近日，一批以低俗团播引诱打赏的"网红"账号被封禁，相关消息登上多个社交平台热榜。不少网友 表示："终于看到官方出手整治了！""大力支持！""早该一锅端了！"为了猎奇吸睛、博人眼球，无底线 地展示带有性暗示的动作、使用令人不适的低俗互动和玩法，不仅玷污直播风气，污染网络生态，更违 背社会公序良俗，必须从源头上加强治理。 "团播"是多位主播共同参与，进行舞蹈、唱歌、游戏互动等才艺表演的一种直播形式，在各大短视 频平台上越来越常见。然而，随着一些不堪入目的表演竞相登场，部分团播逐渐失格，陷入低俗化的泥 沼。 针对低俗团播引诱打赏问题，中央网信办近日深入推进"清朗·整治网络直播打赏乱象"专项行动， 从严处置了"HN-三世烟火""YC-热舞青春6.0""心动女孩"等一批顶风作案的违规账号。 这些被处置账号的团播内容毫无下限、令人作呕。镜头前，这些团播打"软色情"牌，搞低级趣味 的"人肉惩罚"，上演明码标价的"赛博选妃"，博取关注、获取流量和打赏。而这些镜头的背后，是负责 策划、制作、营销的MCN机构和相关团队，组成了吃这碗"低俗饭"的完整链条。这些低俗团播内容， 与个别网红的低俗直播并无二致，本质上是"新瓶装旧酒"。 ...

国内市场综述 延续震荡 缩量上涨 周五（11 月 28 日）大盘延续震荡，缩量上涨。截至 收盘，上证综指收于 3888.6 点，上涨 0.34%；深成指 收于 12984.08 点，上涨 0.85%；科创 50 上涨 1.25%； 创业板指上涨 0.7%，万得全 A 成交额共 15977 亿元， 较前一日有所下降。 行业方面，30 个中信一级行业有 28 个上涨，其中农 林牧渔、国防军工及商贸零售涨幅居前，仅银行及煤 炭小幅收跌。概念方面，；两岸融合、海南自贸及锂 矿等指数表现活跃。 海外市场综述 美股三大指数全线收涨，英特尔涨超 10% 周五（11 月 28 日），美国三大股指全线收涨，道指 涨 0.61%，标普 500 指数涨 0.54%，纳指涨 0.65%。摩 根大通、亚马逊涨超 1%，领涨道指。万得美国科技七 巨头指数涨 0.36%，脸书涨超 2%，微软涨逾 1%，英特 尔涨超 10%。中概股多数上涨，希尔威金属矿业涨超 8%，霸王茶姬涨逾 6%。 新闻精要 1. 习近平在中共中央政治局第二十三次集体学习时强 调 健全网络生态治理长效机制 持续营造风清气正的 网络空间 每日晨报 2. 11 月份我国制 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The report provides market trend judgments and investment suggestions for various commodities, including macro - financial, black, non - ferrous, agricultural, and energy - chemical sectors. It analyzes the current situation, influencing factors, and future trends of each commodity, aiming to help investors make decisions [2][3][13][14]. Summary by Directory Macro Information - Politburo meetings focus on central inspections and network ecological governance. The official manufacturing PMI in November was 49.2, and the non - manufacturing business activity index was 49.5%, down 0.6 percentage points from the previous month. The central bank cracks down on virtual currency trading, and the Ministry of Finance releases state - owned enterprise revenue and profit data. The China Securities Regulatory Commission solicits opinions on regulatory measures, and the Ministry of Industry and Information Technology promotes battery industry governance and satellite IoT business trials. The National Space Administration establishes a commercial space department, and six major state - owned banks withdraw 5 - year large - denomination certificates of deposit. The real estate TOP100 enterprises' land acquisition increased by 14.1% year - on - year from January to November [7][8][9]. Macro - Financial Stock Index Futures - Adopt an oscillatory approach and wait and see. In November, stock indices fell, and the market turnover reached a 4 - month low. Industrial enterprise data showed a short - term decline in October, but there were highlights in the equipment and high - tech manufacturing industries. The manufacturing and non - manufacturing PMIs in November were below expectations and in the contraction range [13]. Treasury Bond Futures - The bond market may continue to fluctuate widely. The recent sharp decline of bonds was affected by the redemption of public bond funds. For 10 - year medium - short - duration bonds, consider buying on dips, and be cautious with ultra - long - duration bonds. Pay attention to the central bank's bond - buying scale [14]. Black Coal and Coke - The prices of coking coal and coke may continue to oscillate weakly in the short term. Coal production may be restricted by safety supervision and environmental protection at the end of the year, but short - term supply may increase, and potential negative feedback risks from weak steel demand still exist [16]. Ferroalloys - In early December, focus on the settlement electricity fees in Ningxia and Inner Mongolia. Silicon iron plants may have a higher probability of production cuts. It is recommended to go long on silicon iron in the medium term and wait and see on manganese silicon [17]. Non - Ferrous and New Materials Shanghai Zinc - As of November 27, domestic zinc inventories decreased. It is recommended to hold short positions at high levels or take profits and operate cyclically. Zinc prices have been fluctuating, with short - term support from falling processing fees, but downstream procurement is still cautious [22]. Shanghai Lead - As of November 27, lead inventories decreased. It is recommended to hold short positions cautiously. The supply of lead is regionally tight, and the production enthusiasm of secondary lead enterprises has declined [23]. Lithium Carbonate - In the short term, it will fluctuate widely. Although the medium - to - long - term demand is good, the recent fundamental weakening limits the upward space. The concentrated cancellation of warehouse receipts at the end of the month is beneficial to the market, but the policy may have a negative impact [24]. Industrial Silicon and Polysilicon - Both will continue to oscillate. Industrial silicon has limited downward adjustment space due to potential environmental protection impacts on supply. Polysilicon has a strong willingness of upstream to support prices, but weak supply - demand contradictions limit the upward movement [26]. Agricultural Products Cotton - Zhengzhou cotton may oscillate and rebound due to high costs and a strong basis, but the supply pressure is large, and the demand is weak. The USDA's November report was negative for cotton, and domestic cotton inventories are accumulating [28][29]. Sugar - Domestic sugar prices are under pressure from new sugar supply, but cost support limits the decline. Globally, there is an expected surplus of sugar in the 2025/26 season [30]. Eggs - The near - term 01 contract may oscillate. There is an expectation of price increase before the Spring Festival, but the increase may be limited. The far - term contracts may be strong due to the expected decline in inventory, but be cautious about chasing high prices [32][33]. Apples - The price trend is expected to be oscillatory and slightly strong. The apple storage is almost finished, and the inventory is lower than last year. The trading in the production areas has slowed down, and the sales in the consumer areas are affected by citrus [34][35]. Corn - The 01 contract may oscillate at a high level in the short term, but the upward momentum may weaken. The far - term contracts may be weaker due to potential supply pressure [36]. Red Dates - It is recommended to wait and see. The prices in the production and sales areas are stable at a low level, and the futures market is weak [37][38]. Live Pigs - In the short term, the supply pressure is increasing, and the demand is average. It is recommended to go short on the near - term contracts at high prices. In the long term, the decline in the number of breeding sows is beneficial to future pig prices [38][39]. Energy - Chemical Crude Oil - The price is oscillating. The market is trading around geopolitical conflicts. If a cease - fire agreement is reached, the geopolitical premium may fade. OPEC+ may continue to suspend production increases, but it is difficult to reverse the supply surplus [41]. Fuel Oil - The price follows the trend of crude oil. The supply is loose, and the demand is weak. The short - term focus is on geopolitical factors [42]. Plastics - Polyolefins may oscillate weakly due to high supply pressure and weak demand. Although the upstream is losing money, there is no strong driving force for a sharp rise [43][44]. Rubber - The price may be oscillatory and slightly strong in the short term. Pay attention to the impact of Southeast Asian weather on supply. It is recommended to sell out - of - the - money put options or buy call options [45]. Synthetic Rubber - It is recommended to sell call options at high prices or go short. The raw material may continue to decline, and the price may be under pressure after the restart of maintenance devices [46]. Methanol - Near - term contracts should be treated with an oscillatory approach, and far - term contracts can also be oscillatory. If inventory reduction is smooth, a slightly long - biased configuration can be considered [47]. Caustic Soda - Maintain an oscillatory approach. The spot price is falling, and the fundamentals have not improved significantly [48]. Asphalt - The price fluctuation may increase. The focus is on the price bottom after the winter storage game. The real - time demand is ending, and the winter storage has not started [49]. Polyester Industry Chain - The current supply - demand structure is okay, and the price may be strong in the short term due to rising oil prices, but the upward driving force is weakening [50]. Liquefied Petroleum Gas - The price increase may not be sustainable. Be cautious about chasing high prices. The supply is regionally mismatched, and the demand side may form a negative feedback [51]. Pulp - It is expected to enter an oscillatory range. It is recommended to wait and see. Options can be used for cost - reduction, efficiency - improvement, or hedging [53]. Logs - The fundamentals are oscillatory and weak. The inventory may start to accumulate, and the price is expected to be under pressure [53]. Urea - The spot price may be oscillatory and strong, and the futures market may have short - term emotional trading. Adopt a short - term intraday long approach [54].

Market Overview - The three major indices opened higher, with the Shanghai Composite Index at 3894.21 points, up 0.14%, the Shenzhen Component Index at 13038.16 points, up 0.42%, and the ChiNext Index at 3060.56 points, up 0.26% [1] Economic Indicators - The manufacturing PMI for November was reported at 49.2%, an increase of 0.2 percentage points from the previous month, indicating an improvement in economic conditions [2] - The non-manufacturing business activity index for November was 49.5%, a decrease of 0.6 percentage points from the previous month [2] - The comprehensive PMI output index for November was 49.7%, down 0.3 percentage points from the previous month [2] Industry Developments - The establishment of a dedicated regulatory body for the commercial space industry in China was announced, indicating a move towards more structured oversight [2] - The Ministry of Industry and Information Technology held a meeting to discuss policies aimed at addressing irrational competition in the power and energy battery industry [2] Corporate Actions - Tianfeng Securities is under investigation by the China Securities Regulatory Commission for alleged information disclosure violations [5] - ST Lifan and other companies are facing delisting risks due to potential false reporting in their financial statements [5] - Orient Precision Engineering announced plans to sell 100% equity in Fosber Group and other companies, indicating a significant asset restructuring [6] Market Predictions - Research institutions predict a 50% increase in storage chip prices by the second quarter of 2026 due to ongoing chip shortages [4] - Citic Securities suggests that despite potential short-term volatility in the A-share market, a slow bull market is expected to continue, supported by policy shifts and liquidity improvements [10] - Caixin Securities believes the A-share market is stabilizing, with a long-term upward trend expected despite recent adjustments [11]

Core Viewpoint - The article emphasizes the importance of strengthening internet ecological governance as a critical factor for national development and security, highlighting the need for effective management of the internet to ensure long-term governance stability [2][3]. Group 1: Internet Ecological Governance - The current state of internet ecological governance in China has improved since the 18th National Congress, with a focus on promoting mainstream values and effectively combating online chaos [3]. - The governance experience is summarized into five principles: adherence to party leadership, prioritizing the people, maintaining integrity and innovation, ensuring legal protection, and adopting a systematic perspective [3]. Group 2: Challenges and Risks - Despite significant achievements, challenges remain, including a growing internet user base exceeding 1.1 billion and an internet penetration rate nearing 80%, which brings both conveniences and threats such as fraud and misinformation [4]. - The need for a long-term mechanism for internet ecological governance is emphasized to maintain a clean and positive online environment [4]. Group 3: Governance Strategies - The strategies outlined include targeted measures to address specific issues and a comprehensive approach to governance [5]. - There is a call for stronger guidance for internet platforms and media to fulfill their social responsibilities and promote positive content [6]. Group 4: Collaborative Efforts - The governance of the internet is described as a collaborative effort, requiring the mobilization of various forces and the use of multiple methods, including education, administration, and legal measures [7]. - The article stresses the importance of addressing weak links in governance and taking targeted actions to strengthen the foundation and fill gaps [7]. Group 5: International Perspective - The concept of building a community with a shared future in cyberspace is highlighted, marking the tenth anniversary of this initiative, which aims to enhance international communication and showcase a positive image of China [8]. - The article concludes with a focus on transforming the internet from a "great variable" into a "great increment" for development [10].

Group 1 - The meeting emphasized the importance of implementing Xi Jinping's recent important speeches and directives, particularly regarding the comprehensive and strict governance of the Party, which provides scientific guidance for the follow-up actions of inspections [1] - The meeting highlighted the need to enhance political awareness and responsibility in implementing the Party's inspection work regulations, ensuring effective rectification and promoting high-quality development [1] - The meeting discussed the significance of Xi Jinping's important speech on network ecological governance, which offers guidance for addressing new tasks and challenges in the digital space [2] Group 2 - The meeting underscored the importance of safety production, particularly in high-rise buildings, and the need for thorough risk assessments and preventive measures to ensure public safety [2] - The meeting called for the promotion of volunteer spirit and the development of volunteer service organizations to contribute to the modernization efforts in Jiangsu [3]

早 报 精 选 1、 中共中央政治局11月28日下午就加强网络生态治理进行第二十三次集体学习。中共中央总书记习近平在主持学习时强调，网络 生态治理是网络强国建设的重要任务，事关国家发展和安全，事关人民群众切身利益。要健全网络生态治理长效机制，着力提升治理 的前瞻性、精准性、系统性、协同性，持续营造风清气正的网络空间。 2、国务院安委会日前印发通知，部署开展高层建筑重大火灾风险隐患排查整治行动，聚焦有人员居住和活动的高层民用建筑（包括 居民住宅建筑和办公、医疗、商业等公共建筑）开展排查整治，特别是正在进行外墙改造施工和内部局部装修改造的高层民用建筑， 全面加强高层建筑消防安全管理，切实保障人民群众生命财产安全。 3、国家统计局发布数据显示，11月份，制造业采购经理指数（PMI）为49.2%，比上月上升0.2个百分点，景气水平有所改善。从 企业规模看，大型企业PMI为49.3%，比上月下降0.6个百分点，低于临界点；中、小型企业PMI分别为48.9%和49.1%，比上月上 升0.2个和2.0个百分点，均低于临界点。 4、财政部数据显示，1-10月，国有企业营业总收入683529.3亿元，同比增长0.9%；国有企业 ...

Core Viewpoint - The recent incident involving online gaming live streaming has highlighted deep-rooted issues in the current governance of the online ecosystem in China, particularly regarding the emergence of organized online violence that transcends commercial contracts and legal boundaries [1][2]. Group 1: Incident Overview - The controversy began when a well-known creator, "Xiaoyao Sanren," faced backlash for playing a new game with a legal license, leading to a wave of online violence against unrelated brands like vivo [1][5]. - The online violence escalated from individual disputes to a systematic attack on companies such as miHoYo and NetEase, indicating a standardized chain of malicious activities that exploit social issues for commercial gain [2][10]. Group 2: Nature of Online Violence - The attacks have evolved into a form of "collective punishment," where individuals and brands are targeted indiscriminately, undermining normal consumer expression and posing a substantial threat to public order [2][9]. - The online violence is characterized by organized efforts, including detailed "violence strategies" that instruct participants on how to disrupt live streams and spread false rumors [8][9]. Group 3: Impact on Companies - Companies like vivo, which had no commercial ties to the incident, faced extreme and irrational attacks, including large-scale disruptions of their live streaming activities and personal attacks on their executives [5][6]. - The situation has created an environment where businesses are not only pressured by market competition but also face unpredictable "public opinion disasters," significantly increasing compliance costs and harming the innovation landscape [11]. Group 4: Regulatory Response - The Chinese government has initiated a series of measures to address these online issues, including a special campaign targeting the provocation of extreme group emotions and the legal consequences for malicious marketing practices [14][15]. - There is a call for platforms to take responsibility for their algorithms and to implement measures against organized harassment and misinformation [17][18]. Group 5: Future Considerations - The ongoing situation emphasizes the need for a collaborative approach to governance in the online space, where legal frameworks, platform responsibilities, and societal consensus must align to restore a healthy online environment [16][19].

据新华社报道，中共中央政治局11月28日下午就加强网络生态治理进行第二十三次集体学习。会议强 调，网络生态治理是网络强国建设的重要任务，事关国家发展和安全，事关人民群众切身利益。当前人 工智能、大数据等新技术新应用不断涌现，给网络生态治理带来挑战，也提供新的支持条件。要鼓励网 信领域新技术发展，促进研发成果转化和应用场景落地。要完善分级分类的安全监管机制，筑牢网络安 全和数据安全防线。 据公安部11月29日消息，公安部对2018年制定的《公安机关互联网安全监督检查规定》进行修订，明确 监督检查对象包括网络运营者、数据处理者、个人信息处理者等。 公司方面，据中证报表示，有北信源、天融信等。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 中证报表示，"网络生态治理"已被提升到国家战略层面，是网络强国建设的核心任务之一。网络生态治 理已从单纯的"技术防护"层面，上升为支撑数字经济发展的"核心基础设施"。《网络安全法》《数据安 全法》《个人信息保护法》等法律法规构成网络生态治理的坚实基础，国家"十四五"规划将网络生态治 理纳入新型基础设施建设范畴。预计到2025年，全球数据流动对经 ...

明日主题前瞻 1、银 | 11月28日白银价格迎来大幅飙升，内外盘白银价格纷纷刷新历史新高，其中COMEX白银期货最高触及57.245美元/盎司，伦敦现货白银最高达56.78 美元/盎司，国内沪银期货主力合约最高升至13239元/千克13。截至目前，其年内累计涨幅已高达90%，成为年内表现极为强势的品种之一。 点评：分析师认为，白银价格强势的核心驱动来自宏观货币政策预期与基本面供需结构的共振。目前市场对美联储12月降息25个基点的概率预期已升至85% 以上，远高于一周前的40%左右。这种宽松预期推动美元指数走弱，既降低了白银的持有成本，又刺激资金大量流入贵金属板块。供需方面，今年是全球白 银连续第5年出现供应缺口，缺口规模估计达9500万盎司。光伏装机量维持高位、新能源汽车渗透率提升，长期拉动白银工业需求，且2026年白银供给预计 持续短缺，为银价提供了刚性支撑。 2、量子计算 | 据安徽省人民政府官方微信发布消息，11月28日，中科大基于可编程超导量子处理器"祖冲之二号"，首次在量子体系中实现并探测了高阶非 平衡拓扑相。标志着量子模拟在探索复杂拓扑物态方向上取得重要突破，为利用超导量子处理器在量子模拟问题上 ...