Report Industry Investment Ratings No relevant information provided. Core Views of the Report - The A-share market showed a strong rebound, with the Shanghai Composite Index rising 1.19% to 3870.28 points, the Shenzhen Component Index rising 2.4%, and the ChiNext Index rising 3.39%. The market turnover reached 1.83 trillion yuan. [14] - The prices of steel and ore are expected to be volatile in the short term with limited rebound space, and a bearish approach is recommended in the medium to long term. [18][19] - The prices of coking coal and coke are expected to be volatile in the short term, and the 05 contract may have a phased rebound opportunity but with limited space and strength. [20] - For iron alloys, a bullish approach is recommended for ferrosilicon in the medium term, while a bearish approach is recommended for silicomanganese. [21][22] - For soda ash, a wait-and-see approach is recommended, while for glass, a bullish approach can be considered after the market sentiment stabilizes. [23] - For zinc, short positions are recommended as the price is expected to decline after the macro positive factors fade. [25] - For lead, it is recommended to hold short positions as the fundamentals are weak. [27] - For lithium carbonate, although the short-term fundamentals show signs of weakening, the medium to long-term demand is positive, and buying opportunities during corrections can be considered. [28] - For industrial silicon, it is expected to be volatile in the short term, and there may be some opportunities to repair the valuation. [31] - For polysilicon, the spot price is expected to remain strong, supporting the futures price to run strongly under the expectation of the anti-involution policy. [32] - For cotton, the price is expected to be volatile in the short term, and the long-term price is expected to rise due to the expected reduction in supply. [34][35] - For sugar, the price is expected to decline in a volatile manner, and a wait-and-see approach is recommended. [37] - For eggs, a bearish approach is recommended for the near-term contracts, while a wait-and-see approach is recommended for the far-term contracts. [39] - For apples, the price is expected to be volatile. [41] - For corn, a bearish approach is recommended for the far-term contracts, and a reverse spread opportunity can be considered. [42] - For red dates, a wait-and-see approach is recommended, and the market performance during the consumption peak season should be closely monitored. [43] - For live pigs, a bearish approach is recommended for the near-term contracts as the supply is strong and the demand is weak. [44] - For crude oil, the short-term rise driven by geopolitical factors is limited, and the price is expected to decline in the medium term due to the oversupply. [46][47] - For fuel oil, the price will follow the movement of crude oil prices, and the short-term trading focus is on geopolitical factors. [48] - For plastics, a bearish approach is recommended as the supply pressure is large and the demand is weak. [49] - For rubber, a short-term bullish approach can be considered during corrections, and the ru-nr spread strategy can be temporarily stopped for profit. [50] - For synthetic rubber, the price is expected to be strong due to cost and device factors, but chasing the rise should be cautious. [51] - For methanol, a bullish approach can be considered for the far-term contracts after the inventory is smoothly reduced, while a bullish approach is recommended for the near-term contracts. [52][53] - For caustic soda, a bullish approach is recommended as the futures price is strong. [54] - For asphalt, the price fluctuation is expected to increase, and the focus is on the price bottom after the winter storage game. [55] - For the polyester industry chain, a positive spread strategy can be considered for PX and PTA 5-9 contracts. [56] - For liquefied petroleum gas (LPG), the price is expected to be weak as the supply is abundant and the demand is poor. [57][58] - For pulp, a wait-and-see approach is recommended, and a short call option strategy can be considered for the 03 contract. [58] - For logs, the price is expected to be under pressure as the fundamentals are weak. [59] - For urea, the Indian urea tender has a positive impact on the near-term sentiment, but the impact on the 05 contract is expected to be weak. [60] Summaries Based on Relevant Catalogs Macro News - CICC plans to absorb and merge Dongxing Securities and Cinda Securities, and the three companies' stocks will resume trading on December 18. After the merger, CICC will become the fourth securities firm with total assets exceeding 1 trillion yuan. [10] - The global silver market has witnessed a historic rally, with the spot silver price breaking through $65 and $66 per ounce on December 17, approaching $67 per ounce. The year-to-date increase is about 130%, twice the increase of gold futures. [10] - In the first year of the 15th Five-Year Plan, a moderately loose monetary policy is needed to promote economic growth and price recovery. Market institutions generally expect a 0.5 percentage point reduction in the reserve requirement ratio and a 0.1 percentage point reduction in the interest rate next year. [10] - From January to November this year, the national fiscal revenue was 20.05 trillion yuan, a year-on-year increase of 0.8%. The national tax revenue was 16.48 trillion yuan, an increase of 1.8%, and the securities transaction stamp duty revenue was 185.5 billion yuan, an increase of 70.7%. [11] - China has achieved a breakthrough in invasive brain-computer interface clinical trials, successfully realizing the control of intelligent wheelchairs and robotic dogs with thoughts. [11] - BYD has launched a full-scale internal test of L3-level autonomous driving in Shenzhen, completing over 150,000 kilometers of actual road verification. [11] - CATL's new energy power battery PACK production line for humanoid embodied intelligent robots has been put into operation, marking a milestone in the application of embodied intelligence in the manufacturing industry. [11] - US President Trump has ordered a "full and complete blockade" of all sanctioned oil tankers entering and leaving Venezuela and declared the Venezuelan government a "foreign terrorist organization." [12] - Federal Reserve Governor Waller said that the Fed still has 50 to - 100 basis points of room for interest rate cuts, but there is no need for drastic action based on the current economic outlook. [12] Macro Finance - **Stock Index Futures**: A focus on the sustainability of liquidity repair is recommended. If it materializes, the index may strengthen. The A-share market rebounded strongly, with the Shanghai Composite Index rising 1.19% to 3870.28 points, the Shenzhen Component Index rising 2.4%, and the ChiNext Index rising 3.39%. The market turnover reached 1.83 trillion yuan. [14] - **Treasury Bond Futures**: Medium - and short - term bonds have certain odds and are expected to be volatile and strong. The funds are in a balanced and loose state, and the funds rate is stable. The 11 - month macro - economic data showed a decline in most indicators except for the stable unemployment rate. [15] Black Metals - **Steel and Ore**: The policy is relatively mild without strong stimulus. The demand for building materials is weak, while the demand for rolled products is improving. The supply of steel mills is expected to decline, and the inventory is still at a high level compared to last year. The cost is expected to decrease. A short - term volatile and medium - to long - term bearish approach is recommended. [18][19] - **Coking Coal and Coke**: The price is expected to be volatile in the short term. The coal production is expected to be restricted in the short term, and the demand for raw materials from steel mills is weakening. The 05 contract may have a phased rebound opportunity but with limited space and strength. [20] - **Ferroalloys**: A bullish approach is recommended for ferrosilicon in the medium term, while a bearish approach is recommended for silicomanganese. The supply of ferrosilicon is expected to decrease, while the supply of silicomanganese is expected to increase. [21][22] - **Soda Ash and Glass**: For soda ash, a wait - and - see approach is recommended. For glass, a bullish approach can be considered after the market sentiment stabilizes. The supply of soda ash is recovering, while the supply of glass is expected to be reduced. [23] Non - ferrous Metals and New Materials - **Zinc**: The price is expected to decline after the macro positive factors fade. The domestic inventory has decreased, and the price is affected by the Fed's policy and geopolitical factors. [25][26] - **Lead**: A bearish approach is recommended as the fundamentals are weak. The production of electrolytic lead has decreased, and the market for recycled lead is inactive. [27] - **Lithium Carbonate**: Although the short - term fundamentals show signs of weakening, the medium - to long - term demand is positive, and buying opportunities during corrections can be considered. The supply is expected to shift from surplus to balance or shortage. [28][30] - **Industrial Silicon**: It is expected to be volatile in the short term, and there may be some opportunities to repair the valuation. The supply may be affected by environmental protection in Xinjiang and the price of coking coal. [31] - **Polysilicon**: The spot price is expected to remain strong, supporting the futures price to run strongly under the expectation of the anti - involution policy. The price is affected by the establishment of the platform company and the supply - reduction expectation. [32] Agricultural Products - **Cotton**: The price is expected to be volatile in the short term, and the long - term price is expected to rise due to the expected reduction in supply. The supply is currently abundant, but the demand for pre - holiday replenishment and the expected reduction in planting area support the price. [34][35] - **Sugar**: The price is expected to decline in a volatile manner, and a wait - and - see approach is recommended. The global sugar supply is expected to be in surplus, and the new sugar supply is increasing. [37] - **Eggs**: A bearish approach is recommended for the near - term contracts, while a wait - and - see approach is recommended for the far - term contracts. The supply of laying hens is expected to decline, but the inventory is still high, and the demand is seasonal. [39] - **Apples**: The price is expected to be volatile. The出库 of apples is slow, and the market demand is weak due to the high price and the substitution of citrus fruits. [41] - **Corn**: A bearish approach is recommended for the far - term contracts, and a reverse spread opportunity can be considered. The supply - demand mismatch is being alleviated, and the far - term supply pressure is increasing. [42] - **Red Dates**: A wait - and - see approach is recommended, and the market performance during the consumption peak season should be closely monitored. The market is currently stable, and the future performance depends on the consumption demand and inventory reduction. [43] - **Live Pigs**: A bearish approach is recommended for the near - term contracts as the supply is strong and the demand is weak. The supply is expected to increase at the end of the month, and the demand increase during the double festivals is limited. [44] Energy and Chemicals - **Crude Oil**: The short - term rise driven by geopolitical factors is limited, and the price is expected to decline in the medium term due to the oversupply. The situation in Venezuela has led to a short - term increase in the price, but the long - term impact is limited. [46][47] - **Fuel Oil**: The price will follow the movement of crude oil prices, and the short - term trading focus is on geopolitical factors. The supply is abundant, and the demand is weak. [48] - **Plastics**: A bearish approach is recommended as the supply pressure is large and the demand is weak. The upstream production is in deficit, but there is no strong driving force for a significant rebound. [49] - **Rubber**: A short - term bullish approach can be considered during corrections, and the ru - nr spread strategy can be temporarily stopped for profit. The cost is supportive, and the price is affected by synthetic rubber. [50] - **Synthetic Rubber**: The price is expected to be strong due to cost and device factors, but chasing the rise should be cautious. The price is affected by the price of butadiene and the downstream procurement sentiment. [51] - **Methanol**: A bullish approach can be considered for the far - term contracts after the inventory is smoothly reduced, while a bullish approach is recommended for the near - term contracts. The supply is affected by the shutdown of Iranian plants, and the demand is increasing. [52][53] - **Caustic Soda**: A bullish approach is recommended as the futures price is strong. The spot market of 32% caustic soda is improving, and the short - selling positions are actively leaving the market. [54] - **Asphalt**: The price fluctuation is expected to increase, and the focus is on the price bottom after the winter storage game. The price is affected by the geopolitical situation and the winter storage expectation. [55] - **Polyester Industry Chain**: A positive spread strategy can be considered for PX and PTA 5 - 9 contracts. The price is mainly driven by cost and market sentiment, and the supply - demand drive is limited. [56] - **Liquefied Petroleum Gas**: The price is expected to be weak as the supply is abundant and the demand is poor. The geopolitical premium has limited impact, and the price is prone to decline. [57][58] - **Pulp**: A wait - and - see approach is recommended, and a short call option strategy can be considered for the 03 contract. The inventory is decreasing, and the market sentiment is improving. [58] - **Logs**: The price is expected to be under pressure as the fundamentals are weak. The inventory is expected to increase, and the spot price is under pressure. [59] - **Urea**: The Indian urea tender has a positive impact on the near - term sentiment, but the impact on the 05 contract is expected to be weak. The spot price is stable, and the futures price is strong in the near term. [60]

Group 1: Micron Technology Performance - Micron Technology reported strong first-quarter results, exceeding analyst expectations due to tight supply and rising prices of memory chips, as well as rapid growth in AI data center demand [1] - The company raised its second-quarter revenue, gross margin, and earnings per share guidance significantly, leading to a stock price increase of over 9% in after-hours trading [1] - Micron also increased its capital expenditure forecast for fiscal year 2026 from $18 billion to $20 billion [1] Group 2: Securities Firms Merger - China International Capital Corporation (CICC) announced a merger plan to absorb Dongxing Securities and Xinda Securities, marking a significant development in the securities industry [2] - The share exchange price for CICC's A-shares is set at 36.91 yuan per share, with exchange ratios of 1:0.4373 for Dongxing Securities and 1:0.5188 for Xinda Securities [2] - The resumption of trading for these three companies is expected to provide substantial support to the brokerage sector [2] Group 3: Market Regulation - The State Administration for Market Regulation indicated that platforms requiring merchants to offer "lowest prices across the internet" may constitute abuse of market dominance or monopolistic agreements [3] - A recent press conference highlighted new antitrust risks outlined in the draft guidelines for internet platform compliance, providing practical guidance for platform enterprises [3] Group 4: AMD and Chinese Cooperation - The Minister of Industry and Information Technology, Li Lecheng, met with AMD's CEO, Lisa Su, to discuss enhancing cooperation in the digital economy and AI sectors [4] - Li emphasized China's commitment to advancing new industrialization and providing more collaboration opportunities for foreign companies, including AMD [4] - The meeting aimed to foster mutually beneficial development between AMD and Chinese enterprises across the supply chain [4]

Group 1 - Hainan Free Trade Port officially launched full island closure operations on December 18, marking a significant step in China's commitment to high-level opening-up and building an open world economy [2] - From January to November, the national general public budget revenue reached 200,516 billion yuan, a year-on-year increase of 0.8%, with tax revenue at 164,814 billion yuan, up 1.8% [2] - The State Council's six departments released guidelines for clean and efficient coal utilization, encouraging enterprises to upgrade projects and eliminate outdated capacities within a three-year timeframe [3] Group 2 - On December 17, lithium carbonate main contract prices surged, with a peak increase of 8.84%, closing at 108,620 yuan/ton, marking an 84.1% increase from the year's low [4] - The State Administration for Market Regulation indicated that requiring merchants to offer "the lowest price online" may constitute abuse of market dominance or monopolistic behavior [5] - The National Development and Reform Commission and the National Energy Administration announced the establishment of a nationwide unified electricity market evaluation system focusing on market operation effects and competition levels [6] Group 3 - China International Capital Corporation, Dongxing Securities, and Xinda Securities disclosed major asset restructuring plans and are set to resume trading on December 18 [7] - China Zhongtie plans to repurchase A-shares worth between 1 billion and 2 billion yuan [10] - Shanghai Airport signed a contract for the transfer of duty-free store operating rights [11] - China CRRC signed contracts totaling 533.1 billion yuan recently [12] - Meike Home is planning to acquire control of Wande, leading to a stock suspension [13]

【深圳商报讯】（记者 陈燕青）12月17日晚间，中金公司（601995）与东兴证券（601198）、信达证 券（601059）同步披露重大资产重组预案，中金公司换股吸收合并两家公司迎来重大进展，拟于12月18 日复牌。 根据交易预案，本次交易定价以各方董事会决议公告日前20个交易日均价作为基准价格，吸收合并方中 金公司作为存续主体，换股价格为36.91元/股，被吸收合并方东兴证券换股价格为16.14元/股，信达证 券换股价格为19.15元/股。该交易方案充分体现了两家公司资产价值，并有利于平衡各方股东利益。 通过本次重组，合并后公司将形成一个覆盖"机构与零售""国际与国内""标准化与特色化"的全方位服务 体系。 本次交易后，中金公司将实现跨越式发展，预计总资产规模超万亿元，营业收入跻身行业前列。 ...

Group 1 - Multiple money market funds in China have recently announced purchase limits, with a cap of only 10,000 yuan, to prevent arbitrage activities despite regulatory efforts [1] - The average annualized yield for several money market funds has dropped below 1%, prompting fund companies to implement purchase limits to protect existing investors [1] - The quantitative private equity industry is expected to see a full recovery by 2025, driven by active trading volumes and the structural market environment, with AI technology reshaping the competitive landscape [1] Group 2 - The Ministry of Finance reported that stamp duty revenue reached 404.4 billion yuan from January to November, a year-on-year increase of 27%, with securities transaction stamp duty rising by 70.7% to 185.5 billion yuan [2] - The overall public budget revenue for the same period was 20.05 trillion yuan, reflecting a growth of 0.8% year-on-year, with tax revenue increasing by 1.8% to 16.48 trillion yuan [2] - Key sectors such as equipment manufacturing and modern services showed strong tax performance, with notable growth in the computer and communication equipment manufacturing sector at 14.1% [2] Group 3 - The recent adjustment in the Hong Kong stock market has led to a surge in public fund issuance, with several new funds announcing early closures to capitalize on market corrections [5] - The rapid fundraising and swift investment strategies indicate a strong belief in the current market's value, with many funds aiming to take advantage of the downturn [5] - The lithium carbonate futures on the Dalian Commodity Exchange saw significant increases, with the main contract nearing 110,000 yuan per ton, positively impacting the A-share lithium mining sector [5] Group 4 - The A-share market has experienced a notable structural trend this year, with private equity quantitative long strategies achieving an average excess return of over 17% [7] - The National Social Security Fund is increasing investments in technology innovation sectors, with significant share increases in companies like Hangyang Co., Jinpeng Technology, and AVIC Optical [7] - The recent major asset restructuring plan by CICC involves a share swap merger with Dongxing Securities and Xinda Securities, marking a significant development in the securities industry [8]

备受市场瞩目的中金公司吸收合并东兴证券、信达证券，迎来重要进展。 12月17日，上述三家上市券商齐发公告：每股东兴证券、信达证券能换取中金公司股票的比例，分别确 定为1:0.4373、1:0.5188。此外，三家公司股票于12月18日复牌。 合并后，中金公司将成为行业第四家总资产跨入"万亿俱乐部"的券商。业内人士普遍认为，中金公司合 并东兴证券、信达证券，正是剑指国际一流投行建设的决心体现。 然而，规模跃升只是表象。有非银分析师指出，此次合并的关键逻辑并非简单的资产叠加，而是资源与 能力的结构性互补。在业内人士看来，中金公司在资本运用、财富管理、跨境业务等方面的领先优势， 将与东兴、信达在区域网络、特殊资产投行等领域的布局形成协同，强化竞争优势。 定价细节明确，交易提升核心竞争力 11月19日，中金公司公告筹划重大资产重组，拟同时吸收合并东兴证券、信达证券，预计停牌时间不超 过25个交易日。如今备受关注的合并预案方案终于出台，要早于原预计复牌时间。 根据公告，中金公司拟通过向东兴证券全体A股换股股东发行A股股票、向信达证券全体A股换股股东 发行A股股票的方式，换股吸收合并东兴证券、信达证券。 其中，中金公司换 ...

Group 1 - Finnish Prime Minister Orpo formally apologized to the citizens of China, South Korea, and Japan for recent racist remarks made by a member of parliament, emphasizing that racism and discrimination have no place in Finnish society [2] - Oracle's stock fell nearly 5.4% after a major investor withdrew from a $10 billion data center project, raising concerns about the company's debt levels and spending [3][4] - The Nasdaq index dropped nearly 2%, with significant declines in AI-related stocks, including Broadcom, Nvidia, and AMD, as investors continued to pull out of the AI sector [3][4] Group 2 - Google launched a new AI model, Gemini 3 Flash, which is set to replace the previous version as the default model for Google Search, indicating a competitive push against OpenAI [7] - Amazon restructured its AI team, integrating its general AI team with chip development and quantum computing research, in response to competitive pressures from Microsoft and Google [8][9] - Xiaomi's AI model, Xiaomi MiMo-V2-Flash, was introduced by a new team member, showcasing advancements in speed and cost-effectiveness compared to other leading models [11] Group 3 - FIFA announced a total prize pool of $727 million for the 2026 World Cup, with a 50% increase compared to the 2022 Qatar World Cup, attributed to the expansion of participating teams from 32 to 48 [13] - Vanke proposed a new extension plan for its maturing medium-term notes, extending the principal repayment period by 12 months and adjusting interest payment schedules [14][15] - Alibaba's investment arm reduced its stake in Huayi Brothers, decreasing its holding from 3.47% to 2.40%, which is expected to stabilize the company's shareholding structure [16]

Group 1: Major News - Hainan Free Trade Port officially starts full island closure [1] - CICC announces share swap merger plan with Dongxing Securities and Xinda Securities, with stocks resuming trading [1] - Wanlong Optoelectronics plans significant asset restructuring and resumes trading [1] Group 2: Financial Data - From January to November, national tax revenue reached 4,044 billion yuan, with stamp duty revenue at 1,855 billion yuan, a year-on-year increase of 70.7% [2] - Government fund budget expenditure for the same period was 9.21 trillion yuan, up 13.7% year-on-year [2] Group 3: Company News - CICC, Dongxing Securities, and Xinda Securities announced major asset restructuring plans, with stocks resuming trading on December 18 [5] - Fengxing Co. plans to acquire 75% of Baiyin Huaxin's shares through a share issuance, marking a significant asset restructuring [5] - Wanlong Optoelectronics intends to acquire 100% of Zhongkong Information's shares, aiming to enhance its infrastructure digitalization business [6] - Pulutong plans to acquire 100% of Leqi Cayman and 8.26% of Hangzhou Lemai's shares, indicating a significant asset restructuring [6] - Xiaosong Co. is transferring 9.25% of its shares to Jiasheng Times, resulting in a change of control [7] - Lianchuang Electronics is planning a potential change in control through a share transfer [8] - Shanghai Airport signed a duty-free store operation rights transfer contract, effective from January 1, 2026 [8] - Huayi Brothers reported a reduction in shareholding by Alibaba's investment arm, stabilizing the company's equity structure [8] - Fenglong Co. is planning a change in control, with stock suspension expected [9] - Meike Home is planning to acquire control of Shenzhen Wandeng Guangdian Technology Co., with stock suspension expected [10] Group 4: Industry Insights - Huatai Securities reports that domestic consumption is expected to continue a mild recovery, highlighting structural opportunities in domestic brands and AI+ consumption [11] - Galaxy Securities notes that a favorable liquidity environment and improved capital market conditions are driving the securities sector's growth [11]

Group 1: Hong Kong Stock Exchange Regulations - Hong Kong Stock Exchange announced a new public shareholding requirement with a "10 billion market value" threshold, effective from January 1, 2026, to enhance capital management flexibility for issuers [1] Group 2: U.S. Stock Market Performance - U.S. stock markets closed lower, with the Dow Jones Industrial Average down 228.29 points (0.47%) to 47,885.97, and the S&P 500 down 78.83 points (1.16%) to 6,721.43 [2] - Major tech stocks fell, with Tesla and Broadcom dropping over 4%, and Nvidia nearly 4%, while Google fell over 3% [2] Group 3: Financial Support for Hainan Free Trade Port - The People's Bank of China is enhancing financial policies to support the high-standard construction of Hainan Free Trade Port, with a multi-functional free trade account set to launch in May 2024 [3] Group 4: CICC Merger - CICC plans to merge with Dongxing Securities and Xinda Securities through a share swap, with a cooperation agreement signed on November 19, 2025, and further details finalized on December 17, 2025 [4] Group 5: China Duty Free Group Wins Bidding - China Duty Free Group won the bidding for duty-free store projects at Shanghai Pudong and Hongqiao airports, with fixed monthly fees of 3,090 RMB/m² and 2,827 RMB/m² respectively, and a contract duration from January 1, 2026, to December 31, 2033 [5] Group 6: Li Auto's Market Expansion - Li Auto officially entered the markets of Egypt, Kazakhstan, and Azerbaijan, launching models L9, L7, and L6 to cater to local luxury market demands [7] Group 7: Ganfeng Lithium's Equity Sale - Ganfeng Lithium announced the sale of a 29.5355% stake in Shenzhen Yichu to Wanxin Green Energy for 443 million RMB, aimed at enhancing the financial strength and optimizing the equity structure of Shenzhen Yichu [8] Group 8: BYD Electric Bus Order - BYD secured an order for 268 electric buses from Belgian public transport operator De Lijn, featuring the B12.b model with integrated CTC blade battery technology [9] Group 9: Tungsten Market Prices - Tungsten prices are rising sharply, with black tungsten ore exceeding 410,000 RMB/ton and APT surpassing 610,000 RMB/ton, marking a historical price increase [10]

Group 1 - The Ministry of Industry and Information Technology of China is committed to promoting new industrialization and providing more cooperation opportunities for foreign companies, including AMD, in the fields of digital economy and artificial intelligence [1][1] - CICC has announced a major asset restructuring plan to absorb and merge with Dongxing Securities and Xinda Securities, with a share swap price set at 36.91 CNY per share for CICC, 16.14 CNY for Dongxing Securities, and 19.15 CNY for Xinda Securities, with the merger expected to balance shareholder interests [1][1] - The State Development and Reform Commission has issued a notice on the benchmark levels for clean and efficient coal utilization, aiming to enhance the clean energy system in China [1][1] Group 2 - The global silver market is experiencing a historic surge, with prices surpassing 66 USD per ounce, marking a year-to-date increase of over 130%, significantly outpacing gold [3][3] - The European Parliament has approved a plan to gradually stop importing Russian natural gas by the end of 2027, pending final approval from EU member states [3][3] - The asset management products total scale reached 80.03 trillion CNY by the end of Q3 2025, according to the China Securities Investment Fund Industry Association [1][1]