Core Viewpoint - Hangzhou has initiated a preventive protection mechanism for enterprise names to safeguard the rights of well-known companies and enhance the business environment, addressing issues like name infringement and counterfeiting [1][2]. Group 1: Implementation of the Protection Mechanism - The Hangzhou Municipal Market Supervision Administration has publicly announced the first batch of 28 enterprises eligible for preventive name protection [1]. - The "Implementation Measures" for the preventive protection of enterprise names will take effect on November 15, 2025, as part of a significant reform task for the year [2]. - The first batch includes 28 companies, with 13 receiving primary protection and 15 receiving secondary protection based on their influence and risk of infringement [2]. Group 2: Framework and Management - The "Implementation Measures" establish a comprehensive institutional framework, defining the scope of protected entities, including state-owned enterprises and industry leaders [3]. - A tiered protection system is created, categorizing enterprises into primary and secondary protection based on their influence and uniqueness of names [3]. - A full-process management approach is outlined, detailing the steps from application to dynamic management, providing clear operational guidelines [3]. Group 3: Digitalization and Future Plans - The initiative incorporates digital reform, utilizing an electronic registration platform for online applications and real-time progress tracking [4]. - The system will automatically compare new name applications against existing names to prevent confusion and imitation, enhancing protective measures [4]. - Future plans include optimizing the system, expanding the coverage of protections, and exploring data sharing with other cities to implement collaborative protection [4].

每经AI快讯，思美传媒（SZ 002712，收盘价：5.5元）12月12日晚间发布公告称，公司第六届第二十九 次董事会会议于2025年12月12日以通讯表决的方式召开。会议审议了《关于修订 <董事会议事规则> 的 议案》等文件。 2025年1至6月份，思美传媒的营业收入构成为：商务服务业占比100.0%。 （记者 王瀚黎） 截至发稿，思美传媒市值为30亿元。 每经头条（nbdtoutiao）——实施城乡居民增收计划、降准降息等工具灵活高效运用、增加普通高中学 位……深度解读中央经济工作会议 ...

Group 1 - The company, Xinmei Co., stated that as of December 10, 2025, the total number of shareholders is 24,687 [2]

证券日报网讯12月12日晚间，思美传媒（002712）发布公告称，公司拟聘请天健会计师事务所(特殊普 通合伙)担任2025年度财务报告审计机构和内部控制审计机构，原聘请的信永中和会计师事务所(特殊普 通合伙)无异议，该事项尚需提交2025年第四次临时股东大会审议。 ...

截至发稿，*ST天择市值为24亿元。 每经头条（nbdtoutiao）——实施城乡居民增收计划、降准降息等工具灵活高效运用、增加普通高中学 位……深度解读中央经济工作会议 （记者 曾健辉） 每经AI快讯，*ST天择（SH 603721，收盘价：18.38元）12月12日晚间发布公告称，公司第四届第十八 次董事会会议于2025年12月12日在公司V9会议室以现场结合通讯的方式召开。会议审议了《关于公司 2026年度日常关联交易预计的议案》等文件。 2024年1至12月份，*ST天择的营业收入构成为：传媒占比97.87%，其他业务占比2.13%。 ...

Market Performance Review 2025 - The economic environment gradually stabilized under policy support, with PMI remaining below the growth line, indicating a "weak stabilization" trend [3][8] - PPI's year-on-year decline narrowed, while CPI showed an overall upward recovery, leading to a structural recovery in the economy, particularly in small-cap tech stocks driving a "fast bull" market [3][8] - The transition from "short on stocks, long on bonds" to "long on stocks, short on bonds" reflects a shift in trading logic, with the performance of equity assets improving significantly compared to bonds [9][31] Balance Between New and Traditional Economies - The contribution of the new economy to GDP remains limited, although it is steadily increasing, making it difficult to drive overall growth [3][20] - A style switch occurred post-August, with growth styles accelerating while value styles declined, indicating a divergence in returns between high and low valuation styles [3][20] - The valuation of the tech sector reached 3.95 times, higher than other sectors, suggesting that high valuation tech stocks may struggle to sustain market momentum [3][20] Market Outlook and Strategy for 2026 - The market is expected to be driven by value and quality styles in 2026, similar to the value bull market of 2016-2017, without necessarily requiring high trading volumes [3][19] - The investment logic for 2026 is characterized by "long on beta, short on volatility," with a focus on low-valuation value stocks to capture beta returns [3][19] - The market is entering a stable phase, with a gradual realization of low-valuation assets rather than a short-term surge in high-volatility assets [3][19] Fund Market Dynamics - The public fund market is characterized by a lack of incremental growth, maintaining a stock game due to the absence of new capital inflows [24][27] - Active equity funds show a significant bias towards sectors such as electronics, power equipment and new energy, pharmaceuticals, and communications [27][28] - The trend of excess savings has peaked and is now flowing into the equity market, indicating a shift in investor behavior [28][30]

Group 1 - The central economic work conference emphasizes a continuation of proactive macro policies, including more active fiscal policy and moderately loose monetary policy, to support economic recovery and stabilize the capital market [1] - The focus for 2026 is on improving quality and efficiency, with core directions being economic structure adjustment, industrial structure optimization, and technological self-reliance, reinforcing the long-term logic of "technology growth" in the A-share market [1] - The external environment is improving with resilient overseas economies and expectations of interest rate cuts by the Federal Reserve, while domestic "dual easing" policies are likely to continue, leading to a weak recovery in the economy [1] Group 2 - The technology growth sector remains the core focus for medium to long-term investment, with the AI industry chain expected to shift from hardware to application, particularly in media, computing, and internet sectors [2] - Four specific investment themes are highlighted: high dividend assets in white goods, banks, and telecoms; improvement in coal, steel, and solar industries driven by "anti-involution" policies; new consumption areas like health and pet economy alongside travel and aviation; and resource sectors benefiting from rising commodity prices [2] - The A-share market is expected to continue its upward trend in 2026, supported by policies, improved internal and external environments, and structural optimization, with a focus on technology growth and advantageous sectors [2]

Group 1 - The core point of the article is that Huamei Holdings (SZ 000607) announced the convening of its 13th meeting of the 11th board of directors on December 12, 2025, to review proposals including the expected daily related transaction limits for 2026 [1] - For the first half of 2025, Huamei Holdings' revenue composition was as follows: advertising and planning accounted for 51.25%, publishing industry for 22.88%, education sector for 14.44%, and other businesses for 11.43% [1] - As of the time of reporting, Huamei Holdings had a market capitalization of 4.2 billion yuan [1]

证券日报网讯12月12日，世纪天鸿（300654）在互动平台回答投资者提问时表示，截至2025年12月10日 公司最新一期股东户数为28369户。 ...

人民财讯12月12日电，长城基金针对港股市场当前投资策略强调，看好三大细分赛道的布局机会，包 括：1)科技成长方向，可关注港股互联网、传媒以及制造业出海等；2)大金融方向，资本市场改革纵深 有望重振风险偏好，银行中期分红提前，风格或攻守易势，可关注券商与保险等；3)顺周期方向，估值 与持仓处于相对低位，结构性机会有望出现，可关注有色与化工等周期股。 ...