2025年6月至9月，华源证券举办首届"提质增效·赋能转型——最美投教人"演讲竞赛，以"人才培养—实践赋能—标杆引领"的投教工作闭 环，为提升客户服务质量、深化投资者保护工作夯实基础。 9月25日，竞赛决赛在武汉总部拉开帷幕。公司党委副书记、总经理邓晖表示 ：" 华源证券始终将投教工作纳入战略全局，以人才培养为 核心抓手，通过劳动竞赛、技能培训等多元方式，打造 ' 懂专业、善传播、有温度 ' 的投教队伍，切实履行 ' 守护财富、传递理性 ' 的使 命担当。 " 决赛现场，来自湖北、大连、重庆、江西等地的8名优秀投教工作者，围绕投资者关注的热点问题，结合监管要求与实践案例展开演讲。大 连分公司丁云从社区答疑到风险提示，用专业、耐心与爱心守护百姓财富；湖北分公司佟聪聚焦"以房养老"等骗局，拆解非法证券活动的 危害，引导投资者核实资质再投资；客户服务中心戴天姿深入社区、校园，普及防非知识；"00后"青年党员罗沛璇创新融入社会热词，让 金融知识实现通俗化"软着陆"。 " 中国基金报：报道基金关注的一切 Chinafundnews 长按识别二维码，关注中国基金报 版权声明： 《中国基金报》对本平台所刊载的原创内容享有著 ...

Core Viewpoint - The cryptocurrency market has experienced a significant downturn, with Bitcoin dropping below $86,000, nearing its yearly low, and over 190,000 traders facing liquidation, totaling $657 million in liquidations [2][6][8]. Market Performance - Bitcoin's price is currently at $86,371.1, down 3.99% in the last 24 hours and 4.36% over the past week, with a market capitalization of $1.72 trillion and a 24-hour trading volume of $46.65 billion [7]. - Ethereum has fallen to $2,931.29, reflecting a 6.94% decrease in the last 24 hours and a 5.88% drop over the past week, with a market cap of $353.49 billion and a trading volume of $29.11 billion [7]. - Other cryptocurrencies such as BNB, XRP, and Cardano have also seen declines, with BNB at $862.30 (-3.49%), XRP at $1.8811 (-5.98%), and Cardano at $0.3817 (-5.41%) [6][7]. Liquidation Data - In the past 24 hours, liquidations included $580 million from long positions and $73.23 million from short positions, indicating a significant market sell-off [8]. - The hourly, 4-hour, 12-hour, and 24-hour liquidation amounts show a consistent trend of increasing liquidations, with the highest being $130 million in the last 12 hours [8]. Macroeconomic Factors - The Bank of Japan is expected to raise its policy interest rate by 25 basis points to 0.75%, with a 90% probability of this occurring, which could further impact Bitcoin prices [9]. - Historical data suggests that previous rate hikes by the Bank of Japan have led to significant declines in Bitcoin prices, with drops of approximately 20% or more following such decisions [10]. Market Sentiment - Analysts are currently monitoring key support levels, particularly at $86,000, as a breach could lead to further declines in Bitcoin's price [10]. - Despite the short-term bearish sentiment, there remains a long-term optimistic outlook for Bitcoin, suggesting it may be in the early stages of a new super cycle [10].

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 compliance in the healthcare sector [2][3]. Group 1: Incident Details - 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 hospital's public pricing standard indicated a charge of 20 yuan per 3 kilometers, totaling 10,672 yuan for the same service [2]. - The hospital's employee collected an additional 17,328 yuan beyond the public pricing standard, leading to significant public outcry and scrutiny [2]. Group 2: Regulatory Actions - The Nanchang Market Supervision Administration fined the hospital 5,000 yuan for violating pricing regulations as per Article 42 of the Price Law of the People's Republic of China, which mandates clear pricing and prohibits overcharging [3]. - In addition to the fine for the ambulance incident, the hospital faced further penalties totaling 87,220.86 yuan for other violations, including excessive charges and the use of expired medications [3].

2025年9月至11月，华源证券深耕"体育+防非"创新路径，依托"跑遍中国·2025年中国证券业防范非法证券宣传健康跑"和武汉金融控股 集团第四届职工运动会两大核心活动，打造沉浸式投教场景。期间累计开展50场特色活动，吸引2.4万人次参与，发放宣传资料逾1.3万 份，让防非知识"跑"进千家万户。 "跑完3公里既能抽奖，又能学习防非知识，这种形式太接地气了！"2025年10月21日至11月10日，在中国证监会市场监管二司、中国证 券业协会、中国田径协会等单位指导下，华源证券成功举办"跑遍中国·2025年中国证券业防范非法证券宣传健康跑·华源证券站"公益活 动。活动以"警惕'股市黑嘴'，远离非法荐股"为核心主题，采用线上赛事模式，覆盖全国31个省市自治区、293个城市，1.2万名跑者完成 赛程，纷纷点赞这种"身体与财富双重健康"的公益形式。 据介绍， 华源证券以武汉金融控股集团 第四届 职工运动会为载体，开展48场"防非进赛场"活动，覆盖集团及子公司职工与家属逾1.2万人 次。赛场内"理性击球，远离非法杠杆"等标语随处可见，"防非能量补给站"里，志愿者团队通过趣味问答、案例解析等形式，让参与者轻 松掌握防非技巧。 ...

12 月 16 日， 360 集团创始人、董事长周鸿祎在微博上发布 360 集团声明。 【导读】 360 集团： " 财务造假 " 等言论完全背离事实 中国基金报 晨曦 综合整理 面对前员工 " 财务造假 " 的指控，周鸿祎最新回应来了！ 声明称，近日，玉红在多个微信群组内恶意诋毁 360 集团创始人周鸿祎先生及多位企业家， 言辞极端失实，影响恶劣。 360 集团对此高度重视，并作如下严正声明： 一、经核查，玉红曾担任 Gamewave 游戏公司负责人，该公司十多年前被原 360 美股上市 主体 Qihoo360 收购。玉红 2014 年入职 360 集团下属公司， 2015 年因个人原因离职。 其在职期间从未担任 360 集团核心管理层职务。 二、玉红所称 " 财务造假 " 等言论完全背离事实。 360 集团始终坚持合规经营，严格遵守 国家法律法规及证券市场规则，定期接受权威机构审计，财务公开透明、健康合规。 三、针对玉红对 360 集团、创始人周鸿祎先生及相关企业家的恶意诽谤， 360 集团将依法 采取法律措施追究其法律责任，坚决维护企业声誉与合法权益。 网络空间不是法外之地。 360 集团呼吁广大网民和 ...

Core Viewpoint - The article discusses the approval of a joint venture between Chilean National Copper Corporation and Chilean Chemical and Mining Company, highlighting its significance in China's antitrust enforcement in critical mineral resources [2][3]. Group 1: Joint Venture Details - In May 2024, Chilean National Copper Corporation and Chilean Chemical and Mining Company signed an agreement to form a joint venture through asset injection to develop lithium resources in the Atacama Salt Flat [2]. - The joint venture was officially submitted for antitrust review to China's market regulatory authority in October 2024 [2]. Group 2: Importance of Lithium - Lithium is referred to as the "white oil" of the new energy era, crucial for development and industrial security [2]. - China has a significant advantage in lithium salt processing but remains heavily reliant on imports for upstream resources [2]. Group 3: Regulatory Concerns - The market regulatory authority identified potential negative impacts on China's carbonated lithium import market due to the merger, as it could alter the competitive landscape and enhance market control, leading to possible price monopolization [2]. Group 4: Regulatory Decision - After careful evaluation, the market regulatory authority approved the merger with additional restrictive conditions, ensuring the companies will continue to fulfill existing contracts, guarantee fair supply, and promptly report significant information [3]. - These measures aim to secure the stability of China's industrial and supply chains while balancing antitrust risks and promoting industry development [3].

【导读】吉林大学原副校长王立中逝世 中国基金报记者 晨曦 综合整理 12 月 16 日，吉林大学物理学院发布讣告显示，吉林大学原副校长、高压与超硬材料全国重 点实验室教授王立中同志，因病医治无效，于 2025 年 12 月 15 日上午 10 时在长春逝 世，享年 87 岁。 制作：舰长 审核：陈墨 王立中 1939 年 9 月出生于黑龙江省齐齐哈尔市。 1957 年考入吉林大学（原东北人民大 学）物理系学习， 1961 年因品学兼优被选拔为预备师资， 1963 年毕业后留校任教，历任 讲师、副教授、教授。 1992 年起担任吉林大学副校长，主管学校科学研究与师资队伍建设 工作， 1999 年 10 月光荣退休。 王立中是一位坚韧求真的科学家。在国家关键技术攻坚的艰难岁月里，王立中与同事们扎根 实验室，毕生致力于高压物理与超硬材料研究。 1977 年，王立中受教育部选派赴英国布拉德福德大学深造； 1979 年，在法国第七届国际 高压科学与技术会议上，他首次系统向国际学术界展示中国研究成果，有力提升了我国在该 领域的国际影响力。 1980 年，他牵头教育部重点项目，开创了动态高温高压法合成立方氮 化硼的新方向， ...

【导读】信息技术系统服务机构参与不正当竞争，券商可向中证协举报 中国基金报记者 孙越 近日，记者从业内获悉，为落实证监会有关工作要求，中国证券业协会（以下简称中证协） 对信息技术系统服务机构（以下简称服务机构）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。 当前，信息技术系统已成为支撑证券公司运营与创新的核心基础设施。伴随市场快速发展， 部分服务机构在竞争中采取不正当手段，扰乱行业秩序。 中证协在通知中明确指出，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 以下四类行为，证券公司可向协会提交有关线索材料： 一、商业贿赂行为：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。 二、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。 三、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 ...

Core Viewpoint - Muxi Co., Ltd. is set to be listed on the Sci-Tech Innovation Board on December 17, 2025, marking its entry into the domestic GPU market as a significant player [1][4]. Group 1: IPO Details - Muxi Co., Ltd. announced its IPO on December 15, 2025, with a public offering of 40.1 million shares at a price of 104.66 yuan per share, raising approximately 4.197 billion yuan [4]. - The company’s IPO application was accepted on June 30, 2025, and the time from acceptance to listing was about 170 days, indicating a rapid progression [4]. Group 2: Fund Utilization - The funds raised will be allocated to projects focused on the development and industrialization of new high-performance general-purpose GPUs, AI inference GPUs, and high-performance GPU technology for emerging applications [4]. Group 3: Company Overview - Founded in September 2020, Muxi Co., Ltd. is a leading enterprise in the domestic high-performance general-purpose GPU sector, focusing on the development of high-performance GPU chips and computing platforms for AI computing, general computing, and graphics rendering [4][5]. - The company has established a comprehensive product matrix, including the Xisi N series for AI inference, the Xiyun C series for training and general computing, and the Xicai G series for graphics rendering [5]. Group 4: Financial Performance - Muxi Co., Ltd. reported revenues of 426,400 yuan in 2022, 53.0212 million yuan in 2023, and 743 million yuan in 2024, achieving a compound annual growth rate of 4074.52% over the last three years [5]. - In the first three quarters of 2025, the company generated 1.236 billion yuan in revenue, a year-on-year increase of 453.52%, while reducing net losses by 55.79% to -346 million yuan [6]. Group 5: Product Development - The latest product, the Xiyun C600 series, is expected to enter risk mass production by the end of 2025, with full production anticipated in the first half of 2026 [6]. - The next-generation Xiyun C700 series, developed using domestic supply chains, aims to match the performance of NVIDIA's H100 and is expected to be taped out in the second half of 2026 [6].

Core Viewpoint - The overall market performance on December 16 was poor, with significant declines in A-shares and across the Asia-Pacific region, prompting analysts to seek reasons for the downturn [2][12]. Market Performance - On December 16, the Shanghai Composite Index fell by 1.11%, the Shenzhen Component Index dropped by 1.51%, and the ChiNext Index decreased by 2.1% [2]. - A total of 1,091 stocks rose, while 4,302 stocks declined, with 46 stocks hitting the daily limit up [3][4]. Sector Performance - Retail and consumer stocks showed resilience, with companies like Yonghui Supermarket and Anji Food hitting the daily limit up [4]. - The autonomous driving sector was active, with companies such as Zhejiang Shibao and BAIC Blue Valley seeing significant gains following the announcement of L3-level autonomous driving vehicle approvals [5][6]. Notable Stocks - Several stocks in the autonomous driving sector, including Hanxin Technology and Wanji Technology, experienced substantial increases, with Hanxin Technology rising by 29.99% [7]. - Commercial aerospace stocks were also active, with Hualing Cable achieving a four-day limit up streak [8]. Declining Sectors - The film and television industry and photovoltaic equipment sectors faced significant declines, with companies like Bona Film Group and China Film dropping by nearly 10% [10][11]. - The overall sentiment in the market reflected a cautious approach as the year-end approached, with concerns about economic growth and potential interest rate hikes influencing investor behavior [13].