Core Viewpoint - The increasing trend of cash dividends and share buybacks among A-share listed companies reflects a growing awareness of shareholder returns, although some companies still face issues with insufficient alignment between dividends and operational performance, as well as unclear purposes for buybacks [1][2] Group 1: Dividend Mechanism - Companies should establish a dynamic and adaptable dividend mechanism that aligns with their profitability and funding needs, with mature firms in stable cash flow industries encouraged to increase dividend payout ratios, while growth-oriented tech companies should prioritize R&D funding over high dividends [1] - A three-year dividend plan can help set clear return expectations, and companies are encouraged to adopt mid-term dividends to enhance investor satisfaction [1] Group 2: Share Buyback Optimization - The enthusiasm for share buybacks has increased due to supportive policies, but companies must avoid "formalistic buybacks" and focus on core purposes, such as enhancing earnings per share or supporting employee stock ownership plans [2] - Detailed disclosures regarding buyback progress, price range rationality, and future disposal plans are necessary to maintain transparency [2] Group 3: Shareholder Return Management - The key to shareholder returns lies in stability and predictability, necessitating detailed disclosures in annual reports regarding the rationale behind dividend policies and explanations for low or no dividends to prevent short-term behaviors like "sudden dividends" or "abnormally high dividends" [2] - Companies should actively communicate the alignment of return plans with their development strategies through performance briefings and investor meetings, particularly for emerging industry firms, to guide market expectations towards long-term value [2] Group 4: Governance and Sustainable Returns - Shareholder returns are a significant indicator of a company's governance capabilities, and only by integrating operational fundamentals, industry characteristics, and development plans can companies create reasonable and sustainable return strategies that build investor trust and support high-quality growth [2]

在中概股探索赴美上市的多元路径中，OTC场外交易市场正逐渐成为一条值得关注的替代通道。与纳斯达克、纽交所等主流交易所相比，OTC市场以其更 为包容的上市条件和灵活的规则，为许多尚处于成长期的企业提供了登陆美国资本市场的可行入口。 盈利要求差异显著 纳斯达克（以全球精选市场为例）设有严格的盈利门槛，例如要求企业最近三年累计税前收入不低于1100万美元，且最近两年每年不低于220万美元。这 对于许多高研发投入、尚未盈利的科技或生物医药企业构成较高障碍。 相比之下，OTC市场并无硬性盈利要求，使仍处于研发或市场拓展阶段的企业也能获得上市机会，凭借创新潜力与技术优势吸引早期投资者。 市值与现金流要求灵活 纳斯达克全球市场通常要求企业市值不低于7500万美元，并满足一定的现金流标准。而OTC市场对此类指标没有统一硬性规定，为规模尚小、现金流不稳 定但具备成长潜力的企业提供了进入资本市场的通道。 贰、股权结构与股东分布条件更具弹性 为何OTC被视为中概股的"机会之窗"？核心在于其与纳斯达克等市场在上市条件上的显著差异，主要体现在以下几个方面： 壹、财务条件更为宽松 纳斯达克的信息披露要求严格、报告格式复杂且频率高，合规成 ...

Group 1 - If the AI hype continues to fade, the Chinese stock market may outperform the US stock market [1] - Concerns about US tech stocks have resurfaced, with the S&P 500 index down nearly 2% from its recent peak [1] Group 2 - Goldman Sachs predicts that the Federal Reserve may be more willing to cut interest rates next year than previously assumed [2] - The upcoming employment reports will be crucial in determining whether the Fed will resume easing policies, with a focus on the unemployment rate rather than overall non-farm payroll growth [2] - Goldman expects the easing cycle to extend into 2026, with the federal funds target rate potentially dropping to 3% or lower [2] Group 3 - Morgan Stanley forecasts that the price increase of gold will slow down by 2026 due to reduced purchases by central banks and ETFs [3] - By Q4 2026, gold prices are expected to reach $4,800 per ounce, driven by stronger retail demand in China and increased central bank buying [3] - Silver is anticipated to underperform gold, with a peak shortage expected in 2025 due to declining solar equipment installations [3] Group 4 - A Bank of America survey indicates that 53% of investors believe the dollar is overvalued, up from 45% in November [4] - Investors are currently underweight in the dollar compared to historical levels, with short positions in the dollar considered the third most crowded trade [4] Group 5 - Concerns about the AI bubble have eased slightly but remain high, with 38% of investors identifying it as the biggest tail risk [5] - Private credit has emerged as a new risk factor, with 14% of fund managers considering it the largest tail risk for the coming year [5] Group 6 - The likelihood of a rate hike by the Bank of Japan has increased due to strong export performance, but the governor is not expected to signal a hawkish stance [6] - November exports grew for the third consecutive month, indicating a recovery from previous economic contraction [6] Group 7 - The Canadian Imperial Bank of Commerce notes that softening US employment data may prompt the Fed to consider earlier rate cuts in 2026 [8] - The labor market's cooling is expected to weaken the Fed's resolve to maintain current rates, increasing the likelihood of policy easing [8] Group 8 - China International Capital Corporation remains optimistic about bank stocks' absolute and relative performance, highlighting their high dividend yields and quality development phase [9] - The focus is on dividend yield and certainty, which depend on valuation and profit growth [9] Group 9 - Tianfeng Securities anticipates a more pronounced credit front-loading trend in 2026, with a positive outlook for early-year loans [10] - The bank sector may face challenges from high-interest term deposits and stock market fluctuations impacting general deposits [10] Group 10 - Tianfeng Securities expects a non-symmetric principle for deposit rate cuts in 2026, with a higher probability of implementation in the second quarter [11] - The report suggests a potential need for a rate cut before the Spring Festival, with a range of 25-50 basis points [11] Group 11 - China Galaxy Securities indicates that leading real estate companies are demonstrating strong operational management capabilities, which may enhance their market share [12]

央视网消息（新闻联播）：各地因地制宜，不断推出新举措、优化提升服务，加快推进首发经济，激发消费新活力。 上海聚焦提升通关效率、增强新品首发品质等，推出一系列政策举措，打造"首发上海"城市名片。不久前，"进博首发新潮流"系列活动在上海各大时尚 地标展开，首发上百款国潮新品。今年1至11月，上海新增首店933家，其中全球及亚洲首店14家。 在湖北武汉，一批首发、首展、首秀的科技品牌与前沿产品近日集中亮相，满满"科技感"为城市消费注入新动能。在这家全国领先的人形机器人7S店 里，打造了十多个首发应用场景。目前，武汉已建立首店经济项目库，助力优质项目快速落地。 在宁夏银川，一个建在商场内的江南文旅街区前不久对外开放，为市民游客带来多元化、沉浸式消费体验。今年，银川以首发首店经济为着力点，出台 多层次激励政策，对引进不同类别的首店分别给予补贴，加大培育力度。 各地还不断提升服务，助力首发经济快速发展。 辽宁进一步畅通"首发引领—产业跟进—生态提升"发展路径，沈阳建立了首发经济绿色通道，压缩首店入驻审批时间，为品牌首发提供便利。 江苏南京出台促进首发经济的15条服务措施，涵盖支持重点商圈、知名景区等向首发活动开放，并开通 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：金十数据 每当12月临近，投资者都期待华尔街策略师能提供具有操作性的交易建议。本周，花旗研究部的全球宏 观经济策略团队正是这样做的。 花旗策略师提出了一系列交易建议，并对美联储利率政策和铝产量等市场相关话题进行了预测。 在推荐的交易中，有一项是利用杠杆押注人工智能（AI）交易将继续推动纳斯达克100指数走高。该团 队建议，投资者可以买入将于2026年12月到期的该指数虚值看涨期权。 他们表示，只要资本投资继续增长，且金融系统的流动性保持充裕，投资者就有足够的时间在AI泡沫 膨胀的过程中继续乘势而上。 他们所描述的并非简单的轮动，而是在牛市进入第4年之际，市场呈现出一种看涨的普涨态势。该团队 认为，金融股的表现应优于属于防御性板块的消费必需品股，并建议超配金融股，低配消费必需品股。 "我们认为周期性股票在通胀复苏的经济环境中会有出色表现，"该团队在谈到通胀和经济增长速度双双 回升的情景时如是说。 花旗的下一个主题带来了一丝警示。威尔及其团队指出，美股和债券在中期选举年通常表现疲软。此 外，这种疲软往往出现在第3季度。当执政党继续掌权 ...

资讯日报：美国失业率创四年最高 股票市场概览 港股市场表现 美股市场表现 2025 年 12 月 17 日 资讯日报 海外市场主要股市上日表现 | 指数 | 收盘价 | 日常的 | 問在线 | 年初至今 | | --- | --- | --- | --- | --- | | | | (%) | (%) | 涨跌 | | | | | | (%) | | 恒生指数 | 25,235 | (1.54) | (2.85) | 25.80 | | 恒生科技 | 5.403 | 11 / | (4.18) | 20.91 | | 恒年国企 | 8.758 | (1.79) | (3.54) | 20.14 | | 上证指数 | 3.825 | (1.11) | (1.66) | 14.11 | | 目经225 | 50,168 | (1.56) | (2.86) | 23.78 | | 新加坡海峡 | 4,589 | (0.21) | (0.15) | 0.00 | | 标普500 | 6.817 | (0.24) | (0.40) | 15.62 | | 纳斯达克 | 23.057 | 0.23 | (0.36) | ...

在潜在的上行因素方面，76.5%的受访者认为全球科技周期的持续上行（Tech Cycle）是新加坡经济增 长的主要推动力。此外，全球增长的韧性以及贸易紧张局势的缓解也被列为关键的上行风险。 该调查于2025年11月21日发出，共收到20位密切关注新加坡经济的经济学家和分析师的回复。 在通胀方面，受访经济学家对2025年全年的通胀预期保持稳定。调查显示，2025年整体通胀率的中位数 预测维持在0.9%，新加坡金管局核心通胀率预测维持在0.7%，均与9月份的调查结果持平。 展望2026年，受访者预计新加坡经济增速将放缓至2.3%。同时，通胀压力预计将有所回升，2026年整 体通胀率和核心通胀率的预测中位数分别为1.5%和1.3%。 关于经济前景面临的风险，地缘政治紧张局势（包括贸易紧张局势升级和战争）依然被视为最大的下行 风险，100%的受访者将其列为关注重点。此外，41.2%的受访者对人工智能（AI）泡沫破裂可能带来的 金融市场溢出效应表示担忧。 新华财经新加坡12月17日电 新加坡金融管理局（MAS）17日发布的最新经济学家调查报告显示，受访 经济学家和分析师大幅上调了对2025年新加坡经济增长的预期。调查显 ...

尽管港股短期承压，但恒生科技的长期投资价值依然受到机构认可。东吴证券表示，从中长期看，港股 AI科技龙头估值处在合理区间，一旦有新的政策或产业催化，资金启动，恒生科技会有明显反弹。 受海外流动性预期收紧、资金获利了结等多重因素影响，港股科技板块近期持续震荡调整，恒生科技指 数自10月高位回落近20%，资金跑步进场，恒生科技指数ETF（513180）已连续34日获得净申购，12月 16日更是获得超10亿资金申购。 截至12月16日，恒生科技指数市盈率约为23倍，显著低于美股纳斯达克指数的41倍，且处于历史较低分 位。 ...

在全球主要交易所IPO窗口持续收紧的当下，"赴美上市"这四个字让许多中小企业心情复杂。它象征着更广阔的资本舞台，却也意味着动辄数千万美元的 显性成本、以年计算的漫长周期以及极高的合规不确定性。 当直接冲击纳斯达克或纽交所看似遥不可及时，是否还存在一条现实可行的路径？越来越多的企业将目光投向了一个曾被误解的市场——OTCQB。它不 再是传闻中良莠不齐的"粉单"地带，而已然演进为一条清晰的上市"训练营"与"中转站"路径。 壹、重新定义OTCQB：不是终点，而是价值成长的关键中间站 对OTC市场的陈旧认知需要刷新。今天的OTCQB，其核心功能是为成长型企业提供一个"预科平台"。企业在此并非止步，而是完成从私人公司向严格监 管的公众公司的关键过渡。 它的战略价值体现在三个方面： 低成本试水：以远低于传统IPO的费用和耗时，获得公开交易代码，建立国际化的公司治理与财务披露体系。 贰、五步阶梯：从架构到交易的清晰路线图 获得市场估值：尽管初期流动性有限，但企业从此拥有了公开的市场价格，为后续融资、并购及股权激励提供了定价基准。 铺平转板道路：这是在美上市全路径中，风险可控、成本最优的起步环节，为企业最终晋级主板积蓄所有必 ...

2025 年 12 月 17 日 每日晨报 | 指数 | 开盘价 收盘价 | | 近一交易日% | 近20交易日% | | --- | --- | --- | --- | --- | | 道琼斯工业 | 48,380 48,114 | | -0.62 | 3.27 | | 纳斯达克 | 22,982 23,111 | | 0.23 | 1.78 | | 标普500 | 6,800 | 6,800 | -0.24 | 1.92 | | 富时100 | 9,751 | 9,685 | -0.68 | 1.39 | | 日经225 | 50,051 | 49,383 | -1.56 | -1.87 | | 上证指数 | 3,862 | 3,825 | -1.11 | -2.92 | | 深证指数 | 13,085 12,915 | | -1.51 | -1.27 | | 科创50 | 1,314 | 1,293 | -1.94 | -4.75 | | 恒生指数 | 25,548 25,235 | | -1.54 | -2.68 | | 主要市场股指表现 | | | | | | 4.00 （%） | | 近一交易日% ...