Market Overview - U.S. stock futures are lower, with Dow futures down approximately 200 points on Monday [1] - CleanSpark Inc (NASDAQ: CLSK) shares fell sharply in pre-market trading, dropping 7.7% to $13.93 [1] Crypto-Linked Stocks - Shares of crypto-linked stocks declined following Bitcoin's drop below $86,000 [1][3] - Notable declines include: - Bitfarms Ltd (NASDAQ: BITF) down 8.9% to $3.17 [3] - Cipher Mining Inc (NASDAQ: CIFR) down 7.7% to $18.79 [3] - Bitdeer Technologies Group (NASDAQ: BTDR) down 7.3% to $12.40 [3] Other Notable Stock Movements - Columbus Circle Capital I Corp (NASDAQ: BRR) decreased 19.2% to $8.20 [3] - Vaxcyte Inc (NASDAQ: PCVX) fell 11.6% to $43.87 [3] - Jiayin Group Inc – ADR (NASDAQ: JFIN) dropped 10.8% to $6.36 [3] - CEA Industries Inc (NASDAQ: BNC) declined 9.2% to $6.54 after a previous gain of over 20% [3] - TryHard Holdings Ltd (NASDAQ: THH) fell 9.1% to $12.53 after a 10% gain on Friday [3] - Coupang Inc (NYSE: CPNG) shares decreased 8.7% to $25.71 [3] - Pegasystems Inc (NASDAQ: PEGA) declined 8.1% to $50.36 [3]

每经记者｜郑雨航 每经编辑｜程鹏 兰素英 ① 【三大期指齐跌】道指期货跌0.36%、标普500指数期货跌0.51%、纳指期货跌0.65%。 ② 【鲍威尔明早发表演讲，网传其"周一辞职"】据美联储官网，当地时间12月1日晚8点（北京时间12月2日早上9点），美联储主席鲍威尔将在斯坦福大 学下属公共政策研究机构举办的讲座上发表演讲，讲座将围绕乔治·舒尔茨及其经济政策贡献展开。 市场传言称，"鲍威尔将于12月1日辞职，且消息人士称他将于美东时间周一晚上7点召开的紧急会议上宣布这一消息"。截至发稿，并未有任何主流媒体对 此进行报道。 ③ 【比特币跌破87000美元，加密货币概念股集体走低】比特币跌破87000美元，日内跌超5%。美股加密货币概念股盘前走低，BMNR、Cipher Mining跌 超6%，SharpLink Gaming跌近6%，CleanSpark跌超4%，Coinbase、Strategy跌超3%，Circle跌近3%。 ⑧ 【谷歌CEO：美国AI监管混乱，恐在全球竞争中落后】当地时间上周日，谷歌CEO桑达尔·皮查伊呼吁美国制定国家层面的人工智能监管法规，称美国 必须在AI监管方面"把握好平衡"，否 ...

第二大致损原因是硬件龙头公司。"最近两个月，第一重仓硬件龙头公司，持续下跌，跌幅超过37%，在这两个月回撤里面-9%以上的净值负贡献。"梁宏介 绍，该股最初建仓于30多元/股，后期在高位加仓，平均成本约为40多元/股。尽管公司在人工智能硬件入口逻辑上具备生态卡位优势，且一度预计2024年净 利润可达700亿元，但受存储芯片价格上涨影响，消费电子终端销售承压，叠加负面舆情发酵，尤其是成都事故引发舆论关注，汽车业务前景被重新评估。 第三大致损原因是美股稳定币股。"几个月前公司重仓介入了美股稳定币股。该股上市后一度股价冲到300美元/股，随后该标的股价调整50%-60%以后希瓦 买入。但该股票属于新股上市，后续出现了巨量低成本股份解禁，而且我忽略了加密货币行业反转带来的巨大负面影响。近四周该标的的调整对组合造成了 4%-5%的净值下跌。"梁宏直言。 这三次失误加起来造成了18%的净值回撤，再加上一些跟随指数的正常下跌，最终酿成了希瓦私募20%的累计回撤。 希瓦私募最新周报显示，该私募旗下多数基金周度预估净值下跌7%左右，从最高点累计回撤幅度约为20%，本次回撤大幅度跑输主要指数，主因还是个股 问题，其次是科技互联网 ...

Core Viewpoint - The collaboration between TRON and MetaMask at the Devconnect conference highlights TRON's commitment to promoting decentralized technology and building a new interconnected ecosystem for the Web3 era under the leadership of Justin Sun [1] Group 1: Deepening Cooperation - The partnership between TRON and MetaMask is not coincidental, as they achieved native integration in August 2025, allowing MetaMask users to access the TRON ecosystem easily [2] - The Builder Night event served to deepen their strategic cooperation, facilitating discussions among global developers and industry leaders on decentralized governance, cross-chain collaboration, and developer tool innovation [2] Group 2: Global Decentralized Education - TRON, as a community-managed decentralized autonomous organization (DAO), prioritizes the education and popularization of blockchain technology [3] - The Builder Night event exemplifies the belief that the future of blockchain technology relies on developer creativity and widespread user participation, providing comprehensive support for developers to turn ideas into practical applications [3] Group 3: Strategic Complementarity - The collaboration represents a "dual empowerment" strategy, where TRON leverages its strong presence in emerging markets to provide MetaMask users access to high-growth regions [5] - MetaMask, with its extensive user base, brings traffic and brand exposure to TRON in mature markets, creating a synergy that promotes blockchain technology in both emerging and established markets [5] Group 4: Breaking Boundaries and Co-Creating Value - In the multi-chain Web3 era, a single public chain's closed ecosystem cannot meet the needs of users and developers [6] - TRON is transitioning from a "chain king" to an "ecological bridge," enabling deep integration with mainstream ecosystems like Ethereum through MetaMask [7] - This "symbiotic model" breaks traditional public chain competition barriers, injecting new vitality into the TRON ecosystem and supporting the vision of an interconnected value network [7] Group 5: Future Outlook - TRON is progressing along a strategic loop of "entry-trust-assets," anticipating an influx of developers into its ecosystem and more users accessing blockchain through MetaMask [9] - The collaboration aims to transform the vision of "financial inclusivity" into reality, positioning TRON as a foundational infrastructure for the Web3 era [9]

（来源：吴说） 吴说获悉，前花旗加密研究负责人 Joseph 就 Arthur Hayes 的解读回应称，外界对 Tether 的质疑忽略了 关键事实：Tether 披露的储备并不等于其全部公司资产，其集团仍有未公开的股权投资、挖矿业务与企 业储备；公司以约 1,200 亿美元美债产生高额利息收入，使其成为"极高盈利"的业务，估值区间或达 500 亿至 1,000 亿美元。他认为，Tether 资本充足度远高于传统银行，即便不享受央行背书，也不存 在"接近破产"的情况。 来源：市场资讯 ...

12月1日，港股三大指数震荡收涨，恒生指数上涨0.67%，重回26000点大关之上；国企指数、恒生科技指数分别上涨0.47%及0.82%。南向资金今日净流入 21亿港元。 盘面上，大型科技股多数上涨；铜价、白银创新高，金价持续修复，有色板块大爆发。 | 整体市场 △ | | | | --- | --- | --- | | 恒生指数 | 恒生国企 | 恒生科技 | | 26033.26 | 9172.84 | 5644.76 | | +174.37 +0.67% | +42.66 +0.47% | +45.65 +0.82% | | 恒指期货 | 港股通50 | 恒生生物科技 | | 26056 | 3921.55 | 15694.29 | | +161 +0.62% | +21.31 +0.55% | +30.31 +0.19% | | 成交额2009亿 | | 南向资金净买入21亿 | 网易上涨近4%，阿里巴巴涨超2%，百度、腾讯、京东小幅分别上涨1.58%、1.31%、0.52%。 | 名称 | 现价 | 涨跌幅 ◆ | 成交额 == | | --- | --- | --- | --- | | 网易-S ...

Core Viewpoint - Japan's stock and bond markets are experiencing significant declines, with the Nikkei 225 index dropping sharply due to renewed interest rate hike expectations from the Bank of Japan [1] Group 1: Stock Market - On December 1, the Nikkei 225 index fell over 2% to 49,224.94 points, with an intraday drop exceeding 1,000 points, ultimately closing down 1.89% at 49,303.28 points [1] Group 2: Bond Market - Japanese government bonds plummeted as expectations for interest rate hikes resurfaced, with the 2-year bond yield surpassing 1% for the first time since 2008 [1] - The 5-year bond yield increased by 4 basis points to 1.35%, and the 10-year bond yield rose by 5 basis points to 1.85%, both reaching their highest levels since June 2008 [1] Group 3: Central Bank Signals - The probability of a rate hike by the Bank of Japan in December has risen to 64%, with Governor Kazuo Ueda providing the clearest signal yet that a rate increase may occur this month [1] - Ueda indicated that any rate hike would merely adjust the degree of monetary easing, emphasizing the importance of making the correct decision regarding action [1] Group 4: Cryptocurrency Market - The cryptocurrency market continues to decline, with Bitcoin dropping to around $86,000, down 5.34% for the day, while Ethereum fell over 5% and other cryptocurrencies like Solana and Dogecoin dropped more than 7% [1] - According to Coinglass, over 210,000 traders were liquidated in the last 24 hours, with a total liquidation amount of $639 million [1]

短期市场聚焦12月美联储会议，中长期"美联储降息周期+海外不确定性加剧+全球去美元化趋势"对于金价构成一定支撑，或可考虑逢低分批布局黄金基金 ETF（518800）。关注本周美国9月PCE报告，本周末中国公布11月央行购金情况等。 周度回顾： （1）海外经济 经济数据上：美国9月PPI温和反弹，核心商品分项出现回落。9月核心PPI环比回升0.2pp至0.1%，但低于预期（彭博一致预期，下同）的0.2%，核心PPI同比 2.6%，亦低于预期的2.7%。分项来看，核心商品价格整体温和，非耐用品与耐用品增速均出现放缓；核心服务中，波动较大的贸易服务分项降幅有所收 窄，运输仓储与建筑服务小幅升温。9月CPI整体放缓，但部分进入PCE的PPI分项（机票、医疗）边际升温，9月PCE通胀或整体温和。从通胀预期来看，11 月以来，2y、10y美债TIPS通胀预期分别下行17bp、8bp至2.43%、2.24%，5y5y通胀预期下行2bp至2.43%。 截至上周五（11月28日），伦敦现货黄金报收4218.55美元/盎司，自11月21日以来累计上涨154.27美元/盎司，涨幅3.80%。上周伦敦现货黄金价格震荡走 强，金价周一 ...

Group 1 - Japan's stock market faced a significant decline, with the Nikkei 225 index dropping over 2% to 49,224.94 points, and closing down 1.89% at 49,303.28 points [1][2] - Japanese government bonds plummeted due to renewed expectations of interest rate hikes, with the 2-year bond yield surpassing 1% for the first time since 2008, and the 10-year yield rising to 1.85%, marking the highest levels since June 2008 [1][2] - The probability of a Bank of Japan interest rate hike in December increased to 64%, as Governor Kazuo Ueda signaled a potential adjustment to the monetary policy [2] Group 2 - The cryptocurrency market continued to decline, with Bitcoin falling to around $86,000, down 5.34%, and Ethereum dropping over 5%, while other cryptocurrencies like Solana and Dogecoin fell more than 7% [2] - Over the past 24 hours, more than 210,000 individuals in the cryptocurrency market faced liquidation, totaling approximately $639 million [2]

Group 1 - The Japanese stock market experienced a significant decline, with the Nikkei 225 index dropping over 2% to 49,224.94 points, closing down 1.89% at 49,303.28 points [2] - Japanese government bonds fell sharply due to renewed expectations of interest rate hikes, with the 2-year bond yield surpassing 1% for the first time since 2008, and the 10-year yield rising to 1.85%, marking the highest levels since June 2008 [2] - The probability of a rate hike by the Bank of Japan in December has increased to 64%, as indicated by the Bank's Governor, who suggested that any rate increase would merely adjust the level of monetary easing [4] Group 2 - Following the comments from the Bank of Japan's Governor, the yen appreciated slightly against the dollar, amidst growing speculation about a potential interest rate hike [5] - The recent depreciation of the yen is attributed to three main factors: economic stimulus plans, misstatements by political figures, and the timing of changes in the Bank of Japan's monetary policy [5] - The cryptocurrency market has also seen declines, with Bitcoin dropping to around $86,000, down 5.34%, and Ethereum falling over 5%, alongside significant losses in other cryptocurrencies [5][6]