Core Insights - The Western containment policies have significant counterproductive effects, leading to increased R&D spending and domestic patent applications among Chinese companies listed on the U.S. Entity List, with R&D spending rising by an average of 18% and domestic patent applications increasing by 17.6% over two years [1][5][6] - The U.S. companies suffer substantial losses due to the loss of the Chinese market, while Chinese firms benefit from increased government subsidies and enhanced domestic market share [1][5] Knowledge Dissemination - Knowledge blockade has become impossible, with a significant increase in U.S. citations of Chinese patents from negligible levels in 2009 to a substantial amount by 2021, indicating China's emergence as an IP exporting country and the U.S. as the largest IP absorbing country [1][6] - The technology and knowledge network has become decentralized and interconnected, rendering previous strategies of technological blockade ineffective [1][6] Strategic Recommendations for China - China possesses unique advantages in manufacturing, being both a supplier of critical intermediate products and the largest manufacturing market globally, which should be leveraged [2][6] - The development of the service sector, particularly in legal, R&D, and financial services, is essential to support manufacturing and should be integrated into the manufacturing system [2][6] - Continuous openness is emphasized as a core prerequisite for knowledge and technology dissemination, which relies on the interaction of material, capital, and human flows, to maintain China's position as an irreplaceable global economic center [2][6]

在日常生活中，无论是线上购物还是线下消费，我们都可能遇到商品质量、服务态度或商家承诺不兑现 等问题。当与商家沟通无果，自己的合法权益受到侵害时，许多人的第一反应是："我该去哪里投诉？" 维权渠道看似很多，但选择正确、高效的途径至关重要。本文将为您系统梳理当前主流的消费维权 【下载黑猫投诉客户端】途径，帮助您在需要时能清晰、快速地找到对应的"求助之门"。 一、官方核心渠道：行政监管与法律保障 当协商失败，寻求公权力介入是维权的有力方式。我国的消费者权益保护体系以行政机关和法律诉讼为 支柱。 1．全国12315平台（首选官方渠道） 这是国家市场监督管理总局整合建设的统一投诉举报平台，处理 全国范围内的市场消费投诉举报事项。 2．各行业主管行政部门 对于特定行业的消费纠纷，直接向对应的行业主管部门投诉，有时更具针对 性。 3．寻求法律途径解决 当行政调解无法达成一致，或涉及金额较大、性质严重的纠纷时，诉讼是最终的 解决方式。 二、社会组织渠道：调解与支持 介于自主协商和行政司法之间的，是社会组织的调解与支持服务。 1．消费者协会（消协） 各级消费者协会是依法成立的对商品和服务进行社会监督的保护消费者合法权 益的社会 ...

人民财讯12月18日电，企查查APP显示，近日，宣城国泰开盛正泰绿色私募股权投资基金合伙企业(有 限合伙)成立，出资额7亿元，经营范围包含以私募基金从事股权投资、投资管理、资产管理等活动。企 查查股权穿透显示，该合伙企业由国泰君安创新投资有限公司、正泰电器（601877）旗下浙江正泰新能 源开发有限公司等共同持股。 ...

12月18日，海南自由贸易港（以下简称"海南自贸港"）正式启动全岛封关。至此，进口征税商品目录、 货物流通税收政策、禁限清单、加工增值内销免关税政策、海关监管办法等一系列封关政策及配套文件 同步实施。 回溯多年探索实践之路，海南自贸港建设实现从"顺利开局""蓬勃展开""进展明显""蓬勃兴起"的稳步迈 进，如今封关运作全面落地，不仅宣告高水平自由贸易港的正式成型，更成为新时代中国扩大对外开放 的标志性里程碑。 所谓"封关"，并非物理意义上的封锁，而是制度层面的重构，是更高水平的开放。这场牵动全球目光的 制度变革，以"一线放开、二线管住、岛内自由"为核心框架，用"零关税、低税率、简税制"的税收红利 与金融领域的多维创新，在南海之滨构筑起一座连接国内国际双循环的开放高地。 接受《证券日报》记者采访的业内专家表示，海南自贸港建设是国家重要战略部署，是未来一段时期内 引领中国发展迈入新阶段，尤其是"十五五"时期推进高水平对外开放的核心抓手。这一战略布局绝非仅 属于海南，更是中国构建新发展格局的关键基石。依托海南自贸港这一海关监管特殊区域开展全方位国 际对接，能够充分释放其作为内外联通通道的枢纽效应。与此同时，国内大循环 ...

货币政策工具也不只是降准降息，近年来货币政策工具特别是流动性投放工具更加多样，期限分布更趋合理。 长期有降准、国债买卖工具，中期有中期借贷便利（MLF）、买断式逆回购操作等工具，短期有公开市场7天 期逆回购、临时隔夜正、逆回购等工具。鉴于新的一年国债、地方政府专项债券等政府债券将保持较大发行规 模，央行有必要通过多种流动性投放工具营造适宜的流动性环境，引导金融机构加大对重点领域、薄弱环节的 支持力度。 编者按： 日前召开的中央经济工作会议，明确了明年经济工作的总体要求和政策取向，部署了明年经济工 作"八个坚持"的重点任务，抓住关键、纲举目张。为深入学习贯彻会议精神，本报即日起推出"落实 会议部署 问答中国经济"系列述评，围绕发展目标设定、赤字规模安排、推动投资企稳等10个方面 热点问题展开讨论，敬请关注。 "把促进经济稳定增长、物价合理回升作为货币政策的重要考量"是今年中央经济工作会议的新提法。在上述总 体目标下，明年如何灵活高效地运用多种货币政策工具备受外界关注。 "十五五"开局之年，适度宽松的货币政策要努力推动实现经济增长、物价回升，这首先要求明年金融总量保持 合理增长，充分满足实体经济融资需求。社会融资 ...

Group 1 - The US dollar index is trading around 98.367, while spot gold opened at $4340.68 per ounce and is currently trading at approximately $4332.10 per ounce [1] - On the previous trading day, the US dollar index rose by 0.18% to 99.319, and spot gold increased by 0.81% to $4337.16 per ounce [1] - Other precious metals saw gains, with spot silver up 3.82% to $66.17 per ounce, platinum up 2.62% to $1896.20 per ounce, and palladium up 2.52% to $1646.50 per ounce [1] Group 2 - As of December 17, COMEX gold inventory remains unchanged at 1119.46 tons, while COMEX silver inventory decreased by 27.85 tons to 14088.35 tons [2] - SPDR gold ETF holdings increased by 0.85 tons to 1052.54 tons, while SLV silver ETF holdings remained unchanged at 16018.29 tons [2] Group 3 - The Federal Reserve's joint survey indicates that tariffs continue to trouble businesses, with an expected 4% increase in prices next year [4] - Federal Reserve Governor Waller stated that monetary policy remains in a restrictive range, with room for further rate cuts, as current rates are 50 to 100 basis points above neutral [4] - US Treasury Secretary Basant mentioned that the "Trump account" could help ensure all Americans own stocks, aiming to reduce the 38% of Americans who do not currently hold stocks to zero [4]

Core Viewpoint - The structural reform of the OTC market in the U.S. set to launch in July 2025, particularly the new OTCID segment, offers a low-barrier compliance and high-certainty growth opportunity for small and medium-sized enterprises (SMEs) seeking to enter the U.S. capital market [1] Group 1: OTCID Segment Overview - The OTCID segment is particularly suitable for Chinese enterprises, with 777 Chinese companies already listed on the U.S. OTC market, most starting from OTCID [1] - Companies can go public within three months through a shell acquisition without needing to establish complex red-chip structures, with financing scales increasing from millions to tens of millions of dollars [1] - Hard tech companies, such as those in renewable energy and quantum computing, can connect with U.S. investors during non-profitable stages to meet funding needs for R&D expansion [1] Group 2: Target Audience and Compliance - OTCID focuses on three core audiences: early-stage startups needing to showcase potential, micro-cap companies requiring liquidity support, and Chinese companies needing to adapt to U.S. regulatory environments [2] - Unlike OTCQX, OTCID has minimal hard financial metrics, requiring only unaudited financial reports submitted via the OTCIQ platform, with deadlines of 45 days for quarterly and 90 days for annual disclosures [2] - This "light compliance" design allows tech companies in R&D and manufacturing firms in accumulation phases to enter the public market without incurring high auditing and governance costs [2] Group 3: Advancement Path and Market Recognition - OTCID provides a clear advancement path for companies, allowing them to build credibility through continuous disclosures and seamlessly upgrade to OTCQB or OTCQX, eventually aiming for a NASDAQ listing [2] - The case of AI company ADX illustrates this pathway, having upgraded from the pink sheets to OTCID and planning to transition to NASDAQ by 2026, with five OTC companies successfully transitioning in September 2025, averaging over threefold market value growth post-transition [2][3] Group 4: Compliance and Strategy Recommendations - While OTCID has low barriers, it does not equate to a lack of regulation; companies must hire certified transfer agents to maintain shareholder records and disclose significant events within four business days [3] - Companies are advised to adopt a "three-step" strategy for OTCID: establish compliance foundations, engage in story marketing by regularly updating operational progress, and create ecological linkages with market makers to enhance liquidity [4][5] - A warning is issued that compliance is an ongoing responsibility, as evidenced by seven companies being downgraded to the pink sheets for failing to update company information for six consecutive months [5]

即推动旅游业、现代服务业、高新技术产业、热带特色高效农业四大主导产业补链延链、优化升级； 持续推进向种图强、向海图强、向天图强、向绿图强、向数图强"五向图强"； 创新发展生物制造、氢能、脑机接口、具身智能等"四新"未来产业； 在封关前夕，各项软硬件准备工作已全面就绪。自今年9月起，海南启动了10个"二线口岸"的试运行，并在11月18日进入封关运 作合成演练和7×24小时热运行阶段。12月上旬，海口新海港和南港"二线口岸"(货运)集中查验场顺利通过了封关前最后一轮压力 测试。第三方测评显示，通关流程已更加顺畅、有序，能够满足大多数经营主体的通关需求。 封关运作带来的最直接变化，是"零关税"政策红利的全面扩大与深化。根据财政部、海关总署、税务总局联合发布的政策，"零 关税"商品范围已从原有的部分清单大幅扩展至约6600个税目，"零关税"商品比例达到74%，这意味着绝大多数进口商品进入海 南都将免除包括进口关税、进口环节增值税和消费税。 封关不是终点，而是产业跃升的新起点。未来海南将围绕"45432"发展架构，推动构建具有海南特色和优势、梯次布局的现代化 产业体系。 视频、设计丨王学权王冰 12月18日，海南自由贸 ...

Core Viewpoint - The official launch of the Hainan Free Trade Port marks a new phase of higher-level openness, establishing Hainan as a significant gateway for China's new era of foreign trade [1][2]. Group 1: Policy and Operational Changes - Hainan has implemented a "zero tariff" policy, expanding the range of zero-tariff goods to approximately 6,600 tax items, which accounts for 74% of imported goods, exempting them from import duties, VAT, and consumption tax [1]. - The preparations for the port's closure included the trial operation of 10 "second-line ports" starting in September, with successful pressure tests conducted in early December [1]. Group 2: Future Development Framework - Hainan will focus on a "45432" development framework, enhancing four main industries: tourism, modern services, high-tech industries, and tropical agriculture [2]. - The province aims to innovate in future industries such as biomanufacturing, hydrogen energy, brain-machine interfaces, and embodied intelligence [2]. Group 3: Investment Opportunities - The Hainan Free Trade Port's closure is seen as a milestone for foreign trade, with potential investment opportunities in modern services like tourism, exhibitions, transportation, and finance, as well as in marine economy, aerospace, duty-free shopping, and high-end healthcare [2]. - Specific sectors expected to benefit include companies with significant foreign trade operations, infrastructure firms involved in the port's development, tourism-related businesses, and local enterprises enjoying tax benefits [2]. Group 4: Market Performance of Related Companies - Notable companies include Hainan Airlines, which has a market cap of 756.77 billion and a year-to-date change of 2.94%, and China Duty Free Group, dominating 85% of the duty-free market in Hainan with a market cap of 1,630.63 billion and a 21.44% increase [3]. - Other companies like Hainan Airport and Hainan Development have also shown significant market movements, reflecting the potential growth in the region due to the new policies [3].

Group 1 - The core viewpoint is that the Hong Kong high dividend sector is showing resilience amid recent adjustments in domestic risk assets, making it an attractive option for investors seeking stable returns [3] - The Hong Kong Dividend Low Volatility ETF (520550) has seen a continuous net inflow of approximately 180 million since December 17, with a total net inflow of about 990 million since the beginning of the year [1][3] - The fund's appeal is driven by its high dividend yield of 6.5% over the past 12 months, significantly exceeding the 10-year government bond yield of 1.85%, highlighting its strong allocation value in a volatile market [3] Group 2 - The current policy environment aims to guide long-term capital into the market and maintain stability, with a focus on promoting public funds, insurance, and pension investments, which supports the demand for high dividend assets [3] - The fund features a low management fee of 0.2% and employs a monthly dividend assessment mechanism along with T+0 trading to enhance capital efficiency [3] - The fund's portfolio primarily consists of mature industries such as finance and energy, with a 5% weight limit on individual stocks to diversify risk and dynamically exclude stocks with significant declines, effectively avoiding the "dividend trap" [3]