Core Viewpoint - The article discusses the challenges faced by manufacturing companies, particularly in energy efficiency, as they transition towards high-end and green production. It highlights the case of Guangdong Jinko Electronics, which, despite its technological advancements, struggled with energy system efficiency until a low-carbon smart factory project was implemented by New Energy, significantly improving energy efficiency and reducing costs [1][2]. Group 1: Energy Efficiency Challenges - Manufacturing companies are encountering a common challenge of energy system efficiency becoming a bottleneck, even when they lead in product technology [1]. - Jinko Electronics' cooling system efficiency was at the industry average, and the lack of an integrated smart management platform limited its competitiveness in terms of cost and sustainability [1]. Group 2: Low-Carbon Smart Factory Project - In 2023, New Energy initiated a low-carbon smart factory project for Jinko Electronics, integrating photovoltaic systems, high-efficiency cooling stations, and energy storage as the hardware foundation [1]. - The project led to a significant increase in cooling system efficiency, improving by over 50%, while achieving full system intelligent control and substantial energy savings [1]. Group 3: New Energy Service Model - The project represents a shift in energy service models, moving from traditional energy supply to comprehensive energy service solutions, demonstrating New Energy's transformation from a gas supplier to an integrated energy service provider [4]. - New Energy's approach involved a gradual, modular upgrade path tailored to the specific energy needs of the electronics manufacturing sector, ensuring stability and efficiency [4][6]. Group 4: AI Integration in Energy Management - The deployment of the "Pan-Energy Network Edge Cloud Collaborative Smart Platform" by New Energy transformed energy management from manual inspections to real-time, AI-driven optimization [8][9]. - AI algorithms enhanced system efficiency by an additional 5% to 10% under similar operating conditions, showcasing the potential of digital intelligence in energy management [9]. Group 5: Value Creation and ESG Performance - The low-carbon smart factory not only improved energy efficiency but also embedded carbon management and smart work order capabilities, transitioning Jinko Electronics from an energy consumer to an energy participant [14]. - The project resulted in significant environmental benefits, including a reduction of 731 tons of carbon emissions annually, enhancing the company's ESG performance and brand image [14][15]. Group 6: Replicability of the "Jinko Model" - The low-carbon smart factory project is positioned as a replicable industry model, with a modular and standardized energy solution that can be adapted across various sectors [16]. - New Energy aims to leverage the "Jinko Model" to expand its role from a project service provider to an industry energy system integrator, capitalizing on the scalability and adaptability of the solution [17]. Group 7: Future Outlook - The integration of AI and system efficiency improvements is seen as a critical path for manufacturing industries to address low-carbon transition challenges and promote regional industrial upgrades [18].

Core Viewpoint - The article discusses a notification issued by the Ministry of Industry and Information Technology and the People's Bank of China, aimed at utilizing green finance policies to support the construction of green factories, emphasizing the importance of sustainable development in traditional industries and the promotion of low-carbon technologies [2][5]. Group 1: Key Support Directions - The notification identifies three main areas for support: 1. Research and industrial application projects focusing on major technological innovations and new product developments in traditional industries [5][6]. 2. Technological transformation and upgrade projects aimed at energy conservation, pollution reduction, and resource recycling [6][7]. 3. Zero-carbon factory construction projects to explore carbon reduction potential [7]. Group 2: Strengthening Supply-Demand Connection - The notification outlines a framework for collecting financing needs from green factories and facilitating connections with financial institutions through a dedicated platform [8]. - It emphasizes the importance of monitoring and guiding financing connections to prevent issues such as "greenwashing" and ensure compliance with regulations [8]. Group 3: Increasing Financial Support - Financial institutions are encouraged to develop tailored financial products for green factories, including long-term loans and credit support based on the specific needs of these projects [9]. - The notification promotes the issuance of green bonds and transformation bonds to raise funds for green factory construction, with support for financial institutions in underwriting and investment services [9][10]. - It also highlights the need for improved financial security measures, including risk-sharing mechanisms and incentives for financial institutions that excel in supporting green factories [10]. Group 4: Implementation and Organizational Support - The notification calls for enhanced communication and collaboration among various departments to facilitate the implementation of green finance initiatives [11]. - It stresses the importance of promoting financial products and services that support green factories, creating a favorable environment for sustainable development [11].

来源：新华社 中国科学家在过敏反应中发现抗癌"新利器" 图为基于IgE致敏肥大细胞的靶向药物递送平台构建及其抗肿瘤机制示意图。（课题组供图） 医学专家介绍，人体免疫系统中驻扎着一类反应迅速的"哨兵"——肥大细胞，与启动缓慢的 常规免疫不同，肥大细胞会在免疫球蛋白E（IgE）识别到特定抗原的数秒内释放装载炎症因 子的囊泡，在局部引发炎症反应清除病原体，调动免疫防御系统起到保护机体的作用。然 而，肥大细胞在遇到海鲜、花粉、尘螨等常见环境抗原时，也可将它们判别为危险信号，"过 度防卫"引起打喷嚏、皮疹甚至呼吸困难等过敏症状。 课题组负责人之一、浙江大学药学院教授顾臻说，肥大细胞的免疫过激与肿瘤组织的免疫抑 制，在机制上存在潜在的关联性。这启发团队思考，是否可以在"过度"和"不足"间搭建一个 桥梁，通过诱导肿瘤产生过敏反应来破解免疫抑制的难题。 于是，研究团队尝试把肿瘤抗原作为刺激肥大细胞活化的特定过敏原，通过将针对性识别肿 瘤抗原的IgE抗体结合到肥大细胞表面，使其具备精准识别肿瘤的能力。 "将肥大细胞这一特殊的致敏细胞打造成靶向药物，兼具精准聚集和快速激活的优势。"顾臻 介绍，利用肿瘤相关抗原作为"过敏原"，刺激 ...

步入12月，2025年投资进入收官阶段。回顾这一年，A股从年初的3200点一路攀升至4000点，其中不乏震荡调整。 （数据来源：WIND，截至2025年11月20日。） 市场持续波动下，投资该如何布局？多元资产配置或许是个不错的答题思路。 多元资产配置通过搭配投资股票、债券、黄金及其他资产，利用不同资产之间的低相关性，有助于降低投资组合的整 体波动性，改善投资体验。 以中证多资产风险平价指数为例，该指数是由A股、债券、黄金三类资产构成的多资产指数。近10年中证多资产风险 平价指数累计上涨58.11%，对应的年化波动率、最大回撤分别为1.93%、-3.79%，对比同期沪深300指数、中证 全债指数以及南华黄金指数，呈现更优的风险收益比。 多元资产配置：应对不确定性的"从容之道" 多元资产配置的核心在于"不把鸡蛋放在同一个篮子里"，在当前不确定性加大的市场环境下，其含金量正不断凸显。 适应多变市场环境，捕捉多元机会 复盘历史数据，不同资产在不同周期中表现各异，存在一定轮动现象，没有任何一类资产能够持续走强，比如2017 年的港股、2020年的A股、2021年的美股，虽当年领涨，但次年均出现不同程度的下跌。 而多元 ...

Core Viewpoint - The article highlights the current state of personal pension accounts in China, emphasizing the high account opening rate but low investment activity, indicating a gap between awareness and action among investors [3][4][5]. Account Opening Status - 81.1% of surveyed investors have opened personal pension accounts, reflecting a strong awareness of the importance of retirement savings [4]. - However, 73.78% of these investors remain in a "just opened but not invested" state, indicating a significant barrier in transitioning from willingness to invest [5][6]. Investment Barriers - The primary barrier to investment is a lack of understanding of products and policies, which hinders decision-making [8]. - 33.54% of investors lack confidence or knowledge about the products, while 30.49% do not understand policy details [9]. Participation Motivation - Tax incentives are the main driving force for participation in personal pensions, with 34.15% of investors citing it as the key motivator [10][11]. - There is a notable lack of awareness regarding the value of professional management in long-term asset growth [10]. Investment Preferences - FOF (Fund of Funds) and index funds are the most favored investment options, reflecting a desire for stable growth and transparency [12]. Overall Evaluation - Nearly half of the users hold a neutral or positive view of the personal pension system, recognizing its long-term value for retirement savings [14]. - However, over 20% of users report dissatisfaction, primarily due to liquidity issues, indicating a mismatch between product design and user needs [14]. Core Demands - Investors' needs have shifted from "should I invest in personal pensions" to "how to invest more effectively," with a strong demand for product evaluations and investment strategy guidance [16][17]. - There is a pressing need for professional, easy-to-understand content to help investors overcome cognitive barriers and transition from account opening to informed investing [19].

【导读】道指再创历史新高；科技股、芯片股多数下跌；金银铜齐涨 中国基金报记者 赵刚 综合整理 美东时间12月11日周四，美股三大指数收盘涨跌不一，道指再创历史新高。甲骨文财报再次引发市场对于科技股估值过高的担忧，大型科 技股多数下跌。黄金上涨，白银和铜创新高。 道指再创历史新高 截至收盘，道指涨1.34%，报48704.01点，创历史新高；标普500指数涨0.21%，报6901点；纳指跌0.25%，报23593.86点。 | 美股指数 △ | | | | --- | --- | --- | | 道琼斯 | 纳斯达克 | 标普500 | | 48704.01 | 23593.86 | 6901.00 | | +646.26 +1.34% | -60.30 -0.25% | +14.32 +0.21% | 美联储联邦公开市场委员会（FOMC）将关键隔夜拆借利率下调25个基点，至3.5%～3.75%区间，并暗示未来降息步伐将放缓。 罗素2000种小盘股指数周四再创收盘纪录新高。 和大公司相比，小公司往往更能在降息中 受益 ，因为其借贷成本与市场利率的关联更为 密切。 经济数据面，由于出口增加，美国9月贸易余额录得逆 ...

Core Viewpoint - The article highlights the contrasting performance of U.S. stock indices, with the Dow Jones reaching a historic high while the Nasdaq experienced a significant drop due to Oracle's disappointing earnings report, raising concerns about the AI investment bubble [2][4]. Group 1: Market Performance - The Dow Jones index rose approximately 400 points, reaching a new all-time high of 48,527.95, benefiting from a 25 basis point interest rate cut by the Federal Reserve [2][3]. - In contrast, the Nasdaq index fell over 1%, primarily driven by Oracle's stock plummeting by 16%, which led to a market capitalization loss of $102 billion [4]. Group 2: Oracle's Earnings Report - Oracle reported quarterly revenue of $16.1 billion, a 14% year-over-year increase, but its cloud revenue growth of 34% fell short of expectations [6][7]. - The company raised its capital expenditure guidance for 2026 by $15 billion to $50 billion, which further fueled market skepticism regarding its ability to deliver on future commitments [4][7]. - Analysts expressed concerns that Oracle's failure to meet its targets has reignited doubts about the valuation of tech stocks, particularly regarding the substantial investments in AI infrastructure [7][9]. Group 3: Broader Market Implications - The disappointing earnings from Oracle have led to a broader sell-off in AI-related tech stocks, with significant declines observed across the sector [8][9]. - Market sentiment has shifted, with investors becoming more cautious about AI-related spending, contrasting sharply with the previous excitement surrounding capital expenditure increases [9]. - The article notes that despite the Fed's interest rate cut, Oracle's impact on the market was profound, indicating a concentrated focus on AI themes among investors [9].

来源：长安街知事、 @人民空军 对号入座，做贼心虚！ PLA Air Force 做成式>原影! 図星だからこそ 後ろめたさを感じるのだ! 6 @人民空军 之唯國防家 点击下载中国基金报客户端 巅峰对话 ETF风向标 IPO情报站 投资热点说 je ® o n 444 are and a 44 44 CHINAFUND CHINAFUND CHINAFUND CHINAFUND 港股日报 全球早班车 数说人物 开盘速递 � ( √ 8 444 44 444 CHINAFUND CHINAFUND CHINAFUND CHINAFUND >微信搜一搜( Q 中国基金报 )即刻获取财经资讯 12月11日的外交部例行记者会上，发言人郭嘉昆在回应关于中俄联合巡航的问题时表示，此 次中俄联合空中战略巡航，是年度合作计划的项目，展示了双方共同应对地区安全挑战、维 护地区和平稳定的决心与能力。 日方没必要大惊小怪、对号入座。 11日晚间，@人民空军 在微博发布中日双语海报，配文分别是： 大惊小怪，认清常态！ ■ 中国基金报内容矩阵 ■ ...

【导读】2026年经济工作定调，专家解读中央经济工作会议 中国基金报记者 张玲 任子青 据新华社报道，中央经济工作会议12月10日至11日在北京举行，总结2025年经济工作，分 析当前经济形势，部署2026年经济工作。 受访专家表示，会议对今年以及整个"十四五"时期我国经济表现和政策效果给予肯定，提出 明年经济工作要坚持稳中求进。在宏观政策、扩大内需、新质生产力等多重驱动下，明年我 国经济将实现质的有效提升和量的合理增长，实现"十五五"良好开局。 我国经济顶压前行、向新向优发展 会议指出，今年是很不平凡的一年。我国经济顶压前行、向新向优发展，现代化产业体系建 设持续推进，改革开放迈出新步伐，重点领域风险化解取得积极进展，民生保障更加有力。 中信证券首席经济学家明明表示，会议首先对今年以及整个"十四五"时期我国经济表现和政 策效果予以了肯定。尽管面临多重压力，但我国经济顶压前行、向新向优发展，"十四五"即 将圆满收官，第二个百年奋斗目标新征程实现良好开局。 会议还指出，必须以苦练内功来应对外部挑战。明明认为，这既体现了直面外部冲击与挑战 的"实事求是"的态度，又展现出"以我为主"的大国自信。在"十五五"时期，我 ...

【 导读 】 特发信息被合同诈骗、职务侵占一案 ，历时3年多迎来 一审判决 中国基金报记者 闻言 12月11日晚间，特发信息发布公告称，广东省深圳市中级人民 法院近日 出具《刑事判决书》 ，针对公司收购深圳特发东智科技有限公司 （以下简称特发东智）被合同诈骗、职务侵占一案完成一审判决。 《刑事判决书》 显示， 陈传荣 等4名原特发东智股东， 通过财务造假的方式骗取 特发信息 财物，数额特别巨大，均构成合同诈骗罪。 截至 12月11日收盘，特发信息股价报13.37元/股，跌幅达9.97%，总市值为120.4亿元。 历时3年多迎来一审判决 2022年7月18日，特发信息收到 深圳市公安局 关于此案件的 《立案告知书》 。此案件 后由深圳市公安局移送至广东省深圳市人民检察 院起诉 。如今，此案件迎来一审判决。 具体来看，此案件被告人为陈传荣、易宗湘、刘颖、王凌、刘冰，被害单位是特发信息。 同时，2019年，特发东智通过伪造采购订单和相关物流单据等方式，虚构与深圳市友华通信技术有限公司、中国移动通信集团终端有限公 司销售业务，虚增营业收入3.28亿元、营业成本2.84亿元，虚增利润总额为4386.71万元。 深圳证监 ...