免去祖雷鸣的黄河水利委员会主任职务。 任命陈敏为应急管理部副部长； 任命李小松为国家疾病预防控制局副局长。 免去卢江（女）的国家疾病预防控制局副局长职务； 来源：人社部网站 12月11日，国务院任免国家工作人员。 任命张文彤为自然资源部副部长； 任命祖雷鸣为水利部副部长； 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 les & FR 点击下载中国基金报客户端 ■ 中国基金报内容矩阵 ■ ...

【导读】瑞士央行宣布维持"0利率"，符合市场预期 中国基金报记者 晨曦 大家好，继续关注海外央行消息！ 12月11日，瑞士央行宣布维持政策利率在0%不变，符合市场预期。 瑞士国家银行（SNB）将政策利率维持在0%不变。瑞士央行仍准备在必要时积极干预外汇市场。 消息公布后，瑞士法郎小幅走强，美元兑瑞士法郎汇率下跌0.15%，处于11月中旬以来低位。 瑞士央行在声明中指出，近几个月的通胀略低于预期。中期来看，通胀压力与上一次货币政策评估几乎保持不变。自上次货币政策评估以 来，通胀率略有下降，从8月的0.2%降至11月的0%。这一下降主要得益于酒店业、租金及服装等领域价格涨幅的放缓。 国内经济方面，瑞士央行表示，瑞士GDP在第三季度收缩，主要受制药行业拖累，其他制造业和服务业增加值小幅增长。由于整体经济发 展疲软，近几个月失业率进一步上升。 得益于美国关税下调及全球经济形势略有好转，瑞士经济前景略有改善。瑞士央行预计2025年GDP增速略低于1.5%，2026年增速约为 1%。在此环境下，失业率可能继续小幅上升。 基于0%的利率假设，瑞士央行将2026年通胀预期从0.5%下调至0.3%，将2027年通胀预期从0.7 ...

Core Viewpoint - The "2025 White Paper on the Development of Fund Advisory Business" highlights the increasing importance of investment experience and return results for investors, with a focus on volatility control and diversified asset allocation as preferred strategies for over 90% of clients [2][20]. Group 1: User Behavior Analysis - Fund advisory users exhibit healthier investment behaviors compared to single fund users, characterized by diversified asset allocation, contrarian trading, and longer holding periods [5][28]. - Fund advisory users tend to increase equity strategy allocations during market lows and shift to fixed income strategies during market highs, avoiding irrational investment behaviors [5][28]. - The white paper indicates that fund advisory users have a more disciplined approach, leading to better long-term investment experiences [9][28]. Group 2: Investment Experience and Performance - Fund advisory users have shown a higher average return experience, with 75% of them reporting better one-year holding experiences compared to single fund users, achieving an average gain of approximately 2.2% [9][15]. - Data from the past three years shows that fund advisory users have a higher percentage of profitable clients and better returns than single fund clients, with an average return rate exceeding single fund clients by 1.33 percentage points [15][28]. - The white paper reveals that most fund advisory users feel they have a better holding experience compared to direct investments in single funds [12][28]. Group 3: Market Trends and Future Outlook - As the A-share market recovers, investors are optimistic about future returns, with over 50% expecting returns above 10% in 2026, while still emphasizing the need for diversified asset allocation [20][28]. - The demand for low-volatility and low-drawdown products is increasing, as these strategies provide better holding experiences and longer retention periods for investors [27][28]. - The fund advisory industry is entering a new development phase, with ongoing policy support expected to enhance the accessibility of fund advisory services to a broader audience [28].

会议指出，今年是很不平凡的一年。以习近平同志为核心的党中央团结带领全党全国各族人 民迎难而上、奋力拼搏，坚定不移贯彻新发展理念、推动高质量发展，统筹国内国际两个大 局，实施更加积极有为的宏观政策，经济社会发展主要目标将顺利完成。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。过去5年，我们有效应对各种冲击挑战，推动党和国家 事业取得新的重大成就，"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。 会议认为，通过实践， 我们对做好新形势下经济工作又有了新的认识和体会：必须充分挖掘 经济潜能，必须坚持政策支持和改革创新并举，必须做到既"放得活"又"管得好"，必须坚持 投资于物和投资于人紧密结合，必须以苦练内功来应对外部挑战。 会议指出，我国经济发展中老问题、新挑战仍然不少，外部环境变化影响加深，国内供强需 弱矛盾突出，重点领域风险隐患较多。这些大多是发展中、转型中的问题，经过努力是可以 解决的， 我国经济长期向好的支撑条件和基本趋势没有改变。要坚定信心、用好优势、应对 挑战，不断巩固拓展经济稳中向好势头。 会议强调， ...

Core Viewpoint - The instant retail market in China is expected to reach 971.4 billion yuan in 2025, with a year-on-year growth of 24.4%, indicating a significant shift in consumer behavior towards faster delivery services [2][5]. Market Expansion - The instant retail industry is expanding rapidly, with projections indicating a market size of 2 trillion yuan by 2030 and a compound annual growth rate of 25% [5]. - Major e-commerce platforms like Alibaba, JD, and Meituan have invested nearly 60 billion yuan in instant retail in Q3 this year, highlighting the high investment and growth potential in this sector [5]. Consumer Behavior - The "post-95" generation values delivery speed more than previous generations, with over 50% preferring same-day or even two-hour delivery [5][6]. - Instant retail meets the demand for immediate gratification, reshaping consumer experiences and brand connections [6]. Channel Transformation - The beauty and personal care sector is experiencing significant growth in instant retail, with brands like Betaini and Proya quickly adapting to this model due to the high demand for timely delivery [8]. - Sportswear brands such as Li Ning and Anta are also entering the instant retail space, enhancing consumer convenience through local store fulfillment [10]. Operational Innovations - Qingdao Beer has successfully integrated instant retail, achieving a tenfold increase in GMV from 2 billion yuan to nearly 20 billion yuan in five years, with a compound annual growth rate exceeding 50% [11]. - Instant retail allows for cold chain delivery, ensuring product quality for sensitive items like fresh beer and frozen foods [10]. Market Dynamics - Instant retail is creating new growth avenues for retail companies, shifting from traditional "goods and space" models to "instant service" approaches [11]. - The "Good Idea Snack Paradise" brand has seen a 200% increase in order volume over three months, with over 90% of new customers coming from online channels [12]. Competitive Landscape - Despite the rapid growth, major players are currently in a "burning cash" phase, with significant cash flow losses reported by Meituan, Alibaba, and JD [13]. - Retail brands face challenges from aggressive platform subsidies and competition from private label products, necessitating a reevaluation of their business models [14]. - Companies that can enhance supply chain efficiency through digital transformation are likely to thrive in the instant retail era [14].

Core Viewpoint - The Federal Reserve's recent interest rate cut of 25 basis points to a range of 3.50% to 3.75% aligns with market expectations, but internal divisions among committee members indicate increasing disagreement within the Fed [2][4] Summary by Sections Interest Rate Cuts and Economic Outlook - The Fed's third consecutive rate cut this year totals a 75 basis point reduction, reflecting a clear signal of monetary easing despite a slowing job market and rising unemployment rates [4] - Experts suggest that while there may be further rate cuts in the future, the pace will likely slow down due to persistent inflation and stable unemployment rates [5][6] - The internal dissent within the Fed, with three members voting against the cut, highlights differing views on the necessity and extent of future rate reductions [4][6] Global Asset Allocation and Market Reactions - The weak dollar resulting from the Fed's rate cut is expected to benefit global diversified asset allocation strategies, making risk assets more attractive [7][8] - Following the rate cut, major global asset prices showed varied reactions, with U.S. stocks and precious metals rising, while the dollar index fell to a two-month low [8] - The anticipated continued easing of monetary policy is likely to support the performance of risk assets, including U.S. equities and commodities [8] A-Shares and Domestic Economic Demand - The performance of A-shares is primarily dependent on domestic economic demand, despite the favorable global liquidity environment created by the Fed's actions [10][11] - The Chinese government's commitment to a more proactive fiscal policy and moderately loose monetary policy is expected to support the RMB and attract foreign investment into Chinese assets [10][11] - The bond market may experience short-term volatility due to domestic factors, but overall, the environment remains supportive of a loose monetary policy [11]

【导读】"摩王"诞生，市场却4300多只个股待涨 中国基金报记者 泰勒 兄弟姐妹们啊，今天又见证了一次历史，摩尔线程上市第五天，股价暴涨突破900元大关，与此同时，A股市场4300只个股待 涨！ 一起回顾下发生了什么事情。 摩尔线程暴涨创新高 12月11日， 摩尔线程股价突破900元大关，日内涨28.04%，市值逼近4500亿元。 目前， 摩尔线程股价位列A股第三，仅次于寒武纪与贵州茅台 。公司宣布，将于12月19日至20日举办首届MUSA开发者大会， CEO张建中将首次系统阐释以MUSA为核心的全栈战略，并发布新一代GPU架构及完整产品、技术与行业方案。 | 最高: 941.08 | 今开:729.00 | 涨停: -- | 成交量: 1511.33万 | | --- | --- | --- | --- | | 最低: 701.33 | 昨收:735.00 | 跌停: -- | 成交额：124.48亿 | | 换手:51.44% | 盘后量: 1320 | 量比: 1.01 | 总市值:4423.34亿 | | 振幅: 32.62% | 盘后额：124.22万 | 委比:100.00% | 流通值: 276 ...

Core Viewpoint - The article emphasizes the commitment of the company to support rural revitalization in Raoyang County, Hebei Province, through various initiatives focused on organizational, talent, industrial, and consumption revitalization [1][17]. Group 1: Community Support Initiatives - The company has been actively involved in providing educational resources, such as delivering school supplies to local schools [5]. - Financial assistance and essential goods, including rice, flour, and oil, have been distributed to elderly party members and underprivileged families, showcasing the company's dedication to community welfare [10]. - The introduction of new computers in village offices aims to enhance connectivity and efficiency in rural governance [12]. Group 2: Educational and Financial Literacy Programs - The "Investment Education County Tour" program has been launched to educate local residents about basic financial knowledge through relatable case studies [13][14]. - The initiative aims to instill risk awareness among the community, ensuring that financial services reach the "last mile" in rural areas [14]. Group 3: Agricultural and Technological Development - The presence of greenhouses symbolizes the agricultural revitalization efforts, indicating a shift towards modern farming practices [15]. - The establishment of solar power stations by the Agricultural Bank is a testament to the integration of technology in traditional farming, marking a significant transformation in rural agriculture [15].

Core Viewpoint - After a significant drop in stock price, Pop Mart announced a major personnel adjustment, appointing Wu Yue as a non-executive director and the resignation of He Yu due to other work commitments [2][13]. Group 1: Personnel Changes - Wu Yue, former president of LVMH Greater China, has been appointed as a non-executive director effective December 10, with a three-year term and an annual salary of 1.2 million HKD in fixed cash and 1.8 million HKD in stock-based compensation [7][8]. - He Yu, a partner at Black Ant Capital and a significant investor in Pop Mart, has resigned from his position as a non-executive director, effective December 10, 2025 [13]. Group 2: Stock Performance - Following the announcement of the personnel changes, Pop Mart's stock price surged over 2% on December 11 [3]. - The stock price had previously experienced a significant decline, dropping over 45% from its peak of 339.8 HKD in August to a low of 184.6 HKD on December 10, resulting in a market value loss exceeding 200 billion HKD [16]. Group 3: Market Sentiment and Future Outlook - There is a growing bearish sentiment towards Pop Mart, with short-selling amounts reaching a two-year high of 1.092 billion HKD on December 8 [16]. - Deutsche Bank downgraded Pop Mart's rating to "Hold," citing concerns over the mass production of its core IP product, Labubu, which may signal a decline in demand [16]. - Morgan Stanley noted that Pop Mart is transitioning from explosive growth to sustainable growth, predicting a significant slowdown in revenue growth for Labubu by 2026 [16]. - Despite the challenges, some investment institutions remain optimistic about Pop Mart's future growth, highlighting the upcoming release of Labubu 4.0 in 2026 and the acquisition of film adaptation rights by Sony Pictures [18].

Group 1 - The Mexican Congress has approved a proposal to increase tariffs on non-free trade partners, with new rates set to take effect on January 1, 2026, following adjustments from the original proposal submitted in September [1] - Certain product categories, including auto parts, light industrial products, and textiles, have seen a reduction in tariff rates compared to the initial proposal, but the overall measures are expected to harm the interests of trade partners, including China [1] - China opposes unilateral tariff increases and has initiated a trade and investment barrier investigation against Mexico to protect its industries, emphasizing the need for Mexico to correct its protectionist approach [1] Group 2 - China values its economic and trade relationship with Mexico and aims to promote stable and healthy bilateral trade and investment cooperation amid rising trade protectionism [2] - There is an expectation for Mexico to engage in dialogue and cooperation with China to manage differences and enhance practical collaboration, thereby maintaining the overall framework of bilateral economic relations [2]