本版供图：新华社 中新社 时报财经图库 编者按：2025年，世界变乱交织，中国经济顶压前行。国内，我们见证韧性：从经济总量有望达到140万亿 元、"十五五"蓝图即将全面展开，到资本市场壮大、科技自立突破、海南自贸港封关运作，中国经济在高质量发 展轨道上稳健向前。国际，我们观察变局：从中美元首釜山会晤、全球央行转向宽松，到AI热潮、全球主要股市 大涨，世界在寻找新的平衡与增长动力。在2026年即将来临之际，本报编辑部评出2025年国内、国际十大财经新 闻，以飨读者。 本版撰文：吴少龙 ...

随着美股逼近历史高点，策略师们正对"AI泡沫"的担忧嗤之以鼻，至少目前是这样。 Bartels将当前市场与之前的泡沫时期进行了对比，包括上世纪20年代末和互联网泡沫时期。 "我们的走势非常相似。事实上，这种模式的重合度简直令人毛骨悚然，"她说。"我预见到泡沫正在形 成，但可能要到29年或30年才会真正到来。" 但就目前而言，Sanctuary的策略师预测，科技股将继续领跑市场直到本年代末。他们预计，到2030年， 标普500指数将在10000点至13000点之间。 "这就是为什么我们呼吁在2026年要'无所畏惧'，市场仍有巨大的上涨空间，尤其是科技板块，"她说。 美股的上涨动力部分来自半导体股。曾经被视为周期性商品的它们如今已转变为成长股，而英伟达"基 本上改写了半导体芯片的发展路径"。 这家AI芯片巨头今年以来已飙升超40%，市值推高至4.6万亿美元，使其成为最有价值的上市公司。上 周五，在宣布与专业芯片制造商Groq达成200亿美元的授权交易后，英伟达股价进一步上涨。 随着芯片领域的升温，Alphabet旗下的谷歌也因其被称为TPU的专用客户芯片而备受关注。Alphabet的 股价今年迄今已暴涨约65%。 ...

大家好啊，一起看看今晚市场有哪些值得关注的消息！ 【导读】美股清淡， 上期所沪铜期货主力合约站上十万关口 中国基金报记者 泰勒 美股清淡 12月26日晚间，美股三大指数表现比较清淡，均处于不涨不跌的状态之中。 | 48742.89 V ------- | 23617.03 V ------ | 6936.61 | | --- | --- | --- | | 道琼斯指数 +0.02% | 纳斯达克综合指数 +0.02% | 标普500指数 +0.07% | The Sevens Report的Tom Essaye表示："除非出现地缘政治意外，否则今天应该会是安静的一天——没有经济数据、没有重要 财报，也没有值得关注的美联储官员讲话。" 英伟达股价上涨近2%，消息面上，英伟达公司同意与人工智能初创公司Groq达成一项技术授权协议，进一步加码对"AI热潮"相 关企业的布局，并获得将一种新技术加入自家产品的权利。 这家全球市值最高的上市公司已经付费获得使用Groq技术的授权，并将把Groq的芯片设计整合进未来产品。两家公司表示， Groq的部分高管将离职加入英伟达，协助推进相关整合工作。Groq在周三发布于官网的声明 ...

今日周五(12月26日)亚盘时段，纸白银目前交投于16.659一线上方/下方，今日开盘于15.935元/克，截至 发稿，纸白银暂报16.757元/克，上涨5.16%，最高触及16.926元/克，最低下探15.935元/克，目前来看， 纸白银盘内短线偏向看涨走势。 【要闻速递】 【最新纸白银行情解析】 白银能走出这般强势行情，核心驱动力离不开旺盛的产业需求。在快速扩张的太阳能领域，白银作为关 键原材料，需求随光伏装机量同步攀升；医疗应用与现代电子领域的刚性需求，为其价格搭建了稳 固"地板"；再叠加2025年AI热潮的助推，白银在电子元器件中的应用价值进一步凸显，需求端持续保持 高温。 日图来看，纸白银早盘价格从上一日收盘价直线拉升，价格涨超5%，继续突破新高，布林带收口，表 明目前上涨动能减弱，有回调风险，但整体走势保持强势不变，多头仍占主导地位，纸白银走势下方关 注15.5-15.90支撑，上方关注16.90-17.50阻力。 其实大宗商品走强早有预期，但白银涨势的力度、覆盖度与持续性，还是超出了多数投资者的预判，这 也再次验证了一个市场核心逻辑：强劲的上升趋势，往往能在超买区间停留更久，而这恰恰是健康牛市 ...

Groq CEO罗斯加入英伟达 不过，根据Groq的官方新闻稿，英伟达只是与Groq达成了一项非排他性授权协议，获得了Groq的推理 技术授权。作为协议的一部分，Groq创始人、CEO乔纳森.罗斯(Jonathan Ross)、总裁桑尼.马德拉(Sunny Madra)和其他高管将加入英伟达，协助推进并发展该授权技术。 Groq补充称，它将继续作为一家"独立公司"运营，由其财务主管西蒙.爱德华兹(Simon Edwards)出任 CEO。 这笔交易的财务细节并未披露。Groq是谷歌等研发自主AI芯片以抗衡英伟达的公司之一。该公司成立 于2016年，今年9月以69亿美元的投后估值完成7.5亿美元融资，当时曾表示将把资金用于扩展数据中心 容量。(作者/箫雨) 凤凰网科技讯北京时间12月25日，据彭博社报道，英伟达公司已同意与AI芯片创业公司Groq达成授权 协议，进一步加码投资与AI热潮相关的公司。 CNBC稍早前报道称，Disruptive公司CEO亚历克斯.戴维斯(Alex Davis)披露，英伟达已同意以200亿美元 现金收购AI芯片设计公司Groq的资产，创造公司史上最大收购交易。Disruptive在今 ...

受消费者支出、出口、政府支出等因素推动，美国三季度经济以两年来的最快速度扩张，表现意外超预 期。 据央视新闻报道，美国商务部23日公布的首次预估数据显示，今年第三季度美国国内生产总值环比按年 率计算增长4.3%。美国出口和消费支出有所增长，但投资和进口均出现下降。 与此同时，第三季度个人消费支出（PCE）物价指数上涨2.8%，高于第二季度的2.1%。剔除波动较大的 食品和能源价格后，三季度核心PCE物价指数为2.9%，高于第二季度的2.6%。 在美国相对火热的经济数据背后，消费者信心却持续颓靡。由于物价高企以及加征关税政策的影响，美 国消费者对经济的信心继续受到冲击。美国研究机构世界大型企业研究会23日发布的初步调查数据显 示，美国12月消费者信心指数跌至89.1，为连续五个月下滑，低于11月修正后的92.9，为今年4月以来最 低水平。 经济数据的"热"和消费者的"冷"形成了鲜明对比，"冰火两重天"的数据背后有何玄机？ 火热数据背后的微妙信号 在美国经济表现超预期背后，一系列微妙信号需要关注。 中航证券首席经济学家董忠云对21世纪经济报道记者表示，美国第三季度GDP超预期增长，一定程度上 反映了美国当前经济在 ...

Core Viewpoint - Stronger-than-expected U.S. economic growth data has diminished market expectations for a recent Federal Reserve interest rate cut, leading to a general decline in global stock markets while commodities surge, particularly precious metals and agricultural products [1][2]. Economic Data and Market Reactions - U.S. stock index futures fell, with the Dow Jones futures down over 0.1%, S&P 500 futures down 0.13%, and Nasdaq futures down 0.12% [2]. - Asian stock indices also declined, with Japan's Nikkei 225 down 0.1% and South Korea's Seoul Composite Index down 0.2% [2]. Currency Movements - The U.S. dollar index decreased by 0.2%, while the Japanese yen strengthened for three consecutive days, trading at 155.67 against the dollar [3]. - The South Korean won also appreciated, nearing the psychologically significant 1500 won per dollar mark, which has only been breached during extreme market pressures [6]. Commodity Price Trends - Gold prices initially surpassed $4500 per ounce before slightly retreating to $4485, marking a significant increase of over two-thirds this year [3][8]. - Silver prices rose nearly 1% to $72.11 per ounce, driven by both investment and industrial demand [11]. - Platinum prices reached a historical high above $2300 per ounce, influenced by supply shortages from major producing countries [14]. - London copper prices hit a record high, surpassing $12224 per ton [17]. - Chicago wheat futures continued to rise for five consecutive trading days, driven by supply concerns due to geopolitical issues and adverse weather conditions in the U.S. [18].

Core Insights - The prices of storage products, including memory and hard drives, have surged dramatically in recent months, with some products experiencing price increases of over 200% [3][9] - This price surge is attributed to a "storage supercycle" driven by the increasing demand from AI applications, which require significantly more memory than traditional servers [9][10] - Major PC manufacturers are responding to these rising costs by planning price increases for their products, with some brands already announcing price hikes of 10% to 30% [7][8] Price Trends - The price of an 8GB DDR4 memory module has increased from around 100 yuan to over 300 yuan within two months, marking a 15% increase in overall costs for building a home computer [1][3] - A 1TB solid-state drive has seen its price rise nearly threefold, with some models now costing between 800 to 900 yuan, compared to 200 to 300 yuan earlier this year [5][9] - TrendForce data indicates that DRAM prices have risen by 171.8% year-on-year, significantly outpacing the price increase of gold, which was less than 110% [6] Manufacturer Responses - Dell has announced a price increase for its commercial computers, with expected hikes ranging from $130 to $765 depending on the configuration [7] - HP's CEO has indicated that the ongoing rise in memory costs will necessitate price adjustments, although the company currently has sufficient inventory to mitigate immediate impacts [8] - Both Acer and ASUS have confirmed plans to raise prices, with ASUS indicating a flexible approach to timing based on market conditions [7][8] Market Dynamics - The surge in storage product prices is linked to a significant increase in demand from AI server applications, which require eight times the DRAM of standard servers [9][10] - Major DRAM manufacturers like Samsung and SK Hynix are shifting production focus from DDR4 to more profitable DDR5 and HBM memory, tightening supply for commonly used DDR4 products [9] - The current price trends may persist into the first half of 2026, with potential relief expected as manufacturers gradually increase production capacity [10]

今年传统的股债平衡组合录得两位数涨幅，创下2019年以来最佳表现。Cambria Investments旗下一只持有29只ETF的全球配置基金录得成立以来最佳 年度表现，多资产量化组合的回报超越标普500指数。 尽管多元化策略在2025年表现出色，资金却持续流向集中的大型科技股敞口和主题交易。一些策略师警告称，在市场估值高企和集中度加深之际，放 弃多元化可能在错误的时机让投资组合暴露于风险之中。 投资者持续背离平衡策略 2025年，多元化投资策略录得多年来最强表现，但这一成就在AI热潮中几乎未获关注。 BCA Research首席策略师Marko Papic表示： 尽管所有焦点都集中在AI故事上，但2025年并非股票的故事，关键在于全球多元化配置。 2025年可能标志着华尔街传统谨慎策略的回归，但今年投资者仍然纷纷抛售这些策略。 今年传统的股债平衡组合录得两位数涨幅，创下2019年以来最佳表现。然而资金却持续流向集中的大型科技股敞口和主题交易。一些策略师警告称，在 市场估值高企和集中度加深之际，放弃多元化可能在错误的时机让投资组合暴露于风险之中。 本周的通胀数据印证了多元化策略的价值。周四美国通胀数据低于预期 ...

Core Viewpoint - The successful listing of Wallen Technology on the Hong Kong Stock Exchange marks it as the first GPU company in Hong Kong, following the positive market responses to the listings of other domestic GPU firms like Moer Thread and Muxi Technology [3][4]. Group 1: Company Overview - Wallen Technology has successfully passed the hearing for its listing on the Hong Kong Stock Exchange, becoming the first GPU company in Hong Kong, while other domestic GPU firms have opted for the STAR Market [3][4]. - The company initially planned to list on the STAR Market but shifted to Hong Kong due to the advantages of capital acquisition and a more diverse platform [4]. - Wallen Technology has a strong investment backing from various notable funds and companies, including state-owned platforms and top-tier venture capital firms [4]. Group 2: Market Context - The recent listings of Moer Thread and Muxi Technology have generated significant market interest, with Moer Thread's stock price increasing by 517.53% and Muxi Technology's by 692.95% shortly after their respective listings [5]. - Analysts suggest that Wallen Technology could benefit from the ongoing AI boom and high market sentiment if it launches its IPO at the right time [5][6]. Group 3: Financial Performance - Wallen Technology's revenue projections show growth from 0.499 million in 2022 to 33.7 million in 2024, with expected revenues of 39.3 million and 58.9 million in the first halves of 2024 and 2025, respectively [7][8]. - Despite revenue growth, Wallen Technology has faced significant losses, with losses of 1.474 billion, 1.744 billion, and 1.538 billion from 2022 to 2024, and a projected loss of 1.601 billion in the first half of 2025 [9]. Group 4: Competitive Landscape - Wallen Technology operates in a competitive environment, facing challenges from other domestic AI chip manufacturers, particularly as the market shifts towards AI applications [8][9]. - The company has established partnerships with leading firms and has received stable orders, indicating a positive market position despite the competitive pressures [8].