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 ...

Core Viewpoint - The People's Bank of China and the State Administration of Foreign Exchange have announced the nationwide promotion of the integrated currency pool business for multinational companies, effective immediately, following successful pilot programs in select regions [1][3]. Group 1: Overview of the Integrated Currency Pool Business - The integrated currency pool business allows multinational companies to centrally manage both domestic and foreign currency funds, facilitating fund collection and allocation based on operational needs [1]. - This initiative transitions from a "local pilot" to "full coverage," providing three main benefits: scale effect from centralized funds, significant cost savings in financial management, and simplified business procedures [1]. Group 2: Conditions and Participation - Multinational companies must meet nine specific conditions to engage in the currency pool business, including having genuine business needs and a robust cross-border fund management framework [3]. - As of the end of September, 98 multinational companies and over 5,000 of their domestic and foreign member enterprises have participated in the pilot, with a cross-border transaction volume of approximately 150 billion USD in the first nine months of the year [3].

Group 1 - The event "Intelligent Capital, Enjoy Health" was successfully held in Shenzhen, focusing on the health of professionals in the capital market, highlighting the importance of personal health as a valuable asset in a high-pressure environment [1][2] - Data indicates that nearly 40% of financial industry personnel work over 55 hours a week, with an alarming 84% of individuals over 60 showing abnormal carotid artery detection rates, emphasizing the need for better health management [1][2] - The event aimed to create a platform for sharing health management experiences and promoting a healthier work-life balance among industry professionals [1][2] Group 2 - The Securities Times South China Headquarters aims to be a key information dissemination platform and resource connector while also becoming a co-creator of a health ecosystem, integrating quality resources to support health management for professionals [2] - The concept of "invisible investment" in health management is emphasized, comparing it to long-term investment strategies in the capital market [2] - The event featured discussions on health management principles, including maintaining a positive mindset, balanced nutrition, adequate sleep, and moderate exercise as essential for sustaining professional vitality [3][4] Group 3 - The integration of traditional Chinese medicine and Western preventive medicine was discussed, promoting a scientific approach to health management that adapts to modern lifestyles [4] - Basic principles of health maintenance were outlined, including dietary balance, appropriate exercise, and regular sleep patterns, aimed at preventing health issues before they arise [4] - The event fostered an interactive environment for participants to share health insights and connect with quality resources, promoting a culture of health awareness in the industry [4]

Group 1 - The global economic outlook is bleak, with financial expert Jim Rogers predicting a severe financial crisis in 2026 due to deep-rooted economic contradictions [1][3] - Global debt levels are alarmingly high, particularly in the US and Japan, with US debt nearing $40 trillion and Japan's debt at approximately $9 trillion, representing 252% of its GDP [1][3] - Rogers warns that a domino effect could occur if one country experiences a debt collapse, impacting others, with Japan's current policies pushing its economy towards irreversible decline [1][3] Group 2 - Post-COVID-19, countries adopted aggressive fiscal stimulus measures, leading to a rapid increase in government debt, which is now a heavy burden in a high-interest rate environment [3] - Japan's government policies, particularly the "responsible active property" policy, are seen as exacerbating the debt crisis by issuing deficit bonds to counter inflation, likened to a slow economic suicide [3] - Japan's monetary policy diverges from global trends, as the government avoids discussing interest rate hikes, despite facing mounting pressure from rising debt interest [3] Group 3 - Tensions in Japan-China relations are intensifying economic pressures on Japan, with a reported 0.4% decline in GDP following controversial remarks by Prime Minister Kishi Nobuo [5] - The cancellation of 904 flights between China and Japan has severely impacted Japan's tourism sector, with some retail areas experiencing over a 70% drop in daily sales [5] - The historical "cold politics, hot economy" relationship between Japan and China is deteriorating, threatening Japan's access to the crucial Chinese market [5] Group 4 - Domestic voices in Japan are warning that continued adherence to current policies will lead to inevitable economic decline, yet Prime Minister Kishi appears oblivious to the severity of the situation [7] - Rogers' warnings reflect a broader concern for the global economy, emphasizing the need for countries to manage debt levels and navigate high-interest environments effectively [7] - Investors are advised to reassess their asset allocations in preparation for potential market volatility in the future [7]

Core Viewpoint - Hengdian Group has transformed from a small silk factory into a large conglomerate with over 100 billion yuan in total assets, primarily through its film and tourism industry, while also maintaining significant contributions from its electronic and pharmaceutical sectors [4][12][14]. Group 1: Film and Tourism Industry - Hengdian, known as the "Oriental Hollywood," has become the world's largest film shooting base, generating over 35 billion yuan annually from its film and tourism industry [4][6]. - The company offers free filming locations to attract film crews, resulting in a loss of approximately 20 million yuan annually in potential location fees, but this strategy has significantly boosted the local film service and hospitality industries [6][7]. - In 2023 and 2024, Hengdian Film City is expected to receive 15.24 million and 13.93 million visitors, respectively, with revenues of 2.638 billion yuan and 2.867 billion yuan [7]. Group 2: Business Diversification - Hengdian Group operates across four major sectors: film and tourism, electronics, pharmaceuticals, and modern services, with six publicly listed companies under its umbrella [12][14]. - The electronic materials sector, particularly magnetic materials, has historically been a strong revenue driver, although its market share has recently declined to around 30% [22]. - Hengdian Group's pharmaceutical arm, originally established in the 1980s, has also contributed significantly to its overall revenue [10][12]. Group 3: Financial Performance and Assets - In 2024, Hengdian Group is projected to achieve revenues of 94.2 billion yuan, with total assets reaching approximately 1039.78 billion yuan by the end of Q3 2025 [14][22]. - The company has diversified its investments, including a stake in a commercial bank and the establishment of a general airport, which is currently undergoing expansion [14][22]. Group 4: Corporate Structure and Philosophy - Hengdian Group operates under a unique corporate structure where ownership is held by community organizations rather than individual shareholders, reflecting a collective wealth model [18][20]. - The founder, Xu Wenrong, has consistently emphasized that the wealth generated by Hengdian Group belongs to the collective rather than to individuals, which has led to the company's absence from wealth rankings [16][18]. Group 5: Challenges and Adaptation - The rise of short dramas poses a challenge to traditional film productions, prompting Hengdian to adapt by developing dedicated filming locations for shorter formats [22][23]. - Despite facing competition and market pressures, Hengdian Group is actively seeking transformation, particularly in the photovoltaic sector, which has seen significant revenue growth [23].

Core Insights - International Holding Company (IHC) is rapidly transforming the capital landscape in the Middle East, with its market capitalization soaring from a few hundred million dollars at the end of 2019 to approximately $239 billion by December 2025, making it the most significant listed company on the Abu Dhabi Securities Exchange (ADX) [1][5]. Group 1: Company Growth and Strategy - IHC was established in 1998, initially named Asmak, focusing on fisheries and seafood export [3]. - The company went public on ADX in 2005, but significant growth began around 2020 through asset injections and subsidiary listings [4]. - The market capitalization of IHC has increased dramatically, with a stock price rise of several thousand times, primarily due to the transfer of quality assets from its major shareholder, Royal Group, which holds about 61% [5]. - IHC's business portfolio now spans multiple sectors, including real estate, healthcare, food and beverage, energy, information technology, financial services, and utilities [5][6]. Group 2: Financial Performance - For the first nine months of 2025, IHC reported revenues of 84.6 billion dirhams (approximately $23 billion) and a net profit of 19.5 billion dirhams, showing significant year-on-year growth [7]. - IHC's market capitalization accounts for over 40% of the FTSE ADX General Index, highlighting its importance in the market [7]. Group 3: Leadership and Governance - Sheikh Tahnoon bin Zayed Al Nahyan has been leading IHC since April 2020, holding multiple key positions that provide unique advantages in policy coordination and resource acquisition [8][9]. - The "government-business collaboration" model has enabled IHC to efficiently integrate scattered assets into a globally competitive platform [11]. Group 4: Strategic Investments and Future Plans - IHC is actively responding to national strategies for food security and energy diversification, with subsidiaries like Ghitha Holding ensuring stable food supply in desert climates [15][16]. - The company is investing in renewable energy, green hydrogen, and critical minerals to support global decarbonization efforts [18][19]. - IHC's investments in artificial intelligence and partnerships with entities like SpaceX position Abu Dhabi as a global AI hub [20][21]. - The company aims to double its asset size to approximately $218 billion by 2030, further solidifying its leadership in non-oil sectors [23]. Group 5: International Expansion and Market Impact - IHC has invested $60 billion in the U.S. and is strategically acquiring stakes in emerging markets like India, Egypt, and Pakistan [24]. - The company is focusing on high-growth sectors such as housing finance, minerals, and infrastructure [25]. - IHC's activities significantly enhance market liquidity on ADX, attracting international institutional investors, with net foreign inflows reaching 17.3 billion dirhams in the first nine months of 2025 [26][27]. Group 6: Challenges and Future Outlook - As IHC expands internationally, it faces increasing regulatory scrutiny regarding governance, financial transparency, and related-party transactions [31]. - The complexity of managing a large-scale empire poses challenges for talent and organizational structure [32]. - Future initiatives, such as partnerships with BlackRock and the launch of AI platforms, reflect IHC's forward-looking approach [33].

Core Viewpoint - The development of offshore financial centers requires a robust and specialized underlying real economy, which is essential for Hainan's future as a free trade port and offshore financial hub [1][2]. Group 1: Offshore Financial Centers - Offshore financial centers must ensure the supply of necessary elements, institutional development, and ecological prosperity while also fostering real economic growth [1][2]. - The core elements for the development of offshore financial centers and offshore service trade centers include promoting the flow of factors and the free movement of capital, which involves currency, institutional frameworks, financial infrastructure, and payment tools [1][2]. Group 2: International Market Integration - The connection between offshore and onshore markets is meaningless if offshore centers do not integrate with international markets [3].

Group 1 - The European Union has approved a loan plan of up to 900 billion euros to support Ukraine's military and economic needs for 2026-2027, backed by unused space in the EU budget [1][5] - The plan to freeze approximately 210 billion euros of Russian central bank assets was not approved during the summit, despite previous discussions [1][5] - A proposed compensation loan scheme using frozen Russian assets as collateral was rejected due to concerns over international law and financial regulations [3][6] Group 2 - Russia and Hungary have strongly opposed the freezing of Russian assets, with warnings about potential financial risks and violations of international law [3][6] - The United States has exerted pressure against the use of frozen Russian assets, highlighting significant internal divisions within the EU regarding this issue [6] - Ukraine's funding needs are significantly higher than the 900 billion euros provided, with an estimated total requirement of about 1.35 trillion euros for 2026 and 2027, leaving a funding gap of approximately 450 billion euros [6]

Core Viewpoint - The People's Bank of China and the State Administration of Foreign Exchange have issued a new notification to facilitate domestic companies in raising funds in overseas markets, marking a significant step towards a more streamlined and flexible management of overseas listing funds [1][6]. Group 1: Policy Changes - The new regulation allows for more flexible timing in the registration of share reductions by domestic shareholders, changing the deadline from "within 30 working days after reduction" to "within 30 working days before or after reduction," thus granting companies greater operational autonomy [2][6]. - The process for changing registration has been simplified by removing the requirement for banks to "simultaneously retrieve the original business registration certificate," which reduces unnecessary paperwork [2][6]. - The terminology in the "Overseas Shareholding Change Registration Form" has been updated to "China Securities Regulatory Commission filing or approval number," enhancing the policy's continuity and inclusiveness for companies listed before the new regulations [2][7]. Group 2: Fund Management - The notification unifies the management of foreign and domestic currency funds, clarifying that proceeds from overseas fundraising and share transfers can be repatriated in either foreign currency or RMB, with H-share companies required to distribute dividends to domestic shareholders in RMB [3][8]. - Companies are allowed to autonomously convert foreign currency funds for use, while RMB funds can either enter a capital project settlement account or a domestic RMB bank settlement account [3][8]. - The new regulation establishes a clear funding pathway for H-share "full circulation" business, requiring all related fund transfers to go through a specialized account at China Securities Depository and Clearing Corporation [3][8]. Group 3: Special Provisions - For state-owned shareholders, the regulation stipulates that the domestic company will handle the remittance of proceeds from share reductions to the National Social Security Fund, requiring documentation to be submitted through the capital project settlement account or domestic RMB bank settlement account [4][9].