Core Viewpoint - Xiaomi Group's co-founder Lin Bin plans to sell up to $5 billion of Class B shares annually starting December 2026, with a total cap of $20 billion (approximately 140 billion RMB) [2][4]. Group 1: Shareholding and Selling Plan - Lin Bin's share sale proceeds will primarily fund the establishment of an investment fund company, indicating his confidence in Xiaomi's business prospects [4]. - Lin Bin holds approximately 1.835 billion Class B shares, representing about 8.56% of the company's issued share capital, valued at over $10 billion based on the latest market capitalization [5]. - In June of the previous year, Lin Bin sold 10 million shares for approximately 1.79 million HKD, with the proceeds allocated for charitable purposes, including a 100 million RMB donation to his alma mater, Sun Yat-sen University [5]. Group 2: Stock Performance - Since late September, Xiaomi's stock price has been on a downward trend, closing at 39.22 HKD per share on December 24, reflecting a cumulative decline of over 36% from its June peak of 61.45 HKD [6]. Group 3: Financial Performance - In Q3, Xiaomi reported revenue of 113.1 billion RMB, a year-on-year increase of 22.3%, marking the fourth consecutive quarter of revenue exceeding 100 billion RMB [8]. - The adjusted net profit for Q3 was 11.3 billion RMB, up 80.9% year-on-year, with total revenue for the first three quarters reaching 340.4 billion RMB, nearing last year's total [8]. - The smartphone segment generated 46 billion RMB in Q3, maintaining a top-three global position with 43.3 million units shipped, marking nine consecutive quarters of year-on-year growth [8]. - The innovative business segment, including smart electric vehicles and AI, contributed 29 billion RMB in Q3, with a year-on-year growth exceeding 199%, and achieved a positive operating profit of 700 million RMB for the first time [8]. - The IoT and lifestyle products segment generated 27.6 billion RMB in Q3, reflecting a year-on-year increase of 5.6%, with over 1 billion connected IoT devices on the platform [8].

据央视新闻，12月28日，中央广播电视总台《2026年春节联欢晚会》分会场发布活动举行。 发布活动上官宣了2026年春晚分会场：哈尔滨、义乌、合肥、宜宾。 此前，12月10日，中央广播电视总台《2026年春节联欢晚会》发布主题和主标识，引发关注。 总台马年春晚将以"骐骥驰骋，势不可挡"为主题，在欢乐吉祥、喜气洋洋的氛围中，与全球华人相约除夕 夜，共赴一场昂扬奋发、喜庆温暖、满屏新意的文化盛宴。 "骐骥"出自《楚辞·离骚》中的"乘骐骥以驰骋兮，来吾道夫先路。"根据央视新闻，马年新春也是"十五 五"开局之年的新春，"骐骥"是古人对骏马、千里马的雅称，凝聚着中华民族开拓进取、驰而不息的精神 品格；又音同"奇迹"，传递出创造奇迹的决心和一往无前的信心，饱含对新时代新征程满怀期冀的美好愿 景。 12月18日，中央广播电视总台《2026年春节联欢晚会》发布吉祥物形象。"骐骐""骥骥""驰驰""骋 骋"四匹骏马，活泼可爱、意气风发，与晚会主题"骐骥驰骋 势不可挡"一脉相承、相得益彰。吉祥物的设 计灵感来源于中国不同时期马的经典形象，并将流云纹、山云纹等千年纹样"穿"上身，充盈着生生不息的 历史美感和万象更新的时代气象，饱含 ...

Core Viewpoint - The first batch of new floating rate funds has shown mixed performance, with some funds achieving over 70% returns while others focusing on consumer and healthcare sectors have struggled, indicating that less than 40% of funds outperformed their benchmarks, highlighting the challenges faced by some fund managers in adapting to this new product structure [2][4]. Group 1: Fund Performance - The first batch of 26 new floating rate funds was launched in May, with 61 such funds established by the end of the year [3]. - As of December 26, the top-performing fund, Huashang Zhiyuan, achieved a return of approximately 71.75%, followed by Xinao Advantage Industry at 54.44%, with eight funds exceeding 20% returns and 15 funds over 10% [3]. - The leading funds heavily invested in the AI sector, with significant holdings in stocks like Zhongji Xuchuang and Dongshan Precision, which performed well throughout the year [3]. Group 2: Benchmark Performance - The CSI 300 index saw a rise of about 18.32% in the second half of the year, benefiting the net asset values of the floating rate funds [4]. - Despite the overall positive performance, only 10 out of 26 funds managed to outperform their benchmarks, representing less than 40% of the total [4]. - Some funds, despite having double-digit returns, still underperformed against their benchmarks, with one fund down nearly 30% relative to a highly elastic index [4]. Group 3: Managerial Challenges - The low percentage of funds outperforming benchmarks indicates that some fund managers are struggling to adapt to the performance-based structure of these products [5]. - Fund managers are required to balance the pursuit of excess returns with the need to control deviations from benchmarks, which raises the bar for their investment decision-making capabilities [5][6]. - The thematic benchmarks allow for significant active management opportunities, enabling fund managers to select stocks with competitive advantages rather than simply following index weights [6]. Group 4: Future Strategies - Fund managers are encouraged to incorporate stocks from the industry chain that benefit from macro themes but are not part of the index, enhancing their ability to capture industry trends [6]. - Active management should focus not only on absolute returns but also on the controllability of excess returns and drawdowns, which are becoming increasingly important metrics for investors [6]. - The ability to adjust positions and sector allocations in response to market conditions is crucial for maintaining performance and protecting against significant downturns [6].

责编：刘珺宇 校对：李凌锋 新华网消息，12月28日，"坚持以消费者为中心，全面推进茅台酒营销市场化转型"贵州茅台酒全国经销 商联谊会在贵阳召开。 茅台集团党委书记、董事长陈华谈到了茅台价格问题。 陈华说，让市场更"稳"，要坚持长期主义，致力让茅台的产品和价格适配市场需求和消费意愿，让其彰显 应有的价值和意义。 一方面，要供需适配稳基础，在2026年的投放计划中，适当减少高附加值产品的量，目的就是坚持市场 导向和价值导向，进一步明晰产品定位，更加精准地界定普茅、精品、陈年等产品面向的不同客群和消费 场景，靶向施策开展相关市场活动和品牌宣传，打造更加稳固的"金字塔"型产品体系。另外将根据市场供 需实际，动态平衡产品投放量，确保产品结构更加合理、稳固。 另一方面，要价格合理稳预期，价格市场化改革目的是要尊重市场经济规律和消费者的选择，让产品价格 随行就市。随行就市的根本目的，是要根据市场供需实际，努力促进量价平衡。价格过高或者过低，都容 易引起市场波动，当产品存销比适当的时候，价格就是比较合理的，价格合适了，专卖店就能成为消费者 的"第一选择"。必须想尽一切办法，尽最大努力防止价格炒作，这既是对广大消费者负责，也 ...

Group 1 - The Shanghai and Shenzhen Stock Exchanges announced a series of fee reduction measures for 2026, with an estimated total reduction exceeding 1.9 billion yuan, benefiting stocks, funds, and bonds across all trading stages [2] - The Ministry of Finance emphasized the continuation of a more proactive fiscal policy in 2026, focusing on expanding fiscal expenditure, optimizing government bond tools, and enhancing the effectiveness of transfer payments [3][4][5] - The People's Bank of China aims to significantly increase the scale and proportion of various long-term funds invested in A-shares, promoting a healthy cycle between capital markets and the real economy [6] Group 2 - The establishment of the humanoid robot and embodied intelligence standardization committee by the Ministry of Industry and Information Technology aims to enhance high-quality standard supply and promote the application of these technologies [7] - Wall Street saw a decline in commercial aerospace concept stocks, while international silver prices surged over 10%, indicating market volatility [10] - The upcoming IPO of Wall Street's first GPU company, Birran Technology, is set for January 2, 2026, with an expected price range of 17.00 to 19.60 HKD per share [8]

中国人大网消息显示，12月27日起，银行业监督管理法修订草案（下称"修订草案"）向社会公开征求意 见，为期30日。在此之前，修订草案于12月22日提请十四届全国人大常委会第十九次会议首次审议。 作为一部专门的监管法，现行银行业监督管理法（下称"银监法"）自2004年2月起施行，2006年作出个别修 正。2022年11月，原银保监会积极推进银监法修改工作，就《中华人民共和国银行业监督管理法（修订草案征 求意见稿）》（下称"征求意见稿"）公开征求意见。原银保监会彼时在起草说明中指出，银监法主要修改内容 包含四个方面：完善制度建设，实现监管全覆盖；健全处置机制，提升风险识控前瞻性；加大监管力度，提高 违法成本；提升监管能力，落实法治政府建设要求。 经过三年多的进一步打磨，修订草案在穿透式股东监管、风险处置和市场退出机制等方面作出更为系统的安 排。 证券时报记者了解到，修订草案以强化机构监管、行为监管、功能监管、穿透式监管、持续监管为主线，以消 除监管空白、弥补监管短板、明确监管授权为着力点，切实提高监管的前瞻性、精准性、有效性和协同性，更 好发挥法治固根本、稳预期、利长远的保障作用，切实提高金融治理体系和治理能力现 ...

Core Viewpoint - The phenomenon of "bad money driving out good" is currently evident in the elderly care market, with frequent cases of fraud disguised as "housing for elderly care" and "elderly subsidies," while genuine "housing for elderly care" products struggle to gain traction [2] Group 1: Trust-based "Housing for Elderly Care" - The first case of trust-based "housing for elderly care" faced challenges in replication and promotion, with the insurance version of "housing for elderly care" having completed less than 300 cases in over 10 years [2][3] - Housing assets constitute over 60% of urban residents' family assets, yet many properties do not generate positive cash flow, highlighting the need for effective financial tools to promote "housing for elderly care" [3] - The pilot program for real estate trust registration has begun in six cities, providing a new avenue for trust-based "housing for elderly care" to serve ordinary families [3][4] - The first case of real estate trust registration involved a 70-year-old woman securing her only property for her autistic son, demonstrating the potential of real estate trusts in providing stable financial support for special needs care [3][4] Group 2: Challenges in Implementation - The real estate trust model faces significant promotion challenges, including issues with tax burdens due to repeated taxation during property transfer and unclear tax obligations for trust entities [4][5][6] - The lack of a "non-transaction transfer" system for real estate trusts leads to double taxation, complicating the establishment and management of these trusts [5][6] - Local governments are exploring solutions, such as a charity trust in Beijing that subsidizes tax costs for families establishing real estate trusts, indicating a collaborative approach to address these challenges [6] Group 3: Insurance-based "Housing for Elderly Care" - The insurance version of "housing for elderly care" has been in practice for over 10 years but has not achieved significant uptake, with only one company actively offering the product [7][8] - The model allows elderly homeowners to convert their property into a source of lifelong pension, yet many potential clients face barriers such as age, property suitability, and resistance to purchasing [8] - The insurance model also encounters challenges, including long project cycles, cash flow pressures, and risks associated with property value fluctuations [8] Group 4: Development Opportunities - Both trust and insurance versions of "housing for elderly care" have made progress but still face barriers to widespread adoption, including public awareness and institutional design [9] - Experts suggest enhancing policy and legislation, introducing guarantee mechanisms, and diversifying the forms of "housing for elderly care" to stimulate market activity [10] - The potential market for reverse mortgage products exists, with significant demand among elderly homeowners, indicating a need for improved product offerings and tax policies to avoid double taxation [9][10]

责编：刘珺宇 校对： 廖胜超 财政部表示明年继续安排资金支持消费品以旧换新 财政部部长蓝佛安在12月27日至28日举行的全国财政工作会议上表示，明年财政将大力提振消费。深 入实施提振消费专项行动，继续安排资金支持消费品以旧换新，调整优化补贴范围和标准。 来源：新华社 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 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，突发警告！ 2026年A股休市安排来了 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com ...

Core Viewpoint - The commercial aerospace sector is becoming a central battlefield for fund managers as the commercialization inflection point becomes increasingly clear, indicated by the frequent net value deviations and anomalies in fund products [1] Group 1: Fund Performance and Market Signals - Recent significant deviations in net value performance of certain fund products signal a surge of capital into the commercial aerospace sector, suggesting a strategic shift in investment focus [3] - For instance, Dongcai Fund's Dongcai Prosperity Driven Fund saw a net value increase of nearly 8% on December 24, despite its top holdings showing lackluster performance, indicating potential cross-year portfolio adjustments by fund managers [3] - Similar patterns were observed with Changcheng Jiujia Fund and Huian Fund, where net value increases were not aligned with the performance of their top holdings, further suggesting a shift towards the commercial aerospace theme [3][4] Group 2: ETF Launches and Industry Positioning - The public fund industry is increasingly focusing on the commercial aerospace sector, as evidenced by the rapid issuance and establishment of satellite and commercial aerospace-themed ETFs by major fund houses [5] - The recent launch of the Penghua Satellite Industry ETF, which ended its fundraising early due to high market demand, exemplifies the growing consensus around the commercial aerospace theme as a new investment frontier [6] - Public funds are extending their research efforts deeper into the industry chain, conducting targeted investigations into various segments of the commercial aerospace sector, which is crucial for informed investment decisions [6][7] Group 3: Industry Transformation and Future Outlook - The commercial aerospace industry is undergoing a significant transformation from concept to reality, with recent successful rocket launches capturing market attention and indicating a high risk appetite among investors [8] - The successful launch of reusable rockets is seen as a pivotal moment for the commercial aerospace industry, overcoming 90% of technical challenges and paving the way for a new trillion-dollar market [9] - Fund managers anticipate that the rapid advancement of reusable rocket technology will facilitate the launch of thousands of satellites, driving the commercial aerospace sector into a new phase of large-scale development [9]

Core Viewpoint - The silver market is experiencing a significant price surge, with COMEX silver futures rising over 11% and spot silver increasing over 10%, marking a year-to-date increase of 175%, which is much higher than gold [1][2]. Supply and Demand Dynamics - The global silver market has been in a structural deficit for five consecutive years, with physical inventories rapidly depleting. Major exchanges have seen significant declines in inventory levels, with COMEX silver stocks down 70% since 2020 and London vaults down 40% [5]. - By 2025, global silver demand is projected to reach 1.24 billion ounces, while supply is expected to be only 1.01 billion ounces, resulting in a supply gap of 100 to 250 million ounces [5]. - Industrial demand now accounts for 50% to 60% of total silver demand, highlighting silver's critical role in industries such as solar energy and electric vehicles [4]. Market Concerns - Elon Musk has expressed concerns about the rising silver prices, emphasizing the metal's essential role in various industrial processes [4]. - Analysts warn that the rapid increase in precious metal prices may not be sustainable, with some predicting a potential decline in silver prices to around $42 by the end of next year [6]. - The current surge in precious metal prices is attributed to a lack of market liquidity, which could lead to a swift correction [6][7]. Speculative Risks - The recent price increases are seen as overly speculative, driven by heightened trading activity rather than fundamental factors, which poses risks to market stability [7].