,Equity benchmark indices Sensex and Nifty declined in early trade on Monday in-tandem with a weak trend in global markets and persistent foreign fund outflows.Also, uncertainty over an India-US trade deal weighed on investors' sentiment, analysts said.The 30-share BSE Sensex declined 384.39 points to 84,883.27 in early trade. The 50-share NSE Nifty edged lower by 122.9 points to 25,924.05.From the Sensex firms, Mahindra & Mahindra, Bharti Airtel, Trent, NTPC, Bajaj Finserv and Power Grid were among the maj ...

全球大型资管机构们正在把印度股票市场视为对冲AI泡沫破裂风险的首选市场标的，随着近期甲骨文、英伟达以及博通等 近年来受益于AI热潮的科技巨头们股价大幅下跌，市场对于AI泡沫破裂的担忧情绪显著升温，惧怕出现"堪比2000年互联 网泡沫破裂时期的科技股熊市暴跌轨迹"。而印度市场，正引起全球对冲基金经理们的新增关注，他们希望在来年分散股 票投资风险。 来自欧洲的资管巨头Aberdeen Group Plc认为印度股票明年会出现反弹;另外两家资管巨头Principal Asset Management Co.与 Eastspring Investments则认为，印度市场与"AI叙事"交易的相关性较低，可作为对冲其他股市(尤其是科技股集中度很高的 股市——比如美国、韩国以及中国台湾)的重要工具。来自汇丰与Jefferies Financial Group Inc.的资深策略师们也表达了类 似观点。 全球资金开始将印度股市视为抵御人工智能风险的对冲工具 "印度在2026年可以成为投资组合中一个很好的分散化与多元化资产配置，因为它与其他偏向AI的大型市场的相关性较 低，而AI交易热潮一旦暂停，资金就会大规模流向印度，"P ...

1. Report Industry Investment Rating No relevant content is provided in the report. 2. Core View of the Report - The overall macro - policy aims to stabilize the macro - leverage ratio. The liability growth rate of the real - sector is expected to decline in December 2025, and the government debt growth rate is also expected to continue to fall. - The economic situation on the asset side is weak, with the physical quantity data in October weaker than that in September. It is necessary to focus on when the economy will stabilize and pick up. - The stock - bond ratio is in an interval - shock state, currently with risk - preference at the upper limit of the interval and trending downward later. The stock - bond ratio is in favor of bonds, and the equity style is in favor of value [17][19][22]. 3. Summary According to Relevant Catalogs 3.1 National Asset Balance Sheet Analysis - **Liability Side**: In November 2025, the liability growth rate of the real - sector was 8.7%, the same as the previous value, and it is expected to drop to around 8.5% in December. The government debt growth rate was 13.1% at the end of November, and is expected to fall to around 12.5% in December. The capital market was basically stable last week, mainly due to the renewal of 750 billion special treasury bonds on the 12th, with a high probability of subsequent marginal convergence [17][18]. - **Fiscal Policy**: The net increase of government bonds last week was 298.1 billion yuan, higher than the planned net decrease of 510.2 billion yuan. It is planned that the government bonds will have a net decrease of 119.2 billion yuan next week [2][18]. - **Monetary Policy**: Last week, the capital trading volume and price increased on a weekly average basis, and the term spread was stable. The one - year treasury bond yield fluctuated narrowly, closing at 1.39% on the weekend. The term spread between the ten - year and one - year treasury bonds was stable at 45 basis points. The yield fluctuation ranges of the ten - year and thirty - year treasury bonds are expected to be around 1.6% - 1.9% and 1.8% - 2.3% respectively [2][18]. - **Asset Side**: The physical quantity data in October was weaker than that in September. The annual real economic growth target in 2025 is about 5%, and the nominal economic growth target is about 4.9%. It is necessary to observe whether 5% will become the central target for China's nominal economic growth in the next 1 - 2 years [3][19]. 3.2 Stock - Bond Ratio and Stock - Bond Style - **Economic Cycle**: Since 2011, China has entered a period of declining potential economic growth, which seems to have ended in the fourth quarter of 2024. The government put forward three policy goals in 2016, and currently the liability - side convergence has not ended but the space is limited [6][20]. - **Overseas Situation**: China and the US are in a state of equal - power competition. If the valuation of the US technology field is re - evaluated, global funds may flow to China. It is necessary to focus on whether the RMB exchange rate will enter an appreciation channel [6][21]. - **Market Performance**: Last week, the capital market was stable, with stocks and bonds rising slightly, and the equity style shifting to growth - dominance. The bond yields at both long - and short - ends declined slightly, and the stock - bond ratio was in favor of bonds [7][21]. - **Investment Recommendation**: It is recommended to allocate long - term bonds and value - type equity assets. This week, it is recommended to allocate the Shanghai Composite 50 Index (80% position) and the 30 - year treasury bond ETF (20% position) [8][22]. 3.3 Industry Recommendation - **Industry Performance Review**: This week, A - shares fell on heavy volume. Among the Shenwan primary industries, communication, national defense and military industry, electronics, machinery, and power equipment had the largest increases, while coal, petroleum and petrochemicals, steel, real estate, and textile and clothing had the largest declines [30]. - **Industry Crowding and Trading Volume**: As of December 12, the top five crowded industries were electronics, power equipment, communication, machinery, and computers, while the bottom five were beauty care, comprehensive, petroleum and petrochemicals, steel, and coal. The trading volume of the whole A - shares rebounded this week, with the trading volume of some industries increasing and that of some industries decreasing [31][34]. - **Industry Valuation and Earnings**: This week, among the Shenwan primary industries, the PE (TTM) of communication, electronics, national defense and military industry, machinery, and comprehensive increased the most, while that of coal, petroleum and petrochemicals, steel, real estate, and textile and clothing decreased the most. Industries with high 2024 full - year earnings forecasts and relatively low current valuations include banks, securities, insurance, etc. [37][38]. - **Industry Prosperity**: Externally, the demand is declining marginally, with the global manufacturing PMI falling and the export growth rates of some countries fluctuating. Domestically, the second - hand housing price fell last week, and quantity indicators showed mixed trends [42]. - **Public Offering Market Review**: In the second week of December, most active public - offering equity funds outperformed the CSI 300. As of December 12, the net asset value of active public - offering equity funds increased slightly compared with that in Q4 2024 [60]. - **Industry Recommendation**: In the de - leveraging cycle, the stock - bond ratio is only slightly in favor of equities, and the value style is more likely to dominate. A recommended A + H dividend portfolio includes 13 stocks, and the A - share portfolio includes 20 stocks, mainly concentrated in industries such as banks, telecommunications, petroleum and petrochemicals, and transportation [9][65].

（原标题：FIPA举办2025年度波黑最重要外国投资者评选颁奖活动，投资集中于能源、医疗健康等领 域） FIPA局长马尔科·库巴特利亚表示，该活动旨在感谢所有认可波黑市场潜力并投入资本、知识与信 任的企业。他指出，奥地利、塞尔维亚和克罗地亚是目前对波黑直接投资存量最多的国家，电信、银行 和绿色能源则是最吸引外资的领域。 FIPA举办了以"自贸区作为波黑出口和投资潜力引擎"为主题的专题讨论会，特雷比涅、比耶利纳和 格拉迪什卡三市展示了其发展优势。（驻波黑使馆经商处） 波黑综合媒体12月8日报道。波黑外国投资促进局（FIPA）今日在亚霍里纳举办"2025年度波黑最 重要外国投资者"评选颁奖活动，向12家对波黑经济发展贡献突出的外资企业颁发荣誉奖章，上述企业 分别来自中国（电建海投）、美国、土耳其、波兰、比利时、瑞士、黑山和意大利，投资领域集中于能 源、医疗健康、制药、服装零售、科技与业务流程外包、木材加工，其中出口导向型项目占比较高。上 述企业总投5.3亿马克，共创造2561个就业岗位。 ...

Core Viewpoint - The article discusses the ongoing trend of "rolling layoffs" in the U.S. job market, highlighting the shift from large-scale layoffs to more frequent, smaller layoffs, which has created a pervasive sense of anxiety among white-collar workers [1][5][15]. Group 1: Layoff Trends - As of November 2025, U.S. companies have announced layoffs affecting 1.1 million workers, marking the sixth time this level has been surpassed since 1993 [1][3]. - The technology sector has been the hardest hit, with over 150,000 layoffs in 2025, while other industries like telecommunications, food, retail, and media have also experienced significant layoffs, some with year-on-year increases exceeding 100% [3][5]. - The cumulative layoffs for the first 11 months of 2025 reached 1.1708 million, a 54% increase compared to the same period in 2024, with November alone seeing 71,300 layoffs, the highest for that month since 2022 [3][4]. Group 2: Economic Signals - The current economic landscape presents contradictory signals, with a "rolling recession" followed by a potential "rolling recovery" starting in April 2025, according to Morgan Stanley analysts [5]. - However, analysts from Goldman Sachs and Bank of America argue that the recovery is primarily financial, with stock prices and profits rising while demand for white-collar jobs continues to decline [5][15]. - The phenomenon of "K-shaped economy" is evident, where the wealthiest 10% contribute nearly half of consumer spending, while lower-income individuals face increasing financial strain [5][15]. Group 3: Employment Market Dynamics - The shift to "permanent layoffs" has seen small-scale layoffs (affecting fewer than 50 employees) rise to over half of all layoffs in 2025, compared to less than half in the mid-2010s [6][8]. - This new model allows companies to adjust workforce sizes continuously without the reputational damage associated with large-scale layoffs, but it leads to chronic internal issues such as increased workloads and diminished job security [6][8]. - Job seekers' bargaining power has decreased, with the "job rejection rate" declining for two consecutive years, forcing many to accept less desirable positions [9][12]. Group 4: Structural Challenges - Recruitment demand has also weakened, with companies planning to hire only 497,200 workers in the first 11 months of 2025, a 35% drop from the previous year, marking the lowest level since 2010 [12]. - The labor market exhibits a "K-shaped structure," where large companies are expanding due to cash flow advantages while small businesses are contracting under cost pressures [12][15]. - The impact of artificial intelligence on job cuts is significant, with over 70,000 positions attributed to AI since 2023, prompting a reevaluation of automation risks and transformation paths in various industries [14][15].

越通社12月11日报道，越南军队电信集团（Viettel）当日宣布，近日荣获2025年全球电信奖 （Glotel 2025）"最佳数字化转型项目"奖及2025年世界通信奖（WCA 2025）"人与文化"和"增长市场最 佳运营商"奖。 WCA由英国权威杂志主办，已有20多年历史，被视为全球电信行业的"奥斯卡"。Viettel凭借其"以 人为先，始终创新"的经营理念和其布隆迪品牌Lumitel斩获两个奖项，其中"增长市场最佳运营商"旨在 表彰那些在新兴市场积极推动基础设施、连接性和数字化机遇变革的运营商，Viettel是布隆迪首家部署 5G的电信运营商。 （原标题：Viettel获"最佳数字化转型项目"等国际奖项） Glotel是国际科技界高级别奖项之一，吸引了三星、华为、英伟达、爱立信等大型通信集团参与， Viettel凭借其旗下Viettel人工智能与数据中心（Viettel AI）开发的"数字孪生"平台解决方案获奖。 ...

北京时间12月11日凌晨，美联储宣布年内第三次降息25个基点，然而此次决议罕见地出现了三张反对票，揭示了内部对政策路 径的严重分歧。在此之前，11月美国就业市场已显现出明显的降温迹象，市场对即将公布的11月非农数据既充满期待又充满疑 虑，其结果将直接左右美联储后续的政策选择。 从企业个体动态到宏观经济数据，11月美国就业市场的疲软态势已多方显现。11月14日，美国最大电信运营商威瑞森确认计划 裁员约1.5万人，占员工总数的15%，旨在削减成本以应对市场竞争。宏观数据方面，12月3日发布的11月ADP私营部门就业报告 传来重磅利空消息，当月私营部门就业岗位意外减少3.2万个，不仅远低于市场普遍预期的"新增2万个"，更创下2023年3月以来 的最大单月降幅。这一数据与初请失业金人数上升趋势相呼应，打破了此前就业市场韧性十足的惯性认知。 本期嘉宾 资深分析师 辰宇 麦东 主播 一菲 直播时间 12月16日 21:00 – 22:00 温馨提示：正常情况下，非农数据公布的时间为每月第一周的星期五20:30，《决战非农》播出时间为 20:00至21:40，请密切关 注智昇直播动态。如有任何疑问，请联系客服查询。 就业市 ...

在日常生活中，消费几乎无处不在。无论是线上购物、外出就餐，还是购买服务，我们都可能遇到商品 质量不符、服务承诺未兑现、甚至商家跑路等糟心问题。当沟通协商无果时，许多消费者面临的第一个 困惑就是："我该去哪里投诉？" 这并非一个简单的问题，因为针对不同的消费领域、不同的诉求目 标，有效的投诉途径也各不相同。本文将为您系统梳理主流的消费投诉 【下载黑猫投诉客户端】渠 道，帮助您在需要时，能快速、准确地找到最适合的维权路径。 一、明确投诉对象与性质：选择渠道的第一步 在寻找投诉渠道前，首先要厘清两个关键点：投诉对象是谁（是平台内的商家、品牌方，还是独立的线 下门店？）以及问题性质是什么（是普通的消费纠纷，还是涉嫌违法经营？）。这直接决定了你该优先 使用哪种渠道。 例如，在电商平台购买到假货，投诉对象既是销售商家，也涉及提供交易场所的平台方。如果是在线下 健身房遇到预付卡退款难，投诉对象则是该健身房的经营企业。 二、核心官方投诉渠道：具备法律强制力的后盾 对于任何消费纠纷，最权威、最具法律强制力的途径始终是政府主管部门设立的渠道。 对于特定行业的问题，直接向其主管部委设立的投诉渠道反映，有时更具针对性。 三、第三方公 ...

石崇远介绍，北京率先扩大医疗领域开放，22家企业参与生物技术开放试点；建设全国首个罕见病药品 保障先行区；推出全国首个国际职业资格认可目录；推出全国首个数据跨境流动便利化综合配套改革体 系，出台首个场景化、字段级自贸试验区数据出境负面清单；首批开展增值电信扩大开放试点，累计26 家外资企业获批。 石崇远说，"北京服务"金字招牌持续擦亮。北京在全国率先实现外商投资企业设立全程网办，最快1天 办结；创新推出"双枢纽两场物流协同"等模式，提升通关效率；人员往来更加便捷，实施出入境"扬 帆"服务计划，推出"助企""聚才""惠民"36项政策服务包。 (责任编辑：朱赫) 北京市商务局副局长石崇远在11日举行的新闻发布会上提到，五年来，北京新设外资企业超9000家，累 计认定外资研发中心270余家。 石崇远表示，五年来，北京紧抓国家服务业扩大开放综合示范区和中国(北京)自由贸易试验区建设机 遇，落地70多项全国突破性政策，80多项创新成果向全国复制推广，在历次国家服务业扩大开放试点示 范评估中均名列第一。 ...

（来源：杨门灼见） 《日经亚洲》报道称"中国正试图主导全球电信市场"，美日英加澳这些所谓的"民主阵营国家"，希望共同推进Open RAN，也就是"开放无线接入网"，来 对抗中国在该领域的影响力。 说白了，就是在电信领域竞争不过中国了，于是这5个国家打算组成一个"小圈子"，通过整合多家厂商的设备，建设低成本的电信设施，然后再来跟中国 竞争。 不得不说，西方国家的规矩是专门给别人立的，轮到自己这里了，也不顾什么"自由贸易"和"公平竞争"了。 日本终于等来了帮手？一场闭门会议将在东京召开，"五国联盟"齐上阵，想要给中方"立规矩"。 "电信五眼联盟"——日本、美国、英国、加拿大和澳大利亚 中日风波还未平息，一些国家就开始跟日本勾勾搭搭，而且这次目标还是冲着中国来的。 接下来几天，"电信五眼联盟"巨头——美国、英国、日本、澳大利亚和加拿大，将在东京举行一场闭门会议。 这还是自五国成立"全球电信联盟"以来，首次将在日本举行面对面会议。 放在当前的地区局势中来看，很显然有着特殊含义： 首先就是表明，美英加澳跟日本站在一起，至少在电信领域，五国有着共同利益，可以暂时结成"同盟关系"。 其次就是强调，美西方有制定游戏规则的权力 ...