Core Viewpoint - Wenkang Capital (600390.SH) announced the appointment of Ye Zhixiang as the secretary of the board of directors, effective from the date of approval by the board until the end of the current board's term [1] Group 1 - The ninth board of directors of Wenkang Capital will hold its 30th meeting on December 31, 2025, to review the proposal regarding the adjustment of certain senior management personnel [1] - The appointment of Ye Zhixiang as the board secretary was approved by the nomination committee of the board [1]

近年来，世界经贸格局又在经历一场深刻的重塑。伴随贸易保护主义加剧、地缘政治的复杂性上升、担 忧供应链安全性的考量增加，全球经济步入一个与以往大张旗鼓宣扬开放与发展不太一样的新常态中。 叠加当前科技迭代日益加快的背景，对中国企业的全球化发展来说，这是一个与以往不同的发展环境。 我们在观察中发现，中国企业特别是那些在海外有着大量业务的全球化企业，它们的身上也拥有了不一 样的特征。 在2025年轰轰烈烈的全球关税之争中，中国企业展现出强大的韧性。对外贸易方面，2025年上半年，中 国货物出口总额同比增长7.2%至13万亿元。出口结构持续优化，以新能源、工业机器人为代表的新兴 行业正成为出口新引擎。越来越多中国企业致力于从"卖产品"向"建体系、树品牌"进阶；中国对外直接 投资高速增长，2024年度对外直接投资净额为1922亿美元，比上年增长8.4%。其中，我国企业投资规 模持续名列前茅，对外直接投资占全球份额的11.9%，呈现出更注重本地化、合规性与可持续性的特 征。2025年，第一财经研究院·中国企业全球化指数预计同比增长6.1%，为近三年最高增速。 又一年，第一财经研究院撰写的《跨越山海│2025中国企业全球化报 ...

Group 1 - The core point of the article highlights that Yuyin Co., Ltd. has experienced a continuous three-day trading limit increase, achieving a three-day consecutive limit up [1] - The stock reached a trading limit at 13:23 today, with a transaction amount of 3.393 billion yuan and a turnover rate of 56.23% [1] - The digital currency concept has become active again, with the company establishing a digital currency research and development center to engage in related research [1] Group 2 - In the financial services sector, the company is involved in ATM cooperative operations, technical services, and related financial services [1] - In terms of industrial park operations, the company is engaged in the operation of industrial parks developed from its own properties [1] - In the field of biometric technology, the company has developed technologies such as facial recognition and fingerprint recognition [1]

| | | 财经目历 E 17777 LSU P INT/D i TV I 217 t 60 日后 中国2025 加拿大央行 美联储公布 中国1月PMI 年规模以上 公布利率决 利率决议 工业企业利 议 润 第十九届亚洲金融论坛 (1/26-1/27) 编辑 | 高明妍 制图丨方舟 x | 2026年 月 January | | | | | | | | | | 重大事件 重要数据 重点公司 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | = | B | | 五 | | 六 日 | | | | 初十 | 29 | + | 30 | 十二 | 37 | 十三 | 1 | 十四 | 2 | 十五 3 | 十六 | 4 | | | | | | | | 我国调整部 | 分商品关税 港股上市 | 壁仍科技在 | | 2026年博鳌全球数字消 费大会(1/3-1/5) | | | | | | | | | | 税率税目 | | A股休市 | | | | | | | | | | | ...

在成交量极度萎缩的背景下，美联储最新公布的12月会议纪要并未给市场带来方向，反而揭示了决策层内部巨大的意见裂痕。 由于缺乏新的利好驱动，加之流动性偏紧，周二标普500、纳指、道指连续三个交易日收跌，标普500指数跌幅0.14%；道指跌幅0.20%；纳指收跌幅 0.24%。 | Dow Jones | S&P 500 | Nasdaq | | --- | --- | --- | | 48,367.06 | 6,896.24 | 23,419.08 | | (-94.87) | (-9.50) | (-55.27) | | -0.20% @ | -0.14% C | -0.24% @ | 目前，市场核心逻辑正在发生以下结构性转变： 在科技股方面，Meta成为市场关注点。 Meta收购AI初创公司Manus。在科技股集体走弱的环境下，Meta通过收购Manus展示了其在AI代理领域的扩张野心。 美股投资网分析认为，此举旨在将高级AI能力整合进Facebook和Instagram。这种清晰的业务增长点，在震荡市中为科技板块提供了一定的情绪支撑。 从盘面反馈看，周一暴跌后的贵金属虽有短线反弹，但难以扭转整体谨慎的情绪。 ...

Core Viewpoint - The Australian dollar (AUD) has strengthened significantly, reaching a 14-month high against the US dollar (USD) due to a combination of hawkish signals from the Reserve Bank of Australia (RBA), expectations of US Federal Reserve (Fed) rate cuts, and favorable commodity prices driven by China's recovery [1][2]. Group 1: Economic Indicators - As of December 31, 2025, the AUD/USD exchange rate reached 0.6700, reflecting a daily increase of 0.12% and an annual rise of over 7% since the low of 0.6420 in mid-November [1]. - Australia's inflation rate in October was reported at 3.8%, exceeding the RBA's target of 2%-3%, with December inflation expectations rising to 4.7% [1]. - Market pricing indicates a nearly 50% probability of an interest rate hike by March 2026, with mainstream forecasts suggesting a potential increase to 3.85% in the first meeting of the year [1]. Group 2: Market Dynamics - The RBA's hawkish stance is a key driver of the AUD's strength, while the Fed's easing expectations have contributed to a decline in the USD index by over 10% for the year [1][2]. - The Fed has implemented three rate cuts since September 2025, with current rates at 3.50%-3.75%, and further cuts are anticipated next year [1]. - The AUD benefits from rising commodity prices and improved trade balances due to recovering exports of iron ore and coal, alongside positive expectations from China's targeted investment plans [1]. Group 3: Technical Analysis - The AUD/USD has formed an upward trend from 0.6420, currently consolidating around 0.6700, with resistance at 0.6727 and support at 0.6650 [2]. - The MACD indicates that bullish momentum remains, although it is slowing, while the RSI (14) is at 66.4278, suggesting that the market is not yet overbought [2]. - Institutions are optimistic about the AUD's future, with target prices ranging from 0.72 to 0.92 USD, although risks such as global economic slowdown and trade tensions may limit gains [2].

专题：专题：价值重估 行稳致远——年终盘点&2026资本市场展望 但斌 东方港湾董事长 付鹏 著名经济学家 洪灝 著名经济学家、莲华资管管理合伙人 李蓓 半夏投资创始人 李迅雷 中泰国际首席经济学家 林园 林园投资董事长 刘煜辉 著名经济学家、中国首席经济学家论坛副理事长 2025年12月31日——过去一年，全球经济格局深度调整，中国资本市场在改革与开放中砥砺前行。在此 背景下，那些洞悉趋势、指引方向的声音，始终是市场重要的风向标。新浪财经以专业视角与客观数据 为基础，正式发布"2025资本市场十大声量人物"榜单，记录下那些在过去一年中掷地有声、影响深远的 思想者。 以下为本次上榜人物（按姓名首字母排序）： 田轩 清华大学国家金融研究院院长、五道口金融学院副院长 邢自强 摩根士丹利中国首席经济学家 张瑜 华创证券首席经济学家 ■ 评选规则说明 本次评选严格秉承公平、公正、公开的原则，指标体系在往年基础上进一步优化，以更全面、均衡地衡 量影响力的广度与专业深度。具体依据以下三项指标综合评定： 1．微博综合数据（权重35%） ：基于年总发博量、年总有效阅读量、年总曝光量、年总互动人数及年 总互动量等多维度评估。 ...

Core Viewpoint - The article discusses the changes in tax policies regarding interest income from government bonds and other financial instruments, particularly focusing on the implementation of VAT on newly issued bonds starting from August 8, 2025, while maintaining exemptions for previously issued bonds until maturity [6][9]. Tax Policy Changes - Starting from August 8, 2025, interest income from newly issued national bonds, local government bonds, and financial bonds will be subject to VAT [6][9]. - Interest income from bonds issued before August 8, 2025, will continue to be exempt from VAT until the bonds mature [6][9]. Income Tax Regulations - According to the Corporate Income Tax Law, interest income, including deposit interest, loan interest, and bond interest, is defined as income derived from providing funds to others without constituting equity investment [3][4][14]. - The law specifies that interest income is recognized based on the contractual agreement regarding the debtor's payment date [4][15]. Exemptions and Special Cases - The article highlights that interest income from national bonds is exempt from corporate income tax [7]. - For local government bonds issued from 2012 onwards, both corporate income tax and individual income tax exemptions apply [10].

Core Viewpoint - The announcement from the Ministry of Finance and the State Taxation Administration outlines the new value-added tax (VAT) policy for individuals selling residential properties, effective from January 1, 2026. Individuals selling properties purchased within two years will be subject to a 3% VAT, while those selling properties held for two years or more will be exempt from VAT [1]. Summary by Relevant Sections - **VAT Policy for Residential Property Sales**: Individuals selling residential properties purchased for less than two years will pay a 3% VAT on the total sale amount. In contrast, sales of properties held for two years or longer will be exempt from VAT [1]. - **Implementation Date**: The new VAT policy will take effect on January 1, 2026. Prior to this date, any VAT related to residential property sales that has not been declared can be processed according to the new policy [1]. - **Cancellation of Previous Regulations**: The announcement also states that the previous regulations regarding the transition from business tax to VAT will be terminated simultaneously with the implementation of the new policy [1].

Group 1 - The South Korean government will require more companies to submit regulatory documents in English starting next year, enhancing transparency and providing broader market access for foreign investors [1] - The Financial Services Commission (FSC) will expand the requirement for English submissions from KOSPI-listed companies with assets over 10 trillion KRW to those with assets below 2 trillion KRW [1] - The new disclosure requirements will take effect on May 1, aiming to improve transparency and accessibility for overseas investors while enhancing the competitiveness of the local capital market [1] Group 2 - The "Yellow Envelope" law, which amends the Labor Union Act, is expected to come into effect in March next year, aimed at protecting the bargaining rights of indirectly hired workers by subcontractors [1] - The law prohibits companies from filing damage claims or temporary seizure lawsuits against workers who join unions [1] Group 3 - In 2026, South Korea's minimum wage will increase by 2.9% to 10,320 KRW per hour, with the monthly minimum wage reaching 2.15 million KRW [2] - The government has decided to expand tax incentives for domestic companies returning to South Korea, applicable to those that reduce overseas operations after establishing or expanding domestic facilities within four years [2]