Group 1 - The article discusses a recent incident where Japan accused China's naval aircraft of "radar illumination" on Japanese Self-Defense Force fighter jets, which Japan deemed a dangerous act exceeding necessary safety measures [1] - China firmly rejected Japan's claims, stating that the real risk to air and maritime safety comes from Japan's frequent reconnaissance and interference with China's normal military activities [1] - The Chinese government has called for Japan to cease its provocative actions and misleading narratives, emphasizing that Japan's portrayal of the situation is an attempt to manipulate international perceptions [1]

Core Viewpoint - The 2025 National Medical Insurance Drug List has been released, including 114 new drugs, with a focus on innovative drugs and significant improvements in coverage for key areas such as cancer, chronic diseases, and rare diseases [4][5][10]. Group 1: New Drug Inclusion - A total of 15 A-share pharmaceutical companies announced that their products have been included in the new drug list, particularly benefiting innovative drug companies [7]. - Zai Lab's drug, Jikaxitinib, has been included in the list, which is expected to enhance sales and market accessibility for patients [7]. - Junshi Biosciences has multiple products included, with two new indications for its drug Toripalimab and another drug successfully included in the Class B category [7]. Group 2: Impact on Major Pharmaceutical Companies - Leading companies like Hengrui Medicine have had 10 products included in the new list, with an estimated combined sales of approximately 8.66 billion yuan for 2024 and about 7.55 billion yuan for the first three quarters of 2025 [9]. - Other major players such as Fosun Pharma and Huadong Medicine also have products included, indicating a broad impact across the industry [8]. Group 3: Overall Drug List Changes - The total number of drugs in the directory has increased to 3,253, with 1,857 Western medicines and 1,396 traditional Chinese medicines [5]. - The adjustment marks the eighth update since the establishment of the National Medical Insurance Bureau, reflecting ongoing efforts to enhance drug accessibility and affordability [10].

来源： 中国驻日本大使馆 12月7日，吴江浩大使就日本自卫队飞机滋扰中国海军航母编队训练向日本外务事务次官船越健裕提出 严正交涉和强烈抗议。吴江浩表示，日方不顾中方迄今反复警示提醒，执意派自卫队飞机多次抵近中国 海军训练海空域滋扰，严重影响中方正常训练，严重危及飞行安全。日方还倒打一耙，对外发布与事实 完全不符的信息，炒作误导舆论，有关做法极其不负责任。中方严肃要求日方停止污蔑抹黑，严格约束 一线行动，防止类似事件再次发生。 ...

【导读】 首批北证50成份指数基金面市三年，业绩出色 中国基金报记者 曹雯璟 近日，首批北证50成份指数型基金迎来面市三周年。数据显示，首批8只产品成立以来收益均 为正，最高达66.65%。 业内人士表示，随着北交所上市公司数量和规模不断增长，北证50成份指数的投资价值或更 为突出，相关基金产品也会进一步丰富。 北证50指数基金表现亮眼 Wind数据显示，截至12月5日，于2022年12月成立的首批8只北证50成份指数型基金，成立 以来的单位净值增长率均为正，平均值为41.15%，最高达到66.65%。 招商北证50成份指数发起式基金经理邓童表示，首批北证50指数基金成立三年获得了较好的 收益，主要是享受到了这两年北交所股票流动性折价修复的红利，在最近一年多市场整体反 弹的背景下，北交所股票的上涨幅度也较大。 "普通投资者直接参与北交所个股投资有一定的门槛。北证50基金作为公募基金，给投资者提 供了参与的渠道，享受北交所的红利。同时作为机构投资者，公募基金的参与也起到了长期 稳定资金的作用。"邓童谈道。 上海一位北证50成份指数基金经理表示，北证50成份指数型基金这三年历经震荡、逆势突 破，最终实现业绩与市场 ...

Key Points - The article summarizes significant events over the weekend and the latest assessments from major securities firms regarding the Chinese market and economy [2] Group 1: Economic and Policy Developments - Chinese Vice Premier He Lifeng held a video call with U.S. Treasury Secretary Janet Yellen and Trade Representative Katherine Tai to discuss practical cooperation and resolving economic concerns [3] - The People's Bank of China has increased its gold reserves for the 13th consecutive month, now holding 7.412 million ounces, reflecting a strategic move to bolster financial stability [4] - The China Securities Regulatory Commission (CSRC) is focusing on differentiated regulation for quality institutions while tightening oversight on problematic firms, aiming to enhance capital efficiency [5] Group 2: Market Insights and Predictions - Insurance companies are expected to benefit from lowered risk factors for long-term holdings in indices like CSI 300 and STAR Market, potentially leading to significant equity allocations [6][7] - A new performance assessment guideline for fund managers has been proposed, which may result in salary reductions exceeding 30% for underperforming managers, aiming to enhance accountability in the fund management industry [8] - The 2025 National Medical Insurance Drug List will include 114 new drugs, with 50 classified as innovative, indicating a focus on advancing healthcare and pharmaceutical sectors [9] Group 3: Securities Firms' Analysis - CITIC Securities suggests that the current market volatility is a normal phase before potential positive changes in fundamentals, with a focus on resource and traditional manufacturing sectors [12] - Shenwan Hongyuan highlights that the lowered risk factors for insurance companies could lead to significant equity investments, particularly in the context of the upcoming spring market [13] - China International Capital Corporation (CICC) believes that the recent bond market fluctuations will have limited impact on equity markets, supported by a strong RMB and favorable economic conditions [14] - Guotai Junan emphasizes the importance of upcoming policy meetings and their potential impact on market sentiment and structural opportunities [18] - GF Securities notes that while the market may experience short-term fluctuations, there remains significant upside potential, particularly in dividend-paying and consumer sectors [22]

【导读】商业不动产REITs要来了 迈出扩容关键一步 商业不动产REITs激活万亿级市场 中国基金报记者 方丽 陆慧婧 2025年11月28日，证监会发布《关于推出商业不动产投资信托基金试点的公告（征求意见稿）》（以下简称《征求意见稿》），拟在"基 础设施REITs"之外，单列"商业不动产REITs"创新项目，商业综合体、商业零售、写字楼、酒店等商业物业将被纳入公募REITs投资范围。 业内人士表示，从全球成熟市场发展经验来看，商业综合体、商业零售、写字楼、酒店等商业不动产是REITs重要的底层资产。我国商业不 动产存量规模庞大，具有通过REITs盘活并拓宽权益融资渠道的内在需求。 借鉴国际经验并结合我国实际，坚持市场化法治化方向，适时推出商业不动产REITs，可以更好发挥REITs功能作用，支持构建房地产发展 新模式，进一步提升多层次资本市场服务实体经济的质效。 商业不动产纳入公募REITs范围 为贯彻落实党中央、国务院决策部署和资本市场新"国九条"要求，推动不动产投资信托基金（REITs）市场高质量发展，丰富资本市场投融 资工具，支持构建房地产发展新模式，持续增强多层次资本市场服务实体经济质效，证监会就推 ...

Core Viewpoint - The article discusses the need to optimize the survival threshold for initiated funds in China, emphasizing the importance of long-term investment and the potential benefits of lowering the current requirement of 200 million yuan within three years for fund survival [2][4][10]. Group 1: Development and Challenges of Initiated Funds - Initiated funds have grown significantly over the past decade, with a total scale approaching 3.4 trillion yuan, becoming an important part of public funds [4]. - There is a notable disparity among initiated funds, with some achieving over 20 billion yuan while others face automatic termination due to not meeting the 200 million yuan threshold after three years [4][5]. - The current requirement of 200 million yuan within three years is seen as potentially harmful, as it may lead to the premature termination of promising funds due to market fluctuations [4][5]. Group 2: Suggestions for Optimization - Industry experts suggest establishing a more comprehensive assessment system that considers average scale, performance stability, and holder structure to avoid "mis-killing" quality products [5]. - There is a call for a balance between optimizing thresholds and managing the potential rise of "mini funds," which could strain company resources due to high operational costs [5][9]. - The need for accompanying measures to prevent fund companies from blindly launching products without focusing on long-term performance is highlighted [6]. Group 3: Impact on Small and Medium-sized Fund Companies - Lowering the threshold for initiated funds could alleviate operational pressures on small and medium-sized fund companies, allowing them to focus more on research and investment rather than on maintaining minimum scales [8][9]. - The potential for increased innovation in niche markets, such as innovative drugs and green energy, is anticipated if the threshold is relaxed, encouraging more institutions to explore new strategies [8][9]. - The current high threshold may hinder new fund managers from developing their investment strategies effectively, and a lower threshold could provide a more conducive environment for growth [9]. Group 4: Long-term Investment Philosophy - The original design of initiated funds aims to align the interests of fund companies and investors, promoting risk-sharing and flexible investment strategies [10]. - Successful initiated funds have emerged by focusing on national strategies and sectors like technology innovation and high-end manufacturing, demonstrating the potential for significant returns even in challenging market conditions [10][12]. - The balance between short-term performance pressure and long-term development strategies remains a core issue in the public fund industry, with suggestions for future strategies focusing on proactive product layouts and niche market exploration [12].

Group 1 - The U.S. President signed an executive order to establish food supply chain security task forces to investigate price monopolies and anti-competitive behaviors, particularly focusing on foreign-controlled companies [2] - The White House document states that foreign-controlled companies are increasingly involved in critical sectors, raising food costs for American households, which is a primary concern for the task forces [2] - The task forces are authorized to take enforcement actions and develop new rules to combat anti-competitive practices, with a report on their progress due one year after the executive order [2] Group 2 - The U.S. Consumer Price Index (CPI) has seen a year-on-year increase from 2.3% in April to 3% in September, with significant price hikes in beef, coffee, and tea, all exceeding 10% [2] - Households in the U.S. now need to spend an additional $208 per month to purchase the same goods and services as in September of the previous year, according to a report by Moody's [2] - The President has called for an investigation into major U.S. meat processing companies, accusing foreign-controlled firms of potential collusion and price manipulation leading to increased beef prices [2]

Group 1 - The central safety production assessment and inspection team will conduct inspections in Xinjiang Production and Construction Corps from November 17 to 26, 2025, focusing on key industries such as trade, fire safety, and gas [2] - This safety production assessment aims to identify, recognize, and rectify issues, emphasizing the role of the assessment as a guiding tool [2] - Gas safety management is crucial for urban safety, especially during winter, which is a peak period for gas usage and accidents [2] Group 2 - The inspection team began a special check on gas safety to protect the daily lives of the public [3] - During inspections, workers were found to be evasive when questioned about safety practices, indicating potential management issues [4] - At a gas station, non-explosion-proof electrical equipment was improperly located in production areas, necessitating immediate rectification [5][7] Group 3 - The inspection team discovered unsafe practices, such as the use of a three-way connection in gas hoses at a restaurant, which increases the risk of gas leaks [7] - Several restaurants were found to have safety violations, including lack of flameout protection devices and the use of non-standard regulators [7] - In Shihezi City, a gas cylinder storage area was found without a combustible gas alarm system, which is a significant safety hazard [8] Group 4 - The inspection team emphasized the importance of installing combustible gas alarms in areas prone to gas leaks to enhance emergency response and prevent accidents [8] - A list of identified safety issues and rectification suggestions has been submitted to the Xinjiang Production and Construction Corps Safety Production Committee for follow-up actions [8] - The inspection team is focused on ensuring accountability for safety production responsibilities and implementing effective measures to prevent major accidents [8]

les & FR 点击下载中国基金报客户端 ■ 中国基金报内容矩阵 ■ 来源：新华社 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 铁路部门推出"雪具便利行"服务 记者7日从中国铁路北京局集团有限公司获悉，12月7日起至2026年雪季结束，铁路部门在京 张高铁北京北至崇礼间各车站运行的G字头列车试点推出"雪具便利行"服务， 铁路12306客 户端同步上线"雪具便利行"功能 ，旅客线上预约成功后可随车携带雪具并存放在列车指定位 置，实现人和雪具随车同行，同时京张高铁部分车站继续提供"雪具快运"服务，"坐着高铁去 滑雪"将更加方便快捷。 国铁北京局客运部相关负责人介绍，此前，铁路部门按照《国铁集团铁路旅客运输规程》"旅 客乘坐动车组列车随身携带的行李物 ...