【导读】美联储公布了2025年最后一份会议纪要，以白银为代表的金属在高位跳水后反弹，特朗普再次 威胁起诉鲍威尔 中国基金报记者 储是 隔夜美股市场连续收跌，美联储公布了2025年最后一份会议纪要。从历史高位跳水的白银、铜等金属日 内显著反弹。 美联储公布今年最后一份会议纪要 美东时间12月30日（周二），美股三大指数连续第三个交易日微幅收跌。截至收盘，标准普尔500指数 下跌0.14%，纳斯达克综合指数下跌0.24%，道琼斯工业平均指数下跌0.20%。 美联储公布了2025年最后一份会议纪要，12月会议纪要显示，FOMC在12月会议上同意降息，但官员们 分歧严重。 一些与会者表示，根据他们的经济展望，在本次会议下调利率区间后，可能需要在一段时间内保持目标 利率区间不变。纪要也显示，如果通胀如预期般逐步下降，大多数官员认为进一步降息是合适的。委员 们一致认为，准备金余额已经下降到充足的水平，委员会将根据需要开始购买短期国债，以持续保持充 足的准备金供应。他们还同意取消对常备回购操作的总额限制。 Meta官宣收购AI智能体公司Manus 大型科技股涨跌不一。脸书涨幅超过1%，亚马逊、微软、谷歌小幅上涨0.20%、 ...

降息现分歧 当地时间12月30日公布的美联储12月货币政策会议纪要显示，多数官员认为，如果通胀如预期所料随时间推移而回落，进一步降息是合适之举。不过，也 有一些官员明确表示，他们认为在12月会议之后，利率应当"在一段时间内"维持不变。 12月9—10日联邦公开市场委员会（FOMC）的会议纪要继续反映出央行内部的分歧，以及最近一次决策的艰难程度。 多数与会者支持在12月降息；少数与会者认为，12月降息并不合理。一些支持降息的与会者表示，这一决定权衡得很微妙，他们本也可以支持维持利率不 变。多数官员认为劳动力市场风险仍偏下行，同时又普遍认为通胀风险偏上行。 据报道称，尽管美联储官员已就12月降息达成共识，并暗示未来可能进一步宽松，但这并未促使交易员大幅上调对借贷成本下降的预期。市场仍倾向于押 注明年将进行两次降息，而非12月初预期的三次。虽然政策制定者强调关注劳动力市场风险，但交易员很可能在等待后续数据来验证这些担忧。 隔夜美股尾盘下跌。黄金上涨，白银狂飙。 美联储12月货币政策会议纪要显示，"大多数"与会者支持12月降息，其中少数本可能支持按兵不动。大多数官员预计，若通胀下行趋势符合他们预期，未 来适合进一步降 ...

| 美股指数 △ | | | | --- | --- | --- | | 道琼斯 | 纳斯达克 | 标普500 | | 48367.06 | 23419.08 | 6896.24 | | -94.87 -0.20% | -55.27 -0.24% | -9.50 -0.14% | | 中国金龙指数 | 纳指100期货 | 标普500期货 | | 7616.03 | 25676.00 | 6945.50 | | -20.94 -0.27% | -63.75 -0.25% | -9.50 -0.14% | 美联储公布了2025年最后一份会议纪要， 12月会议纪要显示，FOMC在12月会议上同意降息，但官员们分歧严重。 一些与会者表示，根据他们的经济展望，在本次会议下调利率区间后，可能需要在一段时间内保持目标利率区间不变。纪要也显示，如果 通胀如预期般逐步下降，大多数官员认为进一步降息是合适的。委员们一致认为，准备金余额已经下降到充足的水平，委员会将根据需要 开始购买短期国债，以持续保持充足的准备金供应。他们还同意取消对常备回购操作的总额限制。 中国基金报记者 储是 隔夜美股市场连续收跌，美联储公布了2025年最后 ...

Core Insights - The article emphasizes the critical role of enterprises in driving economic stability, technological innovation, industrial upgrades, and improving people's livelihoods, positioning them as the "ballast stone" of economic operation and the "main force" of technological innovation [1][2]. Group 1: NEWS Brand Sample Evaluation - The 2025 NEWS Brand Sample focuses on "new consumption, new scenarios, and new applications," assessing companies based on three key dimensions: AI+, green development, and brand social responsibility [2][3]. - The acronym "NEWS" represents four dimensions: - "N" for Innovation (New) evaluates brands on their innovation capabilities and outcomes - "E" for Energy (Energetic) assesses brands' market responsiveness and activity - "W" for Wisdom (Wise) measures strategic planning and decision-making abilities - "S" for Sustainability (Sustainable) looks at social responsibility and long-term development plans [2]. Group 2: Key Brand Highlights - The 2025 NEWS Brand Sample includes 39 companies recognized for their market leadership, innovation, sustainability, and AI+ application capabilities [6]. - Notable brands include: - China Agricultural Bank, which has significantly increased its county loan scale, surpassing 1 trillion yuan, and has seen rapid growth in various financial services [9]. - BYD Group, which achieved the production of its 15 millionth new energy vehicle and expanded its overseas sales significantly, covering over 110 countries [10]. - Tencent, which has seen international market revenue exceed 20 billion yuan and has actively engaged in social responsibility initiatives [11]. - Haidilao, which has innovated its service offerings to enhance customer experience and expand its brand portfolio [16]. - Aier Eye Hospital, which has integrated AI into its services and focused on social responsibility projects [17]. Group 3: Brand Categories - The brands are categorized into different groups based on their strengths: - 9 brands recognized for their influence include China Agricultural Bank, BYD, Tencent, and others [6]. - 9 brands noted for their responsibility include Abbott, Xifeng Wine, and others, focusing on compliance and ESG governance [19]. - 8 brands leading in innovation include Perfect China and Zebra Language, which have made significant market breakthroughs [20]. - 6 brands identified as AI+ pioneers include Xueersi and Squirrel AI, showcasing the application of AI in transforming business models [22]. - 7 brands recognized for industry breakthroughs include Nu Skin and Mousse Group, which have disrupted traditional industry paths [22].

（文章来源：第一财经） 中信证券研报表示，2025年互联网板块在外部扰动反复的环境下走出震荡上行行情，上行动量主要为 AI驱动的价值重估及流动性改善。展望2026年，我们认为AI依然是板块估值上行的核心催化，核心关 注：1）模型迭代、应用落地以及业绩兑现带来的叙事强化；2）模型公司上市后带来的估值对标，有望 进一步驱动互联网公司AI业务价值重估。而对于短期AI相关性较低的公司，业绩能见度和估值性价比 将是选股核心要素，建议关注竞争格局相对稳定、业绩韧性较强的垂类龙头、以供给创新带动的高景气 赛道以及低估值下的绝对收益标的。 ...

美联储12月货币政策会议纪要显示，"大多数"与会者支持12月降息，其中少数本可能支持按兵不动。大多数官员预计，若通胀下行趋势符合他们预期，未 来适合进一步降息。不过，美联储对明年初降息态度仍显谨慎。 降息现分歧 隔夜美股尾盘下跌。黄金上涨，白银狂飙。 当地时间12月30日公布的美联储12月货币政策会议纪要显示，多数官员认为，如果通胀如预期所料随时间推移而回落，进一步降息是合适之举。不过，也 有一些官员明确表示，他们认为在12月会议之后，利率应当"在一段时间内"维持不变。 12月9—10日联邦公开市场委员会（FOMC）的会议纪要继续反映出央行内部的分歧，以及最近一次决策的艰难程度。 个股方面，英特尔、Meta涨超1%，微软、谷歌、亚马逊小幅上涨；特斯拉跌超1%，苹果、英伟达、奈飞小幅下跌。 中概股方面，纳斯达克中国金龙指数高开低走收跌0.26%。百度涨超4%，蔚来涨超3%，网易涨近1%；京东跌近2%，金山云跌近1%。 国际金银12月30日收涨，COMEX黄金期货涨0.2%，报4352.3美元/盎司；现货黄金涨0.17%，报4338.83美元/盎司；COMEX白银期货涨7.88%，报76.02美 元/盎司；现货白 ...

各大品牌为了更有力地掌控自身品牌叙事，纷纷对 "故事讲述" 相关技能人才求贤若渴 —— 这与围坐在篝火 旁讲故事的传统场景相去甚远。 导语：各大品牌为了更有力地掌控自身品牌叙事，纷纷对"故事讲述" 相关技能人才求贤若渴 —— 这 与围坐在篝火旁讲故事的传统场景相去甚远。 在美国企业界，目前最热门的职业之一，其实也是历史上存在最久的一种职业——故事讲述者。 有些企业口中的 "故事讲述者"，不过是 "媒体关系经理" 的花哨别称；另一些企业则需要这类人 才撰写博客、制作播客、打造案例研究等各类品牌内容，以此吸引客户、投资者和潜在员工。但 无论是哪种情况，企业对 "故事讲述者" 一词的定义，都与小说家、剧作家和擅长即兴讲述的人 所对应的传统概念大相径庭。 谷歌上个月发布的一则招聘广告中写道： "作为故事讲述者，我们在推动客户获取与长期业务增 长方面发挥着不可或缺的作用。" 该招聘旨在为谷歌云故事内容团队招募一名客户故事内容经理。该团队今年发布的一篇文章标题 为《劳氏的创新之路：云端人工智能开发平台如何助力打造交互式购物体验》。 新篇章 职场社交平台领英的数据显示，在截至 11 月 26 日的一年里，美国招聘信息中包含 ...

Group 1: Market Overview - US stock market continues slight adjustments, with Dow Jones down 0.2%, Nasdaq down 0.24%, and S&P 500 down 0.14% [1] - Notable stock movements include Meta up 1.10%, Microsoft up 0.08%, and Tesla down 1.13% [1] Group 2: Federal Reserve Insights - Federal Reserve meeting minutes indicate that "most" officials expect it to be appropriate to continue rate cuts after December, with some advocating for a period of inaction [2] Group 3: Technology and Investment Developments - US government has issued licenses allowing South Korean companies to export chip manufacturing equipment to China [3] - Amazon plans to invest up to $50 billion in AI systems for US government agencies [3] - Musk confirms xAI has acquired a third building, with training computing power approaching 2 gigawatts [3] - SoftBank has completed a $40 billion investment commitment to OpenAI [3] Group 4: Automotive Industry Updates - The National Development and Reform Commission and the Ministry of Finance announced a continuation and optimization of the vehicle trade-in policy for 2026, with subsidies for consumers trading in old vehicles for new energy vehicles [11] - The implementation details for the 2026 vehicle trade-in subsidy have been released, including specific subsidy amounts based on vehicle price [12] - The automotive trade-in program has reportedly driven over 1.12 million vehicle exchanges in the first 11 months of 2025, contributing to a sales increase of approximately 3.66 million vehicles [13] Group 5: Semiconductor Industry Developments - Changxin Technology's IPO application has been accepted, aiming to raise 29.5 billion yuan, breaking the monopoly of US, South Korean, and Taiwanese firms in the DRAM market [10] - The company aims for a global DRAM market share of 15.6% by Q3 2026 [10] Group 6: AI and Data Center Trends - AI large models are driving the expansion of data centers, with a significant upgrade in demand for switches, particularly in the 400G and 800G segments [14] - The Chinese switch market is expected to see data center switches account for nearly 50% by 2024, with projections exceeding 50% by 2025 [14]

①美国三大股指小幅收跌，道指跌0.2%报48367.06点，标普500指数跌0.14%报6896.24点，纳指跌0.24% 报23419.08； ②美国大型科技股涨跌互现，特斯拉跌超1%，英伟达跌0.36%，苹果跌0.26%，脸书涨超1%，亚马逊涨 0.2%，微软涨0.09%，谷歌涨0.09%； ③中概股涨跌不一，亿航智能涨超5%，老虎证券涨逾4%，百度集团涨超4%，希尔威金属矿业涨逾 3%，小鹏汽车涨超3%，蔚来涨逾3%。叮咚买菜跌超7%，唯品会跌约7%，华住集团跌逾2%，晶科能源 跌逾2%，欢聚跌超2%，京东集团跌近2%； ④欧洲三大股指收盘全线上涨，德国DAX指数涨0.57%报24490.41点，法国CAC40指数涨0.86%报 8181.86点，英国富时100指数涨0.87%报9952.08点； ⑤COMEX黄金期货涨0.20%报4352.30美元/盎司，COMEX白银期货涨7.88%报76.02美元/盎司； ⑥美油主力合约收跌0.22%，报57.95美元/桶；布油主力合约跌0.24%，报61.34美元/桶； ⑦纽约尾盘，美元指数涨0.22%报98.22，离岸人民币对美元上涨57.0个基点报6.992 ...

Market Performance - On December 30, US stock indices closed slightly lower, with the Dow Jones, Nasdaq, and S&P 500 down by 0.20%, 0.24%, and 0.14% respectively [3] - Major tech stocks showed mixed results, with META, Amazon, Microsoft, and Alphabet rising, while Apple, Nvidia, and Tesla declined [3] - The Nasdaq Golden Dragon China Index fell by 0.27%, with notable gains in companies like EHang and Baidu, while others like Alibaba and Bilibili experienced slight declines [3] Commodity Prices - Spot gold prices increased slightly by 0.19%, closing at $4340.128 per ounce, while spot silver surged by 5.67% [5] - International oil prices saw a minor decline, with both ICE Brent and NYMEX WTI experiencing slight drops [6] Federal Reserve Insights - The minutes from the Federal Reserve's last meeting indicated increasing internal divisions regarding interest rate decisions, with officials split on inflation and labor market outlooks [4] - Most officials believe further rate cuts may be appropriate if inflation continues to decline, but there is hesitation regarding the timing and extent of such cuts [4] Copper Market Outlook - Goldman Sachs predicts that after reaching historical highs, copper prices may experience a temporary pullback, but long-term demand from sectors like power infrastructure and AI will limit downside potential [7] - The forecast for LME copper prices is expected to range between $10,000 and $11,000 per ton in the near term, with a long-term outlook suggesting prices could rise to $15,000 per ton by 2035 [7]