Group 1 - The core viewpoint of the article indicates that the US dollar index has returned to around 98, with market liquidity significantly weakened during the Christmas week, despite the US Q3 GDP data exceeding expectations. Concerns about the US labor market persist, supporting high expectations for Federal Reserve rate cuts [1][18] - Non-US currencies experienced overall appreciation last week, with significant gains in commodity currencies such as the Australian dollar (up 1.57%), New Zealand dollar (up 1.37%), Norwegian krone (up 1.34%), and Canadian dollar (up 0.95%). The British pound rose by 0.88%, while the euro saw a modest increase of about 0.5% [1] - The Japanese yen reversed previous losses after the Bank of Japan's dovish rate hike in December, ultimately appreciating by 0.75% last week. The Chinese yuan also accelerated its appreciation, with the offshore rate briefly surpassing 7.0 due to a weak dollar and increased year-end settlement demand [1][10] Group 2 - Looking ahead, the market is expected to remain relatively stable during the last three trading days of 2025, with liquidity likely to remain weak due to many traders being on holiday. Attention will be focused on the Chinese yuan exchange rate, which may face upward pressure as year-end settlement pressures are released [2] - The prediction range for USD/CNY is set between 7.00 and 7.03. Last week, the yuan maintained a moderate appreciation trend, although the pace of appreciation was limited by the steady exchange rate policy [3][10] - The yuan's appreciation is supported by seasonal factors, but the central bank's steady exchange rate policy has constrained the rate of appreciation. The central bank's recent signals emphasize the need to prevent excessive fluctuations in the exchange rate [11][16] Group 3 - The euro experienced a rise early last week but faced resistance around 1.18, ultimately closing with a weekly gain of about 0.5%. The market's focus on the Federal Reserve's dovish expectations may continue to influence the euro's performance [17] - Concerns about the US labor market persist, with Q3 GDP growth recorded at 4.3%, surpassing expectations. However, weekly unemployment claims data indicates a weakening employment growth momentum, maintaining high expectations for Federal Reserve rate cuts [18] - The European Central Bank (ECB) is perceived to have ended its current rate cut cycle, as indicated by the OIS market, which reflects a relatively calm European market during the Christmas holiday [21]

"涨到人头晕目眩"！ 有分析指出，受全球结构性赤字、库存暴跌及纸面交易脱节影响，白银正面临供应挤压。由于在光伏与电动车 领域不可替代，白银供应瓶颈正对现代工业链造成严峻挑战。 马斯克重大警告 美东时间12月26日，COMEX白银期货暴涨11.15%，报79.68美元/盎司，本周累涨18.06%；现货白银暴涨 10.24%，报79.196美元/盎司，本周累涨17.87%。 本周，白银价格上演史诗级暴涨，COMEX白银期货周五暴涨超11%，现货白银暴涨超10%，再创历史新高， 年内累计涨幅达175%，迅猛涨势远超黄金。对此，特斯拉CEO马斯克表达了担忧，直言这对工业发展"不是好 事"。 当地时间12月27日，马斯克在社交媒体平台X上发表评论称："这不好。白银在许多工业过程中是被需要的。" 马斯克的担忧主要源于白银在现代工业中的核心地位。与黄金不同，白银不仅仅是避险资产，更是工业金属， 其在太阳能电池板、电动汽车、电子产品及医疗设备中都具有不可替代的作用。 目前工业需求在白银总需求中的占比已攀升至50%至60%，因此白银价格的疯涨正在加剧实体制造商的焦虑。 花旗分析师估计，太阳能产业消耗了近30%来自采矿和回收的年 ...

Core Insights - The surge in gold trade between Russia and China is not merely a buyer-seller relationship but reflects deeper financial strategies amid geopolitical tensions [1][3][5] Group 1: Trade Dynamics - Russia's gold exports to China reached $1.9 billion in the first 11 months of the year, a nearly tenfold increase compared to the same period last year, with November alone accounting for $961 million [1][3] - The escalation of geopolitical conflicts and Western sanctions has led Russia to seek new markets for its gold, with China emerging as a reliable partner [3][5] Group 2: Strategic Importance - Gold is considered a "hard currency" and serves as a financial safety net amid increasing instability of the US dollar, prompting China to enhance its gold reserves, which reached 74.12 million ounces by the end of November [5][8] - The influx of Russian gold not only fulfills China's demand for gold reserves but also comes at a discounted price due to Western sanctions, strengthening China's financial security [5][8] Group 3: Changing Global Landscape - The growing trade between China and Russia is altering the global gold trading rules, with transactions increasingly conducted in local currencies, bypassing the US dollar [7][8] - The Shanghai Gold Exchange is gaining prominence as a pricing hub, challenging the traditional dominance of London and New York in gold pricing [7][8] Group 4: Future Outlook - A survey by the World Gold Council indicates that 95% of central banks plan to continue increasing their gold reserves, with Goldman Sachs predicting gold prices could rise to $4,900 per ounce by the end of 2026 [7][8] - China's proactive acquisition of Russian gold is seen as a strategic move to secure a stable supply source amid a global trend of central banks increasing gold holdings [8]

2025年的A股市场就将迎来收官，回首全年，A股市场产生了528只翻倍股，数量是2024年的4倍多。其 中，124只个股涨幅超2倍，6只个股超5倍。 区间涨幅最高的2只个股为上纬新材（688585.SH）和天普股份（605255.SH），是按收盘价计算年内唯 二的十倍股。高居涨幅榜的"牛股"呈现出两大特点：或是AI概念股，或是并购概念股。 要么AI、要么并购 Wind数据显示，从区间涨幅来看，2025年，在统计的5176只个股（扣除年内上市新股、退市及其他风 险警示股，下同）中，有4153只个股年内股价收涨，占比80%，而2024年这个比例仅为53%，牛市之 中，上市公司股价实现了普涨。 年内，528只个股年内涨幅超过1倍，翻倍股数量是去年（125只）的4倍多。其中，124只个股涨幅超2 倍，6只个股超5倍。 2025年区间涨幅最高的2只个股为上纬新材和天普股份，区间涨幅分别达到15.6倍和13.42倍，是按收盘 价计算年内唯二的十倍股。另外，胜宏科技（300476.SZ）、鼎泰高科（301377.SZ）、菲林格尔 （603226.SH）、品茗科技（688109.SH）成为今年的5倍股，分别涨596.54%、 ...

(年终特稿)2025，澳门的"小城新事" 街道上，"粤Z"车牌车辆明显增多，大湾区"一小时生活圈"有了生动注脚；商场里，非博彩消费占比逐 渐攀升，艺术展览、主题餐饮等构筑起新的消费场域；口岸旁，琴澳跨境学生专车停靠，孩子们无缝往 返两地校园……2025年的澳门，街头巷尾"新事"点点，诉说着这座小城主动求变、加速融入国家发展大 局的深刻转型。 适度多元振经济 2025年，澳门"1+4"经济适度多元发展策略成效显著，落地有声。 一个直观的信号来自各口岸。截至12月27日，今年访澳旅客累计3941.1万人次，创历史新高。"旅游 +"战略成效斐然——一场演唱会，能带动周边酒店入住率飙升；一项大型体育赛事，街头巷尾的茶餐 厅便挤满了各国观众……"旅游+美食""旅游+盛事""旅游+会展"等成功留住了游客脚步。 2025年11月13日，第72届澳门格兰披治大赛车开赛，澳门传奇的"东望洋赛道"再度响起赛车引擎的 轰鸣声。图为参加练习赛的赛车准备出发。 中新社记者 郑嘉伟 摄 这一年，澳门加快培育现代金融新业态，推动债券市场与国际接轨。在中华(澳门)金融资产交易股份有 限公司上市的债券规模突破万亿澳门元，获许可营运的金融机构数 ...

Group 1 - The silver market remains strong, with prices reaching $75, and a cumulative increase of over 150% this year, particularly accelerating since October's historic short squeeze [1] - The upcoming announcement of the new Federal Reserve Chair by President Trump is highly anticipated, with potential candidates including Kevin Walsh, Kevin Hassett, Christopher Waller, Michelle Bowman, and Rick Rieder [1] - The new chair's ability to balance Trump's desire for lower interest rates with actual economic needs will be crucial for future policy direction and may increase internal disagreements [1] Group 2 - Short-term risks of a pullback in silver prices are noted, with a key resistance area around $65.88 that may signal a turning point [1] - For the medium to long term, significant upward targets for silver are identified at the 1.618 Fibonacci extension level of $73.43 and the 200% extension level of $88 [2]

Group 1 - The core issue in the U.S. is a significant loss of trust in the dollar, with over 75% of members in 44 states refusing to take responsibility for repaying the federal government's $38.5 trillion debt, elevating gold and silver to the same legal status as the dollar [1] - The U.S. federal debt has reached $38.5 trillion, with interest payments projected to exceed $1.1 trillion in 2025, surpassing defense spending for the first time in history [3] - Moody's downgraded the U.S. credit rating for the first time in 108 years, reflecting the political deadlock in Washington that hinders substantial fiscal reforms [5] Group 2 - Uruguay's central bank president compared the dollar to a "pacifier," urging citizens to reduce reliance on it, as the dollar's purchasing power has halved over the past 20 years [3] - The U.S. government's fiscal policies, including the $4.5 trillion "Great and Beautiful" act, are expected to increase the deficit by over $3.8 trillion in the next decade, leading to rising bond yields [5] - The political divide in the U.S. is evident, with 19 states calling for a constitutional convention to impose fiscal constraints on the federal government [7] Group 3 - Argentina's president is pushing for labor reforms allowing workers to choose between receiving salaries in dollars or pesos, highlighting a stark contrast in monetary strategies within the region [9] - Brazil's response to U.S. tariffs includes implementing the Economic Reciprocity Act, showcasing the geopolitical implications of de-dollarization [9] - Venezuela has adopted a unique survival strategy by using currencies like the yuan and ruble for oil trade, recovering its oil exports significantly [10] Group 4 - The share of the dollar in global central bank reserves has dropped to 56.92% in Q3 2025, down from around 71% at the beginning of the century, indicating a decline in the dollar's global influence [12] - Trump's administration has attempted to intervene in the Federal Reserve's independence, reflecting concerns over fiscal policies and their legitimacy [12]

Core Viewpoint - The establishment of a unified national market is a significant initiative for constructing a new development pattern and promoting high-quality development, with Zhengzhou playing a crucial role as a key hub in this process [1]. Group 1: Hard and Soft Connectivity - Zhengzhou Airport has become the first comprehensive cargo distribution center in China, achieving seamless connections between air, rail, subway, and road transport, with a cargo volume exceeding 820,000 tons in 2025, a 24% increase from the previous year [2]. - The logistics efficiency revolution includes the completion of new highways, increasing Zhengzhou's total highway mileage to 660 kilometers by the end of 2025, and the successful launch of four "iron-sea direct transport" routes, achieving a 20% increase in containerized rail-water transport [2]. - The integration of transportation and postal services has reduced logistics costs from 18% to below 12% of the total value of goods shipped from Zhengzhou to the Yangtze River Delta [3]. Group 2: Digital Empowerment - Zhengzhou has implemented a digital reform plan in the bidding and tendering sector to enhance market environment quality, aiming for a fair, efficient, and transparent process [7]. - The city has streamlined the enterprise migration process, reducing the time required from 21 days to under 6 days, resulting in an 80% efficiency improvement [8]. - The "Zhenghao Rong" platform has provided financial support to over 1.1 million enterprises, with a total credit scale of 99.47 billion yuan, and an average credit approval time of 2.17 days, which is 56.6% faster than traditional channels [9]. Group 3: Market-Oriented Reforms - Zhengzhou has been designated as one of the national pilot cities for comprehensive market-oriented resource allocation reforms, with a focus on breaking down barriers to free flow and efficient allocation of resources [11]. - The city has implemented a "standard land" transfer policy for industrial land, resulting in the supply of over 34,000 acres of land [12]. - Zhengzhou's data resource transaction volume reached 4.877 billion yuan in 2025, positioning it among the top cities in the country for data marketization [12]. Group 4: Open Economy and Trade - Zhengzhou has established a cross-border e-commerce base, facilitating rapid delivery of goods, such as salmon, to consumers within 24 hours [13]. - The city has achieved a foreign trade import and export volume of 508.58 billion yuan in the first ten months of 2025, an 18% increase year-on-year [14]. - The cultural and tourism sectors have seen significant growth, with over 820 micro-short film production companies established, employing more than 30,000 people [14]. Group 5: Strategic Positioning - Zhengzhou's strategic location and infrastructure, including a comprehensive high-speed rail network, position it as a key node in the domestic circulation of goods and services [15]. - The city aims to enhance its urban capabilities and drive quality, efficiency, and dynamic changes through its integration into the national unified market [15].

来源：乌鸦校尉 关于"是否挪用俄罗斯被冻结资产援助乌克兰"，欧盟扯皮许久，前两天的欧盟峰会上，靴子终于落地。 结论是：不动。 那不管乌克兰了吗？这当然不是欧公子的作风啊，现在欧盟"上桌"的机会不多，俄乌这块不多整点事那真没存在感了。 这么多钱，欧盟也不是说掏就能掏得出来。唉，这不其实还有一大笔钱吗？就是俄罗斯在欧洲被冻结的资产。 根据法国的统计，俄乌冲突爆发后，被欧盟冻结的俄资产总规模，达2350亿欧元，用这填乌克兰700多亿的口子不是轻轻松松。 在冯德莱恩的牵头下，欧盟委员会于12月初通过了一份贷款方案，核心内容就是拿出相当一部分被欧盟冻结的俄罗斯资产，当作"抵押品"，然后由欧洲清 算银行出面，在这些"抵押品"的基础上，发行0息债券，给乌克兰提供未来两年的公共预算和战争资金。 俄罗斯的资产不动，乌克兰的忙还要帮，咋整呢？欧盟最后形成了一个替代方案： 通过欧盟"联合债务"的形式为乌克兰"筹集"巨资，连借债的利息都是欧盟这边承担。 借钱举债也要养你，这是一种什么精神！ 乌鸦今天就来唠唠这是怎么个事。 1 咱们得先知道这个事的背景。 近来，乌克兰面临形势正在变得十分复杂，这种压力也必然从战场传导至内政。据欧盟方面 ...

由三亚市人民政府主办，《财经》杂志、财经网、《财经智库》、三亚中央商务区管理局、三亚经济研 究院承办的"三亚·财经国际论坛暨第五届三亚财富管理大会"12月27日在海南三亚举行，主题为"海南自 贸港未来定位及三亚新机遇"。 海南大谷国际园区董事长张焱在论坛上表示，金融业是 高强度、高资本、高税收、高人才 的行业，政 策哪里有"洼地"，企业就会流向哪里。 海南大谷国际园区董事长 张焱 张焱在论坛发言中围绕海南自贸港发展背景，重点分享了金融聚集区建设、实体产业机遇及财富管理三 大主题。他回顾了亚太金融小镇自2017年以来的发展历程，指出2020年6月《海南自贸港总体方案》发 布后，双15%税收等政策红利迅速吸引企业涌入，推动三亚中央商务区等园区形成金融聚集效应。 金融创新方面，海南在QDLP（合格境内有限合伙人）、QFLP（合格境外有限合伙人）及ODI（境外直 接投资）等领域已实现开放突破，未来或可探索与香港在稳定币等前沿领域的合作。此外，人才配套措 施如安居房、医疗与教育资源完善，为金融人才落地提供了支撑。 主持并发言：肖 耿，香港中文大学（深圳）公共政策学院副院长、香港国际金融学会主席 主持人：我们有三位重量级 ...