金融时报记者提问，美国科技公司Meta宣布将收购中国的人工智能初创公司Manus，请问中方对此有何 评论？ 林剑表示，这个问题建议向中方的主管部门询问。 12月30日，外交部发言人林剑主持例行记者会。 来源｜北京日报 编辑｜瑜见 ...

12月30日 午后 ，港股走高，恒生科技指数涨近2%，恒生指数涨近1%。 科网股集体拉升，百度大涨近8%，地平线机器人涨超5%，中芯国际涨超4%，蔚来、商汤、小米集团、 网易等跟涨。 | 百度集团-SW | 128.600 | 7.98% | | --- | --- | --- | | 9888.HK | | | | 地平线机器人-W | 8.940 | 5.55% | | 9660.HK | | | | 中芯国际 | 72.500 | 4.24% | | 0981.HK | | | | 蔚来-SW | 41.760 | 3.57% | | 9866.HK | | | | 商汤-W | 2.200 | 3.29% | | 0020.HK | | | | 舜宇光学科技 | 65.150 | 2.76% | | 2382.HK | | | | 专题未后带 | 74.300 | 2.55% | | 1347.HK | | | | 小米集团-W | 39.520 | 2.44% | | 1810.HK | | | | 网易-S | 221.000 | 2.22% | | 9999.HK | | | | 小鹏汽车-W ...

Core Viewpoint - The restructuring of debts by major real estate companies in China is showing significant progress, with several firms completing both domestic and international debt restructuring, leading to a substantial reduction in total debt and alleviating repayment pressures for the coming years [2][4]. Group 1: Debt Restructuring Progress - Country Garden announced December 30, 2025, as the effective date for its restructuring, while CIFI Holdings and Sunac also confirmed the completion of their debt restructuring processes [2]. - The first batch of three private real estate companies has successfully completed their domestic and international debt restructuring, significantly reducing their total debt and saving on interest expenses [2][4]. - Jin Ke Co., Ltd. completed judicial reorganization involving 147 billion yuan in debt and over 8,400 creditors, marking it as the first large listed real estate company to resolve debt risks through judicial reorganization [2]. Group 2: Changes in Debt Restructuring Models - The debt restructuring model has shifted from "extension strategies" to "deep restructuring," focusing on substantial debt reduction to address systemic debt issues [3]. - Current typical methods for debt restructuring include debt-to-equity swaps, asset offsets, and long-term extensions, with debt reduction ratios ranging from 40% to 70% [3]. Group 3: Financial Metrics Post-Restructuring - As of mid-2025, the total interest-bearing liabilities for Country Garden, Sunac, and CIFI Holdings are approximately 298.3 billion yuan, 254.8 billion yuan, and 84.2 billion yuan, respectively [4]. - The debt restructuring scales for these companies represent 47%, 33%, and 78% of their total interest-bearing liabilities, with debt reduction ratios of 66%, 100%, and 67% for their international debt [4]. - The estimated total debt reduction from the restructuring efforts is around 90 billion yuan for Country Garden, 76 billion yuan for Sunac, and 43 billion yuan for CIFI Holdings [4]. Group 4: Future Outlook and Industry Context - Approximately 21 distressed real estate companies have achieved debt restructuring this year, with a total debt reduction scale of about 1.2 trillion yuan, significantly easing short-term repayment pressures [4]. - The industry is expected to continue facing challenges, with a focus on risk management and transformation in 2026, as highlighted in recent government meetings [5]. - The debt restructuring and approval processes are anticipated to accelerate the overall risk clearance in the real estate sector, with 2026 being a critical year for addressing these issues [5].

Core Viewpoint - The People's Bank of China has introduced an action plan to transition digital renminbi from a cash-based system to a deposit currency system, set to be implemented on January 1, 2026, allowing interest to be paid on digital renminbi wallet balances [2][3][4] Group 1: Digital Renminbi Transition - The digital renminbi will shift from being classified as M0 (cash in circulation) to a deposit currency, which will allow it to earn interest, thus enhancing its appeal to users [3][4] - The new framework will enable banks to pay interest on customer digital renminbi wallet balances based on their respective current deposit rates, aligning with market expectations [2][4] - This transition is expected to improve the willingness of individuals and markets to use digital renminbi, as it addresses concerns about inflation and the time value of money [3][4] Group 2: Banking Sector Implications - The adjustment will transform digital renminbi from a direct liability of the central bank to a liability of commercial banks, integrating it into their balance sheets [4][6] - Banks will gain the ability to manage digital renminbi assets and liabilities, shifting their role from cost centers to profit centers, which is anticipated to enhance their motivation to promote digital renminbi [7][6] - The new system will allow for a more efficient management of digital renminbi, leveraging traditional account payment efficiencies while incorporating innovative features like smart contracts [4][6] Group 3: Regulatory Framework - The action plan establishes a "separation of management and operation" principle, creating a management committee to oversee digital renminbi operations and ensure regulatory compliance [11][12] - The plan aims to enhance the regulatory framework for non-bank payment institutions, ensuring consistency in the management of digital renminbi and customer funds [5][12] - Future pilot programs for digital renminbi will shift from geographic trials to scenario-based trials, with an emphasis on expanding operational institutions under controlled risks [12][11] Group 4: Market Impact - The digital renminbi's usage is expected to expand significantly, with transaction volumes projected to reach 34.8 billion by November 2025, amounting to over 16.7 trillion yuan [9] - The digital renminbi's integration into the banking system is anticipated to facilitate its application across various sectors, supporting the broader economy and enhancing consumer spending [12][9] - The transition is also seen as a strategic move to solidify China's position in the global central bank digital currency landscape [9][10]

Group 1 - Three new stocks were listed on December 30, with significant initial gains: N Shuangxin Environmental Protection rose nearly 240%, N Qiangyi shares increased over 200%, and N Yufan Technology climbed more than 170% [1] Group 2 - N Shuangxin Environmental Protection (001369) had a trading price of 23.12, with a market capitalization of 26.5 billion and a price-to-earnings ratio of 50.1. The stock experienced a change of 237.52% and a trading volume of 5.36 million shares [2] - N Qiangyi (688809) was trading at 259.00, with a market capitalization of 33.6 billion and a price-to-earnings ratio of 95.4. The stock saw an increase of 204.38% and a trading volume of 6.25 million shares [3] - N Yufan Technology (001396) had a trading price of 60.59, with a market capitalization of 6.5 billion and a price-to-earnings ratio of 48.8. The stock rose by 171.83% with a trading volume of 1.98 million shares [4]

2025.12.30 本文字数：579，阅读时长大约1分钟 作者 |一财阿驴 09:27贵金属板块开盘大跌，白银有色触及跌停，豫光金铅、晓程科技、贵研铂业、湖南白银、江西铜 业等纷纷低开。 09:25 A股开盘丨三大指数集体低开 沪指低开0.44%，深成指低开0.52%，创业板指低开0.44% 盘面上，能源金属全线回调，锂矿方向领跌；黄金、海南自贸区、固态电池、商业航天、光伏题材纷纷 走低。 个股方面，赣锋锂业低开近5%，公司公告，公司于2025年12月29日收到宜春市公安局的移送起诉告知 书，因涉嫌内幕交易罪单位犯罪，案件已移送检察机关审查起诉。 | | 62.25 -3.07 -4.70% | | | | 赣锋锂业 立即 002460 交易 | | | --- | --- | --- | --- | --- | --- | --- | | | SZSE CNY 9:25:00 休市 查看L2全景 | | | | 年0 > 能 理 股 分 0 + | | | 港(1772) | 51.650(-5.75%) H/A:-24.95% | | Wind ESG评级A | | | 详情 | | | 美(GNENY ...

09:21 港股开盘丨恒生科技指数涨0.38% 09:27 贵金属板块开盘大跌，白银有色触及跌停，豫光金铅、晓程科技、贵研铂业、湖南白银、江西铜 业等纷纷低开。 09:25 A股开盘丨三大指数集体低开 沪指低开0.44%，深成指低开0.52%，创业板指低开0.44% | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 1m | 3947.87 | -17.41 | -0.44% | | 399001 | 深证成指 | Vh | 13466.30 | -70.79 | -0.52% | | 399006 | 创业板指 | VW | 3208.32 | -14.29 | -0.44% | 盘面上，能源金属全线回调，锂矿方向领跌；黄金、海南自贸区、固态电池、商业航天、光伏题材纷纷 走低。 个股方面，赣锋锂业低开近5%，公司公告，公司于2025年12月29日收到宜春市公安局的移送起诉告知 书，因涉嫌内幕交易罪单位犯罪，案件已移送检察机关审查起诉。 | | 62.25 -3.07 -4.70% ...

Market Overview - The US stock market experienced a decline on Monday, with the Dow Jones falling by 249.04 points (0.51%) to close at 48,461.93, the Nasdaq down by 0.50% to 23,474.35, and the S&P 500 decreasing by 0.35% to 6,905.74 [1] - The precious metals market saw significant drops, with COMEX gold futures for December delivery falling by 4.50% to $4,325.10 per ounce, marking the largest decline in nearly two months, and silver futures dropping by 8.67% to $69.856 per ounce, the worst performance since February 2021 [1] Policy and Regulatory Updates - The Ministry of Education in China released the "National Preschool Children's Student Registration Management Measures (Trial)" to ensure the educational rights of preschool children and regulate kindergarten operations [2] - The State Council Tariff Commission announced a "2026 Tariff Adjustment Plan" effective from January 1, 2026, which includes a temporary import tariff rate lower than the most-favored-nation rate for 935 items to enhance the linkage between domestic and international markets [3] - The Ministry of Finance and the State Taxation Administration issued a notice regarding the tax deductibility of advertising and business promotion expenses, stating that tobacco companies cannot deduct advertising expenses from taxable income [3] Industry Insights - The China Passenger Car Association predicts that the automotive market in 2026 will see early policy implementation and rapid market growth, particularly before the Spring Festival, contributing to a favorable growth outlook for the year [4] - Airlines such as Shandong Airlines announced a reduction in domestic passenger transport fuel surcharge standards effective January 5, 2026, with fees decreasing by 10 yuan for flights under 800 kilometers and by 20 yuan for longer flights [4] Company News - BYD Group's public relations manager clarified that rumors about the company launching flying cars are false, stating there are no such plans [8] - Leap Motor's founder emphasized the importance of maintaining control by the actual controller, ensuring stability through strategic partnerships and clear agreements on equity ratios [8] Stock Market Activity - On December 29, 41 stocks appeared on the institutional trading list, with 21 showing net institutional buying and 20 showing net selling. The top three stocks with net institutional buying were China Satellite Communications, Tianji Shares, and Jiayuan Technology [9] - The top three stocks with net institutional selling included Goldwind Technology, Tongyu Communication, and Aerospace Development [9]

2025.12.30 本文字数：2083，阅读时长大约3分钟 作者 |第一财经 韦薇 近两年来，中国创投圈持续面临挑战。一方面，万亿创投基金面临退出的烦恼，A股、港股、美股等传 统上市退出渠道的不确定性上升；另一方面，回购权（回购对赌协议）在中国的私募投融资项目中的使 用比例高达80%以上（硅谷不足4%），在项目无法IPO的背景下，企业家可能面临大额回购风险。 据第一财经记者从业内人士处获悉，也就在12月，中国证券投资基金业协会（下称"协会"）通过邮件及 AMBERS系统站内信方式向私募股权/创投基金管理人发送了《关于私募股权创投基金投资条款的提 示》，呼吁行业树立正面形象，践行长期投资、耐心资本理念，加强与投资者、回购义务人等相关方沟 通，综合考虑内外影响，妥善解决利益分歧，与实体企业共渡难关。 目前回购对赌问题进展如何？随着港股IPO加速，这类风险是否有所化解？行业内是否有其他方式缓和 局面？第一财经记者了解到，目前一些投资期限更长的基金开始积极收购市场上的"老股"，不仅可以以 折扣价格获取潜在优质资产，也有助于缓和早期投资人和被收购方的资金压力。同时，港股IPO明显提 速，这一退出渠道部分缓和了回购对赌 ...

12月30日，随着强一股份（688809.SH）上市，科创板迎来第600家上市公司。 从首批25家拓荒者，到如今600家公司集结，科创板的融资规模也不断增加。截至12月30日，IPO募集 资金9557亿元，再融资募集资金2139亿元，合计超1.1万亿元。 清华大学国家金融研究院院长、清华大学五道口金融学院副院长田轩对第一财经称，600家企业集聚科 创板，不仅能形成显著的产业集群效应，更能通过上下游协同创新加速科技成果转化，形成相互促进、 共同发展的良好生态。同时，吸引更多的资本、人才等要素向硬科技产业集中，激励更多企业投身于核 心技术研发和创新。 科创板公司的研发投入持续加码，2025年前三季度，板块研发投入金额达到1328.64亿元，是板块净利 润的2.7倍，研发投入占营业收入比例中位数为12.5%，远高于其他板块（沪主板、深主板、创业板分别 为3.1%、3.5%、5.2%）。再看2024全年，科创板公司研发投入合计1681亿元，是板块归母净利润的三 倍多，同比增长6.4%。 研发投入持续加码 经过六年半的发展，科创板已成为中国硬科技企业上市首选地。 600家上市公司主要分布于新一代信息技术、生物医药、高端 ...