Group 1: Gold as a Core Asset - Gold is increasingly viewed as a cornerstone asset in a fragmented, fiscally constrained, and geopolitically uncertain world, reflecting deeper changes in the global financial system where trust, diversification, and resilience are as important as returns and growth [1] - Despite strong momentum, risks to gold in the near term stem from positioning and capital flows, with significant short-term volatility expected due to a major commodity index rebalancing in 2025 [1] Group 2: Euro and Dollar Outlook - The euro is expected to maintain a range-bound movement against the dollar in 2026, despite potential economic recovery in Germany, as the market has already priced in these developments [2] - The Federal Reserve's upward revision of U.S. economic growth forecasts for 2025 and 2026 is likely to support capital inflows into the U.S., limiting the euro's upward potential [2] Group 3: Thailand's Economic Growth Challenges - Lowering interest rates alone will not resolve Thailand's economic growth issues, with growth in the second half of 2025 impacted by reduced short-term tourism and flooding in southern Thailand [3] - Structural factors, including slowing income growth and export pressures on household consumption, will affect Thailand's economic outlook for 2026 [3] Group 4: UK Monetary Policy - The Bank of England is unlikely to signal a clear dovish stance due to persistent inflation above target, with any potential rate cuts framed as a gradual risk management shift rather than a full easing cycle [4] Group 5: U.S. Treasury Yield Projections - U.S. 10-year Treasury yields are projected to trade within a range of 4.0%-4.5% in 2026, with the possibility of reaching the upper limit in the second half of the year due to deteriorating deficit prospects [5] Group 6: Chinese Baijiu Industry Outlook - The Chinese baijiu industry is expected to see improved financial statements and clearer upward turning points in 2026, driven by a gradual recovery in consumer demand and innovative supply-side strategies [6] Group 7: Social Services Sector Stabilization - The social services sector in China is showing signs of stabilization and bottoming out after experiencing price pressures and same-store sales declines in 2024, with potential recovery in sub-sectors like hotels and duty-free shops [7] Group 8: Debt Market Projections - The central tendency of bond market interest rates is expected to rise slightly in 2026, with a forecasted range of 1.6%-2.0% for 10-year government bonds, influenced by neutral monetary policy and marginal improvements in the economic fundamentals [8] Group 9: Green Hydrogen Industry Development - Recent high-level meetings have set the tone for China's green development goals, emphasizing the acceleration of the green hydrogen industry as part of the broader transition to a low-carbon economy [9] Group 10: Liquid Cooling in Servers - 2025 is anticipated to be a breakout year for server liquid cooling, with significant shipments expected and increased participation from domestic manufacturers in the supply chain [10]

财政部、国家税务总局发布了《关于黄金有关税收政策的公告》（2025年第11号），该政策已于2025年11月1日正式实施，并将执行至 2027年12月31日。这项新政的核心在于明确了通过上海黄金交易所和上海期货交易所进行标准黄金交易的增值税细则。 01 黄金新政如何影响市场参与者 此次黄金新政的核心，落在了黄金实物交割环节的细化管理，首次明确区分"投资性用途"和"非投资性用途"，并调节了增值税相关细 则，总体更鼓励场内黄金交易。 新政落地后或影响三类黄金市场参与者行为。 ①上海黄金交易所、上海期货交易所会员及客户需严格申报用途。 ②黄金投资者通过交易所可降低税负，引导投资向场内转移。 ③黄金加工、零售产业链下游商家用金成本或上升，他们或选择将成本间接转嫁给零售端。 中国政策对黄金交易的态度是鼓励市场化。这一脉络主线下，再来理解近期黄金税收新政，政策意图明确：一则引导黄金交易走场内交 易，交易更规范也更集中；二则提升黄金交易透明度和监管效能；三则强化黄金投资和消费需求分流的机制。 财政部、国家税务总局发布了《关于黄金有关税收政策的公告》（2025年第11号），该政策已于2025年11月1日正式实施，并将执行至 2 ...

（文章来源：每日经济新闻） 每经AI快讯，12月18日，证券板块高开低走，中金公司、信达证券涨幅收窄至5%，中银证券跌超3%， 中信建投、华泰证券跟跌。 ...

Core Viewpoint - Future Wearable has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities International as the sole sponsor [1] Company Summary - Future Wearable holds a 21.5% market share in China's smart soothing wearable device market in 2024, ranking first among domestic companies [1] - The company also ranks first globally in the smart soothing wearable device market with a 4.1% market share [1] - Since 2016, the company has focused on smart wearable health devices, utilizing innovative medical-grade technologies such as medium-frequency pulse and transcutaneous electrical nerve stimulation (TENS) [1] - The product offerings include diverse smart soothing wearable devices, post-exercise recovery and shaping devices, smart health watches, and health home products [1] Industry Summary - The global smart wearable health device market is projected to grow from $41.7 billion in 2024 to $79.5 billion by 2029, with a compound annual growth rate (CAGR) of 13.8% [1] - The Chinese market is expected to increase from 615 billion RMB in 2024 to 1,283 billion RMB by 2029, with a CAGR of 15.9% [1]

Core Viewpoint - CITIC Securities projects that Zhengli New Energy (3677.HK) will achieve revenues of 8.028 billion, 12.805 billion, and 18.215 billion yuan in 2025, 2026, and 2027 respectively, with net profits of 544 million, 1.237 billion, and 1.730 billion yuan, corresponding to PE ratios of 38, 17, and 12 times, indicating a strong growth potential and a "buy" rating for the company [1] Group 1 - In the first half of 2025, the company reported a revenue growth of 71.9% year-on-year to 3.17 billion yuan, driven by the continuous ramp-up of new designated customers [1] - The company achieved a year-on-year shipment growth of 99.2%, with a net profit of 220 million yuan and operational profit of 87 million yuan, marking its first positive operating profit [1] - The company is expected to achieve shipments of 19 GWh and 30 GWh in 2025 and 2026 respectively, representing a year-on-year increase of 59% for both years, significantly outpacing the industry average [1] Group 2 - The company's production line is designed around "aviation-grade" quality control, with a focus on "high cadence" and "high flexibility" in its smart manufacturing system [2] - The company has four major advantages: (1) "Aviation-grade" quality standards enabling "automotive-grade" reliability with PPB-level safety; (2) a legacy of extreme pursuit of automation and efficiency; (3) flexible production capabilities allowing quick switching between different battery cell specifications; (4) efficient capacity and rapid cadence, with the new planned production line achieving a cadence of 20/30 PPM, leading the industry [2]

智通财经APP获悉，财政部公布数据，2025年1—11月证券交易印花税1855亿元 同比增长70.7%。 银河证券认为，国家"稳增长、稳股市"、"提振资本市场"的政策目标将持续定调证券板块未来走向，流 动性适度宽松环境延续、资本市场环境持续优化、投资者信心重塑等多方面因素共同推动证券板块景气 度上行。当前环境下，中长期资金加速入市，市场活跃度维持高位，资本市场展现出"健康牛"态势，财 富管理转型、国际业务拓展、金融科技赋能均有望成为行业提升ROE驱动力。当前板块估值处于历史低 位，防御反弹攻守兼备。建议关注综合实力强劲的头部券商，以及在财管、自营、跨境等业务领域具备 差异化竞争优势的券商。 中信建投研报称，证券方面，2026年政策利好驱动业绩持续增长，板块有望重新定价。2025年证券行业 进入新一轮增长周期，但券商股票因缺少独立催化、前两年悲观情绪的延续等原因而导致超额收益不 佳。当前"服务新质生产力+中长期资金入市+券商国际化机遇"三大核心利好逻辑尚未被市场充分定 价，其驱动的投行、资管、国际业务等新动能，有望在2026年后逐步兑现至行业基本面，为中长期业绩 弹性与韧性提供坚实支撑，无需担忧增长断层。 日前 ...

Group 1 - The core viewpoint of the article highlights that the express delivery industry is approaching a turning point in supply and demand, with a significant shift in the competitive landscape expected [1] - The market's expectation of reversing internal competition is gradually being realized, indicating a structural opportunity in the express delivery sector focused on "cost reduction across the entire chain" [1] - Regulatory measures are strongly promoting price reversal to combat internal competition, which may seem to delay market consolidation in the short term, but actually emphasizes the investment value of leading companies' end transformation, which has yet to reach consensus [1]

Core Viewpoint - The report from CITIC Securities suggests that 2025 will be the "explosion year" for server liquid cooling, with new solutions benefiting domestic manufacturers [1] Group 1: Market Trends - The market anticipates a significant shipment of GB300 cabinets in Q4, marking a critical time for the ramp-up of liquid cooling components [1] - Previously, liquid cooling component manufacturers for GB200 servers were primarily concentrated in Taiwanese companies such as AVC, Coolermaster, and Delta, but participation from mainland manufacturers in GB300 has significantly increased [1] Group 2: Industry Dynamics - Some Taiwanese companies are now focusing on mainland manufacturers, with liquid cooling component suppliers actively submitting samples, which is favorable for the domestic liquid cooling industry chain [1]

12月10日至11日，中央经济工作会议在北京召开。作为来年宏观经济政策最权威的风向标，这次会议在"十四五"圆满收官与"十五五"开篇布局的历史交汇点 上，明确了2026年中国经济的发展重点。 贝壳财经记者发现，相较于往年，本次会议在延续"稳中求进"总基调的同时，更着重强调了 "提质增效"，并多次提及"高质量发展"。这意味着新一年的经济 工作，不仅关注增长之"量"，更追求发展之"质"。 在此背景下，新京报贝壳财经推出"首席看经济"系列专访，深度解读中央经济工作会议精神，明晰2026年重点工作任务。本期对话嘉宾为中信建投证券首席 经济学家黄文涛。 相比之下，2024年财政政策的表述偏重"提高财政赤字率""增加超长期特别国债和地方专项债发行使用"等，突出的是加大力度、扩大总量。今年则更加强调 财政可持续性、风险和纪律。因此，预计2026年赤字率保持不低于4%，广义口径或抬升至8.8%左右，支出端进一步强化"投资于人"的领域。 货币政策方面，会议把"物价合理回升"写进总要求；并强调畅通货币政策传导机制，引导金融机构加力支持扩大内需、科技创新、中小微企业等重点领域， 这表明价格和传导机制被放在更加突出的位置。预计2026 ...

Core Viewpoint - The Shanghai Stock Exchange's Listing Review Committee approved the refinancing of Haitan Water Group Co., Ltd. (stock code: 603759.SH), confirming that it meets the issuance, listing, and information disclosure requirements [1]. Group 1: Financing Details - Haitan Water plans to issue convertible bonds with a total fundraising amount not exceeding 801 million yuan (approximately 80.1 million) to fund several projects, including the Jianyang Haitan Intelligent Water Supply and Comprehensive Efficiency Improvement Project, the Ziyang Water Supply Infrastructure Resilience Upgrade and Intelligent Construction Project, and the expansion of the Jiajing Urban Domestic Sewage Treatment Plant [3][4]. - The total investment for the projects is approximately 844.86 million yuan (approximately 84.5 million), with the proposed fundraising allocated as follows: - Jianyang Haitan Intelligent Water Supply and Comprehensive Efficiency Improvement Project: 20.42 million out of 220.50 million - Ziyang Water Supply Infrastructure Resilience Upgrade and Intelligent Construction Project: 25.38 million out of 274.26 million - Jiajing Urban Domestic Sewage Treatment Plant Expansion Project: 10.30 million out of 110.10 million - Supplementing working capital: 24 million [4]. Group 2: Regulatory and Risk Considerations - The Listing Committee raised questions regarding the original construction investment amounts and upgrade costs for the Jianyang, Ziyang, and Jiajing projects, seeking clarification on the reasonableness of the projected investment amounts and the impact of new fixed asset depreciation on future operating performance [2]. - Concerns were also expressed about the potential risks of significant declines in the operating performance of the new energy materials business and its implications for the company's overall operations and debt repayment capacity [2]. Group 3: Credit Rating and Underwriting - Haitan Water has appointed China Chengxin International Credit Rating Co., Ltd. to conduct a credit rating for the convertible bonds, with the company's main credit rating being AA and a stable outlook [4]. - The main underwriter for this issuance is CITIC Securities Co., Ltd., with representatives Li Puhai and Wang Jian [5].