（文章来源：证券日报） 证券日报网讯 12月24日，新力金融发布公告称，公司2025年第二次临时股东大会审议通过《关于取消 监事会、增加经营范围并修订的议案》等多项议案。 ...

Cryptocurrency Market - Bitcoin and Ethereum are facing ongoing pressure after a strong start in 2025, with Bitcoin down 5.25% to $88,480 and Ethereum down 9.8% to $3,005 [1] - Analyst Tony Sycamore indicates that Bitcoin's momentum is unstable unless it breaks resistance levels between $95,000 and $100,000, with a risk of falling back to $75,000 [1] - Ethereum may test $2,250 again if it fails to break through $3,500 or $3,600 [1] Education Sector - Parents of private school students in Sydney are expected to face an average tuition increase of 7%, more than double the overall inflation rate, with some schools' fees exceeding AUD 50,000 for the first time in 2026 [1] - The Scots College announced a 6.5% tuition increase due to various unavoidable internal and external factors, with fees for senior year exceeding AUD 52,770 [2] Real Estate and Hospitality - Blackstone has acquired Hamilton Island in Queensland for over AUD 1 billion, enhancing its position in the Australian hotel industry [4] - The island features five hotels and numerous restaurants and retail stores, with 70% of the land undeveloped [4] Mergers and Acquisitions - In 2025, Australia's M&A activity saw a total of AUD 151 billion, a 12.1% decline from the previous year, with 1,609 transactions, down 19.4% [5] - Key themes driving M&A activity include geopolitical uncertainty, energy transition, the rise of private capital, and digital transformation, with cross-border buyers remaining dominant [5] - The resource sector led in M&A value with USD 17.9 billion, followed by real estate at USD 14.8 billion and financial services at USD 14.3 billion [5][6] Energy Sector - The Albanese government plans to implement a domestic gas reserve policy, requiring exporters to reserve 15% to 25% of their gas production for the domestic market [6][7] - This policy aims to ensure more affordable gas supply for Australians and improve the negotiating position of industrial enterprises [6] Gold Market - Argonaut predicts gold prices will reach USD 5,000 per ounce in 2026, a 25% increase from previous forecasts, with expectations of significant revenue growth for major Australian gold producers [9] - Target prices for several gold stocks have been raised, with Westgold Resources' target up 30% to AUD 10.30 and Bellevue Gold's target up 20% to AUD 2.40 [10] Regulatory Issues - The Australian Federal Court has ordered ANZ to pay AUD 250 million in penalties for misconduct, marking the highest penalty ever imposed by ASIC on a single entity [10] - The court found ANZ guilty of widespread failures in bond trading management and customer handling, affecting thousands of customers [10]

于本公告日期，独立调查委员会已与2家独立法证调查机构进行沟通，向其介绍该事件相关情况、公司 背景等核心资讯，并提请该等机构就本次调查事项提供专项建议，具体包括调查方向、调查职责、调查 范围、预计所需时间、需公司提供的协助与支援及服务费用等方面。 继续暂停交易。 格隆汇12月24日丨瀚华金控(03903.HK)公告，于本公告日期，宜加顾问有限公司已完成项目启动会议， 并对公司财务主要负责人进行了个别访谈，访谈重点涵盖风险识别机制、控制执行情况及异常报告途径 等。公司独立调查委员会正积极物色并选定具备相应资质的独立法证调查机构，以开展本次法证调查工 作。 ...

Core Viewpoint - The financial market in 2025 has shown significant divergence in the performance of mainstream assets, with Bitcoin underperforming traditional safe-haven assets like gold and the Nasdaq 100 index, despite initial high expectations [1][3]. Macro Financial Environment - The monetary credit system is facing long-term challenges, with major economies heavily reliant on "money printing" to manage public debt and fiscal spending, leading to a continuous dilution of fiat currency purchasing power [4]. - There is a growing global demand for "hard assets," moving from single asset types to a diversified approach, with gold demonstrating a remarkable price increase of over 70% in the past year, currently priced above $4,492 per ounce [4]. Gold and Bitcoin Outlook - Market expectations suggest that gold prices may approach $5,000 in 2026, creating a strong safe-haven sentiment that could positively impact digital assets with similar scarcity attributes [4]. - Despite current liquidity tightening and declining risk appetite affecting the crypto market, Bitcoin's core growth logic remains intact, with historical sensitivity to liquidity expansion indicating potential for significant performance in 2026 [2][4]. Energy and Raw Materials Sector - The recovery in the energy and raw materials sectors is providing support for the overall hard asset market, driven by a productivity revolution from AI, infrastructure rebuilding, and robotics, leading to a "quiet bull market" in natural resources [5]. - The rise of these physical assets is not only providing foundational economic support but is also contributing to a new asset safe haven alongside digital assets [5]. Future Investment Landscape - Investors are at a critical juncture for asset rotation, with the rise of hard assets seen as an irreversible trend driven by accelerated fiscal depreciation and technological change [5]. - Understanding the interconnectivity across asset classes is crucial for investors, as the company continues to monitor subtle changes in market liquidity to help clients balance between the steady growth of gold and the explosive potential of Bitcoin [5].

Core Insights - The Hong Kong IPO market is experiencing a strong recovery in 2025, with over 100 new listings and total fundraising exceeding HKD 270 billion, positioning the Hong Kong Stock Exchange to potentially lead global fundraising efforts with approximately USD 36 billion [1][3]. Group 1: Market Overview - The IPO market in Hong Kong has rebounded significantly, surpassing HKD 200 billion in fundraising for the first time in four years, marking the second-highest peak in five years [3]. - The Hong Kong Stock Exchange is expected to surpass the New York Stock Exchange in terms of total fundraising [3]. Group 2: Structural Analysis - Large IPOs are driving the market, with eight new stocks raising over HKD 10 billion each, including CATL, which raised HKD 41.006 billion, making it the largest IPO globally [4]. - Regulatory innovations, such as Chapters 18A and 18C, have provided crucial financing channels for tech companies, with 14 companies listed under Chapter 18A in 2025, a 250% increase from 2024 [4]. Group 3: Professional Involvement - Financial service institutions, exemplified by Baihui Financial Holdings, have played a significant role in landmark IPO projects across sectors like biotechnology, new energy, and consumer goods [5][6]. - The introduction of high-quality cornerstone investors has been vital for IPO success, as seen in the Green Tea Group IPO, where Baihui Financial facilitated over HKD 100 million in subscriptions, leading to over 317 times oversubscription [7]. Group 4: Diverse Industry Engagement - Baihui Financial's service capabilities have expanded across various industries, including retail and high-end manufacturing, with notable successes such as BeBeBus's IPO, which achieved an oversubscription rate of approximately 3,316.5 times [8][9]. Group 5: Future Outlook - The Hong Kong Stock Exchange is currently processing around 400 listing applications, with 92 being A+H listings, covering sectors like new economy, new energy, and healthcare, indicating a vibrant IPO market in 2026 [10]. - The market is forming a virtuous cycle where regulatory innovations attract quality enterprises, which in turn draw professional institutions, ultimately enhancing market quality and diversity [11].

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。 《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。 12月24日，中国人民银行发布消息，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》)。 附：《意见》全文 ...

Core Insights - Precious metals are experiencing a strong bullish trend, with silver surpassing $70 per ounce for the first time and gold approaching the $4500 mark [1][3] - Strong GDP data has boosted demand expectations, leading the S&P 500 index to reach a record closing high [3] - The US dollar continues to weaken under the pressure of interest rate cut expectations [3][7] Market Overview - **Precious Metals**: Silver surged by 3%, breaking the psychological barrier of $70, reaching a historical high of $71.08 per ounce, with a year-to-date increase of 145%. Gold rose by 0.8%, peaking at $4497.55 per ounce. The driving factors include safe-haven demand, interest rate cut expectations, and a weak dollar. Silver's performance is attributed to a tighter supply-demand balance and strong industrial demand, which has outpaced gold [4] - **Oil Market**: US crude oil increased by 0.64% to $58.38 per barrel, while Brent crude rose by 0.5% to $62.38 per barrel. The strong US GDP growth rate of 4.3% supports demand expectations, while geopolitical risks in Venezuela and Russia provide supply-side support [5] - **Stock Market**: The S&P 500 index rose by 0.46% to a record closing high of 6909.79 points. The Nasdaq increased by 0.57%, and the Dow Jones rose by 0.16%. The better-than-expected GDP data confirms the resilience of the US economy, boosting market sentiment. Nvidia led the tech sector, and growth stocks performed well as the market enters the seasonally bullish "Santa Claus rally" period [6] - **Currency Market**: The US dollar index fell by 0.2% to 98.02, reaching its lowest level since early October. Despite strong GDP data, the market remains convinced that the Federal Reserve's interest rate cut path in 2026 will not change, putting continued pressure on the dollar. The Japanese yen rebounded by 0.5% amid warnings of intervention from Japanese authorities [7]

12月24日，现货白银强势上攻，不仅一举突破每盎司70美元的关键心理关口，更最高触及72美元/盎司，其涨势迅速成为市场焦点。这一走势，印 证并延续了此前数日市场对白银日益高涨的看涨预期。 就在12月19日，Clocktower首席策略师王凯文在"Alpha峰会"上明确将白银列为当前"最高确信度交易"，并做出大胆预测：全球央行未来将不得不 介入白银市场，将其纳入储备资产。 王凯文指出，尽管黄金价格屡创新高，但在剔除通胀因素后的实际价格对比中，白银目前的估值极具吸引力。他分析称，实际黄金价格已远超 1979年的峰值，而实际白银价格才刚刚突破长期的下行通道。与此同时，金银比近期也突破了长达15年的上行通道，这一技术面信号表明，在当 前的贵金属牛市中，白银的表现大概率将优于黄金。 针对市场关于"央行不储备白银"的传统观点，王凯文提出了颠覆性的反驳。他认为，随着西方发达国家债券市场面临前所未有的动荡，全球数百 万亿美元的存量财富迫切需要寻找新的承载体。在黄金交易拥挤、铂金与钯金市场容量过小的现实下，白银成为唯一能够承接巨额资本流出的实 物资产。这并非央行的主观意愿，而是在法定货币信用体系动摇时的"必然选择"。 此外，王 ...

Core Viewpoint - The establishment of the Xi'an Regional Center of the "CITIC Entrepreneur Office" marks a significant strategic move for CITIC Prudential Life Insurance to deepen its integration into the local market and support the growth of entrepreneurs [2][3]. Group 1: Establishment and Purpose - The opening ceremony of the Xi'an Regional Center was attended by numerous local entrepreneurs, business representatives, and scholars, highlighting its importance [2]. - The establishment of the center is part of CITIC Prudential Life Insurance's strategy to serve the real economy and assist entrepreneurs in their development [3]. Group 2: Brand and Services - The "CITIC Entrepreneur Office" brand leverages CITIC Group's comprehensive financial and industrial ecosystem, integrating resources from banking, securities, trusts, and insurance to provide a one-stop solution for wealth management, asset allocation, corporate strategy, and family governance [5]. - The platform aims to offer high-net-worth clients a robust financial ecosystem, directly impacting local entrepreneurs in Shaanxi and surrounding areas [8]. Group 3: Wealth Management Insights - Insights on wealth inheritance were shared from a trust perspective, showcasing how the "CITIC Entrepreneur Office" utilizes integrated tools like "insurance + trust" to help entrepreneurs achieve stable wealth preservation and orderly inheritance [7]. - The initiative reflects CITIC Group's strategy to enhance its service to high-net-worth clients through collaborative financial solutions [8]. Group 4: Event Atmosphere and Expectations - The ceremony concluded in a warm and optimistic atmosphere, with attendees expressing that the event not only showcased an upgrade in financial services but also provided new resources and strategic thinking tools for local entrepreneurs [10].

Market Performance - A-shares experienced an overall increase on December 24, with the Shanghai Composite Index rising by 0.53%, the Shenzhen Component Index by 0.88%, and the ChiNext Index by 0.77% [1] - A total of 4,128 stocks rose, with 86 stocks hitting the daily limit up, while 1,137 stocks declined [2] Sector Highlights - The commercial aerospace sector saw a collective surge, with over 20 stocks including China Satellite and Aerospace Power hitting the daily limit up [3] - Computing hardware stocks continued their strong performance, with companies like Shengyi Technology and Tianjin Printronics also reaching the daily limit up [4] - The Fujian sector showed strength, with stocks such as Dongbai Group and Anji Food hitting the daily limit up [5] Fund Market Activity - The most notable highlight was the surge in LOF (Listed Open-Ended Fund) with a wave of limit up occurrences [6] - The rise was attributed to the high premium of the Guotou Silver LOF, which reached nearly 70%, leading to a "carnival" for investors seeking arbitrage opportunities [7] - The fund's announcement on December 24 indicated further limits on subscriptions, with the A share subscription limit remaining at 500 yuan and the C share limit reduced from 500 yuan to 100 yuan [7] - The arbitrage strategy involved purchasing the LOF at a net value of approximately 1.8 yuan while the market price soared above 3 yuan, resulting in a premium rate exceeding 60% [7] Policy Support - The People's Bank of China and seven other departments jointly issued an opinion to support the construction of the Western Land-Sea New Corridor, proposing 21 key measures to enhance financial support [8] - The opinion emphasizes improving the financial organization collaboration system and promoting institutional reforms to facilitate high-quality development of the corridor [8] - It includes measures to promote cross-border investment and financing convenience, such as simplifying foreign exchange registration procedures for qualified non-financial enterprises [9] - The opinion also aims to expand the use of the RMB in cross-border transactions and strengthen bilateral currency cooperation with Southeast Asian and Central Asian countries [9] - A comprehensive financial service platform named "Central Bank Western Land-Sea Intelligent Integration" is proposed to enhance financial services along the corridor [9][10] - The opinion highlights the need for diversified financing channels to support infrastructure construction along the corridor, including the establishment of a fund in Chongqing [10]