Core Viewpoint - The Japanese Ministry of Defense has suspended Kawasaki Heavy Industries from participating in bidding for two and a half months due to the company's admission of falsifying fuel efficiency data for submarine engines [2] Group 1: Company Issues - Kawasaki Heavy Industries acknowledged that it had manipulated test data for 673 marine engines, including those manufactured for the Japan Maritime Self-Defense Force [2] - The company has committed to implementing measures to prevent similar misconduct in the future [2] Group 2: Broader Industry Context - Japan has seen a series of corporate scandals involving data falsification across various sectors, including automotive, steel, shipbuilding, and chemicals, leading to a widespread trust crisis in "Made in Japan" products [3] - In 2017, Kobe Steel admitted to falsifying product data, affecting hundreds of companies in industries such as automotive and aerospace [6] - In 2021, Mitsubishi Electric was found to have falsified inspection data for products including train air conditioning systems, dating back to around 1985, impacting approximately 84,000 units [8] - In 2022, Hino Motors was involved in a scandal regarding falsified engine emissions and fuel consumption data [10] - In 2024, multiple companies, including Toyota and Honda, were reported to have engaged in data manipulation affecting millions of vehicles, leading to significant recalls and public apologies from executives [12] - The loss of craftsmanship in Japanese manufacturing has raised concerns, as the reputation for quality and affordability is being eroded by these scandals [14]

2025.12.27 微信编辑| 夏木 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。专 用邮箱：bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 本文字数：454，阅读时长大约1分钟 根据2025年5月7日发布的《中国人民银行关于下调个人住房公积金贷款利率的通知》，自2025年5月8日 起，下调个人住房公积金贷款利率0.25个百分点，5年以下（含5年）和5年以上首套个人住房公积金贷 款利率分别调整为2.1%和2.6%。5年以下（含5年）和5年以上第二套个人住房公积金贷款利率分别调整 为2.525%和3.075%。 对于2025年5月8日以前已经发放的个人住房公积金贷款，自2026年1月1日开始，执行调整后的个人住房 公积金贷款利率。以普通家庭贷款120万元，贷款年限为30年，等额本息还款方式为例，利率调整后， 首套房节省利息为57100.85元，二套房节省利息为59070.01元。以多子女家庭贷款156万元，贷款年限为 30年，等额本息还款方式为例，利率调整后，首套房节省利息为74229.62元，二套房节省利息为 76789. ...

Core Insights - The recent food delivery war, characterized by over 10 billion yuan in subsidies from major platforms like Meituan, Taobao, and JD, has significantly impacted the industry, leading to increased order volumes but decreased profitability for many merchants [2][3][4] - The competition has altered consumer habits, with a notable shift towards delivery over dine-in, and has resulted in a waste of resources due to excessive promotions [6][9] Group 1: Impact on Merchants - Many merchants, like Yu Li, experienced a surge in sales during the subsidy war, with revenues exceeding 200,000 yuan in July compared to 50,000 yuan in July 2024, but faced doubled costs leading to negligible profits [3][4] - The average order value dropped from over 30 yuan to around 15 yuan during the subsidy period, affecting overall profitability [3][4] - Merchants like Huang Lin noted that low-priced subsidized items did not retain customers, and profits were higher when not participating in such promotions [4] Group 2: Impact on Delivery Riders - Delivery riders, such as Zhou Pengfei, reported increased earnings during the subsidy war, with daily incomes rising by 5,000 yuan and peak earnings exceeding 900 yuan on high-demand days [5] - The number of delivery riders has nearly doubled in some areas, indicating a significant increase in workforce due to the heightened demand [7] Group 3: Financial Performance of Platforms - Meituan reported a 2.8% year-on-year decline in revenue for its core local business in Q3, resulting in an operating loss of 14.1 billion yuan [7] - Alibaba's instant retail business saw a 60% year-on-year revenue increase, but adjusted EBITA fell by 78% to 907.3 million yuan due to investments in user experience and technology [7] Group 4: Industry Trends and Future Outlook - The food delivery industry is expected to enter a new phase as subsidies decrease and regulatory scrutiny increases, with a focus on sustainable operations and improved merchant profitability [10][11] - Platforms are shifting from aggressive market capture strategies to refined operations, aiming to balance user experience with commercial sustainability [10] - Regulatory bodies are emphasizing the protection of small merchants and the establishment of a more rational competitive environment [9][10]

Core Viewpoint - The Chinese Ministry of Commerce has announced a preliminary ruling on anti-subsidy investigations against dairy products imported from the EU, determining a subsidy rate of 21.9%-42.7% and implementing temporary anti-subsidy measures, marking a response to EU subsidy policies and domestic industry demands [2][5]. Group 1: Investigation Process and Findings - The investigation was conducted in accordance with Chinese laws and WTO rules, ensuring fairness and transparency throughout the process, including consultations and hearings with stakeholders [3][4]. - Preliminary evidence indicates that EU dairy products are subsidized, causing substantial harm to the domestic industry in China, with a causal relationship established between the subsidies and the damage [5][6]. Group 2: Impact of EU Subsidies - The EU provides numerous subsidies through its Common Agricultural Policy (CAP), which allows European dairy producers to maintain profitability even during low international milk prices, enabling them to export at prices below cost to China [5][6]. - The investigation specifically targets cheese and high-fat cream, which are critical areas for the transformation and value enhancement of China's dairy industry, indicating that EU products not only result in sales losses but also hinder the progress of local dairy products towards higher-end processing [5][6]. Group 3: China's Stance on Trade Measures - The Chinese Ministry of Commerce has emphasized its cautious and restrained approach to trade remedy measures, having initiated only a few investigations against the EU since 2025, while the EU has launched numerous investigations against Chinese products [7][8]. - The Ministry has expressed a willingness to resolve trade disputes through dialogue, contrasting its restrained actions with the EU's aggressive use of trade remedy tools, which are perceived as discriminatory against Chinese enterprises [8][9].

Group 1: Market Overview - The traditional Christmas holiday period has led to low volatility in markets, but this year is different due to heightened risk aversion and supply-demand imbalances in the precious metals market [1] - The U.S. stock market remains stable despite strong GDP performance, with the 10-year Treasury yield hovering around 4.17%, indicating that current monetary policy is not expected to tighten further [2] - Concerns over the AI bubble and its impact on tech stocks have dampened short-term momentum for these assets, with the VIX index near yearly lows [2] Group 2: Precious Metals Performance - Precious metals like gold and silver have reached historical highs, driven by investor demand amid expectations of Federal Reserve rate cuts and geopolitical tensions [5][6] - Gold prices have surged, with forecasts suggesting it could reach $5,000 by the end of 2026, supported by central bank purchases and a trend towards de-dollarization [5] - Silver has seen significant price increases, attributed to both safe-haven demand and structural growth in industrial applications, particularly in electric vehicles and solar panels [6] Group 3: Company-Specific Insights - Oracle's stock has dropped 30% this quarter, heading towards its largest quarterly decline since the 2001 internet bubble, following disappointing revenue and cash flow results [3] - Oracle plans to invest $50 billion in capital expenditures by FY2026, a 43% increase from previous plans, raising concerns about its ability to meet these obligations without renegotiating contracts [3] - The AI sector's heavy investment and poor returns have led to a significant increase in perceived risk, with 45% of fund managers identifying the AI bubble as a major market risk [5] Group 4: Supply and Demand Dynamics - The silver market has been in a state of supply-demand imbalance since 2021, with increasing demand from energy transition technologies [6][7] - Platinum and palladium prices have surged due to tightening supply and uncertainty in tariff policies, with platinum prices up approximately 176% this year [7][8] - The market for platinum and palladium is smaller than that of gold, leading to greater price volatility with minimal investment shifts [8]

闻泰科技方面向记者透露，相关内容包括，公司将在2026年1月借助第二次听证会，重申立场并积极维 权。 安世半导体是闻泰科技此前收购的半导体子公司，前身是荷兰恩智浦半导体的一个业务部门。但由于今 年9月底荷兰经济事务与气候政策部发布的部长令，以及随后荷兰企业法庭作出的紧急措施，安世半导 体的资产被冻结，闻泰科技对安世半导体的控制权也开始受限。 闻泰科技于12月26日下午召开2025年第五次临时股东会，董事长杨沐谈到了关于子公司安世半导体控制 权风波的相关进展。 据闻泰科技方面透露，此次临时股东大会上，公司最新表态，已于10月15日提交了争议通知，如果问题 在六个月内得不到解决，公司可能就此寻求国际仲裁，索赔金额可能高达约80亿美元。 安世半导体控制权风波发酵后，知情人士此前向记者透露，安世半导体的临时管理层已解雇了中国籍或 有中国背景的高级员工，并封停了中国区员工的公司账号和邮箱，停止向安世中国支付员工工资、社保 等，还断开了中国区研发中心与荷兰总部的连接，停止对中国区的晶圆供应。 此次股东大会上，杨沐表示，面对安世荷兰的断供，为进一步保障供应链稳定，安世中国正同步开展国 内部分晶圆供应商的验证工作，预计202 ...

Core Viewpoint - The U.S. stock market is experiencing fluctuations near historical highs, with the S&P 500 index showing a weekly increase of 1.4%, marking its fourth weekly gain in five weeks [2][3]. Market Performance - On the first trading day after Christmas, the Dow Jones fell by 20.19 points (0.04%) to 48,710.97, the Nasdaq dropped by 0.09% to 23,593.10, and the S&P 500 decreased by 0.03% to 6,929.94, although it reached a new intraday high [2]. - The S&P 500 index has risen over 17% since the beginning of 2025, primarily driven by large-cap tech stocks, but recent gains are spreading to financial and materials sectors [3]. Economic Outlook - Analysts predict a 15.5% profit growth for S&P 500 companies in 2026, up from a forecast of 13.2% for 2025, indicating a positive outlook for corporate earnings [3]. - The market is closely watching the potential for a "Santa Claus rally," defined as an increase in the S&P 500 during the last five trading days of the year and the first two trading days of the following year [5]. Sector Performance - The recent market rally is attributed not only to the tech sector but also to financial and industrial sectors, which are benefiting from tax reforms and interest rate cuts implemented in the fourth quarter [5]. - In individual stock performance, Nvidia rose by 1.0% following a technology licensing agreement, while other tech stocks showed mixed results, with notable declines in Tesla (down 2.1%) and Meta (down 0.6%) [6]. Commodity Market - The precious metals market saw significant gains, with COMEX gold futures rising by 1.08% to $4,529.10 per ounce, and silver futures increasing by 7.68% to $76.48 per ounce [7]. - Copper prices also reached historical highs, with domestic copper prices nearing $6 per pound, driven by tariff policies and tight inventories [7].

Group 1: Market Overview - The upcoming Christmas holiday has led to low volatility in traditional markets, but this year is different due to heightened risk aversion and supply-demand imbalances in the precious metals market [2] - The U.S. stock market remains stable despite strong GDP data, with the 10-year Treasury yield hovering around 4.17%, indicating that monetary policy is not expected to tighten further [3] - Concerns over the AI bubble and unclear monetary policy have dampened the momentum of star tech stocks, with the VIX index near yearly lows [3] Group 2: Oracle's Financial Performance - Oracle's stock has plummeted 30% this quarter, heading towards its largest quarterly decline since the 2001 internet bubble burst, following disappointing revenue and free cash flow results [4] - The company plans to invest $50 billion in capital expenditures by FY2026, a 43% increase from previous plans, which raises concerns about its ability to manage such debt [4][5] Group 3: AI Bubble Concerns - A recent survey shows that 45% of fund managers view the "AI bubble" as the biggest market risk, a significant increase from 11% in September [7] - The construction of AI data centers is considered one of the largest infrastructure projects in modern history, but a slowdown in AI growth could pose significant risks to the market [7] Group 4: Precious Metals Market - Precious metals like gold and silver have reached historical highs due to investor demand driven by expectations of Fed rate cuts and geopolitical tensions [8] - Gold prices have surged, with predictions that they could reach $5,000 by the end of 2026, supported by central bank purchases and a trend towards "de-dollarization" [8] - Silver prices have also increased significantly, driven by both safe-haven demand and structural growth in industrial applications, particularly in electric vehicles and solar panels [9] Group 5: Platinum and Palladium Prices - Platinum and palladium prices have seen remarkable increases, with platinum futures surpassing $2,500 and palladium futures rising above $2,000, driven by supply constraints and shifting investment demand [10] - The market for platinum and palladium is much smaller than that for gold, making it susceptible to significant price fluctuations with minimal investment activity [10]

Group 1 - Technology stocks mostly rose, with SanDisk up over 3%, Micron Technology and NVIDIA both rising nearly 1% [1] - Chinese concept stocks showed mixed performance, with the Nasdaq Golden Dragon China Index up 0.2%, while Bawang Chaji fell over 8% and Dingdong Maicai rose over 5% [1] - Biohaven dropped over 10% following the failure of its mid-stage trial for a depression drug [1] - Space concept stock Sidus Space opened up over 30%, briefly rising over 50%, and currently up nearly 45% [1] Group 2 - On December 26, the three major U.S. stock indices opened mixed, with the Dow Jones down 0.02%, the Nasdaq up 0.13%, and the S&P 500 up 0.09% [2]

12月26日，据"华为数据存储"公众号消息，华为第六届奥林帕斯奖正式启动全球征集。 今年奥林帕斯奖奖金池总奖金300万元，其中，设置2个奥林帕斯奖，奖金各100万元；5个奥林帕斯先锋 奖，奖金各20万元。 本届奥林帕斯奖将聚焦解决AI时代数据处理的算力开销大、推理效率与精度冲突、存储成本激增等问 题，面向全球科研工作者公开征集解决之道。 编辑丨瑜见 ...