每经AI快讯，常山北明（SZ 000158，收盘价：19.91元）12月23日晚间发布公告称，截至本公告日，常 山集团累计质押股数为2000万股，占其所持股份比例为4.37%。 2025年1至6月份，常山北明的营业收入构成为：互联网及运营商占比49.83%，金融占比29.66%，其他 占比20.51%。 截至发稿，常山北明市值为318亿元。 每经头条（nbdtoutiao）——地产"优等生"受困20亿元到期债务，首次债务展期仍在博弈，明年还有超 百亿元公开债到期 （记者 曾健辉） ...

年末反弹或已启动。 经历了"AI抛售潮"洗礼的美股宛如劫后重生，"圣诞反弹"虽迟但到，全球交易员似乎已经准备喜迎2026 年的开门红交易。 反弹始于上周四，据第一财经了解，华尔街投行交易台的信息显示，上周五几乎成为美国市场历史上成 交量最高的交易日。本月迄今，标普500在上周四、周五回升后大致维持平盘，市场很可能正朝着"回补 赢家头寸"以实现圣诞行情的方向发展。例如，此前抛压最重的AI概念股Coreweave、甲骨文等都出现双 位数反弹。 尽管如此，交易员似乎仍对市场的进一步复苏充满信心。一位美资投行主经纪业务交易员对第一财经提 及，此前的AI抛售主要源于对冲基金的降杠杆抛售，但从上周的下半周开始，AI相关板块的买盘重新 出现，寻求对半导体、广义科技和成长因子的敞口。消费可选板块净买入最多（3周来首次），而对冲 基金则在14周来首次净卖出美国医疗保健股（全部为空头），此前医疗保健被视为AI抛售潮下的避险 主题。 宏观背景一锤定音——美联储降息和日本央行鸽派加息共同提振了年末的市场信心，美元走弱推动全球 股市、大宗商品走强。不仅是美股，不少亚洲股市亦将受益于当前的环境，高盛最新发布报告提及，人 民币汇率向7关口 ...

投资者正以极度乐观的姿态步入新的一年，尽管心中仍对2026年可能面临的挑战存有顾虑，但当下的做 多热情已占据主导地位。 据美国银行（Bank of America）最新的基金经理调查显示，基金经理们的现金水平已大幅降至资产管理 规模的3.3%，创下历史新低。与此同时，投资者对经济增长、股票和大宗商品的信心爆棚，这两类通 常在经济扩张期表现良好的资产，其合计敞口已达到2022年2月以来的最高水平。 12月23日，彭博市场策略师Michael Msika发文称，这种近乎"满仓"的激进仓位反映出，市场对进一步反 弹的预期压倒了对高估值、人工智能（AI）巨额资本支出以及盈利预期的担忧。尽管科技股仍是主要 驱动力，但投资者在过去两个月已开始进行板块轮动，随着更有吸引力的投资机会出现，这种轮动正在 拓宽市场的上涨广度。 文章也指出，有策略师们警告称，在这股乐观情绪背后，经济前景并非没有阴云。通胀的粘性、劳动力 市场的动态变化以及美联储微妙的平衡术，仍是投资者需要警惕的结构性风险。 极度乐观的仓位配置 根据美国银行的基金经理调查数据，随着新年的临近，仓位情况显得相当拥挤。投资者大幅削减现金持 有量，转而押注于风险资产。现金 ...

Group 1 - The conference held in Wuhan focused on supporting Hubei enterprises in expanding overseas, with over 150 representatives from various sectors participating both online and offline [1] - Representatives from different countries shared insights on economic conditions, policy benefits, market opportunities, and potential challenges, highlighting the importance of international collaboration [1] - Various overseas chapters expressed their commitment to support Hubei enterprises in their international ventures, acting as facilitators and bridges for these businesses [1] Group 2 - The professional committee exchange highlighted successful practices and future plans in sectors such as automotive, electrical, cross-border e-commerce, and finance, showcasing Hubei's competitive edge and development potential [2] - The Deputy Director of Hubei Provincial Council for the Promotion of International Trade emphasized the importance of a global revenue perspective, encouraging enterprises to not only expand but also ensure the return of profits, technology, and brand value [2] - The meeting is seen as a new starting point for enhancing collaboration between domestic and international resources to support Hubei enterprises in their global endeavors [2]

Core Viewpoint - The appreciation of the Thai Baht is attributed to an increase in gold trading volume, as stated by the Governor of the Bank of Thailand, Vitai Ratanakorn [1] Group 1: Economic Impact - The revenue of 15 domestic gold traders is projected to grow by 39% in 2025 [1] Group 2: Regulatory Context - A press conference was held by the Bank of Thailand, the Ministry of Finance, and the Securities and Exchange Commission regarding the exchange rate of the Thai Baht [1]

Core Insights - The article discusses the significant progress in Hainan's economic landscape as it moves towards full closure and integration into global markets, highlighting a total of 66 financing events and 69 mergers and acquisitions in 2025, with a total investment exceeding 277 billion yuan [5][12]. Financing Events - In 2025, Hainan province recorded 66 financing events, raising a total of 121.47 billion yuan. The majority of these were A-round financing, totaling 32 cases, while B-round financing accounted for the highest amount at 65.5 billion yuan [7][9]. - The electronic information sector led with 12 investment cases, followed by cultural and entertainment media with 7, and finance and healthcare with 6 each. Other sectors included wholesale and retail, enterprise services, and advanced manufacturing, each with 5 cases [7][8]. - The largest financing event was a B-round investment of 3.8 billion yuan in Zunyu Supermarket, which raised its post-investment valuation to 42 billion yuan, with plans to enhance AI retail technology and expand market share [8][9]. Mergers and Acquisitions - Hainan province experienced 69 merger and acquisition events in 2025, with a total transaction value of 155.77 billion yuan. Buyout transactions accounted for 34 events, totaling 142.31 billion yuan [12][14]. - The healthcare sector led the M&A activity with 12 transactions, followed by finance and electronic information, each with 11 transactions [12][13]. - The largest M&A transaction was the acquisition of 96.08% of Wanhe Securities by Guosen Securities for approximately 5.19 billion yuan, marking a significant consolidation in the financial sector [14]. IPO Activity - In 2025, only one company, Junda Co., went public, raising approximately 140.5 million Hong Kong dollars. The company is now valued at around 5.3 billion Hong Kong dollars [16][17].

Core Viewpoint - The precious metals sector has shown strong performance this year, with gold and silver breaking historical highs, and platinum and palladium also experiencing upward momentum. Factors such as macroeconomic support, spot market contradictions, demand expectations, and market sentiment are driving precious metal prices. As the year ends, attention should be paid to the driving factors for the precious metals sector in the coming year and how they may differ from this year [3][10]. Gold - U.S. Monetary Policy: The median forecast from the Federal Reserve's dot plot in September and December indicates that the interest rate cut cycle may continue into 2026, but at a slower pace. Monitoring whether policy rates approach the theoretical neutral rate is essential [3][10]. - U.S. Fiscal Expansion: The Federal Reserve is set to restart balance sheet expansion in December, primarily through short-term Treasury purchases. The impact of this expansion on U.S. dollar liquidity should be observed [3][10]. - Geopolitical Factors: The global economic and political uncertainty index reached a historical high in April and remains elevated. Attention should be given to short-term impacts from "event-driven" factors on gold, as well as broader long-term strategic considerations [3][10]. Silver - Continued Macroeconomic Easing: The current macroeconomic environment remains accommodative, which may have a relatively mild impact on silver prices [4][11]. - Ongoing Spot Market Contradictions: Factors such as supply-demand gaps, tariff expectations leading to inventory arbitrage, and continuous accumulation in silver ETFs are causing persistent contradictions in the silver spot market. Monitoring changes in futures inventory, London market leasing rates, and domestic-international price differentials is crucial [5][11]. - Demand Growth Points: Attention should be paid to whether the growth rate of photovoltaic installations domestically and internationally will face a decline, as well as the consumption of silver by AI computing centers [6][12]. Platinum and Palladium - Supply Constraints: South Africa is facing electricity supply shortages, rising mining costs, and decreased willingness to develop new projects, which may limit the growth elasticity of platinum group metal production next year. The potential for recycled supply to alleviate tight supply-demand conditions should be monitored [6][13]. - Demand Side Differences: In the automotive catalytic field, the increasing penetration rate of hybrid vehicles globally may alleviate the pressure on platinum and palladium demand caused by the decline in pure gasoline vehicle ownership. The forms of investment demand differ, with physical investment in platinum and financial instruments like ETFs for palladium being areas of focus [6][13]. - Capital Outflow Effect: Attention should be given to the "investment spillover" effect within the precious metals sector, especially after sustained strong performance in silver, which may lead to significant price fluctuations in platinum and palladium [6][13].

Market Performance - A-shares market showed overall positive performance in the morning, with the Shanghai Composite Index continuing to rise and the ChiNext Index surpassing the 3200-point mark [1][3] Sector Highlights - The non-ferrous metals sector led the market, with a rise of over 2%. Notable stocks included Zhangyuan Tungsten (002378) and Xianglu Tungsten (002842), which hit the daily limit up [2][3] - Other stocks in the non-ferrous metals sector that followed suit included Shenzhen New Star (603978), Bowei Alloy (601137), Shandong Gold (600547), Zhongtung High-tech (000657), Haotong Technology (301026), and Yunnan Zhiye (002428) [3] Precious Metals Surge - Precious metals prices experienced a significant surge, with domestic futures showing widespread increases. Platinum futures reached a new high of 619.95 CNY per gram, while palladium futures also hit a new high of 555.15 CNY per gram. Silver and gold futures also broke previous records [5] Other Sector Performances - Other sectors such as building materials, electrical equipment, and electronics also showed strong performance [6] - The non-bank financial sector performed well, with China Ping An breaking through the 70 CNY mark, reaching a four-year high [7] New Stock Listings - Three new stocks listed on the A-shares market all saw significant gains in the morning. Notably, Nabai Chuan (301667) surged over 240%, focusing on thermal management products for electric vehicles [10][11] - Xihua Technology (603248) saw a rise of over 180%, specializing in high-end equipment components for wind power and injection molding [12] - Tian Su Measurement (301449) increased by over 150%, providing measurement calibration and testing services across various industries [13]

（来源：大众新闻-大众日报） 当地时间周一，市场对美联储明年多次降息的预期升温，叠加美国和委内瑞拉局势引发避险交易活跃，国 际金价显著上涨，突破每盎司4400美元整数关口，创盘中和收盘历史新高。与此同时，受美联储降息、供 应紧缺、投资需求和工业需求显著增加等因素综合影响，白银期价也延续强劲涨势，周一收盘再创历史新 高。 22日美国三大股指集体收涨 当地时间周一，随着年末的临近，美股受到季节性与技术性因素支撑，三大股指高开高走。随着美国11月 通胀数据意外回落、失业率反弹，市场更多押注美联储明年至少降息两次，同时也看好美国上市企业明年 的盈利增长前景。 受降息预期升温推动，金融、材料和工业等类别的周期股和小盘股领涨美股，同时，此前接连遭抛售的热 门AI概念股被部分投资者逢低买入，七大科技巨头与热门芯片股多数上涨，美国三大股指集体收涨。截至 收盘，道指涨0.47%，标普500指数涨0.64%，纳指涨0.52%。个股方面，特斯拉是美股周一成交额最高的个 股，收涨1.56%，股价创盘中新高；存储芯片股周一集体走高，美光科技预计整个行业供应紧缺的情况可 能持续数年，美光科技周一收涨4.01%。 22日欧洲三大股指集体收 ...

Core Viewpoint - The "Dividend+" index is experiencing upward fluctuations, with notable increases in various indices and ETFs, indicating a positive trend in value and cash flow-focused investments [1]. Group 1: Index Performance - As of the midday close, the Guozheng Value 100 Index rose by 0.5%, the CSI Dividend Index increased by 0.3%, and the Guozheng Free Cash Flow Index saw a 0.2% rise [1]. - The CSI Dividend Index consists of 100 stocks with high cash dividend yields and stable dividends, with the banking, coal, and transportation sectors accounting for nearly 55% of the index [2]. - The Guozheng Value 100 Index is composed of 100 stocks with prominent value characteristics, with consumer discretionary, financial, and industrial sectors making up over 65% of the index [2]. Group 2: ETF Insights - The Value ETF (159263) has seen a net inflow of approximately 150 million yuan over the past six trading days, indicating strong investor interest [1]. - The Free Cash Flow ETF (159222) tracks the Guozheng Free Cash Flow Index, which includes 100 stocks with high free cash flow levels, primarily from the industrial, materials, and consumer discretionary sectors [2]. Group 3: Historical Performance - The annualized return for the CSI Dividend Index from 2013 to 2023 is 11.0%, with fluctuations in annual performance, including a peak of 58% in 2014 and a decline of 16% in 2018 [3]. - The Guozheng Value 100 Index has shown consistent performance with annual returns of 22% in 2013 and 17% in subsequent years [3]. - The Guozheng Free Cash Flow Index has experienced more volatility, with a significant decline of 57% in 2014, but an annualized return of 18.2% over the period [3].