Core Viewpoint - The establishment of the CCB Schroder CSI Selected Technology 50 ETF marks a significant step for CCB Schroder in the technology finance sector, aligning with national strategies for technological self-reliance and innovation [2][5][6]. Group 1: Product Overview - The CCB Schroder CSI Selected Technology 50 ETF has a founding scale of 392 million yuan and is the first strategy-based technology ETF covering the Hong Kong, Shanghai, and Shenzhen markets, focusing on strategic emerging industries [2][3]. - The underlying index, the CSI Selected Technology 50 Index, is a unique creation that emphasizes hard technology sectors such as electronics, semiconductors, communications, innovative pharmaceuticals, and advanced manufacturing [3][9]. Group 2: Strategic Importance - The launch of the ETF aims to provide investors with effective tools to participate in China's technological upgrade, enhancing the competitiveness of high-end manufacturing and supporting the transition from a manufacturing power to a manufacturing stronghold [5][6]. - The ETF is positioned to benefit from the current policy support and market attention towards technology sectors, particularly in the context of the "14th Five-Year Plan" and the upcoming "15th Five-Year Plan" [6][14]. Group 3: Investment Value - The technology sector is expected to remain a key investment theme, with significant potential driven by government policies and advancements in AI and other emerging technologies [14][15]. - The CSI Selected Technology 50 Index has shown strong historical performance, with a return of 154.76% from 2017 to the present, outperforming other technology indices [10][16]. Group 4: Management and Research Capabilities - The ETF employs a dual fund manager system, combining expertise in product management and quantitative strategies to minimize tracking errors and capture excess returns [11][12]. - CCB Schroder's research team is well-equipped with strong academic backgrounds and extensive experience, ensuring high-quality product management and continuous improvement [12].

【导读】香港金管局将基准利率下调 25 个基点至 4.0% 中国基金报记者 李智 12 月 11 日，香港金融管理局（以下简称香港金管局）将基准利率下调 25 个基点至 4.0% 。 香港金管局宣布降息 25 个基点 12 月 11 日，香港金管局将基准利率下调 25 个基点至 4.0% ，即时生效。 这是香港金管局年内第三次降息。今年 9 月 18 日和 10 月 30 日，香港金管局在美联储降 息后分别跟随降息 25 个基点。 香港金管局表示，基本利率是用作计算经贴现窗进行回购交易时适用的贴现率的基础利率。 目前基本利率定于当前的美国联邦基金利率目标区间的下限加 50 个基点，或隔夜及 1 个月 香港银行同业拆息的 5 天移动平均数的平均值，以较高者为准。 因应美国于 12 月 10 日（美国时间）调低联邦基金利率的目标区间 25 个基点，当前的美国 联邦基金利率目标区间的下限加 50 个基点是 4.00% ，而隔夜及 1 个月香港银行同业拆息 的 5 天移动平均数的平均值是 2.39% ，所以根据预设公式，基本利率设定于 4.00% 。 美联储如期宣布降息 25 个基点 北京时间 12 月 11 日凌晨 ...

Core Viewpoint - The announcement of substantial mid-term dividends by leading liquor companies Kweichow Moutai and Wuliangye, totaling over 40 billion yuan, is noteworthy amid the industry's overall adjustment period and declining performance [2][5][10]. Group 1: Dividend Distribution - Kweichow Moutai will distribute a cash dividend of 239.57 yuan per 10 shares (including tax), totaling 30 billion yuan [2][3]. - Wuliangye will distribute a cash dividend of 25.78 yuan per 10 shares (including tax), totaling 10 billion yuan [3][10]. - The record date for Kweichow Moutai is December 18, 2025, and the ex-dividend date is December 19, 2025 [2][3]. Group 2: Financial Performance - Kweichow Moutai's third-quarter revenue growth was nearly stagnant at 0.56%, with net profit growth at 0.48%, marking a 10-year low [5][10]. - Wuliangye experienced a more significant decline, with third-quarter revenue down 52.66% and net profit down 65.62% [5][10]. Group 3: Market Conditions - The price of Kweichow Moutai's core product, Feitian Moutai, has been decreasing, with the retail price dropping to 1,500 yuan per bottle, nearing the official guidance price of 1,499 yuan [5][10]. - Wuliangye has increased discount rates for its products to stabilize pricing amid market pressures [5][10]. Group 4: Financial Health and Future Plans - As of the end of the third quarter of 2025, Kweichow Moutai had cash and cash equivalents of 51.75 billion yuan and 135.40 billion yuan in other funds, while Wuliangye had 136.31 billion yuan in cash [10]. - Kweichow Moutai's dividend policy aims to distribute no less than 75% of its annual net profit, while Wuliangye plans to distribute at least 70% of its net profit, with a minimum of 20 billion yuan annually [10].

【导读】美联储如期降息 25 个基点，特朗普：降息幅度太小 中国基金报记者 郭玟君 大家早上好，昨夜今晨，又有很多大事发生。 美国三大股指全线收涨。 美联储如期降息 25 个基点，美国总统特朗普认为，降息幅度太小，本可以更大 。 芯片股普遍上涨，费城半导体指数涨 1.29% ，创历史新高。 摩根士丹利预计，到 2030 年，智能体购物将占电商 10%—20% 市场份额。 美国三大股指全线收涨 当地时间 12 月 10 日，美国三大股指全线收涨，道指涨 1.05% ，标普 500 指数涨 0.67% ，纳指涨 0.33% 。 耐克涨 3.91% ，卡特彼勒涨 3.56% ，强生公司涨 3.32% ，领涨道指成份股。 | 名称 | 代码 | 序号 | 现价 | | 涨跌 涨跌幅 ▼ | 年初至今 | 时间 | | --- | --- | --- | --- | --- | --- | --- | --- | | 耐克(NIKE) | NKE | 1 | 65.805 | 2.475 | 3.91% | -10.99% | 16:00 | | 卡特彼勒(CATERPILLAR) | CAT | 2 | 615.53 ...

Core Viewpoint - The Federal Reserve has lowered the benchmark interest rate by 25 basis points to a range of 3.50%-3.75%, marking the third consecutive meeting of rate cuts, totaling a 75 basis point reduction for the year [2][3]. Summary by Sections Federal Reserve Decision - The Federal Open Market Committee (FOMC) voted 9 to 3 to reduce the federal funds rate by 25 basis points, adjusting the target range to 3.5%-3.75% [3][6]. - The dot plot indicates that officials expect another 25 basis point cut in 2026 and another in 2027, consistent with previous forecasts [3][17]. Economic Projections - Officials' median projections show an expected inflation rate of 2.4% by the end of 2026, down from a previous estimate of 2.6%, and GDP growth is projected at 2.3%, up from 1.8% [5][13]. Internal Disagreements - The decision reflects a split among policymakers regarding whether a weak labor market or persistent inflation poses a greater threat to the economy [6][8]. - This marks the first time since 2019 that three officials voted against the decision, with two regional Fed presidents preferring to maintain rates and one advocating for a larger cut of 50 basis points [7][10]. Market Reactions and Future Actions - The Fed has approved the repurchase of short-term U.S. Treasury securities to maintain "ample" bank reserves, indicating a shift in monetary policy approach [8][14]. - The statement's wording was slightly adjusted to indicate that future decisions will consider the magnitude and timing of further adjustments [10][15]. Labor Market and Inflation - The unemployment rate increased from 4.1% in June to 4.4% in September, while the preferred inflation measure showed a year-on-year increase of 2.8% in September, still above the 2% target [11][12]. - The Fed noted that economic activity is expanding at a moderate pace, but there are rising risks in the labor market [15][16].

Group 1 - The Federal Reserve is expected to lower interest rates again, likely for the last time in the near future, with a high probability of a 25 basis point cut [1][2] - There is significant internal division within the Federal Reserve regarding the decision, which may lead to market volatility, especially concerning Chairman Powell's communication of the decision [2][3] - Investor confidence in further rate cuts next year has weakened, partly due to cautious remarks from Kevin Hassett, a potential successor to Powell, indicating he would resist political pressure for rate cuts [3] Group 2 - The market anticipates a "hawkish rate cut," where the Fed may lower rates while signaling limited future easing, with analysts suggesting three key ways to convey this message [3] - Rate futures indicate that investors have significantly reduced expectations for large rate cuts next year [4] - Oracle's upcoming earnings report is seen as crucial for assessing the sustainability of AI-related investments, with its importance compared to Nvidia's earnings report [4]

Core Viewpoint - The Bank of Canada (BoC) maintains the overnight rate target at 2.25%, aligning with market expectations, amidst ongoing global central bank activities [2][3]. Group 1: Monetary Policy Decisions - On December 10, the BoC announced the overnight rate target remains at 2.25%, with the bank rate at 2.5% and the deposit rate at 2.20% [3]. - The decision to keep the policy rate unchanged reflects the council's view that it is appropriate to support the economy during structural transitions while controlling inflation [7]. Group 2: Economic Context - The BoC Governor, Tiff Macklem, highlighted three main points: 1. High tariffs imposed by the U.S. on steel, aluminum, automobiles, and lumber have severely impacted these sectors, contributing to broader uncertainty in business investment [7]. 2. Despite additional costs from trade restructuring, inflation remains controlled, with the Consumer Price Index (CPI) inflation rate close to the 2% target for over a year [7]. 3. The council believes the current policy rate is suitable for keeping inflation near the target while aiding the economy through structural adjustments [7]. Group 3: Economic Indicators - Recent data shows that Canada added approximately 53,000 jobs in November, significantly exceeding market expectations, and the unemployment rate decreased to 6.5% [9]. - The third quarter GDP unexpectedly grew at an annualized rate of 2.6%, reinforcing the view among economists to pause interest rate cuts this year [9]. Group 4: Future Outlook - The BoC acknowledges high uncertainty, particularly regarding U.S. trade policies and the upcoming review of the Canada-U.S.-Mexico Agreement, which adds to business uncertainty [8]. - The council is prepared to take responsive measures if economic conditions change significantly, despite current satisfaction with the policy rate [8].

【导读】南方东英国指备兑认购期权主动型ETF明日 在 港交所上市 中国基金报记者 方丽 孙晓辉 香港市场 迎来新一只备兑 认购期权ETF。 南方东英国指备兑认购期权主动型ETF明日 在 港交所上市，为投资者在波动市场中提供一种 新选择。 又一 只备兑 认购期权ETF港交所上市 南方东英 官微 显示，旗下南方东英国指备兑认购期权主动型 ETF 将于2025年12月11日在 香港交易所上市。 据悉， 该ETF主要 通过 投资于恒生中国企业指数（国指）成份股， 以 及 卖 出国指的认购 期权收取期权金实现投资目标。其上市价格为每单位8.8港元，买卖单位为100，管理费为 0.99%。另外设有非上市类别供投资者选择。 据了解，南方东英国指备兑认购期权主动型ETF提供每月派息，派息来源除 了卖 出国指认购 期权的期权金外， 还 包括标的股票的股息，对追求较高收益的收益型投资者 具有 吸引力 南方东英CEO丁晨表示， 公司 自2008年成立以来一直 致力 于 为亚洲投资者提供高质量、 创新的投资工具。此次南方东英推出的南方东英国指备兑认购期权主动型ETF为投资者提供一 项新的收益方案，带来每月派息，并在波动市场中提高韧性 ...

【导读】 扎克伯格使用阿里千问优化Meta新AI模型 中国基金报记者 泰勒 大家好，简单关注一下国产AI大模型的一则利好。 12月10日晚间，阿里巴巴美股盘前突然直线拉升，正式开盘后，维持2%左右的涨幅。 | 最高: 160.74 | 今开:159.64 | | --- | --- | | 最低:158.41 | 昨收:155.96 | | 52周最高: 192.67 | 量比: 6.28 | | 52周最低: 79.43 | 委比:0.00% | | 每股收益:7.32 | 股息(TTM): 2.00 | | 每股净资产:7.66 | 股息率(TTM): 1.28% | | 机构持股: -- | Beta: -- | 编辑：杜妍 校对：纪元 审核：陈思扬 | 量: 414.83万股 | 换手: 0.17% | | --- | --- | | 额:6.61亿 | 振幅:1.49% | | 率(TTM): 21.81 | 市净率:2.61 | | 率(静): 20.67 | 市销率:2.50 | | 般数:1 | 总市值:3808.25亿 | | 价差:0.01 | 总股本:23.86亿 | | 回补天数: - ...

Core Viewpoint - Xinfang Pharmaceutical is facing legal challenges due to allegations of unit bribery, which may adversely affect its brand reputation and future business development [6][8]. Group 1: Legal Issues - On December 10, Xinfang Pharmaceutical announced that it has been prosecuted by the procuratorial authority for suspected unit bribery, following materials sent by the supervisory committee [6][8]. - The company has received legal documents regarding the prosecution and is currently in the review and prosecution stage [6][8]. - Xinfang Pharmaceutical has stated that it will cooperate with relevant authorities and has appointed defense lawyers for the case [8]. Group 2: Stock Performance - On December 10, the stock price of Xinfang Pharmaceutical experienced a significant increase, reaching a limit up of 10.08%, closing at 4.15 yuan per share, with a total market value of 80.67 billion yuan [3][15]. Group 3: Financial Performance - For the first three quarters of the year, Xinfang Pharmaceutical reported revenue of 4.266 billion yuan, a year-on-year decrease of 6.55%, and a net profit attributable to shareholders of 152 million yuan, down 13.74% year-on-year [14]. - The company's financial performance has been unstable, with a projected decline of over 60% in net profit attributable to shareholders for 2024 [14].