Core Viewpoint - The "fixed income +" products are emerging as a favored investment option for investors in the low interest rate era, becoming the second main track for securities asset management [2][6]. Group 1: Market Trends - The current and future period is expected to favor equity assets over bond assets in terms of investment cost-effectiveness [4]. - The bond market has experienced a prolonged bull market since 2018, with yields continuing to decline, leading to pressure on bond investment returns [4][7]. - The equity market is showing signs of recovery after a prolonged downturn, with increased trading activity anticipated from the second half of 2024, supported by policy guidance and improving corporate earnings [5][4]. Group 2: Product Development - "Fixed income +" products are set to become one of the most important tracks for securities asset management, as they allow for a gradual transition from pure fixed income to equity investments while managing risks [7][8]. - The company has been developing "fixed income +" products since 2019, including "fixed income + options" and "fixed income + equity funds," which provide varying risk-return profiles [10][11]. - The "fixed income + options" product aims to control downside risk while capturing some upside potential, whereas the "fixed income + equity funds" leverage both fixed income and equity investment capabilities [11]. Group 3: Strategic Positioning - The company is transitioning its asset management business towards a "multi-asset multi-strategy" approach, capitalizing on low equity market valuations while maintaining its traditional fixed income strengths [10][11]. - The successful implementation of this strategy has resulted in stable investment performance for the company's "fixed income +" products amid market fluctuations [11]. - The company aims to continue enhancing its research and investment capabilities to seize opportunities in the equity market and support clients' wealth preservation and growth [11].

据悉，这一暂停措施适用于来自伊朗、苏丹、厄立特里亚、海地、索马里等国家的申请人——这些 国家都在美国今年6月的禁令之列，这些申请人正通过美国公民及移民服务局（USCIS）申请身份。 USCIS发言人马修·特拉格塞尔当天证实该暂停措施，并表示"公民身份是一种特权，而不是权利"。 目前，美国官方尚未证实此消息。 突 发 讣 告！欧 健 逝 世 来演： 央视新闻 据央视新闻，当地时间12月2日获悉，相关机构官员表示，美国政府已暂停来自19个今年早些时候被 限制赴美的国家的人员所提交的移民申请。 ...

Core Viewpoint - The sudden passing of Ou Jian, the General Manager of QD Tiles and Guangdong Mengchuang Zhiyuan New Materials Technology Co., Ltd., is a significant loss for the company and the industry, highlighting his contributions to the brand's growth and development [1][4][9]. Group 1: Company Overview - Ou Jian was born on July 18, 1981, in Hengyang, Hunan, and joined the Mona Lisa Group in April 2005 [7]. - He served as the General Manager of Guangdong Mengchuang Zhiyuan New Materials Technology Co., Ltd. and concurrently as the General Manager of QD Tiles since 2018 [5][9]. - Under his leadership, QD Tiles transformed from a small player to a well-known brand in the industry, establishing a differentiated and trendy brand positioning [9]. Group 2: Contributions and Impact - Ou Jian was recognized for his exceptional leadership, dedication, and strategic vision, which significantly contributed to the company's development [5][9]. - He was instrumental in building a passionate and capable young team at QD Tiles, emphasizing the importance of employee well-being and work-life balance [9]. - His recent activities included participating in promotional events and store openings, indicating his active role in the company's operations until his untimely passing [7][9]. Group 3: Company Financials - Mona Lisa Group, founded in 1992, is a high-tech listed ceramic enterprise that integrates research and development, creative design, professional production, and marketing [9]. - As of December 2, the total market value of Mona Lisa Group was 5.756 billion CNY [10].

Core Viewpoint - Japan is significantly increasing its military preparedness, reflecting a shift towards a more proactive and practical defense strategy, particularly in response to potential conflicts in the Taiwan Strait [1][4]. Group 1: Military Spending and Policy Changes - Japan's defense budget has been on the rise for 13 consecutive years, with a notable increase from fiscal year 2012 to fiscal year 2025 [3]. - The Japanese cabinet approved a supplementary budget for fiscal year 2025 that includes defense-related expenses of 1.1 trillion yen (approximately 49.8 billion yuan), bringing the total defense spending for that year to about 11 trillion yen (approximately 498.2 billion yuan), which constitutes 2% of GDP [4]. - The new "security three documents" emphasize a fundamental strengthening of defense capabilities and the development of "counter-strike capabilities," which undermines Japan's principle of "defensive defense" [4]. Group 2: International Reactions and Concerns - China's Ministry of Foreign Affairs has expressed strong opposition to Japan's militaristic tendencies, viewing them as a revival of militarism [5][6]. - The Chinese government has criticized Japan's recent military policy changes, including the loosening of weapon export restrictions and the pursuit of collective self-defense, as violations of post-war international agreements [6].

Market Overview - The U.S. stock market saw all three major indices close higher, with the S&P 500 up 0.25% to 6829.37 points, the Nasdaq Composite rising 0.59% to 23413.67 points, and the Dow Jones Industrial Average increasing 0.39% to 47474.46 points [4][5] - The Federal Reserve's interest rate cut expectations are growing, with predictions of a 25 basis point cut in December due to a weak labor market [4][22] Cryptocurrency Sector - The Trump family's Bitcoin mining company, ABTC, experienced a significant drop of over 38%, triggering multiple trading halts [6][7] - Despite a brief rebound in Bitcoin prices by 6%, the sell-off in related assets continues, impacting several cryptocurrencies associated with the Trump family [7] Technology Sector - Technology stocks generally rebounded, with Intel leading the S&P 500 with an increase of over 8% [9][10] - Major tech companies such as Apple, Facebook, and Nvidia also saw gains, with respective increases of 1.09%, 0.97%, and 0.86% [10][11] Tesla and Short Selling - Tesla's stock fell by 0.21%, with notable short-seller Michael Burry targeting the company, citing concerns over stock dilution and high executive compensation [12][13] - Burry estimates Tesla's annual dilution rate at approximately 3.6% and criticizes its current valuation, which stands at a P/E ratio of about 209, significantly higher than the S&P 500 average of 22 [13] Boeing Performance - Boeing shares surged by 10.16%, marking the largest increase since April, as the company expressed confidence in achieving a long-term cash flow target of $10 billion [14][15] Chinese Tech Stocks - Chinese tech stocks showed mixed performance, with companies like BYD, JD.com, and Pinduoduo experiencing slight gains, while Meituan, Alibaba, and NetEase faced declines [18][19]

行。明年是中俄战略协作伙伴关系建立30周年和两国睦邻友好合作条约缔结25周年，是新时 代中俄关系发展进程中的重要节点。双方要巩固战略互信，深化睦邻友好，扩大互利合作， 服务两国各自经济发展和民族振兴，共同应对层出不穷的新威胁与新挑战，更好维护世界公 平正义与和平稳定。 王毅说，中俄战略安全磋商机制是两国就事关国际安全和战略稳定的重大问题深入沟通的重 要渠道，也是为维护中俄核心利益开展战略协调的重要平台。机制成立20年来，为落实两国 元首重要共识、服务两国战略决策、增进双方政治互信作出积极努力，发挥了重要作用。当 前形势下这一机制的价值和意义更加凸显，双方要继续发挥好机制作用，加强战略沟通协 作，共同应对外部挑战。 绍伊古表示，当前国际地缘政治复杂演变，全球安全领域挑战增多，俄中作为全面战略协作 伙伴有必要加强战略对表。两国元首今年两次会晤，为俄中关系发展指明方向，提供动力。 俄中战略协作处于史无前例的高水平，这符合两国国家利益，有利地区和世界和平。俄中在 相互尊重基础上发展双边关系，不受外界干扰。 俄方坚定恪守一个中国原则，坚决支持中方 在台湾、涉藏、涉疆及香港等问题上的立场， 愿同中方一道落实两国元首共识， ...

当地时间12月2日，美国总统特朗普表示，他对于针对加勒比海疑似"贩毒船只"的打击行动并 未掌握太多信息， 他不知道有关委内瑞拉船只遭到第二次袭击的事 ，并未参与其中。 特朗 普表示，美国战争部长（国防部长）赫格塞思必须就第二次袭击船只一事作出解释。 特朗普同时表示， 会对包括委内瑞拉在内的，任何涉嫌向美国"走私毒品"的国家实施打击 。 来源：央视新闻 特朗普：将对任何涉嫌向美国"走私毒品"的国家实施打击 美军9月2日在加勒比海对一艘"运毒船"发射导弹打击后，继续对船上两名生还者实施攻击。 这艘船最终沉没，造成11人死亡。这引发了外界对第二次打击是否构成战争罪的质疑。此前 有消息人士称，军队接到了美国防部长赫格塞思"干掉船上每个人"的直接指令。赫格塞斯就 此表示："始终支持做出决策的指挥官们。"此外，赫格塞斯称， 打击行动最近暂停了一段时 间，因为"现在很难找到可以打击的船只" 。 2日稍早前， 央视记者 获悉，赫格塞思表示，美国对加勒比海疑似"贩毒船只"的打击"才刚 刚开始"，并坚称尽管国会山日益担忧，但政府仍将继续推进打击行动。 今夜，暴涨！ ...

近期，有债权人申请对*ST正平预重整，截至本公告披露日，公司尚未收到法院关于受理预重整申请 的相关法律文书，即申请人的预重整申请能否被法院受理、公司能否进入重整程序均存在重大不确定 性，公司提醒广大投资者注意相关投资风险。 *ST正平同时提到，公司近期收到上交所对公司2025年三季报有关事项的监管工作函。截至目前， 年审会计师尚无法就外部借款利息、工程项目成本费用计量准确性和完整性获取充分、恰当的审计证 据。 "如截至2025年度财务报告日，年审会计师仍无法就上述事项获取充分、恰当的审计证据，可 能导致无法对财务报表发表非无保留意见，公司股票将被终止上市。" 矿产资源开采能力不足，也是目前*ST正平面临的难题。公司全资子公司格尔木生光矿业开发有限公 司（以下简称"生光矿业"）取得了青海省自然资源厅颁发的《采矿许可证》。矿产资源开发未来需大 规模投入建设和运营，但公司目前无充足资金、人员及设备等用于后续开采，矿产资源后续开采进 展、能否产生收益均存在重大不确定性。*ST正平表示，截至2025年9月30日，公司货币资金为 7237.67万元，其中因农民工专户保证金、诉讼冻结等受限的货币资金3028.48万元，资产 ...

Core Viewpoint - The U.S. stock market rebounded on December 2, with significant gains in technology stocks and cryptocurrencies, indicating a shift in market sentiment after a period of decline [1][6]. Group 1: Cryptocurrency Market - Bitcoin surged over 5%, rising above $90,000, recovering some losses from the previous trading day, while Ethereum increased by over 7% [2]. - The overall market sentiment for cryptocurrencies improved, with traders showing renewed interest after weeks of selling pressure [6]. Group 2: Technology Stocks - Technology stocks related to artificial intelligence (AI) provided substantial support to the market, with companies like Oracle reversing previous declines and Nvidia rising nearly 2% [3]. - Credo Technology's stock soared by 12%, reaching a historical high after reporting better-than-expected earnings [5]. Group 3: Market Sentiment and Economic Indicators - Analysts noted a calmer market atmosphere, with a significant probability (over 87%) that the Federal Reserve will announce interest rate cuts in December, which has contributed to a more positive outlook [6]. - December is historically a strong month for the stock market, with the S&P 500 index averaging over a 1% increase since 1950, making it the third-best month for performance [6][7]. - Increased consumer spending and corporate investments in AI are expected to support productivity gains, potentially leading to improved earnings and stock price growth [7].

Core Viewpoint - Longpan Technology has signed a long-term procurement agreement with Sunwoda's subsidiary in Thailand, expected to generate sales between 4.5 billion to 5.5 billion yuan, which may positively impact the company's future performance [2][9][10]. Group 1: Agreement Details - The agreement involves the sale of 106,800 tons of lithium iron phosphate cathode materials from Longpan's subsidiary LBM New Energy (AP) Pte.Ltd. to Sunwoda Automotive Energy Technology (Thailand) Co., Ltd. from 2026 to 2030 [7][9]. - The total sales amount is estimated based on market prices and will be settled according to actual sales orders [9]. Group 2: Financial Impact - If the agreement is successfully executed, it is expected to have a positive effect on Longpan Technology's future performance, particularly in its lithium iron phosphate cathode materials segment, which ranks among the industry's leaders in shipment volume [10]. - Longpan Technology has shown a decreasing trend in overall losses, with net profits improving from -3.03 billion yuan in the first three quarters of 2024 to -1.10 billion yuan in the first three quarters of 2025 [11]. Group 3: Industry Context - Major players in the battery industry, such as CATL, have been frequently signing large contracts with upstream material suppliers to ensure supply chain stability, indicating a recovery in the lithium battery industry's market conditions [13][16]. - In 2025, Sunwoda and Chuangneng New Energy ranked 6th and 13th respectively in domestic battery installation volume, highlighting their significance in the market [14].