Core Viewpoint - ARK Invest CEO Cathie Wood predicts a reversal of the liquidity squeeze affecting crypto and AI markets within weeks, driven by anticipated Federal Reserve policy shifts before year-end [1][2] Group 1: Federal Reserve Policy Expectations - Wood expects the Federal Reserve to end quantitative tightening at its December 10 meeting, which will alleviate one of the liquidity constraints [3] - The conclusion of the government shutdown has returned funds to circulation, further easing liquidity pressures [3] - Wood anticipates another interest rate cut in December as economic data shows signs of weakening [4] Group 2: Current Market Conditions - Bitcoin is currently trading below $88,000, down from an October peak of $126,000, with crypto-linked equities experiencing their sharpest monthly declines since early 2024 [2] - The crypto market has shown sensitivity to liquidity conditions, with Bitcoin dropping below $90,000 for the first time since April, leading to significant outflows from US Bitcoin funds [6] - Average spot ETF investors are currently underwater, with a flow-weighted cost basis around $89,600 [6] Group 3: Inflation and Economic Indicators - Oil prices have fallen below $60 per barrel, contributing to deflationary pressures, while new home prices have declined for about a year [5] - Existing home price inflation has dropped to 1.5%, indicating a potential break in inflation as tariffs are expected to pass through in the next year [5] - Ten-year Treasury yield inflation expectations have decreased to approximately 2.5% [4] Group 4: Crypto as a Liquidity Indicator - Wood emphasized that the crypto ecosystem serves as a leading indicator of liquidity conditions, reflecting changes as liquidity ebbs and flows [7]

越秀资本（000987.SZ）11月26日在投资者互动平台表示，公司控股子公司越秀产业基金管理的基金通 过投资基金而间接投资摩尔线程，该投资不会对公司经营业绩产生重大影响。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：董秘你好，请问现在是否仍持有摩尔线程股份？持股 比例多少？ ...

Core Viewpoint - The article discusses the insights of Mahesh Shastri, an Indian scholar and diplomat, on the complexities of Sino-American relations and the importance of understanding cultural differences in global interactions [3][5][20]. Group 1: Understanding Sino-American Relations - Mahesh Shastri emphasizes that many Western misconceptions about China stem from a lack of understanding of different civilizations rather than information gaps [5][20]. - He argues that the Western perspective is often limited to a binary view of progress, failing to recognize that different civilizations can have distinct paths to success [22][24]. - Shastri believes that the future of Sino-American competition will likely be manageable rather than leading to chaotic confrontation [42]. Group 2: Global Economic Dynamics - Shastri points out that 85% of global trade is not directly related to the U.S., indicating that globalization is still ongoing despite geopolitical tensions [6][39]. - He notes that while the dollar remains dominant in global financial transactions, there is a gradual trend of countries reducing their reliance on it [40][41]. - The article highlights that Western capital is pragmatic and will flow to markets that offer better returns, including China, as long as there are no investment sanctions [26][39]. Group 3: China's Economic Strategy - Shastri argues that even if China achieves self-sufficiency in key areas, it should not close off its economy, as historical evidence shows that openness leads to better performance [28][30][32]. - He stresses the importance of maintaining open economic policies to ensure continued prosperity and integration with the global economy [32][46]. - The article suggests that China's commitment to openness aligns with its long-term strategic interests and can enhance its global standing [45][47]. Group 4: Regional Opportunities - Shastri discusses the roles of Southeast Asia and the Middle East in the context of U.S.-China relations, noting that these regions benefit from stable Sino-American ties [33][37]. - He highlights that Southeast Asia has significantly benefited from globalization and foreign investment, with U.S. investments in the region surpassing those in China, Japan, South Korea, and India combined [36][39]. - The article indicates that the restructuring of global supply chains may lead to more resilient business models rather than increased costs and inefficiencies [38][39].

投资者正加大押注，预计美联储决策者在下月利率决议上将再次降息。此举消除了上周还倾向于不会降 息的疑虑，并为美债上涨铺平道路。与美联储基准利率挂钩的 期货合约新增持仓量在过去三个交易日 激增，其中1月合约上周连续创下单日成交量纪录。目前市场定价显示，美联储12月会议降息25个基点 的概率约为80%，而数日前仅为30%。利率预期的转变始于上周延迟发布的9月就业数据，该数据描绘 出喜忧参半的经济图景。随后纽约联储主席威廉姆斯上周五表态称，在劳动力市场疲软背景下，他预 见"近期"存在降息空间，进一步强化了这一预期。"美联储内部存在严重分歧，但看来鸽派已压倒鹰 派，"Brandywine Global投资管理公司投资组合经理Tracy Chen表示。 ...

Group 1: Federal Reserve and Market Reactions - The Federal Reserve's interest rate cut expectations have risen, with a probability of a 25 basis point cut in December reaching 82.9% [2] - Major U.S. stock indices saw collective gains, with the Dow Jones up 0.44%, Nasdaq up 2.69%, and S&P 500 up 1.55% [2] - Spot gold prices surged, reaching $4080 per ounce following the Fed's announcements [2] Group 2: AI Initiatives and Corporate Developments - President Trump signed an executive order to launch the "Genesis Plan," aimed at transforming scientific research through artificial intelligence [2] - The plan includes the creation of experimental platforms by the Department of Energy and coordination of federal data and infrastructure [2] Group 3: Chinese Market Dynamics - The People's Bank of China conducted a 1 trillion yuan MLF operation to maintain market liquidity, marking the ninth consecutive month of increased MLF operations [2] - A-shares experienced slight gains, with the Shanghai Composite Index up 0.05%, driven by active performance in military and AI application sectors [3] - Goldman Sachs expressed optimism about the continuation of a bull market in Chinese stocks, citing significant growth potential in domestic tech companies [3] Group 4: Corporate Restructuring and IPOs - Fangda Carbon New Material Co. plans to participate in the restructuring of the troubled Shanshan Group, aiming for industry chain integration [3] - The IPO of Moore Threads, dubbed "China's Nvidia," saw a subscription rate of 4126.49 times, with a final winning rate of 0.03635054% [3] Group 5: Market Challenges and Performance - The private equity firm Shiwa Investment reported a net value drop of approximately 7%, with a cumulative decline of 20% from peak values [4] - Tesla's sales in China fell to a three-year low, with a market share drop from 8.7% to 3.2%, facing intense competition from local brands [4] Group 6: Global Market Movements - Japan's Nikkei 225 index experienced volatility, closing up 0.07%, while the yield on ten-year government bonds surged above 1.8% [5] - The Bank of Israel cut interest rates by 25 basis points to 4.25%, marking a shift towards a more accommodative monetary policy [5]

天眼查工商信息显示，近日，四川金舵投资有限责任公司发生工商变更，新增泸州老窖资本控股有限责 任公司为股东，注册资本由27.5亿人民币增至约31.7亿人民币，增幅约15%，同时，孙建卸任董事长， 由李松峻接任。四川金舵投资有限责任公司成立于2017年1月，法定代表人为李松峻，经营范围为投资 与资产管理、股权投资、债权投资、企业并购、投资信息咨询、企业管理咨询。股东信息显示，该公司 现由泸州老窖集团有限责任公司、泸州老窖资本控股有限责任公司共同持股。 ...

Group 1 - The core argument is that Nvidia's financial practices are characterized as blatant accounting fraud, masking weak performance under the guise of financial engineering [1] - Nvidia intentionally delayed disclosing key information regarding cloud service repurchase contracts until major shareholders had sold their stakes, indicating a manipulation of information to benefit select investors [1] - The article suggests that this behavior is not isolated to Nvidia but is part of a broader conspiracy among top U.S. capital firms, which are portrayed as working together to inflate stock prices and mislead the market [1] Group 2 - The underlying logic of the current market is described as a greed-driven frenzy, where AI narratives are used to attract investment while relying on excessive liquidity from the dollar supply [2] - The article warns that the market bubble is unsustainable and will burst once the Federal Reserve tightens liquidity, leading to a collapse of inflated stock prices [2] - It is argued that the current economic situation in the U.S. lacks the possibility of a soft landing, with politicians and capitalists depicted as self-serving actors in a failing system [3]

既然旧的"效率优先"全球化逻辑不灵了，买房致富的路径也失 效了，那么，钱该往哪里去？ 作者：郑晨烨 封图：受访者供图 "如果商品不能越过国界，那么军队就要越过国界。"11月19日，在2025年第九届中欧国际工商 学院深圳论坛上，兴业银行首席经济学家鲁政委引用了法国经济学家巴斯夏的一句名言，来描述当 下的全球贸易局势。 他认为，全球经济正处于"康波萧条期"，老的技术潜力耗尽，新的技术还没长大，存量博弈导致 多边合作被零和思维取代。这种状态，就像科幻小说《三体》里的"乱纪元"，行星围着三颗恒星 转，轨道已经算不清楚了。 这种"乱"，在数据上表现得更直接。野村证券中国首席经济学家陆挺在现场算了一笔账：过去五 年，中国出口年均增长率接近8%，但在未来的"十五五"期间，这个数字可能会回落到3%至5%。 陆挺同时表示，不能只看新经济，而不管被称为"老登"的房地产行业，虽然房地产不再是增长支 柱，但它留下的债务链条和历史遗留问题，仍是未来五年中国宏观经济不得不面对的负累。 既然旧的"效率优先"全球化逻辑不灵了，买房致富的路径也失效了，那么，钱该往哪里去？ "要去大海里打鲸鱼，不要在烂泥塘里挖泥鳅。"深圳东方港湾投资管理股份 ...

格隆汇11月20日｜沙特国家开发基金(NDF)与道富投资管理公司宣布达成战略合作，以扩大投资者对沙 特市场的参与机会。 ...

与此同时，聚富投资与 VOYA 财富投资平台的合作，开启了跨时区、双市场的投资布局：亚洲市场由 聚富投资郑沐风负责，重点聚焦港股及新兴市场；欧美市场由 John 约翰主导，专注长周期及稳健资产 配置。通过互为补充的策略，公司实现了全球市场无缝衔接，为投资者在每一个交易日捕捉潜在机会提 供支持。 "市场风云变幻，而信念始终如一。我们相信，只有在波动中保持定力，才能在时间中见证传承的力 量。 聚富投资有限公司表示。未来，公司将继续以富达与 VOYA 的经验为基石，依托全球视野与本地 深度，为投资人提供稳健回报与长远价值。 关于聚富投资有限公司 聚富投资有限公司专注于防御型及周期性资产的投资管理，致力于为全球投资者提供长期稳健的投资方 案，秉承理性、稳健与全球化的投资理念，持续探索市场机遇与价值传承。 无畏波动，传承可期 2025年11月 — 【即时报导】聚富投资有限公司今日宣布，与富达基金管理（香港）有限公司携手合作 满一周年，并正式开启与美国 VOYA 财富投资平台的深度合作，标志着公司迈入全球市场互补发展的 新阶段。 自2017年至2025年，全球资本市场经历剧烈波动与结构性变革。在此背景下，聚富投资始终秉持 ...