Core Viewpoint - Cao Cao Mobility has announced an ambitious "Ten Years, One Hundred Cities, One Hundred Billion" strategy for its Robotaxi business, aiming to establish five global operation centers, expand services to 100 cities, and achieve a total transaction value (GTV) of 100 billion RMB over the next decade [2][4]. Group 1: Robotaxi Market and Strategy - The global Robotaxi market is transitioning from a "technical feasibility verification" phase to a "replicable commercial expansion" phase, indicating a pivotal moment for the autonomous taxi industry [5]. - Cao Cao Mobility is the only domestic company and one of the few globally that possesses all essential elements for Robotaxi operations, offering a comprehensive solution that integrates smart customized vehicles, intelligent driving technology, and smart operational systems [6][8]. Group 2: Operational System and Infrastructure - A complete operational system is crucial for the success of Robotaxi services, which includes integrating intelligent driving technology into vehicles and providing consumer services to create a commercial loop [10]. - Cao Cao Mobility has established systematic capabilities in user service, platform scheduling, and asset management, ensuring operational efficiency and user experience [11]. - The introduction of the "green intelligent passage island" marks a significant step in smart mobility infrastructure, featuring automatic battery swapping, cleaning, vehicle maintenance, intelligent scheduling, and automatic settlement functions [15][16]. Group 3: Future Development and Collaboration - The Robotaxi strategy follows a "three-step" approach: initial technical validation and small-scale testing, transitioning to mixed operations with human drivers and autonomous vehicles, and finally launching fully customized Robotaxi models for comprehensive commercial operations globally [17]. - A strategic partnership has been signed with Qianli Technology to accelerate the large-scale application and commercialization of intelligent driving technology [20]. - The development of the Robotaxi business is expected to create new job opportunities and explore diverse revenue models, contributing to the green and intelligent transformation of urban transportation [20].

Core Viewpoint - The initial public offering (IPO) of "Yujian Xiaomian" faced a significant drop on its first trading day, opening at 5.00 HKD per share, down 28.98% from the issue price of 7.04 HKD, indicating a lack of investor confidence despite prior high demand for shares [2][5][10]. Company Overview - Founded in 2014, Yujian Xiaomian operates 440 restaurants in 22 cities across mainland China and 11 in Hong Kong, making it the largest operator of Sichuan-style noodle restaurants in China and the fourth largest among all Chinese noodle restaurants [7]. - The company has experienced rapid revenue growth, with revenue increasing from 418 million CNY in 2022 to 1.154 billion CNY in 2024, representing a compound annual growth rate (CAGR) of 66.2% [7]. Financial Performance - In the first half of 2025, Yujian Xiaomian reported revenue of 703 million CNY, a year-on-year increase of 33.8%, and a net profit of 42 million CNY, up 95.8% [8]. - The average order value has declined from 36 CNY in 2022 to 31.8 CNY in 2024 due to a pricing strategy aimed at increasing customer traffic, which has not effectively improved table turnover rates [8]. Market Challenges - The company faces significant challenges, including a decline in table turnover rates, which fluctuated between 3.0 and 4.0, and a decrease in same-store turnover rates attributed to increased reliance on delivery services [8]. - Yujian Xiaomian's restaurant network is heavily concentrated in Guangdong Province, with over 50% of its locations there, exposing the company to regional economic fluctuations and competitive pressures [8]. Investment Sentiment - Despite the challenges, the company attracted notable cornerstone investors such as Haidilao and Junyi Capital, raising 22 million USD prior to the IPO, indicating some institutional confidence in its long-term prospects [10]. - The IPO was oversubscribed by approximately 426 times, but the dark market trading prior to the listing showed a decline of 14.2% to 14.8%, foreshadowing the poor performance on the first trading day [10]. Strategic Concerns - Analysts highlight a "single-dimensional" dilemma for Yujian Xiaomian, including a lack of geographic diversification, a narrow product range focused on Chongqing noodles, and a limited operational model, which could hinder its expansion efforts [11]. - The company needs to address these challenges to enhance its market valuation and investor confidence moving forward [11].

Group 1 - The Reserve Bank of India (RBI) announced a 25 basis points rate cut, bringing the repo rate down to 5.25%, marking the first reduction in six months as inflation hits a historical low [2][3] - The decision was made unanimously by the six-member Monetary Policy Committee, maintaining a "neutral" stance despite pressures from a depreciating rupee and trade deficits [3][4] - The RBI's rate cut is the fourth this year, totaling a cumulative reduction of 125 basis points, aimed at stimulating economic growth amidst challenges from high tariffs imposed by the U.S. [4][6] Group 2 - India's economy grew over 8% last quarter, but exports have significantly declined, leading to a record trade deficit in October, which has further pressured the rupee [3][4] - Analysts suggest that the RBI and government are relatively tolerant of the rupee's depreciation, viewing it as a means to alleviate pressure on export businesses [6] - The low inflation rate of 0.25% in October, driven by falling food prices, may rise again next year as favorable base effects dissipate [3][4]

国家税务总局北京市税务局第三稽查局有关负责人表示，通过隐匿收入、转换收入性质、进行虚假申报等手段不缴少缴税款，属于税收征管法规定 的偷税行为。依法纳税是纳税人应尽的义务。税务部门将在全面落实各项税费优惠政策、不断优化税费服务的同时，坚决维护国家税收安全，坚决 维护法治公平的经济税收秩序。 来源：央视新闻 近期，国家税务总局北京市税务局第三稽查局依法查处网络车评人陈震偷税案件。 经查，2021年至2023年，陈震通过隐匿收入、转换收入性质、进行虚假申报等方式，少缴个人所得税共计118.67万元。2025年11月，国家税务 总局北京市税务局第三稽查局依据《中华人民共和国税收征收管理法》《中华人民共和国个人所得税法》《中华人民共和国行政处罚法》等相关法 律法规规定， 对其作出追缴税款、加收滞纳金并处罚款共计247.48万元的处理处罚决定。 目前，涉案税款、滞纳金及罚款均已追缴入库。 P STES 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 � r C ar ■ 444 - 4 বৰ CHINAFUND CHINAFUND CHINAFUND CHINAFU ...

Core Viewpoint - The Civil Aviation Administration of China (CAAC) has released the "Implementation Opinions on Promoting High-Quality Development of 'Artificial Intelligence + Civil Aviation'" which aims to integrate AI into various civil aviation sectors by 2027 and 2030, enhancing safety, efficiency, and service quality [2][3][19]. Summary by Sections AI Integration Goals - By 2027, the goal is to achieve initial integration of AI in civil aviation safety, operations, travel, logistics, regulation, and planning, with significant advancements in data sets, infrastructure, and algorithms [3][19]. - By 2030, the aim is for widespread and deep integration of AI across all civil aviation fields, improving safety, operational efficiency, service quality, and resource allocation [3][19]. Key Application Scenarios - **AI + Safety**: Focus on flight safety, airport operations, air traffic risk management, and emergency response, enhancing proactive risk perception and rapid response capabilities [4][15]. - **AI + Operations**: Emphasizes flight scheduling, resource allocation, and air traffic control, promoting data fusion and operational strategy optimization [4][15]. - **AI + Travel**: Aims to improve passenger experience through personalized services, smart customer support, and streamlined travel processes [4][15]. - **AI + Logistics**: Targets efficient logistics operations and automation in air cargo, utilizing AI for monitoring and scheduling [4][15]. - **AI + Regulation**: Enhances safety and market regulation capabilities through AI applications [9][15]. - **AI + Planning**: Improves decision-making and control in civil aviation infrastructure planning [9][15]. Support Elements - The implementation emphasizes the need for high-quality data sets, infrastructure platforms, and industry-specific algorithms to support AI applications in civil aviation [8][17]. - A collaborative ecosystem is encouraged, integrating resources from airlines, airports, and research institutions to foster innovation and shared development [18][28]. Implementation Strategy - The CAAC plans to guide the industry through a phased approach, ensuring that AI applications are effectively integrated and scaled [19][20]. - Specific measures include establishing a safety management system for AI applications, enhancing talent development, and creating a regulatory framework for AI in civil aviation [21][20]. Reference Guidelines - A reference guide detailing 42 specific AI application scenarios has been developed to assist industry units in implementing AI solutions based on their maturity and feasibility [5][16].

Core Viewpoint - Chery Group has achieved significant growth in automotive sales, particularly in the new energy vehicle (NEV) sector, with a commitment to long-term strategies in innovation and globalization [2][5][12]. Sales Performance - In the first eleven months of 2025, Chery Group's total vehicle sales increased by 11.1% year-on-year to 2.562 million units, with exports rising by 14.7% to approximately 1.2 million units and NEV sales surging by 69.4% to 815,000 units [2][12]. - In November 2025 alone, NEV sales reached 117,000 units, marking a 50.1% year-on-year increase and achieving a historic high [12]. Globalization Strategy - Chery Group has maintained its position as the leading Chinese automotive exporter, with exports in November 2025 growing by 30.3% to 137,000 units, achieving over 100,000 units in monthly exports for seven consecutive months [6][10]. - The company is transitioning from "product export" to "brand export" through a global strategy that emphasizes local integration [6][10]. Product Development and Innovation - Chery Group has launched several new NEV models, including the Starway ET5 and Wind Cloud A9L, contributing to the formation of a strong product matrix [12][14]. - The company has received multiple international safety ratings, with 55 models achieving a global five-star safety rating, enhancing its credibility in high-standard markets [9][10]. Intelligent Technology and Ecosystem - Chery Group is advancing in intelligent technology, with significant breakthroughs in smart driving, AI models, and intelligent cabins, recognized by awards such as the "World's Top Ten Smart Cars" for the Starway ET5 [15][18]. - The company is also expanding into the robotics sector, with its humanoid robot "Mo Yin" achieving global delivery, aiming for sales of over 40,000 units by 2030 [18]. User-Centric Ecosystem - Chery Group is focusing on creating a "people-car-home" ecosystem, enhancing user engagement through co-creation initiatives that involve over 500,000 users in product development [23][24]. - The company aims to deepen its value proposition by providing comprehensive ecological services throughout the user journey, transitioning users from participants to co-creators [25].

Core Viewpoint - The stock ETF market in China experienced a significant net inflow of over 4.3 billion yuan on December 4, with a cumulative increase of 10.8 billion yuan over the past three days, indicating a strong interest in broad-based ETFs despite market volatility [2][5]. Group 1: Market Overview - On December 4, the A-share market showed mixed performance, with the Shanghai Composite Index down 0.06% and the ChiNext Index up over 1% [2]. - The stock ETF market saw a total increase of 1.789 billion shares, with a net inflow of 43.15 billion yuan, primarily driven by broad-based ETFs and Hong Kong market ETFs [5]. - The total scale of all stock ETFs in the market reached 4.56 trillion yuan as of December 4 [4]. Group 2: Fund Inflows - The net inflow for broad-based ETFs was 33.54 billion yuan, while Hong Kong market ETFs saw a net inflow of 12.2 billion yuan [5]. - The CSI A500 Index ETF led the inflows with 9.21 billion yuan, while the Shanghai market corporate bond index saw the largest outflow of 5.01 billion yuan [6]. - Recent inflows into the Hang Seng Technology Index exceeded 1.8 billion yuan, and the SGE Gold 9999 Index saw inflows of over 1.1 billion yuan [7]. Group 3: Top Performing ETFs - The top ETFs by net inflow included the Chinese Internet ETF with 5.33 billion yuan, the CSI A500 ETF with 4.56 billion yuan, and the SSE 50 ETF with 4.37 billion yuan [8]. - Notable inflows were also observed in the STAR Market ETF and the CSI 1000 ETF, with net inflows of 3.89 billion yuan and 2.99 billion yuan, respectively [8]. Group 4: Fund Outflows - The industry-themed ETFs experienced significant outflows, totaling 12.02 billion yuan, with the Bank ETF and Gold Stock ETF each seeing outflows exceeding 3 billion yuan [12][13]. - Other ETFs with notable outflows included the Chemical ETF and the Military Industry Leader ETF, both exceeding 2 billion yuan in outflows [13]. Group 5: Market Sentiment - Despite some industry-themed ETFs experiencing outflows, institutions remain optimistic about structural opportunities in the A-share market, anticipating clearer policy and fundamental expectations in December [15]. - Analysts suggest focusing on growth sectors such as AI, electric new energy, and industrial metals, while also considering potential policy-driven opportunities in sectors like hotels, logistics, and aviation as the year-end approaches [15].

les & FR 点击下载中国基金报客户端 ■ 中国基金报内容矩阵 ■ 孙磊说，当前，单边主义肆意蔓延，单边强制措施大行其道。单边强制措施严重违背《联合国 宪章》宗旨和原则，严重破坏国际法基本准则和国际法治根基，严重侵犯生命权、发展权等基 本人权，严重阻碍2030年可持续发展议程落实，严重冲击多边主义、国际秩序和全球治理体 系。然而，这一问题仍未得到有效遏制，许多发展中国家及其人民深受其害。 孙磊表示，反对单边强制措施是国际社会特别是全球南方的长期呼吁，联大过去几十年来就此 通过了100多份决议。中方呼吁少数西方国家听从正义呼声，立即、无条件、彻底取消单边强 制措施，呼吁会员国、联合国系统和其他国际组织共同抵制这一非法行径，并帮助受制裁国家 缓解困难。在联合国成立80周年之际，中方呼吁国际社会以纪念"反对单边强制措施国际日"为 契机，对单边强制措施的严重危害保持清醒认识，为践行真正的多边主义、维护国际公平正义 汇聚强大合力。 孙磊说，作为全球南方的重要成员和单边强制措施的受害者，中方将以全球治理倡议为指引， 同有关各方一道，共同反对和抵制单边强制措施以及一切霸权、霸凌、霸道行径，维护以联合 国为核心的国际体系 ...

【导读】知名汽车博主陈震多平台账号被禁言，本人最新回应 中国基金报记者 晨曦 又有知名大V被"关麦"！ 近期，知名车评人陈震多平台账号被禁言。其微博账号显示："因违反相关法律法规，该用户目前处于禁言状 态。"抖音平台显示："该用户因违反相关法律法规和政策，已被禁言。" 小 红 书 平 台 显 示：" 该 账 号 因 违 反 相 关 社 区 规 则，已 被 禁 言 。 " B 站 显 示：" 该 账 号 封 禁 中 。 " 快 手 显 示：" 账 号 禁 言 。 " 12月5日早间，"陈震多平台被禁言"的词条冲上微博热搜榜首位，且热度持续增加。 对此，陈震在其他账号上发布视频进行回应。陈震称："这事早上起来看到之后确实有一点突然，但没什么可说 的，自作自受，多检讨自己吧。其实冷静下来想一想，这事很值得反思的点在于，流量很大，其实应该给大家 带来的更多应该是一些乐观的正能量，而不是一些激烈的言辞。没什么说的，以后注意吧。也感谢大家发来的 私信，感谢。还是那句话，吃一堑长一智，好好反思反思。" 随后， # 陈震回应全平台被禁言 # 的词条亦冲上微博热搜榜。 | | | 公开信息显示，陈震是资深车评人、萝卜报告创始人 ...

【导读】商业航天概念股表现活跃，超捷股份20%涨停 中国基金报记者 李智 一起来看下最新的市场情况及资讯。 12月5日早盘，A股市场震荡调整。截至发稿，三大指数小幅走低。 | 上证指数 | 深证成指 | 北证50 | | --- | --- | --- | | 3871.76 | 12997.70 | 1391.02 | | -4.04 -0.10% | -9.01 -0.07% +3.73 +0.27% | | | 科创50 | 创业板指 | 万得全A | | 1315.43 | 3064.09 | 6182.89 | | -10.74 -0.81% | -3.39 -0.11% +2.88 +0.05% | | | 沪深300 | 中证500 | 中证A500 | | 4541.92 | 7010.39 | 5457.33 | | -4.64 -0.10% -2.42 -0.03% -4.42 -0.08% | | | | 中证1000 | 深证100 | 中证红利 | | 7258.70 | 5731.03 | 5533.75 | | +10.04 +0.14% -6.38 -0.11% -19.21 ...