Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of the capital market system in China, as outlined in the 20th Central Committee's Fourth Plenary Session, to support high-quality economic development and respond to new challenges in the domestic and international environment [1]. Group 1: Significance of Enhancing Capital Market System - The enhancement of the capital market's inclusiveness and adaptability is crucial for better serving the development of new productive forces, as a vibrant capital market is key to promoting technological and industrial advancements [2]. - It is essential for ensuring that the benefits of development reach the broader population, as the capital market serves as a platform for over 2 billion stock and fund investors to share in the economic growth [3]. - This enhancement is a necessary requirement for promoting high-quality development of the capital market and building a strong financial nation, as it will improve market structure and quality, thereby increasing competitiveness and international influence [4]. Group 2: Principles for Enhancing Capital Market System - The work of the capital market must always reflect its political and people-oriented nature, ensuring that it aligns with the needs of the market and protects the rights of investors, especially small and medium-sized ones [5]. - There must be better coordination between investment and financing, focusing on the overall balance and continuous quality improvement to convert household savings into social investments [6]. - Reform and opening up are critical, requiring the removal of institutional barriers to enhance the capital market's inclusiveness and adaptability, while ensuring a stable and predictable policy environment [7]. Group 3: Key Tasks and Measures - Actively develop direct financing through equity and bonds, enhancing the service capabilities for real enterprises and supporting the issuance of quality companies [8]. - Foster more high-quality listed companies by optimizing their structure and enhancing investment value, while encouraging cash dividends and share buybacks [9]. - Create an attractive environment for long-term investments by establishing mechanisms that encourage the participation of long-term capital in the market [10]. - Improve the scientific and effective regulation of the capital market to adapt to rapid market changes and enhance risk prevention capabilities [11]. - Gradually expand the high-level institutional openness of the capital market to enhance its international competitiveness and facilitate efficient capital flow [12].

何亚东说，中国政府依法依规开展稀土相关物项出口管制工作。只要是用于民用用途的、合规 的出口申请，中国政府都及时予以了批准。同时，中国政府积极适用通用许可等便利化措施， 促进两用物项合规贸易，切实维护全球产供链安全稳定。 les & FR 点击下载中国基金报客户端 ■ 中国基金报内容矩阵 ■ 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 来源：新华社 商务部：中国政府依法依规开展稀土相关物项出口管制工作 商务部新闻发言人何亚东4日表示，中国政府依法依规开展稀土相关物项出口管制工作。 在商务部当天举行的例行新闻发布会上，有记者问，中国欧盟商会周一发布了一份快速调查， 多数受访企业表示受到了中国稀土出口管制的影响，包括成本上升、交付周期延长等。商会呼 吁 ...

题，抓现行、抓典型、抓通报，从小事小节严起，从生活点滴做起，把"不妄思、不妄动"刻 印在心，自觉抵制享乐主义、奢靡之风，管好自己的生活圈、朋友圈、社交圈，筑牢拒腐防 变的坚固防线。 要坚决落实管党治党政治责任，以"两个责任"抓纲带目，强化全面从严治党政治责任落实情 况监督检查，完善政治生态分析研判机制，推动主体责任、监督责任、第一责任人责任、"一 岗双责"、监管责任全面落实到位，突出抓好"一把手"和重要岗位干部的管理监督，抓实干 部"八小时之外"的监管，大力铲除腐败滋生的土壤和条件，坚决肃清流毒，彻底消除蓝天立 案的恶劣影响，持续净化修复广西政治生态。 会议强调，要把抓好蓝天立案以案促改与中央巡视反馈意见整改工作结合起来，坚持"惩、 治、防"协同发力，以"永远吹冲锋号"的韧劲久久为功，保持反腐高压态势，一步不停歇、半 步不退让，加大一体推进"三不腐"力度，紧盯重点问题、重点领域、重点对象，突出整治权 力集中、资金密集、资源富集领域的腐败，深化风腐同查同治，加强对权力配置、运行的规 范和监督，加强新时代廉洁文化建设，扎实推动清廉广西建设提质增效。 各级领导干部作为政治生态的风向标，必须清醒认识当前我区严峻复杂的 ...

外交部全球领事保护与服务应急呼叫中心电话：+86-10-12308或+86-10-65612308 两 只 大 牛 股，重 要 为切实保障在马中国公民生命安全，驻马里使馆再次严肃提醒： 所有在马非法采金企业务必立即停工，人员务必立即撤离 。无视提醒继续从事非法采金者将面临 设备被扣押和处以巨额罚款、人员被遣返或监禁等严厉打击。马里和国内相关部门将对非法采金 造成恶劣后果的涉事人员及企业负责人进行严肃追责。 马里报警电话：17、80333、80001115、60603572 驻马里使馆领事保护电话：+223-78110040 来源： 中国驻马里大使馆 据中国驻马里大使馆12月4日消息，今年下半年以来，巴马科以外地区恐怖分子活动猖獗，针对 外国企业和人员的袭击、绑架事件频发，造成严重后果。我非法采金矿区安防措施薄弱，在遭受 袭击时没有任何防护能力。非法采金人员聚集的肯涅巴、布谷尼、康加巴、纳雷纳、富鲁、库雷 马莱、扬福利拉等地均发生过恐袭事件， 造成多名中国籍涉采金行业人员被绑架，甚至遇袭身亡 ，给国内亲人造成无法弥补的损失和伤痛。 使馆已多次发布提醒，要求非法采金人员 立即停工撤离 。不少采金人员听从提醒及时撤 ...

Core Viewpoint - The article discusses the recent fluctuations in the US stock market, highlighting a significant rise in Meta's stock price due to anticipated budget cuts in its metaverse projects, which have been a source of investor skepticism and financial losses for the company [1][4][8]. Market Overview - On December 4, US stock indices showed slight fluctuations, with the Dow Jones remaining stable, while the Nasdaq and S&P 500 experienced minor declines of -0.09% and -0.05% respectively [2]. - Initial jobless claims in the US fell to 191,000, the lowest level in over three years, indicating that despite recent layoffs, companies are generally retaining employees [2][3]. - The labor market is showing signs of cooling, leading to expectations that the Federal Reserve may lower interest rates by 25 basis points in its upcoming meeting [3]. Meta's Stock Performance - Meta's stock surged nearly 4%, marking it as one of the standout performers in the market [4]. - The stock reached a high of $676.10, with a trading volume of approximately 17.3 million shares and a market capitalization of $1.68 trillion [6]. Budget Cuts in Metaverse Projects - CEO Mark Zuckerberg is reportedly planning to significantly reduce the budget for metaverse-related projects by up to 30%, which includes the Meta Horizon Worlds and Quest VR devices [8]. - This budget cut is part of the company's 2026 annual budget planning and reflects a shift in focus away from the metaverse, which has been criticized as a "money-burning black hole" [8][10]. - The Reality Labs department, responsible for the metaverse initiatives, has incurred losses exceeding $70 billion since early 2021, prompting calls from analysts for a reevaluation of resource allocation [10]. Strategic Shift - Zuckerberg has increasingly shifted focus from the metaverse to generative AI products and related hardware, indicating a strategic pivot in the company's long-term vision [10].

商务部新闻发言人 何亚东：关于日本首相高市早苗的涉台错误言论，中方已多次阐明严正立 场，敦促日方立即纠正错误言行，以实际行动体现对中方承诺，为两国正常经贸合作创造条 件。如果日方一意孤行，中方将采取必要措施，一切后果由日方承担。 商务部新闻发言人何亚东表示，近期日本首相高市早苗公然发表涉台错误言论，严重破坏了中 日关系的政治基础，日方对此负有不可推卸的责任。 中国是全球第二大消费品市场，拥有全球最大规模中等收入群体，蕴含着巨大的投资和消费潜 力。同时，中国致力于高质量发展，绿色化、数字化、智能化转型加快推进，产业配套能力 强，是新一轮科技革命和产业变革的最佳应用场景。 来源：央视新闻 商务部：如果日方一意孤行 中方将采取必要措施 在今天下午召开的商务部例行新闻发布会上，新闻发言人就中方是否会采取必要措施反制日本 进行了回应。 商务部新闻发言人 何亚东：中国始终是外商理想、安全、有为的投资目的地，包括日资企业在 内的跨国公司都表示看好中国市场。今年以来，中国新设立外商投资企业数量5.4万家，同比增 长14.7%。中国始终坚持对外开放的基本国策，我们欢迎各国的投资者来华投资兴业，共享中 国发展机遇。 " 小 作 ...

【导读】太阳电缆、海科新源近期大涨后，均披露重要股东减持计划 中国基金报记者 闻言 12月4日晚间，两家近期涨幅较大的A股公司均披露了重要股东的减持计划。 太阳电缆 发布公告称，厦门象屿集团有限公司（以下简称象屿集团）及其一致行动人博时资本—厦门象屿集团有限公司—博时资本博创15 号单一资产管理计划（以下简称博创15号），拟减持公司不超过3%的股份。 2025-12-04 20:11:44 星期四 【海科新源:员工资管计划拟减 持不超2.50%股份】 中国基金报12月4日电，海科新源（301292.S Z）公告，股东国金证券海科新源员工参与创业 板战略配售集合资产管理计划持有公司2.50%股 份，拟在公告披露日起15个交易日后的3个月 内，通过大宗交易或集中竞价方式减持不超过5, 574,079股，占总股本2.50%，原因为投资变现 安排。 长按右侧二维码 阅读原文 太阳电缆第三大股东拟减持 公告显示，象屿集团及其一致行动人博创15号计划以集中竞价、大宗交易方式减持太阳电缆不超过3%的股份，减持原因为自身经营需要。 海科新源 发布公告称，国金证券—招商银行—国金证券海科新源员工参与创业板战略配售集合资产管理计 ...

Core Viewpoint - The company, Cambrian, issued a formal statement addressing misleading information circulating in the media regarding its products, customers, supply, and capacity forecasts, which it claims are intended to mislead the market [4][6]. Group 1: Company Response - Cambrian emphasized that all relevant matters should be based on publicly disclosed information and urged investors to enhance their ability to discern information, avoiding the spread of unverified or false information [6]. - The company reserves the right to pursue legal action against individuals who fabricate or disseminate false information [7]. Group 2: Market Reaction - Following the rumors, Cambrian's stock experienced a significant increase, closing up by 2.75% after initially dropping nearly 3% earlier in the day [11]. - As of the market close, Cambrian's stock price was 1369 yuan per share, with a total market capitalization of 577.3 billion yuan, reflecting a year-to-date increase of 108% [11]. Group 3: Analyst Ratings and Market Outlook - Bernstein, a well-known investment firm, upgraded Cambrian's rating to "outperform," setting a target price of 2000 yuan [13]. - First Shanghai Securities highlighted the positive outlook for demand from major clients due to the accelerated deployment of AI applications, noting Cambrian's strong performance in specific AI scenarios such as large model training and inference, intelligent vision, and voice processing [13]. - The domestic supply chain is making significant progress, with domestic chips expected to capture market share in the coming years, positioning Cambrian favorably in the new investment cycle for domestic computing power [13].

Core Viewpoint - The lawsuit involving a subsidiary of CITIC Securities, specifically CITIC Securities South China (formerly Guangzhou Securities), is related to a securities fraud case concerning Dongxu Optoelectronics, with the company asserting that the issues stem from projects undertaken before its acquisition of Guangzhou Securities [2][4]. Group 1: Lawsuit Details - CITIC Securities South China is one of 37 defendants in a lawsuit filed by 11 investors against Dongxu Optoelectronics and others, alleging securities fraud due to false statements in annual reports from 2015 to 2022 and fraudulent stock issuance in 2017 [4]. - The plaintiffs claim a causal relationship between their trading actions and the fraudulent statements made by Dongxu Optoelectronics, seeking compensation for losses incurred [4]. - The lawsuit's total claim amount from the 11 plaintiffs is 1.8282 million yuan, with the final amount subject to uncertainty [7]. Group 2: Legal Proceedings - CITIC Securities South China received the lawsuit documents from the Shijiazhuang Intermediate Court on April 9, and subsequently filed for a review with the Hebei High Court after receiving a civil ruling on August 8 [6]. - On December 3, the Hebei High Court dismissed the review application from CITIC Securities South China and eight other parties, confirming that the case will proceed under ordinary representative litigation procedures [6]. Group 3: Financial Impact - CITIC Securities stated that the potential losses related to this lawsuit were fully considered prior to the acquisition of Guangzhou Securities, indicating no significant impact on the company's current or future profits [7]. - Dongxu Optoelectronics is set to be delisted by October 2024, with the China Securities Regulatory Commission planning administrative penalties against Dongxu Group for securities violations, including fines totaling 1.7 billion yuan against 43 responsible parties [7].

【 导读 】 上海银行新添一位副行长，此前曾任浦发银行总行零售业务部总经理 中国基金报记者 马嘉昕 今年以来，上海银行的核心高管经历了多轮重要调整。 5月16日，上海银行"老将"顾建忠回归，被选举为上海银行新一届董事长，其任职资格8月正式获得监管核准。在此之前，顾建忠曾任上海 农商银行行长。 5月21日，上海银行原副行长汪明因组织调动原因辞任，随后任上海农商银行行长。 随着此次陈雷任职资格获批，上海银行高管团队也迎来了"一正三副"格局，分别为董事长顾建忠，行长施红敏，副行长胡德斌、俞敏华、 陈雷。 12月4日，上海银行发布公告称，该行于近日收到国家金融监督管理总局上海监管局的行政批复，陈雷出任该行副行长的任职资格已经获得 核准。 新副行长系浦发"老将" 今年8月28日，上海银行曾发布公告称，该行决定聘任陈雷为副行长，任期与第六届董事会任期一致。时隔3个月后，陈雷正式出任上海银 行副行长一职。 公开资料显示，陈雷出生于1978年5月，毕业于上海交通大学工商管理专业，工商管理硕士，经济师、政工师；2000年7月参加工作，就 职于浦发银行。 从过往履历来看，陈雷从浦发银行基层一路成长起来，曾任浦发银行陆家嘴支行主办 ...