Core Viewpoint - The Chinese authorities have reported significant progress in combating financial "black and gray industry" crimes, with over 1,500 cases investigated and more than 200 organized crime groups dismantled, involving nearly 30 billion yuan in illicit funds [1][3]. Group 1: Financial Crime Statistics - The scale of financial "black and gray industry" activities has surpassed 280 billion yuan in the first quarter of 2025, marking a 40% increase from 2023 [1]. - Complaints related to financial insurance have surged by 13.4% year-on-year in 2024, with over 700,000 complaints recorded on the Black Cat Complaint platform, highlighting the severity of the issue [2]. Group 2: Characteristics and Challenges - Financial "black and gray industry" activities are characterized by their systemic operation methods, including customer acquisition, evidence forgery, malicious complaints, and information manipulation [2]. - The use of advanced technologies such as AI for forgery and evasion poses ongoing challenges to existing defense systems, while the "data island" phenomenon complicates cross-institutional risk data sharing [2]. Group 3: Regulatory and Legal Framework - There is currently a lack of specific laws and regulations addressing typical gray industry behaviors like "agent rights protection" and "debt optimization," leading to ambiguities in legal definitions and enforcement pathways [2]. - The distinction between legitimate consumer rights protection and "agent rights protection" remains unclear, complicating industry identification and regulatory recognition [2]. Group 4: Industry Response and Collaboration - Financial technology companies are exploring intelligent prevention and collaborative governance mechanisms to combat the evolving landscape of financial "black and gray industry" activities [5][6]. - Companies like Qifu Technology and Haier Consumer Finance are leveraging big data and AI to develop intelligent fraud detection systems and have successfully assisted law enforcement in multiple cases [6][7]. Group 5: Collective Efforts and Achievements - The establishment of the "Anti-Financial Black Industry Alliance" has expanded to 167 member units, contributing to the resolution of 796 black and gray industry cases and preventing potential fraud involving over 19.1 billion yuan [8]. - Companies have reported significant increases in the identification of high-value "black and gray industry" leads, with some achieving a 234% rise in detection rates [8].

Group 1 - The Hong Kong government aims to enhance the functionality and connotation of its international financial center [1] - The government plans to strengthen its competitive edge in the financial market by attracting high-quality companies from Southeast Asia, the Middle East, and the Global South to list in Hong Kong [1] - There is a focus on diversifying the financial market by accelerating the development of fixed income and currency markets, green finance, and fintech, as well as exploring new opportunities in commodity trading and international gold transactions [1] Group 2 - The position of the Renminbi in global cross-border trade and investment is increasing, with Hong Kong being positioned as an offshore Renminbi business hub [1] - The government will support the cautious advancement of Renminbi internationalization through three main strategies: enhancing offshore Renminbi liquidity, optimizing financial infrastructure, and enriching investment products and risk management tools [1]

Core Viewpoint - The Hong Kong government aims to enhance its role as an international financial center by aligning with national development strategies and expanding its financial market offerings [1] Group 1: Financial Market Development - The government plans to strengthen the competitiveness of the stock market to attract high-quality companies from Southeast Asia, the Middle East, and the Global South to list in Hong Kong [1] - There is an emphasis on diversifying the financial market by accelerating the development of fixed income and currency markets, green finance, and fintech [1] - New opportunities will be explored, including commodity trading and international gold trading [1] Group 2: RMB Internationalization - The position of the Renminbi (RMB) in global cross-border trade and investment is increasing, with Hong Kong positioned as an offshore RMB business hub [1] - The government will support the cautious advancement of RMB internationalization through three main areas: enhancing offshore RMB liquidity, optimizing financial infrastructure, and enriching investment products and risk management tools [1]

Core Insights - The third Xiong'an Future City Scenario Conference will focus on cutting-edge technologies and future industries, launching 12 specialized competitions to promote the large-scale application and industrialization of new technologies, products, and scenarios in Xiong'an New Area and Hebei Province [1][2] Group 1: Competitions and Events - The conference will feature 12 specialized competitions, including the Xiong'an Aerospace Information Innovation Technology Competition, Xiong'an Low-altitude Transportation Innovation Technology Application Competition, and Xiong'an International Robot Competition, among others, covering a total of 35 tracks [1] - New competitions have been added, such as the Green Energy Competition and Smart Express Logistics Competition, indicating an expansion and optimization of the event compared to previous editions [1] Group 2: Project and Resource Development - The event will leverage the modern urban construction of Xiong'an and the rich resource scenarios in Hebei, identifying nearly 100 key directions for scenario development and a number of major engineering projects to support the implementation of these scenarios [2] - The competitions are scheduled to take place from April to June next year, with online registration already open for participating teams and companies through the official platform [2]

新华财经上海12月27日电（记者杜康）26日，由上海人工智能实验室与上海库帕思科技有限公司联合主 办的"2025金融大模型评测体系发布会"在上海举办。此次发布会不仅是金融大模型评测体系技术成果的 集中展示，也是上海深化"模塑申城"工程在金融领域落地的关键一环。随着评测体系的广泛应用，金融 行业将迎来更高质量、更可信赖的智能化转型新阶段。 上海市委金融办副主任、一级巡视员葛平表示，人工智能正在深刻重塑金融行业发展格局，大模型技术 在应用场景深化、关键要素强化和应用生态协同推进三方面加速赋能。2024年由库帕思、上海人工智能 实验室等机构发布的全国首个"以金融业务为中心"的金融大模型评测体系，为行业提供了科学选型与能 力对标的重要"标尺"。此次评测体系的全面升级，将助力上海建设具有全球影响力的金融科技中心。 库帕思COO施佳樑介绍，该评测体系汇聚了4个公开数据集与22个自建数据集，约3.6万条评测数据，坚 持科学与鲁棒的评测过程，采用循环选项打乱机制和多样化提示词，并研发金融裁判大模型，实现评测 全流程自动化、标准化，为上海金融领域银行、券商、基金、投资等企业或者机构人员提供权威、精准 的大模型能力评估，助力机构 ...

Group 1 - The forum discussed how AI is reshaping the financial services industry and the global layout of fintech in mainland China [1] - Key executives from various companies shared insights on AI's role in asset management, emphasizing its application in research, risk control, and valuation [12][13][14][15][16] - AI is transforming traditional research processes, significantly reducing the time required to generate comprehensive reports from nearly a month to just 5-10 minutes [14] Group 2 - The discussion highlighted the importance of AI in enhancing trading strategies, with a shift from purely statistical methods to a combination of logical reasoning and statistical analysis [15] - Companies are focusing on building trust with clients through third-party endorsements and rapid report generation, which enhances service efficiency [16][17] - Hong Kong is positioning itself as a global innovation and technology hub, with over 1,200 fintech companies and a significant growth rate of approximately 10% annually [21][22] Group 3 - Ernst & Young (EY) is leveraging its global network to support Hong Kong's role as a financial and technological innovation center, with strategies aimed at enhancing cross-border fintech cooperation [19][20] - The Hong Kong government is providing substantial support for AI development, including the establishment of an AI supercomputing center and various innovation platforms [28][29] - The integration of generative AI into financial services is becoming more prevalent, with local companies adopting tools like chatbots and data analysis assistants [29]

【导读】企业家热议： AI 如何重塑金融服务业？内地金融科技如何全球布局？ 中国基金报记者 郭玟君 日前，在安永香港创新中心举行的，由中国基金报主办的 "2025 资本市场香港论坛 " 上， 香港投资推广署创新及科技、生命与健康科学总裁黄炜卓担任主持人，与四位专注于人工智 能（ AI ）赋能资产管理行业的企业高管进行了精彩对话。 这四位嘉宾分别是： 安永大中华区首席运营官及金融服务首席合伙人，安永亚太区金融科技及创新首席合伙人 忻 怡 前路有光董事长 何波 元聚变 CTO 殷磊 慧博集团董事长，上海外国语大学国际金贸学院教授 何佳川 AI 日益深入赋能金融服务各个领域 黄炜卓：安永如何利用 AI 赋能资产管理行业发展？ 忻怡： 五年前，安永成立以业务人员为核心的金融科技工作组，致力于以技术推动管理提升 与业务发展。在资管行业，我们将 AI 与大数据等先进技术应用于不同的业务场景，比较有代 表性的是投研、风控与估值定价三大环节： 投研方面，面对政策与市场的快速变化，传统静态模式已难以应对。通过大数据与 AI 平台， 可实时追踪全球政策动向，精准分析其对行业与企业的影响。 风控领域，穿透式管理成为关键。 AI 能 ...

随后，现场发布《金融大模型应用评测报告（2025）》与《金融大模型评测数据集（2025）》。该报告基于真实金融业务场景构建评测任务，探索金融 垂直领域大模型应用的新理念、新机制与新手段，将有效支撑金融机构科学选型、降本增效，加速大模型在投研、风控、客服等核心环节的规模化落地。 12月26日，由上海人工智能实验室与上海库帕思科技有限公司联合主办的"2025金融大模型评测体系发布会"在上海市徐汇区举办。 上海市委金融办副主任、一级巡视员葛平在致辞中指出，人工智能正在深刻重塑金融行业发展格局，大模型技术在应用场景深化、关键要素强化和应用 生态协同推进三方面加速赋能。他强调，去年由库帕思、上海人工智能实验室等机构发布的全国首个"以金融业务为中心"的金融大模型评测体系，为行业提 供了科学选型与能力对标的重要"标尺"。今年评测体系的全面升级，将助力上海建设具有全球影响力的金融科技中心。 现场，"2025金融大模型评测体系暨金融评测基准"正式启动。该体系在标准引领、数据驱动、安全可信与生态共建四大维度实现全面升级，首次构建覆 盖金融全场景的评测基线，为行业提供统一、权威、可操作的技术评估框架。 在主题演讲中，库帕思COO施 ...

Market Performance - The three major indices closed lower on Friday, with the S&P 500 reaching an intraday high of 6945.77 points, marking a historical peak [1] - The Dow Jones Industrial Average fell by 20.19 points (0.04%) to close at 48710.97 points, while the Nasdaq Composite dropped by 20.21 points (0.09%) to 23593.10 points, and the S&P 500 decreased by 2.11 points (0.03%) to 6929.94 points [1] - For the week, the Dow rose by 1.2%, the Nasdaq increased by 1.22%, and the S&P 500 gained 1.4%, achieving its fourth weekly increase in five weeks [1] Currency and Cryptocurrency - The US Dollar Index rose by 0.15% to close at 98.063 [2] - Bitcoin increased by 0.31% to $87494.88, with a low of $86653 during the day, while Ethereum rose by 0.94% to $2931.32 [2] - Market sentiment around Bitcoin has turned cautious, with traders speculating that 2026 may still be a challenging year due to the "four-year cycle" [2] Precious Metals - Spot gold rose by 1.12% to $4531.1, reaching an intraday high of $4549.95, while spot silver surged over 10% to $79.212, hitting a historical high of $79.338 [3] - Analysts suggest that despite the silver surge, gold remains a safer investment due to its scarcity and higher per-ounce value [3] - Predictions indicate that silver could reach $80 per ounce by year-end, driven by geopolitical tensions and expectations of further Fed easing [4] Economic Outlook - Japan is projected to achieve its first basic fiscal surplus in 28 years in the 2026 fiscal year, with a record budget of 122.3 trillion yen (approximately $782 billion) approved [5] - The government anticipates a surplus of 1.34 trillion yen in the upcoming fiscal year starting in April [5] Company News - Google will allow users to change their Gmail addresses without affecting account data, with the original address becoming an alias for 12 months [7] - Coinbase has been rated as one of the top three fintech stocks for 2026 by Clear Street analysts, with a target price of $415, indicating a potential upside of about 70% from its current price of $234.5 [8] - CrowdStrike is highlighted as a key investment in the intersection of cybersecurity and AI, with a target price of $600 set by Wedbush [9]

Market Overview - The three major indices closed lower on Friday, with the S&P 500 reaching an intraday high of 6945.77 points, marking a historical peak. The Dow Jones increased by 1.2%, the Nasdaq by 1.22%, and the S&P 500 by 1.4%, achieving its fourth weekly gain in five weeks [1] - At the close, the Dow fell by 20.19 points (0.04%) to 48710.97 points, the Nasdaq dropped by 20.21 points (0.09%) to 23593.10 points, and the S&P 500 decreased by 2.11 points (0.03%) to 6929.94 points [1] Cryptocurrency Insights - Bitcoin rose by 0.31% to $87494.88, with a low of $86653 during the day, while Ethereum increased by 0.94% to $2931.32. Market sentiment has turned cautious since mid-October, with traders speculating on a potential pressure phase in 2026 [3] - The report from Matrixport indicates that the market is transitioning from a phase of "downside risk dominance" to one where "downside is limited, and upside still requires catalysts" [3] Precious Metals - Spot gold increased by 1.12% to $4531.1, with an intraday high of $4549.95, while silver surged over 10% to $79.212, reaching a historical peak of $79.338 [4] - Analysts suggest that despite the silver surge, gold remains a safer investment due to its scarcity and higher per-ounce value. Predictions indicate silver could reach $80 by year-end, while gold's next target is $4686.81 per ounce, potentially hitting $5000 in the first half of next year [4][5] Individual Company News - Google announced that it will allow users to change their Gmail addresses without affecting account data, with the original address becoming an alias [8] - Coinbase has been rated as one of the top three fintech stocks for 2026 by Clear Street analysts, with a target price of $415, indicating a potential 70% upside from its current price of $234.5 [9] - Wedbush highlighted CrowdStrike as a key investment in the intersection of cybersecurity and AI, maintaining a "outperform" rating with a target price of $600 for 2026 [10] Economic Developments - Japan is projected to achieve its first basic fiscal surplus in 28 years in the 2026 fiscal year, with a record budget of 122.3 trillion yen (approximately $782 billion) approved by the cabinet [6]