Core Viewpoint - The A-share market has seen significant inflows into stock ETFs, with a total net inflow of 1189.94 billion yuan in December and 4847.40 billion yuan since the beginning of 2025, indicating strong investor interest in this asset class [2]. Group 1: Fund Inflows - In December 30, the total net inflow for all stock ETFs reached 65.81 billion yuan, with the top inflow sectors being non-ferrous metals (28.7 billion yuan), the CSI A500 index (16.6 billion yuan), and gold (8.2 billion yuan) [4]. - The leading fund companies include E Fund, which saw its ETF scale increase to 844.4 billion yuan, with a net inflow of 3.5 billion yuan on December 30 and a total increase of 243.75 billion yuan since the beginning of 2025 [4]. - The non-ferrous metals ETF from Huaxia Fund reported a net inflow of 27 billion yuan, achieving a new high in both share and scale, growing over 59 times in the year [5]. Group 2: Fund Outflows - The top outflow sectors on December 30 included the Sci-Tech 50 ETF (net outflow of 12.4 billion yuan) and the Shanghai 50 ETF (net outflow of 5.3 billion yuan), indicating a shift in investor sentiment away from these areas [9]. - Other notable outflows were seen in the communication sector (4.3 billion yuan) and artificial intelligence (4.2 billion yuan), suggesting a cautious approach from investors in these segments [9]. Group 3: Market Outlook - The market outlook remains positive, with expectations of increased capital inflows as insurance companies begin year-end allocations and private equity firms engage in concentrated purchases [10]. - Key investment themes for 2026 include AI innovation, domestic hard technology, and the Hong Kong tech market, which is seen as a vital area for investment due to its competitive advantages [10].

【导读】上午三大指数集体下跌，AI智能体、教育、商业航天等逆 市 上涨 中国基金报记者 张舟 大家好，今天是2025年最后一个交易日了，新的一年即将到来，基金君和你继续 关注 市场行情！ 12月31日上午，A股三大股指集体下跌。截至午间收盘，沪指跌0.07%，深证成指跌0.67%，创业板指跌1.1%。 沪深两市半日成交额为1.31万亿元，较上个交易日放量176亿元。 个股跌多涨少，全市场共2182只个股上涨，38只个股涨停，有3042只 个股下跌。 从板块看，AI应用、教育、有色金属板块领涨，商业航天概念 股 持续活跃；船舶制造、医药商业、化肥等领跌，光模块CPO概念 股 下 挫。 | | | Wind热门概念指数 | | | | | Wind中国行业指数 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 并多多合作商小红书平台 | | Kimi | WEB3.0 | 科音豆包 | 文化传媒 | 教育 | 互联网 | 航天军工 | 贵金属 | | 4.08% | 3.91% | 3.64% | 3.04% | 3.00% ...

（ 新华社北京12月31日电 ） 来源：新华社 习近平指出，2026年是中俄战略协作伙伴关系建立30周年和《中俄睦邻友好合作条约》签署 25周年。两国将于2026－2027年举办"中俄教育年"。我愿同普京总统继续保持密切交往， 共同引领新时代中俄关系不断取得新成果。 普京总统向习近平主席致以衷心的节日祝贺，祝中国人民幸福安康。普京表示，即将过去的 一年，俄中新时代全面战略协作伙伴关系保持良好发展态势并取得丰硕成果。我同习近平主 席两度会晤，共同纪念抗击德国纳粹主义和日本军国主义胜利80周年，达成一系列重要共 识。俄中积极拓展经贸合作，重大合作项目稳步推进。两国实现互免签证，极大促进了双方 人员往来。明年两国将共同开启"俄中教育年"。我愿同习近平主席继续就双边关系和重大国 际问题保持密切联系。 同日，国务院总理李强同俄罗斯总理米舒斯京互致新年贺电。李强表示，在两国元首战略引 领下，中俄新时代全面战略协作伙伴关系进一步走深走实。中方愿同俄方一道，全力落实好 两国元首达成的重要共识，推动双方务实合作收获更多成果。米舒斯京表示，两国政府为实 施富有前景的合作项目创造了良好条件，相信新的一年必将为全面落实两国元首战略部 ...

Group 1 - The revised Public Security Administration Punishment Law will implement new regulations on behaviors affecting social security, including exam cheating and unauthorized drone flights, starting January 1, 2026 [2] - The new policy on kindergarten fees mandates public and non-profit kindergartens to follow government-guided pricing, while for-profit kindergartens will have market-regulated fees, effective January 1, 2026 [3] - The first mandatory standard for electric vehicle energy consumption will require necessary technical upgrades for new products, with a limit of 15.1 kWh per 100 km for vehicles weighing around 2 tons, improving average range by approximately 7% [4] Group 2 - The new VAT Law will come into effect on January 1, 2026, marking significant progress in establishing legal frameworks for taxation in China, covering 14 out of 18 tax types [5] - The revised National Common Language Law will enhance education and innovation in language use, with new regulations for online language and terminology starting January 1, 2026 [6] - The one-time credit repair policy will allow automatic adjustments to credit reports for overdue records under specific conditions, effective January 1, 2026 [8] Group 3 - The National Park Law will prioritize hiring local residents for ecological management positions, encouraging public participation in conservation efforts starting January 1, 2026 [9] - The revised Cybersecurity Law will address AI risk monitoring and safety regulations, supporting foundational research and ethical standards in AI development, effective January 1, 2026 [9] - The updated Civil Case Cause Regulations will include new categories for data and virtual property disputes, expanding the total number of causes to 1,055, effective January 1, 2026 [10]

Core Viewpoint - Russia opposes any form of "Taiwan independence" and emphasizes that Taiwan is an inseparable part of China, reaffirming its consistent stance on the issue [1] Group 1 - The Russian Foreign Ministry stated that some countries claim to uphold the one-China principle while actually supporting the status quo, which implies a lack of recognition of China's unification principle [1] - The Taiwan issue has become a military strategic tool for some countries to contain China [1] - Russia's position on the Taiwan issue has been confirmed multiple times at the highest leadership level, maintaining a clear and consistent stance [1] Group 2 - Russia asserts that the Taiwan issue is an internal matter for China, and China has all legitimate rights to defend its national sovereignty and territorial integrity [1]

Market Overview - On December 31, the A-share market opened slightly higher, with the three major indices turning positive: Shanghai Composite Index up 0.1%, Shenzhen Component Index up 0.13%, and ChiNext Index up 0.22% [4][5]. - The People's Bank of China conducted a reverse repurchase operation of 528.8 billion yuan with a fixed rate of 1.40%, resulting in a net injection of 502.8 billion yuan for the day [2]. Sector Performance - The precious metals sector showed overall gains, while sectors such as agriculture, retail, and oil & petrochemicals underperformed [6][10]. - The non-ferrous metals sector experienced a rise, with active trading in industrial metals, copper, cobalt, and nickel stocks [8][9]. Individual Stock Highlights - Jiangxi Copper reached its daily limit, with other stocks like Shengxin Lithium Energy, Guocheng Mining, Jingyi Co., and Zijin Mining also seeing gains [9]. - Jia Mei Packaging achieved an 11-day consecutive limit-up, trading at 13.04 yuan per share [11][12]. - On December 31, the newly listed stock Hengdongguang opened at 350 yuan per share, soaring by 1007.95% and reaching a peak increase of 1128.24% [15][16]. Company Specifics - Hengdongguang, established in 2011, focuses on the research, development, manufacturing, and sales of passive optical devices in the optical communication field. Its products are widely used in data centers and telecom networks, with clients including Google, Amazon, and Microsoft [18]. - The company issued 10.25 million shares at a price of 31.59 yuan per share, aiming to raise approximately 32.38 million yuan, with a net amount expected to be around 27.78 million yuan after deducting issuance costs [19].

Core Insights - The year 2025 marks the beginning of high-quality development for index investment in China, driven by regulatory guidance, institutional efforts, and improved investor awareness, leading to significant changes in the ETF market [1][20] - The year 2026 is expected to see ETFs become a popular investment tool for a broader range of investors, supported by diverse investment strategies and structural opportunities in the capital market [1] Market Growth - As of October 30, 2025, the total net asset value of public fund management reached approximately 37 trillion yuan, a historical high, reflecting the continuous release of wealth management demand from residents [3] - By December 29, 2025, the total asset scale of ETFs in the market reached 6 trillion yuan, an increase of 2.28 trillion yuan from the beginning of the year, with stock ETFs accounting for 3.82 trillion yuan, up by 930 billion yuan [3][7] Product Development - The ETF market has seen a rich product system and optimized ecosystem, catering to diverse asset allocation needs, with significant growth in core broad-based ETFs like the CSI 300 and A500 ETFs [4][8] - A variety of phenomenon-level products have emerged, serving as important vehicles for capital to invest in high-quality assets in China [5] Investment Strategies - Investment strategies such as barbell strategy, buying on dips, and grid strategies are encouraged to enhance the effectiveness of ETF investments [9] - The ETF market is evolving from a tool selection to an asset allocation mindset, emphasizing the importance of strategic thinking in investment [9] Investor Experience - The investment experience has improved significantly, with a focus on investor interests and enhanced investment services, leading to a more favorable ETF investment environment [11][15] - The reform of ETF naming conventions has helped investors better distinguish products, reducing information filtering risks [12] Cost Efficiency - Fee reforms in public funds have significantly reduced the overall costs for investors, with many ETFs now offering management and custody fees as low as 20 basis points [17] - The performance of core broad-based and high-growth industry ETFs has resonated well with investors, with passive equity funds generating substantial profits [17] Dividend Trends - ETFs have entered a phase of normalized dividends, with notable examples like the CSI 300 ETF and A500 ETF leading in dividend ratios and amounts, providing tangible cash flow to investors [17][18]

Core Viewpoint - Changxin Technology's IPO application has been accepted, aiming to raise 29.5 billion yuan, marking a significant step for the company as it seeks to enhance its position in the DRAM market [2][4]. Group 1: IPO Details - Changxin Technology is the first company to apply for an IPO under the pre-review mechanism on the Sci-Tech Innovation Board, designed to protect sensitive business information [3]. - The company plans to use 13 billion yuan for DRAM technology upgrades, 9 billion yuan for advanced research and development, and 7.5 billion yuan for manufacturing line upgrades [6][7]. Group 2: Company Overview - Changxin Technology operates under the IDM model, integrating chip design, manufacturing, packaging, testing, and sales [5]. - The company has no controlling shareholder, with the largest shareholder holding 21.67% of the shares [5]. Group 3: Market Position - As of Q2 2025, Changxin Technology holds a 3.97% share of the global DRAM market, ranking first in China and fourth globally [6]. - The company still lags behind major competitors like Samsung, SK Hynix, and Micron, which collectively hold over 90% of the market share [6]. Group 4: Financial Performance - From 2022 to mid-2025, Changxin Technology has accumulated losses of 40.857 billion yuan, despite rapid revenue growth [8][9]. - The company expects a revenue increase of 127.48% to 139.89% in 2025, with projected revenues between 55 billion and 58 billion yuan [9]. - The gross margin has been improving, reaching 5.02% in the first half of 2025, but remains significantly lower than its main competitors [10].

Core Viewpoint - The Purchasing Managers' Index (PMI) for December 2025 indicates a recovery in China's economic activity, with both manufacturing and non-manufacturing sectors showing expansion, as all three key indices rose above the critical 50% mark [2][5]. Manufacturing PMI Summary - The manufacturing PMI reached 50.1%, marking its first rise above the expansion threshold since April, with 16 out of 21 surveyed industries reporting improved conditions [2][7]. - Production index and new orders index increased to 51.7% and 50.8%, respectively, indicating significant expansion in both production and demand, with new orders surpassing the critical point for the first time since the second half of the year [3][10]. - Large enterprises reported a PMI of 50.8%, while medium and small enterprises showed PMIs of 49.8% and 48.6%, respectively, indicating a mixed recovery across different enterprise sizes [4][9]. Non-Manufacturing PMI Summary - The non-manufacturing business activity index rose to 50.2%, reflecting an improvement in the non-manufacturing sector's economic conditions [5][12]. - The service sector's business activity index was at 49.7%, with certain industries like telecommunications and financial services showing strong growth, while retail and catering remained in contraction [6][14]. - The construction sector saw a notable increase in its business activity index to 52.8%, driven by favorable weather conditions and pre-holiday construction activities [6][14]. Comprehensive PMI Output Index Summary - The comprehensive PMI output index reached 50.7%, indicating overall expansion in production and business activities compared to the previous month [5][12]. - The manufacturing production index and non-manufacturing business activity index were reported at 51.7% and 50.2%, respectively, contributing to the overall positive trend [5][12].

雷军在其个人微博表示， "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。" 来源：雷军微博 12月31日早间， 小米创始人雷军发微博称："实在抱歉，我 感冒有点严重， 原定跨年的直 播只能推迟到1月3日晚7点。" 12月30日下午，雷军曾表示， 12月31日晚8点，将做一场跨年直播，请工程师现场拆小米 YU7。 凌 晨 重 磅！美 联 储，大 消 息！白 银，大 逆 转！特 朗 普，突 发 威 胁 ...