| 2025年12月10日星期三 | 12月9日，中国再保险发布公告，公司于近日收到国家金融监督管理总局关于庄乾志先生任职资格的批 复。根据该批复，国家金融监督管理总局于2025年12月8日正式核准庄乾志先生担任董事会董事长的任 职资格，庄乾志先生自该日起正式履行董事长职务，任期至第五届董事会任期届满为止，任期届满可以 连选连任。 NO.4区域性银行加入消费贷贴息阵营 据证券日报，12月份以来，个人消费贷款财政贴息政策在四川、贵州、重庆加速落地。川黔渝三地相继 发布省级贴息实施细则，贵阳银行、贵州银行、成都银行、成都农商行等区域头部城商行、农商行同步 启动业务受理。这标志着此前未被纳入"国补"经办体系的区域性银行，正式加入消费贷补贴阵营，"国 补+地补"的协同发力格局初步形成。 NO.1央行开展1173亿元7天期逆回购操作 12月9日，央行公开市场开展1173亿元7天期逆回购操作，操作利率1.40%。Wind数据显示,当日有1563亿 元逆回购到期。 点评：央行今日开展1173亿元7天期逆回购操作的举措显示出其维持市场流动性稳定的意图。逆回购作 为短期的市场操作工具，能够有效缓解市场资金紧张状况，降低市场利率 ...

Core Viewpoint - The recent performance of the A-share market contrasts with the sluggishness of the Hong Kong stock market, particularly the Hang Seng Index and the Hang Seng Tech Index, which have seen declines amid concerns over liquidity and external economic factors [1][4]. Group 1: Market Performance - The Hang Seng Index and Hang Seng Tech Index have experienced notable declines, with the Hang Seng Tech Index dropping by 1.9% recently, undermining previous rebound efforts [1]. - The Hang Seng Index has risen from 20,000 to 27,000 points this year, marking a 35% increase, but faces resistance at the 30,000-point level, indicating potential challenges for further upward movement without strong support [4]. Group 2: Liquidity Concerns - The primary issue affecting the market is liquidity, influenced by external factors such as the ongoing decline in the bond market and uncertainties regarding the Federal Reserve's interest rate decisions [1][3]. - The influx of IPOs in the Hong Kong market, following a tightening of IPOs in the A-share market, has significantly impacted liquidity, contributing to the current market dynamics [4]. Group 3: Sector Analysis - The Hang Seng Tech Index has underperformed compared to the Hang Seng Index, primarily due to structural issues, with significant declines in new consumption stocks and pressures from competition in the internet sector [5]. - The Hang Seng Index benefits from a substantial presence of banks and high-dividend stocks, which have attracted institutional investors, providing effective support [5]. Group 4: Market Outlook - The current adjustments in the Hong Kong market should be viewed as a necessary correction to create space for future growth, reflecting both external influences and market demand [4]. - The Hang Seng Tech Index appears to have reached a relatively low valuation, with the potential for upward movement contingent on market sentiment and capital inflow [5].

责任编辑：陈平 12月9日，近期市场数据显示，比特币价格徘徊在90000美元附近。RadexMarkets瑞德克斯认为，年底流 动性偏薄导致市场波动加剧，同时交易活动明显减弱，使得比特币短期内呈现区间震荡格局。投资者普 遍预计美联储将采取温和的宽松政策路径，因此更多关注未来指引而非即将实施的利率调整本身。 RadexMarkets瑞德克斯认为，跨央行政策分歧和全球宏观经济信号的变化正在成为市场波动的重要驱动 因素，这意味着未来行情可能更多依赖于政策解读而非单次利率决策。 根据QCP的数据显示，比特币和以太坊的永续合约未平仓合约量自10月以来下降近一半，这表明市场吸 收大额方向性交易的能力明显减弱。RadexMarkets瑞德克斯认为，这也是比特币短期内难以突破区间的 重要原因。与此同时，Polymarket的交易数据显示，本周市場已将25个基点的降息完全计入，并普遍预 计明年1月将暂停降息，这显示市场预期宽松节奏将非常缓慢，投资者更关注政策指引和宏观环境的变 化。 12月9日，近期市场数据显示，比特币价格徘徊在90000美元附近。RadexMarkets瑞德克斯认为，年底流 动性偏薄导致市场波动加剧，同时交易 ...

Market Overview - The market experienced fluctuations after reaching a new high in November, maintaining a high-level consolidation phase. The recent phone call between the leaders of China and the U.S. and Trump's announcement of a visit to China next year may lead to improved bilateral relations [1] - Expectations for a rate cut by the Federal Reserve in December have shifted, with several officials expressing dovish sentiments, potentially improving market liquidity [1] Public Funds - In November, the newly established equity public fund shares reached 71.644 billion, an increase of 16.821 billion from the previous month, ranking in the 94.44 percentile over the past three years [6] - The issuance of active equity funds in November was 25.500 billion, up by 9.612 billion month-on-month, while passive equity funds saw an issuance of 28.892 billion, an increase of 6.354 billion [6] - The net subscription for existing stock ETFs in November was 17.700 billion, a decrease of 33.587 billion from the previous month, with significant net subscriptions observed in strategy and thematic ETFs [6] Private Securities Funds - The scale of private securities funds reached 7.01 trillion in October, showing a significant increase compared to September [2] - The number of newly issued stock products in October was 995, a decrease of 53 from September, indicating a slight downward trend [2] - The average position of the private equity long-only index in September was 66.22%, up by 2.40 percentage points from August, placing it in the 44.1 percentile since 2010 [2] Northbound Capital - The average daily trading volume of northbound capital in November was 221.242 billion, a decrease of 14.35% from the previous month, with its share of total A-share trading falling to 11.56% [7] Margin Financing - As of the end of November, the total margin financing balance was 2.47 trillion, down by 0.52% month-on-month, with the financing balance at 2.46 trillion, a decrease of 0.50% [7] - In November, there was a net outflow of 12.613 billion in margin financing, with its trading activity showing a high-level decline [7] Institutional Investment - The number of new institutional accounts opened on the Shanghai Stock Exchange in November was 9,700, a year-on-year increase of 28.49%, while individual accounts saw a decline of 11.86% [3] Insurance Capital - In Q3 2025, the net increase in equity assets held by property and life insurance reached 863.994 billion [8] - Recent macroeconomic conditions are favorable for insurance capital to enter the equity market, with risk factors for long-term holdings being adjusted downwards [8] Banking Wealth Management - The number of wealth management products issued in November was 6,651, a month-on-month increase of 35.73%, with the number of products reaching maturity also rising significantly [8] - The proportion of newly issued equity wealth management products in November was 0.92%, an increase of 0.63 percentage points from the previous month [8] Industrial Capital - In November, the net reduction in industrial capital was 40.131 billion, with an average daily net reduction of 2.007 billion, indicating a continued trend of net reduction [9] - The three main capital flow indicators showed a narrowing decline in November, suggesting a potential end to the current market adjustment phase [9]

Market Liquidity Overview - R007 decreased from 1.5222% to 1.4963%, a reduction of 2.59 basis points, while DR007 fell from 1.4668% to 1.4380%, down 2.88 basis points. The spread between R007 and DR007 increased by 0.29 basis points [9][11] - The net outflow of funds this week was 22.775 billion yuan, with net inflow increasing by 16.769 billion yuan compared to last week. Fund supply was 27.093 billion yuan, while demand was 49.867 billion yuan [11][12] Industry Sector Liquidity Tracking - Most sectors in the CITIC first-level industry index rose, with the non-ferrous metals sector showing the strongest performance, gaining 5.07%. Communication and defense industries also saw slight increases. The media and real estate sectors led the declines, falling by 3.59% and 2.13% respectively [16][18] - The defense industry had the highest overall congestion score as of the last trading day of the week [29] Style Sector Liquidity Tracking - Most style indices increased, with cyclical and growth styles leading, rising by 2.17% and 0.66% respectively. The consumer style declined by 0.66% [31] - The average daily trading volume for the growth style was the highest at 57.39%, while its turnover rate was also the highest at 2.73% [31]

流动性日报 | 2025-12-08 市场流动性概况 2025-12-05，股指板块成交7195.21亿元，较上一交易日变动+32.70%；持仓金额13711.25亿元，较上一交易日变动 +7.81%；成交持仓比为52.68%。 国债板块成交4594.65亿元，较上一交易日变动-27.52%；持仓金额7330.28亿元，较上一交易日变动-1.75%；成交持 仓比为63.76%。 基本金属板块成交5695.72亿元，较上一交易日变动-9.43%；持仓金额6923.72亿元，较上一交易日变动+2.82%；成 交持仓比为76.04%。 贵金属板块成交7950.46亿元，较上一交易日变动-23.83%；持仓金额4836.52亿元，较上一交易日变动-0.54%；成交 持仓比为252.49%。 能源化工板块成交3754.22亿元，较上一交易日变动-2.03%；持仓金额4635.84亿元，较上一交易日变动-0.21%；成 交持仓比为74.93%。 农产品板块成交2775.10亿元，较上一交易日变动-12.65%；持仓金额6086.99亿元，较上一交易日变动+0.08%；成 交持仓比为44.97%。 黑色建材板块成交2081 ...

12月4日（周四），伦敦金属交易所（LME）铜价周四从历史高位回落，交易商表示，导致本周铜价飙 升的供应紧张恐慌情绪已经开始缓解。 伦敦时间12月4日17:00(北京时间12月5日01:00)，三个月期铜收盘下跌37.50美元，或0.33%，报每吨 11,450.00美元，盘中稍早一度触及11,529美元，距离周三创下的每吨11,540美元历史高点仅一步之遥。 LME公布的数据显示，韩国仓库的新净注销量再增50,725吨，此前亚洲地区仓单注销量已于前日突破 50,725吨。 周三LME现货铜合约与三个月合约价差因此一度升至每吨88美元左右，为10月中以来最高，表明市场 对即期金属的需求强劲。周四该溢价回落至62美元左右。 Sucden Financial指出，2025年铜市供需仍维持微弱盈余，但当前任何轻微扰动都可能导致缺口。该经纪 商认为每吨10,830美元是铜价年底前的关键支撑位。 "预计节假日期间流动性将持续恶化。叠加整个金属板块投机参与度居高不下，这将加剧市场出现异常 波动或无序波动的风险，尤其在价差本已收窄的薄弱市场中。" 与此同时，高盛将2026年上半年伦铜均价预测自每吨10,415美元上调至每吨 ...

Report Rating - No information provided on the industry investment rating Core View - The report presents the trading liquidity data of various market sectors on December 3, 2025, including trading volume, holding amount, and trading - holding ratio, along with their changes compared to the previous trading day [1][2] Summary by Directory I. Board Liquidity - The liquidity of different market sectors is analyzed, including trading volume, holding amount, and trading - holding ratio, as well as their changes compared to the previous trading day [1][2] II. Stock Index Board - On December 3, 2025, the stock index board had a trading volume of 560.771 billion yuan, a +22.06% change from the previous trading day; the holding amount was 1307.145 billion yuan, a +4.64% change; the trading - holding ratio was 42.50% [1] III. Treasury Bond Board - On December 3, 2025, the treasury bond board had a trading volume of 347.233 billion yuan, a -2.08% change from the previous trading day; the holding amount was 752.001 billion yuan, a +2.70% change; the trading - holding ratio was 46.48% [1] IV. Base Metals and Precious Metals (Metal Board) - Base metals: On December 3, 2025, the trading volume was 443.560 billion yuan, a +7.65% change from the previous trading day; the holding amount was 647.715 billion yuan, a +1.22% change; the trading - holding ratio was 66.90% - Precious metals: On December 3, 2025, the trading volume was 1103.452 billion yuan, a +3.57% change from the previous trading day; the holding amount was 486.283 billion yuan, a -0.67% change; the trading - holding ratio was 357.37% [1] V. Energy and Chemicals Board - On December 3, 2025, the energy and chemicals board had a trading volume of 399.981 billion yuan, a +4.47% change from the previous trading day; the holding amount was 465.694 billion yuan, a +0.51% change; the trading - holding ratio was 74.15% [1] VI. Agricultural Products Board - On December 3, 2025, the agricultural products board had a trading volume of 276.631 billion yuan, a -5.39% change from the previous trading day; the holding amount was 606.869 billion yuan, a -0.57% change; the trading - holding ratio was 45.93% [1] VII. Black Building Materials Board - On December 3, 2025, the black building materials board had a trading volume of 213.907 billion yuan, a +12.99% change from the previous trading day; the holding amount was 355.697 billion yuan, a -0.23% change; the trading - holding ratio was 60.87% [2]

流动性日报 | 2025-12-03 市场流动性概况 2025-12-02，股指板块成交4594.06亿元，较上一交易日变动-12.06%；持仓金额12492.16亿元，较上一交易日变动 -2.55%；成交持仓比为36.64%。 国债板块成交3546.25亿元，较上一交易日变动+10.35%；持仓金额7321.96亿元，较上一交易日变动+0.43%；成交 持仓比为48.03%。 基本金属板块成交4120.38亿元，较上一交易日变动-25.45%；持仓金额6399.35亿元，较上一交易日变动+0.19%； 成交持仓比为63.73%。 贵金属板块成交10654.04亿元，较上一交易日变动-4.58%；持仓金额4895.88亿元，较上一交易日变动+0.43%；成 交持仓比为336.55%。 能源化工板块成交3828.59亿元，较上一交易日变动-11.77%；持仓金额4633.38亿元，较上一交易日变动+0.68%； 成交持仓比为74.19%。 农产品板块成交2924.01亿元，较上一交易日变动-0.61%；持仓金额6103.69亿元，较上一交易日变动+0.53%；成交 持仓比为45.19%。 黑色建材板块成交189 ...

Core Viewpoint - The cryptocurrency market experienced a significant collapse, with Bitcoin dropping 6% to below $86,000 and Ethereum falling 7% to around $2,800, leading to widespread declines in major altcoins [1][3]. Market Impact - The turmoil in the cryptocurrency market quickly spread to traditional financial markets, causing the Nasdaq 100 futures to drop by 1%, particularly affecting tech stocks [3]. - MicroStrategy, a major holder of Bitcoin with $56 billion in assets, indicated that they might be forced to sell part of their holdings if the mNAV ratio turns negative, which is currently at 1.19, close to the warning threshold [3][13]. - The correlation between Bitcoin and U.S. stocks has intensified, with Bitcoin's sudden drop reversing a positive market sentiment that followed Nvidia's strong earnings report, ultimately leading to a 300-point decline in the Dow [3][13]. Preceding Indicators - The collapse was foreshadowed by a $19 billion leveraged liquidation in early October, which initiated a selling spree that saw Bitcoin drop 16.7% in November [3][6]. - Despite a brief rebound above $90,000, the recovery was weak and unsustainable [3]. Structural Weaknesses - The market is facing structural vulnerabilities, with a significant lack of new capital inflows into Bitcoin ETFs and a recent net outflow exceeding $1 billion in a single week [6][8]. - The tightening of global liquidity, driven by signals from the Bank of Japan and hawkish comments from the Federal Reserve, has put additional pressure on high-risk assets [6][8]. Regulatory Environment - Regulatory concerns are also impacting market confidence, with warnings from the People's Bank of China about the risks associated with virtual currencies and the EU's MiCA legislation imposing strict limits on stablecoins [9]. - The downgrade of USDT's stability rating by S&P Global Ratings raises concerns about collateral adequacy, which could undermine the entire crypto ecosystem reliant on stablecoins [9]. Market Dynamics - The simultaneous decline of both risk assets like Bitcoin and traditional safe-haven assets like gold indicates a systemic liquidity contraction, forcing investors to liquidate assets for cash [11]. - The recent downturn has led to a significant number of liquidations, with over 260,000 traders losing approximately $941 million in just 24 hours [8]. Future Outlook - The market is now focused on upcoming U.S. non-farm payroll and inflation data, which will provide insights into the Federal Reserve's monetary policy direction [13]. - The potential selling pressure from MicroStrategy looms over the market, and without new capital inflows, the sustainability of any price recovery remains in doubt [13].