Core Viewpoint - The global bond market in 2025 experienced significant volatility as major central banks shifted from coordinated monetary policies to divergent strategies, reflecting deep concerns over fiscal sustainability and changing investor sentiment towards interest rates and country risk [1][2]. Group 1: Divergence in Monetary Policy - In 2025, major central banks exhibited the most pronounced divergence in policy since the financial crisis, which was a key driver of bond market volatility [2]. - The Federal Reserve's cautious approach led to a total rate cut of 75 basis points by year-end, influenced by cooling inflation and labor market weaknesses [2][3]. - The European Central Bank initially cut rates by 75 basis points but later paused due to inflation uncertainties and concerns over premature policy easing [3]. - The Bank of England aggressively cut rates by 150 basis points to stimulate demand amid a technical recession [2][3]. Group 2: Market Dynamics and Yield Curves - The U.S. Treasury market acted as a "magnifier" of global sentiment, with the 10-year Treasury yield fluctuating between 3.9% and 4.8% throughout the year, characterized by three distinct phases [5][8]. - The first phase saw a decline in yields driven by rate cut expectations, with the 10-year yield dropping to a low of 3.99% [8]. - The second phase was marked by fiscal concerns and inflation anxiety, leading to significant yield fluctuations, with the 10-year yield rising back to 4.6% and 4.5% during the year [8][9]. - The third phase involved a narrowing of yield fluctuations as the market awaited new directions, with the yield ending the year at approximately 4.11% [9]. Group 3: Regional Market Characteristics - The Eurozone bond market faced challenges due to high debt levels and deficit rates, leading to increased risk premiums despite inflation returning to target levels [10][13]. - German 10-year bond yields rose from 2.36% to a peak of 2.938%, reflecting a total increase of about 47 basis points over the year [13]. - The UK bond market struggled with dual pressures of recession and fiscal concerns, with yields fluctuating around 4.49% by year-end [15]. - Japan's bond market underwent a historic shift as the Bank of Japan raised rates for the first time, with the 10-year yield increasing nearly 100 basis points to over 2% [18]. Group 4: Investment Strategy Evolution - Investors shifted from simple "buy and hold" strategies to more active management and tactical adjustments, focusing on high-frequency trading based on economic data and political events [19]. - The definition of "safe assets" evolved, with increased emphasis on credit analysis and fiscal sustainability becoming critical in assessing sovereign bonds [19]. - Duration management became cautious, with many investors adopting a "barbell strategy" to balance short-term and long-term bond investments [19].

Core Viewpoint - The article discusses the recent performance of the US stock market, highlighting a decline in major indices due to weakness in the technology sector, while also noting the potential for a year-end rally known as the "Santa Claus rally" [3][4]. Market Performance - On the last trading day of 2025, the Dow Jones fell by 249.04 points (0.51%) to 48,461.93, the Nasdaq dropped by 0.50% to 23,474.35, and the S&P 500 decreased by 0.35% to 6,905.74 [3]. - Tesla's stock declined by 3.2%, with ARK Invest reducing its holdings by $30 million [3]. - The Nasdaq China Golden Dragon Index fell by 0.67%, with Alibaba down 2.4% and Baidu up 1.6% [3]. Economic Indicators - The article notes that the November existing home sales index surged by 3.3% month-over-month, reaching a three-year high, following a revised 2.4% increase in October [6]. - US Treasury yields have decreased, with the 2-year Treasury yield falling by 1.7 basis points to 3.464% and the 10-year Treasury yield down by 1.8 basis points to 4.115% [6]. Market Outlook - Despite concerns over high valuations and volatility in tech stocks, the ongoing bull market, supported by AI trends, interest rate cuts, and economic resilience, is expected to continue [4]. - Analysts predict that the US stock market will rise in 2026, with Goldman Sachs indicating a low likelihood of a significant market correction or bear market if the global economy continues to expand and the Federal Reserve eases monetary policy further [4].

Our major market indexes have flattened on low seasonal volume of late, and are slipping in early trading in the third-final trading day of 2025. The Dow is currently -52 points, the S&P 500 is -20, the Nasdaq -123 and the small-cap Russell 2000 is -5 points currently. Year-to-date, we’re up anywhere from +13% in the Russell 2000 to +21% in the Nasdaq. This looks to be the third-straight year the Nasdaq is trading at +20% or higher. Not too shabby.Home Price Reports This WeekAfter today’s open, we’ll get th ...

中国艺术金融(01572)发布公告，于2025年12月23日，本公司与债权人订立和解协议(和解协议)。根据和 解协议，本公司须按其项下所载还款条款向债权人支付和解款项(金额为800万港元)，而债权人于悉数 收取和解款项后，须解除及免除本公司于法定要求偿债书下的责任。因此，在本公司根据和解协议悉数 清偿款项的前提下，认为基于法定要求偿债书已无任何理由提出任何清盘呈请，以寻求法院命令将本公 司清盘。 ...

一、港股IPO评估机构的主要职责 评估机构在港股IPO中的职责围绕"独立估值"与"专业验证"展开，具体包括： 1. 资产/业务估值 2. 特殊事项的估值支持 3. 满足监管与信息披露要求 港股IPO（首次公开募股）过程中，评估机构（通常为独立估值师或专业评估公司）扮演着关键角色，主要负责对发行人的资 产、业务或特定事项进行客观、独立的估值，为招股书披露、定价及监管合规提供依据。以下从职责和核心要点两方面展开分 析： 二、港股IPO评估的核心要点 评估机构需遵循严格的专业标准（如香港测量师学会《估值准则》、国际估值准则IVS），并关注以下核心要点： 1. 独立性要求 2. 估值方法的合理性与适用性 需根据资产性质、行业特性选择合适方法，常见方法包括： 实物资产：对发行人持有的物业、厂房、设备等固定资产进行公允价值评估（如房地产企业的土地储备、工业企业的机器 设备）。 无形资产：对商标、专利、版权、客户关系、研发管线（如生物医药企业）等非实物资产进行估值。 金融资产：对持有的股票、债券、衍生品、长期股权投资等进行价值测算。 整体/分部业务：对发行人整体业务或特定业务板块（如分拆上市的部分）进行企业价值（EV）或股 ...

据港交所文件，上海合合信息科技股份有限公司向港交所提交上市申请书，独家保荐人为中金公司。 ...

Core Viewpoint - The role of auditors in Hong Kong IPOs is crucial for ensuring the authenticity, accuracy, and completeness of financial information, complying with regulatory requirements from HKEX and SFC, and providing reliable financial data to investors [1]. Group 1: Core Responsibilities of Auditors in Hong Kong IPOs - Auditors are involved throughout the entire IPO process, with key responsibilities including statutory financial statement audits, internal control verification, assistance with information disclosure and regulatory communication, and other specialized services as needed [3]. Group 2: Key Points of Hong Kong IPO Audits - Auditors must focus on historical financial data audits, specifically the "three years and one period" financial statements required for the prospectus, and issue an unqualified audit report or other appropriate opinions [3]. - Compliance with accounting standards is essential, ensuring financial statements adhere to HKFRS, IFRS, or CAS, and that all significant accounting policies and estimates are disclosed [3]. - Key areas of verification include revenue recognition, cost allocation, asset impairment, financial instrument measurement, related party transactions, and tax compliance [3]. - Auditors must verify the effectiveness of internal controls over financial reporting (ICFR) and issue an internal control verification report based on relevant guidelines [3]. - Legal and regulatory compliance checks are necessary, including industry-specific regulations, tax compliance, and foreign exchange management for cross-border operations [3]. - Asset ownership verification is critical, confirming the ownership or usage rights of major assets and identifying any encumbrances [3]. - Auditors should identify contingent liabilities and commitments that could significantly impact financial statements, such as pending litigation and major contract breaches [3]. - Participation in the preparation of the financial section of the prospectus is required to ensure consistency between financial data and audit reports [3]. - Auditors must provide professional opinions during inquiries from HKEX and SFC regarding financial issues and assist in revising financial statements if necessary [3]. - The reasonableness of assumptions in profit forecasts or valuation models should be reviewed, although this is not guaranteed [3]. - Assistance with financial integration during mergers and acquisitions, including reverse takeovers and spin-offs, is part of the auditor's role [3]. - Evaluation of the financial impact of VIE structures, including compliance with accounting treatment and fund flow, is necessary [3]. Group 3: Additional Considerations - Auditors must ensure consistency in accounting policies throughout the reporting period, with any changes fully disclosed along with their impact on financials [5]. - Comprehensive identification of related parties and transactions is essential to verify fair pricing and prevent profit manipulation through related party transactions [5]. - Continuous assessment of the company's ability to operate is necessary, analyzing cash flow, debt repayment capacity, and profitability trends [5]. - For overseas subsidiaries, auditors must consider local accounting standards and ensure compliance with HKFRS [5]. - Verification of the legal validity of control agreements in VIE structures is crucial, along with assessing the realizability of economic benefits [5]. - Timely communication of significant issues discovered during audits, such as internal control deficiencies and financial anomalies, is required [5].

一、港股IPO税务师的核心职责 税务师的工作贯穿IPO全流程（前期筹备、架构搭建、申报审核、上市后），具体包括： 港股IPO（首次公开募股）过程中，税务师扮演着关键角色，主要负责识别、解决税务风险，设计合规架构，并确保公司符合香 港及境内外监管要求。以下从职责和核心要点两方面展开说明： 历史税务合规核查：梳理公司近3-5年（覆盖报告期）的税务记录（增值税、企业所得税、个人所得税、印花税等），检 查是否存在欠税、滞纳金、罚款或未披露的税务争议（如关联交易定价、税收优惠适用瑕疵）。 重大税务事项识别：重点关注关联方交易（尤其是跨境）、非经常性损益（如政府补贴、资产处置）、税收优惠（如高新 技术企业资格、区域性政策）的合规性，评估潜在补税风险及对财务报表的影响。 出具税务合规证明：协助公司与主管税务机关沟通，对历史遗留问题（如核定征收转查账征收）进行补救（如自查补税、 申请行政确认），争取税务机关出具无重大违法违规的证明文件。 架构选择建议：根据公司业务模式（如红筹架构vs H股架构）、股东背景（境内/境外）、行业特性（如科技/金融），设 计税务高效的上市主体（如开曼/BVI控股公司、香港子公司）。例如： 红筹架构 ...

Core Viewpoint - Evercore's Emanuel predicts increased volatility for stocks in the upcoming year, suggesting that investors should prepare for a turbulent market environment [1] Group 1 - Emanuel highlights that the current economic conditions, including inflation and interest rates, will contribute to stock market fluctuations [1] - The expectation of volatility is based on historical patterns observed during similar economic climates [1] - Investors are advised to adopt a cautious approach and consider defensive strategies to mitigate potential risks associated with market volatility [1]

Group 1 - The core viewpoint of the articles highlights the significant fluctuations in precious metal prices, particularly silver and gold, driven by geopolitical tensions, a weakening dollar, and low market liquidity [1][2] - Silver prices surged approximately 180% this year, influenced by rising geopolitical risks and expectations of further interest rate cuts by the Federal Reserve in 2026, which have bolstered demand for safe-haven assets [1] - The global silver market has been in a structural deficit for five consecutive years, leading to concerns over supply shortages as physical inventories are rapidly depleting [1] Group 2 - UBS emphasizes that short-term risks in precious metal trading have increased, particularly as gold prices reach new highs, which may lead to profit-taking by short-term investors [2] - The Shanghai Futures Exchange issued notifications to alert the market about risk control measures and adjustments to margin requirements and price limits during the New Year period, aiming to maintain market stability and encourage rational participation from investors [2]