12月9日，香港交易及结算所有限公司(香港交易所,00388)宣布推出香港交易所科技100指数(港交所科技 100)。港交所科技100是集团推出的首只港股指数，进一步拓展其指数业务，并继续推动区内资本市场 生态圈的发展。香港交易所今天还同时宣布，已与中国内地资产管理公司易方达基金管理有限公司(易 方达基金)签订协议，授权其在中国内地推出追踪港交所科技100的交易所买卖基金(ETF)。 港交所科技100是一个宽基股票指数，追踪100家在香港交易所上市的市值最大的科技公司的表现。这些 公司的行业涵盖六大创新主题，分别为：人工智能、生物科技及制药、电动汽车及智能驾驶、信息科 技、互联网和机器人。指数的成分股皆为港股通合资格股票，以满足国际和中国内地投资者的投资需 求。 根据授权协议，易方达基金计划在中国内地推出追踪港交所科技100的ETF，具体安排将取决于监管批 准及发行人的进一步公告。展望未来，香港交易所将继续拓展指数业务，并加强与业界伙伴合作，共同 推出更多指数相关的产品。 香港交易所集团政总裁陈翊庭表示："我们很高兴能推出香港交易所科技100指数，这是集团指数及数据 业务发展的一个重要里程碑。这只宽基指数涵盖 ...

Core Viewpoint - Hong Kong Stock Exchange (HKEX) has launched the HKEX Tech 100 Index, marking its first stock index and aiming to expand its index business while promoting the development of the regional capital market ecosystem [1] Group 1: Index Overview - The HKEX Tech 100 is a broad-based stock index that tracks the performance of the 100 largest technology companies listed on the Hong Kong Stock Exchange [1] - The index encompasses companies across six major innovation themes: artificial intelligence, biotechnology and pharmaceuticals, electric vehicles and smart driving, information technology, internet, and robotics [1]

Core Viewpoint - The overall market performance in the current year has been positive, with most stocks experiencing an increase, but there is significant differentiation based on fundamentals [4] Group 1: Market Performance - The cyclical industries are facing weak overall demand, while some sectors benefit from positive changes on the supply side, showing signs of profit recovery [4] - The real estate sector continues to see both volume and price declines, with over half of the companies reporting losses in the first three quarters [4] - The liquor industry is also experiencing structural demand decline, with many companies reporting rare negative profit growth in a single quarter [4] - Banks are showing weak cyclical characteristics, but have achieved positive returns this year due to a favorable interest margin [4] Group 2: Investment Strategy - The differentiation in the stock market has led to varied performance among fund managers, with the current portfolio showing slower growth [5] - The focus has been on learning about sectors like AI, semiconductors, and innovative pharmaceuticals, which occupy a significant portion of research time [5] - The portfolio has not changed much, indicating a low turnover rate, suggesting that new knowledge has not been effectively integrated into investment decisions [5] Group 3: Investment Philosophy - Understanding the valuation of a stock is complex and can be both quantitative and qualitative [6] - The concept of "weight" in stocks is emphasized, where long-term dividend discounting plays a crucial role in valuation [6] - The distinction between "derivative" and "integral" investment philosophies is highlighted, with each having its own merits and challenges [6] Group 4: Risk Assessment - The value of an investment can be compared to a chicken's ability to lay eggs, where various uncertainties exist regarding its future productivity [7] - The importance of negative imagination in investment decisions is stressed, as it can help mitigate potential losses [7] Group 5: Long-term Perspective - The overall returns for investors in the secondary market are derived from total dividends minus transaction costs, emphasizing the competitive nature of investment returns [8] - The company has achieved a mixed performance over the past seven years compared to the CSI 300 Total Return Index, with a goal of navigating through market cycles successfully [8]

点拾导读：我们一直说，股票长期是"称重器"，但到底如何给股票"称重"呢？在今天的这篇分享中，中泰资管姜诚提出了一个原创定义：称重 是对长期分红折现值"求积分"，而非"求导"。那么背后的逻辑又是什么呢？下面分享这篇来自姜诚的原创思考，希望给大家带来帮助 时间飞快，年关将至，又到了总结和反思的时候。 先当事后诸葛亮，复一下盘。今年市场整体表现不错，多数股票上涨。但表现也有分化，基本面是主线。顺周期行业整体需求难言强劲，但一 些行业受益于供给端的良性变化，利润有见底回升迹象；个别产能过剩且没有出清迹象的行业则收入和利润两端承压。房地产的量价都继续下 行，报表端还在消化库存压力，超过一半的公司前三季度录得亏损；白酒受累于结构性的需求下行，多数企业单季度释放出少见的利润负增 长，跟房地产成了难兄难弟；银行的弱周期属性越来越明显，在息差阶段性见底的利好加持下，今年获得了正收益。也有亮眼的明星，储能、 AI等领域的需求都有强劲增长，虽然在技术路线上有分歧，但阶段性的高增长确定性明摆，分歧较小的方向涨幅最大。 股市的分化，必然导致基金经理业绩的冰火两重天。今年我们的组合涨得慢了点，是懈怠还是投资框架所致？也需要复一下盘。 今 ...

以下文章来源于中泰证券资管 ，作者文/姜诚 中泰证券资管 . 中泰证券（上海）资产管理有限公司官方公众订阅号，投资路上的好朋友。 点拾导读：我们一直说，股票长期是"称重器"，但到底如何给股票"称重"呢？在今天的这篇分享 中，中泰资管姜诚提出了一个原创定义：称重是对长期分红折现值"求积分"，而非"求导"。那么背 后的逻辑又是什么呢？下面分享这篇来自姜诚的原创思考，希望给大家带来帮助 时间飞快，年关将至，又到了总结和反思的时候。 先当事后诸葛亮，复一下盘。今年市场整体表现不错，多数股票上涨。但表现也有分化，基本面 是主线。顺周期行业整体需求难言强劲，但一些行业受益于供给端的良性变化，利润有见底回升 迹象；个别产能过剩且没有出清迹象的行业则收入和利润两端承压。房地产的量价都继续下行， 报表端还在消化库存压力，超过一半的公司前三季度录得亏损；白酒受累于结构性的需求下行， 多数企业单季度释放出少见的利润负增长，跟房地产成了难兄难弟；银行的弱周期属性越来越明 显，在息差阶段性见底的利好加持下，今年获得了正收益。也有亮眼的明星，储能、AI等领域的 需求都有强劲增长，虽然在技术路线上有分歧，但阶段性的高增长确定性明摆，分歧较 ...

长刘永生出席发 布会并介绍相关 建成144个指挥 部、组建1565支 救援队！广东以 法治之力全面提 升突发事件应对 能力_南方+_南 方plus 12月4日下午， 广东省人大常委 会举行《广东省 突发事件应对条 例》（以下简称 《条例》）新闻 发布会。省人大 常委会法工委副 主任余建红、省 应急管理厅副厅 内容。 据悉，本次修订 是自2010年原 《条例》出台以 来的首次全面修 订，旨在健全应 急管理体系、提 升基层应急能 力、强化科技赋 能，并完善覆盖 事前、事中、事 后全链条的制度 安排。《条例》 已于4日上午经 省十四届人大常 委会第二十二次 会议审议通过， 将于2026年1月1 日起正式施行。 压实属地责任 每年最少一次综 合演练 在发布会上，省 人大常委会法工 委副主任余建红 介绍了《条例》 修订的核心内 容。 为提升应急响应 的现代化水平， 《条例》特别注 重科技赋能。明 确推动互联网、 云计算、大数 据、人工智能等 技术在风险识 别、预警预报、 辅助决策中的深 度应用，并鼓励 健全管理与指挥 体制。《条例》 着力破解原有应 急体制中存在 的"条块分割、 协同不畅"问 题，明确提出压 实属地责任 ...

广东修订突发事件应对条例：拓展无人机救援应用 中新网广州12月4日电 (记者 程景伟)修订后的《广东省突发事件应对条例》(以下简称《条例》)12月4日 由广东省第十四届人民代表大会常务委员会第二十二次会议通过，将自2026年1月1日起施行。 广东省人大常委会法工委副主任余建红介绍称，修订后的《条例》明确政府加强互联网、云计算、大数 据、人工智能等在突发事件应对工作中的应用，推动应急管理系统集成和数据融合，为突发事件应对工 作提供隐患辅助识别、预警预报自动提醒、应急指挥辅助决策等智能服务；鼓励、扶持教学科研机构、 企业开展关键核心技术、现代技术手段等的研究和推广应用，加强应急机器人等急需技术攻关。 来源：中国新闻网 编辑：张嘉怡 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 为适应复杂地形条件下的救援需求，修订后的《条例》规定政府和有关主管部门构建航空应急救援体 系，加强镇村直升机起降点布局和建设，拓展直升机、无人机等在应 ...

Core Viewpoint - The overall market performance this year has been positive, with most stocks rising, but there is significant differentiation based on fundamentals [1] Group 1: Market Performance - The cyclical industries are facing weak overall demand, while some sectors benefit from positive supply-side changes, showing signs of profit recovery [1] - The real estate sector continues to see declines in both volume and price, with over half of the companies reporting losses in the first three quarters [1] - The banking sector has shown weak cyclical characteristics, but has gained positive returns this year due to a bottoming out of interest margins [1] Group 2: Investment Strategy - The company has focused on learning about new sectors such as artificial intelligence, semiconductors, internet, and innovative pharmaceuticals, which occupy a significant portion of research time [1][2] - The investment framework has led to a low turnover rate in the portfolio, indicating a cautious approach to new investments [2] Group 3: Valuation and Decision-Making - Understanding a stock's value involves both quantitative and qualitative assessments, particularly in rapidly evolving industries where predicting worst-case scenarios is challenging [4] - The concept of "weight" in stocks is emphasized, where long-term dividend discounting is crucial for investment decisions [4] - Different investment philosophies, such as focusing on profit growth versus long-term value accumulation, can lead to divergent investment decisions even with similar fundamental understandings [4] Group 4: Risk Assessment - The value of an investment can be likened to a chicken's ability to lay eggs, with various risks associated with predicting long-term performance [5] - Negative imagination is encouraged as a means to mitigate potential losses, contrasting with overly optimistic predictions [5] Group 5: Historical Performance - The company has outperformed the CSI 300 Total Return Index in four out of the last seven years, indicating a relatively stable excess return despite some fluctuations [7]

Group 1 - The Uzbekistan National Pavilion in Hangzhou aims to establish cultural, economic, and trade exchange bridges between China and Uzbekistan, focusing on e-commerce, internet, IoT, and AI [1] - Uzbekistan officially becomes a partner country of the BRICS nations on January 1, 2025, with the BRICS Special Economic Zone China Cooperation Center inaugurated in Hangzhou in March [1] - The opening of direct cargo flights from Hangzhou to Uzbekistan and the implementation of supportive policies for the BRICS Special Economic Zone signify deepening economic ties [1] Group 2 - In 2026, two reception centers will be established in Tashkent and Samarkand to better serve Chinese enterprises visiting Uzbekistan for business [1] - The "BRICS Direct Train - Hangzhou to BRICS" series of activities will be launched in 2026 to promote economic cooperation, including monthly business events and policy promotion meetings [2] - The initiative aims to reduce cooperation costs and risks while establishing a solid connection between Hangzhou and BRICS countries [2]

Group 1 - The issuance of new funds remains strong in December, with over 60 products starting or about to start issuance, including 28 new funds on December 1 alone [1][2] - A total of 1,450 new funds have been issued this year, surpassing last year's total of 1,143 and reaching a three-year high, with a combined issuance of 10,359.09 million units [4] - Equity products are the main focus of new fund issuances, with 795 stock funds and 251 equity-mixed funds issued this year, accounting for over 70% of total new funds [4] Group 2 - Major fund companies are leading the issuance of new products, with several firms launching multiple new funds in December, such as Ping An Fund and Penghua Fund, each with four new products [3] - Innovative products have been introduced in the public fund industry, including credit bond ETFs and floating rate funds, enhancing the investment landscape [5] - The public fund industry has seen significant investor interest due to the strong performance of the A-share market and the clear earning effects of public funds, leading to a continuous increase in new fund issuances [6] Group 3 - Market expectations regarding policy and economic growth are influencing investment strategies, with suggestions for balanced asset allocation to manage volatility [6][7] - The upcoming Federal Reserve meeting and potential interest rate cuts are expected to impact the A-share market positively, particularly for growth-oriented investments [7] - The bond market is anticipated to maintain a narrow fluctuation range due to the interplay of new sales regulations and interest rate expectations [7]