Market News - The Ministry of Finance announced that a more proactive fiscal policy will continue in 2026, focusing on expanding fiscal expenditure, optimizing government bond tools, enhancing transfer payment efficiency, and improving expenditure structure [3] - The National Bureau of Statistics will release the December PMI data on December 31, with November's manufacturing PMI at 49.2%, a slight increase of 0.2 percentage points from October [4] - The People's Bank of China aims to significantly increase the scale and proportion of various long-term funds invested in A-shares, promoting a virtuous cycle between capital market stability and high-quality economic development [6] - The Shanghai and Shenzhen Stock Exchanges announced a series of fee reduction measures for 2026, expected to save over 1.9 billion yuan in total [7] Sector Developments - The Ministry of Industry and Information Technology established a standardization committee for humanoid robots and embodied intelligence, focusing on key technologies and industry standards [11] - The 2025 Shenzhen Brain Conference aims to create a platform for industry integration and innovation [13] - The 2025 China Green Hydrogen Industry Conference will discuss policies and technological breakthroughs that will impact the green hydrogen industry chain [14] Individual Stock Events - CATL plans to apply sodium batteries on a large scale in various sectors including battery swapping and energy storage in 2026 [17] - Xiaomi's co-founder plans to reduce holdings of up to $2 billion in B-class common stock [17] - ST Huluwawa and its chairman are under investigation for information disclosure violations [17] Lock-up Expiration - A total of 34 companies will have lock-up shares released this week, amounting to 3.697 billion shares with a total market value of approximately 58.895 billion yuan [18] - The peak lock-up expiration date is December 30, with 13 companies releasing shares worth a total of 27.645 billion yuan [18] Institutional Outlook - CITIC Securities highlights that 39 out of 360 industry/theme ETFs reached new highs in December, with a focus on communication and resource-related ETFs [25] - Guojin Securities identifies new investment themes emerging in 2026, emphasizing the importance of AI investments and the recovery of global manufacturing [26] - Zhongtai Securities believes there is still upward potential in the market before the Spring Festival, with opportunities for low-cost positioning [27]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600109 证券简称：国金证券 公告编号：临2025－99 国金证券股份有限公司 关于向专业投资者公开发行公司债券 获得中国证监会同意注册批复的公告 近日，国金证券股份有限公司（以下简称"公司"）收到中国证券监督管理委员会《关于同意国金证券股 份有限公司向专业投资者公开发行公司债券注册的批复》（证监许可[2025]2881号，以下简称"批 复"），公司获准向专业投资者公开发行公司债券的注册申请。其中，本次公开发行一年期以上的公司 债券面值总额不超过200亿元，本次公开发行短期公司债券面值余额不超过50亿元。批复有效期自同意 注册之日起24个月内有效，公司在注册有效期内可以分期发行公司债券。 公司将按照有关法律法规和上述批复文件的要求办理本次公司债券注册发行相关事宜，并及时履行信息 披露义务。 特此公告。 国金证券股份有限公司 董事会 二〇二五年十二月二十九日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 ...

Core Viewpoint - The A-share market is expected to experience a spring rally driven by liquidity, policy expectations, and structural opportunities, with a focus on sectors like AI, commercial aerospace, and non-bank financials [5][10][12]. Group 1: Market Trends and Predictions - 39 out of 360 industry/theme ETFs reached new highs in December, with communication and non-ferrous metals being traditional favorites, while new themes like commercial aerospace are gaining traction [3]. - The A-share market is showing signs of a spring rally, supported by liquidity and positive policy expectations, with a focus on sectors such as technology and advanced manufacturing [5][10]. - The market is expected to maintain a high risk appetite due to favorable conditions, including a weak dollar and the upcoming Chinese New Year and Two Sessions [11][16]. Group 2: Sector Focus and Investment Opportunities - Key sectors to watch include AI, commercial aerospace, and non-ferrous metals, which are expected to benefit from structural changes and increased demand [10][12]. - The manufacturing sector, particularly in chemicals and engineering machinery, is showing signs of recovery and is expected to benefit from the shift in global competition [3][4]. - Non-bank financials, including insurance and brokerage firms, are positioned to benefit from the anticipated capital inflows and improved asset returns [9][12]. Group 3: Currency and Economic Factors - The appreciation of the RMB is expected to lower import costs and enhance domestic purchasing power, benefiting sectors reliant on imports and domestic consumption [7][9]. - The potential for significant capital inflows due to RMB appreciation could lead to a revaluation of Chinese assets, creating a favorable environment for investment [7][9]. - The overall economic environment is improving, with expectations of continued liquidity support and a stable policy backdrop, which is conducive to market growth [5][10].

Group 1 - The core viewpoint is that a new investment theme for 2026 is emerging in commodity markets, real industry chains, and foreign exchange markets, driven by a scenario where investment exceeds consumption [1] - The report recommends focusing on industrial resource products that resonate with AI investment and global manufacturing recovery, including copper, aluminum, tin, lithium, crude oil, and oil transportation [1] - It also highlights the Chinese equipment export chain with global comparative advantages, confirming a cyclical bottom, including sectors like power grid equipment, energy storage, lithium batteries, photovoltaics, engineering machinery, and commercial vehicles [1] Group 2 - The A-share market is experiencing a gradual upward trend, with the cross-year market rally starting, moving beyond a single narrative focused on AI to a broader range of themes including domestic demand and new industry topics [2] - The price increase chain has become a market focus, driven by rising raw material prices and the effects of anti-involution policies, leading some companies to reduce production and jointly raise prices [3] - The ongoing global manufacturing recovery is expected to continue with investment outpacing consumption, while the relationship between AI investment and metal prices is compared to past trends in coal and new energy [4] Group 3 - The new external circulation pattern is leading to a new cycle of RMB appreciation, primarily driven by the weakening dollar and seasonal capital inflows, with expectations of a recovery in China’s export resilience [5] - The RMB's appreciation is alleviating cost pressures from rising prices of commodities and integrated circuits, benefiting sectors such as communication equipment, environmental governance, aviation, electronics, and lithium batteries [6] - Historical trends indicate that during periods of RMB appreciation, the sales gross margin of companies exposed to high external demand typically experiences a slight increase followed by a decrease, suggesting a nuanced impact on export competitiveness [6]

Core Viewpoint - The new investment theme for 2026 is emerging in the commodity market, real industry chain, and foreign exchange market, characterized by a scenario where investment exceeds consumption, leading to increased physical consumption across manufacturing sectors and extended trading ranges for bulk commodities, with China's manufacturing advantages becoming more evident and reflected in the foreign exchange market [1] Group 1: Investment Opportunities - Focus on AI investments and industrial resource products that resonate with the global manufacturing recovery, including copper, aluminum, tin, lithium, crude oil, and oil transportation [1] - Attention to China's equipment export chain, which has global comparative advantages and is confirmed at the cycle bottom, including power grid equipment, energy storage, lithium batteries, photovoltaics, engineering machinery, and commercial vehicles, as well as domestic manufacturing sectors showing signs of bottom reversal, such as chemicals (dyeing, coal chemicals, pesticides, polyurethane, titanium dioxide) and wafer manufacturing [1] - Capture the recovery in inbound tourism and the increase in residents' income, leading to a rebound in consumption in sectors like aviation, hotels, duty-free shops, and food and beverages [1] - Benefit from the expansion of the capital market and the bottoming out of long-term asset returns in non-bank sectors, including insurance and brokerage firms [1]

Group 1: Industry Insights - The competition in large models remains intense, with the Scaling Law still effective. Google's Gemini 3 has made significant advancements in foundational reasoning and multimodal capabilities, while OpenAI's GPT-5.2 emphasizes the potential of large models in creating economic value [1][11][14] - Meta is actively developing two heavyweight AI models, Mango for image and video processing, and Avocado to enhance programming capabilities, indicating a strong commitment to AI development [1][15] - The Chinese open-source model DeepSeek-V3.2 is approaching the performance of top closed-source models, showcasing innovations in sparse attention (DSA), high post-training ratios, and large-scale synthetic data [1][16][18] Group 2: AI Application Acceleration - ByteDance released the Doubao AI mobile assistant, which allows for cross-application autonomous operations, marking a significant evolution in mobile interaction methods [2][26] - The daily token usage of the Doubao model surged from over 16.4 trillion in May 2025 to over 50 trillion by December 2025, reflecting a rapid increase in inference demand [2][28] - NVIDIA's collaboration with Groq, a startup specializing in inference chips, highlights a strategic move towards enhancing inference capabilities while maintaining its dominance in training power [2][29][30] Group 3: Policy and Future Industry Layout - The "14th Five-Year Plan" emphasizes support for strategic emerging industries such as aerospace, quantum technology, and AI, indicating a clear direction for future industrial development [3][42] - The plan also calls for proactive infrastructure development, including information communication networks and integrated computing networks, reinforcing the importance of computational power in the AI era [3][42] Group 4: Related Companies - Key players in computing power include Cambrian, Haiguang Information, and Zhongke Shuguang, among others, indicating a diverse landscape of companies involved in AI and computing infrastructure [4][43] - Companies involved in AI agents include Google, Alibaba, Tencent, and others, showcasing a broad spectrum of firms engaged in AI development [5][44] - In the autonomous driving sector, companies like Jianghuai Automobile and Xiaopeng Motors are notable participants, reflecting the industry's growth [6][45]

人民财讯12月28日电，国金证券(600109)12月28日公告，近日，公司收到中国证监会批复，公司获准向 专业投资者公开发行不超250亿元公司债券。其中，一年期以上的公司债券面值总额不超过200亿元，短 期公司债券面值余额不超过50亿元。 ...

国金证券公告称，公司收到中国证监会同意公开发行公司债券的批复。本次公开发行一年期以上公司债 券面值总额不超200亿元，短期公司债券面值余额不超50亿元，合计不超250亿元。批复自同意注册日起 24个月内有效，公司可分期发行，将按规定办理发行事宜并披露信息。 ...

获得中国证监会同意注册批复的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 近日，国金证券股份有限公司（以下简称"公司"）收到中国证 券监督管理委员会《关于同意国金证券股份有限公司向专业投资者公 开发行公司债券注册的批复》（证监许可[2025]2881号，以下简称"批 复"），公司获准向专业投资者公开发行公司债券的注册申请。其中， 本次公开发行一年期以上的公司债券面值总额不超过200亿元，本次 公开发行短期公司债券面值余额不超过50亿元。批复有效期自同意注 册之日起24个月内有效，公司在注册有效期内可以分期发行公司债券。 证券代码：600109 证券简称：国金证券 公告编号：临 2025－99 国金证券股份有限公司 关于向专业投资者公开发行公司债券 董事会 二〇二五年十二月二十九日 公司将按照有关法律法规和上述批复文件的要求办理本次公司 债券注册发行相关事宜，并及时履行信息披露义务。 特此公告。 国金证券股份有限公司 ...

Core Viewpoint - Guojin Securities has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds to professional investors, indicating a strategic move to raise capital for future investments and operations [1] Group 1: Bond Issuance Details - The company is authorized to issue corporate bonds with a total face value of up to 20 billion yuan for maturities longer than one year [1] - Additionally, the company can issue short-term corporate bonds with a remaining face value of up to 5 billion yuan [1] - The approval is valid for 24 months from the date of registration, allowing the company to issue bonds in multiple tranches during this period [1]