Core Viewpoint - The article discusses the navigation signal anomalies that occurred in Nanjing on December 17, 2025, emphasizing the technical reasons behind the issue and the strategic significance of the BeiDou and GPS systems' compatibility. Group 1: Navigation Signal Anomaly - The navigation failure was primarily due to temporary interference suppressing GNSS satellite signals (including BeiDou and GPS), rather than a network signal interruption, making offline maps ineffective [3][4]. - Offline maps only store geographic data and cannot replace the positioning signal source, as mobile navigation relies on GNSS signals from at least four satellites to calculate location coordinates [4]. Group 2: Strategic Significance of BeiDou and GPS Compatibility - The simultaneous impact on both BeiDou and GPS signals during the anomaly validates the strategic foresight of China's BeiDou system's civilian frequency planning [5][6]. - The compatibility of BeiDou's civilian signal (B1C frequency) with GPS's civilian signal (L1C frequency) allows for interoperability, creating a strategic balance where interference with BeiDou also affects GPS, thus deterring malicious disruptions [6]. Group 3: Military Frequency Resilience - The signal anomaly only affected civilian GNSS frequencies, while BeiDou's military frequency remained unaffected due to its separation from civilian frequencies [7]. - BeiDou's military system employs advanced anti-jamming technologies, ensuring robust resistance to interference and maintaining reliable time-space services for national defense and emergency support [7].

Core Viewpoint - Zhuoran Co., Ltd. and its actual controller, Chairman Zhang Jinhong, are under investigation for suspected violations of information disclosure regulations, including improper use of IPO fundraising [1][3]. Group 1: Investigation and Regulatory Actions - On December 19, Zhuoran Co., Ltd. announced that it and its actual controller, Chairman Zhang Jinhong, received a notice of investigation from the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure regulations [3]. - The CSRC has decided to initiate an investigation against Zhuoran Co. and Zhang Jinhong due to these violations [3]. - Zhuoran Co. has stated that all business activities are currently operating normally and that they will cooperate with the CSRC during the investigation [5]. Group 2: Violations and Consequences - Zhuoran Co. received a corrective order from the Shanghai Securities Regulatory Bureau, which also issued warning letters to several senior executives, including Zhang Jinhong, due to violations related to the use of IPO fundraising [7]. - Investigations revealed that from 2021 to 2024, Zhuoran Co. improperly paid part of the raised funds during the IPO project implementation, with funds being diverted to external pools controlled by related parties, including Zhang Jinhong [7]. - The company failed to disclose the actual use of raised funds and the non-operational financial transactions with related parties, violating the relevant provisions of the "Management Measures for Information Disclosure of Listed Companies" [8]. Group 3: Company Profile and Market Position - Zhuoran Co. is a provider of modular and integrated manufacturing solutions for large-scale refining and petrochemical specialized equipment, serving clients in the oil, petrochemical, and natural gas chemical sectors [8]. - As of December 19, the stock price of Zhuoran Co. was reported at 12.13 yuan per share, with a total market capitalization of 2.8 billion yuan [8].

12 月 19 日，中国基金报记者从原广发证券发展研究中心董事总经理、首席资产研究官戴康 处获悉，他已于当日正式履新招银理财，担任公司权益投资部总经理一职。 公开资料显示，戴康，中国人民大学经济学硕士，东北财经大学金融硕士研究生导师、上海 国家会计学院硕士生导师、上海财经大学硕士职业导师。他早年曾在国泰君安证券、华泰证 【导读】广发证券原首席资产研究官戴康履新招银理财 中国基金报记者 忆山 编辑：晨曦 校对：王玥 制作：舰长 审核：许闻 《中国基金报》对本平台所刊载的原创内容享有著作权，未经授权禁止转载，否则将追究法律责任。 券任职， 2017 年 11 月加盟广发证券，担任首席策略分析师； 2024 年履新广发证券发展 研究中心董事总经理、首席资产研究官，直至今年 11 月末离任。 授权转载合作联系人：于先生（电话：0755-82468670） 戴康拥有十四年的投资策略研究经验，在广发证券任职期间曾提出不少经典研判。例如，他 在 2019 年初提出 "A 股熊牛转换，金融供给侧慢牛开启 " ，在 2022 年 11 月高呼 " 港股 天亮了 " ，在 2023 年提出 " 杠铃策略 " 等。较强前瞻性的研判 ...

Core Viewpoint - Pingtan Development experienced a significant drop in stock price on December 19, 2023, after a strong opening, leading to a closing price of 13.6 CNY per share, down 7.48% from the previous day [2][21]. Stock Performance Summary - On December 19, Pingtan Development opened at 14.49 CNY, reached a high of 15.66 CNY, and then fell sharply to a low of 13.51 CNY, resulting in a trading range of over 14% [2][3]. - The total trading volume for the day was 4.33 million shares, with a total transaction value of 6.53 billion CNY [3][21]. - The stock's price-to-earnings ratio (P/E) was reported at 630.93, indicating significant losses, while the market capitalization stood at approximately 26.27 billion CNY [3][21]. Market Sentiment and Reactions - The abrupt decline in Pingtan Development's stock price led to various reactions on social media, with users humorously commenting on the volatility and expressing concerns about speculative trading [5][19]. - The company responded to investor inquiries, stating that the stock price fluctuations were influenced by multiple factors, including economic conditions and investor sentiment, and emphasized that there were no significant changes in its core business [19][21]. Trading Activity - Pingtan Development was featured on the stock market's "龙虎榜" (Dragon and Tiger List) for significant trading activity, with a net buying amount of 263 million CNY, accounting for 4.02% of the total trading volume [21][22]. - The stock's trading turnover rate was reported at 22.62%, indicating a high level of trading activity relative to its total shares outstanding [22].

近日，抖音电商依托共享仓模式，整合社会优质仓配资源，在东北地区落地生鲜水果专项服 务。通过 " 更近仓、更快达、更稳定 " 的履约体系，平台有效延长车厘子销售季，助力柑橘 等时令水果畅销全国。同时，这一模式也在西北牛羊肉等特色产业带品类中加快推广，助力 西北产地农牧产品走向全国市场。 随着生鲜消费不断向品质化、时效化升级，物流履约能力正成为影响农产品线上销售的重要 因素。围绕 " 新鲜、稳定 " 的消费需求，抖音电商持续强化共享仓服务，通过仓储与配送一 体化服务，将社会化优质仓配资源共享给平台商家，帮助产业带商家优化履约能力，提升消 费者购物体验。 算法驱动分仓模式，延长生鲜水果销售半径 抖音电商通过全国分仓、前置备货的共享仓模式，为西北牛羊肉销往全国提供新的解决方 案。商家可将产品运送至核心消费区域的共享仓内，再进行就近发货，既保障了冷链条件下 的稳定品质，又缩短了末端配送时效。 抖音电商数据显示，通过共享仓与明日达履约模式结合，西北牛羊肉平均履约时效缩短超 50% ，同时单票配送成本降低；在途时间缩短也带动破损率和退货率同步下降。以宁夏盐池 至上海线路为例，引入共享仓后，配送时效得以缩短，单票物流成本降低 ...

【导读】港股三大指数集体收涨 中国基金报记者 忆山 12 月 19 日，港股三大指数高开高走，截至收盘，恒生指数上涨 0.75% ，恒生科技指数上涨 1.12% ，恒生国企指数上涨 0.68% 。 创新药、新能源汽车等涨幅靠前 具体来看，当日权重科技股集体上涨，腾讯、快手、网易、美团、百度均涨超 1% 。 板块方面，当日创新药概念股涨幅靠前，其中，映恩生物涨幅达 9.29% ，药明生物涨幅达 4.4% 。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 - | | --- | --- | --- | --- | --- | | 9606 | 映恩生物-B | 336.600c | 28.600 | 9.29% | | 2269 | 药明生物 | 34.160c | 1.440 | 4.40% | | 6990 | 科伦博泰生物-B | 419.200c | 14.200 | 3.51% | | 1877 | 君实生物 | 23.240c | 0.760 | 3.38% | | 2162 | 康诺亚-B | 55.500c | 1.800 | 3.35% | | 2268 | 药明合联 | 70.000c ...

Group 1 - The article discusses the recent actions taken by the National Internet Information Office and the China Securities Regulatory Commission to address false information related to the capital market, including the closure of several accounts that spread rumors and illegal stock recommendations [1][2][3] - Specific accounts such as "八姐无敌" and "财报风云" have been identified for disseminating false IPO policies and distorting financial information, leading to legal actions against them [1][2] - The article emphasizes the importance of maintaining a stable market environment and encourages the public to develop correct investment concepts and enhance risk awareness [3] Group 2 - Various accounts have been reported for using AI technology to generate false information about the capital market, which disrupts investor decision-making and market stability [2] - Accounts like "热点牛股王" have been noted for illegally recommending stocks and misleading investors into believing they can predict stock movements, which has resulted in their closure [2] - The article highlights the legal consequences for those who fabricate and spread false information in the capital market, reinforcing the need for accurate financial information dissemination [3]

Group 1 - The Chinese government strongly opposes the recent large-scale arms sales from the U.S. to Taiwan, stating that it severely undermines China's sovereignty and territorial integrity, and disrupts peace and stability in the Taiwan Strait [2][3] - The Chinese Foreign Ministry emphasized that no matter how many advanced weapons are sold to Taiwan, it cannot prevent the historical trend of China's eventual reunification [2] - The Chinese Defense Ministry criticized the U.S. for violating the One China principle and damaging strategic mutual trust between China and the U.S., urging the U.S. to stop arms sales to Taiwan immediately [3] Group 2 - The arms sales package approved by the U.S. amounts to over $11.1 billion, marking one of the largest military sales to Taiwan [3] - The Chinese government warns that any actions supporting "Taiwan independence" will face severe consequences, and that the Chinese military will continue to strengthen its preparedness to defend national sovereignty [3]

【导读】任职不足两年，中加基金总经理李莹离职 中国基金报记者 若晖 继今年 7 月份新董事长上任之后，中加基金在年末又迎来总经理更迭。 12 月 19 日，中加基金公告称，总经理李莹因个人原因离职，公司首席信息官陈昕代任总经 理。 Wind 数据显示，中加基金成立于 2013 年，是一家 " 银行系 " 基金公司，北京银行为其第 一大股东。中加基金代任总经理陈昕此前任职于北京银行信息技术部，董事长杨琳此前也在 北京银行工作多年。截至今年三季度末，中加基金旗下非货基金管理规模超过 1100 亿元。 中加基金总经理李莹离职 12 月 19 日，中加基金发布高级管理人员变更公告。总经理李莹因个人原因离职，公司首席 信息官陈昕代任总经理。 | 代任高级管理人员职务 | 总经理 | | --- | --- | | 代任高级管理人员姓名 | 陈昕 | | 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 | | | 格的目期 | | | 任职日期 | 2025-12-18 | | 过往从业经历 | 1998年至2013年任职于北京银行;2013年5月加入 中加基金管理有限公司,先后 ...

值得注意的风险点有三：一是房地产的拖累作用还未出清，地产修复比大家预期晚；二是房地产连带 的地方政府化债压力大，挤压政策空间；三是外需不确定性依然存在，对增长的拉动可能下降。 "新稳态"下，中国经济增长模式逐渐从地产拉动转向创新驱动，基建和高技术产业接棒房地产拉动经 济增长。 但转型期间，房产价格下降到企稳向上或还需一定时间，需要关注可能带来的疤痕效应， 具体体现在居民消费及投资可能长时间趋于谨慎。 回归到权益市场，当前中国类资产负债表衰退背景下，开启了一轮估值修复与资产轮动驱动的行情。 综合来看，2026经济全年增长依旧承压，投资下滑势头有望低位企稳，消费缓慢抬升，出口有韧 性，价格温和改善，进而带动名义GDP上行，企业盈利或持续修复，这将成为市场的基本面支撑。据 此， A股有望从估值抬升带来的"急而促"行情逐渐过渡到盈利支撑的"缓而慢"的行情。 行业配置来 看， 现代化产业和产能出海是趋势，科技依旧是主线 。此外， 基于外需增长和供需逻辑改善的涨价 链条值得重视 。 投资策略：三重多元化推动再平衡 招商基金多元策略与投资创新部资深研究员王婧表示，2026年投资策略可以概括为"三重多元化推动 再平衡"： 第 ...