潮宏基的黄金报价为每克1410.00元，铂金为932.00元；宝庆银楼的黄金价格相对较低，为1329.00元/克，铂金为368.00元/克，周六福的黄金价格为1395.00 元/克，铂金为902.00元/克，每克1290.00元的金条产品。 周生生的黄金价格略高，为1411.00元/克，铂金与潮宏基持平，为932.00元/克，内地金条价格为1237.00元/克，城隍珠宝店的黄金售价为1396元/克，铂金为 870元/克，星光达珠宝的黄金价格达到1406元/克，铂金为880元/克。 太阳金店的黄金价格为1209.00元/克，铂金为629.00元/克；齐鲁金店的黄金价格进一步走低，为1196.00元/克，铂金为599.00元/克。 近期，黄金价格的涨幅引人注目，今年人民币计价的黄金价格飙升超过60%，市场普遍预测美联储可能会提前降息，日本央行意外加息的消息也使得市场上 的利空因素被提前消化，随着资金逐渐回流至黄金市场寻求稳定，投资者对黄金的兴趣再度升温。 金融机构对黄金的未来走势普遍持乐观态度，摩根士丹利预计到2026年底，金价可能触及每盎司4800美元，摩根大通更是看高一线，认为金价将达到5055美 元。 高盛 ...

Core Viewpoint - A luxury villa in Shenzhen, originally valued at over 200 million yuan, has seen a price drop of over 66% and failed to attract any bids during its auction, marking the eighth attempt to sell the property [1][2][3]. Group 1: Property Auction Details - The villa, located in the Guanlan Lake Golf Resort, has an initial auction price of approximately 66.73 million yuan, with a required deposit of 13.34 million yuan and a bidding increment of 333,000 yuan [2]. - The property covers a total area of about 3,935.02 square meters, including a private garden, and has outstanding management fees of approximately 2.16 million yuan and electricity fees of about 103,000 yuan [2]. - The property is under mortgage with China Merchants Bank, with a principal amount of approximately 22.25 million yuan, and the total amount due by August 2025 is around 37.32 million yuan [2]. Group 2: Background of the Property - The villa is associated with the "Zhongke Chuang" case, linked to Zhang Wei, the former actual controller of Hesheng New Materials, who was sentenced to life imprisonment for multiple crimes, including leading a criminal organization [1][4][10]. - The property has been auctioned multiple times since August 2023, with the starting price decreasing significantly from over 200 million yuan to more than 130 million yuan less than the assessed value [3]. Group 3: Related Assets and Auctions - Other assets related to the "Zhongke Chuang" case include two luxury Patek Philippe watches and a Princess yacht, with the yacht's starting price reduced from approximately 2.64 million yuan to 787,500 yuan for its upcoming auction [4][7]. - A private Airbus aircraft previously linked to Zhang Wei was sold for approximately 63.34 million yuan, showcasing the high-value assets involved in the case [7]. Group 4: Company Background - Hesheng New Materials, founded in 2002, specializes in the research, production, and sales of appearance composite materials for home appliances, and has established long-term partnerships with major brands like Samsung and LG [14]. - Following Zhang Wei's conviction, the company's control has changed hands multiple times, with its stock price experiencing a significant increase of nearly 150% in the past year [14].

Core Viewpoint - The People's Bank of China and the State Administration of Foreign Exchange have decided to promote the integrated currency pool business for multinational companies nationwide based on previous pilot experiences [1] Group 1: Business Overview - The integrated currency pool business for multinational companies allows them to manage domestic and foreign currency funds centrally according to their operational and management needs [1] - This business includes fund collection, adjustment of surplus and deficit, centralized payment and settlement of current account funds, and netting [1] Group 2: Participation and Regulations - Financial institutions, local government financing platforms, and real estate companies are prohibited from participating in the currency pool business, except for financial companies acting as the main enterprise [1] - Multinational companies must apply for record registration with the local branches of the State Administration of Foreign Exchange in their respective provinces or municipalities [1]

Group 1: Company Developments - Xiaopeng Motors officially entered the Mauritius market after establishing a strategic partnership in December, following its entry into the Qatar market [1] - Xiaomi has applied for multiple trademarks related to its Ultra series, with some already successfully registered [2] - MiniMax has partnered with Kuaikan Manhua to launch the first AI interactive comic, integrating AI technology into the comic industry [3] - Mango Super Media's wholly-owned subsidiary has established a new equity investment fund with a capital contribution of approximately 356 million RMB [4] Group 2: Investment and Financing - "Hai Sida Sodium Star" has completed over 100 million RMB in strategic financing, with investors including Baiyun Financial Holdings and Guangdong Guoyan Industrial Investment [5] - "Xingyi Space" has completed nearly 300 million RMB in Pre-A round financing, primarily for the construction of overseas measurement and control stations and technology R&D [6] - Shanghai Blueprint Aviation Technology Co., Ltd. has announced 500 million RMB in A round financing, focusing on core technology development [7] - Weina Star completed 1.56 billion RMB in equity financing throughout 2025, aimed at R&D investment and capacity expansion [8] Group 3: New Products - Lenovo plans to launch its first global "AI Super Intelligent Agent" during CES, which will have capabilities similar to the Doubao mobile assistant [10] - Huawei announced the launch of the new Huawei WiFi X product in March 2026, featuring transparent antenna technology and supporting the Harmony ecosystem [11] Group 4: Industry Trends - The Industrial Robot Quality Strong Chain project has completed 33 key tasks, marking significant progress in standards, measurement, testing, and certification [12] - Various regions in China have added over 1.1 billion RMB in subsidies to boost the automotive market as the year-end approaches [12] - The National Venture Capital Guidance Fund will focus on supporting emerging and future industries, enhancing investment in early-stage projects in sectors like semiconductors and AI [12] - The Ministry of Industry and Information Technology emphasized the implementation of a new round of key industry growth plans, promoting the supply of green and age-friendly products [13]

Core Viewpoint - Wuhan Equity Custody Trading Center has successfully expanded private fund share pledge registration services, facilitating asset revitalization and effective investment, with a total of 10 pledge registrations and over 25 billion yuan in financing leveraged [1][2] Group 1: Fund Share Pledge Registration - The total pledged shares exceed 4 billion, positioning Wuhan Equity Custody among the top regional equity markets in China [1] - Fund share pledging allows asset holders to quickly obtain liquidity by pledging their long-held fund shares, optimizing their asset-liability structure [1] Group 2: Innovative Financing Solutions - A notable case involved a listed company that raised over 800 million yuan through an innovative pledge scheme combining employee stock ownership platforms and trusts [2] - The standardized registration service reduces legal and operational risks for funding providers, enabling financial institutions to design controllable risk financing products [2] Group 3: Diverse Financing Models - Wuhan Equity Custody has implemented various financing solutions, such as "regional state-owned asset platform + trust + bank," catering to different financing needs [2] - These practices validate the feasibility of fund shares as qualified collateral and contribute to a positive investment-exit-reinvestment cycle in the region [2] Group 4: Future Directions - The company plans to expand its service range and deepen cooperation with various financial institutions to explore richer financing applications [2] - The goal is to activate existing private equity capital, enhance market activity, and guide financial resources towards technological innovation and key industries [2]

会上，顺博医疗、工大镀锌等区内重点科技企业代表，结合自身经营发展实际与数字化转型规划，详细介绍了企业现阶段发展状况及融资需求。 天津OTC、博正资本、鸿盛基金、天开执信等多家金融服务机构精准对接企业差异化需求，从股权融资、债权支持、产业链金融等多个维度，为企业量身 定制多元化资本支持方案。 为加快推进科技与金融深度融合，精准服务红桥区科技企业创新发展，强化科技企业融资对接实效，近日，在天津市科技局园区营商环境处指导下，红桥 区科技局、区科技创新发展中心聚焦区内企业融资痛点与发展需求，在三条石街道海河华鼎招商聚智厅组织召开"智慧办公 助力企业数字化转型"融资需 求对接会。 本次活动的成功举办，既是深入落实市、区科技创新工作联动机制的具体实践，也为区域科技型企业拓宽融资渠道、加快数字化转型注入了强劲动力。 会后，市、区两级科技部门还围绕党建共建、园区招商引智、区域科技成果转化、企业高质量发展等工作开展了深度交流研讨，为下一步协同推进区域科 技创新工作奠定了坚实基础。 今后，红桥区科技局将进一步创新服务模式、丰富对接内容、提高活动频次，搭建起科技企业与金融机构沟通协作的坚实桥梁，助力双方高效对接、深化 互信、共谋发 ...

银企互汇线上端口的数字化，为融资服务搭建了高效便捷的"绿色通道"。企业可通过互联网平台提交融 资申请，无需反复到场递交材料，大幅减少线下奔波频次，让融资申请环节更高效、更省心。同时，线 上系统可根据企业经营信息，自动推荐适配的融资产品，无需企业逐一咨询对比。 线下服务的精准赋能，则为融资安全与效率保驾护航。银企互汇组建专业服务小队，根据线上申请信息 主动对接，深入企业了解经营状况、核实融资需求真实性，为企业量身定制融资方案。同时，线下团队 全程跟踪审批进度，及时反馈沟通问题，将传统模式下的"企业追着问"转变为"服务送上门"。 中小微企业作为国民经济的"毛细血管"，是推动经济增长、促进就业创业、激发市场活力的关键力量。 然而，融资难、融资繁、融资慢一直是制约其生存发展的瓶颈。传统融资模式下，企业需反复奔波于银 行办理资质审核、材料递交等手续，繁琐流程不仅耗费大量时间成本，更可能在市场机遇稍纵即逝的关 键时刻，错失发展良机。为突破这一困局，银企互汇精准锚定企业需求，创新打造"线上+线下"双线融 合服务模式，构建起一站式融资解决方案，为中小微企业带来全新的融资服务体验。 银企互汇"线上+线下"双线融合的服务创新，不 ...

证券日报网讯12月26日，新力金融（600318）发布公告称，公司本次为全资孙公司深圳润智供应链提供 1000万元连带责任保证担保，累计对外担保总额88，269.69万元，占净资产83.24%，无逾期担保。 ...

Report Information - Report Title: "破七之后：强势已现，空间几何" - Report Date: December 26, 2025 - Research Institute: Huatai Futures Research Institute - Analysts: Cai Shaoli, Zhu Simou [1] Report's Industry Investment Rating - Not provided in the report Core Viewpoints - The logic of RMB's oscillatory strength remains unchanged. The RMB has broken through the 7.00 integer mark, but the appreciation this round is more driven by external factors and trade rhythm. The internal fundamentals have not formed a trend resonance. It is expected to operate in the range of 6.95–7.05 with a slight upward bias in the short term, and the appreciation pace will slow down after breaking 7 [40]. Summary by Relevant Catalogs Quantity - Price and Policy Signals Quantity - Price Observation - The implied volatility curve of the 3 - month USD/CNY option shows an appreciation trend of the RMB, with the volatility on the Put side higher than that on the Call side, and the overall implied volatility shows an upward trend [4]. Policy Observation - The counter - cyclical factor remains in the negative range but has not been activated. There is a fluctuation in the three - month CNH HIBOR - SHIBOR spread [7]. Fundamentals and Views Macro - Economy - **Interest Rate Cut and Liquidity**: There is a divergence in the pricing of interest rate cuts between the US and Europe. The TGA account balance was 861.4 billion on December 17 (previous value: 805.8 billion), and the reserve balance of depository institutions in October was 2.94 trillion (- 123.4 billion). The pace of interest rate cuts by non - US central banks has generally slowed down, and some have shifted to expectations of interest rate hikes [14]. - **Fed Chair Candidates**: The core competition is between Waller, Hassett, and Warsh. Market probabilities show Hassett leading, but Trump highly trusts Bessent. If Waller wins, it may trigger a reversal trade of "the Fed losing its independence", which is positive for overall US dollar assets and negative for gold, and the market may reduce expectations for interest rate cuts next year. If Hassett wins, it may trigger the market's "muscle memory" of "the Fed losing its independence", which is negative for overall US dollar assets and positive for gold, and the market may raise expectations for interest rate cuts next year [17]. - **US Economic Data**: The US economic data has generally exceeded expectations, but the pace of interest rate cuts remains unchanged. Non - farm payrolls exceeded expectations, the CPI increase in November was lower than expected, which supports subsequent interest rate cuts. The PMI has declined slightly, and real estate sales in November increased slightly [19]. - **Inflation**: The US CPI in November was lower than expected. The contributions of food and core commodities decreased, the contribution of crude oil increased, and the contribution of core services decreased. There is a divergence between CPI and PMI [20]. - **Non - farm Payrolls in November**: Compared with September, the non - farm payrolls in November continued to weaken, with only the construction industry showing improvement. In the unemployment rate, re - employment and temporary unemployment had negative contributions, indicating a change in the employment environment [22]. - **Chinese Economy**: There is a situation of strong expectation but weak reality in the Chinese economy. In November, imports and exports showed resilience, but there is still great pressure on fixed - asset investment, and consumption has slowed down. Against the background of increasing marginal pressure, the government's policy window has loosened, and the gap between fundamentals and sentiment has widened [24]. Settlement and Sale of Foreign Exchange - The supply and demand of foreign exchange are generally balanced. The surplus of bank settlement and sale of foreign exchange has fallen to 15.65 billion US dollars, and although the surplus continues, it is gradually weakening at the margin. The scale of settlement and sale of foreign exchange has not significantly increased or decreased, and the marginal guidance of single - month data on the exchange rate has declined. Enterprises' spot - end operations tend to be rational, with the settlement rate of foreign exchange receipts falling to 51.99% and the purchase rate of foreign exchange payments falling to 60.30%. Enterprises maintain a balanced payment and receipt management, and there is no concentrated settlement or sale of foreign exchange. On the forward end, the management is mainly about existing risks. The demand for new forward hedging has cooled down, and the performance shows a divergence of "decrease in settlement and increase in purchase". The net forward settlement of foreign exchange that has not expired continues to rise, and the hedging structure is stable without showing directional bets [31]. Foreign - related Receipts and Payments - The overall surplus has significantly narrowed, but the structure is stable. The surplus of domestic banks' agency foreign - related receipts and payments has declined. Both the current account and the capital and financial account have weakened simultaneously, reflecting a rhythm adjustment rather than a directional change. The surplus foundation of the current account is still solid. The current account surplus has decreased from 74.66 billion to 55.24 billion US dollars, mainly due to the stable export rhythm and the marginal repair of imports. The goods trade surplus is still as high as 72.67 billion US dollars, indicating the resilience of the foreign trade fundamentals. The service trade deficit has expanded to - 6.42 billion US dollars, weakening the support for the surplus. The capital and financial account has a structural outflow, but the pressure has eased. The capital account deficit has expanded to - 38.61 billion US dollars, among which the securities investment deficit has significantly narrowed, and the direct investment deficit has slightly improved. There is no concentrated outflow in a single channel, and cross - border capital flows remain controllable [36]. Overall Viewpoint - The current situation shows that the difference in economic expectations is favorable for the RMB. The US employment and business activities have cooled down simultaneously, with the unemployment rate rising to 4.6% and the wage growth rate falling to 3.5%. In the same period, China's economic growth - stabilizing policies have continued to take effect, and exports and the current account surplus are robust. The Sino - US interest rate difference is neutral. Under the Fed's interest rate - cut cycle, the real return advantage of the US dollar has converged, while China's monetary policy maintains a stable orientation and the interest rate system is stable. The uncertainty of trade policy is neutral. The US trade and industrial policies towards China still have uncertainties, but the adjustment rhythm has slowed down. China's export market continues to diversify, the trade surplus has reached a record high, and the external demand structure is stable [40]. 2026 Scenario Deduction - There are multiple important events and turning points throughout 2026, including the Fed chair candidate situation at the end of 2025, OPEC and FOMC meetings in January, the government work report in February, the National People's Congress and the Chinese People's Political Consultative Conference in March, the expiration of Powell's term in May, the FOMC meeting on June 18, the El Nino situation in June, the Politburo meeting in July, the FOMC meeting on September 29, the US mid - term elections on November 3, and the postponement of the expiration of Sino - US tariffs on November 10. These events are related to policy expectations, inventory cycles, and economic re - balancing, which will have an impact on the economic situation [43].

Core Insights - The 2026 China International Service Trade Fair (CIFTIS) is scheduled to take place from September 9 to 13, 2026, at Shougang Park, with participation from over 10 countries and international organizations, including Norway and the World Intellectual Property Organization [1][2] - The fair will feature nearly 100 Fortune 500 companies and industry leaders, such as AstraZeneca, Eli Lilly, and Siemens, expressing intent to exhibit [1] - CIFTIS has successfully hosted 12 editions, attracting 1.47 million exhibitors and visitors from nearly 200 countries and regions [1] Group 1 - The 2026 CIFTIS will continue to host a high-profile Global Service Trade Summit, inviting foreign dignitaries, international organization leaders, and CEOs of multinational companies to speak [1] - The event will also include forums and meetings to facilitate discussions, consensus-building, and result announcements among various sectors [1] Group 2 - The fair will invite various parties to set up exhibitions and hold meetings, continuing to establish guest countries and provinces, and inviting international organizations and leading enterprises to showcase their strengths [2] - Specialized exhibitions will focus on key service trade areas such as financial services, cultural tourism, education, and sports, highlighting industry trends and showcasing new technologies and applications [2] - A new "Overseas Zone" and a small and medium-sized enterprise exhibition area will be introduced, showcasing China's foreign trade, particularly in service and technology exports [2]