智通财经APP讯，信达国际控股(00111)发布公告，于2025年12月11日，公司作为借款人确认接纳由一间 香港持牌银行发出日期为2025年12月5日的融资函件，据此(其中包括)，银行同意根据融资函件的条款 及条件向公司提供1亿港元(或等值美元、人民币或获银行同意的其他货币)的无承诺循环贷款融资，到 期日由公司接纳融资函件当日起计12个月(以银行不时审查为准)。 ...

12月11日，在第三季度全球经济活动强劲的背景下，各国央行的黄金采购热情延续至11月。ZFX山海证 券认为，尽管金价在10月达到历史高位后出现一定回落，但央行依然积极增持黄金以增强储备稳定性和 抗风险能力。根据世界黄金协会EMEA高级分析师Krishan Gopaul社交媒体发布的数据，波兰和巴西在 11月的黄金购买中位列前茅，这显示出中小经济体央行在全球金融波动中对黄金的战略依赖性增强。 数据显示，不同地区央行的黄金增持策略存在明显差异。ZFX山海证券表示，一些主要市场的增持相对 低迷，例如该地区主要央行上月仅增持1吨，但这并未改变整体央行对黄金的长期配置趋势。波兰央行 11月购入14吨黄金，总持有量达到544吨，占外汇储备的27，显示其对黄金作为避险资产的持续依赖。 巴西连续第三个月增加黄金储备，本月增持11吨，年内累计增持43吨，总储备升至172吨，反映出新兴 经济体央行在提升资产多元化方面的坚定策略。 中亚和东欧部分国家同样活跃。乌兹别克斯坦央行11月增持10吨黄金，使年末持有量达到380吨，仅比 年初低2吨，显示该国在储备稳定性上的高度重视。捷克国家银行增持1.6吨，今年累计增持20吨，较年 初几乎 ...

Core Viewpoint - Nomura Information Technology is actively recruiting for various positions, particularly in software engineering, to support its global market technology and risk management systems [4]. Group 1: Job Application Guidelines - Candidates are encouraged to submit their English resumes directly to hr-china@nomura.com, specifying the preferred position in the email body [2]. - Position level requirements include Analyst (2+ years), Associate (5+ years), and Vice President (8+ years) [2]. Group 2: Job Openings - The International Markets Technology Department (GMT) is seeking an Associate Software Engineering Lead with expertise in React/Redux/AG-grid, API design, and DevOps [3]. - Responsibilities include designing and developing intuitive, high-performance trading user interfaces and implementing comprehensive testing strategies [3]. - The Risk Capital Technology Department (RCT) is looking for a Senior Software Engineer with experience in market risk, credit risk, and BI development [3]. - This role involves designing and developing various modules and models related to market and credit risk projects, collaborating with risk management teams [3]. Group 3: Company Overview - Nomura Information Technology (Shanghai) Co., Ltd. is a subsidiary of the Nomura Group, integral to the global institutional business IT department and group infrastructure [4]. - The company aims to build an excellent development team to collaborate with global IT departments and business stakeholders, maintaining market-leading systems to support the group's business objectives [4].

"我们发现，许多东南亚出口商提高了对美出口商品的价格，它们已经把部分成本压力转嫁给美国消费者。"近 日，野村亚洲（除日本外）及印度首席经济学家Sonal Varma在接受21世纪经济报道记者专访时说。 10月，美国特朗普政府在东盟峰会期间与泰国、马来西亚、柬埔寨和越南等东盟国家达成贸易相关协议。外界 认为，美关税政策对东南亚经贸的负面影响将是显著的。联合国开发计划署（UNDP）的报告预测，随着关税 引发价格上涨，东南亚对美出口总额或下降9.7%。 Varma称，由于美国关税政策，亚洲出口商可能面临一些成本转嫁压力和利润率压力，但总体而言，亚洲的出 口仍将保持稳健，"一个明显的变化是，大多数亚洲国家正在寻找新市场，远离美国市场、实现市场多元化。" 与此同时，中国与东南亚的经贸合作展现出强劲的韧性。海关总署数据显示，今年前三季度，中国货物贸易进 出口总值33.61万亿元人民币，同比增长4%。东盟继续保持中国第一大贸易伙伴地位。中国与东盟贸易总值为 5.57万亿元，增长9.6%，占中国外贸总值的16.6%。 10月，中国—东盟自贸区3.0版升级议定书正式签署。Varma认为，这一协定将有利于中国和东盟国家在新兴领 ...

Core Viewpoint - The article emphasizes the role of finance as a vital engine for the economy, highlighting the importance of developing various types of finance, including technology finance, green finance, inclusive finance, pension finance, and digital finance, to support the real economy and innovation [1] Group 1: Financial Services Innovation - Ping An Rongyi focuses on serving national strategies by advancing financial "five major articles" through technological innovation and personalized services [1] - The company utilizes AI, big data, and blockchain to create a "technology + finance" dual-drive model, enhancing service efficiency and promoting intelligent and scenario-based financial services [1] - The service philosophy of "saving worry, time, and money" integrates cutting-edge technology throughout the service process, aiming for a win-win vision of inclusive finance [1] Group 2: Support for Small and Micro Enterprises - Ping An Rongyi employs a "three savings" service concept to provide full-cycle financing support for small and micro enterprises, exemplified by a case where a client received 747,000 yuan in financing during peak sales seasons [2] - The company’s AI-driven "Xingyun 2.0" system allows 95% of small micro clients to obtain loans within 1.3 hours, significantly reducing processing time and enhancing decision-making accuracy [2] - Digital risk control and intelligent credit assessment align financing services with the growth pace of enterprises, showcasing the effectiveness of digital inclusive finance [2] Group 3: Green Finance Initiatives - Traditional industries are under pressure to transform, with a case study highlighting a client transitioning from plastic recycling to green plant cultivation, supported by a 250,000 yuan loan from Ping An Rongyi [3] - The company actively supports small micro enterprises in green transformation through flexible and efficient financial services, reflecting its social responsibility in promoting environmental sustainability [4] - Ping An Rongyi's offline consulting team focuses on key sectors such as clean energy and infrastructure upgrades, providing tailored financial support to meet the funding needs of small micro enterprises [4] Group 4: Future Directions - The company aims to deepen green finance innovation to contribute to the "dual carbon" goals and high-quality development, maintaining its commitment to serving small micro enterprises [4] - Ping An Rongyi will continue to integrate the "three savings" service concept into professional engagements, ensuring precise financial support reaches critical areas of the economy [4] - The company is dedicated to leveraging technology and personalized service to assist small micro enterprises in achieving sustainable growth, contributing to the modernization of China's financial landscape [4]

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core Viewpoint of the Report In November 2025, the issuance scale of asset - backed notes decreased both year - on - year and month - on - month, and the issuance rhythm of personal consumer finance and micro - enterprise loan assets slowed down. The secondary - market trading volume and transaction amount also declined significantly compared with the previous month and the same period last year [3][4][19]. 3. Summary According to the Directory 3.1 Issuance Situation - **Overall Issuance**: In November 2025, 48 asset - backed note products were issued, with a total issuance scale of 43.08 billion yuan. The number of issuances remained the same as the previous month, but the scale decreased by 16.25%. Compared with the same period last year, the number of issuances decreased by 13, and the scale decreased by 32.29%. Only 2 products were publicly issued, and the rest were privately placed [4][5]. - **Top Issuing Institutions**: Xiamen Trust ranked first in terms of issuance scale in November 2025, with an issuance scale of 3.00 billion yuan, accounting for 6.96%. The top ten issuing institutions had a total issuance scale of 22.636 billion yuan, accounting for 52.54% [5]. - **Underlying Asset Types**: The underlying asset types of the issued products mainly included accounts receivable, subsidies, personal consumer finance, micro - enterprise loans, and general financial leasing. Among them, accounts receivable products accounted for 19.69% of the scale, and subsidy products accounted for 17.98% [7]. - **Issuance Scale Distribution**: The highest single - product issuance scale was 2.069 billion yuan, and the lowest was 0.201 billion yuan. The number and scale of products with a single - issuance scale in the range of (5, 10] billion yuan were the largest, with 27 products issued, accounting for 53.70% of the scale [9]. - **Term Distribution**: The shortest - term product was 0.21 years, and the longest was 18.01 years. The number and scale of products with a term in the range of (0, 1] years were the largest, with 18 products issued, accounting for 34.67% of the scale [11][13]. - **Rating Distribution**: According to the issuance scale of notes at each rating level, AAAsf - rated notes accounted for 87.39%, AA + sf - rated notes accounted for 5.62%, and A + sf - rated notes accounted for 0.12% [13]. - **Issuance Interest Rate**: The minimum issuance interest rate of one - year - around AAAsf - rated notes was 1.65%, the maximum was 2.45%, and the interest - rate center was approximately 1.77% [15]. - **ABCP Product Issuance**: In November 2025, 17 ABCP products were issued, with a total issuance scale of 15.977 billion yuan, a year - on - year decrease of 46.29%, accounting for 37.09% of the ABN issuance scale. The underlying assets mainly included five types, and subsidy - related ABCP accounted for 48.49% of the ABCP issuance scale [18]. 3.2 Secondary - Market Trading Situation In November 2025, there were a total of 478 secondary - market transactions of asset - backed notes. The number of transactions decreased by 21.51% month - on - month and 25.08% year - on - year. The transaction amount was 39.842 billion yuan, a month - on - month decrease of 13.65% and a year - on - year decrease of 42.76%. The more actively traded categories in the secondary market were mainly REITs - like products, accounts receivable, micro - enterprise loans, personal consumer finance, and subsidies [19].

【环球网财经综合报道】北京时间2025年12月11日凌晨，美联储完成了年内第三次降息，将联邦基金利 率目标区间下调至3.50%-3.75%。 美联储宣布降息后，美股短线拉升。截至收盘，道指涨超1%，标普500指数涨0.67%，纳指微涨0.33%。 美元指数应声下跌并跌破关键关口。 东方金诚研究发展部高级副总监白雪认为，美联储此次降息的核心触发因素，是在就业市场出现明显放 缓迹象的背景下，进行一种风险管理式的政策调整。其目的是通过预防性的降息，防范劳动力市场疲软 进一步传导至消费和经济增长，避免经济失速。尽管通胀仍高于2%的长期目标，但其温和回落的趋势 为美联储提供了在"充分就业"与"物价稳定"两大法定职责之间寻求平衡的操作空间。这次降息可被视为 对经济变化的前置响应。 此外，多位分析师将此次会议结果称为"恰到好处"的结果，为亚洲央行货币政策提供了更大操作空间。 脆弱的共识："鹰派降息"释放出鸽派信号 本次会议的核心特征，被市场分析师精准地概括为"鹰派降息"。所谓"鹰派"，并非指向利率行动本身， 而是指向未来路径的谨慎指引。尽管实施了降息，但美联储通过声明措辞和季度经济预测，明确传递出 放缓甚至暂停宽松步伐的信 ...

Core Viewpoint - The development of small and medium-sized enterprises (SMEs) faces significant challenges, with financing being a critical aspect. Optimizing financing planning can provide sufficient funding support for stable growth [1]. Group 1: Financial Assessment - SMEs need to conduct a comprehensive evaluation of their financial status, including assets, liabilities, and cash flow, to determine their financing needs and capacity [3]. - For instance, a manufacturing SME should assess the funding gap for equipment upgrades, raw material purchases, and employee salaries to establish a reasonable financing amount [3]. Group 2: Diversification of Financing Channels - Diversifying financing channels is essential for optimizing financing plans. Traditional channels like bank loans are stable but have complex approval processes and high qualification requirements [3]. - SMEs can explore new financing options such as equity financing, debt financing, and supply chain finance. Equity financing can attract strategic investors, providing not only funds but also technology, management experience, and market access [3]. - Debt financing can meet short-term funding needs through methods like issuing corporate bonds [3]. Group 3: Financing Term Arrangement - Properly arranging financing terms is crucial, as different terms suit various projects and stages of business development. Short-term financing is typically for seasonal needs or temporary cash flow, while long-term financing is better for fixed asset investments and long-term projects [4]. - SMEs should balance short-term and long-term financing based on their business characteristics and funding requirements to minimize costs and risks [4]. Group 4: Risk Management - Risk management is a vital part of optimizing financing plans, as various risks such as market, interest rate, and credit risks exist during financing [4]. - SMEs should establish robust risk management systems to monitor and assess financing risks in real-time. Professional risk assessment and management services can help SMEs develop strategies to mitigate risks [4]. - For example, in volatile interest rate environments, choosing fixed-rate financing can lock in costs and reduce interest rate risk [4]. Group 5: Comprehensive Financing Solutions - Optimizing financing planning for SMEs requires a comprehensive consideration of financial status, financing channels, financing terms, and risk management [6]. - As a professional financial service institution, Guohua Capital (Shenzhen) Group Co., Ltd. possesses strong expertise and resource advantages to provide SMEs with personalized financing planning solutions [6]. - Collaborating with Guohua Capital can enhance SMEs' financing efficiency and lay a solid foundation for sustainable development, potentially leading to greater market growth and competitive advantages in the future [6].

摩根士丹利乐观，认为美元走弱、ETF买盘、央行增持和避险需求会把金价往上推，这种观点逻辑上没有错，但有点像给干旱季节里的种子打保温针，可能 会发芽，也可能被下一场风吹散，金融市场不是历史课本，预期会变化，利率路径会变化，地缘政治会变化，任何单一要素都不足以撑起长期趋势。 而哈塞特那句"我相信鲍威尔也认同一点——我们可能应该继续降低利率"更像一句暗示，既肯定了降息方向，又留下了退路，言下之意是政策要看数据，但 也要照顾预期，这不是经济学的纯粹，是政治与市场共同编织的现实，这种半公开的谋合，让市场每一个风吹草动都放大了。 地缘政治呢，不是不存在，而是在不同时间点发挥不同作用，泽连斯基要去伦敦拉援助，俄罗斯又宣布禁止黄金金条出口将于2026年生效，这两个消息并列 放在一起，像两只老虎在笼子里打架，各自的吼声都能震动市场，但并不意味着市场会持续转向避险，避险只是情绪的通道，资金才是决定性的搬运工，资 金一旦决定离场，金银也会被拉着走。 回到现在，短线的急跌说明了两件事，第一，市场的杠杆在动，第二，信息的节律被放大，交易员在用更细的尺子量任何措辞、任何评论、任何时间点的新 闻，都会成为放大器，市场因此更像一面敏感的铜镜 ...

股指期货日度数据跟踪 2025-12-11 一、指数走势 12 月 10 日，上证综指涨跌幅-0.23%，收于 3900.5 点，成交额 7303.6 亿元，深成指数涨跌幅 0.29%，收于 13316.42 点，成交额 10481.45 亿元。 中证 1000 指数涨跌幅 0.37%，成交额 3602.45 亿元，其中开盘价 7367.49，收盘价 7408.24，当日最高价 7421.42，最低价 7332.05； 中证 500 指数涨跌幅 0.49%，成交额 2804.95 亿元，其中开盘价 7111.57，收盘价 7155.99，当日最高价 7171.97，最低价 7070.48； 沪深 300 指数涨跌幅-0.14%，成交额 4014.53 亿元，其中开盘价 4586.25，收盘价 4591.83，当日最高价 4598.54，最低价 4549.08； 上证 50 指数涨跌幅-0.31%，成交额 1013.34 亿元，其中开盘价 2994.15，收盘价 2988.64，当日最高价 2996.21，最低价 2970.59。 数据来源：Wind，光期研究所 数据来源：Wind，光期研究所 二、板块涨跌对指 ...