Market Performance - A-shares showed a positive performance on December 25, with the Shanghai Composite Index recording a 0.47% increase, the Shenzhen Component Index up by 0.33%, and the ChiNext Index rising by 0.3% [2] - A total of 3,773 stocks rose, with 93 stocks hitting the daily limit up, while 1,473 stocks declined [3][4] Trading Volume and Activity - The total trading volume reached 19,439.18 billion CNY, with a total of 113,821.2 million shares traded [4] - The increase in the number of rising stocks was 1,040, representing a 38.05% increase in the number of stocks that rose [4] Sector Highlights - The commercial aerospace sector continued its strong performance, with Shenjian Co. achieving six consecutive limit-up days, and over 20 stocks including China Satellite and Shanghai Port Bay hitting the daily limit up [4] - The robotics sector also saw a collective surge, with stocks like Haozhi Electromechanical and Fenglong Co. experiencing limit-up days [5] Silver Fund Performance - The only "pure silver" fund in the A-share market, Guotou Silver LOF, hit the daily limit down on December 25, following a significant price drop after a period of high premium [6][7] - The fund had previously seen a cumulative increase of nearly 220% this year, while the Shanghai Futures Exchange silver futures rose approximately 128% [9] - The premium of the fund relative to its underlying assets reached close to 62%, up from about 7% earlier in the month, indicating a strong contraction in premium due to profit-taking by arbitrageurs [9]

【导读】海通老将左秀海任国泰海通资管副总裁 中国基金报记者 孙越 12 月 25 日，国泰海通资管发布高级管理人员变更公告，宣布聘任左秀海为公司副总裁，任 职日期自 2025 年 12 月 24 日起。公告显示，此次人事调整已通过公司第二届董事会第七 十次会议审议，并将按规定履行备案程序。 | 新任高级管理人员职务 副总裁 | | | --- | --- | | 新任高级管理人员姓名 左秀海 | | | 是否经中国证监会核准取得高管任职 | | | 资格 | | | 中国证监会核准高管任职资格的日期 | | | 任职日期 | 2025-12-24 | | | 十天皇 [] [ ] [ ] ] [ ] ] [ ] [ ] ] [ ] ] [ ] ] [ ] ] [ ] ] [ ] ] ] [ ] ] ] [ ] ] ] [ ] ] ] [ ] ] ] [ ] ] ] [ ] ] ] [ ] ] ] [ ] ] ] [ ] ] ] [ ] ] ] [ ] ] ] [ ] ] [ ] ] [ ] ] ] [ | 左秀海拥有 17 年证券从业经验。公开资料显示，左秀海 2008 年 5 月入职华宝证券有限责 任公司担 ...

商务部回应美封锁进出委内瑞拉受制裁油轮：坚决反对"长臂管辖" 针对美国近期下令封锁进出委内瑞拉的所有受制裁油轮，商务部新闻发言人何咏前25日在例行新闻发布 会上表示，中方一贯坚决反对有关国家滥施单边制裁和所谓的"长臂管辖"，随意拦截他国油轮不仅可能 扰动国际能源市场正常运行，还有可能引发其他安全风险。发布会上，有记者问：美国近期下令封锁进 出委内瑞拉的所有受制裁油轮，并已经拦截了三艘油轮。中国是委内瑞拉原油的主要买家之一，请问此 举将对中委原油贸易产生什么影响？中国商务部对美国此举有何回应？何咏前作出上述回应。 何咏前还表示，委内瑞拉同其他国家在国际法框架内开展经贸合作是正常的，也是合理、合法的，这一 权利应当得到尊重和支持。 来源：新华社 商务部新闻发言人何咏前25日在回答关于美宣布对部分中国半导体产品加征301关税的有关 提问时说，中方注意到有关情况，已通过中美经贸磋商机制向美方提出严正交涉。中方不认 同美方301调查的所谓结论，坚决反对美对华半导体产品加征301关税。 在商务部当天举行的例行新闻发布会上，有记者问：美东时间12月23日，美国贸易代表办公 室发布针对中国半导体政策301调查结果，宣布对部分 ...

今年 9 月 1 日，携程与柬埔寨国家旅游局签署营销合作协议。协议内容：甲方（柬埔寨国家 旅游局）委托乙方（携程）在乙方关联机构发布广告服务。合作期限： 2025 年 9 月 1 日至 2026 年 3 月 31 日。协议原计划于柬埔寨对华免签后上线广告内容，基于中国驻柬埔寨大 使馆近期发布的安全提醒，我司第一时间暂停了原定的投放动作，合作未曾启动。携程承 诺：该协议不涉及任何数据合作，绝不存在泄露用户隐私信息的情况，并已将合作协议及实 际情况提交相关部门验证核查。 携程高度重视数据与信息安全建设，相关工作已获得多项权威认可：包括 ISO27001 信息安 全管理体系认证、 ISO27701 隐私信息管理体系认证、通信网络安全防护三级备案以及公安 网络安全等级保护三级备案。此外，公司每年还接受相关部门组织的网络数据安全风险评 估， 2025 年已于 10 月完成通过。 携程始终珍视用户的信任与支持，未来将继续以更严格的标准落实数据安全主体责任，为广 大用户创造安全、放心的出行环境。 【导读】携程发布声明：与柬埔寨营销合作未启动，没有泄露用户隐私 中国基金报记者 忆山 12 月 25 日，携程发布关于用户关切问 ...

Core Viewpoint - The article discusses the measures implemented by the Shanghai Municipal Government to support the construction of the G60 Science and Technology Innovation Corridor, aiming to upgrade it to a "world-class" level and create a high ground for industrial innovation [4][19]. Group 1: Building a Technology Innovation Source - The measures focus on four main areas: building a technology innovation source, creating world-class industrial clusters, nurturing a first-class international innovation ecosystem, and sharing technology innovation resources [5][19]. - A total of 23 measures will be implemented starting from January 1, 2026, until December 31, 2030 [5][82]. - Support for application-oriented basic research will be provided, with funding up to 30% of total investment, capped at 30 million yuan [9][23]. - Establishment of a multi-party investment mechanism to support market-oriented applied research and accelerate breakthroughs in disruptive and frontier technologies [6][23]. Group 2: Creating World-Class Industrial Clusters - The initiative aims to accelerate the development of modern industrial clusters, including advanced manufacturing and strategic emerging industries, with financial support of up to 20 million yuan [11][39]. - Specific support for the new generation of electronic information industry includes funding of up to 15% of total investment, with a maximum of 50 million yuan for key projects [12][42]. - The aerospace industry will receive similar support, with funding for satellite manufacturing and commercial operations, including a one-time reward of 50 million yuan for companies obtaining relevant licenses [12][45]. Group 3: Nurturing a First-Class International Innovation Ecosystem - The measures emphasize the establishment of high-quality incubation platforms for hard technology enterprises, with support for joint efforts in technology validation and testing [14][58]. - Financial mechanisms will be improved to support innovation investments, including risk-sharing and interest subsidy mechanisms [14][60]. - Talent support will be enhanced, focusing on the integration of education and technology talent development, and facilitating the introduction of high-level talent [14][62]. Group 4: Sharing Technology Innovation Resources - The article highlights the need for optimizing the layout of innovation spaces and establishing a comprehensive transportation system to facilitate resource sharing [16][69]. - There will be efforts to promote the open sharing of technology resources, including major research infrastructure and scientific data [17][73]. - Establishment of a special fund for the G60 Science and Technology Innovation Corridor to ensure effective management and performance evaluation [19][81].

Core Insights - The article highlights the significant growth in China's electricity market transactions, with a total of 60,300 billion kilowatt-hours traded from January to November 2025, representing a year-on-year increase of 7.6% [2] Summary by Categories Overall Market Performance - In November 2025, the total electricity market transaction volume reached 5,484 billion kilowatt-hours, showing a year-on-year growth of 7% [2] - The proportion of electricity market transactions to total social electricity consumption was 63.7%, an increase of 1.3 percentage points year-on-year [2] Transaction Breakdown - Provincial transactions accounted for 4,243 billion kilowatt-hours, with a year-on-year increase of 5.7%, while inter-provincial and inter-regional transactions totaled 1,241 billion kilowatt-hours, growing by 11.8% [2] - In terms of transaction types, medium to long-term transactions reached 5,206 billion kilowatt-hours, while spot transactions were 278 billion kilowatt-hours [2] Green Electricity Transactions - Green electricity transactions totaled 336 billion kilowatt-hours, marking a substantial year-on-year increase of 42.8% [2]

【导读】昨日股票 ETF 市场净流入近 143 亿元，中证 A500 指数近五日爆买近 550 亿元 中国基金报记者 李树超 12 月 24 日， A 股全天走强，三大指数集体上扬。结构上，商业航天概念股集体爆发，算力硬件股延续强势，福建板块走强。 市场走强背景下，资金借道股票 ETF 再度加仓，昨日股票 ETF 市场资金净流入近 143 亿元， 中证 A500 指数净流入居前，华夏、易方 达、华泰柏瑞、南方、广发基金旗下中证 A500ETF 净流入均超 20 亿元，近五日该指数净流入资金近 550 亿元。而芯片 ETF 、军工 ETF 等行业主题 ETF 净流出居前。 昨日股票 ETF 市场净流入近 143 亿元 Wind 数据显示，截至 12 月 24 日，全市场 1284 只股票 ETF （含跨境 ETF ）总规模达 4.74 万亿元。 在昨日股市大涨行情中，股票 ETF 市场总份额增加 84.95 亿份，按照区间成交均价测算，净流入资金达 142.94 亿元。 从大类型来看，昨日宽基 ETF 与债券 ETF 净流入居前，分别达 171.76 亿元与 134.62 亿元。规模变化方面，宽基 ETF 规模 ...

Core Viewpoint - The article discusses the recent performance of the Guotou Silver LOF fund, which experienced a rapid decline after a period of significant price increase, highlighting the volatility and risks associated with high premium rates in the market [2][5]. Market Performance - On December 25, Guotou Silver LOF resumed trading at 10:30 AM and quickly hit the daily limit down, with a market price of 2.804 yuan and a premium rate of 45.45% [2][3]. - The fund's previous closing price on December 24 was 3.116 yuan, reflecting a premium rate of 68.19% [5]. - The fund's trading volume reached 2.2 billion yuan, with a turnover rate of 8.31% [3]. Fund Characteristics - Guotou Silver LOF is the only fund primarily investing in silver futures, which has attracted significant market interest, leading to multiple announcements regarding premium risks and trading suspensions since December 2 [5]. - The fund's A-class share subscription limit is currently set at 500 yuan, with adjustments made to manage investor interest [5]. Investor Behavior - There has been a notable trend of investors sharing arbitrage strategies related to the silver fund, with some reporting profits from trading based on premium fluctuations [5].

Group 1 - The article highlights a significant case of illegal fundraising in the financial sector, where a group led by Zhou engaged in fraudulent activities under the guise of "debt resolution" by promising to help clients eliminate their debts at a 40% fee [2][3] - The criminal organization utilized multiple affiliated companies to create a facade, leveraging the urgent desire of consumers to resolve their debts, and employed complex service contracts and persuasive scripts to deceive clients [3] - The scheme operated as a Ponzi-like model, where new funds were used to pay off earlier investors, with no actual business activities taking place, resulting in a total of over 9 billion yuan in funds raised from approximately 14,000 clients across 28 provinces [2][3] Group 2 - The article warns consumers to be vigilant against enticing offers such as "no repayment loans" and "100% refund if unsuccessful," urging them to avoid falling for false advertising [4] - It advises consumers to reject prepayment of high fees and to seek resolution through legitimate channels such as negotiation with relevant institutions or reporting to regulatory authorities [5]

Core Insights - The report titled "Charity Organization Investment Special Research Report" provides a comprehensive overview of asset management in mainland China's charity organizations, highlighting challenges and opportunities for asset preservation and appreciation [1] Group 1: Current State of Charity Sector - In 2024, the donation income of social organizations in mainland China reached 129.79 billion yuan, with the total number of foundations exceeding 9,800 [1] - Despite rapid growth, the sector faces structural challenges such as insufficient asset management capabilities and low investment returns [1][3] Group 2: Investment Management Challenges - The average annual investment return of charity assets in China is low, leading to actual asset depreciation pressures [3] - Issues such as long-term declining interest rates, reliance on bank deposits, lack of professional talent, inadequate management systems, and regional development imbalances are prominent [3] Group 3: Transition in Asset Management - Charity organizations are at a historical turning point, shifting from "conservative idle" to "professional appreciation" in asset management [5] - The report emphasizes the need for differentiated service strategies to cater to varying capabilities, risk preferences, and collaboration needs among organizations [5] Group 4: Key Trends in Charity Investment - **Seeking Alternatives**: Due to long-term declining bank deposit rates, conservative charity organizations are looking for financial products that better match their risk-return profiles [6] - **Customized Services**: University foundations, due to concentrated assets and frequent large donations, are becoming key service targets, with a pressing demand for customized asset management solutions [6] - **Collaborative Investment Models**: Regional cooperative investment models, such as the "Shenzhen Charity Common Fund," have emerged, accumulating nearly 1 billion yuan and achieving over 80 million yuan in returns [6] - **Risk Aversion and Return Demand**: Investment preferences are characterized by a clear focus on "low drawdown, higher returns," with organizations setting strict withdrawal alerts and stop-loss lines [7] - **Dedicated Account Management**: Large organizations like university foundations are increasingly considering dedicated account management due to its specialized service and depth [7] - **Innovative Mechanisms and Deepened Cooperation**: The collaboration between charitable trusts and asset management products is becoming closer, enhancing asset appreciation capabilities [7] Group 5: Future Directions - On June 5, 2025, the company will launch the "Yizhao Xiangshan · Zhiyuan Qianxing" public finance brand and establish the first ESG public finance laboratory in the securities industry, promoting systematic and professional upgrades in public welfare practices [7]