Group 1 - The core viewpoint of the article highlights the increasing allocation of alternative investments in family asset management, particularly the significant rise in private credit investments among family offices, as indicated by UBS's report showing an increase from 2% in 2023 to 4% in 2024 [1][2] - Family offices are shifting their investment strategies from traditional assets to private credit, with 46% of surveyed family offices planning to increase their investments in private credit over the next five years, indicating a clear trend towards this asset class [1][2] Group 2 - The shift towards alternative investments is attributed to a fundamental change in investment philosophy among high-net-worth individuals, who are now focusing on diversified asset classes rather than traditional investment methods [3][4] - Private credit has become more attractive due to its potential to offer returns above the general market rates, especially in a normalizing interest rate environment, making it a preferred choice for high-net-worth clients [4][6] Group 3 - There are notable differences in investment preferences between the first-generation wealth creators and the second-generation heirs, primarily due to their distinct growth environments and experiences [6][8] - The first generation, having built wealth through traditional sectors, prioritizes capital safety and stability, while the second generation, raised in the internet era, is more inclined towards new economic opportunities and views family wealth as entrepreneurial capital [6][8] Group 4 - Family offices play a crucial role in mediating investment preferences between generations, facilitating a collaborative investment process rather than allowing one generation to dominate the decision-making [7][9] - The common misconception in wealth transfer is the lack of early planning, with the first generation often delaying the initiation of wealth transfer strategies, which should be a phased and iterative process [8] Group 5 - The relationship between family offices and private banks is characterized as a symbiotic ecosystem, where family offices encompass a broader range of financial services compared to private banks, which serve multiple families [10][11] - Family offices provide tailored services to individual families, contrasting with the more generalized offerings of private banks, highlighting their unique position in wealth management [10][11]

｜2025年12月11日星期四｜ NO.1中金：美联储明年1月可能按兵不动，下一次降息或在明年3月份 12月11日，中金公司（601995）研报指出，美联储如预期在12月会议上降息25个基点，但反对降息的官 员增至两人，显示进一步降息的门槛正在抬高。与此同时，鲍威尔的表态并不强硬，加之美联储宣布将 启动短期国库券(T-bills)购买操作，帮助缓和了市场的担忧。此前被充分计入的"鹰派降息"预期出现反 转，加剧了市场波动。展望未来，鉴于经济与就业仍面临下行压力，我们预计美联储或将在2026年继续 降息；但考虑到通胀粘性犹存，降息节奏趋于放缓。明年1月份可能按兵不动，下一次降息或在明年3月 份。 NO.2中金：2026年储能行业需求景气度仍然较高 中金认为2026年储能行业需求景气度仍然较高，主要原因为：1)储能需求增长逻辑不变，一方面是全球 能源转型趋势持续，风光装机占比提升需要依赖电网、储能建设，另一方面是AI数据中心缺电逻辑仍 在，预期明年或将涌现更多AI配储项目；2)国内、美国、欧洲三大主要市场大储招标、计划项目量较 大；中东、印度、澳洲、智利市场大储需求涌现；3)户储和工商储需求仍然强劲，新兴市场缺电逻 ...

Core Viewpoint - Zhihui Mining (2546.HK) plans to globally offer approximately 122 million H-shares, with a pricing range of HKD 4.10 to HKD 4.51 per share [1] Group 1: Offering Details - The company intends to issue around 12.2 million shares in Hong Kong and approximately 110 million shares internationally, subject to reallocation [1] - The subscription period is set from December 11 to December 16, 2025, with the expected pricing date on December 17, 2025 [1] - The shares are expected to commence trading on the Hong Kong Stock Exchange on December 19, 2025 [1] Group 2: Underwriters - Guotai Junan Securities (Hong Kong) and Mingshi Capital are appointed as joint sponsors for the offering [1]

风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 软银集团股价跌幅一度达 8.4%，创11月25日以来最大跌幅。亚洲分析师解读美联储决议："没那么鹰 派"的降息，对亚洲市场很完美。 ...

一、贵金属期货 受美联储货币政策宽松预期及美元走弱推动，贵金属期货价格显著上涨。纽约期金突破4260美元/盎 司，日内涨0.57%[1]；此前一度突破4250美元/盎司，日内涨幅达0.40%[2]。 现货黄金同步走高，突破4230美元/盎司，日内涨0.53%[3]，盘中曾触及4220美元/盎司，涨幅0.38% [4]。 高盛表示，其对2026年末每盎司4900美元的黄金价格预测有显著上调空间[5]。 来源：喜娜AI 美国众议院以312票赞成、112票反对通过9010亿美元《国防授权法案》，下一步将提交参议院审议 [11]。 特朗普政府在委内瑞拉海岸附近扣押一艘油轮，总统特朗普表示"想必我们会留下委内瑞拉油轮上的石 油"[12][13]。 美国能源信息署（EIA）数据显示，原油库存减少181万桶[14]。 三、金融期货 二、宏观与市场影响 美联储宣布将基准利率下调25个基点至3.50%-3.75%区间，为年内连续第三次降息，累计降息75个基点 [6]。 会议纪要显示，19位官员对2026年降息路径存在分歧：7位反对降息，4位支持降息25基点，4位支持降 息50基点，2位支持降息75基点，1位支持降息100基点， ...

香港联交所最新资料显示，12月5日，摩根大通增持ASMPT（00522）75.8875万股，每股作价77.4431港 元，总金额约为5876.96万港元。增持后最新持股数目约为2936.09万股，最新持股比例为7.05%。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 香港联交所最新资料显示，12月5日，摩根大通增持ASMPT（00522）75.8875万股，每股作价77.4431港 元，总金额约为5876.96万港元。增持后最新持股数目约为2936.09万股，最新持股比例为7.05%。 ...

Core Insights - The flow of credit is a key indicator of economic development, with nearly 15 trillion RMB in new loans issued in China in the first ten months of the year, indicating a shift towards technology innovation, green development, and tourism consumption [1] Group 1: Credit Allocation Trends - Loans to technology-oriented small and medium-sized enterprises (SMEs) and green loans have grown faster than the overall loan growth rate, reflecting a strategic allocation of financial resources towards critical sectors [1] - The People's Bank of China has introduced 45 specific measures to address the funding needs of enterprises in the research and development phase, facilitating precise financial services for technology development and results transformation [3] Group 2: Innovative Financial Solutions - Shenzhen has implemented an innovative approach allowing banks to provide long-term low-cost loans to technology companies while sharing in the excess equity appreciation post-growth, addressing the risk concerns of financial institutions [3] - A small electronic components company in Shenzhen benefited from a 15 million RMB long-term pure credit loan, highlighting the confidence of financial institutions in the high growth potential of such enterprises [5] - Local governments have introduced various support tools, including model vouchers, interest subsidies, and technology transformation vouchers, to provide comprehensive financial support for technology enterprises [5]

Group 1 - The core focus of the event was the announcement of a series of financial initiatives, including the establishment of a strategic emerging industry fund cluster worth billions, aimed at supporting the high-quality development of the Longhua District [1][2] - The Longhua District aims to enhance its financial ecosystem by collaborating with major financial institutions, signing a strategic credit cooperation agreement worth 600 billion yuan, which will provide a solid foundation for the district's development [1][4] - The two AIC funds, each with a total scale of 2 billion yuan, will focus on key sectors such as digital economy, AI, new energy, high-end medical devices, and integrated circuits [2][3] Group 2 - Longhua District has a significant industrial base, with over 40% of its GDP coming from manufacturing, and aims to support advanced manufacturing and major project construction through financial services [2] - The district has provided credit support of 160 billion yuan to over 31,000 enterprises, emphasizing the importance of tailored financial services for high-growth and specialized companies [3][5] - The strategic credit agreement with 12 financial institutions is expected to facilitate over 600 billion yuan in fixed asset investments, targeting key areas for urban development and infrastructure projects [4][5]

【环球时报特约记者 文简】国际货币基金组织（IMF）12月10日预测，中国经济在2025年将增长5%，比10月的预测上调了0.2个百分点。这主要 得益于宏观经济政策刺激和针对中国商品的关税低于预期。 路透社报道称，IMF总裁格奥尔基耶娃表示，今年中国净出口占经济增长的1.1%，整体来看，中国有望贡献30%的全球经济增长。美联社称，尽 管美国政府提高了对中国及其他许多国家进口商品的关税，导致中国对美国的出口萎缩，但其全球出口依然持续增长。本周早些时候，中方公布 的贸易数据显示，11月的货物出口恢复增长。 IMF中国代表团团长索纳莉·贾恩-钱德拉率领的代表团于12月1日至10日访问中国，并与中方开展2025年第四条款磋商，评估经济表现和宏观政 策。钱德拉表示，尽管近年来面临多重冲击，中国经济仍展现出显著的韧性。IMF预测2026年中国经济增长率为4.5%，较之前上调了0.3个百分 点。 钱德拉肯定中国实施的一系列政策措施，包括更加积极的财政政策和适度宽松的货币政策、一些旨在支持消费和房地产行业的定向措施，以及 对"内卷"等问题的整治等。 格奥尔基耶娃称赞了中国在人工智能和其他变革性技术方面的准备，同时呼吁鼓励民间 ...

Core Viewpoint - The U.S. stock market experienced significant gains following the Federal Reserve's decision to lower interest rates for the third time this year, with expectations for further easing in the coming year. Group 1: Market Reaction - The Dow Jones Industrial Average rose by 497.46 points, an increase of 1.05%, closing at 48,057.75 points; the Nasdaq gained 77.67 points, up 0.33%, closing at 23,654.16 points; the S&P 500 increased by 46.22 points, a rise of 0.68%, closing at 6,886.73 points [1] - The Federal Reserve approved a 0.25 percentage point rate cut, bringing the federal funds rate to a range of 3.50% to 3.75% [1] - The Fed's announcement of purchasing Treasury securities starting December 12, with a plan to buy $40 billion over the next 30 days, contributed to the positive market sentiment [1][2] Group 2: Federal Reserve's Policy Insights - The Fed's statement indicated a shift in focus towards supporting the economy rather than controlling inflation, as it removed previous language describing the labor market as "still low" [2] - Fed Chairman Jerome Powell emphasized that the removal of the total limit on overnight repurchase operations is a key tool to maintain the federal funds rate within the target range during market pressures [2] - The Fed's dot plot showed no change in the median forecast for interest rates in 2026, indicating a stable outlook [1][3] Group 3: Future Expectations - Market participants anticipate that the Fed may lower rates more than once next year, with a 68% probability of two or more rate cuts according to the CME FedWatch tool [3] - Analysts suggest that while the Fed's forecast indicates only one rate cut next year, the expansion of the balance sheet is a positive signal for the market [3] - The S&P 500 index is projected to potentially break the 7,000-point barrier in the coming weeks, driven by the favorable market conditions created by the Fed's actions [5]