Group 1 - Gold prices continue to rise, reaching a record high above $4,490 per ounce, closing at $4,484.87, with a gain of 0.93% [1] - Silver prices have surpassed the key psychological level of $70, closing at $71.45, with an increase of 3.54% [1] - WTI crude oil prices rose by 0.84% to $58.37 per barrel, while Brent crude oil increased by 0.66% to $62.44 per barrel, amid concerns over supply disruptions due to geopolitical tensions [1] Group 2 - The U.S. economy expanded at a rate of 4.3% in the third quarter, marking the fastest growth in two years, despite a decline in consumer confidence for five consecutive months [1] - The ADP weekly employment report indicates that private sector employers added an average of 11,500 jobs per week over the four weeks ending December 6, 2025 [1] - Discussions are suggested regarding adjusting the Federal Reserve's inflation target to a range of 1.5%-2.5% or 1%-3% [1]

Core Viewpoint - The China Foreign Exchange Trading Center will implement a full exemption of transaction fees for financial institutions providing foreign exchange derivative trading services to small and micro enterprises starting from January 1, 2026, for a period of two years [1] Summary by Categories Policy Implementation - The exemption applies to transaction fees in the interbank foreign exchange market for financial institutions serving small and micro enterprises through the foreign exchange trading center's corporate platform [1] - For transactions conducted through other channels, financial institutions must verify the standards of small and micro enterprises and report the enterprise list to the foreign exchange trading center, which will then provide a full exemption based on 50% of the total transaction volume [1] Transaction Types - The fee exemption covers various types of transactions, including forwards, swaps, currency swaps, and options related to RMB foreign exchange derivatives [1] Reporting Requirements - Financial institutions are required to submit transaction information related to small and micro enterprises to the foreign exchange trading center by the 15th of each quarter's last month, including details such as client name, transaction type, currency pair, transaction volume, price, and duration [1]

Core Viewpoint - The National Bureau of Statistics has released the fourth batch of 30 public data "running" demonstration scenarios, bringing the total to 100, aimed at maximizing the value of public data and promoting its integration and application across various sectors [2][3]. Group 1: Public Data Development and Utilization - The public data "running" demonstration scenarios are a precursor to the market-oriented allocation of data elements, with significant progress reported in the first batch, showcasing social and industrial benefits [3]. - The enthusiasm for application has surged, with the fourth batch of scenarios expanding into high-frequency public services, specialized industries, and grassroots governance, particularly in the western and northeastern regions, which account for 35% of the scenarios [3][8]. - A series of beneficial practices have been explored in the implementation of public data development, with plans for sharing typical cases to enhance mutual learning and demonstration [4]. Group 2: Enhancements in Foreign Trade and Financial Services - The "Single Window" platform has significantly improved the quality and efficiency of "foreign trade + finance" services, processing international settlements totaling $127.2 billion and financing credits of 148.8 billion yuan, benefiting 450,000 foreign trade enterprises [5][6]. - Innovations include the establishment of a big data model that integrates over 20 types of data, enabling precise profiling of foreign trade enterprises and supporting rapid decision-making for financial institutions [6]. - The platform offers fully online services, allowing foreign trade enterprises to handle international settlements, financing loans, and insurance claims conveniently, while ensuring data security through a "data available but not visible" policy [6]. Group 3: Authorized Operation as a Data Supply Model - Authorized operation has emerged as an innovative model for public data resource development, enhancing the supply and utilization of data elements in the market [7][8]. - This model has led to the establishment of specialized data service enterprises, with regions like Tianjin and Anhui actively fostering operational entities and partnerships to enhance data governance and circulation [8]. - Public data is increasingly driving the integration of various data types, providing robust support for industrial development and public governance, with over 150 authorized operation scenarios created in Shandong alone [8].

Core Viewpoint - The recent surge in gold prices, reaching a historical high of $4,400, has exceeded the expectations of major financial institutions, indicating an unprecedented market behavior for gold [1][2]. Group 1: Price Predictions and Market Reactions - Major institutions had predicted lower gold prices for the end of 2023, with Goldman Sachs forecasting $3,700, UBS at $3,500, and Morgan Stanley at $3,800, while Citigroup even anticipated a drop below $3,000 [1]. - The current price of $4,400 has surpassed these predictions, highlighting a significant deviation from expected market trends [1]. Group 2: Changes in Pricing Mechanism - Historically, gold prices have shown a strong negative correlation with real interest rates on U.S. Treasury bonds since 2000. However, this relationship has changed since 2022, as gold prices have risen despite increasing real interest rates [2]. Group 3: Underlying Market Dynamics - The decline in confidence towards the U.S. dollar and the rise of "de-dollarization" have made gold a more attractive asset, serving as a stable value anchor amid changing market conditions [4]. - The simultaneous rise of gold and U.S. equities marks a historic shift, driven by a weaker dollar and the Federal Reserve's liquidity measures, which have benefitted both risk and safe-haven assets [4]. Group 4: Future Outlook for Gold Prices - Institutions generally maintain a bullish outlook for gold prices in 2026, with predictions ranging from $4,400 to $5,000, driven by structural demand from central banks, expectations of continued interest rate cuts, and geopolitical uncertainties [6][7]. - Goldman Sachs predicts a price of $4,900, while Morgan Stanley estimates $4,800, indicating a consensus on the potential for further price increases [7]. Group 5: Investment Trends in Gold ETFs - Despite the bullish sentiment, actual investment in gold ETFs remains relatively low compared to the overall market, with gold ETFs in the U.S. accounting for only 0.17% of private financial portfolios [8]. - The scale of gold ETFs in China has increased significantly, surpassing 210 billion yuan, but still appears small compared to the broader A-share ETF market [8].

Core Viewpoint - Pudong is celebrating the fifth anniversary of its development as a leading area for socialist modernization, facing new domestic and international challenges, and must develop further plans to enhance high-level opening-up and institutional openness [1] Group 1: Innovation and Technology - Over the past five years, Pudong has significantly improved its innovation capabilities, with fiscal science and technology investment increasing from 3.9% of the general public budget in 2020 to 9.2%, leading to an average annual growth of 11.2% in R&D investment [2] - Experts suggest that Pudong should focus on artificial intelligence, synthetic biology, and quantum technology to accelerate the development of application scenarios and the commercialization of technology [2] - To achieve high-quality development, Pudong must demonstrate leadership in high-level technological self-reliance, particularly in strategic fields like integrated circuits and life sciences [2] Group 2: External Environment and Trade - Despite changing external conditions, China's commitment to opening up remains steadfast, with Pudong expected to enhance its international competitiveness in modern service sectors such as finance and technology [3] - Pudong's internationalization is supported by a concentration of world-class enterprises, which can leverage advantages in technology, finance, logistics, and professional services to drive trade development [3] Group 3: Resource Allocation and Collaboration - Recommendations include enhancing collaboration between Shanghai and Shenzhen to improve global resource allocation capabilities, with Shanghai leading in cross-border payment systems and Shenzhen excelling in fintech innovations [3] - The establishment of a new mechanism for the cross-border flow of cultural data is highlighted as a key task for the "15th Five-Year Plan" period, aiming for efficient and secure data movement [3] Group 4: Business Development and Supply Chain - Pudong aims to strengthen its role as a hub for multinational companies and outbound enterprises by enhancing its service capabilities and supporting supply chain integration [5] - The focus is on leveraging Pudong's financial institutions and professional service organizations to improve the comprehensive service level for outbound enterprises [5]

Core Viewpoint - Ningbo's implementation plan for comprehensive reform of market-oriented allocation of factors aims to inject strong momentum into the construction of a modern coastal metropolis through institutional innovation, digital empowerment, and industrial collaboration [1] Group 1: Key Measures - The plan breaks down barriers to the conversion of scientific and technological achievements, expanding the ownership or long-term usage rights of researchers' achievements, with a significant increase in the proportion of conversion benefits that do not occupy the total performance salary [2] - An "AI + technical manager" innovative service model is introduced to facilitate the entire chain from concept verification to pilot transformation, allowing innovative ideas to rapidly develop into industrial applications [2] - Top talents will have full responsibility for technical route adjustments and team formation, further stimulating innovation vitality [3] Group 2: Land and Resource Management - The plan replaces the single "highest bidder wins" land supply model with a "limited land price and competitive contribution" approach, introducing flexible land supply periods and lifecycle management to better match enterprise needs [4] - It promotes three-dimensional development of land, allowing for separate development rights of underground spaces and layered rights for marine usage [4] - The construction of a unified urban and rural construction land market is accelerated, with measures to bring rural collective operating construction land into the market and redevelop idle farmland [4] Group 3: Talent and Data Management - The plan proposes deepening household registration system reforms, promoting mutual recognition of residency periods, and ensuring public services are allocated based on the resident population, facilitating smoother talent mobility [5] - A multi-dimensional talent evaluation system will lean towards innovation capability and contribution, with expanded enterprise self-evaluation rights [5] - In the data sector, the plan promotes data property registration to ensure compliance and clarity of ownership, enhancing market recognition of data products [5] Group 4: Financial Support for the Real Economy - A new round of the "Phoenix Action" plan is implemented, expanding REITs and launching pilot projects for fund share transfers, creating a financial service system that covers the entire lifecycle of technology enterprises [6] - Innovations in carbon emission budget management and accelerated market-oriented electricity trading are explored, with a focus on green finance products to empower the real economy [6] Group 5: New Productive Forces - The plan establishes a "1+6+X" work framework, with a duty of care system supporting reforms, emphasizing the guarantee of new productive forces [7] - It aims to create specialized application scenarios in low-altitude economy, deep-sea resource development, and humanoid robotics, promoting cross-regional factor collaborative allocation [7] - The reform focuses on breaking institutional barriers to ensure smoother factor flow and more efficient allocation, continuously releasing reform dividends [7]

Market Overview - Japanese and South Korean stock markets opened higher on December 24, with the Nikkei 225 index rising by 0.12% to 50,475.48 points and the KOSPI increasing by 0.46% to 4,136.24 points [6] - Spot gold prices reached a historic high of $4,500 per ounce, marking a year-to-date increase of over 70% [6] - On December 23, the Dow Jones Industrial Average rose by 0.16% to 48,442.41 points, the S&P 500 increased by 0.46% to 6,909.79 points, and the Nasdaq Composite gained 0.57% to 23,561.84 points, achieving four consecutive days of gains [6] - European stock indices showed mixed results, with the DAX index up 0.23% to 24,340.06 points, the FTSE 100 up 0.24% to 9,889.22 points, and the CAC 40 down 0.21% to 8,103.85 points [6] Company Insights - In November, Tesla's sales in Europe decreased by 11.8% year-on-year to 22,801 vehicles, resulting in a market share drop to 2.1% [7] - Amazon's autonomous driving subsidiary, Zoox, is recalling 332 vehicles in the U.S. due to software malfunctions [7] - Warner Bros. Discovery is considering a revised acquisition offer from Paramount Sky Dance, with Oracle co-founder Larry Ellison pledging personal guarantees of approximately $40 billion for the deal [7] International Macro - The U.S. Department of Commerce reported a preliminary estimate showing that the GDP for the third quarter of this year grew at an annualized rate of 4.3%, up from 3.8% in the second quarter [8] - The acceleration in economic growth was attributed to increased consumer spending, which rose by 3.5%, along with growth in government spending and investment at 2.2%, and an 8.8% increase in exports [8] - Non-residential fixed investment, reflecting corporate investment conditions, grew by only 2.8% in the third quarter, significantly lower than the previous quarter's growth of 7.3% [8] Institutional Perspectives - JPMorgan's 2026 outlook report indicates that the long-term trend of official reserves and investor diversification into gold is expected to continue, predicting that gold demand will push prices towards $5,000 per ounce by the end of 2026 [9] - Nomura forecasts that there will be no additional rate cuts from the Federal Reserve in the first three meetings of 2026, but a more dovish leadership may lead to two additional rate cuts next year, with the federal funds rate expected to drop to 3.125% by September 2026 [9]

Core Viewpoint - The conference titled "AI and Trusted Blockchain, Optical Technology and New Energy - 2025 Industry-Finance Ecological Conference" aims to explore the deep integration of technology and capital to foster a new industrial ecosystem, which is significant for supporting China's "new quality productivity" and "Digital China" strategy [1][3] Group 1: Conference Overview - The conference is guided by the China Asia Economic Development Association and co-hosted by various organizations, focusing on the integration mechanisms of cutting-edge technologies like AI, trusted blockchain, optical technology, and new energy with financial capital [1][3] - Experts at the conference highlighted the need for long-term capital support to match the industrialization of technological innovations, as traditional financing models struggle to adapt to rapid technological iterations and evolving business models [3] Group 2: National Debt Reduction Financing (DRF) Initiative - The "New Era Local State-Owned Enterprise Debt Reduction Financing (DRF) to Assist High-Quality Industrial Development" initiative aims to provide a comprehensive solution for local state-owned enterprises facing financing difficulties due to weak regional economies and poor financial data [3][4] - The initiative includes systematic compliance supply chain operations to enhance revenue and positive profits for local state-owned enterprises, thereby improving their financial statements and meeting funding requirements for long-term, low-cost financing [3][4] Group 3: Investment Strategies and Outcomes - The initiative allows enterprises to use part of the DRF funds to establish equity investment funds in collaboration with the National Construction Group, with a co-investment ratio ranging from 1:1 to 1:9 [3][4] - The investment fund will focus on promising small and medium-sized enterprises across the entire industrial chain, aiming to promote collaborative development and ultimately drive these enterprises towards listing or acquisition, thereby creating greater economic benefits [3][4] Group 4: Innovation in Financing Models - The DRF initiative reflects a shift from traditional "blood transfusion" support to a systematic "blood-making" function, expanding the capital operation space for local state-owned enterprises [5] - The initiative is a practical response to national strategic deployments, providing significant support for building an open, collaborative, and sustainable high-quality industry-finance ecosystem [5]

每经编辑｜金冥羽 12月24日，现货黄金首次升破4500美元/盎司，日内涨0.48%。今年累涨超1870美元。 受近期国际金价影响，以人民币计价的黄金价格再创新高。12月23日，多个品牌足金饰品报价首次冲上每克1400元。周生生足金饰品标价1403元/克，较 前一日1367元/克的价格上涨36元/克；周大福、周大生足金饰品标价1403元/克，较前一日1368元/克的价格上涨35元/克；老凤祥足金饰品标价1399元/克， 较前一日1365元/克的价格上涨34元/克；老庙黄金足金饰品标价1402元/克，较前一日1367元/克的价格上涨35元/克。 今日黄金最新价格 单位:元/克 更新时间:12-23 | ■** 周大福 | 周六福 | | 雕 周生生 | | --- | --- | --- | --- | | 1403.00 | 1389.00 | | 1403.00 | | 金条价格 1230.00 | 金条价格 | 1284.00 | 金条价格 1231.00 | | ■大生 | ■ 潮宏基 | | 一六福珠宝 | | 1403.00 | 1403.00 | | 1401.00 | | 铂金价格 861.00 ...

Core Viewpoint - The article highlights a significant surge in gold prices, which have surpassed $4500 per ounce, alongside a historical high in silver prices, driven by a collective rise in commodity markets [1]. Group 1: Market Trends - The US dollar index continues to decline, trading below 98 [2]. - The current exchange rates include USDX at 97.8933, EURUSD at 1.17965, and GBPUSD at 1.35137, with slight fluctuations noted [3]. Group 2: Influencing Factors on Gold Prices - Lower interest rates are making gold more attractive as they reduce expected returns on government bonds, leading to increased demand for gold as both a safe haven and speculative asset [4]. - Goldman Sachs projects that gold prices will reach $4900 per ounce by the end of 2026, while Yardeni Research has raised its forecast for gold to $6000 per ounce by the same date, citing macroeconomic concerns rather than a rebound in global economic activity [6]. - UBS analysts note that gold has rebounded quickly since a sharp decline in late October, driven by geopolitical tensions and a favorable US interest rate environment, with expectations of continued high demand from central banks and investors [6].