Core Viewpoint - The hawkish outlook of the Bank of Japan (BoJ) is counterbalancing market risk appetite, with yen bulls currently in a stronger position despite some weakness in the yen due to optimistic market sentiment and concerns over Japan's fiscal situation [1][2]. Group 1: Market Sentiment and Currency Dynamics - The yen is under pressure but supported by hawkish expectations from the BoJ, limiting the bearish momentum [1]. - Traders are pricing in the possibility of the BoJ raising interest rates as early as next week, contrasting with expectations of further rate cuts from the Federal Reserve, which has kept the dollar under pressure [1][2]. - Prime Minister Sanae Takaichi's large-scale spending plan is exacerbating concerns over Japan's public finances, contributing to a cautious approach among traders regarding aggressive short positions on the yen [1][2]. Group 2: Economic Indicators and Policy Expectations - The Corporate Goods Price Index (CGPI) indicates that Japan's inflation remains above historical averages, supporting the BoJ's hawkish stance and the likelihood of policy normalization [2]. - The upcoming BoJ policy meeting on December 18 is highly anticipated, with traders likely to avoid aggressive shorting of the yen ahead of this event [2]. - The Fed's recent decision to cut rates by 25 basis points and its future outlook has created a weak dollar environment, further impacting USD/JPY dynamics [3]. Group 3: Technical Analysis - The immediate resistance for USD/JPY is just above the 156.00 level, with potential for a new round of short covering if this level is breached [6]. - A drop below the psychological level of 155.00 could accelerate declines in USD/JPY, with key support levels at 154.35 and 154.00 [6].

后者覆盖77国合规风险全景，致力于构建"研究-咨询"闭环，助力企业构建动态风险预警体系。 上海财经大学滴水湖高级金融学院助理研究员郭婉祺指出，出海已成为中国企业的战略必然。但是，传 统国别风险指数更新滞后、结构单一、难以应对突发变化，已无法满足出海企业实际需求。本次发布 的"出海风险指数"实现三方面创新，一是借助人工智能实时抓取政策文本和新闻舆情，使指数从"静态 体检表"升级为"动态风险雷达"；二是将ESG、供应链、数字治理等新兴风险纳入框架，使企业能更精 准评估不可见风险；三是采用鲜明的中国视角，通过"双边投资协定""对华关系"等指标，更契合中国企 业的海外实践情境。 论坛期间，"中国科创金融指数（SFI）"与"出海风险指数（GARI）"正式发布。 前者聚焦金融支持科创与新质生产力效能，通过五大基础指数构建可视化"仪表盘"，为政策优化提供精 准诊断。 经济观察网 12月12日，由中国（上海）自由贸易试验区临港新片区管理委员会指导、上海财经大学主 办、上海财经大学滴水湖高级金融学院及上财滴水湖高金资本市场研究中心承办的"中国资本走出去的 机遇与挑战"论坛在上海临港（600848）中心举行。 临港新片区国际合作 ...

格隆汇12月12日丨辽宁成大(600739.SH)公布，公司接到中国银行间市场交易商协会的《接受注册通知 书》（中市协注【2025】MTN1210号），中国银行间市场交易商协会决定接受公司中期票据注册。根 据《接受注册通知书》，公司本次中期票据注册金额为人民币30亿元。 ...

Core Viewpoint - The forum focused on the theme of "Vitality and Resilience, Innovation and Empowerment," aiming to respond to contemporary challenges and explore future pathways for development [2]. Group 1: Central Enterprises and Financial Integration - Zhao Zhao, Assistant President of Sinochem Capital, emphasized the importance of central enterprises (SOEs) in integrating industry and finance to empower the real economy, highlighting the need for innovative financial methods [2][3]. - The core of SOEs' financial integration lies in adhering to the service of the real economy, actively responding to national calls, and focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance [2][3]. Group 2: Characteristics of Financial Licenses - SOEs are prioritizing the cultivation of financial licenses that can empower their main businesses, particularly in areas like industrial funds and financing leasing [2][3]. - The analysis pointed out that SOEs are also considering licenses with fewer restrictions on related transactions and lower capital consumption as important factors in their strategic layout [2][3]. Group 3: Core Competitiveness and Future Directions - Providing differentiated financial services along the industrial chain has become a key strategy for SOEs to build core competitiveness in their financial sectors [3]. - Zhao emphasized the need to prioritize compliance and risk prevention over mere scale, fostering a new pattern of high-quality development [3]. - The future focus for SOEs in financial integration will be on leveraging existing license capabilities and enhancing financial support for major strategies and key areas [3][4]. Group 4: Practical Exploration by Sinochem Capital - Sinochem Capital has engaged in various financial and service sectors, including trust, factoring, industrial funds, business services, and insurance brokerage, through controlling and participating in different entities [3][4]. - The company has established distinctive brands and advantages in areas such as securities services, inclusive finance, supply chain finance, and risk services, supporting the development of core industries like life sciences and petrochemicals [4]. Group 5: Commitment to Quality Development - The path of financial integration for SOEs is fundamentally about maintaining a commitment to political and social responsibilities while serving their primary business roles [4]. - Sinochem Capital and similar SOE platforms will continue to deepen financial collaboration, providing high-quality and empathetic financial services to support the high-quality development of the real economy and improve the lives of households [4].

Group 1 - The company announced the appointment of Ernst & Young as the new auditor following the resignation of Deloitte, effective from December 12, 2025 [1] - The decision was made by the board based on the recommendation of the audit committee to fill the temporary vacancy [1] - Ernst & Young will serve until the conclusion of the next annual general meeting of the company [1]

Core Viewpoint - Yongli Investment (01145) has appointed Ernst & Young as its new auditor following the resignation of Deloitte, effective from December 12, 2025, to fill the temporary vacancy until the next annual general meeting [1] Group 1 - The decision to appoint Ernst & Young was made by the board based on the recommendation of the audit committee [1] - The appointment is intended to address the temporary vacancy left by the resignation of Deloitte [1] - Ernst & Young will serve as the auditor until the conclusion of the company's next annual general meeting [1]

Core Insights - The 2025 China Sustainable Investment Development Forum emphasizes the integration of technology and sustainable development, highlighting the role of climate financing in fostering climate technology [1][11] - The UN's 2030 Sustainable Development Agenda has seen underwhelming progress, with over half of the projects stagnating and 18% regressing, primarily due to the escalating climate crisis [3][13] - China has made significant strides in climate commitments, with green bond issuance nearing 4 trillion yuan and renewable energy accounting for 60% of installed capacity, alongside the establishment of the world's largest carbon market [3][13] Climate Technology - Climate technology is defined as a set of technologies aimed at reducing greenhouse gas emissions and promoting green, low-carbon development, covering the entire energy production and consumption chain [3][13] - Six core areas of climate technology include renewable energy, energy storage, smart grid technology, carbon capture and utilization, hydrogen energy, and biomass energy [3][13] Current Advantages and Challenges - China has developed unique advantages in climate technology, including leading global production in photovoltaic technology and a complete energy storage supply chain [4][14] - Despite these advantages, challenges remain, such as high costs and safety concerns in hydrogen energy, reliance on rare lithium resources for batteries, and inefficiencies in carbon capture technology [4][14] Climate Financing Solutions - A multi-faceted climate financing system is essential to support the extensive funding needs of climate technology, which cannot rely solely on a single source of funding [5][15] - Four proposed solutions for addressing the climate financing gap include cultivating patient capital, leveraging public capital to attract social investment, innovating mixed capital models, and matching financial products to the full cycle of climate technology development [5][15][16][17][18] Financial Ecosystem Development - Building a complete financial ecosystem for climate technology requires a shared value consensus, improved incentive mechanisms, and the establishment of a green certification and rating system that aligns with international standards [8][18][19] - The emphasis is on creating a long-term investment perspective that integrates social value into decision-making, thereby enhancing the role of climate financing in supporting climate technology [8][19]

此前，12月7日，中国央行发布最新数据显示，中国11月末黄金储备报7412万盎司(约2305.39吨)，环比 增加3万盎司(约0.93吨)，为连续第13个月增持黄金。 中金公司（601995）在近日发布的研报中称，央行购金是黄金近几年主要的需求来源。不过，随着金价 不断走高，有的央行的资产配置中，黄金与储备资产之比已超过其目标，出现短期减持黄金的现象。总 体而言，全球央行配置黄金的比例可能还有上升空间。 12日16：43左右，现货黄金短线拉升，突破4300美元关口，为10月21日以来首次，日内上涨0.5%。 专家表示，黄金中长期偏强行情概率大，短期调整是配置机会，投资者需理性看待，警惕高位波动，避 免盲目追涨。(详情→) ...

Group 1 - The current spot gold price has risen above $4,300 for the first time since October 21, marking a 0.5% increase in a single day [1] - As of the end of November, China's central bank reported a gold reserve of 74.12 million ounces (approximately 2,305.39 tons), which is an increase of 30,000 ounces (about 0.93 tons) month-on-month, marking the 13th consecutive month of gold accumulation [3] - According to a recent report by China International Capital Corporation (CICC), central bank purchases are a major source of gold demand in recent years, although some central banks are experiencing short-term reductions in gold holdings due to rising prices [3] Group 2 - Experts suggest that the medium to long-term outlook for gold remains strong, and short-term adjustments present opportunities for investment, advising investors to be cautious of high volatility at elevated price levels [4]

Core Viewpoint - TATA Health (01255.HK) resumed trading on December 1 after a 1.5-year suspension, experiencing a significant initial surge of 566.67% to close at HKD 2.00 per share, but subsequently faced a decline, closing at HKD 1.60 on December 12, a drop of 37.50% [1]. Group 1: Company Background - TATA Health, originally known as Hong Kong Retail International Holdings Limited, was listed on the Hong Kong Stock Exchange in 2013, initially focusing on shoe sales, representing brands like Clarks and Josef Seibel, but later shifted its focus to the health sector and financial services [3][5]. - The company has struggled to achieve profitability since its listing, with only three profitable years from 2013 to 2024, accumulating a total net profit of HKD 33.58 million over 12 years, while suffering significant losses, particularly a loss of HKD 152 million in 2020 [6][11]. Group 2: Business Operations - TATA Health's shoe business was primarily focused on the Hong Kong market, relying heavily on tourism, which has been impacted by various factors including political unrest and the COVID-19 pandemic, leading to a 20.1% revenue decline in 2019 compared to 2018 [7][8]. - The company attempted to diversify into the health sector, launching a health app in December 2020 and investing in health-related partnerships, but faced challenges due to a lack of experience and competition in the market [10][11]. Group 3: Financial Performance - TATA Health's financial performance has been poor, with the shoe business generating HKD 124.46 million in revenue but incurring a segment loss of HKD 39.93 million [12]. - The company faced severe operational challenges, leading to a suspension of trading in April 2024 due to the inability to publish its 2023 annual results, with potential delisting risks if it failed to meet the resumption conditions within 18 months [11][13].