Core Viewpoint - The Shanghai Clearing House will continue to waive clearing fees for foreign exchange derivatives transactions related to small and micro enterprises, effective from December 1, 2025, to November 30, 2027, to support high-quality development of the real economy and reduce hedging costs for these enterprises [1] Group 1 - The waiver applies to central counterparty clearing fees for financial institutions providing trading services to small and micro enterprises in the interbank foreign exchange market [1] - The waiver covers transactions involving RMB foreign exchange derivatives, including forwards, swaps, and options (including combinations), specifically for the RMB/USD currency pair [1] - The relevant transaction information will be provided by the China Foreign Exchange Trade System to the Shanghai Clearing House [1]

美国财政部最新数据显示，中国在最近一段时间减持了118亿美元的美国国债。中国的美债持仓因此降 到6887亿美元，这是自2008年以来的最低水平。这个动作不只是普通操作，而是一个明确信号。紧接 着，加拿大和开曼群岛也开始跟着抛售，美联储连忙宣布每月回购400亿美元美债，想稳住市场，但恐 慌情绪仍然存在。 还有经济基本面问题。表面上美国经济看起来不错，但很多数据真实性存疑。科技股高估泡沫明显，市 场争议很大。在这种背景下，中国作为理性投资者，减少美债持仓，是为了保护外汇储备和降低风险。 长期来看，中国的减持正在推动全球金融格局变化。如果更多国家跟随减持，美元储备地位将受冲击， 国际货币体系可能走向多极化，降低对美元依赖，有利于全球经济平衡。 根据美国国际资本流动报告，截至2025年10月，海外投资者持有的美债总量已经连续几个月下降。但与 去年同期相比，总量仍上涨6.3%。其中，中国过去一年减持超过9%，持仓跌破7000亿美元。与此同 时，日本和英国却在逆势加仓，日本持仓1.2万亿美元稳居全球第一，英国也在今年4月超过中国升至第 二位。这种反向操作说明，全球资本对美国债务风险有了新的判断。 美国面对中国减持也无太多 ...

Group 1 - The core viewpoint of the news is the collective surge of A-share stocks related to the Western Development concept, driven by a new policy from the central bank and other departments to support the construction of the Western Land-Sea New Corridor [1] - The People's Bank of China and the Chongqing Municipal Government will work with relevant departments to implement the 21 key measures proposed in the policy, which aim to enhance financial services for the development of the corridor [1] Group 2 - Tianli Composite saw a significant increase of 13.08%, with a total market value of 9.807 billion [2] - Chengdu Huamei and Xiling Power both rose over 11%, with market values of 30.5 billion and 6.11 billion respectively [2] - Other notable stocks include Tianjun Co., Chongqing Port, and Tianao Electronics, all achieving around 10% increase, contributing to the overall positive market sentiment [2]

Core Viewpoint - The Public Security Bureau has reported significant achievements in combating illegal activities in the financial sector, particularly focusing on "black and gray" industries that harm consumer rights and disrupt market order [1][2]. Group 1: Achievements in Law Enforcement - From June to November, a six-month crackdown on financial "black and gray" crimes was conducted across 17 key provinces and cities, resulting in over 1,500 cases being filed and more than 200 professional criminal gangs dismantled, with a total amount involved nearing 30 billion [1]. - The police have organized nearly 60 collective operations targeting illegal loan intermediaries, unauthorized insurance claims, and improper credit card collection practices, leveraging financial analysis capabilities [1][2]. Group 2: Strategies and Collaborations - The investigation has expanded to include cross-institutional, cross-industry, and cross-regional crime investigations, aiming to uncover the entire chain of criminal activities, including information, funding, technology, and personnel [2]. - Collaboration with financial regulatory bodies and industry clearing organizations has been strengthened, integrating regulatory, industrial, and police data to enhance the reporting mechanism for criminal case leads [2]. Group 3: Legal and Institutional Improvements - The approach emphasizes legal case handling, addressing challenges through case analysis to standardize evidence requirements and ensure high-quality investigations [2]. - Recommendations have been sent to responsible departments regarding identified institutional loopholes and risk management shortcomings, aiming to reduce the space for illegal activities by intermediaries [2].

《意见》从完善金融组织协作体系、构建高质量资金融通体系、推进制度性改革创新、建设数字金 融服务平台、完善金融开放合作体系、深化跨省跨境金融监管协作等方面提出21条重点举措，推动发挥 好"融资"和"结算"两项金融核心功能，支持西部陆海新通道高质量发展。 下一步，中国人民银行、重庆市人民政府将会同相关部门推动《意见》各项举措落实落地，充分发 挥金融服务大通道、大物流、大产业、大平台、大市场的优势和作用，助力形成"陆海内外联动、东西 双向互济"对外开放新格局。 本报讯 记者马梅若报道 为深入贯彻落实习近平总书记关于西部陆海新通道建设的重要讲话精神和 党中央、国务院关于加快西部陆海新通道建设的重大决策部署，完善西部陆海新通道金融服务体系，近 日，中国人民银行、国家发展改革委、财政部、交通运输部、商务部、金融监管总局、中国证监会、国 家外汇局联合印发《关于金融支持加快西部陆海新通道建设的意见》（以下简称《意见》）。 责任编辑：袁浩 ...

Group 1 - Gold prices experienced fluctuations, reaching a high of $4555.1 per ounce before dropping to $4474, and closing at $4505.4, a decrease of 0.01% [1] - The U.S. Department of Labor reported that initial jobless claims fell to 214,000, down from the expected and previous value of 224,000, indicating a stable labor market [1] - BlackRock strategists noted that the Federal Reserve is expected to implement limited rate cuts by 2026, with the current cycle having already seen a cumulative reduction of 175 basis points [1] Group 2 - The market anticipates two rate cuts by the Federal Reserve in 2026, contingent on the labor market not deteriorating sharply [1]

转自：北京日报客户端 日前，A股市场年成交额首破400万亿元。截至12月23日收盘，A股市场年内累计成交额达407.82万亿 元，较去年同期增长58.49%。超过98%的交易日成交额维持在万亿元以上，其中成交额突破2万亿元的 交易日占比23.6%。这份沉甸甸的数据，折射出资本市场的旺盛活力。 笔者认为，成交额的历史性突破，是政策赋能、资金集聚与产业升级协同共振的必然结果。 一方面，今年以来，资本市场改革持续深化，释放制度红利。监管部门推出一系列改革举措，服务科技 创新和新质生产力发展，激发多层次资本市场活力；推动多元常态化退市机制持续显效，形成"优胜劣 汰"的良性生态；同时，持续推动上市公司进一步加大分红力度，增加分红频次，用好回购、并购重组 等市值管理工具，持续提升公司投资价值。从资金端看，险资、社保基金等长期资金稳步入市，中国资 产因估值优势持续吸引外资流入，这为成交额的稳步攀升提供了坚实支撑。 另一方面，板块分化的成交格局，清晰勾勒出产业转型的核心脉络。电子板块延续资金虹吸效应，稳居 成交总额榜首，彰显成熟产业稳固根基；有色金属与通信板块成交额实现大幅增长，成为全年最亮眼的 增长引擎。通信板块的强势崛起 ...

随着2025年即将结束，美国就业市场呈现出"不裁员，不招募（no firing ,no hiring）"的新常态。多项调 查显示，就业稳定性正成为明年美国职场人的一大心事。值得注意的是，随着美国家庭债务持续刷新历 史新高，也让美联储货币政策的选择变得越发微妙。 就业稳定性风险上升 尽管美国三季度整体消费支出实现增长，但穆迪分析首席经济学家赞迪（Mark Zandi）的研究显示，美 国收入排名前10%的群体如今贡献了半数的消费支出。他在10月发布报告称，美国已有22个州陷入经济 衰退，另有13个州经济陷入停滞。 康奈利补充道，持续高企的通胀与剧烈波动的市场加剧了经济不确定性，职场人不禁会暗自思量："我 看着当前的经济形势，审视自己所在的公司，会忍不住琢磨 ——我们公司能挺过难关、实现发展 吗？"他预判："2026年，各类宏观经济问题带来的压力，无疑还会持续影响着人们的生活。" 曾几何时，美国职场人对身心健康的担忧远超经济层面的顾虑。美世2021年的调研中，就业稳定性仅位 列第十，月度开支也只排在第九。但如今，这一局面早已成为过去。自通胀飙升、就业市场陷入停滞， 再到人工智能兴起对传统工作模式构成冲击以来，经济层 ...

Group 1: Employment Stability Concerns - 63% of respondents in the University of Michigan consumer confidence survey expect the unemployment rate to continue rising next year [5] - Employment stability has become the second biggest concern for American workers, following the ability to pay monthly living expenses [3] - The unemployment rate in the U.S. rose to 4.6% in November, the highest in four years, with new job growth concentrated in the healthcare sector [4] Group 2: Economic Sentiment and Consumer Confidence - The consumer confidence index for December fell nearly 30% compared to the same period in 2024, driven by ongoing financial pressures [5] - Despite a reported GDP growth of 4.3% in Q3, public sentiment regarding the economy remains negative, indicating a disconnect between macroeconomic data and individual experiences [3][4] - A survey by the Conference Board revealed a more negative outlook on the labor market among consumers in December [4] Group 3: Household Debt and Financial Pressure - U.S. household debt reached a record high of $18.6 trillion in Q3 2025, complicating the Federal Reserve's monetary policy decisions [7] - The largest portion of household debt is mortgage debt, totaling $13.07 trillion, while credit card debt stands at $1.23 trillion [7] - The credit market is exhibiting "K-shaped" economic divergence, with high-income households benefiting from rising asset values, while low-income families face increasing financial pressure [8]

中国人民银行12月24日发布公告称，为保持银行体系流动性充裕，12月25日中国人民银行将以固定数 量、利率招标、多重价位中标方式开展4000亿元中期借贷便利(MLF)操作，期限为1年期。 由于当月有3000亿元MLF到期，这意味着MLF净投放量达1000亿元，为连续第10个月加量续作。 从今年全年来看，2025年央行MLF净投放突破1.1万亿元。东方金诚首席宏观分析师王青认为，中国人 民银行通过MLF等政策工具持续注入中期流动性，显示货币政策延续支持性立场，有力支持全年政府 债券大规模发行，助力满足企业和居民的信贷融资需求，有助于稳增长、稳预期。(记者任军、吴雨) ...