日本和韩国明明是发达国家，可是他们的货币怎么动不动就是成千上万的面值？ 这看起来好像他们的货币很不值钱的样子。 去过日本旅游的人都知道，日本一个普通的饭团就要卖200日元，韩国就更离谱了，一杯普通的咖啡竟然高达四五千韩元。 所以，就很容易给人造成一种错觉，出国去日韩走了一圈，发现自己成了身价百万的土豪，随随便便就花掉好几万日元。 这里面究竟有什么门道？难道他们发达国家的头衔是虚的吗？ 01 不要被数字骗了 首先我们可以肯定的是，日韩的货币面值大是真的，但是也挺值钱的，这并不妨碍他们是发达国家的事实。 打个比方，在卖鸡蛋时，有人是按"个"去卖，也有人按"斤"来卖，一个鸡蛋1块钱，一斤鸡蛋10块钱，但是你能说一斤鸡蛋比一个鸡蛋卖得更贵吗？ 当然不能，因为它们俩的计价单位完全不同。 其实，当初韩国和日本设计货币的时候，并没有成千上万的面额，比如日本在二战之前，他们最大面额也只有100日元，而当时1日元约等于2.3美元。 然而，二战战败后，日本经济遭到了重创，工业生产力急速萎缩，这就导致日本国内物价飞升。 而日本政府为了应对经济危机，只好不断地超发货币，这又进一步加剧了日本的通货膨胀。 那个时候的日本经济有多乱？有时 ...

Core Viewpoint - The offshore RMB exchange rate against the US dollar breaking the 7.0 mark is a significant signal of structural changes in the international financial system, indicating a profound reshaping of the dollar-centric international monetary order [1]. Group 1: Dollar Dominance and Its Challenges - The dollar-dominated international monetary system, established post-World War II, is experiencing a decline, with its share in global foreign exchange reserves dropping from 72% at the beginning of the century to 58% by Q3 2025 [3]. - The dollar's influence is maintained through three core mechanisms: pricing of commodities in dollars, dollar settlements in global trade, and dollar valuation of financial assets. Despite a decrease from approximately 55% in 2015, the dollar still accounted for 46% of global trade settlements in 2024 [3]. - The dollar index has fallen over 10% since 2025, marking its worst performance since 1973, highlighting the structural pressures facing the dollar system [3]. Group 2: Political and Economic Factors - The politicization of dollar credit, particularly through direct interventions in monetary policy, has undermined confidence in the independence of the US Federal Reserve, prompting a reassessment of the safety and reliability of dollar assets [4]. - The restructuring of global supply chains is diminishing the material foundation of the dollar system, with the proportion of intra-ASEAN trade settled in local currencies rising from 23% in 2018 to 34% in 2024 [4]. - Central banks are increasing their gold reserves to the highest levels since 1990, and the share of RMB loans from the New Development Bank has risen to 38%, indicating a search for alternatives to the dollar [4]. Group 3: RMB Internationalization - The RMB's exchange rate breaking the 7.0 mark reflects a significant step in its internationalization, supported by ongoing reforms in the RMB exchange rate formation mechanism since the 2015 reform [6]. - The share of RMB in global payments reached 4.5% in 2023, nearly tripling over five years, while China has signed bilateral currency swap agreements with over 40 countries, totaling more than 4 trillion RMB [6]. - The initial formation of a "petro-RMB" system is changing the pricing and settlement landscape for global commodities, with approximately 18% of China's crude oil imports settled in RMB in 2023, up from less than 5% in 2020 [6]. Group 4: Shift Towards Multipolar Currency System - The global trade settlement system is transitioning from a "dollar monopoly" to a "multilateral coexistence" model, with the proportion of intra-BRIC trade settled in local currencies increasing from 19% in 2017 to 35% in 2024 [7]. - Adjustments in the Special Drawing Rights (SDR) currency basket reflect structural changes in the international monetary system, with the RMB's weight in the SDR increasing from 10.92% to 12.28% in 2022, making it the third-largest currency [7]. - Emerging multilateral development institutions are increasing local currency financing, reducing reliance on the dollar, and promoting financial cooperation models that favor de-dollarization [7]. Group 5: Broader Implications - The RMB's exchange rate breaking the 7.0 mark is merely an external manifestation of deeper changes occurring in international settlement systems, reserve asset structures, and financial infrastructure [8]. - As a multipolar currency system gradually replaces the unipolar dominance, the global economy is expected to gain a more stable institutional foundation, with the direction of this structural change becoming increasingly clear [8].

制造业 PMI 小幅回升至 49.2%，非制造业商务活动指数降至 49.5%。 国际机构上调对中国 2025 年和 2026 年经济增长预期，工业转型升级 取得进展，但内需不足和收入乐观程度下降构成挑战。 政策建议包括：生产端优化提升传统产业，培育壮大新兴产业；投资端 扩大有效投资，激发民间投资活力；消费端提升居民消费能力，推进新 消费培育。短期财政政策应兜牢基层"三保"底线，规范税收优惠及财 政补贴政策。 预计 2026 年全球经济增速与 2025 年持平，中国 GDP 增长目标可设定 为 4.5%-5.0%。宏观政策将继续实施积极财政政策和适度宽松货币政 策。应重视科技创新与产业深度融合，培育科技企业家，并通过高科技 发展带动就业和民生改善。 包括：内需动能不足拖累整体生产，但外需扩张对 11 月生产端形成主要拉动 力量；冬季供暖需求推动采矿业增速提升，当月煤炭开采和洗选业同比增速为 7.5%；装备制造业占比持续提升，工业结构不断优化，其中电子、汽车行业增 速分别为 9.2%和 11.9%；高技术制造业引领工业高质量发展，规模以上高技 术制造业增加值同比增长 8.4%。 稳中求进、行稳致远的中国宏观经济 ...

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 国家知识产权局信息显示，中国联合网络通信集团有限公司、联通集团财务有限公司取得一项名为"一 种数据溯源方法和装置"的专利，授权公告号CN116088874B，申请日期为2022年12月。 天眼查资料显示，中国联合网络通信集团有限公司，成立于1994年，位于北京市，是一家以从事电信、 广播电视和卫星传输服务为主的企业。企业注册资本10481551.957532万人民币。通过天眼查大数据分 析，中国联合网络通信集团有限公司共对外投资了35家企业，参与招投标项目3322次，财产线索方面有 商标信息3738条，专利信息5000条，此外企业还拥有行政许可11个。 联通集团财务有限公司，成立于2016年，位于北京市，是一家以从事货币金融服务为主的企业。企业注 册资本300000万人民币。通过天眼查大数据分析，联通集团财务有限公司参与招投标项目297次，专利 信息6条，此外企业还拥有行政许可4个。 ...

服务消费潜能加快释放。前11个月，服务零售额同比增长5.4%，增速连续3个月回升，而且快于商品零售额增速；文体休闲服务类、通讯信息服务类零 售额同比增长均超过10%。 高技术服务业投资力度不断加大。前11个月，高技术服务业投资同比增长4.1%，比去年同期提高0.6个百分点。其中，信息服务业投资增长达到29.6%。 央视网消息（新闻联播）：今年前11个月，我国服务业发展持续向好，服务消费潜力持续释放，对经济增长的支撑作用日益增强。 前11个月，全国服务业生产指数同比增长5.6%。铁路运输、货币金融服务等行业的商务活动指数，在11月份都位于55.0%以上的较高景气区间。 ...

参考文献：实质性创新还是策略性创新-宏观产业政策对微观企业创新的影响 黎文靖 郑曼妮 数据简介 国有企业，在上市公司语境下，指的是那些实际控制人为政府（包括中央政府或地方政府）或其下属机 构的上市公司。这些公司通过股权关系、协议安排或其他方式，由政府或其下属机构直接或间接控制其 经营决策。 SOE：企业产权性质，若是国企则取值为1，否则为0。根据企业最终控制人性质确定其产权性质。最终 控制人是国有单位的为国企，否则为非国企。 数据名称：上市公司-产权性质，是否为国企 数据年份：2003-2024年 参考文献：高管海外经历是否能提升企业投资效率 代昀昊 孔东民 【號】：Paper数据分析 【公】 【粽】 数据指标： 企业代码 证券代码 股票简称 年份 产权性质，是否为国企 行业代码 行业名称 沪深A股为1,否则为0 北京A 股为1,否则为0 金融业为1,否则为0 制造业为1,否则为0 ST或PT为1,否则为0 上市板块 数据截图 | Stkcd | id | ShortName | year | SOE | IndustryCode | IndustryName | 沪深A股 | | --- | --- | - ...

Group 1 - Action Education plans to repurchase shares worth between 20 million to 25 million yuan at a price not exceeding 45 yuan per share for employee stock ownership plans or equity incentives [1] - Fulin Technology's shareholders plan to reduce their holdings by up to 2% of the company's total shares, amounting to a maximum of 24.44 million shares starting from December 22, 2025 [2] - Huashu shares' shareholders intend to reduce their holdings by up to 1% of the company's total shares, which is a maximum of 35.94 million shares [3] Group 2 - Silan Microelectronics has obtained a filing certificate for its 12-inch high-end analog integrated circuit chip manufacturing production line project, with an investment of 10 billion yuan and a monthly production capacity of 20,000 wafers [4] - Aerospace Information confirms that its main business does not involve commercial aerospace and that its operations are normal without significant changes [5] - Qinglong Pipe Industry signed a supply contract worth 294 million yuan for PCCP and pressure steel pipes, accounting for 10.43% of its 2024 revenue [6] Group 3 - Huaxin Precision plans to invest up to 1 billion yuan of idle funds in low-risk financial products [7] - Hainan Rubber received insurance compensation totaling approximately 26.65 million yuan for rubber income and tree insurance [8] - Lianmei Holdings announced the suspension of its subsidiary Fulin Thermal Power due to economic slowdown and reduced customer demand [9] Group 4 - Ruifeng Bank has been approved to issue up to 2.5 billion yuan in secondary capital bonds to enhance its capital and risk resistance [11] - China Pacific Insurance reported a 9.4% year-on-year increase in premium income for its life insurance subsidiary, totaling 250.32 billion yuan [12] - Sunshine Nuohuo signed an agreement with Peking University to establish a joint laboratory for innovative drug development [13] Group 5 - Century Huatong completed the cancellation of 56.12 million repurchased shares, reducing its total share capital from 7.428 billion to 7.372 billion shares [14] - Yaxin Security received a government subsidy of 3 million yuan [15] - Haili Biology's subsidiary received registration certification for a bone repair material in Indonesia [16] Group 6 - Yian Technology's subsidiary secured a major project for magnesium alloy components worth 430 million yuan, expected to start production by the end of March 2026 [17] - Jiangte Electric plans to contest the proposed cancellation of its lithium-containing mining rights [18] - COFCO Technology announced the resignation of its deputy general manager due to work changes [19] Group 7 - Fangsheng Pharmaceutical passed the GMP compliance inspection for its raw material production lines [21] - Bohai Ferry announced the resignation of two deputy general managers for personal and age-related reasons [22] - ST Fuhua appointed a new general manager [23] Group 8 - Huazhong CNC received project funding of 17.7 million yuan, accounting for 31.97% of its audited net profit for 2024 [24] - Oppein Home used 15 million yuan of idle funds to purchase a large time deposit with a 0.9% annual yield [25] - China General Nuclear Power's Ningde Unit 6 has begun full construction, utilizing Hualong One technology with a capacity of 1210 MW [26] Group 9 - Jiayuan Technology's chairman has had the investigation order lifted, and the company is operating normally [27] - Fulaixin Materials' application for a specific stock issuance has been approved by the Shanghai Stock Exchange [28] - Shuhua Sports plans to invest up to 500 million yuan in a health industry park project [29] Group 10 - Rhine Biology's stock will continue to be suspended due to ongoing control change and asset acquisition plans [30] - Haishi Science received approval for clinical trials for four innovative drugs targeting various diseases [31] - Hangcai Co. plans to repurchase shares worth between 50 million to 100 million yuan at a price not exceeding 80 yuan per share [32] Group 11 - Yinxin Technology received a cash dividend of 18 million yuan from its subsidiary [33] - Tianfulong plans to increase its wholly-owned subsidiary's capital by 580 million yuan [34] - Poly United's subsidiary won a bid for a stripping project worth 1.528 billion yuan [35] Group 12 - Minglida's deputy general manager resigned due to health reasons [36] - ST Guohua appointed a new deputy general manager [37] - China Xidian's subsidiaries won contracts totaling 1.005 billion yuan for Southern Power Grid projects [38]

Core Insights - The national service production index in China increased by 4.2% year-on-year in November, indicating a positive trend in the service sector [2] - The information transmission, software and IT services, leasing and business services, and financial sectors showed significant growth, with production indices rising by 12.9%, 8.4%, and 5.1% respectively, outpacing the overall service production index [2] - For the period from January to November, the national service production index grew by 5.6%, while the revenue of large-scale service enterprises increased by 7.6% year-on-year from January to October [2] Industry Performance - The service business activity index stood at 49.5% in November, while the business activity expectation index was at 55.9%, indicating a generally optimistic outlook for the service industry [2] - Specific sectors such as railway transportation, telecommunications, and financial services reported business activity indices above 55.0%, reflecting a high level of economic activity [2] - The railway sector experienced record-breaking performance, with a total of 3.95 billion passengers transported in the first ten months of the year, marking a historical high for the same period [2]

对于中国来说，程恩富提出，数字经济时代，应该立足我国的基本国情，加强金融监管，确保金融安 全。 对于货币新形态的发展，他建议，借助区块链技术大力发展央行数字货币。程恩富认为，在技术层面 上，数字人民币吸收了稳定币的便捷性，通过分布式记账、智能合约等技术优化支付效率（如数字人民 币的点对点交易可降低跨境结算成本）；在交易上，数字人民币通过可控匿名、实时监控、可追溯，避 免成为洗钱工具。 数字人民币的优势也在助推人民币国际化。程恩富表示，通过大力发展数字人民币，借助数字人民币点 对点交易，以及分布式记账和智能合约等技术优势，可以大大降低跨境结算成本，提高支付效率，进一 步助推人民币国际化。 程恩富总结称，我国需秉持"加强监管、技术创新、服务实体"理念，以实体为基、以技术为器，凭借科 技进步和产业创新，大力发展数字人民币，走出一条具有中国特色的数字人民币发展道路，为数字时代 的全球货币治理提供中国方案。 "美元稳定币很难从根本上解决美债问题。"12月14日，中国社科院学部委员、世界政治经济学会会长程 恩富在由上海财经大学等联合主办的"科技—产业—金融协调发展论坛"上称。 程恩富表示，随着美国经济实力的衰退，财政长期 ...

Core Viewpoint - The article discusses the challenges and failures of the internationalization of the Japanese yen, highlighting the historical context, economic factors, and comparisons with the successful internationalization of the German mark. Group 1: Historical Context and Initial Success - After World War II, Japan's economy experienced rapid growth, becoming the world's second-largest economy by the late 1960s [1] - Japan began the process of yen internationalization in the 1960s, achieving free convertibility of the yen for current account transactions by 1964 and capital account transactions by 1980 [1] - By 1990, the yen's share in import trade settlements rose to 14.5% from 0.3% in 1970, and in export trade settlements, it increased to 37.5% from 0.9% in 1970 [1] Group 2: Challenges to Yen Internationalization - The yen's internationalization faced significant setbacks in the 21st century, with its share in global bank assets declining from $701.6 billion in 1995 to $325.1 billion in 2002 [2] - The yen's share in global foreign exchange reserves fell from 7% in 1995 to 3.4% in 2012, despite Japan's GDP being twice that of the UK [2] - No currency is pegged to the yen, contrasting with 43 currencies pegged to the dollar and 27 to the euro, indicating the yen's limited status as an international currency [2] Group 3: Factors Contributing to Yen's Weakness - Japanese asset prices, including real estate and stocks, have been in decline since 1990, leading to significant losses for asset holders [4] - Japan's long-term low-interest rate policy has made yen-denominated deposits and bonds unattractive compared to those in euros and dollars [4] - Japan's government debt has risen dramatically, with the debt-to-GDP ratio increasing from 85% in 1998 to over 220% in 2023, undermining confidence in the yen [5] Group 4: Currency Volatility and Market Dynamics - The yen has experienced significant exchange rate volatility, with fluctuations exceeding 10% occurring multiple times between 1973 and 1995 [6] - Over the past 30 years, the yen's real effective exchange rate has shown the weakest performance compared to other major currencies, indicating structural weaknesses in Japan's financial policies [7] - Japanese companies face "local currency barriers," limiting their ability to price goods in yen, particularly in trade with Southeast Asia where commodities are often priced in dollars [8] Group 5: Comparison with German Mark - The internationalization of the yen is compared to that of the German mark, which succeeded due to stable monetary policy and integration into European monetary cooperation [9][10] - The German mark maintained a stable value and was recognized internationally, while the yen's internationalization efforts were hindered by Japan's isolated approach and lack of regional economic integration [11][12]