Core Viewpoint - The computing power industry chain is experiencing a significant resurgence, with various sectors such as optical modules, optical communication, and optical chips showing strong performance, driven by increasing demand for computing power due to rapid technological advancements in large models [1][3]. Group 1: Market Performance - The computing power industry chain saw a substantial increase, with the Tongdaxin CPO index rising over 3% to reach a new high [1]. - Key stocks such as Changfei Fiber, TeFa Information, and Hengtong Optic-Electric hit their daily limit, while others like Longxin Bochuang and Zhishang Technology rose over 12% [3]. - The surge in the A-share market is attributed to the strong performance of AI-related stocks in the US, with companies like Lumentum and Nvidia showing significant gains [3]. Group 2: Technological Developments - The MUSA Developer Conference showcased advancements from Moore Threads, including a new GPU architecture and a high-performance AI training chip [4]. - The launch of the Doubao large model and the Seedance 1.5 pro model by Volcano Engine indicates ongoing innovation in AI applications [5]. - The rapid increase in demand for AI applications is evidenced by the soaring usage of Doubao, highlighting the competitive landscape among major internet companies in the large model sector [6]. Group 3: Industry Outlook - Analysts predict that the AI-driven demand for computing power will continue to grow, with significant implications for sectors such as servers, AI chips, optical chips, and storage [6]. - The AI boom is expected to reshape the demand for optical fibers and cables, leading to a new supply-demand cycle in the industry [7]. - The domestic GPU market is also seeing increased activity, with several companies preparing for IPOs, indicating a robust future for AI computing infrastructure [6].

岁末年初，中央经济工作会议召开，定调明年经济。海外美联储降息潮后，催化全球资产配置再平衡。 2026年将至之际，12月19日，招商基金召开2026年度内部投资策略会，汇聚内外部投研力量，围绕宏观经济和 投资策略进行展望，并就AI科技和周期地产等重点关注方向剖析细分赛道机遇与挑战。 宏观经济：宏观稳态、结构分化与科创突进 回顾2025年经济增长表现，前三个季度GDP累计同比5.2%超过5%目标。招商基金研究部首席经济学家李湛认 为，"两新""两重"政策使内需体现出引擎作用，消费与制造业投资对GDP增长形成支撑，净出口对GDP增长拉 动仅次于消费。流动性总体充裕、结构分化，近三年通胀也稳定在低位水平，政策目标以稳为主和经济结构转 变共同造就"新稳态"：过去三年GDP增速目标保持在5%左右，标志着中国经济调控思路从"增量追赶"转向 了"质稳量优"的成熟阶段。中国经济当前主线更多在于经济转型，即经济动能转向更多由消费和科技创新共同 驱动，在"稳规模"的同时更聚焦"调结构"，为中长期高质量发展夯实基础。 值得注意的风险点有三：一是房地产的拖累作用还未出清；二是房地产连带的地方政府化债压力大；三是外需 不确定性依然存在。 ...

Core Viewpoint - Japan's new generation main launch vehicle "H3" experienced a failure during its launch, resulting in the satellite not reaching its intended orbit [1]. Group 1 - The "H3" rocket's 8th unit was launched from the Tanegashima Space Center in Kagoshima Prefecture, carrying the "Pathfinder 5" satellite of Japan's Quasi-Zenith Satellite System [1]. - The Japan Aerospace Exploration Agency confirmed that the rocket's second-stage engine burned out earlier than scheduled [1]. - Reports from Asahi Shimbun indicated that the launch was unsuccessful, and the satellite did not enter the planned orbit [1].

Core Viewpoint - The article highlights the impressive performance of Xinda Aoya's funds, particularly the Xinao Performance-Driven Fund, which achieved a return of 141.95% year-to-date as of December 11, 2025, and 209.53% over the past two years, positioning it as a leader in the mixed equity fund category [1][3][4]. Group 1: Fund Performance - As of December 11, 2025, four funds have surpassed the 140% return mark, with Xinao Performance-Driven Fund leading at 141.95% [1]. - Xinda Aoya has multiple funds with returns exceeding 90% over the past two years, with two funds doubling their performance [1][2]. - The company’s equity products have shown a one-year return rate exceeding 80%, with three funds doubling their value [4]. Group 2: Strategic Transformation - In June 2025, Xinda Aoya was officially incorporated into the Central Huijin system, marking a significant strategic shift towards a "quality-driven" approach [2][8]. - The company is focusing on product innovation, research upgrades, and governance optimization to build a robust operational framework [2]. - The management team is committed to balancing short-term performance with long-term strategic positioning, aiming for a more resilient growth path [1][2]. Group 3: Investment Strategy - Xinda Aoya employs a dual strategy of active management and quantitative innovation, enhancing its competitive edge in a crowded market [8]. - The firm has expanded its business into "fixed income/fixed income+" strategies, quantitative methods, and FOFs to provide comprehensive asset allocation solutions [6][8]. - The introduction of the HAI (Human and Artificial Intelligence) platform aims to create a transparent and systematic approach to asset allocation and performance attribution [6][7]. Group 4: Management and Leadership - The recent appointment of Fang Jing as the new general manager signifies a transition in leadership, with a focus on leveraging his extensive experience across various financial sectors [9][10]. - Fang's background in asset management positions him well to continue the company's established investment strategies while exploring new product innovations and resource collaborations [9][10]. Group 5: Market Position and Growth - Xinda Aoya's assets under management have surpassed 110 billion yuan, ranking it among the top 60 firms in the industry, with a balanced structure between equity and fixed income [4]. - The company’s fixed income products have also performed well, with returns around 10% for certain funds [4].

Group 1 - The article discusses the efforts by various government departments in China to conduct inspections and enforcement actions against abandoned mines and illegal mining activities, with a focus on ensuring comprehensive checks and effective closures [1] - A total of 96,666 abandoned mines have been identified nationwide, with an overall closure completion rate of 92.72% [1] - Since the initiation of the rectification work, there have been 568 cases of illegal mining activities investigated, resulting in 338 administrative penalties and 403 criminal punishments [1] Group 2 - The next steps involve continued inspections and enforcement actions to further strengthen the responsibilities of local governments in protecting mineral resources and ensuring safety in production [1]

Core Viewpoint - The recent notification from the Shanghai and Shenzhen Stock Exchanges, along with China Clearing, supports foreign institutional investors in conducting bond repurchase transactions, enhancing liquidity management tools for these investors and boosting their confidence in the Chinese market [1][2]. Group 1: Regulatory Framework - Qualified foreign institutional investors can engage in bond repurchase transactions through domestic securities firms that are members of the exchanges [1]. - The bond repurchase business includes pledged repo agreements and tri-party repos, with the exchanges and China Clearing able to adjust the scope of these activities based on market development needs [3]. - Foreign investors must sign relevant agreements with their entrusted securities firms before participating in these transactions, ensuring compliance with exchange regulations [3]. Group 2: Market Impact - This initiative is expected to enhance the liquidity management capabilities of foreign investors, thereby increasing the efficiency of fund utilization and reducing portfolio volatility [2]. - As of August 2025, there are 1,170 foreign institutions from 80 countries holding approximately 4 trillion RMB in Chinese bonds, indicating a growing interest in the Chinese bond market [5][6]. - The People's Bank of China has been promoting the opening of the interbank bond market for foreign entities since 2015, which has led to a significant increase in foreign participation [6]. Group 3: Monitoring and Compliance - The exchanges and China Clearing will monitor the trading, registration, and settlement activities of foreign investors and their entrusted participants, implementing self-regulatory measures for any violations [4]. - Settlement participants must manage settlement risks associated with foreign investors' bond repurchase transactions and report any potential risks to China Clearing [4].

今日（12月22日）上午，白银涨幅超6%，铂和钯两个期货主力合约携手涨停。 随着全球市场进入"圣诞模式"，主要金融市场将迎来密集休市，金银铂钯等贵金属品种则赶在休市前夕，密集 上涨。而国内钨等稀有金属价格涨幅更为明显。目前，白银年内涨幅已达137%，钨精矿价格年内涨幅已达 202%。 佳鑫国际资源（03858 .HK ）今日（12月22日）再度大涨，截至午间收盘，涨幅超11%。值得注意的是，佳鑫 国际资源刚于8月28日港股上市，目前股价较发行价已有3倍涨幅。 随着更多资金涌入供给偏小的品种，这些品种市场价格涨势更趋陡峭：过去一周，白银上涨8.27%，而钨粉单 周涨幅在18%左右。市场人士提醒，虽然中长期仍然看涨，但是短期波动性仍然值得重视。 密集上涨 当日，国内股市申万二级行业中，贵金属板块居前，涨幅超3%，年内涨幅超80%。其中，白银有色涨幅一度 超9%。而规模较大的黄金股（159562）近5个交易日内有4日资金净流入，合计"吸金"4934.18万元，近1周份额 增长2100万份，实现显著增长。今年以来该基金累计上涨超92%。 银河证券首席策略分析师杨超认为，美联储降息预期构成贵金属价格上涨的核心支撑，但地 ...

2025年12月22日贷款市场报价利率（LPR） 中国人民银行授权全国银行间同业拆借中心公布，2025年12月22日贷款市场报价利率（LPR）为：1年 期LPR为3.0%，5年期以上LPR为3.5%。以上LPR在下一次发布LPR之前有效。 来源： 中国人民银行 责编：罗晓霞 校对：杨立林 百万用户都在看 "黑天鹅"突袭！刚刚，全线大跌！ 利好来了！摩尔线程，重磅发布！ 美军，大规模空袭！ 集体大涨！特朗普，刚刚签了！ 降息，大消息！美联储，重磅传来！ 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 ...

Core Insights - The UBS Billionaire Report indicates that by 2025, the number of billionaires will rise to 2,919, with a total wealth of $15.8 trillion, marking a 13% increase [1] - The Asia-Pacific region leads in billionaire growth, with the number of billionaires increasing from 981 to 1,036, and China adding 70 new billionaires, totaling 470, second only to the U.S. [1] - Billionaires are increasingly optimistic about investment opportunities in the Greater China region, with 34% believing it offers the best prospects, a significant rise from 11% in 2024 [1][3] Group 1: Wealth Growth and Composition - In 2025, 196 self-made billionaires added $3,865 billion in wealth, second only to 2021's 360 billionaires [2] - The Asia-Pacific region has the highest proportion of self-made billionaires at 79% [2] - The total wealth of Chinese billionaires reached $1.8 trillion, a 22.2% year-on-year increase, with 98% being self-made entrepreneurs [2] Group 2: Investment Trends - North America remains the preferred investment destination, but its attractiveness has decreased, with only 63% of billionaires seeing it as the best opportunity, down from 80% [3] - 40% of billionaires now favor Western Europe for investment opportunities, surpassing Greater China (34%) and other Asia-Pacific regions (33%) [3] - 42% plan to increase exposure to emerging market stocks, while 43% intend to invest more in developed market stocks [3] Group 3: Concerns and Challenges - Billionaires express concerns about tariffs (66%), geopolitical conflicts (63%), and policy uncertainty (59%) [4] - In the Asia-Pacific region, 75% worry about tariffs, while 70% in the Americas are concerned about inflation or geopolitical conflicts [4] - 75% of billionaires believe that the younger generation will face significant global challenges, particularly in technology and artificial intelligence [4]

12月16日，山西省人民政府发布《山西省人民政府关于宣布废止124件行政规范性文件的决定》（以下简称《决定》），宣布废止的行政规范文件目录包含《山西 省人民政府关于禁止生产、经营、储存、运输和燃放烟花爆竹的通告（2020年8月17日）》。 该《通告》曾表示，自2020年10月1日起，在山西省行政区域内禁止生产、经营、储存、运输（除省外途经合法车辆外）和非法燃放烟花爆竹。因重大节假日、重 要活动等原因，确需举办焰火晚会以及其他大型专业化焰火燃放活动的，经县级以上人民政府同意，由公安机关办理道路运输和燃放许可证照后，在指定的时间、 地点，由专业燃放单位燃放，公安机关进行监督。 协会将积极支持和协助山西调整烟花爆竹燃放政策的相关工作实施，助力科学精准施策，推动行业健康有序发展。 来源：长安街知事 责编：罗晓霞 校对：杨立林 | 发文机关： 山西省人民政府 | 成文日期: 2025年12月16日 | | --- | --- | | 标 题： 山西省人民政府关于宣布废止124件行政规范性文件的决定 | | | 发文字号: 晋政发〔2025〕12号 | 发布日期: 2025年12月16日 | | 是否有效:有效 | | ...