Group 1 - The central economic work conference held on December 10-11 outlined the macro policy framework for the upcoming year, focusing on boosting consumption, effective investment, and fostering a positive ecosystem for hard technology innovation [3] - The People's Bank of China has maintained a stable foreign exchange reserve above $3.3 trillion for four consecutive months, while also increasing gold reserves for 13 months [16] - The Hong Kong Mandatory Provident Fund has reached a total asset value of HKD 1.5 trillion, marking a significant milestone in its 25-year history [9] Group 2 - The Federal Reserve lowered the federal funds rate by 25 basis points to a range of 3.50%-3.75%, with indications of potential further rate cuts in the future, although the scope for such cuts may be limited due to high inflation and stable unemployment [4] - The latest report from China Investment Corporation shows an annualized net return of 6.92% on foreign investments over the past decade, exceeding performance targets by 61 basis points [8] - The A-share market has seen private equity maintain high positions, with stock private equity reaching 82.97%, indicating confidence in the market's slow growth potential [18] Group 3 - The Hong Kong stock market has experienced a correction, with the Hang Seng Index down nearly 5% and the Hang Seng Tech Index down close to 15% over the past two months, yet analysts believe the fundamentals remain unchanged [13] - The recent appointment of Liu Xinqun as the new chairman of Bank of China Fund reflects ongoing changes in leadership within the asset management sector [12] - Analysts express concerns over the recent surge in silver prices, which have reached a ten-year high, but suggest that the underlying drivers of this increase differ from past trends [14]

阿富汗报警电话：119 外交部全球领事保护与服务应急热线（24小时）：+86-10-12308，+86-10- 65612308 驻阿富汗使馆领事保护与协助电话：+93-700483276 les & FR 点击下载中国基金报客户端 ■ 中国基金报内容矩阵 ■ 当地时间13日，中国驻阿富汗使馆再次发布安全提示，提醒在阿中国公民和企业加强安 全防范，内容如下： 近期阿富汗安全形势严峻复杂，阿富汗与塔吉克斯坦边境地区接连发生中国公民遇袭事 件，造成重大人员伤亡，不排除再次发生针对中国公民和企业的袭击事件。 中国驻阿富汗使馆再次提醒中国公民暂勿前往阿富汗，已在阿特别是在阿富汗和塔吉克 斯坦边境地区中国公民和企业，请务必密切关注当地安全形势，切实加强安全防范，尽 快从上述地区撤离。 如发现异常或遇紧急情况，请及时报警并联系中国驻阿富汗使馆。 来 源 ： 央视新闻客户端 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 ...

【导读】 特朗普表示倾向于让沃什或哈塞特领导美联储 中国基金报记者 泰勒 下一任美联储主席是谁？特朗普表态了，可能是 沃什、哈塞特二选一。 12月13日，特朗普表示，他更倾向选择前美联储理事凯文·沃什（Kevin Warsh）或国家经济 委员会主任凯文·哈塞特（Kevin Hassett）来领导美联储。 特朗普在椭圆形办公室接受采访时说，沃什目前排在候选名单最前列。"是的，我觉得他是。 我觉得你有'凯文和凯文'——他们俩都……我觉得这两位凯文都很棒，我觉得还有另外几个人 也很棒。" 近几周以来，外界越来越把哈塞特视为领跑者，因为特朗普多次暗示自己已经敲定了美联储 主席人选；但特朗普的最新表态显示，沃什仍然是强有力的竞争者。 据知情人士透露，特朗普周三在白宫与沃什进行了45分钟会面，并追问如果由他出任美联储 主席，自己是否可以相信他会支持降息。 特朗普谈到沃什时说："他认为你必须降息。我跟其他所有聊过的人也都是这么认为的。" 特朗普还表示，他认为下一任美联储主席在设定利率水平时应该与他进行沟通。 特朗普说："通常现在已经不这么做了，但以前是经常这么做的。就应该这么做，这并不意味 着——我不认为他应该完全照我们说 ...

Core Viewpoint - The article discusses the "Action Plan for Enhancing Elderly Care Service Capacity," which aims to address the urgent demand for elderly care services in China as the population aged 60 and above is projected to reach 310 million by the end of 2024, accounting for 22% of the total population [3][4]. Summary by Sections Action Plan Overview - The "Action Plan" outlines a strategy to enhance elderly care services by 2027, focusing on expanding resources, improving service systems, and increasing the capabilities of care personnel [3][10]. Key Tasks - The plan includes six key tasks: 1. Expand the supply of elderly care resources 2. Strengthen the elderly care service system 3. Diversify elderly care service models 4. Improve the service capabilities of care personnel 5. Ensure the quality and safety of elderly care services 6. Enhance elderly medical care services [4][12][13][14][15][16][17][18]. Resource Supply Expansion - Local health authorities are tasked with planning and increasing elderly care resources based on the aging population and service demand, encouraging the establishment of nursing homes in cities with significant elderly populations [12]. Service System Construction - The plan promotes a vertically integrated elderly care service model within medical alliances, extending services from institutions to communities and homes, with a target of having over 90% of community health service centers staffed by qualified nurses by 2027 [13]. Diversification of Service Models - Medical institutions are encouraged to innovate and diversify elderly care services, utilizing technology such as "Internet + Nursing Services" to provide home care for elderly patients with mobility issues [14][15]. Personnel Training - By 2027, at least 95% of elderly care nurses in each jurisdiction are expected to undergo training to enhance their service capabilities, with a focus on practical skills and knowledge [16]. Quality and Safety Assurance - The plan emphasizes monitoring key quality indicators in elderly care, such as pressure injuries and unplanned extubations, to ensure high standards of care [17]. Improvement of Medical Care Services - Medical institutions are required to implement measures to improve elderly patients' experiences, including comprehensive assessments and psychological support, while enhancing referral services between facilities [18]. Implementation Organization - Local health authorities are urged to prioritize the action plan, coordinate resources, and integrate elderly care services with long-term care insurance policies to support the development of the elderly care service system [19].

央视新闻消息，12月13日，在中国国际经济交流中心举办的2025-2026中国经济年会上，国 家发展改革委副秘书长肖渭明表示，明年要推动区域协调发展，巩固提升京津冀等区域高质量 发展动力源作用。积极稳妥推进在京高校、医院、央企、金融机构、科研院所、事业单位疏解 项目在雄安新区落地建设。 目前，雄安常住人口已达140万左右，较此前实现显著增长，新型城市化雏形已初步显现。 来源：央视新闻 ...

Core Viewpoint - Huaying Technology has won a final judgment in a long-standing lawsuit against its former controlling shareholders, resulting in a compensation payment of 3.029 billion yuan, which is expected to positively impact the company's operations and development [2][5][8]. Group 1: Lawsuit Background - The lawsuit between Huaying Technology and its former controlling shareholders dates back to 2019, initiated due to contract disputes related to performance commitments made during a major asset restructuring in 2010 [7][10]. - The initial ruling by the Fujian High Court ordered Huaying Bermuda to pay 3.029 billion yuan in performance compensation, with Da Tong Company and China Display also held jointly liable [7][8]. Group 2: Financial Implications - Huaying Technology reported a revenue of 1.739 billion yuan for 2024, with a cumulative net loss of nearly 4.2 billion yuan over the past four years [5][12]. - The successful execution of the 3.029 billion yuan compensation could significantly improve Huaying Technology's financial situation and operational prospects [5][12]. Group 3: Company Status - Huaying Technology has been facing continuous operational challenges, with a reported revenue decline of 21.03% year-on-year in the first three quarters of 2025, amounting to 1.039 billion yuan [12]. - The company is a key player in the display panel manufacturing industry, focusing on the research, design, production, and sales of display panels and modules [12].

Core Viewpoint - Moore Threads plans to use up to RMB 7.5 billion of idle raised funds for cash management, focusing on low-risk, high-liquidity financial products to enhance fund efficiency while ensuring project implementation and safety of raised funds [2][3][5]. Group 1: Fund Management Announcement - On December 12, Moore Threads announced the intention to use up to RMB 7.5 billion of idle raised funds for cash management, with a usage period of 12 months from board approval [3]. - The funds will be sourced from the company's initial public offering (IPO), which raised approximately RMB 8 billion, with a net amount of RMB 7.58 billion after deducting issuance fees [3]. - The cash management will include safe and liquid products such as agreement deposits, notice deposits, time deposits, structured deposits, large certificates of deposit, and income certificates [3]. Group 2: Project Investment Breakdown - The total investment for various projects amounts to RMB 800 million, with specific allocations for AI training and chip development projects [4]. - The projects include a new generation of AI training and inference integration, a new generation of controllable graphics chips, and a new generation of controllable AISoC chips, all requiring significant funding [4]. Group 3: Company Response and Assurance - On December 13, a company representative clarified that the RMB 7.5 billion is a maximum cash management limit, and the actual amount will be significantly lower [5]. - The company emphasized that cash management will not affect the normal implementation of fundraising projects or the development of its main business [6]. - The company is committed to increasing R&D investment to accelerate product iteration and overcome core technological barriers [6]. Group 4: Industry Context - Idle fund cash management is not uncommon in the industry, with examples from companies like Huahong Semiconductor and Cambricon, which have also engaged in similar practices to enhance fund efficiency while ensuring project safety [7][8].

Core Viewpoint - The Chinese economy is expected to perform better than anticipated in 2025, with a projected total economic output of around 140 trillion yuan, and policies will be implemented in 2026 to further stimulate growth based on changing circumstances [2][5][17]. Economic Performance - The year 2023 is highlighted as significant for China's modernization, with major economic indicators exceeding expectations, and a projected growth rate of around 5% [4][5]. - China's economic resilience is demonstrated through stable employment, rapid growth in foreign trade, and advancements in modern industrial systems, particularly in AI, biomedicine, and robotics [4][5]. Policy Measures - In 2024, the government will implement incremental policies alongside existing measures to enhance economic stability and growth [6][7]. - A proactive fiscal policy will be maintained, with a focus on sustainable financial practices and enhancing local fiscal capabilities [8][9]. Five Musts for Economic Work - The government emphasizes five essential strategies for economic work: 1. Fully explore economic potential by expanding consumption and investment [11]. 2. Combine policy support with reform innovation to address intertwined economic issues [11]. 3. Balance deregulation with effective management to enhance productivity [11]. 4. Invest in both physical and human capital to promote comprehensive development [12]. 5. Strengthen internal capabilities to face external challenges [13]. Trade and Open Economy - The government plans to deepen the construction of a unified national market and address issues like corporate debt [15]. - There will be a focus on expanding both exports and imports to promote sustainable foreign trade development [15]. Income and Consumption - The government aims to synchronize income growth with economic growth, with initiatives to boost consumer spending and enhance the quality of goods and services [17]. - Policies will be implemented to support flexible employment and improve job quality for key demographics [17]. Green Development - Green development is identified as a cornerstone of high-quality growth, with plans to advance energy construction and carbon emission controls [18].

根据计划，2026年国家医保局将继续巩固基本医保参保覆盖面，支持商业健康保险与基本医 保衔接互补，鼓励商保将更多基本医保目录外合理医疗费用纳入保障范围，并为符合条件的商 保产品提供"医保+商保"一站式清分结算服务。 同时，国家医保局将优化医保经办管理服务， 加快推进生育医疗费用省内跨统筹区直接结 算，2026年全面实现职工医保个账资金跨省共济使用； 并全面深化应用刷脸支付、一码支 付、移动支付与信用支付，通过技术赋能提升服务效率，力争用3年左右时间大幅减少医院排 队缴费现象。 来源： 北京日报 12月13日，国家医保局公布2026年医保重点工作计划， 提出将全面实现职工医保个人账户 资金跨省共济使用， 并通过推行刷脸支付等新型支付方式， 力争用3年左右时间大幅减少医 院排队缴费现象。 为适应人口发展战略，国家医保局将继续推动将灵活就业人员、农民工等纳入生育保险覆盖范 围，合理提升产前检查医疗费用保障水平， 2026年力争全国基本实现政策范围内分娩个 人"无自付"。 长期护理保险制度也将全面推进，并鼓励商保机构开发商业长期护理保险产 品。 在支持医药产业创新上，国家医保局将继续开展新批次国家组织药品集采、高值医 ...

Core Viewpoint - The article highlights the significant rise in gold prices, with spot gold reaching over $4,350 per ounce, and brand gold jewelry prices surpassing 1,350 RMB per gram, indicating a bullish trend in the gold market [2][12]. Price Trends - As of December 13, 2023, the price of gold jewelry from various brands has increased, with Lao Miao Gold at 1,352 RMB per gram and Chow Sang Sang at 1,351 RMB per gram, both exceeding the 1,350 RMB mark [4][8]. - Other notable prices include: - Pure gold jewelry: 1,352 RMB per gram - Platinum jewelry: 600 RMB per gram - Gold bars: 1,307 RMB per gram [7]. Market Drivers - The recent upward momentum in gold prices is attributed to the Federal Reserve's less hawkish stance than anticipated, alongside market expectations for future monetary easing. Additionally, the decline in the US dollar and lower US Treasury yields have positively impacted gold [12]. - Central banks globally have been increasing their gold reserves, with a reported net addition of 53 tons in October, marking a 36% month-on-month increase, the highest monthly net purchase this year [12]. Future Outlook - The World Gold Council forecasts that gold prices will continue to be influenced by geopolitical economic uncertainties, with potential for further increases in 2026. If economic growth slows and interest rates decline, gold may experience moderate gains [12]. - Goldman Sachs analysts predict a significant upside for gold prices, forecasting a price of $4,900 per ounce by the end of 2026, with central bank purchases expected to average 80 tons in 2025 and 70 tons in 2026 [12].