每经编辑｜陈柯名 美国联邦储备委员会12月10日宣布，将联邦基金利率目标区间下调25个基点到3.5%至3.75%之间。这是美联储继9月17日、10月29日降息后年内的第三次 降息，幅度均为25个基点。 鲍威尔就降息决定发表讲话 12月10日，美联储主席鲍威尔就委员会降息决定发表讲话。鲍威尔表示，美联储的货币政策行动以促进美国民众充分就业和物价稳定的双重使命为指导。 在当日的会议上，委员会决定降息25个基点，短期内通胀风险偏向上行，就业风险偏向下行，形势充满挑战。通过当日的决定，委员会在过去三次会议上 已累计下调政策利率0.75个百分点。此举有助于稳定劳动力市场，并在关税影响消退后，使通胀恢复至2%的下降趋势。 图片来源：视觉中国 鲍威尔称，自9月以来，委员会对政策立场的调整使其处于中性预期范围内，这使他们能够根据最新数据、不断变化的经济前景以及风险平衡，更好地确 定政策利率进一步调整的幅度和时机。 鲍威尔表示，在联邦公开市场委员会（FOMC）的经济预测总结中，与会者分别就各自认为最有可能的经济情景下联邦基金利率的适当路径进行了评估。 2026年底联邦基金利率的预测中值为3.4%，2027年底为3.1%，与9月 ...

Summary of Figure Technology Solutions Conference Call Company Overview - **Company**: Figure Technology Solutions (NasdaqGS:FIGR) - **Industry**: Fintech and Blockchain Technology - **CEO**: Michael Tannenbaum, who took over in 2024 and led the company through its IPO in September 2025 Core Business Model - Figure is building a future capital market on blockchain technology, focusing on tokenized loans, particularly in the mortgage space - The company has developed a platform that allows partners to originate assets in five days for $1,000, compared to the industry average of 45 days and $12,000 [4][10] Financial Performance - Figure currently does about $1 billion in average monthly originations, with a total mortgage market of $2 trillion annually [7] - The company has achieved a robust adjusted EBITDA margin of 55% in Q3 2025 [61] Strategic Priorities 1. **Expansion in Mortgage Space**: Targeting the $35 trillion home equity market, with a focus on flexible HELOC products [10] 2. **Product Diversification**: Introducing debt service coverage ratio (DSCR) loans and residential transition loans [11] 3. **Blockchain Integration**: Utilizing a stablecoin (YLDS) for loan settlement and servicing, with growing volume in the marketplace [12] Market Position and Growth - Figure has added 78 originating partners in Q3 2025, more than in the entirety of the previous two years [16] - The company is positioned to capture a significant share of the mortgage market, especially in smaller balance mortgages [35] - The HELOC product is gaining traction as a preferred financing option for small businesses and home improvement projects [19] Competitive Advantages - Figure's integrated technology and capital market approach allow for lower origination costs and faster processing times, making it attractive to banks and credit unions [22][23] - The company emphasizes liquidity and has facilitated $20 billion in mortgage transactions, with $70 billion in transaction activity [13] Tokenization and Future Opportunities - Figure is exploring tokenized equities and has launched a non-dilutive secondary offering that trades on blockchain [52] - The company aims to standardize and tokenize various asset classes, enhancing control and democratization for asset owners [53] Conclusion - Figure Technology Solutions is positioned for significant growth in the fintech and blockchain space, with a focus on innovation, cost efficiency, and expanding its product offerings across various asset classes [64]

2025年10月，人民银行释放重磅信号，2026年初，将研究实施支持个人修复信用的政策措施，为疫情以 来小额已还违约贷款"抹去"征信违约痕迹。业内认为，这一政策背后，既能解当下房地产调整、居民收 入波动下，个人信用瑕疵的民生痛点，也凸显出征信在普惠金融中的核心价值。过去，小微企业缺抵 押、新市民收入不稳，融资难成共性问题；如今，完善的征信体系不仅打破"信息孤岛"，更让无数普惠 小微贷款精准落地，还能通过信用修复为困境群体开辟"回头路"。 避免"一刀切"高定价 众所周知，过去二十年，我国居民杠杆率持续攀升，资产配置曾高度集中于房地产。 但随着市场环境变化，就业压力增大、资产缩水等问题接踵而至，个人信用违约现象呈现结构性增长。 从中国普惠金融研究院和合作机构共同开展的一项调查结果可见，30—39岁群体成为债务压力核心人 群，其资产负债表受房产价格波动冲击最为明显；此外，新市民因收入稳定性不足，信用违约风险较 高，且违约后重新进入信用市场的门槛居高不下。 信用瑕疵的连锁效应，也在侵蚀家庭财富根基。一方面，失信记录导致贷款申请受阻、融资成本上升； 另一方面，居民对房地产的依赖度下降后，也面临资产流动性焦虑，在低利率环 ...

Core Viewpoint - The actual controller of Guoao Technology, Chen Chongjun, is planning a change in company control, which may lead to a shift in the actual controller. The company has been facing significant challenges, including a cumulative loss of nearly 500 million yuan over the past three years and the actual controller being under judicial arrest for nearly seven months due to allegations of market manipulation [2][6][7]. Group 1: Control Change - Guoao Technology announced that Chen Chongjun's spouse notified the company about the planned change in control, which may lead to a new actual controller. Various parties are currently discussing the specific transaction plan and agreements [3][4]. - Chen Chongjun's shares are under judicial freeze, and if these shares are forcibly disposed of, it could impact the stability and compliance of the control change process. The inability of the actual controller to participate directly in decision-making may increase uncertainty in negotiations [2][4][5]. Group 2: Financial Performance - Guoao Technology has reported significant financial losses, with net profits of -62 million yuan, -81 million yuan, and -351 million yuan from 2022 to 2024, totaling nearly 500 million yuan in losses. The decline in performance is attributed to reduced demand for traditional business products and impairment provisions [6][7]. - In the first three quarters of 2025, the company achieved revenue of 109 million yuan, a year-on-year decrease of 49.58%, with a net profit loss of 164 million yuan, an increase of 13.4% compared to the previous year [6]. Group 3: Strategic Direction - The company is attempting to pivot towards the artificial intelligence sector by establishing a wholly-owned subsidiary focused on AI and robotics. However, this shift may involve significant R&D investments, potentially exacerbating financial pressures [7][8]. - Experts suggest that the ongoing crisis stems from a combination of personal risks associated with the actual controller, governance failures, and weak core business performance. The company needs to stabilize its equity structure through judicial processes or debt restructuring while attracting strategic investors to improve governance and financial conditions [7][8].

Core Viewpoint - The company, Lianyi Rong Technology-W (09959), announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company will repurchase 1.25 million shares [1] - The total expenditure for the buyback is HKD 2.9143 million [1] - The buyback is scheduled for December 10, 2025 [1]

Group 1 - The core point of the article is that Guangdian Yuntong (SZ 002152) held a temporary board meeting on December 10, 2025, to review proposals including amendments to the company's articles of association [1] - For the first half of 2025, Guangdian Yuntong's revenue composition was 54.24% from financial technology and 45.76% from urban intelligence [1] - As of the report date, Guangdian Yuntong's market capitalization was 30.5 billion yuan [1]

Core Insights - The 2025 (3rd) Enterprise-Local Cooperation Forum was successfully held in Beijing, focusing on the theme of "14th Five-Year Plan" industrial chain collaborative innovation development, aiming to explore pathways for high-quality development in the new era [1] Group 1: Event Overview - The forum was guided by the State-owned Assets Supervision and Administration Commission and organized by the China Enterprise Reform and Development Research Association [1] - The results of the "2025 Central Enterprise Industrial Chain Innovation Development Excellent Case" evaluation were officially announced, with China Telecom's Tianyi Payment Technology Co., Ltd. recognized for its "Yufeng" intelligent penetration regulatory platform [3] Group 2: Company Developments - Since being approved as the chain leader of the modern mobile payment industry in 2023, China Telecom has actively promoted industrial integration and collaborative development through Tianyi Payment [5] - The award signifies a major practical breakthrough in data operation, transforming accumulated payment data and technological capabilities into core competencies for empowering state-owned enterprises' governance modernization and preventing systemic risks [6] Group 3: Platform Features - The "Yufeng" platform aims to achieve intelligent penetration regulation across all levels, chains, processes, and elements, addressing traditional regulatory challenges such as "data silos" and "hidden risks" [6] - The platform features a core application framework of "one screen and three centers," providing a visual decision-making interface that integrates risk panoramic perspective, intelligent monitoring and early warning, and collaborative dispatching [7] - It processes EB-level massive data, integrating over 300 million business entities and more than 2 billion relationship data, with self-developed Talon inference acceleration technology enhancing model inference speed by up to 6.5 times [7] Group 4: Impact and Future Plans - The "Yufeng" platform has been implemented in over 30 central enterprises, significantly improving proactive, precise, and collaborative risk prevention efficiency [7] - The recognition of this case not only affirms the practical achievements of the "Yufeng" platform but also acknowledges China Telecom's successful establishment of a new track in data operation, contributing to industrial safety and governance modernization [8] - Looking ahead to the "14th Five-Year Plan," China Telecom's Tianyi Payment will continue to deepen technological innovation and ecological cooperation in data intelligence and risk prevention [8]

Core Viewpoint - Goldman Sachs recently issued a report giving Robinhood (HOOD.US) a "Buy" rating with a target price of $167, highlighting strong customer engagement and a diversified revenue structure [1] Group 1: Business Performance - Management noted that the seasonal slowdown typically seen in the second half of the year may diminish due to business diversification [1] - The company expects to significantly increase crypto revenue through market share growth, as the increase in active traders will boost trading volume enough to offset potential pricing pressures [1] Group 2: Key Growth Areas - The prediction market is identified as a key focus area and growth driver for Robinhood, with management confident in its strong chances of success due to robust distribution channels [1] - The company is expanding its product range from sports and political events to other areas, with a recently announced joint venture in the prediction market expected to enhance revenue from this value chain [1] Group 3: Expansion Opportunities - Robinhood sees two expansion opportunities beyond its tokenization services already offered in Europe: 1) tokenizing private equity in the U.S. and 2) tokenizing stocks in Asia, contingent on regulatory changes [2] - Management believes that the cryptocurrency market structure bill will clarify regulatory authority and provide additional clarity on tokenization, supporting the adoption of digital assets, although there is uncertainty regarding the final draft of the bill [2]

Core Insights - Barclays Bank is investing in United Fintech Group, a fintech company focused on banking technology, joining a group of four other major competitors in the financial sector [1] - United Fintech has acquired seven fintech companies to date and operates in 11 regions globally, employing over 200 staff [1] - The investment from Barclays will be used for business expansion, particularly in artificial intelligence solutions [1][2] Company Overview - United Fintech specializes in acquiring technology companies that serve the financial industry and integrating their solutions into its platform [1] - The company has successfully completed two acquisitions this year, increasing its total acquisitions to seven [1] - The founder of United Fintech, Christian Frahm, anticipates attracting more banks to its shareholder base in the near term [2] Investment Landscape - With Barclays' entry, the number of banking investors in United Fintech increases to five, following investments from BNP Paribas, Citigroup, Standard Chartered, and Danske Bank [1] - The funding from Barclays is aimed at driving further investments and business growth [1]

截至12月9日，金融科技ETF华夏近6月净值上涨11.13%。从收益能力看，截至2025年12月9日，金融科技ETF华夏自成立以来，最高单月回报为55.18%，最 长连涨月数为4个月，最长连涨涨幅为47.15%，上涨月份平均收益率为10.21%，年盈利百分比为66.67%，历史持有3年盈利概率为84.50%。截至2025年12月9 日，金融科技ETF华夏近1年超越基准年化收益为1.54%。 截至2025年12月10日 14:36，中证金融科技主题指数(930986)上涨0.52%，成分股恒银科技(603106)上涨5.60%，赢时胜(300377)上涨4.44%，电科数字(600850) 上涨3.96%，新晨科技(300542)上涨3.38%，新大陆(000997)上涨1.99%。金融科技ETF华夏(516100)上涨0.53%，最新价报1.34元。拉长时间看，截至2025年12 月9日，金融科技ETF华夏近1周累计上涨1.29%，涨幅排名可比基金2/8。（以上所列股票仅为指数成份股，无特定推荐之意） 数据方面，金融科技ETF华夏近1周规模增长5747.13万元，近1周份额增长1200.00万份，近7天获得连 ...