以下文章来源于伯乐在线 ，作者伯小乐 伯小乐昨晚也升级 Mac 版了，窗口贴边自动隐藏暂时没有的哦。貌似还有一个 BUG，在消息列表双击联系人，无法触发弹出聊天窗口。 伯乐在线 . 伯乐在线分享IT互联网职场和精选干货文章（原域名已不再维护）。组织维护10万+star的开源技术资源库，包括：Python, Java, C/C++, Go, JS, CSS, Node.js, PHP, .NET 等 12 月 8 号，腾讯 QQ 官方一纸公告，直接炸出了一大批 80、90 后。 PC 端 QQ 居然能切回经典模式了！这波更新来得猝不及防，不少人刚升级完就感慨："我的青春好像又回来了"。 先说下升级方式，Windows 用户把 QQ 更到 v9.9.25 版本，Mac 用户升级到 v6.9.86 版本，就能在右上角找到模式切换按钮了。 这次更新最戳人的，就是双模式自由切换。效率模式走简洁风，界面干干净净的，适配上班族办公；经典模式一打开，瞬间穿越回 2000 年代，窄面板的消息列 表、独立的聊天窗口，连窗口贴边自动隐藏的功能都有，被网友直接封为"摸鱼神器"。 更让人惊喜的是调色盘全免费了！以前要花钱解锁的主题、气 ...

Core Viewpoint - Vanke is facing significant financial pressure, leading to strategic decisions such as postponing bond redemptions and terminating credit ratings to manage liquidity and reduce external scrutiny [1][9][10]. Financial Decisions - On December 5, Vanke announced the decision to forgo the redemption option for the "21 Vanke 02" corporate bond, which has a balance of 1.1 billion yuan and a coupon rate of 3.98% [5][6][7]. - The company aims to delay repayment pressures until the bond's natural maturity, allowing for better cash flow management [7][8]. - Vanke also terminated its credit ratings with two agencies, which may reduce costs and limit negative market sentiment [9][10]. Debt Pressure - Vanke's total interest-bearing liabilities reached 362.93 billion yuan, with cash reserves of 65.68 billion yuan, resulting in a cash-to-short-term debt ratio of less than 1 [8]. - The company is under pressure to manage upcoming debt obligations, including a 3.0% coupon bond maturing in December 2025 with a balance of 3.7 billion yuan [2][3]. - The decision to extend the maturity of the "22 Vanke MTN 004" bond, originally due in December 2025, reflects ongoing liquidity concerns [12][13]. Financial Performance - For the first three quarters of 2025, Vanke reported total revenue of 161.39 billion yuan, a year-on-year decline of 26.61%, and a net loss of 28.24 billion yuan, an increase of 72.19% in losses [14]. - The support from the major shareholder, Shenzhen Metro Group, has shifted from unconditional backing to more structured financial arrangements, indicating a change in the nature of support [15][16]. Market Reactions - Following the announcement of the bond extension, Vanke's stock and bonds experienced declines, reflecting market concerns about its liquidity and financial health [12][13]. - Analysts suggest that the termination of credit ratings may lead to increased uncertainty in investment decisions, but it could also prevent further negative impacts from potential downgrades [11].

Core Insights - The article emphasizes a bullish outlook for the US dollar in early 2025, driven by cyclical and geopolitical factors, while also highlighting the attractiveness of defensive strategies such as going long on the Japanese yen and Swiss franc due to ongoing global economic and political uncertainties [2][7]. G10 Currency Outlook - The US dollar (DXY) is projected to appreciate by 6.5% from January 2, 2024, to January 2, 2025, supported by a strong US economy and favorable policies under a potential Trump administration [9]. - The euro (EUR) is expected to decline by 5.7%, influenced by negative economic and political factors [9]. - The Japanese yen (JPY) is forecasted to decrease by 9.6%, although it remains a strong defensive currency [9]. - The Swiss franc (CHF) is anticipated to drop by 6.3%, with concerns about the Swiss National Bank's tolerance for a strong currency [9]. - The British pound (GBP) is projected to fall by 1.6%, lacking fresh catalysts for growth [9]. - The Canadian dollar (CAD) is expected to decline by 7.6%, while the Australian dollar (AUD) and New Zealand dollar (NZD) are forecasted to decrease by 8.1% and 10.3%, respectively, due to trade tensions with China [9]. Emerging Market Currency Outlook - The Turkish lira (TRY) is expected to remain resilient due to anti-inflation policies and high interest rates, with a projected decline of 16.5% [14]. - The Brazilian real (BRL) is anticipated to appreciate by 17.2%, benefiting from a favorable fiscal outlook and interest rate advantages [16]. - The South African rand (ZAR) is projected to decline by 2.6%, facing pressures from higher tariffs and concerns over China's growth [14]. - The Chilean peso (CLP) is expected to underperform due to low interest rates and reliance on copper exports [16]. Geopolitical and Economic Factors - The article notes that the performance of currencies in the Euro-Middle East and Africa region will depend on responses to US policy adjustments and potential tariff increases, particularly affecting currencies sensitive to the euro [13]. - The article highlights that the potential re-election of Trump could reignite concerns over the Chinese yuan, with a possible depreciation if trade tensions escalate [10].