How much are Warner Bros. Discovery's cable networks worth? Nothing, says Paramount Skydance, the company trying to buy them.Paramount said in a letter on Thursday that it valued WBD's cable TV networks at $0.00 per share, when including expected debt and other costs. The letter came a day after WBD rebuffed Paramount's attempted acquisition for an eighth time in favor of Netflix's offer. In the letter, Paramount acknowledged "the theoretical possibility" that WBD's cable assets "could trade with up to ~$ ...

如果是之前换汇出去买美元理财的，比如去买高息美元存款或美债的，收益在当下的汇率损失面前，基本已经清零了。 人民币还在继续升值。 离岸人民币汇率从年初的7.3-7.4，到年末时已经升值破7，截至元旦前夕，来到了6.98。 今年内，美元对人民币已贬值了4.8%。美元指数也跌破100，年内跌幅近10%。 前段时间某智囊还提到，今后的十年，人民币将逐步升值到6。 哪怕美元存款利率能拿到四五个点，但这一年内人民币升值了近5%，您买一年期的美元存款到期了换成人民币的话，可能还得倒贴。折腾一圈下来，估 计还不如老老实实买国内一两个点的存款。 存款利率跑不赢汇率贬值的部分，除非您一直拿着美元不再动了，但绝大多数人还是喜欢赚快钱，耐不住寂寞。 所以再好的资产，也要选择合适的入场时机。在资产明显高估时，进去赚到钱的几率也就越小，在资产估值偏低时，进去赚到钱的几率也就越大。 像前几年美联储加息时，美元持续强势，估值逐渐走高，美元高息，美债高收益，无风险利率能达到5个点，当时换汇时机恰当的，不仅能吃到利息收 益，还能吃到美元升值的收益，算是双赢。 但当美联储开始降息，美元被高估，人民币被低估时，这时再去买美元类的理财就不太划算了，别 ...

2008年前后，李嘉诚曾经捐出了三分之一的身家给了李嘉诚基金会。当时他跟两个儿子说，他把基金会当成自己的第三个儿子，刚好每一个儿子分三分之一 的身家。多年之前，李嘉诚曾经说，当时给基金会的资产是130亿美元。按照这个数字来计算，那应该就是390亿美元。 当然李嘉诚自己的估算也不一定正确，因为他的资产实在太庞大了，而且每一天每一个小时都在变动。 表面上李嘉诚的资产主要是来自长和跟长实两家公司的股票，目前长和的市值是2118亿，长实是1408亿。李家在长和的持股是30%左右，在长实的持股是 48%左右。这样计算的话，李家的持股价值在1500亿左右。 这样算李嘉诚家族感觉资产也不是特别多，毕竟现在美国那些顶级富豪都是几万亿的水平了。可是如果我们换一个角度来计算，你就知道他的资产被低估多 少了。目前长和的净资产是6700亿，可是市值只有2118亿。长和是处于严重破净值的状态。长实也是如此，净资产是3950亿，可是市值只有1408亿，也是严 重破净。 如果我们按照净资产来算，那李嘉诚在长和的持股价值应该是2000亿左右，在长实的持股应该是700亿左右。这样算的话，那这两部分资产就已经价值差不 多2700亿了。 有人在评 ...

在经历了长达一年半的筹划后，南京商旅于 12 月 19 日晚间突然宣布，决定终止以发行股份及支付现金 的方式购买南京黄埔大酒店有限公司（以下简称黄埔酒店） 100% 股权的重大资产重组事项。 标的公司业绩下滑 关联收购无业绩承诺 黄埔酒店是南京市的高端酒店，提供全面的住宿、餐饮和会议服务。此次重组被南京商旅视为完善 " 旅 游 + 商贸 " 双主业布局、延伸文商旅产业链的重要举措。 根据公开财务数据，黄埔酒店2023年、2024年及2025年一季度的净利润分别为816.27万元、628.00万元 和134.60万元，呈现明显下滑趋势。特别是2024年，公司净利润较2023年有所下降，营业收入从6， 752.66万元下滑至6，056.47万元。 黄埔酒店的估值问题，是本次交易最受市场关注的焦点。标的资产估值1.99亿元，其评估增值率为 150%。 对比同行业并购案例，这一估值方法显得颇为特殊。2024年末，锦江酒店斥资17.15亿元现金收购 Lavande、Xana、Coffetel三家酒店管理公司少数股权时，采用的是收益法与市场法相结合的方式，最终 以收益法结果作为评估结论。 公司公告称，终止原因是"市场环境 ...

针对南京工艺莫愁路329号土地房产瑕疵问题，华信评估指出，该地块证载建筑面积40,327.45平方米， 改建后实际面积59,038.27平方米，属地政府已出具专项证明。南京市规划和自然资源局秦淮分局及南京 市规划和自然资源局作为证明出具主体，均为有权机关，符合《自然资源行政处罚办法（2024修订）》 相关规定。 关于是否需补缴土地出让金及税费，根据南京市秦淮区人民政府及规划资源部门复函，该地块近期无拆 迁改造计划，南京工艺无需补缴土地出让金，未来换证或办证费用由南京工艺承担，对本次交易作价和 估值无影响。若因土地房产瑕疵产生处罚支出，相关损失承担安排已明确。 登录新浪财经APP 搜索【信披】查看更多考评等级 南京化纤股份有限公司（以下简称"南京化纤"）于2025年7月8日收到上海证券交易所《关于南京化纤股 份有限公司重大资产置换、发行股份及支付现金购买资产并募集配套资金暨关联交易申请的审核问询 函》后，评估机构江苏华信资产评估有限公司（以下简称"华信评估"）对涉及资产评估的相关问题进行 了回复。回复内容涵盖南京工艺土地房产合规性、置出资产评估合理性、置入资产评估方法选择等核心 问题，明确土地房产无需补缴出让金 ...

证 券 研 究 报 告 美联储降息落地，权益与商品分化涨跌互现 全球资产配置每周聚焦 (20251205-20251212) 证券分析师：金倩婧 A0230513070004 冯晓宇 A0230521080005 林遵东 A0230524100005 涂锦文 A0230525070006 王胜 A0230511060001 2025.12.14 报告摘要 www.swsresearch.com 证券研究报告 2 ◼ 全球资本市场回顾：本周 (20251205-20251212) 美国市场核心矛盾聚焦美联储货币政策动向，美联储如期宣布年内第三次降息 25 个基点，将联邦基金利率目标区间下调至 3.50%-3.75%。此次 "鹰派降息" 与鲍威尔的平衡表态叠加流动性宽松操作，传递出复杂的政策信号，全球权益与商品有涨有跌。1）固收方面，10Y美债收益率录得4.19%，本 周上升5BPs，美元指数下行0.59%，当前点位为98.4；2）权益方面，本周创业板、德国、韩国股市上涨较多，而纳斯达克、恒生科技则出现下跌，越南股市跌幅较大；3）商品方 面，本周黄金大幅上涨2.13%，而原油因为伊拉克关键油田的复产，本周大幅下跌 ...

综合来看，贵金属与美股的同步强势既包含基本面支撑，也存在情绪推动和结构性失衡的风险。 Mhmarkets迈汇认为，投资者在面对历史高位时，应更注重风险管理与仓位控制，在趋势延续与潜在泡 沫之间保持必要的警觉。 12月10日，在经历了贯穿2025年的双线拉升后，金银价格持续在高位震荡。多数市场分析师依旧预计贵 金属与标普500将延续动能，但《国际清算银行》近期的警示，使市场对可能出现的双重泡沫开始更加 敏感。文章所述行情与情绪变化，Mhmarkets迈汇表示，这种罕见的同步极端估值在过去半个世纪中并 不常见，因此更值得投资者保持谨慎。 报告作者Giulio Cornelli、Marco Jacopo Lombardi与Andreas Schrimpf指出，虽然金价和标普500在历史上 都多次出现"爆炸式走势"，但这是50年来首次两者同时触及极端水平。标普500目前年内涨幅超过 16%，指数在6，850点附近震荡；金价则录得自1979年以来最亮眼表现，年内涨幅超过50%，徘徊在每 盎司4，200美元附近。今年标普500已刷新逾20次纪录高位，而金价更是在突破4，000美元后累计近50 次创新高。Mhmarkets ...

Report Information - Report Date: November 24, 2025 [1][4][9][12][15][18][22][25] - Report Title: Guotai Junan Futures Commodity Research Morning Report - Precious Metals and Base Metals - Analyst: Liu Yuxuan, Ji Xianfei, Wang Rong, Zhang Zaiyu - Contact: Wang Zongyuan Investment Ratings - No specific industry - wide investment ratings are provided in the report. Core Views - **Gold**: The expectation of interest - rate cuts has rebounded [2]. - **Silver**: It is in a state of oscillatory adjustment [2]. - **Copper**: The reduction in inventory supports the price [2]. - **Zinc**: It is in a range - bound oscillation [2]. - **Lead**: The reduction in inventory limits the price decline [2]. - **Tin**: The price has fallen from a high level [2]. - **Aluminum**: Attention should be paid to the lower support level [2]. - **Alumina**: There is still fundamental pressure [2]. - **Cast Aluminum Alloy**: It follows the trend of electrolytic aluminum [2]. - **Nickel**: The pace of inventory accumulation has slightly slowed down, with short - term disturbances from the macro - environment and news [2]. - **Stainless Steel**: The steel price is under pressure and oscillating at a low level, but the downside potential is limited [2]. Summary by Commodity Gold - **Price Performance**: The closing price of Shanghai Gold 2512 yesterday was 932.56, with a daily decline of 0.47%, and the night - session closing price was 933.90, with a night - session decline of 0.66% [4]. - **Macro News**: The "third - in - command" of the Federal Reserve signaled a dovish stance, saying there is still room for interest - rate cuts "in the near term", and the market's expectation of a December interest - rate cut exceeded 70% during the session [5]. - **Trend Intensity**: The trend intensity of gold is 0, indicating a neutral outlook [7]. Silver - **Price Performance**: The closing price of Shanghai Silver 2512 yesterday was 12046, with a daily decline of 0.81%, and the night - session closing price was 11967.00, with a night - session decline of 1.34% [4]. - **Trend Intensity**: The trend intensity of silver is 0, indicating a neutral outlook [7]. Copper - **Price Performance**: The closing price of the Shanghai Copper main contract yesterday was 85,660, with a daily decline of 0.55%, and the night - session closing price was 86180, with a night - session increase of 0.61% [9]. - **Inventory**: The inventory of Shanghai Copper decreased by 5,193 tons to 49,790 tons, and the inventory of London Copper decreased by 2,900 tons to 155,025 tons [9]. - **Macro and Industry News**: The "third - in - command" of the Federal Reserve signaled a dovish stance, and the US 11 - month S&P Global Composite PMI preliminary value reached a four - month high [9][11]. - **Trend Intensity**: The trend intensity of copper is 0, indicating a neutral outlook [11]. Zinc - **Price Performance**: The closing price of the Shanghai Zinc main contract was 22390, with a daily increase of 0.02%, and the closing price of the London Zinc 3M electronic disk was 2992, with a decline of 0.38% [12]. - **News**: Trump's "appointee" to the Fed, Stephen Miran, said the September non - farm payrolls report was "obviously dovish" [13]. - **Trend Intensity**: The trend intensity of zinc is 0, indicating a neutral outlook [14]. Lead - **Price Performance**: The closing price of the Shanghai Lead main contract was 17165, with a daily decline of 0.32%, and the closing price of the London Lead 3M electronic disk was 1989, with a decline of 0.80% [15]. - **Inventory**: The inventory of Shanghai Lead decreased by 601 tons to 29955 tons, and the inventory of London Lead decreased by 1800 tons to 262850 tons [15]. - **Macro News**: The "third - in - command" of the Federal Reserve signaled a dovish stance, and the US 11 - month S&P Global Composite PMI preliminary value reached a four - month high [16]. - **Trend Intensity**: The trend intensity of lead is 0, indicating a neutral outlook [16]. Tin - **Price Performance**: The closing price of the Shanghai Tin main contract was 292,030, with a daily decline of 0.46%, and the night - session closing price was 292,990, with a decline of 0.16% [19]. - **Inventory**: The inventory of Shanghai Tin increased by 31 tons to 5,991 tons, and the inventory of London Tin decreased by 50 tons to 3,065 tons [19]. - **Macro and Industry News**: The "third - in - command" of the Federal Reserve signaled a dovish stance, and the market's expectation of a December interest - rate cut exceeded 70% during the session [20]. - **Trend Intensity**: The trend intensity of tin is 0, indicating a neutral outlook [21]. Aluminum, Alumina, and Cast Aluminum Alloy - **Price Performance**: The closing price of the Shanghai Aluminum main contract was 21340, with a decline of 190; the closing price of the Shanghai Alumina main contract was 2713, with a decline of 19; the closing price of the cast aluminum alloy main contract was 20595, with a decline of 185 [22]. - **News**: The "third - in - command" of the Federal Reserve signaled a dovish stance, and the market's expectation of a December interest - rate cut exceeded 70% during the session [24]. - **Trend Intensity**: The trend intensities of aluminum, alumina, and cast aluminum alloy are all 0, indicating a neutral outlook [24]. Nickel and Stainless Steel - **Price Performance**: The closing price of the Shanghai Nickel main contract was 114,050, with a decline of 1,330; the closing price of the stainless - steel main contract was 12,290, with an increase of 5 [25]. - **Industry News**: The Indonesian forestry working group took over a nickel - mining area, and China suspended an unofficial subsidy for imported copper and nickel from Russia [25][26]. - **Trend Intensity**: The trend intensities of nickel and stainless steel are both +1, indicating a slightly bullish outlook [29].

Core Insights - The current financial system remains resilient, supported by strong asset positions of households and businesses, as well as adequate capital levels in the banking sector [2][4] - The Federal Reserve's latest Financial Stability Report highlights ongoing risks and vulnerabilities, particularly in asset valuations, the structural shift of corporate lending from traditional banks to private credit, and the increasing role of hedge funds in the U.S. Treasury market [2][5][8] Group 1: Asset Valuation - Asset valuations for stocks, corporate bonds, leveraged loans, and real estate are currently above historical benchmarks, indicating a potential risk of price corrections [5][6] - The risk compensation expectations are at historically low levels, which could either revert to normal, remain subdued, or weaken further [5][6] - Despite the potential for asset price declines, the overall resilience of the financial system suggests that a repeat of systemic failures like those seen during the Great Recession is unlikely [5][6] Group 2: Private Credit Expansion - Private credit has doubled in size over the past five years, raising concerns about the rapid growth of non-bank lending to non-public companies [6][7] - The private credit model allows long-term investors to fund private companies, which may lack access to traditional bank financing, potentially enhancing financial stability and economic growth [6][7] - However, the complexity and interconnectedness of leveraged entities in this space could create pathways for unexpected losses to affect the broader financial system [6][7] Group 3: Hedge Funds in Treasury Market - Hedge funds have significantly increased their holdings in U.S. Treasury securities, with their share rising from 4.6% in Q1 2021 to 10.3% in Q1 2023, surpassing pre-pandemic levels [8][9] - The sensitivity of hedge fund positions to market changes poses a risk of liquidity crises if they are forced to sell off large amounts of Treasuries simultaneously [8][9] - The trading strategies employed by hedge funds, particularly relative value strategies, could amplify market instability during periods of stress [8][9] Group 4: Impact of Artificial Intelligence - The rapid development of AI in financial services presents both opportunities and challenges for financial stability, particularly in algorithmic trading [10][11] - Generative AI can analyze vast amounts of data and deploy complex trading strategies, which may introduce risks if not properly monitored [10][11] - While AI has the potential to enhance market efficiency, it also raises concerns about market manipulation and the opacity of decision-making processes [10][11][12]

Core Viewpoint - The Federal Reserve Governor Cook has issued a warning about the high valuations of multiple asset classes, indicating an increased likelihood of significant price declines [1] Risk Points - Cook identified four key areas of concern: the stock market, corporate bonds, leveraged loans, and the real estate market, all of which are prone to sharp declines when liquidity tightens [3] - The proportion of U.S. Treasury holdings by hedge funds has surged to a record high of 10.3%, raising the risk of forced liquidations leading to a chain reaction of sell-offs if market conditions change [3] Private Credit Market - The private credit market, which accounts for 11% of U.S. GDP, is emerging as a new source of risk, with UBS predicting a potential 3 percentage point increase in default rates by 2026, surpassing leveraged loans and high-yield bonds [4] - The growing interconnection between private credit and banks/insurance institutions is concerning, as U.S. banks' loans to private credit firms have surged to nearly $300 billion, posing a risk of systemic issues if any segment falters [4] Financial System Resilience - Cook reassured that the current financial system is more resilient than in 2008, with higher bank capital adequacy ratios, making a repeat of a comprehensive crisis unlikely [5] Strategy for Long-term Investors - Investors are advised to avoid high-valuation sectors, particularly those reliant on low-cost financing such as leveraged buyouts and commercial real estate [6] - Monitoring liquidity indicators is crucial, as the Federal Reserve's reverse repo tool balance has plummeted from $2.55 trillion to $219 billion, indicating a thinner market buffer [6] - Holding cash for potential opportunities is recommended, as quality assets may be mispriced due to liquidity shocks, presenting long-term investment opportunities [6]