Group 1 - The core viewpoint of the articles emphasizes the importance of listening to the opinions and suggestions of private enterprises in the formulation of laws and policies, particularly in the context of the Private Economy Promotion Law and its implementation [3][4][5]. - The articles highlight the increasing role of the private economy in the national economic system, surpassing the "half of the country" mark, and the growing channels for private enterprises to express their opinions [2][3]. - The Economic Daily's publication of a letter from the chairman of Guangdong Youkai Technology Co., Ltd. reflects the media's commitment to addressing issues faced by private enterprises, such as disorderly competition and low-quality products [2]. Group 2 - The National Development and Reform Commission (NDRC) has actively engaged with private enterprises, holding over 20 breakfast meetings and more than 160 discussions to gather feedback and suggestions [3]. - The articles call for further expansion of channels for private enterprises to voice their opinions and emphasize the need for effective feedback and problem-solving mechanisms [3][6]. - There is a strong emphasis on the necessity for regulatory and policy frameworks to genuinely reflect the rights of private enterprises and to address issues such as local protectionism and the enforcement of investment policies [5][6].

据环球时报援引路透社、彭博社等媒体报道，美国总统特朗普当地时间8日在社交媒体上发文宣布，美 国政府将允许英伟达向中国出售其H200人工智能芯片，但对每颗芯片收取一定费用。 《纽约时报》称，H200芯片为英伟达"性能第二强"的芯片。特朗普表示，美方将从相关芯片出口中收 取 25% 的分成。他还称，美国商务部正在敲定相关安排细节，同样的安排也将适用于超微半导体公 司、英特尔等其他人工智能芯片公司。 在10月29日中国外交部例行记者会上，有记者就"黄仁勋表示，希望美国生产的人工智能芯片能够在华 销售"一事提问称，中方是否欢迎美国在华销售人工智能芯片？对此，发言人郭嘉昆表示，具体问题建 议向中方主管部门询问。中方已多次表明在美输华芯片问题上的原则立场，希望美方以实际行动维护全 球产供链稳定。 来源｜环球时报 编辑｜钉钉 路透社称，在特朗普宣布这一消息后，英伟达股价在盘后交易中上涨了1.2%。 路透社称，此举标志着特朗普政府政策的转变，其政府最初限制向中国出售人工智能芯片，对英伟达首 席执行官黄仁勋来说则是一场"重大胜利"，他曾花费数月时间游说白宫放宽出口限制。 黄仁勋曾多次公开表态强调中国市场的重要性。据美国福克斯新 ...

2025.12.09 本文字数：4121，阅读时长大约7分钟 作者 |第一财经 樊志菁 当地时间12月9日，为期两天的美联储议息会议在美国华盛顿特区正式召开。 外界普遍预计，美联储将连续第三次降息，因为美国就业市场正在发出警报信号。本次会议可谓看点十 足，表决可能再次出现多张反对票的情况，同时更新版经济预测如何预判就业和通胀前景，关键的点阵 图将如何表现，换届后是否会影响政策走向，如何通过资产负债表管理流动性等都将受到广泛关注。 几张反对票 自今年夏季以来，美联储政策制定者之间的分歧逐渐显现。当时，通胀缓解进程陷入停滞，就业增长同 时放缓，这使得"2%通胀率"与 "充分就业"两大核心目标陷入直接冲突。 另一位票委、波士顿联邦储备银行行长科林斯（Susan Collins）表示，考虑到经济的韧性，她认为当前 货币政策处于合适水平，对进一步降息 "持犹豫态度"。目前美联储基准政策利率处于3.75%-4%的区 间，她认为这一水平仅是温和限制性，且当前非常合适，能够对通胀保持一定下行压力。 蒙特利尔银行资本市场高级经济学家瓜蒂耶里（Sal Guatieri）在接受第一财经记者采访时表示："尽管 部分领域出现疲软态势， ...

*三大股指走低，道指跌超215点； *中长期美债收益率上扬，2年期美债逼近3.60%关口； *特斯拉跌超3%，摩根士丹利下调公司评级。 周一美国三大股指收跌，美国国债收益率走高打压市场情绪，投资者正紧张等待两天后美联储的货币政 策更新。 截至收盘，道指跌215.67点，跌幅0.45%，报47739.32点，纳指跌0.14%，报23545.90点，标普500指数跌 0.35%，报6846.51点。 【热门股表现】 明星科技股分化，英伟达涨1.7%，甲骨文涨1.3%，市场看好这家人工智能新贵最新财报，苹果跌 0.3%，Meta跌1.0%，亚马逊跌1.1%，谷歌跌2.1%，公司计划于2026年在Gemini平台上推出广告。 纳斯达克中国金龙指数涨0.08%，百度涨3.5%，京东涨0.1%，阿里巴巴跌0.1%，网易跌2.1%。 【市场概述】 上周公布的数据显示三季度末美国消费者支出物价指数PCE温和增长，进一步巩固了市场对12月降息的 预期。不过，外界预计本次美联储会议将是多年来分歧最严重的一次，投资者仍在等待有关未来政策动 向的线索。 蒙特利尔银行私人财富首席市场策略师施莱夫（Carol Schleif）表示："在 ...

Core Viewpoint - The Federal Reserve is widely expected to lower interest rates for the third consecutive time due to warning signals from the U.S. job market, with significant attention on the potential for dissenting votes during the meeting and the implications for future economic forecasts [1][3]. Group 1: Divergence Among Policymakers - Since summer, divisions among Federal Reserve policymakers have become apparent, particularly as inflation relief has stalled and job growth has slowed, creating a conflict between the goals of 2% inflation and full employment [3]. - The government shutdown has complicated the situation, delaying key economic data releases and solidifying differing stances on whether further rate cuts are necessary to boost the job market [3]. - New York Fed President John Williams indicated that the U.S. could lower rates without jeopardizing inflation targets, suggesting that current monetary policy is moderately restrictive and that there is room for adjustment [3]. Group 2: Economic Resilience and Rate Cut Hesitance - Boston Fed President Susan Collins expressed hesitance towards further rate cuts, believing current policy is appropriately restrictive and can maintain downward pressure on inflation [4]. - Despite some sectors showing weakness, the overall economy remains resilient, with consumer spending and business investment expected to support growth, although inflation risks persist [6]. - The Federal Open Market Committee (FOMC) may see multiple dissenting votes, with five policymakers previously expressing opposition or skepticism towards further rate cuts [5]. Group 3: Economic Outlook and Inflation - The latest economic outlook suggests moderate growth for the U.S. economy, with a median growth forecast of 2% for 2026, up from previous estimates, but job creation is expected to remain weak [6]. - Inflation is projected to slightly decrease to 2.6% by 2026, with tariffs identified as a significant factor driving prices higher [6]. - The labor market is anticipated to remain weak, with the unemployment rate expected to rise to 4.5% in early 2026, consistent with previous Fed forecasts [6]. Group 4: Future Rate Cut Predictions - Regardless of the December decision, internal resistance within the Fed is expected to be greater than at any time in the past eight years, with divisions likely to persist into the next year [8]. - Market expectations indicate a potential for approximately 52 basis points of rate cuts by 2026, equivalent to two rate cuts [8]. - Institutions predict that the Fed will complete two rate cuts in the first three quarters of the year, with varying timelines for implementation [8]. Group 5: Asset Management and Liquidity - The future direction of the Fed's balance sheet is considered equally important as interest rate decisions, especially in light of recent pressures in the overnight funding market [11]. - The Fed has halted its balance sheet reduction process to avoid a repeat of past market crises, indicating a focus on maintaining liquidity [11]. - Analysts suggest that the Fed may need to conduct regular Treasury purchases to manage reserves effectively, with expectations for monthly purchases starting in early 2024 [12][13].

2025.12.09 本文字数：1552，阅读时长大约3分钟 作者 |第一财经 樊志菁 周一美国三大股指收跌，美国国债收益率走高打压市场情绪，投资者正紧张等待两天后美联储的货币政 策更新。 截至收盘，道指跌215.67点，跌幅0.45%，报47739.32点，纳指跌0.14%，报23545.90点，标普500指数跌 0.35%，报6846.51点。 明星科技股分化，英伟达涨1.7%，甲骨文涨1.3%，市场看好这家人工智能新贵最新财报，苹果跌 0.3%，Meta跌1.0%，亚马逊跌1.1%，谷歌跌2.1%，公司计划于2026年在Gemini平台上推出广告。 博通涨近3%创历史新高，有报道称微软正与博通洽谈定制芯片开发事宜。 特斯拉跌3.4%，摩根士丹利宣布下调公司评级至"持有"。 个股方面，派拉蒙天舞传媒向华纳兄弟探索频道发起1084亿美元的敌意收购要约，意图与奈飞竞标，这 一消息引发投资者关注。受此影响，华纳兄弟探索频道股价上涨约4.4%；派拉蒙涨幅超9%，而奈飞则 跌3.4%。 纳斯达克中国金龙指数涨0.08%，百度涨3.5%，京东涨0.1%，阿里巴巴跌0.1%，网易跌2.1%。 上周公布的数据显示三季度末 ...

Group 1 - The core viewpoint of the article highlights that the "Xiangyuan system" products traded at the Zhejiang Financial Asset Exchange have exceeded a transaction scale of over 10 billion yuan as of December 8, indicating significant investor interest despite recent defaults [1] - Several "Xiangyuan system" yield rights products have defaulted, primarily traded at the Zhejiang Financial Asset Exchange [1] - An investor reported an investment of 6 million yuan across 13 products, all guaranteed by the "Xiangyuan system," with one product named "Financial Asset Yield Rights (Wanjie Changxing)" having defaulted on its payment due on December 1 [1] Group 2 - The product description indicates that the trading institution is Changxing Wanjie Investment Partnership, with credit enhancement provided by Xiangyuan Holdings Group and Yu Faxiang, and the underlying asset consists of a factoring financing debt right valued at 50 million yuan [1] - The product is structured to pay interest every six months [1]

作者 |第一财经 杜川 2026年的货币政策基调已经明确。 中共中央政治局12月8日召开会议，分析研究2026年经济工作。会议指出，明年经济工作要坚持稳中求 进、提质增效，继续实施更加积极的财政政策和适度宽松的货币政策，发挥存量政策和增量政策集成效 应，加大逆周期和跨周期调节力度，切实提升宏观经济治理效能。 货币政策延续了过去一段时间的提法，即"适度宽松"、"加大逆周期和跨周期调节力度"。与7月召开的 政治局会议相比，表述出现微调：删去"保持流动性充裕"、"促进社会综合融资成本下行"，并新增了加 大逆周期和跨周期调节力度的表述。 实际上，不久前，央行发布的2025年第三季度中国货币政策执行报告中就提到，下阶段，做好逆周期和 跨周期调节，提升宏观经济治理效能，持续稳增长、稳就业、稳预期。 近一段时间，货币政策不断发力，央行先后下调7天期逆回购、LPR（贷款市场报价利率）、SLF（常 备借贷便利）、MLF（中期借贷便利）利率，创设临时隔夜正逆回购，MLF的政策利率色彩淡化，7天 期逆回购操作利率将发挥基准政策利率功能，新的调控框架已基本成型。 从2025年的经验来看，货币政策给出了适度宽松的定调，今年5月央行推出 ...

2025.12.08 本文字数：2285，阅读时长大约4分钟 作者 |第一财经 王方然 "周围的银行网点好像越来越少了。"家住广东东莞的王女士近日发现，自己常去的村镇银行悄然解散， 变成了某家股份制银行的网点，隔壁镇上的几家农商行网点也陆续传出关闭的消息。"对日常生活影响 不大，但总觉得有些不一样。"她说。 王女士的直观感受背后，中小银行及网点正在加速消失。第一财经记者梳理最新数据发现，截至12月8 日，年内因合并或解散而注销的银行已达377家，较去年全年的190余家大幅增长。与此同时，银行物理 网点正迅速减少。今年已有超过9000家网点获批退出，较去年同期增幅超过200%。 银行正在加速"消失" 银行及其网点数量正快速收缩。据第一财经观察，减少最为明显的区域集中在内蒙古、山东等地。这些 地区正是2010年以来中小银行数量扩张最为迅猛的区域之一。其中，农商行成为受冲击最大的一个类 型。 在银行数量减少的同时，留存机构也在持续"瘦身"，网点数量持续减少。第一记者根据金融监管总局金 融许可证信息查询系统粗略统计，截至12月8日，今年已有9661家银行网点获批退出，较2024年全年增 长超200%。从类型看，农商行 ...

记者｜黄思瑜 编辑｜瑜见 "祥源系"数款收益权产品到期未兑付事件持续发酵。12月8日，有市场消息称浙江省信访办、金融办、 浙金中心、"祥源系"等方面的人士与投资者代表进行了会面。多位投资者向第一财经证实了上述消息。 另外有投资者告诉记者，当日省信访办人士面对面回答了众多投资者问题。"信访办方面说，大家共性 的诉求会形成报告上报，该开展的工作也会尽快展开。"上述投资者称。 此前一天（12月7日），"祥源系"旗下的祥源文旅（600576.SH）、交建股份（603815.SH）、海昌海洋 公园（02255.HK）相继发布公告，祥源控股及实控人"违约"事件再次引发关注。第一财经记者采访发 现，部分投资者投资金额较大，有投资者称投资超400万元，另有投资者称已投资600万元。 ...