【导读】 意外下滑！美国11月ADP就业人数减少3.2万人，创2023年3月以来最大降幅 中国基金报记者 泰勒 大家好，关注一则美国最新经济数据的消息。 "小非农"爆冷！11月就业人数意外下降。 11月，美国劳动力市场放缓势头进一步加剧。12月3日晚间，薪资服务机构ADP公布的数据显示，美国 私营部门就业人数减少3.2万人，其中受冲击最大的是小企业。 随着市场对美国就业前景的担忧加剧，ADP的数据也显示情况比预期更糟。 11月的就业下滑，与10月 向上修正后的4.7万新增岗位形成鲜明对比，也远低于经济学家此前预估的4万人增幅。 从规模看，员工数量在50人及以上的大型企业整体实现了9万人的净增就业岗位；但员工少于50人的小 企业则减少了12万个岗位，其中员工在20–49人之间的企业就流失了7.4 万个岗位。整体跌幅创下自2023 年3月以来最大单月降幅。 ADP首席经济学家内拉·理查森表示："在谨慎的消费者和不确定的宏观环境下，企业近期的招聘节奏一 直忽快忽慢。11月的放缓是全面性的，但领跌的是小企业。" 这份ADP报告是美联储在12月9日至10日会议前拿到的最后一份就业数据。 目前，有期货交易员认为， 美联储 ...

Core Insights - The market experienced a collective decline in the afternoon, with sectors such as non-ferrous metals and energy showing gains, leading to an increase in related indices [1] - The Guozhen Free Cash Flow Index rose by 0.4%, while the Guozhen Value 100 Index increased by 0.3%, and the Guozhen Growth 100 Index fell by 1.0% [1] - The Free Cash Flow ETF (E Fund, 159222) has seen continuous net inflows for 16 trading days, totaling over 100 million yuan [1] Index Performance - The Guozhen Value 100 Index, which employs a "high dividend + high free cash flow + low price-to-earnings ratio" screening system, focuses on value stocks and has shown stable historical performance [1] - The Guozhen Free Cash Flow Index selects stocks based on free cash flow rates, combining high dividends with growth potential [1] - The Value ETF (159263) and Free Cash Flow ETF (E Fund, 159222) track the aforementioned indices, providing investors with opportunities to capitalize on related investment styles [1] Sector Composition - The Guozhen Growth 100 Index consists of 100 stocks with a significant focus on growth, with over 65% of its composition in information technology and materials sectors [3] - The Guozhen Value 100 Index is composed of 100 stocks with a strong value orientation, with over 65% in consumer discretionary, financials, and industrial sectors [3] - The Free Cash Flow Index includes 100 stocks with high free cash flow levels, with over 70% in industrials, materials, and consumer discretionary sectors [3]

Group 1 - The article discusses the legal victories achieved by investors against Yishite due to false statements made by the company, with the court ruling that the company must compensate investors for their losses [1][2][3] - As of the report date, Yishite has received a total of 868 securities false statement liability dispute cases, with a total claim amount of 28.6065 million yuan [1][2] - Investors who purchased shares between March 15, 2018, and May 11, 2023, and sold or still hold them after May 12, 2023, can join the legal claims [2][4] Group 2 - Yishite was penalized by the China Securities Regulatory Commission (CSRC) for financial fraud, which has been highlighted as a typical case for strict enforcement against financial fraud in the capital market [2][4] - The company inflated its operating income by 4.074 billion yuan, operating costs by 3.525 billion yuan, and total profit by 34.29 million yuan from 2017 to 2021, leading to false records in its annual reports [2][4]

Core Viewpoint - The Hong Kong stock market, particularly the technology sector represented by the Hang Seng Tech Index, has experienced a significant decline of over 15% in the past two months, prompting investors to reconsider their investment strategies as the year-end approaches [1]. Group 1: Market Performance - The Hang Seng Tech Index has seen a low of 5536.51 and a high of 5600.88, with a trading volume of 247.53 billion [1]. - The year-to-date performance of the index shows a return of 23.94%, despite the recent downturn [1]. - The index's 52-week high and low are 6715.46 and 4168.04, respectively, indicating a substantial range of price movement [1]. Group 2: Capital Flows - In November, southbound capital inflows reached 117.2 billion, demonstrating a strong willingness among Chinese investors to increase their positions in Hong Kong stocks despite market declines [2]. - The sectors attracting the most net buying from southbound funds include consumer discretionary, financials, and information technology [4]. Group 3: Investment Opportunities - The Hong Kong Information Technology ETF (159131), which focuses on the "Hong Kong chip" sector, has seen a recent influx of 29.5 million in capital over the past ten trading days, suggesting potential for a rebound in the market [6]. - The ETF's underlying index has a price-to-earnings ratio of 34.25, which is favorable compared to other major technology indices, indicating a strong investment value [7][9]. - The ETF is designed to capture the performance of the semiconductor and electronic sectors, with significant weights in companies like SMIC (20.27%) and Xiaomi (9.11%) [9].

天眼查App显示，近日，河南尚银科技有限公司成立，法定代表人为张政，注册资本100万人民币，经 营范围为一般项目：信息技术咨询服务；技术服务、技术开发、技术咨询、技术交流、技术转让、技术 推广；非金属矿及制品销售；建筑材料销售；金属矿石销售；金属制品销售；珠宝首饰批发；金银制品 销售；人工智能硬件销售；智能输配电及控制设备销售；电子产品销售；家用电器销售；家用电器零配 件销售；互联网数据服务；数据处理和存储支持服务；电子元器件与机电组件设备销售；市场营销策 划；物联网应用服务；环境保护专用设备销售；厨具卫具及日用杂品批发；家具安装和维修服务；珠宝 首饰零售；农副产品销售（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

"当下先进的科技技术究竟该如何扎根于油气矿山行业，给行业带来改变？经过不断的摸索，我们的答 案是以用促建，让技术从业务的痛点中生长出来。"11月26日，在北京举行的华为中国政企业务油气矿 山2025媒体沟通会上，华为油气矿山集团副总裁吴海宇如是说。在这场媒体沟通会上，三位来自华为油 气矿山军团的发言人讲述了华为如何通过一场"自下而上"的技术渗透，让人工智能(AI)牢牢扎根于能源 化工行业，从辅助系统进入核心生产流程。 让技术沾上"机油味" 当前，传统能源化工行业面临多重挑战，安全管控、效率提升、绿色转型等不同要求为行业发展带来了 较为沉重的压力。在谈及如何应用AI助力能化行业转型时，吴海宇表示，AI的应用需要围绕真实的业 务难题，从场景出发，实现数字化技术的落地应用。 应用这一策略，华为瞄准石油化工行业能耗与安全性两大关键，联合云天化（600096）打造了全球首个 煤气化实时在线优化技术(RTO)大模型项目，使煤气化装置能够精确模拟并预测气化炉炉温、渣层厚度 及渣黏度等关键运行参数，从而保障生产过程的深度优化与极致稳定。该项目投用后，预计每年实现节 煤9000多吨、减少二氧化碳排放量2万多吨，带来每年超千万元 ...

作为《南沙方案》明确的三大先行启动区之一，广州南沙庆盛枢纽区块凭借独特的区位交通优势、密集 的产业创新载体和叠加的政策红利，迅速成为粤港澳大湾区创新创业布局的重要节点。这片日益繁茂 的"科创雨林"正加速成型，逐渐成为创业者们扎根生长、发展壮大的沃土。 政策利好 "双15%"税收优惠 庆盛枢纽区块是《南沙方案》三大先行启动区之一，根据此前发布的《财政部 税务总局关于广州南沙 企业所得税优惠政策的通知》，对设在南沙先行启动区符合条件的鼓励类产业企业，减按15%的税率征 收企业所得税。此外，对符合条件的个人，如在粤港澳大湾区工作的境外高端人才和紧缺人才，在南沙 工作的港澳居民也可以享受15%的个人所得税优惠。 此外，南沙还聚焦不同领域，逐步构建起全面的政策体系。"南沙金融30条""现代农业8条""生物医药9 条"等一系列政策的密集出台，彰显出南沙扶持企业成长、推动产业壮大的坚定决心。（更多扶持政 策，可通过"南沙惠企政策通"小程序进行查询。） 区位优势 高效畅达湾区 南沙地处粤港澳大湾区地理几何中心，方圆100公里范围内汇集了大湾区全部11座城市以及多座国际机 场，是连接珠江口两岸城市群和港澳地区的重要枢纽性节点。 ...

12月2日晚，通达海（301378）公告，拟以2600万元自有资金收购上海润之信息科技有限公司(简称"润 之信息")26%股权。本次交易完成后，通达海对润之信息的持股比例将提升至51%，润之信息正式成为 其控股子公司并纳入合并报表范围。 据公告披露，本次股权收购的交易对方为润之信息股东何炜、朱利峰等五人。其中，何炜转让17.55% 股权，获转让款1755万元；朱利峰转让6.11%股权，对应对价611万元；李洪鹏、施轶、沈正崴分别转 让1.56%、0.52%、0.26%股权，转让款依次为156万元、52万元、26万元。上述股权均为已实缴注册资 本，权属清晰，无抵押、质押及司法查封等权利瑕疵。 作为本次交易的标的公司，润之信息在公安执法领域具备业务基础。财务数据显示，该公司2024年实现 营业收入4333.97万元，净利润1235.80万元；2025年1—10月，其营业收入达4238.77万元，净利润991.96 万元，接近去年全年水平。值得注意的是，润之信息已于11月对2025年10月31日前未分配利润中的1300 万元进行利润分配。 此次收购并非通达海与润之信息的首次合作。据公开信息，早在2024年10月，通 ...

天眼查App显示，近日，成都富祥嘉瑞科技有限公司成立，法定代表人为康玲，注册资本100万人民 币，经营范围为一般项目：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；塑料制 品制造；塑料制品销售；塑料加工专用设备销售；食品用塑料包装容器工具制品销售；塑料包装箱及容 器制造；塑料加工专用设备制造；包装材料及制品销售；包装专用设备制造；新型膜材料销售；新型膜 材料制造；金属加工机械制造；机械零件、零部件加工；机械设备销售；信息咨询服务（不含许可类信 息咨询服务）；信息技术咨询服务；组织文化艺术交流活动；包装专用设备销售；包装服务。（除依法 须经批准的项目外，凭营业执照依法自主开展经营活动）许可项目：食品用塑料包装容器工具制品生 产。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件 或许可证件为准）。 ...

Market Performance - Global markets rebounded last week, with MSCI Global up by 3.3%, MSCI Developed Markets up by 3.4%, and MSCI Emerging Markets up by 2.2% [7][12] - Among developed markets, the Nasdaq index showed the strongest performance with a gain of 4.9%, while the French CAC40 index had the weakest performance with a gain of 1.8% [7][12] - In emerging markets, the ChiNext index performed best with a gain of 4.5%, while the Indian Sensex30 index had the weakest performance with a gain of only 0.6% [7][12] Trading Sentiment - European stock trading volume increased, while trading volume in US and Asian stocks decreased, leading to a decline in stock index volatility [19] - Investor sentiment in Hong Kong improved, with short-selling ratios decreasing to 16.3%, indicating a historical low position [19] - In contrast, the North American investment sentiment reached a historical high, with the NAAIM manager exposure index rising to 89.9% [19] Earnings Expectations - Earnings expectations for technology sectors in Hong Kong and the US were revised upward, with the Hang Seng Index's 2025 EPS forecast increased from 2096 to 2104 [63] - The S&P 500 Index's 2025 EPS forecast remained stable at 272, while the Eurozone STOXX50 Index's forecast remained unchanged at 333 [63][64] - In Japan, the Nikkei 225 Index's 2025 EPS forecast was slightly increased from 2279 to 2280, with the most significant upward revision in the warehousing and port transportation services sector [64] Economic Expectations - Economic sentiment in Europe and the US declined, influenced by weakening manufacturing PMIs and geopolitical risks [7][19] - The Citigroup Economic Surprise Index for the US decreased, while the index for China showed slight improvement due to positive policy signals [7][19] Fund Flows - The market anticipates a 0.83 rate cut by the Federal Reserve by the end of the year, with several officials supporting a December rate cut [48] - Global liquidity conditions improved, with significant inflows into US, China, India, Japan, and South Korea [59] - In Hong Kong, a total of 271 billion HKD flowed into the stock market, with notable inflows from the Stock Connect program [59][62]