Core Viewpoint - The Chinese Ministry of Commerce has announced a preliminary ruling on anti-subsidy investigations against dairy products imported from the EU, determining a subsidy rate of 21.9%-42.7% and implementing temporary anti-subsidy measures, marking a response to EU subsidy policies and domestic industry demands [2][5]. Group 1: Investigation Process and Findings - The investigation was conducted in accordance with Chinese laws and WTO rules, ensuring fairness and transparency throughout the process, including consultations and hearings with stakeholders [3][4]. - Preliminary evidence indicates that EU dairy products are subsidized, causing substantial harm to the domestic industry in China, with a causal relationship established between the subsidies and the damage [5][6]. Group 2: Impact of EU Subsidies - The EU provides numerous subsidies through its Common Agricultural Policy (CAP), which allows European dairy producers to maintain profitability even during low international milk prices, enabling them to export at prices below cost to China [5][6]. - The investigation specifically targets cheese and high-fat cream, which are critical areas for the transformation and value enhancement of China's dairy industry, indicating that EU products not only result in sales losses but also hinder the progress of local dairy products towards higher-end processing [5][6]. Group 3: China's Stance on Trade Measures - The Chinese Ministry of Commerce has emphasized its cautious and restrained approach to trade remedy measures, having initiated only a few investigations against the EU since 2025, while the EU has launched numerous investigations against Chinese products [7][8]. - The Ministry has expressed a willingness to resolve trade disputes through dialogue, contrasting its restrained actions with the EU's aggressive use of trade remedy tools, which are perceived as discriminatory against Chinese enterprises [8][9].

Group 1: Market Overview - The traditional Christmas holiday period has led to low volatility in markets, but this year is different due to heightened risk aversion and supply-demand imbalances in the precious metals market [1] - The U.S. stock market remains stable despite strong GDP performance, with the 10-year Treasury yield hovering around 4.17%, indicating that current monetary policy is not expected to tighten further [2] - Concerns over the AI bubble and its impact on tech stocks have dampened short-term momentum for these assets, with the VIX index near yearly lows [2] Group 2: Precious Metals Performance - Precious metals like gold and silver have reached historical highs, driven by investor demand amid expectations of Federal Reserve rate cuts and geopolitical tensions [5][6] - Gold prices have surged, with forecasts suggesting it could reach $5,000 by the end of 2026, supported by central bank purchases and a trend towards de-dollarization [5] - Silver has seen significant price increases, attributed to both safe-haven demand and structural growth in industrial applications, particularly in electric vehicles and solar panels [6] Group 3: Company-Specific Insights - Oracle's stock has dropped 30% this quarter, heading towards its largest quarterly decline since the 2001 internet bubble, following disappointing revenue and cash flow results [3] - Oracle plans to invest $50 billion in capital expenditures by FY2026, a 43% increase from previous plans, raising concerns about its ability to meet these obligations without renegotiating contracts [3] - The AI sector's heavy investment and poor returns have led to a significant increase in perceived risk, with 45% of fund managers identifying the AI bubble as a major market risk [5] Group 4: Supply and Demand Dynamics - The silver market has been in a state of supply-demand imbalance since 2021, with increasing demand from energy transition technologies [6][7] - Platinum and palladium prices have surged due to tightening supply and uncertainty in tariff policies, with platinum prices up approximately 176% this year [7][8] - The market for platinum and palladium is smaller than that of gold, leading to greater price volatility with minimal investment shifts [8]

闻泰科技方面向记者透露，相关内容包括，公司将在2026年1月借助第二次听证会，重申立场并积极维 权。 安世半导体是闻泰科技此前收购的半导体子公司，前身是荷兰恩智浦半导体的一个业务部门。但由于今 年9月底荷兰经济事务与气候政策部发布的部长令，以及随后荷兰企业法庭作出的紧急措施，安世半导 体的资产被冻结，闻泰科技对安世半导体的控制权也开始受限。 闻泰科技于12月26日下午召开2025年第五次临时股东会，董事长杨沐谈到了关于子公司安世半导体控制 权风波的相关进展。 据闻泰科技方面透露，此次临时股东大会上，公司最新表态，已于10月15日提交了争议通知，如果问题 在六个月内得不到解决，公司可能就此寻求国际仲裁，索赔金额可能高达约80亿美元。 安世半导体控制权风波发酵后，知情人士此前向记者透露，安世半导体的临时管理层已解雇了中国籍或 有中国背景的高级员工，并封停了中国区员工的公司账号和邮箱，停止向安世中国支付员工工资、社保 等，还断开了中国区研发中心与荷兰总部的连接，停止对中国区的晶圆供应。 此次股东大会上，杨沐表示，面对安世荷兰的断供，为进一步保障供应链稳定，安世中国正同步开展国 内部分晶圆供应商的验证工作，预计202 ...

Core Viewpoint - The U.S. stock market is experiencing fluctuations near historical highs, with the S&P 500 index showing a weekly increase of 1.4%, marking its fourth weekly gain in five weeks [2][3]. Market Performance - On the first trading day after Christmas, the Dow Jones fell by 20.19 points (0.04%) to 48,710.97, the Nasdaq dropped by 0.09% to 23,593.10, and the S&P 500 decreased by 0.03% to 6,929.94, although it reached a new intraday high [2]. - The S&P 500 index has risen over 17% since the beginning of 2025, primarily driven by large-cap tech stocks, but recent gains are spreading to financial and materials sectors [3]. Economic Outlook - Analysts predict a 15.5% profit growth for S&P 500 companies in 2026, up from a forecast of 13.2% for 2025, indicating a positive outlook for corporate earnings [3]. - The market is closely watching the potential for a "Santa Claus rally," defined as an increase in the S&P 500 during the last five trading days of the year and the first two trading days of the following year [5]. Sector Performance - The recent market rally is attributed not only to the tech sector but also to financial and industrial sectors, which are benefiting from tax reforms and interest rate cuts implemented in the fourth quarter [5]. - In individual stock performance, Nvidia rose by 1.0% following a technology licensing agreement, while other tech stocks showed mixed results, with notable declines in Tesla (down 2.1%) and Meta (down 0.6%) [6]. Commodity Market - The precious metals market saw significant gains, with COMEX gold futures rising by 1.08% to $4,529.10 per ounce, and silver futures increasing by 7.68% to $76.48 per ounce [7]. - Copper prices also reached historical highs, with domestic copper prices nearing $6 per pound, driven by tariff policies and tight inventories [7].

Group 1: Market Overview - The upcoming Christmas holiday has led to low volatility in traditional markets, but this year is different due to heightened risk aversion and supply-demand imbalances in the precious metals market [2] - The U.S. stock market remains stable despite strong GDP data, with the 10-year Treasury yield hovering around 4.17%, indicating that monetary policy is not expected to tighten further [3] - Concerns over the AI bubble and unclear monetary policy have dampened the momentum of star tech stocks, with the VIX index near yearly lows [3] Group 2: Oracle's Financial Performance - Oracle's stock has plummeted 30% this quarter, heading towards its largest quarterly decline since the 2001 internet bubble burst, following disappointing revenue and free cash flow results [4] - The company plans to invest $50 billion in capital expenditures by FY2026, a 43% increase from previous plans, which raises concerns about its ability to manage such debt [4][5] Group 3: AI Bubble Concerns - A recent survey shows that 45% of fund managers view the "AI bubble" as the biggest market risk, a significant increase from 11% in September [7] - The construction of AI data centers is considered one of the largest infrastructure projects in modern history, but a slowdown in AI growth could pose significant risks to the market [7] Group 4: Precious Metals Market - Precious metals like gold and silver have reached historical highs due to investor demand driven by expectations of Fed rate cuts and geopolitical tensions [8] - Gold prices have surged, with predictions that they could reach $5,000 by the end of 2026, supported by central bank purchases and a trend towards "de-dollarization" [8] - Silver prices have also increased significantly, driven by both safe-haven demand and structural growth in industrial applications, particularly in electric vehicles and solar panels [9] Group 5: Platinum and Palladium Prices - Platinum and palladium prices have seen remarkable increases, with platinum futures surpassing $2,500 and palladium futures rising above $2,000, driven by supply constraints and shifting investment demand [10] - The market for platinum and palladium is much smaller than that for gold, making it susceptible to significant price fluctuations with minimal investment activity [10]

Group 1 - Technology stocks mostly rose, with SanDisk up over 3%, Micron Technology and NVIDIA both rising nearly 1% [1] - Chinese concept stocks showed mixed performance, with the Nasdaq Golden Dragon China Index up 0.2%, while Bawang Chaji fell over 8% and Dingdong Maicai rose over 5% [1] - Biohaven dropped over 10% following the failure of its mid-stage trial for a depression drug [1] - Space concept stock Sidus Space opened up over 30%, briefly rising over 50%, and currently up nearly 45% [1] Group 2 - On December 26, the three major U.S. stock indices opened mixed, with the Dow Jones down 0.02%, the Nasdaq up 0.13%, and the S&P 500 up 0.09% [2]

12月26日，据"华为数据存储"公众号消息，华为第六届奥林帕斯奖正式启动全球征集。 今年奥林帕斯奖奖金池总奖金300万元，其中，设置2个奥林帕斯奖，奖金各100万元；5个奥林帕斯先锋 奖，奖金各20万元。 本届奥林帕斯奖将聚焦解决AI时代数据处理的算力开销大、推理效率与精度冲突、存储成本激增等问 题，面向全球科研工作者公开征集解决之道。 编辑丨瑜见 ...

Core Viewpoint - Dong'an Holdings Group Co., Ltd. has announced the suspension of operations for several dealerships, including Zhengzhou Zhongyuan Porsche Center, which has sparked discussions among car owners and netizens [1]. Group 1 - The suspension of operations will take effect from December 26, 2025, for Zhengzhou Zhongyuan Porsche, Guiyang Mengguan Porsche, and Zhengzhou Dongjin Volkswagen stores [1]. - All employees at these locations will be on leave during the suspension period, with salaries temporarily paid at the local minimum living standard, excluding outsourced labor [1]. - The company is actively working to secure funds to address employee account issues, with a plan to resolve these within 30 days in batches and proportionally [1]. Group 2 - Employee wages are expected to be paid within 60 days [1]. - The company will continue to make normal social security contributions during the suspension period [1]. - Dong'an Holdings is in communication with banks and manufacturers to resolve issues related to the delivery of customer qualification certificates, with a positive outcome anticipated soon [1]. Group 3 - The company plans to address supplier debts in batches [1]. - Customer deposits and maintenance service issues will also be resolved in an orderly manner over time [1].

Core Insights - The land transaction landscape for 2025 has concluded, with the title of "top land seller city" being revealed in the final days of the year [1] - Hangzhou initially led the market in the first half of 2025, but experienced a significant downturn in the second half, resulting in a total land sale revenue that, while impressive, remains relatively low compared to historical highs [2][4] Group 1: Hangzhou's Performance - In the first half of 2025, Hangzhou sold 68 residential land parcels, generating a total revenue of 1160.1 billion yuan, nearly matching the total for the entire previous year, and marking a year-on-year increase of nearly 100% [2] - The total land sale revenue for Hangzhou in 2025 reached 1420.8 billion yuan, reflecting a year-on-year growth of 21.5% [1][2] - The second half of 2025 saw a drastic decline in land sales for Hangzhou, with only 260.7 billion yuan in transactions, which is just 22.5% of the first half's performance [2] Group 2: Beijing's Year-End Surge - Beijing made a strong year-end push, with significant transactions occurring in the last week of December, including a notable sale in Haidian district for 84.56 billion yuan [3][4] - The total land sale revenue for Beijing in 2025 amounted to 1427.4 billion yuan, despite a year-on-year decrease of approximately 24% in transaction volume [4] - Beijing's land market saw an increase in floor prices by 20% and a rise in premium rates, allowing it to surpass Hangzhou in the final weeks of the year [4][5] Group 3: Shanghai's Dual-Track Strategy - Shanghai's public land sales included 48 residential parcels, generating 1427.2 billion yuan, a year-on-year increase of 1.9%, nearly matching Beijing's performance [6] - In addition to public sales, Shanghai utilized a dual-track model, with approximately 30 parcels sold through private agreements, contributing over 900 billion yuan to the total land revenue [6] - When including non-public sales, Shanghai emerges as the "invisible champion" of the land market, leading in actual land sale revenue for 2025 [6][7] Group 4: Conclusion on Top Seller City - The title of "top land seller city" varies based on the metrics used; Beijing leads in public auction sales, while Shanghai holds the top position when including all sales methods [7]

（六）关于市场空间。发行人的商业火箭业务或产品应具有清晰的目标市场，相较于竞争对手具有先发 优势，在研发进度、关键指标等方面位于行业前列。 12月26日，据上交所网站，上交所制定了《上海证券交易所发行上市审核规则适用指引第9号——商业 火箭企业适用科创板第五套上市标准》，现予以发布，并自发布之日起施行。 （七）关于商业化安排。发行人应当为商业火箭业务或产品从技术验证到规模运营制定清晰明确、切实 可行的商业化安排，不存在主要业务或产品商业化生产销售预期明显不足等重大不利影响的事项。 《指引》共十四条，对商业火箭企业适用科创板第五套上市标准作出了细化规定。主要内容如下： （一）业务范围以及"硬科技"属性要求。明确主营业务的具体范围为"商业火箭自主研发、制造和提供 航天发射服务"，更加看重发行人的"硬科技"属性。同时，对于承担国家任务、参与国家工程项目的商 业火箭企业，予以优先支持。 （二）关于明显技术优势。明确企业需在关键核心技术上具备明显优势或重大突破，关注核心技术产品 以及关键部件的自主研发情况，运载能力及一箭多星能力等技术先进性衡量指标。 （三）关于阶段性成果。明确商业火箭企业申报时应当至少实现采用可重复使 ...