Core Viewpoint - Guolian Minsheng Securities is progressing with the integration of its business, leading to the establishment of a new wealth management subsidiary named "Guolian Minsheng Wealth" by June 2026 [2][3]. Group 1: Business Integration - The wealth management committee of Guolian Minsheng Securities will be transferred to Minsheng Securities, with plans to rename it "Guolian Minsheng Wealth" [2]. - The integration of investment banking, research, and asset management has been completed, with the brokerage business's client trading system successfully merged [5][6]. Group 2: Leadership Appointments - Jiang Xiaolin has been appointed as the president of the new subsidiary "Guolian Minsheng Wealth," overseeing multiple departments including wealth client, institutional business, and internet finance [3][5]. - Other key appointments include Jing Zhong as the office manager, Liu Hongsong overseeing channel marketing and trading services, and Wu Zherui managing the digital operations department [4][5]. Group 3: Future Strategy - Guolian Minsheng Securities aims to establish itself as a "industrial investment bank, technology investment bank, and wealth investment bank," focusing on optimizing its technology system and enhancing business integration to better serve the real economy and capital market [7].

Core Viewpoint - President Trump's recent statements pose a negative outlook for insurance companies, as he plans to convene them to discuss price reductions due to their substantial profits [1][2][3]. Group 1: Impact on Insurance Companies - Trump announced he will meet with large insurance companies to advocate for price reductions, suggesting they could cut prices by 50% to 70% given their high profits [3]. - Following Trump's comments, stock prices of major health insurance companies, including UnitedHealth Group, Cigna, and Humana, experienced significant declines, with UnitedHealth Group dropping nearly 1% after initially rising [2][3]. - The American Health Insurance Plans association stated that premiums reflect medical costs and that insurance companies are working hard to protect Americans from rising healthcare costs [4]. Group 2: Drug Pricing Agreements - Trump announced agreements with nine pharmaceutical companies aimed at lowering drug prices for Americans in exchange for a three-year delay on tariffs [6]. - Fourteen out of the largest seventeen pharmaceutical companies have agreed to significantly reduce drug prices, which Trump claims is a major victory for patient affordability [6][7]. - The agreements are intended to provide certainty in drug pricing policies while avoiding high tariffs for pharmaceutical companies [7]. Group 3: Broader Economic Context - Rising healthcare costs and other consumer price increases have heightened public dissatisfaction with the economy, potentially influencing upcoming elections [4]. - Republican lawmakers are pushing for bipartisan healthcare reforms to protect voters in swing districts ahead of the midterm elections [4].

近日，网传一女子被撞身亡，家属质疑附近交警不跨区施救，引发社会关注。大连市公安局高度重视，立 即成立工作组，对事件开展全面调查，如发现违法违纪行为，将依规依纪依法严肃处理。 12月20日，辽宁大连市公安局发布警情通报： 集体大涨！特朗普，刚刚签了！ 降息，大消息！美联储，重磅传来！ 来源：@大连公安 责编：刘珺宇 校对：冉燕青 百万用户都在看 "黑天鹅"突袭！刚刚，全线大跌！ 利好来了！摩尔线程，重磅发布！ 美军，大规模空袭！ 看券商中国 知天下财经 F 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 券中社 × 券商中国 券 中 社 扫码下载券中社APP 扫码关注券商中国公众号 quanshangcn qzs.stcn.com 舞中 券中社APP 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 , 券 商 中 国 对 该 平 台 所 刊 载 的 原 创 内 容 享 有 著 作 权 , 未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 法 律 责 任 。 ...

有记者问：近日，大陆海警再次进入金门"禁止水域"执法巡查，请问国台办是否掌握情况，对此有何评 论？ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 券中社 × 券商中国 券 中 社 扫码下载券中社APP 扫码关注券商中国公众号 quanshangcn qzs.stcn.com 舞中 券中社APP 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 , 券 商 中 国 对 该 平 台 所 刊 载 的 原 创 内 容 享 有 著 作 权 , 未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 法 律 责 任 。 据新华社消息，12月20日，国务院台办发言人陈斌华答记者问。 陈斌华表示，台、澎、金、马都是中国的一部分。厦金海域自古以来就是两岸渔民传统作业渔场，根本不 存在所谓的"禁止、限制水域"一说。大陆海警部门在相关海域开展常态化执法巡查行动，有利于维护海上 作业秩序，保障两岸渔民生命财产安全。正告民进党当局，正视两岸渔民在传统渔场共同作业的历史和客 观事实，停止无端抓扣甚至采取危险粗暴方式对待大陆渔船民。否则，必须承担一 ...

Core Viewpoint - The target points for MSCI China Index, CSI 300 Index, and MSCI Hong Kong Index for 2026 are set at 100 points, 5200 points, and 16000 points respectively, indicating a potential double-digit upside from current levels [1][5]. Investment Themes - Four key investment themes for 2026 are identified: "anti-involution," growth in global AI infrastructure spending, the positive impact of developed countries' easing policies on exports, and the "K-shaped" recovery in consumption benefiting food and beverage and ultra-high-end consumption sectors [2][5]. - A potential fifth theme is the stabilization of the real estate market, with expectations of clearer signals from policy changes in early 2024 [5]. Market Outlook - The outlook for 2026 is optimistic, with expectations of a "spring sprint" in the market, particularly for growth stocks, as the current economic cycle is in the "summer" phase, which is typically followed by a recovery phase [3]. - The investment strategy suggests a shift from crowded growth and momentum sectors to value, defensive, and high-yield stocks, with the current market dynamics expected to continue into early next year [3]. Sector Analysis - Semiconductor valuations are currently considered high, while sectors such as photovoltaics and energy storage are viewed more favorably [6]. - The AI capital expenditure growth is expected to benefit Chinese companies, with a focus on the energy storage and photovoltaic sectors, which are still in the recovery phase [6][7]. Consumer Sector Insights - The consumer sector is seen as having attractive valuations, with the MSCI China Consumer Staples Index having a lower price-to-earnings ratio compared to markets like India and the U.S. [10]. - The current consumer spending slowdown is attributed more to confidence and employment concerns rather than a lack of funds, indicating potential for recovery as confidence improves [9][10].

Core Viewpoint - An investor engaged in abnormal trading behavior to manipulate the stock price of Chicheng Co., leading to significant market impact and subsequent regulatory action [1][3][6]. Group 1: Abnormal Trading Behavior - On December 18, 2025, the investor's account exhibited abnormal trading activities, including price manipulation of Chicheng Co. shares, which resulted in a 30% increase in stock price on that day [2][3]. - Specific trading activities included significant buying volumes during short time frames, with one instance showing a price increase of 5.62% while buying 54,400 shares worth 1.73 million yuan, accounting for 32.13% of total transactions [5]. - The investor's actions led to a situation where the stock price reached its upper limit, triggering abnormal volatility as defined by trading regulations [5]. Group 2: Regulatory Actions - The investor, identified as Li Mouhao, had a history of abnormal trading and had previously faced self-regulatory measures, including account trading suspensions on June 20 and November 7, 2025 [6]. - Following the December 18 incident, the Beijing Stock Exchange imposed a three-month trading restriction on Li's account, effective from December 19, 2025, to March 18, 2026, and recorded this in the securities market integrity archive [6]. - The exchange's decision was based on violations of trading rules, specifically regarding large and continuous orders that deviated significantly from market prices [5][6]. Group 3: Company Response - Chicheng Co. issued a statement acknowledging the abnormal trading fluctuations, noting that the cumulative price deviation over the three trading days leading up to December 18 was 41.17% [7]. - The company's board confirmed that there were no undisclosed matters that could have influenced the stock price, adhering to the disclosure requirements set by the Beijing Stock Exchange [7].

中国社会科学院科研局12月19日发布《关于个别机构和期刊冒用我院名义的严正声明》： 近期，多家非我院隶属机构或期刊冒用我院名义，违规举办学术会议、组织培训、召开新闻发布会、征集 学术文章，甚至向社会公众推荐理财产品，严重损害我院声誉并可能给社会公众造成财产损失。 为维护我 院合法权益和正常学术秩序，防范不实信息风险隐患，保障社会公众财产安全，避免造成不良社会影响， 依据相关法律法规和我院管理规定，现郑重声明如下。 1.我院与下述8家机构和3种假冒期刊无隶属关系，未授权其使用我院名称、标识，也未开展任何形式的合 作。 中国展望出版社 3种使用我院《新视线》杂志刊号的假冒期刊名单如下： 2.下述8家机构和3种假冒期刊发布的信息、组织的活动以及收取的费用均与我院无关，我院不承担法律责 任。 8家机构名单如下： 新经济联合创新研究中心（含长三角分中心） 中国廉政法治研究中心 习近平文艺思想研究中心 中国文化教育研究中心 中国法治研究院 中国人体工程学研究院 中国数据研究中心 未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 法 律 责 任 。 看券商中国 知天下财经 《新视线 教育与研究》 《新视线 建 ...

新一轮降息潮来袭！ 俄罗斯央行当地时间19日宣布，将基准利率下调50个基点至16%；英国央行18日宣布，将基准利率下调25个基 点至3.75%；墨西哥央行18日宣布，将基准利率下调25个基点至7%；智利央行12月16日将基准利率从4.75%下 调至4.5%。 值得关注的是，新一轮降息潮的推动下，黄金、白银价格近期持续上涨。12月19日，现货白银价格突破67美 元/盎司，再创历史新高。现货黄金价格上涨0.20%报4341美元/盎司，逼近历史高点。 今年以来，白银价格涨幅超过130%，黄金价格的涨幅超过65%。有研究机构指出，在降息周期以及全球央行 购金需求的推动下，金价有望继续走高。 多国宣布降息 当地时间周五（12月19日）， 俄罗斯央行 宣布，将基准利率下调50个基点至16%。这是俄央行连续第五次降 息。俄罗斯央行董事会下次会议将于2026年2月13日举行，届时将审议基准利率的后续调整。 俄罗斯央行表示，11月份，物价涨幅的持续性指标有所回落。与此同时，近几个月通胀预期略有上升。俄罗斯 央行将维持必要的紧缩货币政策，以使通胀率恢复至目标水平。未来基准利率决策，将取决于俄国内通胀放缓 的可持续性以及通胀预期的 ...

Core Viewpoint - The article highlights the significant advancements made by Moer Thread in the GPU industry with the launch of the new "Huagang" architecture and two chips, "Huashan" and "Lushan," which promise substantial improvements in computing power and energy efficiency [2][3]. Group 1: New GPU Architecture and Chips - Moer Thread officially launched the new GPU architecture "Huagang," which features a new instruction set, a 50% increase in computing density, and a 10-fold improvement in energy efficiency, capable of supporting intelligent computing clusters of over 100,000 cards [2][3]. - The "Huashan" chip, the first based on the Huagang architecture, focuses on AI training and inference integration, with enhancements in floating-point computing power, memory bandwidth, and capacity [4]. - The "Lushan" chip, the second in the Huagang series, targets high-performance graphics rendering, benefiting from the new instruction set with a 50% increase in computing density and a 10-fold energy efficiency improvement [4]. Group 2: Software and Ecosystem - Moer Thread announced a comprehensive software upgrade for its self-developed MUSA architecture, ensuring full support for the GPU computing ecosystem and compatibility across its product range [3]. - The company has secured over 500 authorized patents by June 30, 2025, covering various technologies including GPU virtualization and AI computing acceleration [3]. Group 3: New Product Launch - The MTTAIBOOK laptop, featuring the "Changjiang" intelligent SoC chip, was introduced, with a price of 9,999 yuan for the 32GB+1TB version, set to launch on January 10, 2026 [6]. - The MTTAIBOOK integrates AI capabilities, supporting multiple operating systems and featuring a digital human interface for various applications [6]. Group 4: Market Performance - Moer Thread's stock has experienced fluctuations, with a notable decline of 5.9% on December 19, closing at 664.10 yuan per share, reflecting a cumulative drop of 29.4% from its peak on December 11, although it remains over 481% higher than its initial offering price [7].

俄罗斯总统普京12月19日在莫斯科举行"年度盘点"活动，现场回答约80个问题，内容涵盖国际关系、地缘局 势、俄经济军事发展等话题。活动持续约4个半小时。 在现场，普京罕见回应私人生活，大方承认正在恋爱中，还说自己相信一见钟情。 2013年，普京结束与柳德米拉·普京娜30年的婚姻。 来源：北京时间 责编：王璐璐 校对：彭其华 未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 法 律 责 任 。 看券商中国 知天下财经 F 百万用户都在看 "黑天鹅"突袭！刚刚，全线大跌！ 集体大涨！特朗普，刚刚签了！ 降息，大消息！美联储，重磅传来！ 突发！美国，发动袭击！特朗普，重大威胁！ A股，重要调整！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 券中社 × 券商中国 券 中 社 扫码下载券中社APP 扫码关注券商中国公众号 quanshangcn qzs.stcn.com 舞中 券中社APP 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 , 券 商 中 国 对 该 平 台 所 刊 载 的 原 创 内 容 享 有 著 作 ...