记者丨江佩佩 胡光旗 见习记者张嘉钰 编辑丨谢珍 视频丨曾婷芳 见习编辑陈泽锴 金银铜价格持续创新高。 12月24日，A股有色金属板块走强，截至发稿，中矿资源涨超6%，盛达资源、兴业银锡涨超 4%，电工合金、兴业银锡、新威凌、北方铜业、深圳新星等个股跟涨。 | 名称 | 现价 | 涨跌幅 ▼ | | --- | --- | --- | | 中矿资源 | 76.19 | 6.83% | | 盛达资源 | 31.83 | 4.53% | | 兴业银锡 | 36.85 | 4.48% | | 大中矿业 | 32.46 | 4.27% | | 斯瑞新材 | 34.14 | 3.55% | | 华友钻业 | 67.80 | 3.01% | | 湖南日銀 | 6.79 | 2.88% | | 雅化集团 | 25.00 | 2.38% | | 白银有色 | 5.80 | 2.11% | | 赣锋锂业 | 67.67 | 1.97% | | 天齐锂业 | 56.75 | 1.74% | | 江西铜业 | 42.71 | 1.50% | | 北方铜业 | 14.71 | 1.45% | | 腾远钻业 | 66.98 | 1.1 ...

Core Viewpoint - The company, Oriental Yuhong, reported a telecom fraud incident involving its wholly-owned subsidiary in the U.S., OYH Building Materials, with an amount of approximately $1.7183 million (about 12.118 million RMB) involved in the scam [1][3]. Group 1: Fraud Incident - OYH Building Materials was targeted by criminals who hacked into email communications and impersonated the general contractor to request payment [3]. - The company has reported the incident to local law enforcement and the FBI, and is cooperating fully to mitigate losses [3]. - Initial investigations suggest that this incident is an isolated occurrence and will not significantly impact the company's normal operations [3]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported revenue of 20.601 billion RMB, a year-on-year decline of 5.06%, and a net profit attributable to shareholders of 810 million RMB, down 36.61% year-on-year [4]. - In the third quarter, the company achieved revenue of 7.032 billion RMB, an increase of 8.51% year-on-year, while net profit was 245 million RMB, a decrease of 26.58% year-on-year [4]. - The company is strategically expanding its international market presence, planning to invest a total of $123 million to acquire 100% of Chile's Construmart S.A. [4]. - In the first half of the year, the company generated 576 million RMB in revenue from overseas, a year-on-year increase of 42.16%, with overseas revenue accounting for 4.25% of total revenue, up from 2.66% in the same period last year [4]. Group 3: Market Position - As of December 23, the company's stock closed at 13.52 RMB per share, with a market capitalization of 32.3 billion RMB [4].

Core Viewpoint - The article discusses the advancements and challenges in China's commercial aerospace sector, highlighting the successful launch of the Long March 12甲 rocket and the IPO progress of Blue Arrow Aerospace, which aims to become the first commercial aerospace stock on the Sci-Tech Innovation Board [1][3][6]. Group 1: Long March 12甲 Rocket Launch - The Long March 12甲 rocket successfully completed its maiden flight on December 23, 2025, achieving its second-stage orbital goal, although the first-stage recovery verification did not meet expectations [1]. - Long March 12甲 is China's second liquid oxygen-methane rocket to attempt recovery on its first flight, following the Blue Arrow Aerospace's Zhuque 3 rocket, which attempted vertical recovery technology verification on December 3 [3]. Group 2: Blue Arrow Aerospace Developments - Blue Arrow Aerospace, established in 2015, focuses on the development and operation of medium to large liquid oxygen-methane rockets and has achieved significant milestones, including the successful orbit of the Zhuque 2 rocket in July 2023 [5]. - The company is set to become the first commercial aerospace stock on the Sci-Tech Innovation Board, having completed its IPO counseling work with China International Capital Corporation [3][6]. - Blue Arrow Aerospace has a valuation of 20 billion yuan and is recognized as the closest private enterprise to SpaceX in China, with its founder compared to Elon Musk [4][6]. Group 3: Investment and Policy Landscape - In 2023, there were 60 investment events in China's commercial aerospace sector, totaling over 9.5 billion yuan, with local state-owned capital accelerating its entry into the industry [3][6]. - The Chinese government has introduced policies to support the commercial aerospace sector, including the establishment of 20 aerospace funds with a total scale exceeding 480 billion yuan [10]. - The National Space Administration's action plan for 2025-2027 aims to integrate commercial aerospace into the national development framework, further enhancing investment and growth in the sector [10][11]. Group 4: Future Outlook - The strong capital support is expected to accelerate technological upgrades in the commercial aerospace industry, with potential breakthroughs in low-orbit satellite internet, space tourism, and deep space exploration [11]. - The establishment of various funds and policies across multiple provinces indicates a robust commitment to developing a comprehensive aerospace industry chain in China [10][11].

Market Performance - The US stock market indices collectively rose, marking a four-day winning streak, with the S&P 500 reaching a new closing high [1] - The Dow Jones increased by 79.73 points (+0.16%), the Nasdaq rose by 133.01 points (+0.57%), and the S&P 500 gained 31.30 points (+0.46%) [2] Technology Sector - Major technology stocks saw gains, with the "Big Seven" tech index rising by 1.18%. Nvidia surged over 3%, adding approximately $134.1 billion (around 94.25 billion RMB) to its market capitalization [2] - Other tech stocks like Broadcom increased by over 2%, while Google and Amazon rose by more than 1%. However, Tesla and Intel experienced slight declines [2] Healthcare Sector - Novo Nordisk's stock jumped over 7% following FDA approval for its first oral GLP-1 weight loss medication, expected to launch in early 2026 at a starting cash price of $149 per month [2] Commodity Market - Copper stocks strengthened, with Freeport-McMoRan Copper & Gold rising by 2.49% and Ero Copper by 2.01%. LME copper futures surpassed $12,000 per ton for the first time in history [4] Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 0.58%, with notable declines in stocks like Canadian Solar (down nearly 12%) and Daqo New Energy (down over 5%). Conversely, Brainstorm Cell Therapeutics rose over 14% [5] Oil Market - WTI crude oil futures settled at $58.38 per barrel, up 0.64%, while Brent crude oil futures closed at $62.38 per barrel, up 0.50% [5] Precious Metals - Gold and silver prices reached historical highs, with spot gold rising by 1.02% to $4,489.18 per ounce, and COMEX gold futures closing at $4,515 per ounce. Platinum futures surged over 9%, hitting a historical high of $2,341.90 per ounce [6] Cryptocurrency Market - Multiple cryptocurrencies experienced significant declines, with Bitcoin dropping below $87,000, leading to over 80,000 liquidations globally within 24 hours [7][8] Economic Indicators - The US GDP for Q3 grew at an annualized rate of 4.3%, surpassing the previous quarter's growth of 3.8% [9] - The probability of a 25 basis point rate cut by the Federal Reserve in January is estimated at 13.3%, with a higher likelihood of maintaining current rates [9]

作者丨唐婧 编辑丨肖嘉 人民币 兑 美元汇率近期持续走高，在岸、离岸双双创下逾一年来新高。 21世纪经济报道记者注意到，12月23日，离岸人民币 兑 美元汇率升破7.02关口，截至发稿 盘中最高升至7.01505，续创2024年10月以来新高。同日，在岸人民币 兑 美元汇率收报 7.0287，较上一交易日上涨95点，亦创2024年10月以来新高。 人民币 兑 美元汇率中间价同样上调。12月23日，人民银行授权中国外汇交易中心公布的数 据显示，人民币 兑 美元汇率中间价为7.0523，较上一交易日调升49个基点，升值至2024年 9月30日以来高点。 回顾来看，此轮人民币 兑 美元汇率升值从11月下旬拉开帷幕。其间，在岸人民币 兑 美元 汇率从7.11附近升至7.02附近，升值超900个基点；离岸人民币 兑 美元汇率从7.11附近升至 7.01附近，升值超1000个基点。另据Wind数据统计，今年以来，离岸人民币 兑 美元汇率累 计升值4.4%，在岸人民币 兑 美元汇率累计升值3.7%。 对此，东方金诚首席宏观分析师王青解读称，在美联储12月降息前后，美元指数呈下行趋 势，这带动了包括人民币在内的非美货币普遍出 ...

Market Overview - US stock market opened slightly lower, with the Dow Jones down 0.03%, S&P 500 down 0.02%, and Nasdaq down 0.13% [1] - The Philadelphia Semiconductor Index fell by 0.62%, while Nvidia saw a slight increase of 0.34% [3] Company Highlights - Novo Nordisk's GLP-1 drug, semaglutide oral version, received FDA approval, leading to a significant stock increase of 9.5%. This drug will be available in the US starting January next year and is the first oral GLP-1 weight loss medication approved globally [3] - Chinese concept stocks faced pressure, with notable declines in companies like Xpeng Motors down over 3.7%, Miniso, NIO, and others down over 2% [3] Cryptocurrency Market - Multiple cryptocurrencies experienced significant declines, with Bitcoin dropping below $87,000 and over 90,000 traders liquidated in the past 24 hours [10][11] Economic Data - The US Commerce Department reported a 4.3% annualized growth in GDP for Q3, driven by increases in exports and consumer spending, although investment and imports declined [13]

Core Viewpoint - The article discusses the recent surge in gold prices, highlighting that gold has reached historical highs due to various macroeconomic factors and market sentiments [1][2]. Group 1: Factors Driving Gold Prices - The first driving factor is the weakening of the US dollar, which is currently in a rate-cutting cycle, leading to increased depreciation pressure on the dollar and consequently pushing gold prices higher [1]. - The second factor is the persistent expectation of further interest rate cuts by the Federal Reserve, which is anticipated to continue into the next year [1]. - The third factor is the renewed emphasis on gold's anti-inflation and value-preserving properties, as concerns about fiscal imbalances in both the US and Europe have emerged, leading investors to favor gold as a hedge against long-term inflation [1]. - The fourth factor is the heightened demand for gold as a safe-haven asset due to international geopolitical tensions, coupled with increased purchases of gold by global central banks, further driving up prices [2]. Group 2: Future Price Predictions - The World Gold Council predicts that if the global economy slows and interest rates decline, gold prices may see moderate increases; in the event of a "black swan" event, such as escalating geopolitical conflicts, gold prices could rise by 15%-30% by 2026, potentially exceeding $5,000 [2]. - Goldman Sachs has a more conservative outlook, raising its 2025 gold price target to $4,800, citing the expansion of the US fiscal deficit and declining dollar credibility [2]. - UBS presents the most aggressive forecast, predicting gold prices could reach between $5,000 and $5,500 by 2026, emphasizing gold as the only asset capable of hedging against "de-globalization" risks [2]. Group 3: Investment Strategies - For long-term strategic investors (holding for over 3 years), maintaining a certain allocation to gold is advisable, as it serves as a stabilizing asset in investment portfolios [2]. - For trend traders (holding for less than 3 months), it is suggested to consider selling in increments at high prices to lock in some profits [2]. - New investors are encouraged to adopt a dollar-cost averaging approach instead of making large bets, to avoid the pitfalls of chasing prices [2].

12月22日至23日，全国住房城乡建设工作会议在北京召开，全面盘点2025年工作，系统总结"十四五"时期住房城乡建设事业发展成就，研究部 署"十五五"时期和2026年重点任务。 会议指出，"十五五"时期，住房城乡建设事业整体处在转型发展的关键期。2026年是"十五五"开局之年，做好住房城乡建设工作意义重大。明 年将着力抓好4方面工作：推进现代化人民城市建设，着力稳定房地产市场，加快建筑业提质升级，夯实高质量发展基础支撑。 其中稳定房地产市场被置于重要位置，因城施策控增量、去库存、优供给，结合城市更新、城中村改造盘活利用存量用地，推动收购存量商品 房用作保障性住房、安置房、宿舍、人才房等成为这项任务的重点。 | 东方金诚首席宏观分析师王青向21世纪经济报道记者表示，总体上看，2026年房地产政策将延续"两条腿走路"： 一是着力稳定房地产市场； | | --- | | 二是加快构建房地产发展新模式，推动房地产高质量发展。 | 着力稳定房地产市场 记者丨 李莎 编辑丨张星 会议认为，2025年保交房任务全面完成。推动房地产市场止跌回稳，打赢保交房攻坚战，继续落实好政策"组合拳"。稳步实施城中村和危旧房 改造。以需定 ...

Core Viewpoint - The acquisition of Honghe Technology by Chery CVC marks a significant milestone as the first completed transaction under the "Six Merger Guidelines," facilitating a smooth transition of control and exploring new avenues for industrial capital empowerment in listed companies [1][4]. Group 1: Transaction Overview - Chery CVC successfully acquired 25% of Honghe Technology's shares, making it the controlling shareholder, with the transfer of 59,159,978 shares completed on February 1 [1]. - The transaction is seen as a strategic move by Chery to gain access to the A-share capital market and align with local industrial upgrade strategies [4]. - The establishment of the investment fund, Ruicheng Hongtu, with a capital of 1.6 billion yuan, focuses on equity investment and asset management, indicating a robust backing for the acquisition [4][7]. Group 2: Strategic Integration - The unique value of this transaction lies in the deep integration of industrial capital and listed company resources, potentially leading to a new cross-industry collaboration between education and smart automotive sectors [2][8]. - Honghe Technology, a leader in educational information technology, reported a revenue of 3.525 billion yuan and a net profit of 222 million yuan in 2024, with a significant portion of its revenue coming from international markets [6]. - The collaboration between Honghe Technology's educational display technology and Chery's smart automotive technology is expected to create synergies and enhance market competitiveness [8]. Group 3: Governance Structure - The new board of directors, formed after the acquisition, combines experienced members from both the old and new management, creating a balanced governance structure that supports future development [10][11]. - Key appointments include Yao Ruibo from Ruicheng Fund, who brings extensive financial and investment experience, and Wang Chenchen, representing provincial state-owned assets, ensuring diverse representation [10]. - The retention of former chairman Sun Xiaoqiang as vice chairman and CEO preserves existing management expertise while integrating new strategic capabilities [11]. Group 4: Future Outlook - The successful integration of Honghe Technology as a platform for industrial capital consolidation is expected to lead to a transformation from an educational technology leader to a diversified display solution provider [11]. - The transaction serves as a benchmark for future acquisitions under the "Six Merger Guidelines," promoting the integration of industrial capital and listed companies [11].

Core Viewpoint - The article discusses the recent surge in silver prices, highlighting a significant increase in both spot and futures markets, with silver reaching historical highs due to various market dynamics and future demand projections [1][3]. Group 1: Market Performance - On December 23, spot silver prices rose nearly 2%, surpassing $70 per ounce, marking a new historical high. The main futures contract for silver in Shanghai increased over 3%, reaching 16,978 yuan per kilogram, also setting a new record [1]. - The London silver market reported a closing price of $70.360, reflecting a 1.92% increase from the previous day, with a peak price of $70.491 during the trading session [2]. Group 2: Supply and Demand Dynamics - According to the Silver Institute, a structural supply gap of approximately 95 million ounces is expected in the global silver market by 2025, indicating a continued supply-demand imbalance for the fifth consecutive year. Global silver supply is projected to remain stable at around 813 million ounces, with a slight increase in recycled supply [3]. - The demand for silver in the photovoltaic industry is anticipated to be a long-term support factor, with the International Energy Agency (IEA) forecasting an addition of 4,000 gigawatts of solar capacity from 2024 to 2030, which could increase silver demand by nearly 150 million ounces annually, representing a 13% increase from the 1.169 billion ounces of physical demand in 2024 [3]. Group 3: Future Price Projections - Heraeus, a global precious metals refining giant, indicates that silver price increases will primarily depend on investment demand, which is not guaranteed. The price of silver is expected to trade between $43 and $62 per ounce by 2026, influenced by economic and geopolitical risks, U.S. fiscal and monetary policies, and the Federal Reserve's interest rate decisions [4]. - Guangfa Futures expresses caution, noting that while macroeconomic fundamentals and monetary policy expectations may support prices, the demand for physical delivery is decreasing as the COMEX silver approaches its final trading day, which could temper bullish sentiment [4].