Report Summary 1. Report Industry Investment Rating No relevant content provided in the report. 2. Core Viewpoints of the Report - Overseas data indicates the resilience of US consumption and rising inflation, which supports the Fed's decision not to cut interest rates. Overnight US stocks' decline has a neutral - to - negative impact on the opening of A - shares today [1]. - Domestically, the A - share market showed a volatile and differentiated trend on Wednesday. The adjustment of the margin ratio for margin trading signaled the management's intention to cool the market, suggesting a short - term adjustment need for the stock index. However, the upward trend remains unchanged, and a daily trading volume of three trillion yuan in the market may become the norm. Attention should be paid to commercial space and AI sectors [2]. 3. Summary by Relevant Catalogs 3.1 Important Information - **Fed**: Different Fed officials have different stances on interest rate cuts. Kashkari believes there is no need to cut interest rates in January, while Paulson thinks a small - scale cut later this year might be appropriate. The Beige Book shows that the overall economic activity in eight regions is growing at a slight to moderate pace [4]. - **Iran Situation**: Trump said that the "killing" in Iran has stopped and there is no execution plan. The US is withdrawing personnel from major bases in the Middle East, while the Iranian Revolutionary Guard has reached the highest level of combat readiness and increased its missile inventory [4]. - **Other News**: The US Supreme Court has not ruled on the legality of Trump's tariffs. Trump plans to impose a 25% tariff on imported chips not used in US AI, and the White House may expand the scope of chip import tariffs. The margin ratio for margin trading in the Shanghai, Shenzhen, and Beijing stock exchanges has been raised from 80% to 100% [4][6]. 3.2 Futures Market Tracking - **Futures Performance**: Different futures contracts of various indexes such as the SSE 50, CSI 300, CSI 500, and CSI 1000 have different closing prices, settlement prices, price changes, and price change rates. For example, the SSE 50 index fell 0.67%, and its IH2601 contract fell 0.88% [11]. - **Trading Volume and Open Interest**: The trading volume, trading volume changes, trading value, trading value changes, open interest, open interest changes, and net positions of different futures contracts vary. For instance, the total trading volume of all futures was 961,401 lots, with an increase of 203,878 lots [12]. 3.3 Spot Market Tracking - **Spot Market Performance**: Different indexes and sectors in the spot market showed different trends. The Shanghai Composite Index fell 0.31%, the Shenzhen Component Index rose 0.56%, and the ChiNext Index rose 0.82%. Sectors such as computers, communications, media, and electronics led the gains, while banks, real estate, non - bank financials, and transportation led the losses [2][33]. - **Market Style Impact**: Different market styles (cyclical, consumption, growth, financial, and stable) have different impacts on the performance of major indexes such as the SSE 50, CSI 300, CSI 500, and CSI 1000 [34][35]. - **Valuation and Other Indicators**: The report presents the valuation, trading volume, turnover rate, and other indicators of important indexes and Shenwan sectors [37][41][43]. 3.4 Liquidity Tracking - The report provides charts on the central bank's open market operations and the Shibor interest rate level, showing the situation of currency injection, currency withdrawal, and net currency injection, as well as the level of different - term Shibor rates [49][50][51].

Report Industry Investment Rating - Not provided Core Viewpoints - After the holiday, the steel market followed the positive macro - sentiment, with an increase in hot metal production, a recovery in furnace material prices, and a general price increase in the black market. However, as the sentiment weakened, the near - term inventory started to accumulate, and pressure increased. The 2026 demand expectation lies in the downstream construction machinery of the manufacturing industry, with greater pressure on hot - rolled coils in the near term than on rebar. The overall pricing may tend to compress steel mill profits [7][16]. Summary by Directory 01 Fundamental Changes - After the holiday, following positive macro - sentiment, hot metal rebounded, furnace material prices recovered, the black market as a whole made up for lost ground, steel prices rose with costs, and the basis quickly turned negative, with intraday premiums reaching the warehouse - receipt registration spread. There is an expected increase in rebar warehouse - receipt volume. As sentiment weakened, near - term inventory accumulation started, increasing pressure [7]. - Rebar factory inventories showed a cumulative trend. After - holiday demand fell short of expectations, the apparent demand for wire rods declined rapidly, with a 17% month - on - month decrease. Before the Spring Festival, both supply and demand were weak. In January, the procurement forecast of construction enterprises surveyed by Mysteel decreased by 18% month - on - month, mainly due to fewer newly launched projects, seasonal shutdowns, and slower construction. Currently, infrastructure projects drive most of the demand, accounting for 90% of the Mysteel sample. Hot - rolled coils mainly accumulated in social inventories, and the inventory in Hangzhou remained high. Cold - rolled production increased by 2.8% month - on - month. The winter storage sentiment was dull this year, with an interest rate of 6 - 8 per thousand, and prices below 3000 yuan were considered attractive [10]. - Last week, the price of steel billets increased by 50 yuan, and the production profit of steel billets recovered. However, the price increase of finished products was weak, and the overall price difference with steel billets shrank. The price differences between hot - and cold - rolled products and between round bars and rebar remained stable [13]. 02 Outlook and Valuation - Assuming the supply of rebar and wire rods decreases by 12% and that of plates increases by 4.2% in the first 20 weeks, and the demand decreases by 7% and increases by 2% respectively, the inventory accumulation of rebar and wire rods is limited, while the inventory pressure on hot - rolled coils is relatively large. For rebar and wire rods, assuming the demand decreases by 2%, 7%, and 13% in the next 30 weeks, the corresponding supply adjustments are - 1.8%, - 6.8%, and - 12.7% to maintain seasonal inventory. For plates, assuming the demand increases by 0.4%, 3.8%, and 4.9% in the next 30 weeks, the corresponding supply adjustments are 0.8%, 4.2%, and 5.4% to maintain seasonal inventory. The 2026 demand expectation lies in the downstream construction machinery of the manufacturing industry, with greater near - term pressure on hot - rolled coils than on rebar [16]. - Based on the previous assumptions for the five major steel products, the post - Spring Festival inventory peak is 15% higher than last year. From this week to 25 weeks after the Spring Festival, the demand ranges from +2.6% to - 4.3%, and the supply ranges from 2.9% to - 3.8%. From this week to 25 weeks after the Spring Festival, the year - on - year change in hot metal production ranges from 2.4% to - 1.8%. According to the neutral assumption, the hot metal production before the Spring Festival is almost the same as the current level, and the required reduction in production is limited. According to the current maintenance plan, hot metal production will continue to recover in the future, but the demand needs to maintain a +2.4% level, which poses demand pressure [19]. - In terms of valuation, the on - disk blast furnace profit is at a relatively low level. The price difference between iron and scrap is 80, and the cost - effectiveness of adding scrap is not yet obvious. The on - disk pricing gives a flat - electricity profit of - 10, a valley - electricity profit of 126, and a blast furnace profit of 78, which is moderately high with limited downward space. The price difference of Turkish hot - rolled coils is 22 US dollars, and the export market is still open. The near - term export volume has declined for three consecutive weeks, which requires continuous attention. Overseas steel prices have been flat after the holiday. After the macro - sentiment fades and hot metal production recovers, the inventory starts to accumulate, and there is near - term real - market pressure. Currently, the production reduction plan is slow, and steel mill profits are under pressure. Steel mills still have a pre - holiday restocking demand for iron ore, and the overall pricing may tend to compress steel mill profits [22].

1. Report Industry Investment Rating - Not provided in the document. 2. Core View of the Report - Since mid-December 2025, the black commodity sector has shown a pattern where coking and steel mill profits on the futures market have been compressed. The prices of coking coal and iron ore have increased more, while finished steel products and coke have followed. The key factors are the expectation and realization of the bottoming - out and rebound of hot metal production, the strong performance of non - ferrous metals, and news of coal mine production capacity contraction. After the New Year's Day, the raw material supply - demand situation has improved, and coking coal inventory accumulation has slowed down, entering a state of "raw material valuation repair"[8][9]. 3. Summary by Relevant Catalogs 3.1 Market Review - Since the report on October 21st, the black sector has seen compressed coking and steel mill profits on the futures market. Before January, the black market was in a situation of weak steel demand, declining hot metal production, and a loose raw material supply - demand pattern, with continuous inventory accumulation of coking coal as the core trading point. After the New Year's Day, hot metal production rebounded as expected, and the supply - demand situation of raw materials improved, with coking coal inventory accumulation slowing down. The strong performance of non - ferrous metals and equity assets also led to an optimistic sentiment spill - over, driving the rebound of low - price varieties[8][9]. 3.2 Coking Coal Delivery - The delivery volume of jm2601 was the second - largest in 2025, second only to jm2505. More futures companies participated in the delivery, especially on the receiving side. The delivery parties were still mainly concentrated in Guotai Junan Futures, CITIC Futures, and Donghai Futures. The increasing activity of coking coal delivery participants is a positive development trend for the effectiveness of coking coal monthly spread and basis pricing, reflecting the essence of financial services for the real economy[11][12][13]. 3.3 Reality of Double Coking (Coking Coal and Coke) - **Weekly Coking Coal Supply**: Domestic mines' production has recovered, while the growth of external supply has slowed down[16]. - **Coking Coal Inventory**: The pattern of coking coal inventory accumulation continues, but the amplitude has slowed down, and the inventory is still concentrated in the mid - stream[21]. - **Coke Inventory**: Coke has turned to de - stocking, and the number of available days is at a neutral level[28]. - **Direct Demand for Double Coking since New Year's Day**: The negative growth of direct demand for double coking has narrowed[34]. 3.4 Coking Coal Inventory in January - **Import Profit Compression**: The import profit of coking coal has been compressed, and the future arrival of overseas coking coal is expected to decrease[43]. - **Expected Increase in Hot Metal**: Hot metal production is expected to continue to rise[55]. - **Steel Demand**: Steel demand is hard to be optimistic, but it should not be overly pessimistic. If domestic mine production decreases seasonally and imports decline, coking coal inventory accumulation may slow down[57][61].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The glass industry is currently experiencing a situation where supply has decreased significantly, demand is weak, and inventory shows differentiation. The pressure on inventory after the Spring Festival is relatively high, and more supply clearance is needed. For the纯碱 industry, the pattern of increasing supply and decreasing demand continues, and attention should be paid to changes on the supply - side [28][38] Summary by Directory 01 Glass Supply - Recently, there have been many production cuts in the glass industry. Multiple glass production lines in different regions such as Central China, South China, and East China are scheduled for cold repair from the end of 2025 to early 2026, with a total reduction in daily melting capacity. As of December 5, 2025, the total daily melting capacity was 155,965 tons, a 3% decrease compared to the beginning of the year, with a reduction of 4,300 tons [4][7] Demand - There is an expected difference in demand. Downstream customers adopt a back - to - back purchasing model without stockpiling. Demand has declined, with fewer orders. The deep - processing order level is also affected [13] Inventory - Inventory shows differentiation. After the reduction in supply, manufacturers' inventory has shown differences. The inventory decreased last week and is expected to continue to decline next week. However, the upstream inventory reduction is mainly driven by speculative demand from the middle - stream. Continued attention should be paid to the inventory reduction situation [17] Month - to - Month and Basis - The increase in the futures market has strengthened basis trading and driven up upstream prices. The downstream in Shahe has started to participate, but the sustainability is limited. The month - to - month spread remains weak, and attention should be paid to inventory changes [24][26] Market Outlook - Based on a 6% decline in apparent demand, if the current supply remains unchanged, the inventory can be maintained at a reasonably high level. However, considering the relatively high middle - stream inventory, the pattern of squeezing profits will not change. There is an expected seasonal inventory build - up during the Spring Festival, and there is little opportunity for profit. If the profit squeeze continues, the post - festival pressure will not be too great. Theoretically, as long as the supply continues to decrease, there is an expectation of inventory reduction in the second half of this year [29] 02纯碱 Supply - The production of soda ash has increased, mainly due to the increased production of the second - phase project in Alxa. Several enterprises and projects are expected to be put into production in the future, including Hubei Xindu Chemical, Hubei Jinjiang New Materials, etc., which will further increase the supply [32][35] Demand - The pattern of downstream customers squeezing profits in the soda ash industry remains unchanged [36] Market Situation - The pattern of increasing supply and decreasing demand in the soda ash industry continues. The spot price remains low, and the month - to - month spread remains weak. Attention should also be paid to the production reduction situation in the future [38][39]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - Overseas: The US December S&P Global Services PMI was 52.5, lower than the expected and previous value of 52.9, indicating a marginal decline in the US economy. The overnight market no longer followed the rate - cut logic, but the concepts of risk and stagflation continued. The US Supreme Court will rule on the tariff issue this Friday [2]. - Domestic: On Tuesday, the domestic market continued a major rebound. The broader market rose 1.5%, the Shenzhen Component Index rose 1.4%, and the ChiNext Index rose 0.75%. The brokerage sector drove up sentiment, and themes remained active. The convening of the central bank's work meeting implies that interest - rate and reserve - requirement ratio cuts are approaching, which is the main reason for the sharp rise in the financial sector. Sectors such as non - ferrous metals, non - bank finance, chemicals, military industry, and petroleum and petrochemicals led the gains, while only the communication sector declined slightly. A total of 4,101 stocks rose and 1,218 stocks fell in the entire market. Nine departments issued a document to implement a green consumption promotion action [2]. - Overall: The overnight overseas market basically continued the trend of rising US stocks and commodities. Physical assets were more in focus under geopolitical uncertainties. The domestic A - share market continued to rise sharply, achieving a record 13 - day consecutive gain. It is unlikely that the index will continue to rise in the future. The spring market should focus more on individual stocks. After an inertial rise, the index is expected to experience fluctuations. Attention can be paid to the ChiNext Index [3] Summary by Relevant Catalogs 1. Important Information - Venezuela: Venezuela is negotiating with the US on exporting oil to the US. In the early days of Maduro's administration, Venezuela shipped $5.2 billion worth of gold to Switzerland. Shipping data shows that in the past five days, Venezuela's main oil terminals have only transported crude oil to Chevron in the US and not to any other destinations for export [5]. - International Relations: The UK, France, and Ukraine signed an intention statement to send troops to Ukraine after the cease - fire in the Russia - Ukraine conflict. The US will provide support including intelligence and logistics and "commit to support the troops if Russia launches an attack." Trump is planning a scheme to acquire Greenland, and using the US military as a vanguard is a feasible option [5][6]. - Monetary Policy: Fed Governor Milan said that more than 100 basis points of interest - rate cuts are needed in 2026. The central bank will continue to implement a moderately loose monetary policy and strengthen supervision of various financial markets [7][10]. - Trade Policy: The G7 finance ministers will discuss key mineral issues such as the lower limit of rare - earth prices. China is considering tightening the export - license review of medium and heavy rare - earth related items listed on April 4, 2025, and the Ministry of Commerce has banned the export of all dual - use items to Japanese military users [8][9]. - A - share New Accounts: In December 2025, the number of new A - share accounts was 2.5967 million, and the cumulative number of new accounts in 2025 was 27.4369 million [11] 2. Futures Market Tracking - **Performance**: The report provides the closing prices, settlement prices, price changes, price - change percentages, basis, premium/discount rates, annualized premium/discount rates, contract delivery dates, and remaining times of various stock - index futures contracts such as the Shanghai 50, CSI 300, CSI 500, and CSI 1000 [13]. - **Trading Volume and Open Interest**: It shows the trading volume, trading - volume changes, trading value, trading - value changes, open interest, open - interest changes, weekly position increases, net positions, net - position changes, short - position changes, and long - position changes of various stock - index futures contracts and their total data [14] 3. Spot Market Tracking - **Market Performance**: It presents the trading value, price - earnings ratio, year - to - date change, current points, daily change, weekly change, monthly change, average, percentile, etc. of various major indexes and sectors. For example, the Shanghai Composite Index rose 1.50%, the Shenzhen Component Index rose 1.40%, and the ChiNext Index rose 0.75% [38]. - **Market Style Impact**: It analyzes the impact of different market styles (cyclical, consumer, growth, financial, and stable) on major indexes such as the Shanghai 50, CSI 300, CSI 500, and CSI 1000 in terms of quantity, weight, daily contribution, weekly contribution, monthly contribution, and annual contribution [39][40]. - **Valuation**: It shows the current valuations and historical percentiles of major indexes and Shenwan sectors [42][45] - **Other Market Indicators**: It includes market Sunday - average trading volume, Sunday - average turnover rate, the ratio of rising to falling stocks in the two markets, index trading - value changes, stock - bond relative returns, Hong Kong Stock Connect, margin trading balance, and margin trading net purchase amount and its proportion in A - share trading value [47][49][51] 4. Liquidity Tracking - It presents data on the central bank's open - market operations (including currency injection, currency withdrawal, and net currency injection) and the Shibor interest - rate level [53][54][55]

1. Report's Investment Rating for the Industry - No information provided regarding the report's investment rating for the industry 2. Core Viewpoints - After the Christmas holiday, the decline of US stocks may suppress the opening of today's A - share market. However, the current market index is still in a benign state with an overall tone of continued volatile upward movement, and there is no need to worry about a pull - back at the index level. But as the market approaches 4000 points, it is not advisable to chase higher in the short term, especially when only large - cap stocks are rising, as market volatility will increase [1][2] 3. Summary by Relevant Catalogs 3.1 Important News - CME globally increased the performance bond for metal varieties [4] - The price of silver has repeatedly hit new highs, and Elon Musk expressed concerns about it [4] - During the US - Ukraine presidential talks, there were differences in the statements about the US - Ukraine security guarantee agreement. Trump also had a phone call with Putin before meeting Zelensky. They also discussed a referendum for a peace plan, but the two sides have not reached an agreement on key territorial issues, and a tri - party meeting is not ruled out [4] - Starting from the early morning of December 27th, local time, the Russian army launched large - scale air strikes on multiple places in Ukraine, mainly targeting energy and civilian infrastructure, and controlled two cities in the Zaporizhzhia region [4] - The Japanese cabinet approved a record - high initial budget for fiscal year 2026, totaling 122.3 trillion yen, and it is expected to achieve a primary fiscal surplus for the first time in 28 years [4] - The Ministry of Finance will expand the scale of fiscal expenditure next year, implement a special action to boost consumption, continue to allocate funds to support the replacement of consumer goods with new ones, and promote employment and income growth for residents [4] - The National Venture Capital Guidance Fund was launched to guide financial capital to invest in long - term and hard - tech projects [5] - China imposed counter - measures on 20 US military - related enterprises and senior management personnel [6] - As of December 27th, the scale of Chinese ETFs reached 6.03 trillion yuan, breaking through the 6 - trillion - yuan mark for the first time in history [6] - The Shanghai and Shenzhen Stock Exchanges introduced fee - reduction measures for 2026, with an expected fee reduction of over 1.9 billion yuan [7] - The People's Bank of China and the State Administration of Foreign Exchange decided to promote the cross - border corporate RMB and foreign currency integrated fund pool business nationwide based on the pilot experience in some regions [7] 3.2 Futures Market Tracking - The report presents detailed data on the performance, trading volume, and positions of various futures contracts such as the Shanghai 50 Index, CSI 300 Index, CSI 500 Index, and CSI 1000 Index futures contracts, including closing prices, settlement prices, price changes, trading volume changes, position changes, etc. [9][10] 3.3 Spot Market Tracking - The report shows the performance of various spot market indices, including the current points, daily, weekly, monthly, and annual price changes, trading volumes, and price - to - earnings ratios of indices such as the Wind All - A Index, Shanghai Composite Index, Shenzhen Component Index, and others. It also analyzes the performance of different sectors and the impact of market styles on major indices [33][34][35] 3.4 Liquidity Tracking - The report includes charts on central bank open - market operations (showing money injection, money withdrawal, and net money injection) and Shibor interest rates [49][50][51]

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints - Overseas, financial markets were closed for the Christmas holiday. Domestically, the market continued its steady rebound, with the broader market rising 0.47%, the Shenzhen Component Index rising 0.33%, and the ChiNext Index rising 0.3%. The market is in a structural rally during the index's steady climb, with capital clearly positioning for the spring market. The index may experience significant fluctuations after hitting the 4,000 - point mark [1]. - The recent appreciation of the RMB has boosted market confidence, and the A - share market has achieved seven consecutive positive days [1]. - Sino - US technological competition with a pattern of "talking while fighting" may become the norm [1]. 3. Summary by Directory 3.1 Important News - Russia's plan to produce 100 million tons of liquefied natural gas annually has been postponed for several years due to sanctions, but factory construction continues [3]. - Japanese Prime Minister Kōichi Saezawa announced that the total issuance of new Japanese government bonds in the next fiscal year will reach 29.6 trillion yen [4]. - Cambodia and Thailand continued border meetings to discuss a cease - fire [5]. - The spokesperson of the Foreign Affairs Committee of the National People's Congress commented on the negative China - related clauses in the US "National Defense Authorization Act for Fiscal Year 2026", hoping that the US would view China's development and Sino - US relations objectively and rationally and work towards the implementation of the important consensus reached at the Sino - US summit in Busan [5]. - The Ministry of Commerce firmly opposed the US imposing a 301 - tariff on Chinese semiconductor products and has lodged solemn representations [6]. - The Ministry of Commerce responded to questions about relaxing restrictions on rare - earth magnet exports to the US, stating that it would promote and facilitate compliant trade [6]. - The Ministry of Commerce responded to TikTok's plan to establish a joint venture in the US, hoping that the company would reach a solution that complies with Chinese laws and regulations and balances interests [6]. - Guotou Silver LOF was suspended from trading from the opening on the 26th until 10:30, and the regular fixed - amount investment limit for Class A fund shares was set at 100 yuan [6]. - China set a new world record in superconducting electric magnetic levitation propulsion, accelerating a ton - class test vehicle to 700 km/h in two seconds [6]. - Four leading silicon wafer companies jointly raised their quotes significantly, mainly due to the large increase in upstream silicon material prices [6]. 3.2 Futures Market Tracking - **Futures Performance**: The Shanghai 50 Index rose 0.25%, the CSI 300 Index rose 0.18%, the CSI 500 Index rose 0.80%, and the CSI 1000 Index rose 0.97%. The corresponding futures contracts also showed varying degrees of increase [8]. - **Trading Volume and Open Interest**: The total trading volume of futures was 398,693 lots, a decrease of 45,910 lots. The total open interest was down 37,775 lots. Different contracts of various indices had different changes in trading volume, open interest, and net positions [9]. 3.3 Spot Market Tracking - **Market Index Performance**: The Wind All - A Index rose 0.60%, the Shanghai Composite Index rose 0.47%, the Shenzhen Component Index rose 0.33%, and the ChiNext Index rose 0.30%. Other indices also showed different degrees of increase or decrease [32]. - **Sector Performance**: Military, light manufacturing, machinery, and automotive sectors led the gains, while non - ferrous metals, commerce and retail, coal, and communication sectors led the losses [1]. - **Influence of Market Styles**: Different market styles (cyclical, consumer, growth, financial, stable) had different daily, weekly, monthly, and annual contributions to the Shanghai 50, CSI 300, CSI 500, and CSI 1000 indices [33][34]. - **Valuation**: The report presented the current valuations, historical average valuations, and percentile rankings of important indices and Shenwan sectors [32][36][39]. - **Other Market Indicators**: The report also included data on market average daily trading volume, average daily turnover rate, the number of rising and falling stocks in the two markets, index trading volume changes, stock - bond relative returns, Hong Kong Stock Connect, margin trading balances, and margin trading net purchases and their proportion in A - share trading volume [41][43][44][45]. 3.4 Liquidity Tracking - The report presented data on central bank open - market operations (money injection, money withdrawal, and net money injection) and Shibor interest rate levels [47][48][49].

Report Summary 1. Investment Rating The report does not provide an industry investment rating. 2. Core Viewpoints - Overseas, the number of initial jobless claims in the US last week was 214,000, lower than the expected and previous value of 224,000. During the Christmas holiday, peripheral assets rose, with the three major US stock indexes closing up, the 2 - year and 10 - year US Treasury bonds closing up, gold oscillating slightly lower, the Nasdaq Golden Dragon Index slightly lower, and the offshore RMB exchange rate continuing to appreciate. The overnight peripheral trend is neutral to positive for A - shares [2]. - In the domestic market, on Wednesday, the broader market opened flat and oscillated upwards, with the Shanghai Composite Index rising 0.53%, the Shenzhen Component Index rising 0.88%, and the ChiNext Index rising 0.77%. The market showed a trend of both the index and individual stocks rebounding. The commercial aerospace sector, which fell the previous day, rose at the opening yesterday, and in the afternoon, securities and computing hardware drove the market. Overall, the market index was stable, but the atmosphere was not fully up. In terms of sectors, military industry, electronics, building materials, and light manufacturing led the gains, while agriculture, forestry, animal husbandry and fishery, coal, food and beverage, and banking declined. There were 4,124 rising stocks and 1,132 falling stocks in the whole market [2]. - The US plans to impose tariffs on China's semiconductor industry starting in 2027, which is part of the US's science and technology competition strategy against China. The process of domestic substitution may accelerate in the future [2]. - Overall, the overseas market is in the Christmas holiday, and the overnight trend is neutral to positive for A - shares. Domestic A - shares are approaching the end of the year, and funds are deploying for next year's market. Although the index and individual stocks rebounded yesterday, market sentiment is not very hot, showing a stable rather than aggressive state. The view on the subsequent market still favors the cross - year market, but there may be short - term divergence, that is, the market will rise after oscillating and differentiating. The market basically rotates among non - ferrous metals, consumption, and technology, and the market style remains balanced [3]. 3. Summary by Directory 3.1 Important News - US officials hinted that they currently prefer to use sanctions rather than military action to achieve their goals in Venezuela [5]. - Zelensky announced a 20 - point draft of the Russia - Ukraine "peace plan", but the territorial issue remains unresolved. Russia believes that the latest US peace plan proposal lacks key provisions and hopes to make amendments [5]. - Japan plans to reduce the issuance of ultra - long - term government bonds in fiscal year 2026 to about 17 trillion yen, the lowest level in 17 years [5]. - Sources said that NVIDIA has suspended testing of Intel's 18A manufacturing process [6]. - It is reported that OpenAI is exploring having ChatGPT prioritize displaying advertising content in its responses [7]. - Eight departments jointly issued 21 measures to support the acceleration of the construction of the New Western Land - Sea Corridor [8]. - The "Catalogue of Industries Encouraging Foreign Investment (2025 Edition)" was released and will come into effect on February 1, 2026 [8]. - The Monetary Policy Committee of the People's Bank of China held its fourth - quarter regular meeting and stated that it will continue to implement a moderately loose monetary policy and increase counter - cyclical and cross - cyclical adjustment efforts [8]. - Beijing further optimized real estate policies, adjusted housing purchase restrictions, optimized personal housing credit policies, and increased the support of housing provident funds for housing consumption [8]. - The Chinese Ministry of Foreign Affairs responded to the US's plan to impose tariffs on China's semiconductor industry, firmly opposing the unreasonable suppression of Chinese industries [8]. 3.2 Futures Market Tracking - **Futures Market Performance**: The report provides the closing prices, settlement prices, price changes, price change rates, basis, premium/discount rates, annualized premium/discount rates, contract delivery dates, and remaining times of various futures contracts for the Shanghai 50, CSI 300, CSI 500, and CSI 1000 indexes [10]. - **Futures Trading Volume and Open Interest**: It shows the trading volume, trading volume changes, trading turnover, trading turnover changes, open interest, open interest changes, weekly position increases, net positions, net position changes, short - position changes, and long - position changes of various futures contracts for the Shanghai 50, CSI 300, CSI 500, and CSI 1000 indexes, as well as the total data [11]. 3.3 Spot Market Tracking - **Spot Market Performance**: The report presents the current points, daily price change rates, weekly price change rates, monthly price change rates, annual price changes, trading turnovers, trading turnover changes, price - earnings ratios, average price - earnings ratios, and quantiles of various indexes such as the Wind All - A, Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, Shanghai 50, CSI 300, CSI 500, and CSI 1000, as well as different sectors [33]. - **Influence of Market Style on Index Fluctuations**: It analyzes the influence of different market styles (cyclical, consumption, growth, finance, and stability) on the Shanghai 50, CSI 300, CSI 500, and CSI 1000 indexes in terms of quantity, weight, daily contribution, weekly contribution, monthly contribution, and annual contribution [34][35][36]. - **Valuation and Other Indicators**: The report also includes the valuation and historical quantiles of important indexes and Shenwan sectors, as well as data on market average weekly trading volume, average weekly turnover rate, the number of rising and falling stocks in the two markets, index trading turnover changes, stock - bond relative returns, Hong Kong Stock Connect, margin trading balance, and margin trading net purchase amount and its proportion in A - share trading turnover [37][40][43][45][46]. 3.4 Liquidity Tracking - The report shows the central bank's open - market operations (including currency injection, currency withdrawal, and net currency injection) and the Shibor interest rate level [49][50][51].

Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. Core Viewpoints - Overseas, the US economy showed resilience in Q3 with high GDP growth, but high - frequency data indicated a slowdown. The probability of the Fed keeping interest rates unchanged in January rose to 86.7%, with the expected number of rate cuts in the next year remaining the same. Overnight assets followed the Christmas market trend [1]. - Domestically, on Tuesday, the A - share market indices closed higher with a volatile trend. The launch issue of the Changzheng 12A rocket dragged down the military and related sectors, while the rise in silver drove the non - ferrous metals sector up. The overall market was in a state of stock game, and the report remained optimistic about the year - end market [2]. Summary by Relevant Catalogs 1. Important Information - US economic expansion in Q3 reached 4.3%, the fastest in two years, but the consumer confidence index declined for five consecutive months. From the ADP weekly employment report, private employers added an average of 11,500 jobs per week in the four weeks ending December 6, 2025 [4]. - Trump stated that those who disagreed with his views would never become Fed chair. The next Fed candidate, Hassett, predicted that monthly new jobs might return to over 100,000, and the Fed was far behind in cutting rates. US Treasury Secretary Bessent suggested that the Fed discuss adjusting the inflation target to a range of 1.5% - 2.5% or 1% - 3% [5]. - Chinese Premier Li Qiang emphasized accelerating the renewal and digital transformation of traditional infrastructure and moderately advancing the construction of new infrastructure. Two departments set a goal of reaching about 15 million kilowatts of concentrated solar power generation capacity by 2030. The National Housing and Urban - Rural Development Work Conference proposed stabilizing the real estate market and promoting the spot - sale system in 2026 [5]. - The Ministry of Commerce responded to the US drone list, warning that China would take necessary measures if the US persisted. The second - stage of the Changzheng 12A rocket entered the planned orbit, but the first - stage failed to be recovered. SMIC raised the price of some production capacities by about 10% [6]. 2. Futures Market Tracking - **Market Performance**: For the Shanghai 50 Index, the closing price was 3,028 with a 0.24% increase. Among its futures contracts, IH2601, IH2602, IH2603, and IH2606 all had varying degrees of price increases. Similar trends were observed for the CSI 300, CSI 500, and CSI 1000 indices and their corresponding futures contracts [8]. - **Trading Volume and Open Interest**: The total trading volume of all futures varieties was 370,928 lots, a decrease of 8,698 lots. The total open interest was 7,250 lots, an increase of 14,742 lots. Different contracts had different changes in trading volume, open interest, and positions of the top 20 member institutions [9]. 3. Spot Market Tracking - **Market Index Performance**: The WanDe All - A Index was at 6,315, down 0.06%. The Shanghai Composite Index closed at 3,920, up 0.07%. The Shenzhen Component Index was at 13,369, up 0.27%. The ChiNext Index reached 3,205, up 0.41%. Other major indices also showed different degrees of rise or fall [35]. - **Sector Performance**: Power equipment, building materials, electronics, non - ferrous metals, and banks led the gainers, while social services, beauty care, commerce and retail, military, and computers led the decliners [2]. - **Market Style Impact**: Different market styles (cycle, consumption, growth, finance, stability) had different impacts on the Shanghai 50, CSI 300, CSI 500, and CSI 1000 indices in terms of daily, weekly, monthly, and annual contributions [36][37][38]. - **Valuation and Other Indicators**: The report presented the valuation and historical percentile of important indices and Shenwan sectors, as well as data on market average daily trading volume, turnover rate, number of rising and falling stocks, index trading volume changes, stock - bond relative return, Hong Kong Stock Connect, margin trading balance, and net margin trading purchases and their proportion in A - share trading volume [39][42][45]. 4. Liquidity Tracking - The report showed data on central bank open - market operations (including money injection, money withdrawal, and net money injection) and Shibor interest rates [51].

1. Report Industry Investment Rating - Not provided in the content. 2. Core Viewpoints of the Report - The recent Christmas - approaching rally in overseas US stocks has a positive impact on A - shares. With the implementation of external negatives such as the Japanese interest rate hike, there are signs of incremental capital inflow into A - shares at the end of the year, with technology as the main line and consumption remaining active. The market continues to be optimistic about the cross - year market [2][3]. 3. Summary According to Relevant Catalogs 3.1 Important Information - Fed Governor Milan: The necessity of a 50 - basis - point interest rate cut has diminished. If no one takes over the governor position by January 31 next year, he may continue to serve [5]. - According to CNBC, people familiar with the matter revealed that US President Trump may appoint a new Fed Chairman in the first week of January next year [5]. - US media reported that Russia has begun to evacuate the families of its diplomats in Venezuela [6]. - The EU will extend economic sanctions against Russia for another 6 months until July 31, 2026 [6]. - Premier Li Qiang of the State Council chaired a meeting of the leading group for the preparation of the Outline Draft of the 15th Five - Year Plan, and Ding Xuexiang attended [6]. - The central bank issued a notice on the arrangements for implementing a one - time credit repair policy [7]. - Five major futures exchanges announced the reduction and exemption of relevant fees such as delivery fees in 2026 [8]. - The Shanghai Futures Exchange adjusted the trading fees and trading limits of relevant contracts for the silver futures variety [9]. - The Ministry of Commerce reported that Wingtech Technology and Nexperia Netherlands held their first - round consultations last week, explaining and clarifying issues of concern and agreeing to continue communication [9]. - All flights on 46 China - Japan routes will be cancelled in the next two weeks [10]. 3.2 Futures Market Tracking - **Market Performance**: The Shanghai Composite Index rose 0.69%, the Shenzhen Component Index rose 1.47%, and the ChiNext Index rose 2.23% on Monday. The Shanghai 50 Index rose 0.53%, the CSI 300 Index rose 0.95%, the CSI 500 Index rose 1.20%, and the CSI 1000 Index rose 1.07%. Futures contracts of various indices also showed different degrees of increase [2][12]. - **Trading Volume and Open Interest**: The total trading volume of futures was 379,626 lots, a decrease of 187,708 lots; the total trading value was 520.4 billion yuan, a decrease of 247.1 billion yuan; the total open interest decreased by 7,492 lots [13]. 3.3 Spot Market Tracking - **Market Performance**: The total trading value of the spot market was 6,319 billion yuan, and the overall market showed an upward trend. Among the sectors, communication, electronics, non - ferrous metals, commercial and retail, and petroleum and petrochemicals led the gains, while media, banking, light industry manufacturing, and beauty care led the losses [2][37]. - **Influence of Market Styles**: For different indices such as the Shanghai 50, CSI 300, CSI 500, and CSI 1000, the cyclical, growth, and other styles have different degrees of influence on their daily, weekly, monthly, and annual returns [38][39]. - **Valuation**: The current valuations and historical quantile positions of important indices and Shenwan sectors are presented [40][43]. - **Other Indicators**: Market indicators such as the average daily trading volume on Sundays, average daily turnover rate, number of rising and falling stocks in the two markets, and changes in index trading value are also shown [46]. 3.4 Liquidity Tracking - The content shows the central bank's open - market operations and the Shibor interest rate level, but specific numerical analysis is not elaborated in the summary part [52].