家办一线（12.9-12.15）| 美联储宣布降息25个基点；香港2025年上半年超级富豪增幅冠绝全球

Group 1: Trust and Wealth Management - Shanghai Trust has completed the first nationwide full-process registration of a will trust, marking a significant advancement in China's trust registration system and enhancing the credibility and operational security of will trusts [7] - The Krefeld office of the Hermès family has established Breithorn Holding with an authorized capital of €1 billion, aiming to diversify investments beyond luxury goods and strengthen wealth protection [7] - The first "trust registration + estate manager" model has been implemented in Jinan, effectively addressing challenges in traditional real estate inheritance and providing a new low-cost, efficient wealth transfer path [7] Group 2: Economic Indicators and Financial Trends - The Federal Reserve has lowered the federal funds rate target range by 25 basis points to between 3.5% and 3.75%, marking the third consecutive rate cut since September 2024 [8] - Hong Kong's number of ultra-high-net-worth individuals surged by 22.9% to 17,215 in the first half of 2025, making it the fastest-growing region globally for wealth management [8] - China's total economic output is projected to reach approximately 140 trillion yuan in 2025, with significant contributions to global wealth growth [9][11] Group 3: Financial Reports and Market Developments - The social financing scale in China increased by 33.39 trillion yuan in the first 11 months of 2025, with a year-on-year growth rate of 8.5% [11] - The scale of ETFs in the Shanghai market has surpassed 4.1 trillion yuan, reflecting a 50% increase year-to-date [12] - Six major state-owned banks have initiated mid-term dividend distributions exceeding 200 billion yuan, reinforcing investor confidence in bank stocks [12] Group 4: Education and International Students - The UK government will impose a "international student tax" of £925 per year starting August 2028, potentially increasing tuition fees by 15%-20% [13] - The number of international students in the U.S. has reached a record high of 1,177,766 for the 2024/25 academic year, marking a 4.5% increase [13] - The number of Chinese applicants to UK undergraduate programs has risen to 36,385, with an acceptance rate of 52.8% [14]