Market Overview - The A-share market experienced an overall upward trend, with the Shanghai Composite Index breaking through 3980 points, reaching a new high for December [2][3] - Major sectors such as oil and petrochemicals, national defense and military industry, and electronics saw significant gains [1][2] Sector Performance - The oil and petrochemical sector led the gains, with an increase of over 2%. Notable stocks included Intercontinental Oil and Heshun Petroleum, which hit the daily limit, and others like Unified Shares and Baomo Shares rising over 5%. The "Big Three" oil companies also saw substantial increases, with Sinopec rising over 4% [3][4] - The national defense and military industry sector also performed well, with gains exceeding 1.5%. Stocks like Guangwei Composite and Aerospace Huanyu saw increases over 10%, while Haige Communication and Aerospace Development hit the daily limit [4][5] - The electronics sector also surged, with stocks such as Dongwei Semiconductor and Zhishang Technology rising over 10%, and others like Bomind Electronics and Chuan Yi Technology hitting the daily limit [5][6] Fund Performance - The Guotou Silver LOF experienced significant volatility, with a trading range close to 20%. It opened at the limit down price but quickly rebounded, achieving a maximum increase of over 9% during the session [8][10] - Year-to-date, the Guotou Silver LOF has seen a cumulative increase of over 200%, with an acceleration of nearly 80% in December alone [10] - The fund management company announced that the Guotou Silver LOF would suspend trading for a period to protect investors, highlighting the risks associated with high premium rates [10][11] International Market Impact - The international silver market also experienced significant fluctuations, with spot silver initially rising over 5% before dropping and then recovering to a gain of approximately 1.2% [13] - Silver futures exhibited similar volatility, initially increasing over 7% before experiencing a drop and then stabilizing to a gain of about 3.8% [15]

今天上午，沪深交易所国债逆回购收益率大幅拉升，多个期限的国债逆回购品种年化收益率突破2%。 行情数据显示，今天上午，沪市1天期、2天期、3天期、4天期、7天期国债逆回购品种均强劲上涨，沪 市2天期国债逆回购品种盘中最高年化收益率达到2%，涨幅超过20%；沪市3天期、4天期国债逆回购品 种盘中最高年化收益率均超过2%，创出近期新高；沪市7天期国债逆回购品种盘中年化收益率最高达 2.150%。 临近2026年元旦小长假，沪深交易所国债逆回购收益率又开始大幅上涨，在计息天数方面也迎来比较好 的窗口期。 根据沪深交易所国债逆回购计息规则测算，今天（2025年12月29日）和明天（2025年12月30日）或是本 次小长假前较好的国债逆回购操作时间窗口，能享受相对较多的计息天数，其中在今天操作3天期至7天 期的国债逆回购，计息天数均达到7天。 沪深交易所多个期限国债逆回购收益率大涨 深市1天期、2天期、3天期、4天期、7天期国债逆回购品种也有类似的表现，其中，除1天期品种外，其 他品种盘中最高年化收益率均超过2%。 今明两天或是元旦小长假前最佳时间"窗口" 根据目前沪深交易所的规定，国债逆回购的计息天数为资金实际占用天数 ...

Core Viewpoint - Silver prices have surged dramatically, with COMEX silver futures rising over 11% and spot silver increasing over 10%, marking a year-to-date increase of 175%, significantly outpacing gold [1][2] Group 1: Price Surge and Market Dynamics - On December 26, COMEX silver futures closed at $79.68 per ounce, up 11.15%, while spot silver reached $79.196 per ounce, up 10.24% [2] - The surge in silver prices is attributed to a structural deficit in the global market, plummeting inventories, and a disconnection in paper trading [1][5] - Industrial demand for silver has risen to account for 50% to 60% of total demand, intensifying concerns among manufacturers due to soaring prices [4] Group 2: Supply Constraints - The solar industry consumes nearly 30% of the annual silver production from mining and recycling [5] - The global silver market has been in a structural deficit for five consecutive years, with physical inventories rapidly depleting [5] - By 2025, global silver demand is projected to reach 1.24 billion ounces, while supply is expected to be only 1.01 billion ounces, indicating a supply gap of 100 to 250 million ounces [5] Group 3: Inventory Decline - Since 2020, COMEX silver inventories have decreased by 70%, and London vault inventories have fallen by 40% [5] - Current demand levels suggest that available silver inventories in some regions can only sustain for 30 to 45 days [5] Group 4: Future Outlook and Risks - Analysts warn that the rapid increase in precious metal prices may not be sustainable, with potential for a significant correction [7] - UBS highlights that the current surge is largely driven by insufficient market liquidity, which could lead to a swift decline [7] - Despite the short-term risks, some analysts maintain a bullish outlook for precious metals in 2026, indicating substantial upside potential [7][8]

大业股份（603278）开盘仅约1分钟垂直涨停，连续第4日封板，天奇股份（002009）连续3日涨停，中超控股（002471）4日3板，金风科技（002202）3日2 板，上纬新材、吉林化纤（000420）等逾10股强势涨停或涨超10%。 今日（12月29日）早盘，A股整体小幅上扬，上证指数连续第9日走强，深证成指、科创50、北证50等也微幅飘红，创业板指则微幅飘绿。下跌个股远多于 上涨个股，成交保持平稳。 盘面上，航天设备、风电设备、石油化工、PEEK材料等板块涨幅居前，玻璃玻纤、一般零售、汽车服务、酒店餐饮等板块跌幅居前。 风电行业"反内卷"见成效 风电股早间异动拉升，板块指数再度高开高走，盘中一度涨逾3%，创2个半月以来新高。 自去年10月12家整机企业共同签署《中国风电行业维护市场公平竞争环境自律公约》以来，中国风机中标价格（不含塔筒）再也没有低于1400元/千瓦，这 一大部分风机的成本线。 叠加风电行业高速发展，据国家能源局数据，截至2025年三季度末，全国风电累计并网容量达到5.82亿千瓦，同比增长21.3%，其中陆上风电5.37亿千瓦， 海上风电4461万千瓦。2025年前三季度，全国风电累计发 ...

Market Overview - A-shares experienced a slight rise, with the Shanghai Composite Index strengthening for the ninth consecutive day, while the Shenzhen Component, ChiNext 50, and North Exchange 50 also showed minor gains. The ChiNext Index, however, saw a slight decline. The number of declining stocks significantly outnumbered advancing ones, with trading volume remaining stable [1] Aerospace Industry - Aerospace equipment concept stocks surged, with the sector index rising over 3% at one point, reaching a new historical high. Shenjian Co. (002361) achieved its eighth consecutive daily limit up, while Haige Communication hit the limit within just four minutes of opening. More than ten stocks, including Aerospace Hongtu, Bomin Electronics, and Leike Defense, either hit the limit or rose over 10% [2] - The Shanghai Stock Exchange released guidelines supporting commercial rocket companies to list on the Sci-Tech Innovation Board under the fifth set of listing standards, emphasizing the importance of core technology products in the national commercial aerospace strategy. Companies involved in national projects will receive priority support [4] - According to Wind statistics, at least five rocket companies, including Blue Arrow Aerospace and Zhongke Aerospace, are currently in the IPO process. The Chinese commercial aerospace industry is projected to reach a total financing amount of 18.6 billion yuan by 2025, with a year-on-year growth of 32% [4] Wind Power Industry - Wind power stocks saw significant movement, with the sector index rising over 3%, marking a new high in two and a half months. Major companies like Daye Co. and Tianqi Co. achieved consecutive daily limit ups [7] - Since the signing of the self-discipline convention by 12 turbine manufacturers, the bidding price for wind turbines has not fallen below 1,400 yuan per kilowatt, stabilizing the cost line for many turbines. The wind power sector is experiencing rapid growth, with cumulative installed capacity expected to reach 582 million kilowatts by the end of Q3 2025, a year-on-year increase of 21.3% [9] - The wind power industry chain achieved a total revenue of 289.5 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 26.42%, with net profits increasing by 21.9% [9]

比亚迪最新回应。 12月29日上午，比亚迪集团品牌及公关处总经理李云飞发文，对近期网传比亚迪将推出飞行汽车的消息进行辟谣。 李云飞表示，有传言说："比亚迪将推出飞行汽车"，很多朋友发来信息问询，在此统一回复："此消息为不实信息！我们没有此类计划和安排。在流量面 前，我们要保持克制！" 盘面表现上，今日，比亚迪（002594）盘中一度涨超1%，午间收盘微涨。 综合自：李云飞微博、Wind （文章来源：证券时报） 港股比亚迪股份（01211.HK）盘中大涨超6%。 ...

临近2026年元旦小长假，沪深交易所国债逆回购收益率又开始大幅上涨，在计息天数方面也迎来比较好的窗口期。 根据沪深交易所国债逆回购计息规则测算，今天（2025年12月29日）和明天（2025年12月30日）或是本次小长假前较好的国债逆回购操作时间窗口，能享 受相对较多的计息天数，其中在今天操作3天期至7天期的国债逆回购，计息天数均达到7天。 沪深交易所多个期限国债逆回购收益率大涨 今天上午，沪深交易所国债逆回购收益率大幅拉升，多个期限的国债逆回购品种年化收益率突破2%。 行情数据显示，今天上午，沪市1天期、2天期、3天期、4天期、7天期国债逆回购品种均强劲上涨，沪市2天期国债逆回购品种盘中最高年化收益率达到 2%，涨幅超过20%；沪市3天期、4天期国债逆回购品种盘中最高年化收益率均超过2%，创出近期新高；沪市7天期国债逆回购品种盘中年化收益率最高达 2.150%。 深市1天期、2天期、3天期、4天期、7天期国债逆回购品种也有类似的表现，其中，除1天期品种外，其他品种盘中最高年化收益率均超过2%。 | | | | 上交所回购 | | | | --- | --- | --- | --- | --- | --- | ...

临近2026年元旦小长假，沪深交易所国债逆回购收益率又开始大幅上涨，在计息天数方面也迎来比较好的窗口期。 根据沪深交易所国债逆回购计息规则测算，今天（2025年12月29日）和明天（2025年12月30日）或是本次小长假前较好的国债逆回购操作时间窗口，能享 受相对较多的计息天数，其中在今天操作3天期至7天期的国债逆回购，计息天数均达到7天。 沪深交易所多个期限国债逆回购收益率大涨 今天上午，沪深交易所国债逆回购收益率大幅拉升，多个期限的国债逆回购品种年化收益率突破2%。 | | | | 上交所回购 | | | | | --- | --- | --- | --- | --- | --- | --- | | 名称 ▲ | 现价 | 涨跌 | 涨跌幅 | 成交量 | 持仓 年初至今 | | | GC001 | 1.945 | 0.260 | | 15.43% 5789.081 | | 8.66% | | GC002 | 1.970 | 0.350 | | 21.60% 328.68亿 | - | 11.61% | | GC003 | 2.015 | 0.355 | | 21.39% 239.67亿 | - | 19 ...

Core Viewpoint - The significant loss of 40 million yuan in a private equity investment by Shengyuan Environmental Protection has raised concerns about the effectiveness of risk control measures and the responsibilities of the fund custodian [1][6]. Group 1: Investment Loss Details - Shengyuan Environmental Protection's subsidiary invested 60 million yuan in the "Deep博宏图成长1号" private equity fund, which saw its net value plummet from 0.9215 yuan to 0.2596 yuan within a week, resulting in a 73% loss [3][4]. - As of December 25, the fund's net value further declined to 0.1846 yuan, with a cumulative loss of approximately 4.692 million yuan, exceeding 10% of the company's audited net profit for the last fiscal year [4][6]. Group 2: Risk Control Measures - The investment agreement included strict disclosure and risk control standards, such as limiting single asset holdings to 25% of the fund's net assets and mandatory disclosures when net values hit certain thresholds [5][6]. - Despite these measures, the fund manager allegedly engaged in unauthorized trading and failed to disclose critical information, leading to significant investor losses [6][9]. Group 3: Regulatory Actions and Responses - Shengyuan Environmental Protection received warning letters from the Xiamen Securities Regulatory Bureau and the Shenzhen Stock Exchange for failing to disclose the significant losses in a timely manner [2][9][10]. - The actual controller of Shengyuan Environmental Protection has committed to compensating the investment losses, amounting to the original investment of 60 million yuan [10].

Core Insights - Teruid has established itself as a leading enterprise in domestic power equipment manufacturing and charging network construction, focusing on "smart manufacturing + integrated services" and electric vehicle charging networks as its core businesses [1] - The company has made significant strides in internationalization, successfully implementing a high-voltage mobile prefabricated substation project in Saudi Arabia, which showcases its modular, rapid deployment, and digital operation solutions [1] - Teruid has upgraded its charging infrastructure from a single "load terminal" to a controllable energy node, solidifying its leading position in the charging pile sector during the 14th Five-Year Plan period [1] Industry Statistics - As of October 2025, Teruid operates 855,000 public charging terminals, with 513,000 being DC charging terminals, holding approximately 24% market share, ranking first in the country [2] - From January to October 2025, the charging volume exceeded 15.6 billion kWh, with a market share of about 23%, also leading the industry [2] - By June 2025, Teruid had over 7,700 power stations capable of participating in dispatch, meeting the conditions for a virtual power plant [2] Future Outlook - The next five years are seen as a critical window for Teruid to achieve carbon peak targets by 2030, with plans to integrate its development into national and global energy transition efforts [2] - The company aims to promote higher quality development in both itself and the entire renewable energy industry through the combination of industry and capital [2]