Group 1 - The U.S. will reduce tariffs on South Korean automobiles to 15%, effective retroactively from November 1 [3][8] - Following the announcement, shares of Hyundai and Kia rose nearly 5% and 4% respectively, contributing to a nearly 2% increase in the South Korean Composite Stock Price Index [4][6] - The tariff reduction is part of a bilateral trade agreement that sets a 15% cap on potential future tariffs on semiconductors and pharmaceuticals, aligning South Korea with Japan in this regard [8] Group 2 - The U.S. also announced a zero-tariff agreement with the UK on pharmaceutical products, which includes a 25% increase in the net price paid by the UK for new drugs [9][10] - This agreement aims to enhance investment and innovation between the U.S. and the UK, addressing concerns from the pharmaceutical industry regarding the UK's business environment [10]

Core Viewpoint - The article commemorates the life and contributions of Zhao Bailin, a prominent atmospheric scientist and educator in China, who passed away at the age of 97, highlighting his significant achievements in atmospheric science and education [1][5]. Group 1: Personal Background and Education - Zhao Bailin was born in April 1929 in Liaoning Province and graduated from Tsinghua University in 1952, beginning his teaching career at Peking University the same year [3]. - He studied at Moscow University and the Soviet Academy of Sciences from 1957 to 1959, later becoming a professor in 1979 and an academician of the Chinese Academy of Sciences in 1991 [3][4]. Group 2: Academic Contributions - Zhao made significant contributions in various fields, including cloud precipitation physics, artificial weather modification, atmospheric remote sensing, and climate change [3][4]. - He conducted the first human balloon charge measurement experiment in clouds in the Soviet Union, which advanced the practice of artificial weather modification [3]. - He developed a series of multi-frequency microwave radiometers and established atmospheric microwave remote sensing stations, enhancing weather monitoring capabilities [3]. Group 3: Awards and Recognition - Throughout his career, Zhao received numerous awards, including the National Science Conference Award in 1978 and the National Teaching Progress First Prize in 1986 and 1987 [4]. - He was recognized as a "National Expert with Outstanding Contributions" in 1988 and received various other accolades for his contributions to science and education [4]. Group 4: Teaching and Mentorship - Zhao was dedicated to teaching and mentoring, having taught at Peking University for 73 years and trained many students at various academic levels [7]. - He was known for his meticulous teaching style, preparing detailed lecture notes and setting a high standard for his students and fellow educators [7]. Group 5: Personal Philosophy - Zhao believed in the importance of perseverance and hard work, emphasizing that life is about striving and making meaningful contributions [7]. - He maintained that success comes from deep understanding and innovation, encouraging a rigorous approach to scientific inquiry [7].

Market Overview - The A-share market saw all three major indices decline, with the Shanghai Composite Index down 0.55% to 3892.55, the Shenzhen Component Index down 0.77% to 13045.95, and the ChiNext Index down 0.88% to 3065.15 [3][4] - The total trading volume reached 1.06 trillion CNY, with a predicted volume of 1.65 trillion CNY, indicating a decrease of 234.9 billion CNY [4] Sector Performance - Local stocks in Fujian showed strength, with sectors such as ice and snow tourism, duty-free shops, and consumer electronics manufacturing experiencing gains, while shipping, education, and lithium battery sectors faced declines [5][6] - The ice and snow tourism index strengthened, with stocks like Iceberg Cold and others reaching their daily limit [14][15] Consumer Stocks - Several consumer stocks performed well, including Hai Xin Food, Tong Qing Lou, and Gao Le Co., which hit their daily limit, while others like Mao Ye Commercial and Qi Xin Group also saw significant gains [10][13] - Hai Xin Food rose by 10.05% to 8.76 CNY, with a trading volume of 146 million shares [13] Commercial Aerospace Sector - The commercial aerospace sector became active again, with Aerospace Development achieving 9 limit-up days in 13 trading days, alongside other companies like Yaguang Technology and Leike Defense [18] - The National Space Administration announced the establishment of a "Commercial Aerospace Department" to oversee the industry, with a projected market size growth from approximately 0.38 trillion CNY in 2015 to 2.3 trillion CNY by 2024, reflecting a compound annual growth rate of about 22% [20]

【导读】涉嫌信披违法违规、违规融资等，当代集团被立案 中国基金报记者 晨曦 当代集团，被立案！ 12月2日，武汉当代科技产业集团股份有限公司发布公告称，其于11月28日收到中国证监会《立案告知书》。因涉嫌信息披露违法违规、 违规融资等，中国证监会决定对其立案。 公开信息显示，当代集团成立于1988年7月，是注册在武汉东湖新技术开发区内的一家民营高新技术集团公司，注册资本为55亿元；集团 创始人为艾路明。发展三十多年，"当代系"逐渐拓展至医药、消费、文化等各产业领域，曾控股人福医药、三特索道等多家上市公司。 2022年4月，当代集团首只债券发生违约事件，随后多只债券陆续发生违约。2023年8月，人福医药、三特索道等公司公告称，艾路明因 涉嫌信息披露违法违规被中国证监会立案。 2024年9月，债权人以当代集团不能清偿到期债务且明显缺乏清偿能力，向武汉中院提交重整申请。 此外，由于未在法定期限内披露定期报告，当代集团及艾路明在2025年曾多次被上交所予以通报批评、公开谴责等纪律处分。 2025年4月，武汉中院裁定批准重整计划，当代集团进入重整计划执行阶段。2025年6月，当代集团股东变更为国通信托（代表相关信托 计 ...

Core Viewpoint - The recent trend of performance-driven funds implementing purchase limits is primarily aimed at controlling fund size and maintaining the effectiveness of investment strategies, as the A-share market is expected to exhibit distinct structural characteristics in the future [2][9]. Group 1: Fund Purchase Limits - On December 2, China Europe Fund announced that the daily purchase limit for four funds managed by fund manager Lan Xiaokang has been reduced to 10,000 yuan [4]. - This year, over 250 active equity funds have announced the suspension of large purchases or have paused subscriptions, with most of these funds showing strong performance and many reaching new net asset value highs [9]. - The recent purchase limit adjustments reflect a cautious attitude from fund managers towards potential negative effects such as trading congestion or valuation bubbles in specific industry sectors or styles [9]. Group 2: Performance of Managed Funds - As of November 28, the one-year performance of the funds managed by Lan Xiaokang, including China Europe Dividend Preferred A, China Europe Rongheng Balanced A, and China Europe Value Return A, were 41.64%, 31.29%, and 44.42%, respectively, all achieving significant excess returns compared to their benchmarks [6]. - Other high-performing funds under China Europe Fund, such as those managed by Qian Yating and Tang Minwei, have also announced purchase limits, with one fund achieving a one-year performance of 58.11% and another at 129.06% [7].

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：紫荆、 @大湾区之声 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 香港特区行政长官李家超今日（12月2日）出席行政会议前见记者 香港特区行政长官李家超今日（2日）上午在行政会议前会见传媒。他表示，香港特区立法会选举将如 期于12月7日举行。 ...

Market Overview - The A-share market opened slightly lower on December 2, with the Shanghai Composite Index at 3908.46 points, down 0.14% [2] - By midday, all three major indices were in the red, with the Shanghai Composite Index down 0.29%, Shenzhen Component down 0.27%, and ChiNext down 0.19% [3] Sector Performance - The oil and petrochemical, home appliance, and banking sectors showed positive performance, while the media, non-ferrous metals, and pharmaceutical sectors struggled [4] - Notable declines were observed in the non-ferrous metals sector, with companies like Huaxi Nonferrous Materials down over 6% [10][11] Specific Stock Movements - *ST Lifan experienced a significant drop, hitting the daily limit down of 19.94% due to severe financial fraud allegations, with a stock price of 2.69 CNY [15][16][18] - In contrast, local stocks from Fujian province saw a rally, with companies like Jiarong Technology hitting the daily limit up of 20.01% [19][20][21] Concept Stocks - The concept stocks related to the Hainan Free Trade Port showed weakness, with companies like Haide Co. and Hainan Ruize dropping over 7% and 6% respectively [9][13] - The lithium mining sector also faced a downturn, with recent approvals for lithium mining licenses not boosting stock performance [12] Notable Trends - The market showed a trend of funds clustering around recently popular stocks, with Jinfu Technology achieving a seven-day consecutive rise [23][24]

来源：中国海警微信公众号 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 据"中国海警"微信公众号消息，中国海警局新闻发言人刘德军表示， 12月2日，日"瑞宝 丸"号渔船非法进入我钓鱼岛领海，中国海警舰艇依法对其采取必要管控措施并警告驱离。 钓鱼岛及其附属岛屿是中国固有领土，我们敦促日方立即停止在该海域的一切侵权挑衅活 动。 中国海警将持续在钓鱼岛海域开展维权执法活动，坚决维护国家领土主权和海洋权益。 ...

Core Viewpoint - The cryptocurrency market is experiencing a significant downturn, with over 270,000 individuals liquidated and nearly $1 billion in leveraged positions being forcibly closed [2][8]. Market Performance - Bitcoin's price dropped to $83,786, marking a nearly 30% decline since early October, and was reported at $86,378, down 5% on December 2 [2][3]. - Ethereum also showed weakness, falling below $2,800 with a daily decline of 6.36% [5]. - Other cryptocurrencies such as XRP, BNB, and Solana also experienced declines exceeding 6% [7]. Liquidation Data - In the past 24 hours, the total liquidation amount reached $985 million, with long positions accounting for $870 million and short positions for $110 million [8]. - Specific liquidation amounts over different time frames include $191.96 million in one hour, $44.76 million in four hours, and $410 million in twelve hours [8]. Regulatory Developments - The Japanese government is planning to adjust the taxation on cryptocurrency trading profits to a unified rate of 20%, down from a maximum of 55%, aiming to enhance market activity while ensuring investor protection [9]. Market Sentiment and Predictions - Concerns regarding low inflows into Bitcoin ETFs and a lack of low-price buyers are contributing to market volatility, with $80,000 identified as a critical support level for Bitcoin [10]. - Analyst Mike McGlone suggests that the Bitcoin-to-gold ratio may decline from 20 times to around 13 times, indicating potential pressure on Bitcoin's price relative to gold [9].

Group 1 - China's green hydrogen annual production capacity exceeds 220,000 tons, ranking first globally, and accounts for over 50% of the world's total [3][4] - By the end of September, China's investment in clean hydrogen projects accounted for 30% of the global total, also the highest in the world [4] - The country has built over 540 hydrogen refueling stations, representing 40% of the global total [4] Group 2 - The first unit of the largest gas-fired power plant in China, the Zhejiang Anji Power Plant, has been officially put into operation, featuring the highest efficiency of 64.15%, which is an improvement of approximately 17 percentage points compared to conventional coal-fired units [5][6] - This gas turbine unit is characterized by low carbon emissions, high efficiency, quick start-up, and strong load variation capabilities, contributing to the stability of the East China power grid [6] Group 3 - China showcased its first oil-free aircraft engine at the Asian General Aviation Exhibition, featuring a megawatt-class hybrid power system with high power density and enhanced efficiency compared to traditional engines [7][8] - The hydrogen-fueled turbine engine produces zero carbon emissions, contrasting with traditional aviation fuel, which generates three kilograms of CO2 for every kilogram burned [9] Group 4 - These achievements in the energy and power sectors highlight China's technological strength and industrial resilience, pointing towards a clear path for future green development [10]