外汇储备创近10年新高，近千名基金经理面临降薪

Group 1: Economic Policy and Trade - The Central Political Bureau meeting emphasized a stable yet progressive economic policy for 2026, focusing on quality improvement and efficiency, with a strong domestic market and innovation-driven growth [2][3] - China's trade surplus exceeded $1 trillion for the first time this year, with exports increasing by 5.9% year-on-year in November, while imports grew by 1.9% [4] - The trade relationship with the U.S. showed a decline in exports, down 16.9%, while exports to Africa saw significant growth, indicating a shift in trade dynamics [4][5] Group 2: Foreign Exchange and Gold Reserves - China's foreign exchange reserves reached $33,464 billion, the highest in nearly a decade, with a slight increase of $30 billion from the previous month [6] - The gold reserves also increased, with a total of 7.412 million ounces, reflecting a trend of gradual accumulation despite low growth rates [6] Group 3: Corporate Developments - Baidu is evaluating the potential spin-off and independent listing of its subsidiary Kunlun Chip, which has a valuation of approximately $13 billion [8][9] - The company aims to optimize its asset structure and reduce capital expenditure pressures while focusing on AI business development [9] Group 4: Industry Trends - The high-end liquor market, particularly for Wuliangye, is experiencing pressure with reports of price adjustments due to market conditions, although the company maintains that its factory price remains unchanged [10][11] - The media industry is witnessing significant consolidation, with Netflix planning to acquire Warner Bros. for $82.7 billion, which may reshape content distribution strategies [12][13] Group 5: Fund Management Changes - The China Securities Investment Fund Association has revised performance assessment guidelines, linking fund manager compensation directly to performance, which may accelerate industry restructuring [14][15]