【导读】北京大学原党委常委、 副校长任羽中 严重违纪违法被开除党籍和公职 中国基金报 晨曦 综合整理 经查， 任羽中 丧失理想信念，背弃初心使命，违反中央八项规定精神，违规收受礼品、礼 金；不按规定报告个人有关事项，在职工录用工作中为他人谋取利益；违规拥有非上市公司 股份；毫无纪法底线，公器私用，"靠校吃校"，搞权钱交易，利用职务便利为他人在教育培 训、升学就业等方面谋利，并非法收受巨额财物。 通报指出， 任羽中 严重违反党的组织纪律和廉洁纪律，构成严重职务违法并涉嫌受贿犯罪， 且在党的十八大后不收敛、不收手，性质严重，影响恶劣，应予严肃处理。 依据《中国共产党纪律处分条例》《中华人民共和国监察法》《中华人民共和国公职人员政 务处分法》等有关规定，经中央纪委常委会会议研究并报中共中央批准，决定给予 任羽中 开 除党籍处分；由国家监委给予其开除公职处分；收缴其违纪违法所得；将其涉嫌犯罪问题移 送检察机关依法审查起诉，所涉财物一并移送。 公开信息显示， 任羽中 ，男，汉族，1980年1月生，四川资阳人，毕业于北京大学国际关系 学院，研究生学历，法学博士，研究员。 反腐重磅消息来了！ 12月8日，中央纪委国家监委官 ...

Core Viewpoint - The article commemorates the life and contributions of Wang Bingqian, a prominent figure in China's financial and legal development, who passed away at the age of 100 on December 8, 2025 [2]. Group 1: Career Overview - Wang Bingqian was born in June 1925 and began his revolutionary work in 1939, joining the Communist Party of China in January 1940 [2]. - His career spanned several decades, holding key positions in the Ministry of Finance, including Minister and later State Councilor, where he played a significant role in China's fiscal policies [3][4]. Group 2: Contributions to Finance - Wang Bingqian was instrumental in the financial reforms during the early stages of China's economic transformation, focusing on balancing fiscal revenues and expenditures [5]. - He implemented a tiered fiscal responsibility system, which encouraged participation from central departments, local governments, enterprises, and individuals [5]. - Under his leadership, the Ministry of Finance restored the issuance of government bonds and engaged in significant international financial diplomacy, participating in key meetings with the United States and Japan [5][6]. Group 3: Legacy and Impact - Wang Bingqian's tenure coincided with critical reforms that shaped China's fiscal landscape, including the establishment of a more structured relationship between central and local finances and tax system reforms [6]. - His commitment to serving the broader goals of the state positioned him as a key advocate for fiscal reform during a transformative period in China's history [6].

Core Viewpoint - Pop Mart's stock experienced a significant drop of nearly 10% on December 8, marking a 40% decline from its peak, primarily due to concerns over slowing sales growth in the U.S. market [3][5]. Sales Performance Concerns - Investors are worried that Pop Mart's sales performance during the U.S. "Black Friday" promotions may not meet expectations, impacting confidence in the company's growth prospects [5]. - After reporting a staggering 1200% year-on-year increase in U.S. sales for Q3, the sustainability of overseas sales has become a key focus for investors [5][6]. Market Sentiment and Short Selling - The stock has faced increased short-selling pressure, with short positions rising to 6.3% of the company's float, the highest level since August 2023 [6]. - Analysts attribute the stock's weakness to a broader decline in North American offline sales trends during November, estimating that U.S. sales growth has slowed to below 500% for the current quarter [6]. Supply Chain and Demand Issues - Despite improvements in supply chain capacity since mid-November, there has been no significant increase in demand, leading to disappointing short-term sales data [6]. - Some foreign institutions predict a 10%-20% decline in both Chinese and overseas markets next year, raising concerns about future performance and leading to valuation adjustments [6]. Data Reliability and Market Dynamics - High-frequency sales data may not accurately reflect actual sales performance, as it is based on credit and debit card sampling and is subject to later revisions [7]. - Pop Mart's strategy focuses on ensuring genuine consumers can purchase products rather than relying on speculative marketing tactics, with only 3% of sales attributed to "scalper" consumers [7]. Regional Performance - Excluding the U.S. market, sales trends in Europe, China, and Southeast Asia remain positive, indicating balanced global development [7]. - Domestic demand for Pop Mart's products, particularly the "Star People" series, is reportedly strong, with the Christmas gift box being a top-selling item [7].

Group 1 - Apple announced a price reduction of 300 yuan for iPhone 17 Pro and iPhone 17 Pro Max, with new prices starting at 8699 yuan and 9699 yuan respectively [2] - The iPhone 17 series has seen strong sales, with a 12% year-on-year increase in actual shipments in October, achieving a market share of 24.2%, the highest monthly global market share on record [4] - During the "Double 11" shopping festival, the sales of the iPhone 17 base model more than doubled year-on-year, while the iPhone 17 Pro and iPhone 17 Pro Max also experienced double-digit growth [4] Group 2 - Counterpoint Research predicts that Apple will maintain high growth and may achieve record high shipments in the fourth quarter, with expectations of becoming the world's largest smartphone brand by shipment volume in 2025 for the first time since 2011 [4] - The continued popularity of the iPhone 17 series, along with promotional events like Black Friday and "Double 11," is expected to drive further growth in shipments for the fourth quarter and the entire year [4]

征求对经济工作的意见和建议 中共中央召开党外人士座谈会 习近平主持并发表重要讲话 李强通报有关情况 蔡奇丁薛祥出席 新华社北京12月8日电 12月3日，中共中央在中南海召开党外人士座谈会，就今年经济形势 和明年经济工作听取各民主党派中央、全国工商联负责人和无党派人士代表的意见建议。中 共中央总书记习近平主持座谈会并发表重要讲话强调，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，实 现"十五五"良好开局。 中共中央政治局常委李强、蔡奇、丁薛祥出席座谈会。李强受中共中央委托通报了今年经济 工作有关情况，介绍了关于明年经济工作有关考虑。 座谈会上，民革中央主席郑建邦、民盟中央主席丁仲礼、民建中央副主席孙东生、民进中央 主席蔡达峰、农工党中央主席何维、致公党中央主席蒋作君、九三学社中央主席武维华、台 盟中央主席苏辉、全国工商联主席高云龙、无党派人士代表高鸿钧先后发言。他们完全赞同 中共中央对当前经济形势的分析判断和明年经济工作的谋划考虑，并就优化产业布局、增加 优质供给、深化教育科技人才制度改革、建设数据要素全国统一大市场、扩大内需、拓展高 水平对外开放 ...

中国基金报记者 曹雯璟 近日，《基金管理公司绩效考核管理指引（征求意见稿）》（以下简称《指引》）下发。 【导读】机构解读《基金管理公司绩效考核管理指引（征求意见稿）》 多位业内人士表示，此次《指引》将基金公司、管理层、基金经理的利益与投资者利益深度 绑定，一系列"组合拳"将有效推动基金行业生态进一步从"重规模"向"重回报"转变。 直击投资者获得感不足等痛点 进一步促进行业健康发展 对于《指引》发布的意义，多位业内人士表示，《指引》系统性强化了"持有人利益优先"原 则，通过一系列可量化、可操作的具体指标，致力于实现管理人与投资者利益的深度绑定， 进一步促进行业健康发展。 东吴证券研究所联席所长、非银金融首席分析师孙婷表示，《指引》从薪酬结构、绩效考 核、支付机制、问责制度等多个维度作出系统性规定，通过一系列量化指标和刚性约束，引 导基金管理公司将员工激励与基金长期业绩深度绑定，进一步促进行业健康发展。 华南一位公募人士表示，《指引》构建了精细化、差异化的考核生态系统，从单一的薪酬管 理扩展至薪酬总额管理、绩效考核机制、持基回购制度、追索问责机制和中长期激励方式等 全方位管理，体现出监管思路从"打补丁"向"建系统 ...

Group 1 - The core viewpoint of the article highlights that the A-share market continues its rebound, with stock ETFs attracting significant net inflows exceeding 10.8 billion yuan in a single week [2][3][4] - As of December 5, the total scale of stock ETFs (including cross-border ETFs) reached 4.38 trillion yuan, with a weekly increase of 35.378 billion units [4] - On December 5 alone, the net inflow of funds into stock ETFs was approximately 8.954 billion yuan, with broad-based ETFs and Hong Kong market ETFs leading the inflows [5][8] Group 2 - The article notes that the net inflow of funds into ETFs tracking the CSI A500 index was particularly strong, with a single-day net inflow of 3.482 billion yuan [8] - Major fund companies, such as E Fund and Huaxia Fund, reported continued net inflows into their ETFs, with E Fund's ETFs reaching a scale of 817.12 billion yuan and Huaxia Fund's A500 ETF seeing a net inflow of 1.621 billion yuan [9][10] - The article mentions that the recent adjustment of risk factors for insurance companies is expected to benefit broad-based ETFs, leading to increased net inflows [12] Group 3 - The top ten ETFs by net inflow included several broad-based ETFs, with the A500 ETF from Huatai-PB seeing a net inflow of over 2.209 billion yuan [14] - Conversely, the article lists the top ten ETFs by net outflow, highlighting that bank ETFs, chemical ETFs, and the SSE 50 ETF experienced significant outflows, each exceeding 1 billion yuan [16]

来源：新华社 中共中央政治局召开会议 分析研究2026年经济工作 审议《中国共产党领导全面依法治国工作条例》 中共中央总书记习近平主持会议 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，审议《中国共产党领导全面依法治国工作条 例》。中共中央总书记习近平主持会议。 会议认为，今年是中国式现代化进程中具有重要意义的一年，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，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 标将顺利实现。我国经济运行总体平稳、稳中有进，新质生产力稳步发展，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，社会大局保持稳定。过去5年，我们有效应对各种冲击挑战，我国 经济、科技、国防等硬实力和文化、制度、外交等软实力明显提升，"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。 会议强调，做好明年经济工作，要以习近平新时代中国特色社会主义思想为指导，深入贯彻党的二十大和二十 届历次全会精神，完整准确全面贯彻新发展理念，加快构建新发展格局，着力推动高质量发展，坚持稳中求进 工作总基调，更好统筹国内经济工 ...

Core Viewpoint - The article highlights the rapid sell-out of a new product from Moutai, indicating strong consumer demand despite a general decline in the liquor market prices and sales [2][6]. Product Launch and Sales Performance - Moutai's new product, a 1.1L bottle of 53-degree Guizhou Moutai liquor, was launched on December 8 at a price of 11,000 yuan per bottle and sold out instantly [2]. - A previous Moutai commemorative product was sold at 7,000 yuan and sold out in 2 minutes, later peaking at 13,500 yuan before dropping to 7,900 yuan [6]. Market Trends and Pricing - The overall price trend for Moutai products has been declining throughout the year, with the 2025 vintage 53-degree 500ml Moutai dropping below key price points, currently priced at 1,530 yuan per bottle [6][7]. - The average inventory turnover days in the liquor industry reached 900 days, a 10% increase year-on-year, indicating growing inventory pressure [6]. Industry Challenges and Responses - The liquor industry is facing a demand contraction, with reports indicating a 20% to 30% decline in demand during the Mid-Autumn and National Day holidays, alongside a 10% to 20% increase in inventory [6][8]. - Companies like Wuliangye are implementing measures to alleviate channel pressures, such as offering rebates to distributors, effectively lowering the price of their products [8]. Market Sentiment and Investment Outlook - Despite a generally low sentiment in the liquor sector, some analysts suggest that there are bottoming opportunities, with expectations of improved sales performance and a favorable policy environment [9]. - Analysts from Guojin Securities and Kaiyuan Securities express optimism about the liquor sector's valuation and potential for recovery, particularly focusing on Moutai's price stabilization signals [9].

【导读】上午三大指数集体上涨，大科技爆发， CPO 强势拉升，煤炭等板块走弱 中国基金报记者 张舟 大家好，新的一周又开始了！基金君和你继续关注今天的市场行情！ 12 月 8 日上午， A 股三大股指集体大涨，创业板指涨超 3% ，创成长指数涨超 5% 。 截至午间收盘，沪指报 3927.19 点，涨 0.62% ，深证成指涨 1.55% ，创业板指涨 3.02% 。 | 今开:3119.15 | 成交量:1.40亿手 | 换手:2 | | --- | --- | --- | | 昨收:3109.30 | 成交额：3795.34亿 | 量比： 1 | | 上涨:734 | 振幅: 2.77% | 平盘:3 | | 下跌:174 | 总市值: 17.73万亿 | | 沪深两市半日成交额为 1.29 万亿元，较上个交易日放量 2971 亿元。 个股涨多跌少，全市 场共 3549 只个股上涨， 62 只个股涨停，有 1692 只个股下跌。 从板块看，大科技板块大幅上涨，通信设备、电子元器件、电脑硬件、航天军工等板块强势 拉升，光模块（ CPO ）、 6G 、存储芯片、商业航天、光刻机等概念股大涨；而煤炭、石油 化工 ...