今日A股市场冲高回落， 沪指放量微涨0.1%，录得8连阳。 沪深两市成交额2.16万亿，较上一个交易日放量2357亿。 盘面上，市场热点快速轮动，全市场超3400只个股下跌。从板块来看 ，商业航天概念再度爆发 ，神剑股份7连板，中国卫星3连板，通宇通讯、隆基 机械、上海港湾等十余股涨停。锂电产业链走强，天际股份4天3板，佛塑科技、丰元股份、永兴材料涨停。海南自贸概念反复活跃，海南发展6天5 板，洲际油气、京粮控股涨停。福建板块局部拉升，厦门国贸3连板。 两市成交额:2.16万亿 市场热度： 31 0 较上一日: +2357亿 今日预测量能: 50 0 100 2.16万亿 | +2357亿 下载财联社APP获取更多资讯 下跌方面，造纸、白酒、算力硬件等板块跌幅居前。其中算力硬件概念表现较弱，长光华芯跌超11%。 截至收盘，沪指涨0.1%，深成指涨0.54%，创业板指0.14%。 上证指数 创业板指 深证成指 -3963.68 -13603.89 -3243.88 +4.06 +0.10% +72.48 +0.54% +4.53 +0.14% 市场概况 2853 1210 473 349 187 143 119 ...

Core Insights - In 2025, the global billionaire population experienced record wealth growth, driven by advancements in artificial intelligence and the technology sector [1] - The total wealth of billionaires reached $18.7 trillion, an increase of $3.6 trillion from the previous year, and up $10 trillion since 2020 [1] - The number of billionaires with a net worth exceeding $100 billion reached a record 19, compared to only one six years ago [1] Billionaire Rankings - Elon Musk leads the billionaire list with a net worth of $751.9 billion, primarily from Tesla and SpaceX [2] - Larry Page and Larry Ellison follow with net worths of $258.1 billion and $249.3 billion, respectively, both benefiting from their stakes in Google [2] - The top ten billionaires collectively saw their wealth increase by over $700 billion in the past year, with Musk alone gaining $330.9 billion [2] Wealth Growth Factors - Musk's significant wealth increase is attributed to the soaring valuations of Tesla and SpaceX, with SpaceX's valuation more than doubling to $800 billion [3] - Larry Ellison experienced a record wealth increase of nearly $100 billion in a single day due to a 36% surge in Oracle's stock price [3] - Google founders Larry Page and Sergey Brin also saw substantial wealth growth due to the release of the Gemini 3 model, which boosted Google's stock [4] - Nvidia's CEO Jensen Huang benefited from a 30.37% increase in Nvidia's stock price, contributing to his rise in the billionaire rankings [4]

依据台湾地区相关规定，民意机构对于当局领导人、副领导人的弹劾案，须经全体民意代表二分之一以上提议、三分之二以上决议，声请司 法机构审理。目前，台民意机构共有113位民意代表，其中国民党籍52人、民进党籍51人、民众党籍8人、无党籍2人。 据央视新闻， 12月26日，台湾地区民意机构处理中国国民党党团和台湾民众党党团提交的针对台湾当局领导人赖清德的弹劾案。 国民党、民众党在 席次上占据优势，弹劾提案在台民意机构的表决中获得通过。 根据时间表，2026年1月14日、15日将举办公听会，1月21日、22日与5月13日、14日将两次要求赖清德到台民意机构说明并接受询问。5 月19日台民意机构将进行弹劾案记名投票表决。 台湾地区民意机构中国国民党党团和台湾民众党党团12月19日在台北举行联合记者会，宣布对赖清德启动弹劾案程序。 ...

①涨价信号验证需求成色，2026年或是碳酸锂供需关系的"转折年"，2027年行业可能面临"结构性短 缺"，这些公司具备高产能弹性；②这个环节建设周期通常需要1.5到2年，经历长时间去库后头部企业库 存十分紧张，这些公司在2026年仍有多余产能释放；③这个锂电细分材料头部厂商都已满产，同时行业正 在进行技术迭代，技术门槛有望带来很好的超额利润。 《金牌纪要库》是财联社VIP倾力打造的一款高端会议纪要类产品，结合财联社的媒体资源和行业圈层 优势，为投资者提供全面、深入的市场及行业洞察，以及专业分析和解读。 栏目专注于捕捉投资市场 的最新题材机会，通过一线记者的即时报道、资深编辑的专业整理，以及行业资深专家的深度访谈，为 投资者提供前瞻性、独家性、热门性及专业性的市场分析。 前言 ...

Market Overview - The A-share market experienced a sharp pullback after an initial rise, with all three major indices turning negative during the session. The total trading volume in the Shanghai and Shenzhen markets reached 1.45 trillion, a significant increase of 251.3 billion compared to the previous trading day. Over 3,900 stocks in the market declined [1]. Sector Performance - The lithium battery industry chain showed rapid strength, with Tianji Co. achieving three consecutive trading limits in four days. Other stocks such as Hongyuan Pharmaceutical and Yongxing Materials also hit the daily limit [2]. - The commercial aerospace concept remained active, with Shenjian Co. achieving seven consecutive trading limits [2]. - New materials stocks saw four consecutive trading limits, and Jiayuan Technology reached the daily limit. The photovoltaic sector experienced localized gains, with companies like GCL-Poly Energy and Yijing Photovoltaic hitting the daily limit. The Hainan Free Trade Zone concept was also active, with Hainan Development achieving five trading limits in six days [3]. Declining Sectors - The computing hardware concept showed weakness, with Changguang Huaxin dropping over 10%. By the end of the trading session, the Shanghai Composite Index fell by 0.19%, while the Shenzhen Component Index rose by 0.17%, and the ChiNext Index decreased by 0.15% [4].

Core Viewpoint - The emergence of AI models capable of generating interactive 3D environments is set to disrupt the global video game industry, potentially reshaping a market valued at tens of billions of dollars [3][4]. Group 1: AI Impact on Gaming - Leading AI teams, including Google DeepMind and World Labs, believe that "world models" will significantly transform the gaming industry [4]. - World Labs, co-founded by AI pioneer Fei-Fei Li, launched its first commercial product, Marble, which allows users to create coherent, high-fidelity 3D worlds from a single image, video, or text prompt [5]. - The technology is expected to disrupt existing game engines like Unity and Unreal, with experts predicting a fundamental change in software and game development in the coming years [8]. Group 2: Industry Growth and AI Integration - According to Newzoo, the global gaming industry is projected to generate nearly $190 billion in revenue this year, with generative AI tools already being utilized for creating visual assets in games [9]. - AI has reportedly increased the development speed of games, with Game Gears' CEO stating that their game development pace has quadrupled due to AI [9]. - The integration of AI in gaming is exemplified by Epic Games' collaboration with Disney to introduce an AI-driven character in Fortnite, showcasing the potential for interactive non-player characters [10]. Group 3: Future of Game Development - Experts predict that players will soon be able to create entirely new game worlds, reducing reliance on expensive software and specialized skills [13]. - The ability to create highly personalized games is becoming simpler, which could lead to a significant transformation in the gaming industry [14]. - While some critics express concerns about AI leading to job displacement and low-quality content, optimists believe AI can lower costs, enhance creativity, and alleviate developer burnout in a high-cost industry where top games often exceed $1 billion in development costs [15].

Core Viewpoint - The article discusses the heightened tensions between Israel and Iran, particularly focusing on Iran's efforts to rebuild its ballistic missile arsenal and the potential for renewed military conflict between the two nations [1][2]. Group 1: Israeli Government's Stance - Israeli Prime Minister Netanyahu emphasized that Israel is closely monitoring the rearmament activities of Hamas, Hezbollah, and Iran, indicating readiness to act if necessary [1]. - Netanyahu stated that while Israel does not seek confrontation, it remains vigilant against any potential threats [2]. - The Israeli military leadership has prepared for future operations, acknowledging that new threats continue to emerge despite some existing threats being neutralized [2]. Group 2: U.S.-Israel Relations - Netanyahu's upcoming meeting with President Trump is expected to address Iran's ballistic missile program and the possibility of further military actions [2]. - The U.S. has pressured Israel to solidify the Gaza peace agreement and ease tensions with the new Syrian government, indicating a complex diplomatic landscape [2]. - Trump has previously claimed that U.S. airstrikes have effectively destroyed Iran's nuclear program, but there is dissatisfaction among U.S. officials regarding Israel's frequent military responses [3]. Group 3: Military Implications - Any Israeli military action against Iran would likely require U.S. approval, as Israel relies on U.S. support for defense against potential Iranian missile retaliation [3]. - Israel's previous military campaign aimed to destroy Iran's long-range conventional weapons, and any attempts by Iran to rebuild its nuclear or missile programs would provoke further Israeli strikes [3]. - The former head of Israeli military intelligence on Iran indicated that establishing a "red line" regarding missile development significantly increases the likelihood of renewed conflict within the next year [3].

以下文章来源于财联社资管视界 ，作者王蔚 财联社资管视界 . 财联社倾力打造的金融、资管、FICC资讯和投研平台，为广大金融从业者和投资者提供电报、独家新闻、精选资讯、重大事件点评、深度报道、研究报 告等。 12月25日，国家金融监督管理总局下发《银行保险机构资产管理产品信息披露管理办法》（2025年12月22日国家金融监督管理总局令2025年第10号 公布，以下简称"10号令"）。 数据来源：国家金融监督管理总局官网，财联社整理 三类产品规模如何？据财联社根据最新数据整理，三类资管规模达99.53万亿。 其中，据媒体报道，银行理财市场规模约33.8万亿元；据中国信托业 协会披露数据，截至2025年6月末，全行业信托资产规模余额为32.43万亿元；据中国银行保险资管业协会调研数据，2024年保险资管的管理规模合计 33.30万亿元。 征求意见稿于5月下发，意见反馈截止时间为2025年6月23日。25日，正式稿下发，相比于5月下发的征求意见稿，正式稿主要有5大修改要点： 1.删除销售时信息披露义务人强制披露"托管协议" 资产管理产品销售时，信息披露义务人应当向投资者披露产品说明书、产品合同、风险揭示文件及国家金 ...

据央视新闻，记者从国家发展改革委了解到，今天（12月26日），国家创业投资引导基金正式启动，京津冀创业投资引导基金、长三角创 业投资引导基金、粤港澳大湾区创业投资引导基金三只区域基金设立运行。 ...

Core Viewpoint - Major tech companies are utilizing Special Purpose Vehicles (SPVs) to offload over $120 billion in data center expenditures from their balance sheets, raising concerns about the financial risks associated with their significant investments in artificial intelligence [1][4] Group 1: SPV Financing and Its Implications - Companies like Meta, xAI, Oracle, and CoreWeave are leading the way in complex financing transactions through SPVs to shield themselves from the substantial borrowing required for AI data centers [1][4] - Financial institutions such as Pimco, BlackRock, Apollo, and major banks like JPMorgan have provided at least $120 billion in off-balance-sheet debt and equity financing for these tech groups' computing infrastructure [1] - The use of SPVs allows these companies to maintain high credit ratings and improve financial metrics while concealing potential risks associated with AI demand fluctuations [4][6] Group 2: Specific Company Transactions - Meta completed a $30 billion private credit deal for its Hyperion facility in Louisiana, creating an SPV named Beignet Investor, which raised $30 billion, with $27 billion from loans and $3 billion in equity [5][6] - Oracle has engaged in structured financing to support its commitments to lease data center power from OpenAI, involving significant debt financing for multiple data centers [6][7] - xAI is raising $20 billion, including up to $12.5 billion in debt financing, using a similar SPV structure to acquire NVIDIA GPUs for leasing [7] Group 3: Market Trends and Risks - The private credit market, valued at $1.7 trillion, is rapidly expanding, with significant concerns about asset valuation, liquidity, and borrower concentration [10] - UBS projects that tech companies will borrow approximately $450 billion from private equity funds by early 2025, reflecting a $100 billion increase from the previous year [8][10] - The proliferation of SPVs may lead to a lack of transparency and potential cascading financial pressures if multiple AI companies face challenges simultaneously [8][10] Group 4: Future Outlook - The increasing reliance on a few major clients, such as OpenAI, for AI data center commitments poses risks to lenders if any single tenant encounters issues [10] - The emergence of more opaque structures in data center transactions, including AI debt securitization, is being observed, with estimates of such transactions reaching several billion dollars [10][11] - While investors view the strong balance sheets of large tech firms as a positive, the use of SPV financing may ultimately lower the overall credit quality of these companies [12]