Group 1 - The core viewpoint of the article emphasizes the urgent need for peace and de-escalation in the Cambodia-Thailand border conflict, with China expressing its willingness to mediate and support ASEAN's efforts for resolution [1] - Wang Yi, the Chinese Foreign Minister, highlighted the pain caused by civilian casualties and the detrimental effects of prolonged conflict on both countries and ASEAN unity [1] - Both Cambodian and Thai officials expressed appreciation for China's objective and fair stance, welcoming China's mediation efforts to cool down the situation and rebuild peace [1]

★ 宏观动态 ★ 在今天（18日）下午召开的商务部例行新闻发布会上，新闻发言人何亚东针对稀土相关物项出口管制的最新进 展进行回应。商务部新闻发言人何亚东表示，对稀土相关物项实施出口管制以来，中方主管部门向中国出口商 进行了政策宣介，随着相关出口和合规经验的积累，部分中国出口商已初步达到申请通用许可的基本要求。据 我所知，目前已收到并批准了部分中国出口商提交的通用许可申请。 韩国计划孵化万家AI等硬科技初创企业 据新华社，韩国政府计划今后五年内在人工智能(AI)等硬科技领域孵化1万家初创企业，推动这些企业成长为 韩国经济发展的重要力量。韩联社报道说，韩国中小风险企业部12月18日会同有关部门发布"迈向全球四大创 投强国综合对策"并提出多个目标，包括孵化1万家AI等硬科技领域初创企业、打造50家独角兽和"十角兽"企 业、推动企业对接年规模约40万亿韩元（约合1904亿元人民币）的全球风险投资市场。 ★ 金融机构 ★ 中金公司：2025年半年度共计派发现金红利4.34亿元 国务院办公厅印发《关于全链条打击涉烟违法活动的意见》 国务院办公厅日前印发《关于全链条打击涉烟违法活动的意见》，提出一系列针对性政策举措，解决烟 ...

Group 1 - A robbery occurred in Central, Hong Kong, where four armed robbers stole approximately 1 billion Japanese yen, equivalent to about 45 million RMB [1] - The victims were employees of a currency exchange store transporting cash in multiple suitcases when the robbery took place [1] - Following the incident, the police arrested one man on suspicion of robbery and are conducting an investigation [1]

Core Viewpoint - Micron Technology's latest earnings report indicates significant positive signals for the company, driven by surging demand for AI data centers and tightening supply of memory chips, leading to results that exceeded market expectations [1][6]. Financial Performance - Micron reported Q1 FY2026 adjusted revenue of $13.64 billion, a 57% year-over-year increase, surpassing analyst expectations of $12.95 billion [6]. - The adjusted net income was $5.482 billion, up 58% year-over-year, with adjusted earnings per share (EPS) of $4.78, exceeding the forecast of $3.95 [6]. - The company expects Q2 revenue to be around $18.7 billion, significantly higher than the analyst consensus of $14.38 billion, with a projected non-GAAP gross margin of approximately 68%, well above the expected 55% [7]. Business Segments - Micron's cloud storage segment achieved sales of $5.28 billion, doubling year-over-year; the data center segment generated $2.38 billion, a 4% increase; mobile and client segments contributed $4.255 billion, while automotive and embedded segments brought in $1.72 billion [7]. Market Sentiment - Analysts from Wall Street described Micron's earnings guidance as "explosive," with EPS guidance for the next quarter exceeding market consensus by about 75% [10]. - Barclays noted that the average selling prices (ASP) for DRAM and NAND are expected to rise by 30% and 40% respectively in the next quarter due to supply constraints [10]. Management Outlook - Micron's CEO, Sanjay Mehrotra, expressed optimism about the company's performance, stating that all business segments achieved record revenues and significant profit margin expansion, with expectations of continued strength throughout FY2026 [8]. - The company is increasing its capital expenditure for FY2026 from $18 billion to approximately $20 billion to enhance supply capabilities [9]. Market Trends - Barclays projected that the potential market size for High Bandwidth Memory (HBM) will grow at a compound annual growth rate (CAGR) of about 40%, reaching $100 billion by 2028 [11]. - The supply tightness is expected to negatively impact consumer markets like PCs, as production capacity is prioritized for higher-margin AI and data center sectors [11].

Core Viewpoint - The article discusses the recent trend of banks, particularly in Zhejiang, ceasing the issuance of co-branded credit cards, indicating a shift in the credit card business from expansion to cost reduction and structural optimization [2][3][4]. Group 1: Recent Developments - Zhejiang Rural Commercial Bank announced the discontinuation of the "Harvest JD Co-branded Card" across multiple rural banks [1][3]. - A wave of credit card discontinuations has been observed, with various banks, including state-owned and joint-stock banks, halting the issuance of several co-branded credit cards [4][5]. - The trend of ceasing co-branded cards has been ongoing, with major banks like Agricultural Bank and Ping An Bank previously stopping numerous themed cards [4][5]. Group 2: Market Dynamics - The adjustments in credit card offerings are driven by economic slowdown and weak consumer expectations, leading to underperformance in card issuance and stagnant consumption growth [5]. - Banks are now focusing on high-value, high-loyalty consumption scenarios rather than blindly expanding their partnership networks [5]. Group 3: Channel and Product Adjustments - Banks are undergoing a "decluttering" process in both product offerings and distribution channels, with a focus on integrating online and offline services [6][8]. - Many banks are closing down offline credit card centers and merging credit card operations into retail banking departments to reduce management costs and enhance efficiency [6][7]. Group 4: Performance Metrics - The credit card industry is experiencing a decline, with the total number of credit cards in circulation dropping to 707 million, a decrease of 20 million from the previous year, marking the third consecutive year of decline [9][10]. - Over 70% of listed banks reported a reduction in credit card loan balances by mid-2025, indicating a significant contraction in the credit card business [10]. - For instance, China Merchants Bank reported a credit card transaction volume of 2.02 trillion yuan in the first half of 2025, down 8.54% year-on-year [10].

Core Viewpoint - The recent adjustment in the Hong Kong stock market has led to a surge in new fund issuance, with many funds shortening their fundraising periods to capitalize on the market dip, indicating a strong belief in the investment value of Hong Kong stocks [1][5]. Fund Issuance Trends - New funds are significantly shortening their fundraising periods compared to previous practices, with examples including the 富国港股精选混合 fund, which moved its deadline from December 19 to December 10, raising 1.83 billion yuan [2]. - Other funds, such as 鹏扬基金 and 路博迈基金, have also adjusted their fundraising timelines, reflecting a broader trend of rapid fundraising in the current market environment [2]. Rapid Fund Deployment - New funds are not only closing fundraising early but are also quickly building their positions in the market. For instance, the 汇添富恒指港股通ETF achieved a 69.53% stock position just a week before its listing [3]. - This contrasts with previous cautious strategies where funds maintained low positions prior to listing, indicating a shift in approach due to market conditions [3]. Market Sentiment and Strategy Adjustments - The adjustment in fundraising strategies is driven by significant market corrections, with many funds seizing the opportunity to invest in fundamentally strong companies despite recent price declines [4]. - The rapid changes in fundraising strategies, such as those seen with 鑫元基金, highlight the dynamic nature of market conditions and the urgency to capture rebound opportunities [4]. Positive Outlook on Hong Kong Stocks - Multiple fund managers express optimism about the Hong Kong market, viewing the current adjustments as a favorable entry point for future growth, particularly in sectors like AI, internet, and innovative pharmaceuticals [5][6]. - The valuation of the 恒生科技指数 is noted to be significantly lower than that of comparable indices, suggesting a high potential for returns [5]. - Specific sectors identified for investment include technology growth, financial services, and cyclical stocks, indicating a strategic focus on areas with perceived value [5].

Core Viewpoint - The Hong Kong government has officially released the "Chinese Medicine Development Blueprint," aiming to enhance the quality and accessibility of Chinese medicine services, positioning Hong Kong as a global hub for Chinese medicine and herbal products [1][5]. Group 1: Blueprint Overview - The blueprint encompasses five key areas: Chinese medicine services, professional development, herbal medicine development, cultural heritage, and international outreach [2]. - Eight main objectives include optimizing clinical services, establishing a cross-professional service system, leading professional development, enhancing herbal quality, building international standards, driving research and innovation, promoting cultural heritage, and facilitating global outreach [2][3][4][5]. Group 2: Industry Outlook - Recent developments in the Chinese medicine sector include the hosting of the 7th Guangdong-Hong Kong-Macao Greater Bay Area Traditional Chinese Medicine Innovation and Development Conference in Hong Kong, which gathered around 800 experts and officials to discuss the future of traditional medicine [6]. - Analysts from CITIC Securities expect short-term pressure on the herbal medicine industry to ease, with inventory clearing and demand recovery anticipated by year-end, alongside improvements in fundamentals and valuations [6]. - Huajin Securities emphasizes two main investment themes in the herbal medicine sector: "premium + innovation," highlighting the strong brand effects and market potential of high-value herbal products [7].

美国驻厄瓜多尔大使馆当天在社交平台X上发文称，此次临时行动为美厄"长期双边安全战略"的一部分，旨在 增强厄方情报收集和打击毒品贩运能力，保护美厄免受共同威胁。 美国驻厄瓜多尔大使馆17日宣布，美国空军与厄瓜多尔空军将在厄西部城市曼塔联合开展一项短期行动，以增 强在厄打击"毒品恐怖分子"的能力。 厄瓜多尔总统诺沃亚当天晚些时候在社交平台X上证实了这一说法。他说，此次行动有助于找出并摧毁毒品贩 运路线。 美国以在南美洲开展禁毒行动为由，曾于1999年至2009年在曼塔驻军。厄瓜多尔11月16日举行公投，反对设立 外国军事基地。 来源：新华社 美国与厄瓜多尔将在厄开展"打击贩毒"行动。 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 ...

Core Viewpoint - The article highlights the impactful community work of Zhai Kang, a representative from China Merchants Group, who served as the first secretary in the Shushe community, focusing on agricultural development and improving local living conditions [1][13]. Group 1: Community Engagement and Development - Zhai Kang initially faced skepticism from local villagers about his ability to understand their needs as an outsider, but he quickly gained their trust by actively participating in their daily lives and agricultural work [1][3]. - He identified transportation as a major barrier for local farmers, leading to the construction of a 3.4-kilometer industrial road funded by China Merchants Group, which significantly improved the logistics for local peach farmers [5]. - Zhai Kang implemented modern marketing strategies, including teaching villagers how to use social media platforms for selling their products, which helped promote Shushe peaches on a national level [7][9]. Group 2: Agricultural and Educational Initiatives - In 2025, Zhai Kang secured 1.5 million yuan (approximately 0.22 million USD) for an irrigation project that ensured 100% irrigation coverage for 308 peach-growing households, thus enhancing crop yield and quality [8]. - He also focused on improving educational resources for local children, successfully raising 51,000 yuan (approximately 7,500 USD) to upgrade school furniture and sports equipment [8]. - Zhai Kang's commitment to the community was evident even after an accident that forced him to leave early; he returned to bid farewell to the villagers, demonstrating his deep connection to the community [11]. Group 3: Long-term Commitment of China Merchants Group - The efforts of Zhai Kang reflect the broader commitment of China Merchants Group, which has been supporting the Weining area since 2003, sending 15 officials to assist in local governance and development [13]. - The organization has focused on revitalizing rural industries and improving the welfare of local residents through practical measures and heartfelt engagement [13].

国投白银LOF溢价居高不下。 近期，国投白银LOF二级市场价格大幅上涨，遭遇资金爆炒，场内交易价格大幅偏离基金份额净值，产生过高 溢价。基金公司频频发布溢价风险提示公告，12月份已经发布了8份溢价风险提示公告，并多次采取临时停牌 的举措。 近期，国投瑞银基金旗下国投瑞银白银期货证券投资基金（LOF）A类基金份额（场内简称：国投白银LOF； 交易代码：161226）二级市场交易价格波动较大引发市场关注。 公开资料显示，国投瑞银白银期货基金为商品期货基金，属于高风险、高收益的基金品种，该产品投资目标是 力求每日基金净值增长率在扣除相关费用前与上海期货交易所白银期货主力合约收益率相当，主要通过持有白 银期货主力合约达成投资目标。 数据显示，今年以来白银市场单边上涨，上海期货交易所白银期货指数年内涨幅已经翻倍。 Wind数据显示，11月24日以来，国投白银LOF在17个交易日里有15个交易日实现上涨，累计涨幅超过70%。该 基金产品年内涨幅甚至超过173%。 不过，截至12月17日收盘，与国投白银LOF相对应的场外交易的国投瑞银白银期货基金产品年内收益仅为 95.11%。 可见，场内交易的国投白银LOF二级市场价格比 ...