Core Viewpoint - The joint issuance of the "Notice on Strengthening Business and Financial Coordination to Boost Consumption" by the Ministry of Commerce, the People's Bank of China, and the Financial Regulatory Bureau aims to enhance consumer spending through 11 policy measures, aligning with the central economic work meeting's focus on domestic demand and market expansion [1][2]. Group 1: Policy Framework - The "Notice" establishes a collaborative framework at the ministerial level to break down departmental barriers, aiming for a synergistic effect in promoting consumption [1]. - It emphasizes the need for local governments to create coordination mechanisms to ensure policy alignment and information sharing, encouraging the development of special plans that combine fiscal, business, and financial strategies [1][2]. Group 2: Focus Areas for Support - The policies target the entire consumption chain and new business models, including support for trade-in programs for automobiles and the integration of domestic and foreign trade [2]. - In the service consumption sector, a "1+N" policy system is introduced, utilizing targeted incentives through service consumption and elderly care refinancing tools [2]. - The new consumption models, particularly those integrating artificial intelligence and intellectual property, are prioritized to expand consumer engagement [2]. Group 3: Financial Product and Service Innovation - The "Notice" encourages financial institutions to develop digital, inclusive, and convenient business models, particularly for online channels and rural markets [2][3]. - It promotes the optimization of payment services, including installment payments and digital currency options, to enhance consumer convenience [2]. Group 4: Implementation and Coordination - The "Notice" stresses the importance of efficient collaboration among government, financial institutions, and businesses to ensure effective policy execution [3][4]. - Local business departments are tasked with creating lists of key consumption projects to share with financial institutions, facilitating better communication and support [3][4]. Group 5: Role of Local Governments and Financial Institutions - Local governments are encouraged to integrate various policies, establish risk compensation funds, and amplify the effects of financial policies [4]. - Financial institutions are expected to take a leading role in innovation and service delivery, developing tailored products for specific sectors like automotive and home appliances [3][4]. Group 6: Overall Strategy - The core themes of "coordination" and "downward penetration" are highlighted as essential for delivering policy benefits through specific financial products and services to meet the needs of businesses and consumers [5].

Group 1 - The Development Finance Conference MOMENTUM 2025 took place in Riyadh from December 9 to 11, where the Saudi National Development Fund (NDF) and its affiliates signed a total of 45 agreements and memorandums of understanding worth nearly 60 billion Saudi Riyals, focusing on SMEs, tourism, culture, human capital, infrastructure, and sustainable development [1] - The Saudi Tourism Development Fund (TDF) announced the signing of 6 agreements and 1 memorandum of understanding with government and private sector partners, with a total impact exceeding 40 billion Saudi Riyals (approximately 10 billion USD). This includes expanding cooperation with the Kafalah program and a financing agreement worth 3 billion Saudi Riyals with the Arab National Bank [1] - The Saudi Exhibition Investment Fund (EIF) established a strategic joint venture with Legends Global to utilize its operational model and best practices for building, owning, and operating world-class permanent event venues in Saudi Arabia [2] Group 2 - The Saudi Small and Medium Enterprises Bank (SME Bank) signed 19 cooperation agreements and memorandums of understanding with public and private institutions, with a total value exceeding 30 billion Saudi Riyals, aimed at establishing a unified development finance model to serve SMEs across various economic sectors [2]

Core Viewpoint - The recent notice issued by the Ministry of Commerce, the People's Bank of China, and the Financial Regulatory Administration aims to strengthen the collaboration between commerce and finance to boost consumer spending and enhance financial support for consumption [1]. Group 1: Financial Support for Consumption - Local governments are encouraged to collaborate with financial institutions to develop specialized work plans and enhance communication mechanisms, thereby increasing financial supply in the consumption sector [1]. - Financial institutions are urged to partner with platforms and key merchants to improve payment services such as installment payments, credit cards, mobile banking, and digital RMB, catering to consumer upgrade demands [1]. - The notice emphasizes the need to expand the customer base while ensuring compliance and risk control, particularly targeting "long-tail" customers to enhance accessibility and convenience [1]. Group 2: Promotion of Consumption Policies - The notice calls for the utilization of both commerce and finance channels to promote existing financial support measures for consumption, encouraging enterprises and consumers to fully leverage policy benefits [1]. - Financial consumer rights protection is highlighted, guiding consumers towards rational borrowing and consumption [1]. Group 3: Focus on Key Consumption Areas - There is a push to enhance financial services for durable goods and digital products, aiming to unlock potential in product consumption upgrades [4]. - The notice encourages the development of financial products and services tailored to service consumption sectors such as home services, hospitality, entertainment, education, tourism, and elderly care [5]. - New consumption models, including green consumption and digital consumption, are to be supported through innovative financial services that align with local conditions [6]. Group 4: Integration of Financial Services - The integration of financing, settlement, and insurance services is encouraged to support new consumption scenarios and enhance the financial backing for various commercial activities [7]. - Financial institutions are urged to actively participate in local consumption promotion activities organized by business authorities [8].

正乾金融控股(01152)发布公告，于2025年12月5日，本公司接获由接管人发出日期为2025年12月4日的 函件，当中载明接管人已于2025年12月1日不再担任已抵押股份的共同及个别接管人。 据董事所深知，THL由陈仲舒先生全资拥有。董事认为，委任新接管人不会对本公司的财务及营运状况 造成任何重大不利影响。 其后，于2025年12月14日，本公司接获由中正天恒会计师有限公司发出日期为2025年12月3日的函件， 内容有关中正天恒会计师有限公司的林冠良先生已于2025年12月3日获委任为THL持有的已抵押股份的 接管人。已抵押股份占本公司于本公布日期已发行股本约26.29%。 ...

【导读】韩国"国家队"救市了 中国基金报记者 泰勒 新加坡马来亚银行（Maybank）外汇策略师Shaun Lim表示："这条消息肯定会震慑做空韩元 的人。市场常说'不要和央行作对'。现在韩国传递的信息是：不要和央行、国民年金以及财政 部作对。" 作为韩国最大的机构投资者，NPS过去常通过对冲与外汇操作来缓解韩元压力，例如今年1月 至5月期间曾卖出美元、买入韩元。 同时，负责监管NPS的韩国保健福祉部在另一份声明中称，委员会还决定将与韩国央行 （BOK）的外汇互换协议期限再延长一年，至2026年底。 韩国央行在单独声明中表示，该互换额度已从2022年的100亿美元逐步上调至650亿美元。 韩国"国家队"，救市了。 12月15日，韩国国民年金公团（NPS）宣布，将以更"灵活"的方式推进战略性外汇对冲，以 支撑该国疲弱的本币汇率。 该基金管理委员会周一在声明中表示，已决定制定灵活的执行措施，使战略性对冲能够根据 市场状况进行适应性操作。 这只管理约1361万亿韩元（约合9240亿美元）资产规模的基金，目前将其海外投资组合的战 略性对冲比例上限设定为10%。 在持续的股市资金外流以及居民加大海外投资的影响下，韩元在 ...

摩根士丹利策略师迈克尔.威尔逊表示，本周美国就业数据若出现适度疲软，可能会提高美联储进一步 降息的概率并助长对美国股市的看涨情绪。威尔逊在一份报告中表示："我们现在明确回到了'好消息即 坏消息/坏消息即好消息'的局面。"他解释称，强劲的劳动力市场虽然对经济有利，但会降低美联储2026 年降息的概率。 美国劳工部将于12月16日发布美国11月非农就业数据。该数据原定于12月5日发布，但因美国政府停摆 而推迟发布。这份最新的就业数据以及将于周四公布的美国11月CPI数据将在很大程度上填补政府停摆 造成的数据空缺。市场目前预计，此次非农报告将显示，新增就业人口为5万人，低于9月的11.9万人;失 业率预计为4.5%，略高于9月的4.4%。 鲍威尔这番言论表明，近几个月就业增长很可能已经是负数，这种状况将为实施更宽松的货币政策提供 理由。他表示："劳动力市场逐渐降温的趋势仍在继续。家庭和企业的调查都显示劳动力的供给和需求 在下降。所以，我认为可以说劳动力市场继续在逐步降温，只是比我们预期的略微慢一点。" 如果劳动力市场的疲软通过就业数据的明显高估而变得更加明显，在美联储内部因担心劳动力市场疲软 而支持降息的一派在进入 ...

昆船智能公告称，公司2025年12月15日召开董事会，同意与中船财务续签《金融服务协议》，接受存 款、贷款等金融服务。公司2026年度拟向其申请综合授信额度不超8.60亿元，日最高存款结余、贷款额 度均不超5.50亿元，其他金融业务额度不超3.10亿元。截至25年9月30日，中船财务总资产2479.89亿 元，1 - 9月营收37.38亿元、净利润19.84亿元。本次关联交易尚需股东会审议，不构成重大资产重组。 ...

Market Overview - The cryptocurrency market is experiencing a downturn, with Bitcoin dropping below $88,000, showing a 2.43% decline over 24 hours [1] - As of the latest update, Bitcoin's price is $88,547.7, reflecting a daily decrease of 1.9% [1] Price Movements - Ethereum is priced at $3,073, down 1.09% in the last 24 hours [3] - Solana (SOL) has decreased by 2.36%, currently at $129.9 [3] - Other cryptocurrencies such as Dogecoin and BNB have also seen significant declines [3] Market Liquidations - Over the past 24 hours, more than 115,000 traders have been liquidated, with a total liquidation amount of $272 million, including $240 million from long positions and $36.48 million from short positions [5] - Liquidation data shows that in the last hour, $3.724 million was liquidated, with $1.8 million in the last 12 hours [6] Market Sentiment - Jeff Park from Bitwise Alpha indicates that Bitcoin's price struggles are primarily due to OG holders selling options, which suppresses price and implied volatility [7] - The market is characterized by "high supply, low volatility," making Bitcoin behave more like a trading asset rather than a growth asset [7] Future Projections - Standard Chartered has revised its short-term Bitcoin price forecast, now expecting it to reach $150,000 by the end of 2026, down from a previous estimate of $300,000 [8] - The long-term target of $500,000 has been pushed back from 2028 to 2030 [8] - The outflow of funds from Bitcoin ETFs, particularly a $2.3 billion net outflow from BlackRock's IBIT last month, adds to the bearish sentiment [8] Economic Factors - The probability of a Federal Reserve rate cut in January has decreased significantly, impacting risk assets negatively [9] - Current probabilities indicate a 24.4% chance of a 25 basis point cut in January, with a 75.6% chance of maintaining current rates [9]

Core Viewpoint - The convertible bond market is experiencing a surge in issuance as the year-end approaches, with heightened enthusiasm from investors for new bond subscriptions [1]. Group 1: Issuance Trends - In December, several new convertible bonds, including those from Puling, Shenyu, Aohong, Tianzhun, and Dingjie, have been launched, covering various advanced sectors such as intelligent manufacturing and electronic technology. The issuance quantity and scale have increased compared to November [2]. - The total issuance scale of the five new bonds in December reached 3.023 billion yuan, up from 2.863 billion yuan from four bonds in November. Year-to-date, 47 convertible bonds have been issued, totaling 62.312 billion yuan, which is an increase compared to 41 bonds and 36.757 billion yuan in 2024 [4]. - The approval process for convertible bond issuance by the Shanghai and Shenzhen Stock Exchanges has accelerated, with nine issuance proposals approved since November [4]. Group 2: Market Dynamics - Despite the increase in new bond issuance, the convertible bond market remains in a state of supply-demand imbalance. The total market size of outstanding convertible bonds is currently 561.856 billion yuan, down 171.775 billion yuan from the beginning of the year [8]. - A significant number of convertible bonds, totaling 158, have exited the market this year, compared to 88 in 2024. Notable exits include large-scale bonds such as Pudong Development Bank and Nanyin bonds [8]. - The strong market conditions have led to price increases in convertible bonds, which have mitigated the impact of the declining balance. The market is expected to continue facing a shrinking supply due to the upcoming maturity of many bonds in 2026 [9][10]. Group 3: Future Outlook - The convertible bond market is projected to maintain a high valuation in 2026, supported by optimistic expectations for the equity market and ongoing policy incentives. The demand for convertible bonds is expected to remain strong, particularly from "fixed income plus" products [14][15]. - The estimated exit scale of convertible bonds in 2026 could reach approximately 160 billion yuan under neutral assumptions, with an upper limit of 210 billion yuan [11].

香港联交所最新资料显示，12月9日，UBS Group AG减持金融街物业(01502)18.5万股，每股均价2.08港 元，总金额为38.48万港元。减持后最新持股数目约为1120.75万股，最新持股比例为10.83%。 ...