Core Viewpoint - The Chinese stock market has entered the initial phase of a slow bull market, with corporate earnings expected to be the main driving factor in 2026, and multiple sectors showing potential for returns [2][8]. Group 1: Slow Bull Market Formation Logic - The institutionalization of A-shares is a key reason for the current slow bull market, contrasting with the retail-driven market of 2014-2015 [4]. - Corporate earnings are gradually improving, providing crucial support for market growth, with the MSCI China Index expected to see a 2%-3% year-on-year growth in 2025 [5]. - The "PBOC put" mechanism introduced by the People's Bank of China has provided essential support to the market, alongside a narrowing of market volatility due to the dominance of institutional funds [5][6]. Group 2: Industry Performance in 2025 - Positive return sectors include materials, benefiting from the "anti-involution" policy and demand for precious metals, achieving returns of over 100%; the healthcare sector has seen returns exceeding 60% [6]. - The insurance sector performed well due to growth in new premiums and a favorable stock market, while AI-related sectors such as gaming, media, and semiconductors have become market favorites [6]. - Conversely, sectors linked to macroeconomic recovery, such as food and beverage, electricity, and delivery services, have underperformed due to weak consumer recovery and excessive competition [6]. Group 3: Outlook for 2026 - The main themes for 2026 include exports, AI, "anti-involution," and consumption, with corporate earnings being the most critical factor for stock performance [8][9]. - The MSCI China Index is projected to reach a target of 100, the CSI 300 Index at 5200, and the MSCI Hong Kong Index at 16000, all expected to achieve double-digit returns in 2026, supported by earnings growth [8]. - Key sectors to watch include export-related industries benefiting from global fiscal and monetary easing, AI-related sectors with recovery potential, and the consumer sector showing a "K"-shaped recovery [9].

12月23日，市场全天冲高回落，三大指数小幅上涨。截至收盘， 沪指涨0.07%，深成指涨0.27%，创业板指涨0.41%。 【导读】A股震荡上涨，人民币汇率升 破7.02 中国基金报记者 泰勒 大家好，今天的市场，三大指数震荡上涨，但仍有3800只个股待涨，一起看看发生了什么事情。 震荡上涨 市场共 1512只个股上涨，68只个股涨停，3856只个股下跌。 离岸人民币兑美元升破7.02 | 锂电池产业链拉升，天际股份、多氟多等涨停。 | | --- | | 海南板块延续强势，海南发展、海汽集团均3连板。 | | --- | 液冷服务器概念股活跃，川润股份、英维克等涨停。 | 下跌方面，商业航天概念股下挫，顺灏股份跌停，久之洋、天银机电等跌超10%。 | | --- | 0.95。 中信证券分析，11月下旬以来，美元指数走软叠加央行中间价报价释放的引导信号，人民币汇率逐步升至年内新高并实现" 三价合一 "。 展望后市：1）短期来看，市场对于美联储12月的降息预期已充分定价，同时国内政策对经济的提振效果仍有待显现，央行的稳汇率政策 更多在于防止单边一致性预期，预计年内人民币有望偏强运行，汇率中枢或难突破7.0。但 ...

消息称，这次打击是在美国防部长赫格塞思的指示下进行的。情报认为，这艘船正"沿东太 平洋已知的毒品走私路线航行，并从事毒品走私活动"。在这次行动中有1名男性"毒品恐怖 分子"被打死，美军没有人员受伤。 les & FR 点击下载中国基金报客户端 ■ 中国基金报内容矩阵 ■ 巅峰对话 投资热点说 ETF风向标 IPO情报站 fe o 1 ■ a a - 444 and 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND 开盘速递 港股日报 全球早班车 数说人物 √ � [ 8 a 4 a g a d 4 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND ●微信搜一搜( 〔 〔 中国基金报 〕即刻获取财经资讯 来源：新华社 美军在东太平洋袭击一艘"贩毒船"致1人死亡 美军南方司令部22日发布消息称，美军"南方之矛"联合特遣部队当天在东太平洋对一艘"被 认定为恐怖组织的船只"实施打击，打死1人。 ...

Group 1 - On December 22, the A-share market saw all three major indices rise, with the stock ETF market continuing its trend of net inflows, exceeding 2.2 billion yuan that day [2][4] - The Shanghai Composite Index increased by 0.69%, the Shenzhen Component Index rose by 1.47%, and the ChiNext Index climbed by 2.23%. The computing hardware sector showed active performance, with significant gains in optical communication and CPO, while the media sector weakened and bank stocks retreated [4] - As of December 22, the total scale of 1,282 stock ETFs in the market was approximately 4.7 trillion yuan, with a net inflow of over 2.2 billion yuan based on an increase of 6.612 billion fund shares [4] Group 2 - The net inflow of funds for broad-based ETFs reached 5.248 billion yuan on December 22, with the CSI A500 index products leading the inflow at 14.414 billion yuan [4] - Over the past five trading days, the CSI A500 index products saw a net inflow exceeding 42.1 billion yuan, while the Hang Seng Technology index products had a net inflow of over 4.8 billion yuan [4] - On December 22, 28 ETFs had net inflows exceeding 1 billion yuan, with the top three being the CSI A500 ETF from Guotai Fund (5.238 billion yuan), A500 ETF from Southern Fund (3.146 billion yuan), and A500 ETF from Huaxia Fund (2.878 billion yuan) [4][5] Group 3 - The CSI 300 index products experienced the largest net outflow, totaling 4.594 billion yuan, while thematic ETFs also saw significant outflows of 4.467 billion yuan [8] - The top three ETFs with the largest net outflows included the CSI 300 ETF from Huatai-PB Fund (-2.327 billion yuan), the ChiNext ETF from E Fund (-1.019 billion yuan), and the CSI 300 ETF from E Fund (-0.864 billion yuan) [9] Group 4 - Looking ahead, the semiconductor industry is expected to continue its upward trend due to multiple favorable factors, including a surge in AI computing demand, accelerated domestic substitution, and technological breakthroughs [10] - The technology sector is anticipated to maintain strong industrial momentum through 2026, with value styles expected to support the market as it enters a stable phase, suggesting a characteristic of "technology leading, value following" [10]

李强在讲话中指出，习近平总书记的重要指示，对中央企业提出了明确要求和殷切希望，具有很强的战 略性和指导性，为做好中央企业工作进一步指明了方向。我们要深入学习领会，抓好贯彻落实。 习近平对中央企业工作作出重要指示强调 充分认识职责使命更好服务党和国家工作大局 为中国式现代化建设贡献更大力量 李强出席中央企业负责人会议并讲话 中共中央总书记、国家主席、中央军委主席习近平近日对中央企业工作作出重要指示指出，党的十八大 以来，中央企业认真贯彻党中央决策部署，积极服务国家战略，在国民经济中发挥了骨干和支柱作用。 习近平强调，新征程上，中央企业要充分认识肩负的职责使命，更好服务党和国家工作大局，服务经济 社会高质量发展，服务保障和改善民生，勇担社会责任，为中国式现代化建设贡献更大力量。要聚焦主 责主业，持续优化国有经济布局，切实增强核心功能、提升核心竞争力。要立足实体经济，强化关键核 心技术攻关，推动科技创新和产业创新深度融合。要进一步深化改革，完善中国特色现代企业制度，健 全公司治理结构，着力解决制约企业发展的深层次问题，努力建设世界一流企业。要统筹发展和安全， 有效防范化解风险，不断夯实企业安全发展的基础。 习近平强 ...

Market Overview - A-shares experienced a positive trend in the morning session on December 23, with the Shanghai Composite Index rising by 0.34%, the Shenzhen Component Index increasing by 0.65%, and the ChiNext Index up by 0.78% [2] - The total market turnover reached 1.25 trillion yuan, showing a slight increase compared to the previous day, with over 3,300 stocks declining [3] - The total annual turnover of A-shares for 2023 surpassed 405.55 trillion yuan, marking the first time it exceeded 400 trillion yuan in history [3] Sector Performance - The lithium battery sector saw significant gains, with lithium electrolyte, lithium anode, power batteries, and solid-state batteries all experiencing substantial increases [10] - Other sectors that performed well included non-ferrous metals, building materials, electric equipment, and electronics, while consumer goods, defense, and automotive sectors faced corrections [3] Lithium Battery Sector Highlights - Lithium battery-related stocks surged, with notable increases in lithium electrolyte (7.38%), fiberglass (5.66%), power batteries (3.81%), and lithium anodes (3.66%) [5] - Individual stocks such as Binhai Energy, Duofluor, Tianji Co., and Tianci Materials hit the daily limit, while Huasheng Lithium and Haike Xinyuan rose over 10% [11] - The futures market saw lithium carbonate contracts rise by over 4% [13] Local Stocks Activity - Hainan and Fujian local stocks remained active, with Hainan Ruize and Hainan Haiya reaching three consecutive limit-ups, and Hainan's business environment being positively highlighted by local officials [16][19] - Fujian stocks also saw gains, with companies like Antong Holdings and Anji Food hitting their daily limits [20] Company Specifics - Victory Energy continued its strong performance, achieving an "8 consecutive limit-up" status, with its stock price reaching 31.63 yuan per share, up 10.02% [24][25] - The company announced a significant investment from Qiteng Robotics, which plans to acquire up to 44.99% of Victory Energy, changing its controlling shareholder [26]

Core Viewpoint - Kuaishou Technology experienced a significant network attack on its live streaming feature, leading to the temporary suspension of services and a subsequent drop in stock value, highlighting vulnerabilities in the platform's security measures [2][4][5]. Group 1: Incident Overview - On December 22, 2025, Kuaishou's live streaming function was attacked, resulting in the appearance of explicit content, prompting an emergency shutdown of the live channels [4]. - The live streaming service was restored by approximately 0:45 AM on December 23, 2025, with other services remaining unaffected [2][4]. Group 2: Company Response - Kuaishou has initiated an emergency response plan and is actively cooperating with law enforcement to address the incident, emphasizing its commitment to compliance and the protection of shareholder interests [2][4]. - The company condemned illegal activities associated with the black and gray market and is considering further legal actions as necessary [2]. Group 3: Security Analysis - Security experts noted that the attack's scale was facilitated by the automation of malicious activities, which outpaced Kuaishou's traditional manual defense mechanisms [4]. - The reliance on human review processes has proven inadequate against the rapid dissemination of harmful content, leading to a reactive rather than proactive defense strategy [4]. Group 4: Market Impact - Following the incident, Kuaishou's stock price fell by over 5.5% at one point, closing down 3.6% at HKD 64.3 per share, resulting in a market capitalization loss exceeding HKD 10 billion [5].

Core Viewpoint - Shanghai Pudong Development Bank (SPDB) has received approval to acquire Gongyi Pudong Village Bank, marking significant progress in the "village-to-branch" reform process [2][3]. Group 1: Acquisition and Reform Progress - The approval from the National Financial Regulatory Administration allows SPDB to absorb Gongyi Pudong Village Bank and establish a new branch in Zhengzhou [2]. - Since initiating the "village-to-branch" reform in July, SPDB has completed the transformation of 12 independent village banks into branches, with regulatory approval for each merger [2][3]. - The geographical distribution of these reforms includes provinces such as Gansu, Yunnan, Zhejiang, Chongqing, Shanxi, Tianjin, Shaanxi, Shandong, Xinjiang, Liaoning, Ningxia, and Henan [2]. Group 2: Industry Context and Implications - The move aligns with the regulatory push for reforming small financial institutions and enhancing financial services in rural areas [3]. - Other banks, including state-owned and joint-stock banks, are also accelerating their "village-to-branch" processes, with Agricultural Bank of China recently approved to absorb 192 rural banks and credit cooperatives [3][4]. - As of August 15, 100 village banks have completed mergers, surpassing the total expected exits for 2024 [4].

【导读】国际金价持续刷新历史新高 中国基金报记者 忆山 金价仍在一路狂飙！ 继前一日大幅上涨、创下历史新高后，12月23日，COMEX黄金又相继突破4500美元/盎 司、4510美元/盎司、4520美元/盎司关口，截至发稿，报4524.9美元/盎司，年内涨幅超 62%；伦敦金现也突破4490美元/盎司关口，截至发稿，报4490.08美元/盎司，年内涨幅超 71%。 至此，现货、期货黄金均录得逾四十年来最强劲的年度表现。 COMEX黄金 < Q GC.CMX 3.33万 4469.4 总手 昨结 4524 9 4481.8 现手 6 +1.24% 开盘 +55.5 1.60万 最高价 4526.5 持 仓 36.21万 外 盘 最低价 4479.8 增 仓 1.73万 1.05万 内 盘 分时 | 五日 | 日K | 周K | 月K 更多 ◎ 叠加 设均线 MA5:4421.9↑ 10:4367.3↑ 20:4298.8↑ 前复权 4660.4 -4526-5- 3808.1 08-11 12-23 10-16 成交量 总手:3万 总额:0 VMA5:17万 VMA10:19万 VMA20:18万 × 实物黄金 ...

Market Overview - The A-share market opened higher on December 23, with the Shanghai Composite Index up by 0.12% to 3921.95, the Shenzhen Component Index up by 0.04% to 13338.07, and the ChiNext Index up by 0.09% to 3194.76 [3][4]. Hainan Free Trade Port Concept Stocks - Hainan Free Trade Port concept stocks continued to show strength, with Hainan Ruize and Hainan Qiche hitting the daily limit, while Kangzhi Pharmaceutical, Hainan Haiyao, and Haixia Co. also saw significant gains [10][11]. - Notable stock performances include: - Shennong Agricultural (涨14.31%) with a total market value of 8.3 billion CNY and a year-to-date increase of 107.38% [12]. - Hainan Qiche (涨10.02%) with a market value of 9.1 billion CNY and a year-to-date increase of 58.16% [12]. Chemical Sector Activity - The chemical sector experienced a notable surge, with stocks like Wanrun Co., Dongcai Technology, and Jitai Co. hitting the daily limit [14][15]. - Key stock performances in the chemical sector include: - Wanrun Co. (涨10.01%) with a market value of 15.1 billion CNY and a year-to-date increase of 37.74% [16]. - Dongcai Technology (涨10.00%) with a market value of 27.1 billion CNY and a year-to-date increase of 257.06% [16]. Semiconductor Sector Performance - The semiconductor sector also saw fluctuations, with Shenghui Integration achieving a two-day consecutive limit increase, reaching a historical high [18]. - Notable stock performances in the semiconductor sector include: - Hengkun New Materials (涨10.35%) with a market value of 23.9 billion CNY [19]. - Wensheng Co. (涨8.68%) with a market value of 6.8 billion CNY [19]. Future Outlook - According to Xinyi Securities, the Hainan Free Trade Port aims to become a new regional offshore international trade center, presenting various development opportunities, including deepening cooperation with Hong Kong and advancing high-end manufacturing [13]. - Guohai Securities anticipates that the chemical industry is entering a favorable phase, with potential for increased dividend capabilities and high potential dividend yields [17].