Market Overview - The A-share market experienced a pullback after an initial rise, with the Shanghai Composite Index dropping by 0.19% to 3952.09 points, while the Shenzhen Component Index increased by 0.17% to 13554.07 points [2][3] - The trading volume reached 1.47 trillion yuan, with a predicted total turnover of 2.33 trillion yuan, an increase of 381.3 billion yuan [3] Sector Performance - The lithium battery industry chain, precious metals, basic metals, and commercial aerospace sectors showed strong performance, while sectors such as photolithography machines, electronic components, and communication equipment faced declines [6] - The commercial aerospace concept stocks continued to rise, with significant gains observed in companies like Guolian Aviation, which increased by 11.82%, and Tongyu Communication, which rose by 10.01% [10] Commodity Insights - The main contracts for silver and copper saw significant increases, with silver rising over 7% and copper over 3%, both reaching historical highs [8] - The National Development and Reform Commission emphasized the importance of optimizing traditional industries, particularly in resource-intensive sectors like alumina and copper smelting, to enhance management and layout [8] Future Outlook - 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 networking [11] - The Chinese commercial aerospace industry is transitioning from exploration to a growth phase, with improvements in rocket launch frequency and satellite production capabilities anticipated as policies and industry systems evolve [11]

5万公里！中国高铁运营里程新突破 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 12月26日10点，随着C9309次"复兴号"智能动车组驶出延安站，西安至延安高铁开通运 营，革命老区延安迈入"高铁时代"。 至此，我国高铁运营里程突破5万公里，高铁发展再上 新台阶。 翻开中国铁路图，一张纵横交错、连通四方的"八纵八横"高铁网徐徐铺展：500公里半径内城 市群基本形成1至2小时交通圈，1000公里跨区域城市间4小时通达，2000公里跨区域城市间 实现"朝发夕至"。高铁单日可发送旅客1600万人次，相当于一个超大城市的人口通过高铁网 流动。 目前，高铁覆盖我国97%的城区人口50万以 ...

Core Viewpoint - Chinese mining companies are leveraging technology and management practices to address the challenges of resource development in Africa, aiming to transform resources into national capabilities and future potential [2]. Group 1: Supply Chain Management Innovations - Luoyang Molybdenum's KFM copper-cobalt mine has established a unique "material coding" system, setting a new benchmark for international mining management and facilitating effective communication within the supply chain [3][5]. - The material coding system integrates with the logistics chain, allowing real-time updates on the transportation status of materials, thus addressing challenges such as port strikes and border congestion [4]. Group 2: Standardization and Local Adaptation - In Mali, Hainan Mining's project team developed new designs based on Chinese standards to overcome the lack of local industrial standards, demonstrating flexibility in adapting to local conditions while maintaining core Chinese engineering principles [7]. - The project manager emphasized that using Chinese standards not only improves efficiency but also ensures quality, showcasing the reliability of Chinese technology [11]. Group 3: Cost Control and Competitive Advantage - Cost control is identified as the core competitive advantage for mining companies, especially in overseas operations, where effective management can lead to profitability even in challenging environments [11]. - Chinese mining companies are noted for their high efficiency and strong cost control capabilities, which allow them to succeed where Western companies may struggle [11]. Group 4: Integration of Chinese and Local Management Practices - MMG's management team exemplifies a blend of Chinese and local expertise, with a diverse team composition that enhances communication and operational effectiveness [15]. - The company has adopted English as the primary working language to facilitate better integration of local and international staff, promoting a more inclusive management approach [15]. Group 5: Future Trends and Innovations - The application of advanced technologies such as AI and robotics in mining operations is anticipated to significantly enhance productivity and operational efficiency in Africa [12]. - Continuous investment in research and development is planned, focusing on digital mining and green metallurgy to reduce carbon emissions and improve mining processes [12].

来源：新华社 总部设在德国斯图加特的美军非洲司令部在一份新闻稿中说，美军当天根据特朗普和美国防部 长赫格塞思的命令，与尼方协调，在尼日利亚索科托州发动空袭，打击"伊斯兰国"多座营地。 初步评估显示，多名恐怖分子被打死。 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 美军空袭尼日利亚境内"伊斯兰国"目标 美国总统特朗普25日傍晚在社交媒体发文说，美国当天对尼日利亚西北部的极端组织"伊斯兰 国"恐怖分子发动了"强大且致命"的打击。美军非洲司令部稍后证实这一消息。 特朗普称"伊斯兰国"恐怖分子一直在"残忍地杀害无辜基督徒"，说他曾经警告要让这些恐怖分 子付出惨痛代价。特朗普还说，美国 ...

来源：新华社 乌武装部队总参谋部称，新沙赫京斯基炼油厂是俄南部最大石油产品供应商之一，该炼油厂向 俄军供应柴油和航空煤油，其储油罐容量超过21万立方米。乌军将继续采取必要措施以削弱俄 军作战潜力。 截至目前，俄方暂未就上述事件表态。 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 乌克兰空军对俄炼油厂发动导弹袭击 乌克兰武装部队总参谋部25日在社交媒体上发文称，当天乌空军使用"风暴之影"巡航导弹袭击 了俄罗斯罗斯托夫州的新沙赫京斯基炼油厂。 乌武装部队总参谋部称，新沙赫京斯基炼油厂被导弹击中并发生多次爆炸，袭击情况正在核实 中。 ...

这名消息人士表示，尼日尔"已全面永久停止向所有美国公民发放签证，并无限期禁止美 国公民入境"。尼日尔政府这一决定基于对等原则，体现这个西非国家维护主权的外交政 策导向。 本月16日，美国总统特朗普签署公告，将此前受美方全面和部分入境限制的国家数量从19 个扩大至40个。在该政策下，尼日尔公民被美国实施全面入境限制。 来源：新华社 据新华社，尼日尔通讯社25日援引尼外交消息人士报道，针对美国限制尼公民入境，尼方 已采取反制措施，从本周起停止向美国公民发放签证。 ...

【导读】天铁科技创始人、实控人之一许吉锭被采取刑事拘留的强制措施 中国基金报记者 夏天 12月25日晚间， 天铁科技 （证券代码： 300587 ） 发布 公告称，近日收到公司控股股 东、实际控制人之一许吉锭家属的通知，许吉锭已被台州市公安局采取 刑事拘留 的强制措 施，正在配合公安机关调查。据其家属所述，调查事项为个人事项，与公司日常生产经营无 关。 天铁科技 表示， 许吉锭 目前未在公司担任董事或高级管理人员职务，公司日常经营管理由 高管团队负责，董事及高级管理人员目前均正常履职。公司生产经营情况正常，该事项不会 对公司日常经营活动产生重大不利影响。 天铁科技三季报显示，截至2025年9月末，许吉锭持有公司9418.85万股， 是第一大股东， 持股占比 为 7.25%。其中，6337股处于冻结状态。 | 报告期末普通股股东总数 | | 22, 383 | | 报告期末表决权恢复的优先股股东总数(如有) | | 0 | | --- | --- | --- | --- | --- | --- | --- | | | | | 前 10名股东持股情况(不含通过转融通出借股份) | | | | | 股东名称 | 股 ...

Group 1 - The core viewpoint of the article highlights the significant rise in silver prices, with Shanghai silver reaching a historical high of over 18,000 CNY per kilogram, reflecting an increase of nearly 5% [1] - The National Fund of China has announced a limit on the investment amount for its silver fund to 100 CNY starting December 29, down from a previous limit of 500 CNY, to manage arbitrage funds and mitigate premium risks [3] - The silver fund's secondary market price was reported at 2.804 CNY, which is 45% higher than the net asset value of 1.9278 CNY as of December 24, indicating a significant premium [3][5] Group 2 - The silver fund has reached its physical limit for capacity due to regulatory constraints on trading positions and public offerings, necessitating the investment limit as a compliance measure rather than a subjective choice [6] - The fund's trading price has shown a premium rate of 44.02%, with a trading volume of 2.7956 million hands and a total transaction amount of 809 million CNY [5][6]

【 导读 】 倍轻松及实控人涉嫌 信息披露 违法违规 被 证监会立案 中国基金报记者 闻言 12月25日 晚间 ，倍轻松 发布公告称， 公司及实控人马学军 当日 收到中国证监会下发的 《立案告知书》 。 《 立案告知书 》 显示， 因涉嫌信息披露违法违规，根据相关法律法规，中国证监会决定对 倍轻松 及马学军立案。 简历显示， 马学军 生于 1971年4月， 自 2001年8月至今 担任 倍轻松董事长、总经理，全 面负责 倍轻松 的经营管理 。 2024年，马学军从倍轻松获得的税前薪酬为 115.93 万元。 截至2025年第三季度末，马学军直接持有倍轻松40.48%的股份，并通过宁波赫廷投资有限 公司、宁波日松企业管理合伙企业（有限合伙）、宁波倍润投资有限公司，合计间接控制倍 轻松12.66%的股份。 深圳市倍轻松科技股份有限公司 2025年第三季度报告 | 报告期末普通股股东总 | | | | | 报告期末表决权使复 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 世 | | 5.073 | | | 的优先政政东总数(如 | ...

Core Viewpoint - Baina Qiancheng plans to acquire 100% of Zhonglian Century's shares through a combination of issuing shares and cash payments, with the stock resuming trading on December 26 [2][4][7] Group 1: Acquisition Details - The acquisition is expected to constitute a major asset restructuring and an associated transaction, but will not change the actual controller of the listed company [6] - The company will issue shares to no more than 35 specific investors to raise matching funds for the acquisition [4] Group 2: Business Expansion - Baina Qiancheng primarily engages in multi-format film and marketing businesses, including movies, series, short videos, and various entertainment formats, generating revenue through copyright sales and content marketing [9] - Zhonglian Century is a comprehensive digital marketing service provider, known for its self-developed marketing technology, and has expanded its services into finance and e-commerce [9] Group 3: Financial Performance - Zhonglian Century's projected revenues for 2023, 2024, and the first three quarters of 2025 are 736 million, 1.382 billion, and 1.003 billion yuan respectively, with net profits of 151 million, 177 million, and 177 million yuan [9] Group 4: Strategic Implications - The acquisition is expected to enhance Baina Qiancheng's marketing business layout, integrating into China's mainstream digital advertising and cloud computing ecosystem, thereby improving its competitive strength [10] - Following the acquisition, the company's total assets, net assets, operating income, and net profit are anticipated to increase, further strengthening its operational capabilities [10] Group 5: Management Changes - Recently, Baina Qiancheng underwent a leadership change, with the resignation of the former chairman and CEO, Fang Gang, and the election of Zhu Youyi as the new chairman and Li Qian as the new CEO [10]