2025年12月27日，2025上市公司ESG发展论坛暨第十二届中国城市创新高质量发展论坛【第十二届中国 地产华表奖颁奖盛典】在北京梧桐会客厅盛大启幕。本次论坛以"ESG赋能产业升级，创新驱动城市未 来"为核心主题，汇聚地产、能源、科技、金融等多领域领军者，共同探讨ESG实践与城市创新发展的 核心路径，来自各界的行业精英、专家学者及新闻媒体代表齐聚一堂，共赴这场思想盛宴与行动集结。 作为行业极具影响力的年度盛会，本次论坛由华表智库、中国地产华表奖组委会、中国城市创新产业研 究院、华表生态资源交易平台、全域数据信息安全重点联合实验室联合主办，梧桐会客厅协办，论坛紧 扣全球绿色转型与中国"双碳"战略纵深推进的时代脉搏，立足"十四五"规划与共同富裕战略落地的关键 节点，搭建了政策解读、思想碰撞、务实合作的高端平台。论坛由珠江投资合生创展昌平项目总经理张 慧与地产华表御用双语主持人李濛联袂主持，全程亮点纷呈、干货满满。 论坛伊始，华表生态资源交易平台荣誉主席、中国房地产业协会原副会长苗乐如、华表生态资源交易平 台荣誉主席、第十三届全国人大代表、第十至十二届全国政协委员，林达集团董事局主席李晓林、中国 商业文化研究会产 ...

（来源：领盛Optivest） 基本面总结： 1．澳大利亚12月PMI初值呈现分化，综合扩张动能创7个月新低。 2025年12月16日，标普全球公布的澳大利亚12月PMI初值数据显示，该国私营部门经济呈现明显分化态势，综合PMI扩张动能有所放缓。具体来看，制造 业PMI初值由11月的51.6升至52.2，延续扩张态势且增速小幅加快，主要得益于商品新订单的增长以及强劲的商品出口表现，有效抵消了服务业出口的疲 软；而服务业商业活动指数则从52.8回落至51.0，增速明显放缓成为拖累整体经济扩张节奏的主要因素。受服务业表现疲软影响，综合PMI初值由前值 52.6降至51.1，尽管连续第15个月保持在50荣枯线以上的扩张区间，但已创下7个月来的最低增速。 从市场核心观察点来看，12月澳大利亚民企整体新订单仍保持稳固增加，为产出增长提供了基础，只是整体增长率较前期有所放缓。就业市场方面，企业 为应对现有工作量持续增聘员工，就业数据保持增长态势。企业信心层面表现亮眼，信心指数升至6月以来的最高水平，显示出企业对未来产出前景的乐 观预期。不过，行业内部积压工作情况呈现分化，制造业积压工作有所增加，但服务业积压已连续第8个月 ...

美联储在北京时间9月18日凌晨做出的降息决定，是一场被市场充分预演了的"大戏"。联邦基金利率目标区间从4.25?.5%下调至4.0?.25%。美联储主席鲍威尔 在会后坦言，这是一次"风险管理型"降息，他们的注意力"全部集中在就业市场上"。 这意味着，美国货币政策的重心正在从过去两年猛踩刹车的"抗通胀"，转向谨慎地轻点油门的"防衰退"。 消息落地后，全球市场的反应并不是一片欢腾，反而有点"利好出尽是利空"的味道。美股三大指数涨跌互现，道指微涨，纳指却小幅收跌。美元指数玩了个 先跌后涨，国际金价也冲高回落。 这种波动恰恰暴露了市场的分歧：投资者一方面欢迎降息带来的流动性，另一方面又担忧鲍威尔"无需迅速调整利率"的谨慎表态，是否意味着未来的降息步 伐会非常缓慢。 对于中国而言，这场来自外部的变化，机遇远大于挑战。最立竿见影的效果体现在汇率上。美联储降息缩小了中美之间的利差，人民币对美元的贬值压力显 著减轻。 在降息前夕，离岸人民币兑美元汇率就已升破7.1关口，创下去年11月以来的新高。人民币企稳升值，相当于给中国的进口企业发了个"成本下降"红包，特 别是能源、原材料进口企业的利润空间会得到改善。 中国人民银行的货币 ...

格隆汇12月10日｜花旗集团分析师Heath Terry指出，美股科技股此前一波修正应视为正常的市场调整， 因为秋季初科技业并购与题材热度推升股价速度过快。他认为，投资人不应聚焦于上月压低科技股的事 件，而应关注AI采用的持续扩大，这项趋势正逐步为科技股带来支撑，并可能一路延续至2026年。许 多大型企业正部署以模型API打造的数万个AI代理，这将转化为云端巨头更快的营收与积压订单成长。 分析师认为，尽管AI相关股票在本轮多头行情中已大幅上涨，市场仍低估了AI的规模与潜力，而随着 AI带来显著成本节省与效率提升，这项价值将更加明显。他表示，对AI生态系统的市场预估"几乎全面 偏低"，特别是在2026年以后，预期明年将见到各大企业财测全面上修，股价也将反映更多上行风险。 ...

Jack an, JP 大中华区 EY Regio Greater 安永中国主席、大中华区首席执行官陈凯致辞 作为世界上最负盛名的国际商业奖项之一，"安永企业家奖"2025于12月5日圆满落幕。 今年是"安永企业家奖"在中国内地、香港及澳门举办二十周年。二十载不忘初心，新时代筑梦前行。奖项始终以弘扬企业家精神为己任，表彰优秀的企业 家在推动可持续发展、助力中国经济高质量发展中所作的卓越贡献。让我们通过影像，重温颁奖现场的荣耀时刻！ 21111 福耀集团创始人、终身荣誉董事长 "安永全球企业家奖"2009大奖获奖者 "安永企业家奖"2008中国内地大奖获奖者 曹德旺致辞 安永企业家奖 2025 获奖者 （排名不分先后 ） 科技业 自主反重要 Firstoniana AEY Entrepreneur EYs HiPH 88 00-ATE BA Chen Nino 深圳云天励飞技术股份有限公司 董事长兼首席执行官 陈宁 云知声智能科技股份有限公司 创始人兼首席执行官 黄伟 EYsek Historia 下 PETERATE 思谋科技 创始人兼董事长 贾佳亚 制造业 生命科学与医疗健康 服务业 评委会特别奖 安永企业 ...

今日，安永揭晓了"安永企业家奖"2025行业奖项获奖者名单，来自中国内地和香港/澳门的十二位企业家从众多候选人中脱颖而出，获得"安永企业家 奖"2025殊荣。获奖企业家分别来自科技业、服务业、制造业、生命科学与医疗健康等行业。 陈凯 安永中国主席、 大中华区首席执行官： "今年适逢'安永企业家奖'在中国内地、香港和澳门举办二十周年。二十年来，我们紧扣国家经济建设脉搏，为企业家们搭建起交流与合作的平台，见证了 中国民营经济的蓬勃发展和中国企业家们攀登全球产业链高峰的奋斗英姿，众多满怀创业与报国激情、为国家繁荣和社会进步作出卓越贡献的优秀企业家荣 膺'安永企业家奖'。" 毕舜杰 安永企业家奖项目主席、 思谋科技 创始人兼董事长 贾佳亚 安永大中华区业务主管合伙人 "今年的评选活动以'二十载不忘初心，新时代筑梦前行'为主题，致敬在风云变幻中始终保持战略定力、在产业变革中勇于开拓创新的企业家。二十载积 淀，皆为序章，展望未来，皆有可期。'安永企业家奖'将继续以弘扬企业家精神为使命，通过讲好企业家故事，凝聚企业家力量，积极服务国家战略，助力 国家发展。" 获奖企业家将出席今晚举行的颁奖晚宴。届时，颁奖晚宴上还将公布从十 ...

Report Summary 1. Core Views - The global economy is entering the top region due to the continuous wrong policies of the United States [2] - The US investment - grade bond issuance scale has exceeded last year's $1.496 trillion, and the global bond issuance scale has exceeded $6 trillion for the first time this year [1] - The US sub - prime borrower auto - loan delinquency rate has reached a record high, and consumer spending is slowing down [1][2] 2. Key Information by Category Macroeconomic and Financial Information - **Gold Market**: Citigroup's latest gold outlook report predicts that the gold price may reach $6000 in a specific scenario, and US investors are the main force driving the gold price increase. In 2025, the net inflow of US gold ETFs accounts for 60.9% of the global total [1] - **Federal Reserve Policy**: New York Fed President Williams said that the Fed will assess when reserves are sufficient and then start gradually buying assets to maintain sufficient reserves [1] - **US Data Center Power Demand**: Morgan Stanley's report shows that the power demand of US data centers is rising sharply, and there will be a 44 - gigawatt power gap by 2028, equivalent to the power generation of 44 nuclear power plants [1][2] - **AI Infrastructure Investment**: Anthropic plans to invest $50 billion in AI infrastructure in the US, and Microsoft's first "AI super - factory" has been put into operation [1] - **Oil Market**: OPEC's November report shows that the oil market will be slightly oversupplied in 2026 [1] - **Bond Market**: The issuance scale of US investment - grade bonds has exceeded last year, and the global bond issuance scale has reached over $6 trillion this year [1] - **Auto - loan Delinquency**: As of October, the proportion of US sub - prime borrower auto - loans overdue for more than 60 days reached 6.65%, the highest since 1994 [1] Global Economic Logic - **US Government**: The US Senate passed a temporary appropriation bill to end the government shutdown [2] - **AI Competition**: NVIDIA CEO Huang Renxun believes that China will win the AI competition due to a more favorable regulatory environment and lower energy costs [2] - **Huawei's Achievements**: Huawei announced "ten major inventions", demonstrating its strength in computing power infrastructure and storage [2] - **Stock Market Outlook**: Goldman Sachs CEO is optimistic about the stock markets in Hong Kong and the Chinese mainland [2] - **AI Data Center Investment**: Morgan Stanley estimates that the construction boom of AI data centers will require at least $5 trillion in the next five years [2] - **Labor Shortage**: There is a shortage of plumbers, HVAC contractors, mechanics, and electricians in the construction of US data centers [2] - **Consumer Spending**: US household excess savings accumulated during the pandemic have been basically exhausted, and consumer spending is slowing down, especially among middle - income groups [2] - **Corporate Layoffs**: In October, the total number of US corporate layoffs was 153,074, mainly in the technology and warehousing industries, an increase of 183% from September and almost three times that of the same period last year [2]

Core Viewpoint - The U.S. stock market, particularly technology stocks, has experienced significant sell-offs, driven by concerns over an "AI bubble," worsening employment data, and uncertainty regarding the Federal Reserve's interest rate decisions [2][10]. Market Performance - On November 6, major U.S. stock indices opened lower and closed with the S&P 500 down 1.12%, the Nasdaq down 1.9%, and the Dow down 0.84% [4]. - Large-cap tech stocks faced substantial declines, with AMD dropping over 7%, Nvidia, Tesla, and Qualcomm down over 3%, and Amazon, Meta, and Oracle down over 2% [6]. AI Sector Concerns - AI-related stocks plummeted, with Duolingo's share price crashing over 25%, marking its largest single-day drop ever. This decline was attributed to the company's disappointing earnings guidance and a focus on user growth rather than short-term monetization [6][7]. OpenAI's Statements - Recent comments from OpenAI executives sparked discussions about the need for government guarantees for AI companies, intensifying fears of an "AI bubble." OpenAI's CFO clarified that the company is not seeking government backing for its infrastructure investments [7]. Employment Market Data - The employment situation in the U.S. is deteriorating, with a reported 153,074 layoffs in October, a 183% increase from September, primarily in the tech and warehousing sectors. This marks the highest number of layoffs for October since 2022 [7]. - Additionally, U.S. non-farm employment decreased by 9,100 in October, following a prior increase of 33,000 [7]. Federal Reserve's Interest Rate Outlook - Uncertainty regarding the Federal Reserve's interest rate decisions is contributing to market volatility. Recent statements from Fed officials reveal significant internal disagreements about the future path of interest rates [10][11]. - Some officials, like Chicago Fed President Austan Goolsbee, expressed caution about further rate cuts due to missing key inflation data, while others, like Cleveland Fed President Beth Hammack, emphasized the urgency of addressing inflation concerns [10][11].

Group 1 - President Trump is set to visit the UK for the second time this year, with expectations of announcing over $10 billion in new economic agreements, including significant investments in the technology sector [1][3] - The UK government has indefinitely shelved plans to completely eliminate tariffs on US steel exports, maintaining a 25% tariff, which affects 6% of the UK's total steel exports and 9% of its export value [4][5] - Trump indicated a willingness to make concessions in trade discussions with the UK, suggesting that the UK is seeking better terms in their trade agreement [2][3] Group 2 - The anticipated economic agreements during Trump's visit will cover various sectors, including technology cooperation, defense technology collaboration, and strengthening financial ties between the two countries [3] - A nuclear cooperation agreement is also expected to be signed, allowing both countries to utilize each other's reactor design safety assessments to expedite nuclear power plant approvals [3] - The UK steel industry is facing significant financial challenges, with government intervention in several steel plants, highlighting the need for stronger trade protection measures to ensure sustainability in the domestic market [5]

Group 1 - The 10th "Belt and Road" Summit held in Hong Kong concluded with a record of 45 cooperation memorandums signed, involving over 6,200 participants from more than 70 countries and regions [1][3] - The cooperation memorandums cover various sectors including aviation, energy, finance, infrastructure, and technology, involving regions such as mainland China, Hong Kong, ASEAN countries, the Middle East, Australia, Pakistan, and the United States [1][3] - The summit showcased over 300 investment projects and facilitated more than 800 one-on-one project matching sessions, promoting several "small but beautiful" livelihood projects, such as a joint venture between an Indonesian company and a Hong Kong firm in agricultural technology [3] Group 2 - The Hong Kong government emphasized a "change-seeking" spirit to enhance its role as a bridge and "super value-added" player in the Belt and Road Initiative [3] - Recent agreements and transactions related to the Belt and Road Initiative reached nearly $1 billion in total value, highlighting Hong Kong's position as an ideal hub for the initiative [4]