Market Overview - The A-share market saw a collective rise in the three major indices, with the Shanghai Composite Index recording an 8-day winning streak, closing up 0.1% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.18 trillion yuan, an increase of 237.2 billion yuan compared to the previous trading day [1] Index Performance - Shanghai Composite Index: 3963.68 (+0.10%) - Shenzhen Component Index: 1463.04 (+0.54%) - ChiNext Index: 3243.88 (+0.14%) - CSI 300 Index: 4657.24 (+0.32%) [2] Sector Performance - The commercial aerospace sector showed strong performance, with China Satellite achieving a three-day consecutive rise, reaching a 10-year high market value of 94.6 billion yuan [2] - The non-ferrous metals sector experienced a surge, with Jiangxi Copper hitting the daily limit, and China Aluminum, Tongling Nonferrous Metals, and Western Mining rising over 7% [4] - The lithium battery supply chain remained strong, with several companies hitting the daily limit, including Tianji Co., which achieved three limit-ups in four days [4] Precious Metals Market - Precious metals futures continued to soar, with platinum futures reaching a daily increase of 9.99%, hitting a new high of 709.85 yuan per gram [7] - International spot platinum also rose nearly 10%, reaching 2445.6 USD per ounce, marking a historical high [7] - Other precious metals, including gold and silver, also saw significant increases, with spot gold fluctuating around 4520 USD per ounce and spot silver rising over 4% [7][8] Investment Insights - Despite the long-term positive outlook for precious metals, short-term price volatility remains high, and investors are advised to be cautious in a high-volatility environment [9]

Core Viewpoint - The national industrial and information technology work conference emphasized the importance of implementing the new development philosophy and accelerating the construction of a modern industrial system, aiming for high-quality development and a strong industrial economy in the upcoming "15th Five-Year Plan" period [1][7]. Summary by Sections Industrial Economic Performance - In 2025, the industrial economy is expected to show steady progress, with telecommunications business volume and software business revenue projected to grow by approximately 9% and 12% year-on-year, respectively. The digital industry revenue is also anticipated to increase by around 9% [3]. - From January to November, the added value of high-tech manufacturing and equipment manufacturing industries grew by 9.2% and 9.3% year-on-year, respectively. The core AI industry surpassed 1 trillion yuan, and exports of new energy vehicles exceeded 2 million units [3]. Key Tasks for 2026 - The conference outlined ten key areas of focus for 2026, including: 1. Consolidating the positive trend of the industrial economy and supporting major industrial provinces [8]. 2. Enhancing the resilience and safety of industrial supply chains [8]. 3. Accelerating the improvement of industrial technological innovation capabilities [8]. 4. Optimizing traditional industries through standards and technological upgrades [8]. 5. Cultivating emerging and future industries, including integrated circuits and biomedicine [8]. 6. Promoting deep integration of information technology and industrialization [9]. 7. Advancing green and low-carbon development in industries [9]. 8. Supporting high-quality development in the information and communication sector [9]. 9. Fostering high-quality enterprises and addressing overdue payments [10]. 10. Improving industry governance effectiveness [10]. Governance and Leadership - The conference stressed the importance of the Party's leadership in ensuring the success of various initiatives and called for strengthening political construction and enhancing the capabilities of the workforce [11][12]. Conclusion - The conference concluded with a call for unity around the central leadership and a commitment to achieving the goals set for the upcoming year, contributing to the modernization of China [12].

Core Viewpoint - The article discusses the transition of China's economic growth model from "factor expansion" to "innovation-driven" development, highlighting the emergence of new key industries: robotics, artificial intelligence, and innovative pharmaceuticals, referred to as the new "three new things" [1][4]. Industry Transition - The shift in industrial logic is moving from "how much to produce" to "who defines the technology path" and "who holds the core intellectual property" [2][4]. - The new "three new things" focus on technological breakthroughs rather than merely scaling existing technologies, emphasizing efficiency gains through innovation [4][7]. National Strategy - The development direction reflects a significant upgrade in the concept of industrial security, incorporating technology, biological, and data security into a unified framework [5]. - The new "three new things" are seen as critical for enhancing national competitiveness and addressing long-term challenges related to population structure and health security [5][10]. Overcoming the "Middle-Income Trap" - The "middle-income trap" is characterized by a reliance on capital and labor for productivity gains, which leads to diminishing returns [7]. - The new "three new things" aim to reshape the mechanism of productivity formation, focusing on efficiency leaps rather than factor accumulation [7][8]. Structural Opportunities - The new "three new things" represent strategic points for China to extend upward and outward in the global industrial chain, avoiding passive "follower" paths [10][11]. - Robotics, AI, and innovative pharmaceuticals are positioned as foundational technologies that can drive overall industrial upgrades and enhance productivity [10][11]. Robotics Industry Insights - China has a comprehensive and responsive robotics industry chain, with significant advantages in production scale and application diversity [12][13]. - The country is approaching the global forefront in robotics applications, but still faces challenges in high-end components and core technologies [13]. AI Development - China possesses unique advantages in AI due to its vast data resources and diverse application scenarios, but still needs breakthroughs in foundational technologies [15]. - The development of AI is seen as a dual challenge, requiring both data utilization and advancements in core algorithms and hardware [15]. Innovative Pharmaceuticals - The growth in outbound transactions indicates that Chinese pharmaceutical companies are gaining recognition in global markets, but the proportion of original drugs remains low [17][18]. - Achieving leadership in global pharmaceutical markets requires breakthroughs in original drug development and clinical trial capabilities [18]. Addressing Core Technology Dependencies - China must focus on self-research and building a diverse technological ecosystem to mitigate risks associated with reliance on foreign core components [22][23]. - South-South cooperation is highlighted as a potential strategy to enhance technological resilience and expand market opportunities [23]. Future Technological Foundation - The new "three new things" are positioned as a sustainable technological foundation for future industrial development, with robotics, AI, and innovative pharmaceuticals serving as key modules [25][26]. - This framework aims to support long-term growth and adaptability in various industries, addressing critical societal needs and enhancing national research capabilities [26][28].

Core Viewpoint - The rental market for humanoid robots is experiencing a significant price drop, with rental fees now below 10,000 yuan, indicating a shift from speculative demand to a more sustainable market driven by real needs [1][4][9]. Group 1: Market Dynamics - The rental prices for humanoid robots have decreased from a peak of 8,000 to 10,000 yuan per day in March to a range of 3,000 to 6,000 yuan, with some basic models priced around 3,000 yuan and dance versions starting at 5,000 yuan [5][9]. - The demand for robot rentals has surged ahead of the New Year, with many businesses receiving prepayments for multiple units, indicating a robust interest in rental services [1][6]. - The rental market is transitioning from a focus on hardware to a comprehensive service model that includes software, data, and support, reflecting a change in customer expectations from novelty to value creation [1][9]. Group 2: Future Projections - The humanoid robot rental market is expected to exceed 10 billion yuan by 2025, with projections of reaching at least 100 billion yuan by 2026 as platform operations advance [13]. - The industry is anticipated to undergo structural changes, with a focus on rational pricing driven by increased supply and a shift in customer behavior towards value assessment [9][10]. - The rental model is seen as a viable pathway for commercializing humanoid robots, allowing businesses to test products at lower costs while providing feedback for product development [10][11]. Group 3: Industry Challenges - The current rental market faces challenges such as high operational costs, complex collaboration chains, and significant content homogeneity, which could hinder growth [17]. - The customization required for industrial robots makes them less suitable for a rental model, as they often need to be tailored for specific tasks, complicating the reuse of the same product [18]. - Despite the challenges, the demand for humanoid robots in domestic service and companionship is expected to grow, driven by societal changes such as aging populations [18].

Core Viewpoint - The A-share private placement market has shown significant profitability since 2025, with 52 private equity firms investing nearly 6 billion yuan and achieving a floating profit of over 2.7 billion yuan, driven by precise stock selection [3][7]. Group 1: Market Overview - In 2025, the A-share private placement market experienced a notable recovery, with 158 companies conducting private placements, raising over 850 billion yuan, a year-on-year increase of more than 400% [7]. - Over 40% of companies that conducted private placements saw their stock prices rise by more than 50% after the shares were listed [7]. - Private equity firms participated enthusiastically, with a total allocation of 5.98 billion yuan, a 23.48% increase from the previous year [7]. Group 2: Sector Preferences - The electronics sector emerged as the most favored by private equity firms, with 10 electronic companies attracting a total of 2.03 billion yuan, accounting for 33.98% of total allocations [7][8]. - Other sectors such as power equipment and light industry also received significant attention, with each attracting 670 million yuan [8]. Group 3: Investment Performance - As of December 23, 2025, private equity firms achieved a total floating profit of 2.72 billion yuan, with an overall floating profit ratio of 45.55% [9]. - Among the 58 stocks involved in private placements, 54 are currently in a floating profit state, with 9 stocks having a floating profit ratio exceeding 100% [9]. - Notably, Demingli's floating profit ratio reached 274.19%, contributing nearly 441 million yuan to private equity firms [9][10]. Group 4: Private Equity Firm Strategies - Large private equity firms adopted a more conservative investment style, while smaller firms favored growth strategies, achieving higher floating profits [12][13]. - Smaller private equity firms with assets under 5 billion yuan reported floating profit ratios exceeding 100%, while mid-sized firms also performed well, with some achieving floating profit ratios above 50% [13][14]. - The overall trend indicates that 50 out of 52 private equity firms involved in private placements reported floating profits, highlighting the effectiveness of their investment strategies [14].

依据台湾地区相关规定，民意机构对于当局领导人、副领导人的弹劾案，须经全体民意代表二 分之一以上提议、三分之二以上决议，声请司法机构审理。目前，台民意机构共有113位民意 代表，其中国民党籍52人、民进党籍51人、民众党籍8人、无党籍2人。 来源丨央视新闻 编辑丨曾静娇 SFC 根据时间表，2026年1月14日、15日将举办公听会，1月21日、22日与5月13日、14日将两次要 求赖清德到台民意机构说明并接受询问。5月19日台民意机构将进行弹劾案记名投票表决。 台湾地区民意机构中国国民党党团和台湾民众党党团12月19日在台北举行联合记者会，宣布对 赖清德启动弹劾案程序。 12月26日，台湾地区民意机构处理中国国民党党团和台湾民众党党团提交的针对台湾当局领导 人赖清德的弹劾案。国民党、民众党在席次上占据优势，弹劾提案在台民意机构的表决中获得 通过。 ...

记者丨曾静娇 见习记者 林芊蔚 编辑丨吴桂兴 视频丨王学权 见习编辑陈泽楷 12月26日， A股三大指数小幅低开后震荡上行 ，截至午盘涨跌不一，沪指跌0.19%，深成指 涨0.17%，创业板指跌0.15%。沪深两市半日成交额1.47万亿元， 全市场超3900只个股下跌。 消息面上，12月26日， 碳酸锂主力合约盘中强势突破13万元/吨关口，创2023年11月份以来新 高。 一则消息引爆，碳酸锂期货突破13万关口 | 上证指数 | 深证成指 | 北证50 | | --- | --- | --- | | 3952.09 | 13554.07 | 1459.17 | | -7.53 -0.19% +22.66 +0.17% +1.21 +0.08% | | | | 科创50 | 创业板指 | 万得全A | | 1342.12 | 3234.63 | 6407.02 | | -6.94 -0.51% -4.72 -0.15% -2.87 -0.04% | | | | 沪深300 | 中证500 | 中证A500 | | 4643.95 7415.97 | | 5646.41 | | +1.41 +0.03% +5.2 ...

Core Viewpoint - The future of the Chinese economy lies in achieving a dual focus on "starry sea" innovation and "daily necessities" improvement, emphasizing the need for collaboration between technological self-reliance and enhancing people's livelihoods [1][4]. Group 1: Dual-Driven Approach - The "starry sea" represents future-oriented innovation leveraging China's industrial chain, engineer advantages, and market policies, while the "daily necessities" focus on improving livelihoods and boosting domestic demand [4][5]. - The "15th Five-Year Plan" aims to significantly increase the household consumption rate, reflecting the strategic importance of balancing innovation and consumption [5]. Group 2: Capital Market Role - The capital market should support both innovation and consumption, enhancing residents' consumption capacity and promoting a sustainable innovation ecosystem [6][7]. - A robust domestic demand market can provide fertile ground for technological innovation and stable profit sources, fostering a virtuous cycle of investment and returns [7]. Group 3: Market Confidence Recovery - Since September 2024, market confidence has been recovering due to a threefold awakening in policy, enterprise resilience, and capital dynamics [9]. - Policy reforms have included expansionary fiscal measures and support for consumption, signaling a commitment to development alongside security [9][10]. Group 4: Structural Reforms - Key reforms during the "15th Five-Year Plan" include deepening the construction of a unified national market and substantial social security reforms to enhance consumer potential [10][11]. - Increasing the basic pension for farmers and migrant workers could raise household consumption's share of GDP from under 40% to around 45% by 2030, creating a $10 trillion consumption market [11]. Group 5: Fiscal Transformation - The shift from "investment in material" to "investment in people" is crucial for addressing structural issues of high savings and low consumption [13][14]. - The strategy involves increasing the proportion of state-owned capital transferred to social security funds and reallocating fiscal resources from infrastructure to social welfare [14]. Group 6: Real Estate Market Stability - To stabilize the real estate market, strategies include purchasing unsold properties for affordable housing, restructuring debts of key real estate firms, and providing interest subsidies on mortgages to alleviate buyer burdens [15].

国家创业投资引导基金坚持做早期基金、耐心基金、廉洁基金、标杆基金，目前， 首批拟签 约49只基金、27个直投项目。 国家创业投资引导基金启动仪式在国家发展改革委召开。21世纪经济报道记者从现场获悉，国 家创业投资引导基金三只区域基金完成注册， 分别落子京津冀、长三角和粤港澳大湾区，每 只具备500亿以上的规模。 来源丨21财经客户端 21世纪经济报道 编辑丨曾静娇 白银突破73美元，再刷新高，白银LOF今日继续停牌1小时 中国电车攻占泰国70%市场 揭秘年内72单重大重组失利，半导体赛道失败率高 SFC 21君荐读 签约的基金包括亦庄芯创、水木创投、创新工场、联想之星、基石资本、英诺天使等，签约项 目包括加速进化、图灵量子、芯屏半导体等。 ...

Core Viewpoint - Shenzhen has emerged as a vibrant hub for technological innovation, supported by a comprehensive financial service system that covers the entire lifecycle of enterprises, enhancing their growth and development [1][2][13]. Financial Support System - Shenzhen's financial support for technology enterprises includes innovative products like "Tengfei Loan," "Technology Startup Pass," and "Cross-Border Loan," which cater to the financing needs from the seed stage to growth [5][8][10]. - As of October 2025, the balance of technology loans in Shenzhen has exceeded 2.2 trillion yuan, with the issuance of technology innovation bonds ranking among the top in the country [2][13]. Innovative Financial Products - "Tengfei Loan" incorporates future revenue sharing into credit relationships, allowing banks to provide longer-term loans to high-growth tech companies without diluting their equity [5][6]. - "Technology Startup Pass" utilizes data from social security, tax, and intellectual property to identify potential tech enterprises, enabling banks to lend earlier and in smaller amounts [6][7]. - "Cross-Border Loan" facilitates rapid financing for growing enterprises lacking collateral by leveraging a collaborative model among local credit platforms, government financing institutions, and banks [8][10]. Ecosystem Optimization - Shenzhen is building a collaborative "technology-industry-finance" ecosystem, enhancing the "stock-loan-bond-insurance-exchange" linkage to support tech innovation [10][12]. - The "Kowloon Technology Innovation Cooperation Zone" promotes cross-border collaboration and has attracted over 200 high-end research projects and 1.5 million researchers [11][12]. - The "Thousand Billion Financing Plan" in Nanshan District aims to alleviate financing difficulties for tech enterprises by establishing a multi-tiered risk-sharing mechanism [11][12]. Conclusion - The combination of innovative financial products and a supportive ecosystem positions Shenzhen as a leader in nurturing specialized and innovative enterprises, with a financial service system that acts as a "co-builder" and "companion" throughout the innovation process [13].