Core Viewpoint - The European Union is reconsidering its plan to ban the sale of new internal combustion engine vehicles by 2035, marking a significant retreat in its green policy [3][4]. Group 1: EU Policy Changes - The EU Commission plans to relax the current arrangement that essentially bans the sale of new fuel vehicles starting in 2035, responding to pressure from the automotive industry [3]. - The proposal allows for the continued sale of plug-in hybrid electric vehicles (PHEVs) and range-extended models, addressing the concerns of major car manufacturers like Volkswagen and Fiat [3][4]. - The new targets set by the EU include a 90% reduction in carbon emissions by around 2035 compared to 2021 levels, a shift from the previous requirement for all new passenger cars and vans to achieve "zero emissions" [4]. Group 2: Industry Reactions - Analysts suggest that the global automotive industry is entering a "reset moment," rather than progressing linearly towards electrification [5]. - Executives from electric vehicle manufacturers warn that relaxing emission targets could undermine investments in critical areas like charging infrastructure and hinder Europe's transition to cleaner transportation [5]. - The EU's decision follows Ford's announcement of a $19.5 billion impairment and restructuring costs, indicating challenges in the electric vehicle market [4]. Group 3: Competitive Landscape - The slowdown in electric vehicle transitions in the US and Europe may provide Chinese automakers an opportunity to solidify their advantages, as they have established a leading position in the electric vehicle market over the past decade [8]. - Traditional automakers like Ford are shifting focus back to fuel and hybrid models, indicating a need to adapt to local market demands [8]. - Despite potential impacts from reduced subsidies and the abandonment of the "ban on fuel vehicles," Chinese automakers are expected to remain competitive, even with EU tariffs in place [8][9].

联大15日举行全体会议，审议并通过70多项决议草案，其中包括题为《联合国大会第四次 关于预防和控制非传染性疾病及促进精神卫生和健康的高级别会议政治宣言》的决议草案。 该决议草案以175票赞成、2票反对、1票弃权通过，美国和阿根廷投了反对票。 这份宣言承诺在未来5年加紧努力，采取措施，以期到2030年将非传染性疾病导致的过早 死亡人数减少三分之一，并实现以下全球目标：吸烟人数减少1.5亿；高血压得到控制的人 数增加1.5亿；能获得精神卫生保健服务的人数增加1.5亿。 世界卫生组织16日发表声明说，该宣言涵盖了许多首次提及的紧迫问题，包括更广泛的非 传染性疾病领域、更广泛的环境决定因素，以及不断演变的数字危害风险等。 世卫组织总干事谭德塞表示，国际社会携手合作，就能改变非传染性疾病和心理健康的发展 轨迹，为所有人带来健康、福祉和机遇。 来源：新华社 联大第四次关于预防和控制非传染性疾病及促进精神卫生和健康的高级别会议今年9月25日 在纽约联合国总部举行。由于少数几个会员国反对，该政治宣言草案当时未获通过，交由此 次联大全体会议表决。 联大通过防控非传染性疾病政治宣言 午 后 大 反 攻！张 东：冬 至 前 后 或 ...

Core Viewpoint - The passing of Zheng Minghui, the controlling shareholder and chairman of Guohong Technology, is a significant event for the company, which may impact its governance and operations moving forward [1][4]. Group 1: Company Overview - Guohong Technology was founded in 1997 and has developed into a high-tech enterprise specializing in smart city construction services [7]. - The company primarily focuses on three core business areas: a 3D digital comprehensive security platform for smart city big data and internet application services, a collaborative office management platform for smart government and computing, and innovative internet technology for smart education and healthcare services [7]. Group 2: Recent Developments - Zheng Minghui passed away on December 15, 2025, and had attended a board meeting just two days prior [1][4]. - Following his death, the board of directors has decreased from five to four members, which is below the minimum required by the company's articles of association [7]. - The company has stated that its management team will continue to operate normally and that business activities will not be affected [7]. Group 3: Financial Performance - In the first half of the year, Guohong Technology reported revenue of 28 million yuan, representing a year-on-year increase of 19.06% [7]. - The company recorded a net loss attributable to shareholders of 4.3171 million yuan, with the loss amount narrowing compared to the previous year [7].

【导读】 中金公司，明日复牌 中国基金报记者 孙越 12月17日晚间，中金公司与东兴证券、信达证券同步披露重大资产重组预案，中金公司换股吸收合并两家公司迎来重大进展。 合并方式： 本次换股吸收合并的合并方为中金公司，被合并方为东兴证券、信达证券。自本次合并的交割日起，中金公司将承继及承接东 兴证券、信达证券的全部资产、负债、业务、人员、合同、资质及其他一切权利与义务；合并完成后，东兴证券、信达证券将终止上市并 注销法人资格。中金公司因本次换股吸收合并所发行的A股股票将申请在上交所主板上市流通。 换股价格及换股比例： 中金公司的A股换股价格为36.91元/股，东兴证券的A股换股价格为16.14元/股，信达证券的A股换股价格为19.15 元/股。东兴证券与中金公司的换股比例为1:0.4373，即每1股东兴证券A股股票可以换得0.4373股中金公司A股股票；信达证券与中金公 司的换股比例为1:0.5188，即每1股信达证券A股股票可以换得0.5188股中金公司A股股票。 收购请求权及现金选择权安排： 为充分保护中金公司、东兴证券、信达证券股东的利益，本次换股吸收合并将向符合条件的中金公司异议 股东提供收购请求权，向 ...

Core Viewpoint - The Hong Kong stock market experienced a rebound in the afternoon, with major indices rising, driven by a recovery in technology stocks and a boost from the financial sector [2][4]. Market Performance - On December 17, the three major indices in Hong Kong saw significant gains: the Hang Seng Index rose by 0.92%, the Hang Seng Tech Index increased by 1.03%, and the Hang Seng China Enterprises Index climbed by 0.98% [4]. - Major technology stocks such as Meituan, Baidu, Kuaishou, and Tencent saw increases of 1.81%, 1.72%, 1.72%, and 1.42% respectively [4]. - The overall market turnover reached 183.1 billion, with net inflows from southbound funds amounting to 7.9 billion [6]. Financial Sector - The financial sector played a crucial role in the market's recovery, with significant gains in Chinese brokerage and banking stocks. Notable performers included Shenwan Hongyuan, which rose over 6%, and China Life, which increased by 4.31% [9][10]. Commodity Sector - The metals sector was notably active, with gold stocks such as China Silver Group, Shandong Gold, and Zijin Mining rising by 7.35%, 2.47%, and 1.82% respectively. The backdrop of a 25 basis point rate cut by the Federal Reserve is expected to enhance the long-term value of gold assets [12]. - Lithium stocks also performed well, with Tianqi Lithium and Ganfeng Lithium increasing by 5.83% and 5.75% respectively, amid tightening supply expectations following regulatory actions in the lithium mining sector [13]. Company-Specific Movements - Times China Holdings surged by 39.25% after the Hong Kong High Court revoked its winding-up petition, indicating a positive turnaround for the company [15][16]. - Conversely, Guanglian Technology Holdings experienced a significant drop of over 37% due to the termination of a memorandum of understanding regarding cryptocurrency investments, although the company stated it would not impact its financial status [18]. Future Market Outlook - Analysts predict that the Chinese stock market, including both A-shares and Hong Kong stocks, will trend upwards in 2024, with potential for reaching new highs in the latter half of the year [21]. - Structural opportunities are identified in four main areas: growth sectors, dividend assets, traditional industry leaders, and strategic asset allocation in commodities like gold and rare earths [22].

来源：国防部发布 国防部新闻发言人蒋斌就菲律宾国防部炒作仙宾礁水炮事件答记者问 巅峰对话 投资热点说 ETF风向标 IPO情报站 fe o 1 ■ a a - 444 and 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND 开盘速递 港股日报 全球早班车 数说人物 √ � [ 8 a 4 a g a d 4 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND ●微信搜一搜( 〔 〔 中国基金报 〕即刻获取财经资讯 记者 ：12月16日，菲律宾国防部长在社交媒体平台发表声明，诬称中国海上管控力量在仙宾礁附近海 域对菲渔民采取"危险且不人道"行为，否认菲渔民持刀威胁中国海警等。请问中方对此有何评论？ 蒋斌 ：中国对包括仙宾礁在内的南沙群岛及其附近海域拥有无可争议的主权，这具有充分的历史和法 理依据。 菲方有组织有预谋纠集大量船只非法侵闯仙宾礁潟湖，菲方人员甚至持刀威胁现场执法的中 国海警，气焰嚣张、性质恶劣。 中方采取必要措施维护自身领土主权和海洋权益，合理合法、专业克 制。面对事实真相，菲方某些人睁眼说瞎话，狡辩抵赖自身侵权挑衅行径， ...

Core Viewpoint - The Bank of Thailand has lowered its benchmark interest rate by 25 basis points to 1.25%, the lowest level since 2022, in an effort to support a fragile economy amid a strong baht and rising political uncertainty [4][9]. Economic Conditions - The Thai economy is facing significant challenges, including the impact of U.S. tariffs, severe flooding in the southern provinces, and fatal border conflicts with Cambodia [4]. - The central bank has revised its growth forecast for next year from 1.6% to 1.5% due to slowing consumption and exports [4][10]. Monetary Policy Decisions - The Monetary Policy Committee (MPC) unanimously voted to lower the overnight repurchase rate, marking the fifth rate cut in the past 14 months [4][9]. - The decision aims to create a more accommodative financial environment to support economic recovery and alleviate the debt burden on vulnerable groups [4][9]. Currency and Inflation - The Thai baht has appreciated over 8% this year, making it the second-best performing currency in Asia, which has negatively impacted exports and tourism [6][11]. - Consumer prices in Thailand have been in negative growth since April, primarily due to supply-side factors, with inflation struggling to stabilize within the central bank's target range of 1% to 3% [8][11]. Future Economic Projections - The MPC projects economic growth rates of 2.2%, 1.5%, and 2.3% for 2025, 2026, and 2027, respectively, with a noted slowdown in private consumption and exports due to external pressures [10]. - Overall inflation is expected to remain low, with forecasts of -0.1%, 0.3%, and 1.0% for the years 2025, 2026, and 2027, respectively, primarily influenced by declining global energy prices and limited demand-driven inflation [11]. Financial Stability and Credit Conditions - Despite multiple rate cuts, credit remains constrained, reflecting weak private spending and investment amid rising uncertainty [11][12]. - The central bank will continue to monitor credit growth closely and support targeted financial measures to assist vulnerable groups, particularly small and medium-sized enterprises (SMEs) facing liquidity pressures [11][12].

Core Viewpoint - The article discusses the ongoing surge in gold prices and how A-share mining companies are rapidly expanding their global gold resource acquisitions, questioning whether this is a strategic move or merely chasing high prices [2][3]. Group 1: Mining Companies' Actions - Luoyang Molybdenum announced a $10.15 billion acquisition of four gold mines in Brazil, significantly boosting its stock price, which has risen nearly 180% this year [5][7]. - Other A-share mining companies, including Zijin Mining and Jiangxi Copper, have also made significant acquisitions, reflecting a broader trend of gold resource competition [3][8]. - Domestic gold resources are also in high demand, with Zhongjin Gold acquiring four companies from its controlling shareholder to strengthen its gold business [9]. Group 2: Gold Price Dynamics - Gold prices have reached record highs, with over 50 historical peaks this year and a cumulative increase of over 60%, surpassing $4,340 per ounce [11]. - The current high gold prices raise questions among investors about the wisdom of large-scale acquisitions by A-share mining companies [12]. Group 3: Strategic Considerations - Mining companies believe that their acquisition decisions are based on long-term strategies rather than short-term price fluctuations, viewing gold as a stable investment in the current global economic and political landscape [12]. - The acquisition of Brazilian gold assets by Luoyang Molybdenum is expected to add approximately 8 tons to its annual gold production, with potential to exceed 20 tons after another project comes online [12]. - Zijin Mining's acquisition of a Kazakhstan gold mine is projected to contribute $202 million in net profit in 2024, indicating immediate benefits from these strategic moves [12]. Group 4: Future Market Scenarios - The World Gold Council has outlined four potential scenarios for the gold market in 2026, with expectations of stable growth and possible fluctuations in gold prices based on economic conditions [14]. - Companies are focusing on resource expansion and production capacity as direct responses to market uncertainties, while also emphasizing the importance of improving production management and investing in project infrastructure [16]. Group 5: Competitive Landscape - Analysts suggest that the global competition for mining resources has entered a new phase, where companies with high-quality resource reserves will have a competitive advantage in the industry transformation [17].

缴获中国造反坦克导弹？中方回应 发射场内广播称："收到紧急停止指令。因设备方面出现异常，今日发射中止。" 日本宇宙航空研究开发机构等正在对详细情况进行确认。 泰国军队在柬阵地 来源：央视新闻客户端 日本宇宙航空研究开发机构17日原定在鹿儿岛县种子岛宇宙中心发射一枚H3火箭， 倒计时 结束后任务紧急停止 。 ...

Group 1 - Michael Burry, known as the "Big Short," warns that U.S. households' stock wealth has surpassed real estate wealth, a phenomenon last seen in the late 1960s and late 1990s, which preceded prolonged bear markets [2] - Burry's warning has sparked mixed reactions, with some agreeing on the likelihood of a bear market in the next 5 to 10 years, while others question the validity of the data and the simplicity of the indicators used [3] - Burry highlights the Federal Reserve's plan to purchase approximately $35 billion to $45 billion in government bonds monthly, indicating a fragile banking system that relies on significant Fed support [3] Group 2 - Burry criticizes the Fed's tendency to expand its balance sheet after each crisis to prevent banking system liquidity issues, suggesting this could lead to the nationalization of the entire U.S. bond market [4] - He has expressed skepticism towards major tech companies, including Tesla and Nvidia, labeling their valuations as excessive and challenging their business models [4] - Burry has recently closed his hedge fund and launched a paid newsletter titled "Cassandra Unchained," promising more direct and unfiltered analysis [4]