Core Viewpoint - The Central Economic Work Conference outlines proactive and forward-looking macroeconomic policies to create a positive policy environment for the "14th Five-Year Plan" [1] Group 1: Economic Policy Direction - The conference emphasizes "domestic demand as the main driver" and aims to build a strong domestic market, focusing on increasing urban and rural residents' income, addressing consumption barriers, stabilizing investment expectations, and rectifying "involution" competition [3] - The meeting's framework of "income increase - deregulation - quality improvement" targets the core issues of insufficient consumer capacity and willingness, aiming for sustainable consumption recovery [3][4] Group 2: Investment Opportunities - The conference's signals are viewed positively, likely to restore market expectations and optimize resource allocation, creating structural opportunities in the intersection of consumption upgrade, effective investment, and industrial upgrade [3][4] - The focus on hard technology innovation is seen as a key growth engine, linking consumption upgrade, effective investment, and "involution" [7][9] Group 3: Foreign Investment Perspective - The support for hard technology is expected to provide strong long-term investment targets for foreign capital, with China having structural advantages in R&D, talent, and data in this sector [8][9] - The proactive macro policies and emphasis on innovation-driven growth reflect a shift from short-term stability to long-term structural optimization, fostering a positive policy atmosphere for the "14th Five-Year Plan" [9]

Core Viewpoint - The article discusses the recent adjustments in the margin financing and securities lending (two-in-one) business by various brokerage firms in China, highlighting the increase in business scale and changes in credit management practices to meet market demand and enhance competitiveness [1][9]. Group 1: Business Adjustments - At least 9 brokerage firms have publicly adjusted their two-in-one business this year, including raising business scale limits and modifying credit management methods [1]. - The adjustments can be categorized into two types: increasing the "total business scale," which directly affects operational boundaries, and adjusting the "total credit limit," primarily driven by internal operational needs [3]. Group 2: Credit Management Models - There are two main models for managing the total credit limit in the two-in-one business: a static fixed limit model and a dynamic capital-linked model [5]. - The dynamic capital-linked model, which ties the credit limit to the firm's net capital, has become the industry standard, allowing for flexibility in meeting market demands while adhering to regulatory guidelines [6]. Group 3: Capital Strength as a Competitive Edge - The continuous adjustments in the two-in-one business are influenced by increased market demand, improved policy environment, and competitive pressures within the industry [9]. - Major brokerages are actively enhancing their net capital through methods such as private placements and bond issuances, which is crucial for expanding their business capabilities in the two-in-one sector [8].

【导读】山东发布《关于住房 " 以旧换新 " 的指导意见》，激活住房消费潜力 中国基金报记者 晨曦 住房 " 以旧换新 " ，政策来了！ 近日，山东省住房和城乡建设厅会同有关部门联合印发《关于住房 " 以旧换新 " 的指导意 见》（以下简称《指导意见》），意在进一步畅通新房与二手房交易渠道，激活住房消费潜 力，巩固房地产市场止跌回稳态势。 在 " 换新 " 模式上，《指导意见》共给出三类方式： 一是 " 卖旧换新 " 模式，明确支持房地产经纪机构开展 " 卖旧换新 " 业务，在约定时间内 成功出售旧房的，按约定流程购买新房；未售出的，由机构开展兜底收购或退还意向金。 二是 " 收旧换新 " 模式，提出政府主导、房企主导和其他主体主导三种实施路径，鼓励各类 主体按照市场化原则收购二手房，可通过双方协商、第三方机构评估等方式合理确定收购价 格。 三是 " 拆旧换新 " 模式，提出城镇老旧住房原拆原建更新模式，在符合规划和安全要求前提 下，允许补齐公共配套设施，新增建筑量不计容积率。 此外，《指导意见》还明确了旧房处置的两种路径：鼓励旧房 " 焕新 " 再售，支持通过 " 微 改造 + 功能升级 " 模式，对旧房进 ...

Core Viewpoint - The National Market Supervision Administration has released a draft guideline for price behavior compliance in the automotive industry, aiming to establish clear standards for pricing practices and enhance fair competition within the sector [2][3]. Group 1: Guidelines Overview - The draft guideline consists of five chapters and 28 articles, detailing compliance requirements for price behavior from vehicle production to sales, including pricing strategies and sales practices [3][6]. - It emphasizes the need for automotive sales enterprises to adhere to clear pricing and avoid misleading promotions, addressing significant issues in new car sales [6]. Group 2: Industry Response - Multiple automotive companies, including BYD and Xpeng Motors, have expressed their support for the guideline, committing to enhance their pricing management and compliance systems in line with the new standards [5][9][11]. - BYD stated that the guideline provides clear guidance for maintaining fair competition and protecting consumer rights, while also promoting sustainable development in the industry [7][9]. - Xpeng Motors pledged to ensure transparency and compliance in all pricing and sales processes, reinforcing consumer rights against price fraud and unfair competition [11]. Group 3: Association Insights - The China Association of Automobile Manufacturers highlighted the importance of legal and compliant operations, urging companies to establish robust internal price compliance mechanisms to prevent irrational competition and protect brand integrity [13]. - The association noted that adhering to these guidelines can enhance consumer trust and promote a healthy competitive environment in the automotive industry [13].

1.煽动群体对立。 微博账号"咬口鸭鸭"（粉丝数40.7W）在社会热点事件讨论中恶意炒作、散布谣言、激 化群体对立情绪，相关账号已被依法依约予以关闭。抖音账号"郭胜涛"（粉丝数73.1万）在直播中以消费 习惯、身份背景等为依据制造阶层对立，煽动对立情绪，相关账号已被依法依约予以限期封禁直播权限。 2.宣扬不良价值观。 百度百家号"李茗传"（粉丝数69.1万）贩卖恐慌焦虑情绪，宣扬消极价值观；快手 账号"夏老二"（粉丝数59.7万）打造"网吧守吧人"人设，发布大量号称"网吧自律"、沉迷网络游戏视频 信息，传播不良生活方式，诱导未成年人效仿;"熙凯的朋友圈"（粉丝数1448.6万）、"澳门COCO姐（停 播养病中）"（粉丝数368.1万）等抖音账号，持续发布宣扬炫富拜金、奢靡享乐信息内容，宣扬不良价值 观。相关账号已被依法依约采取禁言、暂停粉丝增长、限制营利权限等处置。 3.扰乱网络空间生态。 快手账号"傻妈虎儿的日常"（粉丝数42.1万）长期发布恶俗演绎剧情吸粉博流,严 重破坏网络生态；抖音账号"追番小队长"（粉丝数100.8万）持续发布含淫秽色情、血腥暴力等动漫视 频，危害未成年人身心健康；微博账号"萌釉妹" ...

Core Viewpoint - Chip Origin Co., Ltd. has terminated the acquisition of 97.0070% equity in Chip Lai Zhi Rong Semiconductor Technology (Shanghai) Co., Ltd. due to discrepancies between the core demands of the management and the market environment, policy requirements, and the interests of the company and all shareholders [1][5]. Group 1: Termination of Acquisition - The termination of the acquisition was announced on December 12, with the company stating that it had conducted thorough research before making the decision [3]. - The reasons for the termination include misalignment of key demands from the target company's management and the transaction counterpart with the current market environment and policy requirements [5]. - The company reassured that this termination will not adversely affect its normal business operations or the interests of shareholders, particularly minority shareholders [5]. Group 2: Future Plans and Investments - Chip Origin will continue to strengthen its layout in the RISC-V field and maintain and deepen its cooperative relationship with Chip Lai Zhi Rong as a shareholder [5]. - The company announced a new investment in Tian Sui Xin Yuan Technology (Shanghai) Co., Ltd. to acquire control of Zhu Dian Semiconductor (Shanghai) Co., Ltd. [7][10]. - The registered capital of Tian Sui Xin Yuan will be increased to 940 million yuan, with Chip Origin contributing 20 million yuan in shares and 350 million yuan in cash [10]. - After the investment, Chip Origin will hold 40% of Tian Sui Xin Yuan, becoming its largest single shareholder and gaining control over the majority of board seats [10]. Group 3: Company Performance - Chip Origin's stock price has seen a significant increase, rising over 180% year-to-date, with a closing price of 149.04 yuan per share and a total market capitalization of 78.4 billion yuan as of December 12 [12].

les & FR 点击下载中国基金报客户端 ■ 中国基金报内容矩阵 ■ 来源："国资小新"微信公号 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 日前，国务院国资委党委召开会议，通报中央纪委国家监委对国务院国资委原副部长级干部潘良 涉嫌严重违纪违法行为进行纪律审查和监察调查的决定，研究进一步纵深推进国资央企全面从严 治党的工作举措。国务院国资委党委书记、主任张玉卓主持会议并讲话，国务院国资委党委委员 出席会议并逐一发言。与会同志一致表示，坚决拥护党中央决定，坚决支持中央纪委国家监委彻 查潘良涉嫌严重违纪违法行为。 会议认为，中央纪委国家监委对潘良涉嫌严重违纪违法行为进行纪律审查和监察调查，充分彰显 了以习近平同志为核心的党中央持之以恒推进全面从严治 ...

7月24日，泰柬边境爆发武装冲突，双方互相指责对方违反国际法。根据双方公布的数 据，冲突造成上百人伤亡，逾10万民众疏散。8月7日，双方在马来西亚吉隆坡举行的 两国边界总委员会特别会议上就停火细则达成共识并签署协议，同意维持军队部署现 状，承诺不再向边境增兵。洪玛奈与阿努廷10月26日在第47届东盟峰会期间签署关于 两国和平的联合声明。 阿努廷当晚在总理府对媒体表示，他向特朗普介绍边境局势时说，柬方率先违反关于 两国和平的联合声明，未按约撤回军队，导致泰方人员生命和财产受损。泰方因此采 取反击行动，以保护本国民众生命与财产安全。如果双方要再次达成停火，必须由柬 方先撤回兵力并清理边境地雷。 洪玛奈晚些时候在社交媒体发文说，他11日与马来西亚总理安瓦尔通电话，12日与特 朗普通电话。柬埔寨始终坚持本着柬泰两国和平联合声明的精神，寻求以和平方式解 决争端。他建议美国和马来西亚军方或相关机构利用其情报收集能力，比如卫星图 像，以核实究竟是哪一方先开火。 美国东部时间12日中午，特朗普在社交媒体上发文说，他已经同阿努廷和洪玛奈通电 话，两国领导人同意从当晚起停火，并恢复执行两国之前达成的和平协议。 特朗普称，最初造成 ...

【导读】美股集体收跌，科技股普跌，甲骨文显著下跌，中概股微跌； 30 年期美债收益率升 至 9 月以来最高水平 中国基金报记者 张舟综合整理 大家好，今天是周六，一起聚焦海外市场最新收盘表现与本周整体走势。 美东时间 12 月 12 日周五收盘，美国股市集体收跌。热门科技股普跌，中概股微跌。 来看具体市场情况 —— 美国三大股指全线收跌 昨夜今晨，美股三大股指全线收跌。截至收盘，道琼斯工业平均指数跌 0.51% ，报 48458.05 点；标普 500 指数跌 1.07% ，报 6827.41 点；纳斯达克综合指数跌 1.69% ， 报 23195.17 点，纳斯达克 100 指数跌近 2% 。 从周度表现表现看，三大指数震荡调整幅度较大且涨跌不一。其中，纳斯达克综合指累跌 1.62% ，道指累涨 1.05% ，标普 500 指数累跌 0.63% 。 板块方面，昨夜今晨科技股普跌，博通跌超 11% ，美光科技跌逾 6% ，英伟达跌超 3% 。 | 半导体-半导体材料与设备 | | -5.30% | | --- | --- | --- | | 名称 两日图 | 涨跌幅 | 市值 ▼ | | 英伟达(NVIDI ...

Group 1: Market Overview - The U.S. stock market is experiencing a divergence, with the Dow Jones index reaching a record high while the tech-heavy Nasdaq index is declining, down over 1% [4][5] - Concerns regarding the AI trading sector are intensifying, leading to a sell-off in technology stocks [5] Group 2: Company Performance - Broadcom's stock fell approximately 10% despite reporting a record fourth-quarter revenue of $18.02 billion and a profit of $8.518 billion, exceeding analyst expectations [7] - The CEO of Broadcom indicated that the gross margin for rapidly growing AI revenue is lower than that of non-AI revenue, which disappointed investors [7] - Fermi's stock plummeted 40% after a tenant terminated a $150 million agreement related to an AI campus project, raising concerns about potential bubbles in AI-related infrastructure [8] Group 3: Analyst Insights - Analysts suggest that the strong performance of the Dow indicates a potential market trend shift, where gains may spread beyond a few large-cap stocks [13] - There is a belief that 2026 will be a pivotal year for market leadership to diversify, prompting a shift in investment strategies [13][14]