每经AI快讯，1月1日，港交所文件显示，xTool向港交所提交上市申请书，联席保荐人为摩根士丹利、 华泰国际。 ...

Core Insights - The year 2025 marks the beginning of a "Awakening Era" for wealth inheritance in China, particularly affecting private entrepreneurs and high-net-worth individuals, as well as ordinary families facing inheritance anxieties [2][3] Group 1: Wealth Inheritance Challenges - The inheritance risks highlighted by real cases, such as the disputes involving the Zong family trust and the Hermes heir being defrauded of 15 billion, reflect the broader anxieties surrounding wealth transfer in Chinese families [2] - The overlapping challenges of global geopolitical impacts, industrial and technological transitions, and generational wealth transfer create uncertainties in inheritance and business succession [3] - Many Chinese entrepreneurs exhibit a lack of awareness regarding the importance of succession planning, often avoiding discussions about wills, trusts, and insurance, which are crucial for effective wealth transfer [3][4] Group 2: Structural Issues in Inheritance - The historical ownership disputes in private enterprises stem from the close ties between private and state-owned enterprises, with 32% of enterprises having ownership disputes as revealed by a 1998 survey [4] - The simplistic ownership structures prevalent since the 1980s, often involving family members, have led to governance failures and increased risks during transitions due to personal conflicts and financial entanglements [4] - The complexity of entrepreneurs' marital histories complicates inheritance, as modern legal principles advocate for equal rights among all children, which can lead to disputes over wealth distribution [4] Group 3: The Need for Systematic Governance - To ensure orderly succession and wealth transfer, businesses must move away from "parental culture" and moral expectations, focusing instead on strategic planning and governance systems [5] - China is currently experiencing a peak in private wealth accumulation, with significant assets held in real estate and savings, necessitating effective inheritance strategies to address the challenges posed by an aging population [6] - The transition from "individual heroism" to "institutionalism" and from "family control" to "social contribution" is essential for the long-term sustainability of wealth and its positive impact on society [6] Group 4: Promoting Wealth Transfer Awareness - Ordinary families are increasingly facing inheritance disputes and marital risks, highlighting the need for better education and promotion of wealth transfer and risk management tools [6][7] - Recommendations for families include integrating identification with "will certificates," early retirement savings for younger generations, and understanding the role of family trusts and life insurance in managing inheritance risks [7] - The development of family trusts in China has progressed, with regulatory changes lowering the entry threshold, thus expanding access to wealth management tools for both high-net-worth individuals and ordinary families [8] Group 5: Governance and Cultural Considerations - Effective governance of wealth transfer requires a combination of financial strategies, legal frameworks, and cultural understanding, emphasizing the importance of scientific awareness among wealth holders [9] - Historical precedents demonstrate that successful family inheritance relies on clear legal agreements rather than emotional promises, with trusts serving as a compassionate solution to human weaknesses [9]

新华社北京1月1日电 中央港澳办微信公众号1日发表港澳平文章《不负期许创佳绩 乘势而上再扬帆》， 全文如下： 习近平主席在2026年新年贺词中表示："前不久，我出席了全运会开幕式，粤港澳三地同心同行，令人 欣慰。要坚定不移贯彻'一国两制'方针，支持港澳更好融入国家发展大局，保持长期繁荣稳定。"亲切 的话语传递深厚关怀、坚定支持和殷切期望。港澳社会与全国人民一样，倍感温暖、倍受鼓舞、倍增信 心。 港澳的发展一直牵动着习近平主席的心。在出席澳门回归祖国二十五周年庆祝活动时，习近平主席发表 系列重要讲话，深刻总结"一国两制"实践经验，科学擘画"一国两制"事业发展蓝图，为香港、澳门未来 发展领航指向。在出席由粤港澳联合举办的第十五届全国运动会开幕式并视察广东时，习近平主席又特 别指出要着力深化粤港澳合作，强调支持香港、澳门更好融入和服务国家发展大局。 在习近平主席的领航掌舵下，香港、澳门特区不负期许、团结奋进。一年来，李家超、岑浩辉行政长官 和香港、澳门特区政府团结带领社会各界，迎难而上、砥砺前行，坚定维护国家主权、安全、发展利 益，全面落实"爱国者治港""爱国者治澳"原则，着力提升治理效能，全力拼经济、谋发展、促改 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：资产洞见 2025年的最后时刻，苏宁电器集团等38家公司实质合并重整草案获得通过，之后将面对法院的审批裁 定，并最终进入执行阶段。 这场"中国商业史上最复杂破产案"的重整草案表决，从2025年10月17日先后延期至11月14日、12月14 日、12月26日，直至12月29日确定通过，充分显现了债权结构的复杂与各方利益的博弈难度。 其中，张近东以个人身家入局换取苏宁未来发展机会，更成为中国企业破产史上罕见案例。 以下我们来简要梳理苏宁重整的关键问题。 苏宁重整后啥样？ 苏宁电器集团等38家公司重整以后啥样？ 归为两类。 1、新苏宁集团 运营管理平台。 运营管理持有苏宁置业集团、苏宁商业生活集团、苏宁股权管理公司100%股权。 2、南京众城公司 苏宁置业集团（地产运营主体），包括南京、无锡、徐州、镇江5个已建成苏宁广场；4个在建综合体； 9项REITs份额。 苏宁商业生活集团（轻资产运营主体），持有银河物管、苏宁商管100%股权，负责商业管理与物业管 理。 苏宁股权管理公司（股权管理平台），持有苏宁易购股票、上海星图金融服务集团有限公 ...

Group 1 - The new version of the National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Directory has been implemented, adding 114 new drugs to the reimbursement list, including 50 first-class innovative drugs, while removing 29 drugs that are either not clinically available or can be replaced by better alternatives [2] - The total number of drugs in the directory has increased to 3,253, with 1,857 Western medicines and 1,396 traditional Chinese medicines, significantly enhancing coverage for key areas such as cancer, chronic diseases, mental illnesses, rare diseases, and pediatric medications [2] Group 2 - Starting today, all medical institutions are required to fully collect and upload drug traceability codes, which serve as "electronic IDs" for drugs, ensuring traceability throughout the production, circulation, usage, and insurance settlement processes [3] - The National Medical Insurance Information Platform has collected 110.369 billion traceability codes, aiding in the resolution of multiple national counterfeit drug cases and addressing 39,100 illegal institutions, with 188 cases referred to judicial authorities [3][5] Group 3 - A new policy requires kindergartens to implement a directory management system for fees, establishing two separate lists for service fees and kindergarten-specific charges, with strict public disclosure requirements [6] Group 4 - The People's Bank of China will automatically adjust credit information based on repayment conditions, with specific criteria set for overdue debts occurring between January 1, 2020, and December 31, 2025, allowing for the removal of certain overdue information from personal credit reports if conditions are met [8] - The new VAT law and its implementation regulations have come into effect, with 14 out of 18 existing tax types now having legal frameworks, covering a significant portion of tax revenue [8]

联代科技尾盘突然暴拉。 当地时间2025年12月31日（周三），美股三大指数小幅收低，标普500指数录得连续第四个交易日下滑。三大股指在2025年均录得涨幅，其中标普500指数 上涨16.39%。 截至收盘，道指跌303.77点，跌幅为0.63%，报48063.29点；纳指跌177.09点，跌幅为0.76%，报23241.99点；标普500指数跌50.74点，跌幅为0.74%，报 6845.50点。 纳指2025年大涨超20% 标普500指数录得连续第四个交易日下跌。尽管如此，该指数2025年全年仍收获16.39%的涨幅，这是其连续第三年实现两位数的年度涨幅。纳斯达克综合 指数受益于人工智能热潮，2025年累计上涨20.36%。道指在2025年上涨12.97%。 这标志着市场从2025年4月初美国总统特朗普宣布全面提高关税引发暴跌之后实现了显著反弹。2025年4月特朗普突然宣布关税措施后，标普500指数一度 濒临进入熊市，较2025年2月高点下跌近19%，并在2025年4月首次收于5000点下方，随后反弹。 周三经济数据面，美国至2025年12月27日当周初请失业金人数录得19.9万人，为2025年11月29 ...

Group 1 - The State Council has deployed policies to replicate and promote cross-border trade facilitation, emphasizing institutional innovation and technological empowerment to create opportunities for businesses and benefits for consumers [5][10] - The National Development and Reform Commission (NDRC) has organized the early batch of "two heavy" construction project lists and central budget investment plans for 2026, totaling approximately 295 billion yuan, to accelerate the pace of fund allocation and usage [5][10] - The NDRC and seven other departments have issued the "Recycling Materials Application Promotion Action Plan," aiming to establish a sound waste recycling system by 2030, with annual recycling volumes for scrap steel and waste paper exceeding 300 million tons and 8 million tons, respectively [5][10] Group 2 - The Ministry of Finance, the Ministry of Commerce, and the State Taxation Administration announced a pilot program for prize invoices in about 50 cities to stimulate consumer demand, with a six-month implementation period [11] - The China Securities Regulatory Commission (CSRC) has released the "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds," marking the completion of the third phase of fee rate reform, which is expected to save investors approximately 51 billion yuan annually [11] - The CSRC has drafted the "Regulatory Rules for the Secretary of the Board of Directors of Listed Companies," which clarifies the responsibilities of the secretary in information disclosure and corporate governance [11] Group 3 - The Shanghai Clearing House has announced a continuation of the temporary exemption from clearing fees for interbank credit derivatives to enhance the development of the credit derivatives market [11] - The China Foreign Exchange Trading Center has adjusted the currency basket and weights for the CFETS and BIS RMB exchange rate indices, with the new CFETS currency basket having a weight of 0.18307 for the US dollar [11] - The Shanghai Stock Exchange has revised the listing rules for the main board and the Sci-Tech Innovation Board to further regulate the behavior of key stakeholders and protect the rights of small investors [11] Group 4 - Companies such as Luxshare Precision are planning to repurchase shares worth 1 to 2 billion yuan, while Hidi Micro is set to acquire 100% of Chengxin Micro for 310 million yuan [15] - Guokai Technology expects a net profit increase of 152% to 172% year-on-year for 2025, while Shougang Co. anticipates a net profit increase of 95.29% to 125.01% [15] - Companies like Tinci Materials and Chuanhua Zhili expect net profit increases of 127.31% to 230.63% and 256.07% to 361.57%, respectively, for 2025 [15]

新年快乐 NOMURA 新的一年，也是新的开始。我们期待继续与大家携手同行，开启崭新征程、共创美好未来 ！ 新元伊始 ， 万象更新。在 2026 新年到来之际，野村集团向您致以诚挚祝福。祝您新年快乐，万事顺 意！ ...

在过去的一年里，纳斯达克中国金龙指数全年累计上涨11.33%。多家明星中概股交出亮眼答卷。其 中，阿里巴巴累计上涨超75%、网易涨58.28%、百度涨近55%。另外，阿特斯太阳能涨113.76%、富途 控股涨105.29%、世纪互联涨78.48%、小鹏汽车涨71.66%。 贵金属方面，12月31日纽约尾盘，现货黄金跌0.53%，报4316.59美元/盎司。现货白银跌6.16%，报 71.5733美元/盎司。期货也以大跌收盘，COMEX黄金期货跌1.24%，COMEX白银期货跌8.91%报70.98 美元/盎司。 2025年全年表现上，国际金银均创1979年以来最大年度涨幅，现货黄金年内累计上涨超64.55%，现货 白银年内累计上涨147.95%。 12月31日，WTI 2月原油期货收跌0.53美元，跌幅0.91%，报57.42美元/桶，2025年累计下跌将近20%。 布伦特2月原油期货收跌0.48美元，跌幅0.78%，报60.85美元/桶，2025年累计下跌超18%，创2020年以 来最大年度跌幅，连续第三年走低——创历史上最长年度下跌。 2025年美股收官，从全年表现来看，经历4月的颠簸后，标普500指数录 ...

Market Overview - In 2025, U.S. stock and bond markets faced declines, with major indices experiencing four consecutive days of losses. However, the tech sector supported the Nasdaq, which rose over 20% for the year, while Nvidia and Google saw annual gains of nearly 40% and 65%, respectively [1] - The U.S. unemployment claims fell to 199,000, nearing historical lows, while the dollar index rose to a one-week high despite an eight-year record annual decline [1][11] - The offshore RMB broke through 6.98, reaching a 15-month high, with an annual increase of over 3000 points, reversing three years of decline [1] - The cryptocurrency market saw significant declines, with Bitcoin dropping over 6% and Ethereum falling more than 10% for the year [1] - Precious metals experienced a significant annual increase, with gold and silver rising over 60% and nearly 150%, respectively, marking the largest annual gains since 1979 [1][3] A-Share Market - The Shanghai Composite Index closed at 3968.84 points, up 0.09%, while the Shenzhen Component Index fell 0.58% to 13525.02 points. The ChiNext Index dropped 1.23% to 3203.17 points [3] - The A-share market saw a strong performance in 2025, with the Shanghai Index gaining nearly 20% and the ChiNext Index soaring close to 50% [1] Commodity Market - The commodity market in 2025 displayed a historic divergence, with precious metals leading a bull market. Silver surged over 140%, while gold rose over 60%, marking the strongest performance since 1979 [14] - Copper prices increased over 40%, achieving the largest annual gain since 2009, while energy and agricultural products faced a bear market, with crude oil prices dropping over 15% [14] Regulatory Changes - The China Securities Regulatory Commission (CSRC) announced a reduction in public fund subscription fees and sales service fees, with no sales service fees for fund shares held for over a year [8] - The CSRC's measures aim to enhance investor protection and improve the investment environment [8] Manufacturing Sector - China's official manufacturing PMI for December was reported at 50.1, returning to the expansion zone, while the non-manufacturing PMI was at 50.2. This indicates a recovery in manufacturing and service sectors [9][10] - The increase in PMI is attributed to policy support, rising external demand, and a favorable seasonal effect due to the late timing of the Spring Festival [10] Technology Sector - OpenAI reported an average employee compensation of $1.5 million, setting a record in the tech industry, with stock compensation expected to increase significantly in the coming years [12] - The launch of the first personal robot by Upwind New Materials marks a strategic entry into the personal robotics market, showcasing advancements in technology [21]