2025.12.25 关税和非关税壁垒等表面上是增加了国际经贸的成本，其本质则是通过关税等提高国际经贸的相对价格 和信任成本，即关税等真正的要义是通过抬高国别贸易的相对价格，来重构重塑国际经贸的安全和信任 关系，从而加速国际产业链生态链的重塑重构。 当前安全和互信，正成为经济全球化的一个临界约束条件。 这一方面反映在新冠疫情发生之后，美国等发达国家对供应链产业链稳定与安全的诉求提升；另一方面 是俄乌冲突以来，欧美对俄罗斯离岸资产的行动，增加了各国对离岸资产安全性和信任感的动摇；此 外，还有一个技术成因，即数字技术、AI技术等的快速发展，推动经济社会结构重新匹配和搭建，放 大了人们对信用货币的不信任感。 本文字数：1830，阅读时长大约3分钟 作者 |第一财经 一财评论员 贵金属又起涨势，继续其大牛市行程。 连日来金银价格双双上涨，迭创历史新高。截至23日，现货白银最高达每盎司71.58美元，全年暴涨 139%；现货黄金最高涨至每盎司4499.85美元，全年上涨68%，两者均创下自1979年以来的最佳年度表 现；同时，国际铜价今年也同步刷新历史高点，23日伦敦铜价每吨最高冲至12159.50美元。 关于今年以来 ...

Core Viewpoint - Tim Cook, CEO of Apple and board member of Nike, has begun to increase his stake in Nike, which has led to a significant rise in Nike's stock price by over 5% on December 24 [2][4]. Group 1: Stock Purchase Details - Tim Cook purchased approximately 50,000 shares of Nike stock for about $2.95 million, at an average price of $58.97 per share [3][4]. - Following this purchase, Cook's total holdings in Nike have reached 105,480 shares, valued at over $6.04 million based on the closing price [3][4]. Group 2: Market Reaction and Implications - Cook's stock purchase is seen as a strong signal of confidence in Nike's future value, as it marks the first time he has used personal funds to buy Nike shares [4]. - The day before Cook's purchase, another board member, Robert Swan, also bought Nike shares, indicating a trend among executives to invest in the company amid a period of market pressure [4]. - Analysts suggest that these insider purchases aim to demonstrate management's commitment to the company's interests and may help boost market confidence, implying that Nike's stock price could be nearing its bottom [4].

Core Viewpoint - The metal market is experiencing a significant price surge, with various metals reaching historical highs due to a combination of macroeconomic factors, geopolitical tensions, and supply-demand dynamics [2][4][6]. Group 1: Price Movements - On December 24, 2023, gold reached a peak of $4,525.83 per ounce, while silver hit $72.701 per ounce, and copper reached $12,282 per ton [2][4][5]. - Domestic futures for gold and silver also saw significant increases, with gold futures peaking at 1,022.88 yuan per gram and silver at 17,671 yuan per kilogram [2][5]. - Platinum and palladium futures also surged, with platinum reaching 675.65 yuan per gram and palladium at 578.45 yuan per gram [2][5]. Group 2: Market Drivers - The price increases are attributed to a combination of a declining interest rate environment, geopolitical tensions, and structural changes in supply and demand [2][6]. - Analysts suggest that the weakening of the dollar and the expansion of U.S. government debt are contributing to the rise in metal prices, as metals are typically priced in dollars [6][7]. - The demand for metals is also being driven by the growth of the AI industry, which requires substantial amounts of metals for infrastructure development [6][7]. Group 3: Supply and Demand Dynamics - Supply constraints and rising demand are creating a favorable environment for price increases, particularly for copper, which is experiencing a supply crisis [8][9]. - The global inventory of many base metals is at historically low levels, which reduces the market's ability to respond to supply-demand shocks [8]. - Specific factors affecting copper prices include anticipated supply shortages and increased demand from the AI sector, as well as geopolitical factors affecting supply chains [8][9]. Group 4: Future Outlook - Analysts predict that the upward trend in metal prices is likely to continue, although there may be short-term volatility due to profit-taking and market corrections [10][11]. - The copper market, in particular, is expected to face pressures from high prices and weak demand, but the long-term outlook remains positive due to structural supply-demand imbalances [12]. - The market is advised to remain cautious of potential corrections, especially if macroeconomic conditions change, such as shifts in interest rate expectations [11][12].

耐克涨近3%，苹果CEO库克斥资近300万美元买入5万股耐克股票。 12月24日，美股三大指数小幅低开，道指跌0.09%，纳指跌0.03%，标普500指数跌0.02%。 英特尔跌超3%，报道称英伟达已暂停对英特尔18A制程工艺的测试。 中概股涨跌不一，纳斯达克中国金龙指数跌0.3%。 编辑丨瑜见 德纳维制药涨38%，赛诺菲以每股15.5美元的现金价格收购该公司的所有流通股。 12月25日（星期四）为美国圣诞节假期，12月24日（星期三）美股提前3小时，即于北京时间25日2点收 盘；12月25日全天休市。 ...

央行一次性个人信用修复政策落地后，社交平台迅速掀起讨论热潮。 近两日，在小红书、微博上，大量网友晒出自己的征信报告，希望通过在线求助的方式，求广大网友帮 忙鉴定自己的逾期记录是否能享受到这波政策利好。 2025.12.24 本文字数：3566，阅读时长大约6分钟 作者 |第一财经 杜川 第一财经记者浏览发现，网友晒出的征信报告情况各不相同。比如，有的逾期记录年份太久，超出了政 策限定的时间范围；有的单笔逾期金额直接突破1万元限定标准；也有网友非常幸运，逾期情况完全符 合此次政策的适用条件。 诸多讨论中，几个核心问题被反复提及，即自己到底符不符合政策的修复条件？"单笔逾期1万元以 下"的界定标准是什么？分期贷款的逾期又该怎么认定？怎么才算足额偿还逾期债务？ 社交平台晒征信求鉴定 梳理来看，网友们的核心关切主要集中在政策适用细节与实操问题两大方面。 从政策规定的逾期条件看，逾期信息需同时满足三项核心要求：一是时间范围，逾期信息产生于2020年 1月1日至2025年12月31日期间；二是金额限制，单笔逾期金额不超过1万元人民币；三是还款时限，个 人需于2026年3月31日（含）前足额偿还逾期债务。满足上述条件的，央 ...

Core Viewpoint - The only fund primarily investing in silver futures, Guotou Silver LOF, has seen significant price increases, with a recent closing price of 3.116 yuan, reaching a daily limit up [1]. Group 1: Fund Performance - Guotou Silver LOF's market performance includes a closing price of 3.116 yuan, an increase of 9.99% from the previous close of 2.833 yuan [2]. - The fund's trading volume reached 207.94 million shares, with a turnover rate of 7.99% and a total transaction value of 648 million yuan [2]. - The fund's net asset value (NAV) is significantly lower than its market price, indicating a high premium rate of 68.19% [2]. Group 2: Investor Alerts - Guotou Silver LOF announced that due to the high market price exceeding the NAV, it will suspend trading on December 25, 2025, from the market opening until 10:30 AM to protect investors [3]. - The fund's A-class share subscription limit is set at 500.00 yuan, with future adjustments anticipated due to the unsustainable high premium rates [3]. - Other funds, such as Huatai-PineBridge and Guotai Fund, have also issued warnings regarding high premium rates on their respective products, indicating a broader trend in the market [5][6].

Core Viewpoint - The implementation of the central bank's one-time personal credit repair policy has sparked widespread discussion on social media platforms, with users seeking clarification on eligibility and specific conditions for overdue records [1][6]. Policy Details - The overdue information must meet three core requirements: it must have occurred between January 1, 2020, and December 31, 2025; the amount of a single overdue payment must not exceed 10,000 RMB; and the individual must fully repay the overdue debt by March 31, 2026 [1][4]. - The definition of "single overdue amount under 10,000 RMB" refers to the overdue amount for a single loan in a given month, which accumulates if payments are missed [2][3]. Variations by Credit Product - Different credit products have varying rules for policy applicability. For instance, multiple small loans can be repaired even if their total overdue amount exceeds 10,000 RMB, as long as each individual loan's overdue amount is below this threshold [3][7]. - Credit card overdue amounts are reported based on the monthly statement, meaning if the total overdue amount exceeds 10,000 RMB, it cannot be repaired [3][4]. Repayment Requirements - "Full repayment of overdue debt" means borrowers must not only repay historical overdue amounts but also make timely payments on current obligations [4][5]. - The total amount to be repaid includes principal, interest, and any penalties, and borrowers should confirm the exact amount with their financial institutions [5][6]. Beneficiaries of the Policy - The policy is expected to benefit a wide range of individuals, particularly those with small overdue amounts from consumer loans and credit cards, as most overdue amounts typically fall below the 10,000 RMB threshold [6][7]. - The policy aims to support honest borrowers while maintaining credit constraints on those with larger overdue amounts [6][7]. Impact on Financial Institutions - Following the announcement of the policy, banks and consumer finance companies have quickly adapted their services to comply with the new regulations [8][9]. - The policy is anticipated to improve asset quality for banks in the short term by increasing the recovery rate of small overdue loans and reducing the scale of small non-performing assets [10]. - The one-time nature of the policy is designed to prevent potential moral hazards while encouraging overdue borrowers to settle their debts, which could stimulate demand for personal loans [10].

Core Viewpoint - Beijing has introduced new real estate policies aimed at stabilizing the housing market, effective from December 24, 2025, which include relaxed purchasing conditions for non-local families and support for multi-child households [2][3]. Group 1: Policy Adjustments - The first major policy change allows non-local families to purchase homes in the city with reduced social security or tax payment requirements: from 3 years to 2 years for properties within the Fifth Ring Road, and from 2 years to 1 year for properties outside [2][3]. - Multi-child families are now permitted to buy additional properties: local families can purchase up to 3 homes within the Fifth Ring Road, while non-local families with 2 years of social security or tax payments can buy up to 2 homes [2][3]. Group 2: Housing Credit Policy - The new regulations optimize personal housing credit policies, eliminating the distinction between first and second homes in terms of interest rate pricing for commercial housing loans [3]. - The minimum down payment for second home loans using housing provident funds has been reduced from 30% to 25% [3]. Group 3: Market Conditions - The Beijing housing market is currently experiencing a "price for volume" strategy, with a notable increase in second-hand housing transactions: 14,446 units were signed in November, a 19.5% month-on-month increase [4]. - However, the average price of second-hand homes has been declining, with the average total price dropping from approximately 3.8 million yuan in June to around 3.5 million yuan by November [4]. - The current listing volume of second-hand homes is about 157,000 units, down from last year's peak of 176,000 units, but still high compared to the market low of around 100,000 units [4].

Core Viewpoint - Oriental Yuhong, a leading company in the construction waterproofing materials industry, has reported a telecom fraud incident involving its wholly-owned subsidiary in the U.S., resulting in a loss of approximately $1.7183 million (about 12.118 million RMB) [2][3] Group 1: Incident Details - The fraud occurred when the subsidiary, OYH Construction Materials LLC, was tricked into making a payment to a fraudulent account after the criminals hacked into the email system and impersonated the general contractor [2] - The company has reported the incident to local law enforcement and the FBI, and is cooperating fully to mitigate losses [2][3] Group 2: Financial Impact - The amount lost in the fraud represents about 11% of the company's net profit for the previous year, which was 108 million RMB [3] Group 3: Company Strategy and Operations - Oriental Yuhong is actively pursuing an "overseas priority" strategy to explore new growth opportunities, including establishing overseas companies and offices in multiple countries [3][4] - Significant projects include the Houston production and R&D logistics base aimed at meeting the demand for TPO waterproofing materials in North America and globally [3][4] Group 4: Recent Acquisitions and Asset Management - The company has accelerated its overseas expansion, with recent acquisitions including 100% of Chile's Construmart S.A. for 880 million RMB and 60% of Brazil's Novakem Indústria Química Ltda. for 144 million RMB [4] - Concurrently, Oriental Yuhong is divesting domestic real estate assets, including commercial properties in Beijing, to streamline operations [4] Group 5: Internal Controls and Risk Management - In response to the fraud incident, the company is enhancing its internal control measures, focusing on risk management in overseas subsidiaries, payment approval processes, and cybersecurity [5]

Core Viewpoint - Beijing's government has announced adjustments to real estate policies aimed at optimizing the housing market and improving accessibility for residents, particularly focusing on non-local residents and families with multiple children [1][2]. Group 1: Policy Adjustments for Home Purchases - Non-local residents can now purchase homes within the Fifth Ring Road after paying social insurance or personal income tax for a minimum of 2 years, while for homes outside the Fifth Ring Road, the requirement is reduced to 1 year [1]. - Families with two or more children, regardless of their residency status, are allowed to purchase an additional home within the Fifth Ring Road, in addition to existing housing purchase restrictions [1]. Group 2: Financing and Loan Regulations - The minimum down payment for second homes purchased with public housing funds is set at 25% [2]. - Banks are no longer differentiating between first and second home loans in terms of interest rate pricing, allowing for a more flexible approach based on market conditions and individual borrower profiles [1][2]. Group 3: Project Approval Process - The approval process for real estate development projects will shift from city-level to district-level registration, aimed at streamlining the process for various types of properties, including residential, hotels, and office buildings [2]. Group 4: Implementation Timeline - The new policies will take effect on December 24, 2025, superseding any previous inconsistent regulations [3].