Core Viewpoint - The article discusses the rising trend of consumers using credit cards to purchase gold as a form of investment, highlighting the associated risks and recent bank regulations aimed at curbing this practice [2][12]. Group 1: Credit Card Usage for Gold Investment - Many consumers are leveraging credit cards to buy gold, especially during price surges, with some reporting purchases as high as 300,000 yuan [2][6]. - The practice of using credit cards for gold purchases is seen as a form of leveraging, which increases financial risk due to potential price volatility in the gold market [9][14]. - Banks like Industrial Bank and Jiangsu Bank have issued warnings prohibiting the use of credit cards for investment purposes, including gold [12][13]. Group 2: Market Trends and Consumer Behavior - International gold prices have reached new highs, with prices exceeding 3,055 USD per ounce and domestic prices surpassing 710 yuan per gram, driving consumer interest in gold investment [4][13]. - Consumers are sharing experiences on social media about buying gold with credit cards, often with the intention of selling at a profit when prices rise [4][6]. - Some consumers view gold as a long-term investment, choosing to hold onto their purchases rather than sell immediately [6][9]. Group 3: Risks and Regulatory Responses - The article emphasizes the risks associated with using credit cards for gold purchases, including the potential for significant financial loss if gold prices decline [8][14]. - Regulatory bodies have previously established guidelines prohibiting the use of credit card funds for investments, which has not been effectively enforced in the past [12][13]. - Banks are implementing stricter monitoring and controls on credit card transactions related to gold purchases to mitigate risks [10][13].

今日，亚洲首批个股杠杆及反向产品（杠反）在港交所上市，投资者可以在白天2倍做多或做空五大热门美股，包括英 伟达、特斯拉、Coinbase、MicroStrategy和伯克希尔。 据了解，单一股票杠杆及反向产品自2018年在欧洲推出并流行，而美国自2022年推出至今共有349种产品，总管理规模 约1219亿美元，前10种产品规模占比59%。香港是第一个允许做个股杠杆反向的亚洲市场，对中国香港和内地的投资者 来说，这是一种前所未见的陌生产品。 为此，券商中国记者专访了南方东英量化投资总监王毅，深度解析个股杠杆及反向产品的夜盘、做空、对冲等功能，以 及实操层面的费用、标的、敞口等问题。 提供美股夜盘和反向功能 券商中国记者：个股杠杆及反向产品（杠反）的作用是什么？ 王毅：个股杠杆及反向产品，为投资者在亚洲交易时段（对应美股夜盘时间）提供便捷的美国热门股票交易或对冲工 具，可以对美国盘后新闻（例如收益、宏观政策变动）做出灵活反应。简单举个例子，买入挂钩特斯拉的个股杠杆产 品，就可以两倍放大收益或亏损；而买入特斯拉的个股杠反产品，若特斯拉跌2%，不考虑费用的情况下，那两倍反向就 可以实现4%的涨幅。 券商中国记者：香港 ...

以下文章来源于投资家 ，作者笔锋 投资家 . 投资家是投资家网旗下专注财经科技领域的内容平台。多次荣获年度影响力财经号，并多次获得百度、 头条、新浪、网易、搜狐、东财、同花顺、澎湃等颁发的荣誉奖项。投资家网是国内知名资本与产业创 新综合服务平台。 作者 ： 笔锋 来源：投资家（ID：touzijias） 赌神又出手了。 当"杠杆狂人"盯上AI，全球科技圈正在见证一场疯狂到窒息的豪赌。 近日，外媒一则报道，再次把孙正义推上了风口浪尖。这个曾用2000万美元押中阿里巴巴、狂赚2000 倍的日本首富，如今又盯上了AI。 他计划借款240亿美元（约合1744亿人民币），加上抵押ARM股份借来的185亿美元，再加上软银自 掏的100亿美元，孙正义这次至少要拿500亿美元，"All In"星际之门（Stargate）和 OpenAI这两个连马 斯克都直呼"离谱"的豪赌。 有人惊叹"这是人类史上最大规模的科技豪赌"，也有人嘲讽"孙正义又在画饼"。但孙正义根本不 care。2006年，他曾借款150亿美元收购沃达丰日本，当时被嘲"自杀式收购"，结果呢？成就了软银 的电信帝国。如今，他又要复制神话，高举杠杆，在AI战场上豪赌一 ...

我又生了点病，这次的病挺烦的，吃堵了，肚子胀的跟个皮球似的，下不去也上不来，胀，难受，走路的时候比孕妇都小心，走快了肚子一颠就难受。 问题是我没吃很多，早上吃了一小碗粥后就这样了，我回忆了一下有可能是昨晚吃多了，一碗牛肉面+10个串+1个煎蛋，也还好吧，我也不晓得为什么肚 子就撑了。 基本上一天都在床上挺尸，刷刷抖音，困了就眯一下，干不了别的，因为坐着都觉得肚子不舒服。 话说我今天在抖音上发现个赛道，就是末日避难、僵尸潮、校园杀、生存竞赛主题类的小说，搭配上简易动画，刚看第一眼的时候还挺吸引人，我就多看 了几集。然后发现不对劲，抖音一口气给我推了三四个类似的账号，内容虽然不一样，但是小说风格，动画风格很接近。 我点进去看了一下几个账号的更新速度，生产队的驴都没它们能干，我猜大概率小说是ai写的，连简易动画也是ai生成的，然后系统性的搬运到短视频平 台，这种一个账号可能挣的流量费不多，但你一口气弄5个10个账号，收入应该还不错。就是这钱恐怕挣不了多久，因为它没什么护城河。我今晚这么一 说，你们中可能也有感兴趣去模仿的，这个赛道很快就会拥挤。 我妈刚给我拿了个药，名字挺耳熟的，叫江中健胃消食片，一看这名字我就笑了 ...

Core Viewpoint - The article discusses the economic challenges facing the United States, emphasizing the growing debt and deficit issues, and critiques the Biden administration's fiscal policies as unsustainable, potentially leading to increased taxes and reduced economic vitality [2][4][28]. Group 1: Debt and Deficit Concerns - The U.S. is facing urgent issues related to expanding debt and deficits, with criticism directed at the Biden administration for its unchecked spending during stable economic times [2][4]. - The article suggests that the government should gradually reduce spending to address debt and deficit issues without triggering an economic recession, noting that a $300 billion cut in spending could lead to a 1% decline in GDP [4][50]. Group 2: Inflation and Inequality - Current economic policies are contributing to rising inflation, disproportionately affecting the bottom 50% of wage earners, while asset owners benefit from stock market gains, exacerbating social inequality [2][35]. - The "ordinary person index" has reportedly increased by over 30% to 35%, indicating that the cost of living for lower-income groups is rising faster than the general consumer price index (CPI), which has risen by about 22% [35][36]. Group 3: Proposed Solutions - The article outlines several plans to address these economic challenges, including reducing government spending, adjusting the international trade system to bring manufacturing jobs back to the U.S., and utilizing tariffs to incentivize domestic production [5][50][52]. - A sovereign wealth fund is proposed to better manage national assets and create wealth for citizens, alongside the idea of "baby bonds" for newborns to promote long-term wealth accumulation [6][52]. Group 4: Regulatory and Tax Policy - Lowering energy prices and easing financial regulations are seen as essential for stimulating private sector growth and economic recovery [3][54]. - Tax cuts and regulatory relief are expected to boost GDP growth, with projections suggesting an increase from 1.8% to 3% or higher, which could alter the economic trajectory [58][59]. Group 5: Government Spending and Efficiency - The article emphasizes the need for government efficiency rather than merely cutting services, suggesting that reforms can lead to better outcomes with fewer resources [91][99]. - It highlights the importance of transparency in government spending and the need to address inefficiencies within federal programs, particularly in agencies like the IRS [100].

Group 1: Fiscal Policy and Economic Context - In 2025, China plans to implement a more proactive fiscal policy with a fiscal deficit rate set at 4.0% and an additional government debt scale of 11.86 trillion yuan[1] - China's fiscal deficit rate is currently below the average level, with developed countries and emerging markets projected at 4.5% and 5.5% respectively for 2025, indicating that China's target is not excessively high[2] - The central government's debt burden rate is approximately 25.3%, which is relatively low compared to major global economies, providing ample room for leveraging[3] Group 2: Government Debt and Financial Assets - By the end of 2025, the total government debt is estimated to reach about 96.0 trillion yuan, approximately 66.5% of GDP, significantly lower than the debt burden rates of the US (124.1%), Japan (245.7%), and the EU (83.2%)[4] - The net financial assets of the Chinese government were recorded at 109.3 trillion yuan in 2022, supporting the capacity for large-scale borrowing[4] Group 3: Monetary Policy and Financing Costs - The government plans to implement a moderately loose monetary policy, which is expected to lower financing costs, allowing for the issuance of special bonds and long-term treasury bonds at a lower cost[5] - In 2024, government interest payments accounted for 4.5% of the general public budget expenditure, and this is projected to rise to about 5.0% in 2025, still lower than the IMF's estimates for developed and emerging markets[5] Group 4: Economic Growth and Structural Transformation - The proactive fiscal policy aims to counter short-term economic challenges while promoting long-term structural transformation, with a target economic growth rate of 5% for 2025[6][7] - The shift in fiscal spending towards consumption is expected to enhance domestic demand, with household deposits reaching 152.2 trillion yuan, indicating significant consumption potential[8] - The government plans to issue 1.3 trillion yuan in special treasury bonds in 2025, with 300 billion yuan allocated for consumer goods replacement programs, reflecting a focus on boosting consumption[8] Group 5: Debt Management and Investment Space - The ongoing debt management efforts are expected to enhance transparency and reduce risks, while also freeing up investment space for key sectors such as technology and green initiatives[9][10] - The fiscal policy is designed to guide the economy towards an innovation-driven model, with a budget allocation of 1.2 trillion yuan for scientific and technological expenditures in 2025[11]

作 者丨 杨坪 编 辑丨骆一帆 2 0 2 5年3月1 6日，*ST旭蓝（0 0 0 0 4 0 .SZ）发布公告称， 公司实际控制人李兆廷因涉嫌信息披露违法违规被证监会立案调查。 *ST旭蓝在2 0 2 4年7月5日接到了监管机构的整改通知，要求其六个月内归还7 7 . 9 6亿元的非经营性占用资金。但整改期限于2 0 2 5年1月5日届满 时，公司仍有7 5 . 2 7亿元资金未能归还。因此，从2 0 2 5年1月6日起，*ST旭蓝股票开始停牌，3月7日复牌后，公司被实施退市风险警示。 期间，公司的财务状况也持续恶化，2 0 2 3年财报显示，营业收入同比下滑5 0 . 9 4%至1 4 . 8 9亿元，归母净利润连续三年亏损（2 0 2 1 - 2 0 2 3年累计 亏损超1 0亿元）。实际上，自2 0 1 9年至2 0 2 3年，*ST旭蓝净利润累计亏损已超过3 0亿元。 这已是该公司及相关方一年内第三次卷入监管风暴，叠加7 5 . 2 7亿元资金占用未解、股价连续跌破1元、内控审计"非标"等危机，*ST旭蓝退市 警报已然拉响。 截至3月1 4日， *ST旭蓝已连续9个交易日收盘价低于1元，最新股价报 ...

文/复旦大学管理学院青年副研究员 常惠丰 编辑丨周茗一 学术界和业界普遍发现，来自债券和股票市场的风险指标对宏观经济活动具有显著的预测能力。实证研 究表明，当债券信用利差上升或股票波动率提高时，企业投资往往会减少。然而一个重要的实证发现 是，尽管信用利差和股票波动率均包含了企业资产波动率和杠杆率的信息，但在预测企业投资方面，信 用利差的表现显著优于股票波动率。对于这一现象，原有研究尚未形成统一的解释。是因为债券市场投 资者拥有更强的信息优势，而股票市场的价格更容易受到投机泡沫的影响，还是债券价格能更有效地反 映下行风险，而股票价格则更多地包含了关于未来增长机会的信息？ 论文的研究发现 从这个问题出发，复旦大学管理学院青年副研究员常惠丰、斯德哥尔摩经济学院金融学副教授阿德里安 ·达韦纳斯（Adrien d'Avenas）和美国加州大学洛杉矶分校安德森商学院教授安德莉亚·艾斯菲尔德 （Andrea Eisfeldt）共同撰写的论文《债券与股票：投资的信息》（Bonds vs. Equities: Information for Investment）（以下简称论文），系统探讨了股票波动率、资产波动率、信用利差、杠 ...

如果说韩国人去年的热门活动是组团扎堆中国上海，今年热门活动则是组团扎堆中国股市； 去年韩国人最大的 孝顺 ， 是送父母去张家界旅游， 那么今年韩国人最大的孝顺，则是买中国股票。 根据韩国证券存托结算院的数据，韩国投资者2月份疯狂买入A股和港股资产，月度交易额高达7.82亿美元，环比增长200%。 点击图片▲立即收听 " 在韩国，未成年人只要征得父母同意，就可以开设账户炒股。 " 文 / 巴九灵（微信公众号：吴晓波频道） 这个数据不仅创下3年来新高，而且远高于同期对于日本和欧洲股市的买入金额。 换言之，韩国投资者，开始做多中国。 以前姥姥不疼舅舅不爱的中国资产，为何能受到韩国投资者的热捧？ 韩国投资者"扫货"A股 春江水暖鸭先知，韩国人就是一只感应全球股市冷暖的敏锐鸭子。 在他们眼中，如今去中国" 扫 货 "，是因为能赚钱，而且能赚大钱。 2025年以来，中国股市行情逐渐回暖，上证指数涨幅2.16%，深成指涨幅4.48%，香港恒生指数涨幅高达13.43%，而韩国投资者更加偏爱的恒生 科技指数涨幅则高达17.9%。 就算受到美股拖累的美国中概股，表现也相当不错，Wind中概100指数涨幅超过15%，引领全球金融市 ...

Summit Midstream Corporation (NYSE:SMC) Q4 2024 Earnings Conference Call March 11, 2024 10:00 AM ET Company Participants Randall Burton - Director, Finance and Investor Relations Heath Deneke - President, CEO, and Chairman Bill Mault - CFO Conference Call Participants Operator Ladies and gentlemen, thank you for standing by. Welcome to the Summit Midstream Corporation Fourth Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, the ...