美联储12月货币政策会议纪要显示，"大多数"与会者支持12月降息，其中少数本可能支持按兵不动。大多数官员预计，若通胀下行趋势符合他们预期，未 来适合进一步降息。不过，美联储对明年初降息态度仍显谨慎。 降息现分歧 隔夜美股尾盘下跌。黄金上涨，白银狂飙。 当地时间12月30日公布的美联储12月货币政策会议纪要显示，多数官员认为，如果通胀如预期所料随时间推移而回落，进一步降息是合适之举。不过，也 有一些官员明确表示，他们认为在12月会议之后，利率应当"在一段时间内"维持不变。 12月9—10日联邦公开市场委员会（FOMC）的会议纪要继续反映出央行内部的分歧，以及最近一次决策的艰难程度。 个股方面，英特尔、Meta涨超1%，微软、谷歌、亚马逊小幅上涨；特斯拉跌超1%，苹果、英伟达、奈飞小幅下跌。 中概股方面，纳斯达克中国金龙指数高开低走收跌0.26%。百度涨超4%，蔚来涨超3%，网易涨近1%；京东跌近2%，金山云跌近1%。 国际金银12月30日收涨，COMEX黄金期货涨0.2%，报4352.3美元/盎司；现货黄金涨0.17%，报4338.83美元/盎司；COMEX白银期货涨7.88%，报76.02美 元/盎司；现货白 ...

Core Viewpoint - The company XinGuoYi has initiated its subscription process, offering a total of 36.716 million shares at a price of 21.93 yuan per share, with a price-to-earnings ratio of 28.59 times, which is significantly lower than the industry average of 57.92 times [1] Company Information - The main business of the company is the research, production, and sales of high-performance special functional materials [1] - The stock code for the company is 301687, and the subscription code is also 301687 [1] Subscription Details - Total shares issued: 36.716 million shares - Online subscription quantity: 8.8115 million shares - Subscription date: December 22, 2025 - Maximum subscription limit per account: 8,500 shares - Minimum subscription quantity: 500 shares in integer multiples [1] Fundraising Purpose - Investment in functional materials project: 500 million yuan - Investment in new energy lithium battery materials project: 300 million yuan [1] Financial Indicators - Total assets for 2024: 83.6 billion yuan, up from 70.7 billion yuan in 2023 and 58.6 billion yuan in 2022 - Net assets for 2024: 67.9 billion yuan, compared to 56.1 billion yuan in 2023 and 47.6 billion yuan in 2022 - Operating revenue for 2024: 65.7 billion yuan, an increase from 51.6 billion yuan in 2023 and 45.5 billion yuan in 2022 - Net profit for 2024: 11.6 billion yuan, up from 8.3 billion yuan in 2023 and 8.2 billion yuan in 2022 - Basic earnings per share for 2024: 1.05 yuan, compared to 0.76 yuan in 2023 and 0.90 yuan in 2022 - Weighted return on equity for 2024: 18.63%, an increase from 16.02% in 2023 but down from 35.56% in 2022 [1]

Macro Highlights - The implementation regulations for the Value-Added Tax Law of the People's Republic of China will take effect on January 1, 2026, aiming to improve tax incentives and clarify the standards for various VAT exemption projects [1] - The National Development and Reform Commission and the Ministry of Finance have issued a notice regarding the large-scale equipment update and old-for-new consumption policy to be implemented in 2026, detailing the support scope, subsidy standards, and work requirements [1] Subsidy Policies - Consumers purchasing energy-efficient home appliances such as refrigerators, washing machines, televisions, air conditioners, computers, and water heaters will receive a subsidy of 15% of the product price, capped at 1,500 yuan per item [2] - For digital and smart products like smartphones and smartwatches, a similar subsidy of 15% applies, with a maximum of 500 yuan per item [2] - Consumers who scrap their personal vehicles and purchase new energy vehicles or fuel vehicles with a displacement of 2.0 liters or less will receive subsidies of 12% (up to 20,000 yuan) and 10% (up to 15,000 yuan) respectively [2] Housing Tax Policy - Individuals selling homes purchased for less than two years will be subject to a 3% VAT, while those selling homes purchased for two years or more will be exempt from VAT starting January 1, 2026 [2] Special Bonds and Consumption Support - The National Development and Reform Commission and the Ministry of Finance have allocated 62.5 billion yuan in special bonds to support the old-for-new consumption policy, ensuring a smooth implementation and monitoring of subsidy funds [3] Automotive Industry Digital Transformation - A digital transformation implementation plan for the automotive industry aims to enhance smart manufacturing capabilities and digital levels of enterprises by 2027, with significant improvements in digital public service systems by 2030 [4] Company News - Zijin Mining expects a net profit increase of approximately 59%-62% for 2025 [5] - Tianpu Co., Ltd. has seen its stock price rise by 718.39% from August 22 to December 30, leading to a suspension for verification [5] - Daye Co., Ltd. has not yet achieved substantial revenue from its robotic tendon products, which are not in mass production [5] - Longjiang Power plans to distribute 2.1 yuan per 10 shares as a profit distribution for the first half of 2025 [5] - Zhejiang Rongtai intends to issue H-shares and list on the main board of the Hong Kong Stock Exchange [5]

12月30日晚间，美股三大指数开盘微幅震荡。贵金属大幅反弹。 | 名称 | 现价 | 涨跌幅 ▼ | 年初至今 | | --- | --- | --- | --- | | 蔚来 | 5.685 | 6.46% | 30.39% | | 小鹏汽车 | 21.729 | 6.00% | 83.83% | | 理想汽车 | 17.430 | 1.57% | -27.35% | | 小牛电动 | 3.260 | 0.62% | 82.12% | 中国资产爆发。热门中概股多数上涨，纳斯达克中国金龙指数一度涨超1%。 | 名称 | 现价 | 涨跌幅 | | --- | --- | --- | | 道琼斯工业平均 | 48458.81d | -0.01% | | 纳斯达克指数 | 23501.07d | 0.11% | | 标普500 | 6899.64 | -0.09% | 美股黄金股、矿业股普涨。截至发稿，金田、哈莫尼黄金、泛美白银涨超3%，科尔黛伦矿业、纽蒙特矿业涨超2%。 国际金银价格在大跌后企稳回升。截至发稿，伦敦金现报4369美元/盎司，日内涨0.87%。伦敦银现报75.4美元/盎司，日内涨逾4.5%，COME ...

Core Viewpoint - Zhejiang's capital market has achieved significant growth during the "14th Five-Year Plan" period, focusing on high-quality development through the "Phoenix Action" plan, enhancing enterprise cultivation, industrial empowerment, and ecological optimization, leading to a dual increase in scale and quality [1] Group 1: Capital Market Development - Zhejiang's capital market has seen a substantial increase in the number of listed companies, with 192 new domestic IPOs, bringing the total to 607, ranking second in the country [2] - The total market capitalization of listed companies in Zhejiang grew from 5.51 trillion yuan at the end of 2020 to 7.54 trillion yuan by the end of 2025, marking a 36.8% increase [2] - The coverage rate of listed companies in county areas increased from 71% at the end of the "13th Five-Year Plan" to 85% [2] Group 2: Financing Growth - From early 2021 to October 2025, Zhejiang's capital market generated a total of 24,364.5 billion yuan in new equity and debt financing, accounting for 7% of the national total [3] - New IPO financing in Zhejiang reached 1,647.3 billion yuan, representing 10.1% of the national new IPO financing total [3] - The merger and acquisition market in Zhejiang has been active, with 308 listed companies completing 532 mergers and acquisitions, disclosing a total amount of 1,294.10 billion yuan [3] Group 3: Strategic Emerging Industries - By December 2025, Zhejiang had 194 listed companies in strategic emerging industries, ranking second nationally [5] - The proportion of new listed companies in strategic emerging industries increased from 55.71% in 2021 to 100% by 2025 [5] - Strategic emerging industry companies in Zhejiang achieved a total revenue of 2,960.88 billion yuan and a net profit of 202.71 billion yuan in the first three quarters of 2025, with a net profit growth rate of 12.15% [6] Group 4: Financial Ecosystem - The bond market in Zhejiang expanded steadily, with a cumulative issuance of corporate bonds and asset-backed securities (ABS) reaching 22,771.6 billion yuan during the "14th Five-Year Plan" [7] - By the end of November 2025, the outstanding scale of bonds and ABS in Zhejiang reached 15,743.23 billion yuan, ranking fourth nationally [7] - The development of public REITs in Zhejiang has made significant progress, with five REITs issued, raising 12.62 billion yuan, accounting for approximately 6.5% of the national total [9] Group 5: Future Outlook - The "15th Five-Year Plan" emphasizes the need to enhance the financial service system to support technological innovation and industrial transformation [9] - Zhejiang aims to leverage its capital market to cultivate high-quality listed companies in emerging industries and promote active mergers and acquisitions [9]

Core Viewpoint - Salt Lake Co. plans to invest 4.605 billion yuan to acquire a 51% stake in Minmetals Salt Lake Co., aiming to enhance its position in the salt lake industry and resolve competition issues with its parent company [1]. Group 1: Transaction Details - The acquisition involves a cash payment of 4.605 billion yuan for the 51% stake in Minmetals Salt Lake, which will be consolidated into Salt Lake Co.'s financial statements post-transaction [1]. - The transaction is not classified as a major asset restructuring and is part of a commitment by China Minmetals to address competition concerns [1]. Group 2: Financial Performance and Projections - Minmetals Salt Lake is projected to achieve a cumulative net profit of over 2.1 billion yuan over the next three years, with specific annual commitments of 668 million yuan, 692 million yuan, and 745 million yuan for 2026, 2027, and 2028 respectively [3]. - For the fiscal year 2024, Minmetals Salt Lake is expected to generate revenue of 2.084 billion yuan and a net profit of 690 million yuan, with revenue of 798 million yuan and net profit of 316 million yuan reported for the first eight months of 2025 [2]. Group 3: Resource and Production Capacity - Minmetals Salt Lake primarily operates in lithium and potassium resource development, with proven reserves of 1.6459 million tons of lithium chloride and 14.6311 million tons of potassium chloride as of the end of 2024 [1]. - The company has established production capacities of 15,000 tons/year for lithium carbonate, 2,000 tons/year for lithium phosphate, 1,000 tons/year for lithium hydroxide, and 300,000 tons/year for potassium fertilizer [2]. Group 4: Valuation Insights - The valuation premium for Minmetals Salt Lake is attributed to the significant increase in lithium carbonate market prices since the acquisition of mining rights in 2013, advancements in technology, and the extended service life of the mine [3]. - The total equity value of Minmetals Salt Lake has seen a valuation increase rate of 352.42%, with the mining rights valued at approximately 6.9 billion yuan [2].

主编:彭玉琼 编辑:谢伊岚 美峰:刘晓庆 2025年12月31日 星期三 2025年A股注定 载入中围资本市场发展 史册:总市值首破百万亿元 大关,实现历史性体量跨越:科 校板块强势团归重塑市场主线,成 为行情核心引擎。从规模跃升的"量 的突破,到结构优化的"质"的飞跃,资本 市场以全方位的进阶,清晰映射出中国经济 高质量发展新格局。 数说A股2025 绘制市场 证券时报记者 梁谦别 2025年 A 股市场今日收官。回顾这一年,市场在经济复苏.产业政策深化与投资者结构变迁 的共同驱动下,演绎了一场深刻而又充满活力的结构性行情。这一年, A股不仅实现了规模的踪 越式增长,更在产业结构、资金强向与投资生态上,呈现出标志性的新特征。本文将从十大角度 逐一展开,解读数据背后的趋势与信号。 两融会额攀升至历史高位 30000 ■ 单位:亿元 25000 200000 15000 10000 5000 0 2016年 2017年 2018年 2019年 2020年 2021年 2022年 2023年 2024年 2025年 2025年融资净买入前十股票 | 代码 | 简称 | A股市值 (Z元) | #1155 融资净买 ...

12月30日，财政部、税务总局发布《关于个人销售住房增值税政策的公告》，明确个人将购买不足2年 的住房对外销售的，按照3%的征收率全额缴纳增值税；个人将购买2年以上（含2年）的住房对外销售 的，免征增值税。《公告》自2026年1月1日起施行。 广东省住房政策研究中心首席研究员李宇嘉认为，新政将降低二手住宅交易摩擦，促进挂牌销售。此前 房地产市场销售纾困政策主要集中在降低首付比例、降低利率等，税费优惠政策较少。新政反映出宏观 政策正在加大逆周期调节力度，着力稳定房地产市场。 （文章来源：证券时报） 本次政策优化主要针对个人出售持有不满2年的住房的情形。该情形下，个人销售住房所缴增值税的税 率从此前的5%下调至3%。以住房售价500万元、个人持有不满2年计算，新政实施后，个人出售该住房 需缴增值税税费15万元，税费成本将较此前减少10万元。 ...

Core Viewpoint - The Chinese trust industry is undergoing a transformation and is preparing a systematic plan for high-quality development over the next decade, as outlined in the draft "High-Quality Development Plan for the Trust Industry (2025-2035)" [2] Group 1: Development Goals and Key Tasks - The plan sets two phases for the trust industry's development: solidifying the foundation for high-quality development by 2029 and fully leveraging professional service functions by 2035 [3] - Four key tasks are identified for the next decade: enhancing financial support for national strategies, deepening the "three classifications" transformation, improving trustee service capabilities, and strengthening comprehensive risk management [3] Group 2: Specific Content of Key Tasks - In the area of technology finance, the plan emphasizes that trust companies should support high-tech enterprises through funding for R&D, intellectual property trust services, and long-term capital provision to meet the lifecycle needs of innovative companies [4] Group 3: Supporting Measures - The plan outlines four supporting measures, including talent cultivation, institutional improvement, digital transformation, and cultural development, to achieve high-quality development in the trust industry [5] Group 4: Background and Context - The upcoming plan is influenced by the new requirements of Chinese-style modernization, the mission of building a financial power, and the need to serve the real economy while preventing systemic financial risks [6] - The plan is also guided by the "1+N" regulatory framework and aims to explore the potential of the trust industry in contributing to high-quality development [6]

Core Viewpoint - The announcement by the Ministry of Finance and the State Taxation Administration regarding the value-added tax (VAT) policy for individuals selling residential properties aims to stimulate the real estate market by reducing tax burdens on property sales, particularly for homes held for less than two years [1] Group 1: Policy Changes - Individuals selling residential properties held for less than two years will be subject to a VAT rate of 3%, down from the previous rate of 5% [1] - For properties held for two years or more, individuals will be exempt from VAT entirely [1] Group 2: Financial Implications - For a property sold at 5 million yuan, the VAT payable under the new policy will be 150,000 yuan, which represents a reduction of 100,000 yuan compared to the previous tax burden [1] Group 3: Market Impact - The new policy is expected to reduce transaction friction in the second-hand housing market and promote listings for sale [1] - This policy shift indicates a stronger macroeconomic effort to stabilize the real estate market, complementing previous measures focused on lowering down payment ratios and interest rates [1]