公司认为框架协议项下拟进行的战略合作符合集团长期发展目标及业务发展策略。双方的合作将充分发 挥各自的资源优势和专业优势，实现优势互补、互利共赢、共同发展，符合公司及股东的整体利益。 根据框架协议，路威凯腾将利用其全球化的投资布局与战略伙伴网络，协助并赋能集团旗下品牌拓展海 外高端零售渠道;此外，双方拟共同组建专注于全球高端美妆领域的股权投资基金，为集团的长期发展 注入新动力;同时，双方亦将在资本结构进一步优化、人才引进与治理方面进行合作。框架协议为双方 合作的指导性战略协议。待敲定合作细节后，双方将根据适用法律法规签署一份或多份最终合作协议， 并适时根据香港联合交易所有限公司证券上市规则的规定刊发公告(如适用)。 路威凯腾(英文名：L Catterton)是全球领先的消费投资机构，通过私募股权、信贷及房地产三大多元产 品平台管理约390亿美元股权资本。机构全面布局消费领域全行业优质标的，并具备覆盖企业全生命週 期的多元投资能力，单笔投资规模可覆盖500万至50亿美元。依托于全球消费行业内深厚的行业洞察 力、卓越的运营管理能力及广泛的战略资源网络，路威凯腾在全球18个办公室部署200余名投资与运营 专家，与管理 ...

智通财经从业内了解到，为应对金融纠纷，第三方调解机构应运而生。业内人士认为，作为非诉讼纠纷 调解的机制，第三方调解能够快速解决日常金融纠纷，提高司法资源分配效率，同时，帮助金融机构优 化服务流程，化解金融消费者与机构之间的矛盾。 第三方调解机构不断壮大 智通财经记者 | 安震 有银行人士对智通财经表示，秉正中心可以处理的纠纷范围不仅包括消金和信用卡，但地域一般限制在 北京地区发生的纠纷，或至少涉及北京的金融分支机构。 智通财经从业内了解到，目前在当地主管部门指导下，各地已经建立了第三方调解机构。 信用卡、理财产品、各类信贷等金融产品与服务的普及，成为支撑日常消费与财富管理的重要力量。然 而，金融产品的专业性和复杂性也使得消费纠纷[下载黑猫投诉客户端]日益增多，各类纠纷不仅困扰着 金融消费者，也占用了大量司法资源。 近日，智通财经注意到，邮储银行信用卡中心在官网发布了信用卡中心金融纠纷调解机构信息，明确信 用卡持卡人如果与银行发生争议，可以通过北京秉正银行业消费者权益保护促进中心（下称：秉正中 心）进行调解。 公开信息显示，秉正中心是在原中国银监会的指导下，由原北京银监局指导北京市银行业协会发起成 立。投标信息 ...

12月25日金融一线消息，上海市人民政府办公厅印发《关于支持长三角G60科创走廊策源地建设的若干 措施》。其中提出，加强科技金融支撑。完善风险共担和贴息贴费机制，创新信贷、保险、金融租赁等 产品，为企业加大研发试验、成果转化等创新投入提供金融支持。强化市、区两级政府投资基金引导作 用，加强长三角G60科技成果转化基金与上海未来产业基金联动合作，加大科技成果转化项目投资力 度。探索国有投资平台尽职免责机制。支持企业开展风险投资和并购重组，围绕产业链关键环节开展股 权投资。鼓励社会资本聚焦重点产业设立各类创新创业投资基金。 责任编辑：秦艺 12月25日金融一线消息，上海市人民政府办公厅印发《关于支持长三角G60科创走廊策源地建设的若干 措施》。其中提出，加强科技金融支撑。完善风险共担和贴息贴费机制，创新信贷、保险、金融租赁等 产品，为企业加大研发试验、成果转化等创新投入提供金融支持。强化市、区两级政府投资基金引导作 用，加强长三角G60科技成果转化基金与上海未来产业基金联动合作，加大科技成果转化项目投资力 度。探索国有投资平台尽职免责机制。支持企业开展风险投资和并购重组，围绕产业链关键环节开展股 权投资。鼓励社会 ...

尽管对未来物价上升的普遍预期保持稳定，但美国家庭在十一月对自身财务健康的担忧却显著加深。纽约联邦储备银行十二月八日发布的月度消费者预期调 查揭示了这一矛盾现象。调查指出，受访者对当前财务状况的看法"明显恶化"，对一年后财务状况的展望也"略有下降"。这份在美联储十二月议息会议前夕 发布的报告，为理解消费者心态与经济政策之间的复杂互动提供了关键线索。 与财务层面的悲观情绪形成对比的是，美国劳动力市场的预期出现轻微改善。受访者认为美国失业率在未来一年上升的平均概率下降至百分之四十二点一。 对个人失业的担忧也有所缓解，预计未来十二个月内失去工作的平均概率降至百分之十三点八，为二零二四年十二月以来的最低水平；自愿离职的预期概率 也同步下降。同时，家庭名义收入增长预期中值从十月的百分之二点八微升至二点九。 尽管有这些积极信号，但美国家庭对整体财务的感受并未好转。报告显示，认为自身财务状况比一年前更差的比例显著增加。此外，美国消费者对未来获取 信贷难度的看法恶化，预计未来三个月无法偿付最低债务额的平均概率也上升至百分之十三点七。这些数据共同描绘出一幅图景：即使工作安全感略有增 强，但高昂的生活成本、债务压力以及对信贷环境的 ...

Core Points - The National Financial Regulatory Administration issued a notice on November 29 to guide the banking and insurance sectors in providing financial support for the recovery efforts following the fire disaster in Tai Po, Hong Kong [1][2] - The notice emphasizes the importance of efficient claims processing and financial support to assist affected residents in restoring their lives and businesses [1] Group 1: Insurance Sector - Insurance institutions are required to conduct thorough business inspections and proactively provide services, ensuring the scientific allocation of resources for damage assessment and compensation [1] - The principle of "compensate as much as possible, compensate quickly, and provide reasonable pre-compensation" should be followed, with simplified procedures and optimized processes to enhance the speed of claims [1] - Taiping Insurance Group is tasked with coordinating efforts among its subsidiaries to improve insurance service delivery [1] Group 2: Banking Sector - Chinese-funded banks in Hong Kong are encouraged to enhance financial services to help affected customers overcome difficulties, including offering deferred repayment options based on individual circumstances [1] - Banks are expected to support post-disaster recovery and reconstruction by meeting the credit needs of enterprises involved in fire prevention, production, transportation, and public welfare [1] - Emergency measures should be initiated by banks and insurance companies, including opening green channels and simplifying business procedures to quickly address the financial needs of disaster-affected residents [2]

Group 1 - The global macro environment has changed frequently over the past 12 months, challenging traditional market rules and prompting investors to seek long-term opportunities [1] - In the first half of 2025, international stocks represented by the MSCI All Country World Index (excluding the US) outperformed US large-cap stocks represented by the S&P 500, reversing the long-standing dominance of US equities [1] - Despite the strong performance of international growth stocks, their valuations remain relatively low compared to the significantly expanded valuations of US tech stocks, which have been supported by strong earnings and returns [1] Group 2 - The MSCI All Country World Index (excluding the US) is heavily weighted towards value sectors, with financials, energy, materials, and industrials making up 61%, while structural growth sectors like technology have a lower weight [2] - Historical data indicates that high-growth companies tend to outperform their slower-growing peers, suggesting that passive strategies tracking broad indices may miss opportunities for excess returns [2] Group 3 - Growth stocks encompass a diverse range of companies with varying characteristics, and their growth drivers can change over time [3] - Growth companies can be categorized into emerging growth companies, which are often disruptors in developing industries with significant upside potential, and stable compounding growth companies, which have established profitability and clear growth drivers [3] Group 4 - Understanding structural trends is crucial in an increasingly uncertain global macroeconomic environment, as these trends can help well-managed companies seize opportunities and enhance growth potential [4] - Artificial intelligence (AI) is a prominent global trend, with new generative AI models emerging, such as DeepSeek's R1 model, which offers competitive performance at lower costs, facilitating broader access to AI technology [4][5] - The luxury goods sector is benefiting from direct-to-consumer sales models, allowing brands to control distribution, pricing, and customer experience, thus enhancing brand value and profit margins [5] Group 5 - The transportation sector is undergoing significant transformation driven by electrification, autonomous driving technology, and evolving usage patterns, creating long-term growth opportunities for innovative companies [5] - In emerging markets, the rapid development of fintech and e-commerce presents attractive structural growth opportunities, as digital financial services and online consumption are accelerating due to increased smartphone penetration and an underserved banking user base [5] Group 6 - Investors in international growth stocks have reasons to reassess their investment strategies due to heightened geopolitical instability and rapid technological advancements reshaping the global economic landscape [6] - Historical experience shows that well-managed and innovative international companies can provide substantial long-term returns, suggesting that current market uncertainties may present growth opportunities for investors with analytical capabilities and long-term perspectives [6]

Core Viewpoint - The People's Bank of China (PBOC) is enhancing financial support for the coordinated development of the Beijing-Tianjin-Hebei region, focusing on advanced industries and technological innovation [1][2] Group 1: Financial Policy and Coordination - The PBOC's coordination mechanism for the Beijing-Tianjin-Hebei region has achieved positive results since its establishment, with improved policy frameworks and work mechanisms [1] - Financing scale in key areas has steadily increased, and the regional financial service system has been continuously improved [1] Group 2: Technological Innovation and Financial Services - The region is home to a significant amount of China's technological innovation achievements, necessitating a focus on technology finance to support high-level self-reliance and the transformation of technological achievements [1] - Financial services will be enhanced in areas such as regional industrial chain collaboration and supply chain integration [1] Group 3: Industry Integration and Financial Support - Industrial integration is identified as a key support for the coordinated development of the region, with a focus on financial support for areas like the decongestion of non-capital functions in Beijing, the construction of Xiong'an New Area, and the integration of transportation [2] - Innovation in financing products such as credit and bonds is encouraged, along with improvements in credit, payment, and digital currency services to facilitate the flow of financial resources within the region [2]

Core Viewpoint - The People's Bank of China (PBOC) is enhancing financial support for the coordinated development of the Beijing-Tianjin-Hebei region, focusing on advanced industries and technological innovation [1][2] Group 1: Financial Policy and Coordination - The PBOC's coordination mechanism for the Beijing-Tianjin-Hebei region has achieved positive results since its establishment, with improved policy frameworks and work mechanisms [1] - Financing scale in key areas has steadily increased, and the regional financial service system has been continuously improved [1] Group 2: Technological Innovation and Financial Services - The region is home to a significant amount of China's technological innovation achievements, necessitating a focus on technology finance to support high-level self-reliance and the transformation of technological achievements [1] - Financial services will be enhanced in areas such as regional industrial chain collaboration and supply chain integration [1] Group 3: Industrial Integration and Financial Support - Industrial integration is identified as a key support for the coordinated development of the region, with a focus on financial support for areas like the relocation of non-capital functions from Beijing, the construction of Xiong'an New Area, and the integration of transportation [2] - The PBOC aims to innovate financing products such as credit and bonds, while optimizing financial services in credit reporting, payments, and digital currency [2] - The goal is to facilitate the rational flow of financial resources within the Beijing-Tianjin-Hebei region to promote comprehensive and high-quality development [2]

Core Viewpoint - The meeting held by the People's Bank of China branches in Beijing, Tianjin, and Hebei emphasizes the importance of industrial integration as a key support for the coordinated development of the Beijing-Tianjin-Hebei region, focusing on financial support for various key areas [1] Group 1: Financial Support Initiatives - The meeting highlighted the need for continuous financial support in key areas, including the decongestion of non-capital functions in Beijing, the construction of the Xiong'an New Area, and the development of the Beijing urban sub-center [1] - There is a push for innovative financing products such as loans and bonds to enhance financial support for the region [1] Group 2: Financial Services Optimization - The meeting calls for the optimization of financial services in areas such as credit reporting, payment systems, and digital currency to facilitate the reasonable flow of financial resources within the Beijing-Tianjin-Hebei region [1] - The goal is to better support the comprehensive and high-quality advancement of coordinated development in the region [1]

Group 1: Core Outlook and Asset Allocation - The report anticipates a strong performance of risk assets by 2026, driven by improvements in micro fundamentals, accelerated AI capital expenditures, and a favorable policy environment, with global market trends influenced by the U.S. [1] - Recommendations include prioritizing equity investments, followed by credit and government bonds, with a preference for U.S. assets; overweighting equities (+5%), U.S. high-yield bonds (+3%), and agency mortgage-backed securities (+3%), while underweighting commodities (-4%), cash (-3%), and U.S. investment-grade corporate bonds (-4%) [1] Group 2: Global Stock Market - The U.S. stock market is expected to outperform other global markets, benefiting from positive operating leverage, pro-cyclical policies, and AI-driven efficiency improvements, with a target for the S&P 500 index at 7,800 points by the end of 2026 (14% increase from current levels) and a projected EPS compound annual growth rate of 14% from 2025 to 2027 [1] - The Japanese stock market is also viewed positively, supported by re-inflation and improvements in return on equity (ROE), with a target for the TOPIX index at 3,600 points (+7%); however, Europe and emerging markets (excluding India and Brazil) lack similar positive catalysts [1] Group 3: Interest Rates and Exchange Rates - G10 interest rates are expected to exhibit a "lower first, higher later" pattern, with the Federal Reserve anticipated to cut rates by 50 basis points in the first half of 2026, leading to a mid-term drop in the 10-year U.S. Treasury yield to 3.75%, before rising to 4.05% by year-end [2] - The U.S. dollar index (DXY) is projected to decline to 94 in the first half of the year, followed by a rebound to 99 in the second half, with risk currencies like the Australian dollar and Swedish krona initially leading, while the euro and pound may struggle due to central bank rate cuts [2] Group 4: Credit and Securitized Products - Corporate credit is expected to benefit from increased capital expenditures, a revival in merger and acquisition activity, and accommodative policies, with high-yield bonds (HY) outperforming investment-grade bonds (IG) in both the U.S. and European markets [2] - There is a preference for 5-10 year maturities to capture rolling yields, with the financial sector expected to perform better than the cyclical sector; securitized products are anticipated to benefit from regulatory easing in the U.S. and Europe, with recommendations to increase holdings in short-term products and BBB- rated channel loan securities [2] Group 5: Commodities - The report indicates that metals are expected to outperform energy, with Brent crude oil projected to stabilize around $60 per barrel; gold is highlighted as a preferred asset, supported by macro factors and strong physical demand, with a target price of $4,500 per ounce [3] - Among industrial metals, copper and aluminum are favored due to significant supply challenges, while in agricultural products, soybean prices are expected to reach a target of $11.7 per bushel over the next 12-18 months, surpassing corn prices at $4.7 per bushel [3]