Today's Financial Highlights:

- China International Capital Corporation merges with Dongxing Securities and Cinda Securities: On December 17, China International Capital Corporation, Dongxing Securities, and Cinda Securities jointly announced that China International Capital Corporation plans to merge Dongxing Securities and Cinda Securities through a share exchange, with the exchange ratios being 1:0.4373 for Dongxing Securities and 1:0.5188 for Cinda Securities. The stocks of the three companies will resume trading on December 18. After the merger, China International Capital Corporation will become the fourth brokerage in the industry to cross into the 'trillion club' in total assets.

- Vanke announces a 3.7 billion yuan medium-term note extension plan: On the evening of December 17, Bank of Communications published a summary of the proposal for the first bondholders' meeting of Vanke Enterprise Co., Ltd.'s 2022 fifth phase medium-term notes on the Shanghai Clearing House website. Vanke proposed to extend the principal repayment date of this 3.7 billion yuan medium-term note by 12 months to December 28, 2026, maintaining the coupon rate at 3.00% during the extension period.

- Sunac China's overseas debt restructuring is about to take effect: On December 17, Sunac China announced that it expects the effective date of the company's comprehensive overseas debt restructuring to be implemented around December 23, 2025. After the restructuring takes effect, approximately 9.6 billion USD of the company's existing debt will be fully released and waived. In addition, Sunac China has also restructured a remaining loan of 858 million HKD.

- Spot silver prices hit a historic high: On December 17, spot silver prices broke through 66 USD/ounce, reaching a new historic high, with an increase of over 120% this year. Market analysts attribute the 'crazy surge' to the continued imbalance in supply and demand, the Federal Reserve's initiation of a rate-cutting cycle creating expectations of easing, and the concentrated influx of global capital, among other factors. #巨鲸动向