【导读】龚德雄出任上海国际集团总裁 中国基金报记者 含章 卸任东方证券董事长后，龚德雄去向落定。 12 月 9 日，上海国际集团 " 官宣 " ，龚德雄出任集团党委副书记、总裁一职。据悉，龚德 雄早些年曾任上海国际集团金融管理总部总经理，并长期深耕上海国有金融体系，如今又回 归上海国际集团。 就在今年初，时任海通证券董事长周杰调任至上海国际集团，担任董事长一职。 龚德雄出任上海国际集团总裁 记者注意到， 12 月 9 日，上海国际集团更新 " 集团领导信息栏 " 显示，龚德雄担任党委副 书记、总裁一职。 龚德雄拥有丰富的金融从业经历，涵盖了证券、投资、期货、资产管理等多个领域。他曾任 上海国际信托投资公司证券部浦东营业部副主任、证券部投资调研科科长、证券部副经理， 上海证券有限责任公司党委副书记、纪委书记、副总经理兼海证期货有限公司董事长，上海 国际集团有限公司金融管理总部总经理，上海证券有限责任公司总经理、党委书记、副董事 长、董事长，上海国泰君安证券资产管理有限公司董事长、 CEO 。 龚德雄自 2023 年 4 月起担任申能（集团）有限公司副总裁， 2023 年 9 月担任东方证券 党委书记， 2024 ...

Group 1 - Trump indicated he may consider lowering tariffs on certain U.S. goods while emphasizing that his use of import tariffs is attracting investments and revitalizing long-dormant industries like automotive and semiconductor manufacturing [4] - He mentioned that approximately $18 trillion is flowing into the U.S., referring to investment commitments made by governments and companies seeking tariff exemptions [4] - Trump stated that the decision to approve recent tariff exemptions was influenced by voter dissatisfaction with high grocery prices, describing them as "very small exemptions" [4] Group 2 - Trump suggested that the immediate lowering of interest rates would be a key criterion for selecting the new Federal Reserve Chairman, signaling to potential candidates the need to be prepared for rate cuts [5] - Current Federal Reserve Chairman Jerome Powell is viewed unfavorably by Trump, who has previously called for the benchmark interest rate to be reduced below 2%, while the current target range is 3.75% to 4% [5][6] - Market expectations indicate that the Federal Reserve may lower the benchmark interest rate by 25 basis points in the upcoming decision [5] Group 3 - Trump has reportedly decided on his preferred candidate for the new Federal Reserve Chairman but will not announce it until early next year, with potential candidates including Kevin Hassett, Christopher Waller, Michelle Bowman, Kevin Walsh, and Rick Rieder [6]

Core Viewpoint - Geely Automobile has made significant progress in the privatization of Zeekr, marking the final stage of its "One Geely" strategy, with the merger expected to be completed by December 29 [5][11]. Summary by Sections Privatization Details - Approximately 70.8% of eligible Zeekr shareholders chose stock compensation, while about 29.2% opted for cash compensation [7]. - Geely will issue approximately 777 million shares to shareholders choosing stock, granting them equal rights including dividends and voting [7]. - For those opting for cash, Geely will pay a total of approximately $701 million, with each Zeekr share convertible to $2.687 in cash or 1.23 shares of Geely [8]. Strategic Implications - The completion of the merger will allow Geely to cover mainstream, mid-to-high-end, and luxury segments, creating a diverse power system including fuel, pure electric, plug-in hybrid, and hydrogen electric vehicles [11][12]. - Zeekr is positioned as a global luxury tech brand, while Lynk & Co targets the global high-end new energy market, and Geely Galaxy and China Star focus on mainstream branding [12]. Financial Performance - In the first three quarters of 2025, Geely achieved revenue of 239.5 billion yuan, a year-on-year increase of 26%, and a core net profit of 10.62 billion yuan, up 59% [13]. - As of September 2025, Geely's total cash level reached 60.1 billion yuan, with a net cash level of 45.2 billion yuan [13].

Group 1 - The core viewpoint of the report is that the wealth of global billionaires is expected to reach a historic high by 2025, with significant growth in the Asia-Pacific region, particularly in mainland China [2][4]. - By 2025, the number of billionaires globally is projected to increase by 8.8% to 2,919 individuals, with total wealth reaching a record $15.8 trillion, reflecting a 13% growth [4]. - The Asia-Pacific region will see a notable recovery, with the number of billionaires rising from 981 to 1,036, marking the highest growth rate globally [4]. Group 2 - In terms of wealth increase, billionaires in the Asia-Pacific region will experience an 11.1% growth, reaching $4.2 trillion, with mainland China leading at $1.8 trillion [4]. - The technology sector is highlighted as a significant driver of wealth, with billionaires in this industry seeing a 23.8% increase in wealth to $3 trillion, while the consumer and retail sector's growth has slowed to 5.3% [5]. - Investment enthusiasm in China and the Asia-Pacific region has surged, with 34% of surveyed billionaires believing China offers the greatest investment opportunities, a substantial increase from 11% in 2024 [7]. Group 3 - The report indicates that 61% of Asia-Pacific billionaires plan to increase investments in hedge funds, developed market stocks (50%), and gold/precious metals (48%) [8]. - There is a strong interest in emerging market stocks and private equity among billionaires, reflecting a shift in asset allocation preferences [8]. - The report anticipates a continued increase in the number of billionaires and millionaires globally, estimating that by 2040, approximately $6.9 trillion in wealth will be transferred, with at least $5.9 trillion going directly or indirectly to their children [8].

【导读】明年经济工作坚持"稳中求进、提质增效"总基调，为"十五五"规划开局注入强劲动 力 中国基金报记者 李树超 张玲 中共中央政治局12月8日召开会议，分析研究2026年经济工作。 受访专家表示，会议强调明年经济工作坚持"稳中求进、提质增效"总基调，兼顾了短期稳增 长与中长期高质量发展。同时，宏观政策、扩大内需、创新驱动等多方面协同发力，将为"十 五五"规划开局筑牢根基，更好推动我国经济高质量发展。 亮点1：紧扣"稳中求进、提质增效"总基调 为"十五五"规划开局夯实基础 会议强调明年经济工作要坚持"稳中求进、提质增效"的总基调，"实施更加积极有为的宏观政 策""持续扩大内需、优化供给"，并将"内需主导，建设强大国内市场"放在八大任务首位。 上海金融与发展实验室首席专家、主任曾刚表示，此次宏观政策表述紧扣"稳中求进、提质增 效"总基调，既延续了政策的连续性，又根据"十五五"规划开局需求作出优化，凸显了宏观治 理的稳健性与针对性；同时，政策强调"提质增效"与"治理效能"，说明宏观调控不再单纯追 求总量扩张，而是兼顾短期稳增长与中长期高质量发展，为"十五五"规划开局夯实基础。 中国银河宏观认为，从总的政策基调来看 ...

Core Viewpoint - Xiamen Airport is planning to acquire 100% equity of Xiamen Zhaoxiang Intelligent Technology Co., Ltd. from its controlling shareholder, Xiamen Xiangye Group, to extend its business into the civil aviation intelligence sector [2][7]. Group 1: Acquisition Details - The acquisition will be funded by the company's own capital and is expected not to constitute a major asset restructuring [7]. - The transaction will be conducted in cash, without issuing new shares or changing the company's control [7]. - The acquisition is still in the planning stage, requiring further discussions and approvals, which may pose risks of not passing necessary decision-making and approval processes [7]. Group 2: Business Expansion - Zhaoxiang Technology focuses on civil aviation information technology, smart airport system construction and operation, and building intelligence [9]. - The company is recognized as a high-quality asset with strong profitability and is classified as a national high-tech enterprise and a model enterprise for technological reform [9]. - Post-acquisition, Xiamen Airport's business will expand into the civil aviation intelligence sector, complementing its existing aviation and non-aviation operations [9]. Group 3: Operational Performance - In November, Xiamen Airport reported a passenger throughput of 2.3195 million, a year-on-year decrease of 1.33%, and a cargo and mail throughput of 30,600 tons, down 13.25% year-on-year [9]. - For the first three quarters of the year, Xiamen Airport achieved an operating revenue of 1.523 billion CNY, a year-on-year increase of 7.21%, and a net profit attributable to shareholders of 384 million CNY, up 3.53% year-on-year [10].

Core Viewpoint - The incident involving a live mouse found in a mochi box purchased from Sam's Club has sparked significant public discussion, raising concerns about the company's food safety and quality control measures [2][6]. Summary by Sections Incident Details - A consumer reported finding a live mouse in a mochi box purchased through Sam's Club's "Express Delivery" service, leading to immediate complaints and a one-star review on the platform [5]. - Sam's Club responded by emphasizing their commitment to food safety and member experience, stating that they conducted a thorough investigation in collaboration with pest control professionals [2]. Company Response - Sam's Club has stated that they have strict pest control measures in place and found no evidence of pests during their internal checks [2]. - The company indicated that the mouse likely entered the product at the pickup location, which was outdoors and had conditions conducive to pest activity [2]. Consumer Reactions - The incident has led to widespread dissatisfaction among consumers regarding Sam's Club's quality control, with many expressing their concerns on social media [6][7]. - Previous incidents involving Sam's Club, such as finding foreign objects in food products and issues with product labeling, have also contributed to growing scrutiny of the company's quality standards [9]. Industry Context - The incident is part of a broader trend where major retail chains, including competitors like Hema, have faced quality control issues, indicating a potential industry-wide challenge in maintaining product standards [9].

【导读】天源迪科董事长陈友被实施留置 中国基金报记者 忆山 12 月 9 日，天源迪科发布公告称，公司于近日收到由江西省景德镇乐平市监察委员会签发的 关于公司董事长陈友的《留置通知书》，陈友被实施留置。 版权声明 《中国基金报》对本平台所刊载的原创内容享有著作权，未经授权禁止转载，否则将追究法律责任。 授权转载合作联系人：于先生（电话：0755-82468670） 资料显示，陈友， 1964 年生， 1986 年毕业于武汉大学计算机系， 1989 年取得中国科技 大学计算机系硕士学位， 2000 年取得 MBA 学位。 2007 年 4 月至今，担任天源迪科董事 长。 2024 年度，陈友税前薪酬为 109.52 万元。 天源迪科表示，截至目前，公司尚未知悉上述事项的进展及结论。公司将持续关注后续进 展，对相关工作进行妥善安排，并按照有关法律法规的规定和要求，及时履行信息披露义 务。 天源迪科称，公司拥有完善的治理结构及内部控制机制，将按照相关法律法规和制度规范运 作，公司董事会运作正常，生产经营管理情况正常，公司及下属子公司生产经营稳步推进。 上述事项不会对公司正常生产经营产生重大不利影响。 天源迪科是国内 ...

【导读】中投公司发布 2024 年年报 中国基金报记者 莫琳 12 月 9 日，中国投资有限责任公司（以下简称中投公司）发布经董事会批准的《 2024 年 度报告》（以下简称《年报》）。 《年报》显示，截至 2024 年 12 月 31 日，中投公司过去十年对外投资年化净收益率按美 元计算为 6.92% ，超出业绩目标 61 个基点；自成立以来累计年化净收益率为 6.39% 。 此外，截至 2024 年底，中央汇金受托管理的国有金融资本达 6.87 万亿元人民币，较年初 增长 6.44% 。中投公司总资产达 1.57 万亿美元，净资产达 1.37 万亿美元。 境外投资组合分布中，公开市场股票、固定收益、另类资产、现金产品及其他分别占比 34.65% 、 15.53% 、 48.49% 和 1.33% 。相较于 2023 年，股票以及另类资产的投资占 比略微提升，国债、公司债等债券产品的投资占比下降。 具体来看， 2024 年，中投公司实现营业收入 1508.75 亿美元，同比增长 29.6% ；实现净 利润 1406.38 亿美元，同比增长 30.4% ，业绩表现亮眼。 营业收入的增加 主要来源于 投资收益的 ...

Core Viewpoint - Cloud Deep Technology has completed over 500 million RMB in Series C financing, with the founder indicating rapid growth in performance by 2025 [2][4]. Financing and Growth - Cloud Deep Technology, one of the "Hangzhou Six Little Dragons," has accelerated its financing speed since 2024, completing multiple rounds of financing [4][6]. - The company has completed financing rounds on August 10, 2024, July 8, 2025, and December 9, 2025, with the last two rounds occurring within five months [4][6]. - The recent Series C financing will support technology research and development, capacity expansion, and market development [6][8]. Strategic Focus - The CEO stated that the latest financing will be used to attract talent and increase R&D investment, particularly in quadruped and humanoid robots [6][10]. - Cloud Deep Technology aims to create a new ecosystem of "technology-industry-scenario" collaborative development through deep partnerships with industry-related investors [6][10]. Product Development - The company focuses on embodied intelligence technology innovation and industry applications, specializing in the R&D, production, sales, and service of quadruped robots, humanoid robots, and core components [7][10]. - In 2025, Cloud Deep Technology launched the quadruped robot "M20" and the industry-grade humanoid robot "DR02," establishing a pilot base for embodied intelligence [10][13]. - The DR02 humanoid robot, launched in October 2025, features an IP66 protection level and can operate in extreme temperatures from -20°C to 55°C, overcoming previous limitations of humanoid robots [10][13]. Corporate Structure and Future Plans - In 2025, Cloud Deep Technology completed a corporate restructuring, changing its market entity type from "other limited liability company" to "other non-listed joint-stock company" [8][10]. - The restructuring is seen as a preparatory step for potential future IPO plans, although the company emphasizes it is primarily for development needs [10].