Core Viewpoint - The appointment of Wu Yue, former president of LVMH Greater China, as a non-executive director of Pop Mart is seen as a strategic move to enhance the company's insights into consumer trends and luxury market dynamics, especially following a significant drop in stock price [3][7][13]. Group 1: Management Changes - On December 10, Pop Mart announced the appointment of Wu Yue as a non-executive director, effective immediately, while He Yu resigned due to other work commitments [3][11]. - Wu Yue will receive an annual salary of 3 million HKD, which includes a fixed cash salary of 1.2 million HKD and a share-based salary of 1.8 million HKD [6][7]. - He Yu, who was previously a strategic investment director at ByteDance and founded He Yi Capital, has been thanked for his contributions during his tenure [11][12]. Group 2: Stock Performance - Following the announcement of Wu Yue's appointment, Pop Mart's stock price surged over 2% on December 11 [4]. - However, the stock had previously experienced a significant decline, dropping over 45% from its peak of 339.8 HKD in August to a low of 184.6 HKD on December 10 [13]. - The market sentiment has turned bearish, with short-selling amounts reaching a two-year high of 10.92 million HKD on December 8 [13]. Group 3: Market Insights - Analysts have noted that Pop Mart is transitioning from explosive growth to a phase of sustainable growth, with revenue growth for the Labubu IP expected to slow significantly by 2026 [14]. - Concerns have been raised about the oversupply of Labubu products, which could diminish the brand's unique appeal and pricing power [14]. - Despite the challenges, some investment firms remain optimistic about Pop Mart's future growth potential, citing upcoming product releases and expansion efforts [15].

资料图。本文来源 ：凤凰网财经 2018- 2020年期间，平安方面通过股权、债权等形式，斥重金投资华夏幸福。2021年2月，华夏 幸福债务危机爆发；同年9月，因原控股股东华夏控股所持股份被强制处置，平安方面被动成为 华夏幸福第一大股东。 值得一提的是，目前平安方面正在减持华夏幸福股份。今年8月8日，华夏幸福发布公告，称收 到股东平安资管送达的《股份减持计划告知函》。根据公告，平安人寿及其一致行动人平安资 管计划自2025年9月1日—11月30日期间，通过大宗交易或集中竞价方式减持公司股份不超过 1.174亿股，占华夏幸福总股本的3%。 ■ 中国平安起诉华夏幸福及其董事长王文学 凤凰网财经讯 2025年12月10日，天眼查信息显示：中国平安人寿保险股份有限公司及平安资产 管理有限责任公司起诉华夏幸福基业控股股份公司及"王某"。据知情人士透露，"王某"即华夏 幸福董事长王文学。 根据开庭公告详情，本案案由为"申请确认仲裁协议效力"，上诉法院为上海金融法院，开庭日 期为12月17日。 | 案号 | (2025) 沪74民特127号 | 案由 | 申请确认仲裁协议效力 | | --- | --- | --- | - ...

Core Viewpoint - Vanke is set to discuss the extension of its bonds at a creditor meeting on December 10, which is crucial for the company's financial relief efforts [2] Group 1 - The creditor meeting will address three proposals, with two additional proposals added compared to previous market expectations, facilitating consensus among stakeholders [2] - Following the news, Vanke A shares surged to the daily limit, and Vanke-related bonds showed active performance in the market [2] - There is a strong market expectation for fiscal interest subsidies to support the stabilization of the real estate market [2]

资料图。本文来源 ：综合自瑞银报告、第一财经 《瑞银 2025 年亿万富豪报告》：新一代的崛起 2025 年全球亿万富 豪（ 指拥有超过10亿美元资产的人士 ） 的财富水平创下历史新高，商业创 新及本报告出版以来规模最大的财富代际传承为主要助推力。 • 亿万富豪人数增至 2,919 人，增幅达 8.8% 。 • 2025 年，共有 196 位白手兴家的新晋亿万富豪，创下 2021 年之后年度增幅第二高水平，为全 球财富贡献 3,865 亿美元。 • 2025 年，亚太区亿万富豪财富增长 11.1% 至 4.2 万亿美元，其中中国内地保持领先地位（ 1.8 万亿美元）。 • 虽然北美仍为首选投资地区，但投资热情有所下降，越来越多的亿万富豪将目光投向亚太区及 大中华区以探索未来的投资机遇。 上海， 2025 年 12 月 9 日 – 全球领先的财富管理机构瑞银今天发布第十一份 《瑞银亿万富豪报 告》 ，对瑞银的全球亿万富豪客户进行调查，了解他们所面临的独特挑战及机遇。今年的报告 重点关注全球财富创造的驱动因素、愈发重要的财产继承议题，以及世界上最具影响力的家族 不断演变的目标。 2025 年，亿万富豪的人数增加 ...

Core Viewpoint - The article discusses the stock sale by Peng Yongdong, the chairman and CEO of Beike Holdings, to fulfill a donation commitment, marking the first stock reduction since the company's IPO in 2020 [2] Group 1: Stock Sale and Donation - Peng Yongdong sold 1,400,000 ADS, equivalent to 4.2 million Class A ordinary shares, to support a donation plan announced in April, which involved donating 9 million shares valued at approximately 440 million yuan [2] - The proceeds from the stock sale will be used for medical health benefits for service providers in the housing industry and rental assistance for new graduates [2][4] Group 2: Implementation of Donation - The donation funds will be executed through the Green Mutual Aid and Beike Public Welfare Foundation in collaboration with third-party public welfare organizations [3] - The Green Mutual Aid program, aimed at platform employees and service providers, has a total assistance scale of 742 million yuan, benefiting 53,000 individuals by November 30, 2025 [3] Group 3: Company Performance - In the third quarter of 2025, Beike reported revenues of 23.1 billion yuan, a year-on-year increase of 2.1%, with a net profit of 747 million yuan and an adjusted net profit of 1.286 billion yuan [5]

有业内人士认为，虽然腾讯第三季度实现了超预期的业绩，但近期走势弱于港股大盘；不过， 随着美联储降息比较确定，如果港股出现明显反弹，腾讯等这些科技股龙头依然是比较稳妥的 选择。 红蚁资本投资总监李泽铭向第一财经记者表示，腾讯近期表现相对疲弱，股价跌破600港元后， 已位于多条均线下方，同时跌破10月中旬及11月中旬的低点。 资料图。本文来源 ：第一 财经 作者 李隽 腾讯一度跌破600港元，香港科技股能否重拾升势？ 12月9日下午，腾讯控股（00700.HK）一度跌破600港元大关，最低触及596港元；恒生科技指 数则出现缩量下跌的情况，跌幅逼近2%，小米集团（01810.HK）、百度集团（09888.HK）等 部分个股跌幅超过3%。 李泽铭称，展望后市行情，市场期待的外部催化则包括美联储进一步降息、流动性预期改善， 美国总统特朗普提名美联储新任候选人，以及人工智能AI应用落地带来的投资回报。在科技板 块整体调整过程中，若寻求风险较低、具备反弹潜力的标的，腾讯控股依然是比较好的选择。 光大证券国际策略师伍礼贤向第一财经分析，近期港股整体回落过程中，恒生科技指数表现相 对稳健，此前科技股已提前调整，因此在大盘进一 ...

Core Viewpoint - The trust in "Zhejiang Financial Asset Trading Center" (now "Zhejiang Zhejin Asset Operation Co., Ltd.") has collapsed following the default of "Xiangyuan System" products, which were previously considered stable investments by many investors [2][5][11]. Group 1: Company Background - Zhejiang Financial Asset Trading Center was established in December 2013 and initially had a strong state-owned background among its shareholders, which included companies like Ningbo Urban Construction Investment Group [11]. - By the end of 2023, the state-owned shareholders had exited, with private company Hangzhou Minzhi Investment Management Co., Ltd. becoming the largest shareholder, holding 58.57% of the shares [11][12]. - The company changed its name to "Zhejiang Zhejin Asset Operation Co., Ltd." in January 2025, along with changes in its legal representative and management [12][13]. Group 2: Investor Sentiment and Experience - Investors had a long-standing belief in the stability of the platform, often equating investments with government bonds due to the perceived state-owned backing, leading to significant investments without awareness of the underlying risks [5][6][7]. - Many investors reported investing substantial amounts, with one individual investing 4.2 million yuan across 17 products, all linked to the "Xiangyuan System," with expected annual returns between 4.4% and 5.1% [6][7]. - The lack of communication regarding the withdrawal of state support and changes in the company's structure contributed to a false sense of security among investors [6][11]. Group 3: Product and Market Dynamics - Over 90% of the products on the platform were from the "Xiangyuan System," with the total trading scale of these products exceeding 12 billion yuan as of early December 2023 [13]. - The products were initially marketed as stable investments linked to government projects, which attracted investors who were risk-averse and preferred platforms with government affiliations [5][10]. - The cancellation of the financial asset trading business qualification by the Zhejiang Provincial Financial Management Bureau in October 2024 raised concerns among some investors, but many remained unaware of this change [12][13].

小米中国区多人员职务调整，涉及手机、汽车、大 家电业务 资料图。本文来源 ：界面新闻、DoNews 原销售运营一部总经理一职由小米集团高级副总裁，中国区总裁王晓雁兼任；任命江苏分公司 总经理郭金保担任销售运营二部总经理，向王晓雁汇报，同时郭金保继续兼任江苏分公司总经 理。 原小米汽车部销交服部总经理张健任新零售部总经理，向王晓雁汇报，汽车销交服部总经理由 夏志国担任，同时夏志国继续兼任汽车销交服部销售运营部总经理；任命何俊伶担任甘青宁分 公司总经理，向王晓雁汇报。 界面新闻了解到，江苏分公司总经理郭金保此前就曾在运营二部担任副总经理一职，负责过大 家电业务的运营。 张健于2024年9月被任命小米汽车部销交服部总经理，距今任职已满一年，今年9月汽车销交服 体系就曾有过新任命，原小米人车家与智能产品负责人樊家麟已接任小米汽车销售运营部副总 经理一职，直接向夏志国汇报。 ■ 12月9日消息，据界面新闻报道，小米中国区近期开启一系列人事调整，涉及手机、汽车、大家 电等核心运营类岗位。 对此消息，截至发稿小米暂未回应界面新闻。 多位知情人士跟界面新闻确认，小米集团原销售运营二部总经理刘耀平，销售运营一部总经理 孙昊已从 ...

Core Points - The article highlights the selection of Liang Wenfeng and Du Mengran as two of the top ten scientists of 2025 by the journal Nature, showcasing significant contributions in their respective fields [2][3] - Liang Wenfeng is recognized as a "technology disruptor" for developing the DeepSeek large language model, which has made a substantial impact on the scientific community [2] - Du Mengran is acknowledged for her groundbreaking discovery of the deepest animal ecosystem on Earth, located below 9,000 meters in the ocean, marking a significant achievement in marine science [2] Summary by Categories - **Recognition of Scientists** - Liang Wenfeng and Du Mengran are included in Nature's list of top ten scientists for 2025, emphasizing their innovative work in artificial intelligence and deep-sea research respectively [2][3] - **Liang Wenfeng's Contributions** - The DeepSeek large language model developed by Liang's company has been described as a "great boon" for scientists, indicating its potential to revolutionize research methodologies [2] - **Du Mengran's Discoveries** - Du's research has led to the identification of a previously unknown deep-sea ecosystem, providing unprecedented insights into marine biology and ecology [2]

Core Viewpoint - Pop Mart is transitioning from a phase of explosive growth to sustainable growth, with a significant slowdown in revenue growth expected for its Labubu line by 2026, shifting from a single blockbuster to a diversified IP-driven model [2][4]. Group 1: Financial Performance - Pop Mart's overall revenue surged by 245%-250% year-on-year in Q3 2025, driven by new product launches like Mini Labubu and SP Insomnia Theater, along with revenue recognition from pre-sales in Q2 [2]. - In the Chinese market, revenue grew by 185%-190%, with offline channels increasing by 130%-135% and online channels by 300%-305%. Internationally, revenue rose by 365%-370%, with the Americas seeing a staggering increase of 1265%-1270% [3]. - Despite strong financial results, Pop Mart's stock price has been declining, with significant drops of 8.08% and 9% on October 21 and 23, respectively, indicating investor concerns about the sustainability of revenue growth [3][4]. Group 2: Market Sentiment and Analyst Opinions - Analysts express concerns that the revenue growth for Pop Mart may have peaked, with fears of a potential decline similar to the "boom-bust" cycle experienced by the 1990s toy phenomenon, Beanie Babies [4]. - Morgan Stanley has previously raised Pop Mart's target price multiple times, reflecting optimism about its growth potential, but recently adjusted the target price down from 382 HKD to 325 HKD due to unfavorable trends in the global consumer sector [4][5]. - The shift from reliance on a single blockbuster to a multi-IP strategy is seen as a core advantage, with analysts highlighting the potential of overseas markets and new business ventures like Pop Land theme park and POPOP jewelry [4].