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].

Core Viewpoint - The article emphasizes the importance of a macro multi-asset strategy to navigate through market cycles, focusing on absolute returns and low volatility to meet client demands in the current low-interest and high-volatility environment [2][10]. Group 1: Investment Philosophy and Strategy - The investment philosophy is centered around "absolute returns and low volatility," with a focus on risk-balanced macro multi-asset strategies to achieve stable long-term returns [4][6]. - The strategy is built on a dual-driven model of "Beta multi-asset allocation + Alpha return enhancement," which involves selecting assets with strong macro logic and low correlation, constructing a balanced portfolio, and adding active Alpha positions based on macro environment predictions [6][9]. - The combination construction process involves systematic models for risk balance and regular rebalancing, alongside a focus on macroeconomic indicators to express Alpha views [6][7]. Group 2: Market Context and Demand - The macro hedge strategy has gained traction in the domestic market, with increasing attention towards macro private equity funds, particularly in a low-interest environment where low-volatility products are scarce [8][12]. - The current economic cycle and low-interest rates create a strong demand for macro multi-asset strategies, which can fill the gap left by declining yields in traditional high-yield, low-volatility assets [13][12]. - The article notes that the domestic macro multi-asset strategy is still in a "blue ocean" phase, with potential market space reaching trillions, and the expectation of more large-scale macro private equity firms emerging [11][12]. Group 3: Future Outlook and Trends - The outlook for 2026 suggests a favorable macro environment for macro strategy products, driven by expected monetary and fiscal expansions in the U.S. and China, as well as ongoing developments in the AI industry [15][16]. - Key investment opportunities are anticipated in risk assets, including technology stocks and commodities, supported by global monetary expansion and the AI revolution [15][16]. - The strategy will maintain a balanced asset allocation while being prepared for tail risk management, emphasizing the need for flexibility in response to unexpected macro events [17].

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 ...

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) has expanded the number of banks participating in the Renminbi (RMB) business funding arrangement to 40, doubling the total allocation from RMB 50 billion to RMB 100 billion [2][4]. Group 1: RMB Business Funding Arrangement - The RMB business funding arrangement is being rolled out in three phases, with the first phase starting on October 9, which allows recognized institutions to enjoy lower interest rates and simplified processes for RMB trade financing [3][4]. - The second phase began on December 1, allowing the 40 participating banks to borrow RMB funds from the HKMA to provide financing services for local and overseas enterprises [4][5]. - The scope of eligible RMB funding uses has been expanded to include RMB capital expenditures and regular working capital loans, receiving positive feedback from the banking sector [4][5]. Group 2: Future Developments - The third phase of the RMB business funding arrangement is set to begin on February 2, 2026, with additional optimizations to support collateral management for repurchase transactions [5]. - The collateral management process will transition from manual handling to a more automated solution using a central settlement system for debt instruments, enhancing efficiency in collateral lifecycle management and settlement [5]. - Institutions participating in the third phase must prepare for operational readiness by the end of January 2026 and engage with the central settlement system to plan their internal workflows [5]. Group 3: Strategic Importance - The HKMA aims to strengthen Hong Kong's position as a global offshore RMB business hub through these arrangements, which are designed to provide a stable source of RMB funding for trade financing [6][7]. - The HKMA's president emphasized the ongoing review of the arrangements to adapt to market needs and potentially introduce more participating banks to support broader RMB usage in the real economy [7].

Core Viewpoint - On December 26, the A-share market saw a collective rise in the three major stock indices, with a significant net inflow of 10.371 billion yuan into stock ETFs, indicating strong investor interest in broad-based ETFs during a market uptrend [2][4]. Summary by Sections Stock ETF Inflows - The total scale of all stock ETFs in the market reached 4.79 trillion yuan as of December 26, with a net inflow of 10.371 billion yuan on that day [4]. - Broad-based ETFs saw the highest net inflows, totaling 12.306 billion yuan, with the CSI 1000 Index ETF leading at 3.05 billion yuan [5]. - Notable inflows included 1.692 billion yuan into the CSI 1000 ETF from Southern Fund and 842 million yuan from Huaxia Fund, bringing the latest scale of the CSI 1000 ETF to 50.013 billion yuan [5]. - The CSI 500 and CSI A500 ETFs also experienced significant inflows of 3 billion yuan and 1.32 billion yuan, respectively [5]. Recent Trends in ETF Flows - Over the past five days, the CSI A500 Index ETF saw a net inflow exceeding 49.3 billion yuan, while the CSI 500 Index ETF had over 4.1 billion yuan in net inflows [6]. - The top inflow ETFs on December 26 included the CSI 500 ETF with 2.356 billion yuan, the CSI 1000 ETF with 1.692 billion yuan, and the ChiNext 50 ETF with 1.576 billion yuan [7]. Sector-Specific ETF Outflows - On the same day, sector-themed ETFs experienced significant outflows, totaling 2.098 billion yuan, with the top five sectors being defense and military, gold, artificial intelligence, securities, and rare earths, which saw outflows of 1.15 billion yuan, 660 million yuan, 590 million yuan, 420 million yuan, and 300 million yuan, respectively [10]. - The leading outflow ETFs included the Military Leaders ETF with a net outflow of 493 million yuan and the Military ETF with 356 million yuan [12]. Market Outlook - As the year-end approaches, institutional fund activity remains low, with quantitative funds gaining pricing power. The technology sector continues to attract significant capital, supported by a loose monetary policy and low-interest rates, which foster liquidity in the market [10].

Core Viewpoint - The controlling shareholders of Siwei Liekong (stock code: 603508) are planning a significant matter that may lead to a change in control of the company, resulting in a stock suspension starting December 29, 2025, for up to two trading days [2][3]. Group 1: Company Overview - Siwei Liekong, founded in 1992, is the first A-share listed company in China's train control sector, specializing in railway transportation safety technology and software development [5]. - The company has maintained a consistent upward trend in revenue since its listing in 2015, with revenue increasing from 735 million yuan in 2015 to 1.515 billion yuan in 2024 [7]. - As of the third quarter of 2025, the company reported revenue of 953 million yuan, a year-on-year increase of 5.25%, and a net profit attributable to shareholders of 396 million yuan, up 20.98% year-on-year [9]. Group 2: Shareholding Structure - The three controlling shareholders, Li Xin, Guo Jie, and Wang Weiping, collectively hold 45.72% of the company's shares, with Guo Jie holding 20.39%, Wang Weiping 14.27%, and Li Xin 11.06% as of September 30, 2025 [5][6]. - Notably, Zhao Jianzhou, a former director and deputy general manager, has a shareholding ratio of 11.41%, which exceeds that of Li Xin [6]. Group 3: Dividend Policy - Siwei Liekong has a notable reputation for high dividends, with a dividend payout ratio increasing from 59.93% in 2021 to 100% in 2024 [11]. - In the first half of 2025, the company announced a cash dividend of 8.01 billion yuan (before tax), which accounted for 263.77% of the net profit attributable to shareholders for that period [11]. - The company has revised its dividend policy to ensure a cash dividend ratio of no less than 60% of the distributable profits for the years 2024 to 2026 [11].

Core Viewpoint - The article emphasizes the significance of the ChiNext Composite ETF as a tool for investors to tap into the growth of China's high-tech enterprises, particularly in the context of the "Three Innovations and Four New" strategy, which focuses on innovation and growth in the technology sector [1][4]. Group 1: Index Performance and Characteristics - The ChiNext Composite Index has shown varied performance over the past five years, with annual returns of 47.85%, 17.93%, -26.77%, -5.41%, and 9.63%, culminating in a total increase of 285.9% since its inception [3]. - The ChiNext Composite Index is designed to reflect the price changes of all stocks listed on the ChiNext that are not ST or *ST, and have an ESG rating above C, providing a comprehensive performance benchmark with over 1,300 constituent stocks [7][8]. Group 2: Market Trends and Structural Changes - Since its inception in October 2009, the ChiNext has played a crucial role in financing innovative and high-growth SMEs, effectively integrating technology and capital to foster a robust innovation ecosystem in China [4]. - The ChiNext has undergone continuous reforms since the registration system was initiated in 2020, enhancing its service capabilities for technology innovation and strategic emerging industries, with new listing standards implemented in February 2023 [5]. Group 3: Investment Opportunities - For investors looking to benefit from the growth of innovative enterprises in China, focusing on the ChiNext broad-based indices, such as the ChiNext Index, ChiNext 50 Index, and ChiNext Composite Index, presents a promising investment opportunity [7]. - The ChiNext Composite Index, with an average market capitalization of approximately 13 billion yuan, is more representative of smaller companies compared to the ChiNext Index and ChiNext 50 Index, which have average market capitalizations of about 90 billion yuan and 140 billion yuan, respectively [8]. Group 4: Future Outlook - The West China Gain ChiNext Composite ETF is highlighted as a liquid option for investors seeking to comprehensively invest in the ChiNext, with the fund management committed to enhancing product management and increasing market attention on the ChiNext Composite Index [9].

Core Viewpoint - The article discusses the significant volatility of the Guotou Silver LOF fund after its resumption of trading, highlighting rapid price fluctuations and the impact of market sentiment on its performance [2][5]. Market Performance - On December 29, after resuming trading, Guotou Silver LOF experienced a sharp drop to the daily limit before quickly rebounding, nearing the upper limit within about twenty minutes. By midday, the market price was 2.746 yuan, reflecting an increase of 8.8% with a premium rate of 34.06% [2][3]. - The fund's circulation shares surged significantly, with over 100 million shares added on December 24 and 25 alone, bringing the total circulation to over 2.96 billion shares and a circulation scale exceeding 6 billion yuan, marking an increase of over 2.4 billion yuan since the beginning of the month [5]. Price Fluctuations - The fund's market price exhibited extreme volatility, with a premium rate climbing to 68.16% from December 22 to 24, followed by a drop to below 30% from December 25 to 26 due to consecutive trading halts [5]. - The net asset value of the fund was significantly higher than its market price, prompting the fund manager to issue multiple risk warnings and implement trading restrictions to cool down the market [5][6]. Regulatory Actions - Guotou Ruibin Fund has reduced the daily subscription limit for Class A shares from 500 yuan to 100 yuan and suspended subscriptions for Class C shares, indicating a tightening of access to the fund amid rising speculative interest [6]. - The fund has issued 17 risk warnings or announcements related to trading halts since December 2, emphasizing the risks associated with high premium rates and market volatility [5]. Market Sentiment and Risks - The influx of speculative capital into the fund reflects a distortion in pricing due to a combination of unique product mechanisms and heightened market emotions, which may not align with fundamental values [6][7]. - Experts warn that while the current market conditions may appear as opportunities for ordinary investors, they carry significant risks, particularly with the potential for sharp declines in silver prices and rapid changes in premium rates [7].

Core Viewpoint - The article discusses the accountability measures taken by the Shanghai municipal government in response to environmental issues identified during the third round of central ecological environment protection inspections, emphasizing the importance of strict adherence to regulations and the need for systemic improvements in environmental governance [2][18]. Group 1: Accountability Measures - The Shanghai municipal government has established a leadership group to oversee the accountability process for environmental damage issues identified by the central inspection team, ensuring thorough investigations and adherence to legal and regulatory frameworks [2][3]. - A total of 7 party organizations and 150 individuals have been held accountable, including 8 bureau-level officials and 60 department-level officials, with various disciplinary actions taken, including party disciplinary sanctions and public reprimands [4][6]. Group 2: Environmental Issues Identified - Significant issues were reported regarding inadequate sewage collection and treatment, with 15 sewage treatment plants in the city having biochemical oxygen demand levels below 100 mg/L, leading to water quality deterioration in several rivers [4][6]. - The improper disposal of construction waste has become a prevalent issue, with numerous illegal dumping incidents reported, highlighting deficiencies in planning and regulatory enforcement [7][8]. - Illegal deforestation and inadequate protection of public forests were noted, with 757 acres of public forest destroyed since 2019, indicating a lack of effective oversight by forestry authorities [9][12]. Group 3: Air Quality Management - The article highlights shortcomings in air pollution control efforts, with several districts failing to implement effective measures, leading to fluctuations in air quality and instances of non-compliance with vehicle emissions standards [14][16]. - Violations by vehicle inspection and maintenance facilities were reported, including the issuance of false inspection reports for heavy diesel vehicles, which undermines the integrity of pollution control efforts [14][16].

来源： 新华社 在总结十年研发试点经验基础上，中国人民银行出台了《关于进一步加强数字人民币管理服 务体系和相关金融基础设施建设的行动方案》。根据制度安排， 客户在商业银行钱包中的数 字人民币是以账户为基础的商业银行负债，标志着数字人民币由现金型1.0版进入存款货币型 2.0版。 新华社消息，记者12月29日从中国人民银行获悉，新一代数字人民币计量框架、管理体系、 运行机制和生态体系将于2026年1月1日正式启动实施。 数字人民币将从数字现金时代迈入 数字存款货币时代 。这意味着数字人民币迎来重大调整。 ...