Property Market Reset: Guarding the Bottom Line as the Old Model Fades
房地产定调：守底线、去库存，旧模式加速退场
From December 10 to 11, the Central Economic Work Conference laid out comprehensive plans for economic policy in 2026, with real estate once again in sharp focus.
12月10日至11日召开的中央经济工作会议，对2026年经济工作作出全面部署，房地产再次被置于重要位置。The meeting stressed that risk prevention remains the top priority, emphasizing the need to safeguard both housing price stability and project delivery.
会议明确，防范风险仍是首要任务，必须守牢房价稳定和项目交付这两条底线。Policy emphasis is shifting from new development to digesting existing inventory, including encouraging the purchase of unsold homes for use as affordable housing, with city-specific approaches.
政策重心从增量扩张转向存量消化，鼓励收购存量商品房用于保障性住房，不同城市将因城施策。Reform of the housing provident fund system was highlighted, with plans to expand loan limits and streamline application procedures.
住房公积金制度改革被重点提及，未来将在贷款额度、办理流程等方面持续优化。The conference reaffirmed the need to accelerate a new development model for real estate, as analysts expect the market to gradually emerge from its adjustment phase over the medium to long term.
会议重申要加快构建房地产发展新模式，业内预计中长期市场有望逐步走出深度调整。
Fed Cuts Rates Again: Easing Continues and Markets Respond
美联储再度降息：宽松延续，市场情绪回暖On December 10, 2025, the U.S. Federal Reserve concluded its policy meeting and announced a 25-basis-point cut in the federal funds rate target range to 3.5%–3.75%.
2025年12月10日，美联储结束货币政策会议，宣布将联邦基金利率目标区间下调25个基点至3.5%至3.75%。This marked the third consecutive rate cut since September, each by 25 basis points, in line with market expectations.
这是自今年9月以来连续第三次降息，幅度均为25个基点，完全符合市场预期。The current easing cycle began in September 2024, making this the sixth rate cut so far.
本轮降息周期始于2024年9月，此次已是第六次降息。The decision signaled a continued accommodative stance, reinforcing expectations of looser financial conditions.
这一决定释放出持续宽松的政策信号。U.S. stock markets closed higher, while large technology stocks and popular Chinese ADRs showed mixed performance.
消息公布后，美股三大指数集体收涨，但大型科技股与热门中概股涨跌不一。
TIME Honors AI Builders: A Race That Can No Longer Be Ignored
《时代》封面给AI：一场已无法回避的技术竞赛
TIME magazine will name “The AI Builders” as its 2025 Person of the Year, featuring several tech leaders on its cover.
北京时间今晚，《时代》杂志将2025年年度人物授予“AI建设者”，多位科技领袖共同登上封面。The cover includes figures such as NVIDIA CEO Jensen Huang and Meta chief Mark Zuckerberg, symbolizing the collective rise of generative AI.
封面人物包括英伟达CEO黄仁勋、Meta负责人马克·扎克伯格等，象征生成式AI的集体崛起。Since the launch of ChatGPT in late 2022, generative AI has fueled a global technology wave, drawing massive investment from major companies.
自2022年底ChatGPT问世以来，生成式AI推动了一轮全球技术浪潮，各大科技企业纷纷投入巨资。TIME released two covers, stating that the race to deploy AI as quickly as possible has replaced debates over whether it should be adopted.
《时代》推出两款封面，称“尽快部署AI”的竞赛已取代是否推进AI的相关争论。Analysts say 2025 may mark a turning point as AI penetrates daily life at a pace faster than the internet and mobile communication eras.
分析认为，2025年或将成为AI全面渗透日常生活的转折点，其普及速度甚至超过互联网和移动通信时代。
SpaceX Valuation Dreams: Musk’s Path Toward a Trillion-Dollar Fortune
SpaceX估值想象：马斯克冲击“万亿富翁”
If SpaceX goes public at a valuation of $1.5 trillion, Elon Musk’s personal wealth could dramatically increase.
若SpaceX以1.5万亿美元估值成功上市，马斯克的个人财富或将迎来大幅跃升。Musk holds about 42% of SpaceX, which would value his stake at more than $625 billion under such a scenario.
他目前持有SpaceX约42%的股份，按该估值计算，其持股价值将超过6250亿美元。His total net worth could rise from roughly $460.6 billion to $952 billion, nearly doubling.
届时，其总财富有望从约4606亿美元增长至9520亿美元，几近翻倍。This would place Musk on a potential path to becoming the world’s first trillionaire.
这一情景或将为马斯克成为全球首位“万亿富翁”铺平道路。Market expectations suggest SpaceX could pursue an IPO in 2026, potentially raising more than $30 billion.
根据市场预期，SpaceX可能在2026年启动IPO，募资规模或超过300亿美元。