在年末的香港文化日历上，一场备受关注的书法艺术展即将启幕。2025年12月10日至13日，由Aucoin Capital Corp主办，Pinnacle Food Group Limited(Nasdaq: PFAI)与集古斋协办的 "不随时俯仰——刘晓迎 书法国际巡展(香港站)" 将于中环集古斋开幕。这是刘晓迎国际巡展的重要一站，也被视为今年岁末香 港最值得关注的文化事件之一。 作为深受传统滋养、在书法领域耕耘四十余年的艺术家，刘晓迎的作品始终植根古典书学。他自幼受家 学熏陶，并在舅父叶选宁的引导下走入书法世界。多年临池不辍，遍研魏晋碑帖、唐宋名作，其间又受 到黄苗子、黄永玉、范曾、韩美林、周慧珺等多位艺术大家启发，让他的笔墨既扎根古典，也始终与当 下心境保持呼应，在长期创作中逐渐形成沉稳、古雅又兼具现代审美的个人风格。 本次巡展以 "不随时俯仰" 为题，既展现出艺术家的创作态度，也折射出其对书法当代价值的理解。在 刘晓迎看来，书法不仅是一门技艺，更是一种文化立场——关乎精神、关乎情感，也关乎如何在快速变 化的时代中保持定力与方向。他坚持认为，"书法是世界共通的情感语言"，而国际巡展的意义，正是让 这种语言 ...

Macro and Strategy - The Federal Open Market Committee (FOMC) is facing a personnel change that will influence future policy direction and independence boundaries, with a key focus on the upcoming 2026 board member replacements [7][8] - The current structure of the FOMC, with a mix of "core dependent" and "institutional defense" members, will determine the continuation of its independence, with potential shifts in policy power dynamics anticipated [8] - The report predicts that the Federal Reserve is likely to enter a phase of "political rate cuts," with increased uncertainty in decision-making frameworks [9] Industry and Company Agriculture, Forestry, Animal Husbandry, and Fishery - The investment strategy for December 2025 highlights an expected reversal in the livestock cycle, recommending key stocks in the dairy farming sector such as Yuran Agriculture and Modern Farming [13] - The report emphasizes the potential for a rebound in meat and milk prices, driven by a synchronized recovery in the livestock sector, with leading companies expected to experience significant earnings recovery [13][14] - Recommendations include leading companies in various segments: livestock (Yuran Agriculture, Modern Farming), pork (Hua Tong, De Kang), and pet food (Guaibao Pet) [15][17] Food and Beverage - The food and beverage sector has seen a decline of 1.80% recently, with A-share food and beverage indices underperforming the broader market [18][19] - The report identifies a divergence in performance across categories, with alcoholic beverages facing supply-demand imbalances, while dairy products are expected to see gradual recovery [19][20] - Investment recommendations focus on high-potential companies in the beverage sector, such as Nongfu Spring and East Peak Beverage, as well as premium liquor brands like Luzhou Laojiao and Moutai [19][20] Real Estate - The real estate market is experiencing significant pressure, with a 9.6% year-on-year decline in sales volume and a 6.8% drop in sales area from January to October 2025 [25][26] - The report notes that while non-popular cities are seeing population outflows, local residents still have improvement-driven housing demands, which could stabilize the market [26][28] - Recommendations include focusing on companies that are well-positioned in non-popular cities, such as China Overseas Land & Investment, which can leverage local demand for housing improvements [28] Internet and AI - The report highlights advancements in AI technology, with significant product launches from companies like OpenAI and Tencent, indicating a growing trend in AI applications across various sectors [29][30] - Investment strategies suggest focusing on internet giants that are leveraging AI for growth, with recommendations for Alibaba and Tencent as key players benefiting from AI integration [30] - The report also notes the potential for AI to enhance advertising and cloud service revenues for these companies, suggesting a positive outlook for their financial performance [30]

Core Insights - On December 8, a total of 6 stocks received buy ratings from brokerages, with 1 stock announcing a target price [1] - Based on the highest target price, Shihua Technology ranks first in potential price increase, with an expected rise of 22.7% [1] - Among the stocks receiving buy ratings, 3 maintained their previous ratings while 3 received ratings for the first time [1] Industry Summary - The sectors with the highest number of stocks receiving buy ratings include Food, Beverage & Tobacco with 2 stocks, Technology Hardware & Equipment with 1 stock, and Capital Goods with 1 stock [1]

沈阳深耕结构调整"三篇大文章"，产业集群化、高端化、智能化发展态势明显。"老原新"21条产业链聚 链成群，10个重点产业集群总规模突破1万亿元，高端装备、汽车、食品、新一代信息技术、航空航天5 个产业集群迈入千亿级行列。机器人及智能制造、工业母机、航空3个产业集群入选国家级先进制造业 集群名单，2024年战略性新兴产业产值占规模以上工业产值比重达33.5%，较2020年提高9.2个百分点， 产业结构持续优化。数字经济与实体经济深度融合，获批建设国家新一代人工智能创新发展试验区，入 选国家级数据标注基地、"5G+工业互联网"融合应用试点城市。服务业提质增效，获批服务业扩大开放 综合试点城市，入选国家综合货运枢纽补链强链支持城市，跻身生产服务型、陆港型国家物流枢纽建设 名单，沈阳金融商贸开发区升级为国家级经济技术开发区，现代产业体系愈发健全。 科技创新结硕果人才集聚添动能 经济实力上台阶区域发展挑大梁 "十四五"时期，沈阳始终把推动高质量发展作为首要任务，经济运行稳中有进、向上向好。地区生产总 值年均增长5.5%，经济总量实现稳步跨越。沈阳获批具有国际化定位的城市性质，由"东北地区重要的 中心城市"升级为"东北亚 ...

12月8日,省政府新闻办举行新闻发布会,邀请省工信厅主要负责同志等介绍"十四五"时期山东加快建设先 进制造业强省情况。作为全国工业版图中的重要一极,山东的每一次脉动,都关乎国家实体经济的根基与 活力。"十四五"时期,山东将工业经济视为"头号工程",加快推进新型工业化,制造业增加值占GDP比重稳 定在28%左右,全省工业增加值将跨过1个万亿元台阶。 记者闫聪济南报道 制造业增加值 占GDP比重稳定在28%左右 工业整体实力走在全国前列。紧紧扭住稳增长这个"牛鼻子",充分发挥"链长制"、制造强省建设领导小 组、省工业运行指挥部等牵总作用,全力做足增量、遏制减量、应对变量,工业经济实现规模与质效同步 跃升。规模体量稳步扩大。规上工业增加值年均增长7.5%,高于全国1.6个百分点左右；全省工业增加值 将跨过1个万亿元台阶,由2.3万亿元提升至3.3万亿元、增长4成以上。其中,制造业增加值占GDP比重稳定 在28%左右,规上工业企业数量和营收较2020年分别增长54.7%、42.9%。体系完整优势日益凸显。拥有 41个工业大类、197个工业中类和603个工业小类,是工业门类最为齐全的省份之一,18个制造业大类营收 居全 ...

Core Insights - Shanghai Dingwei Yuan Food Co., Ltd. has been established with a registered capital of 100,000 RMB and is represented by Li Jinjun [1] Group 1: Company Overview - The company is engaged in the sale of pre-packaged food products and food internet sales [1] - It also offers a wide range of services including technical services, consulting, and business agency services [1] - The company is involved in the wholesale of agricultural products and the sale of food additives [1] Group 2: Business Scope - The business scope includes the sale of packaging materials, office supplies, and various consumer goods [1] - It provides services related to engineering and technical research and development [1] - The company is authorized to conduct import and export activities [1]

天眼查App显示，近日，上海优利轩食品有限公司成立，法定代表人为陈国发，注册资本10万人民币， 经营范围为一般项目：食品销售（仅销售预包装食品）；食用农产品批发；食用农产品零售；食品添加 剂销售；农副产品销售；互联网销售（除销售需要许可的商品）；日用品批发；日用百货销售；日用品 销售；五金产品批发；五金产品零售。（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）。 ...

Economic Outlook - U.S. Treasury Secretary Scott Bessent announced that the economy is performing "better than we thought," with a projected 3% real GDP growth for the year, following a 0.6% growth in Q1 and a 3.8% growth in Q2, with Q3 growth estimated at 3.5% by the Atlanta Fed [2][6] - Consumer sentiment is mixed, with the University of Michigan's survey showing a reading of 53.3, which is up 4.5 percentage points from November but down 28 points year over year, potentially influencing the Federal Open Markets Committee to lower interest rates [3] Earnings Reports - Upcoming earnings reports include Toll Brothers, expected to report Q4 earnings of $4.88 per share on $3.3 billion in sales, with AutoZone and Campbell's scheduled for Tuesday, and tech companies Oracle, Adobe, and Synopsys on Wednesday [4]

Core Viewpoint - The trade deficit between the EU and China, amounting to $310 billion, has become a contentious issue, with French President Macron threatening tariffs if the situation is not addressed. However, the complexity of trade relationships suggests that a simple deficit does not equate to a loss for Europe [2][4][6]. Trade Structure - The EU's trade structure with China shows a significant reliance on Chinese manufacturing due to its efficiency and cost-effectiveness, with many European households using Chinese products [4]. - French products, including aircraft, wine, cosmetics, and luxury goods, are thriving in the Chinese market, indicating a mutually beneficial relationship [4][12]. - European companies benefit from investments in China, often earning more than what is reflected in export figures, which is frequently overlooked in discussions about trade deficits [4][6]. Economic Context - The economic pressures in Europe, including high inflation and an ongoing energy crisis, have led to increased scrutiny of trade relationships, with Macron's statements reflecting domestic political pressures rather than a genuine desire to disrupt trade [8][10]. - The concept of "strategic autonomy" in Europe aims to reduce reliance on external markets, but the reality is that Europe remains heavily dependent on international supply chains [10][16]. Cooperation Beyond Trade - The depth of cooperation between China and France extends beyond trade, encompassing technology partnerships, cultural exchanges, and educational collaborations, which are vital for both economies [12][14]. - France's agricultural and luxury sectors have seen consistent growth in China, highlighting the importance of this market for French economic stability [14][16]. Political Dynamics - Macron's tough stance on trade appears to be more of a political maneuver aimed at addressing domestic concerns rather than a reflection of the actual economic relationship between the EU and China [8][18]. - The potential for tariffs could harm European businesses and consumers, as they rely on Chinese goods and materials, suggesting that a cooperative approach would be more beneficial [16][18].

Group 1 - A regulatory draft is set to reshape the public fund industry by linking fund managers' compensation to long-term performance, addressing the issue of fund managers profiting while investors lose money [1] - The draft specifies that if active equity fund managers underperform their benchmarks by over 10 percentage points for three years and incur losses, their performance pay will be reduced by at least 30% [1] - Over 1,400 active equity products have underperformed their benchmarks by more than 10 percentage points, affecting nearly 1,000 fund managers, including well-known figures [1] Group 2 - The issuance of FOF funds has surged by 300% this week, reaching a two-year weekly high, driven by market volatility and the advancement of personal pension systems [1] - A total of 38 new funds were launched this week, with equity funds making up 47.37% of the total [1] Group 3 - The China Trust Industry Association plans to establish guidelines for family trust businesses by February 2025, focusing on risk management and compliance [3] - The draft will require trust companies to create a distinct assessment and incentive mechanism for family trust businesses, separate from asset management trusts [3] Group 4 - Antero Resources is reportedly close to acquiring HG Energy for several billion dollars, which would expand its natural gas reserves [4] - The deal is expected to be announced soon, although negotiations are still ongoing and terms may change [4] Group 5 - Wuliangye is reportedly adjusting its pricing strategy, with a new invoice price set at 900 yuan per bottle, although distributors have not yet received stock [5] - The company is facing challenges in inventory management and market distribution [5] Group 6 - Wanda Commercial Management is seeking bondholders' approval to amend terms of a $400 million bond due in 2026, extending the maturity to 2028 due to a slowing real estate market [6] - The proposed changes include lowering the minimum total equity requirement for Wanda Hong Kong [6] Group 7 - Ankai Bus reported a 57.71% year-on-year increase in cumulative sales for the first 11 months, with November sales reaching 517 units [10] - The company is experiencing significant growth in its sales performance [10] Group 8 - Cambridge Technology plans to invest 400 million yuan in a fund focused on optical devices and chips, targeting early-stage and growth-stage companies [11] - This investment will enhance the company's presence in the high-tech sector [11] Group 9 - Tunnel Corporation has won a bid for a highway project in Henan with a total investment of 6.49 billion yuan, using a BOT model for construction and operation [12] - The project will span 50.32 kilometers and has a cooperation period of 33.25 years [12] Group 10 - Macro Construction has secured a 230 million yuan project for the installation and decoration of urban rail transit stations [13] - This project represents 3.88% of the company's expected revenue for 2024 [13] Group 11 - ST Weihe has been shortlisted for a 652 million yuan smart agriculture EPC project, which is expected to account for 26.27% of its 2024 revenue [14] - The project is currently in the public announcement period [14] Group 12 - Yao Pi Glass plans to invest 690 million yuan in building four automotive glass production lines to meet the demand for high-end electric vehicles [17] - This investment reflects the company's strategy to expand its production capacity in the automotive sector [17] Group 13 - Zhongzai Resources has won a bid for a 205 million yuan green recycling project for Midea, focusing on compliant recycling and dismantling of appliances [18] - This project will enhance the company's service offerings in the recycling sector [18] Group 14 - The market saw a significant increase in trading volume, with the total turnover exceeding 2 trillion yuan, indicating strong investor interest [19] - The ChiNext index rose over 2%, reflecting positive market sentiment [19]