Core Viewpoint - Chinese assets have shown a strong rebound, with significant gains in various indices and stocks, indicating renewed interest from global investors in the Chinese market [1][2]. Group 1: Market Performance - The Nasdaq Golden Dragon Index rose by 1.29%, and the three-times leveraged FTSE China ETF surged over 4%, reversing a week-long decline [1][2]. - Popular Chinese concept stocks experienced substantial increases, with Dingdong Maicai rising over 10% and Baidu increasing nearly 6% [1][2]. - Multiple foreign institutions have released optimistic reports on Chinese assets, with Morgan Stanley redefining the Chinese stock market as a "growth market" [2]. Group 2: Economic Outlook - Morgan Stanley set a target for the CSI 300 Index at 4840 points by December 2026, suggesting a forward P/E ratio for the MSCI China Index in the range of 12 to 13 times [2]. - JPMorgan's Rajiv Batra noted that the Chinese stock market is in the early stages of recovery, with attractive valuations and relatively low holding levels [2][3]. - Various institutions, including OECD and Goldman Sachs, have raised their GDP growth forecasts for China, with Goldman Sachs adjusting its 2025 forecast from 4.9% to 5.0% [3]. Group 3: Federal Reserve's Interest Rate Expectations - The U.S. core PCE price index for September rose by 0.2% month-on-month and 2.8% year-on-year, aligning with expectations and reinforcing the likelihood of a rate cut by the Federal Reserve [4][5]. - The probability of a 25 basis point rate cut in December has risen to 87.2%, with expectations for further cuts in early 2026 [5][6].

Core Viewpoint - Chinese assets are experiencing a strong rebound, with significant gains in various indices and stocks, indicating renewed interest from global investors in the Chinese market [1][2]. Group 1: Market Performance - The Nasdaq Golden Dragon Index rose by 1.29%, and the three-times leveraged FTSE China ETF surged over 4%, reversing the downward trend of the week [1][2]. - Popular Chinese concept stocks saw substantial increases, with Dingdong Maicai up over 10%, Baidu rising nearly 6%, and other notable gains from companies like Huya and Xpeng [2]. Group 2: Institutional Outlook - Morgan Stanley has expressed optimism about Chinese assets, suggesting that global interest in these assets is increasing and defining the Chinese stock market as a "growth market" [1][2]. - Morgan Stanley set a target for the CSI 300 Index at 4840 points by December 2026, with a reasonable forward P/E ratio for the MSCI China Index projected between 12 to 13 times [2]. Group 3: Economic Forecasts - Multiple institutions, including OECD, Goldman Sachs, and Deutsche Bank, have raised their GDP growth forecasts for China, with Goldman Sachs adjusting its 2025 forecast from 4.9% to 5.0% [4]. - Deutsche Bank has also increased its GDP growth forecast for China in Q4 2025 to 4.6%, with an annual growth expectation raised to 5.0% [4]. Group 4: Federal Reserve Rate Expectations - The latest data from the U.S. Commerce Department indicates that the core PCE price index rose by 0.2% month-on-month and 2.8% year-on-year, reinforcing expectations for a rate cut by the Federal Reserve [5][6]. - As of the latest updates, the probability of a 25 basis point rate cut in December stands at 87.2%, with expectations for further cuts into 2026 [6].

来源：锋行链盟 港交所IPO聆讯是上市流程的核心环节之一，由港交所上市委员会（Listing Committee）对拟上市公司的申请材料、合规性及持 续经营能力进行实质性审核。聆讯的核心目标是确保公司符合《香港联合交易所有限公司证券上市规则》（以下简称《上市规 则》）的要求，并充分披露重大风险。以下从常见审核维度出发，梳理聆讯中高频问题及关注重点： 一、业务与商业逻辑 港交所重点关注公司业务的真实性、可持续性及核心竞争力，核心问题围绕"如何赚钱""能否持续赚钱"展开。 1. 商业模式与盈利逻辑 2. 市场地位与竞争优势 3. 业务可持续性与增长潜力 二、财务与会计合规性 财务数据是聆讯审核的核心，港交所关注真实性、准确性、可比性，尤其警惕财务操纵或粉饰。 1. 收入确认与审计 2. 成本与利润质量 收入来源：各业务线收入占比及驱动因素（如To B/To C、直销/分销）；是否存在依赖单一客户/供应商（如客户集中度超 50%需重点说明）。 定价机制：产品/服务定价的依据（成本加成、市场竞争、品牌溢价）；价格波动对利润的影响。 盈利模式：毛利率水平及波动原因（如原材料涨价、竞争加剧）；费用率（销售/管理/研发）的 ...

Group 1 - The core viewpoint of the article is the launch of the Longyan City Forestry Financial Blockchain Financing Service Platform, aimed at enhancing inclusive financial services in the forestry sector [2] - The platform is the first city-level forestry financial blockchain platform in Fujian Province and the first in the national forestry and grassland system [2] - The platform utilizes blockchain technology to connect forestry operators, financial institutions, government, and credit agencies, creating an integrated financial service system for forestry [2] Group 2 - The platform addresses key pain points in forestry financing, such as difficulties in obtaining financing, cumbersome processes, and information asymmetry [2] - It aims to improve the financing success rate for forestry operators by streamlining the application and approval processes [2]

个股方面，瑞士再保险跌6.5%，该公司在对主要集中在澳大利亚、以色列和韩国"表现不佳"的投资组合 进行审查后，披露了2.5亿美元的费用。瑞银集团上涨4.1%，此前路透报道称瑞士政府计划放宽部分银 行业监管措施。 由于市场对人工智能股票估值过高的担忧已被美国进一步宽松货币政策的预期盖过，该欧洲基准指数距 离11月创下的纪录高位不到1%。交易员目前预计美联储降息的可能性高达95%。 9月个人消费支出价格指数（美联储官员青睐的通胀指标）显示，美国消费者支出停滞不前，表明面对 顽固的通胀，美国人在政府停摆前已经开始控制开支。 "市场对失去今年以来取得的一些良好表现感到有些紧张——尤其是在加密货币领域最近出现回调之 后，"Piguet Galland & Cie SA首席投资官Daniel Varela表示，"如果美联储降息，很可能会为年底的上涨 铺平道路。" 来源：商业周刊 欧洲股市连续第二周上涨，此前发布的美国通胀数据巩固了对美联储下周降息的押注。 斯托克600指数收盘持平，本周累计上涨0.4%。汽车股和金融服务股领涨，能源股和银行股表现落后。 德国DAX指数上涨0.6%，跑赢其他地区基准指数，德国10月工厂订单激 ...

昨天（12月5日），随着一笔495万元转贷资金的顺利发放，苏州市级转贷资金全年发放金额突破 100亿元，提前26天撞线高质量考核"终点线"，刷新纪录。这一亮眼数字不仅彰显了苏州在优化民营融 资环境、缓解企业"过桥难"方面的积极作为，也标志着市级转贷政策落地见效跑出"加速度"。 据介绍，自2025年2月我市出台《加大支持中小微企业转贷服务的意见》以来，苏润转贷在市委市 政府、苏州资管集团的统筹领导下，紧扣"快落地、真见效"的核心要求，持续优化服务机制、扩大政策 覆盖面、提升业务办理效率，以"速度 温度"精准纾困，切实打通企业融资"最后一公里"。 "百亿"背后，是一组组跃动的数字：全域协同，全市41家签约银行、8000余份宣传折页、150场路 演培训；高效响应：打造7×24小时"不断档"的应急金融服务通道，平均审批时长压缩至1个工作日，日 服务费低至万分之二点五；精准滴灌：1291笔业务、1200多家企业、零逾期、零投诉；全面覆盖：单笔 最大转贷金额达1亿元，最小金额10余万元，日均投放3567万元，实现"大额小额同样快"，涵盖制造 业、科技型中小微企业、服务业等各个领域。 此次提前完成百亿目标，既是对苏州资管集 ...

Core Insights - The U.S. personal income and spending data for September, released by the Bureau of Economic Analysis, indicates a slowdown in consumer spending prior to the government shutdown in October, which may influence the Federal Reserve's interest rate decisions [1][5]. Economic Indicators - The Personal Consumption Expenditures (PCE) price index rose by 2.8% year-over-year and 0.3% month-over-month, aligning with expectations. The core PCE, excluding food and energy, also increased by 2.8%, slightly below market expectations and down from 2.9% in August [5]. - The report highlights a stagnation in "real" personal spending growth in September, suggesting that consumers were already facing financial constraints before the government shutdown [5][6]. Consumer Behavior - A significant decline in spending on goods was noted, marking the largest drop since May. Expenditures on automobiles, clothing, and footwear decreased, reflecting a cooling consumer market [6]. - The report also indicates that real disposable income for consumers has shown minimal growth for the second consecutive month, with wages rising by 0.4% while asset income has seen a rebound [6].

Core Viewpoint - The European Commission President Ursula von der Leyen proposed using frozen Russian assets to aid Ukraine, which has been interpreted as a significant escalation beyond typical sanctions, directly involving state assets [1][3] Group 1: European Union's Position - The proposed amount for aid to Ukraine has been reduced compared to previous figures, but the fundamental approach of reallocating Russian funds remains unchanged [1] - Belgium is facing significant legal and financial risks as 90% of the frozen assets are held in Brussels, leading to reluctance in supporting the proposal [5] - Hungary and other countries have expressed opposition, highlighting internal divisions within the EU regarding the approach to aid Ukraine while maintaining financial credibility [5] Group 2: Russia's Response - Russia's Foreign Ministry criticized the proposal as "improper," hinting at potential retaliatory measures without specifying them, creating uncertainty about their actions [5][10] - Speculation exists regarding Russia's possible economic retaliation or actions in critical sectors like energy and food, as well as a potential push for global "de-dollarization" and "de-euroization" [10] Group 3: Global Financial Implications - The EU's decision to use frozen Russian assets could undermine the sanctity of property rights and the rule of law, shaking global trust in the Western financial system [6][8] - A decline in confidence in Western currencies like the dollar and euro could lead to increased attractiveness of alternative assets such as the Chinese yuan, UAE dirham, gold, and cryptocurrencies [8] - The ongoing conflict and financial maneuvers may accelerate the diversification of the global financial system, challenging the long-standing dominance of Western financial institutions [8][12] Group 4: Future Uncertainties - The EU faces a dilemma between the urgent need to support Ukraine and the internal discord among member states, which could weaken its unity [8][10] - The potential consequences of reallocating frozen assets could diminish the effectiveness of future sanctions, as countries reassess their asset allocation strategies [10][12] - The ongoing situation represents a critical juncture in international relations, with the potential to leave a lasting impact on the global financial order [12]

南方财经大厦所在的广州国际金融城，南倚珠江。与会嘉宾相聚于此，也在思想碰撞与产融洽接中，共 同见证中国经济最具活力的粤港澳大湾区篇章。 南方财经大厦是南方财经全媒体集团的总部所在地，于今年11月6日正式投入使用。随着2025年会的召 开，已连续举办7年的南方财经论坛将永久入驻。以此为契机，南方财经全媒体集团将以用户为中心， 坚持移动优先、产品牵引、数据驱动，全力建设具有全球影响力的中国一流财经媒体和金融信息服务机 构。 （图：南方财经大厦近景） 在首日会程中，与会代表汇聚畅言，尤其对于"中国资产重估"历程中的"科技叙事"主线进行了阐释。 5日上午，中国环境与发展国际合作委员会中方首席顾问、国务院发展研究中心原副主任刘世锦， 清华 大学国家金融研究院院长、清华大学五道口金融学院副院长田轩， 摩根士丹利中国首席经济学家邢自 强等知名专家学者，就当下宏观经济形势、资本市场建设、科技发展与再平衡等课题发表了主旨演讲。 刘世锦开宗明义地指出，理解中国优势是把握战略主动的关键。其认为，中国经济有三大优势，一是追 赶潜能优势，包括消费结构升级带动的服务业发展，传统制造业和农业的转型升级等；二是以数字技术 和绿色技术为重点的 ...

Core Insights - Chile's service exports have achieved a historic milestone, reaching $3.034 billion from January to November, marking a 20.5% year-on-year increase, surpassing the $3 billion mark for the first time [1] Summary by Categories Export Performance - The growth in service exports is primarily driven by markets such as the United States ($1.06 billion), Peru ($540 million), and Colombia ($240 million) [1] - Significant increases were also noted in exports to the UK and the Netherlands, with growth rates of 54.1% and 216.3% respectively [1] Service Categories - Information and communication technology services led the export categories with $1.046 billion [1] - Other notable growth was seen in management services, consulting services, and financial services, with management services experiencing a remarkable increase of 93.5% [1]