Group 1 - The core issue facing the French economy is the rising sensitivity to prices among consumers, leading to cautious spending behavior during the holiday season, reflecting deeper structural problems [1] - France's public debt is projected to reach 117.4% of GDP by the end of Q3 2025, with a fiscal deficit forecasted at 5.5% of GDP, significantly above the EU's 3% limit, indicating severe fiscal pressure [2] - The French manufacturing sector is struggling, with the share of manufacturing in GDP currently at about 9%, far below the EU average of 15%, and a concerning trend of more factory closures than openings [3] Group 2 - Rising living costs are suppressing consumer spending, with inflation rates around 1% since February, but the actual cost of living is perceived to be much higher, particularly in housing and food [4] - Analysts note that while overall inflation is decreasing due to falling energy prices, food and housing costs continue to rise, and wage growth is lagging behind inflation, posing a significant challenge for consumer purchasing power [5]

从基金十大重仓股角度 12月30日，大众公用跌1.16%，截至发稿，报6.82元/股，成交4382.43万元，换手率0.26%，总市值 201.36亿元。 资料显示，上海大众公用事业(集团)股份有限公司位于上海市徐汇区龙腾大道2121号众腾大厦1号楼10 楼，成立日期1992年1月1日，上市日期1993年3月4日，公司主营业务涉及公用事业、金融创投业务。主 营业务收入构成为：燃气销售89.67%，污水处理业4.17%，施工业1.80%，运输业1.75%，商业1.38%， 其他(补充)0.90%，市政隧道运营0.29%，金融业0.05%。 数据显示，景顺长城基金旗下1只基金重仓大众公用。景顺长城国证石油天然气ETF（159588）三季度 持有股数28.06万股，占基金净值比例为2.15%，位居第十大重仓股。根据测算，今日浮亏损失约2.24万 元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 景顺长城国证石油天然气ETF（159588）基金经理为金璜。 ...

从基金十大重仓股角度 数据显示，长城基金旗下1只基金重仓厦门国贸。长城中证红利低波100ETF（159228）三季度持有股数 44.17万股，占基金净值比例为1.88%，位居第三大重仓股。根据测算，今日浮亏损失约16.34万元。 长城中证红利低波100ETF（159228）成立日期2025年6月5日，最新规模1.45亿。成立以来收益4.03%。 12月30日，厦门国贸跌4.71%，截至发稿，报7.48元/股，成交1.16亿元，换手率0.73%，总市值159.89亿 元。 长城中证红利低波100ETF（159228）基金经理为陶曙斌。 资料显示，厦门国贸集团股份有限公司位于福建省厦门市湖里区仙岳路4688号国贸中心，成立日期1996 年12月24日，上市日期1996年10月3日，公司主营业务涉及供应链管理、房地产经营、金融服务。主营 业务收入构成为：供应链管理业务99.63%，健康科技业务0.36%，其他板块业务0.02%。 截至发稿，陶曙斌累计任职时间8年285天，现任基金资产总规模1.99亿元，任职期间最佳基金回报 130.74%， 任职期间最差基金回报-38.15%。 风险提示：市场有风险，投资需谨慎。本 ...

Group 1 - The core viewpoint of the articles indicates that the Chinese stock market, particularly the Shanghai Composite Index, is experiencing a strong upward momentum, with the offshore RMB strengthening against the USD, reaching a 15-month high at the 7.0 level, which is expected to enhance the attractiveness of Chinese assets to global capital [1] - It is anticipated that China's monetary and fiscal policies will remain accommodative through 2026, leading to a recovery in overall demand, while global fiscal expansion in the US, Europe, and Japan is expected to improve demand [1] - The CSI A500 index is highlighted for its balanced industry exposure and higher growth potential, making it a favorable option during the structural upgrade cycle, with an annualized return of 9.11% and a volatility of 21.41% since its base period, outperforming the CSI 300 in terms of total returns [2] Group 2 - The CSI A500 index's characteristics of industry balance and coverage of leading companies across various sectors provide investors with a defensive yet growth-oriented investment choice, particularly in volatile markets [2] - Investors are encouraged to pay attention to the CSI A500 ETF (159338), which offers a combination of safety and growth potential [2]

2025 稳中有进 稳中有升 今年以来，全市经济运行平稳有序，保持了较好发展态势 工业底盘更稳 1~11月，规上工业增加值增长8.8%，38个行业大类中有七成行业增加值保持增长 投资持续回升 固定资产投资增长4%、居国家中心城市第3位 质量效益提升，结构更加优化 融入服务全国统一大市场建设取得突破 成功入选国家要素市场化配置综合改革十个试点城市之 一，是入选的唯一北方省会城市，全市市场主体达到222.6万户 创新动能持续增强 揭牌成立中原科技城科创联盟、哈工大郑州高等研究院，科技型企业超1.5万 家，引留青年人才27.4万人，全社会研发投入强度有望达到3% 产业体系向新向好 截至11月底，全市整车产量达到95.63万辆、同比增长16.52%，其中新能源汽车 产量50.8万辆，预计全年数字经济规模突破8000亿元 开放活力充足 郑州机场货邮吞吐量超100万吨、成为全球航空货运"百万吨俱乐部"成员，中欧班列 累计开行超3000班、同比增长50%，跨境电商完成交易额1600亿元、位居全国前列 治理效能提升 党建引领网格化"十个一"治理体系不断完善，圆满举办全国深化党建引领接诉即办 工作推进会，民生福祉不断增进、社会 ...

栾沐锌 "连续发5次'转人工'还在转来转去，办业务要闯语音菜单'4层迷宫'，投诉维权只得到人工智能(AI) 模板化'共情'却无实质方案……"近期，AI客服成为人们热议的话题。实测表明，主流电商、金融、物 流等10余家平台的AI客服普遍存在理解能力不足、答非所问等现象，给消费者带来困扰。这不仅背离 了技术便民初衷，甚至成为部分企业忽视用户诉求的"挡箭牌"。 改变这一现象，企业首先要牢固树立"服务即竞争力"的经营理念，将优化AI客服视为兼顾短中长期 利益的战略投入：短期打牢人工兜底与AI服务分流基础，优化知识库，快速精准解决用户问题，守住 现有收益；中期抓实体验升级，把口碑做扎实，通过客服响应时效考核打造差异化服务；长期深耕需求 挖掘与反向赋能，搭建客服数据反馈闭环，为产品和服务迭代升级提供支撑。 同时，行业可推动技术资源共享，降低中小企业改造成本。比如，技术研发方可以提升AI复杂场 景应对能力，推出更适配企业需求的产品。监管部门畅通投诉、监督渠道，明确AI客服规则，引导企 业从"拼价格"转向"比服务"，让合规优化者得市场、享红利。 消费升级背景下，消费者越来越看重服务的质量和温度。AI客服该做"帮手"而非"替代 ...

转自：上海证券报 新华财经上海12月30日电 岁末年初，多家外资机构相继发布新一年市场展望，表达了对中国市场的积 极预期。 在外资机构的观察中，2026年，充裕的流动性、更有力的政策支持和具有吸引力的估值等因素，正共同 构筑中国资产的"上行机遇期"。积极把握中国机遇，已成为国际投资者的广泛共识。 2026年全球经济呈回升趋势 "多元资产投资组合有望迎来稳健回报之年。"摩根大通认为，美国降息周期有望支撑全球经济增长复 苏，并推动各类资产市场表现强劲。不过，市场对涨势的担忧和观望情绪依然浓厚，许多投资者持有的 现金规模仍高于疫情前水平。 高盛认为，2026年股票市场有望继续实现稳健的正回报，进行多元化配置的理由充分。从区域来看，在 基准情景下，新兴市场有望继续表现良好。 渣打银行财富管理团队预期，新兴市场估值吸引力更为突出，尤其是在货币政策已趋于宽松的地区。宏 观环境改善及货币走势稳定，进一步提升了部分新兴市场的投资前景。 2025年即将收官。回顾这一年，"韧性"成为多家外资机构描绘全球经济时的关键词。 渣打银行财富管理团队认为，过去一年，全球经济展现出显著韧性，在面对数十年来最紧缩货币政策的 背景下，依然保持稳 ...

Core Viewpoint - There is a growing sense of "crisis" in South Korea as the Korean won continues to weaken against the US dollar, approaching the critical psychological level of 1500 won per dollar, a level not seen since the 1997 Asian financial crisis and the 2008 global financial crisis. This situation has led to concerns about a potential "third foreign exchange crisis" [1]. Group 1: Currency Fluctuations and Government Response - The Korean won started 2025 at just over 1400 won per dollar, fluctuating between 1350 and 1485 won throughout the year, indicating a high volatility range [2]. - In response to the ongoing pressure on the won, the South Korean government has intensified its regulatory measures, including verbal warnings against excessive weakness of the won and tax support plans to boost domestic investment [2][3]. - Despite these interventions, the won remains in a high volatility range, with recent fluctuations around 1435 won per dollar [2]. Group 2: Historical Context and Structural Issues - Historical experiences from the 1997 and 2008 crises have made South Korea acutely aware of foreign exchange issues, leading to a focus on maintaining foreign exchange reserves as a safety net during extreme situations [7]. - The current weakening of the won is attributed to multiple structural factors, including significant capital outflows and a growing trend of domestic investors purchasing overseas assets, which exacerbates the supply-demand imbalance for the won [8][9]. - South Korea's net foreign assets have exceeded 380 billion dollars, and while this provides a financial cushion, the ability to liquidate these assets quickly in a crisis is limited [9]. Group 3: Economic Confidence and Structural Reforms - Analysts suggest that the underlying cause of the won's depreciation is a loss of investor confidence in the South Korean economy, driven by structural issues such as low growth rates and a deteriorating business environment [10][11]. - The government is urged to focus on structural reforms rather than temporary measures to restore market confidence and stabilize the currency [10]. - Strengthening economic ties with China through increased cooperation could provide opportunities for South Korean companies, potentially alleviating some of the pressures on the won [11].

大型科技股多数下跌，特斯拉跌超3%，消息面上，"木头姐"Cathie Wood出售价值3000万美元的特斯拉股票。 英伟达跌超1%，微软、奈飞、亚马逊、Meta小幅下跌；英特尔涨超1%，苹果、谷歌小幅上涨。全球存储芯片巨头美光科技涨超3%， 股价创历史新高。 贵金属板块跌幅居前，哈莫尼黄金跌超8%，泛美白银、金罗斯黄金超跌5%。 美东时间周一，美股三大指数均小幅收跌，截至收盘，道指跌0.51%，纳指跌0.5%，标普500指数跌0.35%。 纳斯达克中国金龙指数收跌0.67%。蔚来涨近5%，爱奇艺、百度涨超1%；阿里巴巴跌超2%，名创优品跌近2%，哔哩哔哩跌超1%。 富时A50期指连续夜盘收跌0.16%，报15341点。 周一（12月29日）纽约尾盘（周二北京时间05:59），离岸人民币（CNH）兑美元报6.9971元，较上周五纽约尾盘涨74点，日内整体交 投于7.0152~6.9936元区间。 周一（12月29日）纽约尾盘，CME比特币期货BTC主力合约较上周五纽约尾盘跌0.30%，报87695美元，北京时间12:38曾涨至90990美 元。 CME以太币期货DCR主力合约涨0.36%，报2947.50美元， ...

Core Insights - The report by UBS reveals that by 2025, China will have 70 new billionaires, bringing the total to 470, making it the second-largest number of billionaires globally, following the United States. The total wealth of these billionaires in China is projected to reach $1.8 trillion, a year-on-year increase of 22.2% [4][5]. Group 1: Billionaire Growth - The Greater China region is identified as the largest growth engine for billionaires globally, with 98% of new billionaires being self-made entrepreneurs, consistent with the characteristics of China's first-generation entrepreneurs [5][11]. - Globally, the number of billionaires is expected to increase by 287 to 2,919, marking the second-highest growth since 2015, with total wealth rising by 13% to $15.8 trillion [5][9]. Group 2: Industry Insights - The technology sector is projected to see a significant increase in billionaire wealth, with a growth of 23.8% to $3 trillion, driven by advancements in artificial intelligence [9][10]. - The consumer and retail sector's billionaire wealth growth is slower at 5.3%, totaling $3.1 trillion, while the industrial manufacturing sector sees a 27.1% increase to $1.7 trillion [10]. Group 3: Self-Made Billionaires - Among the new billionaires globally, 68.3% are self-made, with a total wealth increase of $386.5 billion, primarily from sectors like marketing software and infrastructure [12]. - In China, 98% of billionaires are self-made, a higher percentage compared to other major countries, reflecting a vibrant entrepreneurial spirit [12][11]. Group 4: Inheritance Trends - In 2025, 91 new billionaires will inherit wealth totaling $2.978 billion, a 36% increase from 2024, marking the largest inheritance record since the report's inception [14][15]. - The report indicates that over the next 15 years, billionaires' children are expected to inherit at least $5.9 trillion, with significant amounts in the U.S. and Europe [15]. Group 5: Gender Wealth Dynamics - There are currently 374 female billionaires, with their wealth growth rate being double that of male billionaires, at 8.4% compared to 3.2% [18]. - The consumer and retail sectors are the primary sources of wealth for female billionaires, with a significant portion inherited [18]. Group 6: Investment Outlook - A growing number of billionaires are looking towards China for investment opportunities, with 34% believing it offers the best prospects in the next 12 months, a significant increase from 11% in 2024 [20]. - In terms of investment strategies, 42% plan to increase exposure to emerging market stocks, while 49% intend to boost allocations to private equity [21].