Investment Keywords for 2025 - The article highlights key investment themes for 2025, including AI-driven financial management, proactive retirement planning, and a focus on new consumer trends [2][3] - It emphasizes the importance of understanding market dynamics and adapting investment strategies accordingly [2] AI-Driven Financial Management - AI is deeply integrated into investment processes, providing market analysis, fund diagnostics, and automated reminders for investment decisions, making investing more efficient and informed [5] Proactive Retirement Planning - Young individuals are increasingly taking charge of their retirement planning by utilizing tools like target-date funds (FOF) and commercial pension insurance to build long-term asset portfolios [7] New Consumer Trends - Investment in consumer sectors is shifting towards "emotional value" and "quality-price ratio," focusing on domestic tech products, gold jewelry, and local brands, reflecting changing consumer values in the capital market [9] Investment Philosophy Shift - There is a consensus among conservative investors to prioritize capital preservation while accepting reasonable volatility for returns, leading to increased popularity of "fixed income+" and short- to medium-term bond funds [11] Market Dynamics - The Shanghai Composite Index is expected to surpass 4000 points, symbolizing market confidence and indicating a new equilibrium in A-shares [14] - The 2025 market is characterized by structural and gradual growth, with quality stocks in technology sectors experiencing independent bull markets, shifting investment logic towards deep value exploration [16] Sector Focus - Hard tech sectors, such as AI commercialization and semiconductor independence, are becoming hotspots for investment, with related thematic ETFs and actively managed equity funds showing strong performance [18] - Under global monetary easing and risk-averse sentiment, gold assets are gaining traction, with gold ETFs rapidly growing in scale, becoming an important asset allocation choice beyond stocks and bonds [20]

Group 1 - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.71% to close at 25,635.23 points, while the Hang Seng Technology Index and the Hang Seng China Enterprises Index also saw slight decreases of 0.30% and 0.26% respectively [2] - Among the major stocks, Sands China Limited dropped by 4.46% to HKD 19.91 per share, JD Health fell by 3.42% to HKD 56.50 per share, and CK Hutchison Holdings decreased by 3.35% to HKD 53.45 per share, leading the blue-chip declines [3] - BYD Company Limited and Geely Automobile Holdings Limited saw increases of 3.74% and 3.43% respectively, indicating some positive movement in the automotive sector [3] Group 2 - Asia Pacific Satellite saw a significant increase of nearly 12% in trading, driven by the announcement of new listing standards for commercial rocket companies by the Shanghai Stock Exchange [7][8] - The new guidelines specify that successful payload launches will be a core requirement for commercial rocket companies seeking to list on the Sci-Tech Innovation Board, providing clarity for several companies aiming for public offerings [10] - Analysts from Guotai Junan and Zhongyin Securities noted that the new listing standards could accelerate capital operations in the commercial space sector, transitioning the industry from a phase of policy expectations to one of institutional realization [11] Group 3 - Gold stocks experienced a widespread decline due to a drop in gold prices, with companies like WanGuo Gold Group and Zijin Mining falling by 6.59% and 5.86% respectively [12][13] - The domestic gold price on the Shanghai Futures Exchange closed at CNY 1,007.18 per gram, down by 0.91%, reflecting a broader trend of decreasing gold prices [13] Group 4 - UBS Wealth Management's report suggests that the upward trend in the Chinese market is expected to continue through 2026, driven by advanced manufacturing and technological self-reliance as new growth engines [15][16] - Despite ongoing geopolitical risks and potential market volatility, the report indicates that there remains upward potential for the Chinese stock market as domestic investors enter the market and global capital reallocates [16]

【导读】一汽拟入股获零跑汽车5%股份，朱江明称实控人团队仍有控制权 中国基金报记者 邱德坤 "一汽入股零跑汽车"的传言，迎来靴子落地。 12月29日，零跑汽车发布公告称，公司拟向一汽股权投资（天津）有限公司（以下简称一汽股权）发行7483.22万股内资股。交易完成 后，一汽股权将获得公司5%的股份。 零跑汽车是首家获得汽车央企战略投资的造车新势力。一汽股权是中国一汽的全资子公司，而中国一汽是国内三大央企汽车集团之一。 12月29日，零跑汽车创始人、董事长兼CEO朱江明及相关高管接受中国基金报等媒体采访称，公司实控人团队仍拥有零跑汽车的控制权， 并且要成为一家世界级的智能电动车企。 来源：零跑汽车 朱江明强调实控人团队仍有控制权 公告显示，12月28日，零跑汽车与一汽股权签署投资协议。协议显示，一汽股权以人民币50.03元/股（相当于港元55.29元/股）的价格， 认购零跑汽车7483.22万股内资股。 交易完成后，一汽股权获得零跑汽车5%的股份，成为零跑汽车的重要股东之一。 "要保证实控人的控制权，这是不会改变的。"朱江明在12月29日接受采访时表示，借助中国一汽这样的股东加入，以及在战略和产品层面 的合作， ...

来源：央视新闻客户端 三是加大保障和改善民生力度，助力加快建设健康中国，降低人造血管、部分传染病的 诊断试剂盒等医疗产品的进口关税。 此外，为增强国内大循环内生动力，根据国内产业发展和供需情况变化，在我国加入世 界贸易组织承诺范围内，取消微型电机、印花机、硫酸等商品的进口暂定税率，恢复实 施最惠国税率。 为服务科技发展和技术进步，支持循环经济和林下经济发展，2026年增列智能仿生机器人、生 物航空煤油、林下山参等本国子目。调整后，税则税目总数为8972个。 为持续深化经贸合作，促进区域融合发展，2026年根据我与34个贸易伙伴签署的24项自由贸易 协定和优惠贸易安排，继续对原产于上述贸易伙伴的部分进口货物实施协定税率。 为促进与最不发达国家的经贸合作，帮助最不发达国家发展，2026年继续给予43个与我建交的 最不发达国家100%税目产品零关税待遇；根据亚太贸易协定以及我与有关东盟成员国政府间换 文协议，继续对原产于孟加拉国、老挝、柬埔寨、缅甸的部分进口货物实施特惠税率。 les & FR 点击下载中国基金报客户端 国务院关税税则委员会：明年起对部分商品进口关税税率和税目进行调整 国务院关税税则委员会发布《20 ...

Core Viewpoint - The precious metals market experienced significant volatility, with silver prices dropping sharply, while the A-share market saw a pullback despite a strong start, resulting in the Shanghai Composite Index achieving a nine-day winning streak [2][12]. Group 1: Silver Market Dynamics - On December 29, silver futures on the Shanghai Futures Exchange fell over 2% at the close, with a high-to-low drop exceeding 12% [4][6]. - Spot silver prices briefly fell below $75 per ounce, with a decline of over 3% reported [7]. - Analysts attribute the drop in silver prices to profit-taking and progress in peace negotiations between Trump and Zelensky regarding the Russia-Ukraine conflict, which has temporarily pressured gold and silver [8]. Group 2: Silver and Gold Performance - Year-to-date, silver has surged by 181%, outperforming gold, driven by factors such as being recognized as a critical mineral by the U.S., tight supply, low inventories, and increased industrial and investment demand [8]. - Gold has also seen a significant increase of 72% this year, with multiple historical highs reached, influenced by expectations of further U.S. interest rate cuts, geopolitical tensions, strong central bank demand, and rising ETF holdings [8]. - Analysts suggest that if the next Federal Reserve chair adopts a dovish policy, gold could potentially reach $5,000 per ounce by next year, while silver may aim for $100 per ounce by 2026 if interest rates drop and industrial demand remains strong [8]. Group 3: A-share Market Overview - On December 29, the Shanghai Composite Index closed slightly higher, achieving a nine-day winning streak with a gain of 0.04%, while the Shenzhen Component and ChiNext Index fell by 0.49% and 0.66%, respectively [12]. - A total of 1,995 stocks rose, with 87 hitting the daily limit, while 3,332 stocks declined [13]. Group 4: Sector Performance - The commercial aerospace sector continued to show strength, with stocks like China Satellite and Shenjian Co. hitting the daily limit [15]. - Robotics sector stocks remained active, with companies such as Awei New Materials and Buke Co. reaching their daily limit and achieving new highs [16]. - The carbon fiber sector also saw gains, with stocks like Heshun Technology and Jilin Chemical Fiber hitting the daily limit [18]. - Digital currency concept stocks surged, with Yuyin Co. and Cuiwei Co. reaching their daily limit following the announcement of a new digital RMB management framework by the People's Bank of China [20].

来源：北京青年报 12月29日，外交部发言人林剑主持例行记者会。 有记者提问，今天上午，东部战区在台湾岛附近开展军事演习，有消息称此次军演是针对美国近 期出台的111亿美元大规模对台军售。发言人对此有何评论？ 林剑表示，中国人民解放军开展有关军事演习是对"台独"分裂势力"以武谋独"的严厉惩戒，是捍 卫国家主权和领土完整的必要行动。 林剑说，民进党当局顽固坚持"台独"立场，企图"倚美谋独"，不惜把台湾变成"火药桶""弹药 库"，充分暴露其"和平破坏者""麻烦制造者""战争煽动者"的凶恶面目。外部势力"以台制华"武 装台湾，只会助长"台独"嚣张气焰，把台海推向兵凶战危的境地。 "台湾问题是中国核心利益中的核心。"林剑说，中方维护国家主权、安全和领土完整的意志坚定 不移。任何在台湾问题上越线挑衅的恶劣行径必将遭到中方的坚决回击，任何阻挠中国实现统一 的险恶图谋都不会得逞。 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 CHINA ...

Core Viewpoint - The event "Shenzhen Stock Exchange · Innovation Forum" focused on the development and challenges in the field of intellectual property, emphasizing its role as a core institutional arrangement for protecting and incentivizing innovation in China [2]. Group 1: Current Challenges in Intellectual Property - Listed companies face three main challenges regarding intellectual property: a large number of patents but a scarcity of high-quality patents that can form barriers; potential disputes arising from inadequate due diligence in mergers and acquisitions; and a tendency to focus solely on internal R&D while neglecting open innovation and corporate venture capital (CVC) strategies [4]. - The current landscape necessitates a strategic shift towards "nurturing quality," integrating patent navigation and concept validation from the outset of R&D projects, and prioritizing patent implementation rates over mere application numbers [4]. Group 2: Risk Management and Innovation - Companies like Dazhu Laser and Deepin Technology emphasize the importance of a "prevention + early warning" mechanism to mitigate risks associated with core talent mobility and potential leaks, combining technical monitoring, procedural regulations, and legal warnings [5]. - The knowledge property departments are encouraged to shift from a "post-registration" role to a more proactive involvement throughout the R&D process, providing insights and guidance to enhance innovation and risk management [5]. Group 3: Bridging the Gap from Patents to Industry - The discussion highlighted the need for effective mechanisms to standardize and simplify the complex issues surrounding the transformation of patents into industrial applications, with a focus on enhancing communication efficiency and reducing costs [7]. - The National Intellectual Property Administration is actively promoting initiatives such as deepening patent open licensing trials, building a financial ecosystem for intellectual property, and leveraging data to facilitate intelligent matching of supply and demand [8]. Group 4: Future Directions - The National Intellectual Property Administration plans to enhance the financial service system, explore diverse evaluation methods, and improve the convenience of pledge registration to catalyze the transformation and application of patents [8]. - The Shenzhen Stock Exchange aims to support the integration of technology, industry, and capital, contributing to the construction of a strong intellectual property nation by leveraging various platforms to facilitate the development of intellectual property in the technology and industry sectors [8].

【导读】明世伙伴基金总经理郑晓秋：以宏观多资产策略穿越周期 从深耕国内券商固收业务，到布局海外FICC平台，再到参与创建私募基金，明世伙伴基金总 经理郑晓秋近二十年的投研生涯，始终围绕着"绝对收益、中低波动"的核心目标稳步前行。 面对当前低利率与高波动的市场环境，他相信基于风险均衡的宏观多资产策略有望穿越市场 周期，满足当前诸多客户对于中低波、稳健产品的需求。 为此，郑晓秋凭借多年跨境、跨资产的投研积淀，构建了以全球宏观为指引、多资产轮动为 依托的动态策略体系，致力于前瞻性 地 捕捉周期变换中的多元收益，打造出稳健向上的长期 回报曲线。 他认为，真正的长期主义，并非被动持有，而源于对宏观周期的深刻理解和持续的风险收益 再平衡。 以"绝对收益、中低波动"为目标 组合构建遵循三大原则 作为国内券商固收领域的资深从业者，郑晓秋是头部券商FICC业务发展的主要参与者。其职 业生涯的前十年，始终深耕国内大固收业务，覆盖研究、自营等核心业务板块，打下了扎实 的宏观利率研究和交易功底。而后负责组建与银行理财合作的固收投顾业务，是行业内首批 探索者之一。凭借与多家国有大行、股份行的深度合作，积累了机构大体量资金的管理经 验。 ...

来源：微信派 一直以来 不少网友总在吐槽： 例如，在微信首页的聊天列表长按或左滑删除聊天记录，这个时候为了保证用户的聊天体验，会采 用异步删除机制。 动辄30、40个G 你有这种感受吗？ 今天（12月29日） 微信官方发布文章回应了 关于 "微信占存储空间"的几个说法 在微信里转发同一份文件会重复存储吗? 01 不会。在聊天场景下， 同一份文件转给多个好友，并不会重复存储。 微信使用了一个叫"硬链接"的 技术，它一般由手机系统提供，可以把同样的文件背后指向的存储只保留一份，而不会占用多份。 聊天记录删除后仍然会占空间? 02 不会的。 用户通过某些入口清理大量聊天记录时，出于不打断聊天体验的考虑，微信会采用"异步 删除"的机制，即先标记待删除数据，在手机空余时间在后台异步帮用户删除。 "微信太占手机的存储空间了" 文件过期，仍在占空间？过期文件，可以找回？ 03 不会。 文件过期，意味着它并未下载到微信本地，或者已被主动清理，并不占用存储空间。一些所 谓的找回过期文件的"攻略"，同样也没有用。 微信为什么总是弹窗提醒我空间不足? 04 为了保护用户的聊天记录等数据。 当手机空间不足时，持续接收新数据，可能会引 ...

人民币业务资金安排分三阶段推出 据香港金管局介绍，人民币业务资金安排分三个阶段推出。第一阶段已于 10 月 9 日推出。 已获分配人民币贸易融资流动性安排额度的认可机构，可享受降低利率、将集团内融资活动 纳入合资格范围、简化动用安排流程，以及期限在原有的 1 个月、 3 个月和 6 个月选项基 础上，扩展至包含 1 年。 第二阶段于 12 月 1 日开始。 40 家参与银行可在获分配的额度内向香港金管局借取人民币 资金，为香港本地及海外的企业客户提供用于实体经济的人民币融资服务。 人民币业务资金安排由第二阶段起，进一步扩大所涵盖的合资格人民币资金用途范围至人民 币资本支出，以及营运资金定期贷款。香港金管局透露，对此优化安排，银行业界反应正 面。 【导读】香港金管局：人民币业务资金安排第二阶段参与银行增至 40 家，总额度翻倍 中国基金报记者 郭玟君 香港金管局表示，分配给 40 家参与银行的具体额度，是基于各银行现有的人民币融资业务规 模、预期业务需求，以及其集团内海外银行机构的地域覆盖度 —— 这些因素均体现了各银行 12 月 29 日，香港金融管理局（以下简称香港金管局）公布，自 人民币业务资金安排 第二 ...