Core Viewpoint - Meike Home (600337) is transforming its business by acquiring Wande Technology, aiming to enter the high-speed copper cable interconnection sector, with stock resuming trading on January 5, 2026 [1] Group 1: Acquisition Details - Meike Home plans to acquire 100% equity of Wande Technology through a combination of share issuance and cash payment, with fundraising for the acquisition [3] - The transaction is not expected to constitute a major asset restructuring for Meike Home, nor will it change the company's control [3] - Wande Technology's products include active and passive high-speed copper cable components and LOOPBACK intelligent loopback testing modules, enhancing communication bandwidth and transmission efficiency in data centers [3] Group 2: Financial Performance - Wande Technology has an annual automated production capacity of 500,000 units, with its 800G/400G high-speed cable production line already operational, achieving an efficiency of 150 UPH [4] - For the period of January to September 2025, Wande Technology reported total revenue of 76.29 million and a net profit attributable to shareholders of 18.35 million [4] Group 3: Strategic Shift - Meike Home is shifting from traditional furniture business to new productive forces, emphasizing strategic contraction in its core furniture operations while exploring government-supported industries [4] - The acquisition is seen as a step towards enhancing R&D, production, and sales capabilities in the high-speed interconnection sector, leveraging Wande Technology's expertise [4] Group 4: Industry Trends - Several real estate companies are pursuing acquisitions to transition into other industries, with examples including Time Space Technology acquiring a semiconductor storage firm and New Dazheng aiming to enter the high-growth IFM sector [4]

发言人指出，欧方无视历史排放责任、国家发展阶段和技术水平，打着防止"碳泄漏"的气候幌 子推行新的贸易保护主义，将自身碳标准强加于发展中国家，造成气候与贸易治理规则冲突， 抬升发展中国家气候行动成本，严重损害国际社会互信，与各方合作应对气候变化、推进可持 续发展的努力背道而驰。希望欧方遵守气候和贸易相关国际规则，摒弃单边主义、保护主义， 保持市场开放，本着公平、科学、非歧视的原则，促进绿色领域贸易投资自由化便利化。中方 愿与欧方相向而行，合作应对全球气候变化挑战，但将坚决采取一切必要措施，回应任何不公 平的贸易限制，维护自身发展利益、中国企业合法权益和全球产业链供应链的稳定。 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 ...

Core Viewpoint - TSMC has received an annual license from the U.S. government to import American chip manufacturing equipment to its Nanjing factory, ensuring uninterrupted operations and product delivery [1][2]. Group 1: TSMC's Nanjing Factory - TSMC's Nanjing factory is primarily focused on producing 16nm and other mature process chips [2]. - The Nanjing factory contributes approximately 2.4% to TSMC's overall revenue, according to the company's 2024 annual report [3]. Group 2: U.S. Export Licenses - Similar import licenses have been granted to South Korea's Samsung Electronics and SK Hynix, which previously benefited from exemptions under U.S. export restrictions [2]. - The special status known as "validated end-user" expired on December 31 of the previous year, requiring these companies to apply for U.S. export licenses by 2026 [2]. - TSMC's annual export license allows the supply of U.S. controlled items to the Nanjing facility without requiring individual licenses from each supplier [2].

Core Viewpoint - The A-share market is expected to continue its upward trend in 2026, with a focus on technology growth, resource sectors, and high-dividend stocks as key investment themes [2][10][18]. Group 1: Market Outlook for 2026 - The overall A-share market is anticipated to remain strong, with a shift from a policy-driven to a fundamentals-driven growth narrative [12][20]. - The global monetary environment is expected to be supportive, with the U.S. in a rate-cutting cycle, providing liquidity for the market [19]. - Structural opportunities and upward pressures will coexist, with challenges increasing in complexity [8][19]. Group 2: Investment Strategies - A balanced allocation between value and growth stocks, as well as large-cap and small-cap stocks, is recommended for 2026 [14][25]. - The focus on technology growth remains strong, particularly in AI, semiconductors, and new energy sectors, benefiting from global capital expenditure expansion and domestic policy support [20][30]. - High-dividend stocks are seen as stabilizers in the investment portfolio, especially in a low-interest-rate environment [30][21]. Group 3: Key Sectors to Watch - AI is expected to remain a primary growth driver, with specific attention to areas such as optical communication, storage chips, and domestic computing power breakthroughs [27][30]. - The innovation drug sector is highlighted as a long-term focus, supported by domestic healthcare policies [28]. - Resource sectors, including industrial metals and precious metals, are projected to benefit from supply chain restructuring and AI demand [30][21]. Group 4: Hong Kong Market Outlook - The Hong Kong market is expected to experience a new trend driven by valuation recovery, profit growth, and a return to AI as a main theme [32][34]. - Key investment opportunities in Hong Kong are anticipated in technology, resources, and healthcare sectors, with a focus on high-dividend stocks [36][37]. - The influx of capital from mainland China is expected to continue supporting the Hong Kong market [33][34].

Group 1 - In 2026, China's manned space program will see the launch of Shenzhou 23 and Shenzhou 24 missions, with astronauts departing from the Jiuquan Satellite Launch Center to the Chinese space station [2][4] - The Tianzhou 10 cargo spacecraft will also be launched, and one astronaut from the Shenzhou 23 crew will conduct a long-term stay experiment lasting over one year [4] - The new generation crewed spacecraft "Dream Boat" will make its maiden flight, designed for near-Earth space station operations and manned lunar exploration missions [4] Group 2 - The Chang'e 7 probe will be launched to the Moon's south pole for surface environment surveys and water ice detection, potentially making China the first country to discover water on the Moon [6] - The Tianwen 2 probe is set to reach asteroid 2016 HO3 for exploration and sample collection, with a return to Earth expected by the end of 2027 [6] - The next five years are anticipated to bring unprecedented development opportunities for China's space industry, contributing more Chinese wisdom to the peaceful use of space [9] Group 3 - 2026 will mark a year of accelerated development for China's commercial space sector, with the establishment of the Commercial Space Administration leading to more active launch activities [8] - The progress of new rockets such as Lijian 2, Tianlong 3, and Double Curve 3 is highly anticipated [8]

Core Viewpoint - The article emphasizes the legal risks associated with the sale of fireworks and firecrackers, particularly through social media platforms like WeChat, highlighting that such activities are illegal and can lead to severe legal consequences for both sellers and promoters [1][11]. Group 1: Illegal Sales Cases - Since November 2025, Shanghai police have uncovered over 20 cases related to illegal fireworks, arresting more than 20 suspects and seizing over 900 boxes of illegal fireworks [4]. - In December 2025, a resident in Huainan, Anhui, was detained for illegally storing 135 boxes of fireworks after promoting their sale on WeChat [5]. - In Shouguang, Shandong, an individual was arrested for illegally purchasing and selling fireworks without the necessary permits [7]. - In Wuyi, Zhejiang, police found 76 pieces of various fireworks in a suspect's home, leading to their detention [9]. Group 2: Legal Implications - Selling fireworks on social media, regardless of having a sales permit, is considered illegal, and both sellers and those who share such information can face legal repercussions [11]. - If the illegal sales exceed 50,000 yuan or the illegal gains exceed 10,000 yuan, it meets the criteria for criminal charges of illegal business operations [12]. - The legal consequences for large-scale illegal sales can include imprisonment of up to five years and fines based on the illegal profits [17]. Group 3: Safety and Regulations - Fireworks pose significant fire risks during production, storage, transportation, and use, especially during peak seasons like New Year and Spring Festival [18]. - Proper storage and transportation of fireworks are crucial, including maintaining safety distances from flammable materials and ensuring compliance with transportation regulations [28][30]. - The article advises purchasing fireworks only from licensed vendors and emphasizes the importance of safety measures during their use, particularly for children [32][34].

Core Viewpoint - The article emphasizes that China's policy support for technology development, innovation, and sustainable growth is unprecedented, which will drive technological advancements and create significant investment opportunities [4]. Group 1: Policy Support and Focus Areas - China is in the early stages of a technological revolution, with substantial achievements in automation and robotics, supported by significant capital and policy backing [4]. - The "14th Five-Year Plan" highlights three key areas of focus: innovation and technology, green energy, and consumption upgrades, which are expected to attract international investment [5]. - The article notes that China is a leader in solar and renewable energy, with impressive infrastructure projects that will receive more attention in the five-year plan [5]. Group 2: Investment Opportunities - There is a renewed interest in Chinese assets from overseas investors, particularly if breakthroughs in technology and innovation occur [6]. - The shift of global capital from the West to the East is noted, with funds flowing from U.S. assets into European and some Asian markets [6]. Group 3: Economic Outlook and Challenges - The article discusses the challenges faced by the Federal Reserve, including the need for careful decision-making amid uncertain economic signals [8]. - Different sectors are evolving at varying paces, with technology and AI continuing to grow rapidly, while housing and labor markets face issues [9]. - The article highlights the potential for a divergence in returns among technology companies, with some likely to benefit significantly from investments in AI while others may not [9].

Core Viewpoint - China Construction Bank has officially launched the Longying Plan, entering the FOF market to provide customized asset allocation services for investors [2][4]. Group 1: FOF Market Overview - The FOF market has seen rapid growth, with total assets reaching 235.544 billion yuan by the end of November 2025, marking an increase of nearly 70% compared to the end of 2024 [2]. - The entry of major banks like China Construction Bank is expected to stimulate further issuance of FOF products, potentially leading to a surge in the market [2][4]. Group 2: Longying Plan Details - The Longying FOF is designed to address the challenges of selecting funds, offering a one-stop asset allocation service that includes various strategies to balance risk and return [7][8]. - The Longying Plan features four main series of products: customized low-volatility multi-asset FOF, medium-low volatility multi-asset FOF, ETF-FOF, and global investment FOF [11]. Group 3: Market Trends and Drivers - The success of the招商银行 TREE Longying Plan has demonstrated the market potential for FOFs, encouraging other banks to follow suit [12]. - The shift towards customized FOFs is driven by the need for stable and professional investment tools in a low-interest-rate environment, aligning with the preferences of bank clients [12][15]. Group 4: Future Outlook - The trend of banks adopting customized FOFs is expected to continue, with predictions that this segment will become a key growth area for the FOF market over the next 2-3 years [17][18]. - The regulatory environment and increasing demand for stable returns from long-term funds like pension and insurance are favorable for the expansion of customized FOFs [18].

塞内加尔 外长谢赫·尼昂表示，塞内加尔坚定不移奉行一个中国原则，中华人民共和国政府是 代表全中国的唯一合法政府，台湾是中国领土不可分割的一部分。 俄罗斯 外交部在书面回答新华社记者提问时重申，俄方在台湾问题上的原则立场众所周知、 始终如一，并在最高领导层得到多次确认。俄方承认台湾是中国不可分割的一部分，反对任 何形式的"台独"分裂行径。俄方还认为，台湾问题是中国的内政，中方拥有捍卫国家主权和 领土完整的一切合法权利。"一些国家虽声称坚持一个中国原则，却主张维持现状——这实际 来源：新华社 综合新华社驻外记者报道：多国政府、政要近日纷纷发声，重申恪守一个中国原则，反对任 何形式的"台独"分裂行径及干涉中国内政的行为，坚定支持中国政府为维护国家主权和领土 完整所作的一切努力。 塞尔维亚 总统武契奇在视察中企承建的"多瑙走廊"快速路项目时说，塞尔维亚以全部政治力 量支持一个中国原则。他表示："台湾是中国领土不可分割的一部分。这是我们的立场，也将 继续是塞尔维亚的政策。" 印尼 外长苏吉约诺在接受新华社记者采访时表示，印尼政府始终坚持一个中国政策，承认中 华人民共和国政府是代表全中国的唯一合法政府。这一长期确立的立场 ...

Core Viewpoint - ST Keli Da's controlling shareholder intends to transfer 100% of its equity, which will lead to a change in the company's control [2][4]. Group 1: Shareholder and Stock Information - The controlling shareholder, Suzhou Keli Da Group, holds 112 million unrestricted circulating shares, accounting for 18.74% of the total share capital [4]. - The company's stock will be suspended from trading starting January 5, 2026, for a period not exceeding 2 trading days due to the ongoing planning of the equity transfer [4]. Group 2: Financial Performance and Risks - ST Keli Da has faced long-term operational pressure, with a significant decline in performance. In the first three quarters of 2025, the company reported revenue of 1.189 billion yuan, a year-on-year decrease of 30.48%, and a net profit attributable to shareholders of 98.8487 million yuan, down 683.61% [6]. - The company has experienced non-operating fund occupation by its controlling shareholder, with 170 million yuan transferred to a third party, which has been fully repaid by December 31, 2024 [6]. - As of November 12, 2025, the controlling shareholder and its concerted parties held a total of 274 million shares, representing 45.92% of the total share capital, with 136 million shares pledged, accounting for 49.59% of their total holdings and 22.77% of the company's total share capital [6]. Group 3: Market Performance - In 2025, ST Keli Da's stock price surged nearly 189%, closing at 8.38 yuan per share on December 31, with a total market capitalization of 5 billion yuan [7].