Core Viewpoint - CATL (宁德时代) announced the issuance of corporate bonds aimed at professional investors, with a total scale not exceeding 5 billion yuan, to support various financial needs [1] Group 1: Bond Issuance Details - The bond issuance is part of the company's strategy to raise funds for project construction, working capital, and repayment of interest-bearing debts [1] - The coupon rate for the bonds is expected to be in the range of 1.60% to 2.20% [1] - The total issuance scale is capped at 5 billion yuan, including the full amount [1]

与此同时，利率期货市场对降息的押注明显升温。根据芝商所FedWatch工具的数据，交易员目前预计 美联储在下个月降息25个基点的概率为19.6%，高于前一交易日的17.2%。此外，市场对今年累计降息 三到四次的预期也有所上升，明显高于美联储官员此前释放的政策信号。 EY-Parthenon首席经济学家Gregory Daco在报告中指出："12月零售销售报告相当糟糕。虽然部分高收入 家庭在假期期间仍保持较强消费能力，大多数消费者的支出更加谨慎，并越来越依赖信用卡和储蓄来维 持开支。" 周二公布的美国12月零售销售数据意外疲软，削弱了市场对美国经济增长的信心，推动美国国债价格持 续上涨、收益率进一步回落。数据显示，美国消费者在去年年底的支出动能明显减弱，引发市场对今年 经济增长、通胀以及利率路径的重新评估。 数据显示，12月零售销售环比持平，远低于市场此前预期的增长0.4%，也明显弱于11月0.6%的增幅。 这一结果表明，美国消费者支出在年末明显"熄火"，加剧了市场对经济增长放缓的担忧。分析人士认 为，这可能意味着今年利率与通胀的运行路径将低于此前预期。 Infrastructure Capital Advis ...

Core Viewpoint - The founder and executive chairman of Strategy, Michael Saylor, publicly denied that the company would liquidate its Bitcoin holdings due to the recent price drop, reaffirming confidence in the company's financing capabilities and the long-term value of Bitcoin [1]. Group 1: Company Position and Strategy - Strategy currently holds 714,644 Bitcoins, with an average purchase cost of approximately $76,056 per Bitcoin [1]. - Saylor stated that even if Bitcoin were to drop by 90% in the next four years, the company would not be forced to sell its Bitcoin but would instead opt for refinancing to manage debt pressure [1]. - The company has been actively buying Bitcoin through stock and debt issuance, leading to significant market scrutiny regarding its financial model and risk exposure as Bitcoin prices have fallen below $70,000 from a historical high of approximately $126,000 [1]. Group 2: Market Sentiment and Short Selling - There has been a notable increase in short positions against Strategy, with approximately 30.5 million shares sold short, representing about 10% of the company's float [1]. - Since September 2025, short positions have grown by about 40%, indicating rising investor skepticism regarding Strategy's stock performance [1][2]. - The early short selling was primarily related to hedging against the company's $8.2 billion convertible debt, but the focus has shifted to direct bearish bets on Strategy itself and Bitcoin prices [2]. Group 3: Risks and Market Dynamics - Short sellers are increasingly concerned about the pressures on Strategy's financing model, particularly in light of Bitcoin's price volatility [3]. - The potential development of quantum computing technology poses a theoretical risk to blockchain encryption, which could undermine investor confidence in crypto assets [3]. - Recent Bitcoin price fluctuations have kept market sentiment fragile, with analysts suggesting a risk of Bitcoin testing the $60,000 level again, and possibly dropping to the $55,000 to $60,000 range [4].

Group 1 - The total household debt in the U.S. is projected to reach a record high by the end of 2025, with credit card balances increasing by $44 billion to $1.28 trillion, marking a year-over-year growth of 5.5% [1] - Consumer confidence regarding financial improvement over the next year has declined, with a rising percentage of respondents expecting their financial situation to worsen, indicating weakening household financial confidence [1] - The phenomenon of a "K-shaped economy" is highlighted, where some groups maintain strong economic conditions while others face significant difficulties, reflected in rising default rates on auto loans, credit cards, and home equity lines of credit [1] Group 2 - Credit cards have become one of the most expensive financing options in the current interest rate environment, with the average credit card interest rate around 20% [2] - Approximately 60% of credit card users carry a balance into the next month, incurring high-interest costs, while 55% of consumers rely on credit card balances to cover basic living expenses [2] - The ongoing economic situation is exacerbating the wealth gap, with affluent individuals largely unaffected by short-term financial shocks, while others face difficult trade-offs between debt repayment and essential expenditures [2]

哈马克指出，通胀水平仍然偏高，并且在过去两年多时间里基本处于横盘状态。她认为，今年通胀维持 在接近3%的风险依然存在，而这正是过去两年的主要特征。她强调，在看到价格明显、持续回落的证 据之前，难以支持进一步宽松政策。相比"微调"利率，她更愿意在评估去年秋季三次降息效果以及经济 增长表现时，"选择耐心、宁可慢一点"。 美联储今年新增的两位具有投票权的官员周二相继表态称，出于对通胀前景的担忧，当前更倾向于维持 利率不变，继续观察经济和物价走势。 克利夫兰联储主席贝丝.哈马克在俄亥俄州哥伦布举行的俄亥俄银行家联盟经济峰会上表示，她认为目 前的货币政策处在一个"合适的位置"，可以暂时按兵不动，以评估未来数据，并判断政策是否以及如何 需要进一步调整。她直言，根据自己的预测，联储可能会在相当一段时间内维持利率不变。 在就业方面，哈马克表示，美国劳动力市场似乎已经趋于稳定。她指出，失业率目前为4.4%，与去年9 月的水平相近，显示求职者与岗位空缺大致平衡。初请失业救济人数仍处于低位，虽然企业发布的大规 模裁员公告与历史均值相当，但部分公司确实已宣布裁员计划。 在她看来，目前联邦基金利率大致处于"中性"附近，即并未对经济活动 ...

牛证街货重货区在26200-26299区间，该区间最新牛证数量为1474张，较上一交易日减少361张；牛证街货最多新增在26800-26899区间，该区 间最新牛证数量为780张，较上一交易日增加593张。 | 牛證街貨 | | - 恒指牛熊證期指張數比例 - | | | 熊證街貨 | | --- | --- | --- | --- | --- | --- | | 70.28% | | | | | 29.72% | | (14,881張) | | (以相對期指張數計算) | | | (6,292張) | | 指數區域 | 相對期指張數[括號內為一日變化] | | | 信證精選 | 實際槓桿 | | 28,200 - 28,299 | 445(+80) | | | 60466 院 | 23.6 | | 28,100 - 28,199 | 750(+53) | | 車覧品 | 61721 熊 | 25.9 | | 28.000 - 28.099 | 158(+102) | | | 53605 HE | 28.3 | | 27,900 - 27,999 | 170(+56) | | | 64737 熊 | 31.2 ...

Market Overview - The Dow Jones reached an intraday record high of 50,512.79 points, closing up 52.27 points or 0.10% at 50,188.14 points, while the Nasdaq fell 136.20 points or 0.59% to 23,102.47 points, and the S&P 500 dropped 23.01 points or 0.33% to 6,941.81 points [1] - The latest retail sales report indicated that consumer spending in December remained flat, below economists' expectations of a 0.4% monthly increase, following a 0.6% increase in November [5] Cryptocurrency - Bitcoin fell below $70,000, down over 2% to $68,698, while Ethereum dropped 4.5% to $2,010 [3] Commodities - Gold prices decreased by 0.74% to $5,022.97, with a significant correction following a previous surge, while silver was priced at $80.818 per ounce [3] - WTI crude oil prices fell by 0.6% to $63.96 per barrel, and Brent crude oil dropped by 0.4% to $68.80 per barrel [4] Economic Indicators - The U.S. retail sales unexpectedly stagnated in December, indicating cautious consumer spending as the holiday season concluded, with 8 out of 13 retail categories showing declines [5] - The U.S. loan default rate surged to 4.8%, the highest level since 2017, driven by increased defaults among low-income and young borrowers [6] Federal Reserve Insights - Federal Reserve officials expressed cautious optimism regarding current interest rates, with no immediate need for rate adjustments, while acknowledging persistent inflation concerns [7][8] Corporate News - Boeing plans to increase the monthly production of its 737 aircraft to 63 units, which is crucial for improving its financial situation [11] - Stellantis is seeking to exit its joint battery venture with Samsung in the U.S., amid a strategic shift to conserve cash and reduce electric vehicle-related losses [12] - Morgan Stanley maintained a neutral rating on Tesla with a target price of $415 [13]

近日，公司收到间接控股股东上海华虹(集团)有限公司转来的上海市国有资产监督管理委员会作出的 《市国资委关于华虹半导体有限公司资产重组有关事项的批复》，上海市国资委原则同意公司本次交易 的方案。 华虹公司(688347.SH)公告，公司拟通过发行股份的方式购买上海华虹(集团)有限公司、上海集成电路产 业投资基金股份有限公司、国家集成电路产业投资基金二期股份有限公司、上海国投先导集成电路私募 投资基金合伙企业(有限合伙)持有的上海华力微电子有限公司97.4988%股权，并募集配套资金。 ...

周二，Jaguar Uranium(JAGU.US)登陆美股市场，开盘涨超35%，报5.5美元，并触发停牌。IPO价格为4 美元。Jaguar Uranium是一家总部位于加拿大安大略省的初级矿业公司，专注于在南美地区(主要是哥伦 比亚和阿根廷)的铀矿资源勘探和开发业务。公司成立于2022年，目前尚未实现营收，主要在拉美拥有 三个铀矿勘探项目，包括哥伦比亚的Berlin项目，以及阿根廷的Laguna和Huemul项目。铀矿是核燃料的 原材料，在核电发电和一些战略金属副产品领域有重要意义。 ...

迪士尼(DIS.US)自2020年以来首次重返美元投资级债券市场，周二推出一笔高评级美元债发行，加入企 业在借贷利差回落背景下集中锁定融资成本的发行潮。 知情人士称，迪士尼此次债券发行的簿记管理行包括法国巴黎银行、花旗集团、德意志银行、摩根大 通、三井住友银行以及美国合众银行。新发行债券的预期评级为穆迪A2、标普全球A。 据知情人士透露，迪士尼此次债券发行最多分为四个期限，涵盖3年至10年。其中，最长期限债券的初 步定价指引为较同期限美国国债高出约0.85个百分点，募集资金将用于一般公司用途。 市场人士认为，在融资利差收窄、资金需求旺盛的背景下，迪士尼选择此时重返债市，有助于以相对有 利的条件补充资金，也反映出当前美国投资级债券市场持续活跃的态势。 这笔交易是周二美国投资级债券市场八宗发行之一。就在前一日，Alphabet(GOOG.US,GOOGL.US)通 过一笔债券发行筹资200亿美元，认购需求超过1000亿美元，凸显当前投资者对高评级企业债的强劲兴 趣。 ...