1月6日，A股延续强劲走势，上证指数收涨1.5%报4083.67点，录得13连阳，创逾10年新高。市场热度全面升温，沪深北三市成交额达2.83万亿元，全市场超 4100股上涨，商业航天、脑机接口、半导体、医药等科创新质生产力相关资产轮番走强，题材股多点开花。 受A股强势氛围带动，今年以来ETF市场表现亮眼。据机构之家统计，年内2324只ETF涨幅超5%，其中卫星产业、半导体、医疗等热门赛道的96只ETF涨幅 突破7%，华银健康生活主题ETF更以19.39%的年内收益率领跑市场。 这一行情延续了2025年ETF市场爆发式增长态势。2004年，华夏基金推出境内首只上证50ETF；2020年10月我国ETF规模首度突破1万亿元，2023年8月跨越2 万亿元，2024年9月站上3万亿元台阶。2025年更是迎来爆发式增长，截至2025年12月31日，ETF年内净流入额超1.17万亿元，全部ETF规模达6.02万亿，相 对年初的3.73万亿增加2.29万亿，已超越日本成为亚洲最大的ETF市场。 | 排名 | 基金公司 | 2025年基金资产净值合计 | 排名 | 基金公司 | 2024年基金资产净值合计 | | --- ...

Core Points - The article emphasizes the importance of fairness in the distribution of social security, social assistance, policy support, and disaster relief funds, as outlined in the Disciplinary Regulations of the Communist Party of China [2][10] - It highlights that unfair practices, such as favoritism and significant deviations from policy execution, undermine public trust and the effectiveness of welfare policies [4][11] Group 1: Definitions and Importance - Social security includes a series of laws and measures aimed at ensuring the basic survival and living needs of social members, contributing to social stability, fair distribution, and economic development [3][10] - Social assistance refers to the support provided to citizens facing life difficulties, ensuring their minimum living needs [4][10] - Policy support involves financial and social benefits provided by the state to assist specific groups or encourage certain initiatives [4][10] - Disaster relief is the assistance given to those affected by disasters or other hardships, crucial for the basic living conditions of vulnerable populations [4][10] Group 2: Regulations and Issues - The Rural Grassroots Cadres' Integrity Regulations prohibit the abuse of power and favoritism in public service and social assistance distribution [5][12] - There are reported cases of party members and officials distributing aid unfairly, prioritizing friends and relatives over those in genuine need, which damages the credibility of welfare policies [6][13] Group 3: Case Studies and Warnings - Numerous cases of misconduct have been reported, such as officials favoring relatives in disaster fund distributions and manipulating poverty assistance programs for personal gain [7][14] - The article stresses the necessity for party members and officials to adhere strictly to policies and maintain fairness in their dealings to ensure the effective implementation of welfare policies [6][14]

今天，深圳会展中心人声鼎沸、人气爆棚——超1600家重点企业携6.5万个优质岗位集中揽才，2025 年"百万英才汇南粤"秋季大型综合招聘会如约启幕！ 截至11月，已举办5000多场招聘活动，线上线下吸引1000多所高校毕业生参与，超110万英才选择广 东，全国1222万高校毕业生中，每12人就有1人在南粤书写人生华章。这份亮眼成绩单，不仅写下了经 济大省服务国家就业大局的担当，更印证着广东滚烫的吸引力。当下的南粤大地，正以最足诚意、最优 平台、最强保障，向全球英才发出双向奔赴的诚挚邀约。 从春招琶洲的万人云集，到今秋深圳会展中心的巅峰揽才，百万英才奔赴广东的背后，藏着三"Hui"深 层逻辑：以"人才汇南粤"筑巢引凤，以"产业有智慧"搭台赋能，以"政策惠人才" 撑腰发展。 正是这三"Hui"同向发力，让"东西南北中，发展到广东"成为无数青年的现实选择。 人才汇 广聚英才，扛起就业担当 更关键的是，广东引才不拘一格，让"人才汇"跳脱出条条框框的限制。 东南大学在读研究生赵炽主攻通信技术，虽未达到部分企业"硕士及以上"的招聘门槛，但广东企业对其 简历与想法的认可，让他通过活动成功入职深圳市大数据研究院实习。"从投简 ...

Core Insights - The report predicts a recovery in the commercial sector in 2026, benefiting from supportive policies and a rebound in consumer demand after a bottoming out in 2024-2025 [5][6][9] Sector Outlook Duty-Free - The new duty-free policy starting in November 2025 is expected to drive a strong recovery in the duty-free sector, with a focus on China Duty Free Group and Zhuhai Duty Free Group [6][9][14] Hotels - Hotel operations showed improvement in late 2025, with expectations for growth driven by domestic demand, spring and autumn travel, and inbound tourism in 2026. Key companies to watch include ShouLai Hotel, Junting Hotel, Huazhu Group, and Atour [6][20] Catering - The catering sector showed a year-on-year growth of 3.8% in October 2025, with expectations for recovery in 2026. Companies to focus on include Xiaocaiyuan, Dashishi, Yum China, and Haidilao [21][22] Tea Beverage - Leading tea beverage companies are expected to maintain good growth in 2026, with a focus on brands like Mixue Ice City, Guming, and Tea Baidao [6][25][29] Human Resources - The outsourcing industry is expected to continue steady growth, with a focus on new application scenarios and models. Key companies include Kelly Services, Beijing Human Resources, and Foreign Service Holdings [6][37] Tourism and Scenic Spots - The tourism sector is expected to benefit from holiday effects in 2026, with a focus on companies like Jiuhua Tourism, Emei Mountain A, and Lijiang Shares [31][32] Supermarkets - The trend of reform in supermarkets is expected to continue in 2026, with a focus on companies like Jiajiayue, Xinhua Department Store, and Yonghui Supermarket [7][39] Education - The education sector is expected to maintain a favorable trend, with a focus on companies that can capitalize on the rising demand for vocational education and exam retakes. Key companies include Xueda Education, Kevin Education, and China Oriental Education [7][45]

中新网兰州12月20日电 (马阗雪 马德海)"拉面讲究'甩'字诀，手腕发力要稳，力道均匀才能拉出粗细一 致的面条！"在甘肃省天水市张家川县餐饮服务业公共实训基地，牛肉拉面培训班的课堂里热气腾腾， 学员们正在老师手把手指导下练习揉面、甩面技艺。 据介绍，这是张家川"红花牛"品牌战略发布后开办的首期拉面制作培训班，学员报名火爆，学习热情高 涨。培训班不仅细致传授和面水温、汤料配比、辣椒油制作等实操技巧，还将开店选址、成本控制等知 识整理成易懂要点。 在张家川县餐饮服务业公共实训基地，学员们正在练习揉面、甩面技艺。(资料图)张家川县融媒体中心 供图 学员马鸿基从一个连面团都揉不匀的新手，到能独立完成拉面制作全流程，只用了短短一周时间。"我 现在不仅能熟练揉面、兑汤，连开店的门道都摸清了。学会这门手艺，我就打算开一家牛肉拉面馆，既 能照顾父母，又能赶上'红花牛'的热潮，日子肯定能越过越红火！"朴实的话语里，藏着他满满的期 待。 图为张家川县餐饮服务业公共实训基地，学员们正在进行实操培训。(资料图)张家川县融媒体中心供图 "县里的牛肉拉面培训班，手把手教技术，政府还帮着找门面、办手续，不然我哪能这么顺利开店。"马 宝成 ...

临近年末，跨年行情预期升温。但公募在跨年布局上则各有各的"心思"：浮盈明显的基金想保存收益平 稳收尾，前期回报不明显的基金则想最后再冲一把。 不过，公募投研人士认为，在年底有限的时间里去博取收益难度会有所增加，市场内外干扰因素不少， 还要考虑岁末流动性等多方面因素。 年末博取收益难度增加 和上述观点类似，从11月至今的业绩情况来看，主动权益基金之间呈现出不少分歧。有的基金采取了进 取姿态，比如永赢高端装备智选A在11月至今的收益率达到14.56%，年内回报率为41.56%。华西优选价 值A年内回报22.37%，其中有10.14%的收益为11月以来的这段时间里实现的。平安资源精选A年内回报 约为13.39%，11月至今的回报率为9.94%。 相比之下，年内取得高收益的基金，11月以来净值波动率普遍不高。比如，年内回报超过200%的永赢 科技智选A，11月以来的收益率只有0.50%。年内收益率超过130%的中欧数字经济A，11月以来下跌 1.91%。富国创新科技A、易方达科融、华泰柏瑞质量成长A、中银港股通医药A等翻倍基，11月以来的 净值波动率基本在4%以内。 "这种现象不难理解的，此前取得丰厚回报的基金，其主 ...

近日，深圳南山区虚拟园区招商街道企业服务站内座无虚席，创新创业"六个一"&"六个券"政策宣讲会 招商街道专场圆满落幕。这场由招商街道办事处、南山虚拟园区招商街道企业服务站主办，南山区科技 创新局、工业和信息化局、商务局支持的活动，以精准解读、现场答疑的形式，将政策红利直达企业， 为辖区产业高质量发展注入新活力。此次宣讲会吸引了60多名企业代表参会。 南山区此次发布的"六个一"2.0版与"六个券"政策，分别从企业发展全周期需求出发，构建起覆盖人 才、空间、资金、技术、服务的全方位扶持体系。政策自11月18日上线以来，通过"Ai南山"小程序实现 全程网办，让企业足不出户即可享受政策红利，迅速成为企业发展的"强心剂"。 在政策解读环节，南山区各相关部门负责人进行了细致讲解。"六个一"政策聚焦企业发展关键节点，提 供最高60万重点产业人才补贴、1年免租+2年优惠的安居支持以及最高500万"模力营"空间扶持、最高 2000万创业资金及5亿直投助力，为企业从初创到成长的全阶段提供坚实保障。而"六个券"政策则更具 针对性，其中"模型券"对企业AI投入给予50%补贴，"技改券"支持生产设备更新，"贴息券"每年最高补 贴300 ...

Group 1: A-Share Market Insights - The A-share market in 2025 is characterized by "structural differentiation and prominent main lines," with technology, non-ferrous metals, and new energy sectors standing out, particularly in AI computing power, semiconductor equipment, gold, and lithium resources [1] - The rise in these sectors is driven by the global explosion in AI demand, supportive new energy policies, and improved supply-demand relationships [1] - Challenges include slow recovery in traditional real estate and consumer sectors, as well as external factors like fluctuating Federal Reserve policies and geopolitical conflicts affecting market trends [1] Group 2: Global Economic Impact - Global macroeconomic events, such as Federal Reserve interest rate cuts and geopolitical tensions, have an indirect but significant impact on A-shares [2] - Interest rate cuts can attract foreign capital into A-shares, but expectations during the cut process may lead to short-term volatility [2] - Geopolitical conflicts may increase energy prices, affecting industry costs and enhancing the attractiveness of assets like gold [2] Group 3: Investment Opportunities - Three key areas to focus on include: 1. Technological innovation, such as AI, semiconductors, and biomanufacturing, benefiting from national policies and technological breakthroughs [3] 2. Consumption upgrades, including cultural tourism, health, and green consumption, showing strong demand resilience [3] 3. High-end manufacturing, like new energy equipment and industrial mother machines, aligning with global industrial chain restructuring trends [3] - Some sectors have seen valuation recoveries, suggesting a diversified approach through index or sector funds to mitigate risks associated with single-stock bets [3] Group 4: Bond Investment Risks - Key risks in bond investment include interest rate risk, where market rate changes can lead to bond price fluctuations, and credit risk, which refers to the possibility of the issuer failing to pay interest or principal [4] - Investors are advised to prioritize government bonds or high-credit-rated bonds to mitigate these risks [4] Group 5: Balanced Investment Strategy - The effectiveness of a balanced stock-bond strategy lies in the inverse relationship between stocks and bonds, where stocks provide returns during market upswings and bonds may appreciate during downturns, thus cushioning losses [5] - Historical data indicates that during significant A-share adjustments, the bond market often performs well, leading to lower drawdowns in balanced portfolios compared to pure equity investments [5] Group 6: Public Fund Benefits - Public funds address the high entry barriers of direct stock and bond investments by offering professional management, diversified investment, and low minimum investment thresholds [6] - Funds select a basket of stocks or bonds, automatically diversifying risk, and have flexible investment amounts starting as low as 10 yuan [6] Group 7: Risk Preference-Based Fund Allocation - Investors should assess their risk tolerance before determining stock-bond fund ratios, with suggested allocations for different risk profiles: 1. Defensive investors: Up to 30% in stock funds, at least 70% in bond funds, focusing on low-volatility assets [7] 2. Moderate investors: Approximately equal allocation (around 50% each) with potential inclusion of thematic or convertible bond funds [7] 3. Aggressive investors: 70%-80% in stock funds, 20%-30% in bond funds, focusing on growth-oriented stock funds [7] Group 8: Additional Considerations - Factors such as age and investment horizon should influence asset allocation, with younger investors leaning towards aggressive strategies and those nearing retirement shifting to defensive ones [8] - Regular review and adjustment of investment ratios are essential to align with life stages, market changes, and goals [8] - Diversification within the same asset class is crucial to further reduce non-systematic risks [8]

Summary of North Huachuang Conference Call Company Overview - North Huachuang was formed through the merger of Qixing Electronics and North Microelectronics, benefiting from domestic substitution and policy support since 2019, with revenue expected to reach 30 billion yuan in 2024, maintaining an annual growth rate of over 50% [2][7][19] - The company's business is divided into four main segments: semiconductor equipment, vacuum equipment, new energy lithium battery equipment, and precision components, with semiconductor equipment accounting for approximately 80% of revenue [2][5] Key Insights - North Huachuang has a strong state-owned background, with major shareholders including Qixing Huadian and Beijing Electric Control, holding over 40% of shares, yet operates with a market-oriented approach [2][6] - The company has stable order growth of about 30% annually, with order amounts projected to reach 38 billion yuan in 2024 and 48 billion yuan in 2025, indicating strong performance predictability [2][9] - The gross margin for component business has declined, while electronic industrial equipment and integrated circuit equipment maintain gross margins above 40% and 45%, respectively, with overall net profit margin around 20% [2][10][11] Business Performance - Revenue growth accelerated from 1.6 billion yuan in 2016 to 30 billion yuan in 2024, driven by increased domestic substitution demand and policy support following the US-China decoupling [7][8] - The company’s order growth has been robust, with orders increasing from 17.5 billion yuan in 2022 to 30 billion yuan in 2023, and projected to reach 48 billion yuan in 2025 [9] Employee and R&D Insights - As of the end of 2024, North Huachuang has nearly 20,000 employees, including about 5,000 in R&D, which supports its business expansion and talent retention [12][13] - The company implements stock incentives to bind employee interests, which is crucial in the competitive semiconductor equipment industry [14][15] Market Position and Strategy - North Huachuang has a comprehensive layout in the semiconductor equipment market, covering key areas such as thermal processing, thin film deposition, etching, cleaning, and coating, while actively expanding into overseas markets [3][16][18] - The global semiconductor equipment market is currently valued at approximately 100 billion USD, with North Huachuang aiming to expand its product categories to enhance market presence [17] Investment Recommendation - Investment in North Huachuang is recommended due to its relatively low valuation, consistent growth rate of 30% to 40%, and potential for international expansion, positioning it as a significant supplier in the semiconductor equipment sector [19] Demand for Domestic Equipment - Wafer fabs are increasingly seeking cost-effective and efficient solutions, particularly in mature processes, indicating a strong demand for domestically produced equipment that offers competitive pricing and performance [20]

Core Viewpoint - Nansha is emerging as a hotspot for youth entrepreneurship in the Guangdong-Hong Kong-Macao Greater Bay Area, offering extensive development space, comprehensive policy support, and generous subsidies to assist aspiring entrepreneurs [2] Group 1: Entrepreneurial Support and Infrastructure - Nansha provides "zero rent" entrepreneurial opportunities, with up to 3.8 million square meters of zero-rent properties available, and the maximum rent-free period can reach three years [3][4] - Key locations include the Innovation Center near the Qingsheng Hub, which offers a two-year rent exemption and tax incentives, and the Hengli Biopharmaceutical Industrial Park, also with a two-year rent exemption [3][4] - The Deep Blue Smart Valley Creative Park offers significant rent reductions for small and high-tech enterprises, with the first three years of rent at 50%, 70%, and 80% off [4] Group 2: Comprehensive Policy Framework - Nansha has established a robust policy framework to support various industries, including finance, modern agriculture, biomedicine, artificial intelligence, and commercial aerospace, demonstrating a commitment to fostering enterprise growth [6] - Specific policies include the "30 Financial Measures" and "8 Modern Agriculture Measures," aimed at enhancing industry development [6] Group 3: Financial Incentives and Subsidies - Nansha offers a range of entrepreneurial subsidies and rewards, particularly for Hong Kong and Macao youth, including relocation subsidies, rent subsidies, and loan interest subsidies, with amounts ranging from 100,000 to 1 million yuan [6][9] - Rent subsidies are capped at 80 yuan per square meter per month, with a maximum annual subsidy of 300,000 yuan [7] - Additional support includes one-time entrepreneurial subsidies for university students and financial support for outstanding entrepreneurial teams, with amounts reaching up to 200,000 yuan [10]