Group 1 - Xiaomi Group announced that co-founder Lin Bin plans to sell up to $5 billion of Class B ordinary shares annually starting from December 2026, with a total sale amount not exceeding $20 billion [2] - Lin Bin expressed confidence in the company's business prospects and stated he will continue to serve the group long-term [2] - The proceeds from Lin Bin's share sales will primarily be used to establish an investment fund company [2] Group 2 - Lin Bin, born in February 1968, holds a Bachelor's degree in Wireless Electronic Engineering from Sun Yat-sen University and a Master's degree from Drexel University [4] - He co-founded Xiaomi with Lei Jun in 2010 and served as the company's president until 2019, after which he became vice chairman [4] - As of the mid-2025 report, Lin Bin holds approximately 1.835 billion Class B shares, representing about 8.56% of the company's issued share capital, valued at over $10 billion based on the latest market capitalization [4]

Core Viewpoint - Fenglong Co., Ltd. disclosed an announcement regarding abnormal stock trading fluctuations, emphasizing that UBTECH will not pursue a backdoor listing within the next three years [2][6]. Group 1: Stock Performance - In the last three trading days, Fenglong Co., Ltd. experienced a cumulative increase of 33.15% [4]. - As of December 26, 2025, the closing price of Fenglong Co., Ltd. was 23.82 yuan per share, with a static price-to-earnings ratio of 1133.22 and a price-to-book ratio of 5.48 [4]. Group 2: Acquisition Details - On December 24, UBTECH announced plans to invest 1.665 billion yuan to acquire 9.395 million shares of Fenglong Co., Ltd., representing 43% of the total share capital, thereby gaining control [7]. - Following the completion of this transaction, the controlling shareholder of Fenglong Co., Ltd. will change from Chengfeng Investment to UBTECH, with the actual controller changing to UBTECH's founder and chairman, Zhou Jian [7]. Group 3: Business Strategy and Future Plans - UBTECH stated that this strategic acquisition is a significant move to enhance its industrial chain layout and strengthen its core competitiveness [7]. - After the acquisition, Fenglong Co., Ltd. will remain focused on its original business, with no major changes expected in its fundamentals [6]. - UBTECH aims to leverage its technological advantages in humanoid robots and Fenglong Co., Ltd.'s manufacturing and supply chain capabilities to deepen industrial collaboration and promote the commercialization of humanoid robot technology [7]. Group 4: Recent Developments - On December 28, UBTECH announced winning bids for two projects: the Huizhou Huizhong District Humanoid Robot Data Collection Center project and the Hohhot Embodied Intelligence Technology Center equipment procurement project, with total bid amounts exceeding 130 million yuan [7]. - As of now, UBTECH's total order amount for humanoid robots in 2025 has approached 1.4 billion yuan, with the 1000th Walker S2 robot rolling off the production line in Liuzhou, achieving an annual production capacity of 1,000 units [9].

Core Viewpoint - Saint Yuan Environmental Protection's subsidiary incurred significant losses from a private equity investment, leading to regulatory warnings for the company and its executives due to delayed disclosure of the losses [2][4][5]. Group 1: Investment Losses - The subsidiary, Xiamen Jinlingji Construction Engineering Co., Ltd., invested 60 million yuan in a private equity fund, suffering a loss exceeding 80% within nine months [2][8]. - As of December 25, the fund's latest net asset value was 0.1846, reflecting a cumulative net value growth rate of -81.54%, resulting in a loss of approximately 46.92 million yuan, which exceeds 10% of the company's most recent audited annual net profit [10]. Group 2: Regulatory Actions - The China Securities Regulatory Commission (CSRC) issued a warning letter to Saint Yuan Environmental Protection and its executives, including Chairman Zhu Yuxuan, General Manager Zhu Hengbing, and Secretary of the Board Chen Wenyu, for failing to disclose the investment losses in a timely manner [4][5][6]. - The Shenzhen Stock Exchange also sent a regulatory letter to the company and its executives regarding the same issue [6]. Group 3: Compensation Commitment - Zhu Yuxuan and Zhu Hengbing committed to compensating the investment principal losses to protect the interests of the company and its shareholders, with a promise to pay the final compensation amount by the date of the company's 2025 annual report [9]. - As of December 27, Zhu Yuxuan held 35.3753 million shares of Saint Yuan Environmental Protection, accounting for 13.02% of the total share capital, while Zhu Hengbing held 67.9432 million shares, representing 25% of the total share capital [9].

Group 1 - The Jiangmen Maritime Safety Administration issued a navigation warning for military activities in the South China Sea from December 28 to 29, prohibiting entry from 8 AM to 4 PM [1] - The Dalian Maritime Safety Administration announced military tasks in the Bohai Strait and northern Yellow Sea from December 28, 2025, 4 PM to January 4, 2026, 4 PM, with specific coordinates provided for the prohibited area [1]

Core Viewpoint - The investment banking industry in China is undergoing a significant transformation, characterized by a talent migration towards the real economy and a structural imbalance in talent supply and demand, despite a recovery in IPO activities and a hiring spree in certain sectors [2][3][4]. Group 1: Talent Migration and Industry Changes - A significant number of investment bankers are leaving the brokerage system to join industrial sectors, with a notable increase expected by 2025 [3][5]. - The departure of talent is driven by a reevaluation of career value, particularly due to a lack of IPO projects and declining project fees, leading to a perception of reduced value in the investment banking role [4][5]. - The industry is experiencing a paradox of simultaneous layoffs and recruitment, indicating a mismatch in the skills required and available talent [2][4]. Group 2: Industry Adjustments and Opportunities - Despite challenges in traditional IPO business, areas such as mergers and acquisitions, Hong Kong listings, and refinancing remain active, prompting firms to adapt their services [7][10]. - Some brokerages are focusing on niche markets and regional strengths to differentiate themselves, with a notable emphasis on sectors like aerospace and robotics [8][10]. - The application of digital tools and AI is reshaping the work processes in investment banking, necessitating a workforce that can leverage these technologies effectively [9][10]. Group 3: Market Performance and Future Outlook - The net income of listed brokerages' investment banking divisions reached 25.2 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 23.46% [10]. - The market share of the top five investment banking firms increased to 52%, indicating a growing disparity between leading and smaller firms [10][11]. - The future landscape of investment banking is expected to be characterized by a concentration of top firms and a focus on regional specialties, with firms needing to explore differentiated and specialized development paths [11].

来源：长安街知事、 中国足球协会网站 12月28日， 中国足球协会网站发布消息， 中国足球协会设立纪律与道德委员会，徐家力担任委员 会主任。 中国足球协会原纪律委员会、原道德与公平竞赛委员会现已终止，不再行使职权。 公开资料显示， 徐家力，中国政法大学法学博士，自2009年起参与中国足协纪律委员会改革， 2023年 当选为中国足球协会第十二届执行委员会委员。 徐家力 资料图 经中国足球协会执委会审议通过， 中国足球协会设立纪律与道德委员会 ，行使中国足球协会原纪 律委员会、原道德与公平竞赛委员会的相关职权。 徐家力担任本届纪律与道德委员会主任。 纪律与道德委员会依据《中国足球协会章程》以及国际足联、亚足联、中国足协有关规定开展工 作。 ...

【导读】财政部：继续安排资金支持消费品以旧换新 中国基金报记者 晨曦综合整理 事关2026年财政工作，重磅会议来了！ 12月27日至28日，全国财政工作会议在北京召开。会议总结2025年财政工作，布置2026年 重点任务。财政部党组书记、部长蓝佛安作工作报告。 ● 明年将扩大财政支出盘子 ● 明年财政将促进居民就业增收 蓝佛安表示，将进一步强化保基本、兜底线，切实加强民生保障。明年将促进居民就业增 收：统筹就业补助资金、失业保险基金等各类资金，引导支持企业稳岗扩岗、重点群体就业 创业等；积极发挥税收、社会保障、转移支付等调节作用，多渠道增加居民收入。 ● 将推动相关公共服务随人走、可携带 蓝佛安称，明年将完善财政转移支付分配机制，推动相关公共服务随人走、可携带，重点解 决农业转移人口子女教育、社会保险等问题。 蓝佛安表示，明年将继续实施更加积极的财政政策。"更加积极"既体现在资金规模上，更体 现在提高资金使用效益上。其中，明年将扩大财政支出盘子，确保必要支出力度；优化政府 工具组合，更好发挥债券效益。 图片来源：财政部官网 ● 继续安排资金支持消费品以旧换新 蓝佛安称，明年财政将大力提振消费。深入实施提振消费 ...

【导读】基金经理解读金银市场投资机会 中国基金报记者 方丽 孙晓辉 近期，国际金银市场迎来"史诗级狂欢"。 截至12月24日，伦敦现货黄金价格首次突破4500美元/盎司关口，最高触及4531美元；现货白银价格更是强势冲高至75.5美元/盎司，年 内涨幅分别超70%和近150%，大幅跑赢全球多数资产类别。 其中， 2025年的 伦敦金价累计涨幅 已 创下1990年以来的最佳年度表现。 在本轮金银牛市行情中，主要驱动因素有哪些？短期因素与长期逻辑如何共振？经历整年上涨行情后，后市空间如何？普通投资者如何合 理配置贵金属资产？ 为此，中国基金报记者采访了： 博时黄金ETF基金经理 王祥 多重利好因素形成合力 共同驱动金银大牛行情 中国基金报记者： 近期黄金价格持续上涨并创历史新高，您认为主要驱动因素是什么？ 汇添富黄金及贵金属基金经理 过蓓蓓 中信保诚中证800有色指数基金经理 黄稚 前海开源黄金ETF基金经理 梁溥森 受访基金经理认为， 本轮贵金属行情是"短期催化"与"长期逻辑"共振的结果。黄金价格持续攀升并刷新历史纪录，核心推手为美联储降息 周期的持续推进 ，以及 全球避险情绪的升温 ； 白银的行情则来自"贵金 ...

Core Viewpoint - The article emphasizes the rapid digital transformation and AI integration within the securities industry, highlighting the need for compliance amidst increasing regulatory scrutiny and the importance of balancing technology investment with governance [2][4]. Group 1: Digital Transformation and Investment - The securities industry has significantly increased its focus on information technology, with 44 firms reporting a total IT investment of 28.11 billion yuan in 2023, where 14 firms invested over 1 billion yuan, accounting for 70.46% of total investments [4]. - In 2024, a growth trend in IT investment is expected, with 30 firms planning to increase their spending, shifting focus from quantity to quality in technology investments [4]. - The introduction of domestic AI models like DeepSeek has accelerated the localization of AI deployment, with firms exploring AI applications across various business scenarios [4]. Group 2: Role of Chief Information Officer (CIO) - The role of the Chief Information Officer (CIO) has become increasingly critical, with over 10 firms appointing new CIOs who possess strong backgrounds in both IT and securities management, reflecting a commitment to digital transformation [5]. - CIOs are seen as key figures in steering digital transformation, responsible for coordinating IT strategy, governance, and risk management within firms [5]. Group 3: Regulatory Environment and Compliance - The regulatory landscape has tightened, with multiple firms receiving penalties for inadequate IT risk management, emphasizing the importance of system security and compliance [8][9]. - Regulatory focus includes zero tolerance for system failures affecting investor rights, strict measures against IT-related misconduct, and accountability extending to individual CIOs [9]. - The need for enhanced compliance management is underscored, with firms required to adapt to regulatory demands and improve their governance capabilities [12]. Group 4: IT Governance and Risk Management - Firms are urged to enhance their IT governance capabilities by establishing comprehensive systems and adhering to regulations to mitigate risks associated with information technology [12]. - Continuous improvement in IT service continuity and proactive defense against information security risks are essential for maintaining operational integrity [12]. - A robust framework for IT personnel conduct and compliance is necessary to prevent conflicts of interest and ensure ethical behavior within the industry [12].

Core Viewpoint - The article emphasizes the emergence of a new partnership between China and Africa, focusing on green mining and industrial cooperation, as highlighted by the G20 summit in Johannesburg, which aims to transform mineral resources from a source of conflict into a catalyst for development [2]. Group 1: From "Resource Export" to "Industry Rooting" - Africa holds 30% of the world's mineral reserves but has long been trapped in the "resource curse," making the transformation of resources into sustainable industrial capabilities crucial [4]. - The new global energy transition and industrial chain restructuring present historic opportunities for Africa, while also raising expectations for Chinese mining companies [4]. - The "China Action" under the G20 initiative emphasizes supporting African manufacturing and creating local brands, with Chinese mining companies extending their operations beyond extraction to downstream processing [4]. - Examples include Pengxin Resources in South Africa, which is enhancing local processing capabilities, and Congolese mining companies planning local smelting capacities to retain value within Africa [4]. Group 2: "Coexistence" and "Win-Win" - Mining investments are capital-intensive and long-term, requiring collaboration to address systemic challenges such as infrastructure and community relations [7]. - Chinese mining companies in Africa are adopting a "co-opetition" model, learning from peers and collaborating with Western mining giants to enhance practices in exploration and environmental standards [7]. - The "Green Mineral International Trade Cooperation Initiative" promotes multilateral cooperation, paving the way for joint development of large-scale green mining projects [7]. Group 3: New Chapters Across Mountains and Seas - The article illustrates the collaborative efforts between Chinese managers and local miners, highlighting a shift from resource competition to empowerment and sustainability [10]. - The narrative emphasizes that true globalization involves deep-rooted partnerships rather than mere expansion, with the most valuable investments being those that cultivate local capabilities [10]. - The cooperation between China and Africa is portrayed as a significant step towards modernization and addressing global challenges, with a focus on shared futures and community well-being [10].