Core Viewpoint - The Ministry of Finance and the State Administration of Taxation have announced new tax policies for the housing market, significantly reducing the value-added tax (VAT) for personal sales of residential properties based on the duration of ownership [2][4]. Group 1: Tax Policy Changes - For residential properties sold within two years of purchase, the VAT rate will be reduced from 5.3% to 3% [2]. - Properties sold after two years of ownership will be exempt from VAT [2]. - The new tax policies will take effect on January 1, 2026, and will replace previous regulations regarding the transition from business tax to VAT [4]. Group 2: Implementation Details - The announcement allows individuals who have not yet declared or paid VAT on housing sales before January 1, 2026, to apply the new tax rates as per the announcement [4].

Core Viewpoint - The article discusses the implementation of a large-scale equipment update and consumer goods replacement policy in 2026, focusing on optimizing support scope, subsidy standards, and implementation mechanisms to enhance consumer spending and promote economic growth [6]. Group 1: Equipment Update - The policy continues to support various sectors including industrial, electronic information, energy, transportation, and healthcare, while expanding to include the installation of elevators in old residential areas and updating equipment in elderly care institutions [7]. - The subsidy for updating old operational trucks will prioritize the replacement with electric vehicles, and the support for urban public transport will focus on electric buses [8]. - The project application process will be streamlined to lower investment thresholds, particularly benefiting small and medium-sized enterprises [7][8]. Group 2: Consumer Goods Replacement - The policy maintains the upper limit for automobile subsidies while adjusting the subsidy structure to be based on a percentage of the vehicle price [9]. - Consumers will receive a subsidy of 15% for purchasing energy-efficient home appliances, with a cap of 1,500 yuan per item for six specified categories [10]. - For digital and smart products, a subsidy of 15% will be provided for purchases, with a maximum of 500 yuan per item for specified categories [10]. Group 3: Implementation Mechanism - The policy emphasizes a unified subsidy standard across the country for various consumer goods, ensuring consistency in implementation [11]. - Local governments are tasked with organizing and implementing the policy effectively, with a focus on enhancing the efficiency of the "two new" policies [5][14]. - A comprehensive management system will be established to oversee project applications, funding distribution, and compliance with regulations to prevent fraud and misuse of funds [17]. Group 4: Recycling and Utilization - The policy aims to improve the recycling network for waste equipment and consumer goods, supporting the establishment of a national resource recovery platform [12]. - It encourages the development of a standardized second-hand goods market and promotes the recycling of used machinery and automotive parts [12]. - The initiative includes funding support for high-level resource recycling projects and emphasizes the importance of environmental compliance in the recycling process [12].

Group 1 - The central bank conducted a reverse repurchase operation of 482.3 billion yuan for 7 days at a fixed rate of 1.40%, resulting in a net injection of 415 billion yuan after accounting for maturing reverse repos [1][2] - The interbank market showed structural differentiation in liquidity, with overnight repo rates declining to around 1.24%, while non-bank institutions' rates for seven-day cross-year funding rose above 2% as year-end approaches [3] - The latest one-year interbank certificates of deposit traded at approximately 1.645% in the secondary market [7] Group 2 - The yields on major interbank bonds mostly increased, with specific rates for government bonds and policy bank bonds showing varied changes across different maturities [9][10] - The recent trends in AAA-rated local government bonds indicated fluctuations in yield spreads, reflecting market sentiment and risk perceptions [11] - The government bond futures closed lower across all maturities, with the 30-year contract dropping by 0.91% [11] Group 3 - The State Council announced a tariff adjustment plan effective January 1, 2026, aimed at enhancing the synergy between domestic and international markets, with reduced import tariffs on 935 items to support technological self-reliance and green transformation [12] - The national fiscal work conference emphasized a proactive fiscal policy for 2026, focusing on increasing government spending and optimizing bond tools to support key areas such as consumption and technological investment [12] Group 4 - The U.S. government initiated an investigation into large companies regarding their implementation of diversity, equity, and inclusion (DEI) policies, affecting firms like Google and Verizon [14] - Tianan Life Insurance announced it would be unable to meet the scheduled repayment of its bonds totaling 2 billion yuan, while Sunac China failed to repay debts amounting to 118.33 billion yuan [16]

2. 软银集团：宣布以每股16美元现金收购DigitalBridge全部流通股，较其12月26日收盘价溢价约15%。 此次收购旨在加码布局支撑AI浪潮的数字基础设施，交易预计2026年下半年完成，需监管批准。 3. 英特尔：向英伟达出售2.148亿股普通股，交易总价50亿美元，每股23.28美元。此次交易进一步深化 了半导体行业的资源整合，对两家公司的战略布局具有重要意义。 4. 胜通能源：公司股票自12月12日至29日期间价格涨幅达213.97%，严重背离公司基本面，将于12月30 日起停牌核查。公司近期经营正常，主营业务未发生重大变化，不涉及机器人相关业务，静态市盈 率-773.81，市净率8.63，显著高于行业平均水平。 // 热点头条 // 1. 中芯国际：拟向国家集成电路基金等5名股东发行股份，购买中芯北方49%股权，交易价格406亿元。 交易完成后，中芯北方将成为公司全资子公司，主要提供12英寸集成电路晶圆代工及配套服务。国家集 成电路基金将获配3.57亿股A股，交易后合计持股比例达8.66%。 5. 赣锋锂业：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 ...

Group 1 - The precious metals market experienced a significant downturn, with spot silver initially breaking the $80 per ounce mark, rising nearly 6%, before plummeting over 11% in New York trading. Other metals followed suit, with palladium dropping 17% and platinum 15%, while gold fell over 5% [3] - China's central bank is set to become the first to offer interest on its digital currency, with a new framework for the digital yuan to be implemented on January 1, 2026, marking a transition from "digital cash" to "digital deposit currency" [3] Group 2 - The Chinese government announced a tariff adjustment plan effective January 1, 2026, which will implement temporary import tariffs below the most-favored-nation rates on 935 items to enhance market synergy and expand quality goods supply [4] - State-owned enterprises reported a total operating revenue of 75.63 trillion yuan from January to November, a year-on-year increase of 1%, while total profits fell by 3.1% [4] Group 3 - The market regulatory authority emphasized the need to deepen fair competition governance and strengthen anti-monopoly enforcement, particularly in the platform economy [5] - New regulations will include oversight of food production through various contractual arrangements, ensuring that food safety responsibilities are upheld [5] Group 4 - The Ministry of Education released a trial management method for preschool children's enrollment, mandating a unique identification system for each child that will follow them throughout their educational journey [6] Group 5 - The A-share market showed divergence, with the Shanghai Composite Index slightly up by 0.04%, while the Shenzhen Component and ChiNext Index fell by 0.49% and 0.66%, respectively, amid a total trading volume of 2.16 trillion yuan [7] - The Hong Kong stock market saw a decline, with the Hang Seng Index down 0.71%, as major tech stocks faced pressure, while sectors like new energy vehicles and paper manufacturing performed well [8] Group 6 - The latest data from the Asset Management Association of China indicated that the total scale of public funds surpassed 37 trillion yuan by the end of November, marking a historical high [8] - Vingroup, Vietnam's largest enterprise group, plans to list its electric mobility service provider GSM on the Hong Kong Stock Exchange by late 2026 or early 2027, targeting a valuation of $2-3 billion [8] Group 7 - The National Energy Administration held a meeting to promote the construction of high-quality electric vehicle charging infrastructure, aiming for a three-year doubling of service capacity [11] - The automotive market outlook for 2026 is complex, with expectations of early positive growth in January due to early implementation of national subsidies [11] Group 8 - The Chinese government is focusing on real estate investment in affordable housing and improving living conditions for new citizens and migrant workers [11] - Hong Kong's private residential prices rose by 0.9% month-on-month in November, marking a potential end to a downward trend since 2021 [11] Group 9 - The U.S. stock market saw all three major indices decline, with the Dow Jones down 0.51%, as profit-taking affected AI-related stocks [20] - European stock indices showed mixed results, with the German DAX and French CAC40 slightly up, while the UK FTSE 100 fell [20] Group 10 - The Chinese bond market weakened, with government bond futures declining and yields on long-term bonds rising [21] - The U.S. federal debt has surpassed $38.5 trillion, with a significant shift in ownership from foreign governments to private investors [21]

核心看点： 01 迎创未来 向新而立 - 东海证券2026年度投资策略会（资产配置专场） 13:30-16:30 2026年资产配置迎来新机遇！东海证券资深分析师团队重磅解读：宏观经济"宏图新启，升维致 远"，银行业在红利韧性中捕捉周期弹性，证券行业掘金财富管理与国际业务，能源及有色行业看好 商品顺周期与科技主线需求共振。四大核心板块深度剖析，把握2026年投资主线。 嘉宾： 刘思佳丨东海证券宏观策略资深高级分析师 扫码预约 02 ESG研究丨国信王开：重塑ESG投资新范式【首席开麦2025】 15:00-16:00 王鸿行丨东海证券银行业资深高级分析师 陶圣禹丨东海证券非银金融行业首席分析师 张季恺丨东海证券周期行业资深高级分析师 核心看点： 嘉宾： 王开丨国信证券首席资产配置研究员 扫码预约 03 【热点聚焦】长江建筑张弛：攻守之道——建筑行业2026年度投资策略 15:30-16:30 核心看点： 回顾2025，固投全面回落，基建投资承压；展望2026，关注积极财政带动投资止跌回稳，重视建 筑板块的结构性机会，关注三条投资主线：西部基建、工程出海、科技基建。此外，传统需求层面 关注顺周期龙头经营拐点，以 ...

据财政部消息，国务院关税税则委员会发布《2026年关税调整方案》,将自2026年1月1日起实施。 为服务科技发展和技术进步，支持循环经济和林下经济发展，2026年增列智能仿生机器人、生物航空煤油、林下山参等本国子目。调整后，税则税目总数 为8972个。 为持续深化经贸合作，促进区域融合发展，2026年根据我与34个贸易伙伴签署的24项自由贸易协定和优惠贸易安排，继续对原产于上述贸易伙伴的部分进 口货物实施协定税率。 为促进与最不发达国家的经贸合作，帮助最不发达国家发展，2026年继续给予43个与我建交的最不发达国家100%税目产品零关税待遇；根据亚太贸易协 定以及我与有关东盟成员国政府间换文协议，继续对原产于孟加拉国、老挝、柬埔寨、缅甸的部分进口货物实施特惠税率。 Wind用户在金融终端输入 ACHA T(Ali ce chat) 千亿级参数智能模型， 能理解复杂金融概念 20年金融数据沉淀，分析能力媲美行业专家 手机和电脑实时联动，确保随时随地高效响应 为用户提供智能化的工作新体验 为增强国内国际两个市场两种资源的联动效应，扩大优质商品供给， 2026年对935项商品实施低于最惠国税率的进口暂定税率 。 一 ...

周一（12月29日）亚市盘，白银继续大涨刷新历史，现货白银升破83美元/盎司关口，日内涨超5%；COMEX白银涨超6%。 伦敦银现 W SPTAGUSDOZ.IDC 昨结 79.329 总量 0 83.299 79.256 现手 0 +5.00% 开盘 +3.970 最高价 83.410 持 仓 0 外 盘 0 最低价 79.256 增 仓 盘 0 内 0 分时 王日 周K 月K 更多 < 0) EXPMA5:76.229↑ 20:66.344↑ 60:56.852↑ 120:50.307 ↑ 叠加 设均线 86.943 ------83.410- 63.772 - 45 413 40.602 2025-10-20 11-06 11-24 12-10 12-29 其他贵金属方面， 现货黄金及COMEX黄金均录得小幅上涨。 NYMEX钯金期货突破2100美元/盎司，现涨近4%；铂金期货涨近3%。 (本文缩略图为AI生成) Wind用户在金融终端输入 ACHA T(Ali ce chat) 千亿级参数智能模型， 能理解复杂金融概念 20年金融数据沉淀，分析能力媲美行业专家 手机和电脑实时联动，确保随时随地高效响应 ...

Core Viewpoint - The article highlights significant developments in various companies and industries, focusing on advancements in battery technology, production plans, and strategic business decisions that may impact market dynamics and investment opportunities. Group 1: Battery Technology and Automotive Industry - CATL announced that sodium-ion batteries will be widely applied in battery swapping, passenger cars, and commercial vehicles next year, marking the commercialization of sodium-ion battery technology and potentially reducing the industry's reliance on lithium resources [2] - LG Energy Solution terminated a battery supply contract with Ford worth approximately 9.6 trillion KRW and another with FBPS valued at about 3.9 trillion KRW, which together account for over half of the company's projected sales in 2024, indicating a strategic shift to optimize customer structure and mitigate operational risks [2] - Toyota plans to set its global production target for 2026 at over 10 million vehicles to meet the strong demand for hybrid vehicles, with an expected production of around 10 million vehicles in 2025, while also recalling certain models due to safety concerns [3] Group 2: Chinese Companies Developments - Geely Auto officially sued Xinwanda over a contract dispute, seeking compensation of up to 2.3 billion CNY, which involves issues related to the performance of battery supply agreements, with potential implications for the electric vehicle supply chain [5] - Xiaomi's co-founder plans to sell up to 2 billion USD of B-class common stock starting December 2026, with proceeds aimed at establishing an investment fund, while expressing confidence in the group's business outlook [5] - XPeng Motors and others have introduced tax rebate or equivalent subsidy schemes to counteract the impact of declining new energy vehicle purchase tax policies, aiming to stabilize end-user prices and support sales in the year-end market [5] Group 3: Other Notable Developments - Wangfujing successfully won a 113 million CNY duty-free project at the capital airport, which will enhance its revenue share from the duty-free business and accelerate project implementation to capitalize on consumer recovery opportunities [6] - Aerospace Development reported that its low-orbit satellite business accounted for less than 1% of total revenue in the first three quarters, emphasizing that this segment is still in the cultivation phase with plans for future investment based on development conditions [6] - Kweichow Moutai's chairman emphasized the need for market stability and reasonable pricing strategies at the 2026 distributor conference, aiming to prevent price speculation and ensure a balanced product supply based on market demand [6]

Group 1 - The National Financial Work Conference in Beijing emphasized the continuation of a more proactive fiscal policy in 2026, focusing on expanding fiscal spending and optimizing government bond tools [3] - The conference outlined six key tasks for fiscal work in 2026, including boosting domestic demand, increasing investment in key areas like new productivity and comprehensive human development, and enhancing basic social safety nets [3] - The National Venture Capital Guiding Fund has been officially launched, targeting early-stage projects in sectors such as integrated circuits, artificial intelligence, and aerospace, with a total funding of 100 billion yuan expected to leverage over 1 trillion yuan in total funds [4] Group 2 - The Hong Kong government projects an economic growth rate of 3.2% for the current year, slightly above earlier forecasts, and anticipates maintaining positive momentum into the next year [5] - The A-share market is expected to experience structural opportunities in the last trading days of the year, with a focus on sectors with low concentration and potential for long-term return on equity (ROE) improvement [6] - In 2025, the A-share market saw a significant increase in the number of doubling stocks, with 528 stocks doubling in value, a fourfold increase compared to 2024 [6] Group 3 - The A-share private placement market has shown a notable recovery, with public and private institutions investing over 41 billion yuan, and hard technology and emerging industries being key focus areas [7] - There has been a surge in A-share companies listing in Hong Kong, with 19 companies successfully entering the market in 2025, a 533% increase from 2024 [7] - The non-ferrous metals sector has seen a strong rise, with a cumulative increase of 93.94% in 2025, leading analysts to predict a bullish trend driven by strong demand and limited supply [7] Group 4 - The Hong Kong government aims to enhance its financial market advantages in 2026 by attracting quality companies from Southeast Asia and the Middle East to list in Hong Kong [8] - The China Securities Regulatory Commission suggests a focus on structural opportunities in the market, particularly in sectors like chemicals, machinery, and new energy [8] - Xiaomi Group's vice chairman plans to sell up to 5 billion USD of Class B shares starting in December 2026, with proceeds intended for establishing an investment fund [8]