Group 1 - The revised Public Security Administration Punishment Law will take effect on January 1, 2026, and has garnered significant attention from media and the public regarding Article 136 [4][5] - The law's revision process included public consultations during its initial and second readings in August 2023 and June 2024, respectively, with specific provisions for sealing records of minor offenders [5][6] Group 2 - The law's provisions for sealing public security violation records apply to minors, covering various types of violations [5] - The law aims to address public concerns and clarify the implications of sealing records for individuals involved in minor offenses [4][5] Group 3 - The law's revisions reflect a broader trend in legal reforms aimed at balancing public safety with the rehabilitation of young offenders [5][6] - The law's implementation is expected to influence public perception and legal practices surrounding juvenile offenses in China [4][5]

Group 1 - The revised Public Security Administration Punishment Law will take effect on January 1, 2026, with a focus on sealing records of minor offenses, particularly for minors [2][3] - The law aims to prevent the lifelong consequences of a single punishment, providing a framework for sealing minor offense records, which will still be recorded but not publicly accessible [4][5] - The law clarifies the relationship between the Public Security Administration Punishment Law and the Criminal Law, stating that criminal acts must be prosecuted under criminal law, while non-criminal acts are subject to administrative penalties [6][7] Group 2 - The sealing of drug-related records is included in the law, emphasizing that drug use is treated as a violation rather than a crime, with a strong focus on rehabilitation and prevention of drug abuse [8][9] - The government has established a comprehensive system for drug rehabilitation, including voluntary and mandatory rehabilitation measures, and emphasizes the importance of confidentiality regarding the personal information of drug users [9][10] Group 3 - The law has received no objections since its announcement on June 27, 2025, indicating broad acceptance and support from the public [3][4] - The law's provisions are designed to ensure that all citizens are treated equally under the law, reinforcing the principle of equality before the law [2][5]

【头条要闻】 央行：要继续实施适度宽松的货币政策，加大逆周期和跨周期调节力度 据央行网站24日消息，中国人民银行货币政策委员会2025年第四季度（总第111次）例会于12月18日召 开。 再提"维护资本市场稳定"！央行召开重要会议 对于资本市场，会议继续建议"维护资本市场稳定"，提出用好证券、基金、保险公司互换便利和股票回 购增持再贷款，探索常态化的制度安排。 会议未对房地产市场提出建议，但继续提出要引导大型银行发挥金融服务实体经济主力军作用，推动中 小银行聚焦主责主业，增强银行资本实力，共同维护金融市场的稳定发展。 12月份MLF延续净投放 分析称不排除一季度实施降准的可能 12月24日，中国人民银行发布2025年12月份中期借贷便利（MLF）招标公告显示，为保持银行体系流 动性充裕，12月25日，中国人民银行将以固定数量、利率招标、多重价位中标方式开展4000亿元MLF 操作，期限为1年期。 Wind资讯数据显示，12月份有3000亿元MLF到期，因此中国人民银行开展4000亿元MLF操作后，将实 现净投放1000亿元，这也是中国人民银行连续第10个月加量续做MLF。此外，中国人民银行本月还通 过买断式逆 ...

Core Viewpoint - Oriental Selection has appointed a new CEO, Sun Jin, following the departure of former CEO Sun Dongxu, indicating a significant leadership change within the company [1] Group 1: Leadership Changes - Sun Jin, previously the Vice President of New Oriental Education Technology Group and Principal of the Guangzhou School, will take over as the Executive President of Oriental Selection [1] - The leadership transition comes after a period of instability, including the departure of notable figures such as Dong Yuhui and Sun Dongxu [1] Group 2: Stock Performance - On December 24, Oriental Selection's stock price increased by 0.67%, closing at 18.07 HKD, which represents a 0.5% decline from the beginning of the year [1] - The stock exhibited extreme volatility in 2025, with a maximum fluctuation of over 430%, peaking at 53.70 HKD on August 19 and dropping to a low of 10.12 HKD on April 7 [1] - The market's reaction to the company's transition away from a "主播化" (anchor-based) model has led to significant emotional trading and divergent opinions among investors [1] Group 3: Market Reactions to Leadership Departures - The stock price fell by 23% following Dong Yuhui's announcement of his departure on July 25, 2024, resulting in a market value loss of approximately 3 billion HKD [1] - In contrast, the stock dropped by only 6.53% after the announcement of Sun Dongxu's departure on November 6, 2024, indicating a reduced market reaction compared to previous leadership changes [1]

Group 1 - The U.S. stock market indices collectively rose, with the Dow Jones increasing by 0.6%, the S&P 500 by 0.32%, and the Nasdaq by 0.22%, marking a five-day consecutive gain for all three indices [5] - Major technology stocks showed mixed performance, with Apple, Microsoft, Netflix, Amazon, and Meta slightly up, while Google, Nvidia, Tesla, and Intel experienced slight declines [5] - The Nasdaq Golden Dragon China Index fell by 0.07%, with mixed results for Chinese concept stocks; Zhihu rose nearly 2%, while Pinduoduo and Yum China increased over 1%, and Kingsoft Cloud and iQIYI dropped over 1% [5] Group 2 - The People's Bank of China announced a 400 billion yuan MLF operation to maintain liquidity in the banking system, with a one-year term set for December 25 [13] - The central bank also conducted a 260 billion yuan reverse repurchase operation with a rate of 1.4%, resulting in a net withdrawal of 208 billion yuan due to the maturity of 468 billion yuan in reverse repos [13] Group 3 - The Chinese government released the "Encouragement Directory for Foreign Investment Industries (2025 Edition)," effective from February 1, 2026, aimed at attracting foreign investment in advanced manufacturing, modern services, high-tech, and energy-saving sectors [10] - The directory is part of a broader strategy to guide foreign investment towards the central and western regions of China [10] Group 4 - Beijing announced adjustments to its housing purchase policies, allowing non-local families to buy homes in the city under new conditions related to social insurance or income tax payments [15] - The new policy aims to facilitate home purchases for families with multiple children, allowing them to buy an additional property within the city limits [15] Group 5 - Ningde Times' lithium mine in Yichun is expected to resume production around the Spring Festival, which is significant for securing lithium resource supply for the battery industry and the new energy vehicle sector [21] - The mine had been suspended since August due to the expiration of its mining license [21] Group 6 - BYD and Volcano Engine announced a deep collaboration in the smart cockpit sector, integrating large models into BYD's DiLink system across multiple vehicle brands [22] - This partnership is expected to enhance user experience and product competitiveness in the automotive market [22] Group 7 - Chang'an Automobile refuted claims of significant asset loss due to alleged improper auctioning of scrap materials, stating that the information circulating online is false and has negatively impacted the company's reputation [24] - The company plans to take legal action against those spreading false information [24] Group 8 - The University of Tsinghua issued a statement addressing the spread of false enrollment information by unauthorized entities, emphasizing that all official admissions information will be published through their official channels [26] - This move aims to protect the university's reputation and ensure the integrity of the admissions process [26] Group 9 - Lynk & Co addressed concerns regarding water leakage in the trunk of the 10EM-P model, stating that the issue is rare and occurs only under specific conditions, assuring customers that it does not affect vehicle safety [28] - The company is implementing additional services to alleviate customer concerns [28] Group 10 - Youbixuan announced plans to acquire a controlling stake in Fenglong Co., a listed company, for approximately 1.665 billion yuan, marking a significant move in the humanoid robot sector [32] - This acquisition is expected to strengthen Youbixuan's position in the smart manufacturing industry [32]

Group 1 - The U.S. stock market indices collectively rose, with the Dow Jones increasing by 0.6%, the S&P 500 by 0.32%, and the Nasdaq by 0.22%, marking five consecutive days of gains and setting historical closing highs for the Dow and S&P 500 [4] - Major technology stocks showed mixed performance, with Apple, Microsoft, Netflix, Amazon, and Meta slightly up, while Google, Nvidia, Tesla, and Intel experienced slight declines [4] - The Nasdaq Golden Dragon China Index fell by 0.07%, with mixed results for Chinese concept stocks; Zhihu rose nearly 2%, while Pinduoduo and Yum China increased over 1%, and Kingsoft Cloud and iQIYI dropped over 1% [4] Group 2 - International oil prices showed mixed results, with West Texas Intermediate (WTI) crude oil rising by 0.03% to $58.4 per barrel, while Brent crude oil fell by 0.05% to $61.84 per barrel [5] - International gold prices slightly adjusted, with spot gold down by 0.01% to $4479.39 per ounce, and COMEX gold futures also down by 0.01% to $4505.4 per ounce [6] - Spot silver increased by 0.5% to $71.81 per ounce, while COMEX silver futures rose by 1.04% to $71.875 per ounce, continuing to set historical highs [7] Group 3 - The People's Bank of China announced a 400 billion yuan MLF operation to maintain liquidity in the banking system, with a one-year term set for December 25, 2025 [12] - The central bank also conducted a 260 billion yuan 7-day reverse repurchase operation at an interest rate of 1.4%, with a net withdrawal of 208 billion yuan due to the maturity of 468 billion yuan in reverse repos [12] Group 4 - The Chinese government released the "Encouragement Directory for Foreign Investment Industries (2025 Edition)," effective from February 1, 2026, aimed at attracting foreign investment in advanced manufacturing, modern services, high-tech, and energy-saving sectors [10][11] - The directory is part of a broader strategy to guide foreign investment towards the central and western regions of China [10] Group 5 - Ningde Times' Yichun lithium mine is expected to resume production around the Spring Festival, following a pause due to the expiration of its mining license in August [20] - The resumption of the lithium mine is significant for securing lithium resource supply, impacting the battery industry and the new energy vehicle supply chain [20] Group 6 - BYD and Volcano Engine announced a deep cooperation in the smart cockpit field, integrating a large model into BYD's DiLink system, covering all current models across five brands [21] - This collaboration is expected to enhance user experience and product competitiveness in the automotive sector [21] Group 7 - Chang'an Automobile responded to rumors regarding the loss of state assets due to the auction of scrap iron, stating that the information is false and has negatively impacted the company's reputation [22] - The company plans to take legal action against those spreading false information to protect its interests [22] Group 8 - Tsinghua University issued a statement addressing the spread of false enrollment information by unauthorized entities, emphasizing that all admissions policies are based on official announcements [24] - This move aims to maintain the university's reputation and ensure compliance in the admissions process [24]

公开信息显示，孙进2006年加入新东方，深耕出国考试培训与学校管理，教学与运营经验丰富。 此前，东方甄选前执行董事、CEO孙东旭因"小作文"风波被免职，董事长俞敏洪兼任东方甄选CEO。今 年11月6日，俞敏洪在个人社交平台发文确认孙东旭离职。 （文章来源：新京报） 新京报贝壳财经讯（记者丁爽）12月24日，有消息称，新东方教育科技集团副总裁、广州学校校长孙进 将担任东方甄选执行总裁。对此，东方甄选方面对记者称，"孙进老师担任东方甄选执行总裁消息属 实。" ...

Group 1 - The new CEO of Dongfang Zhenxuan is expected to be Sun Jin, who is currently the Vice President of New Oriental Education Technology Group and Principal of the Guangzhou School [5] - Sun Jin has nearly 20 years of experience in the industry, having joined New Oriental in 2006 and specializing in overseas examination training and school management [5] - The transition follows the departure of former CEO Sun Dongxu, who was removed from his position due to management issues related to a dispute with a prominent host [5] Group 2 - The interim leadership of Dongfang Zhenxuan was held by Yu Minhong, the Chairman of New Oriental Group, during the search for a new CEO [5] - Yu Minhong expressed the intention to find a successor from within the ranks of New Oriental and Dongfang Zhenxuan, emphasizing the need for a candidate without personal connections [5] - The announcement of the new CEO is anticipated to be made soon, marking a significant leadership change for the company [5]

Group 1 - The new CEO of Oriental Selection is Sun Jin, who has been with New Oriental Education Technology Group for 19 years and was previously the principal of the Guangzhou school [1] - The appointment of Sun Jin was confirmed by New Oriental's founder, Yu Minhong, and an official announcement will be made soon [1] - On December 24, Oriental Selection's stock price increased by 0.67% to close at HKD 18.07, reflecting a 0.5% decline since the beginning of the year [1] Group 2 - Following the departure of Dong Yuhui in July 2024, Oriental Selection's stock plummeted by 23%, resulting in a market value loss of approximately HKD 3 billion [2] - The financial report for 2025 indicates a 32.7% decline in net revenue from continuing operations, dropping from RMB 6.5 billion in 2024 to RMB 4.4 billion in 2025, primarily due to the sale of the "Yuhui Tongxing" business [2] - The net profit for continuing operations in 2025 was RMB 6.2 million, a significant decrease of 97.5% compared to RMB 249 million in 2024, attributed to the sale of "Yuhui Tongxing" [2]

Macroeconomic Dynamics - The People's Bank of China will conduct a 400 billion MLF operation with a one-year term to maintain ample liquidity in the banking system [2] - The National Energy Administration reported that the total electricity consumption in November increased by 6.2% year-on-year, reaching 8,356 billion kilowatt-hours [7] Regulatory Actions - Multiple departments, including the State Administration for Market Regulation, issued a plan to enhance product quality management on online trading platforms, emphasizing the need for compliance and risk management [5] - Eight departments, including the People's Bank of China, are supporting the exploration of cross-border digital RMB payment pilot programs with Singapore [6] Market Data - On December 24, A-shares saw collective gains, with the Shanghai Composite Index rising by 0.53% and the Shenzhen Component Index increasing by 0.88% [9] - The financing balance in the two markets increased by 147.95 billion, with the Shanghai Stock Exchange reporting a balance of 12,712.02 billion and the Shenzhen Stock Exchange at 12,355.06 billion [11] Company Developments - Xinhua Insurance announced the election of Yang Yu as the chairman of the board [8] - Dongfang Zhenxuan confirmed that Sun Jin, the vice president of New Oriental, will serve as the executive president [12] - Victory Energy reported a cumulative stock price increase of 135.86% over nine consecutive trading days, indicating potential abnormal trading behavior [13] - JD.com stated that its warehouse in Paris has resumed normal operations following a theft incident, clarifying discrepancies in reported loss data [15]