东财策略陈果团队也指出，留意外部扰动因素，耐心伺机布局，把握科技与周期双主线。下周即将到来的"超级数据周"，在经历 了10月数据缺失的盲飞期后，11月CPI和就业数据将成为验证宽松政策效果及通胀反弹风险的首份关键报告。综合看，美股短期 波动或仍将维持高位，对A股风险偏好可能带来扰动。 本周各家券商策略观点不一，跨年攻势已开始VS股指短期扰动多。 兴证策略张启尧团队称，本周，国内外两件大事——美联储议息会议、中央经济工作会议相继落地，明年国内外政策基调进一步 明确。其释放的"海外偏宽松，国内偏积极、偏呵护"的政策组合，奠定了有利于风险资产演绎的良好环境，跨年行情有望在寻找 共识的过程中逐步展开。 国泰海通方奕团队指出，在交易层面，保收益降仓位已步入尾声，岁末年初的再配置与机构资金回流有望改善市场流动性和活跃 成交，跨年攻势已开始。 中泰策略徐驰团队称，短期内，国内政策或缺乏超预期刺激，叠加年底市场资金的谨慎偏好，A股市场预计以震荡为主。 | | | 一周策略前瞻 | | | --- | --- | --- | --- | | 券商/分析师 | 结论 | 逻辑 | 关注板块 | | 兴证策略 张启尧 | 经济工作 ...

（原标题：针对"行业第一"滥用、"大字吸睛小字免责"营销乱象，市场监管总局出手了） 12月12日，市场监管总局发布公告，面向社会公开征求《广告引证内容执法指南（征求意见稿）》意 见。此次征求意见旨在进一步落实《广告法》相关要求，完善广告引证内容监管规则，针对近年来广告 领域"滥用第三方报告""批量制造行业第一""大字吸睛小字免责"等争议突出问题，建立更具操作性的执 法规范。 公告显示，随着广告主和平台对"权威认证""数据证明"等引证内容依赖程度不断提高，一些企业借助不 规范的第三方数据、碎片化榜单甚至自制榜单进行营销，制造细分领域"第一名""唯一""最权威"等表 述，既误导消费者，也加剧了行业竞争内卷。部分广告还以"醒目宣传+隐性免责"的方式规避法律风 险，被监管部门点名为"推波助澜"式不当竞争。 为回应行业痛点，市场监管总局起草了上述指南，既为执法部门提供统一判断标准，也为企业广告合规 设置更明确边界。指南的推出，被视为广告领域继"直播带货规范""算法推荐管理"等政策之后又一项重 要监管细化措施。 一、本指南旨在为市场监管部门开展广告引证内容执法提供指引，供各地市场监管部门在工作中参考适 用。 二、本指南所 ...

Core Viewpoint - The article discusses the structural rise of the Japanese stock market during the "lost two decades" post-1990, emphasizing that despite overall economic stagnation, there were significant structural changes and investment opportunities within the market [3][4]. Group 1: Structural Market Changes - Japan experienced a structural rise in its stock market driven by economic transformation, including increased overseas exposure, high-tech leadership, and improved corporate governance [3][4]. - The "new economy" sectors, excluding the "old economy" sectors heavily exposed to real estate and deflation, showed a strong upward trend post-1990, particularly in industries such as industrial, technology, communication, and even consumer sectors [3][12]. - The Nikkei index recorded negative returns overall, but the "new economy" index achieved an annualized compound return of 7.3%, outperforming other Asian countries and aligning closely with global averages excluding the U.S. [12][14]. Group 2: Overseas Exposure - Japan's export growth continued post-1990, with the export-to-GDP ratio rising from 10% in the early 1990s to 20% before the global financial crisis, with industrial goods and capital equipment making up a significant portion [24][26]. - Outward Direct Investment (ODI) increased significantly, from 0.3% of GDP in 1993 to 2.2% in 2008, with manufacturing being the primary focus, particularly in high-end sectors [26][29]. - The increase in ODI led to a rise in overseas production and sales, with overseas branches contributing over 30% to the revenue of Japanese manufacturing firms [31][32]. Group 3: High-Tech Leadership - Japan maintained a strong position in high-tech sectors despite domestic economic stagnation, with high-tech product exports consistently accounting for over 85% of total exports since the 1990s [42][44]. - R&D investment as a percentage of GDP rose from 2.5% to over 3%, surpassing the OECD average, indicating a commitment to innovation and technological advancement [42][44]. - Labor productivity in manufacturing increased by 50% during the "lost decade," reflecting the positive impact of high-tech industries on overall economic performance [51][53]. Group 4: Corporate Governance Improvements - Post-1990, Japan's corporate governance underwent significant changes, with an increase in foreign investor participation leading to a focus on profitability and shareholder returns [60][62]. - Reforms in corporate governance included lowering litigation costs for minority shareholders, aligning management compensation with company performance, and allowing stock buybacks, which improved shareholder value [63][67]. - The financial health of "new economy" sectors improved significantly, with return on equity (ROE) surpassing that of "old economy" sectors, indicating a shift towards more sustainable and profitable business practices [69][70]. Group 5: Stable Capital Inflows - Stable capital inflows, particularly from long-term and overseas investors, provided essential support for the structural rise of the Japanese stock market [74][76]. - The proportion of overseas funds in the Japanese stock market increased significantly post-bubble, contributing to improved corporate governance and performance [76][80]. - Long-term funds, especially from insurance and pension sectors, remained stable, while domestic retail investor participation declined, highlighting a shift in market dynamics [74][79].

Core Insights - Hong Kong is entering the "FinTech 3.0 era," integrating technology into daily life to create a resilient and impactful financial ecosystem [1] - The Hong Kong Monetary Authority (HKMA) has announced the "FinTech 2030" strategy, focusing on four key areas: new data and payment infrastructure, AI applications, business and technology resilience, and financial tokenization [2] - The government aims to encourage innovation in the financial sector by relaxing restrictions and exploring tokenization in traditional finance [3] Group 1: FinTech Development Strategy - The "FinTech 2030" strategy includes over 40 specific projects aimed at establishing Hong Kong as a robust international FinTech hub [2] - Hong Kong ranks third globally and first in Asia in the Global Financial Centers Index, with over 1,200 FinTech companies, a 10% increase from last year [2] - The total revenue of Hong Kong's FinTech industry is expected to exceed $600 billion by 2032 [2] Group 2: Government Initiatives - The Hong Kong government is implementing measures to promote technological innovation in finance, including the use of regulatory sandboxes [3] - Approximately 75% of financial institutions in Hong Kong are currently using or trialing generative AI, with plans to increase this to over 87% in the next 3 to 5 years [3] - The government is also focusing on seamless cross-border payment integration between Hong Kong and mainland China [3] Group 3: Virtual Assets and Market Development - The Hong Kong Securities and Futures Commission plans to introduce guidelines to enhance the virtual asset market, allowing licensed platforms to connect with global liquidity [4] - Measures will include enabling regulated virtual asset trading platforms to share global order books with affiliated overseas platforms [4] Group 4: Collaboration with Mainland China - The Hong Kong government is collaborating with Shenzhen to create a global FinTech center, focusing on digital finance, green finance, and inclusive finance [6] - This partnership aims to leverage Hong Kong's FinTech advantages and Shenzhen's industrial finance strengths to enhance cooperation [6] - The collaboration is expected to promote high-quality development of FinTech in the Guangdong-Hong Kong-Macao Greater Bay Area [6]

Core Insights - The 8th China International Import Expo (CIIE) is being held in Shanghai from November 5 to 10, showcasing its role as a significant driver for industrial upgrades and global trade [1][2] Group 1: Spillover Effect Index - The national spillover effect index for 2024 is projected to reach 67.04, a year-on-year increase of 2.23%, with an average annual growth rate of 15.54% [1] - Shanghai's spillover effect index stands at 66.56, with an average annual growth rate of 16.90% [1] - The Hongqiao International Central Business District (CBD) has a spillover effect index of 82.75, reflecting a year-on-year increase of 6.2% and an impressive average annual growth rate of 50.45% [1] Group 2: Investment Landscape - Despite a noticeable decline in investment promotion compared to 2023, the overseas investment index is 4.5 times that of 2018 [2] - China remains one of the top three preferred investment destinations globally, with 59,000 new foreign-funded enterprises established [2] - The report suggests a shift in export-oriented thinking and enhancing the business environment to strengthen trade resilience [2] Group 3: Shanghai's Role - Shanghai has emerged as a global launchpad for new products, with a transaction intention index of 2.42, reflecting a year-on-year growth of 17.16% [4] - The city has hosted over 3,000 product launch events annually since the first CIIE in 2018, with a significant number of new stores opening each year [5] - The high-end industry in Shanghai is experiencing robust growth, with the "industrial transformation" index increasing by 16.61% [5] Group 4: Hongqiao CBD Development - The Hongqiao CBD's exhibition economy index reached 22.08, marking a year-on-year increase of 16.70% [5] - The area has attracted over 7,000 digital enterprises, with technology service companies making up 21.4% of the total [5] - The report emphasizes the importance of digital empowerment and service optimization to address challenges in international procurement [6]

Core Viewpoint - The 2025 Torch Forum, co-hosted by the Torch High Technology Industry Development Center and the Xiong'an New Area Management Committee, focuses on the theme of integrating high-tech development with industrialization to promote technological and industrial innovation [1] Group 1: National Technology Trading Platform - The Torch Center is building a national unified technology trading service platform to support the development of a nationwide integrated technology market [2] - The center has introduced an enterprise innovation point system 2025 and a hard technology attribute evaluation model to enhance the efficiency of technology achievement transformation [2][4] - The first national unicorn enterprise competition, focusing on 16 emerging industries, has attracted over 1,500 participants, with the finals scheduled for December in Ningbo [2] Group 2: Innovation and Industrial Integration - Promoting the integration of technological and industrial innovation is key to achieving high-level technological self-reliance and building a modern industrial system [4] - The number of registered small and medium-sized enterprises exceeds 60 million, with 504,000 high-tech enterprises and over 140,000 specialized and innovative small enterprises [4] - The establishment of 33 national manufacturing innovation centers has led to breakthroughs in nearly 700 key common technologies, facilitating the transition from research to industrial application [4][5] Group 3: Future Development Initiatives - The Torch Center aims to strengthen key carriers and enhance the deep integration of industry, academia, and research, while supporting more enterprises to lead major national technology projects [6] - The focus will be on building high-level carriers and promoting the development of national high-tech zones towards higher and newer standards [6][7] - The "Ten Ones" initiative was launched to integrate policies that support technology innovation, enterprise incubation, and park development, ensuring resources are directed towards efficient regions and quality enterprises [7]

Core Viewpoint - A-shares experienced a sudden influx of favorable policies after two days of significant declines, with the government and regulatory bodies sending clear signals to stabilize the market [1][6]. Market Performance - The Shanghai Composite Index closed at 3954 points, down 32 points, marking the second consecutive day of decline, with trading volume exceeding 1.2 trillion yuan [1]. - Despite the index drop, nearly 4000 stocks rose, indicating a divergence where small and mid-cap stocks outperformed large-cap stocks [3][12]. - The North Securities 50 index saw a weekly increase of over 7%, while the Sci-Tech 50 index fell more than 3% [3]. Sector Analysis - Sectors that underperformed included housing construction, communication equipment, gaming, semiconductors, and wind power equipment, which experienced profit-taking after previous gains [3][5]. - In contrast, sectors such as energy metals, photovoltaic equipment, cloud services, battery industry, and the internet showed strong performance, with some stocks experiencing continuous upward trends [5][6]. Policy Impact - The National Development and Reform Commission emphasized boosting consumer spending and removing unreasonable restrictions, which directly benefits sectors like liquor and consumer goods [6][8]. - The State Council's meeting highlighted the importance of application scenarios for new technologies, which is expected to promote the commercialization of new products [6]. Technical Analysis - The A-share market is undergoing a correction after an eight-day rally, with key support around the 20-day moving average [10]. - The market is showing signs of a potential downward trend, but analysts believe this is a normal pullback after a breakout [10][20]. Fund Flow and Market Sentiment - Despite the index decline, market activity remains robust, with a trading volume above 1.2 trillion yuan, indicating ongoing capital seeking opportunities [12]. - Northbound capital showed a net outflow of approximately 3.5 billion yuan, while domestic institutional funds displayed a shift towards lower-priced sectors [12][18]. Valuation and Economic Indicators - The valuation levels indicate a significant difference among indices, with the ChiNext index at around 35 times earnings and the Shanghai Composite at about 12 times [16]. - Upcoming macroeconomic data, including the manufacturing PMI, is expected to support market sentiment, with predictions of a rebound above the 50% mark [16]. Derivative Market Insights - The options market reflects increased expectations for short-term volatility, with the implied volatility of the Shanghai 50 ETF options rising to around 25% [14][21]. - The financing balance decreased by 4.2 billion yuan, indicating a cautious attitude among leveraged funds [14].

Economic Outlook - China's economic foundation is stable, with multiple advantages, strong resilience, and significant potential, indicating that the long-term positive support conditions and basic trends remain unchanged [2][5] - The "14th Five-Year Plan" has achieved significant development milestones, and the "15th Five-Year Plan" is crucial for solidifying foundations and comprehensive efforts [3][4] Strategic Development - The government aims to cultivate and expand emerging and future industries, focusing on strategic emerging industry clusters such as new energy, new materials, aerospace, and low-altitude economy [2][7] - Key areas for technological breakthroughs include integrated circuits, industrial mother machines, and high-end instruments, with a goal of achieving decisive breakthroughs in core technologies [2][9] Domestic Demand Expansion - The plan emphasizes the importance of expanding domestic demand, with initiatives to boost consumption and investment, and to implement major projects that enhance market access and participation [8] - A unified market system is proposed to eliminate local protectionism and market segmentation, thereby maximizing the benefits of China's large-scale market [8] Technological Innovation - The integration of technological innovation and industrial innovation is a priority, with a focus on original innovation and breakthroughs in key technologies [9][10] - The government plans to enhance the role of enterprises in technological innovation and support the development of high-tech enterprises and small and medium-sized technology firms [10] Social Development Goals - The "15th Five-Year Plan" outlines seven main goals, including significant improvements in high-quality development, technological self-reliance, social reform, cultural confidence, and environmental sustainability [6] - The plan aims to enhance the quality of life for citizens, improve public services, and strengthen national security [6] Market Openness - The government is committed to expanding market access and enhancing the business environment, particularly in the service sector, to align with international high-standard trade rules [11] - Efforts will be made to balance imports and exports, ensuring that both industrial transformation and the needs of citizens are met [11] Social Welfare Initiatives - The plan includes measures to create a family-friendly society, optimize childbirth support policies, and improve basic elderly care services [13] - There is a focus on developing integrated services for childcare and elderly care, as well as promoting the economic participation of older adults [13]

Financial Data and Key Metrics Changes - The meeting reported the election of directors and the approval of an amendment to the stock option plan, indicating a stable governance structure and potential for future growth [7][8]. Business Line Data and Key Metrics Changes - No specific financial data or metrics related to individual business lines were provided during the meeting [9]. Market Data and Key Metrics Changes - The company is currently conducting a Phase I clinical trial with a total of 16 patients treated, indicating ongoing engagement in clinical research [10][11]. Company Strategy and Development Direction - The company is focused on advancing its clinical trials and plans to announce specific results in September, reflecting a commitment to transparency and progress in research [11]. Management Comments on Operating Environment and Future Outlook - Management acknowledged the diverse range of tumor types represented in the clinical trial, suggesting a broad market approach and adaptability in research [10]. - Future announcements regarding trial results are anticipated, which may impact investor sentiment and market perception [11]. Other Important Information - The meeting concluded with a focus on shareholder engagement and the importance of upcoming trial results, highlighting the company's commitment to its stakeholders [12]. Q&A Session Summary Question: How many patients are currently undergoing Transcode clinical studies? - The company reported that 16 patients have been treated in the Phase I clinical trial, with more details expected in September [10][11]. Question: How many have dropped out and for what reasons? Are there patients with demonstrated tumor regressions so far? - The company did not provide specific dropout rates or reasons but confirmed that the trial is open to a wide range of tumor types, indicating a comprehensive approach to patient selection [10].

Core Insights - The ranking of China's top 60 cities by GDP for the first half of 2025 reveals a shifting economic landscape driven by technological innovation, industrial collaboration, and green transformation [1] - Competition between leading and mid-tier cities is intensifying, with a focus on balancing scale expansion and quality improvement as key to future urban competitiveness [1] Group 1: Leading Cities - Shanghai and Beijing continue to lead with GDPs exceeding 2.5 trillion, while Shenzhen solidifies its position as the third-largest economic center with a GDP surpassing 1.8 trillion [1][4] - The Yangtze River Delta cities are performing well, with Suzhou achieving a growth rate of 7.82%, and both Hangzhou and Nanjing surpassing the 1 trillion GDP mark [1][5] - Ningbo's GDP reached 8860.97 billion, marking a significant increase of 653 billion, surpassing cities like Tianjin [3][5] Group 2: Ningbo's Development - Ningbo's economic transformation is highlighted by a 23% year-on-year increase in the digital economy's core industry value, now accounting for 8.7% of its GDP [3] - The city's industrial investment growth rate stands at 18.9%, leading the Yangtze River Delta region, and the port economy is evolving significantly [3] Group 3: Challenges for Traditional Industries - Quanzhou has dropped to 23rd place despite maintaining a GDP of 6357 billion, with a growth rate decline of 2.1 percentage points to 7.29% [11] - The city faces challenges due to its high reliance on traditional industries, which constitute over 60% of its industrial output, and a pressing need for digital transformation and brand upgrading [11] Group 4: Emerging Cities - Wuhu has made its debut in the top 60 with a GDP of 2595 billion and a growth rate of 6.56%, driven by strategic emerging industries [15] - The city has seen a 47% year-on-year increase in the new energy and intelligent connected vehicle industry, showcasing its innovation-driven development [15] Group 5: Regional Economic Shifts - Cities like Shijiazhuang and Nanning have seen significant ranking improvements, while traditional industrial bases in Northeast China are showing positive signs of transformation [15] - The contrasting trends between the stabilization of leading cities and the fierce competition among mid-tier cities indicate a more intense future urban competition landscape [15]