作为世界货币，美元在全球央行外汇储备中占比一度超过70%。截至2025年第二季度末，这一 数据仍然高达56.32%。保持本国币值和外汇储备的安全性，是各国央行的重要职责。面对债 务赤字货币化的操作和即将走弱的美元，全球央行不得不被动掀起了一波购金潮。世界国际货 币基金的公开数据显示，尽管2025年黄金价格上涨幅度已经超过了60%，但各国需求保持强 劲，黄金在全球央行储备资产中的占比已经升至26%，这种对价格"不敏感"的需求成为了黄金 市场价格上涨的重要推手。 这种对价格的"不敏感"也并非没有理由，自2022年俄乌冲突以来，西方国家联合冻结了俄罗斯 中央银行约3000亿美元的海外资产。储备货币安全性让位于政治立场，这对美元体系"制度信 任"构成了严重冲击。寻求储备货币体系的多元化自然成了多国央行的首选项。 记者丨 肖宇（中国社会科学院亚太与全球战略研究院副研究员） 在经过10月底和11月初的短暂回调后，全球黄金价格再创新高。12月23日，COMEX黄金价格 突破4500美元/盎司，相较年初上涨约70%。 分析此次黄金价格的走势，可以从长短期两个角度入手。随着美国最新非农就业数据出炉，市 场普遍预期明年美联储将会 ...

2025年的A股市场，日交投屡破2万亿元大关，结构性行情不断演绎，科技创新渐成叙事主 线。截至12月24日发稿，上证指数、深证成指、创业板指年内分别上涨17.58%、29.28%、 50.51%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 3941.06 | 21.08 | 0.54% | 6025亿 | 17.58% | | 399001 | 深证成指 | 13464.22 | 95.23 | 0.71% | 8674亿 | 29.28% | | 881001 | 万得全A | 6366.43 | 51.06 | 0.81% | 14829亿 | 26.77% | | 000680 | 科创综指 | 1621.88 | 19.30 | 1.20% | 1508亿 | 44.98% | | 399006 | 创业板指 | 3223.21 | 18.20 | 0.57% | 3946 Z | 50.51% | | 899050 | 北证50 | 14 ...

Core Viewpoint - China is advancing high-quality development with a focus on technological innovation, industrial upgrading, and institutional resilience, providing stability to the global economy amidst geopolitical tensions and trade disputes [1][3]. Group 1: Economic Development and Resilience - The economic development in China is characterized not only by growth in economic output but also by systemic innovation and the construction of industrial ecosystems, as seen in the automotive industry [3][5]. - The uncertainty in the global trade system, exacerbated by fluctuating U.S. policies, has increased operational difficulties for businesses and diminished global innovation efficiency [3][11]. - China's five-year plans are crucial for economic development, providing a framework for action and demonstrating continuity in policy execution, which contributes to economic resilience [7][15]. Group 2: Long-term Vision and Strategic Planning - Chinese leaders exhibit significant patience and a long-term vision in decision-making, focusing on sustainable development rather than short-term results, which fosters optimism about China's future [15]. - The concept of "resilience" is emphasized, particularly in the context of decision-making under uncertainty, highlighting the importance of flexibility in economic planning [8]. Group 3: Free Trade and Global Cooperation - Embracing free trade is seen as essential for prosperity, with countries that support open trade likely to fare better than those that do not [12][13]. - Events like the China International Import Expo (CIIE) serve as platforms for promoting trade and cooperation, sending positive signals to the global economy [13]. - The current global trade environment is influenced by U.S. policies, which have led to increased costs and disrupted business operations, underscoring the need for innovative solutions in supply chain management [11][14].

Group 1 - The Hong Kong stock market closed early on December 24 due to the holiday, with the Hang Seng Index rising by 0.17% and the Hang Seng Tech Index increasing by 0.19% [1] - Nuclear power stocks led the gains, with China General Nuclear Power Corporation rising over 5% [1] - Semiconductor stocks also performed well, with SMIC and Jingmen Semiconductor both increasing by over 3%, while Huahong Semiconductor and Shanghai Fudan rose by over 1% [1] Group 2 - The article highlights a strong performance in the optical communication sector, with Cambridge Technology rising over 5% [1] - Other sectors that saw gains include dairy products, electric equipment, food, non-ferrous metals, building materials, cement, and gold [1] - Conversely, sectors such as film, lithium batteries, home appliances, domestic banks, port transportation, and innovative pharmaceuticals experienced declines [1] Group 3 - The semiconductor sector showed slight fluctuations, with major companies like Alibaba, Meituan, Xiaomi, JD.com, and Baidu experiencing declines of less than 1% [2] - Individual stock movements included a significant rise of 22.23% for Baidu's stock after being included in the Hong Kong Stock Connect, while Youjia saw a drop of over 7% [4] - The article notes that over 3,800 stocks rose, with commercial aerospace and chip concepts experiencing a surge, and Zhongjin Resources rising over 6% [6]

Core Viewpoint - The article highlights the significant surge in silver prices, which have reached a historical high of over $72 per ounce, marking an increase of over 45% in the past month, driven by supply constraints and strong demand in various sectors [1][3]. Group 1: Silver Price Movement - On December 24, the spot silver price surpassed $72 per ounce, setting a new historical record, with a monthly increase exceeding 45% [1]. - Silver has shown greater volatility and elasticity compared to gold, breaking through key psychological price levels of $50, $60, and $70 [2][3]. Group 2: Supply and Demand Dynamics - Global silver production is expected to remain stable at 813 million ounces in 2025, with increases in North America and Russia offset by declines in South America, Australia, and Indonesia [3]. - Major markets like London, New York, and Shanghai are experiencing low inventory levels, which, combined with a supply-demand gap, enhances the liquidity and price elasticity of silver [3]. Group 3: Investment Opportunities - The demand for silver in photovoltaic applications remains significant, contributing to a continuous supply gap, which is expected to persist into 2026 if alternatives do not materialize [3]. - A number of silver-related stocks have seen substantial price increases, with 11 stocks in the A-share market doubling in price this year, including notable performers like Xingye Yinxin and Zijin Mining [5][6]. Group 4: Market Sentiment and Future Outlook - Short-term trends indicate a strong fluctuation in precious metals, with a long-term upward trend remaining intact, although there are warnings about potential short-term corrections due to rapid price increases [4]. - The silver ETF holdings have shown volatility after a surge, indicating a need to monitor speculative fund flows [4].

| 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | | --- | --- | --- | --- | --- | | 上证指数 | 3929.25 | 9.27 | 0.24% | 4659亿 | | 深证成指 | 13410.05 | 41.06 | 0.31% | 6828亿 | | 万得全A | 6345.55 | 30.17 | 0.48% | 11592亿 | | 科创综指 | 1615.07 | 12.48 | 0.78% | 1171亿 | | 创业板指 | 3207.59 | 2.58 | 0.08% | 3083亿 | | 北证50 | 1442.57 | 2.63 | 0.18% | 106亿 | 12月24日，A股市场早盘窄幅震荡，三大指数集体翻红。 截至午盘，沪指涨0.24%，深成指涨 0.31%，创业板指涨0.08%。 沪深两市半日成交额1.16万亿，较上个交易日缩量895亿。全市 场超3800只个股上涨。 记者丨江佩 佩 毕凤至 见习记者 张嘉钰 编辑丨谢珍 从板块来看，商业航天概念持续走强，近20只成分股涨停，其中超捷股份20cm涨停，神剑股 份5连板，九鼎新材、合众思壮 ...

Group 1 - The revised Public Security Administration Punishment Law will take effect on January 1, 2026, with significant attention on Article 136 regarding the sealing of administrative violation records [1][3] - The legislative process involved multiple readings and public consultations, with the final version emphasizing the sealing of records for minors and aiming to prevent lifelong penalties for minor offenses [2][3] Group 2 - Article 136 establishes that sealing of records is a measure for managing information on administrative violations, not a form of punishment, and aims to prevent individuals from facing lifelong restrictions due to a single offense [5][11] - The law specifies that sealed records cannot be disclosed to any individual or organization, with exceptions for certain state agencies and requires confidentiality for those who access the sealed records [5][11] Group 3 - The relationship between the Public Security Administration Punishment Law and the Criminal Law is clarified, stating that behaviors constituting crimes must be prosecuted under Criminal Law, while non-criminal violations are subject to administrative penalties [6][7] - Specific behaviors, such as drug use, are categorized as administrative violations rather than crimes, and the law maintains a strong stance against drug-related crimes while focusing on rehabilitation for users [8][9] Group 4 - The state’s approach to drug use emphasizes rehabilitation over punishment, with various measures in place to support individuals in overcoming addiction, including voluntary and community rehabilitation programs [9][10] - Confidentiality of information regarding drug users and rehabilitation efforts is maintained, ensuring that personal data is protected and not publicly disclosed [10][11]

Core Viewpoint - The article discusses the recent price increases of Moutai liquor and the company's new volume control policy aimed at stabilizing the market and enhancing profitability [1][2]. Price Changes - On December 24, the wholesale reference price for 25-year Flying Moutai in original boxes rose to 1600 yuan per bottle, an increase of 40 yuan from the previous day; the price for scattered bottles also increased by 40 yuan to 1590 yuan [1][2]. - The 24-year Flying Moutai in original boxes is now priced at 1630 yuan, up 30 yuan, while scattered bottles are at 1615 yuan, up 35 yuan [1][2]. - The price for 23-year Flying Moutai remains stable at 1800 yuan for original bottles and 1700 yuan for scattered bottles [2]. Volume Control Policy - Guizhou Moutai has implemented a volume control policy that includes short-term and long-term measures. In December 2025, the company will stop supplying all Moutai products to distributors until January 1, 2026 [2]. - The long-term structural reform will involve a significant reduction in non-standard product quotas starting in 2026, aimed at decreasing the supply of products that reduce distributor profits [2]. Market Response - A representative from Guizhou Moutai stated that the company emphasizes demand-driven strategies and protects channel resilience, with product distribution based on terminal sales performance [3]. - The recent decline in Flying Moutai prices was attributed to platform subsidies and promotional pricing strategies, but prices have since rebounded [3].

近年来，京东加速推进"全球织网计划"，已在全球23个国家和地区建设了超130个各类型海外 仓，并合法合规运营，京东将持续建设好超级供应链，为广大企业和用户提供高质量的物流服 务。 北京时间12月22日，位于法国巴黎地区的京东仓储遭遇盗抢，京东方面今日回应称，当地警方 已介入调查处理，目前仓库已恢复正常运营，公司关注到相关方面披露的"重大损失数据"，与 实际情况有较大出入。 此前有消息显示，当地时间22日，法国警方表示，距离巴黎17公里、中国电商公司京东位于塞 纳-圣但尼省的仓库，超过5万台3C数码设备包括手机、电脑和平板电脑等三十个托盘物品被 盗。窃贼在21日晚至22日凌晨作案，破坏了仓库的监控摄像头，而警报系统也没有正常工作。 京东方面否认了传闻中的被盗数额，但没有提供准确的数字。 记者丨 孔海丽 出品丨21财经客户端 21世纪经济报道 编辑丨江佩佩 见习编辑张嘉钰 有色金属概念大涨，中矿资源涨超6%，现货黄金首次升破4520美元，金饰克价涨到1411元 估值200亿，"中国版Space X"冲刺上市 英伟达涨超3%市值增超9400亿元，阿特斯太阳能下挫近12%，美联储降息概率有变 SFC 21君荐读 编辑 ...

近日召开的全国住房城乡建设工作会议，在全面盘点2025年工作时指出，"好房子"建设起步成 势。从内容看，住建部年初提出的"好房子"三个抓手，即"立标准、强科技、抓项目"取得了积 极成效。比如，新的《住宅项目规范》正式实施，构建了"6633"（六不、六防、三省、三 要）、"365"（三用、六优、五支撑）等"好房子"的建造体系；指导行业领军企业发挥示范作 用，以"揭榜挂帅"等推动50多类新型建材研发应用；举办全国"好房子"设计大赛。 同时，2025年"好房子"探索还不止于此。会议还提出，42个城市实施房屋全生命周期安全管理 制度试点。一体化推进好房子、好小区、好社区、好城区建设，开展物业服务领域突出问题集 中整治，推动问题整改。完成106个完整社区试点，建设改造养老、托育等各类服务设施2000 多个，新增停车位2.6万个，增补提升公共活动场地和公共绿地71.3万平方米。可见，"好房 子"探索从标准建立和物质技术等硬件层面，延展至好服务和好配套等软件方面。 可以讲，"好房子"建设在起步上的势头很好。今年以来，各类"好房子"项目成为新房销售市场 的一抹亮色，不仅引领市场供给，夯实居住属性和高质量发展的基础，还激发了美 ...