在公募迎来跨年布局之际，消费与科技两类行业基金的跷跷板效应正在凸显。 新消费在今年上半年一度是与科技赛道齐舞的资本宠儿，但进入下半程，新消费却出乎意外的赛道遇冷，导致 消费行业基金的业绩排名持续落后科技主题基金。对那些在下半年才管理新消费基金的选手，这种业绩不利的 局面就更为棘手。 伴随着消费基金重仓股估值持续收缩，以及消费基金净值损失的扩大，科技与新消费的冷热悬殊，让公募在不 同行业间的业绩悬殊达到近240个百分点。叠加今年不少消费基金换仓科技股的求生现象，公募在消费与科技 上的仓位的再平衡也可能逐步迎来窗口期。 券商中国记者注意到，多只新消费基金在下半年业绩回撤后，已完全吞噬上半年的正收益，并在2025年已快结 束之际出现不小的业绩损失，部分在今年六、七月开始接管产品的基金经理，也因为新消费板块自高位持续回 调出现站岗的尴尬。 消费基金业绩拖累公募 缺乏估值扩张逻辑的消费基金成为许多公募拖后腿的产品线。 Wind数据显示，截至今年12月14日，全市场基金业绩最高为永赢科技智选混合基金，该产品重仓对象为AI人 工智能及算力板块，年内收益率已达218%。同期，全市场亏损最大的产品为鑫元基金旗下的消费甄选混合基 ...

Core Viewpoint - The article discusses the administrative penalty imposed on Nanchang Gan Medical Hospital for overcharging a patient for ambulance services, highlighting issues of price regulation and patient rights in the healthcare sector [1][2][3]. Group 1: Incident Overview - On April 8, 2025, an employee of Nanchang Gan Medical Hospital charged a patient 28,000 yuan for a 1,600-kilometer ambulance transfer, while the official rate should have been 10,672 yuan based on the hospital's published pricing [1]. - The hospital was fined 5,000 yuan for violating pricing regulations and was ordered to correct its pricing practices [2]. - The hospital refunded the excess charge of 17,328 yuan to the patient after the incident gained public attention [1][2]. Group 2: Regulatory Actions - The Nanchang Market Supervision Administration took action based on the violation of the Price Law, which mandates clear pricing and prohibits overcharging [2]. - In addition to the ambulance incident, the hospital faced penalties for other violations, including overcharging and using expired medications, totaling 87,220.86 yuan in fines and confiscated illegal gains [2]. - The Jiangxi Provincial Health Commission is conducting further investigations into the hospital's practices and has suspended its medical transport services pending the outcome [3].

Group 1 - The core viewpoint of the article highlights the urgent measures taken by Thailand and South Korea to stabilize their currencies amid significant fluctuations, with Thailand's baht appreciating and South Korea's won depreciating [1][3][7] Group 2 - Thailand's central bank has intervened in the foreign exchange market, requesting banks to monitor foreign currency inflows due to concerns over the rapid appreciation of the baht, which reached 31.373 THB per USD, the highest level since mid-2021, with an increase of over 8% in 2025 [3][5] - The Thai government plans to accelerate imports and repay foreign debts to mitigate the economic pressure caused by the strong baht, with expectations of a 25 basis point interest rate cut to 1.25% in the upcoming meeting [5][6] Group 3 - South Korea's won has depreciated significantly, reaching a low of 1477.68 KRW per USD, with a cumulative decline of over 9% in the second half of the year, prompting the government to take swift action to stabilize the currency [7][8] - The National Pension Service (NPS) of South Korea announced a more flexible approach to foreign exchange hedging to support the weak won, managing approximately 1361 trillion KRW (about 6.49 trillion RMB) in assets [7][8] Group 4 - Analysts suggest that if the won continues to weaken towards the psychologically significant level of 1500 KRW per USD, South Korea may increase intervention efforts, indicating that the current currency fluctuations are viewed as systemic risks [7][8]

Core Viewpoint - The Ministry of Commerce has initiated an anti-dumping investigation against imported pork and pig by-products from the EU, concluding that there is dumping and substantial damage to the domestic industry, with a causal relationship established between the two [1][15]. Group 1: Investigation and Findings - The investigation was launched on June 17, 2024, following a request from the China Animal Husbandry Association, due to significant operational difficulties faced by the domestic industry [15]. - The preliminary ruling on September 5, 2025, indicated that EU imports of pork and pig by-products were found to be dumped, causing substantial harm to the domestic industry [1]. - The final ruling confirmed the existence of dumping and the causal relationship with the damage to the domestic industry [1]. Group 2: Anti-Dumping Tax Implementation - The Ministry of Commerce proposed the imposition of anti-dumping duties, which will be effective from December 17, 2025, as decided by the State Council Tariff Commission [2]. - The anti-dumping tax will be calculated based on the customs-determined taxable price of the imported goods [7]. - The implementation period for the anti-dumping tax is set for five years starting from December 17, 2025 [10]. Group 3: Product Description and Scope - The products under investigation include various forms of pork and pig by-products, such as fresh, chilled, frozen pork, and edible offal [5][6]. - The specific tariff codes for the products are listed, with certain non-pork products excluded from the investigation [6]. Group 4: Review and Appeals - New exporters from the EU not involved during the investigation period can apply for a review under the anti-dumping regulations [11]. - Interested parties can request a review during the anti-dumping tax period [12]. - Decisions regarding the final ruling and the imposition of anti-dumping taxes can be challenged through administrative review or litigation [13].

陆家嘴的清晨，往往比市场更早苏醒。 作为最早到公司的几个人之一，国投瑞银基金经理马柯习惯在早餐时快速浏览行业信息，然后开始一天的晨 会、路演、调研和投资。他的电脑屏幕上，不时跳动着AI 产业链跟踪数据—— 从北美 GPU 厂商的最新产能 规划，到国产算力芯片的适配进展，再到以光模块企业的技术突破，它们像一串串暗码，勾勒着一场正在重构 世界经济版图的巨大潮汐，并成为他参与这场投资盛宴的小小窗口 。 很难想象，13年前，他还是一个埋首于经济周期图谱与政策信号的宏观研究员，也曾深耕汽车与机械行业研究 多年。然而，正是这番经历，塑造了他"行业比较"的独特视角——既能俯瞰经济板块的沉降与隆起，也能洞察 不同产业间微妙的动能转换，进而引导他于2023年初市场仍在等待经济复苏时，完成了关键的认知切换——布 局AI产业链。 基于此，截至9月30日，他管理的国投瑞银锐意改革A近一年收益达72.58%，排名同类产品前7%（31/474）。 （ 国投瑞银锐意改革 A 近一年业绩比较基准涨跌幅为 9.77% ， 基金阶段回报、业绩基准源于基金定期报告， 同类排名源于银河证券。同类分类指银河证券分类中混合基金 - 灵活配置型基金 - ...

Core Viewpoint - The Hong Kong stock market, particularly the Hang Seng Technology Index, experienced significant declines due to rumors regarding tax recognition for high-tech companies, leading to a market reaction despite the lack of official confirmation [1][4]. Group 1: Market Reaction - On December 16, the Hang Seng Technology Index fell over 2.5%, with major stocks like Alibaba, Tencent, JD.com, and Meituan seeing increased losses [3][4]. - Individual stocks such as SenseTime dropped over 6%, and XPeng fell over 4%, while Alibaba and others experienced declines exceeding 3% [3][4]. - Alibaba's warrants saw a drastic drop, with some experiencing declines of over 85% [3]. Group 2: External Factors - External liquidity conditions have changed significantly, influenced by the Federal Reserve's hawkish stance on interest rates and the Bank of Japan's rate hikes, which have collectively impacted the Hong Kong market [4][6]. - The overall liquidity pressure in the banking system remains a concern, as indicated by comments from Federal Reserve officials [4]. Group 3: Tax Recognition Rumors - There are indications from brokerage analysts that the tightening of tax recognition for high-tech companies is not a blanket approach but rather a more stringent assessment [6]. - The market's pricing of these rumors reflects a one-time adjustment, with potential for a rebound if the situation reverses [1]. Group 4: Broader Economic Context - The current market conditions differ from the asset sell-off experienced in August last year, as the market has already priced in expectations for interest rate hikes from the Bank of Japan [7]. - Analysts suggest that while there are risks ahead, the immediate impact of the Bank of Japan's rate hike may be limited compared to previous instances [6][7].

责编：杨喻程 校对： 刘榕枝 12月15日，在日本国会参议院举行的预算委员会会议上，日本参议员、令和新选组代表山本太郎痛斥日 本首相高市早苗"卖国弃民"。 山本太郎批评日本政府在与美国的贸易协定中计划向美国投资约80万亿日元（约5200亿美元），其中 90%利润流向美国，却不减少消费税，不提供统一补贴，这无法拯救身处困境的日本民众。 来源：央视新闻 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 。 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！ 大跳水！刚刚，18.46万人爆仓！ 今夜！A股，利好！ A股，重要调整！ A股突发！芯片大牛股，终止重组！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb ...

《通知》称，为落实证监会有关工作要求，协会对信息技术系统服务机构（下称"服务机构"）在证券行业开展 或参与不正当竞争建立投诉、举报线索收集机制。 《通知》表示，在证监会备案的向证券行业提供信息技术系统服务的机构如存在以下行为，且证券公司拟向市 场监管部门投诉、举报的，证券公司可向协会提交有关线索材料。 近日，记者获悉，中国证券业协会（下称"协会"）向券商下发了《关于建立信息技术系统服务机构不正当 竞争投诉、举报线索收集机制的通知》（下称《通知》）。 首先是商业贿赂类行为。 服务机构采用给予财物等手段，贿赂证券公司的工作人员或其他办理相关事务的人 员，以谋求交易机会或竞争优势的行为。 其次是虚假或引人误解的商业宣传行为。 服务机构对其产品的性能、功能、质量、销售情况、用户评价、曾 获荣誉等作虚假或者引人误解的商业宣传，欺骗、诱导证券公司或交易者的行为。 再次是利用技术手段实施不正当竞争行为。 服务机构利用数据、算法、技术等，影响证券公司选择或实施妨 碍、破坏其他服务机构合法提供产品或服务的行为，包括但不限于诱导、欺骗、强迫证券公司修改、关闭、卸 载其他服务机构合法提供的产品或服务；恶意不兼容其他服务机构合法提供 ...

Core Viewpoint - The recent decline in market risk appetite is evident as both US tech stocks and the cryptocurrency market experience significant downturns, with Bitcoin dropping below $86,000 and a notable number of liquidations occurring in the crypto space [1][3]. Group 1: Cryptocurrency Market Performance - On December 16, Bitcoin fell to $85,800, marking a decline of over 30% from its two-month high of $126,000 [3]. - The cryptocurrency market saw over $603 million in liquidations within 24 hours, affecting approximately 184,600 traders, with the majority being long positions [3][4]. - The overall trading volume in the cryptocurrency market remains low, indicating insufficient momentum for a rebound, as Bitcoin fluctuates between $85,000 and $94,000 [3][4]. Group 2: Market Correlation and Investor Sentiment - The cryptocurrency market has not followed the typical positive correlation with other risk assets, continuing to decline even when other assets rebound [4]. - Analysts suggest that the current downturn is driven by position adjustments rather than large-scale forced liquidations, indicating a more sustained pressure on the market [4]. Group 3: Upcoming Economic Data and Central Bank Actions - Investors are closely monitoring upcoming US economic indicators, including unemployment rates and inflation data, to gauge future interest rate paths [6]. - The US Consumer Price Index (CPI) is set to be released on December 18, which is a critical indicator for market sentiment and Federal Reserve policy [6]. - There is widespread expectation that the Bank of Japan will raise interest rates by 0.25 percentage points, which could impact global liquidity and risk assets, including cryptocurrencies [7].

Core Viewpoint - Guizhou Rural Commercial Bank has been approved to commence operations, with a registered capital of 10.458 billion RMB, and significant shareholding from Guizhou Moutai and Guizhou Financial Holdings [1][2]. Shareholding Structure - Guizhou Provincial Finance Department contributed 1.572 billion RMB, holding 15.032% of shares - Guizhou Financial Holdings contributed 6.886 billion RMB, holding 65.844% of shares - Guizhou Moutai contributed 1 billion RMB, holding 9.562% of shares - Guizhou Qiansheng State-owned Assets Management contributed 1 billion RMB, holding 9.562% of shares [1][2]. Bank Formation and Leadership - The establishment of Guizhou Rural Commercial Bank was approved following the termination of the original Guizhou Provincial Rural Credit Cooperative Union, with all debts and credits transferred to the new bank - The first leadership team includes Yang Song as Chairman and Yang Hongjun as Vice Chairman and President [2]. Rapid Development - The bank's establishment process took less than a year, indicating a swift development [3]. Banking Model - The "Joint Bank" model was adopted for the reform, allowing provincial banks to control county-level banks while retaining their legal status, which is seen as a cost-effective and flexible approach [4][5]. Asset Scale - Guizhou Rural Commercial Bank is expected to become the first bank in Guizhou with assets exceeding 1 trillion RMB, with the provincial rural credit system's total assets reaching 1.1591 trillion RMB by October 2025, showing a significant increase since 2020 [6].