祝大家新年快乐！ 作为账号的主编，我想感谢各位读者这一年里对我们的理解和包容，我们很多看法和观点不一定对，感谢大家能体谅我们的错误。 我也想感谢信任我们的广告主，感谢你们真金白银的支持，让我们这个小小的团队坚持到了现在。 远川研究所这个公众号的第一篇推文是2020年1月发的，满打满算差不多五年。写这篇推送之前，我把过往五年很多推送的留言都看了一遍，有一种很强烈的 感觉：我们在和宏大叙事脱钩。 2020年1月，我们的第一篇推文 两三年前我们写集成电路产业里中国公司的崛起，写中国新能源车产业的蓝图，大家觉得自己融入了这些伟大征途，与有荣焉；今天写同样的话题，大家关 心供应链公司有多少利润，产线上的工人能赚多少钱，宿舍住八个人还是十个人。 哪怕同样的人对同一个命题的看法，似乎也在几年间发生了巨大变化。人们对自身境遇的感受取代了对宏观事务的热忱，并把这种感受投射给了素未谋面的 微观个体。 坦率地说，最近几年各行各业的回报率好像都在变低，我们付出了更多的努力，但没获得等量齐观的回报。 张华考上北京大学，李萍进了中等技术学校，我 在百货公司当售货员，我们的未来好像并无太多不同。 我想很多年轻人会更加感同身受，毕竟大家成长 ...

截至9月30日，多氟多股东户数21.42万，较上期增加33.69%；人均流通股5043股，较上期减少25.20%。 2025年1月-9月，多氟多实现营业收入67.29亿元，同比减少2.15%；归母净利润7805.46万元，同比增长 212.68%。 分红方面，多氟多A股上市后累计派现20.34亿元。近三年，累计派现10.40亿元。 机构持仓方面，截止2025年9月30日，多氟多十大流通股东中，香港中央结算有限公司位居第三大流通 股东，持股2127.42万股，相比上期增加39.91万股。鹏华中证细分化工产业主题ETF联接A（014942）位 居第五大流通股东，持股1782.87万股，为新进股东。广发国证新能源车电池ETF（159755）位居第六 大流通股东，持股1101.72万股，为新进股东。汇添富中证新能源汽车产业指数(LOF)A（501057）、富 国中证新能源汽车指数A（161028）退出十大流通股东之列。 12月19日，多氟多涨1.58%，成交额25.52亿元。两融数据显示，当日多氟多获融资买入额2.13亿元，融 资偿还1.77亿元，融资净买入3567.47万元。截至12月19日，多氟多融资融券余额合计 ...

Group 1 - The Federal Reserve has lowered the policy interest rate to 3.75%–4.0% and will stop quantitative tightening from December 1, indicating a focus on maintaining market liquidity [1][2] - There is significant internal disagreement within the Federal Reserve regarding future interest rate policies, with some members opposing further rate cuts [2] - The U.S. economy is growing at approximately 3.9%, but inflation remains a concern, complicating the decision-making process for interest rate adjustments [2] Group 2 - Silver has decoupled from gold recently, with silver prices rising while gold continues to decline, driven by a strong dollar and reduced geopolitical risks [3][4] - Silver's dual financial and industrial attributes make it particularly valuable in the context of the green energy transition, with significant demand from the solar and electric vehicle industries [4][5] - The historical gold-to-silver ratio is currently at 82, which is still high compared to the typical range of 50–70, suggesting potential for silver to catch up, although the primary drivers for precious metal price increases are financial rather than industrial [5][6]

Group 1 - India's recent policy limits Chinese companies' stake in joint ventures to 10% and requires technology transfer to local firms, contrasting with the 100% ownership allowed for other foreign companies [3][5] - Despite the push for "de-China" initiatives, 76% of components in India's electronics manufacturing still rely on imports from China, highlighting a contradiction in India's strategy [3][5] - The Indian government's "Production-Linked Incentive" scheme, which invested $26 billion, has not significantly improved the market share of local brands, which remains below 5% [3][5] Group 2 - The U.S. is seen as supporting India's anti-China stance, but India's steel industry faces challenges due to reliance on Chinese coking coal, leading to operational difficulties [6][8] - Recent foreign investment in India has plummeted by 40%, with manufacturing's GDP contribution dropping to 14.3%, indicating economic distress [8][10] - Historical comparisons show that while China has advanced significantly in manufacturing, India struggles to keep pace, suggesting that restrictive foreign investment policies may hinder growth [10]