1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Through macro - fundamental and technical analysis, the report predicts the trend of various futures on December 8, 2025, including股指期货,国债 futures, precious metal futures, base metal futures, and agricultural and energy futures [1][2]. - It also provides an outlook for the trend of the main continuous contracts of various futures in December 2025 [56][61][65]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - From January to November, the cumulative trading volume of the national futures market was 8.117 billion lots, and the cumulative trading volume was 675.45 trillion yuan, with year - on - year increases of 14.74% and 20.19% respectively. As of now, there are 164 listed futures and options varieties in China [18]. 3.2 Macro News - Multiple domestic and international macro - events are reported, such as French President Macron's state visit to China, relevant meetings of the State Council, and international economic and trade dialogues. These events may have an impact on the futures market [9]. - The latest inflation data in the United States provides a basis for the Fed to cut interest rates in December, which may affect the global financial and futures markets [16]. 3.3 Futures Market Analysis and Outlook 3.3.1 Stock Index Futures - On December 5, 2025, the main contracts of stock index futures (IF2512, IH2512, IC2512, IM2512) showed a trend of opening slightly lower, rising after falling, and closing higher. They are expected to be strong and fluctuate on December 8, 2025 [23][24][25][31]. - The main contracts of stock index futures in December 2025 are expected to fluctuate widely [30]. 3.3.2 Treasury Bond Futures - On December 5, 2025, the main contract of ten - year treasury bond futures (T2603) opened slightly higher, fluctuated strongly, and closed higher. It is expected to fluctuate widely on December 8, 2025 [49][51]. - The main contract of thirty - year treasury bond futures (TL2603) opened slightly higher, fluctuated slightly strongly, and closed higher on December 5, 2025. It is expected to fluctuate weakly and widely on December 8, 2025 [52][55]. 3.3.3 Precious Metal Futures - The main contract of gold futures (AU2602) opened slightly higher, fluctuated upwards, and closed higher on December 5, 2025. It is expected to fluctuate and consolidate on December 8, 2025. The main continuous contract of gold futures in December 2025 is expected to fluctuate strongly and widely [55][56]. - The main contract of silver futures (AG2602) opened with a small gap, fluctuated strongly, and closed higher on December 5, 2025. It is expected to fluctuate strongly and reach a new high on December 8, 2025. The main continuous contract of silver futures in December 2025 is expected to fluctuate strongly and reach a new high [60][61]. 3.3.4 Base Metal Futures - The main contract of copper futures (CU2601) opened slightly lower, fluctuated strongly, and closed higher on December 5, 2025, reaching a new high. It is expected to fluctuate and consolidate on December 8, 2025. The main continuous contract of copper futures in December 2025 is expected to fluctuate strongly and widely and reach a new high [64][65]. - The main contract of aluminum futures (AL2601) opened slightly lower, fluctuated upwards, and closed higher on December 5, 2025. It is expected to fluctuate weakly on December 8, 2025. The main continuous contract of aluminum futures in December 2025 is expected to fluctuate strongly [71][72]. - Other base metal futures, such as zinc, nickel, tin, etc., also have their own trends on December 5, 2025, and corresponding forecasts for December 8, 2025 and December 2025 [81][85][89]. 3.3.5 Agricultural and Energy Futures - Various agricultural futures, such as soybean meal, corn, palm oil, etc., and energy futures, such as crude oil, PTA, etc., have their own trends on December 5, 2025, and corresponding forecasts for December 8, 2025 and December 2025 [141][144][128].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft of the "Regulations on the Supervision and Administration of Listed Companies" for public consultation, marking the introduction of the first dedicated regulatory framework for listed companies in China's capital market, aimed at enhancing legal governance and improving the quality of listed companies [1] Group 1: Company Governance - The draft consists of eight chapters and seventy-four articles, focusing on five core areas: improving corporate governance requirements, strengthening information disclosure regulation, standardizing mergers and acquisitions, enhancing investor protection, and cracking down on illegal activities [2] - A new requirement mandates that listed companies establish an audit committee within their board, with a majority of independent directors and the chair being a professional accountant, to oversee financial disclosures and internal controls [2] - Independent directors must constitute at least one-third of the board and include at least one accounting professional to monitor potential conflicts of interest and protect minority shareholders [2] Group 2: Financial Fraud Prevention - The draft establishes a comprehensive mechanism for preventing and controlling financial fraud, emphasizing a "prevention and control, full-process management" approach [4] - It strengthens the responsibilities of the audit committee, requiring financial reports to be approved by a majority of its members before being submitted to the board [5] - A mechanism for recovering profits obtained through fraudulent financial reports is introduced, holding boards accountable for excessive profits distributed based on false reports [5] - Penalties for companies and third parties involved in creating false financial statements include fines ranging from 1 million to 10 million yuan, with severe penalties for securities service institutions failing to fulfill their duties [5][6] Group 3: Investor Protection - The draft outlines clear requirements for market value management, cash dividends, and share buybacks, aiming to enhance investor returns and protect their interests during voluntary delistings [7] - Companies must prioritize cash dividends over stock dividends in their articles of association and establish reasonable and stable cash dividend policies based on their financial conditions [7] - The draft also mandates that companies clarify the conditions and procedures for share buybacks and provide cash options for dissenting shareholders during voluntary delistings [7] Group 4: Mergers and Acquisitions Regulation - The draft specifies regulations for acquisition behaviors, detailing definitions, qualifications, and disclosure standards to reduce market disputes and stabilize expectations [8] - It clarifies the definitions and requirements for significant asset restructuring and the independent listing of subsidiaries, as well as the responsibilities and independence of financial advisors in the M&A process [8]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft of the "Regulations on the Supervision and Administration of Listed Companies" for public consultation, marking the introduction of a dedicated regulatory framework for listed companies in China's capital market aimed at enhancing legal governance and improving the quality of listed companies [1] Group 1: Company Governance - The draft consists of eight chapters and seventy-four articles, focusing on five core areas: improving corporate governance requirements, strengthening information disclosure regulation, standardizing mergers and acquisitions, enhancing investor protection, and cracking down on illegal activities [2] - The draft mandates that listed companies must establish an audit committee within their board of directors, with a majority of independent directors and the chair being a qualified accounting professional [2] - Independent directors must constitute at least one-third of the board and oversee potential conflicts of interest between the company and its major stakeholders, thereby protecting minority shareholders' rights [2] Group 2: Anti-Fraud Measures - The draft establishes a comprehensive mechanism for preventing and addressing financial fraud, emphasizing a combination of prevention, monitoring, and accountability [3][4] - It requires that financial reports be approved by a majority of the audit committee before being submitted to the board, and introduces a mechanism for recovering profits gained from fraudulent financial reports [3] - Penalties for companies and third parties involved in the preparation of false financial statements include fines ranging from 1 million to 10 million yuan, with severe penalties for securities service institutions failing to fulfill their duties [3][4] Group 3: Investor Protection - The draft outlines clear requirements for market value management, cash dividends, and share buybacks to enhance investor returns and protect their interests during voluntary delisting [5][6] - Companies are required to prioritize cash dividends over stock dividends in their articles of association and establish stable dividend policies based on financial performance [6] - The draft also mandates that companies provide cash options for dissenting shareholders during voluntary delisting, ensuring their rights are safeguarded [6] Group 4: Mergers and Acquisitions - The draft regulates acquisition behaviors by clarifying definitions, qualifications of acquirers, and disclosure standards to reduce market disputes and stabilize expectations [7] - It specifies the requirements and procedures for significant asset restructuring and the independent listing of subsidiaries, as well as the responsibilities and independence of financial advisors in M&A activities [7]

Group 1: National Medical Insurance Drug List Update - The 2025 National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List will be released on December 7, 2023, adding 114 new drugs, including 50 innovative Class 1 drugs [2] - The first Commercial Health Insurance Innovative Drug List will also be released on the same day, including 19 drugs, such as CAR-T and Alzheimer's treatment drugs [2] - The new drug list will officially take effect on January 1, 2026 [2] Group 2: Company Announcements - 15 A-share pharmaceutical companies announced that their products were included in the new drug list, with many innovative drug companies benefiting [2] - Zai Lab announced that its self-developed drug, Gilteritinib, was included in the National Medical Insurance Drug List, which is expected to enhance sales and market promotion [2] - Junshi Biosciences, ZhiXiang JinTai, and Elysium also had products included in the list, with Junshi's products gaining new indications and being classified under Category B of the National Medical Insurance [3] Group 3: Sales Impact - Heng Rui Medicine stated that the total sales of the newly included drugs for 2024 are estimated to be approximately 8.66 billion yuan, with 7.55 billion yuan expected for the first three quarters of 2025 [4] - The inclusion of these drugs in the National Medical Insurance Drug List is anticipated to positively impact sales, although the exact effect on operating performance is currently uncertain [4]

Group 1: Core Insights - The 2025 National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List was released on December 7, 2023, adding 114 new drugs, including 50 innovative drugs [1] - A new Commercial Health Insurance Innovative Drug List was also published, including 19 drugs, such as CAR-T therapies and Alzheimer's disease treatments [1] - The updated drug list will take effect on January 1, 2026 [1] Group 2: Company Announcements - On December 7, 15 A-share pharmaceutical companies announced that their products were included in the new drug list, particularly many innovative drug companies [2] - Zai Lab announced that its self-developed drug, Jikaxitinib, was included in the National Medical Insurance Drug List, which is expected to enhance sales and market accessibility [2] - Junshi Biosciences and other innovative drug companies also had products included, with Junshi's products gaining new indications in the National Medical Insurance List [2][3] Group 3: Market Impact - Heng Rui Medicine reported that the total sales of its newly included drugs are estimated to be approximately 8.66 billion yuan for 2024 and about 7.55 billion yuan for the first three quarters of 2025 [3] - The inclusion of these drugs in the National Medical Insurance List is expected to positively impact sales and long-term business development for the companies involved [2][3]

《条例》共八章74条，从完善上市公司治理要求，进一步强化信息披露监管，规范并购重组，加强投资 者保护，严厉打击违法违规行为等多个方面进一步健全上市公司监管法规体系，推动提高上市公司质 量。 值得关注的是，《条例》的发布，标志着我国资本市场将迎来首部专门的上市公司监管行政法规。 上市公司是资本市场的基石。12月5日，中国证监会发布《上市公司监督管理条例（公开征求意见 稿）》（简称《条例》），向社会公开征求意见。 长江商报消息 ●长江商报记者 李璟 近年来，有关监管部门按照新"国九条"、资本市场"1+N"政策文件的要求，坚持严监严管，着力提升监 管执法的有效性和震慑力，依法严厉查处财务造假等违法违规案件，市场生态逐步得到净化。《条例》 的出台将近些年监管执法的有益经验上升固化为法规，切实解决监管实践面临的难点痛点，为严监严管 提供有力支撑。 持续健全上市公司监管体系 近年来，上市公司规模快速增长、结构持续优化、质量不断提升，有力支持了资本市场和实体经济的健 康发展。但和建设现代化产业体系、实现经济高质量发展、加快建设更多世界一流企业的要求相比，还 存在一些差距，部分上市公司仍存在治理机制不健全、信息披露不合规、董 ...

Core Viewpoint - The introduction of the "Regulations on the Supervision and Administration of Listed Companies" marks a significant reform in China's capital market, emphasizing risk prevention, strong regulation, and development promotion, thereby enhancing the legal framework for listed companies [1] Group 1: Regulatory Framework - The new regulations establish a comprehensive regulatory framework covering the entire lifecycle of listed companies, from governance to delisting, addressing issues like financial fraud with strict auditing requirements and penalties for major shareholders [3][7] - The regulations enhance preemptive measures, real-time interventions, and post-event accountability, including protections for dissenting shareholders during delisting processes [3] Group 2: Corporate Governance - The regulations specifically address corporate governance by defining the boundaries of behavior for controlling shareholders and executives, mandating that independent directors constitute a majority on audit committees [4] - This initiative aims to curb the "one-man rule" phenomenon and promote transparency in decision-making processes [4] Group 3: Mergers and Acquisitions - The regulations improve the rules surrounding major asset restructurings, emphasizing the independence of financial advisors and focusing on industrial integration to protect minority shareholders [5] - By standardizing acquisition criteria and enhancing information disclosure, the regulations aim to prevent misleading restructurings [5] Group 4: Investor Protection - A dedicated chapter on investor protection mandates listed companies to establish regular dividend mechanisms and incorporate share buybacks into their internal policies [6] - The regulations also require proactive delisting companies to offer protection plans for dissenting shareholders, addressing loopholes that allow for malicious avoidance of delisting [6] Group 5: Combating Illegal Activities - The regulations implement a "source prevention, process monitoring, and post-event accountability" mechanism to tackle issues like financial fraud and illegal guarantees, significantly increasing penalties for violations [7] - This approach aims to dismantle the ecosystem of fraud and purify the market environment, shifting the focus from expansion to quality improvement in the capital market [7]

周五晚，证监会网站发布了题为中国证监会就《上市公司监督管理条例（公开征求意见稿）》公开征求意见的文章，似乎并没有引起市场的关注，反响寥 寥。 但无周五，不重大，这个规律并没有被打破，汉鼎咨询认为，本次征求意见稿颁布的重要性和意义并不逊于往次，甚至可以理解为改革进程中的又一个标 志性节点。不过管理条例的定位让其单从影响看上去并没有那么明显而已。毕竟作为管理条例，实施效果释放是一个渐进的过程，同时也需要时间验证， 甚至几年之后再回头看，仍然不会那么明显。 可能很多人并没有注意到，这次是我国首部专门针对上市公司监管的行政法规。而在此之前，我国并不存在专门的《条例》，本次文件中所提出的相关监 管要求都分散在既往《公司法》、《证券法》及证监会、证券交易所的各类监管指引、业务规则中。所以也可以理解此次的征求意见稿是首次将这些分散 规定进行了系统化整合，从而形成的专门的行政法规，并且许多内容比照过去又有更加具体和全面的考量，同时具备联动性、时效性和规划性的特点。比 如针对审计委员会的要求，就是与2024 年新《公司法》中以审计委员会替代监事会的核心精神高度呼应，不仅从制度上落实了替代规则，还进一步细化 了操作标准和履职要求 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the draft of the "Regulations on the Supervision and Administration of Listed Companies," which aims to enhance corporate governance, strengthen information disclosure, regulate mergers and acquisitions, protect investors, and combat illegal activities in the capital market. This regulation is seen as a significant step towards improving the quality and transparency of listed companies and enhancing investor confidence [1][2]. Group 1: Key Aspects of the Regulations - The draft regulation addresses the persistent issues of violations by major shareholders and internal personnel, which have undermined investor confidence [2]. - It emphasizes the need for a modern corporate governance system in China, which is crucial for building world-class enterprises and achieving modernization [2]. - The regulation aims to create a closed-loop system around corporate governance, information disclosure, capital operations, investor protection, and enforcement penalties [1][4]. Group 2: Governance and Disclosure - The regulation specifies mandatory items for company charters, the roles of independent directors and audit committees, and sets clear standards for directors' diligence obligations [3][4]. - It establishes a multi-party accountability mechanism for financial fraud and requires audit committees to review financial reports before submission to the board [3][5]. - The regulation prohibits major shareholders from engaging in fund occupation and illegal guarantees, enhancing the identification and accountability of actual controllers [6][7]. Group 3: Mergers and Acquisitions - A dedicated chapter on mergers and acquisitions outlines a negative list for acquirers and requires performance commitments from transaction parties [8][9]. - It mandates that acquirers must not have significant debts or recent legal penalties, ensuring that only qualified entities can engage in acquisitions [8]. - The regulation aims to prevent misleading restructurings and high-premium arbitrage through comprehensive oversight of the entire transaction process [9][10]. Group 4: Investor Protection - The regulation includes a specific chapter on investor protection, mandating companies to focus on investment value and establish cash dividend and share buyback requirements [11]. - It introduces a mechanism for coordinating bankruptcy restructuring and emphasizes the need for companies to protect investors during the delisting process [11]. - The regulation aims to systematize investor return mechanisms, making cash dividends a priority over stock dividends and allowing multiple dividends within a year [11][12]. Group 5: Recommendations for Improvement - Experts suggest that the regulation should enhance legal deterrents against violations and provide clearer decision-making authority for audit committees to avoid supervisory vacuums [13][14]. - There is a call for more substantial rights for minority shareholders in dividend policies, delisting arrangements, and major transaction votes [14]. - Recommendations also include clarifying standards for related party transactions and refining the responsibilities of independent directors to prevent excessive accountability [15].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the draft of the "Regulations on the Supervision and Administration of Listed Companies," marking the first specialized administrative regulation for listed company supervision in China's capital market, aimed at enhancing information disclosure regulation and protecting investor rights [1][2]. Group 1 - The draft regulation consists of eight chapters and seventy-four articles, focusing on improving corporate governance requirements and regulating the behavior of key stakeholders such as controlling shareholders, actual controllers, directors, and senior executives [1]. - The regulation aims to combat illegal activities and specifies penalties for behaviors such as asset occupation and collusion in financial fraud [1]. - The regulation emphasizes three key themes: risk prevention, strengthened regulation, and promotion of development, indicating a new phase of systematic and legal oversight for listed companies [1]. Group 2 - The draft explicitly prohibits listed companies from fabricating financial reports through fictitious transactions or abuse of accounting policies, introducing an innovative system for recovering profits from fraud [2]. - It states that related parties, customers, suppliers, and service institutions of listed companies are prohibited from assisting in the preparation of false financial reports, with fines ranging from 1 million to 10 million yuan for violations [2]. - For securities service institutions that fail to perform due diligence, fines can reach up to five times their business income, with a minimum fine of 500,000 to 2.5 million yuan for those with insufficient income, and severe cases may lead to suspension or prohibition from engaging in securities services [2].