Core Viewpoint - Yunnan Province's industrial added value increased by 4.5% year-on-year from January to November, showing a 0.9 percentage point acceleration compared to the previous period [1] Group 1: Industrial Performance - The mining industry saw an added value growth of 9.5%, while the manufacturing sector grew by 4.7%, and the electricity, heat, gas, and water production and supply industry increased by 2.2% [1] - High-end manufacturing performed well, with equipment manufacturing and high-tech manufacturing added value growing by 17% and 16.9% respectively, surpassing the overall industrial growth rate by 12.5 and 12.4 percentage points [1] Group 2: Consumption and Investment - The total retail sales of social consumer goods reached 11,646.20 billion yuan, marking a 3% year-on-year increase [1] - Fixed asset investment decreased by 4% year-on-year, with the primary industry investment growing by 2.4%, while the secondary and tertiary industries saw declines of 2.5% and 5.5% respectively [1] Group 3: Key Industry Investments - Infrastructure investment grew by 2% year-on-year, accounting for 47.7% of total investment, contributing 0.9 percentage points to overall investment growth, with transportation investment increasing by 2.4% [2] - Energy industry investment rose by 12.8%, continuing its rapid growth trend, contributing 1.9 percentage points to total investment growth, while tourism investment increased by 8.5%, adding 0.5 percentage points [2] Group 4: Economic Indicators - From January to October, the service industry in Yunnan achieved operating income of 3,154.73 billion yuan, reflecting a year-on-year growth of 6.8% [2] - In November, the Consumer Price Index (CPI) rose by 0.4% year-on-year, while the Producer Price Index (PPI) decreased by 0.7% [2]

希腊《每日报》12月12日报道，欧洲银行11日表示，希腊2025年第三季度经济增长速度超过欧元区，但 实际国内生产总值仍比2007年第二季度的峰值低14.8%。按购买力平价计算的人均GDP仅为欧盟水平的 70%，低于2008年的93%。经济增长仍然严重依赖私人消费，储蓄和投资受限。得益于欧盟复苏基金支 持，今年经济增长近2%，但后续需要技术革新和加快改革，以期在欧盟基金结束后能继续保持增长势 头。 ...

希腊《每日报》12月7日报道，根据希腊统计局发布的数据，得益于投资显著增长12.8%（环比增长 0.6%）。今年第三季度希腊经济增长率达到2%。希腊表现优于欧盟（1.6%）和欧元区（1.4%）。今年 前9个月，希腊经济平均增长率接近2%（第一季度2%，第二季度1.6%，第三季度2%）。 ...

Report Summary 1. Core Views - The National Financial System Work Conference emphasized the need to effectively carry out key financial tasks in 2026, including risk prevention, regulatory strengthening, and promotion of high - quality development [3]. - The central bank will continue to implement a moderately loose monetary policy, using various tools like reserve requirement ratio cuts and interest rate cuts, and focus on promoting economic growth and price stability [5]. - The Fed officials have different views on interest rate cuts, with some opposing due to concerns about inflation [9]. 2. Domestic News 2.1 Policy - related - At the National Financial System Work Conference, measures were proposed to prevent and resolve risks in local small and medium - sized financial institutions, real estate enterprises, and local government financing platforms, and to strengthen financial supervision and promote high - quality development [3]. - The National Development and Reform Work Conference summarized 2025 work and set nine key tasks for 2026 [4]. - The central bank will continue the moderately loose monetary policy, using the integrated effect of existing and new policies and multiple monetary policy tools [5]. - The National Financial Supervision and Administration总局 issued the "Interim Measures for the Supervision and Administration of Commercial Bank Custody Business" to standardize the custody business of commercial banks [7]. - Three departments jointly issued a notice to boost consumption by strengthening financial support [7]. 2.2 Economic Data - As of the end of November 2025, the stock of social financing scale was 440.07 trillion yuan, with a year - on - year increase of 8.5%. The cumulative increase in social financing scale in the first 11 months was 33.39 trillion yuan, 3.99 trillion yuan more than the same period last year [6]. - China's economic aggregate is expected to reach about 140 trillion yuan this year [8]. 3. International News - Fed officials debated whether interest rate cuts would harm inflation, and there were differences among next year's voting members on policy [9]. 4. Commodities - On December 12, WTI January crude futures fell 0.28% to $57.44 per barrel, down about 4.4% for the week; Brent February crude futures fell 0.26% to $61.12 per barrel, down about 4.1% for the week. COMEX February gold futures rose 0.35% to $4328.3 per ounce, up 2% for the week. NYMEX natural gas prices fell 3.14% to $4.101234 per ounce [10]. 5. Fundamentals 5.1 Open - market Operations - On December 12, the central bank conducted 1205 billion yuan of 7 - day reverse repurchase operations, with an operating rate of 1.40%. With 1398 billion yuan of reverse repurchases maturing, the net withdrawal was 193 billion yuan [12]. 5.2 Fund Rates - On December 12, DR001 decreased by 0.21bp to 1.275%, and DR007 increased by 1.75bp to 1.469%. Other rates also showed different changes [13][14]. 6. Bond Market Dynamics 6.1 Interest - rate Bonds - On December 12, the bond market weakened. The yield of the 10 - year treasury bond active bond 250016 rose 2.75bp to 1.8425%, and the yield of the 10 - year CDB bond active bond 250215 rose 3.35bp to 1.9165%. There were also auctions of 2 - year and 10 - year treasury bonds [15][17]. 6.2 Credit Bonds - On December 12, 5 bonds had a trading price deviation of more than 10%. "21 Vanke 02" fell more than 17%, while some bonds of Shimao and Baolong rose significantly. There were also credit - related events such as Zheng Rong being listed as a dishonest executor [17][18]. 6.3 Convertible Bonds - On December 12, the A - share market rose, and the convertible bond market also followed. The CSI Convertible Bond, Shanghai Stock Exchange Convertible Bond, and Shenzhen Stock Exchange Convertible Bond indices rose 0.35%, 0.38%, and 0.30% respectively. There were new listings, price increases and decreases of individual bonds, and various events such as proposed price adjustments and early redemptions [19][20][26]. 6.4 Overseas Bond Markets - In the US bond market on December 12, the yield of the 2 - year US Treasury remained unchanged at 3.52%, while other maturities generally rose. The 10 - year TIPS break - even inflation rate rose 1bp to 2.26%. In the European bond market, the 10 - year government bond yields of major European economies generally rose [23][27][28].

新华财经杜尚别12月17日电（记者安晓萌）塔吉克斯坦总统拉赫蒙16日说，塔吉克斯坦今年国内生产总 值（GDP）预计达到1730亿索莫尼（1美元约合9.21索莫尼），经济增长率达8.4%。 他还说，提高人民生活水平和生活质量是国家和政府的最高目标，今年塔吉克斯坦贫困率已降至19%， 未来目标是进一步降至10%。 （文章来源：新华社） 拉赫蒙当天在议会发表年度国情咨文时说，过去10年，塔吉克斯坦GDP增长了2.4倍，年均增速达 7.6%。该国将力争2026年实现至少8%的经济增速。 拉赫蒙说，由于采取了确保国家可持续发展的必要措施，塔吉克斯坦预算收入逐年增加，到2025年达到 500亿索莫尼，比2021年增长65%。 ...

经济观察网塔吉克斯坦总统拉赫蒙12月16日表示，塔吉克斯坦今年国内生产总值(GDP)预计达到1730亿 索莫尼(1美元约合9.21索莫尼)，经济增长率达8.4%。 拉赫蒙表示，由于采取了确保国家可持续发展的必要措施，塔吉克斯坦预算收入逐年增加，到2025年达 到500亿索莫尼，比2021年增长65%。 拉赫蒙称，提高人民生活水平和生活质量是国家和政府的最高目标，今年塔吉克斯坦贫困率已降至 19%，未来目标是进一步降至10%。 拉赫蒙当天在议会发表年度国情咨文时表示，过去10年，塔吉克斯坦GDP增长了2.4倍，年均增速达 7.6%。该国将力争2026年实现至少8%的经济增速。 ...

新华社杜尚别12月17日电（记者安晓萌）塔吉克斯坦总统拉赫蒙16日说，塔吉克斯坦今年国内生产总值 （GDP）预计达到1730亿索莫尼（1美元约合9.21索莫尼），经济增长率达8.4%。 ...

Economic Growth Overview - In November 2025, China's industrial added value grew by 4.8% year-on-year, slightly down by 0.1 percentage points from the previous month[3] - The service production index increased by 4.2% year-on-year, a decrease of 0.4 percentage points compared to October[3] - Retail sales of consumer goods rose by 1.3% year-on-year, down 1.6 percentage points from the previous month[3] Sector Performance - High-tech manufacturing added value increased by 8.4%, accelerating by 1.2 percentage points from the previous month, outpacing the overall industrial growth rate by 3.6 percentage points[3] - The export delivery value showed a marginal recovery, with a year-on-year decline of 0.1%, improving by 2.0 percentage points from October[3] - The service retail sales grew by 5.4% year-on-year from January to November, with a 0.1 percentage point increase compared to the previous month[3] Investment Trends - Fixed asset investment saw a cumulative year-on-year decline of 2.6% from January to November, a drop of 0.9 percentage points from the previous month[3] - Infrastructure and manufacturing investments maintained expansion, with cumulative year-on-year growth rates of 0.1% and 1.9%, respectively[3] - Equipment purchase investment rose by 12.2% year-on-year, contributing 1.8 percentage points to overall investment growth[3] Risks and Outlook - Risks include potential underperformance of growth stabilization policies, unexpected severity of overseas economic downturns, and escalation of geopolitical conflicts[3]

"展望2026年，我仍然相当乐观地认为经济将保持一个相当不错的稳定增速。如果经济能够实现这一 点，并且通胀率降至2%左右，我认为利率可以下调，古尔斯比周二在接受采访时表示。 芝加哥联储行长古尔斯比表示，预计2026年经济增长强劲，如果这种情况发生，利率应该能够进一步下 降。 "展望2026年，我仍然相当乐观地认为经济将保持一个相当不错的稳定增速。如果经济能够实现这一 点，并且通胀率降至2%左右，我认为利率可以下调，古尔斯比周二在接受采访时表示。 古尔斯比重申，他反对美联储本月初的降息决定，因为他更倾向于等待更多经济数据。 古尔斯比表示，芝加哥联储辖区的企业和消费者仍然对通胀表示担忧。 责任编辑：于健 SF069 古尔斯比重申，他反对美联储本月初的降息决定，因为他更倾向于等待更多经济数据。 古尔斯比表示，芝加哥联储辖区的企业和消费者仍然对通胀表示担忧。 责任编辑：于健 SF069 芝加哥联储行长古尔斯比表示，预计2026年经济增长强劲，如果这种情况发生，利率应该能够进一步下 降。 ...

他 预计2026年前六个月通胀将大幅下降 ，房租也将大幅下降，并认为尽管物价水平已经非常高，但实际工资的提升将能解决 这一问题。 同时，贝森特指出，美国总统 特朗普将于1月初公布美联储主席人选，本周可能还有一到两次面试 。这一关键任命将影响未来 数年美国货币政策走向，市场对此高度关注。 贝森特在表态中否认了外界对新任美联储主席独立性的质疑，称特朗普在面试中对政策相关问题一直非常直率。他表示， 候选 人沃什和哈塞特都非常有资格，并驳斥了"哈塞特无法在美联储拥有影响力"的说法。 贝森特称， 国会应当停止（议员的）股票交易行为。 贝森特称，本周和下周可能还有一两次美联储主席的面试，否认对新任主席独立性的质疑，称候选人沃什和哈塞特都非常有资 格，强调新主席要有"开放的思维"，特别是要打破联储常有的增长导致通胀观念，驳斥哈塞特无法在联储拥有影响力的说法；预 计1月最高院作出关税案裁决，警告推翻关税将危害国家安全；一季度会有1000亿至1500亿美元巨额退税，平均每个家庭可能 得到1000至2000美元。 新美联储主席要打破增长导致通胀的观念 周二（12月16日），美国财政部长贝森特表示，对美国经济前景表达乐观预期，预计 ...