中央经济工作会议定调明年经济政策 1、中央经济工作会议定调明年经济政策。 中央经济工作会议在北京举行，定调明年经济工作，强调要继续实施更加积极的财政政 策，保持必要的财政赤字、债务总规模和支出总量，重视解决地方财政困难。要继续实施适度宽松的货币政策，灵活高效运用降准降 息等多种政策工具。会议确定8方面重点任务，提出要优化"两新"政策实施，清理消费领域不合理限制措施。推动投资止跌回稳，适 当增加中央预算内投资规模。坚持创新驱动，深化拓展"人工智能 "。深入整治"内卷式"竞争。加快新型能源体系建设，扩大绿电应 用。倡导积极婚育观，努力稳定新出生人口规模。着力稳定房地产市场，因城施策控增量、去库存、优供给，鼓励收购存量商品房重 点用于保障性住房等。多措并举化解地方政府融资平台经营性债务风险。 2、商务部将出台加快零售业创新发展意见。 旨在通过统筹规划、合理布局，提升商品和服务质量，协同优化存量和增量，推动线上 线下公平竞争，以实现新供给与新需求的良性互动。这一政策有望为零售行业带来新的发展机遇，促进市场活力提升。 3、11月中国汽车产销同比增长，新能源汽车占比超五成。 中国汽车工业协会数据显示，11月汽车产销分别完 ...

Core Viewpoint - The speech by Han Wenxiu emphasizes the need for a comprehensive approach to economic work in China, focusing on five essential strategies to harness economic potential and drive sustainable growth [2][3][4]. Group 1: Economic Strategies - The first strategy is to fully tap into economic potential by expanding consumption and investment, developing technology and industries, and promoting urban-rural integration and regional coordination [2]. - The second strategy involves a dual approach of policy support and reform innovation to address cyclical, structural, and institutional issues in the economy [3]. - The third strategy is to ensure a balance between deregulation and effective governance, aiming to eliminate barriers to productivity while maintaining market order [3]. Group 2: Investment and Innovation - The fourth strategy focuses on combining investments in physical assets and human capital to enhance overall development and improve people's well-being [3]. - The fifth strategy stresses the importance of strengthening internal capabilities to face external challenges, enhancing self-innovation, and building a robust real economy [3]. Group 3: Economic Growth and Income - For 2026, the goal is to synchronize growth in residents' income with overall economic growth, maintaining stability in employment and prices while enhancing macroeconomic governance [4]. - The emphasis is on innovation-driven development, particularly in expanding the three major international science and technology innovation centers [4]. Group 4: Trade and Openness - The commitment to openness includes promoting multi-field cooperation, expanding both exports and imports, and enhancing sustainable foreign trade development [5]. - The focus is on optimizing the implementation of new policies and providing local governments with more autonomy to stimulate consumption and economic activity [6]. Group 5: Market Regulation and Employment - There is a strong push to address issues related to overdue payments to enterprises and to create a fair market environment through regulatory measures [7]. - The plan includes increasing the supply of high school and university placements to adapt to demographic changes and improve employment quality [8]. Group 6: Green Development - The strategy for 2026 includes expanding the application of green electricity and fostering new growth points in hydrogen energy and green fuels, aligning with carbon emission control goals [9].

Win.d 金融销售灵魂提问: AI时代, 如何成为不可替代的 价值枢纽? 资管规模突破百万亿、理财全面净值化、 外资加速布局中国 -- 金融业正经历深度 变革。 当金融遇见AI, 而是专业金融人的战略级杠杆: · 它让市场分析更精准 · · / / 真正的价值创造,永远来自懂得资产配置 本质、理解监管趋势、掌握机构需求的销 售精英! 万得 -- 金融圈的 「核心操作系统」》》》》》》 在这里,您将获得服务顶级金融机构的通 行证: √ 覆盖多家金融机构的生态网络 从头部公募到外资投行,上百万精英通过 万得决策 √ 前瞻性市场洞察体系 您该站在浪潮的哪一端 ? AI不是取代者, 整合宏观经济、行业研究、资金流向的智 能分析平台 ✔ 持续进化的解决方案库 tr 124 - L / 1 + 1 + 母牛赦增切能候块,贴终领先中场涌点半 十六 您将成为 不可替代的价值枢纽 核心职员 ◆ 深度诊断:识别金融机构业务痛点 ◆ 价值匹配:定制万得数据+分析解决方 案组合 ◆ 持续赋能: 推动客户从产品使用到战略 升级 · 有相关销售经验, 渴望在专业深度和服 务价值上精进。 · 敏锐如鹰:能洞察客户核心战略需求与 未言明的 ...

Group 1 - The central financial committee emphasizes the need to effectively manage financial risks in local small and medium financial institutions, real estate companies, and local government financing platforms, with a focus on controlling new risks and addressing existing ones [2] - The China Securities Regulatory Commission (CSRC) is set to introduce strict regulations on public fund sales, targeting long-standing issues in the industry such as prioritizing sales over service [2] - China's financial data for November shows a significant increase in RMB loans and social financing, with RMB loans increasing by 15.36 trillion yuan and social financing growing by 33.39 trillion yuan, surpassing last year's total [3] Group 2 - The People's Bank of China emphasizes maintaining stable financial markets and managing moral hazards, particularly in real estate finance [5] - The CSRC has issued a record fine to Yuce Investment for misappropriating fund assets and providing false information, highlighting the regulatory crackdown in the private equity sector [5] - The A-share market sees significant gains, particularly in nuclear power and commercial aerospace sectors, with the Shanghai Composite Index closing up 0.41% [5] Group 3 - The Hong Kong Hang Seng Index rises by 1.75%, driven by gains in technology and non-bank financial sectors, despite net selling by southbound funds [6] - The Shanghai Stock Exchange is monitoring stocks with significant volatility, indicating increased scrutiny on market activities [7] - Several companies are planning IPOs or stock issuances, including Galaxy General, which aims for a valuation of 3 to 4 billion USD [7] Group 4 - The Financial Regulatory Bureau has released a new management method for commercial bank custody businesses, emphasizing the need for banks to meet specific capabilities and prohibiting certain financial practices [9] - The market regulator is seeking opinions on compliance guidelines for the automotive industry, aiming to address pricing and promotional issues [9] - The State Administration for Market Regulation is pushing for improvements in online product sales, particularly in live commerce, to combat false advertising [9] Group 5 - The State Council has initiated measures to stabilize the real estate market, with Shandong province launching a housing "old-for-new" program to encourage home purchases [11] - The global gold ETF inflows reached 5.2 billion USD in November, marking a six-month streak of inflows and setting a record for total assets under management [20] - The domestic bond market shows signs of cooling, with yields on major bonds rising and the central bank conducting reverse repos to manage liquidity [19]

一、社会融资规模存量同比增长8.5% 初步统计，2025年11月末社会融资规模存量为440.07万亿元，同比增长8.5%。其中，对实体经济发放的人民币贷款余额为267.42万亿 元，同比增长6.3%；对实体经济发放的外币贷款折合人民币余额为1.13万亿元，同比下降16.5%；委托贷款余额为11.32万亿元，同比 增长1%；信托贷款余额为4.6万亿元，同比增长7.4%；未贴现的银行承兑汇票余额为2.3万亿元，同比增长0.4%；企业债券余额为 34.08万亿元，同比增长5.6%；政府债券余额为94.24万亿元，同比增长18.8%；非金融企业境内股票余额为12.14万亿元，同比增长 4%。 从结构看，11月末对实体经济发放的人民币贷款余额占同期社会融资规模存量的60.8%，同比低1.3个百分点；对实体经济发放的外币 贷款折合人民币余额占比0.3%，同比持平；委托贷款余额占比2.6%，同比低0.2个百分点；信托贷款余额占比1%，同比低0.1个百分 点；未贴现的银行承兑汇票余额占比0.5%，同比低0.1个百分点；企业债券余额占比7.7%，同比低0.3个百分点；政府债券余额占比 21.4%，同比高1.8个百分点；非金融企 ...

白银又一次成为市场焦点。 3. 库存告急： 全球交易所库存只够1.2个月，十年低位，抢货情绪升温。 4. 资金逼空： ETF半年增仓500吨，白银市值仅黄金1/10，空头平仓把波动放大成火箭。 截至北京时间12月12日发稿，COMEX白银报64.25美元。 今年以来，白银"伦敦现货白银、COMEX白银期货年内涨幅均超110%"。 本轮超级行情=宏观转向×工业爆发×供需缺口×资金推动×价值重估，五力同步共振。 1. 美联储降息： 美元走弱+持有成本降，贵金属定价锚直接点火。 2. 工业井喷： 光伏55%消费占比、AI服务器用银+30%、新能源车数倍耗银，三条赛道同步踩满油门。 5. 估值修复： 金价先行创新高，金银比回归+印度节日买盘，补涨空间快速兑现。 总结： 货币宽松给估值、工业革命给需求、矿山减产给缺口、ETF逼空供给杠杆、金银比给情绪——五力共振，银价 年内翻倍。 （图片来自AI） | 核心因素 | 关键逻辑 | 影响程度 | | --- | --- | --- | | 货币政策 | 美联储降息,美元走弱,持有成本降低 | ななななな | | 工业需求 | 光伏、AI、新能源车爆发式增长 | ななななな ...

Group 1: Costco (COST.O) Q1 FY2026 Earnings Call - Key focus on membership growth and renewal rates, same-store sales performance, e-commerce growth, and the resilience of affluent customer spending in an inflationary environment [2] - Management's outlook on supply chain stability and store expansion strategy is also noteworthy [2] Group 2: Broadcom (AVGO.O) Q4 FY2025 Earnings Call - Attention on management's specific guidance for the upcoming year, particularly regarding the revenue explosion from Google TPU chips and when new customer orders (e.g., OpenAI) will contribute to substantial performance [5] - Inquiry into whether the high growth of AI business can be sustained and dominate the company's future [5] Group 3: Electric New Energy Industry Investment Strategy - Focus on high growth and anti-involution strategies for the electric new energy sector in 2026, utilizing energy and power system analysis methods [8] - Comprehensive discussion on investment opportunities, timing, and risks in sub-sectors such as AI power, energy storage, hydrogen ammonia, lithium batteries, wind power, and photovoltaics [8] Group 4: A-Share Market Outlook for 2026 - The beginning of the "14th Five-Year Plan" is expected to strengthen reform policy expectations, with the RMB exchange rate steadily rising, supporting liquidity [10] - Future earnings are anticipated to take over valuation as the key focus of the market, with policy dividends and industrial opportunities expected to deeply integrate [10] Group 5: Financial Institutions' Asset Management Behavior Outlook for 2026 - The "Big Central Bank" era is reshaping the financial market landscape for 2026, with central banks enhancing curve control through interest rate guidance [14] - The improvement in liability costs for state-owned banks is expected to boost trading functions, while smaller banks face constraints from fund redemptions and liability pressures [14] - Reasonable liquidity and steadily declining financing costs are expected to solidify the foundation for a slow bull market in equities, with the "deposit migration" trend likely to inject incremental funds into the market [14]

1、 中央经济工作会议在北京举行，定调明年经济工作，强调要继续实施更加积极的财政政策，保持必要的财政赤字、债务总规模和支出总量，重视解决 地方财政困难。 要继续实施适度宽松的货币政策，灵活高效运用降准降息等多种政策工具。会议确定8方面重点任务，提出要优化"两新"政策实施，清理 消费领域不合理限制措施。推动投资止跌回稳，适当增加中央预算内投资规模。坚持创新驱动，深化拓展"人工智能 "。深入整治"内卷式"竞争。加快新 型能源体系建设，扩大绿电应用。倡导积极婚育观，努力稳定新出生人口规模。着力稳定房地产市场，因城施策控增量、去库存、优供给，鼓励收购存量 商品房重点用于保障性住房等。多措并举化解地方政府融资平台经营性债务风险。 1、 国务院台办发言人陈斌华表示，统一是台湾前途的唯一方向。 当前反对"台独"分裂的斗争不是制度之争，而是统一和分裂的斗争、正义与邪恶的对 抗。我们愿意为和平统一创造广阔空间，但决不为任何形式的"台独"分裂行径留下任何余地。 2、墨西哥将从明年起对中国和其他亚洲国家的部分产品征收5%到50%的关税。 商务部新闻发言人表示，希望墨方及早纠正错误做法。为维护中国相关产 业利益，商务部已于9月底依法 ...

（*数据来源：Wind-央行动态PBOC） 1. 公开市场操作 央行 公告称， 12 月 11 日以固定利率、数量招标方式开展了 1186 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 1186 亿元，中标量 1186 亿元。 Wind 数据显示，当日 1808 亿元 逆回购到期 ，据此计算，单日净回笼 622 亿元。 2. 资金面 银行间市场资金面继续宽松， D R001 加权平均利率再降超 1bp 至 1.27% 附近，再创阶段新低。匿名点击（ X-repo ）系统上，隔夜报价在上日降至 1.25% 后持稳，仍有充足供给；非银机构质押信用债融入隔夜资金报价还在 1.45% 一线。 海外方面，最新美国隔夜融资担保利率为 3.93% 。 （IMM） // 债市综述 // （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） （*数据来源：Wind-同业存单-发行结果） 4. 银行间主要利率债收益率 | | 1Y | | 2Y | | ЗУ | | 54 | | 74 | | 10Y | | 留长债 | | | --- | --- | --- | --- | --- | --- | --- | ...

Group 1: Key Developments in the Industry - Disney announced a $1 billion investment in OpenAI to accelerate the application of artificial intelligence in entertainment content creation and user experience optimization [2] - Microsoft CEO Satya Nadella announced the launch of a new AI model, enhancing intelligent agents, and established partnerships with high-profile companies to accelerate the commercialization of autonomous AI applications [2] - Google is expected to face fines from the EU due to violations related to Google Play, with potential penalties to be announced in Q1 2026, while also opening an AI lab in the UK [2] Group 2: Financial Performance and Corporate Actions - Adobe reported record revenue of $6.19 billion for Q4, with adjusted earnings per share of $5.50, exceeding market expectations, driven by strong performance in digital media and creative software [2] - ZTE is in communication with the U.S. Department of Justice regarding ongoing matters, with timely disclosures to follow based on progress [4] - Nandu Power's controlling shareholder is planning a change in control, leading to a suspension of trading from December 12 [4] Group 3: Market Trends and Challenges - TSMC reported a 6.5% month-over-month revenue decline in November, raising concerns about further declines in December, while announcing a minimum dividend of 24 yuan for the next year [5] - Tesla's U.S. sales fell to a near four-year low in November despite launching lower-priced versions of Model Y and Model 3 [7] - Oracle's Q2 adjusted revenue was $16.06 billion, slightly below analyst expectations, with cloud revenue at $8 billion, also missing forecasts [8] Group 4: Strategic Partnerships and Innovations - Samsung Electronics is adjusting its Galaxy S26 series strategy, postponing production of standard and Plus models to early 2026, while launching a new fast-charging accessory [10] - Toyota announced the use of Wolfspeed's SiC MOSFET devices in its electric vehicle charging systems to enhance efficiency [10] - LG Electronics plans to showcase a localized AI cockpit platform at CES 2026, focusing on smart vehicle interaction technology [10]