来源：滚动播报 随着年底临近，美国国债收益率在交投清淡中下跌。焦点将集中在将于周二公布的美联储会议纪要上， 投资者将从中寻找有关2026年进一步降息的可能幅度和时机的信号。疲软的美国劳动力市场表明利率将 进一步下调，但投资者将留意近期强于预期的第三季度GDP数据。伦敦证券交易所集团数据显示，美国 货币市场目前的价格反映了2026年至少降息两次的预期，首次降息不太可能在4月或6月之前。Tradeweb 数据显示，10年期美国国债收益率下跌2个基点，至4.115%。该收益率已从2025年初的约4.571%回落。 ...

Core Viewpoint - A luxury villa in Shenzhen, valued over 200 million yuan, failed to sell at auction for the eighth time, with a starting price of 66.73 million yuan, representing a discount of over 66% from its assessed value, amounting to a loss of over 130 million yuan [1][12]. Group 1: Asset Background - The villa is part of assets involved in the "Zhongke Chuang" criminal case, with the defendant being Shenzhen Zhongke Chuang Asset Management Co., Ltd., whose legal representative, Zhang Wei, has been sentenced to life imprisonment [3][6]. - Zhang Wei founded Zhongke Chuang Financial Holdings Group in 2004, claiming to manage over 50 billion yuan in assets and providing financial services to over 100 listed companies, but was later revealed to be involved in illegal activities [5][6]. Group 2: Auction Details - The villa, located in the Guanlan area, has a total area of approximately 3,935.02 square meters, including luxury facilities such as a gym, massage room, wine cellar, cinema, and KTV room, with an assessed value of approximately 446.36 million yuan for the facilities [9][11]. - The assessed price per square meter is 128,000 yuan, while the starting auction price translates to only 17,000 yuan per square meter, indicating a potentially attractive investment opportunity [11]. Group 3: Financial Liabilities - The auction announcement revealed significant financial liabilities, including overdue property management fees of 2.1586 million yuan and electricity bills of 103,300 yuan, which the buyer would need to cover [12][13]. - The property is also under mortgage, with the outstanding principal and interest amounting to 37.3244 million yuan, which will continue to increase, adding to the buyer's costs [12][13]. Group 4: Auction History - The villa was first auctioned in August 2023 with a starting price of over 200 million yuan, labeled as "the most expensive judicial auction residential property in Shenzhen," but has seen seven subsequent auctions with significantly reduced starting prices, ultimately failing to attract any bids [12][13].

Core Viewpoint - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117) experienced a slight decline of 0.68% in its closing price on December 29, with a trading volume of 3.5853 million yuan [1]. Group 1: Fund Overview - The fund was established on September 30, 2025, and is officially named Penghua S&P Hong Kong Stock Connect Low Volatility Dividend Index Securities Investment Fund [1]. - The management fee for the fund is set at 0.30% annually, while the custody fee is 0.10% annually [1]. - The performance benchmark for the fund is the S&P Hong Kong Stock Connect Low Volatility Dividend Index return (adjusted for exchange rates) [1]. Group 2: Fund Size and Liquidity - As of December 26, the latest share count for the ETF is 151 million shares, with a total size of 156 million yuan [1]. - Over the past 20 trading days, the cumulative trading amount for the ETF reached 96.319 million yuan, with an average daily trading amount of 4.8159 million yuan [1]. Group 3: Fund Management - The current fund managers are Yan Dong and Yu Zhanchang, both of whom have managed the fund since its inception on September 30, 2025, achieving a return of 2.95% during their tenure [1]. Group 4: Top Holdings - The ETF's top holdings include: - Hang Lung Properties: 1.08% holding, 496,000 shares valued at 4.0664 million yuan - Jiangxi Copper: 1.08% holding, 122,000 shares valued at 4.0565 million yuan - China Shenhua: 1.05% holding, 110,000 shares valued at 3.9728 million yuan - Far East Horizon: 0.99% holding, 588,000 shares valued at 3.7202 million yuan - CNOOC: 0.96% holding, 210,000 shares valued at 3.6159 million yuan - Sino Land: 0.94% holding, 384,000 shares valued at 3.5443 million yuan - PetroChina: 0.87% holding, 496,000 shares valued at 3.2921 million yuan - Hengan International: 0.87% holding, 134,500 shares valued at 3.2589 million yuan - Henderson Land: 0.81% holding, 122,000 shares valued at 3.0452 million yuan - Bank of China Hong Kong: 0.81% holding, 91,000 shares valued at 3.0623 million yuan [2].

Economic Growth and Recovery - Hong Kong's economy is showing resilience with significant growth indicators, including a projected GDP growth revision from 2%-3% to 3.2% for 2025 [3] - The IPO market in Hong Kong is expected to raise HKD 272.1 billion in 2025, making it the largest contributor to the global IPO market recovery [2] - Visitor numbers to Hong Kong have increased, with approximately 45 million tourists recorded in the first 11 months of the year, a 12% year-on-year increase [3] Government Initiatives and Reforms - The Hong Kong government is actively implementing reforms to enhance economic development, including legal amendments and process simplifications [5] - The establishment of the "Hong Kong Professional Services Going Global Platform" aims to support mainland enterprises in expanding overseas [10] - The government has introduced measures to expedite public housing construction, reducing the waiting time for public housing from 6.1 years to 5.1 years [7] International Recognition and Positioning - Hong Kong has maintained its position as a global financial center, ranking third in the Global Financial Centers Index and fourth in the World Talent Ranking [4] - The city is increasingly recognized for its unique advantages, serving as a key platform for mainland enterprises to access international markets [9][10] - The establishment of international organizations in Hong Kong, such as the International Mediation Institute, further solidifies its status as a global hub [4]

Group 1: Recent IPOs - Innovative biopharmaceutical company Huazhang Bio officially listed on the Hong Kong Stock Exchange, raising approximately HKD 674 million with a market capitalization of HKD 2.586 billion [1] - Private profit-oriented general hospital group Mingji Hospital successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 626 million with a market capitalization of HKD 1.472 billion [2] - State-owned cultural tourism service enterprise Impression Dahongpao successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 130 million with a market capitalization of HKD 291 million [3] - Biotech company Hansai Aitai successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 586 million with a market capitalization of HKD 2.369 billion [4] - Artificial intelligence company Nobikan successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 303 million with a market capitalization of HKD 14.988 billion [5] - Comprehensive health service and health insurance solution provider Qingsong Health Group officially listed on the Hong Kong Stock Exchange, raising approximately HKD 1.3 billion with a market capitalization of HKD 2.91 billion [6] - Financial service provider Nanhua Futures officially listed on the Hong Kong Stock Exchange, raising approximately HKD 1.292 billion with a market capitalization of HKD 14.1 billion [7] Group 2: Upcoming IPOs - GPGPU intelligent computing solution provider Biran Technology is set to launch an IPO from December 22 to December 29, aiming to raise approximately HKD 4.855 billion [8] - AI company Zhihua Huazhang passed the listing hearing on the Hong Kong Stock Exchange, focusing on advanced general models and aiming for rapid revenue growth [8] - General GPU chip design company Tianshu Zhixin passed the listing hearing on the Hong Kong Stock Exchange, being the first in China to achieve mass production of inference and training general GPU chips [9] - Biopharmaceutical company Ruibo Bio passed the listing hearing on the Hong Kong Stock Exchange, focusing on siRNA therapy with a strong pipeline of clinical candidates [10] - Copper cathode manufacturer Jinxun Co. passed the listing hearing on the Hong Kong Stock Exchange, ranking fifth among Chinese copper producers [11][12] - Surgical robot company Jingfeng Medical passed the listing hearing on the Hong Kong Stock Exchange, developing various surgical robots for minimally invasive procedures [13] - AI large model company MiniMax passed the listing hearing on the Hong Kong Stock Exchange, providing AI solutions to over 200 million users globally [14] - Insurtech company Baige Online passed the listing hearing on the Hong Kong Stock Exchange, ranking fifth in China's scene-based internet insurance intermediaries [15] - Cold chain service provider Hongxing Cold Chain passed the listing hearing on the Hong Kong Stock Exchange, focusing on the cold food supply chain [16] Group 3: Companies Filing for IPO - Copper industrial component manufacturer Ao Jie Co. filed for an IPO on NASDAQ, aiming to raise up to USD 30 million [17] - Student accommodation provider Student Life filed for an IPO on NASDAQ, aiming to raise up to USD 29 million [18] - Comprehensive biopharmaceutical company Zai Lab filed for an IPO on the Hong Kong Stock Exchange, focusing on innovative therapies [19] - Decorative gardening product manufacturer Global Gardening filed for an IPO on the Hong Kong Stock Exchange, primarily supplying to North American retailers [20] - Satellite time-space digital solution provider Futong Technology filed for an IPO on the Hong Kong Stock Exchange, providing satellite communication solutions [21] - Smart vehicle diagnostic and charging solution provider Daotong Technology filed for an IPO on the Hong Kong Stock Exchange, focusing on AI-driven solutions [22] - Integrated micro-drive system solution provider Zhaowei Electromechanical filed for a second IPO on the Hong Kong Stock Exchange [23] - Precision medicine company GenePlus filed for an IPO on the Hong Kong Stock Exchange, focusing on AI in biomarker discovery [24] - National chain pet medical institution Ruipai Pet Hospital filed for an IPO on the Hong Kong Stock Exchange, aiming to establish a standardized pet health management system [25] - Smart agriculture solution provider Weichai Levo filed for a second IPO on the Hong Kong Stock Exchange [26] - High-speed mixed-signal chip design company Longxun Semiconductor filed for an IPO on the Hong Kong Stock Exchange, focusing on data transmission solutions [28] - Industrial AI agent provider Haizhi Technology filed for a second IPO on the Hong Kong Stock Exchange [29] - Gene therapy company Frontera Therapeutics filed for an IPO on the Hong Kong Stock Exchange, focusing on innovative gene therapy solutions [30] - Circular packaging service provider Youlesai filed for a third IPO on the Hong Kong Stock Exchange [31] - Innovative pharmaceutical technology company Xinji Pharmaceutical filed for an IPO on the Hong Kong Stock Exchange, focusing on advanced drug delivery systems [32] - Commercial display equipment company Shiyuan Electronics filed for a second IPO on the Hong Kong Stock Exchange [33] - Millimeter-wave radar supplier Chengtai Technology filed for a second IPO on the Hong Kong Stock Exchange [35] - Financial technology service provider Sifang Jingchuang filed for an IPO on the Hong Kong Stock Exchange [36] - Exhibition service provider Miaowei Exhibition filed for an IPO on the Hong Kong Stock Exchange, ranking first in overseas exhibition institutions [37] - Financial technology solution provider Yuxin Technology filed for a second IPO on the Hong Kong Stock Exchange [38] Group 4: Companies Approved for Overseas Issuance - Seven companies, including Dazhu CNC and Liuliu Guoyuan, received approval for overseas issuance and domestic unlisted shares "full circulation" applications [39]

Core Insights - The fixed income and derivatives markets in 2025 were primarily driven by significant political, economic, operational, and climate risk events, with ongoing technological transformations reshaping trading and investment operations across financial institutions [1][4]. Group 1: Market Trends - Market volatility in 2025 was influenced by various factors, including the rapid changes in tariff policies, geopolitical conflicts, and economic events such as government budgets, inflation data, and interest rate fluctuations [3]. - Concerns regarding artificial intelligence (AI) investments not delivering expected short-term returns led to periodic disruptions in both stock and bond markets, with fears that substantial AI-related expenditures could erode profitability [2]. - Despite the turbulent environment, the overall issuance of corporate and municipal bonds remained strong, indicating resilience in the fixed income market [3]. Group 2: Private Debt Market - The global private debt market has expanded since the 2008 financial crisis, driven by tighter bank lending regulations, and is now allowing participation from affluent individual investors [4]. - Recent high-profile defaults in the private credit market have raised concerns about a potential wave of defaults due to economic and market volatility [4][5]. Group 3: Technological Advancements - The electronic trading of fixed income markets has progressed, with 50% of U.S. investment-grade bond trading now conducted electronically, generating vast amounts of market data for financial institutions [6]. - Financial institutions are leveraging cloud-based market data to develop new trading models and execution strategies [6]. Group 4: Strategic Shifts - Asian investors are increasingly viewing U.S. dollar-denominated debt as a strategic asset due to concerns about tariff impacts on regional economic growth, with U.S. Treasuries, asset-backed securities (ABS), mortgage-backed securities (MBS), and over-the-counter derivatives being popular choices [7]. Group 5: Climate Impact - Climate change events, such as the California wildfires in January 2025, have ongoing effects on market pricing, with analysts assessing the long-term impact of weather events on the repayment risks of municipal and corporate bonds [8]. Group 6: Future Outlook - Many trends observed in 2025, including those that caused significant market volatility, are expected to continue influencing the securities market in 2026, presenting ongoing pricing challenges for financial services engaged in low liquidity bond and derivatives trading [8].

Core Viewpoint - The article emphasizes the strategic importance of the "15th Five-Year Plan" period for Shenzhen, highlighting the need for proactive measures to achieve high-quality development and modernization, while addressing both opportunities and challenges in the evolving economic landscape [2][5][6]. Group 1: Achievements During the 14th Five-Year Plan - Shenzhen has made significant progress in high-quality development, solidifying its status as a major economic center, with GDP ranking third among Chinese cities and leading in foreign trade [3][4]. - The city has seen a continuous increase in industrial output, with the total industrial output value and added value ranking first among cities in China for three consecutive years since 2022 [3][4]. - The proportion of advanced manufacturing and high-tech manufacturing in the industrial added value reached 68.2% and 58.2% respectively, while the modern service industry accounted for 76.5% of the service sector's added value [3][4]. Group 2: Development Environment and Challenges - The "15th Five-Year Plan" period presents a complex development environment with both strategic opportunities and risks, necessitating a focus on overcoming bottlenecks and enhancing strengths [6][7]. - Shenzhen's advantages include a robust economic foundation, a complete industrial system, and a large, young population, which are critical for its role as a core engine of the Guangdong-Hong Kong-Macao Greater Bay Area [6][7]. Group 3: Basic Thoughts and Goals for the 15th Five-Year Plan - The guiding ideology for the "15th Five-Year Plan" emphasizes the integration of Marxism with Xi Jinping's thoughts, focusing on high-quality development and the establishment of a modern economic system [8][9]. - Key goals include significant breakthroughs in industrial technology innovation, enhancing the quality of life for residents, and achieving a higher level of social civilization [11][12]. Group 4: Modern Industrial System and Economic Forms - The plan aims to build a modern industrial system centered on advanced manufacturing, promoting the development of emerging industries and optimizing traditional industries [13][14]. - There is a strong emphasis on fostering a robust service industry, including the establishment of a global financial center, consumption center, and logistics center [15][16][17]. Group 5: Innovation and Talent Development - The article highlights the importance of fostering innovation and enhancing the role of enterprises in driving technological advancements, with a focus on building a strong ecosystem for innovation [22][23]. - Talent development is crucial, with initiatives aimed at attracting and nurturing high-level talent to support Shenzhen's growth as a global innovation hub [27][28]. Group 6: Expanding Domestic Demand - The strategy emphasizes the need to boost domestic consumption and investment, aligning with the broader goal of enhancing the domestic market's role in economic development [33][34]. - Efforts will be made to improve consumer spending through various initiatives, including enhancing public services and promoting diverse, high-quality consumption options [34].

-主要市场指数表现 | | 收市价 | 上个交易日升 | YTD 升跌 | | --- | --- | --- | --- | | 恒生指数 | 25,818 | +0.17% | +28.71% | | 恒生科技指数 | 5,499 | +0.19% | +23.08% | | 国企指数 | 8,915 | +0.01% | +22.29% | | 沪深 300 | 4,657 | +0.32% | +18.36% | | 上证综合指数 | 3,963 | +0.10% | +18.26% | | 深证成份指数 | 13,603 | +0.54% | +30.62% | | 中小板指 | 8,264 | +0.53% | +29.50% | | 道琼斯指数 | 48,710 | -0.04% | +14.49% | | 标普 500 指数 | 6,929 | -0.03% | +17.82% | | 纳斯达克指数 | 23,593 | -0.09% | +22.18% | | 伦敦富时指数 | 9,870 | -0.19% | +20.77% | | CAC40 指数 | 8,103 | +0.00% | ...

来源：牛兄弟 在香港任职一年后，祁斌返回北京，进入全国政协经济委员会。他于2024年10月31日到香港出任中联办 副主任，迄今仅仅一年时间。 祁斌现年57岁。1996年至2000年在高盛集团等美国金融机构任职。2000年4月，成为纽约Emergent Capital风险投资和对冲基金管理公司合伙人。 同年10月，祁斌加入中国证监会，历任战略发展委委员、基金监管部副主任、研究中心主任、创新业务 监管部主任、国际合作部主任等职。2016年8月，祁斌任中国投资有限责任公司副总经理，直至调任香 港。 据称，中国远洋海运集团有限公司党组成员、副总经理张勇将赴香港，任中联办副主任。张勇曾任商务 部产业损害调查局副巡视员；中央财经领导小组办公室经济二组副巡视员，经济四局副巡视员、副局 "文物大盗"徐湖平，当过兵立过功，认识不少人。 责任编辑：杨赐 来源：牛兄弟 在香港任职一年后，祁斌返回北京，进入全国政协经济委员会。他于2024年10月31日到香港出任中联办 副主任，迄今仅仅一年时间。 祁斌现年57岁。1996年至2000年在高盛集团等美国金融机构任职。2000年4月，成为纽约Emergent Capital风险投资和对冲 ...

以下是华尔街顶级分析师重点推荐的三只派息股。 智通财经APP注意到，迈入2026年，在利率下降的背景下，投资者的焦点可能会从固定收益工具转向具 有吸引力的股息股。 从庞大的派息公司群体中挑选出正确的标的并非易事，分析师的选股可以帮助投资者做出正确选择。 雪佛龙(CVX.US) 石油和天然气巨头雪佛龙是第一只股息推荐股。该公司在第三季度通过34亿美元的股息和26亿美元的股 票回购，向股东返还了60亿美元现金。凭借每股1.71美元的季度股息(年化股息为每股6.84美元)，雪佛 龙提供了约4.5%的收益率。 在与雪佛龙管理层会面后，Piper Sandler 分析师瑞安·托德重申了对雪佛龙的"买入"评级，目标价为178 美元。 托德指出，虽然目前原油背景不利而炼油业务向好的局面影响了雪佛龙的表现，但他与管理层的会面反 映出该公司地位稳固。 该分析师认为，雪佛龙的资本效率被低估了。值得注意的是，该公司的上游资本支出/每桶油当量(boe) 产量比同行平均水平低29%。他补充说，考虑到资本支出和运营费用的下降、尚未实现的 AI 收益，以 及好于预期的资源基础，雪佛龙每年10%的自由现金流(FCF)增长预期似乎还是保守的。 ...