智通财经APP获悉，港股三大指数今日走势分化，恒指尾盘成功翻红，恒科指数一度跌逾1.6%。截止收 盘，恒生指数涨0.12%或29.35点，报25498.13点，全日成交额为1623.77亿港元；恒生国企指数跌 0.02%，报8841.51点；恒生科技指数跌0.73%，报5418.29点。 华泰证券近期指出，目前市场下行空间可控但上行胜率尚未打开。港股情绪指标依然处于悲观区间，对 应磨底阶段，情绪指数走势与2024年11月类似。配置层面，短期关注资金面供需改善后的弹性品种如科 技和医药，中期依然建议成长+顺周期均衡，切换时间在二季度左右。全年维度看，个股相关性下降， 去伪存真、自下而上的α机会更加重要。 蓝筹股表现 恒隆地产(00101)领跌蓝筹。截至收盘，跌2.91%，报8.68港元，成交额9502.41万港元，拖累恒指0.74 点。今日午间，恒隆集团、恒隆地产联合公告宣布卢韦柏将于2026年8月31日或之前荣休，并不再担任 集团行政总裁及执行董事的职位。董事会正在进行全面的甄选，以物色卢先生的继任人，而卢韦柏将协 助并促进领导层顺利交接。 其他蓝筹股方面，石药集团(01093)涨6.52%，报8.01港元， ...

据湖南高院消息，2025年12月18日，湖南省高级人民法院对上诉人盘继彪等十九人非法集资案二审公开宣判，依法裁定驳回上诉，维持原判。本裁定为终 审裁定。 2025年6月25日，长沙市中级人民法院一审公开宣判，对被告人盘继彪以集资诈骗罪、诈骗罪、洗钱罪、偷越国（边）境罪数罪并罚判处无期徒刑，剥夺 政治权利终身，并处没收个人全部财产；对其余十八名被告人分别以集资诈骗罪、非法吸收公众存款罪、洗钱罪、伪造身份证件罪等不同罪名判处五年至 二十年不等有期徒刑，并处罚金。宣判后，盘继彪等十六名被告人提出上诉。 二审法院认为，一审判决认定事实清楚，证据确实、充分，定罪准确，量刑适当，审判程序合法，遂作出上述裁定。 部分上诉人和原审被告人的亲属、人大代表、政协委员旁听了案件宣判。 此前报道： 一审经审理查明，2011年11月起，被告人盘继彪等人在不具备吸收公众存款资格的情况下，以湖南盛大金禧金融服务有限公司及多家关联公司名义，通过 虚构投资项目、公开虚假宣传等方式，以还本付息、许诺高额回报为诱饵，向社会公众募集资金911亿余元。大部分集资款用于兑付到期本息、经营成本 开支、盘继彪个人使用和挥霍，造成集资参与人经济损失129亿余 ...

新华社贝尔格莱德12月17日电 综述：海南自贸港封关在即 国际商界看好中国市场新引力 毕马威中国与穆迪达维特联合发布的《海南自贸港旅游零售白皮书2025版》分析认为，随着封关制度逐 步落地，税务改革和双轨零售格局将推动市场继续发展，并为境内外零售商创造更多参与机会。 查代日认为，对已与中国签订中塞自贸协定的塞尔维亚而言，海南自贸港全面封关运作是接触中国消费 者的新机会，也是建立新的投资和技术伙伴关系的新机会，"我们将与中国商会的同事们共同打造这一 伙伴关系"。 海南自贸港封关运作后，将实施以"'一线'放开、'二线'管住、岛内自由"为基本特征的自由化便利化政 策制度。查代日表示，这是中国坚持扩大对外开放的重要一步，表明中国愿意拓展自由贸易空间，稳定 全球供应链，为构建开放型世界经济作出积极贡献。 总部设在阿联酋迪拜、成员涵盖140多个国家和地区1600多家机构的世界自由区组织主席穆罕默德·阿扎 鲁尼认为，海南自贸港的成功实践向世界展示了制度创新、绿色经济、数字化转型以及全球合作的重要 性，充分展现了其发展潜力。 《金融时报》旗下专业媒体《外国直接投资情报杂志》刊发分析文章指出，海南自贸港将成为"试点推 动进出口 ...

Core Viewpoint - China Cinda (01359) is participating in a merger transaction between CICC (601995) and Cinda Securities (601059), which is expected to result in a significant change in its shareholding structure and a one-time tax-adjusted gain of approximately RMB 20 billion [1] Group 1: Merger and Shareholding Changes - As of the announcement date, China Cinda holds 2.6 billion shares of Cinda Securities A-shares, accounting for approximately 78.67% of its equity. Following the merger, it is expected to no longer hold any A-shares of Cinda Securities and will receive 1.3 billion shares of CICC, representing about 16.71% of CICC's equity on a fully diluted basis [1] - The proposed merger is anticipated to generate a one-time post-tax gain of around RMB 20 billion for China Cinda, primarily due to the change in accounting treatment from cost method to fair value for the merger [1] Group 2: Business Performance and Asset Management - In the first half of 2025, despite a decline in disposal scale due to economic conditions, the acquisition scale of operational non-performing assets has continued to grow, indicating potential for an upward cycle. The internal rate of return for acquisition business in H1 2025 is 8.7%, slightly down from 8.9% for the entire previous year [2] - Revenue from the acquisition and restructuring business in H1 2025 is reported at RMB 676 million, a decrease of 65.5% year-on-year. The net amount of acquisition and restructuring assets has decreased from RMB 28.485 billion at the end of 2024 to RMB 24.948 billion by mid-2025, indicating an orderly clearance process [2] Group 3: Asset Quality and Investment - The investment balance for non-performing asset management is reported at RMB 211.12 billion at the end of 2024 and RMB 208.29 billion by mid-2025. New investments in H1 2024 and H1 2025 were RMB 16.16 billion and RMB 30.41 billion, respectively, with revenues of RMB 4.09 billion and RMB 1.75 billion, showing a continuous increase in investment and solidification of asset value [3] Group 4: Profit Forecast and Investment Recommendation - The company is expected to achieve a net profit attributable to shareholders of RMB 3.7 billion in 2025, representing a year-on-year growth of 21%. The corresponding BVPS is projected to be RMB 4.35, with a target price of HKD 1.89 per share, based on a 0.4x PB valuation for 2025 [4]

Group 1 - The Walton family, founders of Walmart, tops the global wealth list with a net worth of $513.4 billion, marking the first time their wealth exceeds $500 billion [1][7] - The total wealth of the top 25 richest families globally increased by $358.7 billion over the past year, reaching a combined net worth of $2.9 trillion [2] - The entry threshold for the list reached a historical high of $46.4 billion, an increase of $9.7 billion from the previous year [2] Group 2 - Walmart generated $681 billion in revenue from over 10,750 stores worldwide in the last fiscal year, serving 270 million customers weekly [4] - The Al Nahyan family, ruling in the UAE, has significant control over the country's oil wealth and has diversified investments, including in AI [6][9] - The Koch family, through Koch Industries, has a revenue of approximately $125 billion, managing their wealth through a family office [17][24] Group 3 - The Mars family, known for their candy and pet care products, has a wealth of $143.4 billion, with pet care now accounting for over half of their revenue [20][25] - The Ambani family, controlling Reliance Industries, has a net worth of $105.6 billion, with significant assets in oil refining [23][26] - The Ferrero family, with a wealth of $54.9 billion, has expanded their business through acquisitions, including the purchase of Kellogg's US candy business [57][60]

Core Viewpoint - The launch of the Hainan Free Trade Port's customs closure on December 18, 2025, marks a significant milestone, promoting higher levels of openness and creating new opportunities in financial management [2][4]. Group 1: Financial Management Opportunities - The implementation of a regulatory model of "one line open, two lines controlled, and free within the island" will facilitate cross-border capital flow and enhance international financial services for businesses and individuals [2][4]. - Hainan will serve as an experimental zone for financial policy innovation, including cross-border asset management, offshore financial services, and digital currency applications, contributing to national financial reform [2][4]. - The establishment of the Global Academy of Finance and Management (GAFM) in Hainan will support the development of an international financial management talent system, aligning with the financial opening process of the free trade port [4][6]. Group 2: Wealth Management Sector Development - Hainan is expected to become a new hub for offshore wealth management, offering diverse asset allocation options for high-net-worth clients, particularly in cross-border asset management and tax optimization [6][7]. - The framework of the free trade port will accelerate the introduction of innovative financial products to meet the diverse financial needs arising from industrial upgrades [6][7]. - The entry of more foreign financial institutions into Hainan will enhance the internationalization of wealth management concepts and service standards, improving the overall industry level [7].

Core Insights - Ron Baron, founder of Baron Capital, discussed the potential IPO of SpaceX and its valuation during a CNBC interview, highlighting his long-term investment strategy in companies led by Elon Musk [3][59] - Baron has invested approximately $4 billion in Tesla from 2014 to 2016, yielding about $8 billion in returns, and believes Tesla could generate several times that amount in the next decade [3][59][69] - Baron started investing in SpaceX in 2017, with a total investment of around $1.5 billion, now valued at nearly $10 billion, making it his largest single holding [4][60][76] Investment in SpaceX - Baron predicts a high likelihood of SpaceX going public in summer 2024, possibly on June 28, coinciding with Musk's birthday [5][61][75] - Current valuation of SpaceX is approximately $800 billion, with media speculation suggesting it could double by the time of the IPO [13][76] - Baron holds a $10 billion position in SpaceX and a $5 billion position in Tesla, with Tesla's stock price currently between $460 and $480 [24][77] Management Philosophy - Baron emphasizes that Musk's companies have evolved from being "one-man shows" to organizations with a culture that fosters exponential growth [6][73] - Musk's management style involves empowering talented individuals and allowing for failure in pursuit of better solutions, which contributes to a replicable organizational culture [20][73] - Baron believes understanding a company's culture is crucial for investment decisions, focusing on the values instilled in employees [18][73] Investment Strategy - Baron Capital aims for a diversified portfolio, recognizing the current market focus on AI and technology while also identifying undervalued small-cap companies [82][83] - The firm has launched a small-cap growth portfolio, emphasizing the attractiveness of these companies in a declining interest rate environment [83] - Baron highlights two companies, Guidewire and Idexx, as examples of firms that are beginning to realize their potential after investing in their future [32][84] Future Outlook - Baron anticipates that Baron Capital could generate $250 billion in profits over the next decade, significantly increasing from the $57 billion generated in the past 40 years [90][91] - The firm maintains a portion of its portfolio in high-growth, high-risk companies (30-40%), alongside stable, double-digit growth companies (50-55%), and those with suppressed short-term profits (10-15%) [114][116] - Baron expresses excitement about the numerous overlooked companies in the market, indicating a strong belief in their potential for growth [92][113]

除了军事打击，俄罗斯还展开了金融反制。俄罗斯央行已正式起诉欧洲清算银行，要求赔偿资产冻结带来的损失，而俄罗斯国家杜马提出了对等反制法案， 计划没收欧美国家在俄的资产作为回应。更为深远的影响是，欧盟这一举动将打破长期以来主权资产不可侵犯的原则，全球各国对其金融市场的信任可能会 受到动摇，尤其是那些依赖欧盟作为资产存储地的国家。 欧盟决定将俄罗斯在其境内的主权资产无限期冻结，这一决定的影响深远，直接将2100亿欧元的资金卷入了复杂的地缘政治博弈中。这笔资产主要存放在比 利时的欧洲清算银行，之前每半年需要获得欧盟成员国一致同意才能续冻，而此次则通过无限期冻结彻底锁定。俄罗斯外交部迅速回应，称这是赤裸裸的抢 劫，并已对欧洲清算银行提起诉讼要求赔偿。乌克兰总统泽连斯基则表示感谢，将这一举措视为战争资金的重要支持。但欧盟内部的反应则不尽相同，匈牙 利总理欧尔班直言欧盟的法治已经死亡，比利时首相德韦弗也表达了担忧，认为欧盟可能要独自面对俄罗斯的报复。 这场围绕2100亿欧元的博弈已然展开，欧盟的这步棋，是为了为乌克兰续命还是可能引发更大危机？自2022年俄乌冲突爆发以来，欧盟便冻结了这笔资产， 但由于每半年必须得到全体成员 ...

Core Viewpoint - The U.S. Treasury Secretary has reiterated the vision of the "Trump Account" plan aimed at increasing stock ownership among Americans, with a goal to reduce the 38% of Americans who currently do not own any stocks to zero [1][2]. Group 1: Plan Overview - The "Trump Account" is part of the "Big Beautiful Plan" and aims to reshape American households' balance sheets through government funding and compounding effects [1]. - The plan will automatically deposit $1,000 for eligible newborns, which could grow significantly by retirement age, potentially reaching around $600,000 based on a 10.5% annual growth rate of the S&P 500 [1][3]. - The plan is designed to supplement the social security system, allowing more Americans to participate in the distribution of corporate value creation [2]. Group 2: Financial Projections - Without additional contributions, the initial $1,000 could grow to $5,800 in 18 years and $18,100 in 28 years [3]. - If families contribute an additional $250 annually, the account value at adulthood could reach approximately $20,700, while maximum contributions of $5,000 per year could lead to over $300,000 by age 18 [3]. Group 3: Funding Sources - The plan features a diverse funding structure, allowing contributions from federal funds, businesses, philanthropists, and state governments [4]. - For children not qualifying for the $1,000 seed funding, additional support of $250 will be provided for those in households earning below $150,000, funded by notable philanthropists [4]. Group 4: Implementation Timeline - The plan is expected to officially open for contributions after July 4, 2026, with parents required to register through a specific form or website [5]. Group 5: Criticism and Concerns - Critics argue that the tax incentives are insufficient, as funds are sourced from after-tax income and may not provide better tax treatment than traditional brokerage accounts [6]. - There are concerns that the opt-in registration mechanism may exclude low-income families who do not file taxes, undermining the goal of reducing wealth inequality [6]. Group 6: Ideological Intent - The plan aims to cultivate a new generation of "capitalists" by enabling young people to experience the investment system firsthand, potentially leading to a more favorable view of capital markets [7]. - Financial services are closely monitoring the plan's implementation, particularly regarding the selection of private institutions to manage the funds, which could impact market dynamics [2][7]. Group 7: Corporate Interest - Companies like Uber, Dell, and Charter Communications have expressed interest in contributing to employee children's accounts, indicating corporate support for the initiative [8].

Group 1 - The core point of the article is that the UK inflation rate has dropped to its lowest level in eight months, leading traders to believe that the Bank of England is likely to cut interest rates soon [1][6] - The Consumer Price Index (CPI) annual rate for November fell to 3.2%, down from 3.6% in October and below the expected 3.5% [1][6] - The decline in inflation is attributed mainly to a decrease in food prices, which typically rise at this time of year, and a slight easing in the service sector inflation rate from 4.5% in October to 4.4% [1][6] Group 2 - Federal Reserve Governor Waller indicated that there is still room for rate cuts, suggesting that the neutral interest rate may be 50 to 100 basis points away [1][7] - Waller emphasized that the Fed can gradually lower rates to neutral levels without rushing, as inflation is expected to moderate [1][7] - The article highlights the importance of the upcoming interest rate decisions from the Bank of England and the European Central Bank [2][7]