Core Viewpoint - GAC Group has initiated a reform of its independent brand Business Units (BUs), with the establishment of the Haobo Aion BU as a key focus for operational integration and efficiency [2][3]. Group 1 - Zhang Xiong has been appointed as the president of the Haobo Aion BU, with Feng Yu as the product vice president and Yang Long as the sales and service vice president [3]. - Each independent brand BU will be responsible for the entire process from product planning and development to market launch and profitability, ensuring accountability for market performance [3]. Group 2 - The integration of sales channels for Haobo and Aion will be implemented in phases, with the first phase set to announce the initial sales and service points by January 31, 2026 [5]. - After the first phase, the integrated channels are expected to cover over 30 cities nationwide, allowing for dual-brand sales and service at the same locations [6]. Group 3 - The second phase aims for complete channel integration by March 31, 2026, establishing over 1,000 sales points and achieving 100% coverage in cities above the fourth tier [6]. - The integration is projected to increase Haobo's service network from 200 to 1,000 locations, enhancing service convenience for users, while Aion customers will benefit from a wider range of product options [6]. Group 4 - GAC Group's reform is designed to maximize resource synergy, improve organizational management efficiency, and accelerate technological innovation and market responsiveness [6]. - Haobo will focus on the high-end market as "elite vehicles," while Aion will target the mass market as "people's good cars," strengthening GAC Group's competitive position in independent brands [6][7]. Group 5 - GAC Group is also preparing for a BU reform for its brand Trumpchi, which is currently in the planning stage [8]. - The company aims to balance its traditional fuel vehicle advantages with the transition to new energy vehicles, emphasizing both fuel and electric vehicle development [9]. - The independent operation of the Qijing brand, developed in partnership with Huawei, has been established, with management and marketing handled autonomously [9]. Group 6 - GAC Group's initiatives, including the "Panyu Action" plan, have led to a 50% improvement in business efficiency, a reduction in new car development cycles from 26 months to 18-21 months, and a decrease in R&D costs by over 10% since the start of 2024 [9].

Core Viewpoint - Chow Tai Fook has announced a price increase for certain fixed-price products, with the increase ranging from 4% to 16%, effective December 19 [2][3][4]. Price Increase Details - The price increase affects products from the Forbidden City series, the Chuanfu Chuanxi series, and some platinum products, with specific examples showing a price rise of 15.85% for a butterfly gold bracelet, from 56,800 yuan to 65,800 yuan [10]. - Chow Tai Fook has previously raised prices in March and October of this year, with increases of 10% to 20% in March and 12% to 18% in October [14]. Sales Performance - For the first half of the 2026 fiscal year (April to September 2025), Chow Tai Fook reported a recovery in performance, with same-store sales showing growth. The revenue from fixed-price jewelry increased by 9.3% year-on-year, reaching 11.4 billion HKD, while revenue from priced gold jewelry decreased by 3.8% [14]. - The average selling price of fixed-price gold jewelry rose to 6,300 HKD, an increase of 18.9% year-on-year [15]. Market Context - The international gold price has been on the rise, with domestic gold prices also increasing. As of December 18, multiple brands reported gold prices exceeding 1,350 yuan per gram, with Chow Tai Fook's price at 1,353 yuan per gram [22][23]. - Analysts from various institutions believe that gold prices are likely to continue rising, citing factors such as a cooling labor market and expectations of interest rate cuts [27].

有记者提问，美国已经通过了向台湾出售价值 110 亿美元的军品，为历史上金额最高。中方对 此有何评论？ 来源：央视军事 12 月 18 日，外交部发言人郭嘉昆主持例行记者会。 郭嘉昆表示，台湾问题是中国核心利益中的核心，是中美关系第一条不可逾越的红线，任何 人都不要低估中国政府和中国人民捍卫国家主权和领土完整的坚定意志和强大能力。中方敦 促美方恪守一个中国原则和中美三个联合公报，落实美国领导人所做严肃承诺，立即停止武 装台湾的危险行径。中方将采取坚决有力措施捍卫国家主权、安全和领土完整。 抱 歉，又 来 找 下 跌 原 因 了... 郭嘉昆表示，美方公然宣布巨额售台先进武器计划，严重违反一个中国原则和中美三个联合 公报，严重损害中国主权安全和领土完整，严重破坏台海和平稳定，向"台独"分裂势力发出 严重错误信号。中方对此坚决反对、强烈谴责。 郭嘉昆说，岛内"台独"分裂势力"以武谋独""以武拒统"，大肆挥霍老百姓血汗钱购买武器， 不惜把台湾变成"火药桶"，挽救不了"台独"必然灭亡的命运，只会加速把台海推向兵凶战危 的境地。美方"以武助独"只会引火烧身，"以台制华"绝对不会得逞。 ...

Group 1 - The core message of Trump's speech focused on his administration's economic achievements and criticism of Biden's government, claiming to restore the economy from the brink of collapse [2] - Trump highlighted specific accomplishments such as combating illegal immigration, dismantling drug trafficking organizations, and maintaining regional peace, asserting that inflation has stopped, wages are rising, and prices are decreasing [2] - He announced plans for significant tax cuts and a new Federal Reserve chair who supports substantial interest rate reductions, along with a special bonus for active-duty military personnel [2][3] Group 2 - The timing of Trump's speech was strategic, occurring before the Christmas holiday and as Congress was about to enter a two-week recess, coinciding with the upcoming 2026 midterm election cycle [3] - Analysis indicated that the Republican Party's overall approval ratings were still in the negative range, particularly concerning economic issues, suggesting that Trump's speech aimed to reverse declining support [3] - Despite public concerns about economic affordability, Trump continued to defend his economic record and made inaccurate claims regarding foreign military engagements [3]

商务部：欧委会近期密集对多家中企发起调查，甚至对中国数字平台进行现场突袭检查，中方强烈反对 商务部新闻发言人何亚东在12月18日举行的例行新闻发布会上说，中方注意到，欧委会近期密集对中国 企业发起《外国补贴条例》（FSR）调查，先后对中车集团、同方威视发起深入调查，甚至对中国数字 平台进行现场突袭检查，做法恶劣，指向性和歧视性明显。中方对此强烈反对。希望欧方立即停止对包 括中国在内的外国投资企业的无理打压，审慎使用FSR调查工具，为在欧投资经营企业创造公平、公 正、可预期的营商环境。中方密切关注欧方有关动向，将采取必要措施，坚决维护中国企业合法权益。 来源：新华社 ...

2023年5月，根据招商局集团和相关部门统一安排，招商证券员工翟康到贵州威宁 树舍社区任驻村第一书记。当他第一次走进树舍社区，迎接他的不只是层叠的青山 与蜿蜒的小路，还有村民们的疑虑："城里来的干部，能了解咱农民的想法吗？" 翟康没有着急解释。听不如看，看不如干，他脱下西装，卷起了裤腿，走进了田间地 头，也走进了家家户户。从倾听谁家孩子上学缺钱、谁家老人看病犯难，到下地与农户 一同劳作——他渐渐从一个"外来干部"，变成了村民口中的"翟书记"。 翟康了解当地农户实际情况 在树舍，改变是从一条路开始的。村里的油桃甘甜爽脆，却因交通不便，常常只能眼睁 睁看着果实烂在地里。了解到油桃运输是最大难题后，翟康多方奔走，为村里争取到招 商局集团专项资金，带领村民一起修起了3.4公里的产业路，打通了树舍社区农产品出山 的"最后一公里"。 翟康同当地农户一起干农活 翟康带领村民修产业路 路通之后，他的脚步并未停歇。建冷库、引分拣线，手把手教村民用抖音、视频号直播 卖货……"树舍油桃，甘甜爽脆"的吆喝声，第一次从树舍传向全国。 树舍油桃直播卖货 翟康的目光不只解决眼前。2025年，他向招商局集团成功申请了150万元的资金，启动油 ...

Core Viewpoint - The article discusses recent military actions by the U.S. against alleged drug trafficking vessels in the Eastern Pacific, highlighting the implications of these operations on regional security and international relations, particularly with Venezuela and Ecuador [1][3]. Group 1: U.S. Military Actions - On December 17, the U.S. Southern Command reported a strike on a vessel identified as associated with a terrorist organization, resulting in the death of four individuals [1]. - The U.S. military has not provided evidence regarding the drug trafficking activities of the targeted vessel [2]. - The Southern Command indicated that the vessel was operating along a known drug trafficking route in the Eastern Pacific [3]. Group 2: Regional Reactions and Implications - The U.S. has deployed multiple naval vessels in the Caribbean near Venezuela under the pretext of anti-drug operations, which has faced strong opposition from Venezuela and several Latin American countries [3]. - Venezuela has accused the U.S. of attempting to instigate regime change through military threats and expanding its military presence in Latin America [3]. Group 3: Collaboration with Ecuador - The U.S. and Ecuador are set to conduct joint operations in Manta, Ecuador, aimed at enhancing Ecuador's capabilities to combat drug trafficking [4]. - Ecuador's President confirmed that the operation would help identify and dismantle drug trafficking routes [5]. - The U.S. previously stationed troops in Manta from 1999 to 2009 for similar anti-drug efforts, and a recent referendum in Ecuador opposed the establishment of foreign military bases [5].

Core Viewpoint - The merger of CICC with Dongxing Securities and Xinda Securities marks a significant step towards the deep integration of China's securities industry, indicating a shift from scale expansion to enhancing professional capabilities and creating a complementary business ecosystem [5][11]. Group 1: Market Reaction and Initial Impact - Following the announcement of the merger, CICC and Dongxing Securities saw their stock prices hit the daily limit, while Xinda Securities rose by 6.8%, reflecting positive market sentiment towards the merger [2]. - CICC's stock price increased by 5.04%, and the overall market response indicates strong expectations for value reassessment in the securities industry due to this merger [2]. Group 2: Strategic Significance of the Merger - The merger is seen as a critical move for CICC to enhance its capital strength and market share, positioning itself as a leading investment bank capable of benefiting from potential regulatory relaxations and new business trials [6][9]. - CICC's total assets are expected to exceed 1 trillion yuan post-merger, elevating its industry ranking from sixth to fourth, and significantly increasing its revenue and net profit [8]. Group 3: Financial Metrics and Efficiency - CICC's capital efficiency is highlighted by an average financial investment return rate of 3.5%, which is higher than Dongxing's 2.8% and Xinda's 2.6% [8]. - The merger will double CICC's capital base, enhancing its financial leverage and allowing for greater investment capacity in high-potential areas [9]. Group 4: Business Integration Highlights - The merger will increase CICC's branch network from 245 to 436, enhancing regional coverage and customer base, with retail clients expected to exceed 14 million [12][13]. - CICC's wealth management capabilities will be strengthened through the integration of resources from Dongxing and Xinda, allowing for a more comprehensive service offering [14]. - The investment banking and asset management sectors will see significant enhancements, with an increase in the number of A-share sponsors and a rise in entrusted fund scale to over 800 billion yuan [15]. Group 5: Long-term Industry Implications - The merger represents a shift towards a "1+1+1>3" effect, aiming to create a comprehensive financial service platform that integrates investment banking, wealth management, and special asset management [16][17]. - Analysts predict that this merger will ignite investment enthusiasm in the securities sector, with expectations of improved valuations and profitability across the industry [19][21].

多只宽基ETF位居当日资金净流入榜前十名。其中，A500ETF华泰柏瑞资金净流入超过32亿元，A500ETF南方、华泰柏瑞沪深300ETF资 金净流入均超过20亿元。全市场32只中证A500ETF合计资金净流入超过110亿元。 【导读】神秘资金出手！股票ETF昨日"吸金"超191亿元 中国基金报记者 若晖 12月17日午后，多只宽基ETF放量异动，带动上证指数直线拉升。随着今日最新ETF资金流向数据披露，背后的资金推手也浮出水面。 银河证券基金研究中心数据显示，昨日股票ETF（含跨境ETF）资金净流入191.10亿元，创12月以来单日资金净流入新高。 股票ETF昨日"吸金"超191亿元 昨日午后，A股市场异动拉升，多只宽基ETF放量成交引发市场关注。 银河证券基金研究中心数据显示，截至12月17日，全市场1274只股票ETF（含跨境ETF）总规模达4.4万亿元。在昨日股市上涨行情中， 股票ETF市场总份额增加128.43亿份，按照区间成交均价测算，净流入资金达191.10亿元。 从大类型来看，宽基ETF与债券ETF资金净流入居前，分别达163.91亿元与70.77亿元；行业主题ETF净流出居前，达11.22亿 ...

Core Viewpoint - The article emphasizes the evolving role of channel managers in public fund companies, highlighting their importance as a bridge between fund companies, banks, and investors, rather than merely focusing on selling funds [2][4]. Group 1: Role of Channel Managers - Channel managers are not just fund sellers; they focus on providing comprehensive service through bank cooperation channels [4]. - Their core task involves matching suitable products and asset allocation plans to different bank branches, ensuring a complete service chain from product understanding to scientific allocation [4]. Group 2: Daily Responsibilities - A typical day for channel managers starts with training sessions at bank branches, addressing various inquiries from bank financial managers regarding product performance, market trends, and investment strategies [6]. - During market fluctuations, channel managers play a crucial role in guiding rational investment behaviors, promoting concepts like diversification, portfolio allocation, and long-term holding [6]. Group 3: Professional Development - The role of channel managers has evolved from product promoters to investment advisors, requiring a deep understanding of macro markets, industry trends, and asset allocation logic [8][9]. - They participate in internal selection and strategy meetings to align client needs with product offerings, enhancing the variety of products available to meet investor demands [9].