【导读】 迪士尼向OpenAI投资10亿美元，并达成授权协议 中国基金报记者 泰勒 大家好，关注一则迪士尼跟OpenAI的消息。 12月11日晚间，迪士尼宣布，将向OpenAI投资10亿美元，并允许用户在Sora上使用迪士尼旗下的版权角色制作视频。 除授权合作外，迪士尼还将成为OpenAI的重要客户，利用OpenAI的API打造新产品、新工具和新体验（包括服务于Disney+的相关产品），并在公司内部 为员工部署ChatGPT。 根据协议，迪士尼将向OpenAI进行10亿美元股权投资，并获得购买其更多股权的认股权证。 OpenAI于9月推出了Sora，这是一款只需输入文字提示就能生成短视频的工具。根据OpenAI与迪士尼达成的新协议，Sora用户将能够使用迪士尼、漫威、 皮克斯及《星球大战》系列在内的200多个角色进行创作。 迪士尼CEO鲍勃·艾格在声明中表示："人工智能的快速发展对我们的行业具有重要意义，通过与OpenAI的合作，我们将以谨慎且负责任的方式，利用生成 式AI扩展我们的故事表达，同时尊重并保护创作者及其作品。" OpenAI表示，用户在使用ChatGPT Images时也可以调用同样的知识产权 ...

Core Viewpoint - The controlling shareholder of Nandu Power is planning a change in control and the sale of its lead recycling segment, which has led to significant financial challenges for the company [2][4]. Financial Performance - Nandu Power recorded a net loss of 1.497 billion yuan in 2024, marking the largest loss since its listing [4]. - In the first three quarters of 2025, the company achieved revenue of 5.911 billion yuan, a year-on-year decline of 24.80%, and a net loss of 220 million yuan, a year-on-year increase in loss of 189.22% [4]. - The company has been under pressure due to a strategic shift from lead to lithium, which has not improved its operational situation as expected [4]. Debt and Cash Flow - As of the third quarter of 2025, the company's asset-liability ratio increased from 68.53% in 2022 to 79.01% [5]. - The total cash available is 1.864 billion yuan, while short-term loans and current portion of non-current liabilities amount to 6.349 billion yuan, resulting in a funding gap exceeding 4.4 billion yuan, indicating significant cash flow pressure [5]. Stock Performance - On December 11, 2025, Nandu Power's stock price rose over 14% at one point, closing up 8.69% at 18.38 yuan per share, with a total market capitalization of 16.51 billion yuan [5].

【导读】中移互联网、支付宝、华为联合签署AI+DC新通信战略合作协议，开启"通话即服 务"新时代 中国基金报记者 郭玟君 创新实践验证服务模式 AI生活助手 初具 雏形 中移互联网与支付宝在生活服务领域深度协作，率先通过"纯语音驱动+多模态协同"的AI生活 助手，在医疗健康场景已打通服务闭环。用户通过自然语音交互，不限终端品牌、无需下载A pp 、无需复杂操作，即可高效获取健康科普、智能分诊、报告解读、线上挂号等一站式服 务。 这一实践成功验证了"通话即服务"模式的技术可行性与用户价值，标志着综合性AI生活助手 已初具雏形。它不仅为用户提供了全新的服务获取方式，也为DC通话助理向更广泛的民生服 务领域拓展奠定了坚实基础，证明了语音作为核心交互手段，能够直接驱动服务闭环的巨大 潜力。 三方协同构建核心能力 赋能通话服务智能变革 本次合作汇聚了三方在各自领域的核心优势：中移互联网将依托中国移动覆盖全国的5G新通 话网络和庞大的用户基础，提供稳定可靠的通信保障和产品运营；支付宝将整合其丰富的数 字生活生态能力，联合打造智能化服务场景；华为将提供领先的通信技术解决方案与广泛的 终端适配支持。三方强强联合，旨在共同打造 ...

Group 1 - The core viewpoint of the article emphasizes that Lai Ching-te's statements reflect a persistent "Taiwan independence" stance, which is seen as a provocation against peace and stability in the region [2][3] - Lai's rhetoric is characterized as misleading and aimed at inciting conflict, portraying a narrative of "democracy against authoritarianism" while allegedly promoting military preparations for independence [2][3] - The article asserts that the current struggle against "Taiwan independence" is framed as a battle between unification and division, with a call for Taiwanese citizens to recognize the dangers of Lai's policies [3] Group 2 - The article highlights that since Lai took office, he has been accused of promoting division and undermining democracy, leading to increased tensions across the Taiwan Strait [3] - It is stated that Lai's administration has engaged in actions that are detrimental to social cohesion in Taiwan, contributing to a climate of fear and repression against political dissent [3] - The article concludes with a call for peace and unification, asserting that the future of Taiwan lies in its integration with the mainland, while rejecting any form of "Taiwan independence" [3]

Core Viewpoint - The ongoing anti-corruption efforts in China's financial sector are highlighted by the investigation of Wu Biao, the former director of the Policy Research Office of the Agricultural Development Bank of China, for serious violations of discipline and law [1][2]. Group 1: Investigation and Background - Wu Biao has held various significant positions within the Agricultural Development Bank, including deputy director of the Guangdong Provincial Committee of the Chinese People's Political Consultative Conference and president of the Qinghai Provincial Branch [2]. - As of December 2023, Wu was still active in his role, leading a team to conduct research at the Shandong Provincial Branch to understand challenges faced at the grassroots level [2]. Group 2: Corruption Cases and Management Structure - Wan Rongxin, a former senior business deputy manager at the Zhuhai Branch, was sentenced to prison for bribery, indicating ongoing issues of corruption within the bank [4]. - The Agricultural Development Bank operates under a four-tier vertical management structure, with over 48,000 employees, where more than 95% of management authority resides at the provincial branch level and below, leading to potential oversight challenges [4]. - Recent disciplinary actions have revealed that some grassroots employees exploit their positions, particularly in areas like grain purchasing and credit, which have become hotspots for violations [4]. Group 3: Anti-Corruption Measures - As of May 25, the disciplinary inspection team has handled 47 cases of occupational crimes, with 34 cases processed using a collaborative "group-local-bank" model [5]. - The inspection team aims to enhance the quality and effectiveness of case handling by focusing on problem-oriented strategies and improving the assessment of case quality throughout the entire process [5].

Core Viewpoint - The Central Bank of Turkey has unexpectedly lowered the one-week repo rate by 150 basis points to 38%, indicating a complex economic environment with declining inflation and rising GDP growth [3][5]. Group 1: Monetary Policy Changes - On December 11, the Central Bank of Turkey announced a reduction in the policy rate from 39.5% to 38%, exceeding market expectations of a 100 basis point cut [3]. - The Central Bank noted that inflation trends showed a slight decline in October and November, with November's consumer inflation rate falling below expectations due to an unexpected drop in food prices [5]. - The recent inflation data has expanded the Central Bank's operational space, with the interest rate and inflation differential widening to approximately 8.5 percentage points, increasing market bets on further rate cuts [5]. Group 2: Economic Indicators - The Turkish Statistical Institute reported that the monthly inflation rate slowed to 0.87% in November, the lowest since May 2023, while the annual inflation rate decreased to 31.07%, below the expected 31.6% [5]. - The third quarter GDP growth rate was higher than expected, indicating a coexistence of declining inflation and rising economic growth, complicating policy decisions [5]. - JP Morgan's recent report forecasts a 4.4% growth in Turkey's GDP for 2026, with an acceleration expected in the second half of the year, although consumer confidence remains fragile despite improving macroeconomic conditions [8].

【导读】7000亿元"银行系"基金公司迎新掌门人，刘信群出任中银基金董事长 中国基金报记者 若晖 Wind数据显示，截至今年三季度末，中银基金旗下非货币基金规模为3263.77亿元，排行业 第19名， 旗下公募基金管理总规模超过7000亿元。 刘信群出任中银基金董事长 12月11日，中银基金管理发布关于董事长（法定代表人）变更的公告，刘信群担任公司董事 长。 | 新任职务 | 董事长、法定代表人 | | --- | --- | | 姓名 | 刘信群 | | 任职日期 | 2025年12月10日 | | 过往从业经历 | 中南财经大学统计学专业博士研究生。2025年加入 | | | 中银基金管理有限公司,现任党委书记、董事。历 | | | 任中国银行司库助理总经理,中国银行深圳市分行 | | | 行长助理、党委委员,中国银行深圳市分行副行长、 | | | 党委委员,中国银行(香港)有限公司风险管理部 | | | 总经理,中国银行司库总经理,中国银行深圳市分 | | | 行行长、党委书记。兼任深圳市第七届人大代表、 | | | 深港金融合作委员会委员。 | | 取得的相关从业资格 | 基金从业资格 | | 国籍 ...

【导读】东软集团高级副总裁因突发疾病辞世 中国基金报记者 晨曦 12月11日晚间，东软集团发布公告称，其董事会获悉，公司高级副总裁陈宏印因突发疾病于 2025年12月10日辞世。 东软集团表示，陈宏印于1996年加入公司，在近三十年的工作生涯中，始终恪尽职守，勤勉 尽责，开拓创新，为公司发展倾注了全部心血，并做出了重要贡献，董事会对此深表敬意和 感谢。董事会对陈宏印的辞世表示沉痛哀悼，并向其家人致以深切慰问。 此外，东软集团提到，公司董事、高级管理人员将继续致力于公司发展，公司生产经营活动 不会因此受到影响。 公开履历显示，陈宏印出生于1970年，大连理工大学应用数学专业本科、计算机工程专业硕 士。 陈宏印于1996年7月加入东软集团，1997年起担任大连分公司副总经理，1999年起历任公 司电力事业部总经理、能源事业部总经理、能源与民航事业部总经理、公司副总裁、副 CTO、首席解决方案官等职，2023年7月始任高级副总裁。 陈宏印的辞世颇为突然。据大连大学官微，今年11月，大连大学举办纪念新校区启用30周年 暨高质量发展大会，陈宏印曾以东软集团（大连）有限公司高级副总裁的身份出席活动。 另外，据大连理工大学 ...

Core Viewpoint - The shares of Shanxi Bank held by Zhongrong Xinda Group, amounting to approximately 416 million shares (1.61% of total shares), are set to be publicly auctioned with a starting price of 417 million yuan [4][6]. Group 1: Auction Details - The auction for the shares will take place on January 2026 on the Alibaba judicial auction platform [4]. - Zhongrong Xinda Group's stake in Shanxi Bank is part of a broader trend where shares of small and medium-sized banks are frequently sold or auctioned due to poor operational performance and shareholder financial issues [4][6]. Group 2: Financial Performance of Shanxi Bank - Shanxi Bank's revenue from 2021 to 2023 was 2.705 billion yuan, 3.096 billion yuan, and 3.149 billion yuan, respectively, while net profits were -4.673 billion yuan, 416 million yuan, and 931 million yuan [8]. - In 2024, Shanxi Bank achieved a revenue of 3.168 billion yuan, a year-on-year increase of 0.6%, but net profit plummeted by 93.86% to only 51 million yuan [8]. - The bank's performance in the first half of 2024 showed a revenue of 1.784 billion yuan, up 19.09%, and a net profit of 473 million yuan, up 48.68%, indicating a significant decline in the second half of the year [8]. Group 3: Challenges and Strategic Moves - The decline in profitability is attributed to the absorption and merger of four high-risk village banks, ongoing fee reductions totaling 1.269 billion yuan over three years, and provisions for impairment losses [8]. - As of the end of 2024, the non-performing loan ratio increased from 1.74% in 2023 to 2.5%, with a return on equity of only 0.23%, below the average for city commercial banks [9]. - The net interest margin has contracted for three consecutive years, recorded at 0.58% in 2024, compared to the average of 1.38% for city commercial banks [9]. Group 4: Shareholder Changes - In October 2024, Li Yingyao was approved as the second president of Shanxi Bank, and in April 2025, the Shanxi Provincial Finance Department will become a shareholder, holding 1.415 billion shares (5.18%) [9]. - Following a board decision, Li Yingyao was replaced by Xing Yi as president, pending regulatory approval [9].

Core Viewpoint - ZTE Corporation's stock plummeted over 13% due to a "black swan" event related to compliance investigations by the U.S. Department of Justice regarding the Foreign Corrupt Practices Act [9][10][12]. Market Overview - On December 11, the Hong Kong stock market experienced a slight decline, with the Hang Seng Index down 0.04% to 25,530.51 points, and the Hang Seng Technology Index falling 0.83% to 5,534.59 points. The market turnover was HKD 182.48 billion, a decrease from HKD 193.39 billion the previous trading day [2][3]. Stock Performance - Among the Hang Seng Index constituents, 37 stocks rose while 50 fell. Notable gainers included HSBC Holdings (+2.06%), Hansoh Pharmaceutical (+1.98%), and Henderson Land (+1.74%) [4]. - Conversely, significant decliners included Alibaba Health (-3.95%), Lenovo Group (-2.67%), and Sands China Ltd. (-2.31%) [6]. ZTE Corporation Specifics - ZTE's stock opened lower and fell as much as 13.72%, closing at HKD 27.50 per share, down 13.08% for the day [10]. - The company announced it is in communication with the U.S. Department of Justice regarding compliance investigations and is committed to protecting its rights through legal means [12]. - ZTE's recent performance has drawn attention from analysts, with Huayuan Securities previously issuing a "buy" rating, projecting revenues of RMB 138.48 billion, RMB 156.64 billion, and RMB 174.41 billion for 2025 to 2027, with corresponding net profits of RMB 83.80 billion, RMB 89.37 billion, and RMB 103.79 billion [14]. Risk Factors - Analysts have highlighted several risks for ZTE, including geopolitical tensions, potential underperformance in AI technology commercialization, currency fluctuations, declining profit margins, and cash flow pressures [15].