Core Viewpoint - The article discusses recent personnel changes at Huachuang Securities, including the appointment of Zhang Yu as the new Chief Economist and the expansion of the research team, indicating a strategic shift in the company's research capabilities and focus on macroeconomic outlooks for 2026 [2][3][4]. Group 1: Personnel Changes - Niu Bokun, the former Chief Economist, has transitioned to the role of Assistant President and Co-Director of the Research Institute, while Zhang Yu has taken over as Chief Economist [2][3]. - Zhang Yu has extensive experience in macroeconomic research and has been recognized in the industry, including participation in a meeting hosted by the Premier of the State Council [3][4]. - The research institute has promoted several key analysts, reflecting a commitment to building a competitive research team across various sectors [5][6]. Group 2: Macroeconomic Outlook - Zhang Yu's team recently published a report forecasting that the supply-demand imbalance in China's economy may improve in 2026, which is seen as a critical year for the awakening of value in the Chinese stock market [4]. - The report anticipates that nominal GDP growth and the deflator index will perform better than in the current year, although nominal GDP growth may not exceed real GDP growth [4]. - The team emphasizes the importance of focusing on safety margins and profit improvements in the stock market, while also noting potential volatility in short-term funding rates and a bearish trend for long-term rates [4]. Group 3: Team Expansion - Five analysts have been promoted within the research institute, with notable appointments including Wu Yifan and Zhou Guannan as Co-Directors of the Research Institute [6][7]. - The promotions reflect the analysts' contributions to their respective fields, with teams achieving recognition in the "2025 Best Analyst" awards [6][7]. - The ongoing investment in research talent is expected to enhance the institute's capabilities in macroeconomic, fixed income, financial, consumer, and pharmaceutical research [7].

针对"郑州中原保时捷中心疑闭店'跑路'"一事，12月25日，保时捷中国回应财联社记者称，对于此次事 件给各位车主及消费者带来的困扰与担忧致以最诚挚的歉意，将积极推动事件妥善处理，将消费者合法权 益放在首位。"我们高度关注保时捷授权经销商郑州中原保时捷中心出现经营异常情况，目前与警方和相 关部门正在现场核查事实。" 近日，多位网友在社交媒体平台发文称，位于郑州市中原区大中原国际汽车城的郑州中原保时捷中心突 然"人去楼空"，展厅车辆几乎被清空，销售人员及管理层均无法联系。这一突发情况迅速引发消费者维 权，涉及金额从数万元至数十万元不等。 12月24日下午，中原区商务局工作人员就此事 回应 扬子晚报 记者称，相关部门已成立专班，正初步介 入调查协调，由于事发突然，目前还在对接店铺方与消费者核实具体情况。 综合自： 扬子晚报、 财联社等 责编：罗晓霞 校对：苏焕文 百万用户都在看 凌晨！全线大涨！美联储，突发警告！ 2026年A股休市安排来了 利好来了！摩尔线程，重磅发布 降息，大消息！ 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 ...

Core Viewpoint - The recent breakthrough by the Defense Science and Technology University in achieving a speed of 700 km/h for a ton-class test vehicle using superconducting magnetic levitation technology marks a significant advancement in the field, potentially driving new developments in aerospace and rail transportation in China [1][3]. Group 1: Technological Breakthrough - The magnetic levitation team successfully accelerated a ton-class test vehicle to 700 km/h in just two seconds, setting a new global record for superconducting electric magnetic levitation speed [3]. - This achievement addresses key technical challenges in high-speed electromagnetic propulsion, electric levitation guidance, and transient high-power energy storage, positioning China as a leader in the field of ultra-high-speed magnetic levitation [3]. Group 2: Implications for Aerospace - Electromagnetic-assisted launch technology is identified as a crucial development direction for next-generation space launches, allowing rockets to be accelerated to supersonic speeds before ignition, which can significantly increase payload capacity and reduce launch costs [1][3]. - The technology is expected to facilitate high-frequency launches and meet the growing demand for satellite constellation deployment and customized launches in China [4]. Group 3: Market Response - Following the announcement, commercial aerospace stocks surged, with nearly 40 stocks in the sector experiencing a price increase of over 10% [1][6]. - The overall commercial aerospace sector saw a rise of more than 3%, indicating strong investor interest and confidence in the potential of this technology [6]. Group 4: Policy Support and Future Outlook - Recent government measures aim to accelerate the development of the aerospace industry, including financial support for key projects and incentives for satellite internet technology applications [7]. - The commercial aerospace industry is evolving towards a more integrated ecosystem, with a focus on reusable rocket technology and satellite internet infrastructure, which is expected to drive significant market growth in the coming years [8][9].

辽宁省盘锦市大洼区人民法院25日一审公开宣判被告人张某虐待被看护人案，对被告人张某以虐待被看护人罪 判处有期徒刑二年，同时禁止其从事密切接触未成年人的工作。 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 。 记者从盘锦市纪委监委获悉，当地纪委监委收到孟某某反映的盘山县羊圈子镇鹏程幼儿园相关问题后，立即提 级启动核查。经查，鹏程幼儿园存在多名幼师不具备从业资格、硬件设施不符合办园规定、许可证到期后仍然 进行教学、开办地址与实际经营地址不符、不符合普惠性幼儿园认定标准等问题。目前，盘锦市纪委监委已依 规依纪对24名相关责任人员予以党纪政纪处分与组织处理。另从有关方面了解，鹏程幼儿园已被永久关停，该 园其他涉事责任人都 ...

Core Viewpoint - The recent surge in the robotics sector is primarily driven by the acquisition of 43% of Fenglong Co. by UBTECH Robotics, which is seen as a significant catalyst for the market [1][3]. Group 1: Market Performance - Robotics concept stocks collectively strengthened, with notable gains including a limit-up for Jilun Intelligent and over 18% increases for TuoStar and Haozhi Electromechanical [1][3]. - The robotics ETF rose nearly 2%, indicating strong investor interest in the sector [3]. Group 2: Acquisition Details - UBTECH announced the acquisition of 93.96 million shares of Fenglong Co. at a price of 17.72 yuan per share, totaling approximately 1.665 billion yuan [1][3]. - Analysts believe that the collaboration between UBTECH, focused on humanoid robots, and Fenglong, a specialized high-tech enterprise, will enhance industry synergy and drive commercialization [3]. Group 3: Future Outlook - UBTECH has secured nearly 1.4 billion yuan in humanoid robot orders this year, with expectations to increase production capacity to 10,000 units by 2026 [4]. - The year 2026 is anticipated to be pivotal for mass production in the humanoid robotics sector, with significant advancements expected in motion control technology [6][7]. Group 4: Challenges in Production - The three main challenges in humanoid robot production include developing dexterous hands, an AI brain capable of understanding the real world, and achieving large-scale manufacturing [7]. - The evolution of AI technology is critical for overcoming production challenges, with Tesla's efforts in training models expected to accelerate the development of humanoid robots [7].

强升回归！ 据百度股市通行情，今日 （12月25日） 上午，离岸人民币兑美元升破7大关，一度触及6.9920，这也是2024年 9月以来首次。同时，在岸人民币兑美元升破7.01元关口，现报7.0068，创2024年9月27日以来新高。 自2023年5月以来的两年半多时间里，人民币对美元汇率只在2024年9月25日短暂进入过"6"字头，当时离岸人 民币汇率盘中最高触及 6.9949 。自2025年4月以来，人民币兑美元持续走强，累计升值约6%。 相较而言，人民币今年在亚洲货币当中处于强势。专业人士认为，年底的结汇效应是主因。虽然从数据看，11 月的结汇率并未出现大幅上行，但在整年巨大贸易顺差的加持下，12月待结汇企业似乎开始提前抢跑。体现在 盘面上，USDCNH上涨乏力，每当反弹30—50点都会快速回落，并逐步创新低。交易量也开始释放，越升值 越犹豫的心态开始转变。 另外，市场对于明年人民币一致预期也非常强烈。英大证券认为，人民币汇率在经历2年半的"筑底"阶段后， 2026年大概率迎来升值的"主升浪"。人民币汇率走势具有3—4年左右的周期性，当前已进入升值阶段的初期， 技术形态显示有望突破前期压力位，形成明确升 ...

Core Viewpoint - The recent trading of Guotou Silver LOF has experienced significant volatility, with a sharp increase in market price followed by a trading halt due to a price drop, highlighting the risks associated with high premium trading in the secondary market [2][4][6]. Market Performance - Guotou Silver LOF's market price surged, leading to multiple days of trading halts and a premium that once approached 70% over its net asset value (NAV) [2][8]. - On December 25, the fund resumed trading and hit a trading halt with a drop of 10.01%, closing at 2.804, while the premium narrowed to 45% [4][5]. Trading Dynamics - The trading volume for Guotou Silver LOF was substantial, with a transaction amount exceeding 6 billion, and a sealed order amount over 10 billion during the halt [4][5]. - The fund's premium was driven by speculative trading, with investors engaging in arbitrage strategies that led to significant price deviations from the underlying asset's value [2][6]. Risk Warnings - The fund manager, Guotou Ruijin Fund, has issued multiple warnings regarding the unsustainable nature of high premiums, indicating potential significant losses for investors who buy at inflated prices [6][8]. - The fund announced a temporary trading halt to protect investors from the risks associated with high premium rates, emphasizing the importance of cautious investment strategies [8][9].

今日早间，来自芯片领域的两则消息引发市场关注。 第一则跟中美芯片相关。 据环球时报报道，美国政府宣布，结束上届拜登政府发起的针对中国芯片的贸易调 查。美媒分析称，尽管美国政府称中国在芯片产业中的做法"损害美国利益"，但最终决定至少在18个月内不对 中国芯片加征额外关税。 第二则跟英伟达相关 。当地时间周三，英伟达与人工智能初创企业Groq达成授权协议，进一步加大对人工智 能（AI）热潮相关公司的投资。 在二级市场上，周四早盘， A股部分芯片概念股 大幅拉升。开盘仅1分钟，天奥电子就直线拉升至10%涨停。 创元科技、盈新发展随后也直线涨停；恒烁股份也大幅拉升，一度触及20%涨停。强瑞技术、臻镭科技、晶丰 明源等纷纷大涨。此前一天，A股芯片股也集体走强，板块指数涨幅超过2%。 来看详细报道！ 美国未来18个月不对中国芯片加征额外关税 12月25日，据环球时报报道，美国政府23日宣布，将在2027年对中国芯片加征关税，并结束了上届拜登政府发 起的针对中国芯片的贸易调查。 美媒分析称，尽管美国政府称中国在芯片产业中的做法"损害美国利益"，但最终决定至少在18个月内不对中国 芯片加征额外关税。彭博社说，暂缓加征新关税是 ...

Group 1 - The core viewpoint of the article is the condemnation by 14 countries, including France, the UK, and Canada, of Israel's recent decision to approve the construction of new Jewish settlements in the West Bank, urging the Israeli government to retract this decision and halt the expansion of settlements [1] - A joint statement from the French Foreign Ministry emphasized the opposition to any form of annexation and further development of settlement policies [1]

编者按： 随着中国资本市场双向开放向纵深推进，中资券商化身"金融航海家"，驶向更广阔的全球市场。它们以跨 境投行连接东西，用财富管理服务民生，足迹遍布香港中环、伦敦金融城和纽约华尔街等金融枢纽，在国 际资本市场发出"中国声音"。证券时报携手中国证券业协会推出"券商'出海'进行时"栏目，全景展现中资 券商从合规经营到本土化融合、从跟跑到领跑的心路历程——诠释中国资本市场如何从"参与者"蜕变 为"规则制定者"，在开放浪潮中书写高质量发展新篇章。本文为专栏第十四篇，敬请垂注！ (本专栏已刊 发完毕，感谢读者持续关注。) 在全球金融格局重构与中国资本市场深化开放的背景下，中资券商进一步以专业研究能力为支点，撬动国际化 业务的新增量。 在对外输出层面，长江证券推出全英文系列专访《投资中国》，聚焦能源金属、高端制造等与新质生产力紧密 关联的领域，由资深分析师向国际投资者深度解读中国产业政策与市场机遇。该系列内容因高度专业性与前瞻 性获得了海外知名财经媒体的关注和转载，成为传递中国经济发展动力的重要窗口。 与此同时，为将中国优质产业、企业的价值进一步延伸至国际舞台，长江证券积极依托境外子公司长证国际， 将其作为国际化战略布 ...