上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 刘铁斌表示，面向"十五五"，构建规范、健康的资本市场人工智能生态体系的基本工作思路是，坚 持促进创新与规范监管并重，尊重技术演进规律，从行业生态、机构生态和严守监管要求三方面协 同发力，努力构建"合规有序、创新赋能、风险可控"的发展新格局。 一是构建促进人工智能健康发展的行业生态。包括探索建立差异化分类监管框架，依据人工智能应 用的影响和潜在风险，实施分级分类监管；积极推进"人工智能+资本市场"专项试点，尽快形成可 复制推广的实践案例；布局人工智能中试基地，搭建创新应用验证平台，促进算力、数据、模型等 资源集约共享；推动资本市场智能计算基础设施与法律法规、行情、信息披露等重点领域高质量数 据集建设；加强资源要素支持，研究完善激励措施，强化人才队伍建设，鼓励产学研用协同创新。 二是构建规范应用人工智能的机构生态。刘铁斌表示，健全治理架构和战略规划，统筹业务、科 技、合规、风控等各个条线，确保人工智能应用与机构自身发展相匹配。严格遵守国家人工智能伦 理准则与社会公序良俗，确保人工智能应用始终与法律法规、监管规定、伦理规范保 ...

Core Insights - The total scale of the ETF market in China has surpassed 6 trillion yuan, reaching 6.03 trillion yuan as of December 26, marking a significant milestone in its rapid growth [2][3] - The ETF market has shown accelerated development, crossing from 5 trillion to 6 trillion yuan in just four months, maintaining a strong growth momentum [3][5] - Stock ETFs account for over 63% of the total ETF market, with a latest scale of 3.85 trillion yuan [3][5] ETF Market Growth - The ETF market has grown by 2.3 trillion yuan year-on-year, with an overall increase of 38.11% [5] - The number of ETFs has reached 1,391, with a total asset value of 60,304.77 billion yuan, reflecting a substantial increase in the number of products [4][5] ETF Types and Performance - Stock ETFs have seen the largest growth, increasing by nearly 1 trillion yuan with a growth rate of 25% [4][5] - Bond ETFs have experienced the highest growth rate at 78.38%, adding 6,305.91 billion yuan [5] - Cross-border ETFs have also doubled in size, increasing by 5,148.89 billion yuan [5] Fund Management Companies - The number of fund management companies with ETF assets exceeding 100 billion yuan has expanded to 16, with four new entrants this year [6][8] - Leading companies include Huaxia Fund, E Fund, and Huatai-PB Fund, with ETF management scales of 9,601.38 billion yuan, 8,881.25 billion yuan, and 6,282.97 billion yuan respectively [7][8] Top ETF Products - The largest ETF product is the Huatai-PB Fund's CSI 300 ETF, with a scale of 4,270.67 billion yuan [11] - Other significant products include E Fund's and Huaxia Fund's CSI 300 ETFs, with scales of 3,029.96 billion yuan and 2,302.90 billion yuan respectively [11][12] Market Dynamics - Despite the overall growth, approximately 30% of ETF products have experienced a decline in scale [13] - Many products have seen growth primarily due to net asset value increases, with some ETFs attracting significant inflows by aligning with market trends and investor needs [13]

Core Viewpoint - The 2025 Chinese film market has shown remarkable growth, with the total box office for the New Year’s release surpassing 5 billion yuan, marking the highest figure in eight years, reflecting the strong vitality and potential of the market [2] Group 1: Domestic Film Strength - Domestic films account for over 80% of the total box office in 2025, with nearly 90% of the films in the New Year’s release being domestic, indicating a dominant market position [4] - The success of domestic films is attributed to their focus on local stories and genuine narratives that resonate with audiences [4] - The diversity of genres in this year's New Year’s release, including historical, suspense, documentary, and public welfare themes, reflects an evolution in audience preferences and a response to the demand for differentiated content [6] Group 2: Global Market Dynamics - The Chinese film market is becoming a significant player in the global film industry, accounting for nearly one-quarter of the global box office, which is reshaping the global cinematic landscape [9] - Major Hollywood films like "Zootopia 2" and "Avatar 3" have performed exceptionally well in China, indicating the market's importance for maximizing box office revenues [7][9] - The shift to simultaneous releases in China and the U.S. demonstrates the growing recognition of the Chinese market's value in global film strategies [9] Group 3: "Film+" Development Model - The "Film+" model has matured, enhancing the value of films beyond the screen and revitalizing consumer engagement [11] - The integration of advanced viewing technologies and additional services has transformed cinemas into comprehensive cultural consumption spaces, increasing audience spending [13] - The trend of emotional consumption during the New Year’s period highlights a shift in audience mindset, where watching films has become a ritualistic experience [15][16]

会议要求，2026年财政工作抓好以下重点任务。一是坚持内需主导，支持建设强大国内市 场。大力提振消费，深入实施提振消费专项行动。积极扩大有效投资，加大对新质生产力、 人的全面发展等重点领域投入。加快推进全国统一大市场建设，规范税收优惠、财政补贴政 策。二是支持科技创新和产业创新深度融合，加快培育壮大新动能。进一步增加财政科技投 入，完善财政科技经费管理，强化企业科技创新主体地位。实施制造业重点产业链高质量发 展行动，开展新一批制造业新型技术改造城市试点，加快构建现代化产业体系。三是推进城 乡融合和区域联动，拓展发展空间。扎实推进乡村全面振兴，积极支持以人为本的新型城镇 化，促进区域协调发展。四是进一步强化保基本、兜底线，切实加强民生保障。促进居民就 业增收，支持办好人民满意的教育，提高医疗卫生服务保障水平，完善社会保障体系，在满 足民生需求中拓展发展空间。五是推动经济社会发展全面绿色转型，加快建设美丽中国。推 进污染防治攻坚，加强生态系统保护和修复，健全绿色低碳发展支持政策，协同推进降碳、 减污、扩绿、增长，增强绿色发展动能。六是加强国际财经交流合作，支持扩大高水平对外 开放。推进全球经济金融治理改革，深化拓 ...

支持商业航天！上交所再出手。 12月26日晚间，上交所正式发布《上海证券交易所发行上市审核规则适用指引第9号——商业火箭企业适 用科创板第五套上市标准》（以下简称《指引》）。 上交所表示，将以《指引》发布为契机，在中国证监会的指导下，着力推进符合《指引》标准的商业火箭 企业在科创板发行上市，以更大力度支持突破关键核心技术的科技型企业发展，持续提升制度包容性、适 应性和吸引力、竞争力，更好服务科技创新和新质生产力发展。 湘财证券认为，在国家将"航天强国"战略升级为国家蓝图、明确将商业航天列为新增长引擎的政策强力驱 动下，产业迎来历史性发展拐点。以卫星互联网星座建设为代表的巨大下游应用需求，为整个商业航天产 业链，特别是作为基础设施的运载火箭环节，提供了规模化、商业化发展的坚实基础，市场空间广阔。 上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 商业火箭企业适用科创板第五套上市标准 上交所表示，2024年、2025年政府工作报告两次提出推动商业航天产业集群发展。2025年10月，《中 共中央关于制定国民经济和社会发展第十五个五年规划的建议》强调加快建设航天强国，加快航空 ...

Core Viewpoint - Precious metals have experienced a historic surge, with gold, silver, platinum, and palladium all seeing significant increases, driven by geopolitical tensions, a weakening dollar, and low market liquidity [2][3][6]. Group 1: Precious Metals Performance - On December 26, during the New York trading session, gold futures rose by 1.31% to $4,562 per ounce, with a weekly increase of 3.98%. Spot gold increased by 1.12% to $4,531.1 per ounce, with a weekly rise of 4.44% [4]. - Silver futures surged by 11.15% to $79.68 per ounce, marking an 18.06% increase for the week, while spot silver rose by 10.24% to $79.196 per ounce, with a weekly gain of 17.87% and an annual increase of 175% [4]. - Palladium and platinum also saw significant gains, with palladium rising by 14.24% to $1,923.4 per ounce (weekly increase of 12.63%) and platinum increasing by 10.31% to $2,450.91 per ounce (weekly rise of 24.31%) [4]. Group 2: Market Drivers - Analysts attribute the strength in precious metals to escalating geopolitical tensions, a weakening dollar, and low market liquidity. Recent actions by the U.S. to block sanctioned oil tankers from Venezuela and military actions in Yemen have contributed to this environment [6]. - The demand for safe-haven assets like gold and silver is being supported by these geopolitical developments, alongside the low liquidity in the market at year-end, which amplifies price volatility [6]. Group 3: Silver Market Dynamics - Since the October short squeeze, most of the globally available silver has remained in New York, with traders concerned about potential tariff risks as silver has been listed as a critical mineral by the U.S. [7]. - The market is experiencing a significant increase in speculative trading, with the trading volume of options for the largest silver ETF, iShares Silver Trust, reaching its highest level since the Reddit trading frenzy in 2021 [7]. - Experts warn of an extreme shortage of physical silver in the London market, as indicated by the negative spread between silver swap rates and U.S. rates, suggesting a supply crunch [8][9]. Group 4: Implications of Supply Shortage - The negative silver swap rate indicates that traders are willing to pay a premium to obtain physical silver, reflecting a potential panic situation in the market [10]. - The widening gap between the silver swap rate and U.S. rates signals a deteriorating situation in the London silver market, with signs of a potential run on physical silver as investors demand delivery of the metal [10][11].

Core Viewpoint - The article discusses the changing dynamics of wealth management in light of declining interest rates and increased market volatility, emphasizing the need for strategic asset allocation rather than mere trading [1][3]. Group 1: Investment Philosophy - The concept of "quality assets" is highlighted, defined by sustained demand and relatively limited supply, which applies to both traditional consumer goods and emerging sectors like AI and semiconductors [3]. - The importance of returning to the fundamentals of supply and demand and maintaining independent judgment is emphasized as a key strategy for navigating market cycles [3]. Group 2: Asset Management Strategies - The discussion includes the significance of asset allocation, advocating for a gradient strategy that starts with defensive assets before moving to more aggressive investments [5]. - The "pyramid accumulation strategy" is introduced, where investors gradually increase their positions in risk assets during market downturns, with specific thresholds for adding to positions to manage risk [6]. Group 3: Market Dynamics - The article contrasts the regulatory environments of A-shares and Hong Kong stocks, noting that Hong Kong's more accommodating regulations allow for greater innovation and the emergence of significant companies [7][8]. - The impact of anti-involution policies on industry development is discussed, particularly in the context of the photovoltaic industry, where government intervention is seen as necessary to alleviate competitive pressures [10].

12月25日至26日，全国工业和信息化工作会议在京召开。会议强调，2026年要围绕实现"十五五"良好开 局，聚焦重点、抓住关键，突出抓好十个方面重点工作。其中包括，培育壮大新兴产业和未来产业。打造集成 电路、新型显示、新材料、航空航天、低空经济、生物医药等新兴支柱产业。支持人工智能攻关。有序开展卫 星物联网等新业务商用试验。 值得关注的是，在A股市场上，商业航天概念股近期持续大涨。12月26日，相关概念股继续活跃，神剑股 份、九鼎新材、佳缘科技、航天发展、永鼎股份等20多只个股集体涨停或涨超10%。其中，神剑股份收获7连 板，九鼎新材4连板。12月26日午后，中国卫星也封死涨停，录得3连板，总市值逼近1000亿元。 上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 商业航天、新材料等产业，又迎来利好消息！ 工信部：打造集成电路、新材料、航空航天等新兴支柱产业 12月26日下午，据工信部消息，12月25日至26日，全国工业和信息化工作会议在京召开。会议强调，2026 年要围绕实现"十五五"良好开局，聚焦重点、抓住关键，突出抓好十个方面重点工作。 其中包括，培育壮大新兴产 ...

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 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。 几乎在同一时间，我国商业航天的发展亦迎来节奏提速。低轨卫星发射持续推进，商业火箭发射能力加快 验证，政策层面明确提出适度超前布局信息基础设施、加快卫星互联网建设，商业航天的制度与产业环境 不断完善。 从SpaceX的资本化进程提速，到国内低轨星座与商业火箭发展节奏加快，商业航天正在全球范围内完成 从"技术可行"向"产业成形"的关键跃迁。在技术路径逐步清晰、基础设施加快铺开的背景下，这一长期投 入密集、回报周期较长的领域，正迈入规模化建设与商业化落地并行的新阶段，其产业属性、投资逻辑与 风险定价也成为了市场关注的焦点。 产业正加速成形，规模化落地提速 商业航天并非横空出世，而是在制度演进与技术突破的推动下，逐步从国家工程走向市场化运行。 从全球经验看，美 ...

Market Overview - On December 26, the A-share market experienced a pullback after an initial rise, with the Shanghai Composite Index falling by 0.19% to 3952.09 points, while the Shenzhen Component Index rose by 0.17% to 13554.07 points [2][3]. Sector Performance - The lithium battery industry chain showed strength, with active performances in precious metals, base metals, and commercial aerospace sectors, while sectors such as photolithography machines, electronic components, and communication equipment saw significant declines [5][12]. - The non-ferrous metals sector was notably strong, with copper and precious metals leading the gains. Companies like Hainan Mining and Guocheng Mining hit the daily limit, while others like Luoyang Molybdenum and China Aluminum also saw increases [8][10]. Key Stocks - Notable stock performances included: - Nankang Mining: 10.02% increase, market cap of 239 billion - Guocheng Mining: 10.01% increase, market cap of 345 billion - Shenzhen New Star: 9.99% increase, market cap of 671 billion - Jiangxi Duku: 9.97% increase, market cap of 1470 billion [10]. Commercial Aerospace - Commercial aerospace concept stocks continued to rise, with Guanglian Aviation increasing by over 10%, and Tongyu Communication and Aerospace Development hitting the daily limit [13][14]. - The commercial aerospace sector is expected to enter a period of rapid growth, driven by technological advancements and increasing demand for launch services and satellite networks [15]. Policy Insights - The National Development and Reform Commission emphasized the need for management and optimization in resource-intensive industries like alumina and copper smelting, highlighting the importance of strategic planning and preventing blind investments [11].