Market Overview - A-shares experienced a rise with the Shanghai Composite Index achieving six consecutive gains, closing up 0.53% at 3940.95 points, while the Shenzhen Component Index rose 0.88% and the ChiNext Index increased by 0.77% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.8973 trillion yuan, a decrease of approximately 24 billion yuan from the previous day [1] Commercial Aerospace Sector - The commercial aerospace concept saw a significant surge, with stocks like New Jingang, New Ray Energy, and Superjet Co. all hitting the 20% limit up, while other companies like XW Communication and Chuangyuan Technology also performed strongly [2][4] - The sector is being driven by supportive policies and technological advancements, with the National Space Administration's action plan for commercial aerospace development and successful tests of reusable rockets [4] PCB Sector - The PCB sector experienced strong gains, with companies such as Youyan Powder Materials and Ruihua Tai reaching the 20% limit up, and Shengyi Technology hitting a historical high with a market value of 176.4 billion yuan [5][7] - The market for PCBs is expected to grow significantly, driven by the demand from AI servers and electric vehicles, with a projected compound annual growth rate of 32.5% in the AI/HPC server PCB sector from 2023 to 2028 [7] Victory Energy - Victory Energy's stock hit a new high, closing at 34.79 yuan per share, marking its ninth consecutive trading day of limit up [8] - The company has warned investors about the significant deviation of its stock price from market trends and its fundamentals, indicating potential risks of rapid price declines [9][10]

Core Viewpoint - Beijing has announced adjustments to its housing purchase policies to better meet the housing needs of residents, effective December 24, 2025 [1] Group 1: Policy Adjustments - The social insurance or individual income tax payment period for non-Beijing households to purchase housing within the Fifth Ring has been reduced from 3 years to 2 years, and for housing outside the Fifth Ring from 2 years to 1 year [3][4] - Families with two or more children can purchase an additional property within the Fifth Ring, allowing Beijing households to buy up to 3 properties and non-Beijing households with 2 years of social insurance or tax payments to buy up to 2 properties [3][4] Group 2: Financial Support Measures - Financial institutions will no longer differentiate between first and second home loans in their interest rate pricing, allowing for more flexible loan terms based on market conditions and individual risk assessments [3][4] - The minimum down payment for second home purchases using public housing funds has been lowered from 30% to 25% [3][5] Group 3: Regulatory Changes - The approval process for real estate development projects will shift from city-level to district-level registration to optimize the business environment [5]

Group 1 - The recent appreciation of the RMB has reached a 14-month high, with expectations of breaking the "7" level soon due to strong economic data and increased willingness of exporters to settle in RMB [1][2] - China's current account surplus is substantial, reaching $600 billion, which supports the positive outlook for the economy and the RMB's strength [2] - The People's Bank of China is managing market expectations through the RMB central parity rate and adjusting the interest rates in the swap market to influence foreign capital inflows [2][3] Group 2 - The central economic work conference emphasizes the importance of domestic demand, which could support the RMB's appreciation if policies are effectively implemented to reverse weak domestic demand and low credit needs [3] - Short-term RMB appreciation may boost stock market performance, with a historical correlation indicating that a 0.1% increase in exchange rate could lead to a 3%-5% rise in stock valuations [3] - The appreciation of the RMB may increase the cost of currency exchange for cross-border investments, potentially affecting the returns on investments in Hong Kong stocks and other cross-border financial products [3]

Market Overview - A-shares experienced a rise with the Shanghai Composite Index achieving six consecutive days of gains, closing up 0.53% at 3940.95 points, while the Shenzhen Component Index rose 0.88% and the ChiNext Index increased by 0.77% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.8973 trillion yuan, a decrease of approximately 24 billion yuan compared to the previous day [1] Commercial Aerospace Sector - The commercial aerospace concept saw a significant surge, with stocks like Chaojie Co. (301005) hitting the daily limit and achieving new highs, while Shenjian Co. (002361) recorded five consecutive limit-ups [2][4] - Institutions noted that policies and industry collaboration are propelling China's commercial aerospace into a new development phase, with the National Space Administration's action plan for high-quality development set for 2025-2027 [4] - The market is expected to see a massive growth opportunity, with a focus on space computing power and reusable rockets, as well as low-orbit communication satellite chains supported by fundamental logic and orders [4] PCB Sector - The PCB sector experienced strong gains, with companies like Youyan Powder Materials and Ruihua Tai both hitting the daily limit of 20%, and Jiayuan Technology rising over 10% [6] - The global PCB market is projected to grow, with a compound annual growth rate of 32.5% in the AI/HPC server PCB segment from 2023 to 2028, driven by demand from new energy vehicles and AI servers [9] Victory Energy - Victory Energy achieved a nine-day consecutive limit-up, closing at 34.79 yuan per share, with nearly 130,000 hands of buy orders at the limit [10] - The company issued a warning regarding significant deviations in stock price from market indices, indicating potential risks of rapid declines and advising investors to make rational decisions [12]

今日，A股继续小幅上扬，上证指数连续6日收阳，深证成指、创业板指、科创50等也连续4日上涨。超 4100只个股上涨，市场成交微幅减少至1.9万亿元。 Wind实时监测数据显示，电子行业获得逾223亿元主力资金净流入，国防军工获得逾159亿元净流入， 电力设备获得逾125亿元净流入，机械设备获得逾81亿元净流入，计算机获得逾76亿元净流入，汽车、 基础化工、通信等板块均获得超30亿元净流入。银行遭主力资金净流出逾10亿元，有色金属、食品饮 料、农林牧渔等也净流出超亿元。 展望后市，太平洋证券指出，A股中创业板指表现最强，距离新高一步之遥，预计强者恒强的风格将持 续，跨年行情即将展开。预计此次跨年行情将以普涨的方式拉开帷幕，且考虑到各大股指期权的波动率 处于极低的位置，行情后续预计上涨的斜率将趋陡。板块选择上，科技和有色仍是主线有望获得超额收 益，弹性更大；大消费板块则随着政策定位的深化，有望成为新的补涨标的。 市场热点方面，国防军工产业链今日全面上攻，板块指数单边上扬，再创10年来新高。新劲刚、有研粉 材、新雷能等批量20%涨停，博云新材、直真科技等近30股也强势涨停或涨超10%。 | 复权 叠加 多股 统计 ...

Core Viewpoint - Hangzhou Yunshen Technology Co., Ltd. has officially launched its IPO counseling, marking a significant step towards its public listing in the near future [1][3]. Group 1: Company Overview - Hangzhou Yunshen Technology is headquartered in the Xihu District of Hangzhou and is recognized as a national high-tech enterprise [3]. - The company focuses on embodied intelligence technology innovation and industry applications, specializing in the research, production, sales, and service of quadruped robots, humanoid robots, and core components [3]. - The company was established on November 29, 2017, with a registered capital of 8.234958 million yuan [3]. Group 2: IPO Counseling and Timeline - The IPO counseling was officially initiated on December 23, 2025, with CITIC Securities serving as the counseling institution [1]. - The counseling period is set from December 2025 to June 2026, with specific milestones for fundraising planning and submission of the counseling acceptance application [3]. Group 3: Recent Developments and Financing - The company has undergone 10 rounds of financing since its inception, covering the entire lifecycle from angel round to C round [6]. - On December 9, 2025, the company announced the completion of over 500 million yuan in C round financing, led by China Merchants International and Huaxia Fund, with participation from strategic investors like China Telecom and China Unicom [6]. - This financing is expected to provide substantial support for technology research and development, capacity expansion, and market development, fostering a new ecosystem for the commercialization of embodied intelligent robots across various industries [6]. Group 4: Performance and Product Launches - The company has experienced rapid growth in performance, launching the quadruped robot "M20" and the industry-level humanoid robot "DR02" [5][6]. - The establishment of an intelligent technology pilot base and the completion of its transformation into a joint-stock company are significant milestones for the company [6].

Group 1 - The U.S. Federal Communications Commission (FCC) has added all foreign-produced drone systems and their key components to the "Covered List," citing national security concerns, which China firmly opposes [2] - China urges the U.S. to stop its unilateral actions that distort the market and harm Chinese enterprises, emphasizing the need for a fair business environment [2][3] - The Ministry of Housing and Urban-Rural Development in China emphasizes stabilizing the real estate market through targeted policies, including optimizing the supply of affordable housing and promoting the use of existing land [3] Group 2 - The State Administration for Market Regulation in China is set to announce new regulations for food safety in live-streaming e-commerce, aiming to enhance supervision and accountability among all parties involved [4] - Beijing has issued special license plates for L3-level autonomous vehicles, marking a significant step towards mass production in the autonomous driving sector [4] - The Ministry of Transport plans to build over 10,000 charging stations on national highways by 2026, with a focus on high-power charging facilities [4] Group 3 - The Shanghai Gold Exchange has advised members to enhance risk awareness due to significant fluctuations in precious metal prices [5] - The National Development and Reform Commission, along with other departments, has issued guidelines for regulating kindergarten fees, allowing private kindergartens to set prices based on market conditions [5] - The China Nonferrous Metals Industry Association reports a gradual increase in lithium carbonate futures prices, with optimistic market expectations for future lithium prices [6] Group 4 - The Shenzhen Municipal Government has introduced measures to attract foreign investment, particularly in advanced manufacturing sectors, to enhance the local economy [6] - A joint initiative in Shandong aims to accelerate the high-quality development of the drama industry through various supportive measures [7] Group 5 - Victory Energy has clarified that it is not involved in robotics-related businesses [9] - Libart has stated that it does not engage in controllable nuclear fusion activities [10] - Bona Film Group has indicated that its investment return from "Avatar 3" will have a minimal impact on its short-term performance [11]

乌国家电力公司23日通报称，由于当天俄军袭击，乌克兰首都基辅、基辅州及多个地区已实施紧急停 电。通报称，待电力系统状况稳定后，紧急停电措施将取消。 目前，俄方对此暂无回应。 来源：央视新闻 乌克兰总统泽连斯基23日在其官方社交平台发文称，俄罗斯当天用30多枚导弹和超过650架无人机对乌 克兰发动了大规模袭击。 泽连斯基称，至少有13个州遭到袭击，截至目前乌克兰大部分地区仍处于空袭警报状态。大部分无人机 和导弹已被击落。 乌代理能源部长涅克拉索夫当天表示，由于俄罗斯当天对乌能源基础设施发动了大规模袭击，乌核电站 被迫降低发电能力。他强调，俄罗斯对核电站自身供电基础设施以及向电网输送电力的基础设施发动了 袭击，违反了核安全标准。他表示，目前乌克兰各地正在实施紧急停电措施。 乌克兰首都基辅市军政管理局23日通报称，基辅当天遭俄军袭击，截至目前已造成4人受伤。此外，基 辅州1名女性因俄军袭击丧生，还有3人受伤。乌国家紧急情况服务局当天通报称，在赫梅利尼茨基州， 俄军袭击导致1人死亡，当地电力中断。俄军无人机还袭击了敖德萨州的港口基础设施和一艘民用船 只。 （文章来源：证券时报） ...

| | 十 商业航天(378) · | | 涨幅%。 | 现价 | 量比 | 涨速% | 总市值 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 天工股份 | R | 22.49 | 22.00 | 6.71 | 0.32 | 144.23亿 | | 2 | 新劲网 | R | 20.02 | 22.66 | 15.51 | 0.00 | 56.97 亿 | | 3 | 超捷股份 | R | 20.00 | 112.44 | 2.56 | 0.00 | 150.97 亿 | | 4 | 新雷能 | R | 20.00 | 30.24 | 2.90 | 0.00 | 164.05亿 | | 5 | 瑞华泰 | K | 19.98 | 23.24 | 2.24 | 0.00 | 41.83亿 | | 6 | 谱尼测试 | R | 19.95 | 9.32 | 6.53 | 0.00 | 50.86亿 | | 7 | *ST新研 | | 17.71 | 3.39 | 2.82 | 0.59 | 111.55 Z | | 8 | 信维通信 | R | ...

Group 1: Defense and Aerospace Sector - Defense and military concept stocks collectively surged in the morning, with multiple stocks hitting a 20% limit up [1][4] - The commercial aerospace sector remains highly active, with the sector index reaching a historical high, and several stocks like Puni Testing and Chaojie Co. also hitting 20% limit up [4][6] - The recent successful launch of the Long March 12 rocket and the completion of Blue Arrow Aerospace's IPO guidance work are significant positive developments for the sector [6] Group 2: Consumer Electronics Sector - The consumer electronics sector saw a strong opening, with the index rising nearly 3% at one point, and stocks like Hengmingda hitting a historical high with a 20% limit up [10][12] - Demand for consumer electronics is recovering, supported by various consumption-boosting policies, including the promotion of AI-integrated products [12][13] - The rising prices of storage chips, particularly DDR4, are significantly increasing the material costs for consumer electronics, leading to potential retail price hikes for products like smartphones [12][13]