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]

Core Insights - The launch of the Hainan Free Trade Port on December 18, 2025, marks a new phase in China's opening-up strategy, showcasing the country's commitment to high-level openness and the immediate benefits of policy implementation [1] Group 1: Policy Implementation and Economic Impact - In the first week of the closure, the value of "zero-tariff" goods imported under the "first line" policy exceeded 400 million yuan, covering various sectors including high-end equipment and consumer goods [3] - The "zero-tariff" policy has been upgraded, increasing the proportion of taxable items from 21% to 74%, covering over 6,600 items, which significantly reduces operational costs for companies [3] - The first week saw over 20 million yuan in "value-added processing" goods under the "second line" policy, with expectations of over 10 billion yuan in local industry value added for the year [3] Group 2: Customs and Regulatory Efficiency - Hainan has implemented a "first line open, second line controlled" strategy, utilizing smart port technology for efficient customs clearance, achieving an average daily vehicle flow of 2,000 without congestion [4] - A risk warning and intelligent identification system has been established, detailing 23 categories and 89 regulatory risk scenarios, enhancing both safety and efficiency in customs operations [4] Group 3: Consumer Behavior and Market Growth - The first week of duty-free shopping in Hainan reached 1.1 billion yuan, a year-on-year increase of 54.9%, with 165,000 shoppers, reflecting a surge in consumer demand driven by policy benefits [4] - The expansion of the duty-free market is not only boosting consumption but also driving industrial upgrades, with new business models emerging in the duty-free sector [4] Group 4: Business Confidence and Foreign Trade - In the first week, 1,972 new foreign trade registered companies were established, a 2.3-fold increase year-on-year, indicating strong business confidence in the Hainan Free Trade Port [5] - The "processing value-added zero-tariff" policy has led to a reduction in production costs by over 15% for some companies, enhancing their competitive edge [5] Group 5: Broader Economic Developments - The duty-free policy has been expanded to include more product categories, increasing from 38 to 47, thus catering to diverse consumer needs [6] - Hainan is positioning itself as a strategic hub for trade and economic cooperation with ASEAN, leveraging both RCEP and free trade policies [6]

Group 1: AI Bubble and Market Valuation - The current valuation levels of US stocks, particularly in the AI sector, are approaching those seen during the 2000 dot-com bubble, raising concerns about sustainability [2] - Analysts predict a 10-13% earnings growth for the S&P 500 in 2025, with a 15% growth expected in 2026, but there are doubts whether this growth can support current valuations [2] - If major tech companies fail to deliver expected returns from AI investments, market confidence could collapse, leading to significant economic repercussions [2][3] Group 2: Consumer Spending and Economic Resilience - The top 20% of wealthy households in the US hold 70% of financial assets, and their spending accounts for nearly half of total US consumption [3] - A collapse of the AI bubble could lead to a rapid decrease in wealth for these households, resulting in a sharp contraction in consumer spending and a potential recession [3] Group 3: Labor Market and Inflation Risks - The construction of AI infrastructure has created numerous jobs, but a sudden halt in AI investment could lead to widespread job losses and a rise in unemployment [4] - Stricter immigration policies are exacerbating labor shortages, which could lead to increased wage inflation and further economic instability [5] Group 4: Fiscal and Trade Risks - The US federal budget deficit reached $1.8 trillion in the 2025 fiscal year, raising concerns about fiscal sustainability [6][7] - Proposed "tariff rebates" by the Trump administration could exacerbate the deficit, especially if they are not supported by corresponding revenue [6][7] Group 5: Federal Reserve Independence - The potential political influence over the Federal Reserve could undermine its independence, leading to uncontrolled inflation and rising long-term interest rates [10][11] - A loss of credibility for the Federal Reserve could result in a significant decline in the value of the US dollar and increased capital flight [12] Group 6: Bond Market Trust Crisis - The US federal deficit is expected to remain high, and any loss of investor confidence could trigger a sell-off in the bond market, affecting global financial stability [13] - European countries are also facing similar challenges, with rising defense spending and increasing public debt levels [14][15] Group 7: Japanese Policy and Global Impact - Japan's recent interest rate hikes could disrupt global financial markets, particularly affecting yen carry trades that have significant implications for liquidity [16][17] - A potential "rate hike-recession" cycle in Japan could further complicate global economic conditions [17] Group 8: Gold Valuation Risks - The significant disparity between the market value and the official valuation of US gold reserves poses risks if the government decides to revalue these assets [18][19] - A revaluation could lead to inflationary pressures and undermine the independence of the Federal Reserve [19][20] Group 9: Geopolitical Risks - The shift in US foreign policy could lead to increased volatility in global markets, particularly concerning energy prices and supply chains [21][22] - Ongoing conflicts in regions like the Middle East and Africa could disrupt critical trade routes, impacting global economic stability [23][25] Group 10: European Political Fragmentation - The rise of far-right parties in Europe and the erosion of EU unity could lead to increased political instability and economic challenges [26][27] - The potential for member states to act independently could weaken the EU's collective decision-making power and exacerbate existing tensions [28] Group 11: Private Credit Market Risks - The private credit market has grown significantly, but rising default rates and financial instability could lead to a broader financial crisis [29][30] - A collapse in this market could trigger a chain reaction affecting traditional financial systems and investor confidence [30]

摘要今日周五(12月26日)亚盘时段，国际黄金目前交投于4530美元附近，截至发稿，国际黄金最新报 4510.33美元/盎司，涨幅0.68%，最高上探至4530.60美元/盎司，最低触及4474.78美元/盎司。目前来 看，国际黄金短线偏向震荡走势。 日内金价突破4500关键关口，看涨情绪全面升温，借助早间的冲高回落，目前价格已反弹靠近4510一 带。后续盘面依旧重点关注4490，这一位置既是早间承压位，也是周三起跌口，经过顶底转换后成为强 支撑，围绕此位继续看涨的思路不变。当然，若午间持续横盘且未出现太大回撤，午后亦可看多，坚持 多头节奏、看涨不动摇的判断。 Natixis CIB Americas首席美国经济学家克里斯托弗.霍奇认为，鲍威尔已厌倦主席职务，离任可能性较 高，但存在两大不确定因素：一是特朗普提名的继任人选——凯文.哈塞特、凯文.沃什和克里斯.沃勒均 属合适，但若出现左翼不严肃候选人，鲍威尔或会重新考虑；二是最高法院对特朗普罢免理事莉萨.库 克案的裁决，若判定白宫可随意解雇联储官员，鲍威尔可能留任以确保独立性。 霍奇指出，地区联储主席的连任如同"护栏"，扫清了鲍威尔5月后卸任的障碍。只要他确信 ...

作为金融消费者，你是不是也曾遭遇过各种陷阱，却投诉无门？或者也曾持有优秀的理财、保险产品，却没有分享渠道？ 作为散户你是不是曾遭遇过上市公司的不公正待遇，想维权却孤立无援？或者，你手握行业第一线的真实投资/消费故事，渴望被听见、被关注？ 凤凰网响应国家防范化解金融风险，保护金融消费者合法权益，推动资本市场高质量发展的政策号召，搭建垂直于金融机构与资本市场的网友反馈平台 ——"凤凰服务台"，以期让留言网友的声音"被看见、被回应"！ 你可以在这里做什么？ ·合规发声，流程极简！ 无论是吐槽不良体验，还是点赞优秀服务，或是揭露行业问题，你只需填写机构名称、你的留言内容、昵称和电话（仅用于核实与联系），一键提交，即可 完成发声。 ·你的留言，被广泛看见！ 为什么选择我们？ ·权威渠道加持，诉求直达核心 依托凤凰网的品牌影响力，与深耕财经领域的专业积淀，你的合理诉求不会石沉大海，"凤凰服务台"会成为你捍卫合法权益的坚实后盾。 ·价值深度转化，发声不止于"说" 留言不再只是"说说而已"，而是有机会变成案例在凤凰网全平台发布，更可能化作推动行业规范发展、守护千万人利益的重要力量。 ·操作低门槛，流程高效率 无需复杂流程，三 ...

孙正义女儿自曝身份。 在公告中，川名麻耶简介赫然写着：1981年4月，作为孙正义长女出生。其他经历包括：2004年加入高盛日本，2008年加入青羽BBT，2017年加入Afiniti 日本分公司，2019年12月创立BOLD株式会社（BOLD Inc.），担任首席执行官；2025年先后担任Design Future Japan和Ai ROBOTICS的外部董事。 川名麻耶强调，她选择公开个人背景，旨在明确表明她与Spiber的合作基于长期视角，而非受首次公开募股（IPO）或企业并购（M&A）等短期资本收益 驱动。这使她能够全身心投入，助力Spiber成长为全球生物创业领域的领军企业，并为实现这一目标做出深思熟虑、及时有效的决策。 近日，日本科技独角兽公司Spiber发布的一份公告显示，软银集团董事长孙正义的女儿亮相其中。 根据Spiber发布的公告，其已与川名麻耶（Maya Kawana）签署业务支持相关协议。待协议生效前提条件满足后，川名麻耶将于2026年上半年开展相关支 持工作。相关支持实施后，Spiber将继续借助与川名女士业务的协同效应，追求进一步的发展与价值创造。 在孙正义本人年近7旬的背景下，这份 ...

以下文章来源于棱镜 ，作者吴遮 棱镜 . 腾讯新闻出品栏目，《棱镜》聚焦泛财经深度记录。 来源丨 棱镜 （ID： lengjing_qqfinance ） 作者丨 吴遮 编辑丨 孙春芳 图源丨Midjourney "只要一回到香港，就有一种到家的感觉。"11月下旬，在香港中环的一个写字楼上，张鹏（化名）看 着窗外的维多利亚港颇为感叹地说。 他曾经是一位知名的创业者、投资人，身价超过10亿人民币。几年前，因为在国内的一些纠纷，长期 旅居在海外，新加坡是他经常去的地方。今年初，他决定回到香港，"在新加坡时，虽然华人的氛围 很浓厚，但自己始终都是一个游客。" 过去几年，中国富豪在新加坡扎堆的现象备受关注，但最近，这个现象正在发生逆转，不少华人富豪 开始逃离新加坡，并选择香港作为他们的"主场"。 12月12日，致同香港会计师事务所发布的《香港财富管理热潮：引领全球市场新格局》，引发了不 小的关注。根据这份报告，今年上半年，资产超过3000万美元的高净值人士中，有17215人在香 港，与2024年同期相比，增加了22.9%。 香港也成为了全球顶级财富市场中增幅最大的地区。 而对于中国的富豪们来说，他们正集中面临着财富传 ...