在就业方面，今年的月度非农就业人数增幅较去年大幅下降，且这一趋势在第四季度仍在持续。经济学 家认为，这既与特朗普政府加强移民管控导致移民减少有关，也与劳动力需求趋软有关。上周公布的数 据显示，11月非农就业人数增加6.4万人，而10月则减少了10.5万人。 白宫经济顾问凯文.哈塞特表示，周二公布的美国经济增长数据强于预期，这是美国总统特朗普的贸易 政策以及对人工智能(AI)投资的成果，并预示着未来就业增长将加快。 哈塞特在接受采访时表示："这确实是一个极好的数字，是美国人民的一份很棒的圣诞礼物。""经济复 苏确实在起飞，而且有非常多的人正从观望状态进入劳动力市场……如果我们进入新年时能保持在4% 的GDP增长范围内，我们将看到(月度非农就业人数增幅)回到10万至15万的区间。" 数据显示，2025年第三季度美国国内生产总值(GDP)环比按年率计算增长4.3%，高于第二季度3.8%的增 速和市场预期的3.3%。美国商务部表示，第三季度经济增速加快主要由于消费支出增长提速，以及出 口和政府支出增加。当季占美国经济总量约70%的个人消费支出增长3.5%，政府消费支出和投资增幅为 2.2%，出口增长8.8%。与此同时 ...

当国内互联网流量红利见顶，信贷监管趋严，互联网大厂开始将目光转向海外信贷市场。 这些年，中资互金玩家不断将国内成熟的数字金融模式，复制到东南亚、拉美，甚至非洲等新兴市场。 而互联网大厂，整体来看，脚步似乎稍慢一些，又或许是，大厂追求的是一种更加稳健的方式，比如通过持牌，或者和持牌机构合作的模式，来打开海外 信贷市场，寻求新的增长曲线。 今年4月，「一只互金融」文章提及过蚂蚁国际招聘大量信贷相关人才，加速海外信贷业务布局。 《「蚂蚁国际」招聘大量海外信贷人才》 有趣的是，其实这大半年时间，字节跳动的海外信贷业务也在快速扩充军团。 最近，该公司招聘的海外信贷相关岗位越来越多，且更加具体。 01 正在招聘拉美信贷产品经理 据字节跳动招聘网站显示，正在招聘多个国际信贷业务相关岗位。 「信贷产品经理-国际支付」，岗位要求： 主导BNPL、个人信贷、商户金融等信贷产品规划设计，覆盖C端（BNPL、信用贷、循环贷）与B端（商户贷、提前收款）场景，制定产品路线图；针对 海外市场设计符合本地化信贷产品，适配当地支付习惯与用户偏好； 设计注册-授信-用信-还款核心流程及与合作方交互逻辑，确保符合用户体验与业务目标；结合当地牌照规 ...

受此影响，ServiceNow股价周二早盘一度下跌3%，或将创下4月21日以来收盘新低。该股周一收盘上涨约0.9%，公司市值约为1630亿美元。 美国企业云计算和服务管理解决方案提供商ServiceNow周二宣布，将以77.5亿美元现金收购网络安全初创公司Armis，这是ServiceNow迄今为止规模最大的 一笔收购。 该公司表示，此次收购将使其在安全与风险解决方案领域的市场机会扩大至原来的三倍，并进一步巩固其在AI技术安全市场中的地位。 "随着AI的快速采用不断扩大企业的攻击面，能够实时掌握漏洞情况，并获得关于优先修复哪些问题的可执行洞察，对于降低风险、强化整体安全态势至关 重要。" ServiceNow总裁、首席运营官兼首席产品官Amit Zavery在周二的声明中表示： "ServiceNow正在打造未来的安全平台。" "在智能体AI时代，如果企业希望长期、大规模地部署AI，那么必须建立覆盖任何云环境、任何资产、任何AI系统以及任何设备的智能信任与治理体系，这 一点不可妥协。" ServiceNow在声明中表示，预计将通过自有现金和债务相结合的方式为这笔交易提供资金。声明称，这笔交易预计将在2026年 ...

Core Viewpoint - Bridgewater Associates, led by Ray Dalio, is one of the world's top hedge funds managing over $100 billion, making prudent investment decisions despite market uncertainties [1][8] Group 1: Investment Strategy - The fund has made several trades in Q3, reflected in its 13F report, adopting a relatively conservative investment strategy with core holdings in two tech giants and two ETFs [1][8] - The highest allocation is in iShares Core S&P 500 ETF (IVV) at 10.62%, with a 4.83% increase in Q3, holding over 1 million shares since 2010 [2][9] - The second largest holding is SPDR S&P 500 ETF Trust (SPY) at 6.69%, also tracking the S&P 500 index, and has shown a 17.41% increase year-to-date [3][10] Group 2: iShares Core S&P 500 ETF (IVV) - IVV has an asset management size of $733 billion, with a dividend yield of 1.04% and a low fee of 0.03% [2][9] - The ETF has a three-year cumulative return of 94.83% and a five-year return of 114.12%, making it a reliable choice for broad U.S. stock exposure [2][9] - As of 2025, IVV has increased by 17.09%, currently trading at $687.83 [2][9] Group 3: SPDR S&P 500 ETF Trust (SPY) - SPY holds 503 stocks with a fee of 0.09% and a dividend yield of 1.04%, similar to IVV [3][10] - The ETF has a three-year cumulative return of 20.43% and a five-year return of 15.12%, providing a solid foundation for investment portfolios [3][10] - As of 2025, SPY has increased by 17.41%, currently trading at $684.83 [3][10] Group 4: Alphabet (GOOGL) - Alphabet constitutes 2.53% of Bridgewater's portfolio, holding over 3 million shares, despite a gradual reduction in holdings [4][11] - The stock price has surged by 61.89% year-to-date, currently at $308.61, supported by a robust AI ecosystem [4][11] - Recent financial performance includes revenue of $102.3 billion, a 16% year-over-year increase, and a net profit surge of 33% [4][11] Group 5: Microsoft (MSFT) - Microsoft represents 2.23% of the portfolio, with a slight reduction in Q3, yet remains a top holding [6][13] - The stock price has risen by 15.80% year-to-date, currently trading at $484.72, with a dividend yield of 0.75% [6][13] - Recent financial results show revenue of $77.67 billion, an 18% increase, and cloud revenue growth of 28% to $30.9 billion [6][13]

据报道，在专注于家电和智能手机的设备体验（DX）部门，视觉显示（VD）和家电部门的员工将 获得基本工资的37.5%作为绩效奖金。这主要是由于包括电视在内的家电市场低迷导致业绩下滑。 如果您希望可以时常见面，欢迎标星收藏哦~ 三星电子负责半导体业务的器件解决方案（DS）事业部将发放最高达基本工资100%的绩效奖金。 这一变化反映了绩效体系的调整，其主要驱动力是半导体技术竞争力的复苏，包括今年高带宽内存 （HBM）供应的扩大。 三星电子于22日通过内部公告栏公布了下半年"目标达成激励"（TAI）的支付比例。TAI是三星电 子的绩效奖金体系之一。每个事业部的绩效每年评估一次，分别在上半年和下半年进行，并根据评 估结果发放最高达月基本工资100%的差额奖金。下半年TAI的发放日期为24日。 DS事业部的存储器事业部获得了100%的TAI，较上半年的25%大幅提升。这主要得益于其强劲的 业绩表现，而强劲的业绩表现又源于向英伟达供应12层第五代HBM（HBM3E）芯片以及近期内存 价格的上涨。半导体研究所和人工智能（AI）中心也将获得100%的绩效奖金。DS 事业部下属的另一个业务单元——系统LSI和代工（半导体合同制造 ...

投资者正以极度乐观的姿态步入新的一年，尽管心中仍对2026年可能面临的挑战存有顾虑，但当下的做 多热情已占据主导地位。 据美国银行（Bank of America）最新的基金经理调查显示，基金经理们的现金水平已大幅降至资产管理 规模的3.3%，创下历史新低。与此同时，投资者对经济增长、股票和大宗商品的信心爆棚，这两类通 常在经济扩张期表现良好的资产，其合计敞口已达到2022年2月以来的最高水平。 12月23日，彭博市场策略师Michael Msika发文称，这种近乎"满仓"的激进仓位反映出，市场对进一步反 弹的预期压倒了对高估值、人工智能（AI）巨额资本支出以及盈利预期的担忧。尽管科技股仍是主要 驱动力，但投资者在过去两个月已开始进行板块轮动，随着更有吸引力的投资机会出现，这种轮动正在 拓宽市场的上涨广度。 文章也指出，有策略师们警告称，在这股乐观情绪背后，经济前景并非没有阴云。通胀的粘性、劳动力 市场的动态变化以及美联储微妙的平衡术，仍是投资者需要警惕的结构性风险。 极度乐观的仓位配置 根据美国银行的基金经理调查数据，随着新年的临近，仓位情况显得相当拥挤。投资者大幅削减现金持 有量，转而押注于风险资产。现金 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：金十数据 克鲁格曼引用彼得森国际经济研究所（Peterson Institute for International Economics）的研究指出，即使 消除逆差，美国制造业生产岗位的份额提升也不会超过一个百分点。他说："他们根本没算清这笔账。" 他还警告称，关税推高了国内生产商的成本，从而使他们在面对外国制造商时变得"缺乏竞争力"。 经济学家贾斯汀·沃尔弗斯（Justin Wolfers）在周一也表达了类似的担忧。他表示，美国经济实际上已经 停滞，自四月初宣布"解放日"关税以来，创造的就业岗位"接近于零"。 根据全美商业经济协会（NABE）的一项调查，美国经济预计将在2026年增长2%。这一数字高于10月 份预测的1.8%和6月份预测的1.3%。 诺贝尔奖得主、经济学家保罗·克鲁格曼（Paul Krugman）表示，特朗普的经济议程未能兑现其创造就 业这一核心承诺。他认为，特朗普的关税及其他政策反而削弱了美国的竞争力，并重创了关键行业的就 业情况。 克鲁格曼在周一发布的时事通讯中写道："在2024年投票给特朗普的美国人中，有相 ...

出席内阁会议的日本首相高市早苗等人（23日上午、首相官邸） 计划明确指出，将利用属于日本优势的高质量数据和高质量通信环境，"通过AI创新展开反攻"。日本首 相高市早苗表示，"将投资超过1万亿日元用于推进AI相关措施"…… 将充实用于评估AI可靠性和安全性的机构。将启动评估AI安全性、制定开发和利用方面安全标 准的政府机构"人工智能安全研究所（AISI）"的改革。人员将从目前的约30人翻一番，扩充 对AI生成过程等具有知识的专业人才的接纳体制。 此外，日本将推进AI在政府内部的应用。中央省厅将营造能在业务中正式使用AI的环境。数字 厅制作的政府专用AI"源内"将分发给全体雇员。除了用AI代替国会答辩的制作之外，还将辅 助政府审查并批准文件的工作。 日本政府将支援地方自治体利用AI，以应对日益严重的人手不足问题。AI可以补充行政的作 用，在人手不足的一线有助于维持服务水平。 为了提高可靠性，日本将努力应对风险。此外，还将应对已成为社会问题的、利用AI制造假视 频和图片的"深度伪造（DeepFake）"等滥用AI的事件。将跨省厅应对使用AI的网络攻击等。 除了基本计划之外，日本政府19日还制定了AI研发指南。就开发 ...

Core Insights - The article highlights the booming ice and snow economy in Harbin and the broader Northeast region of China, with significant investments and developments aimed at capitalizing on this trend [1][4]. Consumption Trends - Harbin Ice and Snow World has seen a surge in consumer spending, with a daily revenue of 23,000 yuan from a creative store within the park [2]. - The overall tourism data for the 2024-2025 ice season indicates that Heilongjiang province is expected to receive over 135 million domestic and international visitors, a year-on-year increase of 18.5%, with total spending reaching 211.72 billion yuan, up 30.7% [2]. Industry Developments - Notable companies like Bosideng are investing in the region, with plans to establish a production base in Harbin, investing 1 billion yuan, and launching a co-branded down jacket series that is projected to generate nearly 200 million yuan in sales in its first year [4][5]. - The ice and snow economy is fostering a diverse range of industries, including equipment manufacturing and technology, with companies reporting significant increases in sales and orders due to the rising popularity of winter sports [5][6]. Regional Impact - Surrounding cities like Daqing and Qiqihar are experiencing a tourism boom, with visitors drawn to their unique cultural offerings and proximity to Harbin, leading to increased visitor numbers and revenue growth [6][7]. - Local governments are adapting to modern tourist demands by enhancing services and creating unique experiences, such as themed cafes and cultural events, to attract visitors [7]. Economic Benefits - The ice and snow economy is generating substantial direct and indirect economic benefits, including job creation and enhanced regional brand value, with experts emphasizing the importance of these effects beyond immediate financial returns [8][9]. - The development of the ice and snow economy is seen as a catalyst for broader economic growth, with potential for investment in related sectors and improvements in local infrastructure [9].

Core Viewpoint - Goldman Sachs believes that after two consecutive years of gains, the Chinese stock market is poised for a "slow bull" market driven by profit growth taking over from valuation recovery [1][2][4]. Group 1: Market Trends - The report identifies ten core trends for the Chinese stock market in 2025, highlighting that the market is transitioning from a "hope" phase to a "growth" phase, primarily driven by valuation rather than profit growth [2][4]. - A-shares and H-shares recorded annual returns of 16% and 29% respectively in 2025, significantly surpassing earlier predictions [2]. - The MSCI China Index's forward P/E ratio increased from 9.9x at the beginning of 2025 to 12.5x currently, while forward earnings per share (fEPS) declined by 4% [4]. Group 2: AI and Technology - The release of DeepSeek-R1 has fundamentally changed the investment narrative for Chinese tech stocks, contributing to a market capitalization increase of over $2 trillion across related sectors [2][11]. - The widespread adoption of AI is expected to drive annual profit growth of 3% for companies over the next decade through cost savings and productivity improvements [12]. Group 3: Trade Performance - China's trade performance has exceeded expectations, with exports growing by 5.4% year-on-year and the RMB appreciating by 4% against the USD [9]. - The resilience of Chinese exports indicates a shift from low-cost manufacturing to selling high-value products in emerging markets [13]. Group 4: Consumption Trends - Despite a sluggish real estate market and slow household income growth, there is significant differentiation within the consumption sector, with service consumption outperforming goods consumption [15]. - New consumption sectors, such as entertainment and specialty retail, have shown strong performance, with an average net profit growth of 28% in the first half of 2025 [16]. Group 5: Policy and Economic Outlook - The "anti-involution" policy is expected to enhance corporate profits in certain sectors by 50% by 2027, as supply-side reductions and industry consolidation take effect [18]. - The "14th Five-Year Plan" is highlighted as a critical investment blueprint, with a constructed portfolio yielding a 68% return over the past year, outperforming the MSCI China Index [20]. Group 6: Capital Flows - Domestic capital is increasingly interested in equity assets, with southbound capital inflows reaching $180 billion, a record high [21]. - Global hedge funds have increased their net exposure to China from 6.8% at the beginning of the year to 7.8% by the end of November [21]. Group 7: Market Valuation - The Chinese market is seen as increasingly attractive for diversification, with a 35% discount compared to developed markets and a 9% discount compared to other emerging markets [22]. - The report suggests that structural migration of capital towards equity assets in China may have already begun, as equity assets start to outperform other asset classes [23].