Core Viewpoint - The court ruled that CITIC Securities must compensate Fuanna for a principal loss of nearly 29.3 million yuan due to a financial dispute over a wealth management product, marking a significant development in a case that has lasted nearly three years [2][3]. Group 1: Case Background - In 2021, Fuanna invested 120 million yuan in a customized asset management plan from CITIC Securities, expecting stable returns, but the product faced overdue payments starting March 19, 2022 [7]. - By the end of 2024, Fuanna had only recovered 14.3 million yuan from the CITIC product, with 106 million yuan in principal and expected fixed returns still unrecovered [7]. - The main holdings of the product included investments in problematic real estate projects, leading to significant losses [7]. Group 2: Court Ruling - The court ordered CITIC Securities to compensate Fuanna nearly 29.3 million yuan within ten days of the ruling, with future recoveries from the asset management plan split equally between Fuanna and CITIC [8]. - The court also noted that Fuanna had previously withdrawn 5.59 million yuan from the asset account and received additional returns from West Trust, which have not yet been withdrawn [8]. Group 3: Industry Trends - There has been a notable decline in the scale of wealth management products purchased by listed companies, with a total subscription amount of 966.8 billion yuan in 2023, down 18.64% year-on-year [10]. - This decline marks the third consecutive year of reduced investment in wealth management products by listed companies, with a significant drop of 34% in 2023 [10]. - Companies are becoming more cautious and diversified in their investment choices, with structured deposit products being the most popular, accounting for nearly 60% of total subscriptions [10].

来源： 人民日报客户端 中缅泰联合开展清剿缅甸妙瓦底地区 赌诈园区行动 952名缅甸妙瓦底地区涉电诈犯罪嫌疑人 被押解回国 近日，公安部派出工作组会同缅甸、泰国执法部门在缅甸妙瓦底地区，联合开展新一 轮赌诈园区集中清剿行动， 952名中国籍涉电诈犯罪嫌疑人被押解回国 。 公安部有关负责人表示，电信网络诈骗犯罪是国际社会共同面对的打击治理难题。下 一步，公安机关将以更大的决心和力度，与更多国家执法部门携手，持续强化国际执法 合作，共同严厉打击电信网络诈骗犯罪，切实维护人民群众生命财产安全。 冲上热搜！店员"鬼手偷肉"，公司致歉：已开除 金融监管总局，最新发布！ 长期以来，缅甸妙瓦底赌诈园区的犯罪集团对我国公民大肆实施电信网络诈骗等犯罪 活动，危害十分严重。今年年初，中缅泰建立联合打击电信网络诈骗犯罪部级协调机 制，持续开展了多轮打击行动。10月以来，缅方根据中缅泰前期达成的系列共识，在妙 瓦底等地组织开展新一轮打击清剿行动，集中抓捕犯罪嫌疑人，强力拆除赌诈园区。12 月15日，中缅泰三国警方组成工作组，首次共赴妙瓦底地区KK、亚太新城等大型赌诈园 区和相关场所，联合督导打击清剿工作成效，研究后续集中清剿、联合管 ...

12月20-21日，2025雪球嘉年华在上海举办。数十位重磅嘉宾围绕宏观环境展望、行业板块投资机 遇及资产配置策略等核心议题展开了深度对话与思想碰撞。 "长期主义"与"资产配置"成为贯穿全场的高频热词，在复杂市场中凝聚起对结构性机遇的清晰共 识，为投资者布局2026年提供了多元而前瞻的思维地图。而"AI"则以不同的视角深入到了几乎每 一场演讲和讨论中。 宏观趋势研判 在全球格局中，中国资产的定位与潜力被反复论及。工银国际首席经济学家程实强调，中国经济 的比较优势呈现系统性、全方位特征，成为全球经济的"快变量"与"稳定器"，并指出中国资产正 进入价值重估上升通道。程实总结两大核心观点：其一，以长期视角审视全球大类资产配置，"东 升西降"趋势仍在推进；其二，"格物致知，成事在人"，投资于物与投资于人的紧密结合，是理解 中国式现代化、把握未来投资机遇的核心战略。 工银 国际首席经济学家程实 中金公司研究部董事总经理、首席海外与港股策略分析师刘刚从市场微观结构出发，认为中国市 场过剩流动性追逐"稀缺回报资产"的格局不变。 刘刚指出2025年全球市场呈现诸多反直觉、反常识的特征。其一，多类资产逻辑各异却实现同 涨；其二 ...

【导读】白银基金限购100元啦 中国基金报记者 泰勒 大家好，最近很火的白银基金，又出公告调整限购金额了。 国投瑞银白银期货（LOF）今日发布公告称，从12月29日起，限制本基金A类基金份额定期定额投资金额为100.00元。 | 基金名称 | | 国投瑞银白银期货证券投资基金 | | --- | --- | --- | | | (LOF ) | | | 基金简称 | | 国投瑞银白银期货(LOF) | | 基金主代码 | 161226 | | | 基金管理人名称 | | 国投瑞银基金管理有限公司 | | 公告依据 | | 《公开募集证券投资基金信息披露 管理办法》及本基金的基金合同和 | | | | 招募说明书等 | | 暂停相关业务的 | 暂停大额申购起始日 | 2025年12月29日 | | 起始日、金额及 | --- 限制申购金额(单位:人民币元) | | | 原因说明 | 暂停大额申购(定期定额投资)的 | 为保护基金份额持有人利益 | | 原因说明 | | | | 下属分级基金的基金简称 | | 国投瑞银白银 国投瑞银自银期 | | | | 期货(LOF) A 货(LOF)C | | 下属分级基金的 ...

【导读】毅昌科技实控人拟变为滁州市国资委，计划自12月26日开市起复牌 中国基金报记者 闻言 12月25日 晚间 ，毅昌科技 发布 公告称，公司控股股东 将变为 滁州蔚然科技发展合伙企业 （有限合伙） （ 以下简称蔚然合伙 ）， 实控人将变为滁州市人民政府国有资产监督管理委员 会（以下简称滁州市国资委）。 滁州市国资委拟8.5亿元入主 12月25日，毅昌科技接到其控股股东高金技术产业集团有限公司（以下简称高金集团）的通 知，获悉高金集团与蔚然合伙已经签署《股份转让协议》。 毅昌科技自12月23日开市起停牌，计划自12月26日开市起复牌。截至12月22日收盘，毅昌科 技股价报8.43元/股，涨幅达5.64%，总市值为34.67亿元。 《股份转让协议》显示，蔚然合伙拟以8.16元/股的价格，受让高金集团所持毅昌科技 25.3347%的股份，股份转让对价为8.5亿元。 上述交易完成后，高金集团不再持有毅昌科技的股份，蔚然合伙持有毅昌科技25.3347%的股 份。 | 股东 | 本次权益变动前 | | | 本次权益变动后 | | | --- | --- | --- | --- | --- | --- | | | 持股 ...

【导读】金融监管总局发布《银行保险机构资产管理产品信息披露管理办法》 中国基金报记者 忆山 12月25日，金融监管总局官网发布消息称，为规范资产管理信托产品、理财产品、保险资管 产品的信息披露行为，强化投资者合法权益保护，金融监管总局发布《银行保险机构资产管 理产品信息披露管理办法》（以下简称《办法》）。 据介绍，《办法》立足"同类业务、相同标准"，统一明确了资产管理信托产品、理财产品、 保险资管产品信息披露的基本原则、责任义务、共性内容及内部管理要求，对三类产品的信 息披露行为进行了系统规范，督促机构严格履行信义义务，充分保障投资者的知情权和选择 权。 《办法》按照资产管理产品生命周期，对募集、存续、终止各环节进行全面规范，引导行业 将信息披露融入业务全过程，实现产品情况"三清"。 具体来看，在产品募集环节，重点规范产品说明书、产品合同内容，明确业绩比较基准要 求，让产品销售"看得清"。 在产品存续环节，重点规范定期报告披露内容，要求真实准确披露净值、收益表现和投资资 产情况，强化重大事项及时披露，让产品风险"厘得清"。 在产品终止环节，要求到期公告或清算报告披露收费情况、收益分配情况、剩余财产分配情 况等 ...

Core Viewpoint - The company, Ziyuan Food, issued an apology following a scandal involving a staff member at a franchise store in Qidong, Jiangsu, who was caught on video stealing a portion of beef during weighing, leading to public outrage and a swift response from the company [2][4]. Summary by Sections Incident Overview - On December 24, a video surfaced showing a staff member at a Ziyuan Bawei Chicken store engaging in inappropriate behavior by stealing beef, which quickly went viral and drew significant public attention [2][7]. - The company acknowledged the incident and confirmed the misconduct after an internal investigation [4][9]. Company Response - Ziyuan Food took immediate action by: 1. Suspending operations at the involved store for rectification [5]. 2. Terminating the employment of the staff member involved [5]. 3. Issuing a nationwide alert to all stores to reinforce service standards [5]. 4. Offering compensation to affected consumers, including a tenfold cash refund of the purchase amount and a 1,000 yuan gift card [5]. Compensation Measures - To further apologize to other customers who visited the implicated store, the company announced a 10-day compensation initiative: 1. Customers who made purchases between December 1 and December 25, 2025, could claim a 100 yuan gift card [5]. 2. From December 26, 2025, to January 4, 2026, customers would receive double the value of their purchase in five-spice beef [5]. Commitment to Improvement - The company emphasized its commitment to food safety and integrity, stating that it would enhance transparency in sales processes and welcome ongoing consumer supervision [6][10]. - Ziyuan Food plans to strengthen internal controls to protect consumer rights and ensure such incidents do not recur [6][10]. Financial Context - The incident occurred during a challenging financial period for Ziyuan Food, which reported a revenue of 2.514 billion yuan for the first three quarters of 2025, a year-on-year decline of 6.43%, and a net profit of 194 million yuan, down 44.37% [10]. - As of December 25, the company's stock closed at 19.81 yuan per share, with a total market capitalization of 8.192 billion yuan [11].

【 导读 】 同仁堂最新声明，开展一系列专项行动 中国基金报记者 忆山 综合新华社、同仁堂官微整理 12月25日，同仁堂发布声明称，公司高度重视全面核查整改工作，近期开展了一系列专项行 动，包括全面核查涉事单位及人员失职失责问题，责令李声义辞去四川健康公司总经理职 务，下架、召回涉事产品，上线同仁堂集团产品查询系统等。 具体措施如下： 一、 严肃问责追责，强化责任落实。 全面核查涉事单位及人员失职失责问题。经查，同仁堂集团对四川健康"同仁堂"字号及商标 授权已于2021年3月21日到期，未再授权。事件发生后，同仁堂集团、健康药业在问责调查 的同时，成立由集团高管带队的工作组，全面接管四川健康公司经营管理工作，责令李声义 辞去四川健康公司总经理职务，并对其他相关管理人员全部予以停职。后续将根据政府监管 部门及内部调查结论，对相关失职失责人员严肃处理。 四、 开展品牌严管专项行动，全面清理违规乱象。 同仁堂集团已启动品牌严管专项行动，对各级企业品牌使用情况开展拉网式核查，截至12月 24日，累计排查所属单位/店铺520余次。自品牌严管专项行动以来，对重点电商平台上侵权 产品和店铺链接进行排查，累计完成侵权产品投诉 ...

Core Viewpoint - Ying's Holdings has successfully passed the IPO review at the Beijing Stock Exchange, aiming to become the "first stock in baby food" and the first new food company listed in nearly three years on the exchange. However, the company faces significant operational challenges, including a long-standing tendency to prioritize marketing over research and development, reliance on an OEM model leading to quality control pressures, and unresolved trademark disputes [2][4][18]. Group 1: Financial Performance - Ying's Holdings' main business segments are infant food and hygiene products, with infant food revenue reaching 864 million yuan in the first half of 2025, accounting for 76% of total revenue. The company expects revenue for 2025 to be between 2.213 billion and 2.295 billion yuan, representing a year-on-year growth of 12.11% to 16.26%, and a net profit attributable to shareholders of 235 million to 246 million yuan, with a growth of 11.44% to 16.58% [4][5]. - The company's sales expenses have significantly increased, with figures of 454 million yuan, 602 million yuan, and 721 million yuan from 2022 to 2024, resulting in sales expense ratios of 35.04%, 34.26%, and 36.53%, which are well above the average of about 27% for comparable companies [6][9]. - In contrast, R&D expenditures have been minimal, with amounts of 5.53 million yuan, 9.21 million yuan, and 17.15 million yuan from 2022 to 2024, resulting in R&D expense ratios below 1%, significantly lower than the average of about 2% for comparable companies [9][10]. Group 2: Operational Challenges - The company heavily relies on an OEM model, with the proportion of outsourced production increasing from 39.83% in 2022 to 55.10% in 2024. This model poses quality control risks, especially in the sensitive infant food sector [13][14]. - There have been quality issues with some of the company's OEM partners, leading to administrative penalties and the termination of partnerships. The company has faced numerous consumer complaints regarding product quality, which raises concerns about its ability to manage quality control effectively [15][18]. Group 3: Legal Risks - Ying's Holdings is involved in a trademark dispute with "YeeHoO," a high-end baby clothing brand, which adds uncertainty to its future. The company has filed a lawsuit against YeeHoO and others for trademark infringement, seeking damages of 600,000 yuan [18][19]. - The outcome of this trademark dispute is critical, as a negative result could severely impact the company's brand and market confidence, given its heavy reliance on brand marketing and the significant sales expenses exceeding 700 million yuan [19][20].

12月25日，针对美方将"2026财年国防授权法案"签署成法，全国人大外事委员会发 言人许东发表谈话。全文如下： 来源：新华社 全国人大外事委员会发言人就美国"2026财年国防授权法案"涉华消极条款发表谈话 京东集团：2025年终奖涨70% 王思聪突发，名下资产被拍卖！ 近日，美国国会通过的"2026财年国防授权法案"签署成法，其中包含涉华消极内容。 该法案延续一贯遏华基调，渲染"中国威胁"，粗暴干涉中国内政，损害中方核心利 益，我们对此表示强烈不满和坚决反对。 我们希望美方客观理性看待中国发展和中美关系，与中方相向而行，共同落实好中美 元首釜山会晤达成的重要共识。我们强烈敦促美方摒弃零和思维与意识形态偏见，不 得实施上述法案中的涉华消极条款。如美方一意孤行，中方将依法采取有力措施，坚 决捍卫国家主权安全发展利益。 ...