，品牌一度月销量仅 徘徊在 千余辆 范围。 11月最新销量显示，品牌单月 交付 " 再创新高 " 来到1. 36 万辆 。 但当前行业竞争白热化，新造车企业的安全区"底线"水涨船高，已经从最初的1万辆提升到公认的2 万辆，智己对比自身的小小突破，放在行业的度量衡中还难保自身无虞。 同月， 造车新势力头部品牌零跑同比增长超75%，月销超过7万辆，并已连续九个月保持强劲增长 态势 ； 赛力斯新能源汽车 当月 销量达5 . 52 万 辆，同比增长49.84% ...... ...

美国总统唐纳德·特朗普近几天多次称赞哈塞特并暗示可能已决定提名他。 "我猜一位潜在的美联储主席也在这里，" 特朗普周二在白宫一个活动上说，"我不知道谁可以说'潜在'这个词。我可以告诉你们，他是一位受尊敬的 人。谢谢你，凯文。" 哈塞特在接受福克斯新闻采访时被问及他是否相信联邦公开市场委员会下周将降低利率时做出了这一表态。 "我认为我们应该降息，而且我认为我们可能会这么做，" 哈塞特提及美联储理事和地区行长最近的表态说，"他们现在看起来更倾向于降息的方 向。" 哈塞特还表示，他希望长远"将利率降至低得多的水平"。"如果共识是25个基点，而现在看来确实如此，那么我就接受，" 他继续说道。 当被问及如果被提名并确认当上美联储主席，他可能会寻求再降息多少时，这位首席经济顾问选择了回避，称主席的工作应"对数据具有高度回应能 力"，并考虑调整利率会对通胀及就业产生何种影响。 "总统考虑的人选有很多，" 哈塞特说，"我很荣幸能和这些优秀的人一起入围。结果让我们拭目以待吧。" 白宫国家经济委员会主任凯文·哈塞特表示，美联储应该在下周的会议上降息，他并预测下调幅度为25个基点。 与此同时特朗普的智囊和盟友正在探讨哈塞特赴任后人 ...

12 月 5 日，中国人民银行官网显示，中国人民银行与澳门金融管理局签署常备互换协议并扩大规模。 | | র | | 中国人民银行 THE PEOPLE'S BANK OF CHINA | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 信息公开 | 新闻发布 | 法律法规 | 货币政策 | 宏观审慎 | 信贷政策 | 金融市场 | 金融稳定 | 调查统计 | 银行会计 | 支付体系 | | | 金融科技 | 人民币 | 经理国库 | 国际交往 | 人员招录 | 学术交流 | 征信管理 | 反洗钱 | 党建工作 | | | 服务互动 | 政务公开 | 政策解读 | 公告信息 | 图文直播 | 央行研究 | 音频视频 | 市场动态 | 网上展厅 | 报告下载 | 报刊年鉴 | | | 网送文告 | 办事大厅 | 在线申报 | 下载中心 | 网上调查 | 意见征集 | 金融知识 | 关于我们 | | | | | | 2025年12月5日 星期五 我的位置:首页 > 沟通交流 > 新闻 | | | ...

Core Viewpoint - The debut of "Yujian Xiaomian" (02408.HK), known as the "first stock of Chinese noodle restaurants," on the Hong Kong Stock Exchange was met with a disappointing market reaction, opening at 5.00 HKD per share, down 28.98% from the issue price of 7.04 HKD [1][5]. Group 1: Company Performance - As of the closing, the stock price was 5.08 HKD per share, reflecting a 27% decline, with a total market capitalization of 36.1 billion HKD [4]. - The company has shown significant revenue growth, with revenue increasing from 418 million RMB in 2022 to 1.154 billion RMB in 2024, representing a compound annual growth rate (CAGR) of 66.2% [6]. - In the first half of 2025, the company achieved revenue of 703 million RMB, a year-on-year increase of 33.8%, and net profit of 42 million RMB, up 95.8% year-on-year [7]. Group 2: Market Challenges - The company's strategy of "price for volume" has led to a decline in average order value from 36 RMB in 2022 to 31.8 RMB in 2024, without a significant increase in table turnover rates, which fluctuated between 3.0 and 4.0 [8]. - The restaurant network is heavily concentrated in Guangdong Province, with over half of the restaurants located there, making the company vulnerable to regional economic changes [8]. - The franchise model, while accelerating store expansion, poses challenges for food safety and operational standardization, with reports of franchise stores facing regulatory penalties due to quality control issues [9]. Group 3: Investor Sentiment - Despite the challenges, the company attracted significant interest from cornerstone investors, raising 22 million USD prior to the IPO, indicating some institutional confidence in its long-term prospects [10]. - The IPO saw an oversubscription of approximately 426 times in the public offering, with a final issue price of 7.04 HKD per share, raising a net amount of 617 million HKD [10]. - However, the dark market trading prior to the listing indicated a downward trend, with declines of 14.2% to 14.8%, foreshadowing the poor performance on the first trading day [10]. Group 4: Strategic Concerns - The company faces a "single-dimensional" dilemma, characterized by a lack of geographic diversification, a narrow product range centered on Chongqing noodles, and a limited operational model, which restricts its ability to expand effectively [11]. - Addressing these challenges will be crucial for the company to enhance its valuation and regain investor confidence in the capital markets [11].

来源丨凤凰网财经《公司研究院》 "除了比华为那种方案更厚，意义在哪？"近日，科技名人罗永浩对三星最新三折叠手机Galaxy Z TriFold的犀利吐槽，迅速在中文互联网上引发热 议。 这款被三星寄予厚望、旨在高端市场与华为Mate XTs等产品展开竞争的三折叠手机，正面临市场审视。这一落差，在市场份额的变化中尤为明显。 2013年，三星曾占据中国智能手机市场20%的份额，稳坐头把交椅。当时，华为尚在运营商渠道挣扎，小米才刚刚起步。然而时过境迁，自2023年 起中国成为全球最大折叠屏手机消费市场，而在如今的中国市场前五榜单中，已难觅三星踪影。 01 1.7万的三星三折叠手机遭罗永浩吐槽 据三星官网介绍，这款名为Galaxy Z TriFold的手机，创新性地采用了双铰链设计，通过双铰链设计，手机可展开至平板电脑尺寸。 三星计划于12月12日在韩国率先首发该机型，其售价定为359万韩元（约合17302元人民币），换算成美元约为2450美元。 从设计来看，三星和华为的三折叠手机存在较为明显的差异。三星的TriFold设备采用双侧内折铰链设计，而华为Mate XT在折叠时则呈现出独特的Z 字形结构。值得一提的是，T ...

Core Viewpoint - The successful debut of Moole Thread on the STAR Market has ignited enthusiasm in the A-share market, with its stock price soaring significantly on the first day of trading [1][2]. Group 1: Stock Performance - Moole Thread opened at 688 CNY per share, a staggering 502% increase from its issue price of 114.28 CNY, leading to a market capitalization of 282.3 billion CNY by the end of trading [2][3]. - The trading volume reached 251,200 shares, with a turnover rate of 85.49% and a closing price of 600.50 CNY [3]. Group 2: Investor Gains - Ordinary investors who purchased one lot (500 shares) could have realized a floating profit of approximately 267,900 CNY, equivalent to a down payment for a property in a second-tier city [5]. - Major institutional investors, such as Shenzhen Minghao, have seen substantial returns, with their holdings valued at 11.966 billion CNY after the IPO [10][12]. Group 3: Institutional Participation - A total of 267 institutions participated in the offline subscription, setting a record for the year in the STAR Market, with an oversubscription rate of 1796 times [26][27]. - Public funds were the main force in this round of subscription, with E Fund's products acquiring 3.8418 million shares, resulting in a floating profit of approximately 1.866 billion CNY [28]. Group 4: Financial Performance and Future Outlook - Despite the impressive stock performance and returns, Moole Thread faces challenges with nearly 6 billion CNY in cumulative losses and an unproven commercialization path, highlighting a gap that needs to be bridged through technological breakthroughs and market validation [31].

发量 决定一个人的氛围感，真没错！ 你瞅，拥有一头海藻般的头发，随便一甩就是氛围感~ 跟别人合照也能轻松出圈。 男人也是如此！！ 头发多就是显年轻！ 但想维持健康的发量可太难了！ 工作生活的各种压力， 让现在的人掉发越来越严重。 枕头上、梳子上、地上、浴缸里到处都是头发，自己头上却没剩多少... 数据显示： 我国现在有超2.5亿人受掉发困扰，也就是说每6个人里就有1个人脱发 。 像我们平时使用的染发剂， 各种含硅洗发水，或多或少都会损伤发根，影响头皮健康。 而 头 发少不仅会显老 ，连造型都做不了，再高的颜值也撑不住。 点击下图即可购买 ▼ | F | . | 10 | | --- | --- | --- | | œ | | | | 产品名称 | RUYI儒意臻萃防脱精华液 | | --- | --- | | 产品类别 | 防脱类 | | 注册人 | 广州海雅生物科技有限公司 | | 任所地址 | 广州市白云区鹤龙街黄边北路620号二层209室 | | | 1.变托境内生产 生产企业名称:广州臻颜化妆品有限公司 住所地址:广州市白云区钟落潭镇良园二横路15号之一 | | | 1栋401室、1栋501室 | | ...