【导读】日韩股市大幅走低， 首尔 综合指数一度大跌 2.75% 中国基金报记者 李智 一起来看下日韩股市的最新情况。 韩国股市开盘大跌 12 月 15 日上午，日韩股市大幅走低，首尔综合指数一度大跌 2.75% ，随后震荡拉升。 消 息 面 上 ， 上 周 五 ， 韩 元 兑 美 元 汇 率 连 续 第 四 个 交 易 日 走 软 ， 创 下 自 4 月 9 日 以 来 的 最 低 水 近日， SK 海力士回应称，内存需求增长明显超出此前预期，正通过新建晶圆厂和提前部署 产能来应对 AI 相关内存需求的快速上升，但目前仍难以对内存短缺的持续时间作出明确判 断。 SK 海力士新建的 M15X 新工厂已在 2 年的时间里完成施工，并提前投产。该厂将专用 于 HBM 芯片生产，计划于明年启动全面量产。 日经 225 指数直线下挫 日本股市方面，日经 225 指数开盘直线下挫，一度跌超 1.4% 。 消息面上，日本大型制造商的信心升至四年来最高水平，这增强市场对日本央行本周加息的 预期。 日本央行周一公布的季度短观商业调查显示， 12 月商业信心指数从 9 月的 14 升至 15 。 这一结果与经济学家的预测中值相符 ...

Core Viewpoint - The article discusses the significance of the "Guidelines for Performance Assessment of Fund Management Companies (Draft for Comments)" issued by the China Securities Investment Fund Industry Association, emphasizing the shift from a focus on scale to a focus on returns, aiming to cultivate long-term and stable capital in the capital market [1][3][25]. Summary by Sections Performance Assessment Guidelines - The guidelines propose specific requirements for the fund industry's compensation structure, performance assessment, and internal control management, aiming to promote high-quality development in the public fund industry [3][4]. - The guidelines emphasize long-term assessments, mandatory co-investment, and deferred compensation to strengthen interest alignment and risk constraints, guiding the industry towards long-term investment and enhancing active management capabilities [3][4]. Investor-Centric Approach - The guidelines prioritize the interests of fund shareholders, establishing a performance assessment system centered on fund investment returns, which is expected to fundamentally change the industry's focus from "scale" to "returns" [6][8]. - The assessment system requires that long-term performance indicators account for no less than 80% of the evaluation, with investor gains and losses comprising over 50% of the sales staff's assessment, thereby reducing the emphasis on scale metrics [6][7]. Long-Term Market Development - From a macro perspective, the guidelines are expected to promote the long-term healthy development of the capital market, cultivate rational long-term funds, and enhance the holding experience and satisfaction of ordinary investors [9][10]. - The guidelines aim to guide fund managers to reduce short-term speculation and style drift, leading to more stable and long-term investment behaviors, which will help form a more rational pricing mechanism [9][10]. Industry Transformation - The implementation of the guidelines is seen as a profound transformation from "scale-driven" to "performance-driven," requiring fund companies to make strategic choices that will reshape the industry landscape, talent ecology, and development logic [13][19]. - The guidelines are expected to accelerate the differentiation of the industry, with large, medium, and small fund companies facing different paths and challenges [19][20]. Talent Development and Stability - The guidelines may initially increase personnel turnover in the public fund industry, but in the long term, they are expected to stabilize the talent pool and make talent movement more rational [21][22]. - Fund managers who rely on short-term performance or aggressive styles may face salary reductions or elimination, leading to a more stable and capable workforce in the industry [22][23]. Customer-Centric Ecosystem - The guidelines aim to shift the focus from a "product-driven" to a "service-driven" model, enhancing the comprehensive capabilities of fund companies in asset allocation, investment advisory, and investor engagement [32][30]. - The new assessment requirements are expected to break down departmental barriers, fostering collaboration between investment and sales teams to better align with customer needs and enhance overall service quality [31][32].

最终陈某某因犯间谍罪， 被判处有期徒刑十一年，剥夺政治权利四年 ，没收个人财产及全部违法所得。 57 贪如火，不遏则燎原;欲如水,不遏则滔天。作 为技术骨干,陈某某具备频繁接触核心机密的便 利,本应承担更加重大的保密责任,却在诱惑面 前屡次失守。其行为轨迹表明，初次接触间谍组 织代理人后虽曾中断联系,但因个人经济状况突 变 -- 炒股亏损, 抵抗意志迅速瓦解, 最终为谋 取私利而长期性地出卖国家秘密,给国家安全和 利益带来严重损害。 来源："保密观"微信公众号 据微信公众号"保密观"12月15日消息，科研工作者因其岗位的特殊性与接触信息的敏感性，往往处于反窃密、防泄密斗争的前沿。他们掌握的不仅 是最新科技成果，更是国家核心利益的重要组成部分。然而，当个人选择出现偏差，这些佼佼者也可能走上危害国家安全的歧途。 科研工作者尤其是涉密人员，无论工作还是生 活，都应时刻保持警惕，识别隐蔽陷阱,对不明 背景的接触保持距离,遇到问题及时向组织报 告;同时,应坚守底线原则,慎对人生困境,遇 到困难寻求合法求助渠道。尤其要消除侥幸心 理,强化制度意识,将规章制度内化为日常工作 的自觉习惯。 ...

Core Viewpoint - The Central Economic Work Conference emphasizes a more proactive fiscal policy and moderately loose monetary policy to stabilize the economy and promote high-quality development, aligning with the goals of the 14th Five-Year Plan [2][5][11]. Group 1: Positive Signals from the Conference - The conference released three major positive signals: strong policy continuity with a focus on "more proactive fiscal policy + moderately loose monetary policy," highlighting the importance of stable expectations; a focus on high-quality development emphasizing "stability while seeking progress and improving quality and efficiency"; and a targeted approach to key areas, reaffirming the dominance of domestic demand and risk prevention [5][7][8]. - The emphasis on "domestic supply being strong while demand is weak" indicates a shift in focus compared to previous years, addressing the need to rectify "involutionary competition" [6][7]. Group 2: Economic Work Focus - The economic work for the coming year will prioritize structural optimization, with policies designed to effectively connect short-term counter-cyclical measures and medium- to long-term cross-cyclical strategies [5][9]. - The conference introduced the concept of "improving quality and efficiency," marking a shift from quantity expansion to structural optimization, which is essential for sustainable development [10][11]. Group 3: Fiscal and Monetary Policy Coordination - The expectation for fiscal policy includes maintaining a deficit ratio around 4% and expanding special bond quotas to approximately 5 trillion yuan, while monetary policy should focus on maintaining ample liquidity and directing structural tools towards innovation and consumption [12][13]. - The anticipated coordination between fiscal and monetary policies aims to lower financing costs for the real economy and enhance policy effectiveness through a combination of existing and new policies [13][14]. Group 4: Expanding Domestic Demand - The conference places "expanding domestic demand" as the top priority, emphasizing the need for consumption to drive economic growth, supported by income increases and improved public services [15][16]. - Key strategies for expanding domestic demand include optimizing income distribution, enhancing public service guarantees, and fostering a favorable environment for consumption [18][19]. Group 5: Capital Market's Role in Innovation - The capital market is expected to play a crucial role in supporting innovation by providing financing, pricing, and merger functions, particularly in emerging sectors such as digital economy, artificial intelligence, and advanced manufacturing [20][21]. - The focus on "artificial intelligence +" and other strategic emerging industries highlights the need for a robust capital market to facilitate the growth of new economic drivers [22][23]. Group 6: Addressing Competition and Risk - The conference emphasizes the need to address "involutionary competition" and improve the quality of small financial institutions, aiming for a more efficient and fair market environment [24][25]. - Strategies for risk management include targeted measures to address risks in key areas, such as real estate and local government debt, while maintaining a balance between growth and risk prevention [25][26]. Group 7: Opportunities in International Cooperation - The conference highlights opportunities in digital trade, green energy, and high-end manufacturing as key areas for international cooperation, which are expected to open up investment opportunities in related sectors [27][28]. - The shift towards a rules-based approach in international trade and cooperation is anticipated to enhance the competitiveness of domestic companies in global markets [29][30].

规模与业绩齐飞 Wind 数据显示，截至 12 月 12 日，今年以来新成立指增基金 168 只，合计募集规模达 924.76 亿元，数量和规模均超过过去三年的总和。业绩方面，近九成增强指数型 ETF 实现 正超额收益，年内最高超额收益达 22% 。 对于指数增强基金大发展的主要原因，永赢基金指数与量化投资部总经理蔡路平表示，首 先，市场环境提供沃土。 A 股市场今年呈现明显的结构性分化特征，这为通过量化策略获取 超额收益提供了有利环境。今年中小盘风格表现亮眼，以中证 500 指数、中证 1000 指数、 中证 2000 指数等中小盘宽基指数为基准的增强产品更容易取得超额收益。 其次，量化投资技术发展与新指数提供助力。随着量化模型和 AI 大模型的快速发展，基金公 司能够构建更综合全面的选股模型，提供不同类型的 Alpha 收益来源，捕捉多元的市场投资 机会。同时，稳健可靠的全流程风险控制也提升了超额收益的稳定性。 最后，投资者认知与渠道发力。随着市场教育和产品业绩的持续验证，投资者对指数增强产 品的认知从过去的 " 可选项 " 变成 " 必要项 " 。头部代销平台逐步将业务重点转向指数增 强基金，推出 " ...

Core Viewpoint - The regulatory policy of "supporting the strong and limiting the weak" aims to enhance capital efficiency in China's securities industry, allowing high-quality brokerages to expand their capital space and leverage, thereby fostering the development of competitive investment banks [1][3]. Group 1: Regulatory Changes - The China Securities Regulatory Commission (CSRC) plans to implement a policy that will appropriately relax capital space and leverage limits for high-quality institutions, enhancing capital utilization efficiency [3][4]. - The average leverage ratio of listed brokerages is approximately 3.45 times, significantly lower than the banking industry's average of 12.2 times and the 12-15 times seen in leading overseas investment banks [3][4]. Group 2: Industry Performance and Expectations - As of June 2025, the total assets of the securities industry reached 13.46 trillion yuan, with net assets of 3.23 trillion yuan, reflecting year-on-year growth of 14.62% and 7.1%, respectively [3]. - The average return on equity (ROE) for the industry has remained around 5.5% over the past decade, which is lower than that of overseas peers, indicating a need for improved capital efficiency [4]. Group 3: Impact on Business Development - The relaxation of leverage limits is expected to benefit the rapid development of margin trading, proprietary trading, and innovative businesses, addressing the current capital strength requirements [7]. - The current price-to-book (PB) ratio of the sector is only 1.36 times, suggesting that stock prices and valuations are significantly lagging behind performance, indicating potential for valuation recovery [7]. Group 4: Strategic Opportunities - The easing of leverage restrictions is anticipated to enhance industry profitability and ROE, narrowing the gap with international investment banks and boosting global competitiveness [8]. - Mergers and acquisitions are seen as a crucial strategy for brokerages to enhance their comprehensive strength, with larger firms potentially consolidating their advantages and smaller firms leveraging acquisitions for rapid growth [8].

Core Viewpoint - The article discusses the increasing unilateral provocations by the Philippines in the South China Sea, influenced by the support from the United States and Japan, and emphasizes that resolving the South China Sea disputes may take generations of effort [2][6]. Group 1: Philippines' Actions - Multiple Philippine vessels have been sent to the Xianbin Reef area under the pretext of fishing, prompting necessary control measures from the Chinese Coast Guard [2]. - The Philippines is intensifying its provocative actions in the South China Sea, particularly under the influence of the U.S. and Japan [2][4]. Group 2: Japan's Involvement - Japan has significantly increased its involvement in South China Sea affairs, including informal discussions with the Philippines regarding the export of defense equipment [4]. - The signing of the Japan-Philippines Reciprocal Access Agreement has paved the way for the regular deployment of Japanese Self-Defense Forces in the Philippines [4]. - Japan's role in the South China Sea arbitration case has been criticized, with claims that it acted as a puppet for the U.S. during the proceedings [5]. Group 3: Future Outlook - The overall peace and stability in the South China Sea is not expected to undergo significant changes in the next five to ten years due to China's presence as the largest coastal state [7]. - Localized conflicts and disputes may still occur, driven by certain countries taking unilateral actions to consolidate their interests before reaching a consensus on the "Code of Conduct" [7][8]. - A comprehensive resolution of the South China Sea disputes is anticipated to require efforts spanning several generations due to the complexity and number of involved parties [6][8].

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is actively promoting the Technology 100 Index to facilitate the issuance of related ETFs by mainland fund companies, as part of a broader strategy to enhance Hong Kong's status as an international financial center [1][4]. Group 1: Development of Technology and Innovation - HKEX has introduced Listing Rules Chapter 18A and 18C in 2018 and 2023, respectively, to create listing pathways for unprofitable biotech and specialized technology companies, with plans to establish a "Tech Company Fast Track" by 2025 [4]. - The market capitalization of technology stocks currently accounts for approximately 40% of the total market capitalization of stocks eligible for the Stock Connect program, with over 300 companies, many of which are tech firms, waiting to go public [4][5]. Group 2: ETF and Index Development - The HKEX Technology 100 Index is a broad-based index that includes large and mid-sized companies, incorporating many firms listed under Chapters 18A and 18C, making it easier for mainland funds to trade without needing QDII quotas [5]. - E Fund Management has received authorization from HKEX to develop a related ETF in mainland China based on the Technology 100 Index [5]. - HKEX plans to continue developing various index products targeting different markets and themes, expanding cooperation beyond mainland China to attract a wider range of investors [5]. Group 3: Fixed Income and Commodity Markets - HKEX is committed to implementing the "Roadmap for the Development of Fixed Income and Currency Markets," focusing on the FICC (Fixed Income, Currency, and Commodity) sector as a key area for growth [7]. - The exchange aims to optimize currency-related futures products and attract more entities to issue RMB bonds in Hong Kong, alongside launching government bond futures for risk management [7]. - HKEX is also focusing on gold-related business, leveraging its 13 LME-approved warehouses to develop various risk management products, addressing the significant demand from mainland enterprises for commodity risk management tools [7]. Group 4: Connectivity and Market Integration - The northbound capital activity through the Stock Connect has increased by 70% compared to last year, with southbound capital accounting for about 25% of daily trading volume in the Hong Kong market [9]. - The ETF southbound trading mechanism has seen innovation, with two ETFs maintaining a 65% allocation to Hong Kong stocks and 35% to U.S. stocks, achieving an average daily trading volume of 20 million HKD [9]. - HKEX is actively working with mainland exchanges to include REITs in the connectivity framework, with plans for dual-currency settlement through the establishment of RMB trading counters [9]. Group 5: Trading System Optimization - HKEX plans to consult on the reform of stock trading lot sizes by the end of the year, aiming to simplify the current system which has over 40 different lot sizes [11]. - While the exchange has extended derivative trading hours to 3 AM, it remains cautious about implementing 24-hour trading for cash equities, citing the need to understand client demands and address complex operational challenges [11].

来源：新华社 据乌克兰国家通讯社12月14日报道，乌克兰总统泽连斯基表示，加入北约对乌克兰而言才是真 正的保障，但鉴于美国和部分欧洲伙伴对此持反对立场，乌方同意接受美欧提供类似于北约第五 条集体防御条款的安全保障。 泽连斯基表示，乌克兰的愿望首先是加入北约，这样才会有真正的安全保障，但美国和一些欧洲 伙伴不支持这一发展方向。 他指出， 乌克兰与美国、欧洲国家以及加拿大等签署类似北约第五条集体防御条款的安全保 障，以阻止俄罗斯可能再次发动进攻，这已经是乌方能够做出的妥协。 《北大西洋公约》第五条即集体防御条款，即"对于一个或数个缔约国的武装攻击应视为对缔约 国全体的攻击"。北约成员国唯一一次援引第五条款是在"9·11"事件后，北约成员国集体支持美 国发动阿富汗战争。 泽连斯基当天还表示， 美国要求乌军单方面从乌东地区撤军并在当地成立"自由经济区"的说 法"不公平"，乌方需要现实地看待和平进程。 泽连斯基告诉媒体，按照美方的"妥协方案"，俄罗斯军队不得进入乌克兰东部部分区域，同时乌 克兰军队将从这些区域撤出，并在当地成立"自由经济区"，"我认为这不公平，因为没有规定谁 来管理'经济区'"。 泽连斯基表示，如果乌军 ...

来源：CCTV4《中国新闻》 美方称将解除对白俄罗斯钾肥的制裁 据白俄罗斯国家通讯社12月13日报道，美国总统白俄罗斯问题特使约翰·科尔当天在与白俄 罗斯总统卢卡申科会晤后对记者表示，双方谈论了两国关系如何实现正常化等议题。 科尔在会谈后表示，双方进行了"非常好的对话"，会见"富有成效"。他说，双方讨论了俄乌 冲突和委内瑞拉等问题，还谈到如何推进美白关系和解，最终实现关系正常化的目标。 日 本 发 布 红 色 预 警，中 领 馆 紧 急 提 醒 白总统新闻局随后发布消息说，因美方取消对白钾肥领域的制裁，应特朗普要求并作为与其 协议的一部分，卢卡申科决定赦免123名来自不同国家的在白犯有间谍罪、恐怖主义罪和极端 主义罪等的在押人员。 另据白俄罗斯总统网消息，卢卡申科12日至13日同科尔举行了闭门会谈。此前，白俄罗斯国 家通讯社9日报道，卢卡申科当天在白俄罗斯安全理事会会议上指出，白方对乌克兰问题谈判 表示欢迎，并且强调特朗普在乌克兰和平进程中发挥积极作用。 科尔称，按照美国总统特朗普的指示，美将解除对白俄罗斯钾肥的制裁。随着未来两国关系 正常化，将有越来越多制裁被解除，希望未来能完全取消对白制裁。 白俄罗斯总统 ...