Group 1 - The core point of the article is that Guotou Ruijin Silver LOF has announced a limit on daily subscription and investment amounts for its A-class shares, reducing the limit from 500 RMB to 100 RMB starting December 29, 2025 [1][3] - The fund's secondary market closing price was reported at 2.804 RMB as of December 25, 2025, significantly higher than the net asset value, indicating a potential risk for investors who might blindly invest in high premium funds [5] - The fund experienced a substantial price increase in the secondary market, with a premium rate that once approached 70%, leading to a temporary suspension of trading to protect investor interests [5][7] Group 2 - The fund will suspend large subscriptions and regular investment plans starting December 29, 2025, to safeguard the interests of fund shareholders [3] - Following a surge in trading prices, the fund's premium narrowed to 45% after a trading halt, indicating volatility and potential risks associated with speculative trading [7]

Core Viewpoint - The Chinese Ministry of National Defense emphasizes that the People's Liberation Army (PLA) is always ready for combat and will decisively defeat any attempts of "Taiwan independence" and foreign interference [2]. Group 1 - The spokesperson of the Ministry of National Defense, Senior Colonel Zhang Xiaogang, criticized certain media for speculating on PLA actions, claiming it undermines peace and stability in the Taiwan Strait [2]. - The Chinese government expresses a willingness to pursue peaceful reunification with Taiwan but does not rule out the use of force if provoked by "Taiwan independence" forces [2]. - The PLA is described as being in a state of constant readiness, prepared to engage in combat at any time, and confident in achieving victory [2].

"年终奖"话题爆了！ 字节跳动表示，此举系为确保员工薪酬竞争力和激励回报在全球各个市场都"领先于头部水平"。对于加大人才 投入的背景，字节跳动在邮件中解释称，行业正面临新的机遇和挑战，公司希望更好地激励和保留优秀人才， 同时也更好地吸引全球优秀人才加入公司，做到"什么时候加入都不晚"，鼓励大家和公司业务一起，再上一个 更大的台阶。 券商中国12月25日获悉，京东发布2025年终奖公告：京东集团92%的员工拿满甚至拿到超额年终奖，年终奖总 投入同比增幅超过70%，预计将创下行业今年最大涨幅。其中京东采销今年将实现平均25薪，上不封顶。 近日，巨头涨薪消息不断。网传比亚迪已对技术研发人员实施涨薪，调薪幅度多数在1000元左右，个别可达 3200元。字节跳动的年终奖此前也一度刷屏，据网传方案，2025全年绩效周期的奖金增长35%；M级员工激励 月数上限加1.5个月，M+级加2.5个月。 京东年终奖：增超70% 12月25日，据悉，京东发布2025年终奖公告：京东集团92%的员工拿满甚至拿到超额年终奖，年终奖总投入同 比增幅超过70%，预计将创下行业今年最大涨幅。 京东发布的公告显示，在京东，今年升级为19薪的部门内 ...

★ 宏观动态 ★ 我国将抓紧出台新就业形态劳动者权益保障办法 据新华社，国务院关于灵活就业和新就业形态劳动者权益保障工作情况的报告近日提请全国人大常委会会议审 议。根据报告，我国将抓紧出台新就业形态劳动者权益保障办法，进一步完善灵活就业和新就业形态劳动者权 益保障制度。 海南自由贸易港正式启动全岛封关首周，据海口海关统计，12月18日至24日，海口海关共监管"一线"进口"零 关税"享惠货物超4亿元；监管"二线"内销加工增值免关税货物超2000万元。 广东低空金融"十二条"发布 在12月25日举行的2025粤港澳大湾区低空经济高质量发展大会上，《关于金融支持广东低空经济集群发展的通 知》（以下简称"低空金融'十二条'"）发布。低空金融"十二条"鼓励银行、保险机构研究覆盖低空经济研发、 制造、运行、运营、低空保障等全生命周期的针对性金融产品。针对链主企业、优质企业，鼓励银行机构完善 相关服务，支持符合条件的企业到境内外资本市场相关板块挂牌上市，鼓励用好资本市场并购和并购贷款试点 政策，整合产业链资源。针对产业链上下游企业，支持银行机构依托核心企业工业物联网数据、订单数据等做 好服务，引导私募股权创投机构开展差异化 ...

Core Viewpoint - The motivation for listed banks to redeem existing "high-interest" preferred shares is increasing in a low-interest-rate environment, aiming to save on interest costs [1][4]. Group 1: Redemption of Preferred Shares - Changsha Bank announced the redemption of 6 billion yuan of its preferred shares "Changyin You 1" on December 25, 2025, marking it as the fifth bank to redeem preferred shares in December [1][4]. - A total of 9 banks have redeemed preferred shares since 2025, with a cumulative redemption amount exceeding 1,000 billion yuan [4][5]. - The redemption actions include banks such as Nanjing Bank (4.9 billion yuan), Shanghai Bank (20 billion yuan), and Beijing Bank (4.9 billion yuan) [3][4]. Group 2: Market Trends and Supply - The total outstanding preferred shares of banks is 6,453.5 billion yuan, accounting for 99.58% of the preferred share market [5]. - Since 2020, the issuance of new preferred shares has nearly halted, leading to a gradual reduction in the outstanding volume [5][6]. - The introduction of perpetual bonds in 2019 has diversified the capital supplement tools available to banks, reducing the attractiveness of preferred shares [5][6]. Group 3: Investment Dynamics - Preferred shares are becoming increasingly scarce, making them a valuable asset for asset management institutions, including public funds and insurance funds [8][9]. - As of June 2025, approximately 3,079 billion yuan of bank preferred shares were held by wealth management products, representing 40.66% of the total outstanding preferred shares [8]. - The liquidity of bank preferred shares remains low compared to other capital supplement tools, with a low turnover rate in the market [9].

Core Viewpoint - The article emphasizes the importance of personal pension investment and the upcoming deadline for tax-deductible contributions, highlighting the potential benefits and strategies for maximizing returns through diversified investment options [1][3][9]. Group 1: Tax Benefits and Contribution Limits - The personal pension system offers a "deferred tax" model, allowing individuals to contribute up to 12,000 yuan annually, which can lead to a maximum tax saving of 5,400 yuan [3][4]. - Fund companies are reminding investors to make contributions before the year-end deadline to benefit from tax deductions in the following year [3][4]. Group 2: Investment Performance and Options - Over 98% of fund Y shares have achieved positive returns this year, with some funds reporting returns exceeding 60% [5][7]. - The available investment products for personal pensions include 466 savings products, 307 fund products, 446 insurance products, and 37 wealth management products, indicating a diverse range of options for investors [6][9]. Group 3: Investment Strategies by Age Group - Investment strategies should vary by age group: younger investors (under 30) are advised to allocate 60%-70% to pension FOF or index funds, while middle-aged investors (30-50) should focus on a balanced approach with 50% in low-risk FOFs [10]. - For those nearing retirement (over 50), a conservative strategy is recommended, with 70%-80% in savings, government bonds, or stable insurance products [10]. Group 4: Market Growth and Future Potential - The personal pension market has seen significant growth, with over 150 billion yuan in fund product scale and more than 150 million accounts opened, indicating substantial room for development [9]. - The article suggests that public fund Y shares, which typically have lower management fees and reinvest dividends, may offer attractive long-term returns for pension investors [9].

责编：汪云鹏 校对： 彭其华 商务部新闻发言人何咏前25日在回答关于美宣布对部分中国半导体产品加征301关税的有关提问时说，中方注 意到有关情况，已通过中美经贸磋商机制向美方提出严正交涉。中方不认同美方301调查的所谓结论，坚决反 对美对华半导体产品加征301关税。 在商务部当天举行的例行新闻发布会上，有记者问：美东时间12月23日，美国贸易代表办公室发布针对中国半 导体政策301调查结果，宣布对部分中国半导体产品加征301关税，目前税率为0%，18个月后，即2027年6月再 提高税率。商务部对此有何评论？ 何咏前说，美单边关税违反世贸组织规则，破坏国际经贸秩序，扰乱全球产业链供应链，损害美国企业和消费 者利益，损人不利己。中方敦促美方尽快纠正错误做法，取消相关措施。中方愿与美方在相互尊重、和平共 处、合作共赢原则基础上，通过平等对话磋商解决各自关切。倘若美方执意损害中方权益，中方将坚决采取必 要措施，坚定维护自身权益。 来源：新华社 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 凌晨！全线大涨！美联储，突发警告！ 2026年A ...

Core Viewpoint - The domestic lithography machine industry is experiencing significant advancements, highlighted by Shanghai Micro Electronics Equipment (SMEE) winning a bid for a step-and-scan lithography machine, which is expected to accelerate the localization of critical semiconductor materials and equipment [1][5][11]. Group 1: Company Developments - Shanghai Micro Electronics has been awarded a contract for one step-and-scan lithography machine with a transaction amount of approximately 109.99 million yuan [5][9]. - The company is the only domestic entity capable of developing and manufacturing advanced front-end lithography machines, achieving performance metrics such as a resolution of ≤110nm and overlay accuracy of ≤15nm [11][12]. - The latest model from Shanghai Micro Electronics, the SSX600 series, meets the lithography process requirements for critical layers in IC manufacturing at 90nm, 110nm, and 280nm [12]. Group 2: Industry Trends - The lithography machine market has been historically dominated by international players like ASML, Nikon, and Canon, but domestic production is gaining momentum [11]. - The breakthrough in lithography technology is expected to drive upgrades in upstream materials and precision machinery, facilitating the localization of "bottleneck" materials such as photoresists and optical components [3][11]. - The semiconductor equipment sector is crucial for the semiconductor industry chain, with significant growth opportunities anticipated due to domestic storage manufacturers expanding production and the shift towards 3D storage technologies [12].

据央视新闻25日消息，朝鲜劳动党总书记、国务委员长金正恩现场指导了8700吨级核动力战略导弹潜艇 建造工作。 金正恩视察核潜艇建造现场，并听取了有关其进展情况的汇报。 当天，金正恩还具体了解了新开发的水下秘密兵器研究工作进展情况，并提出了有关海军武力改编和新部队成 立的战略构想。 朝鲜试射新型防空导弹 12月24日，朝鲜试射了正在研发的新型高空远程防空导弹。 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 。 朝鲜方面称，此次试射是对研发中的高空远程防空导弹系统予以战术技术评估的首次试射。发射的防空导弹精 确打击了设定在200公里外的假想高空目标。 朝鲜劳动党总书记、国务委员长金正恩观摩试射。金正恩祝贺试射圆满成功 ...

Core Viewpoint - The article discusses the effectiveness of a joint initiative by the Ministry of Public Security and the National Financial Regulatory Administration to combat illegal financial activities, particularly focusing on "black and gray" industries in the financial sector, resulting in significant law enforcement actions and financial recoveries [1]. Group 1: Overview of Law Enforcement Actions - From June to November this year, nearly 60 operations were conducted nationwide, leading to over 1,500 cases of financial crimes being filed and more than 200 organized crime groups dismantled [1] - The total amount involved in these financial crimes reached nearly 30 billion yuan, contributing to a cleaner financial market environment and protecting consumer rights [1]. Group 2: Case Summaries - **Beijing Loan Fraud Case**: A criminal gang led by Qian and Zhao fraudulently obtained over 60 million yuan in agricultural policy loans by creating fictitious projects and using "white household" individuals [2]. - **Inner Mongolia Extortion Case**: A group led by Song extorted 188,000 yuan from credit card companies by falsely claiming violations and pressuring banks through malicious complaints [3]. - **Shanghai Contract Fraud Case**: A fraud scheme by Shi involved deceiving companies into paying over 4 million yuan in commissions through fake insurance agreements [4]. - **Jiangsu Loan Fraud Case**: A gang led by Gong recruited ordinary individuals to act as "debt bearers" to fraudulently obtain over 6 million yuan in car loans [5]. - **Zhejiang Loan Fraud Case**: A group led by Jiang defrauded banks of over 90 million yuan by fabricating business documents and using "debt bearers" [6][7]. - **Jiangxi Loan Fraud Case**: Zhang and associates defrauded banks of 110 million yuan by using forged documents to secure loans under false pretenses [8]. - **Shandong Loan Fraud Case**: A scheme involving Wang and others led to over 120 million yuan in fraudulent housing loans through falsified documents and collusion with bank staff [9]. - **Henan Insurance Fraud Case**: A gang led by Li defrauded insurance companies of over 100 million yuan by manipulating injury claims [10]. - **Guangdong Illegal Fundraising Case**: A group led by Zhou raised over 900 million yuan from 14,000 clients under the guise of debt resolution services [11]. - **Chongqing Loan Fraud Case**: Multiple gangs led by Tang defrauded banks of nearly 100 million yuan through online loan applications and fictitious business operations [12].