（责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 12月29日，筑基强国路——中国制造"十四五"成就展在位于北京的中国国家博物馆开展。展览作为 2025年度中国国家博物馆"国家展览"项目之一，通过高端制造、产业基础、智能制造、绿色制造、融合 发展、美好生活等六部分、300余件（套）展品，全景呈现"十四五"时期中国制造蓬勃发展的历程，为 公众直观呈现中国制造的硬核实力与民生温度。图为参观者在国博拍摄展品。 中新社记者 田雨昊/摄 ...

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com （责任编辑：董萍萍 ） 7月27日，参观者在上海举行的2025世界人工智能大会展览现场华为展区参观昇腾384超节点。 中央经济工作会议12月10日至11日在北京举行。中央财办有关负责人表示，预计全年经济增长5% 左右、继续位居世界主要经济体前列，经济总量有望达到140万亿元左右。就业总体稳定，外贸较快增 长、出口多元化成效明显。展望2026年，活跃的要素流动和创新为发展持续注入新动能，人流、物流、 信息流、资金流保持较快增长态势，投资和消费增速有望恢复，产业转型升级加快，科技和产业创新进 入成果集中爆发阶段，中国经济发展前景十分光明。 ...

Group 1 - The core viewpoint of the article emphasizes the ongoing efforts to address "involution" competition in various industries, particularly highlighted by the central economic work conference in 2024 and its implications for 2025 [1] - A series of policies aimed at rationalizing the market have been implemented, ranging from legal revisions to industry self-regulation, indicating a comprehensive approach to tackle "involution" competition [1] - In the photovoltaic industry, the price of the main continuous contract for polysilicon futures has increased significantly from slightly above 30,000 yuan/ton in June 2025 to over 58,000 yuan/ton currently, reflecting market adjustments [1]

Core Viewpoint - The upcoming New Year holiday presents an opportunity for investors to utilize idle funds through government bond reverse repos, which can yield risk-free returns during the holiday period [1][2]. Group 1: Investment Opportunities - Investors can earn interest for five days by executing a one-day reverse repo on December 30, with funds available for withdrawal before the market opens on January 5, 2026 [2][4]. - The best date for executing a reverse repo to maximize interest during the New Year holiday is December 30, allowing investors to benefit from five days of interest [3][4]. - Companies are also engaging in reverse repos to optimize the use of idle funds, with announcements from Baomo Co. and Gehua Cable indicating significant investments in reverse repos and low-risk financial products [7]. Group 2: Operational Insights - The process of executing a reverse repo is straightforward, requiring only a stock account and a few simple steps to place an order [5]. - Investors are advised to monitor real-time funding prices and interest rates when executing reverse repos, as rates can fluctuate significantly [4][8]. - Common misconceptions about reverse repos include the belief that large amounts should be placed in a single order, when in fact, splitting orders can help capture higher rates [10].

Group 1: Market Overview - The U.S. stock market experienced a collective decline on December 29, with the S&P 500 down by 0.35%, the Nasdaq down by 0.5%, and the Dow Jones down by 0.51% [2] - International precious metals saw significant drops, with COMEX gold futures falling by 4.45%, COMEX silver futures down by 7.2%, and spot gold dropping over 4% [2] Group 2: Precious Metals Performance - Spot silver experienced a dramatic decline, falling over 10% at one point, marking the largest single-day intraday drop since 2021 [7] - Spot gold fell below $4302 per ounce, with indications that it is also in an overbought state [7] - Other precious metals also faced substantial declines, with spot platinum down by 14.52% and spot palladium down by 15.79% [10] Group 3: Nvidia and Intel Transaction - Nvidia completed a $5 billion stock purchase of Intel, acquiring over 214.7 million shares at a price of $23.28 per share as per the agreement reached in September [3][4] - This transaction was conducted through a private placement [4] Group 4: Semiconductor Industry Developments - Microsoft is reportedly in discussions with Broadcom to design custom chips, potentially shifting from its current supplier Marvell due to increasing demand for custom semiconductors [4] - Nvidia currently holds a dominant position in the semiconductor market, while Broadcom is viewed as a significant competitor [4] Group 5: Strategy's Financial Moves - Strategy has increased its cash reserves to $2.19 billion and suspended Bitcoin purchases, preparing for a prolonged downturn in the cryptocurrency market [4] - The company raised $748 million through common stock sales in the past week, following a previous $2 billion Bitcoin purchase that brought its total holdings to approximately $60 billion [4][5] - Strategy established a $1.4 billion reserve for future dividends and interest payments, addressing concerns about potential forced Bitcoin sales amid declining token prices [5]

12月29日晚间，中芯国际发布发行股份购买资产暨关联交易报告书（草案）。 | 代码:688981 | A 股简称:中芯国际 | 上市地点:上海证券交易所 | | --- | --- | --- | | 代码:00981 | 港股简称:中芯国际 | 上市地点:香港联合交易所 | 今年9月，中芯国际首次披露发行股份购买资产暨关联交易预案。彼时，相关审计、评估工作尚未完成，交易作价亦未确定。 据本次草案的最新财务数据，近年来，中芯北方营业收入、净利润整体呈上升趋势。2023年、2024年及2025年1—8月，中芯北 方营业收入分别为115.76亿元、129.79亿元及90.12亿元；同期，公司净利润分别为5.85亿元、16.82亿元及15.44亿元。据介绍， 中芯北方利润主要来源于12英寸集成电路产品，盈利水平随着产能利用率的提升呈增长趋势。随着公司产品结构进一步优化， 盈利水平有望进一步提升。 当晚，中芯国际还发布一则新增资扩股协议，公司全资子公司中芯控股与国家集成电路基金、国家集成电路基金二期、国家集 成电路基金三期、上海集成电路基金、上海集成电路基金二期、泰新鼎吉及先导集成电路基金订立新合资合同及新增资扩股协 ...

Group 1: Market Overview - The U.S. stock market experienced a collective decline on December 29, with the S&P 500 down by 0.35%, the Nasdaq down by 0.5%, and the Dow Jones down by 0.51% [2] - International precious metals saw significant drops, with COMEX gold futures falling by 4.45%, COMEX silver futures down by 7.2%, and spot gold dropping over 4% [2] Group 2: Precious Metals Performance - Spot silver experienced a dramatic decline, falling over 10% at one point, marking the largest single-day intraday drop since 2021 [7] - Spot gold fell below $4302 per ounce, with indications that it is also in an overbought state [7] - Spot platinum and palladium saw declines of 14.52% and 15.79%, respectively [10] Group 3: Nvidia and Intel Transaction - Nvidia completed a $5 billion stock purchase of Intel, acquiring over 214.7 million shares at a price of $23.28 per share as per the agreement reached in September [3][4] - This transaction was conducted through a private placement [4] Group 4: Semiconductor Industry Developments - Microsoft is reportedly in discussions with Broadcom to design custom chips, potentially shifting from its current supplier, Marvell, amid increasing demand for custom semiconductors [4] - Nvidia currently holds a dominant position in the semiconductor market, while Broadcom is viewed as a significant competitor [4] Group 5: Strategy's Financial Moves - Strategy has increased its cash reserves to $2.19 billion and suspended Bitcoin purchases, preparing for a prolonged downturn in the cryptocurrency market [4][5] - The company raised $748 million through common stock sales in the past week, following a previous $2 billion Bitcoin purchase, bringing its total Bitcoin holdings to approximately $60 billion [4][5]

Group 1: Macroeconomic Policies - The State Council Tariff Commission announced the "2026 Tariff Adjustment Plan," which will implement provisional import tax rates lower than the most-favored-nation rates on 935 items starting January 1, 2026, to enhance the linkage between domestic and international markets [1] - The Ministry of Finance and the State Taxation Administration clarified tax deductions for advertising and business promotion expenses for certain industries, allowing deductions up to 30% of annual sales revenue, effective from January 1, 2026, to December 31, 2027 [1] Group 2: Corporate Developments - Victory Energy's stock will be suspended from trading starting December 30, pending the completion of a review, with an expected suspension period of no more than three trading days after 12 consecutive trading days of price increases [5] - Ningbo Huaxiang's subsidiary signed a strategic cooperation agreement with Qianxing Future to strengthen collaboration in the field of embodied intelligent robots [6] - Huizhan Technology announced plans to invest 68.25 million yuan in a private equity fund specifically for investing in a commercial aerospace company [8] - Minmetals Development plans to acquire stakes in Minmetals Mining and Luzhong Mining, leading to a stock suspension starting December 30 [9] - Xiamen Tungsten's subsidiary intends to acquire 100% of the German company Mimatic [11]

Group 1: Precious Metals Market Overview - Multiple strong metal varieties experienced a sharp decline, with palladium and platinum hitting the limit down, and lithium carbonate also reaching the limit down [1] - NYMEX palladium dropped over 16%, platinum fell over 14%, COMEX gold decreased over 4%, and COMEX silver dropped over 7% [2] - The rapid decline in precious metals followed a period of short-term surges, attributed to technical indicator adjustments, profit-taking by investors, and increased margin requirements by exchanges [4] Group 2: Precious Metals Performance - Shanghai silver saw a peak increase of over 10%, reaching nearly 20,000 yuan/kg, with an annual increase exceeding 140% [5] - Shanghai gold reached new highs, surpassing 1,000 yuan/g, with an annual increase of over 60% [5] - The investment demand for precious metals remains strong, with global central bank gold purchases expected to exceed 1,000 tons for the fourth consecutive year [6] Group 3: Supply and Demand Dynamics - Silver's industrial demand is expected to grow, with projections indicating that global photovoltaic silver usage will exceed 5,200 tons by 2025 [6] - Silver inventories on the Shanghai Futures Exchange have dropped to 715 tons, the lowest level since July 2016, indicating tight supply [6] - Precious metals like silver and platinum have been at historically low prices, contributing to their recent price increases [6] Group 4: Energy Metals Market Overview - Lithium carbonate futures reached a peak of 130,000 yuan/ton before closing below 120,000 yuan/ton, marking a significant increase from under 60,000 yuan/ton earlier in the year [9] - Cobalt prices have risen significantly, reaching 443,500 yuan/ton, with an annual increase exceeding 160% [9] - The surge in energy metal prices is driven by a rebound from historical lows and an explosion in downstream energy storage demand [9][10] Group 5: Supply Constraints in Energy Metals - New regulations on lithium mining in China are expected to tighten supply, with significant reductions in mining rights in key regions [10] - Cobalt imports have declined due to new export quota policies in the Democratic Republic of Congo, leading to low domestic inventory levels [10] Group 6: Industrial Metals Price Trends - Tungsten prices have surged dramatically, with prices increasing from 210,000 yuan/ton at the beginning of the year to 680,000 yuan/ton, a rise of 220% [15] - Copper prices have reached historical highs, with Shanghai copper futures surpassing 100,000 yuan/ton [16] - The pricing logic for copper has shifted, with increasing demand driven by the transition to electric-driven energy systems [16] Group 7: Key Stocks in Precious and Energy Metals - Key stocks in precious metals include Zijin Mining, Shandong Gold, and Zhongjin Gold, with significant annual increases [6][8] - Energy metal stocks include Tianqi Lithium, Ganfeng Lithium, and Jiangte Electric, reflecting the strong performance in the sector [10][11] - Industrial metal stocks such as Xiamen Tungsten, Zhongtung High-tech, and Jiangxi Copper have also shown notable price increases [17][19]

Company Overview - Qiangyi Co., Ltd. has initiated its public offering, with a total share capital of 97.1694 million shares before the issuance and plans to issue 32.3899 million shares, accounting for 25.00% of the post-issuance total share capital [1] - The company specializes in the design and manufacturing of probe cards and core components, being one of the few domestic manufacturers with independent MEMS probe manufacturing technology capable of mass production and sales [1] Financial Highlights - Total assets for 2024 are reported at 1,276.659 million yuan, an increase from 960.015 million yuan in 2023 and 933.9023 million yuan in 2022 [1] - Net assets for 2024 stand at 1,122.598 million yuan, up from 883.7078 million yuan in 2023 and 858.6000 million yuan in 2022 [1] - Operating revenue for 2024 is 641.3604 million yuan, significantly higher than 354.4391 million yuan in 2023 and 254.1571 million yuan in 2022 [1] - Net profit attributable to shareholders for 2024 is 233.0970 million yuan, compared to 18.6577 million yuan in 2023 and 15.6224 million yuan in 2022 [1] - Basic and diluted earnings per share for 2024 are both 2.40 yuan, a substantial increase from 0.19 yuan in 2023 and 0.16 yuan in 2022 [1] - The weighted average return on equity for 2024 is 23.30%, a significant rise from 2.15% in 2023 and 3.59% in 2022 [1] - Net cash flow from operating activities for 2024 is 279.6716 million yuan, compared to 48.3970 million yuan in 2023 and a negative 37.7458 million yuan in 2022 [1] - Research and development expenditure for 2024 is 78.5373 million yuan, which is 12.25% of operating revenue, down from 26.23% in 2023 and 18.12% in 2022 [1] Fundraising and Investment Plans - The company plans to raise funds for two main projects: 120 million yuan for the Nantong probe card R&D and production project, and 30 million yuan for the construction of its headquarters and R&D center in Suzhou [1] IPO Details - The IPO price is set at 85.09 yuan per share, with an issuance price-to-earnings ratio of 48.55, compared to the industry average of 57.92 [1] - The subscription date is December 19, 2025, with a maximum subscription limit of 0.75 million shares per account and a required market value of 75,000 yuan in the Shanghai market for top-tier subscriptions [1]