2025年12月23日，北京市第一中级人民法院对北京市人民检察院第一分院首批提起公诉的中植系管理人 员——中植企业集团有限公司原董事局主席高某某等人涉嫌犯非法吸收公众存款罪一案进行公开宣判，对 被告人高某某等人以非法吸收公众存款罪判处有期徒刑十四年至四年六个月不等刑罚，并处罚金。 北京市第一中级人民法院经审理认为，被告人高某某等人作为中植企业集团有限公司直接负责的主管人员 及其他直接责任人员，违反国家金融管理法律规定，变相吸收公众存款，扰乱金融秩序，其行为均已构成 非法吸收公众存款罪。法院根据各被告人犯罪的事实、性质、情节和对于社会的危害程度，依法作出上述 判决。 未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 法 律 责 任 。 本案案发后，公安机关全力开展涉案资产追缴工作。现追赃挽损工作仍在进行中。 看券商中国 知天下财经 来源：京法网事 F 责编： 杨喻程 校对：姚远 百万用户都在看 凌晨！全线大涨！美联储，突发警告！ 利空突袭，大跌！特朗普政府，突然叫停！ 2026年A股休市安排来了 利好来了！摩尔线程，重磅发布 降息，大消息！ 违法和不良信息举报电话：0755-83514034 邮箱 ...

微盘股又生变数！ 12月23日早盘，虽然A股指数整体表现出色，但微盘股继12月22日尾盘跳水之后，再度迎来杀跌。全市场上涨个股数量一度不 足1500只。也就是说，风格还是集中在大盘股上面。 那么究竟发生了什么？具体来看，或有三大变数： 第二，近期热度很高的商业航天板块盘中突然大跳水，影响市场做多情绪。 第三，有报道指出，字节跳动计划斥资230亿美元大举投资人工智能，这对人工智能相关板块提供了助力。市场风格可能因 此再度被引向算力等大科技白马。 商业航天板块跳水 12月23日早盘，本来冲高的商业航天板块突然大跳水，该板块指数大跌近2.5%。久之洋、佳缘科技、星辰科技、顺灏股份等 前期涨幅较大股票，今早都有较大跌幅。分析人士认为，该板块跳水可能与相关火箭发射的变数有关。 第一，每到年底或年初微盘股的表现总会在一段时间内不够理想，这可能与流动性结构有一定关系。 与此同时，今日早盘还有一类风格板块跌幅较大，那就是微盘股。万得微盘股指数早盘一度杀跌近1.5%，而从大盘来看，上 涨个股数量一度不足1500只。 分析人士认为，从历史来看，微盘股在每年底或年初调整概率比较高，去年年底，该指数也出现了较大幅度调整，而今年调 整 ...

Core Viewpoint - The Hong Kong market has been underperforming since the fourth quarter, with significant declines in liquidity and trading volume, which are critical factors affecting market performance [1][2][3]. Liquidity Issues - The average daily trading volume in Hong Kong stocks fell to HKD 230.7 billion in November, a decrease of 16.1% month-on-month, and continued to decline in December, down approximately 13% [2]. - The reduction in southbound capital flow, foreign capital withdrawal, and ongoing IPO activities have collectively contributed to the liquidity downturn in the Hong Kong market [3][4]. - As of December 12, net inflows from southbound capital were HKD 7.906 billion, significantly lower than the monthly average of HKD 125.6 billion from January to November 2025 [4]. - Concerns among investors include foreign capital reducing positions before the Christmas holidays, hedge funds shorting due to economic uncertainties, and new regulations affecting fund investments [4]. Market Sentiment and External Factors - The liquidity issue is expected to continue to constrain the Hong Kong market, affecting overall valuation recovery and making the market more susceptible to external sentiment fluctuations [8]. - Key signals to watch for market recovery include a stable interest rate environment from the Federal Reserve and a verifiable recovery in domestic economic performance and corporate earnings [8]. Long-term Solutions for Liquidity - Addressing the liquidity challenges in the Hong Kong market requires a multi-faceted approach, including enhancing corporate earnings growth, improving market policies, and creating a favorable external environment [9][10]. - Specific recommendations include increasing the accessibility of southbound capital, encouraging foreign investment, and optimizing the IPO and delisting ecosystem to enhance liquidity for small-cap stocks [10][11]. - The market's liquidity is also tied to mainland economic policies, necessitating stable growth expectations to attract long-term capital [10].

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Core Viewpoint - The Trump administration has suspended leasing permits for five large offshore wind projects on the U.S. East Coast, citing national security concerns, leading to a significant drop in stock prices for offshore wind companies [1][2]. Group 1: Project Suspension Details - The suspension affects projects by Orsted (Revolution Wind and Sunrise Wind), Avangrid and Copenhagen Infrastructure Partners (Vineyard Wind 1), Dominion Energy (Virginia offshore wind project), and Equinor (Empire Wind 1) [2]. - Following the announcement, Orsted's stock fell over 12%, while Dominion and Equinor also experienced declines [2]. Group 2: Government and Industry Reactions - The U.S. Department of the Interior stated that the pause allows federal agencies to assess potential national security risks associated with the projects, particularly regarding radar interference from large turbine blades and reflective towers [3]. - Dominion expressed concerns that the suspension threatens the reliability of the power grid in Virginia, which supports military bases and data centers for artificial intelligence [3]. - Orsted indicated that its projects are in advanced stages and are prepared to supply power to approximately 1 million households starting next year [3]. Group 3: Political and Industry Responses - New York Governor Kathy Hochul and Connecticut Attorney General William Tong criticized the suspension, asserting that there is no credible reason to halt the projects [4]. - The National Ocean Industries Association urged the Trump administration to lift the suspension, highlighting that the projects had previously undergone defense department reviews without objections [4]. - Senators Sheldon Whitehouse and Martin Heinrich called for a reversal of the illegal attacks on renewable energy projects [4]. Group 4: Broader Implications - Trump's administration has a history of opposing offshore wind projects, claiming they are costly and harmful to wildlife, which has led to financial losses for developers like Orsted [5]. - In September, Orsted lowered its profit expectations for 2025 and sought emergency equity financing due to the increased risks associated with U.S. projects under the Trump administration [5].

Core Viewpoint - The ongoing debate over "aluminum replacing copper" in the home appliance industry is driven by rising copper prices, which have increased manufacturing costs for products like air conditioners [1][5]. Group 1: Industry Response - The China Household Electrical Appliances Association emphasizes the need for a rational perspective on the "aluminum replacing copper" debate, advocating for a balanced approach that ensures quality while respecting user needs and national strategies [3]. - The association views the trend of "aluminum replacing copper" as a diversification of technological pathways rather than a blanket industry shift, acknowledging the challenges posed by copper resource scarcity and price volatility [3]. Group 2: Market Dynamics - The U.S. has locked in 720,000 tons of excess copper inventory, with estimates suggesting a required reserve of 1.6 to 1.8 million tons, indicating a significant shortfall of around 1 million tons [2][6]. - The current copper price is approximately 95,000 yuan per ton, a historical high, while aluminum prices are around 22,000 yuan, creating a price differential of over four times [5]. Group 3: Cost Pressures and Material Properties - Rising copper prices, which have surged from over 40,000 yuan per ton in 2015 to over 90,000 yuan recently, are exerting significant cost pressures on manufacturers, potentially leading to increased consumer prices [4]. - In contrast, aluminum prices are more stable, with China producing over 60% of the world's aluminum, providing a more predictable cost structure for manufacturers [4]. Group 4: Future Projections - Analysts predict that the long-term copper price may stabilize between $10,500 and $11,000 per ton, with short-term forecasts for early 2024 suggesting prices could rise to $11,750 per ton in Q1 and $12,500 per ton in Q2 [7]. - The aluminum market is expected to experience upward price pressure due to its financial and industrial attributes, with current aluminum prices at approximately $3,000 per ton, indicating potential for further increases [8][9].

Core Viewpoint - The article discusses the upcoming visit of a South Korean economic delegation to China, led by prominent business leaders, aimed at enhancing bilateral trade relations and cooperation between the two countries [1][2][3]. Group 1: Economic Delegation Details - The economic delegation will be organized by the Korea Chamber of Commerce and Industry, with approximately 200 business representatives expected to participate [1]. - The delegation will be led by Choi Tae-won, who also serves as the chairman of the Korea Chamber of Commerce and Industry, and previously visited China in October [2]. - During the visit, the delegation will participate in the Korea-China Business Forum and one-on-one business meetings, marking the first such delegation visit in six years [3]. Group 2: Bilateral Trade Discussions - On December 12, Chinese Commerce Minister Wang Wentao met with South Korea's Minister of Trade, Industry and Energy, Kim Jong-hwan, to discuss the implementation of key agreements between the two nations [3]. - The discussions focused on accelerating the second phase of the China-South Korea Free Trade Agreement negotiations and enhancing cooperation in both traditional and emerging sectors [3][4]. - Both sides emphasized the importance of maintaining stable supply chains and deepening local economic cooperation, as well as collaborating within frameworks like the WTO and APEC to uphold free trade [4].

Group 1 - The former chairman of Huaxia Bank, Li Minji, has been confirmed to be under investigation after resigning suddenly 11 months ago [1][2] - The Beijing Municipal Committee recently reviewed and approved a report on Li Minji's serious disciplinary violations, marking the first official acknowledgment of his issues [2] - Li Minji resigned from his position as chairman of Huaxia Bank on January 27, 2025, citing "personal reasons," shortly after being elected to the role [2][3] Group 2 - Notably, the resignation announcement for Li Minji lacked the customary expression of gratitude typically included for departing executives, which raised suspicions about his situation [3] - By June 2025, the National Committee of the Chinese People's Political Consultative Conference confirmed the revocation of Li Minji's status as a committee member [3] - Li Minji has a significant background in finance and has held various positions, including roles at Beijing International Trust and the China Trust Association [3] Group 3 - Several executives from Beijing International Trust, where Li Minji previously worked, have also been investigated for serious violations [4] - Both Huaxia Bank and Beijing Trust are under the jurisdiction of the Beijing State-owned Assets Supervision and Administration Commission [4] - Since 2025, Huaxia Bank has faced regulatory penalties totaling approximately 118 million yuan, primarily related to issues in core business areas such as loan management and anti-money laundering [4]

Core Viewpoint - The performance of three newly listed stocks in the Hong Kong market on December 22 showed significant divergence, closely related to their respective industry trends, with notable gains for AI-focused companies and a lackluster performance for an innovative drug company [2][3]. Group 1: Stock Performance - Nobikang, focused on AI industrial applications, saw a dramatic increase of 275.75%, closing at HKD 300.60 per share, with a total transaction volume of HKD 65.22 million [3]. - Qingsong Health, operating in the "AI + health" sector, rose by 127.95% to HKD 51.70 per share, benefiting from a large user base of 168 million registered users and over 1000 times subscription during the public offering [4]. - Hansai Aitai-B, in the innovative drug sector, only increased by 2.06%, closing at HKD 32.66 per share, despite a subscription rate of approximately 2600 times during the public offering [4]. Group 2: Market Outlook - The Hong Kong IPO market is expected to recover significantly in 2025, with around 100 companies projected to raise over HKD 250 billion, and predictions for 2026 suggest 150-200 new listings with fundraising potentially exceeding HKD 300 billion [5]. - The success rate and apparent return of new stocks have improved, with nearly 70% of new stocks achieving gains on their first day, and 16 stocks showing cumulative increases of over 100% throughout the year [5][6]. - The importance of selecting quality stocks is emphasized, as recent data indicates that the majority of returns from IPOs are generated by a small number of high-performing stocks [6].

Core Viewpoint - The article emphasizes the internationalization strategy of Guotou Securities, highlighting its role in connecting Chinese enterprises with global capital markets and enhancing cross-border financial services as part of China's capital market opening [1][2]. Group 1: Internationalization Strategy - Guotou Securities has been proactive in internationalization since 2009, establishing a foothold in cross-border business by acquiring Southern Securities (Hong Kong) and forming Guotou Securities International Financial Holdings [2]. - The company is the first Chinese securities firm to set up an office in Germany, using Hong Kong and Frankfurt as dual hubs to create a cross-border M&A network covering key European markets [2]. Group 2: Systematic Advancement - The company focuses on "domestic and foreign integration" as a core engine to enhance international competitiveness, systematically promoting collaboration across four dimensions: mechanism, business, talent, and operations [3]. - A leading cross-border collaboration assessment and incentive system has been established, along with a special incentive fund to motivate teams in cross-border business [3][4]. Group 3: Cross-Border Financing - Guotou Securities has effectively supported Chinese enterprises in international financing, exemplified by its role in helping Dongwei Technology raise approximately $105 million through GDR issuance on the Swiss Stock Exchange [5]. - The company has formed a specialized overseas debt team, assisting in nearly 200 offshore debt projects totaling over $27.5 billion, showcasing its multi-currency issuance capabilities [6]. Group 4: Cross-Border M&A Services - The firm has developed a comprehensive cross-border M&A service network, responding to the internationalization needs of Chinese enterprises, as demonstrated by its involvement in the acquisition of Merck's surface solutions business by Global New Materials [7]. - Guotou Securities facilitated a €320 million D-share issuance for Haier Smart Home, effectively bridging the regulatory differences between Chinese and European capital markets [7]. Group 5: Future Outlook - As Chinese enterprises transition from traditional product exports to technology, brand, and capital exports, the demand for enhanced cross-border service capabilities is increasing [8]. - Guotou Securities aims to continue enhancing its cross-border financial service capabilities, facilitating more Chinese enterprises' global participation while providing global investors with easier access to the Chinese market [8].