来源：新华社 俄罗斯外交部发言人扎哈罗娃13日表示，欧盟非法冻结俄罗斯资产，俄方将迅速采取回应 举措。 扎哈罗娃在俄外交部官网当天发布的答记者问中表示，未经俄罗斯联邦同意处置俄方主权 资产，无论是无限期冻结、没收，还是试图将事实上的没收包装成某种"赔偿贷款"，都是 绝对非法的行为，严重违反国际法。 "我们的回应不会迟迟到来。"扎哈罗娃说，俄罗斯中央银行已于12日就此事发表详细声 明。具体措施正在实施中。 俄罗斯央行1 2日说，已在莫斯科仲裁法院对存管大量俄被冻结资产的欧洲清算银行提起诉 讼，要求赔偿相关损失。 扎哈罗娃说，欧盟委员会主席冯德莱恩及其同僚正不惜一切代价，破坏和平解决乌克兰危 机的努力。因此，欧盟才会如此迅速地作出关于俄罗斯资产的决定，直接打击美国总统特 朗普提出的"和平协议"。 她说，欧盟无力弥补其此类行为造成的损害。这些损害不仅会体现在欧盟自身金融和经济 体系上，也会体现在其曾经作为可靠的贸易和投资伙伴的全球声誉上。此类行为在国际关 系中必将招致后果。 欧盟理事会1 2日发表的一份声明显示，欧盟决定无限期冻结俄罗斯在欧盟的资产。这为欧 盟动用俄被冻结资产资助乌克兰扫除了一大障碍。而在该决定出台 ...

Financial Data Overview - In November, China's new social financing (社融) reached 2.49 trillion yuan, exceeding the expected 2.02 trillion yuan[2] - New RMB loans amounted to 390 billion yuan, lower than the expected 504.3 billion yuan[2] - M2 growth year-on-year was 8.0%, slightly below the expected 8.2%[2] Economic Insights - The financial data indicates stabilization in total volume with structural differentiation, as social financing growth remained steady at 8.5% month-on-month[5] - Corporate loans showed marginal improvement, with non-standard and direct financing rebounding significantly, suggesting a potential bottoming out of manufacturing investment sentiment[5] - Government deposits decreased significantly year-on-year, indicating an acceleration in government spending, which is crucial for supporting the economy[5] Credit and Loan Analysis - Credit data remains weak, with five consecutive months of year-on-year declines, particularly in household loans, which decreased by 476.3 billion yuan[5][14] - New corporate loans increased by 610 billion yuan year-on-year, with short-term loans rising by 1 trillion yuan, indicating improved corporate financing demand[12] - Household loans showed a negative growth of 206.3 billion yuan, reflecting low consumer and housing demand[14] Financing Structure - Government bond financing increased by 1.2 trillion yuan, becoming the main source of social financing growth for the month[16] - Direct corporate financing reached 451.1 billion yuan, up 170.2 billion yuan year-on-year, with credit bonds contributing significantly[18] - The overall financing structure indicates a shift towards non-standard and direct financing, which has been more resilient compared to traditional bank loans[5][18] Monetary Indicators - Total deposits increased by 1.41 trillion yuan, but this was a decrease of 760 billion yuan year-on-year, with M2 growth continuing to decline[22] - M1 growth rate fell to 4.9%, reflecting limited changes in actual monetary circulation[22] - The widening gap between M2 and M1 growth rates indicates a potential liquidity issue in the economy[22]

社融同比多增，信贷仍需提振 国债周报 2025/12/13 蒋文斌（宏观金融组） 0755-23375128 jiangwb@wkqh.cn 从业资格号：F3048844 交易咨询号：Z0017196 程靖茹（联系人） chengjr@wkqh.cn 从业资格号：F03133937 CONTENTS 目录 01 周度评估及策略推荐 04 流动性 02 期现市场 05 利率及汇率 03 主要经济数据 01 周度评估及策略推荐 周度评估及策略推荐 ◆ 经济及政策：11月PMI数据显示，供需两端均有所回暖，但制造业PMI仍处于荣枯线下，服务业下滑明显，表明内需仍有待提振。新型政策性 金融工具未能完全对冲地产下行的冲击，当前需求恢复的动力不足，经济内生修复态势仍待巩固。出口方面，11月出口数据强于预期，对美 出口回落而非美地区出口增速维持韧性。中央经济工作会议强调继续实施适度宽松的货币政策，明年降准降息预期仍存。海外方面，12月美 联储降息落地且开始购买短债，流动性紧张现象有望缓解。 1、中央经济工作会议：要继续实施适度宽松的货币政策。把促进经济稳定增长、物价合理回升作为货币政策的重要考量，灵活高效运用降准降 息等多 ...

韩文秀表示，今年以来，重点领域风险化解取得积极进展。 韩文秀介绍，地方政府隐性债务有序置换，保交房任务全面完成。地方重要金融机构改革化 险成效明显，清理拖欠企业账款扎实推进，守住了不发生系统性风险的底线。 近日，中国高端黄金珠宝品牌寶蘭完成过亿元 A轮融资 ， 背后资方 阵容堪称豪华： 除了 元气森林创始人唐彬森领导的挑战者创投，以及全球奢侈品巨头开云集团外，还有小米集团 董事长雷军担任法人的顺为资本。 来源：央视新闻 今天（13日），在中国国际经济交流中心举办的2025-2026中国经济年会上，中央财办分 管日常工作的副主任、中央农办主任韩文秀表示，今年是中国式现代化进程中具有重要意义 的一年，是很不平凡的一年。全年经济社会发展主要预期目标将顺利实现，"十四五"即将 圆满收官。 韩文秀介绍，一年来，我国经济顶压前行，向新向优发展，展现出了强大的韧性和活力。主 要经济指标表现好于预期，许多机构预测，全年经济增长5%左右，我国仍然是全球经济增 长的最大引擎。就业形势总体稳定，外贸较快增长，出口多元化成效明显，现代化产业体系 建设加快推进。新质生产力稳步发展，人工智能、生物医药、机器人等研发和应用处在全球 第一梯 ...

Core Viewpoint - The company emphasizes a strategy focused on stability, collaboration, and long-term value creation, relying on real research, data verification, and executable foundations rather than mere predictions or industry trend judgments [1][3]. Group 1: Research and Decision-Making Process - The company believes that value comes from verifying whether an opportunity is worth long-term investment rather than just identifying it [3]. - A systematic decision-making logic is established through in-depth research, with teams responsible for market research, feasibility validation, and independent analysis of potential risks and returns [3][5]. - The decision-making committee synthesizes data, research, industry insights, and financial logic to form robust, executable conclusions, ensuring collective wisdom guides every step [3][5]. Group 2: Global Market Strategy - As industries accelerate digitalization and internationalization, the company builds an international cooperation network to quickly access market information and facilitate project execution [5]. - The team has successfully promoted technology transfer, digital resource sharing, and deep collaboration models in various cross-border projects, ensuring that projects are not just understood but also executed and sustained [5]. Group 3: Financial Management and Risk Control - The company’s financial team operates on principles of transparency, fairness, and prudence, establishing a secure and efficient asset management framework through strict auditing and international management processes [5]. - This management approach ensures that every investment is made within a reasonable compliance structure, maintaining controllable risks and transparent return structures [5]. Group 4: Long-Term Value Creation - The company’s brand is built on long-term accumulation of values such as stability, wisdom, collaboration, and transparency, rather than on concepts or market influence [6]. - The pursuit of long-term value is achieved through institutional collaboration, collective decision-making, and sustained execution capabilities, allowing value to accumulate over time [6]. - The company believes that what is truly worth holding long-term is not a single project but a reliable system that continuously creates judgment, maintains transparency, and adheres to stable standards [6].

Core Viewpoint - The Central Bank of Russia has announced a lawsuit against the European Clearing Bank in response to the EU Commission's plan to utilize approximately €200 billion of frozen Russian assets, highlighting a significant legal confrontation over asset management and international law compliance [1][2] Group 1: Legal Actions and Implications - Russia's lawsuit is a strategic move to counter the EU's actions regarding the frozen assets, which are primarily managed by the European Clearing Bank [1] - The legal proceedings initiated in Moscow may pave the way for Russia to seek compensation from the EU and could serve as a basis for retaliatory measures against European assets in Russia, which are estimated to exceed $200 billion [1] - The approach taken by Russia emphasizes a preference for legal resolution over aggressive tactics, indicating a restrained yet firm stance in the geopolitical landscape [1] Group 2: Financial Dynamics and Future Outlook - Analysts view this confrontation as a financial "offensive and defensive battle," where the EU's economic pressure tactics may overlook Russia's capacity to retaliate within legal frameworks [2] - The initiation of the lawsuit marks a new phase in the ongoing conflict, potentially reshaping the financial security landscape in Europe [2] - The significant amount of frozen assets, particularly with Germany holding the largest share, underscores the stakes involved in this legal dispute [2]

2025.12.13 本文字数：2499，阅读时长大约4分钟 作者 |第一财经 高雅 封面图 |沙特发展融资大会 十年之间，沙特阿拉伯的经济版图经历了一场重塑。 在"石油王国"的刻板印象之外，沙特非石油部门在实际国内生产总值（GDP）中的占比已从十年前的 45.4%，大幅增长至如今的55.6%。 这十多个百分点的飞跃背后，是2016年启动的"沙特2030愿景"所引领的经济多元化进程。这为沙特带来 了非石油经济增长动力，沙特财政部预计，2025年实际GDP增速将加速至4.4%，其中非石油部门的增 长将达5%。同时，沙特正从过去依赖公共财政支出，转向了撬动和引导私人资本，释放经济潜力。 "从沙特国家发展基金（NDF）的视角来看，成果是显而易见的。许多愿景目标已经实现，我们正在稳 步推进这一进程。"在本周举行的沙特发展融资大会（Momentum）期间，NDF副行长沙里夫（Khalid Shareef）在接受第一财经记者专访时强调，沙特正沿着一条清晰的多元化道路迈进，关键优先事项已 得到明确。 非石油经济成为超预期增长引擎 根据沙特财政部2026财年预算声明，受投资增长与消费水平提升的推动，今年前三季度的沙特非石油经 ...

Core Insights - The article discusses the eligibility criteria for deductible IRA contributions in 2026, emphasizing the impact of income and marital status on these deductions [2][4][6] Group 1: Deductible IRA Contributions - High earners who are active participants in employer-sponsored retirement plans, such as 401(k)s, face limitations on deductible IRA contributions based on their income and marital status [4][6] - For single active participants, the income threshold for full deductibility is $81,000 or less, with a reduced amount applicable for incomes between $81,000 and $91,000, and no deduction for incomes above $91,000 [6] - For married couples filing jointly, the thresholds are $129,000 for full deductibility, $129,000 to $149,000 for a reduced amount, and no deduction for incomes exceeding $149,000 [6] Group 2: Contribution Limits and Non-Deductible Contributions - The annual limit for IRA contributions will increase to $7,500 for adults under 50 and $8,600 for those aged 50 or older by the end of 2026 [6] - Individuals who cannot deduct their contributions can still make non-deductible IRA contributions, which do not provide an initial tax break but allow for tax-deferred growth on earnings [7][10] - Non-deductible contributions may lead to a higher tax bill in the year they are made, but withdrawals of these contributions will not incur taxes [9][10] Group 3: Tax Implications and Alternatives - Withdrawals from traditional IRAs containing both deductible and non-deductible contributions are taxed proportionally, meaning a portion of the withdrawal may be tax-free [11] - Individuals may consider contributing to a Roth IRA instead, which allows for tax-free growth and withdrawals under certain conditions, or increasing contributions to employer-sponsored plans like 401(k)s, which may offer higher deductible limits [12][13]

高金执行院长、会计学讲席教授、可持续投资研究中心理事长程仕军表示，当前，我们正站在一个由科 技重构未来的关键节点。全球可持续发展进程不断深化，以人工智能为代表的科技革命浪潮正蓬勃兴 起，这两股深刻影响未来世界发展格局的力量融合交汇。这就要求从根本上超越"先污染，后治理"的传 统路径，转而依托科技的颠覆性力量与金融的系统性赋能，共同构建一个更具韧性、更富效率、更为包 容的可持续发展新范式。在他看来，可持续未来的构建，离不开科技创新与绿色金融的协同共进。 联合国开发计划署可持续发展目标影响力指导委员会委员、招商银行原行长马蔚华说，攻克气候难题的 核心在于气候科技。气候科技是联合国气候变化框架公约定义的特定概念，指能减少温室气体排放、适 应气候变化影响、促进绿色低碳发展的一系列技术，覆盖能源生产、消费、存储、碳减排等全产业链。 针对全球气候融资缺口超2万亿美元、国内缺口同样较大的现状,马蔚华表示，气候科技攻关周期长、风 险高，部分基础理论研究可能长期无直接回报，需动员更多资本成为"耐心资本"，不追求短期收益，注 重长期价值，与气候科技企业价值观保持一致，做好长期陪跑。他呼吁建立长期主义价值观、完善激励 约束机制与容 ...

那么，这场"美式轮动"对咱们A股投资者有什么启示？我们又该如何应对？帮主给大家几点策略思考： 第一，不必过度恐慌于外围波动，但需重视其传递的风格信号。A股的科技成长主线，尤其是AI算力等 方向，与美股联动性较强，短期情绪上可能会承压，出现跟随性调整。但这更多是情绪和估值层面的影 响，而非产业趋势的逆转。真正的核心驱动力，还是国内的产业政策和落地进度。 朋友们，我是帮主郑重。今天一早，相信很多关注外围市场的朋友心里都"咯噔"了一下——隔夜美股全 线收跌，以科技股为主的纳斯达克指数更是大跌近400点，英伟达、AMD等一众AI明星股普遍下挫。难 道美联储刚降完息，市场就要变天了？ AI的神话这么快就讲完了？先别急着下结论，帮主我做了二十 年财经记者，见过太多次这种场面。今天这下跌，表面是调整，内里却是一场再正常不过的 "健康资金 轮动" ，甚至可以说，是牛市走向更健康、更持久所必需的"中场休息"。 要理解这一点，咱们得看明白资金到底在干嘛。核心的导火索是芯片巨头博通的一份财报。它虽然公布 了亮眼的AI订单，但因为提及相关业务毛利率较低，且没有给出明年明确的AI预测，股价应声大跌超 过11%。这一下子就像推倒了第一块 ...