| 离任高级管理人员职务 | 副总经理 | | | --- | --- | --- | | 离任高级管理人员姓名 | 左秀海 | | | 离任原因 | 工作变动 | | | 离任日期 | 2025 年 12 月 24 日 | | | 转任本公司其他工作岗位的说明 | | 图片来源：公告截图 | 北京商报讯(记者李海媛)12月25日，海通资管公告称，左秀海因工作变动于12月24日离任副总经理一职， 且无转任公司其他工作岗位的说明。 | 基金管理人名称 | 上海海通证券资产管理有限公司 | | --- | --- | | 公告依据 | 《公开募集证券投资基金信息披露管 | | | 理办法》、《证券基金经营机构董事、 | | | 监事、高级管理人员及从业人员监督 | | | 管理办法》等 | | 高管变更类型 | 离任证券资产管理公司副总经理 | ...

股市方面，权益市场的投资机会或将更具广度和纵深。当前流动性环境和政策监管环境持续完善，长期 资金呈持续流入趋势，科技持续突围与经济结构性亮点有望带来部分行业基本面景气向上的结构性机 会。 人民财讯12月25日电，12月25日，国金资管发布2026年多资产展望。债市方面，展望明年，积极的财政 政策或持续发力，通胀预期或逐步升温，机构行为扰动加剧，债市利率下行空间或受阻。但基本面仍有 一定下行压力，央行流动性可能维持宽松以配合财政政策落地，政策工具箱仍有一定空间，2026年债市 收益率或将继续维持宽幅震荡的行情。 ...

12月24日，金价高位震荡，早盘一度冲高至4555.1美元，盘中受就业数据回暖，降息预期降温，金价震 荡走弱，一度跌至4474美元，尾盘小幅回升，截至收盘，COMEX黄金期货收跌0.01%报4505.4美元/盎 司，黄金ETF华夏(518850)涨0.02%，黄金股ETF(159562)跌0.39%。 消息面上，当日美国劳工部公布的数据显示，美国12月20日当周首次申请失业救济人数降至21.4万人， 预期和前值为22.4万人。这一数字已回落至2021年11月的水平，表明劳动力市场仍未见明显压力。就业 市场的回温使得美联储一月降息概率或进一步降低。 贝莱德策略师指出，美联储在2026年预计将仅实施有限幅度的降息。随着本轮周期已累计降息175个基 点，美联储正接近中性利率水平。除非劳动力市场出现急剧恶化，否则2026年进一步降息的空间相当有 限。LSEG数据显示，市场目前预计美联储在2026年将进行两次降息。 ...

来源：中国财富管理50人论坛 2025年12月27日—28日，由中国财富管理50人论坛主办、中关村国研财富管理研究院承办、国泰基金支 持的中国财富管理50人论坛（CWM50）2025年会（十二届）将在北京召开，广泛邀请政府部门、专家 学者和业界领袖展开高水平的思想交流，为经济和金融高质量发展建言献策，助力资管行业行稳致远。 会议主题 2025年是"十四五"规划收官与"十五五"开局衔接的关键之年。10月召开的二十届四中全会对"十五五"时 期"加快建设金融强国"提出了明确要求与战略部署，这也是"金融强国"首次写入五年规划建议。 本届年会将围绕"迈向'十五五' 建设金融强国"这一核心主题，汇聚政策制定者、行业领袖与学术专家， 共同探讨资管行业在新时代的使命与路径。 今年的中央经济工作会议对明年经济工作，特别是创新驱动与人工智能发展指明了方向，提出要深化拓 展"人工智能+"，完善人工智能治理。创新科技金融服务。 在此背景下，中国财富管理50人论坛2025年会还将举办国研平台第三届"AI+金融"峰会，携手金融与科 技领域的业界领袖、专家学者、行业精英展开高水平思想交流。 历届年会回顾 11 高质量发展的实现路径与金融支 ...

Core Viewpoint - The current U.S. policy environment is highly uncertain, leading to increased investor interest in gold as a preferred asset for diversification due to its safe-haven properties and low correlation with traditional assets [1] Group 1: Economic Environment - The U.S. is facing significant policy uncertainty and fiscal fragility, which raises concerns among investors regarding the long-term roles of U.S. Treasury bonds and the dollar [1] Group 2: Investment Implications - In the context of the aforementioned economic challenges, gold is highlighted as an attractive investment option for investors seeking to diversify their portfolios [1]

Core Insights - The article discusses how Silicon Valley tech giants are using complex financial instruments to transfer significant infrastructure spending off their balance sheets while maintaining strong financial statements [1][3] - Companies like Meta, xAI, Oracle, and CoreWeave have utilized Special Purpose Vehicles (SPVs) to shift over $120 billion in data center financing debt to Wall Street investors, raising concerns about risk transparency and potential financial contagion [1][2] Financing Strategies - Tech companies are leveraging SPVs to raise funds for AI data centers without significantly increasing their on-balance-sheet debt, thus protecting their credit ratings [3][4] - Major financial institutions, including Pimco, BlackRock, and JPMorgan, have injected at least $120 billion into these SPV-structured projects, allowing companies to secure necessary funding for AI infrastructure [1][3] Specific Transactions - Meta raised $30 billion through an SPV named "Beignet Investor" for its Louisiana Hyperion facility, with $27 billion coming from loans by major financial firms, enabling it to borrow without showing debt on its balance sheet [4] - Oracle has also engaged in significant debt transactions through SPVs, including a $13 billion investment from Blue Owl and JPMorgan for its Texas data center [4][5] Private Credit Market Concerns - The private credit market has seen a surge in project financing, with tech companies borrowing approximately $450 billion from private funds, reflecting a $100 billion year-over-year increase [6][7] - Concerns are rising about the $1.7 trillion private credit industry, particularly regarding asset valuation, liquidity issues, and borrower concentration risks [7] Risk Exposure and Differentiation - Despite the intention to isolate risks through SPVs, tech companies may still bear financial risks if AI service demand declines, as seen in the "Beignet Investor" case where Meta holds a 20% stake and provides a "residual value guarantee" [8] - Not all tech giants are adopting off-balance-sheet financing; companies like Google, Microsoft, and Amazon continue to fund their data center expansions through cash or direct bond issuance, indicating varied risk management strategies [8]

随着国家正式启动"十五五"规划的宏伟蓝图，可持续发展正从一项关键战略，升级为衡量未来经济高质量发展的重要标尺。在此承前启后的 关键时刻，2025年成为中国可持续发展进程从"理念构建"迈向"实践深化"的关键年份。 企业非财务信息披露正经历一场深刻的"范式迁移"。 国务院国资委、证监会及沪深北交易所密集出台《央企ESG专项行动指南(2025)》、《上市公司信息披露管理办法》、《上市公司自律监管指 引——可持续发展报告（试行）》等相关政策，明确要求将可持续发展纳入公司治理核心，推动信息披露从"可选披露"迈向"规范披露"。 在此新周期下，金融机构作为资源配置的核心，已从理念倡导者转变为关键行动者。银行、保险、资管等机构正将ESG深度融入其战略与业 务流程，通过大力发展绿色金融、创新可持续金融产品、践行负责任投资、强化环境风险管理等一系列努力，精准引导金融活水支持实体经 济绿色低碳转型。 为系统梳理并推广实践，《清华金融评论》正式启动"2025可持续发展典型案例征集"活动，旨在搭建一个高层次的实践交流平台，通过征 集、遴选并展示在绿色金融、社会责任及可持续发展治理等领域的优秀案例，树立行业标杆，促进经验共享，共同助力中 ...

Core Viewpoint - The Fourth Davos Global FOF Summit will take place in Davos, Switzerland from January 19 to January 23, 2026, hosted by the Global FOF Association, aiming to facilitate discussions among leading figures in the global fund of funds industry [2][25]. Group 1: Attendance Confirmation - Seven prominent European institutions have confirmed their attendance at the summit, including Postfinance Venture, LGT Bank, Redalpine Ventures, H Capital Ventures, and EMCORE Asset Management AG [3][6][8][13][19]. - Christian Renner from Postfinance confirmed participation, highlighting Postfinance's significant role in Switzerland's financial landscape with total assets of approximately CHF 102 billion and a net profit of around CHF 164 million for 2023 [4][5]. - Christian Friede from LGT Bank confirmed attendance, emphasizing LGT's focus on wealth management and sustainable investment solutions for high-net-worth individuals and institutions globally [6][7]. Group 2: Summit Highlights - The summit will feature over 100 leading figures from global funds and venture capital cities, discussing strategies for navigating economic cycles and exploring future directions for the fund industry [25][26]. - The Global FOF Association will release the "2025 World's Best FOF Investment Institutions List" during the summit, continuing its tradition of recognizing top investment institutions for six consecutive years [27][28]. - The event will provide a unique opportunity for participants to engage with leading global LPs, discussing investment logic and needs, particularly in the context of RMB and USD funds [29][31]. Group 3: Special Activities - Participants will experience scenic train rides in the Alps and engage in special forums, enhancing networking opportunities in a picturesque setting [33][36]. - The summit aims to foster dialogue between Chinese GPs and international LPs, with previous summits resulting in over USD 1 billion raised by domestic GPs [29][31].

Market Performance - The Hang Seng Index closed at 25,774, down 0.11% for the day but up 28.49% year-to-date [1] - The Hang Seng Tech Index fell by 0.69% to 5,488, with a year-to-date increase of 22.85% [1] - The Dow Jones Index rose by 0.16% to 48,442, with a year-to-date increase of 13.86% [1] - The S&P 500 Index increased by 0.46% to 6,909, marking a year-to-date rise of 17.48% [1] Commodity Prices - Brent crude oil is priced at $62.08 per barrel, with a 1-month increase of 0.23% but a 6-month decline of 9.20% [2] - Gold is trading at $4,482.75 per ounce, up 8.36% over the past month and 33.07% over the past six months [2] - Silver has seen a significant increase of 35.24% in the last month and 92.43% over the last six months, priced at $69.482 per ounce [2] Economic Indicators - The U.S. GDP annualized growth rate for Q3 is reported at 4.3%, exceeding expectations and marking the fastest growth in two years [4][9] - The National Energy Administration reported a 52% year-on-year increase in electric vehicle charging infrastructure by the end of November [13] - The Ministry of Housing and Urban-Rural Development emphasized stabilizing the real estate market and implementing a "current housing sales system" to mitigate delivery risks [14][15] Company-Specific News - Vanke (02202.HK) faces increased risk of default on $1.3 billion in debt, with creditors refusing to extend repayment terms [16] - Kuaishou (01024.HK) reported incidents of inappropriate content in live streams and has taken action to address the issue [17] - New World Development (00086.HK) is investing up to $100 million in acquiring JHG (JHG.US), a global asset management company [18] IPO and Market Activity - The recent IPO of Nobikang saw a dramatic increase of 363.75% on its first day, while another IPO, Hantse Aitai, dropped by 46.25% [28] - Upcoming IPOs include Lin Qingxuan in the beauty and skincare sector, with a proposed price of HKD 77.77 [28] Currency Performance - The Renminbi Index stands at 97.880, with a 1-month increase of 0.05% and a 6-month increase of 2.50% [7] - The U.S. Dollar Index is at 97.921, down 2.26% over the past month [7]

Core Viewpoint - Jiuding Investment's stock price has shown significant growth this year, with a year-to-date increase of 42.90% and recent trading activity indicating continued interest from investors [2]. Group 1: Stock Performance - As of December 24, Jiuding Investment's stock price rose by 2.06% to 19.82 CNY per share, with a total market capitalization of 8.593 billion CNY [1]. - The stock has experienced a 4.32% increase over the last five trading days, a 6.22% increase over the last 20 days, and a 15.57% increase over the last 60 days [2]. - The company has appeared on the stock market's "龙虎榜" (top trading list) five times this year, with the most recent appearance on August 14, where it recorded a net buy of -53.1334 million CNY [2]. Group 2: Financial Performance - For the period from January to September 2025, Jiuding Investment reported an operating income of 132 million CNY, a year-on-year decrease of 30.55%, and a net profit attributable to shareholders of -49.934 million CNY, a decrease of 812.93% [3]. - The company has distributed a total of 762 million CNY in dividends since its A-share listing, with 69.3665 million CNY distributed in the last three years [4]. Group 3: Shareholder Information - As of September 30, 2025, Jiuding Investment had 27,500 shareholders, a decrease of 9.10% from the previous period, with an average of 15,765 circulating shares per shareholder, an increase of 10.01% [3]. - The fifth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 2.783 million shares, which is a decrease of 2.1437 million shares from the previous period [4]. Group 4: Business Overview - Jiuding Investment, established on April 14, 1997, and listed on April 18, 1997, is primarily engaged in real estate development and management, private equity investment management, and construction [2]. - The company's revenue composition includes 65.58% from real estate, 24.06% from private equity investment, 8.02% from construction, and 2.34% from other sources [2].