Core Viewpoint - The U.S. Southern Command reported a military strike on December 29, resulting in the death of two individuals identified as "drug-trafficker-terrorists" in international waters [1] Summary by Relevant Sections - **Military Action** - The U.S. military conducted a lethal strike against a vessel in international waters, targeting individuals involved in drug trafficking [1] - **Target Identification** - The individuals killed were described as "drug-trafficker-terrorists," indicating a dual threat of drug smuggling and terrorism [1] - **Operational Context** - The vessel was reportedly navigating a known drug smuggling route in the Eastern Pacific, highlighting ongoing issues related to drug trafficking in the region [1] - **Casualties** - There were no reported casualties among U.S. military personnel during this operation [1]

目前，事故发生原因尚未公布。救援机构和哥海军已展开搜救行动，有关部门正在对此次沉船事故展开 调查，不排除超载、机械故障或恶劣天气等因素。（总台记者 邓雪梅） 总台记者获悉，当地时间28日，哥伦比亚一艘船只在考卡山谷省附近太平洋水域航行时沉没，造成4人 死亡，其中包括两名未成年人。 据悉，这艘载有约40名乘客的船只从考卡山谷省的布埃纳文图拉出发，目的地是廷比基，在距离廷比基 15海里处发生事故并沉没。 ...

Core Viewpoint - The development of the San Diao Ao area in Ningde has transformed it from an underdeveloped coastline into a thriving modern port city, driven by strategic initiatives to integrate port, industry, and urban development [2][15]. Group 1: Port Development - The San Diao Ao port is recognized as a unique natural deep-water harbor, with main channel depths ranging from 30 to 115 meters, allowing for the docking of large vessels at any tide level [4][9]. - The port has seen significant growth, with cargo throughput increasing from 5 million tons 20 years ago to 85.24 million tons in the first ten months of this year, representing a year-on-year growth of 28.1% [7][12]. - By the end of the year, Ningde is expected to become the fourth city in Fujian Province to have a port with an annual throughput exceeding 100 million tons, enhancing its global market connectivity [9][12]. Group 2: Industrial Development - Ningde has successfully developed four leading industrial clusters: lithium battery new energy, new energy vehicles, stainless steel new materials, and copper materials, leveraging the port for efficient logistics [10][12]. - The proximity of production facilities to the port has reduced logistics costs by over 30%, significantly benefiting companies like Zhongtong Southeast Copper Industry [12][13]. - The integration of port and industry has fostered a "port + manufacturing" development model, enhancing the competitiveness of Ningde's industries on a global scale [13][14]. Group 3: Urban Development - The urban development in Ningde has evolved from a fishing village to a modern city with comprehensive facilities, improving the quality of life for residents and attracting talent [14][15]. - The city's planning has expanded significantly, with the built-up area increasing from 23.39 square kilometers to 47.78 square kilometers, and the resident population growing from 430,000 to 654,000 [15][17]. - Future plans include the construction of a world-class lithium battery new materials industry cluster and a competitive new energy vehicle industry base, further enhancing Ningde's urban and economic landscape [15][17].

二、中国太平洋财产保险股份有限公司茂名市化州支公司应按照有关规定及时办理变更及许可证换领事 宜。 2025年12月22日，国家金融监督管理总局茂名监管分局发布批复称，《关于中国太平洋财产保险股份有 限公司茂名市化州支公司平定营销服务部变更地址的请示》(粤太保产〔2025〕177号)收悉。经审核， 现批复如下： 一、同意中国太平洋财产保险股份有限公司茂名市化州支公司平定营销服务部将营业场所变更为：广东 省茂名市高新区市民片区市民大道89号大院51号首层17号房。 ...

Quantitative Models and Construction Methods 1. Model Name: Industry Crowding Monitoring Model - **Model Construction Idea**: This model is designed to monitor the crowding levels of industries on a daily basis, using the Shenwan First-Level Industry Index as the benchmark[3] - **Model Construction Process**: The model calculates the crowding levels of various industries based on daily data. It identifies industries with high crowding levels (e.g., military and building materials) and low crowding levels (e.g., banking, computing, and media). The model also tracks changes in crowding levels over time to highlight significant variations, such as the large changes observed in the building decoration and real estate sectors[3] - **Model Evaluation**: The model provides actionable insights into industry crowding trends, helping investors identify potential opportunities and risks in specific sectors[3] 2. Model Name: Premium Rate Z-Score Model - **Model Construction Idea**: This model is used to identify potential arbitrage opportunities in ETF products by calculating the Z-score of premium rates[4] - **Model Construction Process**: The model employs a rolling calculation of the Z-score for the premium rates of ETF products. The Z-score is used to determine whether an ETF is overvalued or undervalued relative to its historical premium rate distribution. This helps in identifying ETFs with potential arbitrage opportunities while also warning of potential pullback risks[4] - **Model Evaluation**: The model is effective in screening ETF products for arbitrage opportunities and provides a systematic approach to risk management[4] --- Model Backtesting Results 1. Industry Crowding Monitoring Model - **Key Observations**: - High crowding levels were observed in the military and building materials industries, while banking, computing, and media showed low crowding levels[3] - Significant changes in crowding levels were noted in the building decoration and real estate sectors[3] 2. Premium Rate Z-Score Model - **Key Observations**: - The model identified ETFs with potential arbitrage opportunities based on their premium rate Z-scores, though specific numerical results were not disclosed in the report[4] --- Quantitative Factors and Construction Methods No specific quantitative factors were explicitly mentioned in the report. --- Factor Backtesting Results No specific factor backtesting results were explicitly mentioned in the report. --- Additional Notes - The report primarily focuses on the construction and application of quantitative models for industry crowding monitoring and ETF product screening. It does not delve into individual quantitative factors or their backtesting results. - The models provide valuable insights for identifying market trends and potential investment opportunities, but specific numerical backtesting metrics (e.g., IR or Sharpe ratios) were not provided.

Core Viewpoint - Amorepacific Group is implementing a voluntary retirement program to address the rapidly changing domestic and international business environment, marking the first such initiative since the pandemic-induced performance decline in December 2020 [1] Group 1: Voluntary Retirement Program - The voluntary retirement program targets employees with over 15 years of service in functional and offline sales departments, or those aged 45 and above who joined the company later [3] - The compensation for employees with over 20 years of service is equivalent to 42 months of basic salary, while those with 15 to 20 years of service and employees aged 45 and above will receive compensation calculated at 2 months of basic salary for each year worked [3] - In addition to compensation, the company will provide support services, including comprehensive health check benefits for departing employees and their spouses for two years post-retirement [3] Group 2: Financial Performance - Despite the challenges reflected in the voluntary retirement plan, Amorepacific Group reported growth in its third-quarter performance, achieving sales of 1.02 trillion KRW, a year-on-year increase of 4.1% [3] - The operating profit for the third quarter reached 919 billion KRW, representing a significant year-on-year growth of 41% [3]

Market Performance - The equity market saw most sectors rise, with the Shanghai Composite Index and Shenzhen Composite Index increasing by 0.53% and 1.04% respectively, while the CSI 300 and CSI 500 rose by 0.29% and 1.31% [1] Individual Stock Performance - The top five gainers in the real estate sector were Hualian Holdings, Daming City, Rongfeng Holdings, Sunshine Co., and Jingji Zhino, with increases of 9.95%, 5.78%, 4.97%, 4.90%, and 4.49% respectively [2] - The largest decliners included Zhongtian Service, Sanxiang Impression, Shilianhang, Beichen Real Estate, and Xindazheng, with decreases of -3.06%, -2.05%, -1.93%, -1.66%, and -1.26% respectively [2] Industry News - Chengdu successfully sold 7 residential land parcels, generating revenue of 1.494 billion yuan. The total land area was 193,000 square meters, with a planned construction area of 303,400 square meters [3] - Zhengzhou successfully auctioned 3 residential land parcels for a total price of 1.025 billion yuan, with the most notable parcel sold at a floor price of 7,320 yuan per square meter, achieving a premium of 22.4% [3] Housing Policy Adjustments - Beijing has optimized housing purchase restrictions, reducing the social security or tax payment duration for non-Beijing households from 3 years to 2 years for properties within the Fifth Ring Road, and from 2 years to 1 year for properties outside [4] - The policy supports multi-child families, allowing them to purchase additional properties under certain conditions [4] - The minimum down payment for second-home loans using public housing funds has been adjusted from 30% to 25% [5]

- The industry crowding monitoring model was constructed to monitor the crowding level of Shenwan primary industry indices daily. The model identifies industries with high crowding levels, such as military, non-ferrous metals, and building materials, while industries like banking, computers, and media exhibit lower crowding levels. The model also tracks changes in crowding levels, highlighting significant variations in sectors like home appliances and environmental protection[3] - The Z-score premium rate model was developed to screen ETF products for potential arbitrage opportunities. This model uses rolling calculations to identify ETFs with significant deviations from their intrinsic value, providing signals for potential investment opportunities while warning of possible risks of price corrections[4] - The Z-score premium rate model's construction process involves calculating the Z-score of the premium rate for each ETF product. The formula for Z-score is: $ Z = \frac{(P - \mu)}{\sigma} $ where $ P $ represents the premium rate, $ \mu $ is the mean premium rate, and $ \sigma $ is the standard deviation of the premium rate. This calculation helps identify ETFs with significant deviations from their average premium rate[4] - The Z-score premium rate model is evaluated as a useful tool for identifying arbitrage opportunities in ETF products, but it requires caution due to potential risks associated with price corrections[4] - The industry crowding monitoring model is considered effective for tracking daily crowding levels and identifying significant changes in industry crowding dynamics, aiding in investment decision-making[3] - The Z-score premium rate model's testing results are not explicitly provided in the report[4]

Group 1 - The core viewpoint of the article highlights the successful bid by Shenzhen Metro Group and Pacific Construction Group for the Hanoi Metro Line 5 project in Vietnam [1] - The project involves multiple core tasks undertaken by three subsidiaries of Shenzhen Metro Group, including planning design, equipment technical service coordination, and operational training [1] - The total service contract amount for this project is 886 million RMB [1]

二、中国太平洋财产保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 一、同意中国太平洋财产保险股份有限公司韶关市始兴支公司将营业场所变更为：广东省韶关市始兴县 太平镇永安大道东13号2幢3-5号。 2025年12月22日，国家金融监督管理总局韶关监管分局发布批复称，《关于中国太平洋财产保险股份有 限公司韶关市始兴支公司变更地址的请示》(粤太保产〔2025〕179号)收悉。经审核，现批复如下： ...