Core Viewpoint - The article emphasizes the importance of integrating finance and technology to support sustainable forestry development, using Chongqing as a model for national implementation [2][3]. Group 1: Background and Strategic Importance - Chongqing is recognized as a crucial ecological barrier in the upper reaches of the Yangtze River and has been designated as a pilot area for collective forest rights reform and green finance innovation [2]. - The central government has tasked Chongqing with exploring solutions to common challenges in national forestry reform, highlighting its strategic role in ecological product value realization [2]. Group 2: Innovations and Practices - The "Finance + Technology" column aims to analyze innovative practices in Chongqing, such as using technology for forest rights assessment and designing green financial products to support carbon sink development [3]. - The goal is to create replicable and scalable models that enhance national attention and support for sustainable forestry through finance and technology [3]. Group 3: Collaborative Efforts and Objectives - The column will feature insights from experts in finance and forestry, focusing on policy interpretation, practical experiences, and problem-solving strategies [4]. - It aims to foster collaboration among the finance, technology, and forestry sectors, enhancing understanding and guiding the provision of effective financial products and sustainable management strategies [4]. Group 4: Support and Industry Integration - The initiative is supported by Manzhai Group, a key national forestry enterprise in Chongqing, which focuses on ecological restoration and integrated development across various industries [4].

格隆汇1月4日｜尽管标普500指数在2025年全年上涨超16%，但市场在年底最后五个交易日下跌0.86%， 为全年收官留下阴影。根据金融服务公司LPL Financial的报告，这可能暗示2026年的股市表现可能不如 人意。LPL的分析指出，回溯至1950年，当标普500指数在每年最后五个交易日出现负报酬时，隔年一 月以及整年的平均回报率都会比较低。当年底行情上涨，标普500指数隔年一月平均上涨1.4%，全年更 有亮眼的10.4%回报。相反地，当指数在这段期间下跌的情况下，一月平均会下跌0.1%，整年回报降至 6.1%。LPL也指出，季节性趋势反映的是历史倾向，而非保证，并未考量企业盈余、货币与财政政策变 动或经济状况等基本面因素。 ...

责任编辑：王进和 专题：中国财富管理50人论坛2025年会 1月4日金融一线消息，中国财富管理50人论坛2025年会近日在京召开，本届年会的主题是"迈向'十五 五'建设金融强国"。在前沿对话环节，腾讯集团副总裁韩开创表示，大模型正从技术工具演变为金融 的"核心生产力引擎"，驱动服务从"人找服务"走向"服务懂人"，并深刻重塑投研、风控与产品形态。金 融机构实现这一变革的关键，在于构建"通用"与"垂类"能力的深度协同：以通用模型为"通才"处理意图 与规划，而将机构独有的业务逻辑与数据注入垂类"专家"，从而避免"千模一面"，构建难以复制的差异 化优势。善用AI的机构，将定义未来金融。 责任编辑：王进和 专题：中国财富管理50人论坛2025年会 1月4日金融一线消息，中国财富管理50人论坛2025年会近日在京召开，本届年会的主题是"迈向'十五 五'建设金融强国"。在前沿对话环节，腾讯集团副总裁韩开创表示，大模型正从技术工具演变为金融 的"核心生产力引擎"，驱动服务从"人找服务"走向"服务懂人"，并深刻重塑投研、风控与产品形态。金 融机构实现这一变革的关键，在于构建"通用"与"垂类"能力的深度协同：以通用模型为"通才" ...

在数字资产产品服务创新方面，艾德金融同样表现亮眼。旗下Eddid ONE平台率先推出RWA申赎功能， 成为全香港首个兼具传统金融与Web3.0属性、且推出RWA申赎功能的应用程序。此外，该平台相继上 线稳定币USDT交易、Solana(SOL)现货交易服务，满足用户多元化数字资产配置需求。 回顾艾德金融的2025年，这是艾德金融十年重大发展年，持续聚焦"环球版图扩张"与"传统+数字金融融 合"，在投资银行、债券承销、经纪业务等领域成绩斐然，全球业务规模持续增长；同时凭借其深厚的 金融科技底蕴与创新实践，把握住香港Web3.0发展机遇，在数字金融方面表现亮眼，体现了艾德金融 作为国际金融集团的领先地位和竞争优势。 多个牌照获批升级，推进RWA资产应用 2025年，全球真实世界资产(RWA)代币化市场爆炸性成长，香港迅速崛起为全球RWA核心枢纽。艾德金 融通过牌照升级、RWA生态共建与产品创新，稳步推进传统金融与数字资产的深度融合，成为香港金 融行业创新的重要引领者。 艾德金融成功获得香港证监会批准，将其第1类(证券交易)及第9类(资产管理)牌照升级，从而成为香港 少数可同时提供数字资产交易、资产管理及代币化证券 ...

- The report introduces a quantitative framework for market trend analysis, emphasizing the inherent attributes of assets and their lifecycle stages, categorized into five styles: external growth, quality growth, quality dividend, value dividend, and bankruptcy value[6][7][10] - The framework prioritizes asset comparison using metrics such as expected growth (gf), actual growth (g), profitability (ROE), high dividend (D), and bankruptcy value (PB/SIZE), each tailored to specific lifecycle stages[7][10] - The quantitative model has demonstrated strong historical performance, achieving an annualized return of 27.45% since 2009, with notable positive excess returns in most years, particularly post-2017[17][20][18] - The report recommends three dominant styles for January 2026: expected growth, actual growth, and profitability, supported by metrics like Δgf, Δg, and ΔROE, all showing expansion trends[15][33][29] - Expected growth strategy selects industries with the highest analyst forecasted growth rates, achieving significant excess returns since 2019. Recommended sectors for January 2026 include automotive sales, home appliances, tungsten, emerging financial services, and lithium[37][39][36] - Actual growth strategy focuses on industries with the highest Δg and related factors (sue, sur, jor), showing strong long-term excess returns. Recommended sectors for January 2026 include photovoltaic equipment, electronic chemicals, lithium battery chemicals, aerospace military, and home appliances[39][40][36] - Profitability strategy targets industries with high ROE and low PB-ROE valuation residuals, with notable excess returns from 2016 to 2020. Recommended sectors for January 2026 include agriculture, liquor, power distribution equipment, non-dairy beverages, and network connection/tower setup[42][43][36] - Quality dividend strategy uses DP+ROE scoring to select industries, with significant excess returns in 2016, 2017, and 2023. Recommended sectors for January 2026 include forestry/processing, boiler equipment, public transportation, fuel cells, and network connection/tower setup[45][46][36] - Value dividend strategy employs DP+BP scoring, achieving notable excess returns in 2009, 2017, and 2021-2023. Recommended sectors for January 2026 include security, daily chemicals, pet food, buses, and network connection/tower setup[48][50][36] - Bankruptcy value strategy selects industries with the lowest PB+SIZE scores, showing strong excess returns in 2015-2016 and 2021-2023. Recommended sectors for January 2026 include automotive sales, ceramics, cotton textiles, dyeing, and building decoration[52][53][36]

成安渝高速公路为川渝经济快速发展发挥重要作用。（资料图片） 奔走相告！1月3日，四川迎来新年"大礼包"：当天召开的中央财经委员会第六次会议明确提出，推动成渝地区双 城经济圈建设，在西部形成高质量发展的重要增长极。 "最大的鼓舞、最美的期待。"得知消息后，西南财经大学西财智库首席研究员汤继强教授掩饰不住内心的激动， 在微信朋友圈发出感慨：成渝发展的新时代到来…… 这一天，成渝共同期待。 更高的部署 体现了党中央对成渝地区的关心和重视 省发展改革委负责人表示，中央财经委员会第六次会议做出推动成渝地区双城经济圈建设的重大决策，体现了党 中央对新形势下促进我国区域协调发展的深远谋划和战略考量，体现了对四川、重庆工作的关心重视和殷切期待，是 推动"一带一路"建设、长江经济带发展、新时代西部大开发形成新格局走深走实的重大举措。这对四川来讲，既是重 大历史性机遇，更是重大责任。党的十九大以来，川渝两省市党委政府一直在全力推动争取。未来，我们将硏究谋划 和统筹衔接，积极参与推动将这一国家战略转化为重大规划、重大项目、重大改革、重大平台。结合深入推进"一干多 支、五区协同""四向拓展、全域开放"，进一步深化川渝合作，打造全国高 ...

其他分析师预计的抛售规模更大。道明证券高级商品策略师丹尼尔·加利（Daniel Ghali）预计，从1月8 日开始的再平衡期间，可能会有约60亿美元的黄金期货被抛售。 在经历了去年一年创纪录的上涨之后，本周四（1月8日），白银和黄金即将迎来新年的"第一道坎"：彭 博商品指数重新加权所带来的抛售压力。 黄金白银将迎新年"第一劫" 去年，贵金属价格大幅上涨，现货白银和现货黄金分别上涨了约148%和约65%，创下了自1979年以来 的最大年度涨幅，甚至超过了像英伟达、微软和苹果这样的科技巨头的股价涨幅。 然而，摩根大通警告称，彭博商品指数的年度权重再平衡即将到来，这可能会抑制贵金属近期的波动。 彭博商品指数作为一篮子大宗商品的基准指数，约1090亿美元的资金追踪该指数。从1月8日至1月14日 期间，该指数将进行权重再平衡。 摩根大通分析师格雷戈里·谢勒（Gregory Shearer）此前已经警告称，这可能会导致约38亿美元白银和47 亿美元黄金的抛售。 此外，目前，白银在该指数中的占比为9%，而其2026年的目标权重略低于4%。以此计算，在1月8日至 14日期间，预计有近50亿美元的白银持仓被抛售。 假期效应或放 ...

Group 1 - The core viewpoint of the article indicates that international silver prices are influenced by liquidity conditions and global monetary policy, with recent fluctuations observed due to market dynamics [1][2] - The latest data from CME's FedWatchTool shows an 85.1% probability that the Federal Reserve will maintain interest rates, reflecting market expectations based on the December FOMC meeting minutes [2] - Analysts suggest that the Fed may prioritize liquidity management tools over immediate interest rate adjustments, given the current labor market conditions and inflation concerns [2] Group 2 - The recent international silver price closed at $72.62 per ounce, marking a 1.91% increase, with a high of $74.54 and a low of $71.27 observed [1] - Short-term support for silver prices is identified at $71.54, with potential testing of the upward channel's lower boundary around $70.00 if prices decline [3] - A breakthrough above the current upward channel could lead silver prices towards the historical high of $85.87 reached on December 29 [2]

Group 1 - The Federal Reserve's influence on the cryptocurrency market is significant and expected to continue until 2026 due to policy maker disagreements [2] - The Fed implemented three rate cuts in 2025, with the most recent cut on December 10, bringing rates to a range of 3.5% to 3.75% [2] - Despite the high rates, only one additional rate cut is anticipated in 2026, reflecting uncertainty in economic indicators such as labor market data and inflation trends [2][4] Group 2 - The next Fed meeting is scheduled for January 27-28, 2026, which may set the tone for the first quarter [4] - Investor predictions show a 20% probability of a 25 basis point cut in January, increasing to 45% for the March meeting [4] - The December dot plot indicates significant divergence among policymakers regarding rate predictions for 2026, with equal numbers expecting zero, one, or two cuts [4][6] Group 3 - Analysts suggest that the Fed's internal divisions are notable, with 12 out of 19 policymakers expecting at least one more cut next year [6] - The baseline scenario anticipates one rate cut in the first quarter, which could enhance liquidity and benefit cryptocurrency inflows [7] - In a bullish scenario, if inflation decreases and unemployment rises, the Fed may cut rates twice, boosting demand for high-risk assets like cryptocurrencies [7] Group 4 - The cautious approach of the Fed has dampened the enthusiasm of cryptocurrency traders, despite some signs of easing [8] - A new Fed chair may alter the overall rate policy stance and the attitude towards risk assets like cryptocurrencies [8] - When rates decline, investors typically seek high-risk assets such as cryptocurrencies, leading to increased demand and upward price pressure [9]

Core Viewpoint - The significant increase in silver prices in China has attracted considerable attention from investors, with prices rising from 12,000 yuan/kg to 18,000 yuan/kg, marking a 50% increase since late November. Despite a notable pullback on December 29, prices remained above 17,000 yuan/kg [1]. Group 1: Price Trends - As of December 29, the price of silver in Shenzhen reached 18.812 yuan/gram, reflecting the overall surge in silver prices [1]. - The London silver price saw an unprecedented annual increase of nearly 160%, significantly outpacing gold's rise, which was approximately 65% [4]. - The Shanghai silver futures contract hit a historical high of 19,998 yuan/kg on December 29, following a brief pullback [4]. Group 2: Supply and Demand Dynamics - Sellers in Shenzhen reported a shortage of silver bars, with factories unable to fulfill orders due to high demand [3][4]. - Some sellers indicated that they had to "抢" (snatch) silver bars from factories, requiring customers to pay a deposit to secure their orders [4]. - The demand for silver bars has surged, but the supply has not kept pace, leading to a scarcity in the market [3][4]. Group 3: Market Behavior and Consumer Interest - The silver jewelry market has seen increased interest, with new silver jewelry sections being established in major trading centers, although foot traffic remains lower compared to gold markets [6][7]. - Despite the high demand for silver bars, the sales of silver jewelry have not experienced significant changes [6][7]. Group 4: Pricing and Processing Fees - The current price for silver bars is 18.812 yuan/gram, with additional processing fees varying among sellers, impacting the final purchase price [8]. - Some sellers charge processing fees as high as 5.8 yuan/gram, which can constitute a significant portion of the total price [8]. Group 5: Market Influences and Future Outlook - The recent surge in silver prices is attributed to a combination of factors, including the return of silver's financial attributes, industrial demand, and market sentiment [10]. - Industrial demand for silver, particularly from the electronics and photovoltaic sectors, is expected to remain a long-term support for prices, with over 50% of total demand coming from industrial applications [11]. - Concerns have been raised by industry leaders, such as Tesla's CEO, regarding the impact of rising silver prices on industrial development [11].