Market Overview - The US stock market continues to experience volatility, with a downward trend observed on December 16, despite better-than-expected employment data for November [1][2] - The November non-farm payrolls increased by 64,000, contrasting with a decrease of 105,000 in October, while the unemployment rate rose to 4.6%, the highest since 2021 [2] - Technology stocks generally declined during this period [2] Oil Market Dynamics - WTI crude oil futures fell below $55 per barrel for the first time since February 2021, with intraday losses exceeding 3% [4] - The oil market is facing its worst performance in nearly seven years, with WTI crude down approximately 22% year-to-date, marking the worst annual performance since 2018 [6] - Brent crude has also seen a decline of nearly 20%, the worst since 2020 [6] - Key factors contributing to the pressure on oil prices include OPEC+ members increasing production after years of cuts and the potential for reduced geopolitical risks, particularly regarding a peace agreement between Ukraine and Russia [7]

【 导读 】贵州农商联合银行获批开业，茅台集团等四大股东集体亮相 中国基金报记者 嘉合 贵州农商联合银行正式诞生！ 12 月 16 日，天眼查 App 信息显示，贵州省联社的企业名称已变更为贵州农商联合银行， 注册资本由 2610 万元增至 104.58 亿元。该行于 12 月 15 日获批开业。 贵州农商联合银行获批开业 12 月 15 日，国家金融监督管理总局贵州监管局批复公告显示，同意贵州农商联合银行开 业。根据批复信息，该行注册资本达到 104.58 亿元。 从股东结构来看，贵州金融控股集团有限责任公司（贵州贵民投资集团有限责任公司）为该 行控股股东，出资 68.86 亿元，持股比例达 65.844% ； 其次为贵州省财政厅，出资 15.72 亿元，持股比例为 15.032% ；中国贵州茅台酒厂（集 团）有限责任公司和贵州省黔晟国有资产经营有限责任公司各出资 10 亿元，持股比例均为 9.562% ，两者并列为该行第三大股东。 在业内看来，贵州农商联合银行的股权结构由国资主导，从产权基础上明确了其公共属性与 战略工具定位，即服务全省发展大局。 值得关注的是，国家金融监督管理总局贵州监管局还一同核准贵州 ...

【导读】上海市消保委就南极磷虾油相关问题产品约谈企业，产品与宣传严重不符 中国基金报记者 晨曦 南极磷虾油问题产品事件，最新进展来了！ 12 月 16 日， " 上海市消保委 " 官微发布消息称，上海市消保委就南极磷虾油相关问题产 品约谈企业。 上海市消保委经过大量调查，认为涉事企业存在涉嫌故意造假行为，既侵犯消费者合法权 益，也违反市场经营诚信原则。其一，涉事企业明知产品中未添加 " 南极磷虾油 " ，却宣称 磷脂含量 43% ，与宣传严重不符；其二，涉事产品在包装与营销宣传上存在刻意混淆误导行 为。 对此，上海市消保委敦促北京同仁堂（四川）健康药业有限公司：立即自查，如实向广大消 费者说明情况；就侵害消费者合法权益的行为，向消费者做出诚恳道歉；与生产商一起尽快 召回问题产品，为消费者办理退换货并依法赔偿。同时，上海市消保委已及时函告四川有关 监管部门关注此事。 上海市消保委 12 月 11 日发表的文章显示，一款标称 " 北京同仁堂 99% 高纯南极磷虾油 " 的产品，在网页上写着 " 高含量 "" 智利进口原料 "" 高度提纯 ""1 粒 ≈100 只磷虾 " ，其 磷脂标识值为 43% ，看似是品质出 ...

基于以上判断，张忆东认为应重视四方面机会：一、成长乘势聚力： AI 浪潮是 " 时代之火 " ，可重点关注互联网、端侧 AI 、传媒；同时， " 十五五 " 规划将驱动军工科技、能源科技 （储能、固态电池）及新消费等领域发展。二、红利资产： 低利率环境下，保险、银行、能 源等高息资产具备战略配置价值。三、传统行业价值发现：关注全球供应链重构、出海链以 及 " 反内卷 " 政策下盈利改善的行业龙头。四、战略资产：建议逆向布局黄金、稀土等全球 秩序重构中的核心资产。 行业表现或从 " 淘汰赛 " 转向 " 竞速赛 " 中国基金报记者 赵心怡 12 月 16 日，兴业证券召开 2026 年度投资策略会，围绕 " 十五五 " 规划开局之年的投资 机遇展开深入探讨。兴业证券 全球首席策略师张忆东与 A 股首席策略分析师张启尧分别就港 股和 A 股市场发表投资展望。 会议现场，兴业证券还推出了财富管理品牌 " 知己理财 " 。记者获悉，兴业证券在买方投顾 转型过程中，将投资者需求 划分为交易与配置两大核心场景，构建了一个覆盖不同风险偏好 和资产规模的全维度服务体系。 聚焦 " 成长乘势聚力 + 价值重构红利 " 张忆东认 ...

12月19日至21日，紫荆文化集团主办的首届香港国际AI艺术节将在香港会议展览中心举行， 主题为"预见未来：现实与无界"，灵心巧手将赴港参展。 【导读】灵心巧手参展首届香港国际AI艺术节，公司联合创始人苏洋称，"机器人将走进千家 万户" 中国基金报记者 卢鸰 "只要全行业一起努力，全面降低成本，机器人就能进入千家万户。"在首届香港国际AI艺术 节即将开幕之际，灵心巧手（北京）科技有限公司联合创始人苏洋在接受中国基金报记者采 访时表示。 灵心巧手成立于2023年7月，是全球具身智能领军企业，系全球唯一实现高自由度灵巧手千 台量产的企业，占据该领域80%以上市场份额，被评为"中国最具投资价值机器人公司TOP 20"。 目前，围绕"灵巧手+云端智脑"，灵心巧手已经形成了"灵巧手－具身数据采集系统－灵巧操 作模型"研发体系，覆盖助老、康养、美妆、医疗康复、教育培训、工业自动化等多个领域。 苏洋认为，三年内灵巧手价格将降至500元以下。 在国外，一只灵巧手要卖到110万元—160万元，但现在灵心巧手已经做到同类型同参数的灵 巧手价格只要5万元。目前，公司产品在中国市场的占有率超过80%，全球市场接近50%。 "如果灵巧 ...

Core Viewpoint - The U.S. labor market shows signs of weakness with November non-farm payrolls increasing by 64,000, which is better than the expected 45,000, but the unemployment rate unexpectedly rose to 4.6% from 4.4% in October, indicating ongoing volatility in the job market [1]. Group 1: Employment Data - November non-farm employment increased by 64,000, surpassing expectations, while October saw a decline of 105,000, marking the largest drop since the end of 2020 [1]. - The unemployment rate rose to 4.6% in November, higher than the anticipated 4.5%, reflecting challenges in the job market as layoffs increase and many unemployed individuals struggle to find new jobs [1]. Group 2: Federal Reserve Response - The Federal Reserve has cut interest rates for the third consecutive time, with Chairman Powell indicating this is to support a "gradually cooling" labor market and acknowledging "significant" downside risks [1]. - Analysts suggest that the recent employment data, despite being better than expected, may not significantly alter market expectations for further rate cuts, as the data is influenced by special circumstances such as the government shutdown [9]. Group 3: Market Reactions - Following the release of the employment report, U.S. stock futures initially surged but later retraced gains, while the dollar remained weak [3]. - Market participants continue to bet on the Federal Reserve making two rate cuts in 2026, indicating a cautious outlook on the economy despite the recent employment figures [9]. Group 4: Analyst Perspectives - Analysts express caution regarding the employment data due to potential distortions from the government shutdown, suggesting that the Federal Reserve may not place significant weight on this report [9]. - There is a consensus among some analysts that the labor market is cooling, which may support further monetary easing, with expectations that the number of rate cuts next year could exceed the one currently indicated by the Fed's dot plot [11].

来源：长安街知事、 中央纪委国家监委网站 12月16日，中央纪委国家监委网站发布消息， 江西省政协原党组成员、副主席胡幼桃严重违 纪违法被开除党籍。 据"江西发布"微信公众号16日消息，近日，江西省委常委会召开会议，通报中央纪委国家监 委给予胡幼桃开除党籍处分和取消享受待遇的决定。与会同志一致表示，坚决拥护党中央和 中央纪委国家监委对胡幼桃的处理决定， 一定引以为戒、汲取教训，切实筑牢拒腐防变的坚 固防线。 江西省委书记尹弘主持会议。 会议指出，党中央决定给予胡幼桃开除党籍处分，按规定取消其享受的待遇，收缴其违纪违 法所得，将其涉嫌犯罪问题移送检察机关依法审查起诉，所涉财物一并移送，充分彰显了以 习近平同志为核心的党中央持之以恒推进全面从严治党、把党的自我革命进行到底的坚定决 心和坚强意志，深刻体现了我们党坚持反腐败无禁区、全覆盖、零容忍的一贯立场， 再次释 放了违纪违法没有安全地带、一朝腐败必将终身追责的强烈信号。省委坚决拥护党中央的处 理决定。 会议强调，全省各级党组织和广大党员干部要深入学习贯彻习近平总书记关于党的自我革命 的重要思想，深刻汲取胡幼桃严重违纪违法案教训，反躬自省、警钟长鸣，纵深推进全面从 ...

【导读】布伦特原油失守 60 美元关口 中国基金报记者 忆山 高波表示，总体看，原油市场仍然供应过剩，长期仍然承压，但短期跌至低位，不排除地缘 和宏观仍存反复的可能。 福能期货表示，尽管委内瑞拉地缘局势紧张，但市场预计美国原油库存将继续增长，且原油 供应过剩风险仍存，叠加乌克兰在加入北约方面态度有所软化，国际油价下跌。预计 INE 原 油将偏弱震荡，后续需关注地缘局势发展和本周美国库存数据指引。 本周以来，油价跌势延续。 12 月 16 日，布伦特原油期货失守 60 美元关口，为 5 月以来首次。截至发稿，报 59.75 美元 / 桶。 | 布伦特原油主连 | | | | | 57 Q | | | --- | --- | --- | --- | --- | --- | --- | | | | BRNOW | | | | | | 59.75 | | 最高 60.13 | 昨结 60.30 | | 量 28205 | | | -0.55 -0.91% 最低 59.75 | | | 持仓 56.82万 | | | | | 分时 | 日K | 1分 | 5分 15分 更多』 | | 目列 (o) | | | 60.8 ...

Core Viewpoint - The passing of Wang Xiaojun, a significant shareholder of Wangzi New Materials, has led to the inheritance of his shares by his children, which may impact the company's ownership structure and control dynamics [2][8]. Shareholder Changes - Wang Xiaojun held 11.2504 million shares, which are now inherited by his son Wang Xiaolong (5.6252 million shares, 1.47% of total shares) and daughters Wang Dan and Wang Xiaojie (each holding 2.8126 million shares, 0.74% of total shares) [5][8]. - Prior to this inheritance, none of the three children held any shares in the company [5]. - Following this change, the controlling shareholders of the company are reduced from four to three, with the combined shareholding of Wang Jinjun, Wang Wujun, and Wang Juan decreasing from 35% to 32.05% [7][8]. Company Financial Performance - Wangzi New Materials reported a revenue of 1.566 billion yuan for the first three quarters of the year, reflecting a year-on-year increase of 19.35% [10]. - The net profit attributable to the parent company was 17.6962 million yuan, showing a year-on-year growth of 37.36% [10]. Market Position - As of December 16, the stock price of Wangzi New Materials was 15.13 yuan per share, with a total market capitalization of 5.78 billion yuan [12]. - The company is involved in various sectors, including plastic packaging, military electronics, and film capacitor businesses, indicating a diversified operational focus [10].

Core Viewpoint - The strong stock price surge of Zhonggong Education (002607.SZ) is closely linked to the launch of its AI learning headset "AI Primary School Bean" and the accompanying content platform "Learning Bean Listening Exam" mini-program, indicating heightened investor expectations for the company's smart transformation [1][5]. Group 1: Product and Market Strategy - The AI learning headset has been validated in a small-scale trial, demonstrating market demand with its lightweight design and fragmented learning approach [3]. - The launch of the mini-program enhances the content ecosystem supporting the hardware, transforming the headset into a "personal mobile learning center" with features like step-by-step listening plans for exams [3]. - The combination of hardware and content could allow Zhonggong to tap into broader lightweight learning needs and potentially explore subscription service models [3]. Group 2: Strategic Transformation - The stock price increase reflects market recognition of Zhonggong Education's strategic shift from being a "course provider" to a "learning + employment solution operator" [5]. - By offering affordable hardware to lower learning barriers and using the mini-program for user retention and data accumulation, the company aims to enhance user engagement and possibly expand into other exam categories [5]. - Industry experts caution that the synergy between hardware and content needs long-term validation, with market focus shifting to user activity, headset repurchase rates, and actual conversion rates post-surge [5]. Group 3: Market Trends - The recent surge in Zhonggong's stock price signifies a revaluation of new business models in vocational education, with the potential to unlock the fragmented learning market [5]. - The strategic exploration of "integrated hardware and software" aligns with the industry's trends towards intelligence and personalization, garnering early attention from the capital market [5].