Core Viewpoint - The China Securities Regulatory Commission emphasizes the need to build a standardized and healthy artificial intelligence ecosystem in the capital market, balancing innovation promotion and regulatory compliance while focusing on industry ecology, institutional ecology, and strict adherence to regulatory requirements [1][2][3] Group 1: Industry Ecology for AI Development - Establish a differentiated regulatory framework based on the impact and potential risks of AI applications, implementing tiered and classified supervision [1] - Promote pilot projects for "AI + capital market" to quickly develop replicable and scalable practical cases [1] - Set up AI pilot bases and innovation application verification platforms to facilitate the sharing of resources such as computing power, data, and models [1] - Enhance the construction of high-quality data sets in key areas like legal regulations, market information, and disclosure [1] - Strengthen resource support and research to improve incentive measures, talent development, and collaborative innovation among industry, academia, and research [1] Group 2: Institutional Ecology for AI Application - Improve governance structures and strategic planning to align AI applications with institutional development across business, technology, compliance, and risk management [2] - Adhere to national AI ethical guidelines and social norms to ensure compliance with laws, regulations, and ethical standards in AI applications [2] - Enhance information disclosure and investor protection by clearly identifying AI-generated content to safeguard investors' rights [2] - Strengthen data governance by using authoritative data sources and improving data management standards to enhance data quality [2] - Develop risk assessment and emergency response mechanisms to continuously monitor medium to high-risk business scenarios [2] Group 3: Compliance with Regulatory Requirements - Ensure content compliance by establishing content barriers and output verification mechanisms, with high-risk scenarios undergoing manual verification [3] - Mitigate data security risks by enhancing data management to prevent illegal collection, data misuse, information leakage, and other risks [3] - Strengthen cybersecurity management to improve system defense capabilities and ensure the stable operation of AI-related information technology systems [3] - Enhance model management capabilities by creating a comprehensive evaluation system covering safety, compliance, and service capabilities [3] - Recognize the inherent limitations of AI and establish a "human supervision + model assistance" mechanism in critical business areas to prevent risk spillover [3]

当下，可控核聚变正迎来前所未有的政策支持。从《中共中央关于制定国民经济和社会发展第十五 个五年规划的建议》，到国家能源局发布的《加快建设新型能源体系》，再到科技部将其纳入"十五 五"国家科技重大专项并规划超500亿元投资……一系列顶层设计明确将可控核聚变列为需前瞻布局的未 来能源技术，并将其视为新的经济增长点。 近日，北京中岩大地科技股份有限公司（下称"中岩大地"）与四川束研聚创科技有限公司（下 称"束研聚创"）正式签署战略合作协议，通过"投资+合资"的双重模式切入可控核聚变领域。 据悉，中岩大地在岩土工程领域已积累了深厚的技术底蕴和行业口碑。在电力短缺及国家能源自主 安全战略日益重要的大背景下，中岩大地自2023年起便主动将业务视野拓展至能源领域，并于同年正式 确立了"核心技术+核心材料"双轮驱动战略。围绕这一战略方向，公司已逐步聚焦于核电、水利水电等 国家战略关键领域，并在多个标志性项目中验证了该战略的可行性与成效。 战略方向选对了，合作伙伴的选择同样至关重要。中岩大地选择的束研聚创，其核心团队来自核工 业西南物理研究院、中科院等国家级科研机构，在可控核聚变的核心技术研发、关键部件设计及工艺创 新方面积累 ...

Group 1 - The Shanghai Municipal Committee approved the "15th Five-Year Plan" to enhance the city's core competitiveness and establish Shanghai as a global financial center, focusing on improving the financial service capabilities for the real economy [1][3] - The Shanghai Municipal Government is accelerating the construction of "five centers" and emphasizes the importance of collaborative efforts and utilizing various platforms to achieve significant outcomes for national development [1][2] Group 2 - The "CCTV Finance Financial Power - Shanghai Financial Night" event showcased innovative achievements in Shanghai's financial development and discussed trends in the financial sector, releasing the "2025 Shanghai Financial High-Quality Development Annual Case" [3] - The Shanghai Municipal Financial Office held a meeting to enhance theoretical learning on national security and ideology, indicating a focus on strengthening the financial sector's foundational knowledge [4] Group 3 - The Shanghai Stock Exchange announced a continuation of the exemption of clearing fees for financial institutions servicing small and micro enterprises in foreign exchange derivative transactions, aimed at reducing costs for these businesses [5] - The Shanghai Stock Exchange released guidelines for the management of corporate bonds, emphasizing proactive credit management throughout the bond lifecycle [5][6] Group 4 - The Shanghai High People's Court issued opinions to provide judicial support for building an international financial center, outlining 22 specific measures to enhance market foundations and prevent financial risks [7] - The Shanghai Financial Regulatory Bureau and other departments released an action plan to establish a comprehensive pilot zone for intellectual property finance by the end of 2027, aiming to improve financing services related to intellectual property [7] Group 5 - The People's Bank of China introduced a one-time credit repair policy to support financial stability, indicating a proactive approach to managing credit issues [10] - The People's Bank of China published the "2025 Financial Stability Report," highlighting the overall stability of the financial system and effective risk management [17]

当地时间12月27日，约旦、埃及、阿尔及利亚、伊朗、伊拉克、科威特、利比亚、马尔代夫、尼日 利亚、阿曼、巴基斯坦、巴勒斯坦、卡塔尔、沙特阿拉伯、索马里、苏丹、土耳其、也门等国外长、外 交大臣，以及伊斯兰合作组织发表联合声明，对以色列正式承认索马里兰为"独立主权国家"表示坚决反 对。 声明重申，坚定支持索马里的主权和领土完整，坚决反对任何损害索马里国家统一和主权的行径。 来源 央视新闻客户端 声明指出，以色列此举将对非洲之角和红海地区的和平与安全造成严重影响，并对国际和平与安全 构成威胁，充分暴露出以色列对国际法的公然无视。 声明以最强烈措辞谴责这一行为，强调相关决定严重违反国际法基本原则和《联合国宪章》中关于 尊重国家主权、维护国家统一和领土完整的规定。 ...

2025年的全球金融市场，黄金无疑是耀眼的"明星"资产。 国际金价从年初不足2700美元/盎司，到年末冲破4500美元/盎司关口，全年累计涨幅超70%，年内更刷 新历史高点50余次。国内市场同步升温，部分品牌足金饰品价格也顺势突破1400元/克，"黄金狂潮"席 卷资本市场。 金价剧烈起伏之间，有人坚定持仓，账面财富水涨船高；也有人追高入场被套，焦虑难眠。站在2025年 年末回望，这场黄金盛宴的悲与喜，不只是投资者的个人际遇，更折射出宏观经济、地缘政治与市场情 绪交织下的资产逻辑变迁。 视线投向即将到来的2026年，多重变量交织下，黄金市场的机遇与挑战仍在持续酝酿。面对充满变数的 市场，投资者究竟该如何布局？ 八年持金财富增值 "现在回头看，最正确的决定就是买了黄金，并且拿住了。"看到如今屡创新高的金价，张阿姨难掩兴 奋。 2017年，张阿姨手头正好有一笔闲钱，在银行客户经理的建议下，她以每克约300元的价格购入了50克 投资金条。当年投资黄金远未形成风潮，张阿姨说，她下单主要是出于对客户经理专业建议的信任，以 及"黄金长远看总是值钱的"朴素认知。 张阿姨告诉记者："银行客户经理当时提醒过投资风险，但我想着这钱 ...

12月27日，以"迈向'十五五' 建设金融强国"为主题的中国财富管理50人论坛2025年会在北京举行。中国财富管理50人论坛理事长、原银监会主席、证监会原 主席尚福林在致辞中表示，迈向"十五五"，加快建设金融强国，是质的有效提升和量的合理增长有机统一，是综合性、系统性、引领性的跃升。 尚福林指出，"十五五"时期金融发展仍将面临一些结构性和机制性挑战。比如，社会资金配置结构不平衡问题仍有待解决，低利率、低息差时代到来也增大 了资产配置难度，传统的融资和风控模式与新经济新业态的现实需求不够适配，民营、小微企业融资难、融资贵仍不同程度存在；直接融资占比有待提高， 资本市场投资和融资功能的协调性有待进一步增强，基础性制度仍需完善；高水平双向开放要求更高，跨境风险传染渠道更加多元、更加复杂；金融科技的 新业态、新技术带来的新型风险对金融监管提出更高要求。 "这些问题是'十五五'时期金融改革发展的重点，也是建设金融强国必须攻克的难关。"尚福林建议，一要更加聚焦金融服务实体经济的根本宗旨，努力做好 金融"五篇大文章"；二要持续深化金融体制改革，加快完善中国特色现代金融体系；三要更好统筹发展与安全，筑牢金融稳定防线；四要稳步 ...

随后，现场发布《金融大模型应用评测报告（2025）》与《金融大模型评测数据集（2025）》。该报告基于真实金融业务场景构建评测任务，探索金融 垂直领域大模型应用的新理念、新机制与新手段，将有效支撑金融机构科学选型、降本增效，加速大模型在投研、风控、客服等核心环节的规模化落地。 12月26日，由上海人工智能实验室与上海库帕思科技有限公司联合主办的"2025金融大模型评测体系发布会"在上海市徐汇区举办。 上海市委金融办副主任、一级巡视员葛平在致辞中指出，人工智能正在深刻重塑金融行业发展格局，大模型技术在应用场景深化、关键要素强化和应用 生态协同推进三方面加速赋能。他强调，去年由库帕思、上海人工智能实验室等机构发布的全国首个"以金融业务为中心"的金融大模型评测体系，为行业提 供了科学选型与能力对标的重要"标尺"。今年评测体系的全面升级，将助力上海建设具有全球影响力的金融科技中心。 现场，"2025金融大模型评测体系暨金融评测基准"正式启动。该体系在标准引领、数据驱动、安全可信与生态共建四大维度实现全面升级，首次构建覆 盖金融全场景的评测基线，为行业提供统一、权威、可操作的技术评估框架。 在主题演讲中，库帕思COO施 ...

Core Insights - The global precious metals market is experiencing a historic surge, with gold prices surpassing $4500 per ounce and silver prices exceeding $72 per ounce, marking significant annual increases [1] - Economic concerns are rising as the dollar's credit system faces severe challenges, highlighted by the rare phenomenon of silver being more expensive than oil, which has not occurred in 45 years [1] Supply and Demand Imbalance - Gold has become a key asset in global portfolios amid geopolitical risks and macroeconomic uncertainties, with central bank purchases supporting its price [2] - Silver prices have tripled since their 2022 low, driven by industrial demand from sectors like solar energy and electric vehicles, alongside a persistent supply shortage [3] Platinum and Palladium Market Dynamics - Platinum has shown remarkable performance, with prices increasing over 150% this year, driven by demand from the hydrogen energy sector [4] - Palladium is also facing supply constraints, with a projected shortfall of approximately 200,000 ounces by 2025, further supporting its price [4] Copper Price Surge - Copper prices have reached historical highs, driven by strong demand from energy transition and infrastructure investments, while supply disruptions have tightened the market [5] Dollar Credibility Concerns - The rise in precious metal prices reflects a shift in investor confidence regarding the stability of traditional currency systems, particularly the dollar [7] - Concerns over U.S. government debt, which has exceeded $38.5 trillion, are prompting investors to seek refuge in physical assets like gold [8] Economic Crisis Signals - The current ratio of silver to oil prices has reached its highest level since 1990, often indicating impending economic crises [10] - Historical patterns suggest that significant disparities between silver and oil prices can signal structural economic risks [11] Regulatory and Market Dynamics - The potential for regulatory interventions, such as increased margin requirements for silver trading, could lead to significant price corrections [12] - The current market environment mirrors past crises, raising concerns about the sustainability of price increases in precious metals [12]

今年，指数化投资的市场认可度显著提升，公募ETF（交易型开放式指数基金）再次迎来发展大 年：产品数量和规模双双跃升，市场关注度持续升温，更多公募基金公司加速布局创新产品，更多投资 者也将目光投向ETF等指数产品。 政策也在推动指数产品发展。今年5月，证监会发布的《推动公募基金高质量发展行动方案》提 及，"大力发展各类场内外指数基金""实施ETF快速注册机制"。围绕2025年ETF的最新进展及下一步走 向，《国际金融报》记者近日采访了华泰柏瑞基金指数投资部副总监谭弘翔。 谭弘翔指出，公募ETF今年呈现结构性分化，后续市场仍将快速发展，且具有跨周期特征，产品种 类与形态有望更加多元。 结构分化 "结构性分化"是谭弘翔眼中今年ETF最突出的关键词，集中体现在两条主线： 一是债券ETF的"井喷"。Wind数据显示，2025年4月15日至12月15日短短八个月，债券ETF资金净 流入高达4189亿元。"说明真实需求一直存在，只是过去缺少足够多样的工具去匹配。"谭弘翔指出，目 前无论是利率债还是信用债ETF都能找到较大的应用场景，新发的科创债ETF更是有力地支持了科创债 市场建设，折射出资本市场直面资金与资产错配所迸发的 ...

数字金融作为金融"五篇大文章"之一，是金融强国蓝图的关键落笔。 眼下，中国数字金融已形成完整梯队。2025年前三季度，数字经济核心产业增加值同比增长 9.2%，银行业数字化投入占比达15.3%。 离岸与数字金融协同，技术赋能是抓手。运用区块链、大数据实现跨境资金实时监测与穿透式监 管；探索跨境数字资产质押、离岸数据资产交易，严防资金违规流动与数据泄露。 前瞻布局人民币稳定币，沙盒试点聚焦离岸贸易、跨境供应链金融场景，开展研究性试点；风险防 控借鉴新加坡100%储备金模式、香港多链清算经验，完善储备资产托管与风控方案。 保障机制要形成协同合力。建立部际联席会议：国务院层面统筹跨部门监管与数据共享，每年召开 两次；政策支持：对物联网、区块链验证类融资给予费率补贴，借鉴美国SBA模式提供最高50%风险补 偿；人才培育：高校增设数据合规、离岸金融课程，给予高端人才个税与住房保障；监管部门建立智能 风控系统，强化从业者合规培训。 中国数字金融正从"规模扩张"向"结构优化"转型，核心在于以制度创新破解堵点、以数据赋能激活 潜力、以跨境突破拓展空间。通过离岸与数字金融深度融合、稳定币前瞻布局，数字金融将成为金融强 国建设的 ...