Core Insights - The role of corporate treasurers has evolved into strategic financial architects, focusing not only on minimizing financing costs but also on anticipating risks and diversifying funding sources while maintaining transparent communication with executives and board members [2][3]. Modern Financing Challenges - Corporate treasurers face the challenge of constructing resilient capital structures that can withstand market volatility and adapt to changing investor preferences, moving beyond traditional bond issuance to a more diversified approach [3][5]. - A robust and diversified investor base is crucial to mitigate concentration risk, as over-reliance on a single type of investor can lead to liquidity issues and increased financing costs during market shifts [4][6]. Diversification of Funding Channels - Companies are encouraged to explore private credit options alongside traditional bond issuance to maintain flexibility and resilience during market turbulence [8][20]. - Utilizing data-driven decision-making through real-time analysis and scenario modeling can help treasurers anticipate risks and optimize financing strategies [5][10]. Building a Future-Ready Financial Function - The complexity of the treasurer's role necessitates a commitment to data-driven insights, effective liquidity management, and a diversified investor strategy to navigate volatile markets successfully [20]. - LSEG Workspace provides essential tools and insights for treasurers to ensure optimal financing, challenge partners, and protect the company from potential risks [20][11]. Monitoring Investor Structure - Maintaining close attention to the company's investor structure is vital to preemptively address potential threats from activist investors, enabling timely communication and strategic responses [18][15]. - Real-time tracking of bondholder registries and monitoring changes in the investor base can help identify risks before they escalate [15][18].

主要货币表 | | 汇率 | 1M 升跌 | 6M 升跌 | | --- | --- | --- | --- | | 人民币指数 | 97.710 | -0.26% | +2.23% | | 美汇指数 | 98.643 | -1.58% | -0.27% | | 港币/人民币 | 0.905 | +0.92% | +1.20% | | 人民币/美元 | 0.142 | -1.02% | -2.04% | | 欧元/美元 | 1.171 | +1.53% | +1.91% | | 美元/日元 | 156.910 | +0.16% | -7.30% | | 英镑/美元 | 1.338 | +2.41% | -0.68% | | 美元/瑞士法郎 | 0.795 | +1.28% | +2.70% | | 主要商品表 | | | | | --- | --- | --- | --- | | (货币：美元) | 最新价 | 1M 升跌 | 6M 升跌 | | 布伦特原油(桶) | 59.710 | -5.22% | -17.79% | | 天然气(1mnBtu) | 3.923 | -17.46% | -25.00% | ...

中国人民银行授权全国银行间同业拆借中心22日公布最新一期贷款市场报价利率(LPR)：1年期LPR为 3.0%，5年期以上LPR为3.5%。两个期限品种的LPR均连续7个月不变。 此外，王青表示，2026年中国还需着力稳定房地产市场，预计监管层有可能通过单独引导5年期以上 LPR报价较大幅度下行，并结合财政贴息等方式，推动居民房贷利率更大幅度下调。 今年6月以来，中国LPR报价一直"按兵不动"。东方金诚首席宏观分析师王青认为，其背后的主要原因 在于受年初以来出口超预期、国内新质生产力领域较快发展等支撑，今年中国宏观经济顶住外部环境剧 烈波动压力，增长韧性超出预期，实现全年"5.0%左右"的经济增长目标已无悬念。由此，年底前逆周期 调节加力的迫切性不高，货币政策保持较强定力。 受内外部多重因素影响，王青表示，2026年一季度央行有可能实施新一轮降息降准，不排除春节前靠前 落地的可能。这将带动两个期限品种的LPR报价跟进下调，引导企业和居民贷款利率更大幅度下行，激 发内生性融资需求。另外，12月美联储下调政策利率后，2026年还将进一步降息，这也会减轻对国内货 币政策灵活调整的掣肘。 (责任编辑：朱赫) ...

Group 1 - The core viewpoint of the articles highlights that spot gold has reached a historic high of $4,400 per ounce, marking an increase of over 67% year-to-date [1] - Goldman Sachs analysts predict that gold prices will continue to rise next year, with a baseline scenario of $4,900 per ounce and potential upside risks [3] - The report from Guolian Futures indicates that the fundamental drivers supporting the strength of precious metal prices, such as the reconstruction of the credit monetary system and ongoing central bank purchases, remain unchanged, suggesting a solid long-term upward trend [3] Group 2 - The recent Federal Reserve policy changes, including a $40 billion monthly operation for reserve management purchases, are expected to provide liquidity support to the market, contributing to an upward trend in precious metal prices [3]

Core Insights - The ChinaBond Medium-High Grade Corporate Credit Bond Index series was launched on December 22, 2025, to provide diverse performance benchmarks and investment targets for the RMB bond market [1] - The indices include the ChinaBond Medium-High Grade Corporate Credit Bond Composite Index and the ChinaBond Medium-High Grade Corporate Credit Bond Index, focusing on corporate credit bonds with a minimum issuer rating of AA [1] Index Details - The indices are based on a reference point of 100 and include various sub-indices categorized by maturity, such as under 1 year, 0-3 years, 0-5 years, and so on, with adjustments made monthly [2] - As of November 28, 2025, the ChinaBond Medium-High Grade Corporate Credit Bond Composite Index comprises 21,904 bonds with an average maturity of 2.86 years [3] Performance Metrics - The ChinaBond Medium-High Grade Corporate Credit Bond Composite Index has a total market value of 2,146.39 billion yuan, an average duration of 2.58 years, and an average yield of 2.31% [4] - The ChinaBond Medium-High Grade Corporate Credit Bond Index consists of 19,356 bonds with a total market value of 1,832.42 billion yuan, an average duration of 2.65 years, and an average yield of 2.36% [4]

Core Insights - The report indicates that the national consumer financial literacy index for 2025 is 67.61, with average scores in financial skills at 69.30, financial attitudes at 70.62, financial behaviors at 54.28, and financial knowledge at 76.25 [1][2] Group 1: Overall Financial Literacy - Consumers generally possess good capabilities in handling basic financial matters but need to enhance new skills to adapt to the increasingly digital and complex financial environment [1] - The overall financial attitudes of consumers reflect a healthy and prudent financial value system, along with a strong willingness to learn financial knowledge and improve financial skills [1] Group 2: Financial Behavior and Knowledge - Consumers exhibit stable financial behaviors and have a good grasp of basic knowledge, but there is room for improvement in the diversified use of financial tools and asset allocation strategies [1] - Knowledge related to complex calculations or inter-temporal decision-making remains relatively weak among consumers [1] Group 3: Demographic Analysis - Financial literacy distribution shows a U-shaped curve by age, with the highest literacy in the 30-39 age group (70.11) and the lowest in those aged 60 and above (62.16) [2] - Urban consumers score higher in financial literacy (69.92) compared to rural consumers (63.23) [2] - Among regions, the eastern area has the highest financial literacy score (68.45), followed by the central (67.51), northeastern (67.21), and western regions (66.99) [2] Group 4: Purpose of the Report - The report aims to comprehensively understand the financial literacy levels of consumers in China and enhance the targeted effectiveness of financial education and publicity efforts [2]

Core Insights - The report indicates that the national consumer financial literacy index for 2025 is 67.61, with average scores in financial skills at 69.30, financial attitudes at 70.62, financial behaviors at 54.28, and financial knowledge at 76.25 [1][2] Group 1: Overall Financial Literacy - Consumers generally possess good capabilities in handling basic financial matters but need to enhance new skills to adapt to the increasingly digital and complex financial environment [1] - The financial attitudes of consumers reflect a healthy and prudent financial value system, along with a strong willingness to learn financial knowledge and improve financial skills [1] Group 2: Financial Behavior and Knowledge - While consumers demonstrate a solid grasp of basic financial knowledge, there is room for improvement in the diversified use of financial tools and asset allocation strategies, particularly in areas requiring deep understanding and complex calculations [1] Group 3: Demographic Analysis - Financial literacy levels vary across different demographic groups, showing a "U" shaped distribution by age, with the highest literacy in the 30-39 age group (70.11) and the lowest in those aged 60 and above (62.16) [2] - Urban consumers score higher in financial literacy (69.92) compared to rural consumers (63.23) [2] - Regionally, the eastern area has the highest financial literacy score (68.45), followed by the central (67.51), northeastern (67.21), and western regions (66.99) [2] Group 4: Purpose of the Report - The report aims to comprehensively understand the financial literacy levels of consumers in China and enhance the targeted effectiveness of financial education and outreach efforts [2]

Wind数据显示，现货黄金价格年内涨幅超65%。 12月22日早间，现货黄金(伦敦金现)强势拉涨，盘中突破10月20日创下的历史纪录(4381.484美元)，再 创新高。截至发稿，报4380.290美元/盎司，涨近1%。 对于年内金价强劲上涨，东吴证券首席经济学家芦哲此前表示，是多重引擎共振效应的结果。一是全球 央行延续2022年以来的购金趋势，这也是2022年以来黄金牛市最坚实的基础。二是地缘政治风险和代关 税政策带来较大不确定性。三是金融市场对美联储降息周期与债务问题的重定价。 芦哲表示，央行购金趋势未变、全球去美元化与地缘政治碎片化仍是长期过程、美国等主要经济体财政 与债务风险仍存等各种基础仍然稳固，对黄金的信用对冲需求继续存在且可能继续扩张，黄金牛市的核 心逻辑未被颠覆。 此外，世界黄金协会12日报告显示，11月全球实物黄金ETF流入达52亿美元，已连续六个月实现流入。 截至11月底，资产管理总规模增至5300亿美元，环比增长5.4%；总持仓上升1%至3932吨，均创新高， 今年全球黄金ETF流入总量有望创下历史最佳年度表现。 ...

此外，张子红称，对于具体的调整变化，可以通过征信中心官方网站等渠道获取，对于大家关心的逾期 信息何时完成调整问题，征信系统将根据个人逾期债务的结清时间分两种情形进行处理。 第一种情形是个人已经于2025年11月30日（含）前足额偿还逾期债务，征信系统自2026年1月1日起就不 予展示相关逾期信息。 第二种情形是个人于2025年12月1日至2026年3月31日之间足额偿还逾期债务的，征信系统于次月月月底 前不予展示相关逾期信息。比如，个人在2026年1月还清欠款的，相关具体信息在2月月底前即可展示为 正常还款状态。 支持个人信用重塑，12月22日，央行发布一次性信用修复政策。在当日央行召开的新闻发布会上，中国 人民银行征信中心主任张子红回答第一财经记者提问时表示，一次性信用修复政策实施后，对于符合条 件的逾期信息，两个数据项的具体展示情况将会出现相应的调整。 目前，征信系统中已还款个人逾期信息的保存期限为5年，超过5年的不再展示。张子红表示，个人信用 报告中的逾期信息需要通过每月的"还款状态"和"逾期金额"两个数据项进行反映。一次性信用修复政策 实施后，对于符合条件的逾期信息，"还款状态"将由"逾期"标识调整为 ...

贵金属价格走强，有几方面原因。 一方面，货币政策预期强化。美国11月失业率攀升至4.6%，高于市场预期，引发投资者对美联储2026年降息路径的重新定 价。实际利率下行预期持续支撑金价。 另一方面，美元指数走弱，削弱美元计价资产的持有成本，提升黄金对海外买家的吸引力。 此外，避险与配置需求升温。 12月22日早盘，贵金属品种集体大涨。 截至发稿，伦敦金现走势强劲，日内涨幅超过1%，报4386.48 美元/盎司， 再创历史新高。现货白银涨破68美元/盎司关 口，刷新历史高点，日内涨2.75%，年内累涨约1.38倍。广期所铂期货全部合约触及涨停。 | 国际贵金属 | | | | | | --- | --- | --- | --- | --- | | 名称 | 现价 | 涨跌 | 涨跌幅 | 年初至今 | | 伦敦金现 | 4386.489 | 48.129 | 1.11% | 67.16% | | 伦敦银现 | 68.892 | 1.843 | 2.75% | 138.49% | | COMEX電金 | 4418.6 | 31.3 | 0.71% | 67.42% | | COMEX白银 | 69.160 | 1. ...