记者丨崔文静 实习生张长荣 编辑｜ 巫燕玲 政策锚定方向： "十五五"下的科技与新质生产力主线 2025年，中国股市延续修复行情。高盛数据显示，A股和H股年内分别实现约16%和29%的回 报，自2022年底各自周期低点以来，累计反弹幅度已扩大至30%和75%。 高盛在最新报告中预测，到2027年底中国股市仍有38%的上涨空间。这一判断主要基于三方 面因素：一是企业盈利逐步修复，预计2026年和2027年盈利增速分别为14%和12%；二是估 值存在约10%的温和修复潜力；三是市场回报的驱动正从此前的估值修复转向盈利兑现与温 和的市盈率扩张。 资金层面，此前股票资产配置偏低的国内资金正在加速入场。据高盛数据，今年以来南向资 金持续流入，年化规模已达1800亿美元，远超2024年的1040亿美元，创下历史纪录。同时， 在超额储蓄与温和杠杆的支撑下，个人投资者也在增加股票配置。 外资情绪亦出现回暖迹象。全球对冲基金已逐步提高对中国市场的风险敞口，其净敞口从年 初的6.8%上升至11月底的7.8%。与此同时，新兴市场及亚洲区域共同基金对中国市场的低配 幅度也在小幅收窄。 高盛表示，中国市场具备可投资性。报告指出，全球经 ...

Group 1 - The core viewpoint of the article highlights the competitive landscape of business loans, with interest rates dropping to around 2.35% for secured loans, making them attractive for small business owners with real estate assets [2][4][5] - The demand for housing loans is weak, leading banks to target small business owners as a new market for credit, especially as the year-end consumption peak approaches [2][4] - Various banks are offering business loans with low interest rates and high limits, with some institutions providing flexible repayment options to cater to different business needs [4][5] Group 2 - The article notes that the current favorable rates for business loans are a result of policy guidance, market competition, and industry transformation, as banks seek new lending channels amid a shrinking mortgage market [6] - Experts predict that while interest rates may not drop significantly in the short term, they are likely to remain stable at low levels due to ongoing regulatory encouragement for banks to support small businesses [6] - The competition among banks, particularly between state-owned and joint-stock banks, has intensified, leading to a "rate-cutting" trend to attract quality clients [6] Group 3 - In addition to business loans, consumer loans are also becoming a competitive area for financial institutions, with banks responding to government initiatives aimed at boosting consumption [8][10] - Consumer loan rates are generally above 3%, with major banks offering rates between 3.3% and 4.5%, depending on the borrower's creditworthiness [7][8] - Financial institutions are actively promoting consumer loans through various incentives and marketing strategies, aiming to stimulate consumer spending during peak seasons [9][10]

记者丨杨娜娜 编辑丨姜诗蔷 "错失一个时代的风险，远大于过早担忧泡沫的风险"，这是但斌的AI时代宣言。 2 0 2 6年或将成为" A I应用爆发之年" 对AI时代的坚定信仰，是但斌近年所有公开判断的核心底色。 他将当前的AI革命，定义为一 场堪比工业革命的时代机遇。 当现场被问及这场革命的终极目的时，但斌的视野超越了当下的商业图景，投向了遥远的人 类发展课题。 他从星系演化的角度解释，地球终非人类永久的家园，人类若想延续文明，就必须走向太阳 系之外。"在这一漫长的迁徙历程中，人工智能可能是从碳基生命向硅基生命过渡的关键起 点，将引领人类穿越太阳系，开启一个真正的伟大时代。" 而在当下他认为，无论是攻克癌症、延长平均寿命，还是通过"人机融合"逼近某种意义上 的"永生"，乃至无人驾驶等领域的突破，都构成了技术落地的重要图景。 在具体的投资布局上，他坦言自己始终倾向于寻找具备长期确定性的企业，尤其是能定义未 来、拥有宽阔护城河的全球科技龙头。根据美国证券交易委员会（SEC）的13F文件，截至今 年三季度末，东方港湾海外基金的第一大重仓股是英伟达，第二大是谷歌。"我们的布局还是 以确定性为主。"但斌强调。 在12月 ...

来源丨中国人民银行 编辑丨金珊 北京官宣楼市新政，事关非京籍、多子女家庭购房 铜价突破1.2万美元创15年新高！大量铜被运往美国 最强牛股暴涨超600%，A股广东军团86股年内翻倍 SFC 21君荐读 12月24日，中国人民银行公告，为保持银行体系流动性充裕，2025年12月25日，中国人民银 行将以固定数量、利率招标、多重价位中标方式开展4000亿元MLF操作，期限为1年期。 ...

Core Viewpoint - The article emphasizes that China's economy is expected to demonstrate strong resilience and vitality, with major economic indicators aligning with expectations, and the total economic output projected to reach around 140 trillion yuan by 2025 [1]. Group 1: Economic Advantages - China possesses three major economic advantages: the potential for catching up, the new technology revolution focused on digital and green technologies, and the advantage of a super-large market economy [4][5]. - The "catching up potential" indicates that China has a growth potential of at least 20,000 USD per capita GDP to reach the level of developed countries, primarily driven by the upgrading of consumption structure and the transformation of traditional industries [5][6]. - The super-large market economy advantage includes a significant consumer base, with 400 million middle-income individuals and the potential for 800-900 million individuals transitioning to middle-income status, which can significantly expand the consumer market [6][7]. Group 2: Economic Growth Drivers - The current economic growth in China is shifting from being driven by investment and exports to being driven by innovation and consumption [8][9]. - The focus on becoming a manufacturing powerhouse, a consumer powerhouse, and a financial powerhouse is essential for sustaining economic growth and enhancing the quality of development [9][10]. - A strong capital market and robust currency are crucial for bridging the gap between manufacturing and consumption, facilitating the necessary financial support for these sectors [10][11]. Group 3: Financial Market Development - The capital market is expected to play a pivotal role in selecting projects that are marketable, profitable, and have controllable risks, thereby improving resource allocation efficiency [10][11]. - The transition to a modern capital market system is necessary as China enters a phase of innovation-driven economic growth, with more funds expected to flow into capital markets rather than traditional banking [10][12]. - A strong currency is identified as a key indicator of a financial powerhouse, with the potential for the renminbi to become more internationally recognized as China's manufacturing and trade capabilities grow [12][13].

Core Viewpoint - The article discusses the implementation of a new credit repair policy by the People's Bank of China, which allows for automatic credit repair for individuals with overdue debts, significantly lowering the barriers and costs associated with credit repair [1][3]. Group 1: Policy Overview - The new policy, effective from December 22, 2025, allows for the automatic removal of certain overdue information from credit reports without the need for individual applications, marking a shift towards a dual focus on both punishment and repair in the credit system [1][3]. - The policy covers various types of personal loans, including mortgages, consumer loans, and credit cards, and applies to all financial institutions connected to the central bank's credit system [6][3]. Group 2: Eligibility and Conditions - To qualify for the credit repair, overdue information must meet three criteria: it must have occurred between January 1, 2020, and December 31, 2025; the overdue amount must not exceed 10,000 RMB; and the debt must be fully repaid by March 31, 2026 [6][3]. - The automatic repair process is designed to be seamless, with the central bank's credit system identifying eligible overdue information without requiring any action from the individual [3][7]. Group 3: Implementation by Financial Institutions - Major banks, including Industrial and Commercial Bank of China, Agricultural Bank of China, and others, have quickly adapted to the new policy by enhancing their service channels and ensuring accurate data management to facilitate the policy's implementation [9][10]. - Banks have established various channels for customers to inquire about their credit status and have emphasized the importance of confirming repayment amounts to ensure eligibility for the credit repair [11][10]. Group 4: Balancing Rights and Risk Management - The new policy aims to balance individual rights protection with financial risk management, encouraging overdue borrowers to repay their debts while helping banks recover non-performing assets [14][15]. - The policy is expected to stimulate demand for personal loans, including consumer and mortgage loans, by releasing previously constrained financing needs, thus revitalizing the credit market [15][16].

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the need for a moderately loose monetary policy to support high-quality economic development and stabilize the economy amidst external uncertainties and domestic challenges [1][2]. Group 1: Monetary Policy and Economic Environment - The PBOC has increased macroeconomic regulation efforts this year, implementing a moderately loose monetary policy to create a favorable financial environment for stable economic growth [1]. - The loan market quotation rate reform is showing positive effects, and the market-oriented adjustment mechanism for deposit rates is functioning effectively, leading to lower social financing costs historically [1]. - The external economic environment is increasingly challenging, with insufficient global economic growth momentum and rising trade barriers, while domestic economic performance remains stable but faces issues such as strong supply and weak demand [1][2]. Group 2: Future Monetary Policy Directions - The upcoming monetary policy will focus on integrating incremental and stock policies, utilizing various tools to strengthen monetary policy regulation based on domestic and international economic conditions [2]. - Maintaining ample liquidity is crucial, ensuring that the growth of social financing and money supply aligns with economic growth and price level expectations [2]. - The PBOC aims to enhance the effectiveness of monetary policy transmission mechanisms and improve the efficiency of fund utilization [2]. Group 3: Financial Sector Support and Stability - Large banks are encouraged to play a leading role in providing financial services to the real economy, while smaller banks should focus on their core responsibilities and enhance capital strength [3]. - Structural monetary policy tools will be effectively implemented to support key areas such as expanding domestic demand, technological innovation, and small and micro enterprises [3]. - The PBOC emphasizes the importance of financial services for the development of the private economy and aims to enhance financial openness and risk management capabilities [3].

记者丨叶麦穗 编辑丨杨希 临近年末，人民币持续走强。12月24日（截至北京时间19:38，下同），离岸人民币升穿7.01，盘中一度触及7.00135，在岸人民币同步触及 7.0128。 | W | | | 美元兑人民币(CFETS) | | | | --- | --- | --- | --- | --- | --- | | | | | USDCNY.IB | | | | 7.0150 | | 前收 | 7.0287 | 开盘 | 7.0284 | | -0.0137 | -0.19% | 藝品 | 7.0150 | 买入 | 7.0141 | | 最高 | 7.0297 | 今年来 | -3.89% | 20日 | -0.92% | | 最低 | 7.0128 | 10日 | -0.69% | 60日 | -1.38% | | 分时 | 五日 | 日K | 周Ｋ | 月K | 更多 ◎ | | 叠加 | | | | | | | 7.0446 | | | | | 0.23% | | 7.0287 | | | | | 0.00% | 对于本轮人民币升值的原因，市场普遍认为，主要还是被动升值，美元整体偏弱，美元指数 ...

Core Viewpoint - Sunac China has successfully completed its offshore debt restructuring plan, resulting in the full release or waiver of approximately $9.6 billion in debt, marking it as the first large real estate company to achieve comprehensive debt restructuring both domestically and internationally [1][5]. Group 1: Debt Restructuring Details - The total debt reduction amounts to nearly 60 billion yuan, effectively eliminating the debt risk at the listed company level [1]. - The offshore debt restructuring plan was approved by 98.5% of creditors, with a support rate of 94.5% for the debt amount, significantly exceeding the required 75% threshold [6]. - The restructuring involved issuing two types of new mandatory convertible bonds (MCB) to creditors, with conversion prices set at 6.80 HKD and 3.85 HKD per share, respectively [5][6]. Group 2: Company Leadership and Market Signals - Sunac's chairman, Sun Hongbin, has made public appearances twice this year, signaling positive developments in the company's debt restructuring efforts [6]. - The company aims to focus more on project-level risk resolution and asset revitalization following the completion of the debt restructuring [6]. Group 3: Industry Context and Future Outlook - As of now, 21 distressed real estate companies have completed debt restructuring or reorganization, with a total debt reduction scale of approximately 1.2 trillion yuan [1][10]. - The real estate sector is expected to see accelerated risk clearance, with 2026 projected as a critical year for corporate risk resolution [10]. - Despite the completion of debt restructuring, companies still face pressure to adjust their balance sheets and revive operations in a challenging market environment [10].

作者丨李香香 编辑丨叶映橙 企查查APP显示，近日，法院对北京普思投资有限公司名下上海麦戟文化传播有限公司8% 股权拍卖进行预告， 起拍价10.75万元 。 | 筛宣有四川的商业传 | (2024) 辽02执857号 | 查一下 0 六日六六 · 伊松 | | --- | --- | --- | | 【一拍】北京普思投资有限公司名下上海麦戟文化传播有限公司8%股权 | | | | 即将开始 股权债权 一拍 | | | | 案号:(2024) 辽02执857号 | | 标的物所有人:北京普思投资有限公司 | | 起拍价(元):107,500.00 | | 拍卖时间: 2026年1月24日10时至2026年1月25日10时 | | 处置单位:大连市中级人民法院 | | | | 标的物介绍 竞买公告 | | | | 相关附件: 打码评估报告麦戟文化.pdf,普思麦戟打码裁定.pdf | | | | | | 上海麦戟文化传播有限公司股权标的调查情况表 | | 标的名称 | | 北京普思投资有限公司名下上海麦戟文化传播有限公司8%股权 | | 企业名称 | | 法定代表人 上海麦戟文化传播有限公司 冯远 | | 注册资 ...