Core Viewpoint - Ukraine's President Zelensky emphasizes that joining NATO is the true security guarantee for Ukraine, but due to opposition from the U.S. and some European partners, Ukraine agrees to accept security assurances similar to NATO's Article 5 collective defense clause from the U.S. and Europe [1][2]. Group 1 - Zelensky states that Ukraine's primary goal is NATO membership for real security guarantees, but the U.S. and some European partners do not support this direction [1]. - Ukraine has signed agreements with the U.S., European countries, and Canada for security assurances akin to NATO's Article 5 to prevent potential Russian aggression [1]. - Zelensky's negotiation team, including the Chief of the General Staff of the Armed Forces, will discuss the specifics of these security guarantees with the U.S. military [1]. Group 2 - Zelensky criticizes the U.S. proposal for Ukraine to unilaterally withdraw troops from Eastern Ukraine and establish a "free economic zone" as "unfair" [2]. - He argues that if Ukrainian forces withdraw, Russian troops should also pull back, highlighting the sensitivity and complexity of this issue [2]. - Zelensky stresses the need for a realistic approach to the peace process, indicating that failure of peace solutions and cessation of U.S. pressure on Russia would make the situation for Ukraine extremely challenging [3].

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 ...

Group 1 - The South Korean government held an emergency meeting on December 14 to address the ongoing depreciation of the Korean won, which has reached its highest monthly average since the financial crisis, surpassing 1470 won per dollar [2][3]. - The meeting included a wide range of participants beyond the usual foreign exchange authorities, indicating a comprehensive approach to assess factors affecting foreign exchange supply and demand, such as overseas investments by the National Pension Service [5]. - Concerns have been raised by policymakers regarding the weakening of the won, particularly as the interest rate differential between South Korea and the U.S. remains at a historically high level, which could lead to further depreciation of the currency [6]. Group 2 - Analysts suggest that if the won continues to weaken and approaches the psychologically significant level of 1500 won per dollar, South Korea may increase its intervention efforts in the foreign exchange market [6]. - The National Pension Service, as the largest institutional investor in South Korea with overseas assets of approximately $545 billion, has previously engaged in currency hedging to support the won, indicating its potential role in stabilizing the currency [6][7]. - The expectation of year-end currency management by foreign exchange authorities is rising, particularly in light of thin market liquidity during this period [7].

Group 1 - The article emphasizes the importance of consumer experience and service quality as the lifeline of the cultural tourism industry, urging for enhanced management and service efficiency to enrich visitor experiences [2] - It highlights the need for comprehensive supervision and management, including the establishment of complaint channels and strict enforcement against illegal activities to protect tourists' rights [2] - The article discusses the relationship between Shaolin Temple and Shaolin culture, advocating for adherence to the Chinese direction of religion and the importance of maintaining the temple's reputation [2][3] Group 2 - The Songshan Shaolin Scenic Area is recognized as a world-famous tourist destination and was among the first to be designated as a 5A-level scenic area by the National Tourism Administration [3] - The area features rich cultural and natural landscapes, including the Shaolin Temple, the largest and most numerous pagoda forest in China, and various historical sites within a core area of 2.18 square kilometers [3] - Notable natural attractions include the best viewing spots in the Songshan Geopark, showcasing over 40 scenic views such as "Monkey Watching the Sky" and "Autumn Colors of Shaoshi" [3]

根据日本气象厅发布的暴风、巨浪红色预警，12月14日晚至15日上午领区山形县、新潟县等 地将遭遇暴风、巨浪侵袭，最高风速可能达到20-25米/秒。中国驻新潟总领馆紧急提醒领区 中国公民以下事项： 一、注意出行安全。建议密切关注气象预警、交通路况和防灾信息，避免在恶劣天气条件下 出行，特别要避免走近海边。恶劣天气可能对飞机、铁路等公共交通运行造成严重影响，导 致航班延误、取消或列车停运。出行前请密切关注出发地与目的地的实时天气及预警信息， 了解所乘交通工具的最新运行状况，提前安排备用方案。 二、注意居家安全。检查并加固门窗、空调外机等易坠物，收好阳台、窗台物品，防止高空 坠物。准备应急物资等。 遇紧急情况，请及时拨打日本紧急求助电话，并联系总领馆求助。 来源：中国驻新潟总领馆 原标题：《中国驻新潟总领馆发布恶劣天气紧急安全提醒》 12月14日，中国驻新潟总领馆发布恶劣天气紧急安全提醒： les & FR 点击下载中国基金报客户端 ■ 中国基金报内容矩阵 ■ 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 CHINAF ...

Weekend Major Events - AI trading concerns were triggered by Broadcom's disappointing sales guidance, leading to an 11% drop in its stock and a 5% decline in the Philadelphia Semiconductor Index, marking the largest drop in months. This anxiety was initially sparked by Oracle, which saw its stock decline due to rising capital expenditures and delays in data center projects [2] - The Central Financial Office's Han Wenshu announced that China's economic indicators for 2025 are expected to exceed expectations, with a projected GDP of around 140 trillion yuan. Incremental policies will be implemented in 2026 based on changing circumstances [4] - The government is encouraging local business departments to utilize existing funding channels to promote consumption, emphasizing collaboration with financial support to stimulate consumer potential [5] - The People's Bank of China reiterated its commitment to a moderately loose monetary policy to maintain financial market stability, focusing on promoting economic growth and reasonable price recovery [6] - SpaceX's valuation has reached $800 billion, with plans for an IPO in 2026, indicating serious preparations for public listing [7] - The National Medical Insurance Administration aims to achieve "no out-of-pocket" expenses for childbirth within policy scope by 2026, contingent on the fund's capacity [8] - Moutai plans to halt the issuance of off-plan quotas this year and reduce non-standard products next year, focusing on core products [9] - More threads regarding idle fundraising cash management by Moer Technology clarified that it will not affect project implementation [10] - Vanke's three extension proposals were not approved, but there is a five-day grace period for negotiations [11] - The Financial Regulatory Bureau supports stabilizing the real estate market and aims to create a new development model for real estate [12] Major Securities Firms' Latest Insights - CITIC Securities suggests a focus on both domestic and foreign demand, indicating that while external demand may face challenges, internal demand shows increasing potential for recovery [14] - Shenwan Hongyuan notes that the macro environment has reverted, but upward space for A-shares remains limited due to concerns over tech capital expenditures [15] - Guojin Securities emphasizes that fluctuations in financial market expectations will not halt the real economy's progress, and investors should focus on fundamental changes [17] - CITIC Jiantou believes that the market has completed its adjustment phase and anticipates a new wave of market activity driven by structural trends and capital market reforms [18] - Xinda Securities discusses the sustainability of the growth sector's rebound, suggesting that the current environment may limit the rebound potential of tech stocks [19] - Dongfang Caifu advises caution regarding external disturbances and suggests patience in market positioning, especially with upcoming economic data releases [20] - Huazhong Securities highlights the importance of turnover rates in assessing the growth sector's market opportunities [21][22] - Huaxi Securities recommends low-cost positioning for the upcoming cross-year market, supported by recent key meetings and improved market sentiment [23] - Dongwu Securities notes that the market is currently stabilizing after previous adjustments, with a focus on policy and data in the upcoming spring market [24] - Everbright Securities anticipates a favorable cross-year market supported by new policy deployments, with a focus on TMT and advanced manufacturing sectors [25]

Core Viewpoint - The private equity dividend has seen a dramatic increase of over 236.59% year-on-year, driven by structural opportunities in the capital market and the professional development of the private equity industry [2][3]. Summary by Sections Dividend Growth - As of November 30, 2025, private equity products with performance displays have collectively distributed dividends amounting to 17.338 billion yuan, a significant increase from 5.151 billion yuan in the same period last year [4]. - The stock strategy products have been the primary contributors, with 984 distributions totaling 13.219 billion yuan, accounting for 76.24% of the total dividends [4]. Management Scale and Performance - Among 29 private equity managers with dividends exceeding 100 million yuan, nearly half have management scales above 5 billion yuan, indicating a concentration of dividend distributions among larger firms [4]. - The performance of private equity funds is influenced by their management strategies, with subjective and quantitative funds showing distinct differences in dividend distribution [8]. Dividend Distribution Methods - Private equity funds typically employ three main forms of dividends: cash dividends, reinvestment dividends, and combination dividends, with cash dividends being the most common [4]. - The choice of dividend distribution is influenced by various factors, including performance, scale management, and investor experience [9]. Market Dynamics and Investor Experience - The surge in dividends is attributed to the overall improvement in market conditions and the performance of quantitative strategies, which have led to higher return realizations [6]. - The differentiation in dividend distribution between subjective and quantitative private equity reflects their investment philosophies, with subjective funds focusing on investor trust and experience, while quantitative funds prioritize strategy optimization and capacity management [9][10]. Industry Competition and Ecosystem Restructuring - The ongoing "dividend wave" is reshaping the competitive landscape of the private equity industry, pushing for higher standards in investor communication and product governance [10]. - The trend of frequent dividend distributions among leading firms is enhancing client loyalty and is becoming a key metric for evaluating the comprehensive operational capabilities of private equity managers [10].

【导读】 泽连斯基：美欧不支持乌加入北约，乌已妥协 泽连斯基明确表态，接受该双边安全保障而非直接"入约"，是乌方作出的妥协，其核心目的 是建立有效机制，阻止俄罗斯未来再次"发动冲突"。 泽连斯基：俄乌"和平计划"可以包含妥协，但必须公正 泽连斯基表示，旨在解决俄乌冲突的"和平计划"不会令所有人满意，其中必然包含各种妥 协。 泽连斯基指出："该计划不会是一个让所有人都喜欢的计划。当然，在计划的各种版本中，都 会有很多妥协。乌克兰已经将关于该计划的最新意见和修改方案提交给美国。"他特别强调， 任何妥协都必须建立在公平的基础之上。 中国基金报记者 李智 一起来看下俄乌局势最新情况。 泽连斯基：美欧不支持乌加入北约，乌已妥协 当地时间12月14日，乌克兰总统泽连斯基在接受采访时透露， 在 围绕美方"和平计划"的谈 判中，美国及部分欧洲国家不支持将乌克兰加入北约作为其安全保障核心内容。 泽连斯基强调，加入北约是乌方核心诉求，也是切实有效的安全保障，却未获美欧相关支 持。目前各方正为乌构建替代性双边安全保障体系。 德国总理默茨 12月 11日表示，他与欧洲多国领导人共同向特朗普发出一份有关俄乌"和平计 划"的提议，并邀请 ...

Core Viewpoint - The rise of "fixed income +" products in the investment fund market has led to a call for relaxing the investment ratio limits for non-FOF products, which can invest up to 10% in public funds, to better meet investor needs and further promote the development of the "fixed income +" market [2][8]. Non-FOF Products Growth - As of the end of Q3 this year, the market value of non-FOF products investing in public funds exceeded 3.418 billion, a year-on-year increase of 381.81%, with the number of such products growing by 29.73% [4]. - Some fund managers have replaced traditional stock enhancement strategies with fund enhancement, with certain products holding over 9% in fund positions while having zero stock positions [4]. Impact on "Fixed Income +" Market - Innovative non-FOF products have significantly promoted the development of the "fixed income +" market by introducing diverse strategies and professional research capabilities, enhancing the attractiveness and stability of these products [5]. - These products help smooth net value curves and evolve "fixed income +" strategies from simple stock-bond mixes to true multi-asset, multi-strategy models [5][10]. Call for Relaxation of Investment Ratio - There is a growing industry consensus advocating for raising the investment limit for non-FOF products from 10% to 15%-20% to better meet diverse investor needs and enhance product lines [8]. - Experts argue that increasing the proportion of rights-bearing assets is feasible in a low-interest-rate environment, as it can help hedge against interest rate volatility risks [8][9]. Future Development Potential - The future of these products is viewed optimistically, with significant growth potential, as evidenced by the 84% increase in the scale of secondary bond funds this year [12]. - Suggestions for optimization include expanding the investment scope to include Hong Kong stock ETFs and convertible bond ETFs, and improving the clarity of product strategy positioning [12][13].

Core Viewpoint - The article highlights a surge in new fund issuances as the year-end approaches, with equity funds becoming the main focus, accounting for over 60% of the total [2][4]. Group 1: Fund Issuance Trends - Over 120 new funds are currently being issued or are set to be issued, with 90 funds actively in the market and 31 awaiting issuance [3][4]. - Equity funds have become the dominant category in new fund issuances, with a significant portion being index funds, including broad-based ETFs and sector-specific products [4]. - The current trend shows a structural reversal compared to previous years, where equity funds accounted for only 30% of new issuances in the same period last year, while bond funds made up nearly half [4]. Group 2: Focus on Index Funds and Active Management - Index funds are a key focus for many fund companies, with a dual strategy of broad-based and niche sector investments [4]. - Notable active equity funds are being managed by well-known fund managers, indicating a strong emphasis on experienced leadership in fund management [4]. - The "solid income+" funds and Funds of Funds (FOFs) are also gaining traction, with themes like "multi-asset," "stable," and "diversified" being highlighted in marketing [4]. Group 3: Future Outlook and Strategic Focus - Fund companies are preparing for the next year by submitting a significant number of new products, with over 120 new products reported since December, more than half of which are index funds [7]. - The focus for 2026 is expected to maintain a normal issuance scale of over one trillion, with a balanced approach between equity and bond investments [7]. - The emphasis on product characteristics, holder experience, and long-term performance is becoming more pronounced, shifting from mere scale expansion to quality and sustainability in fund offerings [8].