近期，针对港股个别保荐人提交的IPO上市申请文件开始出现粗制滥造的现象，香港证监会和港交所近日联 名致函IPO保荐人，旨在确保提交的上市申请文件的数据内容完整并维持高质素。该信函统一发给了所有具 备IPO保荐资质的投资银行。 "本次监管强化，其直接目的在于纠正因市场过热导致的IPO申请文件质量下滑问题，而并非旨在系统性减缓 IPO速度。"谈及香港证监会和港交所此次联合出手，国金证券（香港）总裁张静表示。 一些机构也认为，此举有助于推动港股IPO从"数量驱动"向"质量驱动"转型，有助于提升新股上市后表现与市 场整体估值中枢。 争议流动性影响 港股流动性堪忧的背景下，港交所天量IPO引来不少非议，一些机构认为，港股首次招股募资总额大幅攀升是 近期港股流动性捉襟见肘的重要因素。 "今年5月以来港股首次招股募资总额大幅攀升形成了持续的流动性'抽水'效应，叠加12月1241亿港元限售股解 禁的抛压预期，加剧了市场资金面的压力。"华福证券策略首席周浦寒对券商中国记者表示。 中金公司近期一份研报也直接指出，截至11月底，2025年港股IPO累计募资约2600亿港元，位居全球交易所首 位。临近年末，港股IPO依然活跃，11月 ...

Core Viewpoint - The recent surge in the lithium battery sector, driven by market speculation about a new vehicle trade-in policy and rising lithium carbonate prices, indicates a potential recovery and growth in the industry. Group 1: Market Dynamics - On December 26, the lithium battery sector saw significant gains, with stocks like Fengyuan Co. and Tianji Co. hitting the daily limit, and BYD rising over 6% [1] - The market anticipates a new vehicle trade-in policy with a cap of 13,000 yuan, exceeding previous expectations of 10,000 yuan [1] - The lithium carbonate market is experiencing intensified competition, with reports of production halts from companies like Hunan Youneng and Wanrun New Energy due to price discrepancies between long-term contracts and spot prices [1][4] Group 2: Industry Trends - The lithium carbonate main contract price has surged past 130,000 yuan, marking an 8% increase and reaching a new high since November 2023 [4] - Several companies in the lithium battery materials sector are adjusting their pricing strategies, with some opting to abandon SMM pricing due to perceived unfairness [4][5] - The demand for energy storage in China is robust, with projections indicating that the domestic project pool will exceed 800 GWh, supporting significant market growth over the next few years [7] Group 3: Future Outlook - The lithium battery industry is entering a mild inflation cycle, with price increases and demand feedback expected to create a dynamic balance in the market [7] - Forecasts suggest that the production of lithium batteries in China will reach approximately 210 GWh in January 2026, reflecting a seasonal adjustment and inventory clearing [7]

综合自：长安街知事、遵义审判等 责编：王璐璐 校对：姚远 据"遵义审判"消息，12月26日，贵州省遵义市中级人民法院依法对被告人刘仲杰故意杀人案进行一审公开宣 判，以故意杀人罪判处被告人刘仲杰死刑，剥夺政治权利终身。 法院经审理查明，被告人刘仲杰不能正确处理夫妻感情纠纷，哄骗两名未成年子女喝农药"敌敌畏"，致二人死 亡（殁年10岁、7岁）。 法院经审理认为，被告人刘仲杰作为亲生父亲，在子女年龄尚幼、心智尚未成熟之际，利用孩子对父母天然的 依赖与信任，以哄骗的方式让两名未成年子女喝下农药，之后未采取任何救助措施，导致两名年幼无辜的未成 年人死亡，后果令人痛心。被告人刘仲杰故意杀人犯意坚决，严重违背人伦底线、道德底线和法律底线，犯罪 手段特别残忍，犯罪后果特别严重，社会影响特别恶劣，罪行极其严重，应依法惩处。 被告人及被害人亲属、部分人大代表、政协委员和社会各界群众旁听了宣判。 据此前报道，2025年5月22日，32岁的刘仲杰在家中给10岁儿子和7岁女儿服用农药，导致儿女死亡。刘仲杰自 杀未遂，经抢救后脱离生命危险。案发前，刘仲杰和妻子黄玉飞正处在离婚冷静期。案发后，刘仲杰因涉嫌故 意杀人被当地警方刑事拘留。 8 ...

近日，马斯克旗下的SpaceX在内部信中确认筹备2026年潜在IPO计划，并同步推进内部股份出售。对市场 而言，这不仅是一家独角兽走向资本市场的常规操作，更是一个阶段性信号的释放——当前，太空这个从 以技术叙事为核心的领域，正变成资本、技术与产业逻辑深度交汇的现实赛道。 相比之下，中国商业航天的发展路径更具"国家引导、市场参与"的特色。我国航天体系长期由国家主导，近年 来在培育战略性新兴产业的背景下，政策层面持续引导商业力量进入航天领域。2020年，卫星互联网被纳 入"新型基础设施"范畴，民营企业在发射、通信载荷及应用服务等环节的参与度持续提升。"十四五"时期以 来，商业航天在基础设施建设和产业协同中加速推进。展望"十五五"规划，在前期基础设施逐步成型的背景 下，行业发展也将从探索期迈入体系化推进的新阶段。 在上述发展背景下，商业航天的产业属性和所处阶段逐渐成为投资层面关注的核心问题。从产业属性看，多位 受访基金经理一致认为，商业航天并非传统航天军工的简单延伸，而是一条以市场化运作为核心、以商业回报 为目标的新赛道。 围绕商业航天的运行逻辑，富国基金基金经理曹璐迪指出，商业航天以低成本和市场化为导向，追求可盈 ...

Core Viewpoint - In 2025, the Chinese banking industry is characterized by resilience amidst economic challenges, focusing on serving the real economy, embracing transformation, and maintaining a balance between national strategy and sustainable development [1] Group 1: Regulatory Indicators - Total assets of commercial banks are projected to grow from 380.52 trillion yuan at the end of 2024 to 409.63 trillion yuan by September 2025 [2] - The non-performing loan ratio is expected to fluctuate slightly, starting at 1.50% in December 2024 and reaching 1.52% by September 2025 [2] - The core tier one capital adequacy ratio is anticipated to decrease from 11% in 2024 to around 10.87% by September 2025 [2] Group 2: Industry Trends - The banking sector is shifting from aggressive expansion to a more cautious approach, emphasizing the need to avoid "involution" or excessive competition [3] - Regulatory bodies are actively working to curb harmful competition, leading to a collective industry effort to reduce risks and improve operational efficiency [3] Group 3: Interest Margin Protection - The banking industry is facing significant pressure on net interest margins, prompting banks to optimize asset allocation and diversify revenue sources [7][9] - Banks are focusing on cost control by reducing deposit rates and managing high-cost long-term deposits [8] Group 4: Deposit Migration - A trend of "deposit migration" is emerging as residents seek better investment channels due to low deposit rates, with bank wealth management products seeing significant growth [10] - The shift in deposit behavior is driven by a "price comparison effect," leading to a decline in demand for traditional long-term deposits [10] Group 5: Mergers and Restructuring - Over 400 banking institutions are expected to exit the market through mergers, dissolutions, or consolidations, marking a significant increase compared to previous years [11] - The restructuring efforts are focused on improving the quality of financial services rather than merely reducing the number of institutions [13] Group 6: Technological Finance - The banking sector is prioritizing technological finance, with a focus on supporting innovation and providing tailored financial products for tech companies [14][15] - The proportion of technology loans in total new loans has reached 28.8%, indicating a strong push towards financing technology-driven enterprises [15] Group 7: Capital Increases - A notable "capital increase wave" is occurring, with major state-owned banks raising 520 billion yuan through stock issuance to bolster capital adequacy [17] - Smaller banks are also responding by exploring various capital-raising methods, including targeted issuance and local state-owned capital participation [17] Group 8: Shareholder Engagement - The banking sector has seen a surge in insurance capital participation, with several banks experiencing significant shareholding increases from insurance companies [18] - Asset management companies are also actively increasing their stakes in various banks, indicating strong investor interest in the banking sector [18] Group 9: Corporate Governance Changes - A significant shift in corporate governance is underway, with many banks abolishing or not establishing supervisory boards, transitioning to a single board system [21][22] - This change aims to enhance efficiency and reduce governance costs while maintaining oversight through audit committees [22][24] Group 10: AI Integration - The banking industry is undergoing a transformation driven by artificial intelligence, with major banks adopting an "AI-first" strategy to enhance their operations [25][26] - AI applications are expanding from customer service to core business processes, indicating a shift towards value creation through technology [26]

Core Viewpoint - The majority of brokerages predict that the A-share market will transition from valuation-driven growth to earnings-driven growth in 2026, leading to a "slow bull" market as the economic fundamentals gradually recover [2][3]. Group 1: Market Outlook - The A-share market is expected to continue its "slow bull" trend, with sufficient support for index stability. Analysts forecast a profit growth rate of around 12% for A-shares in 2026 [3]. - The market is likely to shift from a "valuation bull" to a "system bull," with a more balanced style, favoring technology and high-dividend assets [3][4]. - Analysts emphasize the importance of focusing on sectors that align with economic transformation, particularly technology and consumer sectors, which are expected to see a resurgence [4][5]. Group 2: Technology Sector - The technology sector remains the core focus for 2026, with analysts highlighting areas such as artificial intelligence, computing power, and other advanced technologies as key drivers of market performance [5][6]. - Specific sub-sectors within technology that are favored include autonomous control technologies, semiconductor industries, and applications related to AI and robotics [6]. - The investment landscape for AI is evolving, with a noted divergence in performance between core AI assets and broader "pan-AI" assets benefiting from macroeconomic effects [6]. Group 3: Consumer Sector - The consumer sector is gaining attention, with expectations of a recovery driven by consumption stimulus policies and economic growth [7]. - Analysts suggest that the focus should be on sectors benefiting from domestic demand and policy incentives, particularly in services and new consumer goods linked to technological advancements [7]. - The central economic work conference has prioritized expanding domestic demand, which is anticipated to revitalize the consumer sector, especially in areas like travel, hospitality, and food and beverage [7].

Group 1 - The article discusses recent military actions by the US against ISIS targets in Nigeria, highlighting President Trump's announcement of a "powerful and deadly" strike on December 25 [1][2] - Nigeria, as Africa's largest oil producer and an OPEC member, has seen international oil prices rebound by over 4% amid ongoing geopolitical tensions [1] - WTI crude oil prices rose slightly to $58.51 per barrel during early Asian trading on December 26 [1] Group 2 - The US Africa Command confirmed the airstrikes coordinated with Nigerian forces, resulting in the deaths of multiple terrorists [2] - A separate incident in Nigeria involved the rescue of 230 students and staff kidnapped from a Catholic school, which was confirmed by local church authorities [2] - A bombing in Maiduguri, Borno State, resulted in 5 deaths and 35 injuries, attributed to a suicide bomber linked to extremist groups [3] Group 3 - The Syrian transitional government reported the killing of a key ISIS leader and the arrest of four members during operations in Damascus and Aleppo [4] - The US military conducted extensive operations against ISIS in Syria, utilizing over 100 precision-guided missiles targeting infrastructure and weapon caches [5] - Following a deadly attack on US forces in Syria, the US has intensified its military actions, resulting in the deaths or captures of 23 terrorists [5][6]

据环球时报，2025年即将结束之际，多国领导人近日发表致辞，总结盘点这一年的成果和挑战。 据塔斯社24日报道，俄罗斯总统普京当天同俄政府成员举行工作会议，回顾2025年工作成果，讨论经济社会发 展及国家整体发展所取得的成就。 25日圣诞节当天，罗马教皇利奥十四世、英国国王查尔斯三世等领导人发表致辞，呼吁战争各方拿出勇气结束 冲突，还世界和平。 据法新社报道，美国总统特朗普借节日致辞列举自己在边境管控、驱逐非法移民和经济发展方面的成果，同时 抨击反对派民主党人，称其为"激进左翼渣滓"。 美国有线电视新闻网（CNN）24日发表评论文章称，2025年 与其说是过渡年，不如说是变革年，而2026年将是全球权力格局的关键一年。文章列出了2026年格外值得关注 的7个关键议题，包括俄乌冲突和台海议题。彭博社24日发文称，从美国总统特朗普发起的贸易战到人工智能 的发展，2025年可谓跌宕起伏。 其中最重要的启示之一就是：永远不要低估中国。 战争与和平 俄乌冲突从2022年2月爆发，至今仍未停息。塔斯社称， 普京 24日在会上表示，尽管面临诸多挑战，俄"仍在 不断前进和发展"。他说，俄关键宏观经济指标保持稳定，国民经济结构正 ...

12月25日，国盛证券公告称，近日，江西省国资委与江西省交通运输厅已就江西交投股权划转事项签署无 偿划转协议。 省国资委入主 根据公告，本次划转完成后国盛证券控股股东仍为江西交投，实际控制人由江西省交通运输厅变更为江西省国 资委。据悉，今年11月，国盛证券收到控股股东江西交投的《告知函》，经江西省人民政府同意，江西省交通 运输厅拟将其持有的江西交投90.00%股权无偿划转至江西省国资委。 智创新投资中心（有限合伙）在上海联合产权交易所发布公告，公开征集受让方，拟转让其合计持有的国盛金 控9.76亿股股份（占国盛金控股份总数的50.43%），转让底价为88.79亿元。 2022年7月4日，上海联合产权交易所出具的《上海联合产权交易所有限公司组织签约通知》，确认江西国资组 成的联合体成为国盛金控9.76亿股股份的受让方。 本次划转前，江西交投直接持有国盛证券25.52%股权，通过江西赣粤高速公路股份有限公司间接持有国盛证 券4.06%股权，为国盛证券控股股东。 本次收购前，江西省国资委通过江西省投资集团有限公司间接控制国盛证券12.11%股权。本次收购完成后， 江西省国资委通过江西交投、江西省投资集团有限公司间接 ...

12月25日，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似行为，通报称，"公司已 ...