2025.12.30 本文字数：579，阅读时长大约1分钟 作者 |一财阿驴 09:27贵金属板块开盘大跌，白银有色触及跌停，豫光金铅、晓程科技、贵研铂业、湖南白银、江西铜 业等纷纷低开。 09:25 A股开盘丨三大指数集体低开 沪指低开0.44%，深成指低开0.52%，创业板指低开0.44% 盘面上，能源金属全线回调，锂矿方向领跌；黄金、海南自贸区、固态电池、商业航天、光伏题材纷纷 走低。 个股方面，赣锋锂业低开近5%，公司公告，公司于2025年12月29日收到宜春市公安局的移送起诉告知 书，因涉嫌内幕交易罪单位犯罪，案件已移送检察机关审查起诉。 | | 62.25 -3.07 -4.70% | | | | 赣锋锂业 立即 002460 交易 | | | --- | --- | --- | --- | --- | --- | --- | | | SZSE CNY 9:25:00 休市 查看L2全景 | | | | 年0 > 能 理 股 分 0 + | | | 港(1772) | 51.650(-5.75%) H/A:-24.95% | | Wind ESG评级A | | | 详情 | | | 美(GNENY ...

09:21 港股开盘丨恒生科技指数涨0.38% 09:27 贵金属板块开盘大跌，白银有色触及跌停，豫光金铅、晓程科技、贵研铂业、湖南白银、江西铜 业等纷纷低开。 09:25 A股开盘丨三大指数集体低开 沪指低开0.44%，深成指低开0.52%，创业板指低开0.44% | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 1m | 3947.87 | -17.41 | -0.44% | | 399001 | 深证成指 | Vh | 13466.30 | -70.79 | -0.52% | | 399006 | 创业板指 | VW | 3208.32 | -14.29 | -0.44% | 盘面上，能源金属全线回调，锂矿方向领跌；黄金、海南自贸区、固态电池、商业航天、光伏题材纷纷 走低。 个股方面，赣锋锂业低开近5%，公司公告，公司于2025年12月29日收到宜春市公安局的移送起诉告知 书，因涉嫌内幕交易罪单位犯罪，案件已移送检察机关审查起诉。 | | 62.25 -3.07 -4.70% ...

受科技板块走弱拖累，美股在周一全线下跌。截至收盘，道指跌249.04点，跌幅0.51%，报48461.93 点，纳指跌0.50%，报23474.35点，标普500指数跌0.35%，报6905.74点。贵金属市场因获利回吐等原因 大幅下挫，纽约商品交易所12月交割COMEX黄金期货跌4.50%，报4325.10美元/盎司，为近两个月最大 跌幅，白银期货跌8.67%，报69.856美元/盎司，创2021年2月来最差表现，日内下挫超6美元则刷新了 1980年1月以来最高纪录。 编辑 | 格蕾丝 当地时间12月29日，美国总统特朗普在佛罗里达州海湖庄园与以色列总理内塔尼亚胡开始会晤前透露， 他当天早晨与俄罗斯总统普京通电话时，被对方告知乌克兰无人机袭击了普京一处官邸，"我对此很生 气"。特朗普称暂不了解具体情况，俄方说法可能不实、袭击并未发生，他补充说"但普京总统今天早上 告诉我，的确发生了"。若确有其事，"那太糟糕了，并不是好事"。特朗普还表示，他与普京的这次通 话"有成效"，但要在乌克兰实现和平仍存在"一些非常棘手的难题"。 12月29日，教育部发布《全国学前儿童学籍管理办法（试行）》，进一步保障学前儿童受教育权 ...

2025.12.30 本文字数：2083，阅读时长大约3分钟 作者 |第一财经 韦薇 近两年来，中国创投圈持续面临挑战。一方面，万亿创投基金面临退出的烦恼，A股、港股、美股等传 统上市退出渠道的不确定性上升；另一方面，回购权（回购对赌协议）在中国的私募投融资项目中的使 用比例高达80%以上（硅谷不足4%），在项目无法IPO的背景下，企业家可能面临大额回购风险。 据第一财经记者从业内人士处获悉，也就在12月，中国证券投资基金业协会（下称"协会"）通过邮件及 AMBERS系统站内信方式向私募股权/创投基金管理人发送了《关于私募股权创投基金投资条款的提 示》，呼吁行业树立正面形象，践行长期投资、耐心资本理念，加强与投资者、回购义务人等相关方沟 通，综合考虑内外影响，妥善解决利益分歧，与实体企业共渡难关。 目前回购对赌问题进展如何？随着港股IPO加速，这类风险是否有所化解？行业内是否有其他方式缓和 局面？第一财经记者了解到，目前一些投资期限更长的基金开始积极收购市场上的"老股"，不仅可以以 折扣价格获取潜在优质资产，也有助于缓和早期投资人和被收购方的资金压力。同时，港股IPO明显提 速，这一退出渠道部分缓和了回购对赌 ...

12月30日，随着强一股份（688809.SH）上市，科创板迎来第600家上市公司。 从首批25家拓荒者，到如今600家公司集结，科创板的融资规模也不断增加。截至12月30日，IPO募集 资金9557亿元，再融资募集资金2139亿元，合计超1.1万亿元。 清华大学国家金融研究院院长、清华大学五道口金融学院副院长田轩对第一财经称，600家企业集聚科 创板，不仅能形成显著的产业集群效应，更能通过上下游协同创新加速科技成果转化，形成相互促进、 共同发展的良好生态。同时，吸引更多的资本、人才等要素向硬科技产业集中，激励更多企业投身于核 心技术研发和创新。 科创板公司的研发投入持续加码，2025年前三季度，板块研发投入金额达到1328.64亿元，是板块净利 润的2.7倍，研发投入占营业收入比例中位数为12.5%，远高于其他板块（沪主板、深主板、创业板分别 为3.1%、3.5%、5.2%）。再看2024全年，科创板公司研发投入合计1681亿元，是板块归母净利润的三 倍多，同比增长6.4%。 研发投入持续加码 经过六年半的发展，科创板已成为中国硬科技企业上市首选地。 600家上市公司主要分布于新一代信息技术、生物医药、高端 ...

Group 1 - The core viewpoint of the articles indicates that despite a decline in the technology sector, the U.S. stock market is expected to continue its upward trend, supported by factors such as the AI boom, interest rate cut expectations, and economic resilience [2][3][4] - Major U.S. indices are projected to achieve their third consecutive year of gains, with the Dow Jones and S&P 500 indices nearing their eighth consecutive month of increases [2][3] - The "Santa Claus Rally," a seasonal market phenomenon, is anticipated, where the S&P 500 index typically rises during the last five trading days of the year and the first two trading days of the following year [2] Group 2 - Analysts expect the U.S. stock market to remain bullish in 2026, with low chances of a significant market correction or bear market if the global economy continues to expand and the Federal Reserve eases monetary policy further [4] - The November existing home sales index surged by 3.3% month-over-month, reaching a three-year high, following a revised 2.4% increase in October [5] - International oil prices have risen, with WTI crude oil near-month contracts increasing by 2.36% to $58.08 per barrel, and Brent crude oil near-month contracts rising by 2.14% to $61.94 per barrel [5]

周一，贵金属市场上演惊天反转行情。白银期货价格在隔夜交易中首次突破每盎司80美元后，收盘重挫 7%逼近70美元关口，与此同时，国际金价跌超4%，连续失守4500美元、4400美元两大关口。铂系金属 也未能幸免，伦敦金属交易所LME铂金期货跌13.8%，钯金期货跌幅一度接近17%。 市场分析认为，技术指标修复、投资者获利了结，交易所政策打压等因素是引发市场调整的主要原因。 多因素引发市场巨震 在上周五大涨10%后，白银期货周一亚市早盘连续突破 80、83美元关口，然而调整随后到来。从最高 点到最低点白银价格暴跌15%，创下了自2020年8月以来的最大日内波幅 ——当时白银曾单日暴跌 16.85%。 BK asset management策略师施罗斯伯格（Boris Schlossberg）在接受第一财经采访时表示，从技术指标 看，近期特别是上周的走势让价格进一步严重偏离均线，这与市场流动性有关，短期有修复需求，只是 缺乏催化剂。同时可以看到，可能存在部分资金在某些价位实施了程序性卖出指令，引发了踩踏。 第一财经记者汇总发现，机构和投资者依然普遍看好明年的市场行情。 摩根大通预测，到2026年底，现货黄金价格将升 ...

现货铂金跌近10%，现货钯金跌逾14%。 现货黄金日内重挫超140美元，跌逾3%；现货白银重挫超8%，现报72.48美元/盎司； | 48789 | | 4 1 1 1 1 1 1 1 19 13 30 1 1 1 1 1 1 1 2 1 1 1 5 1 1 5 5 SPIANUSDOZHISW会面 08:14 65 45237280 通联 -8 6205 (11847 1909 0 000 18350 0 | | | | | | 19 8201 71/4 18/02 11/4 2025/12/29 | | 伦敦盆现 | | SPTAUUSDOZ | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | 4391.325 | | -141.085 -3.11% | | 41-19 2575 | | | | | | | | | | | 4391,752 | | | 1620.361 | | | | | | | | | | | 4391,325 | | | 4591 ...

| < w | | 伦敦金现 | | | | | Q | | --- | --- | --- | --- | --- | --- | --- | --- | | | | SPTAUUSDOZ.IDC | | | | | | | 4329.575 | | 昨结 4532.410 | | | 开盘 | 4532.410 | | | -202.835 -4.48% | | 总量(kg) 0.00 | | | 现手 | | 0 | | 最高价 | 4550.520 | 持 仓 0 | | | 外 盘 | | 0 | | 最低价 | 4327.682 | 增 仓 0 | | | 内 盘 | | 0 | | 分时 | 五日 | 日K 月K | 園K | | 更多 | | O | | 叠加 | | | | | | 盘口 | | | 4737.138 | | | | | 4.52% 卖1 4330.352 | | 0 | | | | | | | | 买1 4329.575 | 0 | | | | | | | 23:16 4328.380 | | 0 | | | | | | | | 23:16 4329.125 | C | | ...

Core Viewpoint - The central theme of the articles emphasizes the importance of increasing residents' income as a fundamental strategy to boost domestic consumption and address the current economic challenges in China [1][2][4]. Group 1: Economic Policy and Strategy - The National Financial Work Conference held on December 27-28 highlighted the continuation of a proactive fiscal policy into 2026, focusing on increasing residents' income through various financial support measures [1]. - The recent Central Economic Work Conference introduced a plan for increasing urban and rural residents' income, underscoring the foundational role of consumption in domestic demand and economic circulation [1]. - The articles argue that the current economic bottleneck is insufficient effective demand, primarily due to inadequate purchasing power and disposable income among residents, which is exacerbated by an imbalance in income distribution among the government, enterprises, and residents [1][2]. Group 2: Structural Reforms - The articles advocate for a comprehensive reform to eliminate systemic barriers that hinder domestic demand and consumption, emphasizing a shift in policy focus towards human-centered investment [2]. - A transparent guarantee system is proposed to ensure fair competition and protect the rights of all economic participants, which would facilitate a more equitable distribution of national income [2][3]. - The establishment of a protective social safety net is deemed essential for providing economic stability and encouraging innovation and risk-taking among residents [3]. Group 3: Employment and Economic Participation - Employment is identified as the primary channel for residents to engage in economic activities and share in economic growth, highlighting the need for policies that enhance job opportunities and resource mobility [3][4]. - The articles stress the importance of creating an environment where economic opportunities are accessible to all, advocating for the removal of monopolistic barriers and the promotion of resource flow [3][4]. - The concept of "breaking" and "establishing" is introduced, suggesting that addressing existing constraints on income and consumption must go hand in hand with building new economic structures that support growth [4].