风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 Meta正开发新款AI图片和刷视频模型。 还探索World AI模型。 AI模型代码为Mango。（华尔街日报） ...

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 中国10月所持美债从7005亿美元降低至6887亿美元。 ...

Core Viewpoint - President Trump's decision to downgrade marijuana from a Schedule I controlled substance to a Schedule III category acknowledges its medical value but does not fully legalize it [1][3] Group 1: Policy Changes - The new executive order allows for the reimbursement of CBD products for patients, including cancer patients, under federal health insurance starting next year [1][4] - This reclassification is seen as a significant step in recognizing the medical benefits of marijuana and reducing its perceived abuse potential [3][6] Group 2: Political Reactions - The decision has sparked division within the Republican Party, with 18 senators and 26 House members expressing opposition to the reclassification [1][5] - Despite internal resistance, the Trump administration is continuing this policy shift, which aligns with previous efforts by the Biden administration [5][6] Group 3: Market Impact - Following the announcement, marijuana stocks experienced a significant decline, with ETFs like CNBS dropping nearly 16% and MSOS falling 15.77% [1] - Analysts suggest that the market reaction reflects a "buy the rumor, sell the news" mentality, as investors took profits after substantial gains prior to the executive order [1]

美国官方公布的11月核心通胀意外降至四年多以来最低水平，但这一看似积极的信号正遭到经济学家的广泛质疑，因为创纪录时长的政府关门 导致数据收集工作受阻，使通胀报告的可信度大打折扣。 本周四美国劳工统计局（BLS）公布的报告显示，11月剔除食品和能源的核心消费者价格指数（CPI）同比增长2.6%，创2021年3月以来最低增 速，当月整体CPI同比增长2.7%，经济学家预期增速分别为3%和3.1%。 报告显示，截至11月的两个月里核心CPI仅上升0.2%。但由于政府关门持续43天至11月12日，BLS未能收集大部分10月的价格数据，不仅无法提 供环比数据，同比数据也可能失真。 美联储主席鲍威尔此前就预警，CPI数据"可能失真"。本次CPI公布后，多位经济学家就指出，作为CPI最大组成部分之一的住房类价格在两个月 内基本持平，这一异常现象令整个估算结果都遭到质疑。 通胀观察和预测机构Inflation Insights的创始人、经济学家Omair Sharif表示，10月租金数据缺失可能人为压低了11月的通胀数据。有"新美联储通 讯社"之称的资深联储报道记者Nick Timiraos在社交媒体转发Shariff的评论 ...

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 美国密歇根州监管机构批准了通用事业公司DTE Energy Co.的请求，将为甲骨文和OpenAI计划建设的大 型数据中心开发项目提供电力支持。DTE此前向监管机构申请加急审批其供电计划，以支持这座位于 Saline Township、耗资数十亿美元且容量达1.4吉瓦（GW） 的设施。 根据OpenAI和甲骨文的说法，位 于Saline Township的Stargate（星际之门）园区使双方的合作伙伴关系在全美的计划容量超过8吉瓦，并 在未来三年内带来超过4500亿美元的投资。 ...

在欧洲央行连续第四次会议维持利率不变且上调今明后三年经济增长预期后，欧央行行长拉加德重申央行在利率政策方面处于"有利位置"。这一表态旨在平 衡市场对货币政策方向的预期。欧央行预计2026年和2027年通胀将略低于2%目标，2028年才能完全回归目标水平。 当地时间18日周四的欧央行会后新闻发布会上，拉加德强调，虽然央行的政策处于"有利位置"，但这"并不意味着我们是静止不变的"。欧洲央行管理委员会 的成员一致认为，"所有政策选项都应保留在台面上"，将继续坚持逐次会议、依据数据作决策的方式，央行没有预设任何利率路径。周四的利率决议获得全 体一致通过。 欧元区经济显示出韧性，第三季度增长0.3%。欧央行上调了多项增长和通胀预测，其中2026年通胀预期上调主要因服务业通胀下降速度预计将更为缓慢。 通胀前景的不确定性仍高于往常，这使得央行无法提供前瞻指引。 拉加德还就她继任者的问题发表评论，称欧央行对下任行长人选"没有任何偏好"。她表示，欧央行执行委员会委员Isabel Schnabel是众多优秀候选人之一， 并敦促法律专家，重新审视现任执委是否有资格竞选行长的问题。最终决定将由欧洲理事会作出。 欧元兑美元在欧洲央行公 ...

Core Insights - Eli Lilly's oral weight loss drug orforglipron has shown significant progress in late-stage clinical trials, demonstrating its ability to help patients maintain weight loss after switching from injectable treatments [1][3] - The FDA has received a submission for orforglipron's approval, which could provide a non-injection long-term weight management solution for obesity patients [1] - The oral weight loss drug market is expected to be dominated by Eli Lilly and Novo Nordisk, with Eli Lilly potentially capturing a significant share of the maintenance patient market [2] Clinical Trial Results - The ATTAIN-MAINTAIN phase 3 clinical trial included over 300 obesity patients who previously received 72 weeks of treatment with Wegovy or Zepbound injections, followed by a 52-week observation period after switching to orforglipron or a placebo [3] - The trial met its primary endpoint, showing that orforglipron significantly outperformed the placebo in maintaining weight after the injection treatment plateau, with patients switching from Wegovy regaining an average of only 2 pounds, while those switching from Zepbound regained about 11 pounds [3] Competitive Landscape - Analysts believe the trial results provide Eli Lilly with a unique opportunity to capture revenue from patients who have been on long-term treatment with Novo Nordisk's semaglutide products [4] - Unlike Novo Nordisk's oral medications, orforglipron is not a peptide drug, making it easier for the body to absorb and potentially offering better patient compliance and long-term convenience [4] Safety and Market Share Projections - Safety data for orforglipron aligns with previous studies, with gastrointestinal symptoms being the most common side effects, typically mild to moderate in severity [5] - Discontinuation rates due to side effects were low, with 4.8% for the Wegovy switch group and 7.2% for the Zepbound switch group, compared to 7.6% and 6.3% for the placebo groups, respectively [5] - Goldman Sachs analysts project that the oral weight loss drug market will reach approximately $22 billion by 2030, with orforglipron expected to capture about 60% of this market share [6]

风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 美国11月核心CPI同比 2.6%，预期 3%。 ...

Core Viewpoint - The number of initial jobless claims in the U.S. for the week ending December 13 was reported at 224,000, slightly below the expected 225,000 and down from the previous week's figure of 236,000 [1] Summary by Category - **Employment Data** - Initial jobless claims stood at 224,000 for the week ending December 13 [1] - The figure was anticipated to be 225,000, indicating a marginally better-than-expected labor market condition [1] - The previous week's claims were revised to 236,000, showing a decrease in claims week-over-week [1]

风险提示及免责条款 欧元区欧洲央行存款便利利率 2%，预期 2%，前值 2%。欧元区欧洲央行边际贷款利率 2.4%，预期 2.4%，前值 2.4%。欧元区欧洲央行主要再融资利率 2.15%，预期 2.15%，前值 2.15%。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...