据"财政部"微信公众号消息，12月27日至28日，全国财政工作会议在北京召开。会议总结2025年财政工 作，布置2026年重点任务。财政部党组书记、部长蓝佛安作工作报告。 会议强调，中央经济工作会议系统部署2026年经济工作。各级财政部门要坚持稳中求进工作总基调，以 推动高质量发展为主题，更好统筹国内经济工作和国际经贸斗争，更好统筹发展和安全，继续实施更加 积极的财政政策并提高精准度和有效性，做优增量、盘活存量，着力扩内需、优结构、增动能、惠民 生，着力稳就业、稳企业、稳市场、稳预期，着力推改革、强管理、防风险、增效益，推动经济实现质 的有效提升和量的合理增长，保持社会和谐稳定，为实现"十五五"良好开局提供有力保障。 会议指出，2026年继续实施更加积极的财政政策。 一是扩大财政支出盘子，确保必要支出力度。 四是持续优化支出结构，强化重点领域保障。 五是加强财政金融协同，放大政策效能。 会议要求，2026年财政工作抓好以下重点任务。 一是坚持内需主导，支持建设强大国内市场。大力提振消费，深入实施提振消费专项行动。积极扩大有 效投资，加大对新质生产力、人的全面发展等重点领域投入。加快推进全国统一大市场建设，规范 ...

Core Viewpoint - The article discusses the launch of a new investment course by Li Bei, priced at 12,888 yuan, aimed at teaching ordinary people how to achieve over 10% annualized returns through four sessions [2][4]. Group 1: Course Details - The course consists of four sessions, each lasting 2 hours for thematic sharing and 1 hour for interactive Q&A, with a total duration of two days [4]. - Participants can purchase sessions individually at a price of 3,888 yuan each, and the course is limited to 200 attendees, potentially generating around 2.58 million yuan in revenue if fully booked [5]. Group 2: Instructor's Motivation - Li Bei clarified that the course was an unexpected venture and not part of a planned business strategy, emphasizing that she does not rely on this for significant income [6]. - The course aims to provide insights into investment frameworks and address common questions about investment characteristics and financial tools [4][6].

Group 1 - December PMI data will be released on December 31, with November manufacturing PMI at 49.2%, an increase of 0.2 percentage points from October, indicating improved economic conditions [1] - The non-manufacturing business activity index for November is at 49.5%, a decrease of 0.6 percentage points from October, suggesting a decline in service sector activity [1] - The comprehensive PMI output index for November stands at 49.7%, down 0.3 percentage points from October, reflecting overall economic contraction [1] Group 2 - The 2025 Shenzhen Brain Conference is being held from December 28 to 30, aiming to create a platform for industry integration and innovation [2] - The purchase tax for new energy vehicles will be adjusted to a 50% reduction starting January 1, 2026, changing the maximum tax exemption from 30,000 yuan to 15,000 yuan per vehicle [3] Group 3 - A total of 622.7 billion yuan in reverse repos will mature next week, with significant amounts maturing on specific days, including 470.1 billion yuan on Sunday [4] - Next week, the market will see a significant decrease in the scale of locked-up shares being released, with only 3 trading days due to the New Year holiday, totaling 3.683 billion shares worth approximately 58.097 billion yuan [5] Group 4 - Specific companies with significant lock-up share releases include Baiwei Storage and Yingxi Network, each with a release value exceeding 10 billion yuan [5] - Detailed data on individual companies releasing shares includes various firms with their respective release dates, quantities, and market values [6][7] Group 5 - There are no new stock issuances planned for the upcoming week, with only three trading days available [8]

2025.12.27 本文字数：1080，阅读时长大约2分钟 来源 |央视财经 日本防卫省26日作出停止川崎重工业公司参与招标的处分，为期两个半月。川崎重工业公司当天发布对 该公司篡改船舶用发动机测试数据的补充报告。报告承认，该公司为日本海上自卫队制造的潜水艇发动 机也存在篡改燃油效率数据的情况。川崎重工业公司表示，将采取措施防止发生类似不当行为。2024年 8月，川崎重工业公司承认该公司存在篡改船舶用发动机测试数据的不当行为，涉及的船舶用发动机总 数达673台。 新闻链接：日企造假问题层出不穷 引发信任危机 近年来，日本企业造假丑闻层出不穷，涉及汽车、钢铁、造船、化工等诸多领域，引发对"日本制造"的 广泛信任危机。 2022年，日野汽车曝出引擎尾气排放以及油耗数据造假丑闻。 2017年，日本钢铁企业神户制钢所承认，旗下业务部门通过篡改产品出厂数据，将大量未达标产品冒充 合格产品出售。这些不合格产品供应给了汽车、铁路、航空航天、军工等行业，引发轩然大波。随后神 户制钢所又承认，集团下属的多家子公司、一线工厂都存在篡改、瞒报、捏造质检数据的情况。受问题 产品影响的企业达到数百家。 2021年，多家媒体披露，日本 ...

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 ...

2025.12.26 本文字数：1600，阅读时长大约3分钟 作者 |第一财经 樊志菁 圣诞节后首个交易日，美股三大股指在清淡交易中徘徊于历史高点附近。截至收盘，道指跌20.19点， 跌幅0.04%，报48710.97点，纳指跌0.09%，报23593.10点，标普500指数跌0.03%，报6929.94点，盘中创 新高。 从周度表现来看，标普500指数累计上涨1.4%，在五周内第四次实现周线收涨，道指与纳指本周以来的 涨幅同样超过1%。 市场关注"圣诞行情" 因人工智能及科技股估值过高、资本支出高企侵蚀企业利润引发市场担忧，美股上周一度遭遇抛售潮。 不过，强劲的经济数据、明年美联储新任主席上任后或进一步放宽政策的预期，共同推动美股企稳回 升。标普500、道指和纳斯达克综合指数均有望实现连续第三年上涨。 "2026年或将成为美股的'业绩验证年'。企业必须通过人工智能及其他领域的投资，切实实现生产力提 升与利润率增长。"财富管理机构Annex Wealth Management首席经济学家雅各布森（Brian Jacobsen）表 示。 近期市场涨势正呈现扩散态势，这一趋势或将延续至新的一年。海林指出，推动标普 ...