Core Viewpoint - The commodity market experienced a sudden downturn after a period of rapid growth, with significant declines in platinum, palladium, and lithium carbonate prices, indicating a potential market correction due to high speculation and regulatory measures [2][3][4]. Group 1: Market Performance - On December 29, the commodity market saw a drastic shift, with platinum and palladium futures contracts hitting their daily limit down, while lithium carbonate also faced a significant drop, reaching a trading volume exceeding 200 billion yuan [2]. - Platinum futures closed at 634.35 yuan per gram, down 10%, while palladium futures also fell by 10%. The Shanghai silver contract peaked at 19,998 yuan per kilogram before dropping to 18,205 yuan, reflecting a nearly 10% decline from its intraday high [3]. - Lithium carbonate futures hit a limit down at 117,400 yuan per ton, closing with a drop of 7.89% [3]. Group 2: Market Sentiment and Speculation - The rapid price increases in silver, platinum, and palladium have led to overheating in the market, with the gold-silver ratio dropping below the historical average, indicating accumulated risks and reduced future potential [4]. - High speculation levels in nickel and palladium have been noted, with over 65% indicating extreme market sensitivity, where minor changes could trigger significant reactions [5]. Group 3: Regulatory Measures - In response to the market volatility, regulatory bodies have implemented stricter risk control measures, including increasing the price fluctuation limits for gold and silver to 15% and raising margin requirements to 17% [6]. - The National Investment Silver LOF announced a temporary suspension of trading to protect investors, highlighting the need for caution in the current market environment [6]. Group 4: Analyst Recommendations - Analysts suggest maintaining a cautious approach, particularly for volatile commodities like silver and platinum, and recommend strict stop-loss measures to manage risk exposure effectively [6].

近年来，以施纯芳为首的犯罪团伙，在菲律宾频繁针对中国公民实施绑架、杀人等严重犯罪活动，涉及多 起恶性案件，后果极其严重，社会影响极为恶劣。中菲两国执法部门加大警务执法合作力度，全力推进有 关案件侦办工作。经过艰苦细致的侦查调查，近日将施纯芳成功抓获。 来源：央视新闻 券中社 × 券商中国 券 中 社 扫码下载券中社APP 扫码关注券商中国公众号 quanshangcn qzs.stcn.com 舞中 券中社APP 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 , 券 商 中 国 对 该 平 台 所 刊 载 的 原 创 内 容 享 有 著 作 权 , 未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 法 律 责 任 。 公安部有关负责人表示，公安机关将进一步深化国际执法合作，依法严厉打击绑架勒索、人口贩运、网赌 电诈等跨国犯罪活动，坚决将犯罪分子绳之以法，切实维护我国公民在海外人身安全和合法权益。 责编：刘珺宇 校对： 祝甜婷 公安部近日派出工作组赴菲律宾开展警务执法合作，在我驻菲律宾大使馆支持下，两国执法部门密切协 作，成功抓获涉及多起绑架、杀人 ...

Macro Dynamics - In the first eleven months, state-owned enterprises reported total operating revenue of 7,562.576 billion yuan, a year-on-year increase of 1.0% [2] - Total profit for state-owned enterprises during the same period was 371.945 billion yuan, showing a year-on-year decrease of 3.1% [2] - Taxes and fees payable by state-owned enterprises amounted to 528.03 billion yuan, with a year-on-year increase of 0.2% [2] Regulatory Changes - The Ministry of Finance and the State Taxation Administration announced that tobacco companies cannot deduct advertising and business promotion expenses from taxable income [3] - For cosmetics, pharmaceuticals, and beverage manufacturers, advertising and business promotion expenses can be deducted up to 30% of annual sales revenue, with excess amounts allowed to be carried forward to future tax years [3] Financial Institutions - Zhejiang Mintai Commercial Bank increased its registered capital from approximately 5.3 billion yuan to about 5.7 billion yuan, marking an increase of approximately 8% [7] - The former Party Secretary and President of the Yunnan branch of the Industrial and Commercial Bank of China, Xu Hai, was expelled from the Party due to serious violations of discipline and law [8] Market Data - On December 29, the A-share market showed mixed results, with the Shanghai Composite Index rising by 0.04% and the ChiNext Index falling by 0.66% [10] - The total trading volume in the Shanghai and Shenzhen markets was approximately 2,139.338 billion yuan, a decrease of about 20.854 billion yuan from the previous trading day [10] Company Dynamics - *ST Panda was investigated by the China Securities Regulatory Commission for suspected violations of information disclosure [12] - China Satellite's stock price has increased by 106.19% since December 3, 2025, significantly outpacing the industry and market indices, indicating potential overvaluation risks [13] - 吉祥航空 announced plans to purchase 25 Airbus A320 series aircraft for a total of 4.1 billion USD, with deliveries scheduled between 2028 and 2032 [14]

Core Viewpoint - The Chinese public fund industry is transitioning from "rapid growth" to "high-quality development" after a significant self-revolution in 2025, marking a critical juncture for the industry [1][2]. Group 1: Shift in Growth Paradigm - The industry is moving from a "scale-first" approach to a "quality-first" mindset, focusing on "investor satisfaction" as the new growth paradigm [3]. - Under the guidance of the "Action Plan for Promoting High-Quality Development of Public Funds," the industry is optimizing fee structures and aligning interests between fund companies and investors, emphasizing long-term investment returns [3]. - The third phase of fee reform is solidifying, leading to a rational return of management fees, reducing investor costs, and fostering a service-driven and performance-driven model for fund companies [3]. Group 2: Industry Restructuring - A new wave of industry consolidation is anticipated, with some fund companies expected to grow stronger through mergers and resource integration, creating comprehensive financial entities [4]. - Smaller fund companies are finding success through differentiated competition, focusing on specialized areas such as quantitative strategies and public REITs, while those lacking distinct identities face survival challenges [4][5]. - The "Matthew Effect" will become more pronounced, with leading institutions leveraging brand and scale advantages, while smaller firms seek growth through niche positioning [4][5]. Group 3: Tooling and Granularity - The trend of "tooling" is leading to a new era of granular investment products, with fund companies developing increasingly detailed tools for asset allocation [6]. - Index products are evolving from broad categories to highly specialized offerings, providing low-cost entry points into specific sectors [6]. - Active equity funds are undergoing a "tooling transformation," with new regulations expected to enhance the clarity of investment styles and their associated alpha generation [7]. Group 4: AI in Investment Research - AI is transitioning from a supportive role to becoming a "second brain" in investment decision-making, enhancing cognitive capabilities and decision-making processes [8]. - The integration of AI into investment research is expected to evolve into a collaborative decision-making partnership, driving the industry towards a more industrialized model [9]. - AI will also enhance operational efficiency across governance, compliance, and risk management, while aiding in the design of more refined products [9]. Group 5: Sales Transformation - The fund sales sector is set to undergo a comprehensive restructuring, focusing on customer-centric approaches rather than scale-driven growth [10]. - Regulatory changes are prompting a shift in sales strategies, emphasizing long-term client relationships and real returns over initial sales figures [11]. - The sales ecosystem is expected to evolve towards a model that prioritizes sustained engagement and service quality, addressing the industry's historical issues of misalignment between fund performance and investor returns [11].

Core Viewpoint - The article discusses the significant decline in government bond futures, which is attributed to rising inflation expectations and the ongoing increase in commodity prices, indicating a potential shift in market dynamics [1][5][7]. Group 1: Government Bond Market - Government bond futures experienced a widespread decline, with the 30-year main contract dropping by 1.10% and closing down 0.91% at 111.820 yuan, while the 10-year contract fell by 0.28% to 107.975 yuan [1][3]. - The yield on the 30-year government bond rose by 3.4 basis points to 2.2550%, and the 10-year government bond yield increased by 2.75 basis points to 1.9340% [3]. - The overall trend indicates that the 30-year government bond futures are in a clear downtrend [3]. Group 2: Commodity Prices and Inflation Expectations - Recent surges in commodity prices, including a 6.6% increase in copper prices to a record high of $12,960 per ton, are contributing to inflation concerns [7]. - The article notes that the prices of essential goods in Japan, such as rice and eggs, have reached record highs, further fueling inflation expectations [7]. - Analysts suggest that while commodity prices are rising, their impact on core Consumer Price Index (CPI) may be limited based on historical trends [8]. Group 3: Future Market Outlook - The bond market is expected to remain volatile in the first quarter, with a neutral monetary policy anticipated, and potential for reserve requirement ratio cuts, but interest rate cuts may require specific triggers [4]. - The supply-demand dynamics in the industrial goods market are projected to continue favoring oversupply, with expectations that the Producer Price Index (PPI) growth may not meet market expectations [9].

聚焦于资本市场，主要是传播不实信息、歪曲解读政策和公共事件，鼓动群体对立也在资本市场的舆论场中时 有发生。实践中，资本市场有一批粉丝数量大、社会关注度高，在互联网上有较强影响力和示范效应的网络名 人账号，是资本市场信息传播秩序中的重要部分。 "《通知》是信息治理与市场规范的重要突破，对于资本市场意义重大。"南开大学金融发展研究院院长田利辉 表示，资本市场信息具有公共品属性，不实传播易引发"信息瀑布"与市场操纵风险。负面清单直击"传播不实 信息""歪曲政策解读"等痛点，通过制度约束重构传播伦理，推动资本市场信息传播从"流量逻辑"转向"责任逻 辑"。 田利辉指出，《通知》对于规范资本市场信息传播秩序提供了指导，资本市场的大V将面临合规成本提升与专 业能力考验，行业生态加速分化：劣者淘汰，优者脱颖而出，最终促进信息质量与市场效率的双向提升。该通 知的深层影响在于，推动资本市场舆论场从"注意力争夺"的流量逻辑，回归到"信息质量竞争" 的理性逻辑， 迫使相关从业者必须在专业审慎的框架内创造价值。 中央网信办要求各网站平台对照负面清单，严格落实主体责任，进一步健全涉及网络名人账号管理的社区规 则、用户协议，依法依约加强对 ...

在12月29日外交部例行记者会上，有记者提问称，此次柬泰停火协议由中方斡旋促成，这一说法是否准 确公允？中国在最新一轮冲突后进行的调解努力与以往的努力有何不同？ 对此，发言人林剑表示，在这次柬泰边境冲突爆发以后，中方一直在积极的调停斡旋，我们将始终做柬泰 关系发展的促进者，也愿意提供一切必要的协助和支持，期待柬泰关系早日重回正轨。 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 券中社 × 券商中国 券 中 社 扫码下载券中社APP 扫码关注券商中国公众号 quanshangcn qzs.stcn.com 舞中 券中社APP 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 , 券 商 中 国 对 该 平 台 所 刊 载 的 原 创 内 容 享 有 著 作 权 , 未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 法 律 责 任 。 看券商中国 知天下财经 F 来源：环球时报 责编：刘珺宇 校对： 祝甜婷 百万用户都在看 重大利空！突然宣布：取消！ 大跌超80%！A股公司，紧急报警！ 凌晨！全线大涨！美联储，突发警 ...

Core Viewpoint - The semiconductor sector in A-shares is experiencing significant activity, driven by the launch of the National Venture Capital Guidance Fund, which is expected to mobilize trillions in funding for early-stage projects in integrated circuits and artificial intelligence [1][3]. Group 1: Market Activity - A-shares semiconductor stocks have shown notable movements, with companies like Maiwei Co., Ltd. hitting a 20% limit up [1][3]. - The semiconductor index rose over 1.5% on December 29, with individual stocks such as Maiwei Co., Ltd. and Dongwei Semiconductor seeing substantial gains [3]. - Korean chip giants SK Hynix and Samsung Electronics have also seen their stock prices rise, contributing to positive sentiment in the A-share semiconductor market [4]. Group 2: National Policy Impact - The National Venture Capital Guidance Fund was officially launched on December 26, aiming to attract a wide range of investments from local governments, central enterprises, financial institutions, and private capital, targeting a total fund size of one trillion yuan [3]. - The fund will focus on early-stage projects in strategic emerging industries, including integrated circuits and artificial intelligence, to enhance innovation and productivity [3]. Group 3: Industry Growth Projections - According to Statista Market Insights, the global semiconductor market is projected to reach $659.1 billion in 2024, representing a 20% year-on-year increase, with integrated circuits accounting for 73.9% of the market [6]. - The fastest growth is expected in AI chips, with a projected increase of 49.3% [6]. - Investment opportunities are anticipated in third-generation semiconductor materials, computing chips, and RF communication chips, driven by domestic policy and international dynamics [7].

Core Viewpoint - In the context of the investment wave towards Hong Kong stocks in 2025, a group of fund managers focusing on core technology assets in the A-share market have achieved impressive performance by deeply cultivating their areas of expertise [1] Group 1: Performance of A-share Funds - The top 20 A-share fund products in terms of performance this year have returns ranging from 125% to 236% [2] - These top-performing funds have generally maintained low exposure to Hong Kong stocks, with most having less than 10% allocation or zero holdings, ensuring a high concentration of core A-share assets [2][3] - The strategy of focusing on A-shares rather than diversifying into Hong Kong stocks reflects a rational assessment of market pricing efficiency and the fund managers' comparative advantages [3] Group 2: Investment Strategy and Market Dynamics - A-share market pricing reacts more directly and fully to local hot sectors, allowing for better capture of market opportunities by maintaining high positions in core A-share assets [4] - The low allocation to Hong Kong stocks among top-performing A-share funds indicates the importance of adapting investment strategies to different market characteristics [5] - Funds that heavily invested in Hong Kong stocks without adjusting their strategies often underperformed, highlighting the need for a deep understanding of market rules [6] Group 3: Differences in Investment Logic - A-share fund managers tend to focus on growth potential and sector performance, while professional Hong Kong fund managers prioritize financial quality, cash flow, and dividend potential [7] - The contrasting investment logic between A-share and Hong Kong funds is evident, as some high-growth stocks favored by A-share managers may not align with the preferences of Hong Kong investors [7][9] Group 4: Insights from Professional Fund Managers - Professional Hong Kong fund managers emphasize the importance of understanding liquidity risks and the unique pricing mechanisms of the Hong Kong market [8] - They suggest that A-share fund managers need to invest additional effort to learn and adapt to the characteristics of the Hong Kong market [8] - The focus on high dividend potential and quality growth in Hong Kong stocks offers A-share fund managers alternative strategies for expanding their investment capabilities [9]

Core Viewpoint - The article discusses the "Future of Elderly Finance" forum hosted by Postal Savings Bank, emphasizing the importance of developing a multi-tiered pension insurance system to address the challenges of an aging population and enhance the quality of elderly financial services [1] Group 1: Pension Financial Services - Postal Savings Bank actively supports the national multi-tiered pension insurance system, having issued over 130 million financial social security cards and opened over 10 million personal pension accounts [2] - The bank enhances its "financial + social security" one-stop service capabilities, offering features like card replacement and cross-province services [2] - Innovative applications of social security cards are being explored, such as facilitating efficient distribution of elderly meal subsidies and providing convenient payment scenarios for senior customers [2] Group 2: Personal Pension Management - The bank provides comprehensive lifecycle management for personal pension accounts, covering all channels and products, including deposits, funds, insurance, and wealth management [3] - Unique services like retirement benefit calculators and automatic contributions are introduced to help customers better manage their pension savings [3] - The family pension account feature allows customers to view their family's pension asset distribution, aiding in family pension planning [3] Group 3: Elderly Customer Product Rights - Postal Savings Bank launched the "Warm Elderly Season" initiative, creating a "financial + elderly care" ecosystem and introducing the "Vitality Life Card" series, which includes various health and wellness benefits [4] - Collaborations with insurance and wealth management institutions aim to enhance the quality and accessibility of pension products for elderly customers [4] Group 4: Elderly Financial Services Enhancement - The bank is improving its services for elderly customers by enhancing the accessibility of physical branches and self-service devices, as well as providing a user-friendly mobile banking experience [5] - Initiatives like the "Postal Love Health Station" and "Postal Love Silver Home" are established to offer convenient health management and community support for the elderly [5] Group 5: Strengthening Elderly Industry Finance - Postal Savings Bank has developed a "523" service system focusing on five core areas and implementing a dual-drive strategy to provide tailored financial solutions for the elderly industry [6] - The bank has successfully facilitated significant projects, such as a 4.972 billion yuan health care syndicate project in Wenzhou, showcasing its innovative financial service models [6] - Collaborations with local governments and enterprises have led to the establishment of quality projects that enhance the multi-tiered elderly service system [6] Group 6: Future Directions - The bank is committed to enhancing service quality and activating development momentum by optimizing credit policies and creating collaborative mechanisms for the elderly industry [7] - The launch of the "U Enjoy Future" pension finance brand and the release of a national pension demand trend report signify the bank's dedication to supporting the elderly economy [7] - Future efforts will focus on integrating elderly finance into the bank's strategic development, ensuring the protection of pension assets and the well-being of elderly customers [7]