（ * 数据来源： Wind- 央行动态 PBOC ） 2. 资金面 银行间市场资金面继续维持宽松局面， DR001 加权平均利率小升并停留在 1.26% 附近。匿名点击（ X-repo ）系统上，隔夜报价在 1.25% 供给无忧；非银 机构质押存单及信用债隔夜报价在 1.40% 附近。交易员表示，元旦后逆回购集中到期央行净回笼规模顺势加大，不过对资金面扰动有限，央行最新工作 会议重提降准降息亦安抚情绪。 海外方面，最新美国隔夜融资担保利率为 3.70% 。 // 债市综述 // 1. 公开市场操作 央行 公告称， 1 月 7 日以固定利率、数量招标方式开展了 286 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 286 亿元，中标量 286 亿元。 Wind 数 据显示，当日 5288 亿元 逆回购到期 ，据此计算，单日净回笼 5002 亿元。 （ IMM ） （ * 数据来源： Wind- 国际货币资金情绪指数、资金综合屏） 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在 1.63% 附近，较上日小幅上行。 （ * 数据来源： Wind- 同业存单 - 发行结果） 4. 银行间主 ...

专题：2025年国际财经新闻大盘点 2025年，美国电信业经历了基础设施收购、激烈的无线竞争和宽带用户增长的变化。 AT&T今年上涨8.96%；该公司于5月宣布以57.5亿美元收购LumenTechnologies的LUMN.N消费者光纤业 务，并于8月同意以230亿美元收购EchoStar的无线频谱许可证 CharterCommunications今年累计下跌38.85%；该公司于5月份宣布以219亿美元与CoxCommunications合 并，打造一个有线电视巨头，与Comcast竞争。 T-Mobile今年下跌7.67%；该公司在7月份将Starlink的直达蜂窝服务，在8月份完成了价值10.2亿美元的 对UScellular的收购，并在11月份任命SriniGopalan为首席执行官。 Verizon今年累计上涨1.78%；该公司于5月份完成了对FrontierCommunicationsFYBR.O的价值200亿美元 的收购，并于11月份宣布裁员13000多人，这是新任首席执行官丹-舒尔曼（DanSchulman）。 责任编辑：刘明亮 专题：2025年国际财经新闻大盘点 2025年，美国电信业经历 ...

Group 1 - The core viewpoint of the meetings is to implement the spirit of the Central Economic Work Conference, summarize the work of 2025 and the "14th Five-Year Plan" period, analyze new situations, and research key tasks for the "15th Five-Year Plan" period, while deploying key work for 2026 [1][2] - In 2025, the industrial economy is expected to achieve effective qualitative improvements and reasonable quantitative growth, with telecommunications business volume and software business revenue projected to grow by approximately 9% and 12% year-on-year, respectively [1] - The resilience of industrial and supply chains is continuously enhanced, with high-tech manufacturing and equipment manufacturing value-added growing by 9.2% and 9.3% year-on-year from January to November, respectively [1] Group 2 - The year 2026 marks the beginning of the "15th Five-Year Plan," focusing on achieving new industrialization, deepening reforms, and promoting the integration of technological and industrial innovation [2] - Ten key areas of work have been deployed for 2026, including consolidating the positive trend of the industrial economy, enhancing the resilience and safety of industrial chains, and promoting green low-carbon development in the industrial sector [2] - The Ministry of Industry and Information Technology plans to establish the first batch of national emerging industry development demonstration bases and create innovative industrial clusters [3]

Core Insights - The meeting focused on deploying key tasks for 2026, emphasizing the importance of new industrialization and the implementation of the 14th Five-Year Plan while preparing for the 15th Five-Year Plan [1][6] Summary by Sections Industrial Economic Performance - In 2025, under the leadership of the central government, the industrial economy is expected to show steady progress, with telecommunications and software business revenues projected to grow by approximately 9% and 12% respectively, and digital industry revenue also expected to increase by around 9% [3] - The resilience of industrial supply chains is improving, with significant advancements in key manufacturing sectors and breakthroughs in landmark technologies and products [3] Technological Innovation and Manufacturing Upgrades - From January to November, the added value of high-tech manufacturing and equipment manufacturing increased by 9.2% and 9.3% respectively, with the core AI industry exceeding 1 trillion yuan and exports of new energy vehicles surpassing 2 million units [3] - Over 7,000 advanced and 500 excellent smart factories have been established, with over 20,000 industrial 5G private networks and more than 8,000 5G factories [3] Key Focus Areas for 2026 - The meeting outlined ten key areas for focus in 2026, including consolidating the positive trend of the industrial economy, enhancing supply chain resilience, and accelerating technological innovation [7][8] - Emphasis was placed on fostering emerging industries such as integrated circuits, new materials, and biomedicine, while also promoting the deep integration of information technology and industrialization [8][9] Industry Governance and Policy Implementation - The meeting highlighted the need for improved industry governance, including the implementation of a series of plans for the industrial and information sectors during the 15th Five-Year Plan [10] - There is a strong focus on enhancing the quality of enterprises, with initiatives to support small and medium-sized enterprises and to eliminate overdue payments to businesses [9][10] Political and Organizational Support - The meeting underscored the importance of the Party's leadership in ensuring the success of various initiatives, emphasizing the need for political construction and the enhancement of talent and organizational capabilities [11] - It called for a unified approach to implementing the central government's decisions and fostering a positive political environment [12]

工业和信息化部负责人透露，2025年工业经济稳中有进，预计全年规模以上工业增加值同比增长 5.9%。 数据显示，今年1—11月规模以上高技术制造业、装备制造业增加值同比分别增长9.2%和9.3%。制造业 转型升级步伐加快： 据了解，目前我国累计培育科技和创新型中小企业超60万家、高新技术企业达50.4万家。工业和信息化 部部长李乐成表示，要全力巩固工业经济稳中向好态势，深入实施新一轮十大重点行业稳增长工作方 案，持续提升产业链自主可控水平。 2025年数字产业业务收入同比增长9%左右 统计显示，2025年数字产业业务收入同比增长9%左右，我国电信业务总量和软件业务收入分别同比增 长9%和12%左右。截至11月末，5G基站总数达到483万个，占移动基站总数的37.4%。5G移动电话用户 达11.93亿户，占移动电话用户的65.3%。 李乐成指出，我国已全面实施"人工智能+制造"行动，人工智能终端，智能体加速应用推广。我国已设 立600亿元的人工智能产业投资基金，制造业企业人工智能应用普及率达30%。 (责任编辑：朱赫) ·累计建成7000余家先进级、500余家卓越级智能工厂。 ·累计培育国家绿色工厂6430家、 ...

截至发稿，中国电信市值为5939亿元。 每经头条（nbdtoutiao）——左手"欠款"右手"豪购"！杨陵江收购"国内酒庄第一股"，1919是否重启上 市？"吹太多牛都实现了，但千亿还没实现，我很着急" （记者 曾健辉） 每经AI快讯，中国电信（SH 601728，收盘价：6.49元）12月24日晚间发布公告称，公司第八届第二十 四次董事会会议于2025年12月24日在北京西城区金融大街31号公司总部618会议室以现场方式召开。会 议审议了《关于外部审计师2025年度审计费用的议案》等文件。 2024年1至12月份，中国电信的营业收入构成为：电信业占比100.0%。 ...

港股市场策略周报 2025.12.01-2025.12.07 | 分析师： | 蒋开来 | | --- | --- | | 中央编号： | BWL381 | | 联系电话： | 852-6430 1060 | | 邮箱： | jiangkl@cnzsqh.hk | 1 港股市场策略周报 - 投资要点 l 港股市场表现回顾： n 本周港股低开高走，整体延续"修复但不亢奋"的节奏，AI、互联网等热门板块有所回补，呈现"龙头优先、弹性有限" 的结构性格局。本周恒生综指/恒生指数/恒生科技分别+0.84%/+0.87%/+1.13%。一级行业板块多数收涨，仅电讯 业、必需性消费、地产建筑业、医疗保健业收跌。 n 截至本周末，恒生综指的5年PE（TTM）估值分位点为84.45%，估值水平接近5年均值向上一个标准差。 l 港股市场宏观环境： 2 n 基本面：非制造业PMI跌落荣枯线，制造业PMI好于10月前值，但也处于荣枯线以下，反映整体经济景气水平仍偏弱。 n 资金面：美国降息概率较高，12月降息25bp概率接近九成；本周南向资金继续保持净流入，环比上周下降49.45%。 l 港股市场展望： n 基本面：国内经济仍处于 ...

Group 1 - New Zealand's construction costs are showing signs of upward pressure, with average costs for standard residential construction in major cities rising by 0.5% over the last three months, marking an annual increase of 1.1% [1][21] - The most significant increases in construction costs are observed in structural timber (up 5.2%), cladding systems (up 5.0%), and concrete (up 4.5%) [1] - The rise in costs is attributed to early signs of cost pressure returning, as indicated by construction surveyors [1][21] Group 2 - A report indicates that 777 companies went bankrupt in the third quarter, a 5% increase from the previous quarter, highlighting ongoing structural challenges in the economy [1][2] - The construction industry has the highest number of bankruptcies at 192, although its failure rate is relatively low compared to its economic size [2] - Industries such as transportation, distribution, and manufacturing are experiencing the largest increases in bankruptcy numbers due to rising costs and weak demand [3] Group 3 - New Zealand's local government tax rate cap proposal has raised concerns among credit rating agencies, particularly Standard & Poor's, regarding its potential negative impact on the financial stability and credit ratings of local governments [4] - The proposal aims to set an annual increase cap for local council tax rates between 2% and 4%, which could limit councils' ability to repay debts and invest in critical infrastructure [4][21] - Local government leaders have criticized the proposal, arguing it could lead to deterioration of municipal assets and limit borrowing capacity for essential projects [4] Group 4 - In the U.S., initial jobless claims fell to a three-year low, indicating that employers are still trying to retain employees despite recent layoffs [5][6] - The number of initial jobless claims decreased by 27,000 to 191,000, which is below market expectations [6][7] - Despite a wave of layoffs, the data suggests that actual layoffs remain limited, alleviating concerns about a rapid deterioration in the labor market [7][8] Group 5 - U.S. companies announced a significant drop in planned layoffs in November, with a 53% decrease to 71,321, although this remains the highest level for November since 2022 [10][11] - The total number of planned layoffs for the first 11 months of the year reached approximately 1.171 million, a 54% increase year-on-year, marking the highest annual level since the pandemic [10][11] - The contrast between increased layoffs and a lack of corresponding rises in unemployment claims indicates a stagnation in the labor market [11] Group 6 - New Zealand's housing market is facing dual pressures from stagnation in the real estate market and weaker-than-expected government finances [21][22] - The median residential value in New Zealand remained flat in November at NZD 806,561, with a year-on-year decline of 0.73% [21] - The government is experiencing a core tax revenue shortfall of NZD 6 billion compared to expectations, primarily due to weaker corporate and personal tax revenues [22]

Core Viewpoint - Consumers have multiple effective channels for complaint beyond the official 12315 hotline, which can enhance the success rate of consumer rights protection [12] Group 1: Official Complaint Channels - The National Financial Supervision Administration (12378 hotline) is a specialized complaint channel for banking services, credit card disputes, insurance claims, and financial products, known for its high efficiency and professionalism [2] - The State Post Bureau's complaint website and WeChat mini-program are effective for issues related to lost, damaged, or delayed deliveries, providing strong constraints on courier companies [3] - The Telecommunications User Complaint Handling Center (12300) is a key regulatory channel for telecom service issues, such as package disputes and signal problems [4] Group 2: Third-Party Social Platforms - Third-party complaint platforms like the Black Cat Complaint platform offer convenience and strong public opinion oversight, serving as important supplements to official channels [5] - The Black Cat Complaint platform features multiple access points, an intelligent processing system, a transparent supervision mechanism, and maintains a neutral stance as a public welfare platform [6] Group 3: Other Notable Complaint Channels - The China Consumers Association and local consumer associations are legally established organizations that protect consumer rights through complaint handling and consumer warnings [7] - E-commerce platforms have their own internal complaint mechanisms that respond quickly, especially when evidence is clear [9] - Quality supervision and inspection channels can be approached for product quality issues, particularly concerning safety standards and quality certification [10] Group 4: Choosing the Right Complaint Channel - Consumers should select complaint channels based on the industry, such as using 12378 for financial issues, the postal bureau for delivery problems, and 12300 for telecom issues [11] - The nature of the complaint should also guide the choice, with 12315 for illegal activities and third-party platforms for quick resolutions [11] - Using multiple channels simultaneously can enhance the effectiveness of complaints, such as combining 12315 with the Black Cat platform for a comprehensive approach [11]

Core Viewpoint - JPMorgan predicts that 2026 will be a year of "industry consolidation" for the European telecom sector, with increased M&A activity expected to drive potential stock price increases despite sluggish revenue growth [1] Revenue Trends - In Q3 2025, revenue for the European telecom industry declined by 0.7%, indicating a challenging revenue environment [1] Profitability Outlook - Analysts expect profitability growth through cost reductions and lower capital intensity, suggesting a focus on operational efficiency within the industry [1]