Core Viewpoint - The article emphasizes the opportunity for investors to engage in government bond reverse repos before the New Year holiday, highlighting the potential for earning additional interest during this period [1]. Summary by Sections - **Investment Timing**: Investors are encouraged to act before the holiday, as demand for funds typically increases, leading to higher prices for funds. This is particularly relevant for short-term government bond reverse repos, which can yield extra interest during the holiday [1]. - **Holiday Schedule**: The New Year holiday spans three days (January 1-3, 2026), with the stock market reopening on January 5. By strategically timing their operations, investors can maximize interest earnings [1]. - **Interest Calculation**: If investors choose a 1-day reverse repo on December 30, they can earn interest for 5 days, with funds available on December 31 and accessible on January 5. For 2-day, 3-day, and 4-day reverse repos, investors can earn interest for 6 days, but funds will only be available after the holiday [2][4]. - **Missed Opportunities**: It is crucial to note that if investors miss the opportunity to act on December 30 and instead operate on December 31, they will not earn interest during the holiday period [3]. - **Interest Accrual Table**: A detailed table outlines the participation dates, types of reverse repos, interest days, and availability of funds, providing clarity on potential earnings [4].

小米创办人、董事长兼CEO雷军宣布， 将于12月31日晚8点做一场跨年直播。 雷军今日午间在其个人微博表示，"前几天我在网上看过一个拆SU7视频，很多人建议拆拆YU7。这次直播，我请工程师现场拆车，一边拆 车一边聊。" 准确 快速 权威 专业 7x24h电报 头条新闻 VIP资讯 实时盯盘 下载财联社APP获取更多资讯 ...

Core Viewpoint - The article discusses the spread of rumors regarding a "systemically important" bank facing a silver margin call and potential bankruptcy, emphasizing the need for skepticism and verification of such claims [1][2]. Group 1: Rumors and Their Origins - The rumors originated from social media, claiming that a major bank failed to meet margin requirements and was forcibly liquidated by the futures exchange [2][3]. - The unnamed bank was described as a significant participant in the precious metals derivatives market, allegedly breaching risk limits and exhausting credit lines [3]. Group 2: Federal Reserve's Actions - Reports indicated that the Federal Reserve injected $34 billion into the banking system through emergency overnight repurchase agreements, following a previous injection of $17 billion [3][4]. - However, the claim of a $34 billion injection remains unverified, with the New York Fed not issuing any statements to support this figure [4][5]. Group 3: Margin Requirements and Clearing Processes - The Chicago Mercantile Exchange (CME) did raise silver trading margin requirements, but there is no evidence of a major clearing member failing to meet these requirements [9][11]. - The clearinghouse operates under strict risk control and reporting processes, making it unlikely for a significant event to go unreported [11][12]. Group 4: Market Dynamics and Positioning - Despite the rumors, major U.S. banks, including JPMorgan, were reported to be net long in the silver futures market, contrary to claims of them being in a precarious position [13][14]. - Non-U.S. banks held a significant number of short positions, indicating a more complex market dynamic than the rumors suggested [14][16]. Group 5: Conclusion on Market Conditions - The article concludes that the current market conditions, including rising silver prices and increased margin requirements, create a scenario of forced deleveraging rather than a bank failure [17]. - The narrative of a major bank's collapse is seen as a sensationalized response to normal market pressures rather than a reflection of actual financial distress [17].

Core Viewpoint - The article emphasizes the importance of timely and professional information analysis in investment decision-making, focusing on the investment value of significant events, industry chain companies, and key policy interpretations [1] Group 1: Company Insights - The company is involved in providing products for humanoid robot motor drives and perception systems, with its MOS products supplied to Tesla-related applications [1] - The company's silicon carbide products are widely used in AI server power supplies and new energy vehicles, indicating a strong position in the semiconductor power device market [1] - The company ranks among the top three in China's semiconductor power device market share and is the eighth globally, showcasing its competitive strength [1]

Market Overview - The Shanghai Composite Index experienced fluctuations, briefly turning positive, while the ChiNext Index saw a pullback after a rise. The total trading volume in the Shanghai and Shenzhen markets reached 1.29 trillion yuan, a decrease of 101.9 billion yuan compared to the previous trading day. Over 2,700 stocks in the market declined [1][3]. Sector Performance - The commercial aerospace sector remained active, with Daye Co. achieving five consecutive trading limits, China Satellite Communications hitting a new high with two limits in three days, and Zhongchao Holdings recording four limits in five days [3]. - The humanoid robot sector continued its strong performance, with Tianqi Co. achieving four consecutive limits and Wuzhou New Spring hitting two limits [3]. - The digital currency sector showed lively performance, with Yuyin Co. and Cuiwei Co. both achieving two consecutive limits [3]. - AI applications saw a rise, with Kute Intelligent hitting a 20% limit up [3]. - Conversely, the Hainan Free Trade Zone concept faced significant declines, with Hainan Development and Luoniushan experiencing sharp drops. Several retail stocks weakened, with Baida Group hitting the limit down and Dongbai Group and Maoye Commercial both dropping over 5% [3]. Closing Summary - At the close, the Shanghai Composite Index fell by 0.1%, the Shenzhen Component Index rose by 0.23%, and the ChiNext Index decreased by 0.06% [3].

会议强调，农业农村现代化关系中国式现代化全局和成色，必须加快建设农业强国。要稳定粮油生产，加力实施新一轮千亿斤粮食产能提升行动， 推动粮食品种培优和品质提升。加强水利基础设施建设，强化气象监测预报预警，增强农业防灾减灾能力。促进"菜篮子"产业提质增效，提升多元化 食物供给能力。加强耕地保护和质量提升，严守耕地红线，分区分类高质量推进高标准农田建设。加强农业关键核心技术攻关和科技成果高效转化 应用，因地制宜发展农业新质生产力。要统筹建立常态化防止返贫致贫机制，健全常态化帮扶政策体系，接续支持欠发达地区发展，持续巩固拓展 脱贫攻坚成果。要千方百计促进农民稳定增收，健全种粮农民收益保障机制。统筹做好外出务工服务保障和返乡就业创业扶持，促进农民工稳岗就 业。培育壮大县域富民产业，拓展农民参与产业发展渠道和方式，健全联农带农机制。要因地制宜完善乡村建设实施机制，统筹优化乡村国土空间 布局，加快补齐农村现代生活条件短板，创造乡村优质生活空间。持续整治提升农村人居环境，以钉钉子精神解决好农村改厕、垃圾围村等问题。 做好农村基层组织换届选举，提高党建引领乡村治理效能。深入实施文明乡风建设工程，持续推进农村移风易俗。坚持和发展 ...

今日上午，华为轮值董事长孟晚舟发表2026年新年致辞，题为《追风赶月莫停留，平芜尽处是春山》。 "面向未来，智能化变革浪潮奔涌，这是我们面临的长期战略机遇。"孟晚舟写道：时不我待，智能时代的新征程已经开启，"过去的成功并 非未来的航标，我们深信，在充满不确定性的智能化远航中，最终的胜利，属于那些敢于挺身而出、勇于自我批判的奋斗者。" 以下为新年致辞原文： 追风赶月莫停留，平芜尽处是春山 ——2026年新年致辞 轮值董事长 孟晚舟 时光的潮水正漫过2025的岸线，回望这一年的忙碌与奔赴，那些深浅不一的足迹，正是我们奋力向前的最好见证： 在撒哈拉沙漠南缘，网优工程师穿梭在44℃高温、红土飞扬的街头，厘清网络症结； 在大西洋的七级风浪中，光网专家克服严重晕船，和客户一起定位故障、恢复通信； 在海拔4300米的雪域高原，服务团队缺氧不缺精神，冒着零下15℃的严寒调试光储系统，把绿色电源送入千家万户； 在凌晨4:30的客户机房，抓住业务流量最小的间隙，研发团队奋战30天的技术方案紧急切换上线； 鸿蒙生态工程师与伙伴一起披星戴月，从第一单外卖、第一条笔记、第一次出行开始，持续提升用户体验； 手语工程师克服专业术语挑战，解 ...

命令同时规定被征召人员将分两阶段，即2026年4月1日至7月15日及10月1日至12月31日期间集中前往服役地点。 据央视新闻，俄罗斯总统普京当地时间12月29日签署命令，要求在2026年全年征召26.1万名18至30岁的俄罗斯公民服兵役。 ...

Core Viewpoint - The article discusses President Trump's consideration of suing Federal Reserve Chairman Jerome Powell for "serious misconduct," highlighting ongoing tensions between them, particularly regarding the Federal Reserve's renovation project [1][2]. Group 1: Federal Reserve Renovation Project - The Federal Reserve's headquarters renovation project, initially budgeted at $1.9 billion, has ballooned to $2.5 billion (approximately 17.9 billion RMB) due to unforeseen circumstances such as excessive asbestos and toxic soil contamination [1]. - The renovation was approved by the Federal Reserve Board in 2017, with construction starting in 2021, and has faced criticism from Trump for being extravagant [2]. Group 2: Trump's Criticism of Powell - Trump has publicly criticized Powell multiple times, expressing dissatisfaction with the Federal Reserve's monetary policy and suggesting that the renovation project could be grounds for Powell's dismissal [2]. - In a recent interview, Trump reiterated his desire to fire Powell, stating that it would be beneficial for the country, and mentioned that Powell's term is nearing its end, set to conclude on May 15, 2026 [2]. Group 3: Future Leadership of the Federal Reserve - Trump indicated that his preferred candidates for the next Federal Reserve Chairman remain unchanged, with an announcement expected in January [3].

Capital Market Trends - In 2025, the domestic AI chip industry is characterized as reaching a "coming-of-age" stage, with companies like Moer Thread and Muxi Co. successfully listed on the STAR Market, indicating a significant shift driven by policy, capital, and demand [1][2] - The current capabilities of domestic AI chips in inference computing and system-level optimization are now sufficient to meet core industry needs, marking a transition from mere hardware performance to a focus on software and ecosystem development [1][5] Competitive Landscape - The competition in the AI chip market is evolving from a single dominant player to a multi-tiered structure, with various segments developing around inference power and industry customization [4][10] - Despite the entry of NVIDIA's H200 chip, which poses a competitive threat, it is viewed as a strategic move that does not fundamentally disrupt the domestic AI chip market's core areas such as government and finance [3][4] Technological Innovations - The emergence of models like DeepSeek has shifted the focus from merely stacking parameters to enhancing the software ecosystem, indicating that hardware alone is insufficient without a robust software framework [5][6] - The industry is witnessing a split in focus: one side emphasizes high-performance training capabilities, while the other prioritizes cost-effective inference solutions, reflecting a significant change in market dynamics [6][7] Future Outlook - Looking ahead to 2026, the emphasis will be on scaling inference capabilities, with predictions indicating that the growth rate of inference power will surpass that of training power [10] - The market is transitioning from a focus on purchasing chips to acquiring comprehensive computing services, necessitating a shift towards integrated solutions that combine chips, systems, and software [10][11]