Group 1: Key Developments in Technology and AI - Maiwell Technology announced the acquisition of Celestial AI for $3.25 billion to enhance its technology layout and market competitiveness in the AI computing sector, which will help expand its AI chip business applications and customer base [2] - Tesla showcased a running segment of its humanoid robot Optimus, indicating significant breakthroughs in motion control technology, which may accelerate the commercialization of robots [2] - Amazon's AWS launched the 3nm AI chip Trainium3, achieving three times the computing speed of its predecessor and reducing AI model training and operational costs by 50% compared to equivalent GPU systems [7] Group 2: Developments in the Greater China Region - Xiaomi Auto has delivered over 500,000 units since April 3, 2024, marking a significant improvement in its competitiveness in the new energy vehicle market [4] - JD Group's industrial supply chain service provider, JD Industrial, has officially launched its IPO, aiming to raise up to HKD 3.27 billion by issuing 210 million shares priced between HKD 12.7 and HKD 15.5 [4] - Taiwan's Tigerair plans to lease 11 new A321neo aircraft and purchase 4, with a total investment of nearly NT$40 billion, aimed at enhancing fleet fuel efficiency and reducing operating costs per seat [5] Group 3: Semiconductor and Chip Industry Updates - TSMC is facing a lawsuit due to the leakage of its 2nm technology, which may impact its technology confidentiality and market competition landscape [5] - Samsung Electronics has surpassed SK Hynix in HBM production, becoming the global leader, while NAND Flash and DRAM shortages are intensifying [10] - SK Hynix's Dalian company increased its investment to $3.1 billion, but its market share in HBM has fallen to second place behind Samsung [10] Group 4: Automotive Industry Insights - Toyota's revenue forecasts for fiscal years 2025-2028 are projected at ¥50.25 trillion, ¥51.51 trillion, and ¥51.71 trillion, with net profits of ¥3.36 trillion, ¥4.09 trillion, and ¥4.27 trillion respectively [10] - Mercedes-Benz launched its pure electric CLA, featuring an 89 kWh battery with a range of 866 kilometers, priced between ¥249,000 and ¥299,900 [13]

Group 1 - China's self-developed reusable launch vehicle Zhuque-3 successfully completed its maiden flight, marking a new milestone in the country's commercial space industry, with predictions that the industry could reach a scale of 7-10 trillion yuan by 2030 [2] - The U.S. ADP employment report for November showed a decrease of 32,000 private sector jobs, the largest drop in two and a half years, leading to increased expectations for a Federal Reserve rate cut [2] Group 2 - The Chinese government is promoting new urbanization as a key driver for expanding domestic demand and upgrading industries, emphasizing the need for urban renewal and addressing the urban-rural dual structure [3] - The Chinese Ministry of Commerce reported that the trade-in program for consumer goods has generated over 2.5 trillion yuan in sales, benefiting over 360 million people [3] Group 3 - The A-share market experienced a decline, with the Shanghai Composite Index down 0.51% and the Shenzhen Component down 0.78%, while the coal sector saw gains [5] - The Hong Kong Hang Seng Index fell 1.28%, with significant net buying from southbound funds, particularly in Alibaba [5] Group 4 - New active equity funds have shown signs of building positions, with over 80% of newly established funds experiencing net value fluctuations, while the consensus is to focus on AI applications for future allocations [6] - Morgan Stanley upgraded its rating on the Chinese stock market to "overweight," citing a higher risk of significant gains compared to losses [6] Group 5 - The Chinese government has initiated a parenting subsidy program for families with children under three years old, with over 30 million applications submitted and approved [4] - Cambodia will implement a visa-free policy for Chinese citizens from June to October 2026, allowing for multiple entries [4] Group 6 - The cultural and tourism sector in China is set to integrate with the civil aviation industry through a new action plan aimed at enhancing domestic travel accessibility and developing low-altitude tourism [9] - The Chinese passenger car market saw retail sales of 2.263 million units in November, a year-on-year decline of 7%, while the new energy vehicle market grew by 7% [9] Group 7 - The China Internet Finance Association is enhancing self-regulation for financial applications and mini-programs, aiming to mitigate risks associated with digital financial channels [10] - Binance appointed co-founder He Yi as co-CEO to expand its global business and strengthen compliance efforts [10] Group 8 - The U.S. stock market saw slight gains, with the Dow Jones up 0.86%, while the tech sector faced declines, particularly in Chinese concept stocks [15] - European stock indices showed mixed results, with the French market benefiting from consumer sector resilience [15] Group 9 - The domestic bond market experienced narrow fluctuations, with most interest rates rising, while the central bank conducted a reverse repurchase operation [17] - The U.S. Treasury yields collectively fell, indicating a shift in investor sentiment [17] Group 10 - International precious metals futures generally rose, supported by expectations of a Federal Reserve rate cut and positive economic data from Europe [18] - Crude oil prices increased amid ongoing geopolitical tensions, particularly related to the Russia-Ukraine conflict [18]

Open Market Operations - The central bank conducted a 7-day reverse repurchase operation on December 3, with a fixed rate and a total amount of 79.3 billion yuan, at an interest rate of 1.40%. The total bid amount matched the amount awarded, resulting in a net withdrawal of 134 billion yuan for the day, as 213.3 billion yuan in reverse repos matured [1]. Funding Conditions - The central bank's continued net withdrawal in the open market does not hinder the stable and accommodative trend in the interbank funding market at the beginning of the month. The weighted average interest rate of DR001 slightly increased but remained below 1.3%. Overnight quotes in the anonymous click (X-repo) system stayed around 1.28%, with significant supply. Non-bank institutions borrowed overnight funds using credit bonds as collateral, with quotes around 1.44% [3]. Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit among major national and joint-stock banks was around 1.65%, showing a slight increase compared to the previous day [8]. Government Bond Futures - The closing prices for government bond futures showed a decline in the 30-year main contract by 0.26%, while the 10-year, 5-year, and 2-year main contracts increased by 0.06%, 0.07%, and 0.03% respectively [13]. Key Economic Policies - The State-owned Assets Supervision and Administration Commission held a meeting emphasizing the optimization of the state-owned economy's layout and structural adjustments, focusing on technology and industry innovation, and high-quality development [14]. - Zhejiang province released a draft policy for public consultation aimed at promoting high-quality economic development, which includes securing funding support through long-term special bonds and policy financial tools [14]. - The Ministry of Commerce reported that from January to November, the trade-in of consumer goods generated over 250 billion yuan in sales, benefiting more than 360 million people [14]. Global Economic Insights - The U.S. Treasury Secretary indicated that the U.S. is expected to see "real wage growth" and "low-inflation growth," predicting a return to 4% economic growth by 2026 [16]. - South Korea's President noted stable prices, with rapid economic growth expected to exert upward pressure on prices, as the country's GDP grew by 1.3% in Q3, marking the highest increase in nearly 15 quarters [16]. Bond Market Developments - Japan's 30-year government bond yield rose by 5 basis points to 3.425%, reaching a record high [17]. - New City Holdings plans to issue new medium-term notes to repay 2 billion yuan due on December 12 [17]. - Xinda Real Estate canceled the issuance of 1.82 billion yuan in new medium-term notes originally intended to repay an equivalent amount due on December 7 [17].

Group 1 - The article discusses the outlook for the foreign exchange market in 2026, highlighting a smooth weakening of the US dollar in the first half of 2025, with the Chinese yuan appreciating less compared to other non-US currencies [2] - It raises questions about the future trends of the US dollar and Chinese yuan exchange rates, as well as the tools and strategies enterprises can employ to respond [2] Group 2 - The article presents a positive outlook for the pharmaceutical sector, driven by a "fourfold resonance" of policy, performance, research and development, and international expansion [4] - It emphasizes the potential for innovative drug companies to realize profits, the enhancement of R&D platform competitiveness, and the deepening of overseas collaborations by pharmaceutical companies [4] Group 3 - The article explores consumer trends for 2026, questioning whether the liquor industry can experience a cyclical reversal and how far the home appliance export benefits can extend [6] - It also discusses the potential for a recovery in exports to ignite the textile and apparel market, as well as the impact of policy catalysts on duty-free and gold markets [6] Group 4 - The article focuses on how Yuanbao is reshaping inclusive insurance through technology, questioning whether AI-driven user growth and product innovation can sustain breakthroughs [8] - It highlights the strategic upgrades and the interplay of ecological collaboration and service resilience in the future of insurance technology [8]

1. 公开市场操作 央行公告称， 12 月 2 日以固定利率、数量招标方式开展了 1563 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 1563 亿元，中标量 1563 亿元。 Wind 数据显示，当日 3021 亿元逆回购到期，据此计算，单日净回笼 1458 亿元。 2. 资金面 （*数据来源：Wind-央行动态PBOC） 央行 在公开市场连续净回笼，但银行间资金市场仍稳中偏宽， D R001 加权平均利率降近 1bp 至 1.3% 下方。匿名系统上，隔夜报价维持在 1.28% ，供给 充裕；非银机构以信用债为抵押融入隔夜资金，报价小降至 1.43%-1.46% 区间。交易员称，匿名系统上隔夜稳在 1.28% ，或说明 1.3% 的"隐形下限"已告 终结。另外，需要关注 央行 后续公开市场操作，以及对本周到期的买断式逆回购续做规模等。 海外方面，最新美国隔夜融资担保利率为 4.12% 。 （IMM） // 债市综述 // （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在 1.65% 附近，较上日上行近 1bp 。 30 年 ...

Group 1 - China and Russia held strategic security consultations, achieving new consensus on major issues related to their strategic security interests, enhancing mutual trust [2] - Japan's organizations expressed willingness to visit China, highlighting concerns over negative impacts from recent statements by Japanese officials regarding Taiwan [3] - Fujian province announced 12 measures to promote cross-strait integration, including support for Taiwanese enterprises and local business initiatives [3] - The National Development and Reform Commission emphasized the importance of building a modern industrial system, focusing on optimizing traditional industries and developing strategic emerging industries [3][4] - The State Administration for Market Regulation introduced a credit repair management approach to help businesses restore their credit [4] Group 2 - A-shares experienced a decline, with the Shanghai Composite Index down 0.42% and a total market turnover of 1.61 trillion yuan [5] - The Hong Kong Hang Seng Index rose 0.24%, while the Hang Seng Technology Index fell 0.37% [5] - Data from the Shanghai Stock Exchange indicated that 2.38 million new A-share accounts were opened in November, a 3.1% increase month-on-month [5] Group 3 - Multiple institutions are optimistic about the year-end market performance, with recommendations to increase holdings in the Chinese market [6] - Momenta, a Chinese autonomous driving technology company, has abandoned its plans for a New York IPO and submitted a secret application for a Hong Kong IPO [6] Group 4 - The lithium iron phosphate industry is undergoing a collective price increase, with leading companies issuing price hike notices to clients [9] - The China Drug Price Registration System has been officially launched, facilitating a global pricing system for innovative drugs [9] - The Ministry of Industry and Information Technology held a meeting to discuss the establishment of the China Artificial Intelligence Terminal Industry Association [9] Group 5 - The Federal Reserve's top banking regulator is working on new regulations for banks and stablecoins to ensure healthy competition among financial entities [10] - Vanguard Group has decided to allow trading of cryptocurrency ETFs and mutual funds on its platform, marking a significant shift in its stance on cryptocurrencies [10] Group 6 - Amazon Web Services launched the next generation of AI training chips, Trainium 3, and announced plans for Trainium 4, aiming to compete with Nvidia and Google in the AI chip market [11] - OpenAI has initiated an internal "red alert" to focus resources on optimizing ChatGPT's user experience amid competition from Google's Gemini [11] - Nvidia's CFO revealed that the company expects significant orders for its AI chips by 2026, excluding ongoing collaborations with OpenAI [11] Group 7 - The U.S. stock market saw slight gains, with the Dow Jones up 0.39% and the S&P 500 up 0.25%, driven by strong performances from Boeing and Caterpillar [15] - European stock indices showed mixed results, with the German DAX up 0.49% while the French CAC40 fell 0.28% [15] - The Bank of England warned of risks in the AI infrastructure sector due to high valuations supported by debt financing [16] Group 8 - BlackRock has turned bearish on U.S. long-term government bonds, downgrading its investment rating from neutral to underweight [17] - The domestic bond market is experiencing fluctuations, with yields on government bonds generally rising [17] - Local government bond issuance has surpassed 10 trillion yuan for the first time in history [18]

1、 历史性供应短缺压力叠加美联储降息预期升温，白银价格飙升至历史新高。 周一，现货白银历史首次站上58美元/盎司，最高触及58.84美元，今年以 来涨幅已超100%，大幅跑赢黄金。COMEX白银期货盘中首次站上59美元/盎司，尾盘小幅回落，最终收报58.45 美元/盎司 。上期所白银主力合约涨至 13766元/公斤的新高。 1、 应国家主席习近平邀请，法国总统马克龙将于12月3日至5日对中国进行国事访问。 访问期间，习近平主席将同马克龙总统举行会谈，共同引领新形势 下中法关系发展，并就重大国际和地区热点问题深入交换意见。 | 公司 | 公告内容 | | --- | --- | | 赛力斯 | 11月新能源汽车销量5.5万辆,同比增50% | | 吉利汽车 | 11月总销量31万辆,同比增长24% | | 上汽集团 | 11月整车销量46.08万辆,同比下降3.75% | | 拓普集团 | 筹划发行H股股票并在香港联交所上市 | | 芯原股份 | 国开基金等拟合计减持公司不超1.15%股份 | | 天际股份 | 第三大股东瑞泰新材12月1日减持497万股 | | 兴业银锡 | 子公司拟取得威领股份实际控制权 ...

规划同时将"科技自立自强水平大幅提高"列为核心目标之一，明确提出培育壮大新兴产业与未来产业，打造新兴支柱产业，加 快新能源、新材料、航空航天、低空经济等战略性新兴产业集群化发展。 从中长期投资视角出发，我们将重点关注半导体自主可控、军工贸易、航空航天等领域的优质企业，将持续深耕产业链研究， 精准挖掘具备核心竞争力的投资标的，力争为基金持有人创造长期稳定的价值回报 农银 汇理投资部副总经理、 基金经理 谷超 近期国际经贸合作呈现积极信号：中美谈判取得阶段性成果，关税之外的相关反制措施基本恢复至 9 月初水平， 9 月后新增反 制举措均已暂停；关税领域，美国将对"芬太尼关税"下调 10% ，我国同步取消对应关税反制措施。更值得关注的是，全球头部 铁矿石企业必和必拓经协商同意，自今年四季度起将部分对华铁矿石贸易采用人民币结算计价，这不仅标志着我国在铁矿石领 域的定价话语权显著提升，更印证了人民币国际化进程的加速推进，人民币资产在全球市场的吸引力将持续增强。 "十五五规划"中提出了十五五时期经济社会发展的主要目标，其中首要提出"高质量发展取得显著成效。经济增长保持在合理区 间，全要素生产率稳步提升，居民消费率明显提高 ...

（*数据来源：Wind-央行动态PBOC） 2. 资金面 中国银行间市场周一资金面稳中偏松，主要回购利率低位运行， D R001 加权平均利率小升并停留在 1.3% 附近。匿名点击（ X-repo ）系统上，隔夜报价 在 1.28% 仍有巨量供给；非银机构质押信用债融入隔夜报价在 1.45%-1.48% 一线。交易员指出，匿名隔夜利率定价似已有效跌破 1.3% 的隐形下限，反映 了 央行 的温和态度，月初资金面料维持季节性宽松，本周主要关注买断式 逆回购到期 后的续做规模。 海外方面，最新美国隔夜融资担保利率为 4.05% 。 1. 公开市场操作 央行 公告称， 12 月 1 日以固定利率、数量招标方式开展了 1076 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 1076 亿元，中标量 1076 亿元。 Wind 数据显示，当日 3387 亿元 逆回购到期 ，据此计算，单日净回笼 2311 亿元。 （IMM） // 债市综述 // （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在 1.64% 位置，较上日降 1bp 。 （* ...

为向内地投资者提供更加透明准确的香港基金产品信息，Wind与香港中资基金业协会 （HKCAMA）于2022年三季度首次联合发布香港离岸中资公募基金业绩榜后，受到内地投资 者和媒体的广泛关注。为更全面地展现协会会员公司在管基金的风采，当各类型基金的细分 类别符合入榜条件，但基金数量不满足发榜要求时，本次榜单将在备注中注明各细分类别下 的基金及其区间业绩情况。 Wind用户可在金融终端-全球基金专题统计（快捷键： GFS ）查看榜单结果，相关资讯也可 从Wind金融终端-资讯（快捷键： NEWS ）中搜索榜单标题查看。 // 基金业绩总榜 // 普通股票型基金业绩总榜 01. 五年期普通股票型基金业绩榜 | | 五年期普通股票型基金业绩榜 | 五年期 | | --- | --- | --- | | 排名 | 基金名称 | 五年收益 | | 1 | 南商中国源动力基金A-HKD派息 | 80.86% | | 2 | 中银香港环球股票基金A-USD累积 | 79.52% | | 3 | 中银保诚中国价值基金A-HKD派息 | 75.28% | | 4 | 富国中国中小盘成长基金1-USD派息 | 73.46% | | ...