责编：杨喻程 校对： 刘榕枝 12月15日，在日本国会参议院举行的预算委员会会议上，日本参议员、令和新选组代表山本太郎痛斥日 本首相高市早苗"卖国弃民"。 山本太郎批评日本政府在与美国的贸易协定中计划向美国投资约80万亿日元（约5200亿美元），其中 90%利润流向美国，却不减少消费税，不提供统一补贴，这无法拯救身处困境的日本民众。 来源：央视新闻 券中社 × 券商中国 券 中 社 扫码下载券中社APP 扫码关注券商中国公众号 quanshangcn qzs.stcn.com 舞中 券中社APP 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 , 券 商 中 国 对 该 平 台 所 刊 载 的 原 创 内 容 享 有 著 作 权 , 未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 法 律 责 任 。 看券商中国 知天下财经 F 百万用户都在看 "黑天鹅"突袭！刚刚，全线大跌！ 大跳水！刚刚，18.46万人爆仓！ 今夜！A股，利好！ A股，重要调整！ A股突发！芯片大牛股，终止重组！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb ...

华夏航空 11 月股价上涨 30%，领跑上市航司。前 11 个月民航支线补 贴约 3,100 元/小时，同比增长超 10%，较疫情前翻倍。预计全年飞机 利用率 8.1 小时，2026 年有望达 8.5 小时，反映运营效率提升潜力。 公司面临机长短缺（C909 机型缺口 20%）和普惠发动机维修挑战（22 台受影响，预计明年底解决 15 台），影响轮档小时数恢复，预计全年 22.3 万小时，低于预期。 9 月起票价同比转正，增幅 3-4%。11 月客座率达 82%，创历史新高。 前三季度江补平均 1.6 亿元/季度，同比增长超 25%，显示盈利能力改 善。 机队规模达 78 架，年底预计 80 架（31 架 A320、33 架 CRJ900、16 架 C909）。计划处置 CRJ900 并引进 3 架 A320 和 6 架 C909，总量 或有 1-2 架增量，优化机队结构。 航班换季后，时刻同比增加 4.5%，西北区域（兰州）增幅 82%，华东 区域（舟山新增基地）增幅近 40%，新疆增加 11%，反映公司战略重 点区域调整。 Q&A 今年（2025 年）以来，华夏航空的经营情况如何？未来展望如何？ 今年（2 ...

Core Viewpoint - The case involves the illegal distribution of bonuses by Huang and his associates at Unit A, which was a self-financing institution before its transformation into a company, leading to a total misappropriation of 1.25 million yuan [1][2][5]. Group 1: Actions and Consequences - Huang, while serving as the Party Secretary and Director, conspired with others to misappropriate profits from the unit by creating fictitious transactions and issuing unauthorized bonuses [1][2]. - The total amounts distributed as "extra bonuses" were 600,000 yuan to Huang, 300,000 yuan to Chen, 200,000 yuan to Yuan, and 150,000 yuan to Lin, with ordinary employees unaware of these transactions [1][2]. - The actions taken by Huang and his associates were characterized as a collective crime of embezzlement, with the total amount involved being 1.25 million yuan [2][6]. Group 2: Legal Interpretations - Three viewpoints exist regarding the legal classification of Huang's actions: violation of salary regulations, misappropriation of state assets, and embezzlement [2][4]. - The first viewpoint suggests that Huang's actions violated the 2015 "Disciplinary Regulations of the Communist Party of China," while the second argues for the classification of his actions as misappropriation of state assets [2][4]. - The third viewpoint, which is supported by the author, classifies the actions as embezzlement, emphasizing that the funds involved were public property despite the unit's self-financing status [2][5][6]. Group 3: Regulatory Framework - The case highlights the importance of adhering to financial regulations and the legal framework governing state-owned enterprises, even those that are self-financing [3][5]. - Huang's actions were deemed to exceed the boundaries of party discipline and involved a clear violation of established financial procedures [3][6]. - The legal implications of the case underscore the necessity for compliance with regulations regarding the management and distribution of public funds [4][6].

Economic Performance - July's economic performance reflects the resonance of weakened subsidies, tariff disruptions, and anti-involution policies, leading to compressed profits but maintained production intensity for cash flow purposes[4] - Industrial added value in July increased by 5.7% year-on-year, down from 6.8% in the previous month, indicating resilience in production despite tariff impacts[6] - Fixed asset investment in July decreased by 5.3% year-on-year, a significant drop of 5.2 percentage points, with manufacturing and real estate investments declining by 0.3% and 17.2% respectively[25] Policy and Market Dynamics - The Politburo meeting in July maintained a restrained demand policy while emphasizing the need for flexibility and foresight, suggesting potential future policy adjustments[4] - The subsidy for "old-for-new" consumer goods saw a decline in retail growth from 13.2% in June to 9.0% in July, indicating reduced consumer support for subsidized items[15] - Service sector production index grew by 5.8% year-on-year in July, contrasting with the weakening of goods consumption, suggesting a shift in consumer behavior[16] Investment and Consumption Trends - The production and sales rate of enterprises in July was 97.1%, the lowest in recent years, indicating a tightening in operational capacity[9] - The proportion of second-hand housing transactions in nine sample cities rose to 62.4%, up 6.4 percentage points year-on-year, reflecting a shift in the real estate market[29] - Manufacturing investment in July fell by 0.3%, a decline of 5.4 percentage points from the previous month, influenced by tariff uncertainties and anti-involution measures[28]

Core Viewpoint - The article emphasizes the importance of improving the grain supply chain and ensuring farmers can profit from grain production to stabilize food supply and prices [1][2]. Group 1: Grain Production and Sales - The total summer grain production in China reached 299.48 billion jin, with wheat production at 276.32 billion jin, indicating a stable and abundant harvest [1]. - The new online platforms for grain sales, such as "Hui San Nong" and "Zhi Neng Wan Liang," have made the selling process more efficient, allowing farmers to receive payments within 24 hours [1][2]. - The convenience of selling grain has increased farmers' willingness to sell, with an estimated new season summer grain purchase volume of around 100 million tons, including over 85 million tons of wheat [2]. Group 2: Policy Support and Pricing Mechanism - China has established a "three-in-one" policy support system consisting of price, subsidy, and insurance to ensure farmers' income from grain production [2]. - The minimum purchase price mechanism has been activated in provinces like Henan and Anhui, leading to a stable increase in wheat prices and encouraging farmers to grow high-quality wheat varieties [3]. - The pricing mechanism allows for market-driven pricing when market prices exceed the minimum purchase price, while also providing a safety net when prices fall below it [2][3]. Group 3: Future Outlook and Importance of Autumn Grain - Autumn grain is crucial for overall grain production, with significant varieties and regions involved, making its purchase and storage vital for the entire year's grain supply [3]. - The article highlights the need for comprehensive policies to enhance the grain production and sales chain, ensuring farmers experience a sense of gain from their harvests [3].

Government Policy & Funding - Central government to establish "Childcare Subsidy Funds" with an initial budget of approximately 90 billion yuan [1] - Central government to provide subsidies to local governments at a certain percentage for the issuance of national basic standard subsidies, with the central government bearing approximately 90% of the total [1] - National basic standard for childcare subsidies set at 3,600 yuan per child per year for infants under 3 years old [1] Childcare Subsidy Scheme - Childcare subsidy scheme to be implemented from January 1, 2025, for infants under 3 years old who meet legal and regulatory requirements [1] - Childcare subsidies to be issued annually until the infant reaches 3 years of age [1]

Core Viewpoint - The article discusses the recent tensions between China and the European Union (EU) regarding trade issues, emphasizing the need for constructive dialogue and cooperation as both parties celebrate the 50th anniversary of diplomatic relations. The Chinese government asserts that its development presents opportunities for the EU rather than challenges, urging the EU to adopt a more objective and positive stance towards their economic relationship [1][2]. Summary by Sections EU's Criticism of China - EU Commission President Ursula von der Leyen criticized China for issues related to market access, subsidies, government procurement, export controls, and alleged "overcapacity" [1]. China's Response to EU Concerns - The Chinese Ministry of Commerce responded by highlighting the progress in China-EU economic relations and urging the EU to communicate more and reduce accusations. China aims to expand market access and deepen cooperation in supply chains [1][2]. Market Access - China has removed restrictions on foreign investment in the manufacturing sector and is actively increasing imports from Europe. In contrast, the EU has been accused of using protectionist measures under the guise of fair trade, leading to a deteriorating business environment for Chinese companies [4]. Subsidy Issues - China criticized the EU for its double standards regarding subsidies, noting that the EU plans to provide over €1.44 trillion in various subsidies from 2021 to 2030, while historically being a major subsidizer in sectors like aviation and agriculture [4]. Government Procurement - The Chinese government pointed out that the EU's public procurement market is not as open as claimed, with hidden barriers and policies favoring European products. This has led to retaliatory measures from China to protect its companies [4]. Export Controls - China maintains that its export controls are reasonable and less extensive than those of the EU. It has established expedited approval processes for European companies, yet the EU has been criticized for slow and cumbersome approval processes that disrupt supply chains [5][6]. Overcapacity Claims - China refuted claims of overcapacity, arguing that such assessments should not be based solely on production and export volumes. It emphasized that its renewable energy sector faces a capacity gap rather than overcapacity, and that its green products support the EU's transition to sustainability [6]. Call for Balanced Relations - The Chinese government expressed a desire for the EU to adopt a more balanced perspective on their relationship, focusing on mutual cooperation rather than highlighting differences. It called for both sides to work together to manage trade disputes and foster a stable economic partnership [7].

Electric Vehicle Market & Government Subsidies - Tesla received a 465 million USD low-interest loan from the US Department of Energy in 2010, which was repaid in full 9 years early [2] - In 2013, Tesla earned 130 million USD from Zero Emission Vehicle (ZEV) credits [2] - Tesla's China weekly sales reached 20,680 vehicles, marking the second-highest weekly sales in 2025 and the highest in Q2 [3] - In 2024, Tesla's total sales in China were approximately 657,000 vehicles, accounting for 37% of its global sales [3] Space Exploration & Government Contracts - SpaceX received 396 million USD from NASA's Commercial Orbital Transportation Services (COTS) program in 2006 to develop the Dragon spacecraft [2] - SpaceX's Falcon 9 rocket development costs were estimated to be 4 to 10 times lower than NASA's own efforts, potentially saving the US government 40 billion USD [2] Autonomous Driving & Partnerships - Volkswagen (VW) and Uber are partnering to launch fully autonomous ID Buzz AD electric buses in Los Angeles in 2026 [3] - The ID Buzz AD is equipped with 13 cameras, 9 LiDAR radars, and 5 radars for 360-degree environmental perception, with a range of 234 miles [4]

Government Subsidies & Policy - Elon Musk responded to the call for cutting all subsidies immediately [1] - The report highlights Trump's opposition to mandated electric vehicles, a stance known prior to Musk's support [1] - The report suggests Musk may have received more subsidies than anyone in history, implying potential business closure without them [1]

Government Policy & Subsidies - The statement highlights a stance against mandatory electric vehicle (EV) policies, emphasizing the belief that individuals should not be forced to own EVs [1] - The document suggests that Elon Musk, and by extension his companies, have received substantial government subsidies [1] - The report implies that without government subsidies, Musk's ventures might have failed, potentially leading to significant cost savings for the nation if these subsidies were discontinued [1] Automotive Industry & Market Dynamics - The document acknowledges the merits of electric vehicles (EVs) but argues against policies that mandate their adoption [1] - The analysis suggests that the EV market's reliance on subsidies may indicate underlying financial vulnerabilities for some companies in the sector [1] Political Commentary - The report notes that Musk allegedly knew about the speaker's opposition to mandatory EV policies before endorsing the speaker's presidential campaign [1]