Core Viewpoint - Tether, a major stablecoin issuer, has made a €1.1 billion acquisition offer for Juventus, which was promptly rejected by Exor, the holding company of the Agnelli family, who control the club [1][5]. Group 1: Acquisition Offer Details - Tether proposed to acquire Exor's 65.4% stake in Juventus at €2.66 per share, valuing the club at €1.1 billion, which represents a significant premium over the market price of €2.19 per share at the close of the Milan market [2][5]. - This acquisition attempt marks Tether's shift from financial investment to strategic control, as the company already holds 11.5% of Juventus shares acquired in the secondary market [5]. Group 2: Response from Exor - Exor firmly rejected Tether's unsolicited proposal, stating that it has no intention of selling any shares in Juventus [1][6]. - The Agnelli family has a long-standing connection with Juventus, having controlled the club since 1923, and is committed to reversing the club's fortunes despite recent challenges [6]. Group 3: Tether's Financial Strength - Tether, the largest stablecoin issuer, has issued USDT tokens worth approximately $185 billion, with its primary revenue coming from interest on U.S. Treasury bonds [7]. - The company reported a profit of $10 billion in the first nine months of 2025, with an expected annual profit of around $15 billion, and is actively investing in early-stage tech startups and media companies [7]. - Tether is also seeking to raise $15 to $20 billion at a valuation of $500 billion, with plans for expansion in the U.S. market [7].

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。 一二三线城市商品住宅销售价格同比降幅扩大。 风险提示及免责条款 ...

京东健康跌近6%，百度跌超3%，理想汽车、阿里巴巴跌超2%。 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 ...

随着科技巨头为AI基础设施大举发债，投资者对潜在债务风险的担忧日益加剧。 根据数据清算机构DTCC的最新数据，自今年9月初以来，与少数几家美国科技集团挂钩的信用违约互 换（CDS）交易量已飙升90%。CDS是一种类似保险的金融工具，可以在公司发生违约时为投资者提供 保护。 这股对冲热潮的出现，正值华尔街对科技股的抛售因甲骨文和博通等公司业绩不及投资者高预期而再度 加剧。 而投资者的不安情绪，源于科技公司为建设AI基础设施而掀起的一股发债狂潮。这些需要投入巨额资 金的项目可能需要数年时间才能产生回报，其不确定性正促使投资者重新评估相关公司的信用风险，并 积极寻求保护性策略。 AI融资转向，信贷市场成新战场 今年年初，对于高评级的美国科技公司而言，信用风险几乎是一个不存在的话题。当时，这些公司主要 依靠其庞大的现金储备和强劲的盈利能力来资助AI支出。然而，随着成本不断攀升，情况发生了变 化。 据统计，今年秋季，Meta、亚马逊、Alphabet和甲骨文四家公司通过发行债券合计融资高达880亿美 元，专门用于AI项目。摩根大通预测，到2030年，投资级公司为AI项目融资的规模可能达到1.5万亿美 元。这种从内部融资 ...

预测市场正面临内部交易嫌疑的考验，据The Information报道，近期多个Polymarket账户在OpenAI和谷 歌发布重要产品前下注并获利，引发市场对这些平台是否被内部人利用的质疑，促使越来越多的科技公 司和金融机构将预测市场纳入内幕交易监管范围。 12月11日OpenAI发布GPT-5.2前一周，数个Polymarket账户押注该公司将在12月13日前发布新的大语言 模型。产品发布后，其中四个账户共获利超过1.3万美元。同样在上周，一个Polymarket账户通过准确 押注谷歌2025年搜索数据，单日获利超过100万美元。这些异常表现的账户被怀疑由公司内部人员操 作。 这一现象正推动企业政策变革。KPMG合伙人Conway Dodge表示，过去六个月与企业客户讨论是否将 预测市场纳入内幕交易政策的对话数量至少翻了一番。Robinhood已在一年多前更新政策覆盖预测市 场，Coinbase数月前扩展政策"禁止包括高管在内的员工参与预测市场"。OpenAI和Anthropic则表示，其 政策明确限制员工利用机密信息谋取个人利益，包括在预测网站下注。 预测市场的快速增长加剧了监管紧迫性。据加密数据提供 ...

Core Insights - SpaceX has officially initiated the process of selecting investment banks for its IPO, marking a significant step towards going public, which could potentially be one of the largest IPOs in recent capital market history [1][2] - The company's valuation has surged to approximately $800 billion in secondary market transactions, doubling from a previous valuation of $400 billion earlier this summer [1][2] - Alphabet, a key investor in SpaceX since 2015, is expected to report substantial paper gains due to the recent increase in SpaceX's valuation [3] Group 1: IPO Preparation - SpaceX executives are conducting interviews with investment bankers this week as part of the IPO advisory selection process [1] - CFO Bret Johnsen confirmed in an internal message that the company is preparing for a potential public offering next year, indicating that a successful execution could raise significant capital [1][2] - The timeline for the IPO remains uncertain, with management highlighting the "high degree of uncertainty" surrounding the listing [1][2] Group 2: Valuation and Market Impact - The recent valuation increase is attributed to the growth of SpaceX's Starlink satellite internet business, which has bolstered the company's overall value [2] - The internal buyout price for SpaceX shares has been set at $421 per share, reflecting a significant increase from previous secondary market transactions [2] - The optimistic outlook for the IPO market in 2026 adds to the potential significance of SpaceX's public offering [2] Group 3: Impact on Alphabet - Alphabet is projected to realize considerable paper gains from its investment in SpaceX, which it co-invested in alongside Fidelity Investments, holding approximately 10% of the company [3] - Previous financial disclosures indicated that Alphabet had recorded an $8 billion "unrealized gain," believed to be linked to SpaceX's valuation changes [3] - Investors are expected to closely monitor Alphabet's upcoming financial reports for potential increases in accounting gains related to its investment in SpaceX [3]

美国总统特朗普对其经济政策能否帮助共和党在明年中期选举中获胜表达了不确定性，同时将股市对利 好经济消息的负面反应归咎于美联储。 在采访中，特朗普对当前金融市场的反应逻辑提出质疑，并将此现象归咎于市场对美联储鹰派立场的担 忧。 他明确表示："我不会让任何一个在有好消息时，就意味着你必须自动把利率提高到天花板来扼杀通胀 的人进入美联储。"这一言论直接挑战了央行以数据为导向的决策传统。 据《华尔街日报》上周五在椭圆形办公室对特朗普进行的专访，尽管特朗普在采访中吹嘘自己"创造了 历史上最伟大的经济"，并强调大量资金正涌入美国用于建设汽车工厂和人工智能等项目，但他承认， 这些经济活动的全面效果可能要到明年第二季度才会显现。 当被问及共和党是否会在11月的中期选举中失去众议院时，特朗普坦言："我无法告诉你。我不知道所 有这些资金何时会真正生效。" 这种不确定性反映了经济数据与选民感受之间的温差。自特朗普上任以来，尽管美国经济在扩张，但就 业增长缓慢，失业率有所上升，许多日常商品和服务的价格上涨，导致许多美国人并未感受到宏观增长 带来的实际好处。 不过，特朗普表示："我认为，等到我们需要讨论选举的时候，也就是几个月后，我们 ...

特朗普的首席经济顾问哈塞特Kevin Hassett周日表示，如果被选中领导美联储，他将考虑总统的政策意 见，但央行利率决策将保持独立。这一表态试图在承认特朗普影响力的同时，强调美联储决策机制的独 立性。 特朗普和高级顾问数月来一直向美联储主席鲍威尔施压要求降息。在周日白宫的节日招待会上，特朗普 表示"我们很快就会有一个优秀的美联储主席，他会希望看到利率下降"，但"我们正在与更高的利率作 斗争"。 据彭博报道，特朗普在上周五的采访中表达了对美联储利率政策的看法，认为总统应该能够对利率政策 提出建议。这一言论引发了对美联储独立性的新一轮讨论。 哈塞特在CBS《Face the Nation》节目中回应了特朗普上周五关于应该能够对美联储利率提出建议的言 论。他表示，总统"对我们应该做什么有非常强烈且有根据的观点"，但"美联储的工作是保持独立"。 这番表态正值特朗普考虑美联储主席人选的关键时刻。美联储现任主席鲍威尔的任期将于5月结束，哈 塞特被视为该职位的热门候选人。特朗普还在上周会见了前美联储理事Kevin Warsh，并在周五的《华 尔街日报》采访中将两人列为美联储主席的首选。 哈塞特的表态凸显了平衡总统影响力 ...

华见早安之声 请各位听众升级为见闻最新版APP，以便成功收听以下音频。 市场概述 上周五，AI担忧加剧压垮美股，纳指收跌近2%、标普跌超1%，全周均转跌，道指跌落纪录高位，全周仍涨超1%、连涨三周；芯片和AI股重挫，英伟达跌 超3%、领跌科技巨头，芯片指数跌超5%，博通业绩电话会后跌11%，传出数据中心延期的甲骨文跌4.5%、财报后两日跌近15%；特斯拉逆市反弹近3%； 大麻股高涨，Canopy Growth涨54%。 长期美债跌，十年期美债收益率逼近三个月高位。美元指数暂别近八周低位，连跌三周；离岸人民币失守7.05、跌离14个月高位、但全周涨超百点；加密货 币齐跌，比特币盘中跌近4%，以太坊一度跌超6%。 黄金连创逾七周新高，盘中涨近2%后曾转跌；银铜创新高后跳水，期银一度跌超5%，伦铜跌3%、全周转跌；原油两连跌、全周回落超4%，美油收创七个 月新低。 亚洲时段，A股探底回升，创业板涨0.97%，可控核聚变、商业航天领涨，电网设备走强，港股高开高走，恒指、恒科指涨超1%，科技股普涨，有色强势。 要闻 中国11月新增社融2.49万亿元，新增人民币贷款3900亿元，M2-M1剪刀差扩大。 何立峰：2026年 ...

Core Insights - Despite significant market volatility in October, global central banks continue to show strong demand for gold, providing solid support for gold prices, while emerging "tokenized gold" has not yet become a major market driver [1][4] Group 1: Central Bank Gold Purchases - In October, global central banks net purchased 49 tons of gold, significantly higher than the pre-2022 monthly average of 17 tons, indicating robust and sustained demand from official sectors [1][4] - Qatar purchased 20 tons and China bought 15 tons in October, reflecting strategic decisions by central banks that are less sensitive to short-term price fluctuations, aimed at hedging geopolitical and financial risks [1][4] - Goldman Sachs maintains an optimistic forecast for gold prices, projecting they will rise to $4,900 per ounce by the end of 2026, supported by strong official demand and expectations of a shift in U.S. Federal Reserve policy towards easing [1][6] Group 2: Private Investor Demand - Private investors are viewed as a key variable that could significantly influence future gold prices, with potential for a "magnifying effect" if their interest in gold increases [5] - Goldman Sachs' model indicates that a 1 basis point (0.01%) increase in the share of gold in U.S. private financial portfolios could lead to a 1.4% rise in gold prices, highlighting the current low allocation of gold in these portfolios [5] - Currently, gold ETFs, the most common vehicle for U.S. investors, account for only 0.17% of their portfolios, suggesting substantial room for growth in private investment in gold [5] Group 3: Tokenized Gold - Goldman Sachs notes that the impact of "tokenized gold," such as Tether Gold, on recent gold price movements appears limited, with its demand significantly smaller compared to traditional channels [7] - In Q3 2025, Tether Gold holdings increased by approximately 26 tons, while Western gold ETFs saw inflows of about 197 tons, and central bank purchases reached around 134 tons, indicating a disparity in demand [7] - Tokenized gold is considered similar to gold ETFs, both backed by physical gold, but with ownership recorded on the blockchain; this feature may lower entry barriers for some investors but does not necessarily enhance intrinsic value [7]