记者丨吴霜 编辑丨方海平 2025年，可以说是村镇银行大撤退的一年。 21世纪经济报道记者发现，除了中资行在不断通过"村改支"、解散、吸收合并等方式让村镇 银行逐渐退出舞台以外， 外资行也开始收缩村镇银行这一业务板块。 近日，重庆金融监管局发布关于重庆荣昌汇丰村镇银行有限责任公司解散的批复，同意解散 重庆荣昌汇丰村镇银行有限责任公司。 批复显示，该行拟通过解散方式实现村镇银行市场化退出，前期已将存续的相关存贷款业务 转让给汇丰银行（中国）有限公司重庆分行，实现存贷款业务基本清零。 国家金融监督管理总局官方数据显示，截至12月25日，今年以来已经有226家村镇银行退出市 场，而2024年全年退出市场的村镇银行数量为93家。 村镇银行的缩量趋势在今年年初就已经奠定基调。 2025年年初，中央一号文件将"稳妥有序推进村镇银行改革重组"列为重点任务，此后的政府 工作报告中，更是强调了地方中小金融机构的风险处置与转型发展。 背 后 原 因 ， 主 要 与 村 镇 银 行 蕴 含 的 潜 在 风 险 有 关 。 央 行 发 布 的 《 中 国 金 融 稳 定 报 告 （2024）》显示，在央行的风险检测预警工作中，预警银 ...

Core Viewpoint - The article discusses the dramatic reversal in the trading performance of the Guotou Silver LOF (161226), highlighting the impact of speculative trading and arbitrage activities on its price volatility and market dynamics [1][4][12]. Group 1: Market Performance - On December 25, Guotou Silver LOF opened at a limit down of 2.804 yuan after three consecutive days of limit up trading, where its price surged from 2.332 yuan to 3.116 yuan, marking a year-to-date increase of 254.90% [1][4]. - The fund's premium rate plummeted from a historical high of 68.19% to 45.45%, a drop of over 22 percentage points in a single day [1][4]. - The trading volume on December 25 reached 8.09 billion yuan, with a significant sell-off leading to the price hitting the limit down [4][5]. Group 2: Arbitrage and Speculation - The extreme premium attracted a large influx of arbitrage funds, which contributed to the subsequent sell-off as these investors sought to realize profits [4][5]. - The arbitrage strategy involved purchasing shares at the net asset value and selling them at market price after a two-day settlement period, creating a perceived low-risk opportunity [7][8]. - Speculators, on the other hand, directly bought shares at high premiums, betting on continued bullish sentiment in precious metals, which exposed them to significant risks [9][10]. Group 3: Regulatory and Market Dynamics - The high premium rates prompted regulatory scrutiny, with the fund management issuing multiple risk warnings and implementing trading restrictions [4][12]. - The supply-demand imbalance in the silver market, exacerbated by limited investment channels for retail investors, contributed to the inflated premiums [12][13]. - The fund's capacity constraints, due to regulatory limits on futures contracts, have raised concerns about potential liquidity issues and market volatility if the price of silver declines [13][14]. Group 4: Future Outlook - Analysts predict that the current phase of high premiums may be nearing its end, with potential corrections expected as market dynamics stabilize [15][16]. - Investors are advised to approach high-premium trading with caution, as the risk of significant losses remains if the premium rates decrease or if the underlying asset prices fluctuate [15][16].

Core Viewpoint - Shanghai Micro Electronics Equipment (Group) Co., Ltd. has won a bid for a stepper scanning lithography machine, marking a significant advancement in China's semiconductor equipment sector, particularly in high-end lithography technology [1][5]. Group 1: Bid Details - The bid was for one unit of the SSC800/10 model lithography machine, with a transaction amount of approximately 109.99 million yuan (about 11 million USD) [1][4]. - The SSC800/10 model is the first publicly disclosed model code, indicating its advanced technology in the semiconductor manufacturing process [5]. Group 2: Market Reaction - Following the announcement, the stock price of Zhangjiang Hi-Tech surged by over 7% within minutes, reflecting strong market interest in lithography-related stocks [7][9]. - The lithography machine sector has seen a year-to-date increase of over 76%, with 13 out of 48 related stocks doubling in price this year [10]. Group 3: Industry Context - Shanghai Micro Electronics is a key player in China's semiconductor equipment industry, having achieved mass production of 90nm ArF lithography machines earlier this year [1]. - The bid amount significantly exceeds typical bid amounts in the sector, indicating the advanced nature of the technology involved [6]. - Global competitors like ASML have lithography machines priced at over 500 million yuan (approximately 50 million USD) for DUV and over 1 billion yuan (approximately 100 million USD) for EUV machines, highlighting the competitive landscape [6].

Core Viewpoint - Hongjiu Fruit (06689.HK), once known as the "first fruit stock" in China, is set to be delisted from the Hong Kong Stock Exchange on December 30, following a prolonged suspension of over a year and a half due to failure to disclose financial reports on time [1][2]. Group 1: Company Performance and Financials - Hongjiu Fruit was listed on the Hong Kong Stock Exchange in September 2022, reaching a peak market value of HKD 67 billion (approximately CNY 60.3 billion) [1]. - In its first year of listing, the company reported revenue of CNY 15 billion, which was six times higher than its revenue in 2019, marking a significant achievement in the fruit industry [1]. - By the time of its suspension, the company's stock price had plummeted to HKD 1.74, resulting in a market capitalization of only HKD 2.795 billion, a decline of over 95% from its peak [2]. Group 2: Audit and Financial Irregularities - The company faced scrutiny from its auditor, KPMG, regarding a prepayment balance of approximately CNY 4.47 billion as of the end of 2023, with CNY 3.42 billion paid to several new suppliers lacking historical transaction records [2]. - KPMG resigned as the company's auditor in April 2024, and the company has not disclosed its annual report for 2023 or any subsequent periodic reports [2]. Group 3: Management and Legal Issues - The founder, Deng Hongjiu, along with several executives, were taken into custody in early 2025 due to investigations related to loan fraud and potential issuance of false VAT invoices [4][6]. - Following the suspension of trading and operational disruptions, the company began implementing salary cuts and layoffs, with reports indicating that nearly CNY 60 million from an employee stock ownership plan had been misappropriated [6][7]. - The company filed for restructuring in May 2025, and all independent non-executive directors resigned, leaving the company without any independent oversight [7].

Group 1 - The core point of the article is the announcement by Guotou Ruijin Silver LOF regarding changes in subscription limits for its A and C class shares, effective December 29, 2025, with A class limited to 100 RMB and C class suspended for subscription [1][3] - The fund's secondary market closing price on December 25, 2025, was 2.804 RMB, significantly higher than the net asset value, indicating potential risks for investors who blindly invest in high premium funds [3][4] - The fund has previously adjusted investment limits multiple times, with the most recent changes reducing the periodic investment limits for A and C class shares to 500 RMB and 500 RMB respectively [4] Group 2 - The fund experienced a dramatic price surge, with a closing price of 3.116 RMB on December 24, 2025, representing a premium rate of up to 61.63% compared to its net value of 1.9278 RMB [4] - Following warnings from the fund company and brokerage firms about risks, the fund was suspended from trading on December 25, 2025, and upon resuming, it faced a limit down situation [4]

Core Viewpoint - Groq has entered a non-exclusive licensing agreement with NVIDIA for its inference technology, while continuing to operate independently. This agreement allows NVIDIA to enhance its capabilities in AI inference without acquiring Groq outright [1][2]. Group 1: Company Overview - Groq was founded in 2016 by former Google employee Jonathan Ross, focusing on AI chip development for the cloud computing market. The company has developed the GroqChip, capable of achieving 750 TOPS with 16 interconnected chips and 230 MB of SRAM [3][5]. - Groq's strategy emphasizes a "compiler-first" approach, providing software to maximize parallel computing efficiency. The company introduced the LPU (Language Processing Unit) chip, which claims to be ten times faster than NVIDIA's H100 at a tenth of the cost, catering to the demand for real-time AI inference services [5][6]. Group 2: Market Position and Competition - Groq has become a significant competitor to NVIDIA in the inference market, especially as the focus shifts from training to inference in AI applications. The company has seen a rapid increase in funding, with its valuation reaching $6.9 billion after several rounds of financing [6][9]. - Despite Groq's advancements, NVIDIA maintains a leading position in the market, benefiting from its established infrastructure and supply chain. Other competitors, including AMD and Intel, are also intensifying their efforts in the AI chip sector [6][9]. Group 3: Technological Insights - Groq's LPU architecture utilizes on-chip SRAM, providing a memory bandwidth of over 80 TB/s, significantly surpassing the 8 TB/s bandwidth of current top GPUs using HBM. This design reduces dependency on external packaging and enhances performance [9][10]. - The collaboration with Groq allows NVIDIA to integrate advanced technology and talent, potentially addressing its limitations in real-time inference capabilities. The acquisition of Groq's engineering team is seen as a strategic move to bolster NVIDIA's technological edge [10][11]. Group 4: Industry Trends - The trend of "acqui-hire deals" is gaining traction in Silicon Valley, where companies acquire startups primarily for their talent rather than their products. This approach has been observed in other major tech firms, indicating a shift in how companies are approaching talent acquisition in the AI sector [11].

Core Viewpoint - Shenzhen Xihua Technology Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, despite reporting a loss of 426 million yuan over less than four years, with over 80% of its revenue coming from its top five clients [1][10]. Group 1: Company Overview - Founded in August 2018, Xihua Technology is recognized as a national key "little giant" enterprise, primarily providing smart display chips and smart sensing control chips for markets including smart cars, mobile phones, wearable devices, and robotics [1]. - The company has developed the world's first ASIC architecture AIScaler, which has become a leading product globally, with an expected shipment of approximately 37 million units in 2024 [3]. Group 2: Financial Performance - From 2022 to the first nine months of 2025, Xihua Technology reported cumulative losses of 426 million yuan, with annual losses of 129 million yuan in 2022, 153 million yuan in 2023, and 80.82 million yuan in 2024 [10]. - The overall gross margin decreased from 35.7% in 2022 to 21.5% in 2023, rebounding to 28.4% in 2024, but falling again to 22.1% in the first nine months of 2025 [10]. Group 3: Revenue Breakdown - In the revenue breakdown, smart display chips and solutions accounted for over 85% of total revenue from 2022 to the first nine months of 2025, while the revenue from smart sensing control chips grew from 1.9% in 2022 to 14.4% in the first nine months of 2025 [7][8]. Group 4: Market Position and Competition - In 2024, Xihua Technology ranked second in the global scaler market and first in the ASIC scaler market, with a shipment volume accounting for 18.8% of the market share [10]. - The global scaler market is highly concentrated, with the top five suppliers holding approximately 70.8% of the market share [10]. Group 5: Supply Chain and Client Dependency - Xihua Technology has a high dependency on its suppliers, with the top five suppliers accounting for 81.8% to 76.6% of total procurement from 2022 to the first nine months of 2025 [11]. - The company also relies heavily on its top five clients for revenue, which constituted 89.9% to 82.2% of total revenue during the same period [11]. Group 6: Future Outlook - Xihua Technology is working to diversify its customer base and expand its procurement network to reduce reliance on a few suppliers and clients, aiming to enhance its bargaining power and improve production efficiency [12]. - The company is positioned in a rapidly growing sector of edge AI, indicating potential for future growth despite current challenges [12][13].

12月25日，澎湃新闻记者获悉，字节跳动企业纪律与职业道德委员会发布通报，披露2025年 三季度内部违规案例的处理情况。 通报显示，共有120名员工因触犯公司红线被辞退，其中28名员工被实名通报。实名通报的28 名员工中，14人因涉嫌刑事犯罪被移交司法机关处理，公司同步将其信息通报行业联盟，并取 消其期权；4人因违规情节恶劣，亦被同步行业联盟或取消期权。 值得关注的是，此次通报增加了"泄露内部保密信息"、"编造发布不实信息"等违规处置信息的 披露。具体案例有：某前员工在小红书编造公司裁员和变相降薪谣言，在外部平台引发大量误 读，对公司声誉造成负面影响；某前员工多次在脉脉平台泄露同事职级、工作履历等公司机密 信息，并编造公司和团队人员变动的不实信息。上述2名员工因在社交媒体上的违规行为，已 被公司辞退。 通报指出，除上述2名员工外，另有多名员工在社交媒体上存在违规行为，并造成负面影响。 具体情形包括：在社交媒体上发布工作相关内容引流，提供面试辅导服务并获利；传播公司福 利不实信息，吸引流量并接受广告投放；在职期间签约MCN机构，运营社交媒体账号，发布 违规拍摄的工区画面引流并接受广告投放等。有部分前员工也存在类 ...

Group 1 - The Chinese government firmly opposes the U.S. imposing 301 tariffs on Chinese semiconductor products, stating that such unilateral tariffs violate WTO rules and disrupt global supply chains, ultimately harming U.S. businesses and consumers [5][4] - The U.S. Trade Representative's office announced that tariffs on certain Chinese semiconductor products will initially be set at 0% and will increase after 18 months, specifically in June 2027 [5] - The Chinese government has expressed its willingness to engage in equal dialogue with the U.S. to resolve concerns while urging the U.S. to correct its actions and provide a fair business environment for Chinese companies operating in the U.S. [8][6] Group 2 - TikTok has signed agreements with three investors to establish a new joint venture in the U.S. to ensure its continued operations in the country [7] - The Chinese government emphasizes the importance of a fair, open, and transparent business environment for Chinese enterprises in the U.S., aligning with the consensus reached during discussions between the two countries' economic teams [8][6] Group 3 - The Chinese government opposes the U.S. practice of unilateral sanctions and "long-arm jurisdiction," particularly regarding the interception of Venezuelan oil tankers, which could disrupt international energy markets and pose security risks [10]

| 卫星互联网 | | | 大飞机 +4.70% | | 卫星导航 +3.90% | +3.85% | | --- | --- | --- | --- | --- | --- | --- | | 十大军工集 人形机器人 | | | | 通用航空 +3.27% | +3.22% | +3.17% | | | 商业航天 +4.95% 低空经济 +3.76% 航母 +3.59% | | | | | | | | | 军工信息化 +3.38% 中航系 | | | | | | T 4.0 | | | 宇树机器人 | | 汽车配件精 | | | +2.65% | | +3.15% | | +3.03% | +2.78% | | | G | 商业航天指数(8841877) | | | | --- | --- | --- | --- | | | 19392.20 914.87 4.95% | | | | 资料 | 成分 资讯 相关基金 | | 月度收益 | | 名称 | | 现价 | 涨跌幅 == | | 超捷股份 | | 134.93 | 20.00% | | 301005.SZ | | | | | 广联航空 | | 31. ...