华尔街见闻早餐FM-Radio | 2026年1月1日

Market Overview - In 2025, U.S. stock and bond markets faced declines, with major indices experiencing four consecutive days of losses. However, the tech sector supported the Nasdaq, which rose over 20% for the year, while Nvidia and Google saw annual gains of nearly 40% and 65%, respectively [2] - The U.S. unemployment claims fell to 199,000, nearing historical lows, indicating a recovering job market [19] - The Chinese manufacturing PMI for December returned to the expansion zone at 50.1, while the non-manufacturing PMI was at 50.2, suggesting a slight improvement in economic activity [27] Commodity Market - Precious metals experienced significant volatility, with gold and silver prices rising over 60% and nearly 150% for the year, marking the largest annual gains since 1979 [2] - Crude oil prices fell approximately 20% in 2025, representing the largest annual decline in five years, with Brent crude also experiencing a three-year consecutive drop [2] - Copper prices increased over 40% for the year, achieving the highest annual gain since 2009 [2] Company and Industry Developments - OpenAI reported an average employee compensation of $1.5 million, setting a record in the tech industry [20] - Blue Arrow Aerospace's IPO has been accepted, aiming to become the first commercial rocket company listed in China, following a successful launch of its reusable rocket [29] - Chinese electric vehicle brands achieved a record market share of 12.8% in Europe, with significant sales increases for companies like BYD and Chery [29] Financial Regulations - The China Securities Regulatory Commission announced a reduction in public fund subscription fees and sales service fees, with no sales service fees for fund shares held for over a year [18]