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]

Group 1 - The Russian military claims to have gained control over key locations, including the town of Red Army and the city of Volchansk in the Donetsk region [1][2] - President Putin emphasized that the Russian forces have the initiative along the entire contact line, indicating a strategic advantage in the ongoing conflict [2] - Red Army was a significant coal industrial center and a logistics hub for the Ukrainian military, making its control crucial for both sides [2] Group 2 - The city of Volchansk has changed hands multiple times due to its strategic importance, with Russian forces claiming to control over 80% of the area as of November 20 [2] - The Russian military has made advances in other areas, including the capture of the railway hub city of Rybynsk and significant portions of the fortified city of Konstantinovka [2]

Market Overview - US stock markets ended a five-day winning streak, with the Dow Jones down 427.09 points (0.90%) at 47289.33, Nasdaq down 89.77 points (0.38%) at 23275.92, and S&P 500 down 36.46 points (0.53%) at 6812.63 [4][5] - The ISM Manufacturing PMI for November dropped to 48.2, marking the largest contraction in four months and remaining below the neutral line for nine consecutive months [6] Oil Market - Oil prices increased, with WTI crude oil rising by $0.77 (1.32%) to $59.32 per barrel and Brent crude oil up by $0.79 (1.27%) to $63.17 per barrel, amid supply concerns following an attack on a Black Sea terminal [16] Nvidia and Synopsys Partnership - Nvidia announced a $2 billion investment in Synopsys, aiming to enhance collaboration in AI and accelerated computing, which will help design and validate smart products more efficiently [8] - Nvidia's CEO Jensen Huang emphasized the significance of this partnership for the design and engineering sector, which is highly computation-intensive [8] Semiconductor Sector Performance - The Philadelphia Semiconductor Index experienced mixed results, with notable gains from ASML (up over 2%) and NXP Semiconductors (up over 2%), while Broadcom saw a decline of over 4% [8] - Morgan Stanley raised Broadcom's target price from $409 to $443, while also increasing Nvidia's target price from $235 to $250 [10] Major Tech Stocks - Major tech stocks showed mixed performance, with Apple rising over 1% and Amazon up 0.28%, while Google, Microsoft, and Facebook all fell by over 1% [12][13]

Core Viewpoint - The Canon printer factory in Zhongshan, Guangdong, has ceased production due to a significant decline in the laser printer market and increasing competition from domestic brands [1][2]. Group 1: Company Overview - Canon (Zhongshan) Office Equipment Co., Ltd. was established in June 2001 and is a major manufacturer of laser printers for Canon [2]. - The company has produced a total of 110 million laser printers by April 2022 and achieved an industrial output value of nearly 3.2 billion yuan in 2022 [2]. Group 2: Market Conditions - The A4 laser printer shipment volume in China is projected to decline by 5% year-on-year to 3.177 million units in the first half of 2025, while A3 laser printer shipments are expected to drop by 10% to 272,000 units [2]. - The market share of domestic brands in A4 laser printers has increased from 16% in 2010 to 42% in 2024, while Canon's market share in China is only 6.4% despite holding a 22.9% share globally [2].

Group 1: Cryptocurrency Market Overview - The cryptocurrency market is experiencing significant sell-offs, with Bitcoin dropping below $84,000 and a decline of over 6%, while Ethereum fell more than 8% [3]. - Analysts indicate that December marks a cooling of risk appetite, with limited inflows into Bitcoin spot ETFs and a lack of buying interest at lower prices [4]. - The downgrade of the global largest stablecoin USDT by S&P Global Ratings has added pressure to the cryptocurrency market, warning of potential collateral shortfalls if Bitcoin prices decline [4][5]. Group 2: Impact on Stock Market - The decline in Bitcoin is expected to pose substantial issues for the stock market, as the performance of crypto assets is largely dependent on net liquidity [5]. - Major U.S. stock indices have seen declines, reflecting the broader market's cautious sentiment amid the cryptocurrency sell-off [5]. Group 3: Nvidia's Investment in Synopsys - Nvidia has invested $2 billion in Synopsys, purchasing shares at $414.79 each, as part of a collaboration in engineering and design [8][9]. - Following the announcement, Synopsys shares rose approximately 8%, despite a nearly 14% decline year-to-date [9][10]. - Nvidia's investments in various companies, including Synopsys, have raised concerns about potential "circular trading," where increased valuations lead to further purchases of Nvidia's chips by these companies [9].